Report Industry Investment Rating - No relevant content provided Core View of the Report - From the beginning of 2025 to September 19, the convertible bond market performed slightly worse than the equity market. The current valuation of convertible bonds is relatively high, and adjustments are ongoing. In the long - term, convertible bonds are still relatively high - quality assets, but one needs to focus on the structure [1][3] Summary by Related Catalogs Market行情 - From September 15 to 19, 2025, the CSI Convertible Bond Index decreased by 1.5% (last week it was +0.4%), and the CSI All - Share Index changed by -0.2% (last week it was +2.1%). Since the beginning of 2025, the CSI Convertible Bond Index has increased by 14.2%, and the CSI All - Share Index has increased by 21.0% [1] - By rating, high - rated bonds (AA+ and above), medium - rated bonds (AA), and low - rated bonds (AA - and below) decreased by 1.68%, 1.06%, and 1.22% respectively this week, with high - rated bonds having the largest decline [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) decreased by 1.98%, 1.33%, and 1.20% respectively this week, with large - scale convertible bonds having the largest decline [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) decreased by 0.20%, 2.03%, 1.36%, 1.54%, and 1.57% respectively this week, with ultra - high - parity bonds having the smallest decline [2] Current Convertible Bond Valuation Levels - As of September 19, 2025, there were 432 outstanding convertible bonds (437 at the end of last week), with a balance of 599.191 billion yuan (607.826 billion yuan at the end of last week) [2] - The average convertible bond price was 130.41 yuan (132.0 yuan last week), with a percentile of 98.3% - The average convertible bond parity was 105.51 yuan (105.10 yuan last week), with a percentile of 95.5% - The average conversion premium rate of convertible bonds was 25.2% (26.0% last week), with a percentile of 47.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.1% (28.8% last week), higher than the median of the conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [2] Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index is still in the adjustment phase. In the long - term, convertible bonds are relatively high - quality assets, but the current overall valuation level is high, so one needs to focus on the structure [3] Convertible Bond Gain Situation - The top 15 convertible bonds in terms of gains this week include Jingxing Convertible Bond, Hengshuai Convertible Bond, etc. Each bond has different positive stock gains and corresponding convertible bond gains [21]

Group 1 - The China Convertible Bond Index rose by 0.15% on September 18, reaching 480.17 points [1] - Huicheng Convertible Bond increased by 15.20%, Jingxing Convertible Bond rose by 14.34%, and Hengshuai Convertible Bond gained 11.24% [1] - Shentong Convertible Bond decreased by 2.75%, Jiazhe Convertible Bond fell by 2.17%, and Keda Convertible Bond dropped by 1.85% [1]

Group 1 - The China Convertible Bond Index rose by 0.6% to 479.61 points on September 17 [1] - Jingxing Convertible Bond increased by 13.67%, while Jiazhe Convertible Bond rose by 12.30% and Songlin Convertible Bond by 12.29% [1] - Sanyang Convertible Bond decreased by 4.36%, with Luokai Convertible Bond down by 3.77% and Hengshuai Convertible Bond falling by 2.29% [1]

Group 1 - The China Convertible Bond Index fell by 0.33% to 468.18 points on September 4 [1] - The largest declines were seen in Zhenhua Convertible Bond, Liyang Convertible Bond, Weidao Convertible Bond, Huamao Convertible Bond, and Ruichuang Convertible Bond, with declines of 8.64%, 6.67%, 5.69%, 5.69%, and 4.80% respectively [1] - The top gainers included Tianchuang Convertible Bond, Jingxing Convertible Bond, Dianhua Convertible Bond, Honghui Convertible Bond, and Hengshuai Convertible Bond, with increases of 5.33%, 4.73%, 4.38%, 3.57%, and 3.51% respectively [1]

Group 1 - The core viewpoint of the news is the performance and characteristics of Hengshuai Convertible Bonds, which have seen a price increase and a notable premium rate [1] - Hengshuai Convertible Bonds have a credit rating of "A+" and a maturity period of 6 years with varying interest rates from 0.20% to 2.50% [1] - The conversion price for Hengshuai Convertible Bonds is set at 62.55 yuan, with the conversion starting on December 5, 2025 [1] Group 2 - Hengshuai Co., Ltd. specializes in automotive micro-motors and related products, focusing on innovation and design to meet new regulatory and environmental demands [2] - The company reported a revenue of 202.8 million yuan for the first quarter of 2025, reflecting a year-on-year decline of 16.04%, and a net profit of 41.8 million yuan, down 35.48% year-on-year [2] - As of July 2025, Hengshuai's shareholder concentration is high, with 7,950 shareholders and an average holding of 3,818 shares per person, amounting to an average investment of 306,500 yuan [2]

