丨证券研究报告丨 联合研究丨公司点评丨赛恩斯（688480.SH） [Table_Title] 赛恩斯：品类再扩张打开成长空间，扣非业绩目 标复合增速达 17.0% 报告要点 [Table_Summary] 7 月 21 日晚公司发布公告：①拟投资建设年产 10 万吨高效浮选药剂建设项目；②拟投资建设 年产 6 万吨高纯硫化钠项目；③披露股权激励计划（草案）。2024Q1 以来公司持续拓展铜萃取 剂、铼酸铵、高效浮选药剂、高纯硫化钠产品，看好技术优势带来的品类扩张，有望打开新的 成长空间。 分析师及联系人 [Table_Author] 徐科 王鹤涛 王筱茜 李博文 SAC：S0490517090001 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490524080004 SFC：BUV415 SFC：BQT626 赛恩斯（688480.SH） cjzqdt11111 [Table_Title 赛恩斯：品类再扩张打开成长空间，扣非业绩目 2] 标复合增速达 17.0% [Table_Summary2] 事件描述 7 月 21 日晚公司发布公告：①新建高效浮选药剂项目： ...

Investment Rating - The investment rating for TCL Electronics is "Buy" and is maintained [8]. Core Views - The company has released a positive mid-year profit forecast for 2025, expecting an adjusted net profit attributable to shareholders of HKD 950 million to HKD 1.08 billion, representing a year-on-year growth of 45% to 65% compared to the same period in 2024 [2][5]. - The company's global strategy focusing on "globalization" and "mid-to-high-end" products is showing initial success, with a significant increase in the shipment of large-screen TVs and Mini LED TVs [5]. - TCL's TV shipments reached 13.46 million units in the first half of 2025, a year-on-year increase of 7.6%, maintaining a top-two global ranking [5]. Summary by Sections Company Overview - TCL Electronics is experiencing a structural upgrade in its product offerings, coupled with cost optimization, leading to impressive growth in net profit [5]. Financial Performance - The company anticipates a substantial increase in net profit for the first half of 2025, with projections of HKD 950 million to HKD 1.08 billion, marking a 45% to 65% increase from the previous year [2][5]. - Revenue forecasts indicate a steady growth trajectory, with expected revenues of HKD 114.65 billion in 2025, up from HKD 99.32 billion in 2024, reflecting a growth rate of 15.4% [9]. Market Position - TCL's global TV shipment volume is on the rise, with a notable 176.1% increase in Mini LED TV shipments, positioning the company as a leader in this segment [5]. - The company has strengthened its market presence in both international and domestic markets, with significant growth in large-screen TV sales [5]. Strategic Initiatives - The company is enhancing its global supply chain and brand marketing, having become a global partner of the Olympics in early 2025 [5]. - In the Chinese market, TCL is advancing its dual-brand strategy with "TCL + Thunderbird," achieving a 10.2% year-on-year increase in shipments [5]. Operational Efficiency - TCL has improved its operational efficiency through digital transformation and automation, leading to a reduction in overall expense ratios [5].

