Core Viewpoint - The company has established a special account for the management of raised funds to ensure proper usage and protection of investor rights [1] Group 1 - The company announced the establishment of a special account for raised funds to regulate their storage, usage, and management [1] - The decision was approved during the fifth meeting of the sixth board of directors [1] - The company signed a tripartite supervision agreement with CITIC Bank Co., Ltd. Wuxi Branch and Huatai United Securities Co., Ltd. [1]

Core Points - The company has established a special account for raised funds and signed a tripartite supervision agreement with CITIC Bank Wuxi Branch and Huatai United Securities [1] - The company is issuing 5 million convertible bonds to unspecified investors, with a face value of 100 RMB each, aiming to raise a total of 500 million RMB [1] - After deducting issuance costs of 6.8922 million RMB (excluding tax), the actual net amount raised is 493 million RMB [1] - As of December 17, 2025, the balance in the special account for raised funds is 495 million RMB [1]

证券代码：300563 证券简称：神宇股份 公告编号：2025-077 关于设立募集资金专项账户并签订募集资金三方监管协议的公告 神宇通信科技股份公司 关于设立募集资金专项账户并签订募集资金 三方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意神宇通信科技股份公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2025〕2409号）同意注册，神 宇通信科技股份公司（以下简称"公司"）本次向不特定对象发行可转换公司债券 5,000,000张，每张面值人民币100元，募集资金总额500,000,000.00元，均以人民币 现金形式缴入，扣除发行费用6,892,168.98元（不含税），实际募集资金净额为 493,107,831.02元。募集资金已于2025年12月17日汇入公司指定账户内，并由天职国 际会计师事务所（特殊普通合伙）出具了天职业字[2025]45394号《验资报告》。 二、募集资金专项账户的开立情况和募集资金三方监管协议的签订情况 为规范公司募集资金的存放、使用和管 ...

证券代码：300563 证券简称：神宇股份 公告编号：2025-076 神宇通信科技股份公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（主承销商）：华泰联合证券有限责任公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 神宇通信科技股份公司（以下简称"发行人"）向不特定对象发行可转换公司 债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许可〔2025〕2409 号文同意注册。华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐 人（主承销商）"或"主承销商"）为本次发行的主承销商。本次发行的可转换公 司债券简称为"神宇转债"，债券代码为"123262"。 四、保荐人（主承销商）联系方式 一、本次可转债原股东优先配售结果 本次发行原股东优先配售的缴款工作已于 2025 年 12 月 11 日（T 日）结束， 本次发行向原股东优先配售总计 286,303,600.00 元，即 2,863,036 张，占本次可转 债发行总量的 57.26%。 二、本次可转债网上认购结果 本次发行原股东优先配售后余额部分（含原股东放弃优先配售部分）的网上 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Shenyu Convertible Bond on the first day of listing is expected to be between 140 - 145 yuan, and investors are advised to actively subscribe [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3. Summary According to Related Catalogs 3.1 Shenyu Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Shenyu Convertible Bond are priority placement and online issuance, with a bond and issuer rating of AA-. The issuance scale is 500 million yuan, the initial conversion price is 39.31 yuan. As of December 12, 2025, the closing price of the underlying stock was 36.40 yuan, and the bond parity was 92.60 yuan. The calculated pure bond value was 91.23 yuan. The game terms (downward revision, redemption, and put provisions) are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, production, and sales of coaxial cables and also conducts gold wire - drawing business. After the issuance of the convertible bond, the funds will be fully used for the intelligent field data cable construction project. The company aims to strengthen its investment and business layout in the automotive data cable and computing power data cable fields, improve production efficiency and delivery capacity, and seize more market share through economies of scale [3][17]. - Considering the current market environment and parity level, the conversion premium rate of Shenyu Convertible Bond on the first day of listing is expected to be in the range of [52%, 57%], corresponding to a first - day listing target price around 140 - 145 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - As of the end of June 2025, the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Assuming the old - shareholder placement ratio is 37% - 41%, the scale of Shenyu Convertible Bond available to the market is 294 million - 316 million yuan. Assuming the online effective subscription volume is 8.53 million households, the lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company's main products are coaxial cables, RF connectors and components, and it also conducts gold wire - drawing business. Coaxial cables are the main products, including various series. The company has a complete product matrix and has made progress in multiple fields [20]. - The upstream of the communication cable industry includes copper and plastic material industries. China's stable copper production and the basic localization of plastic materials ensure production needs, but raw material price fluctuations affect the company. The downstream is the cable assembly industry, and the terminal industries include consumer electronics, data communication, etc. The demand in these fields is growing [20][21][22]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a fluctuating trend. Coaxial cable sales decreased in 2023 due to the slowdown of communication base station construction and increased from 2024 to the first half of 2025 due to market expansion. The gold wire - drawing business income declined in the first half of 2025 because the company reduced low - margin business [25]. - The company's comprehensive gross profit margin and net profit margin showed an upward trend. The gross profit margin increased mainly because the company expanded new markets and reduced low - margin business. The company's period expenses increased year - by - year, mainly due to equity incentive expenses and increased sales promotion. R & D expenses remained stable, and accounts receivable were relatively stable. The company's net profit attributable to the parent company fluctuated greatly [30][31][43]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure was relatively dispersed. Ren Fengjuan was the largest shareholder, and the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Ren Fengjuan, Tang Xiaonan, and Tang Jiankang were the actual controllers [45]. 3.2.4 Company's Business Characteristics and Advantages - Market reputation and customer resource advantages: The company has a good market reputation and brand image, and has established long - term and stable relationships with many well - known enterprises. It has also established a one - stop multi - target service platform [47]. - R & D innovation and technology accumulation advantages: The company has a scientific R & D management system, has mastered multiple core production processes, and has a large number of patents. It focuses on high - tech and high - value - added product layout [48][50]. - Product quality advantages: The company has a perfect quality control system and has passed multiple quality management certifications, achieving seamless connection with top - level quality specifications [51]. 3.2.5 Arrangement of This Fund - Raising Investment - The company plans to issue convertible bonds to raise up to 500 million yuan, which will be fully used for the intelligent field data cable construction project after deducting issuance fees. The project has a total investment of 504.2642 million yuan, with an expected annual output of 272,500 kilometers of intelligent field data cables. After reaching full production, it is expected to achieve an annual operating income of 476.8936 million yuan, with an internal rate of return of 12.58% (after - tax) and a static investment payback period of 8.44 years (including the construction period) [52][53].

