（编辑 袁冠琳） 证券日报网讯 12月17日晚间，美诺华发布公告称，截至2025年12月17日，公司股票已连续十个交易日 收盘价低于当期转股价格25.68元/股的90%（即23.11元/股），若未来二十个交易日内有五个交易日收盘 价低于23.11元/股，预计将触发"美诺转债"转股价格向下修正条款；触发当日公司将召开董事会审议是 否修正，并在次一交易日开市前披露提示性公告。 ...

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting those that are subject to strong redemption and those that are not, along with their respective trading and conversion details [1][3][5]. Group 1: Strong Redemption Bonds - The following convertible bonds are subject to strong redemption: - Limin Convertible Bond (利民转债) with a strong redemption price of 100.222 and a last trading date of December 5, 2025 [1]. - Xinhua Convertible Bond (新化转债) with the same strong redemption conditions [1]. Group 2: Non-Strong Redemption Bonds - The following convertible bonds are not subject to strong redemption: - Yake Convertible Bond (亚科转债) [1]. - Aima Convertible Bond (爱玛转债) which will not undergo adjustment [1]. - Shenglan Convertible Bond (胜蓝转02) also will not undergo adjustment [1]. Group 3: Upcoming Subscription Opportunities - New stock subscriptions are available for: - Muxi Co., Ltd. (沐曦股份) and Angrui Microelectronics (昂瑞微) [1]. Group 4: Convertible Bond Pricing and Trading Details - Key pricing and trading details for selected convertible bonds include: - Hongfa Convertible Bond (宏发转债) priced at 122.939 with a conversion value of 122.93 and a remaining scale of 3.066 billion [3]. - Guocheng Convertible Bond (国城转债) priced at 176.268 with a conversion value of 176.23 and a remaining scale of 1.720 billion [3]. - Mingdian Convertible Bond (明电转02) priced at 137.779 with a conversion value of 137.50 and a remaining scale of 0.608 billion [3]. - Various other convertible bonds are listed with their respective prices, redemption values, last trading dates, and conversion values [3][5].

Group 1 - The article discusses the status of various convertible bonds, highlighting that Meinuo Convertible Bond and Xingrui Convertible Bond will not undergo adjustments [1] - The article lists the recent announcements regarding convertible bonds, including strong redemption and non-strong redemption statuses for specific bonds [2] - It provides detailed information on several convertible bonds, including 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 [4][6] Group 2 - The article mentions the listing of the Huaxia Brazil ETF and the E Fund Brazil ETF, indicating their availability for trading [1] - It includes a table summarizing the current market conditions of various convertible bonds, showing their performance metrics such as current price and conversion value [4][6]

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting that certain bonds will not undergo adjustments, which may impact investor strategies and market dynamics [1][3]. Group 1: Convertible Bonds Status - Xingrui Convertible Bond (127090) and Meinuo Convertible Bond (113618) will not be adjusted, with announcements made on November 13, 2025 [1]. - The current prices and redemption values of several convertible bonds are provided, indicating their market performance and potential for investors [3][5]. Group 2: Market Data Overview - The current price of Tongcheng Convertible Bond (113621) is 125.708, with a redemption price of 101.440 and a conversion value of 126.17 [3]. - The remaining scale of various convertible bonds is detailed, with notable figures such as Hengbang Convertible Bond (127086) having a remaining scale of 8.029 billion [3]. - The flow market ratio for several bonds is presented, indicating their relative size in the market, such as the flow market ratio for Fenghuo Convertible Bond (110062) being 8.33% [5].

Core Points - The company, Meinuo, announced on November 12 that it will not adjust the conversion price of its convertible bonds, known as "Meinuo Convertible Bonds" [1] - The period for triggering the price adjustment clause will restart from November 13, 2025, and the board will decide on any future adjustments if triggered [1] Summary by Sections - **Company Announcement** - Meinuo's board of directors approved the resolution not to lower the conversion price of the convertible bonds [1] - **Future Considerations** - The next period for triggering the conversion price adjustment clause will begin on November 13, 2025 [1] - The board will evaluate whether to exercise the right to adjust the conversion price if the clause is triggered again [1]

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 core point of the article is that shareholders of Juxing Agriculture and Animal Husbandry plan to reduce their holdings by no more than 2% of the company's shares [1] - The last trading day for Pudong Development Convertible Bond is October 22, 2025 [1] - Hengbang Convertible Bond is subject to strong redemption [1] Group 2 - Mengsheng Convertible Bond will not be subject to strong redemption [1] - Honglu, Hongtu, and Meinuo Convertible Bonds will not undergo price adjustments [1] - Yingliu Convertible Bond is set to be listed on October 22 [1] Group 3 - A table lists various convertible bonds, including their codes, names, 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] - For example, Keda Convertible Bond has a current price of 128.087, a strong redemption price of 101.858, and a last trading day of October 15, 2025 [4] - The remaining scale of Hengbang Convertible Bond is 29.342 billion, with a conversion value of 132.08 [6]

Core Viewpoint - Meinuo announced that it will not adjust the conversion price of its convertible bonds, "Meinuo Convertible Bonds," during the upcoming board meeting scheduled for October 17, 2025 [1] Summary by Relevant Sections - **Board Decision**: The board of Meinuo has decided not to lower the conversion price of the "Meinuo Convertible Bonds" [1] - **Future Considerations**: The period for triggering the conversion price adjustment clause will restart from October 20, 2025. If the clause is triggered again, the board will decide whether to exercise the right to adjust the conversion price [1] - **Investor Advisory**: Investors are advised to pay attention to investment risks associated with this decision [1]

Core Viewpoint - Ningbo Meinuo Pharmaceutical Co., Ltd. announced that its stock has triggered the downward adjustment clause for the "Meinuo Convertible Bonds" as the closing price has been below 90% of the current conversion price for at least 15 out of the last 30 trading days [1] Group 1 - The current conversion price is set at 25.68 CNY per share, with the threshold for adjustment being 23.11 CNY per share [1] - The company held its 17th meeting of the 5th Board of Directors on the same day and decided not to adjust the conversion price this time [1] - The next period for triggering the conversion price adjustment clause will restart from October 20, 2025 [1] Group 2 - The "Meinuo Convertible Bonds" were issued in January 2021 with an initial conversion price of 37.47 CNY per share, which has been adjusted multiple times due to equity distribution [1] - Investors are advised to be aware of investment risks associated with this situation [1]

Group 1 - The company announced that its convertible bond, "Meinuo Convertible Bond," is expected to meet the conditions for a downward adjustment of the conversion price [1][6] - The initial conversion price was set at 37.47 yuan per share, with subsequent adjustments made due to stock incentive plans and annual profit distributions [2][3][4] - As of September 30, 2025, a total of 43,599,000 yuan of "Meinuo Convertible Bond" has been converted into company shares, representing 0.788% of the total shares issued before the conversion [12][17] Group 2 - The company has outlined the conditions under which the conversion price can be adjusted downward, specifically if the stock price falls below 90% of the current conversion price for at least 15 out of 30 consecutive trading days [6][8] - The current conversion price is 25.68 yuan per share, and if the stock price falls below 23.11 yuan for five trading days within the next twenty days, it may trigger a downward adjustment [8] - The company will disclose any decisions regarding the adjustment of the conversion price through official announcements [7][8]