Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" and is maintained [9]. Core Views - The report highlights that Yanzhou Coal Mining Company is positioned to benefit from the recent stabilization of coal prices and the potential for price increases, driven by supply constraints in the coal market. The company exhibits both defensive and offensive characteristics, making it an attractive investment opportunity [2][6]. Summary by Sections Current Market Conditions - The report notes that the coal price has rebounded, with the port price for thermal coal reaching 688 RMB/ton as of August 12, an increase of 67 RMB/ton (+11%) since early July. This price recovery is attributed to ongoing supply tightening in the coal market [6]. Investment Logic - The investment logic for Yanzhou Coal Mining Company is based on several factors: 1. High proportion of spot sales allows the company to benefit significantly from price increases. 2. The company has a unique growth profile characterized by both organic growth and external acquisitions. 3. The significant discount of H-shares compared to A-shares enhances the investment value, particularly with a high dividend yield [2]. Sales and Profitability - Yanzhou Coal Mining Company has a high proportion of spot sales, with 52% of its self-produced coal sales being thermal coal, most of which is not under long-term contracts. This results in a higher earnings elasticity compared to other major coal producers. A 100 RMB/ton increase in thermal coal prices could potentially increase the company's earnings by approximately 5.3 billion RMB, representing a 56% increase in expected earnings for 2025 [12][14]. Growth Strategy - The company aims to achieve a coal production target of 300 million tons per year within 5-10 years. In 2024, the company produced 142 million tons of commodity coal, with plans for significant capacity expansions through both internal projects and acquisitions. The expected increase in coal production capacity is projected to be around 49.8 million tons per year [12][14]. Dividend Policy - Yanzhou Coal Mining Company has committed to a minimum dividend payout ratio of 60% from 2023 to 2025, with a projected dividend yield of 5.7% for H-shares in 2025. This high dividend yield is a key attraction for investors [12][17]. Financial Forecast - The company is expected to achieve a net profit of 9.5 billion RMB in 2025, translating to a price-to-earnings (PE) ratio of 14.2x based on the closing price on August 12. The estimated dividend yield based on the 2024 payout ratio is 3.8% [12][25].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 90.9 billion yuan for the first half of 2025, a year-on-year decrease of 6.4%, with a net profit attributable to shareholders of 6.12 billion yuan, down 25.1% year-on-year [6][9]. - In Q2 2025, the company achieved a revenue of 47.83 billion yuan, a year-on-year decrease of 6.0% but a quarter-on-quarter increase of 11.1% [6][9]. - The company’s polyurethane, petrochemical, fine chemicals, and new materials segments showed sales growth of 14.5%, 7.8%, and 35.4% year-on-year, respectively, despite price declines affecting revenue [12][9]. - The company is expected to see a continuous improvement in cash flow due to a reduction in capital expenditures, with planned investments decreasing significantly in 2025 [12][9]. Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 90.9 billion yuan, with a net profit of 6.12 billion yuan, reflecting a year-on-year decline of 25.1% [6][9]. - Q2 2025 results showed a revenue of 47.83 billion yuan, with a net profit of 3.04 billion yuan, down 24.3% year-on-year [6][9]. Business Segments - The company’s three main business segments (polyurethane, petrochemical, and fine chemicals) reported varying sales growth rates, with fine chemicals showing the highest growth at 35.4% year-on-year [12][9]. - Despite the sales growth, revenue was impacted by price declines in the respective segments [12][9]. Market Outlook - The company is positioned to benefit from a recovery in product prices, particularly in the MDI segment, as demand is expected to improve in the upcoming "golden September and silver October" season [12][9]. - The company has successfully launched several new products and technologies, enhancing its competitive edge in the fine chemicals and new materials sectors [12][9]. Future Projections - The company forecasts net profits of 14.03 billion yuan, 18.37 billion yuan, and 20.13 billion yuan for 2025, 2026, and 2027, respectively [12][9].

