1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Rui Convertible Bond on the first day of listing is expected to be in the range of 129 - 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first day of listing is in the range of 32% - 37% [3][20]. - The expected first - day lottery winning rate of the convertible bond subscription is around 0.0063% - 0.0075% [21]. 3. Summary According to Relevant Catalogs 3.1. Rui Convertible Bond New Issue Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Rui Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA-. The issuance scale is 1 billion yuan, the initial conversion price is 73.85 yuan, the convertible bond parity on November 14, 2025, is 97.49 yuan, the pure bond value is 92.79 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16]. 3.1.2. Analysis of New Bond Initial Listing Price - The company's main business is the R & D, production, sales, and service of connection system products. The funds raised will be used for the renovation and upgrade projects of high - frequency high - speed connection systems and intelligent energy connection systems, with the rest for working capital. This will help the company maintain its leading position and enhance its competitiveness [19]. - Based on market environment and parity level, the first - day conversion premium rate of Rui Convertible Bond is expected to be in the range of 32% - 37%, corresponding to a first - day target price of 129 - 134 yuan [3][20]. 3.1.3. Analysis of Convertible Bond New Issue Lottery Winning Rate - Assuming the old shareholders' placement ratio is 35% - 45%, the scale of Rui Convertible Bond available to the market is 550 million - 651 million yuan. With an assumed online effective subscription of 8.67 million households, the lottery winning rate is around 0.0063% - 0.0075% [21]. 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Industry Up - and Downstream Situation - The company is engaged in the R & D, production, sales, and service of connection system products, with a complete product chain and R & D and production capabilities for various connection systems. It has established long - term partnerships with well - known customers [22]. - The upstream suppliers are basic raw material and accessory industries with sufficient supply, which helps stabilize and reduce manufacturing costs. The downstream application fields of connectors are extensive, and the development of downstream industries such as new energy vehicles will drive the connector manufacturing industry [22][23]. 3.2.2. Company's Operating Conditions - The company's revenue has shown a fluctuating upward trend from 2022 to H1 2025, with the new energy sector's revenue accounting for an increasing proportion. The comprehensive gross margin has slightly decreased, and the net profit margin has fluctuated. The company's R & D and other expenses have generally increased, and the accounts receivable situation is relatively good, but the net profit attributable to the parent company has fluctuated greatly [26][29][31]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. Wu Shijun is the largest shareholder, and Huang Bo is the second - largest shareholder. Wu Shijun is the controlling shareholder and actual controller [45]. 3.2.4. Company's Business Characteristics and Advantages - The company has a complete product chain and offers comprehensive connection system solutions. It has advantages in technology R & D, continuous process innovation, and customer resources [49][52]. 3.2.5. Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise up to 1 billion yuan. After deducting issuance fees, 500 million yuan will be used for the renovation and upgrade project of high - frequency high - speed connection systems, 200 million yuan for the renovation and upgrade project of intelligent energy connection systems, and the remaining 300 million yuan for working capital [14][53]. - The high - frequency high - speed connection system project will add a production capacity of 5.56 million sets, with expected post - tax internal rate of return of 15.94% and a payback period of 7.47 years. The intelligent energy connection system project will add a production capacity of 6.7 million sets, with an expected post - tax internal rate of return of 13.84% and a payback period of 7.69 years [53][54].

Core Viewpoint - 瑞可达's stock experienced a decline of 5.45% on November 14, with a trading volume of 626 million yuan, indicating market volatility and investor sentiment [1] Financing Summary - On November 14, 瑞可达 had a financing buy-in amount of 103 million yuan, with a net financing purchase of 14.35 million yuan after repaying 88.93 million yuan [1] - The total financing and securities lending balance for 瑞可达 reached 1.028 billion yuan, with the financing balance accounting for 6.94% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, 瑞可达 repaid 600 shares and sold 200 shares on November 14, with a selling amount of 14,400 yuan, while the securities lending balance was 970,500 yuan, also at a high level compared to the past year [1] Company Performance - As of September 30, 瑞可达 reported a total of 17,300 shareholders, an increase of 7.20% from the previous period, while the average circulating shares per person decreased by 6.72% to 11,859 shares [2] - For the period from January to September 2025, 瑞可达 achieved an operating income of 2.321 billion yuan, representing a year-on-year growth of 46.04%, and a net profit attributable to shareholders of 233 million yuan, up 119.89% year-on-year [2] - Since its A-share listing, 瑞可达 has distributed a total of 164 million yuan in dividends, with 130 million yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the fourth largest circulating shareholder of 瑞可达 was Hong Kong Central Clearing Limited, holding 7.0221 million shares, an increase of 5.4455 million shares from the previous period [2] - Notably, 海富通股票混合 and 华商优势行业混合A have exited the list of the top ten circulating shareholders [2]

