Report Information - Report Title: What are the Patterns in Credit Bond Transactions in the Past Year? — One of the Series on Analyzing Bonds through Volatility [1] - Analyst: Du Jian, CFA from Zheshang Fixed Income [1] - Date: June 27, 2025 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The report analyzes the indicators for observing secondary - market credit bond transactions and the patterns in credit bond transactions over the past year, including increased preference for second - tier and perpetual (二永) bonds, reduced sustainability of the duration strategy, the potential of the deviation of 二永 bonds from valuation in trading as a leading indicator of yields, and increased selling pressure on long - duration credit bonds during adjustments [3][4] 3. Summary by Relevant Catalogs 3.1 Through which indicators to observe credit bond secondary transactions? - "Price" indicators: Broker transactions can collect a large amount of market trading information. After filtering out invalid quotes, they provide the best price to customers, reflecting comprehensive price information. Suitable for constructing price indicators such as trading deviation, trading yield, and high - valuation trading ratio [4][8] - "Volume" indicators: Traders use brokers to find prices and trading counterparts and then complete transactions on the China Foreign Exchange Trade System (CFETS) or exchange platforms. Platform transactions can fully reflect the specific scale of trading volume, suitable for constructing volume indicators such as trading duration and turnover rate [4][8] 3.2成交规律一：对二永债的偏好大幅提升 - Since July 2024, the trading activity of credit bonds has significantly increased compared to previous years, with the increase in trading volume mainly in 二永 bonds. The reasons are that 二永 bonds are interest - rate amplifiers, facilitating capital gain speculation in a strong downward - interest - rate market, and investors prefer 二永 bonds for their better liquidity during market adjustments. Investors' preference is mainly concentrated on state - owned and joint - stock bank 二永 bonds [12] 3.3成交规律二：久期策略持续性降低 - Since August 2024, long - duration credit bonds have shown a "fast - up - fast - down" pattern, with liquidity issues during corrections. They failed to provide stable excess returns as in 2023 - H1 2024. The trading duration centers of urban investment bonds, industrial bonds, and 二永 bonds have remained at 2.5 years, 3 years, and 3.5 years respectively [13] 3.4成交规律二：近期机构对于城投、产业拉久期诉求高于二永 - In recent duration strategies, the market has focused on extending the duration of medium - and high - grade urban investment and industrial bonds, while the trading duration of state - owned and joint - stock bank 二永 bonds has not significantly increased. This is because the trading duration of 二永 bonds is already high, and the market also wants to balance coupon income. Since March, the yield of short - duration credit bonds has dropped too fast, and since June, it has been difficult for institutions to obtain short - term bonds with a yield above 2%, leading to passive extension of duration to make up for the lack of coupon income [17][18][19] 3.5成交规律三：二永债偏离估值成交幅度或可视作收益率领先指标 - The trading deviation of 二永 bonds from valuation generally leads credit bond yields by 1 - 3 trading days. In the past year, this indicator led the turning points of credit bond yields on September 26, 2024, October 9, 2024, and January 2 - 3, 2025 [25] 3.6成交规律四：调整期间长久期信用债抛售压力加大 - Since 2024, long - duration credit bonds have seen their liquidity issues magnified during market adjustments, with a significantly higher trading deviation than short - duration credit bonds. In 2023, the trading deviation of 二永 bonds across all durations was around 1bp, and the average trading price of general credit bonds over 5 years was even 0.5bp lower than the valuation. In 2024, the high - valuation trading ratio of long - term bonds was higher than that of short - term bonds [29][31][37]

Group 1 - The company plans to sell 100% equity of three subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for cash [1] - The independent financial advisor conducted a review of the insider information registrant system established by the company [1][2] - The company has implemented necessary confidentiality measures and strictly controlled the personnel involved in the transaction [1][2] Group 2 - The independent financial advisor confirmed that the company adhered to relevant laws and regulations regarding the insider information registrant system [2] - The company signed confidentiality agreements with intermediary institutions to ensure the protection of sensitive information [2] - A memorandum documenting key milestones and participant details during the transaction process was maintained and signed by relevant personnel [2]

Core Viewpoint - The company, Green康生化股份有限公司, plans to sell 100% equity of its photovoltaic film business subsidiaries to 江西饶信新能材料有限公司, with the independent financial advisor, 浙商证券股份有限公司, providing a commitment letter after thorough due diligence [1]. Group 1 - The transaction involves the sale of three subsidiaries: 绿康（玉山）胶膜材料有限公司, 绿康（海宁）胶膜材料有限公司, and 绿康新能（上海）进出口贸易有限公司 [1]. - 浙商证券股份有限公司 acts as the independent financial advisor for this transaction, ensuring compliance with relevant regulations and guidelines [1]. - The commitment letter includes assurances that the financial advisor's opinions align with the disclosed documents and that the information provided is true, accurate, and complete [1].

