Market Overview - The Shanghai Composite Index closed at 3608.33 points, above the annual line, with an increase of 0.70% [1] - The total trading volume of A-shares reached 1,290.701 billion yuan [1] Stocks Breaking Annual Line - A total of 40 A-shares have surpassed the annual line today, with notable stocks including: - Datang Telecom (4.33% deviation) - Xinquan Co., Ltd. (3.26% deviation) - Galaxy Electronics (3.20% deviation) [1] - Stocks with smaller deviations that just crossed the annual line include: - Huatech (0.00% deviation) - Huaxing Yuanchuang (0.00% deviation) - Guizhou Gas (0.00% deviation) [1] Top Performers - Datang Telecom: Increased by 5.18% with a turnover rate of 4.64% [1] - Xinquan Co., Ltd.: Increased by 10.00% with a turnover rate of 2.69% [1] - Galaxy Electronics: Increased by 7.30% with a turnover rate of 20.12% [1] Additional Notable Stocks - Other stocks with significant performance include: - Huafu Fashion: 3.71% increase, 2.87% turnover [1] - Xingrui Technology: 5.72% increase, 3.77% turnover [1] - China Shipbuilding: 2.79% increase, 1.75% turnover [1]

Report Summary 1) Report Industry Investment Rating The provided content does not mention the industry investment rating. 2) Core Viewpoints The report presents the top ten convertible bonds for August 2025, including their ratings, closing prices at the end of July, conversion premium rates, and P/E ratios of the underlying stocks. It also provides an overview of each issuing company, including business scope, financial performance, and key points [14][29]. 3) Summary by Company Zhongte Convertible Bond (AAA) - Company is a global leader in specialty steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and coastal - river production bases [14][15]. - In 2024, revenue was 109.203 billion yuan (down 4.22% year - on - year), and net profit was 5.126 billion yuan (down 10.41% year - on - year). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% year - on - year), and net profit was 1.384 billion yuan (up 1.76% year - on - year) [14]. - Key points: It is one of the companies with the most complete product specifications in the global special steel industry, has leading cost - control capabilities, and has opportunities for external expansion [15]. Shanlu Convertible Bond (AAA) - Company focuses on road and bridge construction and maintenance, and has expanded into other fields. It has a comprehensive business and management system [29]. - In 2024, revenue was 71.348 billion yuan (down 2.3% year - on - year), and net profit was 2.322 billion yuan (up 1.47% year - on - year). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% year - on - year), and net profit was 249 million yuan (up 1.89% year - on - year) [29]. - Key points: It has the concept of "China - specific valuation" due to state - owned control, has potential for improvement in its balance sheet and order volume, can benefit from infrastructure construction in Shandong Province, and is exploring the Belt and Road Initiative markets [30]. Hebang Convertible Bond (AA) - Company has advantages in resource reserves and has diversified into the chemical, agricultural, and photovoltaic industries, with a four - sector business layout [42]. - In 2024, revenue was 8.547 billion yuan (down 3.13% year - on - year), and net profit was 31 million yuan (down 97.55% year - on - year). In Q1 2025, revenue was 1.726 billion yuan (down 13.68% year - on - year), and net profit was 13 million yuan (down 57.99% year - on - year) [42]. - Key points: Its phosphate mines and salt mines are profitable, and its liquid methionine production is a major profit contributor [43]. Aima Convertible Bond (AA) - Company is a leading enterprise in the electric two - wheeler industry, with self - developed products sold through dealers [59]. - In 2024, revenue was 21.606 billion yuan (up 2.71% year - on - year), and net profit was 1.988 billion yuan (up 5.68% year - on - year). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% year - on - year), and net profit was 605 million yuan (up 25.12% year - on - year) [59]. - Key points: The "trade - in" subsidy may continue, the implementation of the new national standard may bring policy dividends, and there is room for improvement in gross margin [60]. Xingye Convertible Bond (AAA) - Company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [73]. - In 2024, revenue was 212.226 billion yuan (up 0.66% year - on - year), and net profit was 77.205 billion yuan (up 0.12% year - on - year). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% year - on - year), and net profit was 23.796 billion yuan (down 2.22% year - on - year) [73]. - Key points: Net interest income is growing steadily, asset quality is stable, and the company's scale and customer base are expanding [74]. Youfa Convertible Bond (AA) - Company is the largest welded steel pipe enterprise in China, with a wide range of products used in multiple fields [87]. - In 2024, revenue was 54.822 billion yuan (down 10.01% year - on - year), and net profit was 425 million yuan (down 25.46% year - on - year). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% year - on - year), and net profit was 133 million yuan (up 9680.17% year - on - year) [87]. - Key points: It has a national layout, is expanding overseas, and maintains a high dividend rate [88]. Chongyin Convertible Bond (AAA) - Company is a local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [102]. - In 2024, revenue was 13.679 billion yuan (up 3.54% year - on - year), and net profit was 5.117 billion yuan (up 3.8% year - on - year). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% year - on - year), and net profit was 1.624 billion yuan (up 5.33% year - on - year) [102]. - Key points: It can benefit from the development of the Chengdu - Chongqing economic circle, its asset scale is growing, and it is actively marketing key industries [103]. Tianye Convertible Bond (AA+) - Company is a leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [116]. - In 2024, revenue was 11.156 billion yuan (down 2.7% year - on - year), and net profit was 68 million yuan (up 108.83% year - on - year). In Q1 2025, revenue was 2.417 billion yuan (up 8.17% year - on - year), and net profit was - 17 million yuan (up 89.97% year - on - year) [116]. - Key points: The cost of caustic soda production is relatively fixed, and the company plans to increase dividend frequency and has coal mine projects in progress [117]. Huayuan Convertible Bond (AA -) - Company focuses on building a complete vitamin D3 industrial chain and has expanded into other vitamin products [131]. - In 2024, revenue was 1.243 billion yuan (up 13.58% year - on - year), and net profit was 309 million yuan (up 60.76% year - on - year). In Q1 2025, revenue was 326 million yuan (down 1.18% year - on - year), and net profit was 97 million yuan (up 5.5% year - on - year) [131]. - Key points: Its NF - grade cholesterol and 25 - hydroxyvitamin D3 products are industry leaders, and it is expanding its product portfolio and has achievements in the pharmaceutical field [132]. Yushui Convertible Bond (AAA) - Company is the largest water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [147]. - In 2024, revenue was 6.999 billion yuan (down 3.52% year - on - year), and net profit was 785 million yuan (down 27.88% year - on - year). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% year - on - year), and net profit was 237 million yuan (up 28.91% year - on - year) [147]. - Key points: It has a high market share, is expanding its business outside Chongqing, and has achieved cost control through intelligent applications [148].

