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].

Group 1: Global Economic Impact - The ongoing geopolitical influences and misalignment of monetary policies are expected to fundamentally reshape purchasing power across both private and public sectors in the medium to long term [1] - Japan's prolonged ultra-loose monetary policy is reportedly helping the country emerge from a "deflation trap," with the yen's depreciation significantly boosting overall demand [1] - Despite a 40% increase in the average price of second-hand homes in Tokyo over five years and a nearly 20% rise in major stock indices, the actual purchasing power of residents has declined due to high input inflation [1] Group 2: Domestic Market Overview - The domestic equity market has shown continued volatility, with a notable focus on the fourth quarter as a critical period for industry information and monetary policy direction [2][34] - The uncertainty in policy is expected to decrease marginally, while the sustainability of the computing power sector will face ongoing scrutiny from the market [34] - Smaller stocks are anticipated to benefit more from the market's expansion trends compared to larger stocks [34] Group 3: Convertible Bond Market - The convertible bond market has seen an overall increase of 0.48% during the week, with 20 out of 29 sectors experiencing gains [47] - The average daily trading volume in the convertible bond market reached 636.11 billion yuan, reflecting a significant increase of 29.75 billion yuan from the previous week [47][48] - Approximately 63.48% of convertible bonds recorded an increase in value, with 15.37% of bonds rising more than 2% [48] Group 4: Sector Performance - Among the 31 sectors, 19 experienced gains, with retail, non-bank financials, and beauty care leading the way with increases of 6.66%, 2.90%, and 2.87% respectively [45] - Conversely, sectors such as electronics and power equipment faced declines, with drops of -3.28% and -3.12% respectively [45]

Core Viewpoint - The first "mega" convertible bond project in history, the SPDB convertible bond, is set to delist from the Shanghai Stock Exchange, with a conversion rate of 99.67%, significantly exceeding market expectations [2][4]. Summary by Sections Convertible Bond Performance - As of October 27, the SPDB convertible bond had an unconverted balance of 164 million yuan, representing only 0.33% of the total issuance of 50 billion yuan [4]. - The bond was issued on October 28, 2019, with a maturity date of October 28, 2025, and was intended to support the bank's future business development and core tier one capital [4]. Market Dynamics - Following the delisting of the SPDB convertible bond, only six bank convertible bonds will remain in the market, with five having a conversion rate of less than 0.01% [2][7]. - The disparity in performance among bank convertible bonds is attributed to the underlying stock performance [6][9]. Investor Activity - Multiple capital entities, including China Mobile, have increased their holdings in SPDB through the conversion of bonds, raising their stake to 18.18% [4][5]. - The management of SPDB has accelerated the conversion process this year, reflecting confidence in the bank's future operations and capital replenishment [5]. Future Outlook - The market for bank convertible bonds may continue to shrink in the short term due to a lack of large financial convertible bond issuance and ongoing low conversion rates [9]. - This situation may lead to a restructuring of the convertible bond market, with institutional investors seeking alternative assets to fill the gap left by the exiting bank convertible bonds [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed's interest rate cut was confirmed this week, with the yield curve steepening rapidly. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market: Overall Decline with Most Industries Falling - This week (September 15 - 19), the equity market was significantly differentiated and overall declined. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the ChiNext Index rose 2.34%, and the CSI 300 fell 0.44%. The average daily trading volume of the two markets increased by about 196.154 billion yuan to 2.494834 trillion yuan, a week - on - week increase of 8.53% [7][9]. - Among the 31 Shenwan primary industries, 12 industries rose, with 5 industries rising more than 2%. Coal, power equipment, electronics, automobiles, and machinery had the highest increases [14]. 1.2 Convertible Bond Market: Overall Decline with Most Industries Falling - The CSI Convertible Bond Index fell 1.55%. Among the 29 Shenwan primary industries, 3 industries rose, with 1 industry rising more than 2%. Communication, national defense and military industry, and automobiles had the highest increases [15]. - The average daily trading volume of the convertible bond market was 9.0635 billion yuan, a significant increase of 364.4 million yuan, a week - on - week change of 4.19%. The top ten convertible bonds in terms of trading volume were Jingxing Convertible Bond, Jing 23 Convertible Bond, etc. [15]. - About 18.29% of individual convertible bonds rose, with 6.48% rising between 0 - 1% and 9.26% rising more than 2% [15]. - The overall market conversion premium rate increased. The average daily conversion premium rate this week was 37.17%, up 1.07 pcts from last week. There were different changes in different price and parity intervals [23]. 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weighted average and median weekly returns of convertible bonds and underlying stocks were negative, and the convertible bonds had a larger weekly decline. The trading volume of both markets increased significantly, with the convertible bond trading volume having a larger increase but a lower percentile level [37]. - About 18.88% of convertible bonds rose, and about 31.65% of underlying stocks rose. About 43.85% of convertible bonds had a higher return than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [37]. 2. Outlook and Investment Strategy - Overseas, the Fed's interest rate cut was confirmed. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41].

