1. Company Events 1.1 Regulatory Actions - Xianyang Financial Holding Group Co., Ltd. was warned and ordered to rectify for non - market - oriented issuance of debt financing instruments in 2020, and Xianyang Finance and Investment Holding Co., Ltd., which provided convenience, was also warned [2] - Taixing Zhiguang Environmental Protection Technology Co., Ltd.'s subsidiary was fined 4 million yuan for financial fraud from 2021, and its executives were also fined [2] 1.2 Litigation - Mengzi New Urbanization Development Investment Co., Ltd. announced the progress of four lawsuits as of June 30, 2025, with a total involved amount of 54.3326 million yuan, and one case worth 5.592 million yuan was settled [2] 1.3 Ownership Changes - Zhejiang Hanghai New City Holding Group Co., Ltd.'s controlling shareholder changed from Haining State - owned Assets Office to Zhejiang Hanghai Asset Operation Co., Ltd. through a free transfer of 100% equity, while the actual controller remained unchanged [2] - After Suzhou International Development Group Co., Ltd. and its affiliated Dongwu Securities increased their holdings in Suzhou Bank, they became the controlling shareholders with 15.00% of shares, and the Suzhou Finance Bureau became the actual controller [2] - The Ministry of Finance transferred its shares in China Orient Asset Management Co., Ltd. to Central Huijin Investment Co., Ltd., which then held 71.55% of shares and became the actual controller of Orient Asset Management (China) Co., Ltd. [2] 1.4 Name Change - Hefei High - tech Urban Development Group Co., Ltd. changed its name from Hefei High - tech Co., Ltd., and the change did not affect its issued bonds, with all rights and obligations inherited [3] 1.5 Credit Rating Changes - Credit rating upgrades: Yueyang Urban Construction Investment Group Co., Ltd. was upgraded from AA+ to AAA; Xiamen Xiangyu Group Co., Ltd. was upgraded from BBB+ to A -; Ba Zhong State - owned Capital Operation Group Co., Ltd. was upgraded from AA to AA+; Qinhuangdao Bank Co., Ltd. was upgraded from AA to AA+; Chengdu Xiangcheng Investment Group Co., Ltd. was upgraded from AA+ to AAA; Chengdu Ronghe Investment Development Group Co., Ltd. was upgraded from AA to AA+ [3] - Credit rating downgrades: Heilongjiang Chuangda Group Co., Ltd. was downgraded from AA to A+; Shuangliang Energy - Saving System Co., Ltd. was downgraded from AA to AA -; Wenzhou Hongfeng Electrical Alloy Co., Ltd. was downgraded from A to BB+ [3] 1.6 Other Events - Qingdao Economic and Technological Development Zone Investment Holding Group Co., Ltd.'s subsidiary, Shanda Shenghua, received a warning letter from Shandong Securities Regulatory Bureau for insider information registration management violations [2] - Li Dong, the deputy general manager of Guangxi Liuzhou Urban Construction Investment Development Group Co., Ltd., is suspected of serious disciplinary violations and is under investigation, and the issuer has 12 outstanding bonds with a total balance of 8.654 billion yuan [2]

Core Viewpoint - The steel industry is experiencing a significant price increase due to production cuts driven by environmental regulations and government policies aimed at eliminating outdated capacity. This has led to a reduction in steel output expectations, particularly in Tangshan, where a 30% production cut has been mandated from July 4 to July 15. The market anticipates further impacts on steel production as a result of these measures [1][3]. Group 1: Steel Industry Insights - The recent meeting of the Financial and Economic Committee emphasized the need to push for the elimination of outdated production capacity, directly influencing the steel market [1]. - Tangshan steel mills have received directives for a 30% production cut, which is expected to significantly lower steel inventories and production levels [1]. - The China Iron and Steel Association reported that steel billet exports in the first four months of 2025 have already surpassed the total for 2024, prompting suggestions for export restrictions [1]. - A total of approximately 30 million tons of production cuts have been ordered for the year, coinciding with a seasonal demand lull, which has heightened market expectations for reduced steel output [1]. Group 2: Market Reactions and Trends - Longjiang Securities noted that administrative production cuts could act as a bullish option for the steel sector, particularly in July, which is traditionally a slow season for demand [3]. - The announcement of production cuts in the photovoltaic glass sector has also led to significant price increases in that market, indicating a broader trend of supply-side reforms impacting various sectors [3]. - The steel sector saw a strong rally in stock prices, with companies like Liugang and Chongqing Steel hitting their daily price limits amid these developments [9][10]. Group 3: Broader Economic Context - The overall A-share market experienced a decline, with major indices falling and a significant number of stocks trading lower, reflecting broader economic pressures [9]. - The government is expected to focus on structural adjustments across multiple industries, including steel, refining, and new energy sectors, as part of its economic strategy [7]. Group 4: Investment Trends - Institutional investors have begun to sell off some positions in response to the recent price increases in steel, indicating a cautious approach to the current market dynamics [1][4]. - The market's reaction to production cuts in both the steel and photovoltaic sectors suggests a growing trend towards supply-side management as a means to stabilize prices and manage excess capacity [3].