丨证券研究报告丨 投资策略丨点评报告 [Table_Title] 0812 港股日评：三大股指走势分化，港股通煤 炭领涨 报告要点 [Table_Summary] 2025 年 8 月 12 日，港股市场大市成交额达到 2154.2 亿港元，南向资金净买入 94.50 亿港元。 美国 7 月非农数据大幅低于预期，新增就业仅 7.3 万，季调失业率升至 4.2%，经济趋冷信号强 化市场对 9 月降息的押注，叠加特朗普提名鸽派经济学家斯蒂芬·米兰担任美联储理事，且另一 鸽派经济学家沃勒或成下任主席首选，市场对美联储降息预期较高，外部资金流动性增加。部 分互联网公司中报业绩公布后，市场个别资金套利切换，压制部分互联网公司表现。双焦期货 价格持续走高，叠加夏季能源需求旺季预期，支撑煤炭板块表现。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0812 港股日评：三大股指走势分化，港股通煤 2] 炭领涨 [Table_Summary2 ...

丨证券研究报告丨 投资策略丨点评报告 [Table_Title] 0812 A 股日评：行业轮动延续，AI 硬件、半导 体今日走高 报告要点 [Table_Summary] 2025 年 8 月 12 日，A 股市场震荡上行，AI 硬件、半导体和煤炭板块涨幅居前，沪指 7 连阳， 一度逼近前高。从指数表现来看，上证指数上涨 0.50%，深证成指上涨 0.53%，创业板指上涨 1.24%，上证 50 上涨 0.61%，沪深 300 上涨 0.52%，科创 50 上涨 1.91%，中证 1000 上涨 0.28%，市场成交额调整至约 1.91 万亿元，全市场 3162 家下跌。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0812 A 股日评：行业轮动延续， 2] AI 硬件、半导 体今日走高 [Table_Summary2] 事件描述 今日 A 股市场震荡上行，AI 硬件、半导体和煤炭板块涨幅居前，沪指 7 连阳，一度逼近前 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The report indicates that the order growth for footwear and apparel manufacturing has been recovering since Q3 2023 due to the end of inventory destocking by overseas brands. However, it is expected that order growth will begin to slow down on a month-on-month basis in 2025 due to weak terminal retail performance [2][4][32] - The current situation shows a divergence in order growth for sports shoes and apparel, with a slowdown in the weakening trend of the industry. The recovery of Nike is crucial, as its operational recovery could lead to an overall industry rebound and improve order intake for manufacturers [2][4][32] Summary by Sections Manufacturing Orders - In June, the order growth for sports shoes and apparel showed divergence, with specific companies reporting varied performance. For instance, Yu Yuan Group's manufacturing revenue increased by 9.4% year-on-year, while Feng Tai's revenue decreased by 3.1% year-on-year. Overall, the order growth has been maintaining recovery since Q3 2023, but is expected to slow down in 2025 due to weak terminal retail [5][29][32] Market Strategy - The textile manufacturing sector is expected to return to fundamental investment logic as tariffs on Southeast Asia have largely been resolved. The report suggests focusing on quality manufacturers like Crystal International and Huali Group, as well as brands with high earnings elasticity post-tariff adjustments [6][33] - In the A-share market, brands are anticipated to shift to a destocking cycle in Q3, increasing the probability of industry improvement. Recommended stocks include Hailan Home and Robam Life, which are expected to benefit from this transition [6][34] Export Trends - In June 2025, China's apparel exports grew by 0.8% year-on-year, while Vietnam's apparel exports increased by 16.0%. However, footwear exports from China and Vietnam showed a decline of 4.0% and 3.3% year-on-year, respectively, indicating a mixed performance in the export market [26][28]

丨证券研究报告丨 公司研究丨点评报告丨华利集团（300979.SZ） [Table_Title] 华利集团 2025H1 业绩快报点评：收入延续较优 增长，净利率环比回落 报告要点 [Table_Summary] 展望：短期来看，老厂开工率、订单挪腾、少量客户 FOB 调整、H2 新厂投产，预计仍拖累 H2 净利率，但预计在所得税率平稳叠加近期主动开始减人增效下，Q3 净利率仍可期待环比修复。 预计公司 2025-2027 年归母净利润为 34.9、40.0、45.3 亿元，同比-9%、+15%、+13%，对应 PE 为 17、15、13X 。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 公司发布 2025H1 业绩快报，H1 实现营收 126.6 亿元，同比+10.4%（美元同比+9.2%），归母 净利润 16.6 亿元，同比-11.4%（美元同比-12.4%）。其中 Q2 实现营收 73.1 亿元，同比+9% （美元同比+7.7%），归母净利润 9.0 亿元，同 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The report highlights that Jiangsu Jiaokong has received a 4.02% stake in Nanjing Bank from Yunshan Capital, increasing its total holdings to 14.01%. Yunshan Capital, a wholly-owned subsidiary of Jiangsu Jiaokong, will no longer hold shares in Nanjing Bank. This move reflects the major shareholders' confidence in the long-term development value of Nanjing Bank, which has seen continuous increases in shareholding in recent years [2][6]. - The report emphasizes that local state-owned enterprises are actively increasing their stakes in quality local banks, optimizing the financial equity structure amid an asset shortage. Nanjing Bank's fundamentals are strong, and it is expected to maintain a leading position in ROE and performance growth in the medium term. The high proportion of state-owned shareholders ensures stable dividends [2][6]. - The current valuation stands at 0.83x 2025 PB, with low institutional holdings, indicating significant allocation value [2]. Summary by Sections Event Description - Nanjing Bank announced that Jiangsu Jiaokong will receive a 4.02% stake from Yunshan Capital, raising its total shareholding to 14.01% after the transfer. Yunshan Capital will no longer hold shares in Nanjing Bank [6]. Shareholder