Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - Historically, convertible bonds with overseas - listed stocks rarely had successful downward revisions. From 2016 to now, among 36 convertible bonds with overseas - listed stocks, only 2 had downward - revision histories, namely Huayou Convertible Bond (Swiss GDR listed) and Electric Convertible Bond (Hong Kong listed) [4][8]. - Currently, there are 9 convertible bonds in the entire convertible bond market with shares circulating outside the A - share market. Among them, 5 companies are listed in Hong Kong, and Great Wall Motor also has shares circulating in the US OTC market. 4 companies have issued Swiss GDRs [4][7]. - Overall, after listing in Hong Kong or the US, due to the opposition of foreign investors, there may be some obstacles to the downward revision of convertible bonds. However, considering the downward - revision situation of Electric Convertible Bond, such convertible bonds still have the possibility of downward revision, but it may require the controlling shareholder to have a relatively large number of domestic and overseas equities and the convertible bonds to have been reduced for voting [4]. - Recently, the number of issuers submitting Hong Kong - listing plans in the convertible bond market has been increasing. Considering the more complex clause handling of convertible bonds after Hong Kong listing historically, some low - remaining - term targets may have opportunities to play with clauses, which is a potential "possible change" worthy of attention in the current market environment where the overall parity of convertible bonds has significantly increased [4]. Summary by Relevant Catalogs 1. Historical Downward - Revision Situations of Convertible Bonds with Overseas - Listed Stocks - There are 9 convertible bonds in the current convertible bond market with shares circulating outside the A - share market, including 5 Hong Kong - listed companies and 4 companies with Swiss GDR issuances [7][8]. - From 2016 to now, among 36 convertible bonds with overseas - listed stocks, only 2 had downward - revision histories. About 16 of these targets triggered downward revisions, among which 3 convertible bonds proposed downward revisions, but Fulai Convertible Bond failed in the downward - revision proposal. Among the remaining 13 convertible bonds, 7 have been delisted, and 6 are still in the market [8][9]. 1.1 Shanghai Electric: Shareholder Meetings Held in Both A - share and H - share Markets, with 25% of H - shareholders Opposing - Electric Convertible Bond was listed on the Shanghai Stock Exchange in February 2016 and delisted in 2021. In November 2018, the company's board of directors proposed a downward revision of the convertible bond. In the special resolution on voting to revise the conversion price of Electric Convertible Bond, nearly 100% of A - shareholders voted in favor, and 75% of H - shareholders voted in favor. Since the total number of favorable votes in both places exceeded two - thirds, the downward - revision proposal passed. Throughout its life cycle, Electric Convertible Bond only had this one downward revision and finally expired and was delisted [11][12]. - From the 2018 holder structure of Electric Convertible Bond, it can be inferred that the actual controller participated in the voting. From the shareholder structure disclosed by the Hong Kong Stock Exchange in the 2018 semi - annual report, neither the controlling shareholder nor foreign investors had the right to veto [15]. - Three points can be summarized from the case of Electric Convertible Bond: foreign investors are likely to vote against downward revisions; the successful downward revision of Electric Convertible Bond may be due to the controlling shareholder having a large proportion of voting rights in both A - shares and H - shares; if a convertible bond proposes a downward revision, it may require more than two - thirds of favorable votes from both A - shares and H - shares [18][19]. 1.2 Huayou Cobalt: No Separate Shareholder Meeting for GDR, Similar to Foreign Investors in A - shares - Since Huayou Cobalt issued GDRs, its holders need to exercise voting rights through custodians. In November 2024, only one A - share temporary shareholder meeting was held for the downward - revision vote. The participating equity was 560 million shares, accounting for 33.4% of the total share capital. The major shareholder did not participate in the voting, and the opposing votes were about 10%. Considering that Huayou Cobalt's GDRs accounted for less than 6% of the total share capital, foreign investors had relatively less say in the downward revision [20]. 2. Summary: Planning for Hong Kong Listing is a "Possible Change" for Convertible Bonds - After listing in Hong Kong or the US, due to the opposition of foreign investors, there may be some obstacles to the downward revision of convertible bonds. However, such convertible bonds still have the possibility of downward revision. Since 2025, the number of issuers submitting Hong Kong - listing plans in the convertible bond market has been increasing. Some low - remaining - term targets may have opportunities to play with clauses, but after the corresponding issuers' H - share listing, the opportunities for clause games may be fewer [22].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 6633399 | 永杉坪 / | 10.45 | -4.22% | 80.41万 | 8.38亿 | | 002192 | 融捷股份 | 37.40 | -3.86% | 20.60万 | 7.73亿 | | 002460 | 赣锋锂V | 39.45 | -2.62% | 102.62万 | 40.57亿 | | 002756 | 永兴材料 | 36.53 | -2.43% | 14.98万 | 5.47亿 | | 000762 | 西藏矿业 | 22.94 | -2.05% | 26.43万 | 6.06亿 | | 605376 | 博迁新材 | 40.80 | -1.78% | 4.92万 | 2.01亿 | | 300618 | 塞锐钻业 | 37.21 | -1.59% | 9.36万 | 3.47亿 | | 603799 | 华友钻业 | 44.24 | -1.38% | 58.54万 | 25.73亿 | | 301219 | 腾远 ...

