1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Last week (December 8 - December 12), the A - share market was volatile. Two important meetings boosted market risk appetite, and trading volume increased. AI hardware and commercial aerospace led the gains, while coal and petroleum and petrochemical sectors lagged. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week. The convertible bond market had most individual bonds closing lower, with the CSI Convertible Bond Index up 0.20% for the week, the median price up 0.10%, and the calculated arithmetic average parity down 0.35%. The overall conversion premium rate increased by 2.20% compared to the previous week [1][6][7]. - Some issuers showed a strong willingness to convert. The convertible bond market followed the stock market's volatility last week. Despite the significant adjustment of the micro - cap stock index, the CSI Convertible Bond Index closed slightly higher, showing strong resilience and improved trading volume. Several issuers of near - maturing convertible bonds proposed downward revisions, and the pricing after the proposed downward revisions varied based on the remaining term and industry fundamentals [2][15]. - Looking ahead, with the end - of - year important meetings and the Fed's rate cut settled, the market will enter a policy vacuum period. Relative return investors are advised to make small - position balanced allocations of non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, semiconductor equipment and materials for domestic substitution, commercial aerospace, and humanoid robots. Absolute return investors should focus on high - volatility stocks under 130 yuan or industry leaders with historically low valuations in sectors like two - wheeled vehicles, cosmetics, and breeding [2][15]. 3. Summaries by Related Catalogs Market Focus (December 8 - December 12) Stock Market - A - shares were volatile. The trading volume exceeded 2 trillion on Monday and Friday. The Shanghai Composite Index rose 0.54% on Monday, fell 0.37% on Tuesday, fell 0.23% on Wednesday, fell 0.7% on Thursday, and rose 0.41% on Friday. The Shenzhen Component Index rose 1.39% on Monday, fell 0.39% on Tuesday, rose 0.29% on Wednesday, fell 1.27% on Thursday, and rose 0.84% on Friday. The ChiNext Index rose 2.6% on Monday, rose 0.61% on Tuesday, fell 0.02% on Wednesday, fell 1.41% on Thursday, and rose 0.97% on Friday [1][6]. - Most Shenwan primary industries closed lower. Communication (6.27%), national defense and military industry (2.80%), electronics (2.63%), machinery and equipment (1.38%), and power equipment (1.19%) led the gains, while coal (-3.64%), petroleum and petrochemical (-3.52%), steel (-2.89%), and real estate (-2.62%) lagged [7]. Bond Market - After the Politburo meeting and the Central Economic Work Conference, the moderately loose monetary policy remained unchanged, and inflation data showed a continued price improvement trend. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week [1][7]. Convertible Bond Market - Most individual convertible bonds closed lower. The CSI Convertible Bond Index rose 0.20% for the week, the median price rose 0.10%, and the arithmetic average parity fell 0.35%. The overall conversion premium rate increased by 2.20%. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by +2.09%, -1.73%, and +0.20%, respectively, and were at the 94%, 96%, and 89% quantiles since 2023 [1][7]. - Most convertible bond industries closed lower. Building materials (+6.14%), national defense and military industry (+4.27%), power equipment (+1.25%), and beauty care (+0.94%) led the gains, while social services (-2.32%), coal (-2.12%), commercial and retail (-1.52%), and basic chemicals (-1.31%) lagged [8]. - The top - rising individual convertible bonds were Zai 22 (commercial aerospace), Huamao (computing power), Weidao (semiconductor equipment), Jize (green alcohol), and Hangyu (commercial aerospace). The top - falling individual convertible bonds were Yingbo (low - altitude economy & announced strong redemption), Hongtu (satellite application), Huarui (CNC cutting tools), Sanfang (polyester chips), and Yake (automobile aluminum) [1][10]. - The total trading volume of the convertible bond market last week was 285.692 billion yuan, with an average daily trading volume of 57.138 billion yuan, an increase from the previous week [13]. Valuation - As of December 12, 2025, for equity - biased convertible bonds, the average conversion premium rates for parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 45.18%, 34.97%, 27.88%, 20.1%, 10.88%, and 13.62%, respectively, at the 94%/90%, 94%/95%, 94%/95%, 91%/90%, 70%/53%, and 97%/98% quantiles since 2010/2021. - For debt - biased convertible bonds, the average YTM for parities below 70 yuan was -3.48%, at the 2%/6% quantiles since 2010/2021. - The average implied volatility of all convertible bonds was 43.46%, at the 88%/91% quantiles since 2010/2021. The difference between the convertible bond's implied volatility and the stock's long - term actual volatility was 2.31%, at the 84%/85% quantiles since 2010/2021 [16]. Primary Market Tracking New Issuance and Listing - Last week (December 8 - December 12), Aohong, Shenyu, Tianzhun, and Dingjie convertible bonds announced issuance, while Maolai and Ruike convertible bonds were listed. - Aohong Convertible Bond (111024.SH): The underlying stock is Aohong Electronics (605058.SH), in the electronics industry. The issuance scale is 580 million yuan, with a credit rating of AA -. The funds will be used for the construction of a production base in Thailand [23]. - Shenyu Convertible Bond (123262.SZ): The underlying stock is Shenyu Co., Ltd. (300563.SZ), in the communication industry. The issuance scale is 500 million yuan, with a credit rating of AA -. The funds will be used for the construction of data lines in the intelligent field [24]. - Tianzhun Convertible Bond (118062.SH): The underlying stock is Tianzhun Technology (688003.SH), in the machinery and equipment industry. The issuance scale is 872 million yuan, with a credit rating of AA -. The funds will be used for R & D and industrialization projects in industrial vision equipment, semiconductor metrology equipment, and intelligent driving and embodied intelligent controllers [25][26]. - Dingjie Convertible Bond (123263.SZ): The underlying stock is Dingjie Digital Intelligence (300378.SZ), in the computer industry. The issuance scale is 828 million yuan, with a credit rating of AA. The funds will be used for the Dingjie Digital Intelligence Ecological Empowerment Platform project and to supplement working capital [27]. - Maolai Convertible Bond (118061.SH): The underlying stock is Maolai Optics (688502.SH), in the electronics industry. The issuance scale is 563 million yuan, with a credit rating of A+. The funds will be used for ultra - precision optical production and processing projects, ultra - precision optical technology R & D centers, and to supplement working capital [28]. - Ruike Convertible Bond (118060.SH): The underlying stock is Ruike Da (688800.SH), in the electronics industry. The issuance scale is 1 billion yuan, with a credit rating of AA -. The funds will be used for the renovation and upgrade of high - frequency and high - speed connection systems, intelligent energy connection systems, and to supplement working capital [29]. Future Issuance and Listing - As of December 12, there were no announcements of convertible bond issuances or listings for the next week (December 15 - December 19). - Last week, one company (Shuangle Co., Ltd.) was approved for registration, two companies (Tonglian Precision and Xianghe Industry) passed the listing committee review, three companies (Suzhou Tianmai, Baoti Co., Ltd., and Zhongqi Co., Ltd.) were accepted by the exchange, and two companies (Hubei Yihua and Zhaomin Technology) passed the shareholders' meeting. There were no new board - proposed enterprises. - As of now, there are 92 convertible bonds waiting to be issued, with a total scale of 146.43 billion yuan, including 3 approved for registration with a total scale of 2.5 billion yuan and 9 that have passed the listing committee review with a total scale of 9.99 billion yuan [30].

