Core Viewpoint - The China Convertible Bond Index rose by 0.01% to 493.52 points on December 26, indicating a slight upward trend in the convertible bond market [1] Group 1: Top Gainers - The top gainers in the convertible bond market included: - Jiamei Convertible Bond, which increased by 12.68% - Mengsheng Convertible Bond, which rose by 12.45% - Dazhong Convertible Bond, which saw an increase of 8.69% - Jinzong Convertible Bond, which went up by 6.16% - Beigang Convertible Bond, which gained 4.68% [1] Group 2: Top Losers - The top losers in the convertible bond market included: - Huicheng Convertible Bond, which decreased by 3.46% - Jiazhe Convertible Bond, which fell by 3.17% - Guanzhong Convertible Bond, which dropped by 3.10% - Jingzhuang Convertible Bond, which declined by 3.02% - Huayi Convertible Bond, which saw a decrease of 2.91% [1]

Market Overview - The bond market experienced a "strong then weak" trend on December 12, with yields initially declining after the release of important meeting content, but later weakening as the day progressed [1] - The sentiment in the bond market showed a brief recovery in the morning, but momentum weakened by noon, leading to a decline in bond prices in the afternoon [1] - The central bank conducted a net withdrawal of 19.3 billion yuan in the open market, with most funding rates rising [1] Interest Rates and Yields - The main contracts for government bond futures closed down across the board, with the 30-year contract falling by 0.71% to 112.47, and the 10-year contract down by 0.13% to 107.985 [2] - The yields on major interbank bonds rose by approximately 2 basis points, with the 7-year active bond yield at 1.72% and the 10-year active bond yield at 1.835% [2] - The central government's 2-year and 10-year bond weighted average bidding yields were 1.36% and 1.8090%, respectively, with bid-to-cover ratios of 2.69 and 3.58 [5] Global Bond Market - In North America, U.S. Treasury yields varied, with the 10-year yield rising by 0.78 basis points to 4.155% [3] - In Asia, Japanese bond yields mostly continued to rise, with the 10-year yield increasing by 2.2 basis points to 1.952% [4] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, with the French yield at 3.551% [4] Monetary Policy and Economic Outlook - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy and a moderately loose monetary policy, with a focus on addressing local fiscal difficulties [7][8] - The meeting outlined eight key tasks, including promoting investment stabilization and expanding the scale of central budget investments [7] - Institutions predict that the timing for potential rate cuts may occur sooner than market expectations, possibly by the end of this year or the first quarter of next year [1][9]

Core Viewpoint - The China Convertible Bond Index rose by 0.43% on December 12, reaching 483.36 points, indicating a positive trend in the convertible bond market [1] Summary by Category Market Performance - The China Convertible Bond Index increased by 0.43% to 483.36 points [1] - Notable gainers included: - Ruike Convertible Bond: +30.00% - Jingzhuang Convertible Bond: +11.31% - Jingda Convertible Bond: +7.24% - Huicheng Convertible Bond: +6.28% - Zhenhua Convertible Bond: +5.10% [1] - Significant decliners included: - Longda Convertible Bond: -3.25% - Huarui Convertible Bond: -3.24% - Furong Convertible Bond: -3.01% - Chaosheng Convertible Bond: -2.51% - Yong02 Convertible Bond: -2.28% [1]

Group 1 - The China Convertible Bond Index rose by 1.51% to 475.93 points on September 5 [1] - Notable gainers included Xizi Convertible Bond, Qianglian Convertible Bond, Enjie Convertible Bond, Yaoki Convertible Bond, and Jingzhuang Convertible Bond, with increases of 12.53%, 9.30%, 7.84%, 6.44%, and 6.40% respectively [1] - Significant decliners included Zhonglu Convertible Bond, Dayuan Convertible Bond, Tianlu Convertible Bond, Sheyan Convertible Bond, and Dongjie Convertible Bond, with decreases of 10.22%, 3.14%, 1.63%, 1.20%, and 0.90% respectively [1]

Group 1 - The core point of the announcement is that the shareholder "顺其自然" has completed its share reduction plan, which was initially set to reduce up to 101.7100 million shares from May 13, 2025, to August 11, 2025 [1][2] - "顺其自然" held 101.7100 million shares before the reduction, which accounted for 0.5147% of the total share capital, and after the reduction, it holds 9.5600 million shares, representing 0.0475% of the total share capital [2] - The reduction did not violate any commitments made in the company's prospectus and will not lead to a change in control or significantly impact the company's equity structure, governance, or ongoing operations [2][3] Group 2 - The reduction was executed through centralized bidding transactions, and the specific price range and average price of the shares sold were not disclosed in the announcement [1] - The total share capital used for calculating the percentage of shares held before and after the reduction was 197,616,578 shares as of May 13, 2025, and 201,326,875 shares as of August 11, 2025 [2] - The company assures that the information provided by the shareholder is true, accurate, and complete, with no false records or misleading statements [1][4]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.02% [1] - N Bo 25 Convertible Bond surged by 30%, triggering a trading halt [1] - Premium decoration convertible bonds increased by over 4% [1] Group 2 - Ao Fei convertible bonds rose by over 3% [1] - Tian Lu convertible bonds increased by nearly 3% [1] - Lian Cheng convertible bonds fell by over 2% [1] Group 3 - Yi Tian, Ping Mei, and Sai Li convertible bonds each dropped by over 1.7% [1]

