1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the scale of fixed - income plus funds continued to grow, and the inflow of funds was expected to continue due to the bond market under - allocation and the upward movement of equities. Convertible bond funds and fixed - income plus funds still had strong support [4][6]. - Brokers significantly increased their positions in convertible bonds, while public funds and insurance funds actively reduced their positions on the whole. The behavior of brokers was different from that of public funds and insurance funds, with brokers more likely to increase positions in a bull market and the latter reducing positions when the convertible bond valuation was high [10][12]. - Public funds continued to reduce their positions in bank convertible bonds and sought bottom - position substitutes. Other convertible bonds in the financial sector and those in the public utilities sector received certain increases in positions [19]. 3. Summary According to Relevant Catalogs 3.1. Growth of Fixed - Income Plus Fund Shares with Market Support - In Q2 2025, fixed - income plus funds had a net subscription of 56.41 billion shares. Among them, first - tier bond funds had a net subscription of 52.548 billion shares, second - tier bond funds had a net subscription of 7.774 billion shares, and partial - debt hybrid funds had a net redemption of 3.68 billion shares, with the net redemption volume further decreasing compared to Q1 2025. Convertible bond funds had a net redemption of 2.164 billion shares, slightly higher than that in Q1 2025 but with relatively low net redemption pressure compared to Q4 2024 [4][6]. - In Q2 2025, the positions of convertible bond funds and fixed - income plus funds in equity - related assets decreased slightly. The reasons might include the tariff event in early April, profit - taking in May and June, and the reduction in the scope of investable targets in the convertible bond market [8]. 3.2. Public Funds and Insurance Funds Reduce Positions Marginally, while Brokers Increase Positions in Convertible Bonds - Brokers significantly increased their positions in convertible bonds in February, March, May, and June 2025, while public funds and insurance funds actively reduced their positions when the convertible bond valuation was high. With the convertible bond market hitting a new high and the equity market at a relatively high level, there was a need to be cautious about possible valuation drops [10][12]. - From January to June 2025, the positions of funds, insurance, and social security in convertible bonds decreased, while those of brokers' self - operation and asset management increased. The positions of convertible bond ETFs had net outflows in April and May and recovered significantly after late June [12][13][15]. 3.3. Analysis of Public Fund Holdings - In terms of industry distribution, public funds continued to reduce their positions in bank convertible bonds in Q2 2025 due to the forced redemption of Nanyin Convertible Bond, Hangyin Convertible Bond, Qilu Convertible Bond, and the approaching maturity of Pufa Convertible Bond. Other convertible bonds in the financial sector and those in the public utilities sector received certain increases in positions [19]. - Public funds increased their positions in some high - elasticity varieties such as those in the electronics, computer, communication, pharmaceutical, and food and beverage sectors, which might benefit from the structural market of technology, medicine, and consumption sectors. The positions in convertible bonds of the basic chemical and building materials industries also increased [21]. - In addition to financial bottom - position convertible bonds such as bank convertible bonds, public funds increased their positions in high - prosperity and high - elasticity targets such as Outong Convertible Bond, Wentai Convertible Bond, Shenma Convertible Bond, and Hengbang Convertible Bond [26].

Performance Insights - In Q2 2025, convertible bond funds achieved a median return of 3.52%, outperforming pure bond funds which had returns of 0.96%[1] - The overall performance of typical fixed income + funds surpassed that of pure bond funds following a rapid market recovery after a sharp decline[1] Fund Size and Positioning - In Q2 2025, the size of convertible bond funds decreased by 3.67% (CNY 36 billion) to CNY 948 billion, while first and second-tier bond funds increased by CNY 800 billion and CNY 385 billion, reaching CNY 8,487 billion and CNY 8,077 billion respectively[2][20] - The convertible bond fund's position increased slightly by 0.18 percentage points to 91.41%, while first-tier bond funds saw a minor decrease of 0.11 percentage points to 8.54%[24] Market Dynamics - The decline in convertible bond positions was primarily due to passive reductions, as fund managers struggled to find suitable investment opportunities amidst high demand and rising prices[3][26] - The high valuation of convertible bonds has weakened the common low-price investment strategy, leading to a constrained capacity for bottom-layer investment strategies[3][26] Sector Allocation - Public funds focused on increasing allocations in financial securities and mid-to-low priced cyclical consumer sectors, while reducing holdings in banks and other sectors facing forced redemption[4][37] - The top holdings included financial sector bonds, with significant increases in holdings of bonds from banks and non-bank financial institutions[4][37] Investment Strategy - The demand for convertible bonds remains strong, suggesting a continued bullish stance as long as underlying stocks do not show a downward trend[4] - A "barbell" investment strategy is recommended, combining large-cap bank stocks with policy-driven domestic demand sectors and undervalued technology growth stocks[4]

