Report Summary - The report lists the top ten convertible bonds for August 2025, providing detailed information about each bond, including issuer profiles, financial data, and company highlights [16][25][37] Company Highlights 1. Zhongte Convertible Bond - The company is a globally leading specialized special steel material manufacturer with a production capacity of approximately 20 million tons of special steel materials per year. It has a comprehensive strategic layout along the coastal and riverside areas [16]. - 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 Q1 2025, the operating income was 26.84 billion yuan (YoY -5.59%), and the net profit attributable to the parent company was 1.384 billion yuan (YoY +1.76%) [16]. - Company highlights include being one of the world's most comprehensive special steel enterprises in terms of variety and specifications, having a complete industrial chain, and actively seeking external expansion opportunities [17]. 2. Shanlu Convertible Bond - The company's main business is road and bridge engineering construction and maintenance, and it actively expands into other fields. It has a complete business and management system and can provide one - stop comprehensive services [25]. - 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 Q1 2025, the operating income was 9.764 billion yuan (YoY +1.95%), and the net profit attributable to the parent company was 249 million yuan (YoY +1.89%) [25]. - Company highlights include having the concept of "China - Special Valuation," potential improvements in the balance sheet and order volume in the context of debt resolution, expected benefits from regional infrastructure plans, and seizing opportunities under the Belt and Road Initiative [26]. 3. Hebang Convertible Bond - The company has advantages in resource reserves and product diversification, covering the chemical, agricultural, and photovoltaic industries [37]. - 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 Q1 2025, the operating income was 1.726 billion yuan (YoY -13.68%), and the net profit attributable to the parent company was 13 million yuan (YoY -57.99%) [37]. - Company highlights include significant contributions from phosphate mines and stable profitability of salt mines, as well as high - margin liquid methionine production [38]. 4. Aima Convertible Bond - The company is a leading enterprise in the electric two - wheeler industry, with self - developed and produced products sold through dealers [47]. - 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 Q1 2025, the operating income was 6.232 billion yuan (YoY +25.82%), and the net profit attributable to the parent company was 605 million yuan (YoY +25.12%) [47]. - Company highlights include potential benefits from government subsidies, expected policy support after the implementation of new national standards, and room for improvement in gross margin [48]. 5. Industrial Convertible Bond - The company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [57]. - 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 Q1 2025, the operating income was 55.683 billion yuan (YoY -3.58%), and the net profit attributable to the parent company was 23.796 billion yuan (YoY -2.22%) [57]. - Company highlights include stable growth in net interest income, stable asset quality, and continuous expansion of scale and customer base [58]. 6. Youfa Convertible Bond - The company is the largest welded steel pipe R & D, production, and sales enterprise in China, with a wide range of products used in multiple fields [70]. - In 2024, its operating income was 54.822 billion yuan (YoY -10.01%), and the net profit attributable to the parent company was 425 million yuan (YoY -25.46%). In Q1 2025, the operating income was 11.402 billion yuan (YoY +6.06%), and the net profit attributable to the parent company was 133 million yuan (YoY +9680.17%) [70]. - Company highlights include national layout and leading position in the industry, active exploration of overseas markets, and high - dividend distribution [71]. 7. Chongqing Bank Convertible Bond - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [82]. - 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 Q1 2025, the operating income was 3.581 billion yuan (YoY +5.3%), and the net profit attributable to the parent company was 1.624 billion yuan (YoY +5.33%) [82]. - Company highlights include the development opportunities brought by the Chengdu - Chongqing Twin - City Economic Circle strategy, stable growth of asset scale, and active adjustment of credit strategies according to national policies [83]. 8. Tianye Convertible Bond - The company is a leading enterprise in the chlor - alkali chemical industry in China, with an integrated circular economy industrial chain [94]. - 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 Q1 2025, the operating income was 2.417 billion yuan (YoY +8.17%), and the net profit attributable to the parent company was - 17 million yuan (YoY +89.97%) [94]. - Company highlights include relatively stable production costs of caustic soda flakes and plans to increase dividend frequency and advance coal mine projects [95]. 9. Huayuan Convertible Bond - The company focuses on building a complete vitamin D3 upstream - downstream industrial chain and aims to become a world - leading producer of related products [105]. - In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent company was 309 million yuan (YoY +60.76%). In Q1 2025, the operating income was 326 million yuan (YoY -1.18%), and the net profit attributable to the parent company was 97 million yuan (YoY +5.5%) [105]. - Company highlights include leading products in the market, smooth progress of project construction, and expansion into other vitamin product categories [106]. 10. Yushui Convertible Bond - The company is the largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position in the local market [116]. - 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 Q1 2025, the operating income was 1.652 billion yuan (YoY +8.66%), and the net profit attributable to the parent company was 237 million yuan (YoY +28.91%) [116]. - Company highlights include high market share, continuous expansion of business scope, and effective cost control through intelligent applications [117].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - Since 2024, some waste incineration and water service companies have announced reductions in loan interest rates and financial expenses, which are expected to contribute positively to their performance in a low-interest environment [2][16] - The report emphasizes the importance of focusing on companies with stable performance, increased dividends, valuation recovery, and declining borrowing costs in the waste incineration and water service sectors [6][40] Summary by Sections Debt Situation - Waste incineration and water service projects typically have a high debt financing ratio, often around 70%. These projects require significant upfront investment over 1-2 years, followed by a 20-30 year period to recover costs through operational income [4][17] - As of the end of 2024, the outstanding debt for major companies in the sector includes: - China Everbright International: 91.7 billion HKD - Conch Venture: 28.2 billion HKD - Hanlan Environment: 16.3 billion CNY - Beijing Enterprises Water Group: 75.5 billion CNY - Yuehai Investment: 23.9 billion HKD - Xingrong Environment: 14.8 billion CNY [4][17] Trends in Debt Ratios - The debt ratio for waste incineration companies has shown a declining trend over the past two years, while the increase in water service companies' debt ratios has slowed down [5][21] Impact of Borrowing Costs - Since 2018, interest rates have been on a downward trend, and as new project loan rates decrease, some companies are replacing high-interest loans. This could lead to further reductions in borrowing costs, positively impacting the performance of waste incineration and water service companies [6][31] - The report recommends focusing on companies in the waste incineration and water service sectors that exhibit stable performance and declining borrowing costs, highlighting companies such as Hanlan Environment, Xingrong Environment, China Everbright International, and others [6][40] Performance Sensitivity to Borrowing Costs - If the average borrowing cost decreases by 10, 30, or 50 basis points in 2025, the estimated profit elasticity for leading companies such as Beijing Enterprises Water Group, China Everbright International, and Green Power will be 3.62%, 10.86%, and 18.10% respectively [38] - If the average borrowing cost reaches 2.50% in 2025, the profit elasticity for top companies will be significantly higher, with estimates of 28.28% for Yuehai Investment and 20.57% for Beijing Enterprises Water Group [38] Industry Growth and Transformation - The waste incineration and water service sectors are experiencing steady growth, improved cash flow, and increased dividends. Recent market reforms are pushing the industry towards a transformation from government-oriented (To G) to business and consumer-oriented (To B, To C) models, which is expected to accelerate valuation recovery [6][40]

