Group 1 - The board of directors of Shanshi proposed a down adjustment for the convertible bond [1] - Cinda Securities' managed XinFeng No.1 single asset management plan has cumulatively increased its holdings of PuFa convertible bonds by 11.8 million shares, accounting for 23.57% [1] - The controlling shareholder of Kailun Co., Ltd. plans to reduce its holdings by no more than 2% of the company's shares [1] Group 2 - The last trading day for Smart Convertible Bonds is June 27 [1] - Yitang Co., Ltd. is a new stock available for subscription on the Shanghai and Shenzhen stock exchanges [1] - CICC China Green Development Commercial REIT (180606) has been listed [1]

发扬集思录精神，说说你的低成本 、有益身心、适合长期坚持的爱好有哪些。 dingo49 每天一万步 不要人陪， 没有花费！ 润土先生 带耳机徒步 去图书馆扫货 分析投资数据 和少妇闲聊 傍晚买低价水果 帮老同学写代码 给母亲搭菜园子 给孩子出奥数题 拼多多买没用的工具 看免费纪录片 自制酱牛肉 研究初等微积分 太多了，不写了。 猫消灭人类 看女主播不刷礼物。 lw0w 任何兴趣爱好其实都花不了几个钱，闲鱼上淘个二手的标杆产品，那种圈子里都认的品牌和 型号，买来就直接原价挂着卖，等下一个有缘人接盘，这期间能白嫖使用这个物品。比如音 响 乐器，比如各种运动器材 球拍 滑雪装备，比如摄影相机镜头。真的啥都行。 老村民 修显卡，闲鱼低价买了一堆各种型号老旧坏显卡。修好了就挂上去卖。个别少见的就收藏。 折腾游戏主机，ps3，Xbox360。这种早就淘汰的，买回来破解。再下载1t的游戏，一个一个试过去。 newbison 我的3个爱好 1）每天一万步 首先不花钱，其次锻炼身体，解放眼睛，也是一种放空。 2）看初中高中数学题 3）编程 多走太累， 少走会废， 作为一个非科班业务爱好者，尽可能把所有重复的工作都自动化。从给孩 ...

2024 年公司营业收入同比明显下降，预计短期内仍面临增长压力；2024 年 AI 智能及信创等领 域研发费用增长较快，资产及信用减值损失大幅增长，利润总额亏损幅度进一步扩大，盈利能力 明显下降；受业绩亏损影响，2024 年末公司所有者权益和未分配利润均同比下降，资本实力有 所减弱；跟踪期内，公司实际控制人及其一致行动人持股比例持续下降，实际控制人直接及间接 持有的公司股权质押比例很高； 帝欧转债：信用等级下调至A- 2025 年 6 月，公司实际控制人变更为朱江、刘进、陈伟、吴志雄，刘进及吴志雄股权质押比例 高；公司资产负债率有所抬升，2025 年 10 月，帝欧转债将进入有条件回售期，公司面临转债回 售压力 建工转债：下修到底 冠盛转债，金陵转债：强赎 科蓝转债：信用评级下调至A 交易事项 甬矽转债：【申购】 广信科技：北交所新股【上市】 "中金亦庄产业园REIT（508080 ）：【上市】" 关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股 ...

