1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (0316 - 0320), the global stock, bond, and gold markets continued to experience a triple - kill, with geopolitical situations intensifying and strong market risk - aversion. The market continued to price in the stagflation expectations caused by the blockade of the Strait of Hormuz, and concerns about the sustainability of loose liquidity deepened. The report still accepts last week's observations and believes that the geopolitical conflict will trigger global energy security and energy autonomy narratives in the long - term. The market may start to distinguish between "conflict continuation" and "strait blockade", "strait opening" and "supply recovery" [1][41]. - In the domestic market, the performance is similar, with equity markets mainly in a回调 phase. The CSI Convertible Bond Index had four consecutive negative days, and the decline marginally increased. The report previously believed that the root cause of the high - valuation correction in 2026 could only come from liquidity. Due to significant changes in the geopolitical pattern, liquidity expectations have been significantly adjusted. It is recommended to shift from long - term allocation to reducing and controlling positions and short - term trading of core assets, while paying attention to the inflection point of market narrative evolution [1][41]. 3. Summary by Directory 3.1. Weekly Market Review 3.1.1. Overall Decline in the Equity Market - From March 9th to March 13th, the equity market generally declined. The Shanghai Composite Index fell 3.38% to 3957.05 points, the Shenzhen Component Index fell 2.90% to 13866.20 points, the ChiNext Index rose 1.26% to 3352.10 points, and the CSI 300 fell 2.19% to 4567.02 points. From March 16th to March 20th, the daily average trading volume of the two markets increased by about 2615.81 billion yuan to 30365.33 billion yuan, a week - on - week increase of 9.43%. The performance of the three major indexes on each trading day varied, and in terms of industries, only 2 out of 31 Shenwan first - level industries rose, with communication and agriculture, forestry, animal husbandry, and fishery leading the gains, while non - ferrous metals, basic chemicals, and steel leading the losses [6][9][13]. 3.1.2. Overall Decline in the Convertible Bond Market - From March 16th to March 20th, the CSI Convertible Bond Index fell 3.60%. Only 2 out of 29 Shenwan first - level industries rose, with communication and agriculture, forestry, animal husbandry, and fishery leading the gains, and non - ferrous metals, basic chemicals, and steel leading the losses. The average daily trading volume of the convertible bond market was 669.67 billion yuan, a significant contraction with a week - on - week change of - 8.88%. The average daily trading volume of the underlying stock market was 1407.51 billion yuan, with a week - on - week change of - 4.60%. Approximately 9.49% of convertible bond issues rose, showing an obvious weak structure. The overall market conversion premium rate increased, and the conversion parity of some industries changed [16][21][33]. 3.1.3. Comparison of Stock and Bond Market Sentiments - From March 16th to March 20th, the weekly weighted average and median of the convertible bond and underlying stock markets were negative, and the underlying stocks had a larger weekly decline. In terms of trading volume, the trading volume of the convertible bond market decreased by - 8.88% week - on - week, at the 58.50% quantile level since 2022, while the trading volume of the underlying stock market decreased by 4.60%, at the 85.70% quantile level since 2022. Approximately 9.49% of convertible bonds and 21.52% of underlying stocks rose. About 52.53% of convertible bonds had a larger increase or decrease than the underlying stocks. Overall, the trading sentiment in the convertible bond market was better [36]. 3.2. Future Outlook and Investment Strategy - The report suggests shifting from long - term allocation to reducing and controlling positions and short - term trading of core assets, while paying attention to the inflection point of market narrative evolution. Specifically, after excluding quasi - forced redemption (counting progress > 30%), low - rated (weaker than AA -), and quasi - near - maturity (remaining term < 2 years) targets, ten medium - and low - priced (< 145 yuan) targets with large potential expected differences and benefiting from the above narratives are recommended, including Shunbo Alloy/Shunbo Convertible Bond, Xinneng Technology/Xinneng Convertible Bond, etc. The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Hengyi Convertible Bond, China Southern Airlines Convertible Bond, etc. [1][41][42].