Activity - Major shareholders, including Jiangsu provincial and municipal state-owned enterprises, have been consistently increasing their stakes since 2020, reflecting confidence in Nanjing Bank's future growth and value [11]. - Jiangsu Jiaokong has been a significant player, having previously acquired 10 billion shares through a directed issuance, becoming one of the top shareholders [11]. Financial Performance and Projections - Nanjing Bank is expected to enter a new five-year planning cycle in 2026, with three major turning points anticipated. These include a completed large-scale branch expansion, a peak in fixed deposit maturities, and a gradual decrease in cost-to-income ratios, which will enhance ROE [11]. - The report forecasts a 2025 dividend yield of 4.4% and highlights that the bank's valuation is notably low compared to other quality banks in the Yangtze River Delta region [11]. Investment Recommendation - The report concludes that the dividend value is underestimated, and the allocation value is significant. The high proportion of state-owned shareholders ensures a commitment to dividends, making Nanjing Bank a compelling investment opportunity [11].

Investment Rating - The report maintains a positive outlook on the IP derivatives industry, indicating a new round of investment opportunities due to rising IP popularity and market trends [6][8]. Core Insights - Sanrio's Q1 FY 2026 results show total revenue, operating profit, and net profit attributable to shareholders increased by 49%, 88%, and 38% respectively, driven by the growing popularity of Sanrio characters globally and increased foot traffic in domestic stores and theme parks [3][8]. - The company has raised its FY 2026 earnings forecast, with total sales, operating profit, and net profit for the first half of the fiscal year adjusted to 836 billion yen, 350 billion yen, and 247 billion yen, reflecting increases of 33%, 48%, and 29% respectively [8]. - Sanrio's strategic initiatives include leveraging "evergreen" IPs, expanding its IP matrix, and pursuing globalization to mitigate cyclical risks and ensure stable growth [8]. Summary by Sections Financial Performance - For the period of April to June 2025, Sanrio's revenue growth was attributed to the increasing global appeal of its characters and the influx of both foreign tourists and domestic customers to its stores and theme parks [3][8]. - Revenue growth by region includes Japan (38%), Europe (200%), North America (23%), Latin America (89%), and Asia (85%), with operating profit growth in the same regions being 58%, 529%, 133%, 106%, and 133% respectively [8]. Strategic Initiatives - Sanrio is focusing on enhancing its IP derivatives through events like the 50th anniversary of Melody and the 20th anniversary of Kuromi, alongside the launch of new content on platforms like Netflix [8]. - The company aims to strengthen its licensing model globally and improve profitability through data-driven product selection and brand collaborations [8]. Market Outlook - The report expresses optimism for the IP derivatives sector, highlighting recent successful events and the potential for continued product launches and content development [8]. - The report notes that the recent market corrections have likely absorbed pessimistic expectations, and companies with strong IP management and product innovation capabilities are expected to maintain long-term growth [8].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - The convertible bond market continued its moderate upward trend during the week of August 4 - 9, 2025, with the price center approaching historical highs, the valuation structure further stretched, and trading activity remaining high. The repair momentum of both medium - low - priced and high - priced varieties increased, and there were improvements in both credit and elasticity preferences. Low - rated issuers frequently initiated downward revisions, concentrated in sectors such as power equipment, pharmaceutical biology, and automobiles. The equity market was dominated by the growth style, with continuous inflows of funds into the science - innovation and manufacturing sectors, and the cyclical and military sectors also performed prominently. The intensity of industry and style rotation increased significantly, and fluctuations might intensify due to short - term sentiment warming. It is recommended to evenly allocate high - quality medium - low - priced individual bonds, considering valuation safety, fundamental support, and liquidity, and appropriately capture event - driven and rotation repair opportunities [2][5]. - Downward revision events in the current convertible bond market are