1. Report's Industry Investment Rating - Not specified in the provided content 2. Core Viewpoints of the Report - In the short term, there is a high certainty that the liability growth rate of the real - sector will rise in February, and the financial sector (funding situation) is okay. Overall, the macro - liquidity is improving, with a positive view on equities, and the value and growth styles are tending to balance. Convertible bonds still have the advantage of asymmetric gains and losses in a volatile environment, and the demand for convertible bonds, especially convertible bond ETFs, may remain rigid. The valuation of the convertible bond market is expected to stay at a high level [23]. 3. Summary According to Relevant Catalogs Market Performance - Last week, due to the confirmation of the new candidate for the Fed Chairman, market risk appetite declined, and various assets fluctuated. Convertible bond prices followed the decline of the underlying stocks, but the valuation of convertible bonds remained at a historical high, and supported by the valuation, convertible bonds performed better than the underlying stocks. The average daily trading volume of the entire convertible bond market was 77.3 billion yuan, with basically no change compared to the previous week. The 100 - yuan premium rate remained at 34%, and the implied volatility fluctuated around the historical extreme point of 45%. The trading sentiment of convertible bonds continued to cool down slightly, and the trading popularity of traditional speculative bonds returned to a historical low. The trends of each sector were consistent with the underlying stocks, and the valuations changed passively. High - price, large - cap, low - rated, and newly - listed bonds had relatively large adjustment ranges [11]. - In a high - valuation environment, most industries are dominated by equity - like convertible bonds and high - price - high - premium convertible bonds. Industries with high - price - high - premium convertible bonds accounting for over 50% include the automotive and computer industries, where the valuation of convertible bonds deviates significantly. Industries with equity - like convertible bonds accounting for over 50% include the military, non - ferrous metals, non - bank finance, machinery, and chemical industries, where convertible bonds have high elasticity and strong offensiveness [11]. Funding Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the shares of the Shanghai Stock Exchange 50 and CSI 1000 continued to decline significantly, the CSI 500 was newly added as a major reduction target, and the capital inflow trend of the CSI 2000 stopped. The share of gold ETFs continued to increase significantly, with a growth rate of 12%, the same as the previous week. Convertible bond ETFs have maintained a stable net inflow recently, with the fund shares increasing significantly for four consecutive weeks, and the shares continued to grow by 3.5% last week. The share of interest - rate bonds continued to shrink [21]. Investment Strategy - Short - term investment strategy: Be optimistic about equities, with value and growth styles tending to balance. The valuation of the convertible bond market is expected to stay high, but be aware of the call risk and the risk of double - kill of the underlying stocks and valuation during the earnings disclosure period [23]. - Bond - selection suggestions: Emphasize the performance support of the underlying stocks. Pay attention to Jintian Convertible Bond and Guoli Convertible Bond in the UHV sector; Liugong Convertible Bond 2 and Yunji Convertible Bond in the pro - cyclical and engineering overseas sectors; Lixun Convertible Bond in AI applications; Ruichuang Convertible Bond in the military industry. For newly - listed bonds, recommend paying attention to Weidao Convertible Bond, Yongxi Convertible Bond, Weice Convertible Bond, and Dinglong Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond (Jinpan Technology) in power grid equipment; Yingliu Convertible Bond for gas turbines; and Jin 25 Convertible Bond (Jinchangxin) [23].

Group 1 - The article highlights the performance of various convertible bonds, with specific mention of the largest declines and gains in the market [1] - The largest declines were observed in the following convertible bonds: Yunji Convertible Bond (-7.41%), Jingce Convertible Bond (-7.07%), Anji Convertible Bond (-3.94%), Dinglong Convertible Bond (-3.76%), and Zhemin Convertible Bond (-3.50%) [1] - Conversely, the top gainers included Lianrui Convertible Bond (+20.00%), Jin 25 Convertible Bond (+7.94%), Zhuomei Convertible Bond (+6.99%), Yitian Convertible Bond (+6.09%), and Fuli Convertible Bond (+5.62%) [1]

Group 1 - The China Convertible Bond Index opened with a slight decline of 0.02% on January 27 [1] - Two convertible bonds experienced a drop of over 2%, with the largest declines seen in Yunjizhuan Bond at 4.05% and Zhekuang Bond at 3.91% [1] - On the other hand, five convertible bonds recorded gains exceeding 2%, led by Dinglong Bond with an increase of 4.23% [1]

Group 1 - The China Convertible Bond Index rose by 1.17% to 533.92 points on January 23 [1] - Notable gainers included Shuangliang Convertible Bond, Ruichuang Convertible Bond, Zhejiang Mining Convertible Bond, Ruike Convertible Bond, and Jiamei Convertible Bond, with increases of 16.21%, 13.12%, 9.52%, 8.72%, and 7.97% respectively [1] - The top decliners were Tianchuang Convertible Bond, Huarui Convertible Bond, Z Huanxu Convertible Bond, Jiamei Convertible Bond, and Yunjiji Convertible Bond, which experienced significant losses [1]

