1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of the slow - bull expectation in the equity market and the pattern where the demand in the convertible bond market is stronger than the supply and is difficult to change, convertible bonds remain relatively high - quality assets in the long run. Currently, the overall valuation level is relatively high, and more efforts need to be made in the structure [4]. 3. Summary by Related Catalogs Market行情 - From September 22 to September 26, 2025 (5 trading days), the CSI Convertible Bond Index rose by +0.9% (last week's change was - 1.5%), turning positive this week; the CSI All - Share Index changed by +0.2% (last week's change was - 0.2%). The convertible bonds outperformed equities this week, for the first time in a month. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +15.3%, and the CSI All - Share Index has risen by +21.3%. The convertible bond market has underperformed the equity market [1]. - By rating, high - rated bonds (rated AA + and above), medium - rated bonds (rated AA), and low - rated bonds (rated AA - and below) rose by +0.69%, +0.86%, and +0.51% respectively this week, with low - rated bonds having the smallest increase [1]. - By convertible bond scale, large - scale convertible bonds (bond balance greater than 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance less than 500 million yuan) rose by +0.73%, +1.01%, and +0.01% respectively this week, with small - scale convertible bonds having the smallest increase [1]. - By conversion parity, ultra - high - parity bonds (conversion value greater than 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value less than 70 yuan) rose by +1.15%, +0.69%, +0.38%, +0.36%, and +0.36% respectively this week, with ultra - high - parity bonds having the largest increase [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of September 26, 2025, there were 427 outstanding convertible bonds (432 at the end of last week), with a balance of 593.378 billion yuan (599.191 billion yuan at the end of last week). The average convertible bond price was 130.44 yuan (130.41 yuan last week), with a quantile of 98.4%; the average convertible bond parity was 104.27 yuan (105.51 yuan last week), with a quantile of 94.3%; the average conversion premium rate was 26.0% (25.2% last week), with a quantile of 49.6%. Among them, the conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.8% (28.1% last week), higher than the median conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [3]. Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index rose by +0.9% this week, and convertible bonds outperformed equities for the first time in a month. Since the beginning of 2025, the convertible bond market has underperformed the equity market. In the long run, convertible bonds are still relatively high - quality assets, but the current valuation is high, and more attention should be paid to the structure [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Jize Convertible Bond, Huicheng Convertible Bond, etc. For example, Jize Convertible Bond rose by 25.83%, and its underlying stock, Jize New Energy, rose by 18.22% [23].

Group 1 - The China Convertible Bond Index rose by 0.15% on September 18, reaching 480.17 points [1] - Huicheng Convertible Bond increased by 15.20%, Jingxing Convertible Bond rose by 14.34%, and Hengshuai Convertible Bond gained 11.24% [1] - Shentong Convertible Bond decreased by 2.75%, Jiazhe Convertible Bond fell by 2.17%, and Keda Convertible Bond dropped by 1.85% [1]