证券代码：002958 证券简称：青农商行 公告编号：2025-034 （http://www.cninfo.com.cn）披露。 特此公告。 青岛农村商业银行股份有限公司董事会 王庆金先生简历 青岛农村商业银行股份有限公司 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 青岛农村商业银行股份有限公司（以下简称本行）第五届董事会第十次临时会议 于 2025 年 8 月 12 日在本行总行召开。会议通知已于 2025 年 8 月 5 日以电子邮件及 书面方式发出。应出席本次会议的董事 10 人，实际出席本次会议（含网络方式）的 董事 10 人。薛健、鲁玉瑞、王少飞、潘爱玲、李维安、王绍宏董事以网络方式参加 会议。会议由董事长王锡峰主持，部分监事列席了会议。会议的召开及表决程序符合 《中华人民共和国公司法》及《公司章程》的有关规定。 会议审议通过了以下议案： 表决结果为：同意 10 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 表决结果为：同意 10 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 议案》。 表决结果为：同意 10 票，反 ...

证券代码：002958 证券简称：青农商行 公告编号：2025-035 转债代码：128129 转债简称：青农转债 青岛农村商业银行股份有限公司 本行及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 青岛农村商业银行股份有限公司（以下简称本行）第五届监事会第四次临时会议 于 2025 年 8 月 12 日在本行总行召开。会议通知已于 2025 年 8 月 6 日以电子邮件及 书面方式发出。应出席本次会议的监事 6 人，实际出席本次会议的监事 5 人。刘振岳 监事因工作原因不能按时出席本次会议，授权委托王垒监事代为出席并表决。会议由 半数以上监事共同推举王德志监事主持。会议的召开及表决程序符合《中华人民共和 国公司法》及《公司章程》的有关规定。 会议审议通过了以下议案： 一、审议并通过《关于青岛农村商业银行股份有限公司不再设立监事会的议案》。 表决结果为：同意 6 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 二、审议并通过《关于修订 <青岛农村商业银行股份有限公司章程> 的议案》。 表决结果为：同意 6 票，反对 0 票，弃权 0 票。 本议案需提交股东 ...

Core Viewpoint - Qilu Bank's convertible bond (Qilu Convertible Bond) is set to be delisted, marking the fifth bank convertible bond to exit the market this year, which will further enhance the scarcity of bank convertible bonds [2][5][6]. Group 1: Qilu Convertible Bond Details - The last trading day for Qilu Convertible Bond is August 8, with the final conversion day on August 13, and it will be delisted on August 14 [2]. - Investors can either trade the bond in the secondary market or convert it at a price of 5 CNY per share, or face forced redemption at a price of 100 CNY per bond plus accrued interest, totaling 100.7068 CNY per bond [3]. - The bond was originally set to mature in 2028 but was triggered for forced redemption due to the underlying stock price rising above 130% of the conversion price for 15 trading days [3]. Group 2: Qilu Bank's Financial Performance - For the first half of 2025, Qilu Bank reported revenue of approximately 6.782 billion CNY, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of approximately 2.734 billion CNY, up 16.48% [3][4]. - The net interest margin has stabilized, with net interest income reaching 4.998 billion CNY, a growth of 13.57%, and net commission income of 817 million CNY, also up 13.64% [4]. - The non-performing loan ratio stands at 1.09%, a decrease of 0.10 percentage points from the end of the previous year, and the provision coverage ratio has improved to 343.24%, an increase of 20.86 percentage points [4]. Group 3: Market Implications of Convertible Bond Delisting - The delisting of Qilu Convertible Bond will reduce the number of bank convertible bonds to seven, and with the upcoming delisting of another bond in October, the total market size of bank convertible bonds is expected to fall below 100 billion CNY [2][5][6]. - The scarcity of bank convertible bonds is expected to increase, with potential remaining bonds at year-end estimated to be around 63.9 billion CNY if certain bonds complete conversion [6]. - Analysts predict that the gradual delisting of bank convertible bonds will lead to a restructuring of the market and valuation, with banks having a strong incentive to convert bonds into equity [7][8].

