证券研究报告 固收定期报告 / 2025.08.13 核心观点 两地上市转债会有条款上的问题吗 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 分析师 李浩时 SAC 证书编号：S0160525080002 lihs@ctsec.com 相关报告 1. 《 近 期 境 外 债 有 什 么 新 关 注 ？ 》 2025-08-12 2. 《信用 | 加税落地，开始压利差？》 2025-08-10 3. 《期货｜关 注短线 反弹 的持续性》 2025-08-10 请阅读最后一页的重要声明！ ❖ 我们发现历史上境外有股票上市的转债，极少有下修并成功的情况。 2016 年至今，有境外股票上市的共 36 只转债。其中仅 2 家有过下修历史。 其中华友转债是瑞士 GDR 上市，电气转债是港股上市。 ❖ 目前整个转债市场中有 9 只转债在 A 股外有股份流通。其中港股上市 的公司包括南方航空、长城汽车、绿色动力、福莱特玻璃、重庆银行 5 家， 其中长城汽车在美国 OTC 市场也有股 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Group 1 - The core stock price of Great Wall Motors (601633) closed at 22.22 yuan on August 4, 2025, with an increase of 2.4% and a trading volume of 177,000 shares, resulting in a total transaction amount of 388 million yuan [1] - On the same day, the capital flow indicated a net inflow of 5.86 million yuan from main funds, accounting for 1.51% of the total transaction amount, while retail investors showed a net outflow of 10.28 million yuan, representing 2.65% of the total transaction amount [2][4] - The company announced the ninth notice regarding the "Changqi Convertible Bond" repurchase option, with a repurchase price set at 100.20 yuan per bond, and the repurchase period from July 29, 2025, to August 4, 2025 [2][4] Group 2 - The announcement highlighted that if bondholders did not declare and implement the repurchase during the specified period, they would lose the right to repurchase for the current interest year [2] - It was noted that the closing price of the "Changqi Convertible Bond" was higher than the repurchase price, which could lead to potential losses for investors choosing to repurchase [2][4] - If the total face value of the convertible bonds in circulation falls below 30 million yuan due to the repurchase, the "Changqi Convertible Bond" will continue to trade until the end of the repurchase period [2]

Core Viewpoint - The company announces the conditional redemption terms for its convertible bonds, "长汽转债," due to the stock price falling below a specified threshold, allowing bondholders to redeem their bonds at a predetermined price [2][3]. Redemption Terms and Price - The redemption price for "长汽转债" is set at 100.20 RMB per bond, which includes accrued interest [10]. - The redemption period is from July 29, 2025, to August 4, 2025, with the payment date for redeemed bonds on August 7, 2025 [11][9]. - The company will stop the conversion of bonds during the redemption period [13]. Conditions for Redemption - The redemption clause is activated if the company's A-share stock price remains below 70% of the bond's conversion price for any consecutive thirty trading days [2][3]. - If bondholders do not exercise their redemption rights during the specified period, they will lose the opportunity to redeem for that interest year [2][3]. Interest Calculation - The interest rate for the fifth year (June 10, 2025, to June 9, 2026) is 1.5%, with the accrued interest calculated to be approximately 0.20 RMB per bond [5][4]. - The total redemption price is thus 100.20 RMB per bond, including the accrued interest [5][10]. Trading During Redemption Period - "长汽转债" will continue to trade during the redemption period but will not allow conversions [13]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [13].

关于"长汽转债"可选择回售的第九次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 回售价格：100.20 元人民币/张（含当期利息、含税） ? 回售期：2025 年 7 月 29 日至 2025 年 8 月 4 日 证券代码：601633 证券简称：长城汽车 公告编号：2025-104 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 ? 回售资金发放日：2025 年 8 月 7 日 ? 回售期内"长汽转债"停止转股 ? 本次回售不具有强制性 ? 本次满足回售条款而"长汽转债"持有人未在上述回售期内申报并实施 回售的，本计息年度（即 2025 年 6 月 10 日至 2026 年 6 月 9 日）不能再行 使回售权。 ? 风险提示：可转债持有人选择回售等同于以 100.20 元/张（含当期利息） 卖出持有的"长汽转债"。截至目前， "长汽转债"的收盘价格高于本次回售 价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 长城汽车股份有限公司股份有限公司（以下简称"本公司"或" ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601633 证券简称：长城汽车 公告编号：2025-102 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 2025年7月产销快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公告乃由长城汽车股份有限公司（「本公司」）自愿刊发。 本公司董事会谨此宣布，本公司于2025年7月产销量详细如下(单位:台)： ■ 7月海外销售41,088台，1-7月累计销售238,746台。 7月新能源车销售34,593台，1-7月累计销售195,007台。 务请注意，上述产销量数字未经审核，亦未经本公司审计师确认，或会予以调整并有待最终确认。本公 司刊发财务业绩后，股东及潜在投资者务必详阅。 特此公告。 长城汽车股份有限公司董事会 2025年8月1日 证券代码：601633 证券简称：长城汽车公告编号：2025-103 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 关于可转换公司债券转股、2021年 股票期权激励计划及 2023年股票期权激励计 ...

