Investment Rating - The report assigns a positive outlook for Texas Instruments, indicating a potential for growth in the upcoming quarters, despite some caution regarding the third quarter guidance [5]. Core Insights - Texas Instruments reported Q2 FY2025 revenue of $4.448 billion, exceeding the midpoint of guidance of $4.35 billion, with a year-over-year growth of 16% [2][12]. - The company experienced strong performance across various sectors, with analog business revenue growing by 18% year-over-year, embedded processing by 10%, and other segments by 14% [2][12]. - The gross margin for Q2 FY2025 was reported at 57.89%, showing slight improvements compared to previous periods [12]. - Net income for the quarter was $1.295 billion, reflecting a year-over-year increase of 14.91% [12]. Summary by Sections 1. Operating Performance - Total revenue for Q2 FY2025 was $4.448 billion, with a quarter-over-quarter increase of 9% and a year-over-year increase of 16% [2][12]. - Operating expenses for Q2 FY2025 were $1 billion, a 5% increase year-over-year, aligning with company expectations [8]. - Inventory at the end of Q2 FY2025 stood at $4.8 billion, with inventory days decreasing by 9 days to 231 days [9]. 2. Cash Flow and Capital Expenditure - Cash flow from operating activities for Q2 FY2025 was $1.9 billion, with a total of $6.4 billion over the past 12 months [10]. - Capital expenditures for Q2 FY2025 were $1.3 billion, totaling $4.9 billion over the past year [10]. - The company returned $6.7 billion to shareholders over the past 12 months through dividends and stock buybacks [10]. 3. Business Segment Revenue - Analog business revenue for Q2 FY2025 was $3.452 billion, a year-over-year increase of 18% [16]. - Embedded processing revenue was $679 million, reflecting a 10% year-over-year growth [14]. - Other business segments generated $317 million in revenue, with a year-over-year increase of 14% [15]. 4. Market Conditions - The industrial market showed strong recovery with over 15% year-over-year growth, while the automotive market experienced slower recovery [20]. - Personal electronics grew approximately 25% year-over-year, indicating robust consumer demand [20]. - Communication equipment saw over 50% year-over-year growth, driven by strong demand in the optical communication sector [20]. 5. Company Guidance for FY2025Q3 - Revenue guidance for Q3 FY2025 is set between $4.45 billion and $4.8 billion, with an expected EPS of $1.36 to $1.60 [18]. - The cautious guidance is attributed to tariff impacts and a normalization of inventory levels following a strong Q2 [5][18].

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The convertible bond market had more than half of the industries declining, and the valuation was compressed on July 23, 2025. The trading sentiment in the convertible bond market heated up, with the turnover increasing by 6.46% compared to the previous day. The 10 - year Treasury yield rose by 1.34bp to 1.70%. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds was compressed, with the conversion premium rate of the 100 - yuan par - value fitting decreasing by 0.36pct compared to the previous day [2][3][6]. 3. Summary According to Relevant Catalogs Market Main Index Performance - **Overall Index**: The CSI Convertible Bond Index decreased by 0.04% compared to the previous day, the Shanghai Composite Index increased by 0.01%, the Shenzhen Component Index decreased by 0.37%, the ChiNext Index decreased by 0.01%, the SSE 50 Index increased by 0.32%, and the CSI 1000 Index decreased by 0.45% [2]. - **Style Index**: The large - cap value style was relatively dominant. The large - cap growth index decreased by 0.04%, the large - cap value index increased by 0.24%, the mid - cap growth index decreased by 0.19%, the mid - cap value index decreased by 0.48%, the small - cap growth index decreased by 0.26%, and the small - cap value index decreased by 0.33% [2]. - **Detailed Index Data**: The closing prices, daily changes, weekly changes, monthly changes, and year - to - date changes of multiple convertible bond and stock indexes are presented in the report, such as the CSI Convertible Bond Index closing at 459.42 with a daily decrease of 0.04% [10]. Market Fund Performance - **Turnover**: The turnover of the convertible bond market was 85.925 billion yuan, a 6.46% increase compared to the previous day. The total turnover of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease compared to the previous day [2]. - **Net Inflow of Main Funds**: The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan [2]. - **10 - year Treasury Yield**: The 10 - year Treasury