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].

Group 1 - A new company named Huili City Hebang Shangwuji Mining Co., Ltd. has been established with a registered capital of 60 million yuan [1] - The business scope of the new company includes non-coal mining resource extraction, mineral resource exploration, and geological exploration of metal and non-metal mineral resources [1] - The company is wholly owned by Hebang Biological (603077) [1]

Group 1 - The establishment of Huili City and Bang Shangwuji Mining Co., Ltd. has been registered with a capital of 60 million yuan [1][2] - The company is fully owned by Hebang Biological (603077) [1][2] - The business scope includes non-coal mining resource extraction, mineral resource exploration, and geological exploration of metal and non-metal mineral resources [1][2] Group 2 - The company is located in Huili City, Liangshan Yi Autonomous Prefecture, Sichuan Province [2] - The legal representative of the company is Wang Fei [2] - The company is classified as a limited liability company with a business duration until July 29, 2025 [2]

Core Viewpoint - The Low-E glass concept sector experienced a decline of 3.07%, ranking among the top losers in the market, with companies like Hainan Development, Yamaton, and Hebang Bio leading the declines [1] Group 1: Market Performance - The Low-E glass concept sector saw a net outflow of 179 million yuan in principal funds, with 11 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 10 million yuan [2] - Hainan Development had the highest net outflow of 32.23 million yuan, followed by Qibin Group, New Sai Co., and Jinjing Technology with net outflows of 26.50 million yuan, 23.93 million yuan, and 22.82 million yuan respectively [2] Group 2: Individual Stock Performance - Hainan Development's stock price fell by 5.14% with a turnover rate of 6.20% and a principal fund outflow of 32.23 million yuan [2] - Qibin Group's stock decreased by 2.96% with a turnover rate of 2.55% and a principal fund outflow of 26.50 million yuan [2] - New Sai Co. saw a decline of 3.19% with a turnover rate of 3.82% and a principal fund outflow of 23.93 million yuan [2] - Jinjing Technology's stock dropped by 3.24% with a turnover rate of 2.14% and a principal fund outflow of 22.82 million yuan [2] - Yamaton experienced a decline of 3.97% with a turnover rate of 6.56% and a principal fund outflow of 19.39 million yuan [2]