[Table_Title] 基金二季报：公募转债持仓有什么偏好 报告要点 丨证券研究报告丨 金融工程丨点评报告 [Table_Summary] 截至 2025 年二季度末，持有转债的公募基金数量达到 1721 只，规模高达 2616 亿元，公募基 金持仓市值占比高达 33.26%。相比于全市场转债，基础化工和有色金属的超配比例较高，均 在 1%以上，而非银、电力及公用事业和建筑相对较为低配。全市场基金偏好评级低、正股市 值小、BS 定价溢价率低、转换价值高、转债价格高的转债。 分析师及联系人 [Table_Author] 刘胜利 覃川桃 SAC：S0490517070006 SAC：S0490513030001 SFC：BWH883 SFC：BUT353 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 基金二季报：公募转债持仓有什么偏好 公募基金 2025 年二季报已全部披露，据此可获取转债持仓。 公募转债持仓的规模如何，行业和风格偏好怎样？本报告将从统计维度分析这些问题。 事件评论 丨证券研究报告丨 cjzqdt11111 202 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report - From July 14 to July 19, 2025, the convertible bond market continued its gentle recovery, with steadily increasing trading activity. The focus of capital allocation shifted towards mid - cap individual bonds with fundamental support and elasticity expectations. The equity market maintained structural differentiation, with the growth style outperforming, and the science - and - technology innovation sectors standing out. There was also capital inflow into the cyclical manufacturing direction. The valuation structure of convertible bonds stretched overall, and the impetus for valuation repair of medium - and high - parity bonds increased. Since 2025, the proportion of convertible bonds held by insurance funds has been continuously rising compared to 2024, indicating that stable long - term funds have a stronger preference for assets that can both increase returns and offer high safety margins. It is recommended to pay attention to high - prosperity directions while evenly allocating medium - and low - priced high - quality convertible bonds with coupon advantages and credit support [2][6]. 3. Summary According to the Table of Contents 3.1 Market Theme Weekly Review 3.1.1 Insurance Funds' Allocation in the Convertible Bond Market - The overall proportion of insurance funds in the convertible bond market has increased. Although the face value of convertible bonds held by insurance institutions has gradually decreased from 64.58 billion yuan in June 2024 to 57.64 billion yuan in June 2025, mainly due to the simultaneous decline in the overall scale of the convertible bond market, the proportion of insurance funds has risen from 7.8% in June 2024 to 8.1% in June 2025, reflecting their enhanced relative allocation willingness [25]. - The participation amount and proportion of insurance funds in the Shenzhen Stock Exchange have steadily increased. In June 2025, the convertible bond holders on the Shenzhen Stock Exchange were mainly fund investors, accounting for 31.7%, a year - on - year increase of 0.9 pct. Insurance institutions held 20.62 billion yuan, accounting for 6.7%, a year - on - year increase of 1.2 pct [27]. - The proportion of insurance funds on the Shanghai Stock Exchange has remained stable, but the holding face value has declined. In June 2025, the convertible bond holders on the Shanghai Stock Exchange were mainly public funds, accounting for 34.0%, a year - on - year increase of 4.0 pct. Insurance institutions held 37.02 billion yuan, accounting for 9.1%, a year - on - year decrease of 0.2 pct, possibly due to the conversion or maturity of some bank convertible bonds [33]. 3.1.2 Equity Market Weekly Review - The trading themes in the equity market were active. The rare earth index led the market with a 17.5% weekly increase and a trading volume of 118.89 billion yuan. The pharmaceutical technology theme was prominent, with the innovative drug index rising 10.8%, the weight - loss drug index climbing 9.6%, etc. The new energy sector showed a slight recovery, and the digital economy field was structurally differentiated [37]. 3.1.3 Convertible Bond Market Weekly Review - The convertible bond market continued to rise, with a moderately narrowing increase, reaching a new high in trading activity. The market style shifted towards small - cap bonds, which led the gains, indicating an increase in capital's risk appetite. In terms of valuation, the low - parity range saw valuation repair, while the high - parity range experienced some compression. The implied volatility fluctuated upward, and market sentiment stabilized and recovered. The home appliance, computer, and communication sectors led the gains, and the trading focus continued to gather in the pharmaceutical, basic chemical, and power equipment sectors [42]. 