yield rose by 1.34bp to 1.70% [2]. Convertible Bond Valuation - **Overall Valuation**: The conversion premium rate of the 100 - yuan par - value fitting was 27.32%, a decrease of 0.36pct compared to the previous day. The overall weighted par value was 96.85 yuan, an increase of 0.51% compared to the previous day [6]. - **Different Types of Convertible Bonds**: The premium rate of equity - biased convertible bonds was 7.25%, a decrease of 0.16pct; the premium rate of debt - biased convertible bonds was 86.64%, a decrease of 4.93pct; the premium rate of balanced convertible bonds was 20.35%, an increase of 0.45pct [6]. Industry Performance - **Stock Market**: Among A - share markets, the top three industries with the largest declines were building materials (- 2.27%), national defense and military industry (- 1.60%), and machinery and equipment (- 1.29%); the top three industries with the largest increases were non - bank finance (+ 1.29%), beauty care (+ 0.59%), and household appliances (+ 0.58%) [6]. - **Convertible Bond Market**: Among the convertible bond markets, 16 industries declined. The top three industries with the largest declines were national defense and military industry (- 1.66%), non - ferrous metals (- 1.02%), and steel (- 1.02%); the top three industries with the largest increases were building materials (+ 4.54%), communication (+ 1.27%), and beauty care (+ 0.66%) [7]. - **Industry Indicators**: In terms of closing prices, the large - cycle industry increased by 0.08%, the manufacturing industry decreased by 0.41%, the technology industry decreased by 0.07%, the large - consumption industry increased by 0.09%, and the large - finance industry increased by 0.12%. In terms of conversion premium rates, the large - cycle industry increased by 0.89pct, the manufacturing industry decreased by 0.53pct, the technology industry increased by 1.1pct, the large - consumption industry decreased by 1.6pct, and the large - finance industry increased by 1.0pct. In terms of conversion values, the large - cycle industry decreased by 0.43%, the manufacturing industry decreased by 0.56%, the technology industry decreased by 1.03%, the large - consumption industry increased by 0.24%, and the large - finance industry decreased by 0.07%. In terms of pure - bond premium rates, the large - cycle industry increased by 0.11pct, the manufacturing industry decreased by 0.56pct, the technology industry decreased by 0.13pct, the large - consumption industry increased by 0.081pct, and the large - finance industry increased by 0.27pct [7]. Industry Rotation - Non - bank finance, beauty care, and household appliances led the rise. The report also presented the daily, weekly, monthly, and year - to - date changes in stock prices and convertible bond prices of various industries, as well as the P/E and P/B ratios and their percentile rankings in the past 3 - year and 10 - year periods [57].

Investment Rating - The report assigns a positive outlook for NXP Semiconductors, indicating a potential for growth in the upcoming quarters, particularly in the automotive and industrial sectors [2][4]. Core Insights - NXP Semiconductors reported Q2 2025 revenue of $2.93 billion, a year-over-year decrease of 6%, but exceeding the midpoint of guidance. The Non-GAAP gross margin was 56.5%, down 2.1 percentage points year-over-year, while Non-GAAP EPS was $2.72, also above guidance [3][7]. - The company has completed the acquisition of TTTech Auto and is awaiting regulatory approval for the acquisitions of Kinara and Aviva Links, aimed at enhancing its product portfolio and software capabilities in the automotive sector [4][14]. - For Q3 2025, NXP expects revenue to be $3.15 billion, a year-over-year decrease of 3% but an 8% increase quarter-over-quarter. The management expresses confidence in achieving a compound annual growth rate of 8%-12% for automotive and industrial IoT segments from 2024 to 2027 [4][18]. Company Performance Overview - **Q2 2025 Performance Summary**: - Revenue: $2.93 billion (YoY -6%) - Non-GAAP Gross Margin: 56.5% (YoY -2.1 percentage points) - Non-GAAP Net Profit: $690 million (YoY -17%) [3][7]. - **Segment Revenue Breakdown**: - Automotive: $1.73 billion (YoY flat, QoQ +3%) - Industrial & IoT: $546 million (YoY -11%, QoQ +7%) - Mobile Devices: $331 million (YoY -4%, QoQ -2%) - Communication & Others: $320 million (YoY -27%, QoQ +2%) [10][11]. Strategic Investments - The acquisition of TTTech Auto is expected to integrate 1,100 software engineers into NXP's software-defined vehicle solutions, although its revenue contribution is minimal in the short term [14][25]. - The company