Group 1 - The company, Guangdong Shantou Ultrasonic Electronics Co., Ltd., issued 7 million convertible bonds with a total value of 70 million yuan, approved by the China Securities Regulatory Commission [2][3] - The convertible bonds, named "Ultrasonic Convertible Bonds," began trading on January 14, 2021, on the Shenzhen Stock Exchange [3] - The conversion price for the bonds was adjusted multiple times, with the latest adjustment on April 22, 2025, setting the price at 12.22 yuan per share [5][6] Group 2 - As of the fourth quarter of 2025, 121,200 yuan worth of convertible bonds were converted into 9,914 shares, representing 0.0018% of the company's total issued shares prior to conversion [5][6] - The total amount of unconverted convertible bonds as of the end of the fourth quarter of 2025 was 699,552,900 yuan, accounting for 99.9361% of the total issuance [6] - The company has provided additional information regarding the convertible bonds in its prospectus available on the Giant Tide Information Network [6]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - Overseas, the Fed's guidance on 2026 interest - rate cut expectations affects tech - stock valuations. Compared with the potential tightening of the ECB and BOJ, the Fed remains dovish, pressuring the US dollar. The Trump administration's 2025 "US National Security Strategy" may lead to a power vacuum in some regions, causing countries to increase defense spending and reshaping the geopolitical landscape. The report continues to be bullish on gold and US Treasuries [1][39] - Domestically, the equity market is oscillating, and risk appetite is generally low at the end of the year. The market has difficulty forming a consensus. Convertible bonds, with an additional option value, present a configuration window at the end of the year and beginning of the next year in sectors with large expectation gaps [1][40] - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for par premium rate repair next week are Hope Convertible Bond, Liqun Convertible Bond, Eagle 19 Convertible Bond, etc. [1][41] Group 3: Summary by Directory 1. Weekly Market Review 1.1 Equity Market Overall Rise - From December 8 to 12, 2025, the equity market generally rose. The average daily trading volume of the two markets increased from about 8105.49 billion yuan to 24948.34 billion yuan, a week - on - week increase of 48.12% [6][10] - The Shanghai Composite Index fell 0.34% to 3889.35 points, the Shenzhen Component Index rose 0.84% to 13258.33 points, the ChiNext Index rose 2.74% to 3194.36 points, and the CSI 300 fell 0.08% to 4580.95 points [6] - Among the 31 Shenwan primary industries, 8 industries closed up, with 3 industries rising more than 2%. Communication, national defense and military industry, electronics, machinery equipment, and power equipment led the gains, while coal, petroleum and petrochemicals, steel, textile and apparel, and basic chemicals led the losses [14] 1.2 Convertible Bond Market Overall Rise - From December 8 to 12, 2025, the CSI Convertible Bond Index rose 0.20%. Among the 29 Shenwan primary industries, 11 industries closed up, with 4 industries rising more than 2%. National defense and military industry, building materials, electronics, communication, and automobile led the gains, while coal, basic chemicals, social services, commercial and retail trade, and non - ferrous metals led the losses [16] - The average daily trading volume of the convertible bond market was 606.37 billion yuan, a significant increase of 68.36 billion yuan, a 12.71% week - on - week change. The top ten convertible bonds in terms of trading volume were Zai 22 Convertible Bond, Furong Convertible Bond, etc. [16] - Approximately 35.77% of individual convertible bonds rose, about 16.88% rose in the 0 - 1% range, and 14.61% rose more than 2% [16] - The overall market conversion premium rate rose, with an average daily conversion premium rate of 42.34%, a 1.49 - percentage - point increase from the previous week. Different price and parity intervals showed different trends [22] 1.3 Stock - Bond Market Sentiment Comparison - The trading sentiment of the convertible bond market was better this week. The weighted average and median of convertible bond price changes were positive and negative respectively, while those of the underlying stocks were both negative. The trading volume of both the underlying stocks and convertible bonds increased significantly, with the underlying stocks having a larger increase and a higher quantile level [36] - On different trading days, the trading sentiment of the stock and convertible bond markets alternated. For example, on December 8, the trading sentiment of the stock market was better, while on December 9, the trading sentiment of the convertible bond market was better [37] 2. Future Outlook and Investment Strategy - Overseas, continue to be bullish on gold and US Treasuries due to the Fed's stance and the US national security strategy [1][39] - Domestically, for convertible bonds, there are configuration opportunities at the end of the year and beginning of the next year in three sectors: AI edge - side, especially consumer electronics; upstream targets such as chip manufacturing and key substrates; and power transmission and distribution equipment [1][40]

