广核转债：7月25日上市 关注集思录微信 特别提示 运机集团：股东拟减持不超3%公司股份 鹿山新材：控股股东一致行动人拟减持不超1%公司股份 晶澳转债：下修到底 楚江转债：强赎 广联航空：公司实控人被立案调查并实施留置 广联航空工业股份有限公司近日收到灌南县监察委签发的关于控股股东、实际控制人、董事长王 增夺先生的《留置通知书》和《立案通知书》，王增夺先生被立案调查并实施留置 快捷查询： 搜索公众号"jisilu8"添加我们 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、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 ...

Core Viewpoint - The current sentiment in the A-share market reflects a struggle between the fear of missing out on a potential bull market and the risk of significant drawdowns due to high valuations in convertible bonds and stocks [1][2]. Group 1: Market Sentiment - Many investors express concern about missing out on a bull market while also fearing the risks associated with high valuations, leading to a cautious approach to adjusting their positions [1][7]. - The A-share market is characterized by a lack of sustainable performance in key sectors, resulting in a tendency to trade lower-tier stocks for quick profits, which complicates long-term investment strategies [2][19]. Group 2: Investment Strategies - Some investors maintain high leverage positions, such as using convertible bonds as collateral to maximize exposure to ETFs, indicating a bullish outlook despite market volatility [4][10]. - A significant number of investors are adopting a wait-and-see approach, with many holding cash positions or reducing their equity exposure, reflecting skepticism about the sustainability of the current market rally [13][18]. Group 3: Performance Metrics - Reports of varying portfolio performances highlight the disparity in investor experiences, with some achieving substantial gains while others express frustration over missed opportunities or underperformance [8][15]. - The sentiment around the market's current phase suggests that while some investors are enjoying record gains, others are feeling the pressure of potential losses or missed chances [8][19].

Core Viewpoint - The article discusses the challenges and considerations surrounding the development of hydropower in Tibet, emphasizing the high costs of long-distance electricity transmission and the current oversupply of electricity in China [1][2][4]. Group 1: Hydropower Development Challenges - Tibet has a significant hydropower generation capacity, sufficient to supply electricity for 100 million people, but the region cannot consume this energy [1]. - The cost of transmitting electricity over thousands of kilometers is prohibitively high, making it less economical than transporting coal [1][4]. - Current electricity prices have been significantly reduced, indicating that there is no immediate shortage of electricity in the country [2]. Group 2: Geopolitical and Strategic Considerations - Transmitting electricity to neighboring countries like India and Myanmar involves high costs and geopolitical risks [3]. - From a military perspective, the government may overlook costs for strategic infrastructure projects, such as roads and railways, to strengthen control over sensitive regions [5][7]. Group 3: Investment Opportunities and Market Dynamics - The article suggests that the current phase of investment could be a catalyst for a bull market, with companies like China Power Construction and China Energy Engineering being primary beneficiaries [6]. - The second phase of investment will likely expand to include supporting infrastructure and environmental restoration, given the ecological sensitivity of Tibet [6]. - The third phase will focus on companies that will benefit from local economic development and urban construction [6]. Group 4: Historical Context and Future Outlook - Historical projects like the Three Gorges Dam illustrate the challenges of meeting increasing electricity demand, as the original supply goals have become insufficient due to rapid urban growth [8]. - The article posits that while China currently does not face an electricity shortage, future demands, particularly from electric vehicles, could change this situation [7][13].

Group 1 - The controlling shareholder of Baiyang Pharmaceutical plans to reduce its stake by no more than 3% [1] - The shareholder of Tianchuang Fashion intends to reduce its stake by no more than 1% [1] - The following convertible bonds: Mars Convertible Bond, Wanqing Convertible Bond, Jidong Convertible Bond, Xingrui Convertible Bond, and Jingke Convertible Bond will not undergo adjustments [1] Group 2 - The emergency convertible bond will be forcibly redeemed [1] - The Libo Convertible Bond has been listed [1] - Dingjia Precision is a new stock available for subscription on the Beijing Stock Exchange [1]

Core Viewpoint - The article discusses the inherent loneliness associated with investing, suggesting that individuals who are independent thinkers and less socially inclined often gravitate towards the securities market to find personal fulfillment [2][11]. Group 1 - Individuals who are independent thinkers and struggle with social interactions may find themselves increasingly isolated, especially if their professional choices do not align with their personal inclinations [2][7]. - The feeling of loneliness is exacerbated by the disconnect between investors and non-investors, as well as among investors of different experiences and ages, leading to a growing cognitive gap [7][21]. - The article highlights that successful investors often experience a unique form of loneliness, as their achievements can set them apart from others, making it difficult to find relatable peers [23][24]. Group 2 - The notion of solitude is framed positively in some perspectives, where being alone can lead to personal freedom and a deeper appreciation for life without the distractions of social obligations [8][9][10]. - The community aspect of investing is touched upon, with references to online forums where individuals can share their experiences and feelings of isolation, suggesting that these platforms provide a sense of belonging despite physical loneliness [12][18][17]. - The article also notes that the perception of loneliness can vary depending on financial success, with those who are losing money feeling more isolated compared to those who are profiting [15][22].

