龙大转债：转股价下修到底至4.2元 信服转债、力诺转债：强赎 煜邦转债：不强赎 万青转债：不下修 闻泰转债 AA- 下调至 A 展望负面 海圣医疗：北交所新股【上市】 网友报料：中装转2小额兑付钱到账 https://www.jisilu.cn/question/517237? | 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 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 127039 | 北港转债 | 132.518 | 101.130 | 2026-02-02-09 | 2026-02-12 | 132.83 | 0.226 | 0.10% | | 111016 | 神通转债 | 123.250 | 100.445 | 2026-02-09 | 2026-02-12 | 124.04 | 0.020 | 0.03% | | 113639 | 华正转债 | 194.075 | 100.153 | 2 ...

Core Viewpoint - Longda Food's credit rating has been downgraded from A- to BBB by United Credit Rating, crossing the boundary between investment grade and speculative grade, which raises concerns about the company's financing ability and credit level in the capital market [1][5]. Financial Performance - Longda Food is expected to incur significant losses in 2025, with projected net profit attributable to shareholders ranging from -620 million to -760 million yuan, compared to a loss of 1.76 million yuan in the previous year [2][5]. - The company has recognized impairment provisions for inventory and biological assets due to the prolonged low prices of hog sales and pork market prices, leading to substantial losses in its traditional business segment [2][5]. Regulatory Issues - Longda Food has faced administrative regulatory measures due to prior accounting treatment violations, which have resulted in restatements of multiple financial reports from 2021 to 2025 [3][5]. - The adjustments to financial statements have reduced net profit attributable to shareholders for the years 2021-2024 by amounts ranging from approximately 298,620 yuan to 2.34 million yuan, with the 2024 annual report changing from profit to loss [3]. Debt Obligations - As of February 9, 2026, the outstanding balance of the "Longda Convertible Bonds" is 946 million yuan, with the bonds set to mature in July 2026, increasing the pressure on the company to meet its debt obligations [5]. - The ongoing financial difficulties and regulatory issues are expected to adversely affect the company's refinancing environment and overall debt repayment capacity [5].

Group 1 - The China Convertible Bond Index opened with a slight decline of 0.02% on January 27 [1] - Two convertible bonds experienced a drop of over 2%, with the largest declines seen in Yunjizhuan Bond at 4.05% and Zhekuang Bond at 3.91% [1] - On the other hand, five convertible bonds recorded gains exceeding 2%, led by Dinglong Bond with an increase of 4.23% [1]

Group 1 - Jianlong Micro-Nano plans to reduce its shareholding by no more than 2% [1] - Meinuohua expects a full-year profit of 100 million to 123 million in 2025, representing a year-on-year growth of 49.69% to 84.11% [1] - Qixiang Tengda anticipates a full-year loss of 660 million to 470 million in 2025 [1] Group 2 - Aojia Convertible Bond and Huahai Convertible Bond will not undergo adjustments [1] - The proposed adjustment for Longda Convertible Bond is scheduled for January 27, 2026 [1] - Various convertible bonds have specific details regarding their current prices, redemption prices, last trading dates, and conversion values [4][6]

（编辑 王雪儿） 证券日报网讯 1月26日，龙大美食发布公告称，公司股票已有十个交易日的收盘价低于当期转股价格的 90%（即8.37元/股），已触发"龙大转债"转股价格向下修正条款。公司董事会提议向下修正"龙大转 债"转股价格，本议案尚需提交公司股东会审议。 ...