Core Viewpoint - The China Convertible Bond Index rose by 0.43% on December 12, reaching 483.36 points, indicating a positive trend in the convertible bond market [1] Summary by Category Market Performance - The China Convertible Bond Index increased by 0.43% to 483.36 points [1] - Notable gainers included: - Ruike Convertible Bond: +30.00% - Jingzhuang Convertible Bond: +11.31% - Jingda Convertible Bond: +7.24% - Huicheng Convertible Bond: +6.28% - Zhenhua Convertible Bond: +5.10% [1] - Significant decliners included: - Longda Convertible Bond: -3.25% - Huarui Convertible Bond: -3.24% - Furong Convertible Bond: -3.01% - Chaosheng Convertible Bond: -2.51% - Yong02 Convertible Bond: -2.28% [1]

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 0.2%, 2.3%, and 2.3% respectively during the last period, outperforming the benchmark return of 0.0% [1] - Year-to-date performance for these strategies shows returns of 17.4%, 29.4%, and 55.1%, with excess returns of 0.7%, 12.7%, and 38.4% compared to the benchmark return of 16.7% [1] Low Price Enhancement Strategy - Latest holdings include new entries such as Energy Convertible Bonds (Utilities), Hengyi Convertible Bonds (Petrochemicals), and others across various sectors [2] - The adjustment rationale for this strategy is based on a significant decline in the low-price index (down 0.6%), with a focus on selecting stable low-price varieties due to a relaxation of net profit constraints [3] Improved Dual Low Strategy - Latest holdings feature new entries like Changyin Convertible Bonds (Banking) and others from diverse sectors [4] - The adjustment rationale indicates a decline in the dual low index (down 0.5%), with a focus on stable performance and avoiding bonds in strong redemption progress [5] High Price High Elasticity Strategy - Latest holdings include new entries such as Yanggu Convertible Bonds (Basic Chemicals) and others from various industries [6] - The adjustment rationale reflects a 0.9% increase in the high-price index, with a focus on avoiding high-priced bonds facing strong redemption risks while maintaining industry diversification [7]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Overseas markets are pricing in Fed rate cuts, with risk assets recovering. The US major stock indices are approaching their pre - November rate - cut - speculation levels, and industrial policies and catalysts are regaining pricing power. The potential December 19th rate hike by the BoJ is the next focus for overseas liquidity. A narrowing of the US - Japan policy interest rate spread may lead to a partial unwinding of carry - trade leveraged funds, impacting global liquidity [1][43] - The domestic equity market has shifted its focus to the policy guidance for the "14th Five - Year Plan" from the year - end important meetings. The technology sector shows signs of recovery, with Moore Threads surging over 4 times on its first trading day. Convertible bonds are generally volatile, with small - and medium - cap stocks outperforming. In 2026, the "diffusion" trend will be prominent. The continuous release of edge - side AI software and hardware will create a business loop for upstream high - capex spending and boost the edge - side, especially consumer electronics - related targets [1][44] - For existing convertible bond targets, it is recommended to focus on Chaosheng Convertible Bonds (SLP), Luxshare Convertible Bonds (ODM+), Guanyu Convertible Bonds (battery pack), and Lihe Convertible Bonds (PLC). For upcoming targets, pay attention to Awinic Electronics (thermal management chips), Tonglian Precision (MIM for Apple and Tesla's dexterous hands), Jingyan Technology (Android MIM + NVIDIA DCC), and Suzhou Tianmai (VC vapor chambers) [1][44] - The top ten convertible bonds with the highest probability of downward revision next week are Ziyin Convertible Bonds, Lanfan Convertible Bonds, Longda Convertible Bonds, Wanqing Convertible Bonds, Baolai Convertible Bonds, Jidong Convertible Bonds, Kehua Convertible Bonds, Honglu Convertible Bonds, Shanlu Convertible Bonds, and Qiaqia Convertible Bonds [1][44] - The top ten high - rated, medium - low - price convertible bonds with the greatest potential for par - premium ratio repair next week are Lizhong Convertible Bonds, Chutian Convertible Bonds, Jiangong Convertible Bonds, Ying 19 Convertible Bonds, Liqun Convertible Bonds, Hope Convertible Bonds, Liuyao Convertible Bonds, Jiayue Convertible Bonds, Wentai Convertible Bonds, and