Market Overview - As of 13:59, the Shanghai Composite Index is at 3723.60 points, with a decline of 0.12% [1] - The total trading volume of A-shares today is 21,733.08 billion yuan [1] Moving Average Analysis - 26 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Yangzi New Materials: 5-day MA is 1.11% lower than the 10-day MA [1] - Ningbo Fanzheng: 5-day MA is 0.94% lower than the 10-day MA [1] - China Petroleum: 5-day MA is 0.40% lower than the 10-day MA [1] Individual Stock Performance - Yangzi New Materials (002652): Today's change is +0.52%, with a 5-day MA of 3.91 yuan and a 10-day MA of 3.95 yuan, showing a distance of -1.11% [1] - Ningbo Fanzheng (300998): Today's change is -1.59%, with a 5-day MA of 25.04 yuan and a 10-day MA of 25.28 yuan, showing a distance of -0.94% [1] - China Petroleum (601857): Today's change is -0.58%, with a 5-day MA of 8.62 yuan and a 10-day MA of 8.66 yuan, showing a distance of -0.40% [1] Additional Stock Insights - Huabei Pharmaceutical (600812): No change today, with a 5-day MA of 6.67 yuan and a 10-day MA of 6.69 yuan, showing a distance of -0.28% [1] - ST Modern (002656): No change today, with a 5-day MA of 2.27 yuan and a 10-day MA of 2.28 yuan, showing a distance of -0.26% [1] - TBEA (600089): Today's change is -0.81%, with a 5-day MA of 13.52 yuan and a 10-day MA of 13.55 yuan, showing a distance of -0.24% [1]

Core Viewpoint - The company TBEA Co., Ltd. plans to issue convertible bonds to raise up to RMB 800 million for its coal-to-natural gas project, with the bonds convertible into A-shares listed on the Shanghai Stock Exchange [1][2]. Group 1: Convertible Bond Issuance - The total amount of the convertible bonds to be issued is not more than RMB 800 million, which will be used for the 20 billion Nm3/year coal-to-natural gas project [1]. - The bonds will have a face value of RMB 100 each and will be issued at face value, with a term of six years from the date of issuance [1]. - The interest rate for the bonds will be determined based on national policies, market conditions, and the company's specific situation, with annual interest payments [1][2]. Group 2: Conversion and Shareholder Rights - The conversion period for the bonds will start six months after issuance and last until maturity, allowing bondholders to choose whether to convert their bonds into shares [2]. - Upon conversion, bondholders will become shareholders of the company the day after the conversion [2]. Group 3: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are RMB 96.39 billion, RMB 98.12 billion, and RMB 97.78 billion, respectively, with net profits of RMB 15.91 billion, RMB 10.70 billion, and RMB 4.14 billion [2]. - In the first quarter of 2025, the company reported a revenue of RMB 23.36 billion, a year-on-year decrease of 0.79%, and a net profit of RMB 1.60 billion, down 19.74% year-on-year [3].

Group 1 - The stock price of TBEA reached 13.60 yuan as of August 18, 2025, with an increase of 0.59% compared to the previous trading day [1] - The trading volume on the same day was 825,670 lots, with a total transaction amount of 1.127 billion yuan [1] - TBEA's main business includes the research, production, and sales of power equipment such as transformers and wires and cables, and it also involves sectors like renewable energy and coal chemical [1] Group 2 - On the evening of August 18, TBEA announced that its temporary board of directors and supervisory board approved several proposals, including the issuance of convertible bonds to unspecified objects [1] - A temporary shareholders' meeting is scheduled for September 3 to review the related proposals [1] - On August 18, the net inflow of main funds into TBEA was 63.76 million yuan, while the net outflow over the past five days was 419.73 million yuan [1]

