Group 1 - The overall industry sentiment shows an upward trend in coal, machinery, electronics, food and beverage, textile and apparel, non-bank financials, public utilities, and retail sectors, while downward trends are observed in power equipment, pharmaceuticals, light manufacturing, home appliances, automotive, banking, real estate, and environmental protection sectors [2][28] - Key industries to focus on for the next four weeks include automotive parts, automation equipment, specialized equipment, components, semiconductors, optical optoelectronics, commercial vehicles, engineering machinery, general equipment, automotive services, electronic chemicals II, papermaking, television broadcasting II, gaming II, and motors II, with new additions being automotive parts, semiconductors, optical optoelectronics, and engineering machinery [2][28] - Notable industry data as of July 6, 2025, includes a significant increase in daily sales of passenger cars by 18.44%, while the operating rate of semi-steel tires decreased by 7.64 percentage points; liquid oxygen ex-factory prices rose by 4.65%; DRAM prices increased by 2.19%; white cardboard prices fell by 2.38%; and prices of ternary materials 5 series rose by 0.89% while lithium hexafluorophosphate prices decreased by 2.32% [29] Group 2 - The convertible bond market experienced a decline this week, with the China Securities convertible bond index rising by 1.21%, the Shanghai Stock Exchange convertible bond index by 1.28%, and the Shenzhen Stock Exchange convertible bond index by 1.08% [4] - The weighted average conversion value of the convertible bonds increased to 94.08 yuan, up by 2.58 yuan from the previous week, while the overall market weighted average conversion premium rate decreased by 2.77 percentage points to 45.56% [4] - The report suggests focusing on convertible bond downshift opportunities, particularly in the context of recent downshifts in convertible bonds like Caitong and Jing'ao, which have seen around 4% increases in their prices [4] Group 3 - The banking sector remains stable and presents investment value, with bank stock valuations reaching recent highs and dividend yields significantly lower than in previous years, yet still offering substantial excess returns compared to 10-year government bond yields [9] - The report highlights the ongoing reform of rural banks, with over 50 rural banks being merged or restructured this year, which may lead to a slight increase in overall non-performing loan ratios for state-owned banks [5][9] - Recommendations for quality regional small banks include Chengdu Bank and Changshu Bank, while major state-owned banks recommended are Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [9] Group 4 - The beverage and dairy market is experiencing significant growth, with the global ready-to-drink soft drink market projected to grow from $934.5 billion in 2019 to $1,131.7 billion in 2024, reflecting a CAGR of 3.9% [21] - The coconut water industry is expanding rapidly, with the market share of IF in China reaching 33.9%, making it the leading player in the coconut water beverage market [21][23] - IFBH successfully listed on the Hong Kong Stock Exchange, with its stock price increasing by 42.09% on the first day and 20.38% on the second day, and projected revenues for 2024 are expected to grow by 80.29% [21][23] Group 5 - The traditional business of Jingda Co. is steadily growing, with the production of enameled wire increasing from 1.311 million tons in 2012 to 1.788 million tons in 2022, and the global sales expected to reach $1.065 billion by 2030 [18][39] - The company is well-positioned in the automotive and electronics wire markets, benefiting from the increasing production and sales of automobiles and the rising level of electronicization [18][39] - The demand for AI servers is driving the growth of the silver-plated copper market, with the global AI server market projected to grow from $19.5 billion in 2022 to $34.7 billion in 2026, reflecting a CAGR of 17.3% [39]