is managing operational expenses related to the pending acquisitions of Kinara and Aviva Links, which are relatively small in scale [22][25]. Performance Guidance - **Q3 2025 Guidance**: - Expected revenue: $3.15 billion (YoY -3%, QoQ +8%) - Non-GAAP Gross Margin: 57% [4][17]. - **Long-term Growth Outlook**: - Revenue CAGR from 2024 to 2027 is projected at 6%-10%, with specific segments like automotive and industrial IoT expected to grow at 8%-12% [18][30]. Q&A Insights - Management expresses a significantly improved confidence in the cyclical recovery, supported by various positive signals from distributors and customers [21][30]. - The automotive sector is anticipated to see a recovery driven by the end of inventory consumption cycles among Tier-1 customers, rather than relying solely on macroeconomic improvements [23][39].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On July 23, 2025, more than half of the convertible bond industries declined, and the valuation decreased compared to the previous day. The CSI Convertible Bond Index dropped by 0.04%, while the Shanghai Composite Index rose by 0.01%. The trading sentiment in the convertible bond market increased, with the trading volume reaching 85.925 billion yuan, a 6.46% increase from the previous day. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The overall weighted average closing price of convertible bonds was 126.48 yuan, a 0.04% decrease from the previous day [3]. - In the stock market, 23 industries declined, with the top three declining industries being Building Materials (-2.27%), National Defense and Military Industry (-1.60%), and Machinery and Equipment (-1.29%); the top three rising industries were Non - Banking Finance (+1.29%), Beauty and Personal Care (+0.59%), and Household Appliances (+0.58%). In the convertible bond market, 16 industries declined, with the top three declining industries being National Defense and Military Industry (-1.66%), Non - Ferrous Metals (-1.02%), and Steel (-1.02%); the top three rising industries were Building Materials (+4.54%), Communication (+1.27%), and Beauty and Personal Care (+0.66%) [5]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index closed at 459.42, down 0.04% for the day, up 2.71% in the past week, 6.08% in the past month, and 10.82% since the beginning of 2025. The Shanghai Composite Index closed at 3582.30, up 0.01% for the day, 2.21% in the past week, 6.62% in the past month, and 6.88% since the beginning of 2025. Different convertible bond and stock market indices showed various trends in daily, weekly, monthly, and year - to - date performance [9]. Market Fund Performance - The trading volume of the convertible bond market was 85.925 billion yuan, a 6.46% increase from the previous day, while the total trading volume of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease from the previous day. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan, and the yield of the 10 - year Treasury bond increased by 1.34bp to 1.70% [3]. Convertible Bond Price and Valuation - The overall weighted average closing price of convertible bonds was 126.48 yuan, down 0.04% from the previous day. The proportion of high - price bonds (above 130 yuan) decreased by 1.71 percentage points to 41.97%, and the proportion of bonds in the 110 - 120 yuan range increased by 1.5 percentage points to 20.99%. The median price was 127.89 yuan, down 0.59% from the previous day [4]. - The 100 - yuan par - value fitted conversion premium rate was 27.32%, down 0.36 percentage points from the previous day. The overall weighted par value was 96.85 yuan, up 0.51% from the previous day. The premium rates of different types of convertible bonds (equity - biased, debt - biased, and balanced) showed different trends [4]. Industry Performance - In the stock market, 23 industries declined, and in the convertible bond market, 16 industries declined. In terms of different sectors, the closing price of the large - cycle sector increased by 0.08%, the manufacturing sector decreased by 0.41%, the technology sector decreased by 0.07%, the large - consumption sector increased by 0.09%, and the large - finance sector increased by 0.12%. The conversion premium rates, conversion values, and pure - debt premium rates of different sectors also showed different trends [5]. Industry Rotation - Non - Banking Finance, Beauty and Personal Care, and Household Appliances led the rise. Different industries had different daily, weekly, monthly, and year - to - date price changes, as well as different valuation quantiles such as PE (TTM), PB (LF), and their 3 - year and 10 - year quantiles [54].

