登录新浪财经APP 搜索【信披】查看更多考评等级 3. 兑付本息金额：人民币106元/张（含税） 证券代码：600498 证券简称：烽火通信 公告编号：2025-074 烽火通信科技股份有限公司关于 "烽火转债"到期兑付结果暨股份变动的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 经中国证券监督管理委员会《关于核准烽火通信科技股份有限公司公开发行可转换公司债券的批复》 （证监许可[2019]1490号）核准，烽火通信科技股份有限公司（以下简称"公司"或"本公司"）于2019年 12月2日公开发行了30,883,500张可转换公司债券（债券简称：烽火转债，债券代码：110062），每张面 值人民币100元，发行总额人民币308,835万元，存续期限为自发行之日起6年。经上海证券交易 所"[2019]296号"自律监管决定书同意，公司308,835万元可转换公司债券于2019年12月25日起在上海证 券交易所挂牌交易，债券简称"烽火转债"，债券代码"110062"。 公司于2025年11月4日、11月 ...

Group 1 - The article discusses various convertible bonds, including their current prices, redemption prices, last trading dates, and conversion values, highlighting the potential investment opportunities in these financial instruments [1][4][6]. - Specific convertible bonds such as Zhongjin Convertible Bond and Hengbang Convertible Bond are noted for their strong redemption prices and conversion values, indicating a favorable investment outlook [1][4]. - The article emphasizes the importance of monitoring the market conditions and the performance of convertible bonds as they approach their last trading dates, which could present strategic investment opportunities [1][6]. Group 2 - The article reflects on the current market sentiment, suggesting that the recent adjustments in the market are likely due to short-term policy impacts rather than fundamental changes [7][8]. - It mentions that the overall market valuation for A-shares and Hong Kong stocks is not overly expensive, indicating potential for future growth [7]. - The commentary suggests a cautious but optimistic approach, encouraging investors to wait for stabilization before gradually increasing their positions in the market [8][9].