Investment Rating - The report does not provide specific investment ratings for the industry segments [2]. Core Insights - The overall strategy emphasizes the evolution of the supply side in the new energy sector, focusing on innovation and avoiding "involution" in the market [3][5]. - The new energy vehicle supply chain is entering a new cycle, with companies like CATL benefiting from collaborations with tech giants like Xiaomi and Huawei [3][21]. - The lithium battery sector is expected to see a positive outlook, with production forecasted to exceed 130 GWh in July, marking a nearly 40% year-on-year increase [4][35]. - The photovoltaic industry is facing challenges due to overcapacity and competition, but recent government measures aim to optimize supply and stabilize the market [5][25]. Summary by Sections New Energy Vehicle Supply Chain - The downstream landscape is evolving, with companies like CATL collaborating with automakers to enhance production efficiency and shorten delivery times [3][27]. - The launch of Xiaomi's YU7 has exceeded expectations, indicating a shift in consumer behavior towards valuing emotional and intelligent experiences in vehicles [21][22]. Lithium Battery Sector - The lithium battery production is projected to grow, with significant investments in high-end products and solid-state technologies [4][35]. - Companies like Fulin Precision and Enjie are expanding their production capabilities, focusing on high-performance lithium iron phosphate and solid-state battery materials [4][31]. Photovoltaic Industry - The photovoltaic sector is expected to confirm a mid-term bottom as supply-side optimization measures are implemented [5][25]. - Major glass manufacturers in the photovoltaic industry plan to reduce production by 30% starting in July to address overcapacity issues [5][25]. Offshore Market Opportunities - Leading companies like EVE Energy are investing in overseas projects, such as a new energy storage project in Malaysia worth up to 8.654 billion yuan [4][22]. - The establishment of independent pricing systems and production capacities in overseas markets is seen as a strategy to enhance profitability [4][22]. AI and New Energy Integration - The integration of AI with new energy sectors is highlighted, with companies exploring innovative applications and market breakthroughs [8][21]. - The report notes the acceleration of controlled nuclear fusion technology, with companies like CFS partnering with Google for future energy supply [8][34].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.02 CNY, based on a PE ratio of 30 times for the year 2025 [5]. Core Insights - The company has been deeply engaged in the electromagnetic wire sector for over 30 years, focusing on copper and aluminum-based electromagnetic wires and special conductors, with a dual-driven strategy to explore new fields [1][13]. - The traditional business of enameled wire is steadily growing, with a strong market position and stable revenue from automotive and electronic wires, while special conductors are expected to create a new growth curve for the company [1][2]. - The demand for AI servers is driving the growth of the silver-plated copper market, with the company positioned as a leader in this segment through its subsidiary, Hengfeng Special Conductors [2][3]. Summary by Sections Traditional Business: Enameled Wire and Automotive, Electronic Wires - The enameled wire market is a blue ocean, with the company holding a leading position in production and sales, capturing a market share of 12.09% in 2022 [31][33]. - The automotive wire harness industry is expanding, driven by increasing vehicle production and the rise of electric vehicles, with the market expected to exceed 120 billion CNY by 2025 [41][44]. - The company has established strategic partnerships with well-known clients in the home appliance and industrial motor sectors, ensuring stable cash flow [48]. Special Conductors: Growth Driven by AI Servers - The global AI server market is projected to grow from 19.5 billion USD in 2022 to 34.7 billion USD in 2026, with a compound annual growth rate (CAGR) of 17.3% [2][49]. - Hengfeng Special Conductors, a wholly-owned subsidiary, is a leading player in the domestic silver-plated copper market, benefiting from high technical barriers and competitive advantages [2][3]. - The company is also involved in high-temperature superconductors, with its stake in Shanghai Superconductor expected to benefit from the commercialization wave in this field [3]. Financial Forecast and Valuation - The company is expected to achieve total revenues of 246.7 billion CNY, 273.4 billion CNY, and 308.7 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.5%, 10.8%, and 12.9% [4]. - The net profit attributable to the parent company is projected to be 7.18 billion CNY, 8.51 billion CNY, and 10.09 billion CNY for the same years, reflecting growth rates of 27.8%, 18.5%, and 18.6% [4].

