Core Viewpoint - The announcement details the interest payment schedule and terms for the company's convertible bonds, "Aima Convertible Bonds," which will begin interest payments in 2026, following the issuance of 20 billion RMB worth of bonds in 2023 [2][4]. Group 1: Bond Issuance and Terms - The company issued 20 million convertible bonds on February 23, 2023, with a face value of 100 RMB each, totaling 20 billion RMB, and a maturity of 6 years [2][3]. - The coupon rates for the bonds are structured to increase over the years, starting at 0.30% in the first year and reaching 2.00% in the sixth year [2][3]. Group 2: Interest Payment Details - The interest payment will be made annually, with the first payment scheduled for February 24, 2026, covering the period from February 23, 2025, to February 22, 2026 [4][8]. - The interest amount for each bond will be 1.00 RMB (including tax) for the third year [8]. Group 3: Conversion Price Adjustments - The initial conversion price for the bonds was set at 61.29 RMB per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to 39.64 RMB per share as of September 22, 2023 [3]. Group 4: Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.80 RMB per bond after tax [11]. - Non-resident enterprises will be exempt from corporate income tax on bond interest income from January 1, 2026, to December 31, 2027 [11]. Group 5: Contact Information - The company is located in Tianjin, and the contact number is 022-59596888, while the lead underwriter is Huatai United Securities [12].

Group 1 - The core point of the article is that Aima Technology (603529.SH) announced the issuance of convertible bonds, which will start paying interest from February 23, 2025, to February 22, 2026 [1] Group 2 - The convertible bonds, referred to as "Aima Convertible Bonds," were issued on February 23, 2023 [1] - Interest payments for the bonds will commence on February 24, 2026 [1]

Group 1 - The core point of the article is that Aima Technology (603529.SH) announced the issuance of convertible bonds, which will start paying interest from February 23, 2025, to February 22, 2026 [1] Group 2 - The convertible bonds, referred to as "Aima Convertible Bonds," were issued on February 23, 2023 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company was 4.33 billion yuan (YoY + 12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, a leading enterprise in the chlor - alkali chemical industry with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY + 16.89%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - Risk preference recovery and the strengthening of the equity nature in the convertible bond market suggest that the liquidity style is expected to strengthen again. The convertible bond market has entered the "high-beta stage of a slow bull market", with the pricing logic shifting from "bond defense" to "equity elasticity". The liquidity factor is expected to strengthen once more [1]. - In the short - term, as the global market's expectation of recent liquidity tightness eases marginally, the correction space of the convertible bond market with sufficient incremental funds may be limited. Under the slow - bull expectation, the equity market's spring rally is in the making, and the convertible bond market still has structural opportunities [2][11]. - In the medium - term, the marginal improvement in liquidity and market structural characteristics highlight the allocation value of the liquidity style. The liquidity factor is expected to shift from "steady contribution" to "strong performance" [3][18]. - In the long - term, the convertible bond market shows obvious liquidity premium. The liquidity style has the best performance under a market - neutral condition [4][12]. 3. Summary According to the Table of Contents 3.1 Convertible Bond Weekly Thinking - From December 15th to December 19th, 2025, the small - and medium - cap stocks' trend was initially weak and then strong. The convertible bond market fluctuated upward following the underlying stocks. High - priced targets performed weakly, while low - priced convertible bonds performed strongly. The increase of convertible bonds was significantly lower than that of the underlying stocks due to the drag of high - priced convertible bonds. In terms of industries, the materials (+1.62%), optional consumption (+1.04%), and healthcare (+0.97%) sectors strengthened, while the finance (-0.43%) and information technology (-0.11%) sectors weakened [2][11]. - The Bank of Japan's interest rate hike was finalized this week, removing the suppressing factor for risk preference. The U.S. CPI data on Friday was lower than market expectations, providing more room for the subsequent monetary easing policy of the Federal Reserve [2][11]. 3.2 Convertible Bond Market Tracking 3.2.1 Convertible Bond Market Conditions - The report presents the performance of various convertible bond indices in different time periods (recent week, recent two weeks, since September, recent month, recent two months, recent half - year, and recent one - year), such as the Wind Convertible Bond Energy Index, Wind Convertible Bond Materials Index, etc [21]. 3.2.2 Convertible Bond Individual Securities - The report shows the top ten and bottom ten convertible bond individual securities in terms of price increase and decrease in the recent week, but specific names and data are not fully presented [22][24]. 3.2.3 Convertible Bond Valuation - The report provides the moving average trends of the conversion premium ratios of bond - like, balanced, and equity - like convertible bonds over the weeks [28][30][34]. 3.2.4 Convertible Bond Prices - The report shows the trends of the proportion of high - priced bonds and the median price of convertible bonds [31][32].