Group 1: Convertible Bond Market Outlook - The convertible bond market showed strong performance in June, with both equal-weighted and weighted indices reaching new highs for 2025, yielding returns of 10% and 7% respectively [11][11] - The revaluation of bank stocks, combined with strong conversion of bank convertible bonds, is expected to sustain the strength of bank convertible bonds due to their increasing scarcity [11] - Small-cap convertible bonds have surged due to favorable industry trends and ample liquidity, supported by the performance of small-cap stocks and the absence of concerns over rating risks [11][11] - A "barbell strategy" combining bank convertible bonds, small-cap growth convertible bonds, and low-priced, low-volatility convertible bonds remains effective [11] Group 2: Recommendations for July - Suggested convertible bonds to focus on in July include: Ziyin Convertible Bond, Qingnong Convertible Bond, Pudong Development Convertible Bond, Green Movement Convertible Bond, Tian 23 Convertible Bond, Aowei Convertible Bond, Daotong Convertible Bond, Liyang Convertible Bond, Chao Sheng Convertible Bond, and Huazheng Convertible Bond [12][11] Group 3: Dollar Weakness and De-dollarization - Recent dollar weakness is primarily driven by expectations of interest rate cuts, with the dollar index dropping below 97, marking a 4.7% depreciation since mid-May [13][14] - The narrative of "de-dollarization" should not be conflated with cyclical dollar weakness; the impact of fundamental trends on the dollar's value may be limited [14][15] - The potential for a dollar rebound exists due to resilient employment and inflation pressures, which could delay interest rate cuts and support the dollar index [15][16] Group 4: Hong Kong Stock Market and Foreign Investment - The Hong Kong stock market has seen increased attention, with foreign capital flowing in, particularly through cornerstone investors in IPOs [21] - The proportion of foreign cornerstone investors in Hong Kong IPOs has risen significantly, indicating a strong demand for Chinese assets [21] - A-H premium has narrowed, with some stocks showing valuation premiums in Hong Kong, reflecting ongoing foreign interest in core Chinese assets [21] Group 5: Pharmaceutical Industry Performance - The pharmaceutical sector has shown a 3.6% increase recently, driven by supportive policies for innovative drugs and the initiation of negotiations for the medical insurance directory [31] - Companies in the pharmaceutical sector are expected to report significant profit growth, with several companies projecting over 100% growth in net profit for Q2 2025 [24][32]

Key Insights - As of June 2025, China's foreign exchange reserves stood at 33,174 billion USD, indicating a stable economic environment [1] - The convertible bond market showed a 3.3% increase in June, following a 4.7% rise in the stock market, driven by policy stimuli and geopolitical factors [2][3] - The life sciences upstream sector is experiencing a turning point, with a projected revenue growth of 10.75% year-on-year in 2024, driven by stable investment and domestic substitution trends [7][8] - The North Exchange is expected to maintain high trading activity and market attention, with a focus on new industries such as artificial intelligence and commercial aerospace for the second half of 2025 [12][17] Convertible Bond Market - The convertible bond market's valuation is not overly high, with structural opportunities still available, particularly in sectors showing improved economic conditions such as non-ferrous metals, machinery, agriculture, and computing [4][3] - The market is transitioning from a policy-driven focus to a fundamental pricing approach, with expectations of a 5% economic growth target being met [3][4] - Recommended convertible bonds for July include Guotou Convertible Bond, Ran 23 Convertible Bond, and others, indicating a strategic focus on sectors benefiting from policy support [4] Life Sciences Upstream Sector - The life sciences upstream sector is characterized by high specialization and significant barriers to entry, with major companies expanding and exploring international markets [7][8] - The sector is poised for growth due to the booming demand for innovative drugs, with the Chinese antibody drug market expected to reach 510.8 billion RMB by 2030 [8] - Mergers and acquisitions are becoming more prevalent, with domestic companies looking to replicate the growth paths of global giants, enhancing industry concentration and growth potential [9][10] North Exchange - The North Exchange's trading activity has slightly decreased, with an average daily turnover of approximately 279.83 billion RMB, but it remains higher than other markets [13] - The North Exchange's overall price-to-earnings ratio is around 50.4 times, indicating a slight decline but still higher than other boards, with the electronics sector showing the highest ratios [14] - The North Exchange is optimizing its evaluation system to support the high-quality development of small and medium-sized enterprises, focusing on innovation and market ecology improvement [15][17]

Group 1 - The core point of the announcement is the adjustment of the conversion price for the company's convertible bonds due to the profit distribution plan for the year 2024 [1][2] - The conversion price before adjustment was set at RMB 4.12 per share, which will be adjusted to RMB 4.00 per share [1][2] - The effective date for the new conversion price will be July 9, 2025, following the equity distribution date of July 8, 2025 [1][2] Group 2 - The company issued a total of RMB 5 billion in A-share convertible bonds on August 25, 2020, under the name "Qingnong Convertible Bonds" [2] - According to the company's regulations, the conversion price is adjusted based on the formula: P1 = P0 - D, where P0 is the initial conversion price, D is the cash dividend per share, and P1 is the adjusted conversion price [2] - The cash dividend distribution will be RMB 1.20 per 10 shares for shareholders registered after the market closes on July 8, 2025, with no stock bonus or capital increase [1][2]