Group 1: Investment Rating - The report does not provide an overall investment rating for the bond industry. Group 2: Core Views - Market fluctuations have caused some disturbances to the liability side, but overall liability side stability remains acceptable. ETFs and "fixed income +" funds have seen small net outflows, but the pace has slowed compared to early September, and insurance funds still focus on allocation. [3][8] - In a volatile market, the operating strategies of public - offering institutions have diverged. Low - volatility strategy funds aiming for absolute returns may have reduced their allocations to high - price bonds and convertible bonds in general, while high - volatility tolerance products and relative return funds can increase allocations to some convertible bond issues with sufficient corrections and fundamental support. [3][9] - Different - priced convertible bonds have different performances and strategies. High - price convertible bonds have proven their upward logic, and for high - tolerance funds, holding is better than trading. Medium - price convertible bonds are the core of the "attack - and - defense" strategy, and bonds with reasonable price structures and catalytic expectations should be selected. The valuation of low - price (partial - debt) convertible bonds has reached an extreme level, and caution should be exercised. [2][3][9] - In October, investors are advised to pay attention to Shangyin Convertible Bond, Shouhua Convertible Bond, Jingke Convertible Bond, Kangtai Convertible Bond 2, Baolong Convertible Bond, Keshun Convertible Bond, Yingbo Convertible Bond, Huaya Convertible Bond, Wankai Convertible Bond, and Luwei Convertible Bond. [3][13] Group 3: Summary by Directory 1. Convertible Bond Weekly Thinking - The convertible bond market has shown limited adjustments and slight recoveries. In the past week, the ChinaBond Convertible Bond Index rose by about 1 percentage point, and the 100 - yuan premium rate also slightly recovered. [8] - The liability side of convertible bonds remains stable. Although there are small net outflows from some funds, the overall situation is improving, and insurance funds still focus on long - term allocation. [3][8] - Public - offering institutions' strategies have diverged. Low - volatility funds reduce positions, while high - volatility tolerance funds increase positions in some high - quality bonds. [3][9] - Different - priced convertible bonds have different characteristics and strategies. High - price bonds are suitable for holding, medium - price bonds need comprehensive screening, and partial - debt bonds should be treated with caution. [2][3][9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - Different convertible bond indexes have different performances in different time periods. For example, the Wind Convertible Bond Energy Index has a 0.14% increase in the past week, - 0.91% in the past two weeks, etc. [14] 2.2 Convertible Bond Issues - The report shows the top ten and bottom ten convertible bond issues in terms of price changes in the past week, but specific issue names are not provided in the text. [18] 2.3 Convertible Bond Valuations - The report presents the valuation trends of different types of convertible bonds (debt - type, balanced, and equity - type) through charts, but specific data analysis is not provided in the text. [21][26][28] 2.4 Convertible Bond Prices - The report shows the proportion trends of high - price convertible bonds and the median price trends of convertible bonds through charts, but specific data analysis is not provided in the text. [24][25][31]

Core Points - The company held its fourth extraordinary general meeting of shareholders on September 23, 2025, with all resolutions passed without any objections [2][4][6] - The company approved several amendments to its articles of association and management rules, including an increase in registered capital and the cancellation of the supervisory board [4][5][6] - The company announced a downward adjustment of the conversion price for its convertible bonds from 5.21 CNY per share to 4.50 CNY per share, effective from September 25, 2025 [16][24][25] Meeting Details - The meeting was held at the company's headquarters in Shanghai, with all board members and supervisors present [2][3] - Voting was conducted through a combination of on-site and online methods, complying with legal and regulatory requirements [2][6] Resolutions Passed - The following resolutions were approved: - Increase in registered capital and cancellation of the supervisory board [4] - Amendments to the company's shareholder meeting rules [5] - Amendments to the board meeting rules [5] - Amendments to the independent director work system [5] - Amendments to the related party transaction management system [5] - Amendments to the external guarantee management system [5] - Amendments to the external investment management system [5] - Amendments to the fundraising management system [5] - Proposal to lower the conversion price of "Jinko Convertible Bonds" [5][6] Board Changes - Non-independent director Hu Jianjun resigned for personal reasons, effective immediately [9][11] - Xiao Yanjun was elected as the employee representative director on September 23, 2025, with a term until the end of the current board's tenure [9][12] Convertible Bonds Information - The company issued 30 million convertible bonds in 2021, with a total value of 3 billion CNY, and the bonds are set to mature in 2027 [18] - The conversion price has been adjusted multiple times since issuance, with the latest adjustment due to stock price performance [19][23] - The company will not propose further downward adjustments to the conversion price for six months following the latest adjustment [26]

