1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: 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 the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Group 1 - The company has entered into a partnership for investment in the low-altitude economy sector, focusing on "short-distance electric transportation tools" and leveraging expertise from professional investment institutions [1][3] - The total fundraising scale for the partnership is planned to be 108.05 million RMB, with the company contributing 32.4 million RMB, accounting for 29.9861% of the total [1][3] - The main investment target is Shanghai Volant Aviation Technology Co., Ltd., which specializes in the research and production of manned electric vertical take-off and landing aircraft [1][3] Group 2 - The partnership has completed the business registration and obtained a new business license, with the name "Qiongqing City Yizhang Wangchao Venture Capital Partnership (Limited Partnership)" [3] - The partnership's registered capital is 108 million RMB, and it is primarily engaged in private equity investment and asset management activities [3] - The investment will not affect the company's normal operations or financial status significantly, and it will not create new related transactions or competition [4]

Core Insights - The article highlights the establishment of various investment funds across different regions in China, focusing on strategic industries and innovation-driven sectors. Group 1: Fund Establishments - A central enterprise strategic emerging industry development fund was launched in Beijing with an initial scale of 510 billion RMB, involving major state-owned enterprises as contributors [2] - The Zhejiang Social Security Science and Technology Innovation Fund was established with an initial scale of 500 billion RMB, aimed at supporting key areas of technological innovation [3] - The first biomanufacturing industry fund in Shanghai was initiated, combining resources from industry leaders and venture capital to drive technological breakthroughs [4] Group 2: Regional Funds - Chengdu established a high-level talent innovation and entrepreneurship fund, focusing on early-stage investments to support talent and technology transfer [5][6] - Dongguan's Songshan Lake completed the registration of a 100 billion RMB mother fund to promote technological finance and regional industrial upgrades [7] - Wuhan launched its first concept verification fund group with an annual funding pool of 112.5 million RMB to support startup projects [8] Group 3: Sector-Specific Funds - The Hebei Xiong'an concept verification fund was set up with a focus on aerospace information and biotechnology, with an initial scale of 20 million RMB [9] - The Jilin Province Ice and Snow Economy Fund was established with a total scale of 500 million RMB, targeting the ice and snow tourism and technology sectors [11] - The Zhuhai Zuguang New Intelligence Fund was launched to support high-end intelligent manufacturing, marking a significant step in the region's industrial investment [12] Group 4: Investment Strategies - The Chengdu fund emphasizes market-oriented operations to facilitate talent and technology commercialization [6] - The Dongguan fund aims to create a comprehensive fund system covering the entire lifecycle of enterprises through collaboration with various investment institutions [7] - The Jiangsu Yangzhou Aerospace Industry Fund focuses on strategic emerging industries, leveraging a significant capital structure to enhance investment capabilities [14]

Core Insights - The electric motorcycle market in China is experiencing a significant decline, with sales dropping by 8.51% year-on-year in the first three quarters of 2025, totaling 2.4456 million units, while fuel motorcycle sales increased by 13.2% [2][3] - The market is undergoing a transformation from quantity to quality, with consumers seeking higher quality and more personalized riding experiences [2][8] - The high-end electric motorcycle segment is witnessing substantial growth, with sales of models priced above 4,000 yuan increasing by 87% year-on-year [3][8] Market Dynamics - The traditional electric motorcycle market is becoming saturated, leading to an overall decline in sales, while the high-end market is thriving [3][4] - Yadea leads the market with sales of 757,300 units, more than double that of the second-place competitor [3] - The implementation of new national standards has accelerated the elimination of unqualified small enterprises, shifting the industry focus from price competition to enhancing brand and product value [3][4] Strategic Adjustments - Traditional electric motorcycle companies are adjusting their strategies to target the high-end market, with Yadea launching the "VFLY" brand in collaboration with Porsche Design [4] - Internet companies like Hello and Ninebot are also entering the electric motorcycle market, intensifying competition [4][5] - Aima's new high-end brand "SCOOX" aims to redefine the riding experience, emphasizing smart technology and lifestyle integration [6][8] Product Innovations - The launch of the "SCOOX Zero" brand and its first model "X7" reflects a focus on intelligent features and a unique riding experience [6][7] - The "Zebra" intelligent system developed by SCOOX integrates various smart functionalities, enhancing user interaction and safety [6][7] - The product lineup includes diverse series targeting different market segments, indicating a comprehensive long-term strategy [7] Future Outlook - Analysts believe that the entry of high-end brands like SCOOX will create new growth trajectories for the electric motorcycle market [8] - The market still has potential for growth, particularly in central and coastal regions, driven by quality upgrades and export opportunities [8] - The competition is shifting from scale and functionality to value and experience, indicating a fundamental change in the industry's competitive landscape [8]

