Group 1 - The stock of Minglida (301268) closed at 18.96 yuan on January 6, 2026, with an increase of 2.27% and a turnover rate of 1.36%, totaling a trading volume of 47,000 hands and a transaction amount of 88.54 million yuan [1] - On January 6, 2026, the net inflow of main funds was 8.95 million yuan, while retail investors experienced a net outflow of 13.77 million yuan [4] - As of December 31, 2025, the remaining convertible bonds of the company amounted to 8,555,457 bonds, with a total face value of 855.55 million yuan [1] Group 2 - The third meeting of the third board of directors was held on January 5, 2026, where all proposed resolutions, including the 2026 annual commodity futures hedging business, were passed unanimously [2] - The company plans to hold its first extraordinary general meeting of shareholders on January 22, 2026, to review the futures hedging proposals [2] - The subsidiaries Guangdong Minglida and Jiangsu Minglida signed a maximum guarantee contract with Beijing Bank Shenzhen Branch, providing a maximum joint liability guarantee of 150 million yuan [2][4] Group 3 - The company intends to conduct commodity futures hedging for the year 2026, with a margin and premium cap of 250 million yuan and a maximum contract value of 2.5 billion yuan on any trading day [3] - The hedging activities will be based on actual operational needs and will not be speculative, with funding sourced from self-owned or bank credit funds [3] - The management system for the hedging business has been established, prohibiting speculative trading and ensuring positions match the spot market [3]

Core Viewpoint - The company, Minglida, is actively engaging in business expansion and financial management strategies, including the issuance of convertible bonds and the initiation of commodity futures hedging to mitigate raw material price volatility risks. Group 1: Stock Performance and Shareholder Information - As of January 5, 2026, Minglida's stock closed at 18.54 yuan, up 1.7%, with a turnover rate of 0.98% and a trading volume of 34,100 lots, amounting to a transaction value of 62.59 million yuan [1] - As of December 31, 2025, the total number of shareholders was 12,753 [1] Group 2: Capital Flow and Trading Information - On January 5, 2026, the net outflow of main funds was 5.33 million yuan, while retail investors saw a net inflow of 9.06 million yuan [2][6] Group 3: Convertible Bonds and Share Capital Changes - In the fourth quarter of 2025, five convertible bonds were converted into a total of 26 shares of Minglida, increasing the total share capital from 400,396,854 shares to 400,396,880 shares [3][6] Group 4: Company Announcements and Meetings - The third meeting of the third board of directors was held on January 5, 2026, where all proposed resolutions, including the commodity futures hedging business for 2026, were unanimously approved [4] - A temporary shareholders' meeting is scheduled for January 22, 2026, to discuss the commodity futures hedging business, with registration deadlines set for January 20, 2026 [5] Group 5: Commodity Futures Hedging Business - The company plans to engage in commodity futures hedging in 2026 to manage risks associated with price fluctuations of aluminum and copper, with a maximum margin and premium limit of 250 million yuan [6][7][8] - The maximum contract value held on any trading day will not exceed 2.5 billion yuan, funded through self-owned or bank credit resources [7][8] - The hedging activities will be strictly for risk management purposes and will not involve speculative trading [8]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - 2026 Q1 may see an increase in convertible bond calls, but high - parity convertible bond valuations are at historical highs. High valuations do not guarantee post - call valuation maintenance, and the pressure on convertible bond prices before and after the call is relatively large. It is recommended to take profit before the call or stop loss in a timely manner after the call based on market conditions [3][7]. - The overall trend of convertible bond valuations is likely to be high - level oscillations, with a possibility of short - term foaming. In January 2026, institutional demand for configuration will support valuations, and if the equity market performs better than expected, valuations may foam [28]. - In December 2025, the convertible bond market oscillated upward, with both convertible bonds and underlying stocks performing strongly, and valuations oscillated and increased. The trading volume of the convertible bond and equity markets decreased, but margin trading funds showed a strengthening trend [48][56]. - The issuance of new convertible bonds slightly increased in December 2025, and the number of new issuance plans continued to rise. The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased, with obvious reductions by insurance funds [3][62]. 3. Summary According to Relevant Catalogs 3.1 Historical Facts and Changes before and after Convertible Bond Calls - **Before the Call Announcement** - High market valuations do not guarantee post - call valuation maintenance. After the call, the valuation compresses to near 0%, and the compression process is basically completed before the call announcement [3][8]. - The strength of the underlying stock before the call can partially offset the compression of convertible bond valuations, but when valuations are high, the pressure on convertible bond prices before the call is still relatively large [3]. - The decline before the call mainly occurs within T - 10 days, and the day of the highest price is advancing [3][16]. - **After the Call Announcement** - In most months, convertible bond prices continue to decline after the call announcement, but in some months with a strong equity market, prices rebound [3][20]. - There is generally a decline of varying degrees on T - day, and the months with price rebounds mainly show strength from T + 1 to T + 15 days [3][21]. - The stronger the equity market, the more delayed the appearance of the highest price [3][25]. 3.2 Valuation Outlook - The overall trend is high - level oscillations, with a possibility of short - term foaming. In December 2025, valuations oscillated upward. As of December 31, 2025, the 100 - yuan par - value fitted conversion premium rate was 34.04%, up 2.50 pct from the end of November, reaching the highest level since 2019 [28]. 3.3 Key Focused Convertible Bonds - From December 1 to December 31, 2025, the convertible bond portfolio rose 3.84%, outperforming the benchmark index by 1.70 pct. Huayi and Xingqiu had obvious increases [41]. - The "Huachuang Convertible Bond" January key - focused portfolio is adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Ziyin, Qingnong, Zhongyin, and Xingye [43]. 3.4 Market Review - **Market Performance** - In December 2025, the convertible bond market oscillated upward, with a strong performance in the second half of the month. Most sectors of the convertible bond market rose, and technology - related concepts declined. The science and technology and manufacturing sectors showed significant increases, and the cyclical sector also performed well [48][50]. - **Fund Performance** - The trading volume of the convertible bond and equity markets decreased slightly. From December 1 to December 31, 2025, the average daily trading volume of CSI Convertible Bonds was 63.803 billion yuan, a 1.27% decrease from November, and the average daily trading volume of Wind All - A was 1.880842 trillion yuan, a 1.76% decrease from November [56]. - Margin trading funds oscillated and strengthened. As of December 31, 2025, the balance of margin trading in the Shanghai and Shenzhen Stock Exchanges was approximately 2.53 trillion yuan, an increase of 66.664 billion yuan from the end of November. Most industries received net margin purchases [60]. 3.5 Supply and Demand Situation - **New Bond Issuance and Listing** - In December 2025, 7 convertible bonds were issued, with a total scale of 5.494 billion yuan, and 5 new convertible bonds were listed, with a total scale of 3.005 billion yuan. The online new - bond issuance subscription scale increased, with an average effective subscription amount of 8.85 trillion yuan, a 2.61% increase month - on - month [62]. - **Expected Issuance Scale and New Plans** - The total expected issuance scale is approximately 122.663 billion yuan. As of December 31, 2025, 7 listed companies obtained convertible bond issuance approvals, with a planned issuance scale of 8.583 billion yuan; 6 companies' convertible bond issuances passed the review committee, waiting for approvals, with a total scale of 3.361 billion yuan. In December, 6 new board plans were added, with a total scale of approximately 77.9 billion yuan [65]. - **Holder Scale Changes** - The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased. In December 2025, the total par value of convertible bonds held by the two exchanges was 552.692 billion yuan, a decrease of 6.144 billion yuan from November, a 1.10% decline. The scale of public funds increased, while the scale of enterprise annuities decreased [83][87].

