Core Viewpoint - The company has decided not to exercise the downward adjustment of the conversion price for the "Weir Convertible Bonds" despite triggering the conditions for such an adjustment as of January 15, 2026 [2][9]. Group 1: Convertible Bond Overview - The company issued 2,440 million yuan worth of convertible bonds, known as "Weir Convertible Bonds," with an initial conversion price of 222.83 yuan per share [3]. - The bonds have a maturity period from December 28, 2020, to December 27, 2026, with a conversion period from July 5, 2021, to December 27, 2026 [3]. Group 2: Conversion Price Adjustment History - The conversion price was adjusted from 222.83 yuan to 222.52 yuan after a cash dividend distribution of 3.15 yuan per 10 shares in 2020 [4]. - Following a cash dividend of 0.52 yuan per share and a capital increase of 0.35 shares per share in 2021, the conversion price was further adjusted to 164.44 yuan [4]. - The conversion price was adjusted to 164.36 yuan after a cash dividend of 0.84 yuan per 10 shares in 2022 [4]. - The conversion price was adjusted to 162.80 yuan following the issuance of 31 million GDRs at a price of 14.35 USD each [5]. - After a cash dividend of 1.40 yuan per 10 shares in 2023, the conversion price was adjusted to 162.66 yuan [6]. - The conversion price was adjusted to 162.46 yuan after a cash dividend of 2.00 yuan per 10 shares in the mid-2024 profit distribution [6]. - Following a cash dividend of 2.20 yuan per 10 shares in 2024, the conversion price was adjusted to 162.24 yuan [6]. - The conversion price was adjusted to 161.84 yuan after a cash dividend of 4.00 yuan per 10 shares in the mid-2025 profit distribution [6]. - The conversion price was adjusted to 159.38 yuan after the issuance of 45.8 million H shares on January 12, 2026 [7]. Group 3: Downward Adjustment Conditions - The company triggered the downward adjustment clause for the conversion price as the stock price fell below 85% of the current conversion price for 15 out of 30 consecutive trading days [8]. - The board of directors voted unanimously to not exercise the downward adjustment right and will not propose any adjustment for the next six months [9].

Summary of Key Points Core Viewpoint - The article discusses recent corporate actions including share buybacks, shareholder reductions, and convertible bond updates, indicating a dynamic market environment for investors. Group 1: Corporate Actions - Hongchuan Zhihui plans to reduce its shareholding by no more than 2% of the company's shares [1] - Meijin Energy expects a loss of 850 million to 1.25 billion yuan in 2025 [1] - Luxshare Precision intends to repurchase company shares worth between 1 billion to 2 billion yuan [1] Group 2: Convertible Bonds - Jia Mei Convertible Bond and Fumiao Convertible Bond are subject to strong redemption [2] - Wei Er Convertible Bond will not undergo a downward adjustment [2] - New listings and subscriptions for various convertible bonds are noted, including Shangle and Naipu [1] Group 3: Market Data on Convertible Bonds - The current price and redemption price for several convertible bonds are provided, with specific details on their last trading and conversion dates, as well as their remaining scale and market capitalization ratios [4][6]

Core Viewpoint - The company has triggered the downward adjustment clause for the "Weir Convertible Bond" but has decided not to exercise this right for the current period and the next six months [1] Group 1 - The company announced on January 15 that it has triggered the downward adjustment clause for the "Weir Convertible Bond" [1] - The company's board of directors has decided not to exercise the right to adjust the conversion price downwards [1] - The decision will remain in effect for six months, from January 15, 2026, to July 14, 2026, during which the company will not propose any downward adjustment plan if the clause is triggered again [1]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "韦尔转债," due to the issuance of new shares as part of its H-share listing process on the Hong Kong Stock Exchange [5][8]. Group 1: Convertible Bonds Information - The company issued 24.40 billion CNY worth of convertible bonds, totaling 24.4 million bonds, which were listed on January 22, 2021 [2]. - The conversion price before adjustment was 161.84 CNY per share, which has been adjusted to 159.38 CNY per share effective from January 14, 2026 [5][6]. - The adjustment was made in accordance with the company's bond issuance prospectus, which stipulates that the conversion price will be adjusted in the event of new share issuance [4][6]. Group 2: H-share Listing Details - The company is conducting a global offering of 45.8 million H-shares, with 4.58 million shares available for public offering in Hong Kong, representing 10% of the total offering [3][8]. - The offering price for the H-shares is set at 104.80 HKD per share, equivalent to approximately 94.28 CNY per share [3]. - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately 4.742 billion HKD [8].

Group 1 - The company,豪威集团, announced an adjustment in the conversion price of its "韦尔转债" (Weir Convertible Bonds) from the original 161.84 CNY per share to 159.38 CNY per share [1] - The adjusted conversion price will take effect starting January 14, 2026 [1] - The conversion of "韦尔转债" will be suspended on January 13, 2026, and will resume on January 14, 2026 [1]

Core Viewpoint - The company,豪威集团, announced an adjustment to the conversion price of its "韦尔转债" due to a new share issuance, changing from 161.84 CNY per share to 159.38 CNY per share, effective from January 14, 2026 [1] Summary by Relevant Sections - **Share Issuance Impact** The adjustment in the conversion price is a direct result of the company's new share issuance [1] - **Conversion Price Details** The new conversion price of "韦尔转债" will be 159.38 CNY per share, down from the previous price of 161.84 CNY per share [1] - **Effective Dates** The adjusted conversion price will take effect on January 14, 2026, with the conversion of "韦尔转债" ceasing on January 13, 2026, and resuming on January 14, 2026 [1]

