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].

Group 1 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.30 yuan per 10 shares to all shareholders [1][2] - The profit distribution plan was approved at the second extraordinary general meeting of shareholders held on September 16, 2025 [1] - The total amount of distribution will be adjusted based on changes in total share capital due to convertible bonds conversion before the record date [1] Group 2 - The company will publish the implementation announcement of the profit distribution and the adjustment of the convertible bond conversion price on September 27, 2025 [2] - The "Jingda Convertible Bond" will suspend conversion from September 26, 2025, until the record date, with resumption on the first trading day after the record date [2] - Holders of convertible bonds wishing to enjoy the profit distribution must convert their bonds before September 25, 2025 [2]

Core Points - The company announced the interest payment schedule for its convertible bonds, which will begin on August 19, 2025 [1][3] - The interest rate for the fifth year is set at 1.8%, with the sixth year at 2.0% [1][3] - The interest payment will be made to all registered bondholders as of August 18, 2025 [3][4] Summary by Sections Bond Details - The convertible bonds were issued on August 19, 2020, and will pay interest annually [1][2] - The annual interest calculation is based on the formula I = B × i, where I is the interest amount, B is the total face value held, and i is the annual coupon rate [2] Payment Schedule - The interest payment date is August 19 each year, with the record date being the trading day before the payment date [2][3] - If the payment date falls on a holiday, it will be postponed to the next working day [2] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 1.44 RMB per bond after tax [4][5] - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds [5] Contact Information - The company has provided multiple contact points for inquiries regarding the bond payments [5]

Core Viewpoint - The company has revised its plan to issue convertible bonds to unspecified investors, which has been approved by the board and supervisory committee [1][2] Group 1 - The company held its ninth board meeting and supervisory committee meeting on July 31, 2025, where it approved the adjustment of the plan to issue convertible bonds [1] - The revised proposal and related documents have been disclosed on the Shanghai Stock Exchange's designated information disclosure website [1] - The approval of the bond issuance is subject to review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [2]

Meeting Details - The third meeting of the Supervisory Board was held on July 31, 2025, through on-site voting [1] - All members of the Supervisory Board confirmed the authenticity, accuracy, and completeness of the announcement content [1] Resolutions Passed - The proposal regarding the adjustment of the issuance of convertible bonds to unspecified objects was approved with 3 votes in favor, 0 against, and 0 abstentions [1] - The revised analysis report for the issuance of convertible bonds was also approved with the same voting results [1] - The feasibility analysis report for the issuance of convertible bonds was approved unanimously [2] - The proposal concerning measures to mitigate the dilution of immediate returns and commitments from relevant parties was approved with 3 votes in favor, 0 against, and 0 abstentions [2] Reference Documents - The company will publish detailed documents related to the resolutions on the Shanghai Stock Exchange website on August 1, 2025 [2]

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Tongling Jingda Special Electromagnetic Wire Co., Ltd., highlighting the total amount converted and the remaining unconverted bonds as of June 30, 2025 [2][6]. Group 1: Conversion Summary - From February 25, 2021, to June 30, 2025, the total amount converted from Jingda convertible bonds is RMB 516,897,000, resulting in 144,439,040 shares, which accounts for 7.52% of the company's total shares before conversion [2][6]. - For the quarter from April 1, 2025, to June 30, 2025, the conversion amount is RMB 177,000, leading to 52,343 shares, representing 0.0027% of the total shares before conversion [2][6]. - As of June 30, 2025, the unconverted amount of Jingda convertible bonds is RMB 270,103,000, which is 34.32% of the total issued convertible bonds [2][6]. Group 2: Bond Issuance Overview - The company issued 7.87 million convertible bonds on August 19, 2020, with a total value of RMB 78.7 million and a maturity period of six years [3]. - The bonds were listed on the Shanghai Stock Exchange on September 21, 2020, under the name "Jingda Convertible Bonds" with the code "110074" [3]. - The conversion price has been adjusted multiple times due to profit distributions, with the latest adjustment setting the price at RMB 3.57 per share effective from May 4, 2023 [5].

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the company's convertible bonds, highlighting the total amount converted and the impact on the company's share capital structure. Group 1: Convertible Bond Conversion Overview - From February 25, 2021, to June 30, 2025, the total amount converted from the convertible bonds is RMB 516,897,000, resulting in 144,439,040 shares, which represents 7.52% of the company's total shares before conversion [1] - In the quarter from April 1, 2025, to June 30, 2025, the conversion amount is RMB 177,000, accounting for 0.02% of the total issued convertible bonds, with 52,343 shares created from this conversion [4] - As of June 30, 2025, the remaining unconverted amount of the convertible bonds is RMB 270,103,000, which is 34.32% of the total issued convertible bonds [1] Group 2: Issuance and Trading of Convertible Bonds - The company issued 7.87 million convertible bonds on August 19, 2020, with a total value of RMB 78,700,000 and a maturity of 6 years [2] - The bonds began trading on the Shanghai Stock Exchange on September 21, 2020, under the name "精达转债" and code "110074" [2] - The conversion price of the bonds has been adjusted multiple times, with the latest adjustment setting it at RMB 3.35 per share [3][4] Group 3: Share Capital Changes - Prior to the conversion, the total share capital was 2,149,125,221 shares, which increased to 2,149,177,564 shares after the conversion of 52,343 shares [5]