Group 1 - The company has signed a partnership agreement with Xiamen Zongheng Jinding Private Fund Management Co., Ltd. and other limited partners to establish a venture capital partnership named "Qiongqing City Yizhang Wangchao Venture Capital Partnership (Limited Partnership)" with a total fundraising scale of 108.05 million RMB, where the company contributes 32.4 million RMB, accounting for 29.9861% of the total [1] - The partnership aims to invest primarily in equity, specifically targeting Shanghai Wolant Aviation Technology Co., Ltd., which focuses on the research and production of manned electric vertical take-off and landing aircraft [1] - The partnership has completed business registration changes and obtained a new business license, and has also completed the registration with the Asset Management Association of China, receiving a private fund registration certificate [3] Group 2 - The investment will utilize the company's own funds and is not expected to impact the company's normal production and operational activities, nor will it significantly affect the company's financial and operational status [4] - The investment is intended to explore development opportunities in the low-altitude economy sector while ensuring the company's main business remains unaffected, potentially broadening investment channels and enhancing shareholder returns [3][4] - The company will continue to monitor the implementation of the investment fund and fulfill its information disclosure obligations in accordance with relevant laws and regulations [4]

Market Overview - On November 7, the motorcycle and other sectors fell by 0.91%, with Zhenghe Industrial leading the decline [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances included: - Aima Technology (603529) closed at 32.18, up 0.97% with a trading volume of 112,700 shares and a turnover of 365 million yuan [1] - Zhenghe Industrial (003033) closed at 75.71, down 4.72% with a trading volume of 21,400 shares and a turnover of 165 million yuan [2] - Longxin General (603766) closed at 13.73, down 3.78% with a trading volume of 260,400 shares and a turnover of 362 million yuan [2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 52.52 million yuan from main funds, while retail investors saw a net inflow of 56.14 million yuan [2] - The capital flow for specific stocks showed: - Aima Technology had a main fund net inflow of 31.71 million yuan, while retail investors had a net outflow of 18.69 million yuan [3] - Zhenghe Industrial had a main fund net outflow of 4.30 million yuan, with retail investors seeing a net inflow of 10.68 million yuan [3]

Core Viewpoint - Aima Technology (603529.SH) has signed a partnership agreement to establish a private equity fund with a total fundraising target of 108 million RMB, with the company contributing 32.4 million RMB, representing a 29.9861% stake [1] Group 1: Investment Details - The partnership involves Aima Technology, Xiamen Zongheng Jinding Private Fund Management Co., Ltd., and other limited partners [1] - The company has already paid in 31.8 million RMB as the first installment of its investment [1] - The main business of the partnership focuses on equity investment, specifically targeting Shanghai Volant Aerospace Technology Co., Ltd. or its future listing entity [1] Group 2: Business Focus - The investment will support the research and production of manned electric vertical take-off and landing aircraft [1] - This investment aims to explore opportunities in the low-altitude economy sector while ensuring the company's main business development [1] - The partnership is expected to enhance the company's investment channels and improve shareholder returns [1] Group 3: Regulatory Compliance - The partnership has completed the registration with the Asset Management Association of China and obtained the private investment fund registration certificate [1]

| | | 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 进展 | 终止 | 交易要素变更 | | 特别风险提示 | 募集失败 | | | | | 未能完成备案登记 | | | | | 提前终止 | | | | | 发生重大变更 | | | | | 其他：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 | | | | | 理等多种因素影响，可能存在投资后无法实现预期收益的风险。敬请 | | | | | 广大投资者注意投资风险。 | | | 一、合 ...