Core Viewpoint - The pesticide industry is experiencing a prolonged downturn, but recent actions such as the "Zhengfeng Zhijuan" initiative may help reverse the trend and improve market conditions [1][2][4]. Group 1: Industry Actions and Regulations - The China Pesticide Industry Association has launched a three-year "Zhengfeng Zhijuan" action to address issues like hidden additives, illegal production, and chaotic competition in the pesticide industry [1][2]. - Key tasks include prohibiting the addition of unregistered active ingredients, cracking down on illegal production, and resisting low-price competition [2]. Group 2: Market Dynamics - Since Q4 2022, the global pesticide market has entered a destocking phase, with domestic production capacity being released, leading to a mismatch in supply and demand [3][4]. - As of July 27, the China Agricultural Chemicals Price Index was at 75.35 points, showing a year-on-year decline of 0.44% but a month-on-month increase of 0.33% [3]. Group 3: Export Demand and Recovery Potential - In the first half of 2025, China's exports of herbicides, insecticides, and fungicides increased by 14%, 32%, and 24% year-on-year, respectively, with major markets including Brazil, the USA, and Thailand [3]. - Certain pesticide products, such as glyphosate and chlorpyrifos, are expected to see a rebound in demand, aiding in the recovery of industry profitability [4]. Group 4: Investment Recommendations - Recommended stocks include Yangnong Chemical, Limin Co., and Xingfa Group, which are leaders in the pesticide sector [5]. - Beneficiary stocks include Jiangshan Co., Lier Chemical, and Runfeng Co., among others, which are positioned to gain from the industry's recovery [5].

Group 1 - The glyphosate concept sector experienced a decline of 1.10%, ranking among the top declines in concept sectors, with notable declines in companies such as Noposion, Guoguang Co., and Zhongnong United [1] - Among the companies in the glyphosate sector, five stocks saw price increases, with Xin'an Chemical, Yangnong Chemical, and Xingfa Group leading the gains at 1.74%, 0.89%, and 0.47% respectively [1] - The main capital outflow from the glyphosate sector today was 197 million yuan, with 12 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The top net capital outflows were led by Noposion with a net outflow of 80.62 million yuan, followed by Hebang Biology, Xingfa Group, and Guangxin Co. with net outflows of 36.93 million yuan, 35.48 million yuan, and 26.55 million yuan respectively [2] - Conversely, the stocks with the highest net capital inflows included Yangnong Chemical, Xin'an Chemical, and Guoguang Co., with inflows of 31.93 million yuan, 30.82 million yuan, and 4.25 million yuan respectively [2][3] - The trading performance of Noposion showed a decline of 3.24% with a turnover rate of 8.15%, while Xin'an Chemical and Yangnong Chemical had increases of 1.74% and 0.89% respectively [3]

Core Viewpoint - The credit rating agency has assigned a stable outlook to Sichuan Hebang Biotechnology Co., Ltd. (referred to as "Hebang Bio"), reflecting its competitive advantages in cost and product diversification, despite facing significant challenges in profitability and operational risks in the coming years [3][6][7]. Financial Performance - Hebang Bio's total assets are projected to be CNY 298.45 billion in 2025, with total liabilities at CNY 90.80 billion [3]. - The company's operating revenue is expected to decline sharply to CNY 17.26 billion in 2025, down from CNY 85.47 billion in 2024, indicating a significant drop in sales [3]. - The net profit attributable to shareholders is forecasted to plummet by 97.55% in 2024, reflecting the adverse impact of industry cyclicality [3][7]. - The company's EBITDA interest coverage ratio is expected to remain stable, with total debt to total capital at 31.46% [3][7]. Business Segments - Hebang Bio's main business segments include chemicals, pesticides, and photovoltaic products, with key products being soda ash, glyphosate, and glass [3][6]. - The company is expanding its methionine and mineral products business, which are expected to become new profit growth points [3][7]. - The mining segment is facing significant uncertainty and risks related to overseas cooperation and political factors, which could impact operational stability [7][9]. Industry Environment - The chemical and agricultural sectors are experiencing downward price trends, with major products like soda ash and glyphosate entering a price decline phase due to oversupply [11][13]. - The glass and photovoltaic industries are also under pressure, with demand expected to weaken in the short term, leading to a supply-demand imbalance [11][12]. - The overall market for glyphosate is influenced by transgenic policies and demand fluctuations, particularly in major markets like South America [14][15]. Risk Factors - The company faces significant capital expenditure pressures and risks related to inventory impairment, with inventory value projected to increase to CNY 45.45 billion by the end of 2024 [7][9]. - Environmental and safety risks are heightened due to stricter national policies and the nature of some products being classified as hazardous [6][7]. - The mining sector's operational risks are compounded by geopolitical factors and the uncertainty of exploration outcomes [7][9].

Core Viewpoint - The company maintains its credit rating of "AA" with a stable outlook for both its main entity and the convertible bond "HeBang Convertible Bond" [1][2] Group 1: Credit Rating Information - Previous credit rating results indicated a main entity credit rating of "AA" and a stable outlook [1] - The current tracking rating results also show a main entity credit rating of "AA" and a stable outlook [1] - The credit rating for "HeBang Convertible Bond" remains at "AA" [1] Group 2: Rating Agency and Report - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd. [1] - The rating agency performed a comprehensive analysis of the company's operational environment, competitive situation, and financial aspects [1] - The detailed rating report is available on the Shanghai Stock Exchange website [2]