Core Viewpoint - The article discusses the recent issuance of new stocks on the Beijing Stock Exchange, highlighting the significant subscription funds amounting to over 600 billion [1]. Group 1 - Fourhui Fushi's controlling shareholder plans to reduce holdings by no more than 3% of the company's shares [2]. - Huiyun Titanium's controlling shareholder intends to reduce holdings by no more than 2.98% of the company's shares [2]. - Yong'an Convertible Bond is subject to strong redemption [2]. Group 2 - Baichuan Co., Ltd.'s actual controller has been performing duties normally [2]. - Haining Convertible Bond and Honglu Convertible Bond will not undergo adjustments [2]. - Yinxin Convertible Bond and Jingyuan Convertible Bond will not face strong redemption [2]. Group 3 - Dingjia Precision's new stock on the Beijing Stock Exchange is available for subscription on July 22 [2]. - Hanghai Group is involved in new stock subscriptions on the Shanghai and Shenzhen exchanges [2].

今天和单位的一把手开一个月一次的会议，他突然问我是不是买了泡泡玛特赚了很多钱，当 时我脑子一懵，就好好夸了泡泡玛特的商业模式和我们单位有多相似，泡泡玛特可以在过去 不到两年的时间里市值涨了 30 倍，我们单位也行。 现在回想特别担心一把手理解成我买泡泡玛特的股票赚了 30 倍。总感觉留下的印象很不好， 想问问职场经验丰富的大哥，接下来我该怎么办。 求助贴：如果单位老板得知你炒股赚了很多钱 https://www.jisilu.cn/question/511478 感觉开网约车也不错啊 https://www.jisilu.cn/question/511365 美股一直涨是否变成了很多人的信仰？ https://www.jisilu.cn/question/511351 2025年是要约收购大年 https://www.jisilu.cn/question/511371 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、可转债、债券、封闭 基金等数 ...

Core Viewpoint - The article discusses the current state of convertible bonds, indicating that their price-performance ratio has reached a high level not seen since 2022, suggesting a potential shift in investment strategy for holders of convertible bonds [1][3]. Summary by Sections Performance Analysis - The pricing of convertible bonds has entered a high range, with the option pricing relative to stocks also at a medium to high level [1]. - During the period from January 1, 2018, to December 31, 2021, convertible bonds were in a favorable pricing environment, yielding a cumulative return of 99.7% with a maximum drawdown of 12% [3]. - In contrast, from January 1, 2022, to October 31, 2024, convertible bonds faced a disadvantageous pricing environment, resulting in a cumulative return of -7.5% and a maximum drawdown of 38% [4]. - From November 2024 to the present, convertible bonds have shown a cumulative return of 17.3% with a maximum drawdown of 9.2%, indicating a recovery phase [4]. Recommendations - For investors holding convertible bonds or ETFs, it is suggested to gradually shift a significant portion of their holdings to investment management (IM) or high-quality public funds, as public funds have outperformed broader indices this year [5]. - Investors who can achieve noticeable alpha from convertible bonds are encouraged to dynamically adjust their asset allocation between equity and convertible bonds based on the current price-performance ratio to optimize returns [5].

Group 1 - The chairman of Diou Home has announced plans to increase his stake in the company after the stock price rose from around 3 to over 6 [1] - Shareholders of Fumiao Technology plan to transfer 5% of their shares to Shanghai Gengrui and have signed a strategic cooperation agreement with Xinhu Maofang [2] - Red Wall Co.'s controlling shareholder intends to reduce their stake by no more than 3% [2] - ST Shengxun's shareholders plan to collectively reduce their stake by no more than 5.08% [2] - Li Bo Convertible Bond will be listed on July 22, and there will be no adjustment to the Lian Ang Convertible Bond [2]

Group 1 - The article discusses the experiences of various ride-hailing drivers, highlighting their income, working hours, and challenges faced in the industry [1][2][3][4][6][7]. - Driver A mentions that after two months of work, he only saved 5000 yuan, indicating the financial strain on drivers [2]. - Driver B reports working 17-18 hours daily to earn a reasonable income, emphasizing the need for long working hours to make ends meet [3][6]. - Driver C shares the difficulties of renting a vehicle and the high costs associated with it, which adds to the financial burden [3][4]. - The article notes that the increasing number of electric vehicles in the market is driving down income for traditional drivers, as electric vehicles can operate at lower costs [7]. Group 2 - The article reflects on the impact of the pandemic on small business owners, with one driver recounting the loss of his restaurant business due to high operational costs and the pandemic's effects [4]. - The narrative includes insights into the emotional and psychological toll on drivers, with one driver expressing feelings of despair after losing a long-fought legal battle [4]. - The discussion also touches on the potential for automation and self-driving technology to disrupt the ride-hailing industry, raising concerns about job security for drivers in the future [5].