Core Viewpoint - The article highlights the efforts of the Jiangjin District Market Supervision Administration in supporting state-owned enterprise (SOE) reforms through optimized mechanisms and precise services, which have significantly facilitated the reform process for local enterprises [1][2]. Group 1: Mechanism Optimization - The Jiangjin District Market Supervision Administration established a special working group for SOE reform and implemented a "business liaison officer" system to provide targeted services and coordinate issues directly [1]. - A mechanism was created to address common challenges in SOE reform, including a "problem list - collaborative resolution - major issues reporting" approach to clear obstacles [1]. Group 2: Policy Adaptation - The administration identified three common reform paths for SOEs, clarifying the pros and cons and the difficulty levels associated with each path to assist in risk assessment and policy optimization [1]. - Flexible measures were introduced, such as allowing companies with tax clearance issues to "clear taxes first, then deregister" and using alternative verification methods for complex issues like shareholder deregistration [1]. Group 3: Precision Service - A "SOE Reform Service Window" was established to streamline key processes, ensuring that enterprises can easily understand and complete necessary documentation [2]. - The administration implemented a "schedule reminder" system to notify enterprises of important deadlines, enhancing their ability to manage time and progress effectively [2]. Group 4: Continuous Support - Since the beginning of 2024, the administration has successfully assisted 96 SOEs in completing their reforms, demonstrating a proactive approach to addressing challenges [2]. - The administration plans to continue supporting enterprises post-reform by tracking their external investments and equity changes, thereby extending the service chain throughout the enterprise lifecycle [2].