relatively concentrated in sectors such as power equipment, pharmaceutical biology, and automobiles, and some industries like the electronics industry have a relatively high PB during downward revisions. The overall credit ratings of companies initiating downward revisions are relatively low, with AA - grade having the highest proportion, followed by AA and A + grades, indicating relatively prominent conversion pressure for medium - and low - rated issuers. Downward revisions mostly occur during market upswings or after sharp rebounds, suggesting that companies tend to adjust terms when stock prices are relatively supported. The market price and premium rate at the time of downward revision are generally in the medium - to - high range, and the subsequent market reaction is generally positive, with some sectors performing significantly better in the week after the downward revision. It is advisable to pay attention to the impact of the motivation and timing of downward revisions on trading strategies and explore opportunities with underlying stock support and valuation repair potential [9]. - The A - share market's major indices continued to strengthen during the week, with small - and medium - cap science - innovation stocks being active. The Growth style dominated, with the STAR 50 and CSI 2000 leading the gains. Although the marginal improvement in investors' risk appetite was observed, the net outflow of institutional funds continued, mainly due to profit - taking behaviors such as portfolio rebalancing. In terms of industries, the cyclical and military sectors led the gains, with non - ferrous metals, machinery, and textile and apparel among the top performers. The consumer sector was fragmented, with textile and apparel and home appliances recovering, while commercial retail was weak. The trading volume distribution showed that the electronics, pharmaceutical biology, and machinery sectors were the most active. Overall, market hotspots were concentrated in high - elasticity and policy - driven areas. It is recommended to focus on high - elasticity sectors such as military and machinery while moderately and evenly allocating to less - crowded and stable sectors, balancing flexibility and risk control [9]. - The convertible bond market continued its upward trend, with small - cap bonds outperforming large - cap ones, and the market's risk appetite recovered. In terms of the valuation structure, the repair momentum was strong in the medium - low - priced and high - priced ranges, while the core medium - priced range faced pressure and declined. Low - priced bonds were supported by credit improvement, and high - priced bonds stabilized due to elasticity - driven trading. The implied volatility fluctuated at a high level, indicating a strong market expectation of future fluctuations. In terms of sectors, cyclical sectors such as machinery, non - ferrous metals, and national defense and military led the gains, and the pharmaceutical biology and basic chemical sectors had a high concentration of funds. Most of the top - performing individual bonds were driven by the strength of their underlying stocks, featuring high elasticity and medium - to - long - term durations. It is generally recommended to maintain a balanced allocation between high - growth and fundamentally stable sectors and be vigilant against short - term fluctuations in highly - crowded sectors [9]. - The primary market supply of convertible bonds was stable during the week, with one new bond available for subscription and seven companies updating their issuance plans, indicating continued active progress. In terms of terms, 27 bonds announced that they were expected to trigger downward revisions, 7 announced no downward revisions, and 1 proposed a downward revision. On the redemption side, 10 bonds were expected to trigger redemption, 3 announced no early redemption, and 7 announced early redemption. Overall, the primary supply continued to be released, and events related to terms and redemptions were frequent, with continued speculative sentiment. It is recommended to pay attention to the impact of these events on pricing and trading opportunities [9]. 