Core Viewpoint - Suzhou Ruikeda Connection System Co., Ltd. has successfully registered the issuance of convertible bonds, with a total amount of 100 million yuan, and the issuance process is underway [2][5]. Group 1: Issuance Details - The convertible bonds, named "Ruikeda Convertible Bonds," have a bond code of "118060" and were approved by the China Securities Regulatory Commission [2]. - The issuance price is set at 100 yuan per bond, with a total of 1 million bonds available for subscription [5]. - The priority subscription for existing shareholders and public subscription occurred on November 14, 2025 [5][6]. Group 2: Subscription Results - A total of 771,065,000 yuan (approximately 77.11% of the total issuance) was allocated to existing shareholders through priority subscription [6]. - The public subscription resulted in 228,935,000 yuan (approximately 22.89% of the total issuance), with a low winning rate of 0.00264310% [6]. - The effective number of subscription accounts reached 8,698,203, with a total effective subscription amount of approximately 8.66 billion yuan [6]. Group 3: Next Steps - A lottery draw for the subscription results will be held on November 17, 2025, with the results to be disclosed on November 18, 2025 [7]. - Each winning subscription number allows the purchase of one bond (1,000 yuan) [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market continued to oscillate upward last week, with most industries closing higher. Some previously high - flying sectors such as TMT, military, and automotive significantly declined. The valuation of balanced and equity - biased convertible bonds in most parity ranges increased, and the median market price further rose to 133 yuan. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of convertible bond assets was generally positive. It's difficult to decide on adding or reducing positions, and a trading - band mindset should be adopted. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] - Last week, the equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. The TMT sector adjusted overall, while the consumer sector performed well due to the moderate recovery of price data. The bond market generally maintained an oscillation. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Summary by Related Catalogs Market Focus (November 10 - 14, 2025) Stock Market - The equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. Affected by factors such as CoreWeave's downward revision of its annual revenue guidance and Kioxia's under - expected performance, the TMT sector adjusted, while the consumer sector performed well due to the moderate recovery of price data. Most Shenwan primary industries closed higher, with comprehensive (6.99%), textile and apparel (4.41%), commercial and retail (4.06%), beauty care (3.75%), and pharmaceutical biology (3.29%) leading the gains; communication (-4.77%), electronics (-4.77%), computer (-3.03%), and machinery and equipment (-2.22%) lagging behind [1][7][8] Bond Market - With the central bank's consecutive net injections, the liquidity situation eased marginally. The central bank's monetary policy implementation report on Tuesday stated that it would continue to implement a "moderately loose monetary policy". The slowdown in economic growth in October did not have a significant impact on the bond market. Although the "stock - bond seesaw" effect was obvious during the day, the bond market generally maintained an oscillation throughout the week. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index rose 0.52% for the whole week, the median price increased by 0.64%, the calculated arithmetic average parity increased by 0.25% for the whole week, and the market conversion premium rate decreased by 0.24% compared with the previous week. In terms of individual bonds, Guocheng (lithium mine), Dazhong (lithium mine), Shouhua (natural gas supply), Kaisheng (thionyl chloride), and Tianci (electrolyte) convertible bonds led the gains; Hangyu (aerospace), Cehui (strong redemption announced), Haomei (aluminum profiles), Outong (data center power supply), and Liugong Zhuan 2 (construction machinery) convertible bonds led the losses. The total trading volume of the convertible bond market last week was 349.353 billion yuan, with an average daily trading volume of 69.871 billion yuan, an increase from the previous week [2][12][15] Views and Strategies (November 17 - 21, 2025) - The convertible bond market continued to oscillate upward last week. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of the convertible bond market was positive. The median market price has risen to the 99th percentile of historical levels, and the premium rates in each parity range are basically above the 90th percentile of historical levels. However, since the bullish equity market atmosphere and the factors favorable to convertible bonds have not changed significantly, it's difficult to decide on adding or reducing positions. A trading - band mindset should be adopted for convertible bond assets. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] Valuation Overview - As of last Friday (November 14, 2025), in equity - biased convertible bonds, the average conversion premium rates of bonds with 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 48.74%, 34.95%, 28.38%, 20.3%, 13.66%, and 9.79% respectively, located at the 98%/99%, 94%/95%, 95%/97%, 91%/92%, 86%/81%, and 86%/74% percentiles since 2010/2021. In bond - biased convertible bonds, the average YTM of bonds with parities below 70 yuan was -7.24%, located at the 0%/0% percentiles since 2010/2021. The average implied volatility of all convertible bonds was 42.24%, located at the 83%/79% percentiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 0.62%, located at the 80%/81% percentiles since 2010/2021 [18] Primary Market Tracking - This week (November 10 - 14, 2025), Ruike Convertible Bond announced its issuance, and there was no convertible bond listing. The issuing scale of this convertible bond is 1 billion yuan, with a credit rating of AA-. After deducting the issuance fees, it plans to invest 500 million yuan in the high - frequency and high - speed connection system reconstruction and upgrade project, 200 million yuan in the smart energy connection system reconstruction and upgrade project, and 300 million yuan in supplementary working capital. As of the announcement on November 14, there will be no convertible bond issuance or listing announcements in the next week (November 17 - 21, 2025). Last week, one company (Maolai Optics) was approved for registration, one company (Huafeng Measurement and Control) passed the listing committee review, two companies (Keboda and Suzhou Tianmai) passed the general meeting of shareholders, and one company (Laite Optoelectronics) had a board of directors' plan. There were no new companies accepted by the exchange. As of now, there are a total of 95 convertible bonds to be issued, with a total scale of 144.22 billion yuan, including 5 approved for registration with a total scale of 3.76 billion yuan and 7 passing the listing committee review with a total scale of 6.47 billion yuan [26][27]