Investment Rating - The report gives a "Strong Buy" rating for the company, indicating a positive outlook for its future growth potential [1][10]. Core Viewpoints - The company has established itself as a leading player in the domestic CDMO (Contract Development and Manufacturing Organization) sector, with strong global competitiveness in raw materials, CDMO, and formulation businesses. The report anticipates a new growth cycle driven by the explosive growth of the CDMO business and the recovery of the formulation and raw material sectors [6][8]. - The CDMO business is expected to enter a phase of rapid growth, supported by the rise of leading biotech companies in China and the company's established relationships with major pharmaceutical firms globally [28][30]. - The formulation business is projected to accelerate growth starting in 2026, with a strategy focused on multi-product development and enhanced R&D capabilities [9][22]. - The raw material business is expected to regain medium to long-term growth, particularly in antibiotics and veterinary drugs, as market conditions improve [23][24]. Financial Summary - The company’s total revenue is projected to be 12,022 million in 2024, with a year-on-year growth rate of 4.8%. However, a decline of 6.3% is expected in 2025, followed by a recovery in 2026 with a growth of 1.6% and a significant increase of 16.3% in 2027 [2]. - The net profit attributable to shareholders is forecasted to be 1,031 million in 2024, with a slight decline of 2.3% year-on-year, followed by a more substantial recovery in 2026 and 2027 with growth rates of 30.8% and 28.1%, respectively [2][10]. - The price-to-earnings (PE) ratio is expected to decrease from 18 in 2025 to 11 by 2027, indicating an attractive valuation as the company grows [2][10]. Business Segments CDMO Business - The CDMO segment is anticipated to experience explosive growth, driven by the commercialization of numerous API (Active Pharmaceutical Ingredient) projects in China and sustained contributions from overseas clients [6][28]. - In 2024, the CDMO revenue is expected to reach 18.84 billion, with a gross profit margin of 41% [24][26]. Formulation Business - The formulation business is set to enter a growth phase in 2026, with the company planning to approve over 15 new products annually starting from that year [9][22]. - The integration of raw materials and formulations is expected to enhance cost advantages and accelerate product approvals [9][22]. Raw Material Business - The raw material segment is projected to recover, particularly in antibiotics and veterinary drugs, as prices stabilize and market share increases [23][24]. - The company is expanding its product pipeline in chronic disease medications and leveraging its manufacturing capabilities to drive growth [23][24].

Market Performance - In Q2 2025, major A-share indices generally rose, with the North Star 50 increasing by 13.85% and the Shanghai Composite Index rising by 3.26%[13][17] - The top five performing sectors included Comprehensive Finance (32.16%), National Defense and Military Industry (16.03%), and Banking (12.62%) while the worst performers were Food and Beverage (-5.13%) and Home Appliances (-3.45%) [17][18] Fund Issuance and Positioning - A total of 66 equity-oriented active funds were established in Q2 2025, with a total share of 338.57 billion, marking an increase in issuance compared to the previous quarter[2][25] - The average stock positions of various types of equity-oriented active funds increased, with mixed equity funds reaching an average position of 88.46%[29] Sector and Stock Holdings - The top five sectors with increased holdings were Communication, Banking, National Defense and Military Industry, Non-Bank Financials, and Media, with Communication and Banking seeing increases of over 1%[4][42] - The top five stocks with the largest increases in holdings were Zhongji Xuchuang, Xinyi Sheng, Hudian Co., Shenghong Technology, and SF Express, while the largest reductions were seen in BYD, Kweichow Moutai, and Wuliangye[5][43] Billion Fund Holdings - The largest changes in holdings among billion-dollar funds were observed in SF Express, Xinlitai, and Ningde Times, with the National Defense and Military Industry sector seeing a significant increase from 0 to 10.76 billion[6] Southbound Capital Analysis - In Q2 2025, the top five stocks held by southbound funds included Tencent Holdings, Xiaomi Group, and Alibaba, with notable increases in holdings for Sinda Biopharmaceuticals and Pop Mart[7]

Investment Rating - The investment rating for the insurance sector is as follows: China Ping An - Strong Buy, China Pacific Insurance - Buy, China Life Insurance - Buy, New China Life Insurance - Buy, China People’s Insurance - Buy [4][3] Core Viewpoints - The report emphasizes that the long-term valuation anchor for the insurance sector should focus on changes in liability management quality, with a specific analysis of break-even yields and rigid costs to assess the cost of liabilities in the industry and listed companies [9][32] - The current PEV (Price to Embedded Value) of domestic insurance companies is generally below 1x, primarily due to potential "spread loss" pressures, reflecting cautious pricing assumptions regarding investment returns [9][40] - The report predicts that the break-even yield for listed insurance companies will be