Core Viewpoint - The solar thermal power generation sector has shown a positive performance with a 1.86% increase, ranking 7th among concept sectors, driven by significant gains in several stocks [1] Group 1: Market Performance - As of July 2, the solar thermal power concept saw 23 stocks rise, with notable performers including Shuangliang Energy and Kaisheng New Energy reaching their daily limit up [1] - The top gainers in the sector included Shuangliang Energy (+17.00%), Wujin Stainless Steel (+8.09%), and Baose Co. (+5.95%) [1] - Conversely, the biggest decliners were New Fengguang (-3.16%), Chuanrun Co. (-2.19%), and Aerospace Chuangguang (-1.90%) [1] Group 2: Capital Flow - The solar thermal power sector experienced a net inflow of 405 million yuan, with 18 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow [1] - Shuangliang Energy led the net inflow with 279 million yuan, followed by Kaisheng New Energy (49.93 million yuan), China Energy Construction (35.12 million yuan), and Wujin Stainless Steel (34.78 million yuan) [1][2] - The net inflow ratios for leading stocks were Shuangliang Energy (34.46%), Xizi Clean Energy (16.51%), and Kaisheng New Energy (15.17%) [2][3]

Core Viewpoint - The photovoltaic sector has experienced a significant surge in stock prices, driven by industry-wide production cuts and favorable market conditions [1][4][6]. Group 1: Stock Performance - Since late June, photovoltaic stocks have been on a continuous upward trend, with many stocks hitting the daily limit [1]. - Notable performers include Daqo New Energy, which rose over 15%, and several other companies like Shuangliang Energy and Kstar New Energy, which also saw significant gains [1][2]. - In the Hong Kong market, Kstar New Energy increased by over 13%, while other companies like Xinyi Solar and Fulete Glass also reported substantial gains [2][3]. Group 2: Industry Dynamics - Major photovoltaic glass manufacturers plan to collectively reduce production by 30% starting in July to alleviate excessive competition and improve supply-demand balance [4][5]. - This reduction is expected to lower domestic glass production to around 45GW, addressing the current oversupply situation [4]. - The industry is responding to government policies aimed at curbing low-price competition and promoting sustainable development [5][6]. Group 3: Market Outlook - The photovoltaic industry is entering a phase of significant capacity expansion, leading to price declines and profit compression for major players [6][7]. - Despite the production cuts, component prices have not shown significant recovery, with silicon wafer prices continuing to decline [7]. - Analysts suggest that the market is in a "clearing deep water zone," indicating that inventory reduction and capacity adjustments are necessary for supply-demand improvement [6][7].

Core Viewpoint - The announcement provides an update on the conversion of the "Shuangliang Convertible Bonds" into A-shares, detailing the cumulative conversion amounts and the remaining unconverted bonds as of June 30, 2025 [1][5]. Group 1: Convertible Bond Issuance Overview - The company issued 26 million convertible bonds on August 8, 2023, with a total fundraising amount of RMB 260 million and a maturity of six years [2]. - The initial conversion price was set at RMB 12.13 per share, which has been adjusted multiple times, with the latest price being RMB 6.18 per share [2][4]. Group 2: Conversion Status - As of June 30, 2025, a total of RMB 22,479,000 worth of "Shuangliang Convertible Bonds" has been converted into 3,107,381 shares, representing 0.1661% of the total shares before conversion [1][5]. - During the second quarter of 2025, from April 1 to June 30, RMB 5,000 worth of bonds were converted into 807 shares [5]. Group 3: Remaining Convertible Bonds - As of June 30, 2025, the amount of unconverted "Shuangliang Convertible Bonds" stands at RMB 2,577,521,000, which accounts for 99.1354% of the total issuance [1][5]. Group 4: Credit Rating Update - The company's credit rating has been downgraded from "AA" to "AA-" with a stable outlook, as per the latest tracking credit rating report issued on June 30, 2025 [10][12].