证券日报网讯11月16日晚间，瑞可达发布公告称，公司向不特定对象发行可转换公司债券已获得中国证 券监督管理委员会同意注册。本次发行总额为100，000.00万元，原股东优先配售约77.11%，网上社会 公众投资者获配约22.89%，网上中签率为0.00264310%。 ...

证券代码：688800 证券简称：瑞可达 公告编号：2025-062 苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券 网上中签率及优先配售结果公告 保荐人（主承销商）：东吴证券股份有限公司 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： | 类别 | 中签率/配售 | 有效申购数量 | 实际配售数量 | 实际获配金额 | | --- | --- | --- | --- | --- | | | 比例（%） | （手） | （手） | （元） | | 原股东 | 100.00 | 771,065 | 771,065 | 771,065,000 | | 网上社会公众投资者 | 0.00264310 | 8,661,602,654 | 228,935 | 228,935,000 | | 网下机构投资者 | - | - | - | - | | 合计 | | 8,662,373,719 | 1,000,000 | 1,000,000,000 | 特别提示 苏州瑞可达连接系统股份有限公司（以下简称"瑞可达"、 ...

Core Viewpoint - Suzhou Ruikeda Connection System Co., Ltd. is set to issue convertible bonds to unspecified investors, with the approval from the China Securities Regulatory Commission (CSRC) [2][3]. Group 1: Issuance Details - The company plans to issue a total of 1 billion yuan (100,000 million yuan) in convertible bonds, with each bond having a face value of 100 yuan, totaling 10 million bonds [3][4]. - The issuance will be conducted through an online subscription process, with the priority subscription for existing shareholders taking place on November 14, 2025 [5][10]. - The total share capital of the company is 205,674,335 shares, and after excluding treasury shares, the eligible shares for priority subscription amount to 204,769,335 shares [6][14]. Group 2: Priority Subscription for Existing Shareholders - Existing shareholders can subscribe to the convertible bonds at a ratio of 0.004883 hand per share, which translates to a maximum of 100,000 hands available for priority subscription [5][13]. - The subscription process for existing shareholders will occur through the Shanghai Stock Exchange trading system, with a specific code for the bonds [7][15]. - The subscription period for existing shareholders is set for November 14, 2025, during regular trading hours [15][16]. Group 3: Public Offering - After the priority subscription for existing shareholders, any remaining bonds will be offered to the general public through an online subscription on the same day [29]. - The public subscription will also follow a similar process, with a minimum subscription unit of 1 hand (10 bonds) and a maximum limit of 1,000 hands per account [24][25]. - The public offering will be conducted under the code "718800" and the name "Ruikeda Bonds" [24][25]. Group 4: Underwriting and Risk Management - The underwriting will be handled by Dongwu Securities, which will assume responsibility for any shortfall in subscriptions, with a maximum underwriting limit of 30% of the total issuance [9][29]. - If the total subscriptions from existing shareholders and public investors do not reach 70% of the total issuance, the company and the underwriter may consider suspending the issuance [27][28].