3.2 Market Weekly Tracking 3.2.1 Main Stock Indexes Strengthened, with High - Prosperity Sectors as the Week's Main Line - The main A - share stock indexes continued to strengthen. The Shanghai Composite Index rose 0.7%, the Shenzhen Component Index rose 2.0%, and the ChiNext Index led with a 3.2% increase. The science - and - technology innovation mid - and small - cap stocks performed well, with the CSI 300 rising 1.1%, the STAR 50 rising 1.7%, etc. [43]. - The market's main funds continued to flow out, and the outflow pressure intensified. The average daily trading volume of the whole market was about 1.5 trillion yuan, the same as the previous week. The trading sentiment of the main funds weakened marginally [44]. - The A - share market maintained a structurally differentiated pattern, with high - prosperity sectors performing strongly. The communication sector led the gains with a 7.5% increase, followed by the pharmaceutical, computer, and non - ferrous metal sectors. The banking sector was weak, with a 3.4% decline [48]. - The trading volume of leading sectors expanded with the increase in prices. The communication sector had the largest increase in trading volume, and the automotive sector also showed significant improvement. The non - bank financial sector had a slight increase but a decrease in trading volume, indicating an expansion of capital divergence [49]. - The market's sector congestion was differentiated. The textile and apparel sector was close to historical high levels in terms of congestion indicators. The communication sector had a high trading volume but a relatively low turnover rate. Some sectors such as food and beverage had low capital attention, while the real estate sector showed a divergence between trading volume and turnover rate [56]. 3.2.2 Convertible Bond Market Followed the Upward Trend, with Small - Cap Convertible Bonds Performing Well - The convertible bond market continued to rise, with the increase narrowing compared to the previous week. Small - cap convertible bonds led the gains. The CSI Convertible Bond Index rose 0.7%, the Wind Small - Cap Convertible Bond Index rose 1.3%, the mid - cap index rose 0.5%, and the large - cap index rose 0.3%. The trading activity of the convertible bond market increased, with an average daily trading volume of about 73.84 billion yuan, a 2.4 - billion - yuan increase from the previous week [60]. - Valuation: By parity range, the overall valuation of the convertible bond market stretched, with differentiation in the high - parity range. By market price range, the valuation showed a differentiated and structurally adjusted pattern. The implied volatility of the convertible bond market continued to rise, and the median price of convertible bonds oscillated upward, indicating a relatively high level of market trading sentiment [65][71][72]. - By sector, the convertible bond market generally strengthened, and capital concentration increased. 25 industries rose, 4 industries fell, and 14 industries had an increase of over 1%. The home appliance, computer, and communication sectors led the gains, while the coal sector led the decline. The pharmaceutical, basic chemical, and power equipment sectors had the highest trading volumes [77]. - Individual bonds generally strengthened. The top - performing convertible bonds were mostly driven by their underlying stocks, with high - elasticity and medium - duration characteristics. The underperforming bonds were dragged down by their underlying stocks [82][84]. 3.3 Primary Market Tracking and Clause Games 3.3.1 Primary Market Issuance Plan - Two new convertible bonds were listed, and seven companies updated their issuance plans. The total scale of projects in the exchange - acceptance stage and later was 64.96 billion yuan [88][89][94]. 3.3.2 Clause Games - Regarding the downward - revision clause: 8 bonds announced that they were expected to trigger downward revision, 4 bonds announced no downward revision, and 1 bond proposed downward revision [99]. - Regarding the redemption clause: 5 bonds announced that they were expected to trigger redemption, 3 bonds announced no early redemption, and 5 bonds announced early redemption [106].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - The paper industry is expected to benefit from the government's "anti-involution" initiative, which aims to address excessive competition and promote product quality. The new capacity in the paper industry, which has seen significant growth in recent years, is projected to slow down starting in 2026. This, combined with expectations for commodity prices to return to healthier levels, suggests that the industry may gradually enter an upward cycle, with a focus on the valuation recovery and profit elasticity of leading companies [2][4][8] Summary by Sections Industry Overview - The government has emphasized the need to address "involution" in competition, with a focus on promoting quality and phasing out outdated capacity. The paper industry, which has faced oversupply, is likely to benefit from these broader industry reforms [2][4] Current Market Conditions - The paper industry is currently at a cyclical low, with profitability under pressure. As of Q1 2025, total inventory in the paper industry has decreased compared to Q4 2024, indicating that the industry has not yet entered a passive destocking phase. The price of wood pulp is showing signs of bottoming out, with recent price adjustments indicating a willingness among leading manufacturers to stabilize or increase prices [8] Short-term Outlook - The