| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-083 | | --- | --- | --- | | 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 "爱玛转债"的初始转股价格为 61.29 元/股；因公司实施 2022 年年度权益 分派，转股价格于 2023 年 5 月 19 日调整为 39.99 元/股，具体内容详见公司于 2023 年 5 月 13 日披露的《爱玛科技关于因利润分配调整可转债转股价格的公告》（公 告编号：2023-048）；因公司实施 2023 年半年度权益分派，转股价格于 2023 年 9 月 22 日调整为 39.64 元/股，具体内容详见公司于 2023 年 9 月 16 日披露的《爱 玛科技关于因利润分配调整"爱玛转债"转股价格的公告》（公告编号：2023-087）； 因公司实施 2023 年年度权益分派，转股价格于 2024 年 7 月 12 日调整为 39.11 元 /股，具体内容详见公司于 2024 年 7 月 6 日披露的《爱玛科技关于因利润分配调 整"爱玛转债"转股价格的公告》（公告编号：2024-063） ...

Market Overview - The motorcycle and other sectors experienced a decline of 2.53% on October 13, with Chuanfeng Power leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers included: - Jiangui General (603766) with a closing price of 13.36, up 6.12% [1] - Zhenghe Industrial (003033) at 68.30, up 4.20% [1] - Significant decliners included: - Chuanfeng Power (603129) at 251.45, down 5.99% [2] - Qianli Technology (601777) at 11.32, down 4.15% [2] Trading Volume and Capital Flow - The motorcycle and other sectors saw a net outflow of 168 million yuan from main funds, while retail investors had a net inflow of 83.48 million yuan [2] - The trading volume for notable stocks included: - Jiangui General with a transaction amount of 1.07 billion yuan [1] - Qianjiang Motorcycle (000913) with a transaction amount of 149 million yuan [2] Capital Inflow Analysis - Main funds showed a net outflow in several stocks, including: - Longxin General (603766) with a net outflow of 40.64 million yuan [3] - Zhonglu Co. (600818) with a net outflow of 3.80 million yuan [3] - Retail investors showed a net inflow in stocks like: - Longxin General with a net inflow of 1.06 million yuan [3] - Qianjiang Motorcycle with a net inflow of 0.14 million yuan [3]

Core Viewpoint - The introduction of the new mandatory national standard for electric bicycles on September 1, 2023, aims to address safety concerns, but the practice of modifying speed limits remains prevalent in the market, posing ongoing challenges for regulation [1][6]. Group 1: New National Standard - The new national standard mandates a maximum speed of 25 km/h for electric bicycles, with automatic power cut-off for exceeding this limit [1][6]. - The standard includes anti-tampering requirements for battery packs, controllers, and speed limiters to enhance safety [5][8]. Group 2: Market Practices - Many retailers continue to offer services to modify electric bicycles to exceed the 25 km/h limit, often for free, with some modifications allowing speeds up to 100 km/h [3][4]. - The practice of modifying speed limits has become an industry "unwritten rule," driven by consumer demand for faster bicycles [4][5]. Group 3: Safety Concerns - The methods used to bypass speed limits, such as removing limiters or upgrading batteries, pose significant safety risks, including potential accidents and fire hazards [4][5]. - The increase in traffic accidents involving electric bicycles has been alarming, with a reported annual growth rate of 5.85% in fatalities from 2019 to 2023 [7]. Group 4: Market Dynamics - The transition to the new standard has led to a significant increase in the cost of electric bicycles, with some products nearly doubling in price due to enhanced safety materials and components [9][10]. - The "trade-in for new" policy has seen substantial growth, with a reported 113.5% month-on-month increase in sales through this method in the first half of 2023 [10]. Group 5: Future Outlook - Despite current challenges, the electric bicycle market is expected to grow, with estimates suggesting a potential increase in ownership from 4.6 billion to 5.1 billion units [11]. - The new standard is anticipated to accelerate technological upgrades and industry consolidation, pushing the market towards higher quality products [11].