Core Viewpoint - The rare metals sector is experiencing fluctuations, with the China Rare Metals Theme Index down by 1.43% as of August 12, 2025, while the Rare Metals ETF has shown a significant increase of 7.68% over the past week [1][4]. Group 1: Market Performance - As of August 11, 2025, the Rare Metals ETF has reached a new high in scale at 1.404 billion yuan, ranking first among comparable funds [4]. - The ETF's latest share count is 2.098 billion, also a three-month high, maintaining its leading position among similar funds [4]. - The ETF has seen a net inflow of 102 million yuan recently, with a total of 131 million yuan over the past five trading days [4]. Group 2: Stock Performance - The top ten weighted stocks in the China Rare Metals Theme Index account for 55.85% of the index, with notable companies including Northern Rare Earth, Salt Lake Co., and Luoyang Molybdenum [5]. - The performance of individual stocks has varied, with Jiangte Electric leading with a 4.38% increase, while Yongshan Lithium and others have seen declines [1][7]. Group 3: Supply and Demand Dynamics - The suspension of the Jiangxia Lithium Mine by CATL is expected to reduce domestic lithium supply by 8,300 tons per month, impacting the market balance and potentially driving lithium prices up [5]. - The ongoing strong demand for lithium batteries and a decrease in overseas lithium salt imports are expected to sustain the upward trend in lithium prices [5].

中国汽车动力电池产业创新联盟11日发布的7月动力电池月度信息显示，产量方面，7月，我国动力和其 他电池合计产量为133.8GWh，环比增长3.6%，同比增长44.3%。销量方面，7月，我国动力和其他电池 销量为127.2GWh，环比下降3.2%，同比增长47.8%。电池销量同比增速仍维持在高位。 新能车ETF紧密跟踪中证新能源汽车产业指数，中证新能源汽车产业指数选取50只业务涉及新能源整 车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公司证券作为指数样本，反映 新能源汽车产业龙头上市公司证券的整体表现。 数据显示，截至2025年7月31日，中证新能源汽车产业指数(930997)前十大权重股分别为宁德时代 (300750)、汇川技术(300124)、比亚迪(002594)、长安汽车(000625)、华友钴业(603799)、三花智控 (002050)、亿纬锂能(300014)、赣锋锂业(002460)、天齐锂业(002466)、格林美(002340)，前十大权重股 合计占比55.33%。 新能车ETF(515700)，场外联接(平安中证新能车ETF联接A：012698；平安中证新能车ETF联接 ...

从指数持仓来看，中证周期稳健成长50指数十大权重分别为：中国建筑（9.33%）、中国石油 （9.24%）、中远海控（9.14%）、陕西煤业（8.12%）、华友钴业（5.93%）、中国铝业（5.78%）、华 鲁恒升（3.5%）、卫星化学（3.14%）、神火股份（2.88%）、南山铝业（2.78%）。 从中证周期稳健成长50指数持仓的市场板块来看，上海证券交易所占比75.77%、深圳证券交易所占比 24.23%。 从中证周期稳健成长50指数持仓样本的行业来看，原材料占比40.34%、能源占比29.38%、工业占比 29.11%、房地产占比1.17%。 金融界8月11日消息，上证指数上涨0.34%，中证周期稳健成长50指数 (周期稳健成长50，931581)下跌 0.2%，报1705.34点，成交额205.43亿元。 数据统计显示，中证周期稳健成长50指数近一个月上涨6.05%，近三个月上涨10.01%，年至今上涨 1.81%。 据了解，中证周期稳健成长50指数选取50只市净率较低、营业收入增长较高和ROE较高的周期性行业上 市公司证券作为指数样本，以反映周期性行业中兼具估值优势和成长性的上市公司证券的整体表现。该 ...

Group 1 - A-shares indices collectively rose on August 11, driven by news catalysts, with significant gains in lithium-related sectors including lithium mining, lithium iron phosphate batteries, and lithium batteries [1] - The New Energy Vehicle ETF (515030) increased by 3.15%, with major holdings such as Shengxin Lithium Energy and Tianqi Lithium Industries hitting the daily limit, while companies like New Zhonbang and Defang Nano saw gains exceeding 12% and 11% respectively [1] - The mining operations in the Jiangxia Wokou area by CATL have been suspended since August 10, with no immediate plans for resumption, which may lead to price stabilization in lithium carbonate, a key upstream product in the industry [1] Group 2 - According to AVIC Securities, "involution-style" competition has led to a continuous price war, significantly reducing industry profitability and compromising quality, ultimately affecting sustainable development [2] - In June, 17 major automotive companies committed to a payment term of no more than 60 days to suppliers, indicating a shift towards better financial practices [2] - The electric vehicle price war is expected to ease, allowing the industry to transition from a focus on price to a focus on quality, with potential recovery in profit margins across the supply chain [2]

