上个周期低价指数表现较强（1.4%），低波策略重新占优。调入调出方面，基于三季报窗口进行调整，调出业绩转弱或价格已涨至高位的个券，调入业 绩稳健或明显改善、溢价率合理的低价品种。行业布局方面，以农业、消费、金融等防御型板块为底仓（八成），力求分散，辅以小仓位科技转债以保持 弹性。当前沪指突破4000点创近年新高，短期内需关注市场震荡及后续风格切换可能。 改良双低策略最新持仓： 上银转债（银行，新入）、中环转 2（环保，新入）、嘉诚转债（交通运输，新入）、希望转 2（农林牧渔，新入）、丰山转债（基础化工，新入）、楚 天转债（医药生物，新入）、冠宇转债（电力设备，新入）、爱迪转债（汽车，新入）、首华转债、国泰转债。 改良双低策略调仓理由： 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上一周期（10.14-10.27）低价增强策略、改良双低策略、高价高弹性策略分别录得1.3%、0.5%、0.7%（同期基准0.3%）。今年以来，三类策略绩效分别 为17.4%、28.2%、52.2%（同期基准17.0%），累计超额收益率0.3%、11.2%、35.2%。上个周期权益市场震荡冲高，万得全A与 ...

Core Viewpoint - Aikodi announced an adjustment to the conversion price of its convertible bonds, which remains unchanged at 17.55 yuan per share following the repurchase and cancellation of restricted stock under its 2024 incentive plan [2]. Group 1 - The original conversion price for Aikodi's convertible bonds was set at 17.55 yuan per share, and this price remains unchanged after the adjustment [2]. - The number of restricted stocks repurchased and canceled under the 2024 incentive plan is small relative to the total share capital of the company [2]. - The adjustment calculation for the conversion price was rounded, resulting in no change to the conversion price of "Aidi Convertible Bonds" [2].

Core Points - The company, Aikedi Co., Ltd., has announced the tracking credit rating results for its convertible bonds, "Aidi Convertible Bonds," for the year 2025 [1][2] - The previous bond rating was "AA," and the issuer rating was also "AA," with a stable outlook [1] - The current bond rating remains "AA," and the issuer rating is still "AA," with a stable outlook, indicating no change from the previous assessment [2] Summary by Sections - **Previous Ratings**: The previous bond rating and issuer rating were both "AA," with a stable outlook [1] - **Current Ratings**: The current ratings for both the bond and the issuer remain unchanged at "AA," with a stable outlook [2] - **Rating Agency**: The ratings were conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status [2]

Core Viewpoint - The company is undergoing changes in its registered capital due to the conversion of convertible bonds and the implementation of the sixth phase of the restricted stock incentive plan, necessitating amendments to its articles of association [2][3]. Group 1: Changes in Registered Capital - The company issued 15.7 million convertible bonds at a face value of 100 yuan each, totaling 15.7 billion yuan, with a term of 6 years [2]. - The convertible bonds, named "爱迪转债" (Aidi Convertible Bonds), began trading on October 28, 2022, and can be converted into shares from March 29, 2023, to September 22, 2028, with an initial conversion price of 18.93 yuan per share [2]. - The conversion price has been adjusted multiple times due to profit distribution and stock incentive plans, with the latest adjustment bringing it to 18.03 yuan per share as of December 25, 2024 [2]. - As of May 22, 2025, a total of 4312 shares have been converted from the "爱迪转债" [2]. Group 2: Restricted Stock Incentive Plan - The company approved the sixth phase of the restricted stock incentive plan, granting 264,000 shares at a price of 7.15 yuan per share to 12 incentive recipients [3]. - The total number of shares increased from 984,852,804 to 985,121,116, resulting in a registered capital increase from 984,852,804 yuan to 985,121,116 yuan [3]. Group 3: Amendments to Articles of Association - The company plans to amend relevant clauses in its articles of association to reflect the changes in registered capital due to the convertible bond conversion and the restricted stock incentive plan [3][4]. - The amendments will not affect other clauses in the articles of association, and the changes do not require shareholder approval as per previous authorizations [7].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the 2024 profit distribution plan, which includes a cash dividend of 0.30 yuan per share [4]. Group 1: Conversion Price Adjustment - The conversion price before adjustment was 18.03 yuan per share, and after adjustment, it will be 17.73 yuan per share [4]. - The adjustment will take effect on June 25, 2025, following the dividend distribution [4][5]. - The total cash dividend to be distributed amounts to 295,536,351.30 yuan, based on a total share capital of 985,121,171 shares [4]. Group 2: Dividend Distribution Details - The record date for the dividend distribution is June 24, 2025, and the ex-dividend date is June 25, 2025 [4]. - The company will suspend the conversion of the convertible bonds from June 17, 2025, until the record date [5].

