Core Viewpoint - The company, Chongqing Zhengchuan Pharmaceutical Packaging Materials Co., Ltd., has approved the use of idle self-owned funds for cash management to enhance fund utilization efficiency and increase returns for the company and its shareholders [2][3][14]. Cash Management Overview - The purpose of cash management is to ensure the safety of funds while not affecting the company's daily operations, thereby improving fund utilization efficiency [3]. - The total investment amount for this cash management initiative is 50 million RMB [4]. - The funds for this cash management are entirely sourced from idle self-owned funds [5]. Cash Management Product Details - The cash management product is a structured deposit from Chongqing Bank, with an investment amount of 50 million RMB and a term of 57 days [7]. - The product offers a guaranteed minimum return of 1.15%, with potential floating returns of 0.8% or 1.0% based on specific conditions related to the EUR/USD exchange rate [8]. Risk Control Measures - The company will select investment products that are high in safety, good in liquidity, and of medium to low risk, including bank wealth management products, securities firm wealth management products, trust wealth management products, structured deposits, notice deposits, and large certificates of deposit [6][9]. - Independent directors have the authority to supervise and inspect the use of funds, and the company will conduct timely analysis and monitoring of cash management progress [10]. Impact on the Company - The company does not have significant overdue debts while engaging in large-scale wealth management products, ensuring that cash management will not affect normal operational cash flow or the development of core business [13][14].

FF301 本月底法定/註冊股本總額： RMB 3,474,586,317 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01963 說明 H股 增加 / 減少 (-) RMB 本月底結存 1,579,020,812 RMB 1 RMB 1,579,020,812 | I. 法定/註冊股本變動 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | 證券代號 (如上市) | 01963 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,579,020,812 RMB | | 1 | RMB | | 1,579,020,812 | | 增加 / 減少 (-) | | | | | RMB | | | | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券 ...

FF301 本月底法定/註冊股本總額： RMB 3,474,586,317 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01963 說明 H股 增加 / 減少 (-) RMB 本月底結存 1,579,020,812 RMB 1 RMB 1,579,020,812 | I. 法定/註冊股本變動 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | 證券代號 (如上市) | 01963 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,579,020,812 RMB | | 1 | RMB | | 1,579,020,812 | | 增加 / 減少 (-) | | | | | RMB | | | | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Core Viewpoint - Hong Kong banking stocks experienced a collective rise, with significant gains observed in several major banks, indicating a positive market sentiment towards the banking sector [1] Group 1: Stock Performance - Huishang Bank increased by 4.5%, while China Construction Bank rose over 3%. Other banks such as Industrial and Commercial Bank of China, Bank of China, and CITIC Bank saw increases of over 2% [1] - The latest stock prices and percentage changes for various banks are as follows: - Huishang Bank: 3.490, +4.49% - China Construction Bank: 7.940, +3.12% - Industrial and Commercial Bank of China: 6.160, +2.33% - Bank of China: 4.500, +2.27% - Agricultural Bank of China: 6.050, +2.20% - CITIC Bank: 7.360, +2.17% [2] Group 2: Financial Performance Insights - According to a report from Xiangcai Securities, the third-quarter reports of listed banks for 2025 showed relatively stable revenue and an increase in net profit growth [1] - All types of banks reported an increase in net interest income growth compared to the mid-term, with a marginal stabilization in interest margins, indicating a solid foundation for core business revenue growth [1] - Overall, the performance of banks in the third-quarter reports met expectations, suggesting a favorable outlook for the sector [1] Group 3: Investment Recommendations - The report suggests that with a rebalancing of market investment styles, banking stocks are attracting allocation funds due to their stable high dividends. The recommendation is to focus on the absolute return investment value of bank stocks [1] - Specific recommendations include state-owned banks like Industrial and Commercial Bank of China and Bank of China for their stable high dividend value, as well as opportunities for valuation recovery in joint-stock and regional banks such as CITIC Bank, Jiangsu Bank, Chengdu Bank, and others [1] - The industry maintains an "overweight" rating, indicating a positive investment outlook [1]

