南财智讯2月24日电，盘后数据显示，债市方面，中证转债指数收涨0.82%，报530.76，成交额为615.23亿元。可转债方面，今日共成交370只可转债，其中 287只收涨，0只收平，83只收跌。具体来看，59只可转债涨幅超过2%。其中山玻转债(111001)涨18.11%，双良转债(110095)涨17.86%，聚隆转债(123209)涨 14.04%。今日有13只可转债跌幅超2%，信服转债(123210)跌13.86%，永02转债(113654)跌6.36%，鼎捷转债(123263)跌6.36%。存在交易量的可转债所对应的 正股中，270只收涨，5只收平，95只收跌。具体来看，24只可转债对应正股涨幅超过5%，其中，和邦生物(603077)涨停，收涨10.08%。同时所对应的可转 债：和邦转债(113691)同涨6.33%。今日有3只可转债对应正股跌幅超过5%，没有正股跌停。 | 可转债简称 | 可转债涨幅前五 | 正股简称 | | --- | --- | --- | | 山玻转债 | 18.11% | 山东玻纤 | | 双良转债 | 17.86% | 双良节能 | | 聚隆转债 | 14.04% | 南 ...

（文章来源：每日经济新闻） 每经AI快讯，2月24日，中证转债指数午盘上涨1.05%，报531.98点。其中，双良转债、聚隆转债、山玻 转债、嘉泽转债、洁美转债涨幅居前，分别涨16.79%、14.26%、13.43%、10.53%、10.43%。信服转 债、永02转债、奥飞转债、浩瀚转债、恒帅转债跌幅居前，分别跌13.07%、7.34%、6.43%、4.69%、 3.80%。 ...

Group 1 - The company has issued 3.5429 million convertible bonds with a total amount of 354.29 million yuan, net proceeds amounting to 345.6416 million yuan after deducting related fees [3] - The convertible bonds are listed on the Shanghai Stock Exchange under the name "Hao Han Convertible Bonds" with the code "118052" starting from April 7, 2025 [4] - The initial conversion price for the convertible bonds was set at 24.38 yuan per share, which was adjusted to 24.26 yuan per share due to the company's annual equity distribution plan [6][7] Group 2 - The conversion period for the bonds is from September 19, 2025, to March 12, 2031 [5] - The company has the right to redeem the bonds at 115% of the face value within five trading days after the maturity if they remain unconverted [9] - Conditional redemption can occur if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the unconverted balance is less than 30 million yuan [9][10] Group 3 - As of January 14, 2026, the company's stock price has been above 31.54 yuan per share (130% of the conversion price) for 10 trading days, indicating a potential trigger for the conditional redemption clause [10] - The company will convene a board meeting to decide on exercising the redemption right if the conditions are met and will fulfill disclosure obligations accordingly [11]

Group 1 - The company issued a total of 3.5429 million convertible bonds, with a total value of 354.29 million RMB, and the bonds will be traded on the Shanghai Stock Exchange starting from April 7, 2025 [1][2] - The bonds have a maturity period of six years, from March 13, 2025, to March 12, 2031 [1] - The controlling shareholder, Mr. Zhang Yue, initially subscribed to 890,860 bonds, representing approximately 25.14% of the total issuance [2] Group 2 - As of January 26, 2026, Mr. Zhang Yue has reduced his holdings by 487,590 bonds, which accounts for 13.76% of the total issuance [2] - The announcement confirms that the company’s board guarantees the accuracy and completeness of the information provided [1]

Core Viewpoint - The China Convertible Bond Index rose by 1.55% to 523.04 points on January 14, indicating a positive trend in the convertible bond market [1]. Group 1: Market Performance - The Haohan Convertible Bond increased by 15.85%, showing significant growth [1]. - The Xinzhi Convertible Bond rose by 14.60%, reflecting strong investor interest [1]. - The Jiamei Convertible Bond experienced a rise of 14.07%, contributing to the overall positive performance [1]. - Conversely, the Tianchuang Convertible Bond fell by 1.95%, indicating some downward pressure [1]. - The Honglu Convertible Bond decreased by 1.87%, suggesting a decline in market confidence [1]. - The Dazhong Convertible Bond dropped by 0.74%, highlighting mixed performance within the sector [1].

Core Viewpoint - The announcement details the conversion results of the "Haohan Convertible Bonds" and the changes in the company's share capital as of December 31, 2025, highlighting the low conversion rate and the significant amount of unconverted bonds [2][5]. Group 1: Convertible Bond Issuance Overview - The company issued 3.5429 million convertible bonds with a total value of RMB 354.29 million, each with a face value of RMB 100, and a term of six years from March 13, 2025, to March 12, 2031 [3]. - The bonds began trading on the Shanghai Stock Exchange on April 7, 2025, under the name "Haohan Convertible Bonds" and code "118052" [3]. - The initial conversion price was set at RMB 24.38 per share, which was later adjusted to RMB 24.26 per share starting June 26, 2025, due to the company's annual equity distribution plan [4]. Group 2: Conversion Status - As of December 31, 2025, a total of RMB 51,000 had been converted into 2,101 shares, representing 0.001327% of the company's total shares before conversion [2][5]. - During the quarter from October 1, 2025, to December 31, 2025, RMB 48,000 was converted into 1,978 shares, accounting for 0.001249% of the total shares before conversion [2][5]. - The amount of unconverted convertible bonds as of December 31, 2025, was RMB 354,239,000, which constitutes 99.9856% of the total issuance [2][5]. Group 3: Share Capital Changes - The announcement indicates that the conversion of bonds has resulted in minimal changes to the company's share capital due to the low conversion rates observed [5].

