固定收益 | 固定收益定期 可转债周报 20250824 证券研究报告 临期转债"百态" 转债周度专题 截至 8 月 22 日，2025 年内共有 82 只转债退市，其中 20 只为到期退市， 6 只到期退市转债的实际到期兑付比例低于 1%，3 只到期兑付比例高于 90% （核建转债、好客转债、智能转债），其余到期兑付比例集中在 20%-60%。 年内已到期退市转债的促转股与到期兑付之路存在差异：中信转债发行金 额 400 亿元，但最终兑付比例不足 1%，其促转股之路较为丰富：第一，控 股股东率先将转债溢价转股。第二，正股阶段性"异动"，负溢价率转股。 2024 年 12 月开始，银行股持续上行，中信转债的转股价值明显高于到期 价值，叠加银行发行转债补充一级核心资本的目标导向，转债转股节奏加 快。民企转债多数（11/18）在存续期曾下修过转股价，如好客转债、合兴 转债在到期前半年左右均提议下修过转股价，但下修均未实现有效促转股。 截至 8 月 22 日，年内即将到期转债还有 14 只。规模较高的如金能转债、 浦发转债、海亮转债、烽火转债、鹰 19 转债、建工转债等。金能转债 8 月 12 日刚下修过转股价，公 ...

Group 1 - The frequency of new stock offerings on the Beijing Stock Exchange has increased from once a month to twice a week [1] - The strong redemption of Kaineng Convertible Bonds and Qizheng Convertible Bonds has been announced [1] - Chongqing Bank's shareholder, Chongqing Water Investment Group, plans to reduce its stake by no more than 1.5% [1] Group 2 - The following convertible bonds have been announced for strong redemption: Kaineng Convertible Bonds, Qizheng Convertible Bonds, and Jineng Convertible Bonds [1] - The subscription for new stocks on the Beijing Stock Exchange is set for August 13 [1] - The last trading day for Hexion Convertible Bonds and Liancheng Convertible Bonds is August 12 [1] Group 3 - The current prices and redemption prices of various convertible bonds have been listed, with notable examples including Lian De Convertible Bonds at 139.299 and Yong An Convertible Bonds at 152.289 [4] - The remaining scale and market value ratios of several convertible bonds have been detailed, indicating their liquidity and market presence [4][6]

Meeting Overview - The meeting is scheduled for August 2025 and aims to ensure the orderly conduct of the shareholders' meeting in compliance with relevant laws and regulations [1][2] - The meeting will be held at the office building located at Longqiao Road, Qingdao, Shandong Province, and will combine on-site and online voting [3] Voting Procedures - Shareholders must register before the meeting starts and can vote through the Shanghai Stock Exchange's trading system or online platform during specified hours [3][4] - Any shareholder who fails to vote after receiving a ballot will be considered to have waived their voting rights [2][3] Agenda Items - The primary agenda item is the proposal to lower the conversion price of the "Jinneng Convertible Bonds" [3][4] - The company issued convertible bonds totaling 1.5 billion yuan in October 2019, with net proceeds of approximately 1.486 billion yuan after deducting issuance costs [4][5] Conversion Price Adjustments - The initial conversion price was set at 11.55 yuan per share, which has been adjusted multiple times due to profit distributions, with the latest adjustment bringing it down to 9.75 yuan per share [5][6] - The company has the authority to propose a downward adjustment of the conversion price if the stock price falls below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [6][7] Approval Process - The proposal for the downward adjustment requires approval from at least two-thirds of the voting rights present at the meeting, excluding those holding the convertible bonds [6][7] - The adjusted conversion price must not be lower than the higher of the average trading price over the last 20 trading days or the previous trading day's price [7][8]

Core Viewpoint - The article discusses various convertible bonds and new stock offerings, highlighting specific actions taken by companies regarding their bonds and the upcoming subscription for a new stock. Group 1: Convertible Bonds - Jineng Convertible Bond: The board proposed a downward adjustment [1] - Yuguang Convertible Bond: No strong redemption [1] - Liancheng Convertible Bond, Bohui Convertible Bond, Yong'an Convertible Bond: Strong redemption [1] - Qiaqia Convertible Bond: No downward adjustment [1] Group 2: New Stock Offerings - Youli Intelligent: New stock subscription on July 29 at the Beijing Stock Exchange [1] - Ber25 Convertible Bond: Recently listed [1] - Tianfulong: New stock subscription on the Shanghai and Shenzhen exchanges [1]

Core Viewpoint - The article discusses various companies' stock movements, including share transfers and bond adjustments, indicating potential investment opportunities and market trends [1]. Group 1: Share Transfers - Aotewei's controlling shareholder plans to transfer 4.99% of the company's shares [1]. - The controlling shareholder of Yirui Bio intends to reduce their holdings by no more than 3% [1]. - The consistent action party of Aerospace Hongtu plans to transfer 5.1% of shares to a private equity fund [1]. - Guolian Aviation's shareholder intends to reduce their holdings by no more than 1% [1]. Group 2: Convertible Bonds - Qilu Convertible Bond is subject to strong redemption [1]. - Qibin Convertible Bond has been adjusted down to the lowest level [1]. - Several convertible bonds, including Tian Nai, Tai 21, Jing Neng, Changqi, Jin Neng, and Oujia, will not undergo adjustments [1]. - Guangneng Convertible Bond is set for subscription on July 9 [1]. Group 3: New Stock Offerings - Huadian New Energy is listed for subscription on the Shanghai and Shenzhen stock exchanges [1]. - Two REITs, Huaxia Huadian Clean Energy REIT (508016) and Chuangjin Hexin Shounong REIT (508039), are available for subscription [1].