Core Viewpoint - Hong Kong banking stocks experienced a collective rise, with notable increases in share prices for various banks, indicating a positive market sentiment towards the banking sector [1] Summary by Category Stock Performance - Huishang Bank rose by 4.5%, China Construction Bank increased by over 3%, and several other banks including Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China saw gains exceeding 2% [2] - The overall performance of banking stocks reflects a shift in market investment style towards stable, high-dividend yielding stocks [1] Financial Outlook - According to a report by Xiangcai Securities, the revenue of listed banks is expected to remain stable, with an increase in net profit growth anticipated for the third quarter of 2025 [1] - Various types of banks have shown an improvement in net interest income growth compared to the mid-term, with many banks experiencing a marginal stabilization in interest margins [1] Investment Recommendations - The report suggests focusing on state-owned banks for their stable high-dividend investment value, recommending Industrial and Commercial Bank of China and Bank of China [1] - Additionally, there are opportunities for valuation recovery among joint-stock banks and regional banks, with recommendations for banks such as CITIC Bank, Jiangsu Bank, Chengdu Bank, and others [1]

Core Insights - As of the end of September, Chongqing's financial asset scale reached 9.5 trillion yuan, with a year-on-year growth of 8.3%, and both deposit and loan balances grew faster than the national average [1][3][5] Financial Asset Growth - The financial asset scale in Chongqing has reached 9.5 trillion yuan, reflecting an 8.3% year-on-year increase [1][3] - The average capital of local financial organizations in the city is 384 million yuan [3] Banking Sector Performance - Chongqing Bank's assets have surpassed 1 trillion yuan, while Chongqing Rural Commercial Bank maintains its leading position among rural commercial banks nationwide [1][5] - The balance of consumer finance company loans exceeds 400 billion yuan, accounting for approximately 25% of the national total [3] Strategic Financial Initiatives - The city has facilitated a total credit of 5.47 trillion yuan from central-local strategic cooperation, with various financial institutions establishing regional headquarters [5] - Chongqing has implemented policies to support industrial transformation, private economy, technological innovation, and small and micro enterprises, resulting in a doubling of medium to long-term loans for manufacturing and inclusive small loans since the end of 2020 [5][6] Capital Market Activity - In 2023, the number of refinancing activities for listed companies in Chongqing increased by 126% year-on-year, with market capitalization rising nearly 50% [5] - The amount of mergers and acquisitions among listed companies surged by 637% year-on-year, demonstrating the effective leverage of capital markets [5] Private Equity and Investment - Chongqing is actively developing a hub for private equity investment in the West, with a structured framework of 120 billion yuan for state-controlled private equity funds, attracting over 380 billion yuan in social capital [6] - More than 860 technology-oriented projects have received investments exceeding 40 billion yuan, maintaining a growth rate of over 50% in the past two years [6] Financial Regulation and Stability - The city is enhancing regulatory collaboration between central and local authorities, focusing on financial debt risks and illegal financial activities [6] - As of September, the non-performing loan ratio in Chongqing's banks stands at 1.09%, which is better than the national average, and new cases of illegal fundraising have decreased by 14.3% year-on-year [6]