Group 1 - The article discusses various convertible bonds, including strong redemption announcements and adjustments in terms of bond conditions [2][5] - Specific convertible bonds such as Jingxing Convertible Bond and Chunqiu Convertible Bond are subject to strong redemption, while Gongtong Convertible Bond will not undergo adjustments [5] - The article lists the current prices, redemption prices, last trading dates, and conversion values of several convertible bonds, indicating their market performance and potential investment opportunities [4][7] Group 2 - Shareholders of Zhongtian Rocket plan to reduce their holdings by no more than 3% of the company's shares, while Shennma Co. intends to repurchase shares worth 100 million to 200 million yuan [5] - The article highlights the upcoming subscription for Jin 25 Convertible Bond on September 26 [5] - It provides a detailed table of various convertible bonds, including their current prices, redemption prices, and market capitalization ratios, which can be useful for investors assessing their options [4][7]

Group 1 - The company announced a downward adjustment of the conversion price for "Jinko Convertible Bonds" from 5.21 CNY/share to 4.50 CNY/share, effective from September 25, 2025 [2] - The "Jinko Convertible Bonds" were publicly issued on April 23, 2021, with a total issuance amount of 3 billion CNY and a term of 6 years, listed on the Shanghai Stock Exchange on May 31, 2021 [2] - The adjustment of the conversion price was triggered by the stock price falling below 90% of the current conversion price for 15 out of 30 trading days during the specified period [2] Group 2 - The company indicated that if the conversion price adjustment conditions are triggered again within the next six months (from September 25, 2025, to March 24, 2026), it will not propose a revision plan [3] - The company's stock closed at 3.67 CNY/share on September 23, with a total market capitalization of 13.11 billion CNY, while the convertible bond closed at 123.693 CNY per bond [4]

Core Viewpoint - The board of directors of Jinko Power Technology Co., Ltd. proposed to lower the conversion price of the "Jinko Convertible Bonds" due to the stock price falling below 90% of the current conversion price for 15 trading days [2][9]. Group 1: Convertible Bond Details - The company issued 30 million convertible bonds on April 23, 2021, with a total value of RMB 3 billion and a maturity of 6 years [5]. - The initial conversion price was set at RMB 6.75 per share, which has been adjusted multiple times due to various corporate actions [6]. Group 2: Price Adjustment Trigger - From August 12 to September 3, 2025, the company's stock price closed below RMB 4.69 (90% of the current conversion price of RMB 5.21) for 15 trading days, triggering the price adjustment clause [2][9]. - The board's proposal to adjust the conversion price is aimed at optimizing the capital structure and enhancing the company's value and market capitalization [9]. Group 3: Shareholder Meeting - The proposal to adjust the conversion price will be submitted for approval at the upcoming shareholder meeting scheduled for September 23, 2025 [14]. - The adjustment requires a two-thirds majority vote from the shareholders present at the meeting, with bondholders required to abstain from voting on this matter [9][17].

Core Viewpoint - The company proposes to lower the conversion price of its convertible bonds, "Jinko Convertible Bonds," in response to market conditions and to enhance its capital structure and shareholder value [1][5]. Group 1: Convertible Bond Issuance Details - The company issued 30 million convertible bonds on April 23, 2021, with a total value of RMB 3 billion and a maturity of six years [1]. - The initial conversion price was set at RMB 6.75 per share, which has been adjusted multiple times due to various corporate actions [1][3]. Group 2: Conversion Price Adjustment History - The conversion price has been adjusted downwards from RMB 6.75 to RMB 5.21 as of the announcement date, with several adjustments occurring due to rights distributions and stock issuances [1][3]. - The conversion price adjustments were triggered by the stock price falling below 90% of the current conversion price for a specified period [3][4]. Group 3: Proposal for Price Adjustment - The board of directors has proposed to further lower the conversion price to ensure it aligns with market conditions and to protect investor interests [5]. - The proposal requires approval from the shareholders' meeting, with a two-thirds majority needed for implementation [5][4].