Group 1 - The company issued 19 million convertible bonds with a total value of 1.9 billion RMB, which began trading on February 13, 2025 [1] - Major shareholders, including Chongqing Water Environment Holdings Group and Chongqing Derun Environment, acquired 7,895,880 bonds, representing 41.56% of the total issuance [1] - On July 22, 2025, a total of 4,195,880 bonds were sold through block trading, affecting the holdings of Chongqing Derun Environment [1] Group 2 - After the reduction, Chongqing Water Environment Holdings Group retained 2,195,880 bonds, maintaining an 11.56% stake in the total issuance [1] - Chongqing Derun Environment's holdings decreased to 1,504,120 bonds, representing 7.92% of the total issuance after the sale [1]

2025年7月22日，公司收到债券持有人重庆德润环境有限公司的 告知函，获悉其于2025年7月22日通过大宗交易方式累计出售其持有 的"渝水转债"合计4,195,880张，占"渝水转债"发行总量的 22.08%。具体变动情况如下： | 证券代码：601158 | 证券简称：重庆水务 | 公告编号：临2025-062 | | --- | --- | --- | | 债券代码：188048 | 债券简称：21渝水01 | | | 债券代码：242471 | 债券简称：25渝水01 | | | 债券代码：242472 | 债券简称：25渝水02 | | | 债券代码：113070 | 债券简称：渝水转债 | | | | 本次变动前 | 占可转债 | 本次变动情况 | 占可转债 | 本次变动后 | | | --- | --- | --- | --- | --- | --- | --- | | 名称 | 持有数量 | | 本次减持数量 | | 持有数量 | 占可转债 | | | （张） | 发行总量 | （张） | 发行总量 | （张） | 发行总量 | | | | 比例 | | 比例 | | 比例 | | 重庆水务环 ...

重庆水务集团股份有限公司 | 证券代码：601158 | 证券简称：重庆水务 | | | 公告编号：临 | 2025-061 | | --- | --- | --- | --- | --- | --- | | 债券代码：188048 | 债券简称：21 | 渝水 | 01 | | | | 债券代码：242471 | 债券简称：25 | 渝水 | 01 | | | | 债券代码：242472 | 债券简称：25 | 渝水 | 02 | | | | 债券代码：113070 | 债券简称：渝水转债 | | | | | 2025 年 7 月 22 日 重庆水务集团股份有限公司 关于按期收回委托理财本金及收益的公告 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法律责任。 重庆水务集团股份有限公司（以下简称公司）于 2025 年 4 月 15 日出资 40,000 万元人民币（大写：人民币肆亿元整）购买了中国农 业银行股份有限公司对公结构性存款产品（以下简称农业银行结构性 存款），该产品期限 92 天。详细情况见公司于 2025 年 4 月 17 ...