Core Insights - Aima Technology Group Co., Ltd. has been recognized as a respected enterprise for the 2024-2025 period by Economic Observer, highlighting its excellent performance in quality operations, innovation breakthroughs, and social contributions [1] Financial Performance - The company has achieved positive growth in key financial metrics including operating revenue, net profit, total assets, R&D expenses, and employee compensation for three consecutive years [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

Core Viewpoint - The Sichuan Provincial Market Supervision Administration announced that six batches of electric bicycles failed quality inspections, highlighting potential safety and compliance issues in the industry [1] Company Summaries - Chongqing Yadea Technology Co., Ltd. produced the TDR3420Z electric bicycle, which was among the non-compliant models [1] - Ninebot Technology Co., Ltd. manufactured the TDT147Z electric bicycle, also identified as failing inspection [1] - Tianjin Kunshuo New Energy Technology Co., Ltd. produced the TDT001Z electric bicycle, which did not meet quality standards [1] - Zhuoyu (Tianjin) New Energy Technology Co., Ltd. was responsible for the TDT0073Z electric bicycle, flagged for non-compliance [1] - Tianjin Aima Vehicle Technology Co., Ltd. produced the TDT1298-2Z electric bicycle, which was part of the failed inspection batch [1] - Tailg Electric Technology (Tianjin) Co., Ltd. manufactured the TDT6244Z electric bicycle, also listed among the non-compliant products [1]

Core Insights - Aima Technology's stock decreased by 1.01% on October 9, with a trading volume of 279 million yuan, indicating a negative market sentiment [1] - The company reported a net financing outflow of 6.23 million yuan on the same day, with a total financing and margin balance of 278 million yuan [1] Financing Overview - On October 9, Aima Technology had a financing buy-in of 23.87 million yuan, with a current financing balance of 273 million yuan, representing 0.94% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Margin Trading Details - On the same day, Aima Technology repaid 100 shares in margin trading and sold 300 shares, with a selling amount of 10,300 yuan [1] - The margin balance stood at 4.95 million yuan, exceeding the 70th percentile of the past year, suggesting a significant level of short selling [1] Company Performance - As of June 30, Aima Technology had 23,700 shareholders, an increase of 113.41% from the previous period, while the average number of circulating shares per shareholder decreased by 52.84% [2] - For the first half of 2025, the company achieved a revenue of 13.03 billion yuan, a year-on-year increase of 23.04%, and a net profit of 1.21 billion yuan, up 27.56% year-on-year [2] Dividend Distribution - Aima Technology has distributed a total of 3.06 billion yuan in dividends since its A-share listing, with 2.85 billion yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, increasing its holdings by 5.30 million shares to 17.93 million shares [2] - New institutional shareholders include Southern CSI 500 ETF and GF Value Leading Mixed A, while some previous major shareholders exited the top ten list [2]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 经中国证券监督管理委员会《关于核准爱玛科技集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]3038 号）核准，爱玛科技集团股份 有限公司（以下简称"公司"）于 2023 年 2 月 23 日公开发行了 2,000 万张可转 换公司债券（以下简称"可转债"），每张面值为人民币 100 元，发行总额为人 民币 20 亿元，期限 6 年，票面利率为第一年 0.3%、第二年 0.5%、第三年 1.0%、 第四年 1.5%、第五年 1.8%、第六年 2.0%。 经上海证券交易所自律监管决定书[2023]41 号文同意，公司本次发行的 20 亿元可转债于 2023 年 3 月 20 日在上海证券交易所挂牌交易，债券简称"爱玛转 债"，债券代码"113666"。 根据有关规定和《爱玛科技集团股份有限公司公开发行可转换公司债券募集 说明书》的约定，公司本次发行的"爱玛转债"自 2023 年 9 月 1 日起可转换为 爱 ...

