本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 因实施2024年年度权益分派，"汇成转债"转股价格由7.70元/股调整为7.61元/股，具体内容详见公司2025 年5月12日在上海证券交易所网站（www.sse.com.cn）披露的《关于实施2024年年度权益分派调整可转 债转股价格暨转股复牌的提示性公告》（公告编号2025-028）。 截至本公告披露日，"汇成转债"的最新转股价格为7.61元/股。 二、"汇成转债"本次转股情况 ● 累计转股情况：合肥新汇成微电子股份有限公司（以下简称"公司"）向不特定对象发行可转换公司债 券"汇成转债"自2025年2月13日开始转股。截至2025年12月31日，"汇成转债"累计转股金额为 218,660,000.00元，累计转股数量为28,732,697股，约占"汇成转债"转股前公司已发行股份总额 837,976,281股的3.4288%； ● 未转股可转债情况：截至2025年12月31日，"汇成转债"尚未转股的金额为930,040,000.00元，占"汇成 转债"发行总 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Since December 2025, convertible bonds have witnessed a new round of recovery. In this round, high - parity equity - biased convertible bonds led the rise, with the military industry sector rising significantly under the commercial space theme. Due to the phased release of call risks, the valuation of high - parity convertible bonds has returned to a high level. However, the shortening of the remaining term and the weaker - than - expected downward revision of convertible bonds have caused the valuation of debt - biased convertible bonds to loosen. The convertible bond valuation structure has changed compared with the previous period. From the end - of - 2025 performance, risk appetite remains high, and the expectation of a spring rally is consistent. Convertible bonds are expected to benefit from the rise of the equity market and the activity of small and micro - cap stocks. But considering the high valuation of equity - biased convertible bonds and the recent significant decline of some "double - high" convertible bonds, be vigilant against the valuation risks of "double - high" convertible bonds represented by newly issued convertible bonds [4]. Summary by Relevant Catalog 1. Convertible Bond Valuation - The market declined slightly this week, and the 100 - yuan premium rate rose 0.3% to 31.1%, approaching the high of 31.4% on August 25, 2025. After excluding abnormal points, the 100 - yuan premium rate of the entire market's convertible bonds is 31.1%, up 0.3% week - on - week, and the latest quantile is at the 99.8% percentile since 2017 [5]. - By grouping and weighted - calculating the valuation changes of individual bonds in comparable terms according to parity, it's found that this week, the valuation of the equity - biased area is better overall than that of the debt - biased and balanced areas. The valuations of the balanced and debt - biased areas mainly declined, the valuation in the 120 - 140 yuan parity range increased slightly, and the valuation in the range above 140 yuan remained roughly flat [10]. - From the perspective of individual bonds, the convertible bonds with a large decline in high - parity area valuation are mainly of two types: those entering the redemption process with the conversion premium rate actively compressed, such as Guanglian Convertible Bond and Songsheng Convertible Bond; and those with significantly compressed "double - high" convertible bond valuations, such as Haohan Convertible Bond and Huicheng Convertible Bond. The convertible bonds with a decline in medium - and low - parity area valuation are those approaching maturity and those with continuous non - downward revision, such as Baolai Convertible Bond and Weil Convertible Bond [13]. - As of the latest data, from the perspective of the conversion premium rate, the historical quantiles of the valuation in the 110 - 120 yuan and 80 - 90 yuan parity ranges are relatively low; from the perspective of the bottom - support premium rate, the historical quantiles of the valuation in the 70 - 90 yuan parity range are relatively low [17]. 2. Clause Tracking 2.1 Redemption - This week, Yingte Convertible Bond announced redemption, and no convertible bond announced not to redeem, with a forced - redemption rate of 100%. Currently, there are 12 convertible bonds that have issued forced - redemption or maturity - redemption announcements but have not been delisted. The potential conversion or maturity balance of the forced - redeemed and matured convertible bonds among the non - delisted ones is 4 billion yuan. There are currently 27 convertible bonds in the redemption process, 7 are expected to meet the redemption conditions next week, and 12 are expected to issue announcements of potential trigger of redemption. In addition, 17 convertible bonds are expected to enter the forced - redemption counting period within the next month [21][23]. 2.2 Downward Revision - One convertible bond proposed a downward revision this week, and Hongchuan Convertible Bond announced the downward - revision result but did not revise to the bottom. As of the latest, 111 convertible bonds are in the non - downward - revision interval, 19 cannot be downward - revised due to net - asset constraints, 1 has triggered the condition but the stock price is still below the downward - revision trigger price and no announcement has been made, 22 are in the process of accumulating downward - revision days, and 2 have issued downward - revision board proposals but have not gone to the general meeting of shareholders [27]. 2.3 Put Option - Shanbo Convertible Bond issued a conditional put - option announcement this week. As of the latest, 5 convertible bonds are in the process of accumulating put - option trigger days, among which 3 are also in the process of accumulating downward - revision days, and 2 are in the non - downward - revision interval [30]. 3. Primary Issuance - As of the latest, there are 9 convertible bonds in the approval - for - registration progress, with a to - be - issued scale of 11.2 billion yuan; there are 6 convertible bonds in the listing - committee - approval progress, with a to - be - issued scale of 3.4 billion yuan [32].

