资金流向 9月12日主力资金净流入6436.22万元，占总成交额10.82%；游资资金净流入560.25万元，占总成交额0.94%；散户资金净流出6996.47万元，占总成 交额11.76%。 公司公告汇总 中诚信国际关于终止青岛高测科技股份有限公司主体和相关债项信用评级的公告 截至2025年9月12日收盘，高测股份(688556)报收于11.12元，上涨1.18%，换手率4.17%，成交量34.62万手，成交额3.78亿元。 当日关注点 交易信息汇总 中诚信国际信用评级有限责任公司于2025年9月11日发布公告，宣布终止对青岛高测科技股份有限公司主体及相关债项的信用评级。高测股份于 2022年7月发行的"高测转债"由中诚信国际进行评级，2025年6月20日出具的跟踪评级报告显示，主体信用等级维持为A+，评级展望稳定，债项信 用等级维持为A+。2025年9月10日，公司公告行使提前赎回权，截至2025年9月8日赎回登记日收市，"高测转债"余额为2,000,000.00元，占发行总 额的0.41%，赎回款已于9月9日发放。截至公告日，"高测转债"已赎回完毕并摘牌，高测股份无存续债券使用中诚信国际评级。根据相关制 ...

Group 1 - The stock price of Gaoce Co., Ltd. (688556) closed at 10.99 yuan on September 11, 2025, with an increase of 4.57% and a turnover rate of 6.12% [1] - The trading volume on September 11 was 508,300 hands, with a total transaction amount of 555 million yuan [1] - On the same day, the net inflow of main funds was 33.138 million yuan, accounting for 5.97% of the total transaction amount [2] Group 2 - China Chengxin International Credit Rating Co., Ltd. announced the termination of credit ratings for Gaoce Co., Ltd. and its related debt due to the redemption of "Gaoce Convertible Bonds" [3] - The "Gaoce Convertible Bonds" were fully redeemed and delisted as of September 10, 2025, with a remaining balance of 2 million yuan, which is 0.41% of the total issuance [3] - The credit rating for the company and its debt will no longer be updated following the termination of the rating [3]

Group 1 - The stock of High Measurement Co., Ltd. (688556) closed at 10.99 yuan on September 11, 2025, up 4.57% from the previous trading day, with a total market capitalization of 9.13 billion yuan [1] - The stock opened at 10.53 yuan, reached a high of 11.16 yuan, and a low of 10.43 yuan, with a trading volume of 5.55 billion yuan and a turnover rate of 6.12% [1] - China Chengxin International Credit Rating Co., Ltd. announced the termination of the credit rating for Qingdao High Measurement Technology Co., Ltd. and its related debt instruments [1] Group 2 - The "High Measurement Convertible Bond" issued in July 2022 was rated by China Chengxin International, maintaining a credit rating of A+ with a stable outlook as of the tracking report issued on June 20, 2025 [1] - As of September 8, 2025, the remaining balance of the "High Measurement Convertible Bond" was 2 million yuan, accounting for 0.41% of the total issuance, and the redemption amount was distributed on September 9 [1] - The "High Measurement Convertible Bond" has been fully redeemed and delisted, and the company no longer has any outstanding bonds rated by China Chengxin International [1]

Core Points - The announcement from Gaoce Co., Ltd. indicates that investors holding convertible bonds can either continue trading in the secondary market or convert at a price of 7.37 CNY per share [2] - If investors do not take action within the specified timeframe, they may face forced redemption at a face value of 100 CNY per bond plus accrued interest, totaling 100.1742 CNY per bond [2] - The company warns that forced redemption could lead to significant investment losses for bondholders, urging them to convert or sell to avoid potential losses [2]

Group 1 - The core point of the announcement is that Gaoce Co., Ltd. will redeem its convertible bonds ("Gaoce Convertible Bonds") early, with the last conversion date set for September 8, 2025, and the bonds will be delisted from the Shanghai Stock Exchange on September 9, 2025 [2] - Investors can either continue trading the convertible bonds in the secondary market within the specified time or convert them at a price of 7.37 yuan per share [2] - If investors do not take action, they will face a forced redemption at a face value of 100 yuan per bond plus accrued interest, totaling 100.1742 yuan per bond, which may lead to significant investment losses [2]