Core Viewpoint - The financial performance of regional banks, particularly city commercial banks, is showing significant divergence, with Chongqing Bank becoming a highlight by surpassing the 1 trillion yuan asset mark in Q3 2023, reflecting a broader trend of aggressive asset expansion among city commercial banks [1][2]. Group 1: Chongqing Bank's Performance - Chongqing Bank's total assets reached 1.0227 trillion yuan as of September 30, 2023, marking a year-on-year increase of 19.39% [2]. - The bank's deposits totaled 554.25 billion yuan, up 16.9% year-on-year, while loans reached 520.39 billion yuan, reflecting an 18.1% increase [2]. - The bank's net interest margin was 1.32%, down 4 basis points year-on-year, but the decline was less severe compared to previous quarters, indicating improved profitability [3]. Group 2: Industry Trends - City commercial banks are increasingly focusing on corporate loans, particularly in manufacturing and infrastructure sectors, to stabilize their net interest margins amid declining loan rates [1][6]. - The overall asset growth among city commercial banks is notable, with 10 out of 12 banks showing growth rates exceeding 10%, contrasting with 16 banks experiencing growth below 5% [4]. - The divergence in growth rates among banks is attributed to regional economic differences, with banks in economically vibrant areas like the Yangtze River Delta and Pearl River Delta performing better [4][5]. Group 3: Challenges and Strategic Adjustments - The pressure on net interest margins is prompting banks to adjust their loan structures, reducing reliance on low-yielding bill financing and increasing high-yield corporate loans [6][7]. - Capital constraints are becoming a common challenge for city commercial banks, with many facing declining core tier-one capital ratios due to rapid asset expansion [8][9]. - Banks are shifting their focus from scale-driven growth to efficiency-driven strategies, emphasizing the need for capital-efficient operations and exploring light-capital business models [10].

Core Viewpoint - Chongqing Bank's stock price has shown fluctuations, with a recent decline of 2.05% and a year-to-date increase of 18.43%, indicating mixed market sentiment towards the bank's performance and potential [1][2]. Financial Performance - As of September 30, 2023, Chongqing Bank reported a net profit attributable to shareholders of 4.879 billion yuan, reflecting a year-on-year growth of 10.19% [3]. - The bank's cumulative cash distribution since its A-share listing amounts to 6.88 billion yuan, with 4.229 billion yuan distributed over the past three years [4]. Stock Market Activity - The stock price of Chongqing Bank is currently at 10.50 yuan per share, with a market capitalization of 36.483 billion yuan [1]. - In terms of trading activity, there was a net outflow of 872,800 yuan in principal funds, with large orders accounting for 2.78% of purchases and 8.03% of sales [1]. Business Structure - Chongqing Bank operates through three main business segments: corporate banking (75.09% of revenue), retail banking (16.94%), and funding operations (7.72%) [2]. - The bank is categorized under the banking sector, specifically as a city commercial bank [2]. Shareholder Information - The number of shareholders for Chongqing Bank reached 36,300 as of September 30, 2023, marking an increase of 6.17% from the previous period [3].

Core Viewpoint - Chongqing Bank's stock has seen a continuous increase, with a 6% rise over the past three days, indicating positive market sentiment towards the bank's performance and potential growth opportunities [1]. Group 1: Company Overview - Chongqing Bank was established on September 2, 1996, and listed on February 5, 2021, with its headquarters located in Hong Kong [1]. - The bank primarily engages in providing corporate and personal banking products and services, as well as capital market operations [1]. - The revenue composition of Chongqing Bank is as follows: corporate banking accounts for 75.09%, personal banking for 16.94%, and capital market operations for 7.72%, with 0.25% being undistributed [1]. Group 2: Stock Performance - As of the latest report, Chongqing Bank's stock price is 10.78 CNY per share, with a trading volume of 276 million CNY and a turnover rate of 1.38%, leading to a total market capitalization of 37.456 billion CNY [1]. - The stock has experienced a 1.03% increase on the day of reporting, contributing to a total increase of 6% over the last three days [1]. Group 3: Fund Holdings - The Hengsheng Qianhai Fund has a significant position in Chongqing Bank, with the Hengsheng Qianhai Xingtai Mixed A Fund holding 385,200 shares, representing 1.72% of the fund's net value [2]. - The fund has realized a floating profit of approximately 42,400 CNY on the day of reporting and 235,000 CNY during the three-day increase [2]. - The Hengsheng Qianhai Xingtai Mixed A Fund was established on March 15, 2024, with a current size of 137 million CNY and year-to-date returns of 5.08% [2].