1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (0316 - 0320), the global stock, bond, and gold markets continued to experience a triple - kill, with geopolitical situations intensifying and strong market risk - aversion. The market continued to price in the stagflation expectations caused by the blockade of the Strait of Hormuz, and concerns about the sustainability of loose liquidity deepened. The report still accepts last week's observations and believes that the geopolitical conflict will trigger global energy security and energy autonomy narratives in the long - term. The market may start to distinguish between "conflict continuation" and "strait blockade", "strait opening" and "supply recovery" [1][41]. - In the domestic market, the performance is similar, with equity markets mainly in a回调 phase. The CSI Convertible Bond Index had four consecutive negative days, and the decline marginally increased. The report previously believed that the root cause of the high - valuation correction in 2026 could only come from liquidity. Due to significant changes in the geopolitical pattern, liquidity expectations have been significantly adjusted. It is recommended to shift from long - term allocation to reducing and controlling positions and short - term trading of core assets, while paying attention to the inflection point of market narrative evolution [1][41]. 3. Summary by Directory 3.1. Weekly Market Review 3.1.1. Overall Decline in the Equity Market - From March 9th to March 13th, the equity market generally declined. The Shanghai Composite Index fell 3.38% to 3957.05 points, the Shenzhen Component Index fell 2.90% to 13866.20 points, the ChiNext Index rose 1.26% to 3352.10 points, and the CSI 300 fell 2.19% to 4567.02 points. From March 16th to March 20th, the daily average trading volume of the two markets increased by about 2615.81 billion yuan to 30365.33 billion yuan, a week - on - week increase of 9.43%. The performance of the three major indexes on each trading day varied, and in terms of industries, only 2 out of 31 Shenwan first - level industries rose, with communication and agriculture, forestry, animal husbandry, and fishery leading the gains, while non - ferrous metals, basic chemicals, and steel leading the losses [6][9][13]. 3.1.2. Overall Decline in the Convertible Bond Market - From March 16th to March 20th, the CSI Convertible Bond Index fell 3.60%. Only 2 out of 29 Shenwan first - level industries rose, with communication and agriculture, forestry, animal husbandry, and fishery leading the gains, and non - ferrous metals, basic chemicals, and steel leading the losses. The average daily trading volume of the convertible bond market was 669.67 billion yuan, a significant contraction with a week - on - week change of - 8.88%. The average daily trading volume of the underlying stock market was 1407.51 billion yuan, with a week - on - week change of - 4.60%. Approximately 9.49% of convertible bond issues rose, showing an obvious weak structure. The overall market conversion premium rate increased, and the conversion parity of some industries changed [16][21][33]. 3.1.3. Comparison of Stock and Bond Market Sentiments - From March 16th to March 20th, the weekly weighted average and median of the convertible bond and underlying stock markets were negative, and the underlying stocks had a larger weekly decline. In terms of trading volume, the trading volume of the convertible bond market decreased by - 8.88% week - on - week, at the 58.50% quantile level since 2022, while the trading volume of the underlying stock market decreased by 4.60%, at the 85.70% quantile level since 2022. Approximately 9.49% of convertible bonds and 21.52% of underlying stocks rose. About 52.53% of convertible bonds had a larger increase or decrease than the underlying stocks. Overall, the trading sentiment in the convertible bond market was better [36]. 3.2. Future Outlook and Investment Strategy - The report suggests shifting from long - term allocation to reducing and controlling positions and short - term trading of core assets, while paying attention to the inflection point of market narrative evolution. Specifically, after excluding quasi - forced redemption (counting progress > 30%), low - rated (weaker than AA -), and quasi - near - maturity (remaining term < 2 years) targets, ten medium - and low - priced (< 145 yuan) targets with large potential expected differences and benefiting from the above narratives are recommended, including Shunbo Alloy/Shunbo Convertible Bond, Xinneng Technology/Xinneng Convertible Bond, etc. The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Hengyi Convertible Bond, China Southern Airlines Convertible Bond, etc. [1][41][42].

