Group 1 - The company, Youfa Group, announced that its Vice President, Han Deheng, holds 15.819 million shares, accounting for 1.09% of the total share capital [1] - Han Deheng plans to reduce his holdings by up to 3.9548 million shares, which represents 0.27% of the total share capital and 25% of his current holdings, between September 18, 2025, and December 17, 2025 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - "Anti - involution" related convertible bonds are cost - effective absolute - return assets. The position and bond selection of "anti - involution" sector convertible bonds are the "decisive factors" for the future market due to three reasons: large capital capacity, high cost - performance of underlying stocks, and low bond prices with debt - bottom value support [1][9]. - Five convertible bonds are recommended: Youfa Convertible Bond, Wankai Convertible Bond, Keshun Convertible Bond, Feng 22 Convertible Bond, and Tian 23 Convertible Bond [3][11]. 3. Summary According to the Directory 3.1 Overall Logic and Layout Ideas - **Large capital capacity**: "Anti - involution" sector has a large number of convertible bonds. Industries such as power equipment and basic chemicals have many convertible bonds in existence. If "anti - involution" progresses beyond expectations, it may drive up the underlying stocks and the convertible bond index [1][9]. - **High cost - performance of underlying stocks**: Some industries' underlying stocks, like those in steel, basic chemicals, and power equipment, are under pressure. But "anti - involution" may improve supply - demand, and the leading enterprises may have stronger profit elasticity after industry clearance. Also, the stock prices are low, so there is potential for valuation repair [2][10]. - **Low bond prices with debt - bottom value support**: Most "anti - involution" related convertible bonds have conversion values below 120 yuan, and many are in the 60 - 90 yuan and 90 - 120 yuan ranges. Debt - type/balanced convertible bonds have better debt - bottom protection, suitable for absolute - return funds [2][10]. 3.2 Individual Bond Selection 3.2.1 Youfa Group/Youfa Convertible Bond - Youfa Group is the largest domestic welded - steel pipe enterprise. In 2025, the welded - pipe price declined. With the improvement of downstream demand and the new supply - side reform in the steel industry, the company plans to expand its domestic and overseas layouts [14][15]. 3.2.2 Wankai New Materials/Wankai Convertible Bond - Wankai New Materials is a leading domestic polyester material enterprise. In 2024, the domestic polyester bottle - chip market had increased production but decreased prices. New applications may bring new demand. Many enterprises in the industry are reducing production, which may optimize the supply - demand pattern and increase the company's profitability [20][23]. 3.2.3 Keshun Co., Ltd./Keshun Convertible Bond - Keshun focuses on building waterproofing solutions. The domestic waterproofing industry is highly fragmented, but the new regulations may benefit leading enterprises. Keshun will expand its retail, non - real - estate, and overseas businesses, and improve profitability through R & D and cost reduction [26][31]. 3.2.4 Xin Fengming/Feng 22 Convertible Bond - Xin Fengming is a major player in the polyester fiber industry. The upstream raw material supply is abundant, which is beneficial for the polyester end. Due to environmental policies and industry integration, some small enterprises are being eliminated, and the industry structure is being optimized [32][33]. 3.2.5 Trina Solar/Tian 23 Convertible Bond - Trina Solar is involved in photovoltaic products, energy storage, and system solutions. The Chinese photovoltaic industry faces challenges, but the "anti - involution" action and policy support may bring price recovery, technology premium, and industry integration, and improve the company's profitability and stock valuation [38][39].

Group 1: Industry Overview - The overall attention on industries such as electric power equipment, basic chemicals, food and beverages, steel, and petrochemicals has increased year-on-year [3][12][21] - Weekly, the total number of research engagements across all A-shares has rebounded, although it remains below the levels of the same period in 2024, indicating a recovery in research interest [13][21] - Monthly, in July, the total number of research engagements across all A-shares continued to decline compared to the previous month and was lower than in 2024, with a total of 1,376 engagements [21][22] Group 2: Individual Company Insights - Yufeng Group has been frequently researched, with four engagements last week, as the company continues to expand its production capacity and solidify its leading position in the steel industry [31] - Meiyingsen has also seen significant attention, with four research engagements last week, as the company expands its overseas market presence to meet customer needs and enhance its competitiveness [4][31] - Other companies such as Ice Wheel Environment, Zhenghai Magnetic Materials, and Jiemai Technology have also garnered considerable market interest recently [27][32]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Insights - The expansion of U.S. steel and aluminum tariffs has put pressure on steel prices, leading to a notable contraction in steel mill profits [5]. - The report highlights that the long-term focus will remain on capacity management, with a combination of market-oriented and administrative measures expected to optimize crude steel supply [5]. - The report indicates that the seasonal decline in steel demand, coupled with a vacuum in supply-side policies, has resulted in a significant narrowing of steel mill profits [5]. Price Trends - As of August 22, 2025, steel prices have decreased, with Shanghai's 20mm HRB400 rebar priced at 3,270 CNY/ton, down 30 CNY/ton from the previous week [3][11]. - The prices for various steel products have shown a downward trend, with hot-rolled and cold-rolled steel also experiencing price reductions [3][11]. Production and Inventory - As of August 22, 2025, the production of five major steel products increased to 8.78 million tons, with total inventory rising by 264,300 tons to 10.1621 million tons [4]. - The apparent consumption of rebar was estimated at 1.948 million tons, reflecting a week-on-week increase of 48,600 tons [4]. Profitability - The report notes a decline in steel profitability, with margins for rebar, hot-rolled, and cold-rolled steel decreasing by 58 CNY/ton, 50 CNY/ton, and 42 CNY/ton respectively [3][5]. Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [5].