Group 1 - The demand for power transformers in the U.S. is expected to exceed supply by 30% this year due to efforts to upgrade the grid for AI-driven data centers [1] - The rapid iteration of AI technology is driving the large-scale construction of data centers, creating a rigid demand for electrical infrastructure globally [1] - Hitachi Energy has warned that the transformer industry is facing a "capacity overload" with demand for grid equipment experiencing explosive growth, leading to potential delays in critical infrastructure projects [1] Group 2 - TBEA Co., Ltd. reported a domestic order scale of approximately 49 billion yuan for 2024, with a continued high growth trend in the first quarter of 2025, amounting to about 12 billion yuan, both showing over 20% growth year-on-year [2] - The overseas market for TBEA is even more promising, with a projected single order of 900 million USD for 2024, representing over 60% year-on-year growth, and nearly 500 million USD in the first quarter of 2025, showing over 70% growth [2] - Zhejiang Bofei Electric Co., Ltd. plans to raise no more than 143 million yuan for a project to produce 70,000 tons of motor insulation materials annually, indicating a focus on upstream supply chain needs [2] Group 3 - The expansion actions of companies like Zhejiang Bofei Electric are significant as insulation materials are core upstream consumables for transformer manufacturing, reflecting the strong demand in the downstream transformer market [3] - The demand for transformers is experiencing explosive growth due to the increase in power requirements from AI data centers, with power per cabinet rising from 5-10 kW to 50-100 kW [3] - The production of key transformer components is complex and constrained by high-end talent and specialized equipment, leading to a supply-demand mismatch [3] Group 4 - The tight supply-demand situation in the transformer industry is expected to persist long-term, with Rystad Energy predicting that the imbalance will continue until at least the end of 2026 [4] - The current supply-demand imbalance is fundamentally a "capacity restructuring" and "pattern reshaping" in the global power equipment industry, necessitating companies to closely monitor energy policies and AI computing power layouts [4]

（文章来源：证券日报） 证券日报网讯 8月18日晚间，特变电工发布公告称，公司2025年第八次临时董事会会议审议通过了《公 司符合向不特定对象发行可转换公司债券条件的议案》等多项议案。 ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，特变电工发布公告称，公司2025年第四次临时监事会会议审议通过了《公 司符合向不特定对象发行可转换公司债券条件的议案》等多项议案。 ...

证券日报网讯8月18日晚间，特变电工（600089）发布公告称，公司将于2025年9月3日召开2025年第三 次临时股东大会。本次股东大会将审议《公司符合向不特定对象发行可转换公司债券条件的议案》等多 项议案。 ...

Group 1 - The company TBEA (600089.SH) plans to issue convertible bonds to unspecified investors, with a total fundraising amount not exceeding 8 billion yuan [1] - The initial conversion price will not be lower than the average trading price of the company's stock over the twenty trading days prior to the announcement of the fundraising prospectus and the trading price of the previous trading day [1] - After deducting issuance costs, the net proceeds from the fundraising will be fully utilized for the 20 billion Nm3/year coal-to-natural gas project in Quanzhong [1]

Core Viewpoint - The company TBEA Co., Ltd. (600089.SH) plans to issue convertible bonds to raise a total of no more than 8 billion yuan, with the net proceeds intended for a coal-to-natural gas project in the eastern region [1] Group 1 - The company intends to issue convertible bonds to unspecified investors [1] - The total amount to be raised from the bond issuance is capped at 8 billion yuan [1] - The initial conversion price will not be lower than the average trading price of the company's stock over the twenty trading days prior to the announcement and the trading price on the previous day [1] Group 2 - After deducting issuance costs, the net proceeds will be fully allocated to the 20 billion Nm³/year coal-to-natural gas project in the eastern region [1]

一、复牌 1、中国船舶：已刊登异议股东收购请求权申报结果，股票复牌。 二、并购、定增 1、爱柯迪：拟发行股份及支付现金购买卓尔博71%股权。 2、引力传媒：拟定增募资不超过4.7亿元，用于全球社交营销云项目、内容创意云项目、补充流动资 金。 三、回购 1、山东玻纤：将股份回购价格上限由5.41元/股调整为10.22元/股。 2、二连板新天药业：正在筹划对参股公司汇伦医药追加股权投资。 3、特变电工：拟发行可转债募资不超过80亿元，用于准东20亿Nm3/年煤制天然气项目。 4、久吾高科：拟发行可转债募资不超过5.04亿元，用于班戈错盐湖年产2000吨氯化锂中试生产线BOT 项目、特种无机膜组件及装置生产线项目、补充流动资金。 5、蔚蓝锂芯：控股子公司淮安光电在马来西亚进行LED项目建设投资，项目总投资8388万美元，新建 LED CSP项目；项目全部建成达产后，预计将形成700KK芯片点测分选及CSP芯片封装月产能。 2、海正生材：拟将回购股份价格上限由12元/股（含）调整为17元/股（含），并同时对回购实施期限 延长6个月，延长至2026年2月27日止。 四、对外投资 1、景嘉微：拟2.2亿元增资诚恒微成为其 ...