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]

睿智的集思录，以前大部分时间都在潜水学习。 想聊聊自身的困惑和迷茫，个人情况还不到45，在一线城市有房有车有娃。夫妻两都有相对稳定 工作。有一定的存款在做投资，收益率比不上这里的大神，只能说年收益率盈多负少。平常会潜 水看看大家的投资或者生活的酸甜苦辣，主要是看客的角色。 本人本来对工作投入比较多，也有一定的成长空间，但是近期遇到一些事情，可能会影响到后续 的发展，职业生涯急转直下，对于这个年龄还要蹉跎几年有些心灰意冷，而且在单位也总觉得别 人会后面讨论心情也不大好。性格也是太认真的性格，最近在反思，觉得人生一世，要一直顺利 也行，不顺也得接受，一直难过郁郁不得志也不是个事，也得让自己和家人开心。 集思录上大神比较多，年龄阅历经验各方面都有很多值得我学习的，也想请大家分享分享人生中 遇到最难的时候是什么，大家都是怎么度过的呢 希望在过程中和大家共勉，平凡，平淡，乐观中也能孕育强大的力量。 ---6月2日的更新线---- 八九天前发的帖子，收到了这么多集友善意的分享和交流，内心非常感激，有些受宠若惊，更加 觉得这里的可贵。 集友们非常具有洞察力和眼光，有的集友甚至基本上接近事情的核心，当时是因为私密的事情不 足 ...

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。 转债整体是不是要调整一下了？ https://www.jisilu.cn/question/510465 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。 我为什么总是习惯看空这个市场，这是个心理问题吗 https://www.jisilu.cn/question/510562 中国汽车新局面 https://www.jisilu.cn/question/510507 白酒还值不值得投资，会不会像地产一样？ https://www.jisilu.cn/question/510493 快捷查询： 搜索公众号"jisilu8"添加我们 ...

Core Viewpoint - The article discusses the recent developments in convertible bonds of various companies, highlighting issues such as credit rating downgrades, liquidity pressures, and operational challenges faced by the companies involved [1]. Group 1: Company-Specific Developments - Blue Fan Convertible Bond: The board proposed a down adjustment of the bond [1]. - Ruifeng Convertible Bond: The credit rating has been downgraded to A, indicating a decline in the company's profitability and increased liquidity pressure due to reduced cash reserves and higher restricted cash ratios [1]. - Dongshi Convertible Bond: The company failed to rectify fund occupation issues within the mandated period, leading to a suspension of trading from June 20, with an expected duration of no more than two months [1]. - San Nuo, Hongtu, and Qifan Convertible Bonds: No down adjustment proposed for these bonds [1]. - Huachen Convertible Bond: Open for subscription [1]. - Xintong Electronics: New shares in the Shanghai and Shenzhen markets are open for subscription [1]. Group 2: Financial Performance Indicators - The company is experiencing a significant decline in profitability for 2024, with a decrease in cash flow and slower turnover rates for accounts receivable and inventory [1]. - Operating net cash flow has turned into a net outflow, indicating increased liquidity pressure [1]. - Due to factors such as technological upgrades and underperformance in the biodegradable materials market, the company's investment projects are not operating as expected, which may lead to further asset impairment provisions affecting future operational performance [1].

Core Viewpoint - The article discusses the challenges and psychological aspects of investing in a volatile market, emphasizing the importance of risk management and the impact of individual investor psychology on decision-making. Group 1: Market Sentiment and Investor Behavior - The market has been experiencing strong fluctuations, and there is a prevailing sense of blind optimism among some investors, lacking awareness of risk management [1][2] - The author reflects on their own cautious approach, often remaining in cash during market downturns, which has helped avoid significant losses [1] - There is a recognition that individual investor psychology, such as "catastrophic thinking," can hinder effective decision-making in the market [1][2] Group 2: Investment Strategies and Performance - The author expresses confidence in low-buy operations in the current volatile market, despite concerns about the ability to cut losses and the fear of failure [2] - A conservative investment strategy yielding an annual return of 7% is considered successful, surpassing the performance of the majority of retail investors [4] - The article highlights the importance of adapting strategies based on market conditions, with some investors successfully engaging in T+0 operations in government bonds to manage risk [5] Group 3: Market Trends and Historical Context - Historical examples are provided to illustrate the cyclical nature of the market, questioning whether optimism or pessimism is warranted during periods of significant price movement [6] - The article notes that the A-share market is characterized by distinct bull and bear cycles, contrasting it with the long-term bullish trends seen in other markets [13] - The discussion includes the notion that many investors struggle with greed and fear, often failing to exit the market during downturns, which leads to losses [13][16]