Group 1 - The core viewpoint of the news is the performance and characteristics of Hengshuai Convertible Bonds, which are currently trading at 222.895 yuan per share with a conversion premium rate of 118.79% [1] - Hengshuai Convertible Bonds have a credit rating of "A+" and a maturity period of 6 years, with interest rates increasing from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for Hengshuai shares is set at 62.55 yuan, with the conversion period starting on December 5, 2025 [1] Group 2 - Hengshuai Co., Ltd. specializes in automotive micro-motors and related products, focusing on innovation and design to meet new regulatory and environmental demands [2] - For the first quarter of 2025, Hengshuai reported a revenue of 202.8 million yuan, a year-on-year decrease of 16.04%, and a net profit of 41.8 million yuan, down 35.48% year-on-year [2] - As of June 2025, Hengshuai has a highly concentrated shareholder structure with 8,995 shareholders, an average of 3,375 circulating shares per person, and an average holding amount of 189,700 yuan [2]

Group 1 - The core viewpoint of the news is the performance and characteristics of Hengshuai Convertible Bonds, which are currently trading at 221.0 yuan per share with a conversion premium rate of 112.02% [1] - Hengshuai Convertible Bonds have a credit rating of "A+" and a maturity period of 6 years, with interest rates increasing from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for Hengshuai Convertible Bonds is set at 62.55 yuan, with the conversion start date on December 5, 2025 [1] Group 2 - Hengshuai Co., Ltd. has focused on automotive micro-motors and related products for many years, adapting to the rapid development of the global automotive industry [2] - The company has invested in innovative design and advanced manufacturing processes, including self-made molds and automated assembly lines, to enhance product development and quality control [2] - For the first quarter of 2025, Hengshuai reported a revenue of 202.8 million yuan, a year-on-year decrease of 16.04%, and a net profit of 41.8 million yuan, down 35.48% year-on-year [2] - As of June 2025, Hengshuai's shareholder concentration is high, with 8,995 shareholders and an average holding of 3,375 shares per person, amounting to an average investment of 189,700 yuan [2]

New Stock Offerings - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - ST Zhongcheng (300208) has 14 trading days remaining until the last trading day[1] Delisting and Trading Reminders - ST Jinguang (600190) has 14 trading days remaining until the last trading day[1] - ST Jinguang B (900952) also has 14 trading days remaining until the last trading day[1] - Hengli Tui (000622) has 11 trading days remaining until the last trading day[1] Abnormal Fluctuations - Nord Shares (600110) reported severe abnormal fluctuations on June 27, 2025[1] - ST Wanfang (000638) reported abnormal fluctuations on June 26, 2025[3] - ST Bailin (002424) reported abnormal fluctuations on June 23, 2025[3]

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Yong'an Convertible Bond increased by 9.6%, while Huafeng Convertible Bond rose by 3.6% [1] - Several other convertible bonds, including Lianchuang, Xuelong, Quanfeng, and Hengshuai, saw gains exceeding 2% [1] Group 2 - Shouhua Convertible Bond decreased by 4.7%, and both Tianhao and Chuanheng Convertible Bonds fell by over 2% [1]

Group 1 - The announcement details the pledge of convertible bonds by the controlling shareholder and actual controller of Ningbo Hengshuai Co., Ltd. [1][2] - The total amount of convertible bonds pledged is 2,428,838 units, which accounts for 74.14% of the total convertible bonds held by the shareholders [1][2] - The controlling shareholder, Yu Guomei, pledged 585,130 units, representing 17.86% of her holdings, while Ningbo Hengshuai Investment Management Co., Ltd. pledged 1,755,389 units, representing 53.58% of its holdings [1][2] Group 2 - The company confirms that the pledged convertible bonds do not involve non-operating fund occupation, illegal guarantees, or related party transactions that could harm the company's interests [2] - The company asserts that the pledge risk is within a controllable range and will not adversely affect its production operations or governance [2] - The company will continue to monitor the situation regarding the pledged convertible bonds and fulfill its information disclosure obligations as required [2]