New Stock Listings - Huadian New Energy (600930) listed at an issue price of 3.18 on July 16, 2025[1] - Zhongcheng Tui (300208) has 2 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 2 trading days remaining until the last trading day[1] Abnormal Fluctuations - Huayin Power (600744) reported severe abnormal fluctuations on July 15, 2025[1] - Changcheng Military Industry (601606) announced abnormal fluctuations on July 15, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on July 16, 2025[1] Other Notable Announcements - ST Ya Zhen (000627) reported significant fluctuations with a value of 7189 on July 16, 2025[3] - Guosheng Technology (603778) reported fluctuations with a value of 3370 on July 15, 2025[3] - ST Xin Chao (600777) reported fluctuations with a value of 1008 on July 11, 2025[3]

Group 1 - The report identifies a significant increase in the number of new convertible bonds listed recently, leading to heightened market attention towards new issuances [7][8] - Convertible bonds are categorized into four main types: white horse, value, small market cap, and balanced, each exhibiting distinct pricing characteristics and investment opportunities, necessitating differentiated strategies for new issuances [7][26] Group 2 - White horse convertible bonds are characterized by high initial valuations and a generally high conversion premium, indicating a low investment cost-effectiveness. The report advises against participating in new issuances or buying on the first day due to systemic valuation risks [7][12][26] - Value convertible bonds typically show low initial valuations, with some even trading below par. The report highlights that institutional demand can drive prices upward post-initial trading, suggesting active participation in new issuances and buying during sell-offs for optimal risk-reward ratios [13][17][26] Group 3 - Small market cap convertible bonds exhibit significant price volatility due to limited liquidity, often leading to extreme pricing deviations from fundamentals. The report recommends avoiding high-price chasing and waiting for a price correction after 4-6 months for potential value recovery opportunities [21][27] - Balanced convertible bonds present relatively rational pricing and moderate volatility, with the report suggesting participation in new issuances and buying during initial sell-offs to achieve stable returns within 1-2 months [25][27]

Group 1 - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares (including tax), totaling approximately 93.83 million RMB based on the total share capital of 938,282,591 shares as of December 31, 2024 [1] - Following the implementation of the stock option incentive plan, the total share capital has increased to 944,543,607 shares, leading to a revised total cash dividend of approximately 94.45 million RMB [2] - The dividend distribution will be executed on July 17, 2025, with the record date set for July 16, 2025, for all shareholders registered with the China Securities Depository and Clearing Corporation [3] Group 2 - The adjustment of the conversion price for the company's convertible bonds (Dinglong Convertible Bonds, code: 123255) will occur, changing from 28.68 RMB per share to 28.58 RMB per share, effective July 17, 2025 [3] - The company will also adjust the exercise price of the 2024 stock option incentive plan in accordance with relevant regulations after the dividend distribution is completed [4]

Core Viewpoint - The company, Hubei Dinglong Holdings Co., Ltd., has announced an adjustment to the conversion price of its convertible bonds, Dinglong Convertible Bonds, due to the distribution of cash dividends to shareholders [1][2]. Group 1: Convertible Bond Details - The company issued 9.1 million convertible bonds, which were approved by the China Securities Regulatory Commission and listed on April 23, 2025 [1]. - The initial conversion price was set at 28.68 CNY per share, which has been adjusted to 28.58 CNY per share [1][2]. - The adjustment will take effect on July 17, 2025 [1]. Group 2: Adjustment Calculation - The adjustment formula for the conversion price is based on the distribution of cash dividends, with the calculation being P1 = P0 - D, where D is the cash dividend per share [2]. - For this adjustment, the company will distribute a cash dividend of 1.00 CNY per 10 shares, leading to the new conversion price calculation: 28.68 CNY - 0.1 CNY = 28.58 CNY [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From April 21st to 25th, 2025, the A - share market oscillated upward with prominent structural rotation characteristics. The ChiNext Index performed strongly with a weekly increase of 1.7%. Small - cap stocks showed more elasticity, and the CSI 2000 rose significantly by 2.7%. The main funds had a daily net outflow of 8.09 billion yuan, and the trading situation became more intense. The