Market Overview - The bond market experienced a "strong then weak" trend on December 12, with yields initially declining after the release of important meeting content, but later weakening as the day progressed [1] - The sentiment in the bond market showed a brief recovery in the morning, but momentum weakened by noon, leading to a decline in bond prices in the afternoon [1] - The central bank conducted a net withdrawal of 19.3 billion yuan in the open market, with most funding rates rising [1] Interest Rates and Yields - The main contracts for government bond futures closed down across the board, with the 30-year contract falling by 0.71% to 112.47, and the 10-year contract down by 0.13% to 107.985 [2] - The yields on major interbank bonds rose by approximately 2 basis points, with the 7-year active bond yield at 1.72% and the 10-year active bond yield at 1.835% [2] - The central government's 2-year and 10-year bond weighted average bidding yields were 1.36% and 1.8090%, respectively, with bid-to-cover ratios of 2.69 and 3.58 [5] Global Bond Market - In North America, U.S. Treasury yields varied, with the 10-year yield rising by 0.78 basis points to 4.155% [3] - In Asia, Japanese bond yields mostly continued to rise, with the 10-year yield increasing by 2.2 basis points to 1.952% [4] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, with the French yield at 3.551% [4] Monetary Policy and Economic Outlook - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy and a moderately loose monetary policy, with a focus on addressing local fiscal difficulties [7][8] - The meeting outlined eight key tasks, including promoting investment stabilization and expanding the scale of central budget investments [7] - Institutions predict that the timing for potential rate cuts may occur sooner than market expectations, possibly by the end of this year or the first quarter of next year [1][9]

Core Viewpoint - The China Convertible Bond Index rose by 0.43% on December 12, reaching 483.36 points, indicating a positive trend in the convertible bond market [1] Summary by Category Market Performance - The China Convertible Bond Index increased by 0.43% to 483.36 points [1] - Notable gainers included: - Ruike Convertible Bond: +30.00% - Jingzhuang Convertible Bond: +11.31% - Jingda Convertible Bond: +7.24% - Huicheng Convertible Bond: +6.28% - Zhenhua Convertible Bond: +5.10% [1] - Significant decliners included: - Longda Convertible Bond: -3.25% - Huarui Convertible Bond: -3.24% - Furong Convertible Bond: -3.01% - Chaosheng Convertible Bond: -2.51% - Yong02 Convertible Bond: -2.28% [1]

Group 1 - The core viewpoint of the article discusses the transfer of shares by shareholders and the credit rating adjustments of convertible bonds due to company performance issues [1][2][5] - The controlling shareholder of Hengfeng Information plans to transfer no more than 3% of the company's shares, indicating potential liquidity changes [1] - Longda Convertible Bond's credit rating has been downgraded to A- due to weakened debt repayment capacity, reflecting the company's losses in the first three quarters of 2025 [1][2] Group 2 - The article lists various convertible bonds, including those that are subject to strong redemption and those that will not undergo adjustments, providing specific details such as bond codes and announcement dates [2][5] - The current prices and redemption prices of several convertible bonds are provided, along with their last trading and conversion dates, indicating market conditions and investor sentiment [5][7] - The article highlights the remaining scale and market capitalization ratios of different convertible bonds, which can be useful for assessing investment opportunities [5][7]

Group 1 - Taifu Pump Industry has terminated the acquisition of 51% equity in Nanyang Huacheng [1] - Shareholder Fosun Pharma of Shanhe Pharmaceutical Auxiliary plans to reduce its stake by no more than 3% [1] - Several convertible bonds including Anji Convertible Bond, Longda Convertible Bond, and Oujing Convertible Bond will not undergo forced redemption [1][2] Group 2 - The following convertible bonds will not be adjusted: Oujing Convertible Bond, Longda Convertible Bond, and Tong 22 Convertible Bond [2] - New shares from Danna Biotechnology will be listed on the Beijing Stock Exchange [1] - North Mining Testing is also set to issue new shares on the Beijing Stock Exchange [1]

Core Viewpoint - Longda Food announced that it will not adjust the conversion price of its convertible bonds despite triggering the price adjustment clause due to its stock price being below 90% of the conversion price for ten consecutive trading days [1] Group 1: Company Announcement - Longda Food's stock price has been below the convertible bond conversion price of 8.37 yuan per share for ten consecutive trading days, triggering the price adjustment clause [1] - The company's board of directors decided not to exercise the right to adjust the conversion price of the "Longda Convertible Bonds" downwards [1] - If the price adjustment clause is triggered again within the next month (from November 1 to November 30, 2025), the company will also not propose a downward adjustment plan [1] Group 2: Future Considerations - Starting from December 1, 2025, if the price adjustment clause is triggered again, the company will follow relevant regulations to determine whether to exercise the right to adjust the conversion price [1]