（文章来源：每日经济新闻） 每经AI快讯，10月10日，中证转债指数开盘下跌0.08%，报487.44点。其中，豫光转债、恩捷转债、欧 通转债、利扬转债、鹿山转债跌幅居前，分别跌4.13%、2.53%、2.36%、2.36%、2.24%。中环转2、利 民转债、立中转债、中辰转债、升24转债涨幅居前，分别涨20.00%、5.64%、3.80%、1.62%、1.56%。 ...

（编辑 楚丽君） 证券日报网讯 9月26日晚间，欧陆通发布公告称，公司可转换公司债券"欧通转债"将于2025年9月29日 至2025年半年度权益分派股权登记日止暂停转股，2025年半年度权益分派股权登记日后的第一个交易日 起恢复转股。 ...

Group 1 - The core viewpoint of the article discusses recent developments in convertible bonds, including proposals for adjustments and shareholder actions [1][2][4][6] - Zhengchuan Convertible Bond has proposed a downward adjustment [1][2] - Outoong Convertible Bond will not be forcibly redeemed [1][2] - Haibo Heavy Industry plans to reduce its holdings by no more than 1% of repurchased shares [1] - Guanzhong Ecology is planning a change in control and has suspended trading [1] - Ruifeng High Materials' shareholders intend to reduce their holdings by no more than 0.96% [1] Group 2 - A table lists various convertible bonds 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 [4][6] - For example, the current price of Jiaojian Convertible Bond is 162.161, with a redemption price of 100.044, and a conversion value of 162.90 [4] - The remaining scale of Jinxian Convertible Bond is 0.145 billion, with a market value ratio of 0.39% [4] - The current price of Dongjie Convertible Bond is 261.820, with a conversion value of 265.84 and a remaining scale of 0.731 billion [4]

证券日报网讯 9月19日晚间，欧陆通发布公告称，自2025年9月1日至2025年9月19日，公司股票已满足 任意连续三十个交易日中至少十五个交易日的收盘价格不低于当期转股价格的130%（含130%），已触 发"欧通转债"有条件赎回条款。公司于2025年9月19日召开第三届董事会2025年第六次会议，审议通过 了《关于不提前赎回"欧通转债"的议案》，董事会决定本次不行使"欧通转债"的提前赎回权利，不提前 赎回"欧通转债"，且自2025年9月20日至2025年12月19日，如再次触发"欧通转债"上述有条件赎回条款 时，公司均不行使提前赎回权利。自2025年12月19日后首个交易日重新计算，若"欧通转债"再次触发上 述有条件赎回条款，届时董事会将另行召开会议决定是否行使"欧通转债"的提前赎回权利。 （编辑 任世碧） ...

Core Viewpoint - The China Convertible Bond Index rose by 1.23% on September 11, closing at 480.25 points, indicating a positive trend in the convertible bond market [1] Group 1: Market Performance - The top performers in the convertible bond market included Fushi Convertible Bond, which increased by 20.00%, and Jing 23 Convertible Bond, also rising by 20.00% [1] - Other notable gains were seen in Jiaze Convertible Bond, which rose by 17.69%, and Outong Convertible Bond, which increased by 11.67% [1] - Conversely, Titan Convertible Bond experienced a decline of 2.69%, while Huicheng Convertible Bond fell by 2.04%, and Limin Convertible Bond decreased by 1.17% [1]

Summary of Key Points Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the last seven trading days [1][2]. Market Performance - Since reaching a peak on August 25, the convertible bond market has seen a downturn, with the China Convertible Bond Index entering a correction phase starting August 26, including a significant drop of 2.82% on August 27 [1][2]. - In the last seven trading days, more than 400 convertible bonds have declined, representing over 90% of the total, with nearly 230 bonds falling more than 5% and over 50 bonds dropping more than 10% [2][3]. Specific Bond Performance - Notable convertible bonds such as Tianyuan Convertible Bond have seen a price drop from over 240 yuan to 191.700 yuan, marking a cumulative decline of over 20% [3]. - The Borui Convertible Bond has also faced a decline, dropping from over 320 yuan to 260.457 yuan, with a cumulative decrease of 18.84% [5]. Market Influences - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has shown a slowdown, with a cumulative decline of 1.80% over the past seven trading days [7]. - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a significant underperformance compared to the broader market [7][8]. Future Outlook - According to research from Guojin Securities, the overall probability of continued upward movement in the equity market remains high, but there is a short-term impulse for profit-taking in convertible bonds. The market is expected to experience increased trading activity and volatility [10][11].