Group 1 - The core viewpoint of the news highlights a strong performance in the new energy sector, with the CSI New Energy Index rising by 2.20% and significant gains in key stocks such as Di'er Laser and Xinzhou Bang [1] - The New Energy ETF (159875) recorded a half-day increase of 2.09%, with a turnover rate of 4% and a transaction volume of 36.22 million yuan [1] - The New Energy ETF has shown impressive returns since its inception, with a highest single-month return of 25.07% and an average monthly return of 7.60% over the months it has risen [1] Group 2 - In the wind power sector, Guojin Securities emphasizes a bullish outlook, particularly on the turbine manufacturing segment, as domestic offshore wind projects are set to accelerate [3] - The recent meeting by the Ministry of Industry and Information Technology regarding photovoltaic glass pricing indicates a positive trend, with new pricing set at 11 yuan per square meter, signaling a potential growth cycle for photovoltaic glass prices [4] - The top ten weighted stocks in the CSI New Energy Index account for 43.41% of the index, with leading companies including CATL, Sungrow, and Longi Green Energy [4]

Group 1: New Stock Offering - Hongyuan Co., Ltd. is available for subscription today (August 11) as the only new stock this week [1] - The company specializes in the research, production, and sales of electromagnetic wires, with products including various types of wires used in high-voltage and large-capacity power transformers [1] - The company's revenue has shown consistent growth over the past three years, with figures of 1.311 billion, 1.461 billion, and 2.072 billion yuan, resulting in a compound annual growth rate of 25.74% [1] Group 2: Financing and Stock Performance - As of August 8, the total market financing balance is 2 trillion yuan, a decrease of 355.9 million yuan from the previous trading day [2] - The non-ferrous metals industry saw the largest increase in financing balance, up by 359 million yuan, followed by the computer and automotive industries [2] - A total of 410 stocks had net financing purchases exceeding 10 million yuan, with 20 stocks surpassing 100 million yuan, led by Sunshine Power with a net purchase of 245 million yuan [2][3] Group 3: Institutional Holdings - Social security funds have appeared in 32 stocks, with new positions in 11 stocks, increased holdings in 6 stocks, and reduced holdings in 8 stocks [4] - The highest proportion of new holdings by social security funds is in Zhongchumai, accounting for 3.45% of circulating shares, followed by Beiding Co. at 3.16% [4] Group 4: Pension Fund Activity - At the end of Q2, pension funds were present in the top ten circulating shareholders of 8 stocks, with a total holding of 57 million shares valued at 1.375 billion yuan [5][6] - Hongfa Co. had the largest holding among pension funds, with a total of 28.22 million shares, while Jerry Co. was the tenth largest shareholder with 6.72 million shares [5][6] Group 5: Shareholder Increases - From August 4 to August 8, 12 companies saw significant increases in shares by major shareholders, totaling 33.17 million shares and 480 million yuan in value [7][8] - The largest increase was in Huace Testing, with 9.76 million shares and an increase of 120 million yuan, followed by Nanjing Bank with 7.51 million shares [7][8]

截至8月8日，市场融资余额合计2.00万亿元，较前一交易日减少35.59亿元，其中，沪市融资余额 10127.20亿元，较前一交易日减少10.81亿元；深市融资余额9762.33亿元，较前一交易日减少24.54亿 元；北交所融资余额64.06亿元，较前一交易日减少2343.94万元。 证券时报·数据宝统计显示，具体到个股，8月8日共有1551只股获融资净买入，净买入金额在千万元以 上的有410只，其中20只融资净买入额超亿元。阳光电源融资净买入额居首，当日净买入2.45亿元，其 次是东芯股份、盛和资源，融资净买入金额分别为2.19亿元、2.12亿元，融资净买入金额居前的还有华 友钴业、扬杰科技、天齐锂业等。 分行业统计，获融资客净买入超亿元个股中，电子、有色金属、通信等行业最为集中，分别有4只、3 只、2只个股上榜。板块分布上，大手笔净买入个股中，主板有9只，创业板有8只，科创板有3只。 （文章来源：证券时报网） 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为4.02%，融资余额占比 最高的是国科微，该股最新融资余额18.07亿元，占流通市值的比例为9.48%，融资余额占比较高的还有 ...

Group 1 - On August 8, among the 31 first-level industries, 10 industries received net financing inflows, with the non-ferrous metals industry leading at a net inflow of 359 million yuan [1] - Other industries with significant net financing inflows included computer, automotive, defense and military, social services, and comprehensive sectors, with net inflows of 334 million yuan, 121 million yuan, 81.19 million yuan, 75.19 million yuan, and 73.91 million yuan respectively [1] - A total of 1552 individual stocks received net financing inflows on August 8, with 131 stocks having inflows exceeding 30 million yuan [1] Group 2 - Among the stocks, Yangguang Electric Power had the highest net financing inflow of 245 million yuan [1] - Other notable stocks with significant net inflows included Dongxin Technology, Shenghe Resources, Huayou Cobalt, Yangjie Technology, Tianqi Lithium, Yingwei Ke, Jiejia Weichuang, and Chutianlong, with net inflows of 219 million yuan, 212 million yuan, 191 million yuan, 156 million yuan, 152 million yuan, 137 million yuan, 129 million yuan, and 129 million yuan respectively [1]