Core Points - The stock price of Shenyu Co., Ltd. increased by 2.01% on October 21, reaching 38.10 CNY per share, with a trading volume of 1.10 billion CNY and a market capitalization of 6.836 billion CNY [1] - Year-to-date, the stock has declined by 30.63%, with a 2.81% drop over the last five trading days and a 4.20% drop over the last 20 days [1] - The company specializes in the research, production, and sales of RF coaxial cables, with main business revenue composition: coaxial cables 81.83%, others 9.78%, and gold wire products 8.39% [1] Financial Performance - For the first half of 2025, Shenyu Co., Ltd. achieved operating revenue of 396 million CNY, a year-on-year increase of 0.46%, while net profit attributable to shareholders decreased by 41.54% to 33.445 million CNY [2] - The company has distributed a total of 185 million CNY in dividends since its A-share listing, with 106 million CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 44,100, up by 9.73%, with an average of 2,814 circulating shares per person, a decrease of 8.71% [2] - The third-largest circulating shareholder is the Gold Stock ETF (517520), which holds 676,400 shares as a new shareholder, while Hong Kong Central Clearing Limited has exited the top ten circulating shareholders [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Since August, the pace of changes in the supply - demand structure of the convertible bond market has accelerated. On the demand side, insurance funds have rapidly and significantly reduced their holdings of convertible bonds, while the demand from public funds has remained stable. On the supply side, although the number of forced redemptions has increased significantly since August, the enthusiasm for new convertible bond proposals has been high, and the review speed has marginally accelerated [1][10][14]. - The A - share market fluctuated sharply this week. The current A - share market valuation has significantly recovered. Large - scale equipment renewal and consumer product trade - in measures are expected to boost domestic demand, and the export growth rate may decline. The Fed has re - entered the interest rate cut cycle, and the weak resonance between the domestic economic fundamentals and the capital side is expected to gradually start [27]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low. The risk of a correction in convertible bond valuations has been temporarily alleviated. However, in the context of stock market volatility and the strong "taking - profits" sentiment of institutions in the fourth quarter, the short - term profit - making effect of the convertible bond market may be weak. Attention should be paid to the band - trading opportunities of convertible bonds in a volatile market [28]. 3. Summary According to the Directory 1. Convertible Bond Weekly Special Topic and Outlook 1.1 What are the Highlights of New Convertible Bond Issues? - Since August, the demand - side of the convertible bond market has seen insurance funds significantly reducing their holdings, while public funds have increased their positions. On the supply - side, new convertible bond proposals have been actively submitted, and the review speed has accelerated. For example, in August, 18 new convertible bond proposals passed the board of directors, reaching the level of March 2023. In September, 17 proposals passed the general meeting of shareholders, and 7 passed the listing committee review, reaching the level of January 2024 [1][10][14]. - As of October 10, there are 4 convertible bond proposals awaiting issuance after obtaining the CSRC's approval for registration, and 8 public convertible bond proposals have passed the listing committee review, with a total scale of 530.5 million yuan. The industry distribution of these convertible bonds is mainly in TMT, advanced manufacturing, and cyclical industries [15][20]. 1.2 Weekly Review and Market Outlook - This week, the A - share market fluctuated sharply. Before the holiday, the A - share market rose, with the new energy industry chain and semiconductors leading the gains. After the holiday, the market first rose and then fell. The current A - share market valuation has recovered, and domestic demand is expected to be boosted, but the export growth rate may decline [27]. - In the convertible bond market, the subsequent issuance pressure is expected to be low. The short - term profit - making effect may be weak, and attention should be paid to band - trading opportunities. Industries to focus on include popular themes such as semiconductors and AI, domestic - demand - oriented sectors, and central state - owned enterprises under the China - specific valuation system [28][29]. 2. Weekly Tracking of the Convertible Bond Market 2.1 The Equity Market Style is Differentiated, and Pro - cyclical Sectors are Strengthening - From September 29 to October 10, the equity market showed mixed performance. The market style was more inclined to large - cap growth stocks. 26 Shenwan industry indices rose, and 5 declined. The non - ferrous metals, steel, and basic chemical industries led the gains [32][34]. 2.2 The Convertible Bond Market Rose Narrowly, and the Premium Rate for 100 - yuan Par Value Rebounded - From September 29 to October 10, the convertible bond market rose. The average daily trading volume decreased. Most individual bonds rose. The non - ferrous metals, beauty care, and non - bank financial industries led the gains in the convertible bond market, while the communication industry declined [38][39]. - The weighted conversion value of the entire market increased, and the premium rate rose. The median price of convertible bonds increased, and the number of medium - and low - priced convertible bonds decreased [45][49]. 2.3 High - frequency Tracking of Different Types of Convertible Bonds 2.3.1 Classification Valuation Changes - This week, the valuations of equity - biased and balanced convertible bonds increased. Among different par - value convertible bonds, the valuation of 80 - 90 yuan par - value convertible bonds increased more significantly. The valuations of AA + and AA - rated convertible bonds decreased, while those of other ratings increased. The valuations of large - cap and small - cap convertible bonds increased significantly, while those of other scales decreased [60]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [60]. 2.3.2 Market Index Performance - This week, convertible bonds of all ratings and scales rose. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker anti - decline ability and greater rebound strength [71]. 3. Tracking of Convertible Bond Supply and Terms 3.1 This Week's Primary Proposals Issuance - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds awaiting listing, with a total scale of 730.2 million yuan. The number of primary approvals was 10 [76]. - From the beginning of 2023 to October 10, 2025, there were 103 convertible bond proposals in total, with a total scale of 15.8329 billion yuan. The number and scale of proposals at different stages vary [77]. 3.2 Downward Revision & Redemption Clauses - This week, 9 convertible bonds were expected to trigger downward revisions, 4 announced no downward revisions, 0 proposed downward revisions, and 1 actually carried out a downward revision. Six convertible bonds were expected to trigger redemptions, 0 announced no redemptemptempt 0 announced no redemptions, and 5 announced early redemptions [5][83][84]. - As of the end of this week, there were 0 convertible bonds in the put - option declaration period and 9 in the company's capital - reduction repayment declaration period [88].

