Core Points - The company Qingyuan Co., Ltd. (603628) announced on November 14 that its controlling shareholder HONG DANIEL has reduced his holdings of Qingyuan convertible bonds by 685,400 units, accounting for 13.71% of the total issuance [1] - Previously, the company issued 5 million convertible bonds to unspecified investors, raising a total of 500 million yuan, with the bonds set to be traded on the Shanghai Stock Exchange starting April 25, 2025 [1] - HONG DANIEL was allocated 1.4873 million units of the convertible bonds, representing 29.75% of the total issuance [1]

Core Viewpoint - Qingyuan Co., Ltd. (603628.SH) announced a significant reduction in its convertible bonds held by its controlling shareholder, indicating a strategic shift in ownership structure [1] Group 1 - The controlling shareholder, Mr. Hong Daniel, notified the company about the reduction of holdings [1] - As of November 13, 2025, a total of 685,440 convertible bonds of Qingyuan have been sold through centralized bidding, which represents 13.71% of the total issuance [1]

清源股份公告，公司向不特定对象发行500万张可转债，每张面值100元，募集资金5亿元，期限2025年4 月8日至2031年4月7日，2025年4月25日在上交所挂牌交易，证券简称"清源转债"，代码113694。控股股 东HONG DANIEL配售148.73万张，占29.75%；截至2025年11月13日通过集中竞价减持68.54万张，占 13.71%，减持后持有80.19万张，占16.04%。 ...

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.29% on November 14, closing at 493.15 points, indicating a mixed performance in the convertible bond market [1] Summary by Category Market Performance - The index closed at 493.15 points, reflecting a decrease of 0.29% [1] - Notable declines were observed in several convertible bonds, including Dongshi Convertible Bond (-14.45%), Cewei Convertible Bond (-10.07%), Huamao Convertible Bond (-4.13%), Limin Convertible Bond (-4.12%), and Liyang Convertible Bond (-3.92%) [1] - Conversely, some convertible bonds showed significant gains, such as Dazhong Convertible Bond (+9.37%), Zhongneng Convertible Bond (+6.51%), Huicheng Convertible Bond (+5.15%), Shuyuyuan Convertible Bond (+4.90%), and Qingyuan Convertible Bond (+4.57%) [1]

Group 1 - The core viewpoint of the news is that Qingyuan Technology Co., Ltd. is a leading provider of smart photovoltaic and digital energy solutions, focusing on changing the energy structure and achieving carbon neutrality through technology [2] - Qingyuan Technology is the only listed company in A-shares that covers the design, production, and sales of both centralized and distributed brackets [2] - The company aims to increase the proportion of clean energy generation and develop digital energy management to reduce energy consumption [2] Group 2 - As of the first quarter of 2025, Qingyuan Technology reported a revenue of 360.9 million yuan, a year-on-year increase of 3.83% [2] - The net profit attributable to shareholders reached 31.99 million yuan, reflecting a significant year-on-year increase of 191.84% [2] - The company’s net profit after deducting non-recurring items was 31.63 million yuan, which is a year-on-year increase of 235.77% [2] Group 3 - The convertible bond issued by Qingyuan has a credit rating of "A+" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The bond's conversion price is set at 12.86 yuan, with a conversion start date of October 14, 2025 [1] - The bond's trading performance showed a decline of 2.05% to 135.662 yuan per bond, with a trading volume of 18.68 million yuan and a conversion premium rate of 29.58% [1]

Core Points - The company, Qingyuan Technology Co., Ltd., has announced the results of its 2025 follow-up rating for its convertible bonds, maintaining a credit rating of A+ for both the company and its bonds, with a stable outlook [2][3] - The previous rating results were also A+ for the company and its convertible bonds, indicating consistency in the company's creditworthiness [2][3] Group 1 - The company’s board guarantees the accuracy and completeness of the announcement, taking legal responsibility for its content [2] - The rating agency, China Chengxin International Credit Rating Co., Ltd. (CCXI), conducted a comprehensive analysis of the company's operational status and industry conditions [3] - The follow-up rating report is available on the Shanghai Stock Exchange website [3]