3. Summary by Relevant Catalogs 3.1 Characteristics of Convertible Bonds with Downward Revisions - By industry, from January to July 2025, the power equipment industry had the most downward revisions, with 8 convertible bonds announcing downward revisions, followed by the pharmaceutical biology and automobile industries, each with 5 convertible bonds announcing downward revisions. Among the industries with downward revisions, the electronics industry had the highest arithmetic average PB, with 4 convertible bonds announcing downward revisions and an arithmetic average PB of 3.6, followed by the petroleum and petrochemical and computer industries, with 1 and 2 convertible bonds announcing downward revisions respectively, and arithmetic average PBs of 3.5 and 3.3 respectively [17]. - The overall credit ratings of companies initiating downward revisions are relatively low. By credit rating distribution, among companies initiating downward revisions from January to July 2025, AA - grade convertible bonds accounted for the highest proportion, with 15 downward revisions, accounting for 30.6%, followed by AA and A + grades [19]. - In terms of market timing, downward revisions mostly occur during market upswings or after sharp rebounds, reflecting that companies tend to adjust terms when stock prices are relatively supported. When downward revisions occur, the market price and premium rate are generally in the medium - to - high range, and the subsequent market reaction is generally positive, with the automobile sector's convertible bonds having an average increase of 10.1% in the week after the downward revision, followed by the pharmaceutical biology sector with an average increase of 7.1% [9][21]. 3.2 Weekly Market Theme Review 3.2.1 Equity Market Theme Review - During the week of August 4 - 9, 2025, the trading themes in the equity market were active, with the military and high - end manufacturing themes leading the gains. The consecutive limit - up index led all themes, with a weekly increase of 17.8%. The trading themes such as the daily limit index, the first - board non - ST index, and the first - board index all had weekly increases of over 13%, indicating that short - term funds' attention to trend - following trading continued to increase. The high - end manufacturing and military sectors performed well, with the liquid - cooled server index and the general machinery selected index rising by 9.0% and 8.1% respectively, and the satellite navigation index and the satellite Internet index rising by 6.8% and 6.4% respectively. The science and technology sector continued to show a differentiated pattern, with the robot industry chain recovering strongly, while the optical module (CPO) index and the circuit board index declined. The pharmaceutical sector declined, with the innovative drug index and the weight - loss drug index falling by 2.2% and 2.8% respectively. In terms of fund flow, the weekly trading volumes of the first - board index and the daily limit index both exceeded 30 billion yuan, indicating increased activity of short - term funds. Overall, market sentiment continued to strengthen, and short - term funds shifted to high - elasticity sectors such as the military and high - end manufacturing, mainly driven by themes. At the same time, it is necessary to guard against the risk of valuation convergence in high - valuation sectors [28]. 3.2.2 Convertible Bond Market Review - During the week of August 4 - 9, 2025, the convertible bond market continued to be strong, with small - cap bonds leading the gains and large - cap bonds performing relatively weakly. The valuation structure was significantly differentiated, with significant repairs in the medium - low - priced and high - priced ranges and pressure on the core medium - priced range, reflecting that speculative funds were becoming more cautious at high levels. The implied volatility fluctuated at a high level, indicating a strong market expectation of future fluctuations. At the industry level, cyclical sectors such as machinery and non - ferrous metals led the gains, and the trading volume of the pharmaceutical biology and basic chemical sectors accounted for a relatively high proportion. The consumer sector showed increased differentiation. In terms of individual bonds, high - elasticity and medium - to - long - term duration bonds were driven by their underlying stocks and performed prominently, with a significant resonance between themes and cyclical factors. It is recommended to focus on high - quality individual bonds with strong valuation repair momentum, fundamental support, and underlying stock catalysts [32]. 