Core Viewpoint - The introduction of the new national standard for electric bicycles is accelerating the segmentation of the two-wheeler market, with a focus on safety and performance, leading to a shift in user demographics and preferences [3][4]. Group 1: Market Segmentation - The new national standard is expected to create a primary user base of urban commuters and short-distance travelers who prioritize safety [2][4]. - Users engaged in delivery, logistics, and entertainment, who previously relied on over-standard or illegally modified vehicles, are likely to transition to electric motorcycles as substitutes [2][4]. Group 2: High-End Electric Motorcycle Growth - High-end electric motorcycles priced above 4000 yuan are projected to grow by 87% in 2024, driven by brands like Ninebot, Yadea, and Niu [2]. - The primary consumers of high-end electric motorcycles are young individuals seeking personalized and high-quality riding experiences, with a repurchase rate twice that of lower-end models [2][6]. Group 3: Battery Technology and Performance - The shift towards lithium batteries in electric motorcycles is significant due to their advantages in weight, energy density, and overall performance compared to lead-acid batteries [5][6]. - Companies like Xingheng Power are advancing battery technology, introducing high-capacity lithium batteries designed specifically for electric motorcycles, addressing the needs of over 90% of users [7]. Group 4: International Market Opportunities - The overseas market, particularly in Europe and the U.S., is becoming a testing ground for Chinese high-end electric motorcycle brands, with significant subsidies available in countries like Belgium and Italy to promote electric vehicle adoption [9][10]. - Brands like Yadea and Niu are performing well in Europe, with Niu's targeted development of mid-to-high-end models contributing to an estimated sales revenue of 170 million yuan in 2024 [9][10]. Group 5: Future Outlook - The new national standard is expected to catalyze a more segmented electric motorcycle market domestically, while validated overseas markets will further drive demand for lithium batteries [11].

Group 1 - The core viewpoint of the report is that Aima Technology (603529.SH) is rated "outperform" by Guosen Securities due to expected revenue and profit growth driven by new national standards and policy changes [1] - The company's revenue and profit are projected to see a slight increase in Q3 2025, primarily influenced by the transition to new national standards [1] - The old-for-new policy combined with a reduction in price wars is expected to enhance profitability during Q1-Q3 2025 [1] Group 2 - Aima Technology is actively expanding its high-end brand and distribution channels, which is anticipated to boost sales and market share [1] - The electric three-wheeler market in China presents significant growth potential, which could serve as a new growth driver for the company [1] - There is a warning regarding potential risks such as slower-than-expected policy implementation, ongoing price wars, weakened consumer spending, and high inventory levels [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][27] Core Insights - The company's revenue and profit showed slight year-on-year increases in Q3 2025, primarily influenced by the transition to new national standards. For the first three quarters of 2025, the company achieved revenue of 21.09 billion yuan, a year-on-year increase of 20.8%, and a net profit of 1.91 billion yuan, up 22.8% year-on-year [1][8] - The company is actively expanding its high-end brand "Zero" and has launched various product lines to meet diverse consumer needs, which is expected to enhance sales and market share [3][19] - The company has adjusted its profit forecasts downward due to potential impacts from the transition between old and new national standards, while maintaining its "Outperform the Market" rating [4][27] Financial Performance Summary - For Q3 2025, the company reported revenue of 8.06 billion yuan, a year-on-year increase of 17.3% and a quarter-on-quarter increase of 18.6%. The net profit for the same period was 700 million yuan, reflecting a year-on-year increase of 15.2% and a quarter-on-quarter increase of 14.3% [1][8] - The gross margin for Q1-Q3 2025 was 18.8%, up 1.4 percentage points year-on-year, while the net margin was 9.2%, up 0.2 percentage points year-on-year. However, Q3 2025 saw a decline in both gross and net margins compared to the previous quarter [2][12] - The company plans to sell 550,000 electric tricycles in 2024, representing a year-on-year growth of 28.9%, indicating a strong growth potential in this segment [25] Profit Forecast and Valuation - The revised profit forecasts for the company are as follows: for 2025, the net profit is expected to be 2.356 billion yuan; for 2026, 2.916 billion yuan; and for 2027, 3.496 billion yuan. The corresponding earnings per share are projected to be 2.71 yuan, 3.35 yuan, and 4.02 yuan respectively [4][27] - The company’s price-to-earnings (PE) ratios are projected to be 12, 10, and 8 for the years 2025, 2026, and 2027 respectively [4][27]

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]