Group 1 - The Zhongzheng Convertible Bond Index opened up by 0.02% [1] - N Yong Silicon Convertible Bond surged by 30%, triggering a trading halt [1] - Bo Hui Convertible Bond increased by over 4%, while Hai Neng and Hui Tong Convertible Bonds rose by over 2% [1] Group 2 - Lian De Convertible Bond fell by over 6% [1] - Qing Yuan, Heng Feng, and Xin Gang Convertible Bonds declined by over 1% [1]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "Qingyuan Convertible Bonds," following the approval of its 2024 annual profit distribution plan, which includes a cash dividend of 0.066 yuan per share [2][5]. Summary by Sections Convertible Bond Issuance Overview - The company issued 5 million convertible bonds with a total value of 500 million yuan, approved by the China Securities Regulatory Commission [2][3]. Basis for Conversion Price Adjustment - The adjustment of the conversion price is based on the company's decision to distribute a cash dividend of 0.066 yuan per share, as approved in the 2024 annual shareholders' meeting [3][4]. Conversion Price Adjustment Formula and Result - The conversion price was adjusted from 12.93 yuan per share to 12.86 yuan per share, effective from June 27, 2025, due to the cash dividend distribution [5][6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From April 21st to 25th, 2025, the A - share market oscillated upward with prominent structural rotation characteristics. The ChiNext Index performed strongly with a weekly increase of 1.7%. Small - cap stocks showed more elasticity, and the CSI 2000 rose significantly by 2.7%. The main funds had a daily net outflow of 8.09 billion yuan, and the trading situation became more intense. The automobile, communication, and machinery equipment sectors led the gains, while consumer sectors such as food and beverage and social services corrected significantly. The trading volume increased moderately, and the trading heat of growth sectors such as electronics and computers declined slightly. It is recommended to focus on the pro - cyclical direction and the prosperous sub - industries supported by policies [6][10]. - The convertible bond market oscillated upward. The CSI Convertible Bond Index rose 0.9% this week, and the average daily trading volume slightly rebounded to 56.4 billion yuan. The median market price rebounded to 111.6 yuan, and the implied volatility slightly increased to 20.0%, indicating a mild recovery of risk appetite. Small - cap convertible bonds had better elasticity, and the valuations of low - parity and low - market - price convertible bonds were repaired. In terms of industries, convertible bonds in the communication, machinery equipment, and automobile sectors led the gains, while previous popular sectors such as agriculture, forestry, animal husbandry, and fishery adjusted and sorted [10]. - In the primary market, the supply continued to heat up. Three new convertible bonds, Dinglong Convertible Bond, Qingyuan Convertible Bond, and Anji Convertible Bond, were issued, with a total fundraising of 2.24 billion yuan. Twelve listed companies updated their issuance plans, and the total scale of projects at the exchange acceptance and subsequent stages reached 55.48 billion yuan. In terms of clause games, the number of convertible bonds expected to trigger a downward revision remained high, and 28 convertible bonds issued announcements of expected downward revision this week. Only 2 convertible bonds announced early redemptions, and the redemption pressure was generally controllable. Overall, the equity and convertible bond markets may continue to oscillate and rotate in the short term, with structural opportunities remaining the main line. It is recommended to focus on low - premium and high - prosperity directions [6][10]. Summary According to Relevant Catalogs Market Theme Weekly Review Equity Theme Weekly Review - This week, the A - share market's theme market showed a structural rotation within the growth track, still in a relatively trading - oriented game stage. The leading gainers were concentrated in sub - fields such as the communication chain, automotive electronics, and embodied intelligence. AI - generalized directions such as humanoid robots and intelligent driving continued to be strong. Some previous strong themes adjusted, and traditional "defensive" sectors also performed weakly. Overall, the current theme market is a re - balance within the growth track, and funds are concentrated in technology sub - directions with policy catalysts, technological innovation, and performance realization expectations [14]. Convertible Bond Weekly Review - This week, the convertible bond market continued to oscillate, with the index rising slightly and significant differentiation among individual bonds. The rise of bonds such as Fuxin Convertible Bond was mainly driven by the sharp rise of the underlying stocks. The underlying stocks of sectors such as military industry and agriculture, forestry, animal husbandry, and fishery were under pressure, and the related convertible bonds adjusted as a whole. The implied volatility rebounded, and the market risk preference slightly recovered but remained cautious. The downward - revision game was active, and 28 convertible bonds issued announcements of expected downward revision. The primary - market supply slightly accelerated, and the potential supply scale at the exchange acceptance and subsequent stages rose to 55.48 billion yuan. Overall, the convertible bond market still mainly featured structural rotation, and the short - term oscillation pattern may continue [17]. Market Weekly Tracking Equity Market Style Differentiation and Sector Rotation with Low - Level Supplementary Gains - The main A - share stock indices generally rose but showed some differentiation. The Shanghai Composite Index rose 0.6% this week, the Shenzhen Component Index rose 1.4%, and the ChiNext Index rose 1.7%. Small - cap stocks were more favored by funds, with the CSI 2000 rising 2.7% and the Science and Technology Innovation 50 Index falling 0.4%. The trading activity of the market slightly recovered, and the main funds had a daily net outflow of 8.09 billion yuan, with the pressure of capital outflow alleviated, but the characteristic of stock game was still obvious, indicating that market sentiment was slightly repaired in caution [20]. - In terms of industries, the automobile, communication, and machinery equipment sectors led the gains, with weekly increases of 4.8%, 2.9%, and 2.8% respectively. Consumer - attribute sectors such as social services, food and beverage, and agriculture, forestry, animal husbandry, and fishery adjusted significantly. The overall trading volume increased moderately, and funds were concentrated in sectors such as electronics, computers, and machinery equipment. The trading activity of some sectors showed a structural differentiation feature, with some at a low level and some remaining at a high level [10][23][24]. Convertible Bond Market Shows Structural Premium Stratification - The convertible bond index rose slightly this week. The CSI Convertible Bond Index rose 0.90%, and the small - cap convertible bonds led the gains. The average daily trading volume slightly rebounded to 56.4 billion yuan, and the market heat marginally recovered. The implied volatility rose to 20.0%, and the median market price rose to 111.6 yuan, indicating a mild recovery of risk appetite [10]. - Divided by the parity interval, the valuation of low - parity convertible bonds was significantly compressed, while the high - parity interval showed relative resilience. Divided by the market - price interval, the valuation center moved down as a whole, and the adjustment of low - price bonds was particularly severe. It is recommended to focus on high - parity varieties with a conversion parity above 110 yuan and a stable fundamental, as well as individual bonds with clear prosperity support and large valuation - repair potential in the 90 - 120 yuan interval [35][36]. - In terms of sectors, most convertible bond sectors rose, with the media, automobile, and computer sectors leading the gains, and only the agriculture, forestry, animal husbandry, and fishery sector falling. In terms of individual bonds, most showed an upward trend, and the growth sector performed well. The top - five gainers in the conversion period were mainly driven by strong underlying stocks, with high underlying - stock increases and low conversion premium rates [47][51]. Primary Market Tracking and Clause Games This Week's Primary - Market Pre - issuance Situation - Three new convertible bonds, Dinglong Convertible Bond, Qingyuan Convertible Bond, and Anji Convertible Bond, were issued this week, with a total issuance scale of 2.24 billion yuan. Twelve listed companies updated their convertible - bond issuance plans, including two approved for registration, one passed by the listing committee, and three accepted by the exchange. The total scale of projects at the exchange acceptance and subsequent stages reached 55.48 billion yuan [10][56][59]. This Week's Downward - Revision - Related Announcement Arrangement - This week, 28 convertible bonds issued announcements of expected downward revision, 37 convertible bonds issued non - downward - revision announcements, and 2 convertible bonds proposed downward revisions. The current convertible bond market has different situations at each issuance stage, including 1 bond waiting to be listed, 6 companies approved for registration, 7 companies passing the listing committee, and 17 companies at the exchange acceptance stage, with corresponding planned issuance scales [63][64]. This Week's Redemption - Related Announcement Arrangement - This week, no convertible bonds announced expected redemptions, 1 convertible bond announced non - early redemption, and 2 convertible bonds announced early redemptions [75].