Meeting Information - The shareholder meeting is scheduled for September 23, 2025, at 14:30 [1] - The meeting will be held at Jinko Center, No. 1, 1466 Shenchang Road, Minhang District, Shanghai [1] - Voting will be conducted through a combination of on-site and online methods [1] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system [2] - Voting will be available from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders can vote through designated trading terminals or the internet voting platform [3] Agenda Items - The meeting will discuss proposals including increasing registered capital and revising the company's articles of association [2] - A proposal to adjust the conversion price of "Jinko Convertible Bonds" will also be presented [2] - Related shareholders holding "Jinko Convertible Bonds" must abstain from voting on this proposal [2] Attendance Requirements - Only shareholders registered by the close of trading on September 16, 2025, are eligible to attend [4] - Shareholders may appoint a proxy to attend and vote on their behalf [4] Registration Details - Registration for the meeting will take place on September 22, 2025, from 9:00 to 16:00 [4] - The registration location is the same as the meeting venue [4] Additional Information - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [5] - Contact information for the board office is provided for any inquiries [5]

Group 1 - The core viewpoint of the article is that Hangzhou Hailianxun Technology Co., Ltd. plans to conduct a share swap merger with Hangzhou Turbine Power Group Co., Ltd. through the issuance of A-shares to all shareholders of Hangzhou Turbine [1] - The transaction is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission before implementation [1] Group 2 - Jinko Convertible Bond proposes a down adjustment [2] - Shareholders of Aggregated Shun plan to reduce their holdings by no more than 3% of the company's shares [2] - Shareholders of Tongcheng New Materials plan to reduce their holdings by no more than 2.17% of the company's shares [2] - Shareholders of Xiangfenghua plan to reduce their holdings by no more than 2% of the company's shares [2] - Snow Yong Convertible Bond and Qianglian Convertible Bond are subject to strong redemption [2] - Wujin Convertible Bond will not undergo a down adjustment [2] Group 3 - Various convertible bonds are listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [5][7]

Core Viewpoint - Jinko Technology announced that its stock price has fallen below 90% of the conversion price of 5.21 CNY per share for fifteen trading days, triggering the downward adjustment clause for its convertible bonds [1] Group 1 - The stock price threshold for the adjustment is set at 4.69 CNY per share [1] - The company's board of directors has proposed to lower the conversion price of the "Jinko Convertible Bonds" [1] - This proposal will require approval from the company's shareholders' meeting [1]

Group 1 - The report indicates that the convertible bond market experienced significant fluctuations in August, with the convertible bond index showing an upward trend but facing adjustments towards the end of the month due to various factors including the weakening of the banking sector and an increase in strong redemption of convertible bonds [3][6][7] - The strategy for September suggests a cautious approach towards convertible bonds, with expectations for lower returns due to the "dumbbell" style weakening and the potential for short-term adjustments in the market [3][33] - The report highlights the validation of the "potential yield" indicator system, which indicated a significant risk of short-term adjustments in the convertible bond market as the implied three-month yield fell below -5% [3][19][22] Group 2 - The report outlines a revised monthly strategy composition for September, which includes three components: short-term high-odds selection, low-price enhancement strategy, and active selection, reflecting the current market environment [3][35] - Specific convertible bonds are recommended for attention in September, including the high-odds selection of Pudong Development Bank Convertible Bond, and low-price enhancement strategies focusing on Jia Yuan, Jingke, Southeast, and Fangyuan Convertible Bonds [3][36][37] - The active selection strategy emphasizes avoiding bonds with a high likelihood of strong redemption while maintaining a focus on sectors with growth potential [3][38]