Group 1 - China Pacific Insurance's subsidiary, China Pacific Life, reported a cumulative premium income of 241.32 billion yuan for the first ten months, a year-on-year increase of 9.9% [1] - China Pacific Property Insurance, another subsidiary, achieved a cumulative premium income of 173.57 billion yuan, with a year-on-year growth of 0.4% [1] - Nocera Biopharma reported a net loss of 64.41 million yuan for the first three quarters, despite a revenue increase of 59.85% to 1.115 billion yuan [1] Group 2 - Founder Securities received approval from the China Securities Regulatory Commission to issue short-term corporate bonds not exceeding 5 billion yuan [1] - Haicheng Bonda's director plans to reduce his stake by up to 0.97%, equating to 198,400 shares [1] - Yuyuan Group intends to repurchase shares worth between 200 million and 300 million yuan, with a maximum price of 8.60 yuan per share [1] Group 3 - Huaren Shuanghe's subsidiary passed the GMP compliance inspection for a specific diabetes medication [4] - Lichong Group received project notifications from three international automotive manufacturers, with expected sales amounting to approximately 1.135 billion yuan [6] - Deyang Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy [7] Group 4 - Longxin General announced the transfer of its entire stake in a subsidiary for 105.6 million yuan, and also plans to divest another stake for 1 yuan due to poor performance [16] - Kangda New Materials decided to terminate the acquisition of a semiconductor company due to unsatisfactory due diligence progress [17] - Lu'an Environmental reported a 3.28% year-on-year increase in coal sales for October, totaling 3.78 million tons [18] Group 5 - Shanghai Port Group plans to invest 2 billion yuan to establish a new holding company with several state-owned enterprises [20] - Borui Pharmaceutical's new drug for obesity treatment has received clinical trial approval [23] - Silver Dragon Co. has completed the registration of a new energy industry fund focusing on high-growth potential projects [24] Group 6 - Hengrui Medicine received approval for a clinical trial of a prostate cancer drug [11] - Baiji Shenzhou reported a net profit of 1.139 billion yuan for the first three quarters, marking a turnaround from losses [36] - Huasheng Pharmaceutical's special medical food product has received registration certification [60]

证券代码：688800 证券简称：瑞可达 公告编号：2025-061 苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：东吴证券股份有限公司 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。 特别提示 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"）向不特定对象发行可转换公司债券（以下简称"瑞可转债"，债券代码 "118060"）已获得中国证券监督管理委员会（以下简称"中国证监会"）证监 许可〔2025〕2410 号文同意注册。本次发行的保荐人（主承销商）为东吴证券 股份有限公司（以下简称"东吴证券"、"保荐人（主承销商）"或"主承销商"）。 本次发行的《苏州瑞可达连接系统股份有限公司向不特定对象发行可转换公司债 券募集说明书摘要》（以下简称"《募集说明书摘要》"）及《苏州瑞可达连接 系统股份有限公司向不特定对象发行可转换公司债券发行公告》（以下简称"《发 行公告》"）已于 2025 年 11 月 12 日（T-2 日）披露。投资者亦可在上海证券交 易所 ...

Market Overview - The other electronics sector increased by 1.62% on the previous trading day, with Ruikeda leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Top Gainers - Ruikeda (688800) closed at 75.69, up 11.00%, with a trading volume of 180,100 shares and a transaction value of 1.309 billion [1] - Shannon Chip (300475) closed at 195.06, up 10.47%, with a trading volume of 693,500 shares and a transaction value of 12.773 billion [1] - Haoshanghao (001298) closed at 35.88, up 9.99%, with a trading volume of 409,500 shares and a transaction value of 1.445 billion [1] Top Losers - Jingquan Hua (002885) closed at 30.03, down 10.01%, with a trading volume of 460,100 shares and a transaction value of 1.407 billion [2] - Ying Tang Zhi Kong (300131) closed at 11.90, down 8.25%, with a trading volume of 1,833,500 shares and a transaction value of 2.244 billion [2] - Keli Ke (002782) closed at 19.50, down 6.25%, with a trading volume of 267,500 shares and a transaction value of 528 million [2] Capital Flow - The other electronics sector saw a net inflow of 800 million from main funds, while retail funds experienced a net outflow of 215 million [2][3] - Major stocks like Shannon Chip and Haoshanghao had significant net inflows from main funds, indicating strong institutional interest [3]