Group 1 - The company, Tongling Jingda Special Electromagnetic Wire Co., Ltd., has applied for a patent for a new type of moisture-resistant, high-flexibility, flame-retardant polyether ether ketone (PEEK) modified material [1] - The patent application, published as CN120248335A, was filed on June 2025 and focuses on a modified PEEK material that incorporates siloxane monomers to enhance its properties [1] - The introduction of end-amine poly(dimethylsiloxane) as a copolymer significantly improves the long-term stability of the material by preventing phase separation, which is common in traditional physical blending methods [1] Group 2 - Tongling Jingda Special Electromagnetic Wire Co., Ltd. was established in 2000 and is primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of approximately 2.08 billion RMB and has made investments in 23 enterprises [2] - The company has participated in 16 bidding projects and holds 52 patents along with 12 trademark registrations [2]

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Tongling Jingda Special Electromagnetic Wire Co., Ltd., highlighting the total amount converted and the remaining unconverted bonds as of June 30, 2025 [2][6]. Group 1: Conversion Summary - From February 25, 2021, to June 30, 2025, the total amount converted from Jingda convertible bonds is RMB 516,897,000, resulting in 144,439,040 shares, which accounts for 7.52% of the company's total shares before conversion [2][6]. - For the quarter from April 1, 2025, to June 30, 2025, the conversion amount is RMB 177,000, leading to 52,343 shares, representing 0.0027% of the total shares before conversion [2][6]. - As of June 30, 2025, the unconverted amount of Jingda convertible bonds is RMB 270,103,000, which is 34.32% of the total issued convertible bonds [2][6]. Group 2: Bond Issuance Overview - The company issued 7.87 million convertible bonds on August 19, 2020, with a total value of RMB 78.7 million and a maturity period of six years [3]. - The bonds were listed on the Shanghai Stock Exchange on September 21, 2020, under the name "Jingda Convertible Bonds" with the code "110074" [3]. - The conversion price has been adjusted multiple times due to profit distributions, with the latest adjustment setting the price at RMB 3.57 per share effective from May 4, 2023 [5].

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the company's convertible bonds, highlighting the total amount converted and the impact on the company's share capital structure. Group 1: Convertible Bond Conversion Overview - From February 25, 2021, to June 30, 2025, the total amount converted from the convertible bonds is RMB 516,897,000, resulting in 144,439,040 shares, which represents 7.52% of the company's total shares before conversion [1] - In the quarter from April 1, 2025, to June 30, 2025, the conversion amount is RMB 177,000, accounting for 0.02% of the total issued convertible bonds, with 52,343 shares created from this conversion [4] - As of June 30, 2025, the remaining unconverted amount of the convertible bonds is RMB 270,103,000, which is 34.32% of the total issued convertible bonds [1] Group 2: Issuance and Trading of Convertible Bonds - The company issued 7.87 million convertible bonds on August 19, 2020, with a total value of RMB 78,700,000 and a maturity of 6 years [2] - The bonds began trading on the Shanghai Stock Exchange on September 21, 2020, under the name "精达转债" and code "110074" [2] - The conversion price of the bonds has been adjusted multiple times, with the latest adjustment setting it at RMB 3.35 per share [3][4] Group 3: Share Capital Changes - Prior to the conversion, the total share capital was 2,149,125,221 shares, which increased to 2,149,177,564 shares after the conversion of 52,343 shares [5]

本公司董事会及全体董事保证本公司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法律责任。 债券代码：110074 债券简称：精达转债 证券代码：600577 证券简称：精达股份 公告编号：2025-037 铜陵精达特种电磁线股份有限公司 可转债转股结果暨股份变动公告 重要内容提示: 累计转股情况：精达转债自 2021 年 2 月 25 日至 2025 年 6 月 30 日期间， 转股的金额为人民币 516,897,000 元，因转股形成的股份数量 144,439,040 股， 占可转债转股前公司已发行股份总额的 7.52%。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日，共计转股金 额为人民币 177,000 元，占可转债发行总量的 0.02%；因转股形成的股份数量为 52,343 股，占可转债转股前公司已发行股份总额的 0.0027%。 电磁线股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）的约定，公司该次发行的"精达转债"自 2021 年 2 月 25 日起可转 换为本公司股份。 未转股可转债 ...

