Core Viewpoint - The China Convertible Bond Index opened higher by 0.2% on January 16, reaching 517.94 points, indicating a positive market sentiment in the convertible bond sector [1][2]. Summary by Categories Market Performance - The top gainers in the convertible bond market included Aohong Convertible Bond, Huachen Convertible Bond, Jiazhe Convertible Bond, Yongxi Convertible Bond, and Jingda Convertible Bond, with respective increases of 30.00%, 7.31%, 3.81%, 3.33%, and 3.16% [1][2]. - Conversely, the largest decliners were Xinfeng Convertible Bond, Jiamei Convertible Bond, Shanhe Convertible Bond, Fumiao Convertible Bond, and Saili Convertible Bond, which saw decreases of 3.99%, 2.53%, 2.36%, 2.26%, and 1.59% respectively [1][2].

Core Viewpoint - The company held its first extraordinary general meeting of shareholders in 2026, where it approved a proposal regarding the expected external guarantee limit for the year [2][4]. Group 1: Meeting Details - The extraordinary general meeting was held on January 12, 2026, at the company's meeting room in the Economic and Technological Development Zone, Tongling City, Anhui Province [2]. - The meeting was convened by the board of directors and conducted through a combination of on-site and online voting, presided over by Chairman Li Xiao [2]. - All procedures for the meeting, including notification, convening, and voting methods, complied with the relevant laws and regulations [5]. Group 2: Attendance and Voting - Out of the nine current directors, five attended the meeting, while some independent directors were absent due to work commitments [3]. - The proposal regarding the expected external guarantee limit for 2026 was passed with over two-thirds of the voting rights held by attending shareholders [4][5]. Group 3: Convertible Bond Redemption - The company decided not to exercise the early redemption rights for its convertible bonds ("精达转债") despite triggering the redemption clause due to stock price conditions [7][11]. - The stock price had been above 130% of the conversion price for at least 15 trading days, triggering the redemption clause [11]. - The board will not exercise the redemption rights for the next five months, and if the redemption clause is triggered again, a new meeting will be convened to decide on the matter [11][12]. Group 4: Convertible Bond Issuance - The company issued 7.87 million convertible bonds in 2020, raising a total of 787 million yuan, with the bonds listed on the Shanghai Stock Exchange [9]. - The initial conversion price was set at 3.80 yuan per share, which has been adjusted multiple times due to profit distributions and stock issuances, with the latest adjustment bringing it to 3.32 yuan per share [9][13].

Group 1 - Baolite's controlling shareholder plans to transfer 7% of shares through an agreement, involving 18,520,600 unrestricted circulating shares, which represents 7.00% of the total share capital [1] - Haibo Zhongke's actual controller intends to reduce holdings by no more than 3% of the company's shares [2] - Fangyuan Co.'s shareholder plans to reduce holdings by no more than 1% of the company's shares [2] Group 2 - Several convertible bonds are mentioned, including the strong redemption of Songsheng Convertible Bond and the non-strong redemption of Jingda and Taifu Convertible Bonds [2] - The listing date for Shuangle Convertible Bond is January 16, 2026, and the last trading day for Oujia Convertible Bond is February 12, 2026 [2] - A table of various convertible bonds is provided, detailing their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [5][7]

Core Viewpoint - The company, Jingda Co., Ltd. (600577.SH), has triggered the redemption clause for its convertible bonds due to its stock price being above 130% of the conversion price for fifteen consecutive trading days [1] Group 1: Convertible Bonds - The stock price from December 19, 2025, to January 12, 2026, has been consistently above the conversion price of 4.32 yuan per share [1] - The company’s board of directors decided not to exercise the early redemption rights for the "Jingda Convertible Bonds" during the upcoming five months from January 13, 2026, to June 12, 2026 [1] - If the "Jingda Convertible Bonds" trigger the redemption clause again after June 13, 2026, the board will convene to decide on the early redemption rights [1]

Core Viewpoint - The company, Jingda Co., Ltd. (600577.SH), has triggered the redemption clause for its convertible bonds due to its stock price being above 130% of the conversion price for fifteen trading days [1] Group 1: Convertible Bonds - The stock price has been above the conversion price of 4.32 yuan per share for the specified period from December 19, 2025, to January 12, 2026 [1] - The company’s board of directors decided not to exercise the early redemption rights for the "Jingda Convertible Bonds" during the upcoming five months from January 13, 2026, to June 12, 2026 [1] - If the "Jingda Convertible Bonds" trigger the redemption clause again after June 13, 2026, the board will convene to decide on the early redemption rights [1]