third quarter is expected to be a pressure test for the industry, with the fourth quarter showing strong improvement potential. Despite the seasonal downturn and new capacity coming online, the price decline for pulp and paper is expected to be limited, and leading companies are likely to manage costs effectively [8] Mid-term Outlook - Supply and demand are expected to gradually balance, with the industry poised for recovery as new capacity growth slows from 2026 onwards. The anticipated return to healthier pricing levels due to the "anti-involution" measures will support this recovery [8] Recommended Companies - The report recommends Sun Paper as a leading company with strong profit margins and a history of resilience through cyclical downturns. Other notable companies include Nine Dragons Paper and Bohui Paper, which also show significant profit elasticity potential. Special paper leaders like Xianhe Co. and Huawang Technology are highlighted for their stable demand and cost advantages [8]

1. Report Industry Investment Rating No relevant content provided in the report. 2. Report's Core View - From July 14 to July 19, 2025, the convertible bond market continued its gentle recovery, with steadily rising trading activity. The focus of capital allocation shifted towards mid - cap individual bonds with fundamental support and elasticity expectations. The equity market continued its structural differentiation, with the growth style relatively dominant. The science - and - technology innovation sector performed prominently, and there was also capital inflow in the cyclical manufacturing direction. The valuation structure of convertible bonds stretched overall, and the impetus for valuation repair of medium - and high - parity bonds increased. Since 2025, the proportion of convertible bonds held by insurance funds has been continuously rising compared to 2024, reflecting the enhanced preference of stable long - term funds for assets that combine increased returns and high safety margins. It is recommended to balance the layout of high - quality medium - and low - priced convertible bonds with coupon advantages and credit support while paying attention to high - prosperity directions [2][6]. 3. Summary by Relevant Catalogs 3.1 Insurance Funds' Allocation in the Convertible Bond Market - As of June 2025, the proportion of convertible bonds held by insurance funds had steadily increased to 8.1%. Although the absolute face value of holdings decreased slightly due to market shrinkage, it showed an enhanced preference for convertible bond assets with safety margins and stable returns. It is recommended to focus on varieties with low valuations, high coupons, and good credit qualifications as an important supplement to the bottom - position defensive allocation [9]. - From the overall perspective of the two markets, the proportion of convertible bonds held by insurance funds in the market showed a marginal upward trend. Although the face value of convertible bonds held by insurance institutions decreased from 64.58 billion yuan in June 2024 to 57.64 billion yuan in June 2025, mainly due to the simultaneous decline in the overall scale of the convertible bond market, the proportion increased from 7.8% to 8.1%, indicating an enhanced relative allocation willingness [16]. - In the Shenzhen Stock Exchange, the proportion of insurance funds increased significantly, while in the Shanghai Stock Exchange, it was relatively stable. In June 2025, in the Shenzhen Stock Exchange, the proportion of insurance funds increased by 1.2 percentage points year - on - year to 6.7%. In the Shanghai Stock Exchange, the proportion of insurance funds decreased by 0.2 percentage points year - on - year to 9.1%, possibly due to the conversion or maturity of some bank convertible bonds [18][21]. 3.2 Market Theme Weekly Review 3.2.1 Equity Theme Weekly Review - During the week from July 14 to July 19, 2025, the trading themes in the equity market were active. The rare - earth index led the market with a 17.5% cross - week increase, and the first - board index followed with a 15.3% increase. The pharmaceutical technology theme performed well, and the new - energy sector recovered slightly. The digital economy sector showed structural differentiation. Some trading - related indexes showed significant increases, but there were risks of short - term volatility amplification [26]. 3.2.2 Convertible Bond Weekly Review - During the week, the convertible bond market continued to rise, with the increase moderately converging. The trading activity reached a new stage high, and the market style shifted towards small - cap bonds. The valuation structure showed that the low - parity range was repaired, and the high - parity range was compressed. The implied volatility rose, and the market sentiment stabilized and recovered. At the industry level, the home appliance, computer, and communication sectors led the increase. It is recommended to focus on medium - priced bonds with safety margins and catalytic expectations and seize the rotation and repair window [29]. 