Market Overview - On October 31, the motorcycle and other sectors rose by 1.5%, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Key Stocks Performance - Xinri Co., Ltd. (603787) closed at 14.37, up 5.27% with a trading volume of 183,300 shares and a turnover of 260 million yuan [1] - Yong'an Xing (603776) closed at 20.05, up 5.14% with a trading volume of 68,200 shares [1] - Aima Technology (603529) closed at 32.67, up 2.93% with a trading volume of 127,200 shares [1] - Qianli Technology (601777) closed at 11.91, up 2.67% with a trading volume of 466,600 shares [1] - Other notable performances include XD Jiuhua (600689) up 1.83% and Huayang Saiche (920058) up 1.65% [1] Capital Flow Analysis - The motorcycle and other sectors saw a net inflow of 80.89 million yuan from main funds, while retail funds experienced a net outflow of 2.73 million yuan [2] - The main funds' net inflow and outflow for key stocks include: - Aima Technology: net outflow of 41.65 million yuan [3] - Qianli Technology: net inflow of 35.02 million yuan [3] - Yong'an Xing: net inflow of 2.15 million yuan [3] - Spring Wind Power (603129): net inflow of 9.48 million yuan [3]

Core Viewpoint - SCOOX, a new electric motorcycle brand, aims to redefine high-end electric motorcycles with its first model, the "陆地飞艇" X7, set to launch in Q1 2026 and currently available for pre-order [2][3] Product Overview - The X7 features a futuristic design and advanced technology, including a Bosch motor with a rated power of 3kW and peak power of 8kW, achieving speeds over 90 km/h and 0-50 km/h acceleration in just 2.4 seconds [2] - The motorcycle is equipped with a range of smart features such as facial recognition, mobile connectivity, navigation, remote location tracking, and OTA upgrades, along with safety features like collision warnings and adjustable seating [2] Company Background - SCOOX is incubated by Aima Technology Group, which aims to leverage its supply chain and R&D foundation to penetrate the high-end electric motorcycle market [3] - Aima Technology, established in 1999 and listed in 2021, faced declining sales and profitability due to market saturation and stricter regulations, leading to a revenue of 21.036 billion yuan in 2023, with a growth rate dropping to 1.12% [3] Market Context - Competitors in the high-end electric motorcycle sector, such as Niu Technologies and Ninebot, have shown better performance, with Niu achieving a sales volume of 920,000 units and revenue of 2.388 billion yuan in 2024, reflecting a 24% year-on-year growth [4] - The industry is shifting towards high-end products, with traditional brands like Aima and Yadea struggling against price wars in the electric bicycle market [4] Strategic Plans - SCOOX plans to establish an independent factory in Chongqing and open delivery experience centers in 50 major cities across China by mid-2026 [6] - The brand also has international expansion plans, utilizing Aima's existing overseas channels to enter markets like Southeast Asia [6]

Core Viewpoint - Aima Technology's stock has experienced a decline of 18.64% year-to-date, with recent trading activity showing a slight increase of 2.02% on October 31, 2023, indicating potential market interest despite overall downward trends [1][2]. Financial Performance - For the period from January to September 2025, Aima Technology reported a revenue of 21.093 billion yuan, reflecting a year-on-year growth of 20.78%. The net profit attributable to shareholders was 1.907 billion yuan, marking a 22.78% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.056 billion yuan, with 2.851 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Aima Technology had 31,700 shareholders, an increase of 33.58% from the previous period. The average number of circulating shares per shareholder decreased by 25.19% to 26,718 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 19.6351 million shares, an increase of 1.7094 million shares from the previous period. Southern CSI 500 ETF reduced its holdings by 74,000 shares, while Guangfa Ruiyi Leading Mixed A entered the top ten as a new shareholder with 2.7276 million shares [3]. Market Activity - On October 31, 2023, Aima Technology's stock price was 32.38 yuan per share, with a trading volume of 1.09 billion yuan and a turnover rate of 0.40%. The total market capitalization stood at 28.142 billion yuan [1]. - The stock has seen significant trading activity, with net inflows of 7.6445 million yuan from main funds and notable buying and selling from large orders [1]. Business Overview - Aima Technology, established on September 27, 1999, and listed on June 15, 2021, specializes in the research, production, and sales of electric bicycles. The main revenue sources include electric two-wheelers, electric three-wheelers, bicycles, and accessories, which account for 98.87% of total revenue [1]. - The company operates within the automotive sector, specifically in the motorcycle and other transportation equipment category, and is associated with concepts such as shared economy and e-commerce [2].