格隆汇12月29日丨汇成股份(688403.SH)公布，公司于2025年12月29日接到扬州新瑞连、杨会、合肥芯 成的告知函，获悉自2025年8月26日至2025年12月29日，扬州新瑞连、杨会、合肥芯成三位持有人通过 上海证券交易所交易系统以集中竞价交易方式累计减持"汇成转债"143.57万张，占"汇成转债"发行总量 的12.50%。 ...

Core Viewpoint - The article discusses various convertible bonds, highlighting their redemption status, trading prices, and key dates for conversion and redemption [1][4][6]. Group 1: Convertible Bonds Status - Guocheng Convertible Bond (127019) is subject to strong redemption on November 20, 2025 [1]. - Southeast Convertible Bond (127103) will not undergo adjustment [1]. - Huicheng Convertible Bond (118049) and Haoyuan Convertible Bond (118051) are not subject to strong redemption [1]. - Yinbang Convertible Bond (123252) will not be adjusted [1]. - Zhongjin Convertible Bond (127020) has its last trading day on November 20, 2025 [1]. Group 2: Pricing and Trading Information - Luokai Convertible Bond (113689) current price is 156.168, with a strong redemption price of 100.038, and a last trading day on November 17, 2025 [4]. - Chengfeng Convertible Bond (113628) current price is 153.032, with a last trading day on November 17, 2025 [4]. - Zhongjin Convertible Bond (127020) current price is 124.350, with a strong redemption price of 100.700, and a last trading day on November 20, 2025 [4]. - Hengbang Convertible Bond (127086) current price is 118.195, with a strong redemption price of 100.280, and a last trading day on November 24, 2025 [4]. - Qibin Convertible Bond (113047) current price is 113.481, with a strong redemption price of 101.174, and a last trading day on November 27, 2025 [4]. Group 3: Additional Convertible Bonds Information - Fenghuo Convertible Bond (110062) current price is 106.676, with a redemption price of 106.000, and a last trading day on November 26, 2025 [6]. - Ying19 Convertible Bond (110063) current price is 113.327, with a redemption price of 111.000, and a last trading day on December 12, 2025 [6]. - Hongda Convertible Bond (404003) current price is 54.781, with a redemption price of 118.000, and a last trading day on December 15, 2025 [6]. - Jianguo Convertible Bond (110064) current price is 113.369, with a redemption price of 113.000, and a last trading day on December 16, 2025 [6].

Summary of Key Points Core Viewpoint - The article discusses recent corporate actions and developments in the convertible bond market, highlighting shareholding changes, partnerships, and upcoming bond listings and trading dates. Group 1: Corporate Actions - Jia Mei Packaging's shareholders plan to reduce their holdings by no more than 1.16% of the company's shares [1] - Hailianxun's request for acquisition rights has ended, with trading resuming on November 19 [1] - Jiemai Technology's subsidiary, Rouzhen Technology, signed a cooperation development framework agreement with Ningde New Energy [1] Group 2: Convertible Bonds - The article lists various convertible bonds with their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion to the underlying stocks [1][4][6] - Notable upcoming bond listings include: - Qizhong Convertible Bond on November 21 - Maolai Convertible Bond on November 21 for subscription - Zhuomei Convertible Bond on November 24 - Other bonds with specific trading and conversion dates detailed [1][4][6] Group 3: Market Data - The article provides detailed tables of convertible bonds, including their current prices, conversion values, and market capitalization ratios, indicating the financial health and market positioning of these bonds [1][4][6]

（编辑 任世碧） 证券日报网讯 11月12日晚间，汇成股份发布公告称，公司股票自2025年10月30日至2025年11月12日期 间已有10个交易日的收盘价不低于当期转股价格（7.61元/股）的130%（即9.89元/股），若未来（自 2025年11月13日起算）20个交易日内，公司股票至少任意5个交易日的收盘价格不低于当期转股价的 130%（含130%），将触发《合肥新汇成微电子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》中规定的有条件赎回条款。若触发条件，公司有权决定是否按照债券面值加当期应计利息的价格 赎回全部或部分未转股的"汇成转债"。 ...