3.3 Weekly Market Tracking 3.3.1 Major Indices and Sector Performance - During the week of August 4 - 9, 2025, the A - share market's major indices recovered. The Shanghai Composite Index rose 2.1% week - on - week, the Shenzhen Component Index rose 1.2%, and the ChiNext Index rose 0.5%. Small - and medium - cap science - innovation stocks performed well, with the STAR 50 Index leading the gains, rising 3.5% week - on - week, the CSI 2000 Index rising 1.8%, the CSI 500 Index rising 0.7%, and the SSE 300 Index rising 1.2%. The net outflow of institutional funds continued, but the pressure eased. The average daily trading volume of the whole market was about 1.7 trillion yuan, a week - on - week decrease of 0.1 billion yuan. The net outflow of institutional funds increased from 3.87 billion yuan on Monday to 12.52 billion yuan on Tuesday, then decreased slightly to 11.05 billion yuan on Wednesday, and then increased significantly again, reaching 34.92 billion yuan on Friday, possibly indicating short - term profit - taking behaviors. The average daily net outflow of institutional funds during the week was 17.82 billion yuan, a decrease of 11.32 billion yuan compared with the previous week, indicating a warming market sentiment [33]. - The A - share market continued its structural differentiation pattern during the week, with cyclical and military sectors performing strongly. The non - ferrous metals sector led the gains among Shenwan primary industries, rising 5.7% week - on - week, followed by the machinery and textile and apparel sectors, rising 5.4% and 4.6% respectively, and the national defense and military sector rising 4.4%. The consumer sector was fragmented, with the textile and apparel sector rising strongly, the home appliance sector showing signs of recovery, rising 2.9%, and the commercial retail sector performing weakly, falling 0.9%. Cyclical sectors generally recovered, with the coal, light manufacturing, and basic chemical sectors rising 3.2%, 3.2%, and 2.3% respectively. Overall, market funds were concentrated in cyclical and military sectors. It is recommended to focus on high - elasticity and policy - favored varieties, while also considering cyclical sectors and guarding against structural risks. In terms of trading volume, the electronics sector had the highest average daily trading volume of 220.78 billion yuan, a week - on - week decrease of 11.13 billion yuan, accounting for 13.2% of the market. The pharmaceutical biology sector had an average daily trading volume of 164.82 billion yuan, a week - on - week decrease of 29.78 billion yuan, accounting for 9.9%. The machinery sector's average daily trading volume was 159.71 billion yuan, a week - on - week increase of 33.52 billion yuan, accounting for 9.6%. The non - bank financial sector had a significant outflow of funds, with its average daily trading volume decreasing by 30.55 billion yuan week - on - week [39][40]. 3.3.2 Convertible Bond Market Performance - The convertible bond market performed actively during the week of August 4 - 9, 2025, with all major indices rising. Small - cap bonds led the gains, with the Wind Small - Cap Convertible Bond Index rising 2.8%, the mid - cap index rising 2.4%, and the large - cap index rising 1.7%. The market continued its upward trend, and investors' risk appetite increased. The trading activity of the convertible bond market recovered, with the average daily trading volume reaching about 89.8 billion yuan, a week - on - week increase of 7.36 billion yuan, but the overall sentiment of funds tended to stabilize. Currently, there is a resonance between themes and small - cap convertible bonds in the market, and the fund allocation has shifted [49]. - When divided by the parity range, the overall valuation of the convertible bond market has stretched. In the parity range below 90 yuan, the valuation has generally stretched, with the premium rate in the range below 80 yuan stretching by 2.80% and the 80 - 90 yuan range stretching by 1.41%. In the 90 - 100 yuan parity range, the 90 - 100 yuan range stretched by 1.82%, and the 100 - 110 yuan range stretched by 1.62%. In the medium - to - high parity range, the valuation was slightly differentiated, with the premium rate in the 110 - 120 yuan range stretching by 2.29%, the 120 - 130 yuan range stretching by 2.07%, and the range above 130 yuan compressing by 0.35%. Overall, the valuation of each range divided by the parity range has mainly stretched, mainly due to the "asset shortage" in the convertible bond market, where the short - term elasticity of convertible bonds may be greater than that of underlying stocks [51]. - When divided by the market price range, the valuation of convertible bonds continued to show a differentiated pattern, with a structural adjustment overall. The valuation in the range below 90 yuan compressed by 1.41%, the 90 - 100 yuan range slightly stretched by 4.36%, the 100 - 110 yuan range's premium rate significantly compressed by 17.84%, the 110 - 120 yuan range stretched by 4.20%, the 120 - 130 yuan range stretched by 7.74%, and the range above 130 yuan stretched by 3.16%. Overall, the valuation of medium - low - priced individual bonds in the 90 - 100 yuan range and