Core Viewpoint - The China Convertible Bond Index opened lower by 0.01%, indicating a slight decline in the market sentiment towards convertible bonds [1] Group 1: Market Performance - Tianlu Convertible Bond and Surveying and Mapping Convertible Bond rose nearly 6%, showing strong performance among certain bonds [1] - Saili Convertible Bond increased by nearly 4%, reflecting positive investor interest [1] - Yirui Convertible Bond and Julong Convertible Bond both saw gains of over 3%, indicating a favorable trend [1] - Dayu Convertible Bond dropped by over 3%, suggesting some negative sentiment [1] - Xizi Convertible Bond, Liugong Convertible Bond, and Lidong Convertible Bond all fell by over 1%, highlighting a broader decline in certain bonds [1]

债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 证券代码：000528 证券简称：柳 工 公告编号：2025-48 关于柳工转 2 转股价格调整的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 一、 可转换公司债券转股价格调整依据 经中国证券监督管理委员会《关于核准广西柳工机械股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2023〕128 号）核准，广西柳工机械股份有限公司（以下 简称"公司"）于 2023 年 3 月 27 日成功向不特定对象发行 3,000 万张可转换公司债券， 每张面值 100 元，发行总额 30.00 亿元，期限 6 年。本期可转换公司债券于 2023 年 4 月 20 日起在深圳证券交易所挂牌交易 ，债券简称 "柳工转 2 "， 债券代码 "127084.SZ"。 第 1 页，共 4 页 柳工董事会公告 根据公司《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》"）"转股价格的调整方式及计算方式"条款规定， 在"柳工转 2"发行之后，若公司发 生派送红股、转增 ...

Group 1 - The report indicates that in May, the equity market experienced a mixed performance with financial and pharmaceutical sectors leading the gains, while the technology sector saw a slight decline, with the Sci-Tech 50 Index dropping by 3.5% [11][13] - The convertible bond market showed resilience, with the overall market rising by 2.22% and financial convertible bonds increasing by 2.94%, outperforming other sectors [2][13] - The report highlights that the valuation of convertible bonds has retreated from high levels, with the premium rate for bonds trading at par falling below 22%, which is around the 50th percentile of 2017 [2][29] Group 2 - The economic outlook for June suggests a low visibility macroeconomic environment, with A-share indices at historically high valuation percentiles, indicating potential for a volatile market with limited upward elasticity [3][50] - The report emphasizes the importance of focusing on specific sectors such as technology, food security, and high-dividend defensive sectors, as well as industry leaders with low exposure to U.S. exports and strong domestic demand [3][50] - The convertible bond market is expected to face challenges in upward valuation due to credit risk adjustments, suggesting a cautious approach to bond positioning while waiting for clearer market signals [4][44] Group 3 - The report notes that in May, the agricultural and electronic semiconductor-themed convertible bonds led the market, while the top ten declining bonds were primarily those with strong redemption or those that peaked and then fell [40][41] - The analysis of the convertible bond market indicates that the credit risk pricing feedback is relatively controllable, and it suggests a balanced allocation between low-priced debt-oriented bonds and growth-oriented equity bonds [4][44] - The report provides a specific convertible bond portfolio for June, including bonds from sectors such as new energy, cyclical industries, and electronics, highlighting their potential for performance [4][52]