证券代码：300870 证券简称：欧陆通 公告编号：2025-057 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于 2025 年半年度利润分配预案的公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 深圳欧陆通电子股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召 开第三届董事会 2025 年第五次会议及第三届监事会 2025 年第三次会议，分别审 议通过了《关于 2025 年半年度利润分配预案的议案》。本事项尚需提交公司股 东大会审议通过。现将具体情况公告如下： 一、2025 年半年度利润分配预案的具体内容 根据公司 2025 年半年度未经审计财务报告，截至 2025 年 6 月 30 日，公司 合 并 报 表 可 供 分 配 利 润 949,361,172.21 元 ， 母 公 司 可 供 分 配 利 润 低的原则来确定具体的利润分配比例，截至 2025 年 6 月 30 日，公司可供分配利 润为 724,134,350.09 元。 遵循回报股东、与股东分享公司经营成果的原则，在保证公司健康持续发展 的情 ...

Quantitative Models and Construction Methods Model 1: Convertible Bond Valuation Model - **Model Name**: Convertible Bond Valuation Model - **Model Construction Idea**: The model aims to compare the valuation of convertible bonds with their underlying stocks using a time-series comparable valuation metric called "100 Yuan Conversion Premium Rate" and the median of "Adjusted YTM - Credit Bond YTM" to measure the relative allocation value between debt-biased convertible bonds and credit bonds[4][5][15] - **Model Construction Process**: - **100 Yuan Conversion Premium Rate**: Fit the relationship curve between the conversion premium rate and conversion value in the cross-sectional space at each time point, and substitute the conversion value = 100 into the fitting formula to obtain the "100 Yuan Conversion Premium Rate" - Formula: $$ y_{i}=\alpha_{0}+\,\alpha_{1}\cdot\,{\frac{1}{x_{i}}}+\epsilon_{i} $$ where \( y_{i} \) is the conversion premium rate of the i-th convertible bond, and \( x_{i} \) is the conversion value of the i-th convertible bond[43] - **Adjusted YTM - Credit Bond YTM**: Adjust the YTM of debt-biased convertible bonds by stripping out the impact of conversion terms - Formula: $$ \text{Adjusted YTM} = \text{Convertible Bond YTM} \times (1 - \text{Conversion Probability}) + \text{Expected Conversion Annualized Yield} \times \text{Conversion Probability} $$ The conversion probability is calculated using the BS model, substituting the closing price of the underlying stock, option exercise price, stock volatility, remaining term, and discount rate to calculate the conversion probability \( N(d2) \)[44] - **Model Evaluation**: The model provides a systematic approach to evaluate the relative allocation value of convertible bonds compared to their underlying stocks and credit bonds[15] Model 2: Convertible Bond Comprehensive Valuation Factor - **Model Name**: Convertible Bond Comprehensive Valuation Factor - **Model Construction Idea**: The model combines the deviation of the conversion premium rate and the theoretical value deviation (Monte Carlo model) to construct a comprehensive valuation factor for convertible bonds[6][19] - **Model Construction Process**: - **Conversion Premium Rate Deviation**: - Formula: $$ \text{Conversion Premium Rate Deviation} = \text{Conversion Premium Rate} - \text{Fitted Conversion Premium Rate} $$ - **Theoretical Value Deviation (Monte Carlo Model)**: - Formula: $$ \text{Theoretical Value Deviation} = \frac{\text{Convertible Bond Closing Price}}{\text{Theoretical Value}} - 1 $$ The Monte Carlo model fully considers the conversion, redemption, downward revision, and repurchase terms of convertible bonds, simulating 10,000 paths at each time point and using the same credit term interest rate as the discount rate to calculate the theoretical value of the convertible bond[20] - **Comprehensive Valuation Factor**: - Formula: $$ \text{Convertible Bond Comprehensive Valuation Factor} = \text{Rank}(\text{Conversion Premium Rate Deviation}) + \text{Rank}(\text{Theoretical Value Deviation (Monte Carlo Model)}) $$ - **Model Evaluation**: The comprehensive valuation factor performs well in the overall, balanced, and debt-biased convertible bonds, while the theoretical