Core Viewpoint - Suzhou Ruikeda Connection System Co., Ltd. is issuing convertible bonds totaling 1 billion yuan, with a focus on expanding its market presence in the fields of new energy, communication, and industrial applications [5][24][32]. Overview - The convertible bonds will be listed on December 12, 2025, with a maturity period of six years from November 14, 2025, to November 13, 2031 [2][3]. - The total issuance amount is 1 billion yuan, with 10 million bonds issued at a face value of 100 yuan each [5][24]. - The bonds will be rated AA- by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [4][34]. Company Background - The company specializes in the research, production, and sales of connection system products, and has developed a complete product chain including connectors, components, and modules [12][13]. - It has established itself as a key supplier in the new energy vehicle sector, providing comprehensive connection system solutions [15][20]. - The company aims to become a leader in the global connector industry, focusing on customer value and innovation [18][19]. Business Strategy - The company plans to deepen its focus on the communication and new energy sectors, enhancing its market share and product offerings [19][20]. - It will continue to invest in product research and development, targeting new business areas such as AI, data centers, and 6G communication [19][20]. - The company is also pursuing international expansion to provide products and services globally [19][20]. Financial Details - The bonds will have a tiered interest rate structure, starting at 0.20% in the first year and increasing to 2.00% by the sixth year [34]. - The initial conversion price for the bonds is set at 73.85 yuan per share [44]. - The total estimated issuance costs are approximately 11.15 million yuan [28].