Core Viewpoint - The company has decided not to lower the conversion price of its "Huiyun Convertible Bonds" during the upcoming six-month period, indicating a strategic choice to maintain the current terms despite potential triggers for adjustment [1] Summary by Relevant Sections - **Board Meeting Decision**: The fifth board meeting of the company will be held on December 22, 2025, where the board will review the proposal regarding the non-adjustment of the conversion price for the "Huiyun Convertible Bonds" [1] - **Future Actions**: The board has determined that if the conversion price adjustment clause is triggered again within the next six months (from December 23, 2025, to June 22, 2026), no proposal for downward adjustment will be made [1] - **Post Six-Month Review**: Starting from June 23, 2026, if the conversion price adjustment clause is triggered again, the board will convene to decide whether to exercise the right to adjust the conversion price [1]

Core Viewpoint - The article discusses various convertible bonds, highlighting their types, redemption statuses, and key dates for subscription and trading [1][2]. Group 1: Convertible Bonds Overview - Kai Sheng Convertible Bond and Jin Zhong Convertible Bond are categorized as "strong redemption" with a redemption date set for December 23, 2025 [2]. - Hui Yun Convertible Bond will not undergo a downward adjustment, maintaining its current terms [1][2]. - Jin 05 Convertible Bond is scheduled for subscription on December 25, 2025 [1]. Group 2: Convertible Bonds Details - The current price of Neng Hui Convertible Bond is 113.346, with a redemption price of 100.730, and it has a remaining scale of 0.023 billion [4]. - Z Xin Hua Convertible Bond is priced at 127.178, with a redemption price of 100.115, and a remaining scale of 0.187 billion [4]. - Z Min Convertible Bond has a current price of 197.898, a redemption price of 101.220, and a remaining scale of 0.552 billion [4]. - Ying Bo Convertible Bond is priced at 140.555, with a redemption price of 100.100, and a remaining scale of 2.179 billion [4]. - Kai Sheng Convertible Bond has a current price of 140.451, a redemption price of 100.100, and a remaining scale of 5.459 billion [4]. - Jin Zhong Convertible Bond is priced at 130.300, with a redemption price of 100.200, and a remaining scale of 2.494 billion [4].

Core Points - The company Huayun Titanium Industry announced that it will pay the third-year interest on the "Huayun Convertible Bonds" on November 24, 2025 [1] - The interest payment will be 10.00 yuan (including tax) for every 10 bonds with a face value of 1,000.00 yuan [1] - The record date for bondholders is set for November 21, 2025, with the interest calculation period from November 23, 2024, to November 22, 2025, and a coupon rate of 1.00% [1]

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds following a cash dividend distribution, ensuring compliance with regulatory requirements and protecting the interests of bondholders [1][2][3]. Group 1: Convertible Bond Issuance - The company issued 4,900,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 490 million [1]. - The bonds are referred to as "惠云转债" with the bond code "123168" [1]. Group 2: Conversion Price Adjustment Mechanism - The conversion price will be adjusted based on specific formulas when the company undergoes changes such as stock dividends, capital increases, or cash dividends [2]. - The adjustment formulas include variables for stock dividend rates, new share issuance rates, and cash dividend amounts [2]. Group 3: Specific Adjustment Details - The company announced a cash dividend of RMB 0.1 per 10 shares, with no stock dividends or capital increases planned for the 2024 fiscal year [3]. - The adjusted conversion price after the cash dividend will be calculated as follows: P1 = P0 - D, resulting in an adjusted conversion price of RMB 10.74 per share [4].

| 证券代码：300891 | 公司简称：惠云钛业 公告编号：2025-004 | | --- | --- | | 债券代码：123168 | 债券简称：惠云转债 | 广东惠云钛业股份有限公司 关于惠云转债可能触发向下修正转股价格条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、证券代码：300891，证券简称：惠云钛业 2、债券代码：123168，债券简称：惠云转债 3、转股价格：10.75元/股 4、转股时间：2023年5月29日至2028年11月22日 5、根据《广东惠云钛业股份有限公司向不特定对象发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）规定：在本可转债存续期间，当公 司股票在任意连续三十个交易日中至少有十五个交易日的收盘价格低于当期转 股价格的85%时，公司董事会有权提出转股价格向下修正方案并提交公司股东 大会表决。 公司于2024年2月7日召开第四届董事会第二十五次会议，审议通过了《关 于不向下修正"惠云转债"转股价格的议案》，决定自2024年2月8日至2025年2 月7日，如再次触发"惠云转债 ...