automobile, communication, and machinery equipment sectors led the gains, while consumer sectors such as food and beverage and social services corrected significantly. The trading volume increased moderately, and the trading heat of growth sectors such as electronics and computers declined slightly. It is recommended to focus on the pro - cyclical direction and the prosperous sub - industries supported by policies [6][10]. - The convertible bond market oscillated upward. The CSI Convertible Bond Index rose 0.9% this week, and the average daily trading volume slightly rebounded to 56.4 billion yuan. The median market price rebounded to 111.6 yuan, and the implied volatility slightly increased to 20.0%, indicating a mild recovery of risk appetite. Small - cap convertible bonds had better elasticity, and the valuations of low - parity and low - market - price convertible bonds were repaired. In terms of industries, convertible bonds in the communication, machinery equipment, and automobile sectors led the gains, while previous popular sectors such as agriculture, forestry, animal husbandry, and fishery adjusted and sorted [10]. - In the primary market, the supply continued to heat up. Three new convertible bonds, Dinglong Convertible Bond, Qingyuan Convertible Bond, and Anji Convertible Bond, were issued, with a total fundraising of 2.24 billion yuan. Twelve listed companies updated their issuance plans, and the total scale of projects at the exchange acceptance and subsequent stages reached 55.48 billion yuan. In terms of clause games, the number of convertible bonds expected to trigger a downward revision remained high, and 28 convertible bonds issued announcements of expected downward revision this week. Only 2 convertible bonds announced early redemptions, and the redemption pressure was generally controllable. Overall, the equity and convertible bond markets may continue to oscillate and rotate in the short term, with structural opportunities remaining the main line. It is recommended to focus on low - premium and high - prosperity directions [6][10]. Summary According to Relevant Catalogs Market Theme Weekly Review Equity Theme Weekly Review - This week, the A - share market's theme market showed a structural rotation within the growth track, still in a relatively trading - oriented game stage. The leading gainers were concentrated in sub - fields such as the communication chain, automotive electronics, and embodied intelligence. AI - generalized directions such as humanoid robots and intelligent driving continued to be strong. Some previous strong themes adjusted, and traditional "defensive" sectors also performed weakly. Overall, the current theme market is a re - balance within the growth track, and funds are concentrated in technology sub - directions with policy catalysts, technological innovation, and performance realization expectations [14]. Convertible Bond Weekly Review - This week, the convertible bond market continued to oscillate, with the index rising slightly and significant differentiation among individual bonds. The rise of bonds such as Fuxin Convertible Bond was mainly driven by the sharp rise of the underlying stocks. The underlying stocks of sectors such as military industry and agriculture, forestry, animal husbandry, and fishery were under pressure, and the related convertible bonds adjusted as a whole. The implied volatility rebounded, and the market risk preference slightly recovered but remained cautious. The downward - revision game was active, and 28 convertible bonds issued announcements of expected downward revision. The primary - market supply slightly accelerated, and the potential supply scale at the exchange acceptance and subsequent stages rose to 55.48 billion yuan. Overall, the convertible bond market still mainly featured structural rotation, and the short - term oscillation pattern may continue [17]. Market Weekly Tracking Equity Market Style Differentiation and Sector Rotation with Low - Level Supplementary Gains - The main A - share stock indices generally rose but showed some differentiation. The Shanghai Composite Index rose 0.6% this week, the Shenzhen Component Index rose 1.4%, and the ChiNext Index rose 1.7%. Small - cap stocks were more favored by funds, with the CSI 2000 rising 2.7% and the Science and Technology Innovation 50 Index falling 0.4%. The trading activity of the market slightly recovered, and the main funds had a daily net outflow of 8.09 billion yuan, with the pressure of capital outflow alleviated, but the characteristic of stock game was still obvious, indicating that market sentiment was slightly repaired in caution [20]. - In terms of industries, the automobile, communication, and machinery equipment sectors led the gains, with weekly increases of 4.8%, 2.9%, and 2.8% respectively. Consumer - attribute sectors