股票简称：瑞可达 股票代码：688800 苏州瑞可达连接系统股份有限公司 Suzhou Recodeal Interconnect System Co.,Ltd. （苏州市吴中区吴淞江科技产业园淞葭路 998 号） 向不特定对象发行可转换公司债券 上市公告书 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 二〇二五年十二月 苏州瑞可达连接系统股份有限公司 上市公告书 第一节 重要声明与提示 苏州瑞可达连接系统股份有限公司（以下简称"瑞可达"、"发行人"或"公 司"）及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不存在任何 虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的法 律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证上市公告书中财务会 计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明 均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变 ...

每经AI快讯，12月9日，高速铜连接指数盘中涨超2%，成分股中，宝胜股份涨停，陕西华达触及涨停， 致尚科技上涨7.94%，奕东电子上涨4.04%，瑞可达上涨3.78%。 ...

资金流向方面，该股今日全天主力资金净流入1929.29万元。（数据宝） 瑞可达12月8日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 沪股通专用 | 28206.98 | | 中信证券股份有限公司上海分公司 | 6481.25 | | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 6284.33 | | 国泰海通证券股份有限公司总部 | 5648.52 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 5543.83 | | 卖出营业部名称 | 卖出金额(万元) | | 沪股通专用 | 8737.98 | | 中信证券股份有限公司上海分公司 | 8194.84 | | 申万宏源证券有限公司上海浦东新区靖海路证券营业部 | 3812.46 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 3482.09 | | 中信建投证券股份有限公司襄阳长虹路证券营业部 | 2799.89 | （文章来源：证券时报网） 12月8日瑞可达(688800)收盘价86.77元，收盘涨停，全天换手率12.31%，振幅18.62%，成交额21.06亿 元。科创板交易公开 ...

Market Overview - The main board saw significant gains with stocks like Dahua Intelligent (+10.03%), Junya Technology (+10.03%), and Huamai Technology (+10.02%) leading the rise [1] - The ChiNext board also performed well, with Zhishang Technology (+20.00%), Dongtian Micro (+20.00%), and Rongke Technology (+20.00%) showing strong increases [1] - The Sci-Tech Innovation board was led by Ruikeda (+20.00%), Saiwei Microelectronics (+18.82%), and Changguang Huaxin (+15.26%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+6.84%) and SW Other Electronics III (+4.77%) [1] Domestic News - New Sound Semiconductor Co., Ltd. completed a C-round financing of 269 million yuan, planning to invest over 150 million yuan in capacity expansion at its Jiaxing production base, aiming to increase BAW filter annual production capacity to 1 billion units [1] - Hengxuan Technology reported smooth progress in the development of its next-generation low-power high-performance wearable chip, the BES6000 series, expected to enter the sample delivery stage in the first half of next year [1] - Visionox announced at Tsinghua University's forum that its fourth-generation pTSF technology has achieved mass production, marking a significant advancement in OLED key materials in China [1] - China's integrated circuit exports reached 1.29 trillion yuan in the first 11 months of this year, a year-on-year increase of 25.6%, significantly outpacing the overall export growth rate [1] Company Announcements - Jieshun Technology announced it won the operation project for the underground parking lot of Zhengzhou Longhu Financial Center, expecting operational revenue exceeding 70 million yuan over a six-year contract period [2] - GoerTek reported progress in the equity transaction of GoerTek Optical Technology Co., Ltd., with all preconditions for the share exchange transaction being met by December 9, 2025 [2] - Naxin Micro announced its first share buyback through centralized bidding, repurchasing 344,547 shares, accounting for 0.21% of the total share capital, with a total buyback amount of 53.74 million yuan [2] - Chuangyi Huikang reported the completion of the transfer of 117,698,823 shares held by Philips Investment, representing 7.60% of the total share capital [2] International News - LaserApps successfully fabricated a 30μm TGV on semiconductor glass substrates, achieving high aspect ratios [2] - Samsung Electronics received an order from AI chip startup Tsavorite, with an order value exceeding 100 million USD for AI chip foundry services using its 4nm process technology [2] - U.S. Senate members proposed legislation to formalize current export controls on advanced semiconductors, potentially affecting companies like NVIDIA and AMD [2] - Dell is considering a price increase of at least 15%-20% for PC and server products due to rising memory prices, with other manufacturers like HP also warning of potential price hikes [2]