Report Summary - The report presents the top ten convertible bonds for October 2025, along with an analysis of the issuing companies, including their business profiles, financial performance, and key attractions [13][23][35] Top Ten Convertible Bonds in October 2025 1. Zhongte Convertible Bond - Rating: AAA; 9 - month - end closing price: 112.896 yuan; Conversion premium rate: 85.92%; PE - TTM of the underlying stock: 13.22 [7][13] - Company: A globally leading specialized special - steel material manufacturer with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw - material bases, forming a strategic layout along the coast and rivers [13] - Financials: In 2024, revenue was 109.203 billion yuan (YoY - 4.22%), net profit attributable to shareholders was 5.126 billion yuan (YoY - 10.41%). In H1 2025, revenue was 54.715 billion yuan (YoY - 4.02%), net profit attributable to shareholders was 2.798 billion yuan (YoY + 2.67%) [13] - Key attractions: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with leading cost - control ability and potential for external expansion [14] 2. Shanlu Convertible Bond - Rating: AAA; 9 - month - end closing price: 119.346 yuan; Conversion premium rate: 48.74%; PE - TTM of the underlying stock: 4.08 [7][23] - Company: Mainly engaged in road and bridge construction and maintenance, and also expanding into other fields. It can provide one - stop comprehensive services [23] - Financials: In 2024, revenue was 71.348 billion yuan (YoY - 2.3%), net profit attributable to shareholders was 2.322 billion yuan (YoY + 1.47%). In H1 2025, revenue was 28.575 billion yuan (YoY + 0.26%), net profit attributable to shareholders was 1.029 billion yuan (YoY + 0.89%) [23] - Key attractions: It has the concept of "China - specific valuation", potential for improvement in various aspects under the debt - resolution background, and opportunities from regional infrastructure construction and the Belt and Road Initiative [24] 3. Hebang Convertible Bond - Rating: AA; 9 - month - end closing price: 126.41 yuan; Conversion premium rate: 21.55%; PE - TTM of the underlying stock: - 168.47 [7][35] - Company: With advantages in mineral resources and gas supply, it has completed a basic layout in the chemical, agricultural, and photovoltaic fields [35] - Financials: In 2024, revenue was 8.547 billion yuan (YoY - 3.13%), net profit attributable to shareholders was 31 million yuan (YoY - 97.55%). In H1 2025, revenue was 3.921 billion yuan (YoY - 19.13%), net profit attributable to shareholders was 52 million yuan (YoY - 73.07%) [35] - Key attractions: Its phosphate mines and salt mines have good profit - making potential, and the liquid methionine business is a major profit contributor [36] 4. Aima Convertible Bond - Rating: AA; 9 - month - end closing price: 128.513 yuan; Conversion premium rate: 38.62%; PE - TTM of the underlying stock: 13.41 [7][45] - Company: The leading enterprise in the electric two - wheeled vehicle industry, mainly engaged in R & D, production, and sales of electric two - wheeled vehicles [45] - Financials: In 2024, revenue was 21.606 billion yuan (YoY + 2.71%), net profit attributable to shareholders was 1.988 billion yuan (YoY + 5.68%). In H1 2025, revenue was 13.031 billion yuan (YoY + 23.04%), net profit attributable to shareholders was 1.213 billion yuan (YoY + 27.56%) [45] - Key attractions: It may benefit from government subsidies, new national standards, and potential improvement in gross margin [46] 5. Xingye Convertible Bond - Rating: AAA; 9 - month - end closing price: 120.859 yuan; Conversion premium rate: 29.02%; PE - TTM of the underlying stock: 5.43 [7][54] - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [54] - Financials: In 2024, revenue was 212.226 billion yuan (YoY + 0.66%), net profit attributable to shareholders was 77.205 billion yuan (YoY + 0.12%). In H1 2025, revenue was 110.458 billion yuan (YoY - 2.29%), net profit attributable to shareholders was 43.141 billion yuan (YoY + 0.21%) [54] - Key attractions: It has stable asset quality and scale growth [55] 6. Wentai Convertible Bond - Rating: AA -; 9 - month - end closing price: 128.918 yuan; Conversion premium rate: 20.93%; PE - TTM of the underlying stock: - 23.14 [7][66] - Company: A globally leading semiconductor enterprise adopting the IDM model, providing R & D, manufacturing, and testing services [66] - Financials: In 2024, revenue was 73.598 billion yuan (YoY + 20.23%), net profit attributable to