Core Viewpoint - The credit rating of Shuangliang Energy Saving System Co., Ltd. has been downgraded to AA- due to significant declines in profitability and increased debt burden, with a stable outlook for the future [1][4]. Company Overview - Shuangliang Energy Saving System Co., Ltd. focuses on energy-saving and water-saving equipment, new energy equipment, and photovoltaic products [8]. - The company was established in 1995 and is listed on the Shanghai Stock Exchange [8]. Financial Performance - In 2024, the company reported total revenue of 130.38 billion yuan and a net loss of 25.45 billion yuan [8]. - As of March 2025, the company had total assets of 275.10 billion yuan and total liabilities of 166.53 billion yuan, with a debt-to-asset ratio of 82.77% [8][10]. - The company's profit margin has significantly declined, with a total profit loss of 1.91 billion yuan in the first quarter of 2025 [8][10]. Industry Analysis - The energy-saving and water-saving industry is experiencing increased demand due to national policies aimed at reducing energy consumption and carbon emissions [9]. - The photovoltaic manufacturing sector is facing challenges such as overcapacity and declining prices, which have negatively impacted the company's revenue and profitability [9][10]. Competitive Position - The company maintains a strong market position in the energy-saving and new energy equipment sectors, with a significant market share in lithium bromide chillers and multi-crystalline silicon reduction furnaces [4][6]. - The company has a dual business model of "equipment manufacturing + clean energy," which helps mitigate risks associated with reliance on a single business line [6][10]. Risks and Challenges - The company faces risks related to increased competition in the photovoltaic sector, leading to reduced profitability and cash flow [4][5]. - There is a significant risk of inventory depreciation due to the oversupply in the photovoltaic manufacturing industry [4][10]. Future Outlook - The company is expected to continue facing challenges in the short term due to industry overcapacity and competitive pressures [4][9]. - However, improvements in cash flow and profitability are anticipated if the company can effectively manage its operations and capitalize on market opportunities [4][9].

Core Viewpoint - The company, Shuangliang Energy Systems Co., Ltd., has experienced a downgrade in its credit ratings, reflecting changes in its operational status and industry conditions [1] Group 1: Credit Rating Changes - The previous credit rating for the company was "AA" with a stable outlook [1] - The recent report issued by the rating agency, United Credit, downgraded the company's long-term credit rating to "AA-" and the rating for "Shuangliang Convertible Bonds" to "AA-" as well [1] - The outlook for both ratings remains stable despite the downgrade [1] Group 2: Rating Agency Analysis - The downgrade was based on a comprehensive analysis and evaluation of the company's operational conditions and the relevant industry [1] - The tracking rating report was issued on June 30, 2025, indicating ongoing monitoring of the company's creditworthiness [1]

特别提示： 一、可转债上市发行概况 | 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 经中国证券监督管理委员会《关于同意双良节能系统股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1351 号）同意注册， 公司于 2023 年 8 月 8 日向不特定对象发行可转债 2,600 万张，每张面值人民币 100 元，募集资金总额为 260,000 万元，期限 6 年。 经上海证券交易所自律监管决定书[2023]208 号文同意，公司发行的 260,000 万元可转换公司债券于 2023 年 9 月 8 日在上海证券交易所挂牌交易， 债券简称"双良转债"，债券代码"110095"。 根据有关规定和《双良节能系统股份有限公司向不特定对象发行可转换公司 债券募 ...

双良节能系统股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 | | | 联合资信评估股份有限公司通过对双良节能系统股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定下调双良 节能系统股份有限公司主体长期信用等级至 AA-，下调"双良转债" 的信用等级至 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月三十日 www.lhratings.com 1 . 联合〔2025〕5739 号 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 六、本报告不能取代任何机构或个人的专业判断，联合资信不对任何机 构或个人因使用本报告及评级结果而导致的任何损失负责。 七、本报告所列示的主体评级及相关债券或证券的跟踪评级结果，不得 用于其他债券或证券的发行活动。 八、本报告版权为联合资信所有，未经书面授权，严禁以任何形式/方式 复制、转载、出售、发布或将本报告任何内容存储在数据库或检索系统中。 九、任何机构或个人使用本报告均视为已经充分阅读、理解并同意本声 明条款。 跟踪评级报告 | ...

| 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 关于"双良转债"跟踪信用评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司前次主体信用评级结果为"AA"，评级展望为"稳定"，"双良转债" 前次评级结果为"AA"，评级机构为联合资信，评级时间为 2024 年 6 月 26 日。 二、本次评级结果 评级机构联合资信在对公司经营状况及相关行业进行综合分析与评估的基 础上，于 2025 年 6 月 30 日出具了《双良节能系统股份有限公司向不特定对象发 行可转换公司债券 2025 年跟踪评级报告》（联合〔2025〕5739），评级结果如 下：下调公司主体长期信用等级至 AA-，下调"双良转债"的信用等级至 AA-， 评级展望为稳定。 第 1 页 共 2 页 本次信用评级报告《双良节能系统股份有限公司向不特定对象发行可转换公 司债券 2025 年跟踪 ...