山鹰国际：拟回购5亿至10亿元公司股份 跟踪期内，由于部分军品项目验收进度持续延迟、民用产品市场竞争激烈等，公司产销量、收入 持续下滑，毛利率有所下降，同时期间费用对盈利形成侵蚀，利润总额亏损扩大；公司主要产品 配套层级较低，回款周期较长，2024年应收账款规模继续增加，计提信用减值损失 0.36 亿元， 经营性净现金流持续净流出；非经常性损益对公司利润影响较大，跟踪期内受产品生产销售进度 放缓影响，原材料及库存商品等存货有所上升，计提存货减值准备 0.25 亿元，同时，由于子公 司南京荧火业绩下滑，计提商誉减值准备 0.79 亿元；公司债务中短期债务占比仍较高，未来一 年集中偿债压力仍较大。 华体转债：信用评级下调至A 财务方面，截至 2024 年底，公司资产规模略有下降，应收款项面临回款压力；公司所有者权益 有所下降；债务负担尚可；公司期间费用对整体利润存在侵蚀，资产减值损失和信用减值损失对 利润影响较大；公司经营性现金流转为净流出，融资需求减弱；公司长、短期偿债能力指标显著 弱化。综合公司经营和财务风险表现，其偿还债务能力有所弱化，但仍属较强。 飞鹿转债：信用评级下调至A 广大特材：预计2025年上半年 ...

为什么这次伊朗战争，大A没有怎么下跌，大佬们来说说。 因为现在是牛市。 量化投资先锋 资水 全球证券市场只有两个龙头，一个美股，一个A股，这俩市场是相对独立的，其他市场或多或 少都跟随这俩市场，比如英法德股一到下午美股开盘就完全跟美股走，比如日韩港股就是综 合美中两市的走势。 伊以战争，从资本市场的视角，对中美两国的经济、资金回报率、资金安全性有影响吗？0影 响。 就算伊以相互灭国，中东十几国全部卷入，也是0影响。 俄乌战争同理，0影响。 猫消灭人类 这次战争挺奇怪，我前一天在tg上就得到以色列要袭击伊朗的美国情报，第二天果然以色列 发动袭击，并且油价大涨，杀死了几十名伊朗军官和科学家。 然后伊朗反击，对以色列造成损失，以色列逼迫美国出动B2轰炸机投钻地弹。但美国投弹 前，已经透露给伊朗信息，伊朗已经把浓缩铀和人员都转移了，伊朗报复美国军事基地前也 透露给美国，美国军事基地也提前把人员都转移了。 看来这下三方都挺满意的。 符工 中国没有直接从伊朗进口石油，基本都是从马来西亚，伊朗油混合马来西亚油，再卖给中 国。 实际伊朗石油都是绝大部分卖给中国，中国进口石油并没有押宝任何一个国家。 战争只会压低俄罗斯和伊朗的 ...

Core Viewpoint - The article discusses the current challenges facing the Chinese liquor industry, particularly the white wine sector, highlighting issues such as overcapacity, declining demand, and the impact of government policies on consumer behavior [2][4][11]. Group 1: Industry Challenges - The white wine industry is experiencing significant overcapacity and a substantial decline in demand, leading to concerns about the sustainability of many companies in the sector [4][11]. - Historical comparisons are made to the tobacco industry, illustrating how consumption can drastically decline over time, raising questions about the future of white wine investments [4]. - The article notes that many white wine companies have large inventories, which could become burdensome if prices fall, emphasizing the importance of cash flow management [7]. Group 2: Market Dynamics - The article mentions that the high-end white wine market has been influenced by financialization since 2015, which has led to a surge in production and sales [9]. - It is suggested that the current valuation of leading brands like Moutai may still be too high, with a need for core profitability to improve before they become attractive investments [4]. - The potential for a significant drop in stock prices is highlighted, with predictions that many white wine stocks could see price-to-earnings ratios fall below 10 times as the market adjusts to declining demand and profitability [11]. Group 3: Consumer Behavior and Policy Impact - The article discusses the impact of government policies, such as stricter regulations on alcohol consumption, which could further affect sales and consumer behavior in the white wine market [12]. - There is a growing awareness of the health risks associated with alcohol consumption, which may lead to a shift in consumer preferences away from traditional white wine [11][13]. - The article also notes that younger generations are less inclined to consume white wine, which could have long-term implications for the industry [11].