significantly lower than the net investment yield, indicating that the current PEV valuation may be overly pessimistic [9][51] Summary by Sections Section 1: Introduction - The report anticipates a further reduction in the predetermined interest rate in Q3, which may be implemented within the quarter, driven by market rate adjustments [13][14] Section 2: "Spread Loss" Crisis Assessment - The report discusses the formation of "spread loss" risks, highlighting the lagging nature of the insurance cycle in relation to economic and interest rate cycles [33][34] - It notes that the average liability duration in the life insurance sector is approximately 12-13 years, while asset duration is only 6-7 years, leading to reallocation pressures during a declining interest rate environment [35][40] Section 3: Dynamic Measurement of Rigid Costs - The report provides a dynamic measurement of the rigid costs associated with existing policies, predicting a rapid decline in these costs over the next two years (2025-2026) due to adjustments in predetermined interest rates [9][27] Section 4: Investment Recommendations - The report suggests that the quality of liability management is expected to improve gradually, with a focus on the shift towards dividend insurance products, which are anticipated to alleviate overall cost pressures [25][26] - It highlights that the insurance sector is increasingly prioritizing high-dividend strategies to compensate for declining interest income, thereby stabilizing net investment yields [25][30]

Group 1: Earnings Forecast Overview - The earnings forecast for the mid-year report shows a positive rate of 44%, with high proportions in non-bank financials, non-ferrous metals, and electronics sectors[4] - A total of 1,564 A-share listed companies disclosed their 2025 mid-year earnings forecasts, with 690 companies expecting growth and 869 companies expecting declines[5] - The overall net profit growth rate calculated using the disclosed companies is 75%[5] Group 2: Sector Performance - The leading sectors in terms of positive forecasts include electronics (73 companies), chemicals (59 companies), and machinery (56 companies)[10] - Conversely, the sectors with the highest number of negative forecasts are chemicals (72 companies), pharmaceuticals (61 companies), and machinery (55 companies)[10] - The forecasted earnings for 2025 show improvements in financial sectors, while consumer sectors are expected to weaken[16] Group 3: Historical Comparison - The 2025 mid-year positive forecast rate of 44% is slightly lower than 47% in 2024 and 48% in 2023, remaining consistent with 2022[13] - The proportion of companies with upward revisions to their earnings forecasts has increased significantly, reaching 76% as of July 21, 2025, compared to 39% in April[13] Group 4: Profit Changes in Industrial Enterprises - Industrial profits have shown significant improvement, particularly in upstream cyclical industries such as fuel processing and non-metallic minerals, with profit growth rates improving from Q1[17] - The manufacturing sector has also seen slight improvements, particularly in electrical machinery and furniture manufacturing[17] Group 5: Stock Recommendations - A strategy has been developed to identify stocks likely to exceed expectations in the mid-year report, including Great Wall Motors, Haoneng Co., and Midea Group[19]

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [3][52]. Core Viewpoints - The report indicates that the prices of broilers and chicks have remained stable, with profits in the breeding sector showing some recovery. However, there are significant losses in the broiler farming and hatching sectors [1][43]. - The report emphasizes the importance of monitoring the recovery of poultry consumption in the context of economic recovery, as well as the impact of external factors such as avian influenza on supply chains [46]. Summary by Sections Industry Basic Data - The industry consists of 101 listed companies with a total market value of 1,395.44 billion and a circulating market value of 1,070.09 billion [3]. Price Trends - In June, the average price of broilers was 7.18 yuan/kg, down 0.07% year-on-year and down 3% month-on-month. The average price of chicken products was 8,687.5 yuan/ton, down 6% year-on-year and down 2% month-on-month [11][8]. - The average price of chicks in June was 2.29 yuan/chick, a decrease of 21% month-on-month and 4% year-on-year [8][11]. Production Capacity - As of June 2025, the average stock of parent stock was 23.17 million sets, an increase of 8.5% year-on-year but a decrease of 2.8% month-on-month. The average stock of backup parent stock was 15.57 million sets, down 1.9% year-on-year and up 3.8% month-on-month [34][27]. Sales Performance - In June, the sales revenue of Yisheng Co. for parent and commercial chicks was 1.29 billion, down 13.58% year-on-year and down 25.54% month-on-month. The sales volume was 0.61 billion, up 17.68% year-on-year but down 7.26% month-on-month [14]. - The sales revenue of Shengnong Development for chicken was 11.64 billion, up 4.30% year-on-year and up 1.04% month-on-month, with a sales volume of 12.32 million, up 3.18% year-on-year [14]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Co., and Hefeng Co. due to their potential for profit improvement and valuation recovery in the context of expected consumption recovery [46].