Group 1 - The company is in the process of issuing H-shares for overseas listing on the Hong Kong Stock Exchange, targeting qualified foreign investors and certain domestic institutional investors [1][2] - The final price for the H-shares has been set at HKD 104.80 per share, excluding various transaction fees [2] - The H-shares are expected to be listed and commence trading on January 12, 2026 [2] Group 2 - The company has issued a total of CNY 2.44 billion in convertible bonds, known as "Wei Er Convertible Bonds," with a maturity of six years [5] - The initial conversion price for the "Wei Er Convertible Bonds" was set at CNY 222.83 per share [6] - The conversion price has been adjusted multiple times due to profit distributions, with the latest adjustment bringing it to CNY 162.66 per share, effective from November 10, 2023 [8][9] Group 3 - The company has decided not to exercise the right to adjust the conversion price downwards for the "Wei Er Convertible Bonds" during specified periods, indicating a stable outlook for the bond's value [10][12][13] - The company anticipates that the conversion price may trigger downward adjustment conditions due to stock prices falling below 85% of the current conversion price [14]

Group 1 - The core point of the article is that Haowei Group announced a potential downward adjustment of the conversion price for its "Weier Convertible Bonds" due to its stock closing price being below 85% of the current conversion price for ten consecutive trading days as of January 8, 2026 [1] - According to the regulations from the Shanghai Stock Exchange, if the adjustment conditions are triggered, the company will convene a board meeting on the same day to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [1]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Since December 2025, convertible bonds have witnessed a new round of recovery. In this round, high - parity equity - biased convertible bonds led the rise, with the military industry sector rising significantly under the commercial space theme. Due to the phased release of call risks, the valuation of high - parity convertible bonds has returned to a high level. However, the shortening of the remaining term and the weaker - than - expected downward revision of convertible bonds have caused the valuation of debt - biased convertible bonds to loosen. The convertible bond valuation structure has changed compared with the previous period. From the end - of - 2025 performance, risk appetite remains high, and the expectation of a spring rally is consistent. Convertible bonds are expected to benefit from the rise of the equity market and the activity of small and micro - cap stocks. But considering the high valuation of equity - biased convertible bonds and the recent significant decline of some "double - high" convertible bonds, be vigilant against the valuation risks of "double - high" convertible bonds represented by newly issued convertible bonds [4]. Summary by Relevant Catalog 1. Convertible Bond Valuation - The market declined slightly this week, and the 100 - yuan premium rate rose 0.3% to 31.1%, approaching the high of 31.4% on August 25, 2025. After excluding abnormal points, the 100 - yuan premium rate of the entire market's convertible bonds is 31.1%, up 0.3% week - on - week, and the latest quantile is at the 99.8% percentile since 2017 [5]. - By grouping and weighted - calculating the valuation changes of individual bonds in comparable terms according to parity, it's found that this week, the valuation of the equity - biased area is better overall than that of the debt - biased and balanced areas. The valuations of the balanced and debt - biased areas mainly declined, the valuation in the 120 - 140 yuan parity range increased slightly, and the valuation in the range above 140 yuan remained roughly flat [10]. - From the perspective of individual bonds, the convertible bonds with a large decline in high - parity area valuation are mainly of two types: those entering the redemption process with the conversion premium rate actively compressed, such as Guanglian Convertible Bond and Songsheng Convertible Bond; and those with significantly compressed "double - high" convertible bond valuations, such as Haohan Convertible Bond and Huicheng Convertible Bond. The convertible bonds with a decline in medium - and low - parity area valuation are those approaching maturity and those with continuous non - downward revision, such as Baolai Convertible Bond and Weil Convertible Bond [13]. - As of the latest data, from the perspective of the conversion premium rate, the historical quantiles of the valuation in the 110 - 120 yuan and 80 - 90 yuan parity ranges are relatively low; from the perspective of the bottom - support premium rate, the historical quantiles of the valuation in the 70 - 90 yuan parity range are relatively low [17]. 2. Clause Tracking 2.1 Redemption - This week, Yingte Convertible Bond announced redemption, and no convertible bond announced not to redeem, with a forced - redemption rate of 100%. Currently, there are 12 convertible bonds that have issued forced - redemption or maturity - redemption announcements but have not been delisted. The potential conversion or maturity balance of the forced - redeemed and matured convertible bonds among the non - delisted ones is 4 billion yuan. There are currently 27 convertible bonds in the redemption process, 7 are expected to meet the redemption conditions next week, and 12 are expected to issue announcements of potential trigger of redemption. In addition, 17 convertible bonds are expected to enter the forced - redemption counting period within the next month [21][23]. 2.2 Downward Revision - One convertible bond proposed a downward revision this week, and Hongchuan Convertible Bond announced the downward - revision result but did not revise to the bottom. As of the latest, 111 convertible bonds are in the non - downward - revision interval, 19 cannot be downward - revised due to net - asset constraints, 1 has triggered the condition but the stock price is still below the downward - revision trigger price and no announcement has been made, 22 are in the process of accumulating downward - revision days, and 2 have issued downward - revision board proposals but have not gone to the general meeting of shareholders [27]. 2.3 Put Option - Shanbo Convertible Bond issued a conditional put - option announcement this week. As of the latest, 5 convertible bonds are in the process of accumulating put - option trigger days, among which 3 are also in the process of accumulating downward - revision days, and 2 are in the non - downward - revision interval [30]. 3. Primary Issuance - As of the latest, there are 9 convertible bonds in the approval - for - registration progress, with a to - be - issued scale of 11.2 billion yuan; there are 6 convertible bonds in the listing - committee - approval progress, with a to - be - issued scale of 3.4 billion yuan [32].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |