Group 1: Investment Rating - The report does not provide an overall investment rating for the bond industry. Group 2: Core Views - Market fluctuations have caused some disturbances to the liability side, but overall liability side stability remains acceptable. ETFs and "fixed income +" funds have seen small net outflows, but the pace has slowed compared to early September, and insurance funds still focus on allocation. [3][8] - In a volatile market, the operating strategies of public - offering institutions have diverged. Low - volatility strategy funds aiming for absolute returns may have reduced their allocations to high - price bonds and convertible bonds in general, while high - volatility tolerance products and relative return funds can increase allocations to some convertible bond issues with sufficient corrections and fundamental support. [3][9] - Different - priced convertible bonds have different performances and strategies. High - price convertible bonds have proven their upward logic, and for high - tolerance funds, holding is better than trading. Medium - price convertible bonds are the core of the "attack - and - defense" strategy, and bonds with reasonable price structures and catalytic expectations should be selected. The valuation of low - price (partial - debt) convertible bonds has reached an extreme level, and caution should be exercised. [2][3][9] - In October, investors are advised to pay attention to Shangyin Convertible Bond, Shouhua Convertible Bond, Jingke Convertible Bond, Kangtai Convertible Bond 2, Baolong Convertible Bond, Keshun Convertible Bond, Yingbo Convertible Bond, Huaya Convertible Bond, Wankai Convertible Bond, and Luwei Convertible Bond. [3][13] Group 3: Summary by Directory 1. Convertible Bond Weekly Thinking - The convertible bond market has shown limited adjustments and slight recoveries. In the past week, the ChinaBond Convertible Bond Index rose by about 1 percentage point, and the 100 - yuan premium rate also slightly recovered. [8] - The liability side of convertible bonds remains stable. Although there are small net outflows from some funds, the overall situation is improving, and insurance funds still focus on long - term allocation. [3][8] - Public - offering institutions' strategies have diverged. Low - volatility funds reduce positions, while high - volatility tolerance funds increase positions in some high - quality bonds. [3][9] - Different - priced convertible bonds have different characteristics and strategies. High - price bonds are suitable for holding, medium - price bonds need comprehensive screening, and partial - debt bonds should be treated with caution. [2][3][9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - Different convertible bond indexes have different performances in different time periods. For example, the Wind Convertible Bond Energy Index has a 0.14% increase in the past week, - 0.91% in the past two weeks, etc. [14] 2.2 Convertible Bond Issues - The report shows the top ten and bottom ten convertible bond issues in terms of price changes in the past week, but specific issue names are not provided in the text. [18] 2.3 Convertible Bond Valuations - The report presents the valuation trends of different types of convertible bonds (debt - type, balanced, and equity - type) through charts, but specific data analysis is not provided in the text. [21][26][28] 2.4 Convertible Bond Prices - The report shows the proportion trends of high - price convertible bonds and the median price trends of convertible bonds through charts, but specific data analysis is not provided in the text. [24][25][31]

Group 1 - The report indicates that the convertible bond market experienced significant fluctuations in August, with the convertible bond index showing an upward trend but facing adjustments towards the end of the month due to various factors including the weakening of the banking sector and an increase in strong redemption of convertible bonds [3][6][7] - The strategy for September suggests a cautious approach towards convertible bonds, with expectations for lower returns due to the "dumbbell" style weakening and the potential for short-term adjustments in the market [3][33] - The report highlights the validation of the "potential yield" indicator system, which indicated a significant risk of short-term adjustments in the convertible bond market as the implied three-month yield fell below -5% [3][19][22] Group 2 - The report outlines a revised monthly strategy composition for September, which includes three components: short-term high-odds selection, low-price enhancement strategy, and active selection, reflecting the current market environment [3][35] - Specific convertible bonds are recommended for attention in September, including the high-odds selection of Pudong Development Bank Convertible Bond, and low-price enhancement strategies focusing on Jia Yuan, Jingke, Southeast, and Fangyuan Convertible Bonds [3][36][37] - The active selection strategy emphasizes avoiding bonds with a high likelihood of strong redemption while maintaining a focus on sectors with growth potential [3][38]

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [27] Core Viewpoints - The current adjustment of convertible bonds still harbors potential investment opportunities. After the valuation pressure of some high - price/equity - like convertible bonds is cleared, they may offer returns to investors. The market's equity nature is stronger than its debt nature. Amid the strong performance of the equity market this year, the reversal of enhanced products may be a key factor influencing the configuration sentiment of the liability side. It is recommended to respond actively based on the actual participation time of subscription funds and the ability to withstand drawdowns [6][23] Summary by Directory When "Fear of High Prices" Meets Equity Resonance - On August 27, the convertible bond market adjusted, with the CSI Convertible Bond Index closing at 476.94, a decline of 2.82%. The declines of the Guozheng 2000 and the Equal - weighted Index of Convertible Bond Underlying Stocks were 2.01% and 2.44% respectively, while the ChiNext 50 Index rose 0.13%. There was no obvious differentiation in the structure [6][10] - The reasons for the adjustment include: directly, the rapid decline of convertible bond ETFs in the afternoon might have triggered investors' judgment of the market; in the equity market, industry performance was more differentiated, and some investors focused on the logic of switching between high - and low - value stocks or small - and large - cap stocks; actively, the long - standing "fear of high prices" in the convertible bond market led to the adjustment when the price reached a critical level [6][13][16] - The logic of the internal supply - demand mismatch in convertible bonds remains unchanged. The overall scale of the convertible bond market may continue to shrink, and there is a short - term demand gap. The logic of the equity market rally driven by incremental funds has not reversed, and there is still support from the underlying stocks for convertible bonds [6][20][21] Which Convertible Bond Varieties Are Oversold? - In the bullish equity market, it is recommended to diversify across multiple themes, such as consumer electronics, T - chain robots, chemical products, domestic computing power chips, and innovative drugs [7][25] - Pay attention to convertible bond elastic varieties and appropriately relax the drawdown limit. High - volatility products attract incremental funds during market transitions, so focus on elastic varieties with reasonable prices and cost - effectiveness [7][25] - With increased fluctuations in clause games and enhanced market pricing efficiency, keep an eye on individual bond clause changes, including high - price, low - premium convertible bonds with arbitrage opportunities and those approaching maturity with conversion incentives [7][25] - Look for oversold convertible bond varieties, including those that have declined more than the average of underlying stocks and convertible bonds, and those with significant valuation compression [7][25] - Low - price convertible bonds with improving fundamentals still have cost - effectiveness, such as Shouhua Convertible Bonds and Lepu Convertible Bonds 2 [7][25]

Group 1 - The company, Shouhua Gas Technology (Shanghai) Co., Ltd., has issued 13,794,971 convertible bonds with a total value of 137,949.71 million yuan, which began trading on November 18, 2021 [1][2] - The bonds have a face value of 100 yuan each and are referred to as "Shouhua Convertible Bonds" with the code "123128" [1] - The bonds will be convertible into company shares from November 1, 2021, to October 31, 2027, with interest payments scheduled annually [2][3] Group 2 - The company plans to amend its articles of association to align with its operational needs and legal requirements [3][4] - The amendments include changes to the company's registered capital and the roles of its legal representatives [4][5] - The company’s total capital is now stated as 268,555,379 shares, all of which are ordinary shares [5][6] Group 3 - The company has established rules regarding the issuance of shares, ensuring equal rights for all shareholders and compliance with relevant laws [6][7] - The company is prohibited from repurchasing its shares except under specific conditions, such as capital reduction or mergers [7][8] - The company must maintain transparency and communication with shareholders, especially regarding share repurchase decisions [7][8]