such as social services, food and beverage, and agriculture, forestry, animal husbandry, and fishery adjusted significantly. The overall trading volume increased moderately, and funds were concentrated in sectors such as electronics, computers, and machinery equipment. The trading activity of some sectors showed a structural differentiation feature, with some at a low level and some remaining at a high level [10][23][24]. Convertible Bond Market Shows Structural Premium Stratification - The convertible bond index rose slightly this week. The CSI Convertible Bond Index rose 0.90%, and the small - cap convertible bonds led the gains. The average daily trading volume slightly rebounded to 56.4 billion yuan, and the market heat marginally recovered. The implied volatility rose to 20.0%, and the median market price rose to 111.6 yuan, indicating a mild recovery of risk appetite [10]. - Divided by the parity interval, the valuation of low - parity convertible bonds was significantly compressed, while the high - parity interval showed relative resilience. Divided by the market - price interval, the valuation center moved down as a whole, and the adjustment of low - price bonds was particularly severe. It is recommended to focus on high - parity varieties with a conversion parity above 110 yuan and a stable fundamental, as well as individual bonds with clear prosperity support and large valuation - repair potential in the 90 - 120 yuan interval [35][36]. - In terms of sectors, most convertible bond sectors rose, with the media, automobile, and computer sectors leading the gains, and only the agriculture, forestry, animal husbandry, and fishery sector falling. In terms of individual bonds, most showed an upward trend, and the growth sector performed well. The top - five gainers in the conversion period were mainly driven by strong underlying stocks, with high underlying - stock increases and low conversion premium rates [47][51]. Primary Market Tracking and Clause Games This Week's Primary - Market Pre - issuance Situation - Three new convertible bonds, Dinglong Convertible Bond, Qingyuan Convertible Bond, and Anji Convertible Bond, were issued this week, with a total issuance scale of 2.24 billion yuan. Twelve listed companies updated their convertible - bond issuance plans, including two approved for registration, one passed by the listing committee, and three accepted by the exchange. The total scale of projects at the exchange acceptance and subsequent stages reached 55.48 billion yuan [10][56][59]. This Week's Downward - Revision - Related Announcement Arrangement - This week, 28 convertible bonds issued announcements of expected downward revision, 37 convertible bonds issued non - downward - revision announcements, and 2 convertible bonds proposed downward revisions. The current convertible bond market has different situations at each issuance stage, including 1 bond waiting to be listed, 6 companies approved for registration, 7 companies passing the listing committee, and 17 companies at the exchange acceptance stage, with corresponding planned issuance scales [63][64]. This Week's Redemption - Related Announcement Arrangement - This week, no convertible bonds announced expected redemptions, 1 convertible bond announced non - early redemption, and 2 convertible bonds announced early redemptions [75].

Market Overview - The convertible bond market experienced a slight increase alongside the equity market, with the China Securities Convertible Bond Index rising by 0.90% to 422.21 points as of April 25, 2025 [10][24] - The overall A-share market saw the Wande All A Index increase by 1.15%, while the Shanghai Composite Index rose by 0.56% during the same period [10][12] Convertible Bond Valuation - The convertible bond premium rate slightly decreased to 52.17%, down 3.07% from the previous week, indicating a return to the 25th percentile of historical levels since 2024 [3][37] - High premium rates were observed in the textile, food and beverage, pharmaceutical, construction materials, and non-bank financial sectors, while lower rates were noted in banking, agriculture, communication, commercial trade, and comprehensive sectors [3][40] Convertible Bond Supply and Demand - The total outstanding convertible bonds reached 702.636 billion yuan, with a slight increase of 20.50 billion yuan from the previous week, and an average remaining maturity of 2.7 years [4][46] - Demand for convertible bonds remains strong, with convertible bond funds holding a market value of 174.968 billion yuan, reflecting a 3.6% increase from the previous annual report [4][52] Sector Performance - The automotive, construction materials, computer, home appliances, and electrical equipment sectors showed strong performance in the convertible bond market, while the media, communication, banking, food and beverage, and public utilities sectors lagged [2][35] - Notable individual bonds that performed well included Fuxin Convertible Bond (Chemicals), Zhongchong Convertible Bond (Agriculture), and Zhongqi Convertible Bond (Construction Materials) [2][35] Investment Strategy - The report suggests focusing on convertible bonds in sectors with strong policy support expectations, particularly in service consumption and growth-oriented styles, as the A-share market is expected to experience structural trends [5]