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]

Core Viewpoint - The China Convertible Bond Index opened higher on October 29, indicating a positive market sentiment towards convertible bonds [1] Group 1: Market Performance - The China Convertible Bond Index opened at 484.39 points, up by 0.07% [1] - Major convertible bonds such as Dazhong Convertible Bond increased by over 5%, Huicheng Convertible Bond rose by over 3%, and Zguang Convertible Bond and Huazheng Convertible Bond both gained over 2% [1] - Conversely, Yunjiji Convertible Bond fell by over 2%, while Jinpu Convertible Bond, Jingda Convertible Bond, and Tongcheng Convertible Bond all decreased by over 1% [1]

Group 1 - The China Convertible Bond Index rose by 0.14%, closing at 477.97 points on October 23 [1] - Tongguang Convertible Bond increased by 4.25%, Tianyuan Convertible Bond by 3.14%, and Jingda Convertible Bond by 3.12% [1] - Huicheng Convertible Bond fell by 10.94%, Tongcheng Convertible Bond by 5.84%, and Songlin Convertible Bond by 4.49% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of the slow - bull expectation in the equity market and the pattern where the demand in the convertible bond market is stronger than the supply and is difficult to change, convertible bonds remain relatively high - quality assets in the long run. Currently, the overall valuation level is relatively high, and more efforts need to be made in the structure [4]. 3. Summary by Related Catalogs Market行情 - From September 22 to September 26, 2025 (5 trading days), the CSI Convertible Bond Index rose by +0.9% (last week's change was - 1.5%), turning positive this week; the CSI All - Share Index changed by +0.2% (last week's change was - 0.2%). The convertible bonds outperformed equities this week, for the first time in a month. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +15.3%, and the CSI All - Share Index has risen by +21.3%. The convertible bond market has underperformed the equity market [1]. - By rating, high - rated bonds (rated AA + and above), medium - rated bonds (rated AA), and low - rated bonds (rated AA - and below) rose by +0.69%, +0.86%, and +0.51% respectively this week, with low - rated bonds having the smallest increase [1]. - By convertible bond scale, large - scale convertible bonds (bond balance greater than 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance less than 500 million yuan) rose by +0.73%, +1.01%, and +0.01% respectively this week, with small - scale convertible bonds having the smallest increase [1]. - By conversion parity, ultra - high - parity bonds (conversion value greater than 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value less than 70 yuan) rose by +1.15%, +0.69%, +0.38%, +0.36%, and +0.36% respectively this week, with ultra - high - parity bonds having the largest increase [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of September 26, 2025, there were 427 outstanding convertible bonds (432 at the end of last week), with a balance of 593.378 billion yuan (599.191 billion yuan at the end of last week). The average convertible bond price was 130.44 yuan (130.41 yuan last week), with a quantile of 98.4%; the average convertible bond parity was 104.27 yuan (105.51 yuan last week), with a quantile of 94.3%; the average conversion premium rate was 26.0% (25.2% last week), with a quantile of 49.6%. Among them, the conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.8% (28.1% last week), higher than the median conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [3]. Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index rose by +0.9% this week, and convertible bonds outperformed equities for the first time in a month. Since the beginning of 2025, the convertible bond market has underperformed the equity market. In the long run, convertible bonds are still relatively high - quality assets, but the current valuation is high, and more attention should be paid to the structure [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Jize Convertible Bond, Huicheng Convertible Bond, etc. For example, Jize Convertible Bond rose by 25.83%, and its underlying stock, Jize New Energy, rose by 18.22% [23].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "精达转债," due to a cash dividend distribution, reducing the conversion price from 3.35 CNY to 3.32 CNY per share, effective from October 13, 2025 [2][4][5]. Group 1: Conversion Price Adjustment - The previous conversion price of "精达转债" was 3.35 CNY per share [2]. - The adjusted conversion price is 3.32 CNY per share [4]. - The adjustment is based on the company's decision to distribute a cash dividend of 0.3 CNY per 10 shares, which was approved at the shareholder meeting on September 16, 2025 [2][5]. Group 2: Dividend Distribution - The total cash dividend distribution amounts to approximately 64.48 million CNY, based on a total share capital of 2,149,182,634 shares [10]. - The cash dividend per share is set at 0.03 CNY [7][10]. - The dividend distribution will be executed on the basis of the company's total share capital as of the record date [8]. Group 3: Suspension and Resumption of Conversion - The conversion of "精达转债" will be suspended from September 26, 2025, to October 10, 2025, and will resume on October 13, 2025 [5][4].