Lutai Convertible Bonds [1][45] Group 3: Summary According to the Table of Contents 1. Weekly Market Review 1.1 Equity Market Overall Rise - From December 1st to 5th, the equity market rose overall. The Shanghai Composite Index rose 0.37% to 3902.81 points, the Shenzhen Component Index rose 1.26% to 13147.68 points, the ChiNext Index rose 1.86% to 3109.30 points, and the CSI 300 rose 1.28% to 4584.54 points. The average daily trading volume of the two markets decreased by about 41.146 billion yuan to 1684.284 billion yuan, with a weekly - on - weekly decline of 2.38% [6][9] - On different trading days, the market showed different trends. For example, on December 1st, most stocks rose, and sectors like consumer electronics and non - ferrous metals led the gains; on December 2nd, most stocks fell, and sectors like energy metals and non - ferrous metals declined [10] - Among the 31 Shenwan primary industries, 17 industries rose, with 5 industries rising over 2%. Non - ferrous metals, communication, national defense and military industry, machinery equipment, and non - bank finance led the gains, while media, beauty care, food and beverage, computer, and textile and apparel led the losses [14] 1.2 Convertible Bond Market Overall Rise - From December 1st to 5th, the CSI Convertible Bond Index rose 0.08% to 482.00 points. Among the 29 Shenwan primary industries, 20 industries rose, with 2 industries rising over 2%. National defense and military industry, non - ferrous metals, machinery equipment, petroleum and petrochemical, and commercial retail led the gains, while computer, power equipment, beauty care, agriculture, forestry, animal husbandry and fishery, and food and beverage led the losses [17] - The average daily trading volume of the convertible bond market was 53.801 billion yuan, a significant decrease of 7.77 billion yuan, with a month - on - month change of - 12.62%. The top ten convertible bonds in terms of trading volume were Furong Convertible Bonds, Dongshi Convertible Bonds, Dazhong Convertible Bonds, Zhongneng Convertible Bonds, Weidao Convertible Bonds, Guanzhong Convertible Bonds, Huicheng Convertible Bonds, Zhenhua Convertible Bonds, Nenghui Convertible Bonds, and Zhongqi Convertible Bonds [17] - Approximately 51.24% of convertible bond issues rose, with about 29.60% rising between 0 - 1% and 11.44% rising over 2% [17] - The overall market conversion premium rate declined, with a daily average of 40.85%, a decrease of 0.70 pct from last week. Different price and parity intervals showed different trends, and 8 industries saw an expansion in the conversion premium rate, while some industries saw a narrowing [23][32] - In terms of conversion parity, 22 industries saw an increase, with 11 industries rising over 2%. Textile and apparel, non - ferrous metals, communication, petroleum and petrochemical, and automobile led the gains, while environmental protection, media, agriculture, forestry, animal husbandry and fishery, computer, and social services led the losses [36] 1.3 Comparison of Stock and Bond Market Sentiments - From December 1st to 5th, the weighted average and median price changes of convertible bonds and underlying stocks were positive, and the underlying stocks had a larger weekly increase. The trading volume of the convertible bond market decreased by 12.62% month - on - month, at the 37.70% quantile level since 2022; the corresponding underlying stock market trading volume decreased by 5.86% month - on - month, at the 63.70% quantile level since 2022. The underlying stock market had a better trading sentiment overall [40] - On different trading days, the trading sentiment of the stock and bond markets varied. For example, on December 1st, the underlying stock market had a better trading sentiment; on December 3rd, the convertible bond market had a better trading sentiment [41] 2. Outlook and Investment Strategy - Overseas markets are pricing in Fed rate cuts, and the potential BoJ rate hike is a focus. A narrowing of the US - Japan policy interest rate spread may impact global liquidity [1][43] - The domestic equity market is focused on policy guidance, and the technology sector shows recovery signs. Convertible bonds are volatile, and in 2026, the "diffusion" trend will be important. Recommendations for convertible bond targets are provided, and the top ten convertible bonds with high downward - revision probability and par - premium ratio repair potential are listed [1][44]

