Group 1 - The company, Jinlang Technology, announced that it will hold the fourth extraordinary general meeting of shareholders on December 26, 2025 [2] - The agenda includes a proposal from the board of directors to adjust the conversion price of "Jinlang Convertible Bond 02" downwards [2]

证券日报网讯 12月26日，锦浪科技发布公告称，2025 年 12 月 26 日，公司召开第四届董事会第十三次 会议审议通过《关于向下修正"锦浪转 02"转股价格的议案》。 （文章来源：证券日报） ...

每经AI快讯，锦浪科技（SZ 300763，收盘价：74.18元）12月26日晚间发布公告称，公司第四届第十三 次董事会会议于2025年12月26日在浙江省象山县经济开发区滨海工业园金开路188号公司会议室以现场 结合通讯的方式召开。会议审议了《关于向下修正"锦浪转02"转股价格的议案》等文件。 2025年1至6月份，锦浪科技的营业收入构成为：光伏行业占比100.0%。 （记者 王晓波） 截至发稿，锦浪科技市值为295亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 ...

证券日报网讯 12月10日晚间，锦浪科技发布公告称，截至2025年12月10日，公司股票已出现连续三十 个交易日中十五个交易日收盘价低于"锦浪转02"当期转股价格89.82元/股的85%的情形，已触发转股价 格向下修正条款。董事会已提议向下修正"锦浪转02"转股价格，并提交股东会审议。 （编辑 丛可心） ...

Group 1 - Tian Nai Technology's shareholders plan to reduce their holdings by no more than 2.5% of the company's shares [1] - Yu Xing Co., Ltd. shareholders intend to reduce their holdings by no more than 1% of the company's shares [1] - The controlling shareholder of Blue Sky Gas, Blue Sky Group, has had 4.33% of the company's shares judicially frozen [1] Group 2 - Jinlang's convertible bond proposal is to adjust downwards [1] - Several convertible bonds including Yinwei, Dier, and Qixiang will not be adjusted [1][2] - Dingjie convertible bond will be available for subscription on December 15 [1] Group 3 - Various convertible bonds have been listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]

Core Viewpoint - Jinlang Technology announced that from October 22, 2025, to December 2, 2025, its stock price has closed below 85% of the current conversion price on ten trading days within a consecutive thirty-day period, which may trigger the downward adjustment of the conversion price for "Jinlang Convertible Bond 02" [1] Summary by Categories - **Stock Performance** - The company's stock has experienced a decline, with ten out of thirty trading days closing below the specified threshold [1] - **Conversion Price Adjustment** - If the conditions are met, the company will follow the provisions outlined in the prospectus to timely fulfill its board review and information disclosure obligations regarding the adjustment of the conversion price [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Last week, the convertible bond market followed the equity market with continued volatile upward movement, and the valuation slightly decreased. The Wind Convertible Bond Weighted Index outperformed the Wind All A by 0.27 pcts. The Wind Convertible Bond Double - Low Index led the sub - indices with a 1.43% increase. The Convertible Bond ETF had a net redemption of 10.02 billion yuan. - In the short term, the convertible bond market will follow the equity market with a structural theme - based market due to the US government shutdown and year - end profit - taking sentiment. However, the supply - demand imbalance in the convertible bond market will support the valuation, and the double - low and dumbbell strategies are advantageous. Defensive positions can be in the large - financial and coal sectors, while offensive positions can be in new energy and low - valuation technology convertible bonds. - In the primary market, Qizhong Convertible Bond and Zhuomei Convertible Bond were issued, Jinlang Convertible Bond 02 was listed, and several bonds were redeemed early or expired and delisted. As of last Friday, the convertible bond market's outstanding scale was 576.651 billion yuan, a decrease of 157.242 billion yuan from the beginning of the year. Five bonds were approved by the CSRC to be issued, totaling 4.2 billion yuan, and seven bonds passed the issuance review committee, totaling 6.286 billion yuan [1]. 3. Summary by Directory Policy Tracking - On November 4, five departments including the National Health Commission issued the "Implementation Opinions on Promoting and Regulating the Application and Development of 'Artificial Intelligence + Healthcare'". By 2027, key applications of AI in healthcare will be widely used, and high - value application scenarios will be created to drive the high - quality development of the health industry [2][4]. Secondary Market - **Equity Market**: Last week, major equity market indices fluctuated strongly. Overseas, the US government shutdown affected market risk appetite. Domestically, CPI and PPI data sent positive signals, and the market focused on performance and anti - involution policies. High - position sectors retreated, and dividend assets strengthened, with coal, chemical, and banking sectors leading the gains [3]. - **Convertible Bond Market**: - The convertible bond market indices followed the equity market and rose. The average daily trading volume was 69.904 billion yuan, an increase of 3.231 billion yuan from the previous week. The Convertible Bond ETF had a net redemption of 10.02 billion yuan [6]. - Structurally, the large - cap style in the convertible bond market strengthened, and the double - low convertible bonds performed well. The high - price and small - cap indices underperformed. In terms of historical quantiles, the conversion value quantile decreased, while the convertible bond price quantile increased, driving up the conversion premium rate. The trading activity declined [7]. - By industry, most convertible bonds in various industries rose. Steel industry convertible bonds led with an average increase of over 2%, while computer and automobile industry convertible bonds declined. The overall valuation of convertible bonds slightly increased, and the valuation quantiles of different industries changed differently [8]. - In terms of individual bonds, most convertible bonds rose. Bonds in the power grid and solid - state battery sectors led the gains, while some bonds with poor performance in the third quarter declined significantly [10]. - In terms of price and valuation, the arithmetic average and median of convertible bond prices changed slightly. The arithmetic average and median of the conversion premium rate and pure - bond premium rate decreased [20]. Primary Market - **New Issues and Listings**: Qizhong Convertible Bond and Zhuomei Convertible Bond were issued, and Jinlang Convertible Bond 02 was listed with strong performance. Several bonds were redeemed early or expired and delisted. As of November 7, the convertible bond market's outstanding scale was 576.651 billion yuan, a decrease of 157.242 billion yuan from the beginning of the year and 4.623 billion yuan from the previous week [28]. - **Conversion and Redemption**: Eight convertible bonds had a conversion ratio of over 5%, one more than the previous week. Several bonds announced early redemption, and some bonds triggered conversion due to negative conversion premium rates [30]. - **Issuance Progress**: Shangtai Technology and Jinpan Technology's convertible bond issuance plans passed the exchange review. As of last Friday, five bonds were approved by the CSRC to be issued, totaling 4.2 billion yuan, and seven bonds passed the issuance review committee, totaling 6.286 billion yuan [33][34]. - **Clause Tracking**: No convertible bond announced a downward revision of the conversion price, and one bond announced early redemption. Several bonds proposed or were about to trigger a downward revision of the conversion price, and many bonds were expected to trigger early redemption conditions [34].

