8月27日，蓝天转债盘中下跌2.0%报137.002元/张，成交额6091.01万元，转股溢价率13.36%。 资料显示，蓝天转债信用级别为"AA"，债券期限6年（第一年0.30%,第二年0.50%,第三年1.00%,第四年 1.50%,第五年1.80%,第六年2.00%），对应正股名称为蓝天燃气，转股开始日为2024年2月21日，转股价 8.38元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，河南蓝天燃气股份有限公司成立于2002年,系河南省能源系统先进工作单位,是河南省主干线 管网覆盖范围较广、规模较大的综合性燃气企业集团,主营业务为天然气输送及销售,已于2021年1月在上 交所主板挂牌上市(股票代码:605368)。公司主要运营管理项目为国家西气东输一线豫南支线、国家西气 东输二线南阳至驻马店支线、博爱至薛店支线、禹州至许昌支线,天然气支干线总长度700多 ...

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]