1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (0316 - 0320), the global stock, bond, and gold markets continued to experience a triple - kill, with geopolitical situations intensifying and strong market risk - aversion. The market continued to price in the stagflation expectations caused by the blockade of the Strait of Hormuz, and concerns about the sustainability of loose liquidity deepened. The report still accepts last week's observations and believes that the geopolitical conflict will trigger global energy security and energy autonomy narratives in the long - term. The market may start to distinguish between "conflict continuation" and "strait blockade", "strait opening" and "supply recovery" [1][41]. - In the domestic market, the performance is similar, with equity markets mainly in a回调 phase. The CSI Convertible Bond Index had four consecutive negative days, and the decline marginally increased. The report previously believed that the root cause of the high - valuation correction in 2026 could only come from liquidity. Due to significant changes in the geopolitical pattern, liquidity expectations have been significantly adjusted. It is recommended to shift from long - term allocation to reducing and controlling positions and short - term trading of core assets, while paying attention to the inflection point of market narrative evolution [1][41]. 3. Summary by Directory 3.1. Weekly Market Review 3.1.1. Overall Decline in the Equity Market - From March 9th to March 13th, the equity market generally declined. The Shanghai Composite Index fell 3.38% to 3957.05 points, the Shenzhen Component Index fell 2.90% to 13866.20 points, the ChiNext Index rose 1.26% to 3352.10 points, and the CSI 300 fell 2.19% to 4567.02 points. From March 16th to March 20th, the daily average trading volume of the two markets increased by about 2615.81 billion yuan to 30365.33 billion yuan, a week - on - week increase of 9.43%. The performance of the three major indexes on each trading day varied, and in terms of industries, only 2 out of 31 Shenwan first - level industries rose, with communication and agriculture, forestry, animal husbandry, and fishery leading the gains, while non - ferrous metals, basic chemicals, and steel leading the losses [6][9][13]. 3.1.2. Overall Decline in the Convertible Bond Market - From March 16th to March 20th, the CSI Convertible Bond Index fell 3.60%. Only 2 out of 29 Shenwan first - level industries rose, with communication and agriculture, forestry, animal husbandry, and fishery leading the gains, and non - ferrous metals, basic chemicals, and steel leading the losses. The average daily trading volume of the convertible bond market was 669.67 billion yuan, a significant contraction with a week - on - week change of - 8.88%. The average daily trading volume of the underlying stock market was 1407.51 billion yuan, with a week - on - week change of - 4.60%. Approximately 9.49% of convertible bond issues rose, showing an obvious weak structure. The overall market conversion premium rate increased, and the conversion parity of some industries changed [16][21][33]. 3.1.3. Comparison of Stock and Bond Market Sentiments - From March 16th to March 20th, the weekly weighted average and median of the convertible bond and underlying stock markets were negative, and the underlying stocks had a larger weekly decline. In terms of trading volume, the trading volume of the convertible bond market decreased by - 8.88% week - on - week, at the 58.50% quantile level since 2022, while the trading volume of the underlying stock market decreased by 4.60%, at the 85.70% quantile level since 2022. Approximately 9.49% of convertible bonds and 21.52% of underlying stocks rose. About 52.53% of convertible bonds had a larger increase or decrease than the underlying stocks. Overall, the trading sentiment in the convertible bond market was better [36]. 3.2. Future Outlook and Investment Strategy - The report suggests shifting from long - term allocation to reducing and controlling positions and short - term trading of core assets, while paying attention to the inflection point of market narrative evolution. Specifically, after excluding quasi - forced redemption (counting progress > 30%), low - rated (weaker than AA -), and quasi - near - maturity (remaining term < 2 years) targets, ten medium - and low - priced (< 145 yuan) targets with large potential expected differences and benefiting from the above narratives are recommended, including Shunbo Alloy/Shunbo Convertible Bond, Xinneng Technology/Xinneng Convertible Bond, etc. The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Hengyi Convertible Bond, China Southern Airlines Convertible Bond, etc. [1][41][42].