Group 1: Coal Industry Analysis - The report discusses the credit risk outlook for the coal industry in 2026, highlighting that the "anti-involution" policy may lead to a rebound in coal prices, although the credit market remains relatively insensitive to these price changes [6] - It is expected that the domestic supply of thermal coal will contract due to the anti-involution policy, leading to a tight balance in supply and demand for 2026, with a price forecast around 750 RMB/ton [6] - Coking coal demand is anticipated to slightly decrease, but the price is expected to stabilize between 1500-1600 RMB/ton due to strong downstream demand from steel production [6] Group 2: Derivative Research on Tai Rui Convertible Bonds - Tai Rui's convertible bonds are rated AA- with a balance of 336 million RMB, and the company has seen a significant increase in overseas revenue, which now constitutes 55.74% of total income [8][9] - The company has a strong financial structure with a debt ratio of 49.93% and a cash balance of 758 million RMB, indicating good liquidity and potential for continued profitability [9] - The report suggests that the reasonable valuation for Tai Rui's convertible bonds is between 148-162 RMB, based on the current market conditions and the company's strategic positioning [9] Group 3: Derivative Research on Xineng Convertible Bonds - Xineng's convertible bonds are also rated AA- with a balance of 880 million RMB, focusing on distributed photovoltaic power generation, which has shown stable revenue and a high gross margin of 60.17% [14][16] - The company has a strong cash flow with a net cash flow from operating activities of 185 million RMB in Q3 2025, reflecting excellent collection capabilities [17] - The reasonable valuation for Xineng's convertible bonds is estimated to be between 123-129 RMB, making it an attractive low-risk investment option [17] Group 4: Fixed Income Market Outlook - The report emphasizes the importance of maintaining reasonable interest rate relationships for macroeconomic balance and resource allocation, indicating that the central bank's policy rates will increasingly influence market rates [10][12] - It highlights the relationship between short-term and long-term interest rates, suggesting that the yield curve may steepen due to ongoing anti-involution policies and inflation expectations [15] - The overall outlook for the bond market in 2026 suggests that while policy rates will have a stronger influence, the long-end of the yield curve may remain crowded, limiting the downward potential for long-term rates [15]

1. Reported Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Core Energy Convertible Bonds are low - risk and high - value investment targets due to the issuer's stable power generation income, high gross profit margin, strong cash flow, excellent asset quality, and low absolute price of the bonds [1][3][4] 3. Summary by Relevant Catalogs 3.1 Information on Core Energy Convertible Bonds - Core Energy Convertible Bonds (113679.SH) are rated AA - with a bond balance of 880 million yuan, accounting for 99.99% of the total issuance. The remaining term is 3.90 years. On December 3rd, the closing price was 122.22 yuan, the conversion premium rate was 69.01%, and the YTM was - 0.59% [1] 3.2 Information on the Underlying Stock - The underlying stock is Core Energy Technology (603105.SH), which mainly focuses on the investment and operation of self - owned distributed photovoltaic power stations, covering PV EPC, energy storage, and charging piles. In 2025.1 - 3Q, its revenue was 586 million yuan, a year - on - year increase of 3.60%; the net profit attributable to the parent was 186 million yuan, a year - on - year increase of 0.07%. The latest total market value is 4.61 billion yuan, and the PE TTM is 23.6x [2] 3.3 Key Highlights of Core Energy Convertible Bonds - Focus on commercial and industrial distributed photovoltaic power stations, with stable power generation income and a leading gross profit margin. In H125, the power generation income accounted for 87.41%, and the gross profit margin in 2025.1 - 3Q was 60.17%, higher than the industry average and continuously increasing for five years. The total installed capacity of grid - connected self - owned photovoltaic power stations exceeds 962MW [3] - Coordinate the layout of energy storage and charging pile businesses to build an "optical - storage - charging" integrated business model. In 2025, multiple demonstration projects for energy storage - related business have been launched, and the investment and operation of charging piles are coordinated with photovoltaic power stations [4] - Strong operating cash flow and excellent asset quality. In Q325, the net cash flow from operating activities was 185 million yuan, a year - on - year increase of 78.3%. In 1 - 3Q, the revenue and net profit attributable to the parent were basically the same as the previous year, with an annualized ROE of 11.11%. At the end of Q325, the asset - liability ratio was 50.98%, and the monetary fund balance was 491 million yuan [4] - The convertible bond has a relatively low absolute price. Although the conversion premium rate is high and the short - term willingness to lower the conversion price is low, the market price of around 120 yuan is one of the lowest in the market. Coupled with the fact that the PE valuation of the underlying stock is at a historical low, it is a good low - risk investment target [4] 3.4 Reasonable Valuation of Core Energy Convertible Bonds - Based on the Shanxi Securities Convertible Bond Valuation Model, if the stock price remains unchanged and without considering forced redemptions and downward revisions, the reasonable valuation of Core Energy Convertible Bonds is between 123 - 129 yuan [5]

Core Points - The company Zhejiang Xinneng Photovoltaic Technology Co., Ltd. has announced the interest payment details for its convertible bonds, known as "Xinneng Convertible Bonds" [2][6] - The total issuance amount of the convertible bonds is 880 million yuan, with a maturity period of six years and a tiered interest rate structure [2][3] - The bond's initial conversion price is set at 13.10 yuan per share, which will be adjusted to 12.95 yuan after the 2023 annual equity distribution [3][5] Summary by Sections Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue 8.80 million convertible bonds at a face value of 100 yuan each, totaling 880 million yuan [2][3] - The interest rates for the bonds are structured to increase over the six-year period, starting from 0.30% in the first year to 2.50% in the sixth year [2] Interest Payment Details - The interest payment for the second year will be 0.50 yuan per bond, with the interest period from October 26, 2024, to October 25, 2025 [6][8] - The bondholders will be registered as of October 24, 2025, with the interest payment date set for October 27, 2025 [8][9] Conversion and Adjustment - The bonds can be converted into shares starting from May 6, 2024, until October 25, 2029, with the conversion price initially set at 13.10 yuan per share [3][4] - The conversion price will be adjusted to 12.75 yuan per share after the 2024 annual equity distribution [4][5] Taxation Information - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.40 yuan per bond after tax [11] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025 [12]