New Stock Issuance - ST凯利 (300326) is undergoing a tender offer from July 17, 2025, to August 15, 2025[1] - 中程退 (300208) has its last trading day on July 18, 2025[1] - 退市锦港 (600190) and 退市锦B (900952) also have their last trading day on July 18, 2025[1] Market Alerts - 广生堂 (300436) is experiencing severe abnormal fluctuations as of July 17, 2025[1] - 华银电力 (600744) has a market alert issued on July 15, 2025[1] - 扬电科技 (301012) and 新易盛 (300502) have announcements made on July 17, 2025[1] Other Notable Stocks - 皇氏集团 (002329) and 浙江黎明 (603048) have announcements on July 18, 2025[1] - ST立方 (300344) and 国晟科技 (603778) also have announcements on July 18, 2025[1] - 英利汽车 (601279) and 天宸股份 (600620) have announcements on July 18, 2025[1]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 annual profit distribution, resulting in a decrease from 8.20 CNY/share to 8.09 CNY/share, effective from July 25, 2025 [1][2]. Group 1: Conversion Price Adjustment - The previous conversion price was set at 8.20 CNY/share, and the new conversion price will be 8.09 CNY/share after the adjustment [1][2]. - The adjustment is based on the company's 2024 annual profit distribution plan, which was approved at the shareholders' meeting on June 19, 2025, involving a cash dividend of 0.11 CNY per share (including tax) [1][2]. - The adjustment formula used for the conversion price is P1 = P0 - D, where P0 is the previous conversion price, D is the cash dividend per share, and P1 is the adjusted conversion price [2]. Group 2: Suspension and Resumption of Trading - The convertible bonds will be suspended from conversion starting July 17, 2025, and will resume conversion at the new price on July 25, 2025 [2]. - The company’s convertible bonds have a maturity period of six years, from December 10, 2020, to December 9, 2026, with the conversion period running from June 16, 2021, to December 9, 2026 [1].

Core Points - The company announced a cash dividend of 0.11 CNY per share for the fiscal year 2024, approved at the annual shareholders' meeting on June 19, 2025 [1][2] - The record date for the dividend distribution is July 24, 2025, with the ex-dividend date also set for July 25, 2025 [1][3] - The total cash dividend distribution amounts to approximately 506.33 million CNY, based on a total share capital of 4,643,760,927 shares [2][3] Dividend Distribution Details - The cash dividend of 0.11 CNY per share is inclusive of tax, and the total amount will be adjusted if there are changes in the share capital before the record date [2] - The company will suspend the conversion of its convertible bonds from July 17, 2025, until the record date to maintain the total share capital [2] - Shares held in the company's repurchase account will not participate in this dividend distribution [2][5] Tax Implications - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.11 CNY per share [6] - For shares held for one year or less, the tax will be calculated upon the sale of the shares, with a potential tax burden of 20% for holdings of one month or less [6][8] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, leading to a net cash dividend of 0.099 CNY per share [7][9] Implementation of Dividend Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3][4] - Shareholders who have completed designated transactions can receive their cash dividends on the payment date, while those who have not will have their dividends held until the transaction is completed [3][4]

Group 1 - The company announced a cash dividend of 0.11 yuan per share (including tax) to all A-share shareholders based on the total share capital as of the dividend record date [1][2] - The annual profit distribution plan was approved at the 2024 annual general meeting held on June 19, 2025 [2] - The convertible bonds ("财通转债") will have their conversion price adjusted according to the terms outlined in the bond issuance prospectus following the dividend distribution [2] Group 2 - The trading of "财通转债" will be suspended during the dividend distribution period and will resume on the first trading day after the record date [2] - Holders of "财通转债" can convert their bonds into shares until July 16, 2025, to enjoy the benefits of the dividend distribution [2] - The company has provided contact information for inquiries regarding the announcement [2]

Core Viewpoint - The company has decided to adjust the conversion price of its convertible bonds downward from 11.19 CNY per share to 8.2 CNY per share, effective from July 4, 2025, due to the stock price being below the threshold for a significant period [1][3]. Group 1: Conversion Price Adjustment - The initial conversion price of the convertible bonds was set at 13.33 CNY per share, which was later adjusted to 11.19 CNY per share [2]. - The adjustment to the conversion price was triggered by the company's stock closing price being below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [3]. - The average trading price of the company's stock over the 30 trading days prior to the shareholder meeting was 7.6325 CNY per share, and the net asset value per share was 7.73 CNY [3]. Group 2: Corporate Governance and Decision-Making - The company's board of directors approved the proposal to adjust the conversion price on June 16, 2025, and the shareholders approved it on July 2, 2025 [3]. - The adjustment aims to optimize the company's capital structure and support long-term development while protecting investor interests [3].