3.3 Market Weekly Tracking 3.3.1 Main Stock Indexes Strengthened, with High - Prosperity Sectors as the Main Theme of the Week - The main A - share stock indexes continued to strengthen. The ChiNext Index led the rise with a 3.2% cross - week increase. The science - and - technology innovation small - and - medium - cap stocks performed prominently. However, the main funds continued to flow out, and the outflow pressure increased. The average daily trading volume of the whole market was about 1.5 trillion yuan, the same as last week [30]. - The A - share market continued its structural differentiation. The communication sector led the rise with a 7.5% increase, while the bank sector led the decline with a 3.4% decrease. The trading volume of leading sectors expanded with the increase in prices. The market funds continued to concentrate on high - prosperity sectors, and attention should be paid to the sustainability of the high - prosperity sector market [34]. - The market sector congestion showed a differentiated pattern, with funds concentrating on high - elasticity sectors. It is recommended to pay attention to the risk of increased volatility in sectors with continuously high congestion [40]. 3.3.2 Convertible Bond Market Followed and Strengthened, with Small - Cap Convertible Bonds Performing Well - The convertible bond market continued to rise, with small - cap convertible bonds leading the increase. The valuation stretched in each parity range, and the implied volatility continued to rise. The median price of convertible bonds oscillated upward, indicating high market trading sentiment [44][50][53]. - The performance of convertible bonds in each sector was generally strong, with funds becoming more concentrated. The home appliance, computer, and communication sectors led the increase, and the pharmaceutical, basic chemical, and power equipment sectors ranked among the top in terms of trading volume [56]. - Individual convertible bonds generally strengthened. The top - rising convertible bonds were mostly driven by the underlying stocks, while the top - falling ones were dragged down by the underlying stocks [62][63]. 3.4 Primary Market Tracking and Clause Game - During the week from July 14 to July 19, 2025, two convertible bonds were listed, and seven listed companies updated their convertible bond issuance plans. The current total scale of projects in the exchange - acceptance stage and later was 64.96 billion yuan [68][69][71]. - Regarding the downward - revision of convertible bonds, eight convertible bonds announced that they were expected to trigger downward - revision, four announced no downward - revision, and one proposed downward - revision [75][78]. - Regarding the early redemption of convertible bonds, five convertible bonds announced that they were expected to trigger redemption, three announced no early redemption, and five announced early redemption [83].

Investment Rating - The industry investment rating is "Positive" [8] Core Insights - Ruby oil (Calanus oil) is gaining attention in the health supplement industry due to its rich content of beneficial components such as polyunsaturated fatty acids and astaxanthin, which possess anti-inflammatory properties. The total market size for the fish oil sector in China is projected to reach approximately 5.6 billion yuan in 2024, with a CAGR of 10% from 2010 to 2024. The demand is driven by both the aging population and a growing trend among younger consumers seeking anti-inflammatory benefits [2][5][19]. Summary by Sections Ruby Oil Overview - Ruby oil is exclusively produced by the Norwegian company Zooca Calanus and is derived from Calanus finmarchicus, a type of copepod found in non-industrial waters of Norway. Its composition includes 38% polyunsaturated fatty acids, 15% monounsaturated fatty acids, 24% polyunsaturated fatty acids, 16% saturated fatty acids, and 2% astaxanthin. The oil is primarily targeted at oral anti-inflammatory and anti-aging markets, particularly within the broader fish oil market [4][16]. Market Trends - The demand for anti-inflammatory products is increasing across all age groups. The market for oral anti-inflammatory and anti-aging products in China reached 57.4 billion yuan in 2023, with a CAGR of 18% from 2016 to 2023. The fish oil and omega-3 products market is expected to grow to 5.6 billion yuan by 2024, with a CAGR of 10% from 2010 to 2024 [5][19]. Product Distribution and Target Demographics - Ruby oil products are primarily sold through cross-border e-commerce platforms, focusing on female consumers. Major brands utilizing ruby oil include VitaOcean, Feicui, and SuperSmart, with prices ranging from 328 yuan to 502 yuan for 60 capsules. Marketing strategies are increasingly targeting younger demographics, despite the traditional focus on older consumers [6][23].