Core Viewpoint - The company will pay the fifth-year interest on its convertible bonds, "超声转债," on December 8, 2025, with specific details regarding interest rates and payment procedures outlined in the announcement [2][3][11]. Summary by Sections Convertible Bond Basic Information - The company issued 7 million convertible bonds, totaling 700 million yuan, which are listed on the Shenzhen Stock Exchange [3][4]. - The bonds have a maturity period from December 8, 2020, to December 7, 2026, with a conversion period from June 15, 2021, to December 7, 2026 [4]. Interest Payment Details - The interest rates for the bonds are structured as follows: 0.3% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, 1.8% for the fifth year, and 2.0% for the sixth year [4][11]. - For the fifth year, the interest payment will be 18.00 yuan (including tax) for every 10 bonds held [11]. Payment Dates - The bondholder registration date is December 5, 2025, with the interest payment date also set for December 8, 2025 [17]. - The ex-dividend date is December 8, 2025, meaning that those who sell the bonds before this date will not receive the interest payment [17]. Taxation on Interest Income - Individual bondholders will have a 20% tax withheld on the interest income, resulting in an effective payment of 14.40 yuan for every 10 bonds [11]. - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax, receiving the full interest amount [11][16]. Credit Rating - The company's long-term credit rating is AA, and the same rating applies to the convertible bonds, with a stable outlook maintained across multiple years [8][9][10].

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]

Group 1 - The company, Guangdong Shantou Ultrasonic Electronics Co., Ltd., issued 7 million convertible bonds with a total amount of 700 million RMB, approved by the China Securities Regulatory Commission on December 8, 2020 [2][3] - The convertible bonds, named "Ultrasonic Convertible Bonds," were listed on the Shenzhen Stock Exchange on January 14, 2021 [3] - The conversion price of the bonds has been adjusted multiple times, with the latest adjustment on April 22, 2025, setting the price at 12.22 RMB per share [5][6] Group 2 - As of the second quarter of 2025, only 402 shares were converted from the bonds, representing 0.0001% of the total shares before conversion, while 99.9536% of the bonds remain unconverted, amounting to 699,675,100 RMB [5][6] - The company has provided detailed information regarding the bond issuance and conversion process, available in the prospectus published on December 4, 2020 [6]

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds, despite triggering the downward adjustment clause due to stock prices falling below 85% of the conversion price for 15 out of 30 trading days [4][8]. Group 1: Board Meeting and Decision - The company's 10th Board of Directors held its 8th meeting on April 23, 2025, where the decision was made with 9 votes in favor [1][4]. - The meeting was conducted via telecommunication, with all 9 directors participating, along with 3 supervisors and the company secretary [1]. Group 2: Convertible Bond Details - The company issued 7 million convertible bonds with a total value of 700 million yuan, with an initial conversion price set at 12.85 yuan per share [5]. - The conversion price has been adjusted multiple times due to annual profit distribution, with the latest adjustment on April 22, 2025, lowering it to 12.22 yuan per share [7]. Group 3: Downward Adjustment Clause - The downward adjustment clause was triggered from March 12 to April 23, 2025, due to stock prices falling below the specified threshold [4][8]. - The company will not propose any downward adjustment for the next three months, and if the clause is triggered again after July 23, 2025, the board will reassess the situation [4][8].

明天161124港股小盘LOF会封死跌停的，而且，后天还会封死跌停，我怀疑最后就是跌到成本附近，大家白忙活。 这让我想起个故事。 上次我去澡堂子洗澡： 牛：老板，你这儿洗澡多少钱？ 老板：男浴池10元，女浴池100元。 牛：为什么女浴池那么贵？ 老板：你就说想去男浴池还是女浴池？ 牛：一听这话，果断交了100块。 兴冲冲进女浴池一看，全是买票进来的男的。。。 被骗过一次长记性了。 但前天我去澡堂子，心里又痒痒了，我想虽然概率很低，但成本不高，万一要是能遇到个女的呢？ 最后还是忍不住买了100块钱的票。 风语转债：董事会提议下修 维尔转债：下修到底 赛力医疗：收到证监会湖北监管局行政处罚决定书 | 转债代码 | 转债名称 | 强赎天计数 | 现价 | 转股价值 | 溢价率 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | (亿元) | 流通市值比 | | 128144 | 利民转债 | 还需0天 | 145.777 | 146.35 | -0.39% | 5.042 | 11.10% | | 1136 ...