证券日报网讯神宇股份（300563）9月30日在互动平台回答投资者提问时表示，公司研发的产品可以满 足客户的定制化需求，会紧密关注市场及相关行业的发展趋势，加大产品的研发和市场的拓展力度，不 断提升公司产品的市场竞争力；目前公司生产经营一切正常。 ...

Core Viewpoint - The company Shenyu Co., Ltd. (300563.SZ) primarily produces gold wire products used in the evaporation process of semiconductor chip manufacturing and does not supply directly to end customers [1] Group 1 - The company's gold wire products are essential for semiconductor chip manufacturing [1] - Shenyu Co., Ltd. does not engage in direct sales to end customers [1]

Market Overview - As of September 25, the Shanghai Composite Index closed at 3853.30 points, down 0.34 points, with a decline of 0.01% [1] - The Shenzhen Component Index closed at 13445.90 points, up 89.75 points, with an increase of 0.67% [1] - The ChiNext Index closed at 3235.76 points, up 50.19 points, with an increase of 1.58% [1] High Turnover Stocks - A total of 62 A-shares had a turnover rate exceeding 20% on September 25 [1] - Notable stocks with high turnover rates include: - JinHua New Materials (920015) with a turnover rate of 91.23% and a price increase of 133.00% [1] - C Jianfa Zhi (301584) with a turnover rate of 83.19% and a price increase of 418.58% [1] - C Lianhe Dong (301656) with a turnover rate of 74.57% and a price increase of 147.60% [1] Additional High Turnover Stocks - Other stocks with significant turnover rates include: - BoLang Optoelectronics (301421) with a turnover rate of 40.96% and a price decrease of 2.15% [1] - ShenYu Co., Ltd. (300563) with a turnover rate of 40.51% and a price increase of 12.52% [1] - C You Sheng (603418) with a turnover rate of 39.25% and a price decrease of 4.35% [1] Summary of Turnover Rates - The report includes a detailed list of stocks with their respective closing prices, turnover rates, and price changes, indicating active trading and potential investor interest in these companies [1][2][3]

