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]

Core Points - The company, Henan Lantian Gas Co., Ltd., has announced a change in the sponsor representative for its convertible bond issuance project [1] - The original sponsor representatives were Liu Zhi and Liu Haiyan, with Liu Haiyan being replaced due to recent work changes [1] - The new sponsor representative, Jia Yin, will take over from Liu Haiyan starting October 21, 2025 [1] - The company expresses gratitude for Liu Haiyan's contributions during her tenure as a sponsor representative [2] - Jia Yin has a master's degree and has been involved in investment banking since 2013, with experience in various IPO and bond projects [4] Company Information - Henan Lantian Gas Co., Ltd. is engaged in the issuance of convertible bonds to unspecified investors [1] - The company is currently under the sponsorship of China Merchants Securities Co., Ltd. for this project [1] - The change in sponsor representatives is part of the ongoing compliance and supervision for the fundraising activities [1]

Group 1 - The company announced a cash dividend distribution of 0.4 yuan per share (including tax) for the first half of 2025, with no capital reserve conversion or bonus shares [2][3] - The dividend distribution plan was approved at the second extraordinary general meeting of shareholders held on September 15, 2025 [2] - The company will adjust the conversion price of its convertible bonds in accordance with the relevant regulations after the implementation of the dividend distribution [2][3] Group 2 - The company will suspend the conversion of its convertible bonds from September 22, 2025, until the record date for the dividend distribution [3] - Holders of convertible bonds can convert their bonds until September 19, 2025, to enjoy the dividend distribution [3] - The company will disclose the implementation announcement and the adjustment of the conversion price on September 23, 2025 [3] Group 3 - A board member, Wang Bo, submitted his resignation on September 16, 2025, which was accepted, ensuring the board remains compliant with legal requirements [5][6] - The company held a staff representative meeting on September 16, 2025, to elect Qiu Wei as the staff representative director, whose term aligns with the current board's term [5][7] - Qiu Wei has no prior shareholding in the company and meets all qualifications for the position [9]

Group 1 - The core point of the news is the performance of the convertible bond of Blue Sky Gas, which saw a 2.0% decline in price to 137.002 yuan per share, with a trading volume of 60.91 million yuan and a conversion premium rate of 13.36% [1] - The convertible bond has a credit rating of "AA" and a maturity of 6 years, with interest rates increasing from 0.30% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 8.38 yuan, with the conversion period starting on February 21, 2024 [1] Group 2 - Henan Blue Sky Gas Co., Ltd. was established in 2002 and is a major gas enterprise in Henan Province, primarily engaged in natural gas transmission and sales [2] - The company operates significant projects including the national West-to-East gas transmission lines, with a total pipeline length exceeding 700 kilometers [2] - For the first quarter of 2025, Blue Sky Gas reported a revenue of 1.3961 billion yuan, a year-on-year decrease of 11.73%, and a net profit of 132 million yuan, down 34.86% year-on-year [2] - As of August 2025, the company has a relatively dispersed shareholder base with 27,910 shareholders and an average holding of 25.91 million yuan per person [2]

Core Points - Blue Sky Gas (605368) closed at 10.12 yuan on August 8, 2025, up 1.4% from last week's 9.98 yuan [1] - The company's current market capitalization is 7.232 billion yuan, ranking 11th out of 29 in the gas sector and 2358th out of 5151 in the A-share market [1] Company Announcements - Blue Sky Gas will pay the second-year interest on its convertible bonds, "Blue Sky Convertible Bonds," on August 15, 2025, with an interest amount of 0.50 yuan (including tax) per bond with a face value of 100 yuan [1] - The interest payment is for the period from August 15, 2024, to August 14, 2025, with a coupon rate of 0.50% [1][3] Convertible Bond Details - The bond's registration date for interest payment is August 14, 2025, and the ex-dividend date is August 15, 2025 [3] - The total issuance amount of the convertible bonds is 870 million yuan, with a face value of 100 yuan each [3] - The bonds are listed on the Shanghai Stock Exchange, with a maturity period from August 15, 2023, to August 14, 2029, and a conversion price of 8.38 yuan per share [3]

Core Viewpoint - The announcement details the interest payment schedule for the convertible bonds issued by Henan Lantian Gas Co., Ltd., highlighting key dates and financial terms related to the bonds [2][4][11]. Summary by Sections Convertible Bond Issuance Overview - The convertible bonds were issued on August 15, 2023, with a maturity date of August 14, 2029 [2]. - The bonds have an initial conversion price of 10.13 CNY per share, which will be adjusted based on profit distribution [3][6]. Interest Payment Details - The interest payment for the second year will be 0.50% per annum, equating to 0.50 CNY for each bond with a face value of 100 CNY [10][11]. - The interest payment dates are set as follows: - Record date: August 14, 2025 - Ex-dividend date: August 15, 2025 - Payment date: August 15, 2025 [4][11]. Bond Characteristics - The total issuance amount of the convertible bonds is 870 million CNY (87,000,000 CNY) [5]. - The bonds are listed on the Shanghai Stock Exchange, with the listing date being September 8, 2023 [5]. Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.40 CNY after tax for each bond [13]. - Foreign institutional investors are exempt from corporate income tax on interest income until December 31, 2025 [14]. Contact Information - The issuer is Henan Lantian Gas Co., Ltd., with contact details provided for further inquiries [15][16].

Core Points - The company announced the interest payment details for its convertible bonds, "蓝天转债," which will begin on August 15, 2025 [1][6] - The total issuance amount of the convertible bonds is 870 million yuan, with a face value of 100 yuan per bond [2][5] - The bonds have a fixed interest rate structure, with the second-year rate set at 0.50% [5][6] Summary by Sections Convertible Bond Issuance Overview - Bond name: 蓝天转债 - Bond code: 111017 - Total issuance volume: 870 million yuan (8.7 million bonds) [2] - Listing date: September 8, 2023 [2] - Duration: August 15, 2023, to August 15, 2029 [2] - Initial conversion price: 10.13 yuan/share, adjusted to 8.38 yuan/share [2][3] Interest Payment Details - Interest payment date: August 15, 2025 [1][6] - Interest rate for the second year: 0.50%, resulting in a payment of 0.50 yuan per bond (including tax) [5][6] - Tax on interest income for individual investors is 20%, leading to a net payment of 0.40 yuan per bond after tax [8][9] Payment Process - The company will transfer the interest amount to the designated bank account of the China Securities Depository and Clearing Corporation Shanghai Branch two trading days before the payment date [8] - Investors will receive their interest payments through their respective brokerage firms [8] Contact Information - Issuer: 河南蓝天燃气股份有限公司, located at 68 Jiefang Road, Zhumadian, Henan Province [10] - Sponsor: 招商证券股份有限公司, located at 111 Fuhua 1st Road, Shenzhen [10] - Custodian: China Securities Depository and Clearing Corporation Shanghai Branch, located at 188 Yanggao South Road, Shanghai [10]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]