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].

Group 1 - The core point of the news is the announcement of the subscription results for the convertible bonds issued by Shenyu Co., Ltd. (300563), with a total of 213,600 winning numbers, each allowing the subscription of 10 bonds (1,000 yuan) [1] - The current stock price of the underlying asset for Shenyu convertible bonds is 36.40 yuan, with a conversion price of 39.31 yuan, resulting in a conversion value of 92.60, indicating that the conversion value is relatively low [2] - The hot market for convertible bonds suggests that despite the low conversion value, there may still be an estimated profit of around 300 yuan for investors who successfully subscribe [2] Group 2 - The stock market is currently around 3,900 points, a relative high not seen by many investors in the past decade, leading to a sense of caution among stockholders [3] - Historical valuation metrics indicate that the A-share market is no longer perceived as cheap, but this does not necessarily mean it is overvalued; rather, it reflects a long-term undervaluation of the Chinese stock market [4] - The narrative suggests that the undervaluation of Chinese stocks may change in the coming years due to structural economic improvements, enhanced corporate profitability, and the maturation of capital market systems, indicating a potential revaluation of A-shares and Hong Kong stocks [6]

证券代码：300563 证券简称：神宇股份 公告编号：2025-075 神宇通信科技股份公司 向不特定对象发行可转换公司债券中签号码公告 保荐人（主承销商）：华泰联合证券有限责任公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示 神宇通信科技股份公司（以下简称"神宇股份"、"发行人"或"公司"） 和华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人（主承销 商）"或"主承销商"），根据《中华人民共和国证券法》《证券发行与承销管 理办法》（证监会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证 监会令〔第 227 号〕）、《深圳证券交易所上市公司证券发行与承销业务实施细 则（2025 年修订）》（深证上〔2025〕268 号）、《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券（2025 年修订）》（深证上〔2025〕223 号）和《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理（2025 年修订）》（深证上〔2025〕398 号）等相关规定向不特定对象发行可转换公司 债券（以下简称"神宇转债" ...

Group 1 - The core viewpoint of the article is that Shenyu Co., Ltd. (300563) clarified its product focus in response to investor inquiries, emphasizing that its products are primarily used for receiving and transmitting radio frequency signals and do not involve superconducting products [1] Group 2 - The company engaged with investors on an interactive platform, indicating a commitment to transparency and communication regarding its product offerings [1] - The clarification provided by the company may help to align investor expectations and reduce potential misconceptions about its product line [1]

Group 1 - The company, Shenyu Co., Ltd. (300563.SZ), has indicated that its products are applicable in aerospace and other fields [1] - The company has achieved breakthroughs in product development due to its technological research and development advantages [1] - Some of the company's products have received bulk orders across multiple model devices [1] - The company has established cooperative relationships with several important clients [1]