Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 1.3%, 0.5%, and 0.7% respectively during the last period, outperforming the benchmark return of 0.3% [1] - Year-to-date, these strategies have achieved returns of 17.4%, 28.2%, and 52.2%, with cumulative excess returns of 0.3%, 11.2%, and 35.2% compared to the benchmark return of 17.0% [1] - The equity market experienced fluctuations, with the Wind All A and CSI Convertible Bonds rising by 1.5% and 0.3% respectively, indicating a resurgence of low volatility strategies [1] Low Price Enhancement Strategy - The latest holdings include new entries such as Jinggong Convertible Bond (Construction Decoration), Shangyin Convertible Bond (Bank), and Yangfeng Convertible Bond (Basic Chemicals) among others [2] - The adjustment rationale is based on the strong performance of the low price index (1.4%) and the resurgence of low volatility strategies, with a focus on stable or improving performance and reasonable premium rates [3] Improved Dual Low Strategy - The latest holdings feature new entries like Shangyin Convertible Bond (Bank) and Zhonghuan Convertible Bond (Environmental Protection) [4] - Adjustments were made due to the upward movement of the dual low index (0.4%), with a focus on stocks with improved performance or stable operations while avoiding those with high redemption progress [5] High Price High Elasticity Strategy - The latest holdings include new entries such as Wankai Convertible Bond (Basic Chemicals) and Shuiyang Convertible Bond (Beauty Care) [6] - The strategy's adjustments were influenced by the decline in high price index returns (-1.5%) and the need to manage redemption risks while maintaining a balanced industry allocation [7]

Group 1 - The controlling shareholder of Guanzhong Ecological plans to change to Deep Blue Financial Whale, with resumption of trading on September 29 [1] - Zengsheng Technology's controlling shareholder intends to reduce its stake by no more than 3% [1] - Fengyuzhu's shareholder plans to reduce its stake by no more than 3% [1] - Zhonghuan Environmental Protection is planning a change of control and has suspended trading [1] - Nanjing Pharmaceutical's subsidiary, Guangyao Phase II Fund, is acquiring 11.04% of the company's shares [1] - Hailianxun has received approval from the CSRC for a stock swap merger with Hangqilun [1] Group 2 - Jinggong Convertible Bond and Kangyi Convertible Bond will not undergo adjustments [2] - Various convertible bonds are listed with their current prices, redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment due to stock prices falling below 80% of the current conversion price [2][9]. Group 1: Convertible Bond Details - The company issued 20 million convertible bonds with a total value of RMB 2 billion, maturing in 2028, with a tiered interest rate starting from 0.3% in the first year [3]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions, currently standing at RMB 4.79 per share [4]. Group 2: Trigger Conditions for Price Adjustment - From September 8 to September 26, 2025, the company's stock closed below 80% of the current conversion price for 15 trading days, triggering the adjustment clause [8]. Group 3: Board Decision on Price Adjustment - The board of directors, after considering various factors, decided not to proceed with the downward adjustment of the conversion price and will not propose any adjustments for the next month [9]. - The board will reassess the situation after October 27, 2025, should the adjustment conditions be triggered again [9].

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds despite triggering conditions for a downward adjustment due to stock price performance [4][10][11]. Group 1: Meeting and Resolutions - The company's board of directors held a temporary meeting on August 7, 2025, with all 9 directors present, and the meeting was deemed valid [1]. - The board unanimously approved the proposal not to adjust the conversion price of the "精工转债" convertible bonds [1][4]. Group 2: Convertible Bond Details - The company issued 20 million convertible bonds with a total value of RMB 2 billion, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year [6]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions and share buybacks, currently standing at RMB 4.79 per share [7]. Group 3: Trigger Conditions and Decision - From July 18 to August 7, 2025, the company's stock closed below 80% of the current conversion price for 15 trading days, triggering the adjustment clause [4][10]. - The board considered various factors, including the company's fundamentals and market conditions, and decided not to propose a downward adjustment for the conversion price, even if the trigger conditions are met again within the next month [11].