Core Viewpoint - The board of Zhejiang Xinneng Photovoltaic Technology Co., Ltd. has decided not to lower the conversion price of its convertible bonds despite the stock price falling below the threshold for 15 consecutive trading days, reflecting confidence in the company's long-term potential and value [5][11][18]. Group 1: Board Meeting Details - The 11th meeting of the 5th board of directors was held on September 25, 2025, with all 8 directors present [2][3]. - The meeting was convened in accordance with the relevant provisions of the Company Law and the Articles of Association, making the resolutions legally valid [4]. Group 2: Resolution on Conversion Price - The board reviewed and approved the proposal not to adjust the conversion price of "Xinneng Convertible Bonds" despite the stock price being below 85% of the current conversion price for 15 trading days [5][11]. - The current conversion price is set at 12.75 yuan per share, and the threshold for adjustment is 10.8375 yuan per share [11][18]. - The decision was made after considering the company's fundamentals, stock price trends, and market conditions, aiming to protect the interests of all investors [5][18]. Group 3: Future Considerations - If the conversion price adjustment conditions are triggered again within six months from the board's decision, the company will not propose a downward adjustment [11][18]. - Starting from March 26, 2026, if the conditions are met again, the board will reconvene to decide on the adjustment [5][18].

Group 1 - The core viewpoint of the article discusses the strategic restructuring plans of controlling shareholders of Shenma Co. and Pingmei Co. [1] - Shenma Co. and Pingmei Co. are undergoing significant changes in their corporate structure, indicating potential shifts in their operational strategies and market positioning [1] - The restructuring may lead to enhanced operational efficiency and better resource allocation within the companies [1] Group 2 - Fangyuan Co. has signed a technology export cooperation agreement with a Japanese company and a target company, indicating potential growth opportunities through international collaboration [5] - Milkway's actual controller and shareholders plan to reduce their holdings by no more than 4.02% of the company's shares, which may impact investor sentiment [5] - Longda Meishi's controlling shareholder has had 0.7% of their shares judicially frozen, which could affect the company's stock performance [5] - Qibin Group plans to repurchase shares worth between 100 million to 200 million yuan, reflecting confidence in the company's future [5]

Group 1 - The core point of the article is that Xinneng Technology announced that its stock price has been below 85% of the current conversion price for 15 consecutive trading days, triggering the convertible bond price adjustment clause [1] - The company’s board of directors decided not to lower the conversion price despite the trigger [1] - If the conditions for downward adjustment are triggered again within six months after the board's decision, the company will also not propose a downward adjustment plan [1]

Group 1 - The company, Chip Energy Technology, announced on September 25 that its 11th meeting of the 5th board of directors was held, discussing the proposal not to adjust the conversion price of "Chip Convertible Bonds" [1] - The A-share market reached a total market value of over 116 trillion yuan on the anniversary of the "9.24" event, indicating significant market growth [1]

Core Viewpoint - Zhejiang Xinneng Photovoltaic Technology Co., Ltd. ("the company") has announced that its convertible bond, "Xinneng Convertible Bond," is expected to trigger conditions for a downward adjustment of the conversion price due to the stock price being below 85% of the current conversion price for ten consecutive trading days [2][9]. Group 1: Convertible Bond Issuance Overview - The company issued 8.80 billion yuan worth of convertible bonds on October 26, 2023, with a maturity of six years and a tiered interest rate starting from 0.30% in the first year to 2.50% in the sixth year [3]. - The initial conversion price was set at 13.10 yuan per share, with the first conversion date starting from May 6, 2024, until October 25, 2029 [3][5]. Group 2: Conversion Price Adjustment Conditions - The current conversion price is 12.75 yuan per share, which may be adjusted downward if the stock price remains below 85% of the conversion price for a specified period [4][5]. - The company has the authority to propose a downward adjustment of the conversion price if the stock price conditions are met, requiring a two-thirds majority approval from shareholders [6]. Group 3: Recent Trigger Conditions - From September 5 to September 18, 2025, the company's stock price has been below 10.8375 yuan (85% of the current conversion price) for ten consecutive trading days [2][9]. - If the stock price continues to meet the conditions for five trading days within the next twenty trading days, the company will convene a board meeting to decide on the adjustment of the conversion price [2][9].

Core Viewpoint - The company, Zhejiang Xinneng Photovoltaic Technology Co., Ltd., announced that its stock price has been below 85% of the current conversion price for ten consecutive trading days, which may trigger a downward adjustment of the conversion price if certain conditions are met [2]. Group 1 - The company's stock price has closed below the conversion price of 10.8375 yuan per share for ten consecutive trading days [2]. - If the stock price continues to meet the specified conditions for another twenty trading days, and if it meets the criteria for five of those days, it is expected to trigger the conditions for a downward adjustment of the conversion price [2]. - Upon triggering the conditions, 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 [2].