Group 1 - The company announced the conversion of its convertible bonds into shares, resulting in the issuance of 3,166,159 shares of "Shouhua Gas" stock as of June 30, 2025 [1] - As of June 30, 2025, the total number of outstanding convertible bonds is 13,405,131, with a remaining face value of RMB 1,340,513,100 [1] - The total share capital increased from 268,555,379 shares to 271,721,538 shares due to the conversion of bonds and the completion of stock incentives for executives [1] Group 2 - The company issued a total of 13,794,971 convertible bonds on November 1, 2021, with a total amount of RMB 1,379,497,100 [1] - The latest effective conversion price for the bonds is RMB 12.15 per share [1] - As of March 31, 2025, there were no restricted shares, but by June 30, 2025, 120,000 restricted shares were added, all of which are locked by executives [1]

Core Viewpoint - Shouhua Gas Technology (Shanghai) Co., Ltd. is issuing convertible bonds to raise funds for natural gas development projects and working capital, while facing challenges in financial performance due to declining gas prices and increased operational costs [1][4][5]. Group 1: Company Overview - The company is primarily engaged in natural gas exploration, development, production, and sales through subsidiaries such as Zhonghai Wobang and Yonghe Weirun [4][5]. - As of the end of 2024, the company reported total assets of 8.36 billion yuan, a 5.87% increase from 2023, but a 25.96% decrease in net assets attributable to shareholders [5][6]. Group 2: Financial Performance - In 2024, the company experienced a 14.19% increase in revenue, totaling approximately 1.55 billion yuan, but reported a net loss of approximately 710.95 million yuan, a 188.99% increase in losses compared to the previous year [6]. - The average selling price of natural gas decreased by 6.34% to 2.37 yuan per cubic meter, while natural gas production increased by 35% to 469 million cubic meters [5][6]. Group 3: Fund Utilization and Management - The company raised approximately 1.36 billion yuan from the bond issuance, which is allocated for natural gas development projects and working capital [8]. - As of December 31, 2024, the remaining balance of the raised funds was approximately 57.98 million yuan, with proper utilization aligned with the disclosed reports [8][9]. Group 4: Debt and Credit Rating - The company has set up special accounts for the management of raised funds, ensuring proper handling and compliance with regulations [9]. - The credit rating for the company and its bonds is currently rated at AA-, reflecting a stable outlook despite recent financial challenges [14].

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Yong'an Convertible Bond increased by 9.6%, while Huafeng Convertible Bond rose by 3.6% [1] - Several other convertible bonds, including Lianchuang, Xuelong, Quanfeng, and Hengshuai, saw gains exceeding 2% [1] Group 2 - Shouhua Convertible Bond decreased by 4.7%, and both Tianhao and Chuanheng Convertible Bonds fell by over 2% [1]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.02% [1] - Hengshuai Convertible Bond surged by 20%, triggering a trading halt [1] - Jingda Convertible Bond increased by 2.5%, while Shouhua Convertible Bond rose nearly 2% [1] Group 2 - Hangyang Convertible Bond declined by 3.3% [1] - Beilu Convertible Bond fell by 2.7% [1] - Wentai Convertible Bond decreased by 1.5% [1]

Group 1 - The China Securities Convertible Bond Index opened up by 0.05% [1] - Hengshuai Convertible Bond surged by 30%, triggering a trading halt [1] - Caitong Convertible Bond and Saili Convertible Bond increased by over 3% [1] Group 2 - Greenfield Convertible Bond, Titan Convertible Bond, Honghui Convertible Bond, and Shouhua Convertible Bond experienced slight declines [1]

Group 1 - The China Securities Convertible Bond Index opened with a gain of 0.23% [1] - Tongyu Convertible Bond increased by 5.10% [1] - Yitian Convertible Bond rose by 1.78% [1] - Jingyuan Convertible Bond experienced a rise of 0.56% [1] - Hongchang Convertible Bond declined by 0.64% [1] - Shouhua Convertible Bond decreased by 0.29% [1]