shareholders was - 2.833 billion yuan (YoY - 339.83%). In H1 2025, revenue was 25.341 billion yuan (YoY - 24.56%), net profit attributable to shareholders was 474 million yuan (YoY + 237.36%) [66] - Key attractions: After focusing on the semiconductor business, it benefits from market recovery and has growth potential in the automotive and consumer electronics fields [67] 7. Chongyin Convertible Bond - Rating: AAA; 9 - month - end closing price: 121.778 yuan; Conversion premium rate: 31.87%; PE - TTM of the underlying stock: 5.88 [7][77] - Company: 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 [77] - Financials: In 2024, revenue was 13.679 billion yuan (YoY + 3.54%), net profit attributable to shareholders was 5.117 billion yuan (YoY + 3.8%). In H1 2025, revenue was 7.659 billion yuan (YoY + 7%), net profit attributable to shareholders was 3.19 billion yuan (YoY + 5.39%) [77] - Key attractions: It can benefit from the development of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and effective risk - control strategies [78] 8. Tianye Convertible Bond - Rating: AA +; 9 - month - end closing price: 120.562 yuan; Conversion premium rate: 48.06%; PE - TTM of the underlying stock: 146.42 [7][89] - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [89] - Financials: In 2024, revenue was 11.156 billion yuan (YoY - 2.7%), net profit attributable to shareholders was 68 million yuan (YoY + 108.83%). In H1 2025, revenue was 5.16 billion yuan (YoY - 0.98%), net profit attributable to shareholders was - 9 million yuan (YoY - 228.22%) [89] - Key attractions: It may benefit from the price change of caustic soda and has plans for dividend increase and coal - mine projects [90] 9. Aorui Convertible Bond - Rating: AA -; 9 - month - end closing price: 126.412 yuan; Conversion premium rate: 40.56%; PE - TTM of the underlying stock: 22.72 [7][100] - Company: A company focusing on the R & D, production, and sales of complex APIs and preparations, with leading positions in multiple fields [100] - Financials: In 2024, revenue was 1.476 billion yuan (YoY + 16.89%), net profit attributable to shareholders was 355 million yuan (YoY + 22.59%). In H1 2025, revenue was 822 million yuan (YoY + 12.5%), net profit attributable to shareholders was 235 million yuan (YoY + 24.55%) [100] - Key attractions: It has a growing dealer network, expanding preparation products, and high - quality customer resources [101] 10. Yushui Convertible Bond - Rating: AAA; 9 - month - end closing price: 125.081 yuan; Conversion premium rate: 30.74%; PE - TTM of the underlying stock: 26.93 [7][108] - Company: The largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position [108] - Financials: In 2024, revenue was 6.999 billion yuan (YoY - 3.52%), net profit attributable to shareholders was 785 million yuan (YoY - 27.88%). In H1 2025, revenue was 3.519 billion yuan (YoY + 7.16%), net profit attributable to shareholders was 458 million yuan (YoY + 10.06%) [108] - Key attractions: It has a high market share, is expanding business externally, and has effective cost - control measures [109]

Key Points - Hainan Huatie's shareholder Hu Danfeng has terminated the share reduction plan and plans to increase holdings in the company with an investment of no less than 30 million yuan and no more than 50 million yuan [2] - Yonghe Co. expects a net profit increase of 447.64% to 506.85% year-on-year for Q3 2025, driven by the high demand in the refrigerant industry and product optimization [3] - Delis Co. is planning a change in company control, leading to a suspension of its stock from October 9, 2025 [4] - BYD reported September 2025 sales of 396,300 new energy vehicles, a slight decrease from 419,400 units in the same month last year, while cumulative sales for the year reached 3.26 million units, up 18.64% [5] - Chipone Technology expects Q3 2025 revenue of 1.284 billion yuan, marking a historical high for the company, with a year-on-year increase of 78.77% [7] - Chipone anticipates a significant improvement in profitability for Q3 2025, with new orders expected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - ST Zhengping's stock will be suspended from trading starting October 9, 2025, due to unusual stock price fluctuations [2][28] - Huanxin Cement plans to repurchase shares worth between 32.25 million and 64.5 million yuan [14] - Sichuan Gold won exploration rights for a gold mine in Xinjiang for 510 million yuan, indicating strong geological potential [15]