Core Viewpoint - The copper cable high-speed connection concept has shown a positive performance with a 1.26% increase, ranking fourth among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Market Performance - As of September 25, the copper cable high-speed connection concept increased by 1.26%, with 24 stocks rising, including New Asia Electronics which hit the daily limit, and notable increases in Shenyu Co., Woer Nuclear Material, and Shenglan Co. with gains of 12.52%, 7.55%, and 5.93% respectively [1]. - The concept sector saw a net inflow of 532 million yuan from main funds, with 21 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow. Woer Nuclear Material led with a net inflow of 972 million yuan [2]. Group 2: Stock Performance - New Asia Electronics, Tongyu Communication, and Huafeng Technology had the highest net inflow ratios at 41.88%, 11.11%, and 9.93% respectively [3]. - The top stocks in the copper cable high-speed connection concept based on net inflow include: - Woer Nuclear Material: 7.55% increase, 27.56% turnover rate, 972.15 million yuan net inflow, 9.03% net inflow ratio - New Asia Electronics: 10.02% increase, 9.93% turnover rate, 348.15 million yuan net inflow, 41.88% net inflow ratio - Shenyu Co.: 12.52% increase, 40.51% turnover rate, 213.77 million yuan net inflow, 9.04% net inflow ratio [3][4].

Market Performance - The ChiNext Index rose by 1.58%, closing at 3235.76 points, with a total trading volume of 663.05 billion yuan, an increase of 30.95 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 399 stocks closed higher, with 13 stocks rising over 10%, including HaHuanHuaTong and NaiPu Mining, which hit the daily limit [1] Turnover Rate - The average turnover rate for the ChiNext today was 4.35%, with 31 stocks exceeding a turnover rate of 20% [1] - Newly listed stocks C Jianfa Zhi and C Lianhe Dong had turnover rates of 83.19% and 74.57%, respectively, with significant price increases of 418.58% and 147.60% [2][4] Institutional Activity - Eight high-turnover ChiNext stocks appeared on the Dragon and Tiger List, with seven stocks showing institutional participation [3] - Li Xing Co. had four institutional special seats with a total net purchase of 113 million yuan, while Shen Yu Co. had two institutional special seats with a net purchase of 1.73 million yuan [3] Capital Flow - Sixteen high-turnover stocks experienced net inflows from main funds, with C Lianhe Dong and C Jianfa Zhi leading with net inflows of 10.22 billion yuan and 4.50 billion yuan, respectively [4] - The stocks with the highest expected net profit growth include Changchuan Technology, C Lianhe Dong, and C Jianfa Zhi, with expected net profit growth rates of 138.39%, 44.16%, and 35.00%, respectively [4]

Market Overview - On September 25, the communication equipment sector rose by 2.28%, with Shenyu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Top Gainers in Communication Equipment Sector - Shenyu Co., Ltd. (300563) closed at 48.62, up 12.52%, with a trading volume of 502,800 shares and a transaction value of 2.365 billion [1] - Canqin Technology (688182) closed at 29.50, up 10.82%, with a trading volume of 237,800 shares and a transaction value of 690 million [1] - Cambridge Technology (603083) closed at 124.87, up 10.00%, with a trading volume of 394,300 shares and a transaction value of 4.721 billion [1] - New Yisheng (300502) closed at 376.00, up 6.02%, with a trading volume of 564,300 shares and a transaction value of 20.860 billion [1] Market Capital Flow - The communication equipment sector saw a net inflow of 1.493 billion from institutional investors, while retail investors experienced a net outflow of 570 million [2][3] - Major stocks like New Yisheng and ZTE Corporation (000063) had significant net inflows from institutional investors, amounting to 1.234 billion and 872 million respectively [3] Notable Decliners - Meilixin (301307) closed at 36.86, down 7.69%, with a trading volume of 250,900 shares [2] - Jiaxun Feihuan (300213) closed at 9.94, down 5.33%, with a trading volume of 353,600 shares [2] - ST Gaohong (000851) closed at 0.40, down 4.76%, with a trading volume of 199,300 shares [2]