New Stock Issuance - Guangdong JianKe issued new shares at a price of 6.56 on August 1, 2025[1] - ShenKe Co., Ltd. has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] Market Alerts - ST Zitian reported significant abnormal fluctuations on July 21, 2025[1] - ST Suwu experienced abnormal fluctuations on July 30, 2025[1] - ST Xizang Tianlu reported significant abnormal fluctuations on August 1, 2025[1] Other Notable Announcements - Huaneng Electric's announcement was made on August 1, 2025, regarding its stock code 603063[1] - ST Sai Long's announcement was made on August 1, 2025, with stock code 002898[1] - ST Green Kang's announcement was made on July 31, 2025, with stock code 002868[1]

Core Viewpoint - As of July 29, 2025, Great Wall Motors (601633) closed at 22.28 yuan, down 0.85%, with a turnover rate of 0.25% and a trading volume of 156,500 shares, amounting to a transaction value of 348 million yuan [1]. Trading Information Summary - On July 29, the capital flow for Great Wall Motors showed a net outflow of 24.23 million yuan from main funds, accounting for 6.96% of the total transaction value. Retail investors had a net inflow of 28.96 million yuan, representing 8.32% of the total transaction value [2][4]. Company Announcement Summary - Great Wall Motors announced the fifth and sixth notice regarding the optional redemption of "Changqi Convertible Bonds." Key details include: - Redemption price set at 100.20 yuan per bond (including current interest and tax) - Redemption period from July 29, 2025, to August 4, 2025, with funds to be distributed on August 7, 2025 - During the redemption period, the "Changqi Convertible Bonds" will stop being convertible, and the redemption is not mandatory - If the total face value of the convertible bonds falls below 30 million yuan due to redemptions, the bonds will continue to trade, and a related announcement will be made after the redemption period [3][4].

Core Viewpoint - The company announces the second notice regarding the conditional repurchase of its convertible bonds, "Changqi Convertible Bonds," due to the stock price falling below a certain threshold, allowing bondholders to sell their bonds back to the company at a specified price [1][2]. Summary by Sections Repurchase Terms and Price - The repurchase price is set at 100.20 RMB per bond, including accrued interest and tax [1][4]. - The repurchase period is from July 29, 2025, to August 4, 2025, with funds to be disbursed on August 7, 2025 [1][4]. - During the repurchase period, the "Changqi Convertible Bonds" will stop being convertible into shares [1][4]. - The repurchase is not mandatory, and bondholders who do not exercise their repurchase rights during the specified period will lose the right for the current interest year [1][2]. Conditions for Repurchase - The repurchase clause is activated when the company's A-share stock price is below 70% of the current conversion price for 30 consecutive trading days [2][3]. - The calculation for accrued interest is based on a formula that considers the bond's face value, interest rate, and the number of days in the interest period [3][4]. Repurchase Process - Bondholders can choose to sell back part or all of their unconverted bonds during the repurchase period [4][5]. - The repurchase must be executed through the Shanghai Stock Exchange trading system, and once confirmed, the repurchase request cannot be revoked [4][5]. - If the total face value of the convertible bonds in circulation falls below 30 million RMB due to the repurchase, trading will continue until the end of the repurchase period [5].

Core Viewpoint - The announcement details the conditional redemption of the "Changqi Convertible Bonds" due to the stock price of Great Wall Motors falling below the conversion price for a specified period, allowing bondholders to sell their bonds back to the company at a predetermined price [2][4]. Summary by Sections Redemption Terms and Price - The redemption price is set at 100.20 RMB per bond, including accrued interest and tax [1][4]. - The redemption period is from July 29, 2025, to August 4, 2025, with funds to be disbursed on August 7, 2025 [1][5]. - Bondholders must exercise their redemption rights within the specified period; failure to do so will result in the loss of the right for the current interest year [1][2]. Conditions for Redemption - The conditional redemption clause is activated if the closing price of the company's A-shares is below 70% of the conversion price for any consecutive thirty trading days [2][3]. - The calculation of accrued interest for the redemption price is based on a 1.5% coupon rate for the current interest period, resulting in approximately 0.20 RMB per bond [4][5]. Trading and Redemption Process - During the redemption period, the "Changqi Convertible Bonds" will continue to trade but will not be convertible into shares [5]. - Bondholders can choose to redeem all or part of their bonds, and the redemption is not mandatory [5][6]. - The company will announce the results of the redemption and its impact on the company after the redemption period ends [5].