Core Viewpoint - Despite the impact of the U.S. "reciprocal tariffs" on global capital markets since April, the domestic convertible bond market has shown overall stability, highlighting its defensive and offensive characteristics, with some convertible bonds recently reaching historical highs [1][3]. Summary by Sections Market Performance - Since April, the domestic convertible bond market has demonstrated resilience amid global market volatility, with the China Securities Convertible Bond Index experiencing a significant drop of 4.05% on April 7, marking its largest single-day decline of the year, yet this was less severe than the declines in the Shanghai and Shenzhen indices, indicating a defensive nature [3][4]. Recovery and Growth - Following the market rebound starting April 8, many convertible bonds have regained their losses, showcasing their offensive potential. Over 400 convertible bonds have risen since April 8, with more than 40 bonds increasing by over 10%, including notable performers like Fuxin Convertible Bond and Zhongqi Convertible Bond, which saw increases exceeding 20% [4]. Historical Highs - Several convertible bonds have recently reached historical highs, such as Zhongqi Convertible Bond, which surpassed 300 CNY per share, achieving a cumulative increase of 29.43% since April 8 and 149.62% year-to-date [5]. Zhongchong Convertible Bond also approached 200 CNY per share, with a cumulative increase of 36.45% since April 8 and 42.89% year-to-date [7]. Zhenhua Convertible Bond reached a price of 197.981 CNY per share, with a cumulative increase of 24% since April 8 and over 40% year-to-date [9]. Redemption Risks - Despite the overall stability of the convertible bond market compared to equities, there are risks associated with specific terms, such as early redemption clauses. For instance, Huisheng Convertible Bond faced significant declines due to triggering its conditional redemption clause, dropping over 40% from its high of 248 CNY per share since April 7 [12][14]. Similar situations have been observed with Bojie Convertible Bond, which has seen a nearly 20% decline since April due to early redemption [14].

Report Industry Investment Rating No relevant content provided. Core Views - The company's convertible bond, Dinglong Convertible Bond, has a fundraising of 910 million yuan. After deducting issuance fees, it will be used for the industrialization project of 300 tons of KrF/ArF photoresist per year, the project of a domestic industrial base for key upstream raw materials of optoelectronic semiconductor materials, and the replenishment of working capital. It is expected to be listed on April 23, 2025, with a listing price above 130 yuan [1]. - The company has successfully expanded from printing and copying consumables to semiconductor materials. With high R & D intensity, the company's semiconductor business has a gross profit margin above 60% and is rising steadily, and the comprehensive gross profit margin has rapidly increased to over 45%. As revenue grows, profitability has also improved rapidly [2]. - The company is accelerating R & D to achieve a platform - based layout of semiconductor materials. In the future, the localization rate of semiconductor materials in China will increase. According to Wind's consensus forecast, the company's expected归母 net profits in 2024 and 2025 are 507 million yuan and 690 million yuan respectively, corresponding to PEs of 55.33X and 40.67X [3]. - The company's valuation is at a medium level in the past 5 years, with good stock price elasticity and high institutional attention. The convertible bond has a general parity and good bond - bottom protection [4]. Summary by Directory I. Convertible Bond Clause Analysis - The issuance scale of the convertible bond is 910 million yuan, with a term of 6 years. The initial conversion price is 28.68 yuan. The dilution rate of full conversion to the company's A - share total share capital is 3.38%, and to the non - restricted tradable shares is 4.36%. The conversion period starts from October 9, 2025, to the maturity date (April 1, 2031). The original shareholder placement ratio is 71.10% [10]. - The 6 - year coupon rates of the convertible bond are 0.20%, 0.40%, 0.80%, 1.50%, 1.80%, and 2.00% respectively, which are comparable to the average level of recently issued convertible bonds. The redemption price