Core Points - The company decided not to adjust the conversion price of "Aima Convertible Bonds" despite triggering conditions being met due to stock price performance [2][8] - The board's decision was based on multiple factors including the company's operational status, stock price trends, and market environment [8] Group 1: Convertible Bond Issuance Overview - The company issued 20 million convertible bonds with a total value of 2 billion RMB, each with a face value of 100 RMB, on February 23, 2023 [3] - The bonds have a six-year term and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year, with a redemption price of 110 RMB [3] - The initial conversion price was set at 61.29 RMB per share, which has been adjusted multiple times, currently standing at 37.45 RMB per share [3] Group 2: Conversion Price Adjustment Terms - The conversion price can be adjusted downwards if the stock price closes below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][7] - Any proposed adjustment must be approved by at least two-thirds of the voting rights at a shareholders' meeting [5] Group 3: Decision on Price Adjustment - The board meeting on December 4, 2025, resulted in a unanimous decision (9 votes in favor) not to adjust the conversion price, considering the company's long-term potential and shareholder interests [8] - The company will not propose any downward adjustment for the next six months, even if the triggering conditions are met again [8]

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting those that are subject to strong redemption and those that are not, along with their respective trading and conversion details [1][3][5]. Group 1: Strong Redemption Bonds - The following convertible bonds are subject to strong redemption: - Limin Convertible Bond (利民转债) with a strong redemption price of 100.222 and a last trading date of December 5, 2025 [1]. - Xinhua Convertible Bond (新化转债) with the same strong redemption conditions [1]. Group 2: Non-Strong Redemption Bonds - The following convertible bonds are not subject to strong redemption: - Yake Convertible Bond (亚科转债) [1]. - Aima Convertible Bond (爱玛转债) which will not undergo adjustment [1]. - Shenglan Convertible Bond (胜蓝转02) also will not undergo adjustment [1]. Group 3: Upcoming Subscription Opportunities - New stock subscriptions are available for: - Muxi Co., Ltd. (沐曦股份) and Angrui Microelectronics (昂瑞微) [1]. Group 4: Convertible Bond Pricing and Trading Details - Key pricing and trading details for selected convertible bonds include: - Hongfa Convertible Bond (宏发转债) priced at 122.939 with a conversion value of 122.93 and a remaining scale of 3.066 billion [3]. - Guocheng Convertible Bond (国城转债) priced at 176.268 with a conversion value of 176.23 and a remaining scale of 1.720 billion [3]. - Mingdian Convertible Bond (明电转02) priced at 137.779 with a conversion value of 137.50 and a remaining scale of 0.608 billion [3]. - Various other convertible bonds are listed with their respective prices, redemption values, last trading dates, and conversion values [3][5].

Core Viewpoint - Aima Technology announced that its stock price has fallen below 85% of the conversion price for at least 15 out of the last 30 trading days, triggering the downward adjustment clause for its convertible bonds. However, the company decided not to adjust the conversion price and will not propose any downward adjustment in the next six months even if the condition is met again [2]. Group 1 - Aima Technology's stock price has been below 85% of the conversion price for 15 out of the last 30 trading days [2] - The company’s board of directors has approved not to adjust the conversion price of the convertible bonds [2] - The decision includes a commitment not to propose a downward adjustment for the next six months [2]

Group 1 - The core point of the announcement is that the company is notifying about the potential adjustment of the conversion price for its convertible bonds, "Aima Convertible Bonds" [1][2][3] - The company issued 20 million convertible bonds with a total value of 2 billion RMB, with a maturity of six years and a tiered interest rate structure [2] - The initial conversion price was set at 61.29 RMB per share, which has been adjusted multiple times, currently standing at 37.45 RMB per share [2][3] Group 2 - The conditions for adjusting the conversion price include a scenario where the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3][4] - If the adjustment conditions are met, the company will announce the adjustment details through official channels, and the new conversion price will take effect from the next trading day after the announcement [4] - The company anticipates that the adjustment clause may be triggered if the stock price continues to remain below the specified threshold in the upcoming trading days [4]