Investment Rating - The report maintains a "Positive" investment rating for the industry [11]. Core Insights - The report analyzes the running industry and the development of running shoes, highlighting three main drivers: product technology advancements, breakthroughs in the supply chain, and future prospects for domestic brands to lead a new cycle of product innovation [4][10]. Summary by Sections Global Running Boom - The running craze has swept globally, with China experiencing rapid penetration. The running participation rate and road running events in China still have significant room for growth compared to overseas markets [7][21][31]. Competition in Midsole Technology - Midsole technology is crucial for the comfort of running shoes, with material and foaming processes determining performance. Different consumer groups have varying needs for shoe performance, with midsole technology being the core factor affecting comfort [8][39]. Evolution of Midsole Technology - The report emphasizes that product quality is fundamental, while marketing plays a supportive role. Major brands like Nike and Adidas have led the market through midsole technology upgrades, with Li Ning's "䨻" technology marking a significant advancement in the domestic market [9][10]. Future Industry Dynamics - Domestic brands are catching up with international competitors in terms of core midsole technology, although there are still gaps in design and product calibration. Continuous investment in these areas is expected to enhance market share and lead to new product cycles [10][11].

Group 1 - The overall fund positions increased marginally in Q2 2025, with a notable increase in the ChiNext index and a decrease in the main board [6][10][14] - In terms of industry allocation, public funds increased their holdings in technology and cyclical sectors while reducing exposure to manufacturing and consumer sectors [25][31] - The allocation to high-dividend sectors rose, with significant increases in insurance holdings [50][52] Group 2 - The public funds significantly increased their positions in the ChiNext index by 1.74 percentage points to 15.18% and reduced the main board by 1.87 percentage points to 72.46% [14][24] - The technology sector saw increased allocations, particularly in electronics, healthcare, and home appliance manufacturing, while the food and beverage sector saw a decline [31][34] - The telecommunications and financial sectors experienced notable increases in allocation, while discretionary and staple consumer sectors were reduced [28][31] Group 3 - The report highlighted a marginal increase in the stock positions of four types of funds, with the balanced mixed funds showing a more significant increase [11][19] - The concentration of the top ten holdings decreased, with the top ten holdings accounting for 16.70%, down 3.4 percentage points from the previous quarter [24] - The report indicated a continued rise in the allocation to Hong Kong stocks, while the allocation to the Hang Seng Technology index saw a decline [15][17]

Investment Rating - The report maintains a "Positive" investment rating for the urea industry [12]. Core Insights - The urea industry is expected to continue its prosperous operation under a balanced supply and demand growth scenario in the coming years, despite strict export policies in China leading to price differentiation between domestic and international markets [3][9]. Summary by Sections Urea: Core Nutrient for Crop Growth - Urea is an organic compound composed of carbon, nitrogen, oxygen, and hydrogen, primarily used as nitrogen fertilizer for plants and in various industrial applications [6][20]. Supply and Demand Steady Growth, Industry Prosperity Expected - Global nitrogen fertilizer consumption is projected to grow at a compound annual growth rate (CAGR) of 3.7% from 1961 to 2024, reaching 118 million tons in 2024, driven by population growth and food demand [7][37]. - The global nitrogen fertilizer production is also expected to grow at a CAGR of 3.7%, reaching 123 million tons in 2024, with supply and demand growth remaining balanced [8][56]. Domestic and International Urea Price Trends - Urea prices have shown significant fluctuations, with a reversal in 2025. The price gap between domestic and international markets has exceeded 1400 RMB/ton as of July 11, 2025, indicating a synchronized upward trend despite strict export policies [9][78]. Key Companies: Hualu Hengsheng & Yuntu Holdings - Hualu Hengsheng is leveraging its flexible industrial chain advantages and ongoing project expansions to enhance its growth potential. The company has a urea production capacity of 3.07 million tons per year [10][84]. - Yuntu Holdings focuses on the research, production, and sales of compound fertilizers, with significant urea capacity expansion planned, aiming to benefit from the industry's high prosperity [10][89].