value deviation (Monte Carlo model) performs better in equity-biased convertible bonds[19][20] Model 3: Convertible Bond Style Rotation Model - **Model Name**: Convertible Bond Style Rotation Model - **Model Construction Idea**: The model uses convertible bond momentum and volatility deviation as market sentiment capture indicators to construct a convertible bond style rotation portfolio, with bi-weekly rebalancing[7][26] - **Model Construction Process**: - **Market Sentiment Capture Indicators**: - Formula: $$ \text{Convertible Bond Style Market Sentiment Capture Indicator} = \text{Rank}(\text{Convertible Bond 20-Day Momentum}) + \text{Rank}(\text{Volatility Deviation}) $$ - **Style Rotation Position Calculation**: - Example Calculation: | | Convertible Bond Equity-Biased Low Valuation | Convertible Bond Balanced Low Valuation | Convertible Bond Debt-Biased Low Valuation | | --- | --- | --- | --- | | Equal Weight Index | 1 | 2 | 3 | | Volatility Deviation Ranking | 2 | 1 | 3 | | Market Sentiment Capture Indicator | 3 | 3 | 6 | | Style Rotation Position | 50% | 50% | 0% | - **Model Evaluation**: The style rotation model effectively captures market sentiment and allocates positions accordingly, showing superior performance compared to the equal-weight index[26][27][28] Model Backtesting Results Convertible Bond Valuation Model - **100 Yuan Conversion Premium Rate**: Rolling three-year percentile at 98.70%, rolling five-year percentile at 94.90%[4][15] - **Adjusted YTM - Credit Bond YTM**: Current median at -2.36%[5][15] Convertible Bond Comprehensive Valuation Factor - **Equity-Biased Convertible Bond Low Valuation Index**: - Annualized Return: 26.10% - Annualized Volatility: 20.55% - Maximum Drawdown: -22.94% - IR: 1.27 - Calmar Ratio: 1.14 - Monthly Win Rate: 62.22%[23] - **Balanced Convertible Bond Low Valuation Index**: - Annualized Return: 14.80% - Annualized Volatility: 11.82% - Maximum Drawdown: -15.95% - IR: 1.25 - Calmar Ratio: 0.93 - Monthly Win Rate: 62.22%[23] - **Debt-Biased Convertible Bond Low Valuation Index**: - Annualized Return: 13.37% - Annualized Volatility: 9.43% - Maximum Drawdown: -17.78% - IR: 1.42 - Calmar Ratio: 0.75 - Monthly Win Rate: 57.78%[23] Convertible Bond Style Rotation Model - **Convertible Bond Style Rotation**: - Annualized Return: 25.27% - Annualized Volatility: 16.68% - Maximum Drawdown: -15.89% - IR: 1.51 - Calmar Ratio: 1.59 - Monthly Win Rate: 65.56%[32] - **Convertible Bond Low Valuation Equal Weight Index**: - Annualized Return: 14.71% - Annualized Volatility: 10.97% - Maximum Drawdown: -15.48% - IR: 1.34 - Calmar Ratio: 0.95 - Monthly Win Rate: 61.11%[32] - **Convertible Bond Equal Weight Index**: - Annualized Return: 9.75% - Annualized Volatility: 11.66% - Maximum Drawdown: -20.60% - IR: 0.84 - Calmar Ratio: 0.47 - Monthly Win Rate: 60.00%[32]

Group 1 - The China Convertible Bond Index rose by 0.09% to 473.35 points on August 14 [1] - The Wind Convertible Bond Equal-weighted Index decreased by 0.12% to 230.16 points [1] - Notable gainers included Jincopper Convertible Bond, Zhanggu Convertible Bond, Yuanshin Convertible Bond, Outong Convertible Bond, and Tianlu Convertible Bond, with increases of 16.25%, 11.93%, 7.64%, 7.17%, and 6.49% respectively [1] - Significant decliners included Lidao Convertible Bond, Haitai Convertible Bond, Jing 23 Convertible Bond, Jiaojian Convertible Bond, and Huayi Convertible Bond, with decreases of 9.70%, 8.74%, 7.68%, 6.09%, and 4.16% respectively [1]

Summary of Key Points - The convertible bonds of Jiao Jian increased by 7.8% [1] - The convertible bonds of Da Zhong and Ou Tong rose by over 4% [1] - The convertible bonds of Fu Chun decreased by over 9% [1] - The convertible bonds of Xin Ce fell by over 8% [1] - The convertible bonds of Long Hua dropped by over 2% [1]