Core Points - The company has announced the early redemption and delisting of its convertible bonds, "Gaoce Convertible Bonds" [1][4][16] - The redemption registration date is set for September 8, 2025, and trading of the bonds will cease from September 4, 2025 [2][15] - The last conversion date for the bonds is also September 8, 2025, with only three trading days remaining until this date [3][15] Redemption Details - Upon completion of the early redemption, the "Gaoce Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting September 9, 2025 [4][16] - Investors can either continue trading the bonds in the secondary market within the specified timeframe or convert them at a conversion price of 7.37 CNY per share [4][5] - If not converted, the bonds will be forcibly redeemed at a price of 100.1742 CNY per bond, which includes accrued interest [4][9] Conditions for Redemption - The conditional redemption clause has been triggered as the company's stock price has been above 130% of the conversion price for at least 15 trading days within a 30-day period [5][7] - The redemption price is calculated based on the face value plus accrued interest, which is approximately 0.1742 CNY per bond [11][12] Important Dates - Redemption registration date: September 8, 2025 [2][6] - Last trading day: September 3, 2025 [6][15] - Redemption payment date: September 9, 2025 [14] Tax Implications - Individual investors are subject to a 20% tax on interest income from the bonds, resulting in a net redemption amount of approximately 100.1394 CNY per bond after tax [17][18]

Key Points - The company, Qingdao Gaoce Technology Co., Ltd., has announced the early redemption of its convertible bonds, "Gaoce Convertible Bonds," due to the stock price meeting the conditions for redemption [1][2] - The redemption date is set for September 8, 2025, with a redemption price of 100.1742 CNY per bond [1][2] - The last trading day for the bonds will be September 3, 2025, and trading will cease from September 4, 2025 [1][2] - The bonds will be delisted from the Shanghai Stock Exchange on September 9, 2025, following the completion of the redemption [1][2] - The company’s stock price has been above 130% of the conversion price for at least 15 trading days, triggering the conditional redemption clause [1][2] - Investors are advised to convert or sell their bonds before the deadline to avoid potential losses, as the market price significantly exceeds the redemption price [1][2]

Summary of Key Points Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the last seven trading days [1][2]. Market Performance - Since reaching a peak on August 25, the convertible bond market has seen a downturn, with the China Convertible Bond Index entering a correction phase starting August 26, including a significant drop of 2.82% on August 27 [1][2]. - In the last seven trading days, more than 400 convertible bonds have declined, representing over 90% of the total, with nearly 230 bonds falling more than 5% and over 50 bonds dropping more than 10% [2][3]. Specific Bond Performance - Notable convertible bonds such as Tianyuan Convertible Bond have seen a price drop from over 240 yuan to 191.700 yuan, marking a cumulative decline of over 20% [3]. - The Borui Convertible Bond has also faced a decline, dropping from over 320 yuan to 260.457 yuan, with a cumulative decrease of 18.84% [5]. Market Influences - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has shown a slowdown, with a cumulative decline of 1.80% over the past seven trading days [7]. - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a significant underperformance compared to the broader market [7][8]. Future Outlook - According to research from Guojin Securities, the overall probability of continued upward movement in the equity market remains high, but there is a short-term impulse for profit-taking in convertible bonds. The market is expected to experience increased trading activity and volatility [10][11].

Group 1 - The China Convertible Bond Index fell by 0.03% to 468.39 points on September 3rd [1] - The largest declines were seen in the following convertible bonds: Gaomei Convertible Bond (-6.75%), Zhenyang Convertible Bond (-6.42%), Weidao Convertible Bond (-5.87%), Jinlun Convertible Bond (-5.06%), and Fuxin Convertible Bond (-3.77%) [1] - The top gainers included Lushan Convertible Bond (+9.89%), Dongjie Convertible Bond (+9.28%), Jingxing Convertible Bond (+6.24%), Liyang Convertible Bond (+4.57%), and Yiwei Convertible Bond (+3.86%) [1]

Summary of Key Points Core Viewpoint - Several shareholders of companies are planning to reduce their stakes, indicating potential shifts in ownership dynamics within the market [1]. Group 1: Shareholder Reductions - Fangyuan Co., Ltd. plans to reduce its shareholding by no more than 3% [1]. - Shengtai Group intends to reduce its shareholding by no more than 3% [1]. - Jusa Long is looking to reduce its shareholding by no more than 1% [1]. Group 2: Convertible Bonds - Huayang Convertible Bond and Tianye Convertible Bond have announced adjustments to their terms [2]. - The following convertible bonds have specific details regarding their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]. - For example, the Kaien Convertible Bond has a current price of 124.657, a strong redemption price of 100.118, and a conversion value of 125.19 with a remaining scale of 0.041 billion [4]. - The Dongcai Convertible Bond has a current price of 160.105, a strong redemption price of 100.805, and a conversion value of 160.19 with a remaining scale of 0.921 billion [4].