IPO and Refinance Review Results - During the week of September 15-19, three companies were reviewed for IPO, with two approved and one postponed [1] - The postponed company, Youxun Co., Ltd., is the third company this year to face a delay in the Sci-Tech Innovation Board IPO review [1] - Yuan Chuang Co., Ltd. and Xin Guang Yi Co., Ltd. were both approved for their IPOs, with proposed fundraising amounts of 485.13 million yuan and 638.38 million yuan respectively [1][2] Company Profiles - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, with a focus on domestic market leadership in optical communication chip design [2][3] - Yuan Chuang Co., Ltd. is engaged in the research, production, and sales of rubber track products, primarily serving agricultural and engineering sectors [9][10] - Xin Guang Yi Co., Ltd. focuses on high-performance special functional materials, including anti-overflow special films [12][13] Financial Performance - Youxun Co., Ltd. reported a net profit of 47.96 million yuan for the last year, with total assets of 844.94 million yuan as of June 30, 2025 [5] - Yuan Chuang Co., Ltd. achieved a net profit of 154.66 million yuan for the last year, with total assets of 1,989.88 million yuan as of December 31, 2024 [11] - Xin Guang Yi Co., Ltd. reported a net profit of 115.70 million yuan for the last year, with total assets of 836.05 million yuan as of December 31, 2024 [14] Fundraising Projects - Youxun Co., Ltd. plans to invest 80.91 million yuan in projects related to next-generation access networks and high-speed data center chips [6] - Yuan Chuang Co., Ltd. intends to use 63.84 million yuan for functional materials projects [15] - Xin Guang Yi Co., Ltd. aims to allocate 63.84 million yuan for its functional materials project [15] Review Meeting Inquiries - Youxun Co., Ltd. faced inquiries regarding the sustainability of its operating performance and potential risks related to declining gross margins [7] - Yuan Chuang Co., Ltd. was questioned about market competition and the impact of various factors on its revenue and profit margins [12] - Xin Guang Yi Co., Ltd. was asked to clarify the sustainability of its business performance based on its core technologies and market demand [16]

Core Viewpoint - Shenyu Co., Ltd. has received approval from the Shenzhen Stock Exchange's Listing Review Committee for its application to issue convertible bonds to unspecified investors, pending registration with the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Convertible Bond Issuance - The company plans to raise a total of up to RMB 50 million through the issuance of convertible bonds, which will be fully allocated to the smart field data line construction project [1][2]. - The convertible bonds will have a term of six years from the date of issuance and will be convertible into the company's A-shares listed on the Shenzhen Stock Exchange [2][3]. Group 2: Shareholding Structure - As of the signing date of the fundraising prospectus, Ren Fengjuan holds 36,110,800 shares, accounting for 20.13% of the total shares, making her the controlling shareholder [3][4]. - The combined shareholding of Ren Fengjuan, her daughter Tang Xiaonan, and her husband Tang Jiankang amounts to 39.65% of the total shares, indicating significant influence over company decisions [3][4]. Group 3: Underwriting and Sponsorship - The lead underwriter for this bond issuance is Huatai United Securities Co., Ltd., with representatives Lü Fuxing and Li Jun overseeing the sponsorship [4].