Core Insights - The prices of old national standard electric bicycles are rising as the transition period to the new national standard approaches, with some models increasing by 100 to 300 yuan [1][2][4] - There is a significant scarcity of old national standard models in the market, as manufacturers have ceased production of these models since September 1, 2023, leading to a rush among consumers to purchase remaining stock before the new regulations take effect [2][3][5] - New national standard models are largely absent from the market, with manufacturers possibly controlling the release schedule to avoid impacting sales of existing old standard inventory [4][5] Industry Dynamics - The new national standard, effective December 1, 2025, imposes stricter safety and performance requirements, which presents both challenges and opportunities for manufacturers [6][7] - Companies are required to redesign products, upgrade production lines, and adapt supply chains to meet the new regulations, which may strain their operational capabilities [6] - Some brands, such as Ninebot, Green Source, and Tailin, have already developed models that comply with the new standards, with plans to launch these products starting in December 2023 [7]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-085 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于与专业投资机构共同投资基金的进展公告 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。 重要内容提示： | 投资标的名称 | 共青城倚樟望潮创业投资合伙企业（有限合伙） | | --- | --- | | | （以下简称"合伙企业"） | | 投资金额（万元） | 3,240 | | 投资进展阶段 | 完成 终止 交易要素变更 √进展 | | | 募集失败 | | | 未能完成备案登记 | | | 提前终止 | | | 发生重大变更 | | 特别风险提示 | √其他：截至本公告披露日，合伙企业尚未完成中国证券投资基金业 | | | 协会备案，实施过程存在不确定性。公司本次对外投资将面临较长的 | | | 投资回收期，投资过程可能面临宏观经济、行业周期、市场竞争、政 | | | 策环境、拟投资项目经营管 ...

Core Viewpoint - Industry giants are returning to the market, investing to seize opportunities in the next technological transformation [2][3] Group 1: Investment Activities - Aima Technology announced its investment of 32.4 million RMB in a venture capital fund, becoming a limited partner (LP) with a 29.9861% stake [6][8] - The fund will focus on equity investments, particularly in low-altitude economy sectors, indicating Aima's strategic positioning in short-distance electric mobility [6][8] - Aima's previous LP involvement in 2022 with Chen Dao Capital also targeted sectors like new energy and semiconductors, showcasing a consistent investment strategy [8] Group 2: Market Trends - The primary market is experiencing a revival, with LP investment activity reaching a peak in September, showing a 40.3% month-on-month increase and a 38.3% year-on-year increase [11] - In Q3, LP investment activity grew by 9.9% quarter-on-quarter and 11.9% year-on-year, indicating structural improvements driven by policy support [11][12] - The number of newly registered private equity and venture capital funds in September surged by 51.4% month-on-month and 84.4% year-on-year, reflecting a significant recovery in market activity [11] Group 3: Strategic Shifts - Major tech companies like Tencent, Alibaba, and JD.com are increasing their investment pace in the primary market, signaling a consensus on market recovery [12] - Companies in the technology sector, including CATL and Kanglong Chemical, are actively investing in funds that focus on robotics and artificial intelligence, highlighting a shift towards hard technology sectors [12][13] - The urgency in investment stems from a deep-seated industry anxiety, with companies aiming to secure positions in critical technological areas to mitigate supply chain risks and seize strategic opportunities [13] Group 4: Future Outlook - The industry is entering a phase of "quality improvement and quantity reduction," with a more rational approach to investments following recent market cycles [13] - The dual drivers of industrial capital and policy benefits suggest that 2025 could be a pivotal year for the venture capital industry, marking a transition to high-quality development [13][15] - Despite ongoing challenges, the consensus among industry players is that the wave of technological innovation is bringing positive market signals [15][16]