New Stock Listings - Daming Electronics (603376) listed at an issue price of 12.55 on November 6, 2025[1] - Haixia Innovation (300300) and Jiangbolong (301308) reported severe abnormal fluctuations on November 4, 2025[1] - Several companies including Xiangnan Xinchuan (300475) and Lansi Heavy Industry (603169) also reported abnormal fluctuations in late October[1] Abnormal Fluctuations - ST Bosen (002569) reported a fluctuation of 5939 on November 5, 2025[2] - Hailu Heavy Industry (002255) experienced a fluctuation of 5812 on November 5, 2025[2] - ST Aowei (002231) had a fluctuation of 5668 on November 5, 2025[2] - Rongke Technology (300290) reported a fluctuation of 4706 on November 3, 2025[2] - ST Xiongmao (600599) had a fluctuation of 5001 on November 4, 2025[2]

Core Viewpoint - The Shenzhen Stock Exchange announced a temporary suspension of trading for the convertible bond "Jinlang Zhuan 02" (123259) after its trading price increased by 30% or more compared to the issuance price [1] Group 1 - The trading price of "Jinlang Zhuan 02" reached a significant increase, marking the first time it has risen by 30% or more since issuance [1] - The temporary suspension of trading was implemented at 09:30 and resumed at 14:57 on the same day [1]

Group 1 - The core point of the news is the listing of Jinlang Technology's convertible bond, Jinlang Zhuang 02, which has a scale of 1.677 billion yuan and a high rating of AA [1] - The current stock price of Jinlang Technology is 83.21 yuan, with a conversion price of 89.82 yuan and a conversion value of 92.64 yuan, indicating an increase in conversion value since the issuance [1] - The bond is expected to yield a high return for investors, with a projected profit of 300 yuan for those who successfully subscribe, benefiting from the recent surge in the energy storage sector [1] Group 2 - Jinlang Technology's total market capitalization is 33.13 billion yuan, with a dynamic price-to-earnings ratio of 28.71 times and a price-to-book ratio of 3.64 times [3] - The stock has shown a pattern of low opening and high closing, reflecting the influence of the broader market trends [5] - The current market is not considered overvalued, as it is still in a recovery phase after a prolonged adjustment period, suggesting potential for further growth [6][8]