Group 1: Banking Sector - The banking sector has shown strong performance recently, with a two-week increase of 5.48%, ranking second among 31 industries [14][17] - Major banks like Jiangsu Bank, Hangzhou Bank, and Industrial and Commercial Bank of China have reached historical highs, despite a marginal decline in overall performance in Q1 due to macroeconomic conditions [46][47] - The sector's return on equity (ROE) remains above 10%, indicating resilience in profitability and dividends, supported by policies aimed at boosting domestic demand and credit growth [46][47] Group 2: Securities Sector - The securities sector has been active, with a recent approval for Guotai Junan International to provide virtual asset trading services, marking a significant development in the industry [48] - The sector's price-to-book (PB) ratio stands at 1.46, indicating potential for valuation recovery as it is at the 54.84% percentile of the last five years [48][26] - Expected improvements in global risk appetite and ongoing capital market reforms are likely to enhance the business environment for securities firms, with projected double-digit profit growth for the year [48][49] Group 3: Insurance Sector - Recent regulatory measures have curtailed aggressive competition in the insurance sector, particularly regarding dividend insurance, which is expected to stabilize the market [50] - The shift from a "scale-oriented" to a "value-oriented" strategy in the insurance industry is anticipated to lead to valuation recovery, with a focus on products that offer both guaranteed and floating returns [50] - Insurance companies are increasingly investing in bank stocks, benefiting from stable dividends and strong market performance, which is expected to enhance their investment returns [50][51]

Core Viewpoint - The report provides an overview of the management of the convertible bonds issued by Zhejiang Dayuan Pump Industry Co., Ltd., detailing the bond's issuance, financial performance, and compliance with regulations [1][2][3]. Group 1: Bond Overview - The total issuance amount of the convertible bonds is capped at 450 million yuan [2][3]. - The bond has a term of 6 years, with an interest rate that increases annually from 0.40% in the first year to 1.50% in the fourth year [3][4]. - The initial conversion price is set at 23.18 yuan per share, while the current conversion price is 20.59 yuan per share [4]. Group 2: Financial Performance - The company's total revenue for 2024 is reported at 1.909 billion yuan, reflecting a 1.57% increase from 2023 [11]. - The net profit for 2024 is recorded at 250.39 million yuan, down 10.86% from the previous year [12]. - The company's total assets as of December 31, 2024, amount to 283.66 million yuan, with a significant increase in fixed assets by 118.34% [11][12]. Group 3: Fund Utilization - The funds raised from the bond issuance are allocated for the expansion project of high-efficiency energy-saving pumps and to supplement working capital [4][13]. - As of December 31, 2024, 367.56 million yuan has been utilized for the expansion project, while 30 million yuan has been used for liquidity [15][16]. Group 4: Compliance and Management - The bond trustee, Zheshang Securities, has fulfilled its responsibilities, ensuring compliance with the bond management agreement and monitoring the issuer's adherence to the bond's terms [5][9]. - There have been no irregularities in the use of raised funds or in the operation of special accounts during the reporting period [16][23]. - The company has maintained a stable operating environment without significant adverse changes affecting its debt repayment capacity [9][22].