Group 1 - The core point of the announcement is the conversion of convertible bonds into A-share stocks, with a total of 47,549 shares converted, representing 0.0013% of the company's total issued shares before conversion [2][3] - The total amount of unconverted convertible bonds as of June 30, 2025, is 3,799,431,000 yuan, which accounts for 99.9850% of the total issued convertible bonds [3] - The current conversion price for the convertible bonds is set at 11.19 yuan per share, and the bonds were initially issued on December 28, 2020, with a total issuance amount of 3.8 billion yuan [2][3] Group 2 - The total share capital before the conversion was 4,643,760,003 shares, which increased to 4,643,760,806 shares after the conversion of 803 shares [3] - The convertible bonds were approved by the China Securities Regulatory Commission and are traded on the Shanghai Stock Exchange under the code 113043 [2]

Core Viewpoint - The company is convening a shareholders' meeting to discuss key resolutions, including the downward adjustment of the conversion price for its convertible bonds, the removal of an independent director, and the election of a new independent director [5][8][9]. Meeting Guidelines - The meeting aims to protect shareholders' rights and ensure orderly proceedings, with specific rules for participation and speaking [2][3]. - Only authorized individuals, including shareholders and company representatives, are allowed to attend, and disruptive behavior will be addressed [2][3]. - Shareholders wishing to speak must register in advance, and speaking time is limited to maintain efficiency [4]. Meeting Agenda - The meeting is scheduled for July 2, 2025, at 14:30, at the company's headquarters [3]. - The agenda includes the announcement of the meeting's start, reading of guidelines, reviewing resolutions, shareholder speeches, voting, and concluding remarks [3][4]. Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with specific rules for casting votes [5]. - The meeting will consider three resolutions, with one requiring a special resolution majority of two-thirds of the voting rights [4][5]. Convertible Bond Adjustment - The company proposes to adjust the conversion price of its convertible bonds due to stock price performance, with the current price at 11.19 yuan per share [6][7]. - The adjustment is permissible if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [7]. - The proposed adjustment will be subject to shareholder approval, and the new price must meet certain valuation criteria [7]. Independent Director Changes - The company plans to remove independent director Gao Qiang due to his inability to fulfill duties and seeks shareholder approval for this action [8]. - A new independent director candidate, Mao Huigang, has been nominated, who meets all regulatory requirements and has no conflicts of interest [9].

Core Viewpoint - The companies Caitong Securities and Ruida Futures have announced a proposal to lower the conversion price of their convertible bonds, marking the first time in four to five years that such a proposal has been made despite previous triggers for price adjustments [4][8]. Group 1: Company Actions - Caitong Securities and Ruida Futures have initiated actions to lower the conversion prices of their respective convertible bonds, Caitong Convertible Bond and Ruida Convertible Bond [4][8]. - Caitong Securities reported that from May 26 to June 16, its stock price had closed below 80% of the current conversion price for 15 out of 30 trading days, triggering the adjustment clause [4][11]. - The board of Caitong Securities has approved the proposal to lower the conversion price, which will be submitted for shareholder approval [4][8]. Group 2: Market Impact - Following the announcement of the proposed price adjustments, the secondary market prices of the convertible bonds reacted positively, with Caitong Convertible Bond rising by 4.65% to 120.012 yuan and Ruida Convertible Bond increasing by 1.12% to 120.35 yuan on June 17 [11]. - The current outstanding balances of Caitong Convertible Bond and Ruida Convertible Bond are 3.799 billion yuan and 649 million yuan, respectively, with conversion rates of 99.99% and 99.84% remaining unconverted [10][11]. Group 3: Strategic Intent - The rationale behind the proposed price adjustments is to optimize the companies' capital structures, enhance their competitive positions, and support long-term development while protecting the interests of bondholders [8][11]. - Both companies have indicated that the decision to lower the conversion prices is based on a comprehensive consideration of market conditions and stock price trends [8].