Group 1 - The domestic commodity futures market showed mixed results, with the shipping index (European line) rising over 3% and lithium carbonate dropping over 4% [1] - The China convertible bond index closed down 0.67%, with notable gainers including Zhongneng Convertible Bond and Zhenhua Convertible Bond, which rose 13.15% and 9.57% respectively [1] - The ETF market had varied performances, with the Asia-Pacific Selected ETF leading gains at 2.35%, while the Nikkei 225 ETF fell by 5.76% [1] Group 2 - UBS Securities expressed a positive mid-term outlook for the A-share market, suggesting that growth style remains the main investment theme, with the ChiNext board showing a favorable risk-reward ratio [2] - In the context of AI investments, Invesco's Chief Global Market Strategist noted that the potential of AI is undeniable, but the ultimate winners in the sector will take time to identify, recommending a diversified investment approach [2] - CICC highlighted that the market's upward trend is likely to continue, with structural highlights in sectors such as AI computing power, machinery, automotive, and innovative pharmaceuticals [2] Group 3 - The Chief Economist of AVIC Securities indicated that external risks are easing, leading to improved market risk appetite, and suggested a balanced investment approach focusing on themes like smart technology and aerospace [3] - The recent announcement regarding gold tax policies aims to encourage on-site gold trading by clarifying distinctions between investment and non-investment uses [2]

Core Viewpoint - The company announced significant changes in its governance structure, including the cancellation of the supervisory board, changes in registered capital, and amendments to its articles of association and governance systems [9][11][14]. Group 1: Governance Changes - The company will no longer have a supervisory board, with the audit committee of the board taking over its responsibilities [9][10]. - The supervisory board's rules have been abolished, and related provisions in the company's regulations are no longer applicable [9]. - The company will continue to comply with legal requirements until the cancellation of the supervisory board is approved by the shareholders [10]. Group 2: Capital Changes - On July 23, 2025, the company completed the registration of new shares related to its stock incentive plan, increasing its registered capital by 2,234,000.00 yuan [11]. - The total registered capital increased from 837,981,982.00 yuan to 857,962,158.00 yuan following the conversion of bonds into shares [12][13]. Group 3: Amendments to Articles of Association - The company plans to amend its articles of association in accordance with relevant laws and regulations, with specific changes detailed in an attached comparison table [14]. - The amendments will not change other provisions of the articles, and the revised articles will be disclosed on the Shanghai Stock Exchange [14]. Group 4: Governance System Revisions - The company intends to revise its governance documents, including the rules for shareholder meetings and board meetings, which will require shareholder approval to take effect [15]. - The audit committee's working rules will be renamed and will take effect immediately upon board approval [15].

Core Viewpoint - The China convertible bond index experienced a decline of 0.34% on October 23, closing at 475.69 points, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - The China convertible bond index fell by 0.34% to 475.69 points [1] - Notable gainers included Tongguang Convertible Bond, which rose by 5.73%, Tianyuan Convertible Bond with a 3.40% increase, and Zhongneng Convertible Bond, which increased by 2.37% [1] - Significant losers included Huicheng Convertible Bond, which dropped by 9.75%, Tongcheng Convertible Bond with a decline of 7.27%, and Huicheng Convertible Bond, which fell by 5.30% [1]

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.26% on October 15, closing at 478.56 points, indicating a downward trend in the convertible bond market [1] Group 1: Market Performance - The top decliners in the market included Guanzhong Convertible Bond, Changji Convertible Bond, Huicheng Convertible Bond, Shima Convertible Bond, and Yongxi Convertible Bond, with declines of 7.04%, 5.37%, 5.01%, 4.74%, and 4.39% respectively [1] - Conversely, the top gainers were Saili Convertible Bond, Zhongchong Convertible Bond, Jingxing Convertible Bond, Shuiyang Convertible Bond, and Fuxin Convertible Bond, which saw increases of 9.99%, 5.69%, 5.62%, 5.51%, and 4.12% respectively [1]