Core Points - The company announced a cash dividend of 0.30 CNY per share (including tax) for its A shares [1][2] - The total cash dividend to be distributed amounts to 295,536,351.30 CNY based on a total share capital of 985,121,171 shares [2] - The dividend distribution plan was approved at the annual general meeting held on April 29, 2025 [1] Related Dates - The key dates for the dividend distribution are as follows: - Record date: June 24, 2025 - Last trading day: June 25, 2025 - Ex-dividend date: June 25, 2025 [2] Distribution Method - Cash dividends for shareholders will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date [2] Taxation Information - For individual shareholders holding unrestricted shares, the cash dividend is not subject to withholding tax at the time of distribution, but will be taxed based on the holding period upon transfer [4] - The tax rates for individual shareholders vary based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [4] - For qualified foreign institutional investors (QFII), a 10% withholding tax applies to the cash dividend [6]

Group 1 - The company will suspend the conversion of its convertible bonds "Aidi Convertible Bonds" from June 17, 2025, until the equity distribution registration date due to the implementation of the 2024 equity distribution plan [1][2] - The equity distribution plan includes a cash dividend of 3.00 yuan (including tax) for every 10 shares held, amounting to a total distribution of 295,456,520.10 yuan (including tax), which represents 31.45% of the net profit attributable to shareholders for 2024 [1][2] - The remaining undistributed profit of 2,470,946,593.96 yuan will be retained for future distribution, and there will be no increase in share capital from surplus reserves and capital reserves for the 2024 fiscal year [1][2] Group 2 - The company will announce the implementation of the equity distribution and the adjustment of the conversion price for "Aidi Convertible Bonds" on June 18, 2025 [2] - Holders of "Aidi Convertible Bonds" must convert their bonds before June 16, 2025, to enjoy the benefits of the equity distribution, as the conversion will resume after the equity registration date [2]

Core Points - The company has completed the registration of the sixth phase of its restricted stock incentive plan, involving 264,000 shares on June 4, 2025 [1][4] - The total number of shares granted to core personnel is 264,000, which accounts for 3.31% of the total stock incentive plan and 0.03% of the total share capital at the time of granting [2][5] - The incentive plan has a maximum validity period of 48 months, with a lock-up period of 12 months for the granted restricted stocks [2][3] Incentive Plan Details - The incentive plan's effective period is from the completion of the restricted stock registration until the stocks are fully unlocked or repurchased, not exceeding 48 months [2] - The first unlock period allows for 50% of the reserved stocks to be unlocked after 24 months, while the second unlock period allows for the remaining 50% after 36 months [3][4] - The company has received a total of RMB 1,887,600 from 12 incentive recipients, with an increase in registered capital of RMB 264,000 [4][6] Shareholding Structure - The total number of shares before the grant was 984,855,067, which increased to 985,121,116 after the grant [6][7] - The controlling shareholder's shareholding ratio slightly decreased from 29.74% to 29.73% post-grant, indicating no change in control [5][6] Financial Impact - The incentive plan is expected to impact the company's financial results for the years 2025 to 2027, with the total amortized cost of the restricted stocks to be determined based on the fair value at the grant date [7][8] - The final accounting cost will depend on various factors, including the actual number of stocks that become effective or ineffective [8]

Core Viewpoint - The conversion price of "Aidi Convertible Bonds" remains unchanged at 18.03 yuan/share following the completion of the registration for the sixth phase of the restricted stock incentive plan, as the number of restricted stocks granted is small relative to the total share capital [1][3]. Group 1: Conversion Price Adjustment - The pre-adjustment conversion price is 18.03 yuan/share [1]. - The post-adjustment conversion price is also 18.03 yuan/share, indicating no change [1]. - The number of restricted stocks granted under the incentive plan is 264,000 shares, which is a small proportion of the total share capital [3]. Group 2: Incentive Plan Details - The sixth phase of the restricted stock incentive plan involves granting 264,000 shares to 12 eligible participants at a price of 7.15 yuan/share, with the grant date set for May 15, 2025 [1][2]. - The registration for the granted restricted stocks was completed on June 4, 2025 [1]. - The relevant details of the incentive plan will be disclosed on the Shanghai Stock Exchange website [1]. Group 3: Adjustment Formula - The adjustment formula for the conversion price is specified in the company's prospectus, detailing how changes in share capital affect the conversion price [2]. - The formula accounts for various scenarios, including stock dividends, capital increases, and cash dividends [2]. - The specific calculation for this adjustment was based on the new share issuance price and the percentage of new shares issued [3].

Core Viewpoint - The company plans to distribute cash dividends to shareholders based on its profit distribution proposal, which is subject to approval at the upcoming annual general meeting [5]. Profit Distribution Plan - The company proposes a cash dividend of 0.30 yuan per share (including tax) for A shares, with a total distribution amounting to 295,456,520.10 yuan, which represents 31.45% of the net profit attributable to shareholders for 2024 [3][4]. - The total distributable profit for 2024 is reported as 2,766,403,114.06 yuan after deducting the profit distribution for the previous year [2]. - The cash dividend distribution is based on the total share capital registered on the equity distribution record date, which is 984,855,067 shares as of December 31, 2024 [3]. Historical Comparison - The cash dividend amount for the current year is higher than the previous year's distribution of 283,435,633.37 yuan and the year before that, which was 203,150,746.68 yuan [3][4]. - The cumulative cash dividend over the last three accounting years is reported at 782,042,900.15 yuan, which exceeds 30% of the average net profit for the same period [4]. Decision-Making Process - The board of directors approved the profit distribution proposal with unanimous support during the meeting held on March 27, 2025, and it will be submitted for shareholder approval [4]. - The supervisory board has indicated that the profit distribution plan aligns with the company's articles of association and considers the current profitability, cash flow, and development needs [4].