Summary of Key Points Core Viewpoint - The article discusses recent developments in convertible bonds, including shareholder reduction plans, strong redemptions, and new listings on the North Exchange. Group 1: Shareholder Actions - Lino Pharmaceutical's shareholders plan to reduce their holdings by no more than 3.61% of the company's shares [1]. Group 2: Convertible Bonds - Strong redemptions are noted for Haopeng Convertible Bond and Dongcai Convertible Bond, while Zhongqi Convertible Bond will not undergo strong redemption [1]. - Several convertible bonds, including Yirui, Jiayuan, and Jinggong, will not undergo adjustments [1]. - The last trading day for Hexing Convertible Bond is set for August 12, 2025 [1]. Group 3: New Listings - Hongyuan Co., Ltd. will have its new shares available for subscription on August 11, 2023, on the North Exchange [1]. - Youli Intelligent and two South Data Center REITs have been listed [1]. Group 4: Convertible Bond Data - A detailed table of convertible bonds includes information such as current price, redemption price, last trading day, conversion value, remaining scale, and the proportion of convertible bonds to the underlying stock [1][4][6]. - For example, the current price of Hexing Convertible Bond is 111.701, with a redemption price of 110.000 and a last trading day of August 12, 2025 [4].

（文章来源：证券日报） 证券日报网讯 8月7日晚间，精工钢构发布公告称，公司第九届董事会2025年度第十六次临时会议审议 通过了《关于不向下修正"精工转债"转股价格的议案》。 ...

证券日报网讯 8月7日晚间，精工钢构发布公告称，经公司第九届董事会2025年度第十六次临时会议审 议通过，公司董事会决定不向下修正"精工转债"的转股价格。 （文章来源：证券日报） ...

Core Points - The company has issued convertible bonds with a total amount of RMB 2 billion, with a maturity of 6 years and a tiered interest rate structure [3] - The initial conversion price of the bonds was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions [4] - There is a potential trigger for a downward adjustment of the conversion price due to the stock price being below 80% of the current conversion price for 10 trading days [2][7] Convertible Bonds Overview - The company issued 20 million convertible bonds at a face value of RMB 100 each, totaling RMB 2 billion, approved by the China Securities Regulatory Commission [3] - The bonds are listed on the Shanghai Stock Exchange under the name "精工转债" with the code "110086" [3] - The conversion period for these bonds is from October 28, 2022, to April 21, 2028 [3] Conversion Price Adjustment Mechanism - The conversion price can be adjusted downward if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [5] - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's price [5] - The company is required to hold a board meeting to decide on the adjustment and disclose the decision promptly [7] Current Situation - As of July 18 to July 31, 2025, the company's stock price has been below the threshold of RMB 3.83 for 10 trading days, indicating a potential for triggering the conversion price adjustment [2][6][7] - If the conditions are met in the next 20 trading days, the company will need to convene a board meeting to discuss the adjustment [7]

Group 1 - The stock price of Jinggong Steel Structure closed at 3.27 yuan on July 31, 2025, down 0.08 yuan, a decrease of 2.39% from the previous trading day [1] - The trading volume on that day was 301,600 hands, with a transaction amount of 99 million yuan, resulting in a turnover rate of 1.52% [1] - Jinggong Steel Structure's main business includes the design, manufacturing, and installation of steel structure buildings, covering areas such as prefabricated buildings and data centers [1] Group 2 - The company announced that from July 18 to July 31, the closing price of the stock had been below 80% of the current conversion price for 10 trading days, which may trigger the adjustment conditions for the "Jinggong Convertible Bonds" conversion price [1] - If the conditions are met, the company will convene a board meeting to consider whether to adjust the conversion price [1] - On July 31, the net outflow of main funds from Jinggong Steel Structure was 18.2061 million yuan, accounting for 0.28% of the circulating market value [1]

股票简称：精工钢构 股票代码：600496 编号：临2025-091 登录新浪财经APP 搜索【信披】查看更多考评等级 转债简称：精工转债 转债代码：110086 长江精工钢结构（集团）股份有限公司 关于"精工转债"预计触发转股价格修正条件的提示性公告 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： ● 自2025年7月18日起至2025年7月31日收盘，长江精工钢结构（集团）股份有限公司（以下简称"公 司"、"精工钢构"）股票已有10个交易日收盘价低于当期转股价格的80%（即3.83元/股），预计触发转 股价格向下修正条件。若触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股价格并及 时履行信息披露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于核准长江精工钢结构（集团）股份有限公司公开发行可转换公司债券 的批复》（证监许可〔2021〕4153号）核准，本公司于2022年4月22日公开发行了2,000万张可转换公司 债券，每张面值人民币100元，发 ...