Group 1 - The shareholder of Borui Pharmaceutical, Advanced Manufacturing Industry Investment Fund, plans to reduce its stake by no more than 3% [1] - The shareholder of WISCO New Energy, Shenzhen Anyan, also intends to reduce its stake by no more than 3% [1] - Chuanheng Convertible Bond is subject to forced redemption [1] Group 2 - Fangyuan Convertible Bond's credit rating has been downgraded to BBB [1] - The company's focus on the ternary lithium battery market is seeing a continuous decline in market share, with intensified industry competition [1] - A significant reduction in core customer orders has led to a rapid decline in ternary precursor revenue, and new businesses such as lithium carbonate have yet to contribute to profitability [1] - The company has reported substantial losses for two consecutive years, indicating increased operational pressure [1] - The company's debt scale continues to rise, with high leverage levels and increased liquidity risks [1] Group 3 - Yao Stone Technology's associate company, Yaojie Ankang, has been listed on the main board of the Hong Kong Stock Exchange [1] - Lingkang Convertible Bond and Mingxin Convertible Bond will not undergo adjustments [1]

Group 1 - The controlling shareholder and actual controller of Juisailong plan to reduce their holdings by no more than 3% of the company's shares [1] - The company has experienced a significant decline in revenue across various business segments due to macroeconomic adjustments and government budget reductions, leading to a notable decrease in gross profit margins [1] - As of the end of 2024, the company's asset structure has not changed significantly, but there is a high provision for bad debts in accounts receivable, indicating potential recovery risks [1] Group 2 - The credit rating of Gongtong Convertible Bond has been downgraded to A due to declining product prices and increased production costs, resulting in a loss in total profit [2] - The company has seen an increase in total debt, leading to a heavier debt burden, and operating cash flow has turned negative [2] - Other convertible bonds such as Yonggui, Keli, and Huahong have not been downgraded [2]

Group 1 - The core investment goal is to achieve long-term compound growth while avoiding significant losses, as a single large loss can negate previous high returns [3][11] - The investment industry is characterized by slow changes and relies heavily on experience, which compounds over time, making it a lifelong career option [1][3] - Setting specific return targets may lead to distorted actions and imbalanced mindsets; instead, a desirable wish for returns, such as a 15% annualized return, is more appropriate [2][11] Group 2 - Achieving a stable annualized return of 10% is considered a significant accomplishment, especially in a market where many struggle to outperform the index [11][12] - The importance of risk management is emphasized, with a focus on maintaining profits and avoiding substantial capital losses during market downturns [3][11] - The discussion highlights that while high returns can be achieved in the short term, maintaining consistent long-term performance is much more challenging [14][15]

Core Viewpoint - The article reflects on personal struggles and the importance of resilience and support from family during difficult times, emphasizing the need for a positive attitude and proactive approach to life and investments [1][2][3]. Group 1: Personal Reflections - The author expresses feelings of confusion and disappointment regarding career progression, highlighting the emotional toll of workplace dynamics and the importance of self-acceptance [1][2]. - There is a recognition that life is fragile, and maintaining a strong risk awareness is crucial, leading to a commitment to improve investment strategies and personal habits [3]. Group 2: Family Support - The author appreciates the support from family, particularly the encouragement from a spouse and the joy brought by children, which helps in coping with life's challenges [2]. - Family activities, such as hiking and camping, are mentioned as moments that bring happiness and perspective, despite underlying worries [2]. Group 3: Life Philosophy - The article discusses the idea that life should be cherished, with a focus on gratitude for everyday experiences that many take for granted [4][6]. - It challenges the notion of a "calm mindset," advocating instead for striving and hard work, suggesting that changing career paths can lead to better outcomes [5]. Group 4: Broader Perspective - The author encourages readers to consider the struggles of others, emphasizing that many people live in significantly more challenging circumstances, which can provide perspective on personal difficulties [7][10]. - The importance of appreciating the present and recognizing the value of what one has is highlighted, suggesting that a shift in perspective can lead to greater contentment [9][11].