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].

Core Viewpoint - The company has approved the 2025 Restricted Stock Incentive Plan and its summary, ensuring compliance with relevant regulations and confirming the eligibility of the incentive recipients [1][3]. Disclosure and Verification - The company publicly disclosed the 2025 Restricted Stock Incentive Plan and the list of incentive recipients on October 23, 2025, with a public comment period lasting until November 1, 2025 [1]. - During the public comment period, no objections were raised by employees regarding the proposed incentive recipients [1]. Supervisory Board Review - The Supervisory Board verified the list of proposed incentive recipients, confirming their qualifications according to the Company Law and relevant regulations [3]. - The proposed incentive recipients do not fall under any disqualifying conditions as outlined in the management regulations, such as being deemed inappropriate by regulatory authorities within the last 12 months [4]. - The incentive recipients meet the conditions set forth in the management regulations and the draft incentive plan, excluding independent directors, supervisors, foreign personnel, and significant shareholders [5].

Core Viewpoint - The announcement details the commencement of the conversion period for the "Haohan Convertible Bonds," allowing bondholders to convert their bonds into shares of Beijing Haohan Depth Information Technology Co., Ltd. at a conversion price of 24.26 CNY per share from September 19, 2025, to March 12, 2031 [2][3][6]. Summary by Sections Convertible Bond Issuance Overview - The company issued 3.5429 million convertible bonds with a total value of 354.29 million CNY, each with a face value of 100 CNY, and a maturity period of six years from March 13, 2025, to March 12, 2031 [2][3]. Conversion Terms - The conversion price is set at 24.26 CNY per share, with the conversion period starting from September 19, 2025, to March 12, 2031 [2][6]. - The bond has a tiered interest rate structure: 0.2% for the first year, 0.4% for the second year, 0.8% for the third year, 1.5% for the fourth year, 2.0% for the fifth year, and 2.5% for the sixth year [4]. Conversion Application Process - Bondholders can apply to convert their bonds into shares through the Shanghai Stock Exchange trading system, with a minimum conversion unit of one share [8][10]. - The conversion application cannot be withdrawn once confirmed, and the bond trading takes precedence over conversion applications [9]. Tax and Interest Considerations - Any taxes incurred during the conversion process are the responsibility of the bondholder [13]. - Bonds converted before the interest payment date will not receive interest for that period [14]. Conversion Price Adjustments - The initial conversion price was set at 24.38 CNY per share, adjusted to 24.26 CNY following a cash dividend distribution [15][16]. - The conversion price may be adjusted based on various corporate actions, including stock dividends and cash distributions [15][17]. Redemption and Sale Conditions - The company may redeem unconverted bonds at 115% of the face value within five trading days after maturity [20]. - Bondholders have the right to sell their bonds back to the company if the stock price falls below 70% of the conversion price during the last two interest years [23]. Additional Sale Rights - If there are significant changes in the use of funds raised from the bond issuance, bondholders may have the right to sell their bonds back to the company [25]. Contact Information - For further details, investors are directed to the company's official disclosure on the Shanghai Stock Exchange website [25].

Group 1: Haohan Depth - Haohan Convertible Bond (118052) is set to be listed on April 7, 2025 [1] - The company's subsidiary, Nanjing Youzhu Information Technology Co., Ltd., has established a "Low-altitude Airspace Safety Technology Innovation Joint Laboratory" in collaboration with China Telecom Design Institute, Nanjing University, and Jinling Institute of Technology [1] - The company's DPI technology and related cybersecurity solutions are designed to identify risks, recognize threats, block attacks, and protect data and privacy, effectively ensuring overall security in the Internet of Vehicles, including vehicle-side, roadside, cloud-side, and platform security [1] Group 2: Xingye Silver Tin - The recent research involved the progress of Yinman Phase II, the expansion of Yubang Mining, the injection arrangement of Budun Silver Mine, and the company's development strategy [1] - Yinman Phase II has received project approval and is in communication with the government for construction permits; Yubang Mining's 8.25 million ton expansion project is applying for construction permits [1] - The company focuses on silver and tin as core businesses while steadily integrating copper and gold resources; the Yubang Mining expansion project is expected to produce 450 tons of silver annually upon reaching full capacity [1] - The company has established a comprehensive safety management system, emphasizing safety funding investment and promoting mechanization, automation, informationization, and intelligence construction [1] - The mining areas of Yinman and Yubang show promising mineralization, with good exploration prospects for the Morocco project [1]