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [27] Core Viewpoints - The current adjustment of convertible bonds still harbors potential investment opportunities. After the valuation pressure of some high - price/equity - like convertible bonds is cleared, they may offer returns to investors. The market's equity nature is stronger than its debt nature. Amid the strong performance of the equity market this year, the reversal of enhanced products may be a key factor influencing the configuration sentiment of the liability side. It is recommended to respond actively based on the actual participation time of subscription funds and the ability to withstand drawdowns [6][23] Summary by Directory When "Fear of High Prices" Meets Equity Resonance - On August 27, the convertible bond market adjusted, with the CSI Convertible Bond Index closing at 476.94, a decline of 2.82%. The declines of the Guozheng 2000 and the Equal - weighted Index of Convertible Bond Underlying Stocks were 2.01% and 2.44% respectively, while the ChiNext 50 Index rose 0.13%. There was no obvious differentiation in the structure [6][10] - The reasons for the adjustment include: directly, the rapid decline of convertible bond ETFs in the afternoon might have triggered investors' judgment of the market; in the equity market, industry performance was more differentiated, and some investors focused on the logic of switching between high - and low - value stocks or small - and large - cap stocks; actively, the long - standing "fear of high prices" in the convertible bond market led to the adjustment when the price reached a critical level [6][13][16] - The logic of the internal supply - demand mismatch in convertible bonds remains unchanged. The overall scale of the convertible bond market may continue to shrink, and there is a short - term demand gap. The logic of the equity market rally driven by incremental funds has not reversed, and there is still support from the underlying stocks for convertible bonds [6][20][21] Which Convertible Bond Varieties Are Oversold? - In the bullish equity market, it is recommended to diversify across multiple themes, such as consumer electronics, T - chain robots, chemical products, domestic computing power chips, and innovative drugs [7][25] - Pay attention to convertible bond elastic varieties and appropriately relax the drawdown limit. High - volatility products attract incremental funds during market transitions, so focus on elastic varieties with reasonable prices and cost - effectiveness [7][25] - With increased fluctuations in clause games and enhanced market pricing efficiency, keep an eye on individual bond clause changes, including high - price, low - premium convertible bonds with arbitrage opportunities and those approaching maturity with conversion incentives [7][25] - Look for oversold convertible bond varieties, including those that have declined more than the average of underlying stocks and convertible bonds, and those with significant valuation compression [7][25] - Low - price convertible bonds with improving fundamentals still have cost - effectiveness, such as Shouhua Convertible Bonds and Lepu Convertible Bonds 2 [7][25]

证券代码：688403 证券简称：汇成股份 公告编号：2025-045 转债代码：118049 转债简称：汇成转债 合肥新汇成微电子股份有限公司 关于"汇成转债"2025 年付息的公告 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： ? 可转债付息债权登记日：2025 年 8 月 6 日（星期三） ? 可转债除息日：2025 年 8 月 7 日（星期四） ? 可转债兑息日：2025 年 8 月 7 日（星期四） 合肥新汇成微电子股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 7 日发行的可转换公司债券将于 2025 年 8 月 7 日开始支付自 2024 年 8 月 7 日至 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）有关规定，现将有关事 项公告如下： 一、可转债基本情况 根据中国证券监督管理委员会出具的《关于同意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注册的批复》（证监许可〔2024〕883 号），公司获准 于 2024 年 8 月 7 日向不特定 ...

Group 1 - The China Securities Convertible Bond Index opened up by 0.08% [1] - Hua Yi Convertible Bond increased by over 9%, while Tian 23, Hua Hong, and Pingmei Convertible Bonds rose by over 2% [1] - Dayu, Haoyuan, Bojun, Borui, and Huicheng Convertible Bonds fell by over 1% [1]

证券日报网讯 7月29日晚间，汇成股份发布公告称，公司于2025年7月29日召开第二届董事会第十二次 会议，审议通过了《关于不提前赎回汇成转债的议案》，董事会决定本次不行使"汇成转债"的提前赎回 权利，不提前赎回"汇成转债"。 （文章来源：证券日报） ...

Group 1 - The board of Tian23 Convertible Bond proposed a down adjustment [1] - A shareholder of Aotewei plans to reduce their stake by no more than 1.37% [1] - Meijin Energy's largest shareholder, Meijin Energy Group, has pledged all of its shares, totaling 35.32 million shares, which accounts for 2.15% of its holdings and 0.80% of the company's total share capital [1] - As of July 28, 2025, Meijin Group's cumulative pledged shares represent 100% of its total holdings [1] - Haoyuan Convertible Bond and Huicheng Convertible Bond will not be forcibly redeemed [1] - Yinwei Convertible Bond and Guowei Convertible Bond will not undergo down adjustment [1]