Group 1 - Shanghai Superconductor has filed for an IPO to raise 1.2 billion yuan for the "Second Generation High-Temperature Superconducting Tape Production and Headquarters Base Project (Phase I)" [1] - Shanghai Superconductor is a leading producer of high-temperature superconducting materials, being one of the few companies globally capable of mass-producing over 1,000 kilometers of second-generation high-temperature superconducting tape annually [1] - The company holds over 80% market share in the domestic second-generation high-temperature superconducting tape market and has ranked first for three consecutive years from 2022 to 2024 [1] Group 2 - The demand from downstream sectors such as controllable nuclear fusion and superconducting electricity has led to a significant increase in product sales, with sales projected to grow from 68.72 kilometers in 2022 to 955.47 kilometers in 2024 [2] - Revenue for Shanghai Superconductor is expected to rise from 36 million yuan in 2022 to 240 million yuan in 2024, reflecting a compound annual growth rate of 158.74% [2] - The company is projected to turn profitable in 2024, with an expected profit of 73 million yuan after losses of 26 million yuan in 2022 and 4 million yuan in 2023 [2] Group 3 - Jingda Co., the largest single shareholder of Shanghai Superconductor, holds an 18.15% stake, which is expected to decrease to 15.42% post-IPO [1] - Jingda Co. is anticipated to benefit significantly from the future growth of Shanghai Superconductor [1] - The traditional home appliance and automotive copper and aluminum wire businesses of Jingda Co. are expected to maintain steady growth this year [2]

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 关于为全资子公司、孙公司提供担保的进展公告 重要内容提示： ●被担保人名称：铜陵精迅特种漆包线有限责任公司（以下简称"铜陵精迅"）、 铜陵顶科线材有限公司（以下简称"铜陵顶科"）、铜陵精达漆包线有限公司(以 下简称"铜陵精达")、铜陵精达新技术开发有限公司（以下简称"精达新技术"）、 天津精达漆包线有限公司（以下简称"天津精达"）、广东精达漆包线有限公司（以 下简称"广东精达"）。 ●担保金额：截至 2025 年 6 月 25 日，公司累计对外担保额度为人民币 343,564 万元，占公司最近一期净资产（经审计）588,974 万元的 58.33%，公司没有逾期的 对外担保。 ●本次担保是否有反担保：无 ●无逾期对外担保情况 一、担保情况概述 为满足业务发展及日常经营资金实际需求，有效提高融资效率，优化担保手续 办理流程，在经公司第八届董事会第三十二次会议、2025年第一次临时股东大会批 准担 ...

Core Viewpoint - The company, Tongling Jingda Special Electromagnetic Wire Co., Ltd., is planning to issue convertible bonds to unspecified investors, which requires legal opinions to ensure compliance with relevant laws and regulations [1][2][3]. Group 1: Issuance Details - The company has obtained necessary internal approvals for the issuance of convertible bonds, including various resolutions related to the issuance plan and the use of raised funds [6][7][8]. - The total amount to be raised from the issuance is not exceeding 1.12622 billion yuan, which will be used for several projects including a 40,000-ton new energy copper-based electromagnetic wire project and an 80,000-ton new energy copper material project [12][16]. Group 2: Legal Compliance - The issuance complies with the Company Law and Securities Law, with the company having a sound organizational structure and fulfilling its obligations [10][11][14]. - The company has confirmed that the raised funds will not be used for loss compensation or non-productive expenditures, adhering to national industrial policies [16][17]. Group 3: Company Background - The company is a legally established joint-stock limited company with its shares publicly traded on the Shanghai Stock Exchange since September 11, 2002 [10][19]. - The company has maintained continuous profitability over the past three years, indicating a stable operational status [25]. Group 4: Shareholder Structure - As of the reporting period, the major shareholders include Huazhong Insurance and Qiao Xiaohui, with no single shareholder holding more than 50% of the shares, ensuring no dominant control [22][23]. - The actual controller, Li Guangrong, holds a total of 9.28% of the shares through various entities, maintaining a diversified ownership structure [22][24]. Group 5: Independence and Operations - The company operates independently from its major shareholders and has a complete production and sales system, ensuring operational autonomy [19][20]. - The company has not faced any significant legal or regulatory issues, and its business activities align with national industrial policies [25].