Core Viewpoint - The company, Sichuan Zigong Transportation Machinery Group Co., Ltd., has decided not to exercise the early redemption rights of its convertible bonds, known as "Yunji Convertible Bonds," despite triggering the conditional redemption clause due to stock price performance [3][9][15]. Group 1: Board Meeting Details - The fifth board meeting of the company was held on December 26, 2025, with all eight directors present, and the meeting was conducted in compliance with legal and regulatory requirements [2]. - The meeting was chaired by the company's chairman, Mr. Wu Youhua, and included participation from some senior management [2]. Group 2: Resolution on Convertible Bonds - The board unanimously approved the resolution not to redeem the "Yunji Convertible Bonds" early, with a vote of 8 in favor, 0 against, and 0 abstentions [4]. - The decision means that for the next 12 months, from December 27, 2025, to December 26, 2026, the company will not exercise the early redemption rights even if the conditions are met again [3][16]. Group 3: Convertible Bonds Details - The "Yunji Convertible Bonds" were issued on September 21, 2023, with a total of 7,300,000 bonds at a face value of 100 RMB each, raising a total of 730 million RMB [9]. - The initial conversion price was set at 17.67 RMB per share, which has been adjusted to 12.09 RMB per share as of May 16, 2025, due to the company's equity distribution plan [12]. Group 4: Redemption Clause and Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [13]. - The stock price from December 8 to December 26, 2025, met this condition, triggering the redemption clause [15]. Group 5: Future Considerations - The company will reassess the situation if the redemption conditions are triggered again after December 26, 2026, and will hold another board meeting to decide on the redemption [16]. - There are currently no plans from major shareholders or executives to reduce their holdings in the convertible bonds in the next six months [17].

Core Viewpoint - The company, 运机集团, announced that it will not exercise the early redemption rights for its "运机转债" on December 26, 2025, despite the redemption terms being triggered for 15 consecutive trading days from December 8 to December 26 [2] Summary by Relevant Sections - **Redemption Decision** - The company has decided to refrain from exercising the early redemption rights for its convertible bonds [2] - **Trigger Conditions** - The redemption terms were triggered for 15 consecutive trading days, indicating a significant market condition [2] - **Conversion Price and Threshold** - The current conversion price is set at 12.09 yuan per share, with a 130% threshold at 15.72 yuan per share [2] - **Future Considerations** - The company stated that even if the conditions are triggered again within the next 12 months, it will not exercise the redemption rights, and the terms will be recalculated after the expiration [2]

Core Viewpoint - The company announced that its stock price has met the conditions for the conditional redemption of its convertible bonds, which may lead to a redemption of the bonds if the stock price remains above the specified threshold [2] Group 1 - The company, 运机集团, stated that from December 8 to December 18, 2025, its stock price has closed at or above 130% of the current conversion price of the "运机转债" (12.09 CNY/share), which is 15.72 CNY/share [2] - If the stock price continues to meet the threshold, the company has the right to redeem all or part of the unconverted "运机转债" at face value plus accrued interest, as per the terms outlined in the bond issuance prospectus [2]

Group 1 - The China Convertible Bond Index rose by 0.05% on December 18, reaching 483.39 points [1] - Notable gainers included Jia Mei Convertible Bond, Sai Li Convertible Bond, Hu Gong Convertible Bond, Jin Zhong Convertible Bond, and Hang Yu Convertible Bond, with increases of 20.00%, 12.92%, 11.18%, 9.14%, and 5.21% respectively [1] - Major decliners included Da Zhong Convertible Bond, Huan Xu Convertible Bond, Yun Ji Convertible Bond, Rui Da Convertible Bond, and Hua An Convertible Bond, with decreases of 4.80%, 4.10%, 3.64%, 3.64%, and 3.55% respectively [1]

Group 1 - The China Convertible Bond Index opened with a gain of 0.08%, reaching 483.5 points on December 11 [1] - Mengsheng Convertible Bond increased by over 4%, while Zai 22 Convertible Bond and Yingliu Convertible Bond rose by more than 3% [1] - Yunji Convertible Bond and Ruida Convertible Bond experienced a decline of nearly 1% [1]

Group 1 - The company held its 30th meeting of the fifth board of directors on November 25, 2025, to discuss various proposals [2][3] - The board approved the estimated daily related party transaction amount for 2026, not exceeding RMB 165.26 million (excluding tax) [3][21] - The board also approved changes to the registered capital and amendments to the company's articles of association due to the conversion of convertible bonds and the cancellation of certain restricted stocks [7][33] Group 2 - The company plans to hold its fifth extraordinary general meeting of shareholders on December 12, 2025, to discuss the approved proposals [17][39] - The meeting will include provisions for both on-site and online voting, with specific time frames for participation [39][51] - Shareholders must register to attend the meeting, with detailed instructions provided for both individual and corporate shareholders [48][49] Group 3 - The company has established a compensation management system for directors and senior management, which was also approved by the board [11][12] - Several governance documents, including the board nomination committee's working rules and the general manager's working rules, were revised to enhance corporate governance [14][16] - The independent directors and the audit committee reviewed and supported the proposals, ensuring compliance with market principles and protection of minority shareholders' interests [29][30]