high - priced individual bonds above 110 yuan strengthened significantly, while the valuation of the core 100 - 110 yuan range deeply corrected, and low - priced bonds below 90 yuan were also under pressure [53]. - The weighted implied volatility of the convertible bond market's balance fluctuated downward during the week, and the market sentiment became more cautious. The weighted implied volatility of the whole - market convertible bond balance rose from 26.4% on Monday to 27.8% on Wednesday and then declined, closing at 27.1% on Friday, an increase of about 2.1 pct compared with the previous Friday. From a historical percentile perspective, the implied volatility continued to be at the upper end of the 25% - 75% historical percentile range. Considering the 90 - day rolling average and the ± 1.5 - times standard deviation fluctuation range, the current implied volatility continued to operate outside the upper boundary of the channel, indicating an increased market expectation of future fluctuations in convertible bonds [54]. - The median price of convertible bonds fluctuated upward during the week, rising from 125.6 yuan last Friday to 128.6 yuan, a week - on - week increase of 2.3%. The convertible bond market showed signs of recovery, and the median price of convertible bonds was still higher than the 75% historical percentile, indicating that the market trading sentiment remained at a relatively high level, but the risk appetite was marginally shrinking [55]. - The convertible bond market's performance by sector was generally strong, and the concentration of funds increased slightly. Among 27 industries, the machinery sector led the gains, rising 5.7%, followed by the non - ferrous metals and national defense and military sectors, rising 4.2% and 4.1% respectively, and the beauty care and computer sectors also performed strongly, rising 4.0%. The consumer sector was relatively weak, with the commercial retail and food and beverage sectors rising 1.5% and 1.3% respectively. In terms of funds, there was a high degree of concentration, with the pharmaceutical biology sector having the highest average daily trading volume of 57.15 billion yuan, accounting for 12.8%, followed by the basic chemical and machinery sectors, accounting for 11.5% and 8.6% respectively. The three sectors together accounted for 32.9% of the trading volume, a slight decrease in concentration compared with the previous week. The machinery and non - ferrous metals sectors led the gains, indicating a slight shift in investors' risk appetite, while the pharmaceutical biology and basic chemical sectors still attracted a relatively high amount of funds. The consumer sector showed a more obvious differentiation pattern, with the beauty care sector performing well and the commercial retail sector performing weakly [57][60]. - Individual convertible bonds generally strengthened during the week, with technology and cyclical sectors performing well. Among them, 431 convertible bonds had a week - on - week increase of 0 or more, accounting for 93.1% of the total number of outstanding convertible bonds in the market. The top five convertible bonds in terms of week - on - week increase during the conversion period were Dongjie Convertible Bond (machinery, 39.6%), Jiaojian Convertible Bond (construction and decoration, 23.3%), Julong Convertible Bond (basic chemicals, 19.3%), Gaoce Convertible Bond (power equipment, 18.3%), and Borui Convertible Bond (pharmaceutical biology, 17.7%), with conversion premium rates of 3.5%, 17.9%, 5.9%, 0

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market witnessed a key policy adjustment from August 4 - 8, 2025. The new tax policy resumed the collection of VAT on the interest income of government bonds and financial bonds issued after August 8, leading to an expectation of an expanded spread between new and old bonds. Fundamental data such as flat CPI, a 3.6% decline in PPI, and a drop in PMI in July, along with the cooling of anti - involution market sentiment, support the bullish logic of the bond market. The yield of 10 - year treasury bonds is expected to fall to around 1.65%, and the yield of 5 - year secondary capital bonds of national and joint - stock banks may decline to 1.9%. Although the new tax policy exerts some pressure on new bonds, it forms a downward yield logic for old bonds, especially creating a strong incentive for institutions such as bank self - operations to scramble for old bonds. Credit bonds not affected by the new policy will also be indirectly benefited. Therefore, the current bond market bullish trend is considered the path of least resistance. In terms of credit strategies, it is recommended