上个周期低价指数表现较强（1.4%），低波策略重新占优。调入调出方面，基于三季报窗口进行调整，调出业绩转弱或价格已涨至高位的个券，调入业 绩稳健或明显改善、溢价率合理的低价品种。行业布局方面，以农业、消费、金融等防御型板块为底仓（八成），力求分散，辅以小仓位科技转债以保持 弹性。当前沪指突破4000点创近年新高，短期内需关注市场震荡及后续风格切换可能。 改良双低策略最新持仓： 上银转债（银行，新入）、中环转 2（环保，新入）、嘉诚转债（交通运输，新入）、希望转 2（农林牧渔，新入）、丰山转债（基础化工，新入）、楚 天转债（医药生物，新入）、冠宇转债（电力设备，新入）、爱迪转债（汽车，新入）、首华转债、国泰转债。 改良双低策略调仓理由： 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上一周期（10.14-10.27）低价增强策略、改良双低策略、高价高弹性策略分别录得1.3%、0.5%、0.7%（同期基准0.3%）。今年以来，三类策略绩效分别 为17.4%、28.2%、52.2%（同期基准17.0%），累计超额收益率0.3%、11.2%、35.2%。上个周期权益市场震荡冲高，万得全A与 ...

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]

Group 1 - The core viewpoint of the announcement is that the credit rating for Ningbo Meinuo Pharmaceutical Co., Ltd. and its convertible bonds remains unchanged at AA- with a stable outlook [1][2] - The previous credit rating was also AA- for both the company and the convertible bonds, indicating consistency in the company's financial standing [1][2] - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operations and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 25, 2025, confirming the ratings and outlook [2] - The previous rating was conducted on June 26, 2024, with the same results [1][2] - The report is available on the Shanghai Stock Exchange website for further details [2]

Core Viewpoint - The announcement details the adjustment of the conversion price for "Meinuo Convertible Bonds" due to the company's 2024 annual profit distribution plan, which includes a cash dividend of 0.05 yuan per share [1][2]. Summary by Sections 1. Convertible Bond Information - The "Meinuo Convertible Bonds" were issued on January 14, 2021, with a total value of 520 million yuan, consisting of 5.2 million bonds, each with a face value of 100 yuan, and a maturity of 6 years [1]. - The initial conversion price was set at 37.47 yuan per share, with the conversion period from July 20, 2021, to January 13, 2027 [2]. 2. Price Adjustment Basis - The adjustment of the conversion price is based on the company's decision made during the 2024 annual shareholders' meeting on May 8, 2025, to distribute a cash dividend of 0.05 yuan per share [2]. - The total share capital will be adjusted accordingly to maintain the distribution ratio despite changes due to convertible bond conversions, share buybacks, or other corporate actions [2]. 3. Conversion Price Adjustment Formula - The adjustment formula for the conversion price is defined in the prospectus, which states that if the company distributes stock dividends, issues new shares, or pays cash dividends, the conversion price will be adjusted accordingly [3][4]. - The specific formula for cash dividend adjustment is P1 = P0 - D, where P0 is the previous conversion price, and D is the cash dividend per share [4]. 4. Adjusted Conversion Price - The conversion price has been adjusted from 25.73 yuan per share to 25.68 yuan per share due to the cash dividend distribution [4]. - The new conversion price will take effect from June 25, 2025, after the suspension of conversion on June 17, 2025 [1][4].

Core Viewpoint - Ningbo Meinuo Pharmaceutical Co., Ltd. announced the suspension of the conversion of its convertible bonds "Meinuo Convertible Bonds" during the implementation of the 2024 annual equity distribution, along with an adjustment to the conversion price [1][4]. Group 1: Equity Distribution Plan - The company plans to distribute a cash dividend of 0.05 yuan (including tax) per share based on the total share capital of 219,828,267 shares as of May 28, 2025 [2][4]. - The actual results of the equity distribution will be determined based on the calculations by China Securities Depository and Clearing Corporation Limited [2]. - The equity distribution plan has been approved in meetings held on April 17, 2025, and May 8, 2025 [3]. Group 2: Suspension of Conversion - The "Meinuo Convertible Bonds" will stop conversion from June 17, 2025, until the equity distribution registration date, with resumption of conversion on the first trading day after the registration date [4]. - Holders of "Meinuo Convertible Bonds" wishing to enjoy the equity distribution must convert their bonds by June 16, 2025 [4]. Group 3: Communication - The company will disclose the implementation announcement of the 2024 annual equity distribution and the adjustment of the conversion price on June 18, 2025 [4]. - Contact information for the board office is provided for further inquiries [4].

Group 1 - The stock price of Meinuohua (603538) closed at 13.95 yuan on May 9, 2025, down by 1.06%, with a turnover rate of 1.7% and a trading volume of 36,200 lots, resulting in a transaction amount of 50.89 million yuan [1] - On May 9, 2025, the net inflow of main funds was 964,100 yuan, accounting for 1.89% of the total transaction amount, while retail investors had a net outflow of 1.3758 million yuan, representing 2.7% of the total transaction amount [2][4] - Meinuohua announced the first notice regarding the optional repurchase of "Meinu Convertible Bonds," with a repurchase price of 100.60 yuan per bond (including current interest), and the repurchase period set from May 16 to May 22, 2025 [2][4] Group 2 - On May 8, 2025, the company held its 2024 annual shareholders' meeting and the first bondholders' meeting for "Meinu Convertible Bonds," where it approved a proposal to change part of the fundraising investment projects, triggering the additional repurchase clause for the convertible bonds [3] - The repurchase procedure requires bondholders to submit their repurchase requests through the Shanghai Stock Exchange trading system, and once confirmed, the repurchase requests cannot be revoked [3]

Core Points - The company announced the first notice regarding the optional redemption of "Meinuo Convertible Bonds" [1] - The redemption price is set at 100.60 RMB per bond, including the current interest [3][5] - The redemption period is from May 16, 2025, to May 22, 2025 [4][5] - The payment date for the redemption funds is May 27, 2025 [1][5] - During the redemption period, the "Meinuo Convertible Bonds" will stop converting into shares [1][4] Redemption Terms - Holders of "Meinuo Convertible Bonds" can choose to redeem part or all of their unconverted bonds [1][4] - The redemption is not mandatory, allowing bondholders to decide whether to proceed [1][4] - The calculation for the current interest is based on a formula that considers the bond's face value, interest rate, and the number of days since the last interest payment [3] Redemption Process - The bond code for the redemption is "113618" and the abbreviation is "Meinuo Convertible Bonds" [5] - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period [5] - If a redemption request is not successful on the first day, bondholders can continue to submit requests on subsequent days within the redemption period [5] Trading During Redemption - "Meinuo Convertible Bonds" will continue to trade during the redemption period but will not be convertible into shares [5] - If the total face value of the convertible bonds falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [6]