Group 1 - The stock price of Youfa Group closed at 6.09 yuan on August 22, 2025, down by 0.02 yuan, a decrease of 0.33% from the previous trading day [1] - The company has an annual production capacity of over 20 million tons of welded steel pipes and has achieved a net sales volume exceeding 13 million tons, maintaining the largest production and sales scale in the country for 19 consecutive years [1] - On August 21, Youfa Group hosted a research meeting with several institutions, including Huaxi Securities and Great Wall Fund, where the company discussed its operating performance, product composition, and future development strategy [1] Group 2 - On August 22, the net inflow of main funds into Youfa Group was 1.9766 million yuan, while the net outflow over the past five days was 132,400 yuan [1] - The company operates within the steel industry and is part of the Tianjin sector [1]

证券代码：601686 证券简称：友发集团 天津友发钢管集团股份有限公司 投资者关系活动记录表 | | □分析师会议 特定对象调研 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（电话交流会） 董 远 华西证券 | | | 黄志远 兴全基金 康 培 中加基金 | | | 计 旭 西部利得基金 | | | 毛振强 西部利得基金 | | 参与单位名 | 黄沁仪 富安达基金 | | 称及人员姓 | 齐昊麟 圆信永丰基金 | | 名 | 曹 阳 东北证券 | | | 蒋婉莹 中泰资管 | | | 王 焘 华泰资管 | | | 李 度 中信证券 | | | 王勃竣 中信证券 | | | 闫 涛 首创资管 | | | 彭双宇 瑞众保险 | | 时间 | 年 月 日 2025 8 21 | | 地点 | 腾讯会议 | | 上市公司接 | | | 待人员姓名 | 董事会秘书 郭锐；证券事务代表 张羽 公司董秘结合投资者问题，就公司基本情况、经营业绩、核心竞争 | | | 力、未来发展战略、产品构成等方面内容进行了介 ...

证券代码：601686 证券简称：友发集团 天津友发钢管集团股份有限公司 投资者关系活动记录表 | |  | 特定对象调研 | □分析师会议 | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | | □业绩说明会 | | 活动类别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | □其他（电话交流会） | | | 江舒盈 | 长城基金 | | | | 周 欣 | 华夏基金 | | | | 王瑜铭 | 兴银基金 | | | | 蔡文晨 | 景顺长城基金 | | | | 霍迪乔 | 摩根基金 | | | | 池嘉莹 | 华泰保兴基金 | | | | 侃 王 | 国投瑞银基金 | | | | 张 逸 | 易方达基金 | | | | 周颖辉 | 泰康资管 | | | | 李莉伊 | 华宝基金 | | | | 初梓健 | 国寿安保基金 | | | | 吴艾伦 | 招商基金 | | | | 王霄鸿 | 光大保德信基金 | | | 参与单位名 | 磊 江 | 光大保德信基金 | | | | 华旭桥 | 中银基金 | | | 称及人员姓 名 | 朱梦天 | 永赢基金 ...

（文章来源：每日经济新闻） 友发集团发布公告称，2025年8月21日，友发集团接受长城基金等投资者调研，公司董事会秘书郭锐、 证券事务代表张羽参与接待，并回答了投资者提出的问题。 ...

（文章来源：每日经济新闻） 友发集团发布公告称，2025年8月21日，友发集团接受华西证券等投资者调研，公司董事会秘书郭锐、 证券事务代表张羽参与接待，并回答了投资者提出的问题。 ...

Core Viewpoint - The company, Youfa Group, is focusing on enhancing its production capacity, expanding into overseas markets, and increasing the proportion of high-value-added products to drive sustainable growth. Group 1: Financial Performance - In the first half of the year, Youfa Group sold 6.5477 million tons of various steel pipes, a year-on-year increase of 4.18% [1] - The company achieved operating revenue of 24.888 billion yuan, a year-on-year decrease of 5.81% [1] - The net profit attributable to shareholders reached 287 million yuan, a significant year-on-year increase of 160.36% [1] Group 2: Domestic Expansion - Youfa Group is accelerating its domestic layout by advancing the construction of new bases in Chengdu, Sichuan, and Yanling, Henan [2] - The company signed a contract to acquire 70.96% of Jilin Huaming Pipe Industry Co., Ltd., which will quickly establish a market presence in Northeast China [2] - Collaborations with Hebei Haiqianwei Steel Pipe Co., Ltd. are laying the groundwork for expanding high-value-added product categories [2] Group 3: International Strategy - Youfa Group is actively promoting its "going out" strategy to establish a second growth curve overseas [3] - A wholly-owned subsidiary, Tianjin Youfa International Pipe Industry Co., Ltd., has been established to build an overseas investment framework [3] Group 4: Competitive Advantages and Innovation - The company's core competitiveness includes brand, scale, product quality, technological equipment, innovation research and development, marketing channels, national layout, and management shareholding mechanism [4] - In the first half of the year, R&D expenses amounted to approximately 61.2268 million yuan, a year-on-year increase of 30.03% [4] - Youfa Group holds 217 technology patents, including 40 invention patents, and has established six high-tech enterprises and six nationally recognized laboratories [4]