Market Overview - The convertible bond market experienced a slight increase alongside the equity market, with the China Securities Convertible Bond Index rising by 0.90% to 422.21 points as of April 25, 2025 [10][24] - The overall A-share market saw the Wande All A Index increase by 1.15%, while the Shanghai Composite Index rose by 0.56% during the same period [10][12] Convertible Bond Valuation - The convertible bond premium rate slightly decreased to 52.17%, down 3.07% from the previous week, indicating a return to the 25th percentile of historical levels since 2024 [3][37] - High premium rates were observed in the textile, food and beverage, pharmaceutical, construction materials, and non-bank financial sectors, while lower rates were noted in banking, agriculture, communication, commercial trade, and comprehensive sectors [3][40] Convertible Bond Supply and Demand - The total outstanding convertible bonds reached 702.636 billion yuan, with a slight increase of 20.50 billion yuan from the previous week, and an average remaining maturity of 2.7 years [4][46] - Demand for convertible bonds remains strong, with convertible bond funds holding a market value of 174.968 billion yuan, reflecting a 3.6% increase from the previous annual report [4][52] Sector Performance - The automotive, construction materials, computer, home appliances, and electrical equipment sectors showed strong performance in the convertible bond market, while the media, communication, banking, food and beverage, and public utilities sectors lagged [2][35] - Notable individual bonds that performed well included Fuxin Convertible Bond (Chemicals), Zhongchong Convertible Bond (Agriculture), and Zhongqi Convertible Bond (Construction Materials) [2][35] Investment Strategy - The report suggests focusing on convertible bonds in sectors with strong policy support expectations, particularly in service consumption and growth-oriented styles, as the A-share market is expected to experience structural trends [5]