at maturity is 110 yuan. The bond has an AA rating for both the issuer and the bond itself, and there is no guarantee. The additional terms are standard. As of April 21, 2025, the conversion parity is 104.32 yuan, and the pure - bond YTM is 2.44%, indicating good bond - bottom protection [11][12]. II. Underlying Stock Fundamentals - The company is a privately - owned enterprise with a general equity concentration. As of September 30, 2024, Zhu Shuangquan and Zhu Shunquan are the controlling shareholders and actual controllers, holding a total of 29.71% of the company's shares [13]. - The company has transformed from printing and copying consumables to semiconductor materials. In the first three quarters of 2024, the company achieved sales revenue of 2.425 billion yuan, a year - on - year increase of 29.54%. The revenue of optoelectronic semiconductor materials and chips reached 1.086 billion yuan, accounting for 45%, while the revenue of printing and copying general consumables was 1.322 billion yuan, with a relatively stable scale but a decreasing proportion [13][14]. - Benefiting from the increasing proportion of semiconductor materials, the company's gross profit margin has been rising year by year. The gross profit margin of printing and copying general materials fluctuates between 25% - 30%, while that of semiconductor materials has been above 60% and reached nearly 70% in Q3 2024. The current comprehensive gross profit margin is above 45% [17]. - The company's R & D investment is high, with the R & D expense ratio increasing from 10% to 12% in the past three years. It has broken foreign monopolies in multiple semiconductor material fields and formed a rich product matrix [18]. - The global semiconductor material market is expected to reach over $87 billion by 2027, and the domestic market is growing faster. However, many key semiconductor materials are still dominated by foreign companies, and the localization rate of semiconductor materials in China will increase in the future [25]. - The company has become a leading domestic CMP polishing pad manufacturer. It has also achieved mass production of CMP polishing fluid and is accelerating capacity construction. In the display material field, it has broken the monopoly of Japanese and Korean enterprises and achieved domestic leading supply. High - end semiconductor photoresist and advanced packaging materials are under R & D, and the mass - production plan of semiconductor photoresist is in progress [27]. - The company's printing and copying consumables business is developing steadily. In 2024, the company's profitability increased rapidly, with the expected归母 net profit ranging from 490 million yuan to 530 million yuan, a year - on - year increase of 120.71% - 138.73% [28]. III. Analysis of Convertible Bond Fund - Raising Projects - The company's convertible bond fundraising of 910 million yuan will be used for the industrialization project of 300 tons of KrF/ArF photoresist per year (with an investment of 804 million yuan and a planned use of 480 million yuan of the raised funds), the project of a domestic industrial base for key upstream raw materials of optoelectronic semiconductor materials (with an investment of 235 million yuan and a planned use of 170 million yuan of the raised funds), and the replenishment of 260 million yuan of working capital [35][36]. - The 300 - ton KrF/ArF photoresist industrialization project is to build a production line in Qianjiang Jianghan Salt Chemical Industrial Park, mainly for 12 - inch wafer manufacturing in advanced processes, with a planned construction period of three years. The project of a domestic industrial base for key upstream raw materials of optoelectronic semiconductor materials is to research and produce key upstream raw materials for semiconductor process materials and semiconductor display materials, with a planned construction period of two years [35].

Group 1 - Ling Steel Convertible Bond: Downward adjustment confirmed [1] - Dinglong Convertible Bond: Scheduled to be listed on April 23 [1] - Hillstone Networks: Shareholders plan to reduce holdings by no more than 1% [1] Group 2 - Huate Gas: Company has filed a major lawsuit regarding previous cooperation projects [1] - Jinko Convertible Bond: No downward adjustment [1] - Anji Convertible Bond and Qingyuan Convertible Bond: Scheduled to be listed on April 25 [1]

凌钢转债：下修到底 鼎龙转债：4月23日上市 | 搜 | | --- | | 索 | | 公 | | 众 | | 号 | | "jisilu8" | | 添 | | 加 | | 我 | | 们 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占止股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 113582 | 火炬转债 | 150.743 | 101.632 | 2025-04-17 | 2025-04-22 | 151.95 | 0.056 | 0.03% | | 123228 | 震裕转债 | 220.700 | 100.200 | 2025-04-17 | 2025-04-22 | 223.69 | 0.015 | 0.01% | | 127051 | 博杰转债 | 106.150 | 100.700 | 2025-04-24 | 2025-04-24 | 106.41 | 0.091 | 0. ...