Core Viewpoint - The company announced that it will not adjust the conversion price of its bonds despite triggering the downward adjustment clause due to stock prices being below 85% of the conversion price for 15 out of 30 trading days [1] Group 1: Company Announcement - As of November 28, 2025, the company's stock price has triggered the downward adjustment clause for the conversion price of "Shunbo Convertible Bonds" [1] - The board of directors decided not to adjust the conversion price and will not propose any downward adjustment for the next six months, from December 1, 2025, to May 31, 2026 [1] - The next period for potential triggering of the downward adjustment clause will start from June 1, 2026, and the board will reassess the situation at that time [1]

Core Viewpoint - Shunbo Alloy announced that from November 10, 2025, to November 21, 2025, if the closing price of its stock is below 85% of the current conversion price for ten out of any thirty consecutive trading days, it may trigger the downward adjustment of the "Shunbo Convertible Bond" conversion price [1] Group 1 - The company will follow relevant laws and regulations, as well as the provisions in the prospectus, to fulfill the review procedures and information disclosure obligations if the conversion price adjustment condition is triggered [1]

Group 1 - The company has not declared any cash dividends or bonus shares for the reporting period [3] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5][6] - The company has not had any preferred shareholders during the reporting period [7] Group 2 - The company raised a total of 830 million yuan from the public issuance of convertible bonds, with a net amount of approximately 818.95 million yuan after deducting issuance costs [10] - The company raised approximately 600 million yuan from a private placement of shares, with a net amount of about 593.30 million yuan after deducting issuance costs [11] - As of June 30, 2025, the company has used approximately 815.95 million yuan of the raised funds from the convertible bonds, leaving a balance of 2.99 million yuan [12] - The company has fully utilized the raised funds from the private placement of shares, with no remaining balance [12] Group 3 - The company has established a special account for the management of raised funds, ensuring compliance with relevant regulations [13] - The company has signed tripartite supervision agreements with banks and underwriters to enhance the oversight of fund usage [14][16] - The company has reported a cash management income of approximately 110,897.75 yuan from the management of raised funds during the reporting period [20] Group 4 - The company plans to use up to 12.44 million yuan of idle raised funds for cash management, with a duration of 12 months [46] - The cash management will involve low-risk investment products such as structured deposits and large certificates of deposit [48] - The company has received approvals from the board of directors, supervisory board, and independent directors for the cash management plan [51][54]

Core Insights - The company reported a revenue of 7,126,279,774.01 CNY for the first half of 2025, representing an increase of 11.75% compared to the same period last year [5] - The net profit attributable to shareholders reached 176,634,781.94 CNY, marking a significant increase of 110.56% year-on-year [5] - The company did not plan to distribute cash dividends or issue new shares from reserves during this reporting period [6] Financial Performance - Revenue for the reporting period: 7,126,279,774.01 CNY, up from 6,376,853,691.63 CNY [5] - Net profit attributable to shareholders: 176,634,781.94 CNY, compared to 83,888,171.50 CNY last year [5] - Net cash flow from operating activities decreased by 31.87% to 167,315,469.19 CNY [5] - Basic earnings per share increased to 0.27 CNY from 0.17 CNY, a rise of 58.82% [5] - Diluted earnings per share rose to 0.24 CNY from 0.17 CNY, an increase of 41.18% [5] - Weighted average return on equity improved to 5.44% from 2.89% [5] Asset and Equity Position - Total assets at the end of the reporting period were 13,711,635,292.02 CNY, up 5.54% from 12,991,406,362.54 CNY [8] - Net assets attributable to shareholders increased to 3,271,363,393.51 CNY, a growth of 2.79% from 3,182,677,070.19 CNY [8] Shareholder Information - Major shareholders include Wang Zengchao (22.44%), Wang Zhenjian (21.62%), and Du Fuchang (6.30%) [9] - The actual controllers of the company are the three brothers Wang Zengchao, Wang Zhenjian, and Wang Qi, who have a concerted action relationship [9]

Core Viewpoint - Chongqing Shunbo Aluminum Alloy Co., Ltd. has not faced any penalties from securities regulatory authorities or exchanges in the last five years, indicating a commitment to compliance and governance [1] Summary of Regulatory Measures and Rectifications - In March 2024, the Shenzhen Stock Exchange issued a regulatory letter to the company for failing to timely disclose a prompt announcement regarding the convertible bond price adjustment conditions, which violated the stock listing rules [2][3] - Following the issuance of the regulatory letter, the company organized training for its board members and management to ensure compliance with relevant laws and regulations [3][5] - In May 2025, the China Securities Regulatory Commission issued a warning letter due to the company's failure to timely disclose related party transactions, which amounted to 14.2902 million yuan, representing 0.446% of the company's audited net assets for 2024 [4][5] - The company took immediate action by informing its board and management about the warning letter and conducted training on compliance and information disclosure [5]

