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].

截至发稿，胜蓝股份市值为74亿元。 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 （记者 曾健辉） 每经AI快讯，胜蓝股份（SZ 300843，收盘价：45.12元）12月4日晚间发布公告称，公司第四届第八次 董事会临时会议于2025年12月4日以通讯表决方式召开。会议审议了《关于不向下修正"胜蓝转02"转股 价格的议案》等文件。 2024年1至12月份，胜蓝股份的营业收入构成为：制造业占比100.0%。 ...

Core Points - Shenglan Co., Ltd. announced that from November 12, 2025, to November 27, 2025, its stock closing price has been below 85% of the current conversion price for 10 trading days [1] - If the stock price continues to remain below 85% of the current conversion price, it may trigger the downward adjustment condition for the "Shenglan Convertible Bond 02" conversion price [1] - Upon triggering the condition, the company will convene a board meeting on the same day to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [1]

Market Overview - The US stock market experienced a significant decline last Friday, with Hong Kong stock futures dropping by 5%, causing distress among investors [1] - However, the market sentiment shifted quickly, with US stock futures rebounding before the opening, leading to a recovery in the Hong Kong market later in the day [1] Historical Context - Since 2018, market fluctuations have been heavily influenced by external events, particularly those initiated by "Old Trump," affecting both US and Hong Kong markets [2] - The market has gone through multiple bull and bear cycles, with notable downturns following significant events, such as a 5.58% drop after the May Day holiday in 2019 [2][4] - The overall market trend from 2018 to the present has shown that while external events can cause short-term declines, the medium-term trend is more influenced by domestic policies and liquidity conditions [6] Current Market Dynamics - The current market is characterized by strong performance in sectors such as rare earths, semiconductors, and military industries, while overseas-related sectors like automotive parts and consumer electronics are underperforming [6] - The upcoming third-quarter earnings reports are expected to validate the positive outlook for certain sectors, particularly in military and technology [6] Future Outlook - The timing of the upcoming summit at the end of October is seen as critical, with potential for market recovery if tensions ease [7] - The market is currently showing a favorable stock-bond yield spread of 5.28%, indicating a relatively high attractiveness of equities compared to bonds [10] Trading Strategies - A grid trading strategy has been activated for 20 trading varieties, with specific ETFs in sectors like consumption, real estate, and new energy showing activity [8] - Quantitative signals indicate trends in broad indices such as the ChiNext 50 and the Sci-Tech 50, suggesting potential investment opportunities [9]

New Stock Listings - New stock "艾芬达" (code: 301575) listed at an issue price of 27.69 on September 10, 2025[1] - "抚顺特钢" (code: 600399) has a tender offer period from August 12 to September 10, 2025[1] - "天茂" (code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] Market Alerts - "ST紫天" (code: 300280) enters the delisting arrangement period starting September 15, 2025[1] - "开普云" (code: 688228) reported severe abnormal fluctuations[1] - "新华锦" (code: 600735) also reported severe abnormal fluctuations[1] Other Announcements - "天际股份" (code: 002759) and "上海电力" (code: 600021) have recent announcements linked to their respective stocks[1] - "众泰汽车" (code: 000980) and "天域生物" (code: 603717) have also made recent disclosures[1] - "香农芯创" (code: 300475) and "博苑股份" (code: 301617) have announcements related to their stock activities[1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Shenglan Convertible Bond 02 on the first day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. Based on the par value of 119.19 yuan as of September 1, 2025, and referring to similar convertible bonds, the conversion premium rate on the first - day of listing is estimated to be in the range of 10% - 15% [3][21]. - The estimated first - day new - bond subscription winning rate is around 0.0022% - 0.0025%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan, and with an assumed online effective subscription of 7.92 million households, the winning rate is calculated [4][22]. 3. Summary According to the Directory 3.1. Shenglan Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Shenglan Convertible Bond 02 is priority placement and online issuance, with a bond and issuer rating of AA -. The issuance scale is 450 million yuan, the initial conversion price is 54.56 yuan, the convertible bond par value is 119.19 yuan, the pure bond value is 94.58 yuan. The game terms are normal. Overall, the bond issuance scale is low, the liquidity is poor, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company is mainly engaged in the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. After deducting issuance fees, 255 million yuan of the raised funds is planned for the R & D and construction project of new - energy vehicle high - voltage connectors and components, and 195 million yuan for the R & D and construction project of industrial control connectors [3][20]. 3.1.3. Analysis of Convertible Bond New - Bond Subscription Winning Rate - As of March 31, 2025, the top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan. With an assumed online effective subscription of 7.92 million households, the winning rate is estimated to be around 0.0022% - 0.0025% [4][22]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and the Up - and Downstream Situations of the Industry - The company is a high - tech enterprise focusing on the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. The upstream raw materials include metal and plastic materials, and the downstream includes various application fields such as automotive, telecommunications, and data communication. The connector industry shows a trend of professional segmentation [23][24]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.17 billion yuan, 1.241 billion yuan, 1.287 billion yuan, and 337 million yuan respectively, with year - on - year growth rates of - 10.16%, 6.06%, 3.71%, and 17.18%. The main business income comes from consumer - electronics connectors and components and new - energy vehicle connectors and components. The company's comprehensive gross margin and net profit margin have been increasing, while the period expenses have slightly increased, and the R & D expenses have shown a growth trend. The accounts receivable has remained relatively stable, and the accounts - receivable turnover rate is lower than the industry average [26][30][33]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, Shenglan Investment Holding Co., Ltd. was the largest shareholder, holding 54.20% of the shares. The top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Huang Xuelin was the actual controller, holding 45.28% of the equity [44][46]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in talent cultivation, technical capabilities, and market foundation. It has established a talent - training mechanism, holds 432 patents as of March 2025, and has stable cooperation relationships with many well - known companies in the consumer - electronics and new - energy vehicle fields [49]. 3.2.5. Arrangement of the Current Raised Funds - The company plans to issue convertible bonds to raise up to 450 million yuan. After deducting issuance fees, 255 million yuan is for the new - energy vehicle high - voltage connector and component project with a total investment of 255.7587 million yuan and an annual production capacity of 8 million pcs after completion; 195 million yuan is for the industrial control connector project with a total investment of 196.577 million yuan and an annual production capacity of 48 million pcs after completion [51][52].

Core Viewpoint - Shenglan Technology Co., Ltd. has successfully issued convertible bonds amounting to 450 million RMB, with the issuance approved by the China Securities Regulatory Commission [1][2]. Group 1: Issuance Details - The total scale of the convertible bond issuance is 450 million RMB, with a face value of 100 RMB per bond [2]. - The original shareholders were given priority in the subscription, with a total of 3,798,519 bonds subscribed, amounting to 379.85 million RMB, which represents 84.41% of the total issuance [2]. - The online subscription for the remaining bonds concluded on September 1, 2025, after the original shareholders' priority subscription [2]. Group 2: Underwriting and Subscription Results - The underwriter, Dongguan Securities, will underwrite any unsubscribed bonds from online investors, with a total of 9,971 bonds underwritten, amounting to 997,100 RMB, which is 0.22% of the total issuance [2][3].

Group 1 - The company Shenglan Co., Ltd. has disclosed the results of its online subscription for convertible bonds, with a total of 70,148 winning numbers [1] - Each winning number is allowed to subscribe for 10 bonds, equivalent to 1,000 yuan for each subscription [1]

Core Points - The document lists winning lottery numbers for various last digits, indicating a structured approach to announcing results [1] Group 1 - The last digit "6" winning numbers include: 423275, 048275, 173275, 298275, 548275, 673275, 923 [1] - The last digit "7" winning number is: 9749714 [1] - The last digit "8" winning numbers include: 94455653, 14455653, 34455653, 54455653, 74455653, 17345272 [1] Group 2 - The last digit "9" winning numbers include: 630668965, 030668965, 230668965, 430668965, 83066896, 980396623, 480396623 [1] - The last digit "10" winning numbers include: 2497323180, 1436226063, 4505345063, 0858177116, 5429829197 [1]

Group 1 - No new IPOs today [1] Group 2 - Bond details for Shenglan Co., Ltd. include a conversion price of 54.56 yuan and a bond rating of AA- [2]