Core Viewpoint - The announcement details the completion of the first grant of the 2023 Restricted Stock Incentive Plan by Hefei Xinhui Microelectronics Co., Ltd, including the stock listing and allocation details for the incentive shares [2][10]. Group 1: Incentive Plan Overview - The stock listing type is for equity incentive shares, with a total of 2,234,000 shares to be listed on July 30, 2025 [2]. - The first vesting date for the incentive shares is set for July 23, 2025 [2][10]. - The incentive plan was approved by the board on May 29, 2023, and the independent directors expressed their agreement [3][4]. Group 2: Decision-Making Process - The plan underwent a series of approvals, including verification by the supervisory board and public disclosure on the Shanghai Stock Exchange [3][4][5]. - The company conducted a self-examination regarding insider trading prior to the announcement of the incentive plan, finding no violations [5]. Group 3: Allocation Details - The allocation includes 64 recipients, with a total of 2,234,000 shares being vested [8][9]. - The allocation for senior management and core technical personnel includes specific numbers of shares for individuals, with percentages of shares vested [7][8]. Group 4: Impact on Share Capital - Following the vesting, the total share capital will increase from 837,984,074 shares to 840,218,074 shares [8][9]. - The shareholding ratio of the controlling shareholder and their concerted actors will be diluted from 31.0094% to 30.9933% due to the increase in total shares [9]. Group 5: Financial Impact - The completion of the stock vesting will dilute the earnings per share based on the first quarter report of 2025, which showed a net profit of approximately 40.59 million yuan [10].

Core Viewpoint - The company announced that the conversion price of "Hui Cheng Convertible Bonds" will remain unchanged at 7.61 yuan per share after the completion of the restricted stock vesting [1][2]. Group 1: Conversion Price Details - The conversion price before the completion of the restricted stock vesting is 7.61 yuan per share [1]. - The conversion price after the completion of the restricted stock vesting is also 7.61 yuan per share [1]. - The total number of shares vested from the 2023 restricted stock incentive plan is 2,234,000 shares, which is a small proportion of the company's total share capital [1][2]. Group 2: Adjustment Basis and Calculation - The adjustment of the conversion price is based on the issuance terms outlined in the "Offering Circular" [2]. - The formula for adjusting the conversion price in case of new share issuance or rights issue is provided, where P1 is the adjusted conversion price, P0 is the pre-adjustment price, A is the new share price, and k is the issuance rate [2]. - The calculation shows that the conversion price remains approximately 7.61 yuan per share after applying the adjustment formula, confirming no change in the conversion price [2]. Group 3: Additional Information - Investors seeking detailed information about "Hui Cheng Convertible Bonds" can refer to the "Offering Circular" disclosed on August 5, 2024 [3]. - Contact information for the company's board office is provided for further inquiries [3].

Core Points - Huitong Co., Ltd. (688403) closed at 9.73 yuan on July 4, 2025, down 6.53% from 10.41 yuan the previous week [1] - The company's market capitalization is currently 8.154 billion yuan, ranking 104th in the semiconductor sector and 1999th among all A-shares [1] - On July 3, 2025, a block trade of 58.5 million yuan occurred for Huitong Co., Ltd. [1] Trading Information Summary - The highest price for Huitong Co., Ltd. during the week was 10.68 yuan, while the lowest was 9.66 yuan [1] - As of June 30, 2025, the cumulative amount of convertible bonds converted was 51,000 yuan, with a total of 6,612 shares converted, representing 0.0008% of the total shares issued [1] - The unconverted amount of convertible bonds stands at 1.148649 billion yuan, accounting for 99.9956% of the total issuance [1] Company Announcements Summary - The convertible bond conversion period is from February 13, 2025, to August 6, 2030, with an initial conversion price of 7.70 yuan per share, adjusted to 7.61 yuan due to the 2024 annual equity distribution [1] - The company provided a guarantee of 50 million yuan for its wholly-owned subsidiary, Jiangsu Huitong, to facilitate bank financing and credit business [2] - As of the announcement date, the total assets of Jiangsu Huitong are 1.438274 billion yuan, with total liabilities of 779.3576 million yuan and net assets of 658.9164 million yuan [2]