Group 1 - The core announcement is regarding the maturity and redemption of the "Yunhu Convertible Bonds" (烽火转债), with a redemption amount of RMB 106 per bond [2][3][7] - The maturity date and redemption registration date for the bonds is set for December 1, 2025, with the payment date for the principal and interest on December 2, 2025 [4][6][7] - The last trading day for the convertible bonds is November 26, 2025, and trading will cease on November 27, 2025 [4][5][9] Group 2 - The total issuance of the Yunhu Convertible Bonds was 30,883,500 bonds, with a total amount of RMB 308,835 million, and a maturity period of 6 years [2][3] - The interest rates for the bonds increased progressively from 0.2% in the first year to 2.0% in the sixth year [2] - The bonds will be redeemed at 106% of the face value, which includes the final interest payment [3][7] Group 3 - The company has initiated a share repurchase program, with a total repurchase amount between RMB 75 million and RMB 150 million, and a maximum repurchase price of RMB 40.53 per share [12][14] - As of November 21, 2025, the company has repurchased 3,098,774 shares, representing approximately 0.24% of the total share capital, with a total transaction amount of approximately RMB 74.98 million [14] - The repurchased shares will be used for cancellation and reduction of the company's registered capital [12][14]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the short - term, the technology mainline in the fourth quarter may face pressure, and overseas pressure will be transmitted to the domestic market. In 2026, since the Fed is likely to maintain relative looseness and the diffusion direction of AI themes has not converged, the structural opportunities in 2026 will still revolve around the technology mainline [2][35]. - For convertible bonds, it is recommended to defend in the short - term. The low - price style ended eight consecutive weeks of positive gains last week. The medium - and low - price style may experience a phase of waiting for performance at the meso - level and the Fed's interest - rate cut rhythm may slow down at the macro - level in the fourth quarter, which will trigger a phased correction of US technology stocks and suppress the domestic technology mainline. Therefore, consider diversification and diffusion in industry styles [2][36]. Summary by Relevant Catalogs 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From November 17th to November 21st, the equity market declined overall, with all indices closing down. The average daily trading volume of the two markets decreased by about 1759.86 billion yuan to 18487.98 billion yuan compared with last week, a week - on - week decline of 8.69%. Among them, the Shanghai Composite Index fell 3.90% to 3834.89 points, the Shenzhen Component Index fell 5.13% to 12538.07 points, the ChiNext Index fell 6.15% to 2920.08 points, and the CSI 300 fell 3.77% to 4453.61 points. All 31 Shenwan primary industries closed down, with power equipment, basic chemicals, commercial retail, steel, and pharmaceutical biology leading the decline, with declines of 10.54%, 7.47%, 7.24%, 6.98%, and 6.88% respectively [7][9][11]. 1.2 Convertible Bond Market Declined Overall - From November 17th to November 21st, the CSI Convertible Bond Index fell 1.78% to 482.94 points. Among the 29 Shenwan primary industries, 1 industry closed up, and no industry had a gain of more than 2%. The social services industry led the gains with a 0.31% increase, while non - ferrous metals, coal, basic chemicals, commercial retail, and steel led the declines, with declines of 1.93%, 1.72%, 1.63%, 1.57%, and 1.35% respectively. The average daily trading volume of the convertible bond market was 656.75 billion yuan, a significant decrease of 56.65 billion yuan, a week - on - week change of - 7.94%. About 6.70% of individual convertible bonds rose, about 4.47% had a gain in the range of 0 - 1%, and 0.74% had a gain of more than 2% [7][14]. - In terms of conversion premium rate, the overall market conversion premium rate rebounded this week, with an average daily conversion premium rate of 39.86%, an increase of 2.05 pcts compared with last week. In terms of price intervals, except for the price interval above 120 yuan which widened by 2.27 pcts, the average daily conversion premium rates of convertible bonds in other price intervals narrowed, with the 100 - 110 yuan price interval narrowing the most, by 25.23 pcts. In terms of parity intervals, except for the parity intervals below 90 yuan and 110 - 120 yuan where the average daily conversion premium rates of convertible bonds narrowed, the average daily conversion premium rates of convertible bonds in other parity intervals widened, with the 90 - 100 yuan parity interval widening the most, by 2.70 pcts [19]. - In terms of conversion parity, the parity of 7 industries increased this week, with 2 industries having a widening amplitude of more than 2%. The social services, steel, environmental protection, petroleum and petrochemical, and beauty care industries led the gains, with increases of 32.81%, 5.17%, 1.28%, 0.42%, and 0.40% respectively; the electronics, power equipment, food and beverage, non - bank finance, and building materials industries led the declines, with decreases of 4.93%, 4.14%, 4.00%, 3.80%, and 3.71% respectively [29]. 1.3 Comparison of Stock and Bond Market Sentiments - From November 17th to November 21st, the week - on - week weighted average and median of the convertible bond and underlying stock markets were negative, and the convertible bond market had a smaller weekly decline than the underlying stock market. In terms of trading volume, the trading volume of the convertible bond market decreased by 7.94% week - on - week and was at the 57.20% quantile level since 2022; the trading volume of the underlying stock market decreased by 17.87% week - on - week and was at the 84.00% quantile level since 2022. The trading volume of both the underlying stock and convertible bond markets decreased significantly, and the underlying stock market had a larger decline in trading volume and a higher quantile level. In terms of the proportion of rising and falling stocks and bonds, about 11.33% of convertible bonds closed up, and about 5.80% of underlying stocks closed up; about 91.99% of convertible bonds had a larger increase or decrease than underlying stocks. In general, the trading sentiment in the convertible bond market was better this week [30]. 2. Future Outlook and Investment Strategy - In the short - term, it is still recommended to defend rather than attack in the convertible bond market. Consider diversification and diffusion in industry styles. Diversify by choosing some chemical targets such as Xingfa Convertible Bond, Hebang Convertible Bond, etc.; focus on the diffusion direction of the technology mainline, such as AI edge - side consumer electronics, and recommend targets like Weil Convertible Bond, Luxshare Convertible Bond, etc. Also, small - cap stocks may perform well during the diffusion period, and recommend targets such as Huachen Convertible Bond, Guoli Convertible Bond, etc [2][36]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Hengbang Convertible Bond, Chutian Convertible Bond, etc [2][37].