Group 1 - The core viewpoint is that Chongqing is advancing its "waste-free city" initiative, and there are opportunities for overseas Chinese businesses to collaborate on solid waste utilization and environmental governance [1][3]. - Since 2022, Chongqing has been a pioneer in launching a comprehensive "waste-free city" initiative, collaborating with Sichuan Province to establish a cross-regional model [1]. - The "dry sludge high-temperature circulating fluidized bed gasification heating technology innovation project" has recently begun trial operations at Chongqing Water Group's sludge disposal center [3]. Group 2 - The company aims to explore new pathways for environmental governance in mega cities through innovative approaches such as "waste-to-resource" and "green low-carbon circular development" [3]. - There are plans to establish a "Qiaoxuan Yuzhi" export base in Chongqing to facilitate the overseas expansion of local enterprises, leveraging experiences from Guangdong [3]. - The "Qiaozhu Qianqi Wanpin Chuhai" alliance was officially established to enhance international trade by utilizing the global network and resources of overseas Chinese communities [4].

| 证券代码：601158 | 证券简称：重庆水务 | | | 公告编号：临 | 2025-060 | | --- | --- | --- | --- | --- | --- | | 债券代码：188048 | 债券简称：21 | 渝水 | 01 | | | | 债券代码：242471 | 债券简称：25 | 渝水 | 01 | | | | 债券代码：242472 | 债券简称：25 | 渝水 | 02 | | | | 债券代码：113070 | 债券简称：渝水转债 | | | | | 重庆水务集团股份有限公司 关于新开立募集资金专户并 签署募集资金专户五方监管协议的公告 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法律责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意重庆水务集团股份有限公 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〔2024〕 1294 号）同意注册，并经上海证券交易所同意，重庆水务集团股份 有限公司（以下简称公司）向不特定对象发行可转换公司债券 19,000,000 张，每张面值为人民币 ...

Core Points - The company has announced the issuance of 19 million convertible bonds, with a total value of 1.9 billion RMB, set to mature in six years [1][6] - The convertible bonds, named "Yushui Convertible Bonds," will be listed on the Shanghai Stock Exchange starting February 13, 2025 [1][2] - The conversion period for these bonds will begin on July 15, 2025, and end on January 8, 2031 [2][5] Issuance Details - The bonds have a face value of 100 RMB each and an interest rate of 0.20% for the first year, increasing to 2.00% by the sixth year [6][9] - The initial conversion price is set at 4.98 RMB per share, which has been adjusted to 4.85 RMB per share following a cash dividend distribution [7][9] Conversion Terms - The conversion period is from July 15, 2025, to January 8, 2031, during which bondholders can convert their bonds into shares [2][5] - The conversion process will be conducted through the trading system, and any conversion requests will be processed on the next trading day [3][8] Additional Provisions - The company will adjust the conversion price in case of stock dividends, capital increases, or cash dividends, ensuring fair treatment for bondholders [10][12] - If the stock price falls below 80% of the conversion price for a specified period, the company may propose a downward adjustment of the conversion price, subject to shareholder approval [12][13]

| 证券代码：601158 | 证券简称：重庆水务 | | | 公告编号：临 | 2025-059 | | --- | --- | --- | --- | --- | --- | | 债券代码：188048 | 债券简称：21 | 渝水 | 01 | | | | 债券代码：242471 | 债券简称：25 | 渝水 | 01 | | | | 债券代码：242472 | 债券简称：25 | 渝水 | 02 | | | | 债券代码：113070 | 债券简称：渝水转债 | | | | | 重庆水务集团股份有限公司 关于"渝水转债"开始转股的公告 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意重庆水务集团股份有限公 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〔2024〕 1294 号）同意，重庆水务集团股份有限公司（以下简称公司、本公 司）于 2025 年 1 月 9 日向不特定对象发行 1,900.00 万张可转换公司 债券，每张面值为人民币 100 元，发行总额 190,000.00 万元，期限 6 1 可转债代码：113070 可转债简称：渝水转债 转股价格：4.85 元/股 转股的 ...