to increase the allocation of old financial bonds in mid - to - late August and actively capture capital gains opportunities brought about by the decline in credit bond yields [2][6]. - The tax - exemption advantage of non - financial credit bonds may lower the credit spread center. After the Ministry of Finance resumed the collection of VAT on the interest income of interest - rate bonds, the after - tax yield of non - financial credit bonds became more attractive due to their tax - exemption status, directly lowering the credit spread center. However, considering the sharing game of tax costs between issuers and investors, the decline in the spread may be less than the theoretical value. It is estimated that the yield of credit bonds may decline by 2 - 5bp, and in the long run, the allocation value of credit bonds will increase, but investors need to be vigilant about the phased disturbance of the new issuance interest rate of interest - rate bonds on the comparison advantage of credit bonds [2][7]. - The duration strategy adheres to the "neutral as the anchor". The fluctuation of market risk preference limits the stretching space of duration, and a 3 - 4 - year neutral duration is the optimal solution that combines offense and defense. Medium - duration credit bonds are less sensitive to capital interest rates and can avoid the repeated disturbances of the capital market in August. At the same time, medium - duration bonds have sufficient repair space and combine odds and liquidity. Long - duration varieties are restricted by the upward shift of the risk premium center after adjustment, supply pressure, and the cautious attitude of institutions, and it may be difficult to replicate the trend - like market of last year. It is recommended to appropriately control positions [8]. 3. Summary According to Relevant Catalogs Yield and Spread Overview - Yield and Changes of Each Term - The report presents the yields, weekly changes, and historical quantiles of various bond types (including treasury bonds, national development bonds, local government bonds, etc.) at different terms (0.5Y, 1Y, 2Y, 3Y, 5Y). For example, the 0.5 - year treasury bond yield is 1.34%, showing a - 3.4bp change compared to last week, with a historical quantile of 5.6% [15]. Yield and Spread Overview - Spread and Changes of Each Term - It shows the credit spreads, weekly changes, and historical quantiles of various bond types at different terms. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 16bp, with a - 5.7bp change compared to last week and a historical quantile of 1.1% [17]. Credit Bond Yield and Spread by Category (Hermite Algorithm) - Urban Investment Bond Yield and Spread by Region Yield and Changes of Each Term - Displays the yields, weekly changes, and historical quantiles of public non - perpetual urban investment bonds in each province at different terms. For example, the 0.5 - year yield of public non - perpetual urban investment bonds in Anhui is 1.70%, with a - 6.4bp change compared to last week and a historical quantile of 0.0% [20]. Spread and Changes of Each Term - Presents the credit spreads, weekly changes, and historical quantiles of public non - perpetual urban investment bonds in each province at different terms. For example, the 0.5 - year credit spread of public non - perpetual urban investment bonds in Anhui is 23.66bp, with a - 6.4bp change compared to last week and a historical quantile of 0.0% [23]. Yield and Changes of Each Implicit Rating - Shows the yields, weekly changes, and historical quantiles of public non - perpetual urban investment bonds in each province at different implicit ratings. For example, the AAA - rated 0.5 - year yield of public non - perpetual urban investment bonds in Anhui is 1.73%, with a - 2.6bp change compared to last week and a historical quantile of 1.0% [28]. Spread and Changes of Each Implicit Rating - Displays the credit spreads, weekly changes, and historical quantiles of public non - perpetual urban investment bonds in each province at different implicit ratings. For example, the AAA - rated 0.5 - year credit spread of public non - perpetual urban investment bonds in Anhui is 23.10bp, with a - 2.5bp change compared to last week and a historical quantile of 21.5% [33]. Yield and Changes of Each Administrative Level - Presents the yields, weekly changes, and historical quantiles of public non - perpetual urban investment bonds at different administrative levels in each province. For example, the provincial - level 0.5 - year yield of public non - perpetual urban investment bonds in Anhui is 1.72%, with a - 2.1bp change compared to last week and a historical quantile of 1.0% [38].