截至收盘，科创成长指数上涨3.2%，科创绿指上涨2.0%，科创板50指数、科创100指数均上涨1.9%，盘面上，算力硬件概念爆发，瑞可达20%张停 电涨超18%，长光华芯涨超15%，AI应用板块局部活跃，开普云涨超13%，慧辰股份涨超10%，品高股份涨超6%。 科创板系列指 (2025: 科创板50ETF 低费率 跟踪上证科创板50成份指数 该指数由科创板中市值大、流动性 好的50只股票组成,"硬科技"龙 头特征显著,半导体占比超65%, 与医疗器械、软件开发、光伏设备 行业合计占比近80% �日 该指数污 1. 保丰 年 83 科创100ETF易方达 跟踪上证科创板100指数 该指数由科创板中市值中等且流动 性较好的100只股票组成,聚焦中 .1. TV Ail A. II. 令日 该指数污 小科创企业,电于、医约王彻、电 力设备、计算机行业合计占比超 80%,其中电子、医药生物行业占 比较高 该指数由科创板中营业收入与净利 润等业绩指标增长率较高的50只股 票组成,成长风格突出,业绩高增 长行业占比高,电子、医药生物行 令日 该指数污 1.9 科创综指ETF易方达 低费率 跟踪上证科创板综合指数 该指数由 ...

| 名称 | 涨跌幅 | 戊席榜净买 | 净买额占 | | | | --- | --- | --- | --- | --- | --- | | | | 额(万元 | 总成交比 | | | | 瑞可达 | 20% | 25138 | 11.93% | 12.31% | 买一主买,成功率4 | | | | | | | 4.04% | | 荣科科技 | 20% | 24394 | 14.38% | 8.8% | 2家机构买入,成功 | | | | | | | 率46.26% | | 榕墓软件 | 10.01% | 18991 | 11.61% | 27.75% | 2家机构买入,成功 | | | | | | | 率52.94% | | 雪人集团 | 0.85% | 11600 | 2.86% | 39.2% | 4家机构买入,成功 | | | | | | | 率27.71% | | 致尚科技 | 20% | 10920 | 4.03% | 36.36% | 广东资金买入,成功 | | | | | | | 率76.89% | | 博纳影业 | 10% | 10250 | 6.57% | 12.23% | 1家机构买入 ...

12月8日，沪指涨0.54%，深证成指涨1.39%，创业板指涨2.6%。两市成交额再度突破2万亿元，超3400只个股上涨。算力硬件、能源金属、福建等板块涨幅 居前，煤炭、贵金属、油气等板块下跌。 焦点股方面，福建板块延续强势，合富中国30天16板、实达集团13天8板、安记食品5连板，商业航天概念继续活跃，顺灏股份7天6板、通宇通讯8天5板。 | 代码 | 名称 | 价格 | 涨跌 | 涨幅量 | 换手% 几天几板[2 ... | 成交额 | 成交量 涨停分析 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 688719 | 爱科赛博 | 49.37 | +8.23 | +20.00% | 13.18% 自板涨停 | 5.41 乙 | 11.83万 | 可控核聚变+A | | 301183 | 东田微 | 164.14 +27.36 | | +20.00% | 18.02% 自板涨停 | 16.19 7. | 10.567 | 光陽离器+元) | | 301 486 | 致尚科技 | 110.22 +18.37 | | +20.00% ...

统计显示，换手率超5%的高换手率个股中，C摩尔为上市5日内的新股。 市场表现看，换手率超5%的个股中，今日上涨的有76只，涨幅居前的有爱科赛博、瑞可达、赛微微电 等，分别上涨20.00%、20.00%、18.82%。跌幅居前的有荣昌生物、航天宏图、航天环宇等，分别下跌 9.79%、3.74%、3.08%。 分行业看，今日换手率超5%的个股中，所属电子行业个股最多，有29只个股上榜；计算机、电力设备 等紧随其后，分别有14只、12只个股上榜。 资金流向方面，高换手率个股中，有38股今日获主力资金净流入，净流入金额较多的有国盾量子、德科 立、腾景科技，净流入金额分别为4.06亿元、3.25亿元、2.57亿元，净流出金额较多的有臻镭科技、佰 维存储、C摩尔，净流出金额分别为1.88亿元、1.71亿元、1.56亿元。 从杠杆资金动向看，高换手个股中，共44股近期获杠杆资金净买入，统计显示，截至12月5日，近5日融 资余额增加较多的有C摩尔、佰维存储、微导纳米等，分别增加17.01亿元、2.39亿元、8610.31万元；融 资余额减少金额较多的有源杰科技、腾景科技、阿特斯等，分别减少2.93亿元、2.88亿元、2.27 ...