Core Points - The company announced the payment of interest for its convertible bonds, "Minglida Convertible Bonds," with a face value interest payment of RMB 5.00 for every 10 bonds [1][5][6] - The coupon rate for the current period is set at 0.50%, and the interest payment date is scheduled for August 4, 2025 [2][5] - The total issuance of the convertible bonds amounts to RMB 1 billion, with 10 million bonds issued at a face value of RMB 100 each [2] Summary by Sections Bond Issuance - The company received approval from the China Securities Regulatory Commission to issue convertible bonds, totaling 10 million bonds with a total value of RMB 1 billion [2] - The bonds will be listed on the Shenzhen Stock Exchange starting August 23, 2023, under the code "123215" [2] Interest Payment Details - The interest payment for the second year will be made on August 4, 2025, with the interest calculation period from August 3, 2024, to August 2, 2025 [5][6] - The interest payment will be made to all registered bondholders as of August 1, 2025 [6] Taxation Information - Individual bondholders will have a 20% tax withheld on interest income, resulting in a net payment of RMB 4.00 for every 10 bonds after tax [5][7] - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax on the interest income [7]

| 证券代码：301268 | 证券简称：铭利达 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：123215 | 债券简称：铭利转债 | | 第二届监事会第二十一次会议决议的公告 深圳市铭利达精密技术股份有限公司（以下简称"公司"）于2025年2月25 日以电子邮件的方式向全体监事发出会议通知，并于2025年3月3日在公司会议室 以现场表决的形式召开会议。本次会议应出席监事3名，实际出席监事3名，董事 会秘书杨德诚先生列席本次会议。本次会议由监事会主席陈娜女士召集并主持。 本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 二、会议审议情况 审议通过了《关于公司 2024 年限制性股票激励计划向激励对象授予预留 限制性股票的议案》 公司监事会对《深圳市铭利达精密技术股份有限公司2024年限制性股票激励 计划》规定的预留授予条件是否成就以及授予对象资格等进行核查，认为： 1、公司不存在《上市公司股权激励管理办法》等法律、法规和规范性文件 规定的禁止实施股权激励计划情形，公司具备实施股权激励计划的主体资格；本 次 ...