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]

Core Viewpoint - The article discusses recent developments in convertible bonds, including proposed share reductions, adjustments, and redemption details for various bonds [1][2][4]. Group 1: Share Reduction and Bond Adjustments - Zhengyuan Wisdom plans to reduce its repurchased shares by no more than 2.842 million shares [1]. - Dongshi Convertible Bond will undergo a downward adjustment [1]. - Yuguang Convertible Bond is subject to strong redemption [1]. - Several convertible bonds, including Polai, Ruike, Zhongte, and Leizhi, will not undergo adjustments [1]. Group 2: Convertible Bond Details - 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 stock [2][4]. - For instance, the current price of Chenfeng Convertible Bond is 155.357, with a conversion value of 156.23 and a remaining scale of 0.446 billion [2]. - The Yuguang Convertible Bond has a current price of 207.107, with a conversion value of 206.05 and a remaining scale of 6.826 billion [2].

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting that certain bonds will not undergo adjustments, which may impact investor strategies and market dynamics [1][3]. Group 1: Convertible Bonds Status - Xingrui Convertible Bond (127090) and Meinuo Convertible Bond (113618) will not be adjusted, with announcements made on November 13, 2025 [1]. - The current prices and redemption values of several convertible bonds are provided, indicating their market performance and potential for investors [3][5]. Group 2: Market Data Overview - The current price of Tongcheng Convertible Bond (113621) is 125.708, with a redemption price of 101.440 and a conversion value of 126.17 [3]. - The remaining scale of various convertible bonds is detailed, with notable figures such as Hengbang Convertible Bond (127086) having a remaining scale of 8.029 billion [3]. - The flow market ratio for several bonds is presented, indicating their relative size in the market, such as the flow market ratio for Fenghuo Convertible Bond (110062) being 8.33% [5].

Group 1 - A new IPO subscription rule has led to wealthy individuals waking up early to compete for shares, indicating a highly competitive environment [1] - Several brokerage firms attempted to subscribe before 9:15 AM but faced challenges, highlighting the intense competition in the market [1] Group 2 - New Hope plans to establish a new rural development company in collaboration with two national-level funds [3] - Recent announcements regarding convertible bonds include the non-strong redemption of Fenggong Convertible Bond [4] - The North Exchange has new IPO listings, and several companies are in the process of subscription [3] Group 3 - Key data on convertible bonds includes various bonds with their current prices, redemption prices, last trading dates, and conversion values [6][8] - Specific convertible bonds such as Chunqiu Convertible Bond and Sheng24 Convertible Bond have been detailed with their respective financial metrics [6][8]

Core Points - The company announced that the Fenghuo convertible bonds will stop trading on November 27, 2025, with the last trading day being November 26, 2025 [2] - Holders of the Fenghuo convertible bonds can convert them into common shares of the company until December 1, 2025, after trading stops [2] - The maturity date and payment registration date for the convertible bonds is December 1, 2025, with a principal and interest payment amounting to RMB 106 per bond [2] - The payment date for the funds is set for December 2, 2025, after which the Fenghuo convertible bonds will be delisted from the Shanghai Stock Exchange [2]

Group 1 - Shareholders of Hongbo New Materials plan to reduce their holdings by no more than 3% of the company's shares [1] - Shareholders of Ruihua Tai plan to reduce their holdings by no more than 1% of the company's shares [1] - Trina Solar has signed a memorandum of cooperation with Pacific Green for a 5GWh grid-level battery energy storage system [1] Group 2 - The subscription for Zhuomei Convertible Bonds will open on November 7 [1] - Dapeng Industrial is a new stock available for subscription on the Beijing Stock Exchange [1] Group 3 - The table provides details on various convertible bonds, including their redemption prices, current prices, last trading dates, and conversion values [2][4]