Core Viewpoint - The credit ratings of multiple convertible bonds have been downgraded, with 19 bonds experiencing downgrades this year, surpassing the 14 downgrades recorded for the entire year of 2024 [1][3]. Group 1: Credit Rating Adjustments - As of June 2023, 10 convertible bonds have had their ratings downgraded, with notable mentions including Dongfeng Convertible Bond, Bohui Convertible Bond, and Shengxun Convertible Bond being placed on a credit watch list [3]. - The downgrades are primarily influenced by factors such as performance losses, debt pressures, and industry policy impacts [3][4]. - The majority of the downgraded bonds previously held ratings of A+, with some, like Wentai Convertible Bond and Jinneng Convertible Bond, rated as high as AA [4]. Group 2: Market Response and Outlook - Despite the downgrades, the overall performance of the convertible bond market remains strong, with limited impact on bond prices observed [5][6]. - Analysts suggest that the risks associated with these bonds have been largely anticipated, leading to lower institutional holdings and minimal market shock from the downgrades [6]. - The market is expected to see a more optimistic outlook for credit ratings in 2025, supported by economic recovery and policy measures aimed at expanding domestic demand and managing debt [6][7].

Core Viewpoint - The peak period for credit rating disclosures has arrived, with multiple convertible bond issuers experiencing downgrades in their credit ratings [1][2]. Group 1: Credit Rating Downgrades - As of now, 19 convertible bonds have had their credit ratings downgraded this year, surpassing the 14 downgrades recorded for the entire year of 2024 [2][5]. - The downgrades are primarily influenced by factors such as performance losses, debt pressures, and industry policy impacts [5]. - In June alone, 10 convertible bonds saw their ratings lowered, with several others placed on credit watch or given negative outlooks [4]. Group 2: Specific Company Cases - Fangyuan Co. announced a downgrade to a "BBB" credit rating due to declining market share in the ternary lithium battery sector, increased competition, and significant customer order reductions, leading to substantial losses over the past two years [4]. - Wenta Technology's credit rating was adjusted to "AA-" with a stable outlook, while Jinneng Technology also faced a downgrade to "AA-" [6]. Group 3: Market Impact and Future Outlook - Despite the downgrades, the overall performance of the convertible bond market remains strong, with analysts noting that the risks associated with downgraded bonds have already been priced in [9]. - The market is expected to see a relatively optimistic outlook for credit rating adjustments in 2025, supported by economic recovery and policy measures aimed at debt reduction [9]. - The current market conditions, including reduced supply of convertible bonds and low pure bond yields, have contributed to increased market resilience, suggesting potential opportunities for investors [9][10].

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds, "Jineng Convertible Bonds," in response to profit distribution and other corporate actions. Group 1: Conversion Price Adjustment Basis - The company issued 15 million convertible bonds with a total value of 1.5 billion RMB on October 14, 2019, with a maturity of 6 years [1] - The conversion price is adjusted based on various corporate actions such as stock dividends, capital increases, and cash dividends, following specific formulas [1][2] Group 2: Historical Conversion Price Adjustments - In 2019, the conversion price was adjusted to 11.40 RMB/share after a cash dividend of 1.48 RMB per 10 shares [2] - In 2020, the conversion price was adjusted to 10.78 RMB/share following a non-public issuance of shares [3] - In 2021, the conversion price was adjusted to 10.43 RMB/share after a cash dividend of 3.48 RMB per 10 shares [4] - In 2022, the conversion price was adjusted to 9.96 RMB/share after a cash dividend of 1.20 RMB per 10 shares [5] - In 2023, the conversion price was adjusted to 9.87 RMB/share following a cash dividend of 0.94 RMB per 10 shares [6] Group 3: Upcoming Adjustments - For the first quarter of 2025, the company plans to distribute a cash dividend of 0.12 RMB per 10 shares, adjusting the conversion price to 9.75 RMB/share effective from June 25, 2025 [6]

Group 1 - The company will stop the conversion of "Jinneng Convertible Bonds" during the rights distribution period, specifically from June 17, 2025, until the equity registration date [1][2] - The rights distribution plan involves a cash dividend of 1.20 yuan per 10 shares (including tax), with no increase in share capital or bonus shares [1][2] - Holders of "Jinneng Convertible Bonds" can convert their bonds until June 16, 2025, to enjoy the rights distribution [1][2] Group 2 - The company will announce the adjustment of the conversion price for "Jinneng Convertible Bonds" in accordance with the issuance terms and related regulations [2] - The resumption of bond conversion will occur on the first trading day after the equity registration date [2]

Core Points - The company, Jineng Technology Co., Ltd., has announced the results of the tracking rating for its A-share convertible bonds for the year 2025, indicating a stable outlook for its credit ratings [1] - The previous bond rating was "AA" and the current bond rating is "AA-", with the issuer's credit rating also at "AA-" and a stable outlook maintained [1] Summary by Categories Bond Rating - Previous bond rating: "AA" [1] - Current bond rating: "AA-" [1] - Previous issuer credit rating: "AA" [1] - Current issuer credit rating: "AA-" [1] - Rating outlook: Stable for both bond and issuer [1] Rating Agency - The rating was conducted by United Credit Ratings Co., Ltd. [1] - The assessment was based on a comprehensive analysis of the company's operational status and industry conditions [1] Regulatory Compliance - The announcement complies with the relevant regulations including the "Measures for the Administration of Securities Issuance and Registration of Listed Companies" and the "Management Measures for the Issuance and Trading of Corporate Bonds" [1]