Report Industry Investment Rating No relevant content provided in the given text. Core Viewpoints - "Anti-involution" policies are accelerating at the macro level, and inflation expectations are starting to bottom out. At the industry level, since June, "anti-involution" has been advanced mainly through self-discipline, and some industries have formed certain price increase expectations [4][7]. - By reviewing historical similar policy environments, the current "anti-involution" situation has similarities with the policy backgrounds in 2016 and 2021. Although this round may be advanced more from the industry self-discipline level, it is expected that the price increase expectations of key industries will be realized, and attention should be paid to the investment opportunities brought about by the improvement of profit expectations in related industries [4][23]. - Last week, the convertible bond market rose, and the valuation reached a high level. Five convertible bonds announced redemptions, and the total scale of bonds to be issued is about 7 billion yuan [1][24]. Summary by Directory 1. "Anti-involution" Historical Review and Current Concerns - **Policy Progress**: Since the Politburo meeting in July 2024 proposed to prevent "involutionary" vicious competition, to the official proposal by the Central Financial and Economic Commission on July 1, 2025, to govern the disorderly low - price competition of enterprises in accordance with laws and regulations and promote the orderly withdrawal of backward production capacity, the "anti-involution" policy has continued to exert force [4][7]. - **Industry Trends**: Since June, industries such as automobiles, photovoltaics, and most upstream cyclical industries have launched initiatives or collective production reduction plans by leading enterprises, and the market associates this round of "anti-involution" with the price increase logic under the production capacity optimization in 2016 and 2021 [4][7]. - **Historical Comparison**: In 2016, the supply - side reform focused on the coal and steel industries. In 2021, due to the demand for meeting the dual - control targets of energy consumption and the rise in coal prices, power and production restrictions were implemented in many places, and the PPI increased significantly. The current situation has similarities with these two historical periods, and the "anti-involution" this time may be more concentrated in the middle and lower reaches, with a high proportion of private enterprises [4][23]. 2. Market Review: Convertible Bonds Rose Weekly, and Valuation Reached a High Level - **Weekly Market Conditions**: Last week, the main stock indexes rose, and the convertible bond market followed suit. There are 477 issued but unexpired convertible bonds, with a balance of 648.241 billion yuan. Some bonds have not yet been listed for trading, and there are currently no bonds to be issued [24]. - **Valuation Performance**: The weighted average closing price of convertible bonds increased by 0.68% compared with the previous Friday. The premium rates of high - rated and large - scale convertible bonds increased. The convertible bond market's 100 - yuan par - value fitted conversion premium rate increased by 1.32 pct compared with the previous Friday [32]. 3. Terms and Supply: Five Convertible Bonds Announced Redemptions, and the Total Scale of Bonds to be Issued is about 7 Billion Yuan - **Terms**: As of July 18, 5 convertible bonds announced redemptions, and Lingkang Convertible Bond's board of directors proposed a downward revision. Some bonds announced non - early redemptions, and some announced that they were expected to meet the redemption conditions. 4 convertible bonds announced no downward revisions, and 12 were expected to trigger downward revisions [1][50]. - **Primary Market**: Last week, Xizhen and Yongxi Convertible Bonds were listed, with a total scale of 1.685 billion yuan. This week, Libo Convertible Bond will be listed, with a scale of 750 million yuan. There were no new convertible bond issuances. Last week, Tonglian Precision added a board of directors' plan, and the total scale of bonds to be issued is about 7 billion yuan [1][53].