Core Viewpoint - The company Zhongtian Jingzhuang (002989.SZ) announced a significant reduction in shareholding by its shareholder Qiao Rongjian and his concerted party Tianrenheyi, which may impact the stock's market perception and liquidity [1][2]. Shareholding Reduction Summary - Tianrenheyi reduced its shareholding by a total of 1,798,242 shares from June 12, 2025, to July 16, 2025, accounting for 0.8932% of the total share capital as of July 15, 2025 [1][2]. - From June 12 to June 30, 2025, Tianrenheyi sold 1,562,042 shares through centralized bidding, representing 0.7759% of the total share capital, with a trading price range of 32.500 to 36.454 yuan per share [1][2]. - From July 1 to July 16, 2025, Tianrenheyi sold 97,500 shares through centralized bidding (0.0484% of total share capital) at a price range of 33.010 to 34.200 yuan per share, and 138,700 shares through block trading (0.0689% of total share capital) at a price of 29.1500 yuan per share [1][2]. Shareholding Structure - After the reduction, Qiao Rongjian and Tianrenheyi collectively hold 20,132,158 shares, reducing their ownership to 9.9999%, which touches the 1% and 5% thresholds [1][2]. - Tianrenheyi is identified as the fifth largest shareholder of the company as of the first quarter of 2025 [3]. Major Shareholders Overview - The largest shareholder, Suqian Zhongtian Rongjian Enterprise Management Co., Ltd., holds 26.85% of shares, followed by Suqian Zhongtian Anhui Zhijishu Co., Ltd. with 16.24% [4]. - Qiao Rongjian holds 7.37% of the shares, while Tianrenheyi holds 3.78% [4]. Company Background - Zhongtian Jingzhuang was listed on the Shenzhen Stock Exchange on June 10, 2020, with an initial issuance price of 24.52 yuan per share and a total issuance of 37.85 million shares [4][5]. - The total funds raised during the IPO amounted to 928 million yuan, with a net amount of 782 million yuan after deducting issuance costs [5]. - The company has also issued convertible bonds totaling 577 million yuan, with a net amount of approximately 571 million yuan after costs [6].

Core Viewpoint - The announcement details a significant change in shareholding for Shenzhen Zhongtian Jingzhuang Co., Ltd, where major shareholder Qiao Rongjian and his concerted action partner Tianrenheyi reduced their stake, impacting the company's governance structure and shareholding percentages [1][2]. Shareholding Changes - Qiao Rongjian and Tianrenheyi collectively reduced their shareholding by 1,798,242 shares, representing 0.8932% of the total share capital as of July 15, 2025 [1][2]. - Following the reduction, Qiao Rongjian and Tianrenheyi's total shareholding decreased from 21,930,400 shares (12.0697%) to 20,132,158 shares (9.9999%) [2][3]. - The reduction was executed through centralized bidding and block trading from June 12, 2025, to July 16, 2025, without causing a change in control of the company [2][3]. Impact of Convertible Bonds - The issuance of "Jingzhuang Convertible Bonds" since August 29, 2022, led to an increase in the company's total share capital, resulting in a passive dilution of Qiao Rongjian and Tianrenheyi's shareholding percentage [1][2]. - The announcement confirms that the reduction in shareholding will not significantly impact the company's ongoing operations or governance [2][3]. Compliance and Disclosure - The company has adhered to relevant regulations and disclosed the shareholding changes in accordance with the Shenzhen Stock Exchange's rules [3]. - The information disclosure obligations have been fulfilled, and the details are available on the official information disclosure platform [3].

Core Points - The announcement details the conversion of the company's convertible bonds and the changes in its share capital [1][2][3] Group 1: Convertible Bond Issuance - The company issued 5.77 million convertible bonds with a total value of RMB 577 million, approved by the China Securities Regulatory Commission [1] - The bonds were listed on the Shenzhen Stock Exchange on March 24, 2022, under the name "精装转债" and code "127055" [2] Group 2: Conversion Terms - The initial conversion price was set at RMB 23.52 per share, which was adjusted to RMB 19.10 per share on June 21, 2022, following a profit distribution plan [3] - The conversion price was further adjusted to RMB 18.50 per share effective from June 5, 2023, after the company's 2022 profit distribution [3] Group 3: Conversion and Share Capital Changes - As of June 30, 2025, the company reported a reduction of RMB 85,842,900 in the convertible bonds due to the conversion of 4,639,927 shares [4] - The total share capital increased from 196,660,676 shares to 201,300,603 shares following the conversion [4]

Core Points - The China Securities Convertible Bond Index decreased by 0.03%, closing at 428.92 points [1] - The Wind Convertible Bond Equal-weighted Index fell by 0.41%, ending at 204.01 points [1] Performance Summary - The top gainers in convertible bonds included Zhongqi Convertible Bond, Liming Convertible Bond, Jingzhuang Convertible Bond, Xiaoming Convertible Bond, and Hangyang Convertible Bond, with increases of 8.24%, 6.49%, 4.82%, 3.52%, and 3.30% respectively [1] - The largest decliners were Zhengyu Convertible Bond, Yanggu Convertible Bond, Fuxin Convertible Bond, Henghui Convertible Bond, and Jingda Convertible Bond, with decreases of 5.35%, 5.33%, 4.69%, 4.51%, and 4.34% respectively [1]