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]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上一周期（11.25-12.8）低价增强策略、改良双低策略、高价高弹性策略分别录得0.2%、2.3%、2.3%（同期基准0.0%）。今年以来，三类策略绩效分别为 17.4%、29.4%、55.1%（同期基准16.7%），累计超额收益率0.7%、12.7%、38.4%。上个周期权益市场回升，万得全A环比收涨4.1%，中证转债收平，低 价风格表现稍弱，高波策略重新占优。 低价增强策略最新持仓： 高价高弹性策略最新持仓： 阳谷转债（基础化工，新入）、华懋转债（汽车，新入）、永02转债（机械设备，新入）、富春转债（纺织服饰，新入）、中环转2（环保，新入）、超 声转债（电子，新入）、易瑞转债（医药生物，新入）、水羊转债、亿纬转债、北港转债。 高价高弹性策略调仓理由： 上期高价指数跟随正股上涨0.9%，高波策略重新占优。调入调出方面，本期调出价格偏高的天源转债、柳工转2、春23转债等，调入暂无强赎风险的阳谷 转债、华懋转债等高价品种，并保持行业分散。当前权益高位下高波策略操作难度偏高，叠加年末流动性或边际收紧，持续关注强赎进度及估值压缩带来 的下行 ...

证券研究报告·固定收益·固收周报 固收周报 20251206 转债建议关注科技主线扩散方向 2025 年 12 月 06 日 《二级资本债周度数据跟踪 （20251201-20251205）》 2025-12-06 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《绿色债券周度数据跟踪（20251201- 20251205）》 2025-12-06 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 本周（1201－1205）海外方面市场边际定价联储降息，风险资产回暖， 美三大股指接近恢复到 11 月博弈降息前的位置，产业面政策、产业面 催化边际重新夺回定价权。日央行会否在 12 月 19 日如期加息成为海外 流动性下一个关注节点，目前日本十年期国债收益率近三周累积上涨约 25bp，考虑到日元 carry trade 全球存量接近 20 万亿美元（根据 BIS ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、"超声转债"将于2025年12月8日按面值支付第五年利息，每10张"超声转债"（面值1,000元）利息为 18.00元（含税） 2、债权登记日：2025年12月5日 3、除息日：2025年12月8日 4、付息日：2025年12月8日 5、"超声转债"票面利率：第一年0.3%、第二年0.5%、第三年1.0%、第四年1.5%、第五年1.8%、第六年 2.0%。 6、"超声转债"本次付息的债权登记日为2025年12月5日，凡在2025年12月5日（含）前买入并持有本期 债券的投资者享有本次派发的利息；2025年12月5日卖出本期债券的投资者不享有本次派发的利息。在 付息债权登记日前（包括付息债权登记日）申请转换成公司股票的可转换公司债券，公司不再向其持有 人支付本计息年度及以后计息年度的利息。 7、下一付息期起息日：2025年12月8日 经中国证券监督管理委员会"证监许可[2020]2781号"核准，广东汕头超声电子股份有限公司（以下简 称"公司"）于2 ...

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 ...

Core Viewpoint - The announcement details the profit distribution plan for Guangdong Shantou Ultrasonic Electronics Co., Ltd. for the year 2024, which includes a cash dividend of 2.00 RMB per 10 shares, approved by the shareholders' meeting on April 9, 2025 [1][2][13]. Profit Distribution Plan - The profit distribution plan approved by the shareholders' meeting states that for every 10 shares held, a cash dividend of 2.00 RMB (including tax) will be distributed [1][4]. - For certain investors, such as those holding shares through the Hong Kong market or specific institutional investors, the cash dividend will be 1.80 RMB per 10 shares due to tax considerations [4]. - The distribution will be adjusted if the total share capital changes before the distribution date due to convertible bonds being converted into shares [4]. Key Dates - The record date for the profit distribution is set for April 21, 2025, and the ex-dividend date is April 22, 2025 [4][5]. Distribution Method - Cash dividends will be directly credited to the accounts of shareholders through their securities companies on the ex-dividend date [7]. - The company will bear all legal responsibilities if there are any issues with the distribution due to changes in shareholders' accounts during the distribution application period [7]. Convertible Bond Adjustment - Following the profit distribution, the conversion price of the company's convertible bonds ("Ultrasonic Convertible Bonds", code: 127026) will be adjusted from 12.42 RMB per share to 12.22 RMB per share, effective from April 22, 2025 [6][14][15]. - The adjustment is based on the cash dividend distribution, calculated as follows: P1 = P0 - D, where P0 is the original conversion price and D is the cash dividend per share [13].