Group 1 - The company has announced an adjustment to the conversion price of its convertible bonds from 11.32 yuan per share to 11.27 yuan per share due to a cash dividend distribution [3][4] - The total number of shares for the dividend distribution is 660,831,161 shares, with a cash dividend of 0.5 yuan per 10 shares, resulting in a total cash dividend of approximately 33.04 million yuan [2][3] - The adjusted conversion price will take effect from May 29, 2025 [4] Group 2 - The company issued 8.3 million convertible bonds in 2022, with a total issuance amount of 830 million yuan [1] - The adjustment formula for the conversion price is based on various corporate actions such as cash dividends, stock dividends, and capital increases [1][2] - The company will disclose any changes to the conversion price in accordance with relevant regulations and ensure the protection of bondholders' rights [2]

Core Points - The company announced a cash dividend distribution plan for the fiscal year 2024, approved at the shareholders' meeting on May 16, 2025, with a distribution of RMB 0.5 per 10 shares [2][3] - The total number of shares eligible for the dividend distribution is 660,831,161 shares after excluding 8,605,420 shares held in the company's repurchase account [2][3] - The total cash dividend amount to be distributed is RMB 33,041,558.05, calculated based on the eligible shares [3][6] Dividend Distribution Details - The cash dividend will be distributed to all shareholders registered by the close of trading on May 28, 2025, with the payment date set for May 29, 2025 [4][5] - The dividend will be subject to different tax rates based on the type of shares held by investors, with specific provisions for QFII, RQFII, and individual investors [3][4] - The reference price for the stock after the dividend distribution will be adjusted by subtracting the cash dividend amount from the closing price on the record date [6][7] Adjustments and Implications - Following the dividend distribution, the conversion price of the company's convertible bonds will be adjusted from RMB 11.32 per share [7] - The maximum repurchase price for the company's shares will be adjusted to RMB 8.95 per share after accounting for the cash dividend [6][7] - The company has committed to ensuring that any changes in total share capital before the record date will not affect the distribution ratio [2][3]

Core Viewpoint - Chongqing Shunbo Aluminum Alloy Co., Ltd. has announced the implementation of the 2024 profit distribution plan, which includes a temporary suspension of the conversion of its convertible bonds from May 21, 2025, until the equity registration date for the 2024 profit distribution [1] Group 1 - The company will hold the 2024 annual shareholders' meeting on May 16, 2025, to review the profit distribution plan [1] - The convertible bonds "Shunbo Convertible Bonds" will be suspended for conversion from May 21, 2025, until the equity registration date for the 2024 profit distribution [1] - Normal trading of the convertible bonds will continue during the suspension period, and bondholders are advised to pay attention [1] Group 2 - The adjustment of the conversion price for the convertible bonds will occur in the event of stock dividends, capital increases, new share issuances, and cash dividends, with specific formulas provided for each scenario [2] - The adjustment formulas include calculations for stock dividends, new share issuances, and cash dividends, ensuring that the conversion price reflects these changes accurately [2] - The company will announce any adjustments to the conversion price through designated media, detailing the adjustment date and method [3]

债券简称：顺博转债 债券代码：127068.SZ 国海证券股份有限公司 关于重庆顺博铝合金股份有限公司 收到重庆证监局警示函及深交所监管函事项的 （以下简称"《募集说明书》"）、 《重庆 顺博铝合金股份有限公司公开发行可转换公司债券之受托管理协议》（以下简称 "《受托管理协议》"）的约定，重庆顺博铝合金股份有限公司（以下简称"发行 人"、"顺博合金"、"公司"）公开信息披露文件以及发行人提供的相关资料等， 由本次债券受托管理人国海证券股份有限公司（以下简称"国海证券"、"受托管 理人"）编制。 本报告仅对本次债券受托管理的有关事项进行说明，不构成针对本次债券的 任何投资建议。投资者应对相关事宜做出独立判断，而不应将本报告中任何内容 据以作为受托管理人所作的承诺或声明。在任何情况下，投资者依据本报告所进 行的任何作为或不作为，国海证券不承担任何责任。 临时受托管理事务报告 债券受托管理人：国海证券股份有限公司 （住所：广西壮族自治区桂林市辅星路13号） 声 明 本报告依据《公司债券发行与交易管理办法》、 《公司债券受托管理人执业行 为准则》 、《可转换公司债券管理办法》的相关规定及《重庆顺博铝合金股份有限 公司 ...