REUTER S P YUAN LAW OFFICES 北京市嘉源律师事务所 关于浙商证券股份有限公司 2024 年年度股东大会的法律意见书 IIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:浙商证券股份有限公司 北京市嘉源律师事务所 关于浙商证券股份有限公司 2024年年度股东大会的法律意见书 嘉源(2025)-04-470 北京市嘉源律师事务所(以下简称"本所")接受浙商证券股份有限公司(以 下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效的法律、行政 法规,部门规章、规范性文件(以下简称"法律法规")以及《浙商证券股份有 限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司 2024 年年度股东大会(以下简称"本次股东大会")进行见证,并依法出具本法律意 见书。 为出具本法律 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-036 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 浙商证券股份有限公司 2024年年度股东大会决议公告 (一)股东大会召开的时间：2025 年 6 月 26 日 (二)股东大会召开的地点：杭州市五星路 201 号浙商证券十一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 合《公司法》等相关法律、法规、规章和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 | 1、出席会议的股东和代理人人数 | 1,209 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,293,550,936 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 50.5743 | (四 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-037 浙商证券股份有限公司 第四届董事会第三十三次会议决议公告 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。 浙商证券股份有限公司（以下简称"浙商证券"或"公司"）第四届董事会 第三十三次会议于 2025 年 6 月 12 日以书面方式通知全体董事，于 2025 年 6 月 26 日在浙商证券十一楼会议室以现场结合电话表决方式召开。会议应出席董事 9 人，现场出席董事 4 人，董事阮丽雅、陈溪俊、独立董事沈思、金雪军、曾爱民 以电话形式出席。会议的召开符合《公司法》和《公司章程》规定。 本次董事会由吴承根先生主持，经审议作出决议如下： 一、会议审议通过《关于撤销机构业务事业部及设立机构业务总部、经纪 业务总部的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 特此公告。 浙商证券股份有限公司董事会 2025 年 6 月 27 日 ...

Core Insights - The People's Bank of China announced eight significant financial measures aimed at stabilizing the financial market and enhancing the long-term reform of the financial system and international competitiveness [1][8] - The measures are designed to strengthen the financial defenses against potential external shocks while promoting financial openness through institutional innovation [1][4] Financial Market Development - Establishing an interbank market trading report library will improve transaction and investment efficiency for financial institutions and enhance regulatory precision [1][5] - The internationalization of the digital yuan is expected to advance significantly, with its advantages in speed and security facilitating cross-border payments [2][4] Digital Currency and Credit System - The development of the digital yuan is anticipated to reshape the cross-border payment system and open new pathways for its internationalization, particularly in supply chain finance and cross-border e-commerce [2][3] - The establishment of personal credit institutions aims to address information asymmetry in the rapidly growing consumer finance market, potentially boosting domestic consumption [2][3] Offshore Financial Services - The Shanghai Lingang New Area's offshore trade finance service reform and the development of free trade offshore bonds are expected to enhance the international influence of the renminbi [3][4] - The free trade offshore bonds, also known as "pearl bonds," are designed to maintain financial security and stability while increasing the attractiveness of renminbi-denominated bonds in international markets [3][4] Structural Monetary Policy Tools - Innovative structural monetary policy tools are focused on supporting foreign trade, technological innovation, and green finance, addressing financing challenges faced by enterprises [4][5] - Cross-border trade refinancing initiatives are set to improve the efficiency of cross-border settlements and provide new financing channels for both large and small enterprises [4][5] Foreign Exchange Market Enhancements - The promotion of renminbi foreign exchange futures trading will fill a significant gap in the foreign exchange market, providing more tools for managing exchange rate risks [5][6] - This initiative is expected to enhance the international competitiveness of China's financial market and support the stability and liquidity of the foreign exchange market [5][6] Investment Opportunities - The eight financial measures are expected to boost market confidence and create various investment opportunities, particularly in sectors like technology innovation and green industries [6][7] - The bond market is projected to see a decline in the ten-year government bond yield, enhancing the attractiveness of bond investments [6][7] Strategic Outlook - The combination of these policies represents a strategic deployment towards becoming a financial powerhouse, providing robust financial support for stable economic growth [8] - Investors and enterprises are encouraged to adopt a broader perspective to seize opportunities arising from these policy changes [8]

Group 1 - The core point of the article is the appointment of Zhang Liying as the new CFO of Guodu Securities, marking a significant step in the integration of Guodu Securities and Zheshang Securities following a change in control [2][6] - Zhang Liying's appointment fills the vacancy left by the resignation of former CFO Yang Jiangquan, who resigned due to a regulatory investigation by the China Securities Regulatory Commission [2][6] - The integration of Zheshang Securities and Guodu Securities is part of a broader restructuring, with Zheshang Securities acquiring a 34.25% stake in Guodu Securities, officially becoming the controlling shareholder [6][7] Group 2 - Zhang Liying has extensive experience in accounting and auditing, having worked at PwC and KPMG before joining Zheshang Securities in 2009 [5][2] - The management changes at Guodu Securities also include the appointment of several senior executives from Zheshang Securities, indicating a strategic alignment and consolidation of leadership [8][7] - Zhang Hui, the new general manager of Guodu Securities, has a long history in the securities industry and played a key role in the acquisition negotiations, facilitating the successful integration of the two firms [7][8]