Quantitative Models and Construction Methods Model Name: Net Liquidity - **Construction Idea**: Net liquidity is derived from the Federal Reserve's balance sheet, focusing on the core components of cash in circulation and bank reserves[2] - **Construction Process**: - Calculate net liquidity as total assets minus Treasury General Account (TGA) and reverse repos - Formula: $ \text{Net Liquidity} = \text{Total Assets} - \text{TGA} - \text{Reverse Repos} $ - This represents the base money supply under the money multiplier effect, directly determining the amount of money available for transactions and credit activities in the market[2][21] - **Evaluation**: Net liquidity effectively reflects the real available funds in the market, providing a clearer signal than total assets[31] Model Name: Federal Reserve Credit Support - **Construction Idea**: Federal Reserve credit support is based on the quality of collateral purchased by the Fed, aiming to enhance credit by buying lower-grade collateral[2] - **Construction Process**: - Construct the credit support indicator as the ratio of long-term government bonds, federal agency bonds, and mortgage-backed securities (MBS) to cash in circulation, reserves, and reverse repos - Formula: $ \text{Credit Support} = \frac{\text{Long-term Government Bonds} + \text{Federal Agency Bonds} + \text{MBS}}{\text{Cash in Circulation} + \text{Reserves} + \text{Reverse Repos}} $ - This indicator is smoothed and compared year-over-year to identify the direction of credit support changes[2][42] - **Evaluation**: The credit support indicator is significantly negatively correlated with credit spreads, indicating its effectiveness in reducing default risk in the economy[42] Model Name: Fed Sentiment Index - **Construction Idea**: The Fed Sentiment Index captures the sentiment of Federal Reserve officials' public statements to predict policy tendencies[3] - **Construction Process**: - Use Natural Language Processing (NLP) to analyze the sentiment of Fed officials' speeches, interviews, tweets, etc. - Assign scores ranging from extremely dovish to extremely hawkish - Calculate the total sentiment score daily to provide timely and comprehensive interpretations of Fed communication[57][59] - **Evaluation**: The Fed Sentiment Index improves the accuracy of predicting federal funds rates and bond yields, offering better differentiation for the S&P 500 compared to low-frequency document signals[59] Model Name: Market Implied Rate - **Construction Idea**: The market implied rate tracks the market's expectations of future interest rate changes based on federal funds rate futures contracts[3] - **Construction Process**: - Calculate the implied rate as $ 100 - \text{futures price} $ - Focus on the price difference between futures contracts maturing in the next month and those maturing in the month of the upcoming FOMC meeting - Smooth the quarterly differences to identify marginal changes in market expectations[68][72] - **Evaluation**: The market implied rate indicator leads actual policy rate adjustments, providing early signals of policy shifts[72] Model Name: Announcement Surprise - **Construction Idea**: Announcement surprise captures the unexpected impact of FOMC meeting decisions on market expectations[3] - **Construction Process**: - Use the price changes of federal funds rate futures contracts maturing three months after the meeting to calculate the difference between actual and implied rate changes - Sample high-frequency data 10 minutes before and 20 minutes after the meeting to precisely capture the policy expectation gap[74][75] - **Evaluation**: Announcement surprise effectively identifies the unexpected tightening or easing of Fed policies, with significant impacts on bond yields[74] Model Backtest Results Net Liquidity - **Annualized Excess Return**: 5.1% relative to S&P 500 equal-weight benchmark[92] - **Annualized Excess Return**: 7.2% relative to Nasdaq 100 equal-weight benchmark[92] - **Maximum Drawdown Reduction**: 15% for S&P 500, 31% for Nasdaq 100[92] Federal Reserve Credit Support - **Annualized Sharpe Ratio**: Enhanced for most assets during periods of increased credit support[48] Fed Sentiment Index - **Annualized Excess Return**: Significant differentiation for S&P 500 returns in hawkish vs. dovish sentiment periods[61] Market Implied Rate - **Annualized Excess Return**: Effective in predicting policy shifts, leading actual rate adjustments[72] Announcement Surprise - **Bond Yield Impact**: Higher future bond yields in unexpected easing scenarios compared to unexpected tightening scenarios[76] Quantitative Factors and Construction Methods Factor Name: Net Liquidity - **Construction Idea**: Derived from the Federal Reserve's balance sheet, focusing on cash in circulation and bank reserves[2] - **Construction Process**: - Calculate net liquidity as total assets minus TGA and reverse repos - Formula: $ \text{Net Liquidity} = \text{Total Assets} - \text{TGA} - \text{Reverse Repos} $ - This represents the base money supply under the money multiplier effect, directly determining the amount of money available for transactions and credit activities in the market[2][21] - **Evaluation**: Net liquidity effectively reflects the real available funds in the market, providing a clearer signal than total assets[31] Factor Name: Federal Reserve Credit Support - **Construction Idea**: Based on the quality of collateral purchased by the Fed, aiming to enhance credit by buying lower-grade collateral[2] - **Construction Process**: - Construct the credit support indicator as the ratio of long-term government bonds, federal agency bonds, and MBS to cash in circulation, reserves, and reverse repos - Formula: $ \text{Credit Support} = \frac{\text{Long-term Government Bonds} + \text{Federal Agency Bonds} + \text{MBS}}{\text{Cash in Circulation} + \text{Reserves} + \text{Reverse Repos}} $ - This indicator is smoothed and compared year-over-year to identify the direction of credit support changes[2][42] - **Evaluation**: The credit support indicator is significantly negatively correlated with credit spreads, indicating its effectiveness in reducing default risk in the economy[42] Factor Name: Fed Sentiment Index - **Construction Idea**: Captures the sentiment of Federal Reserve officials' public statements to predict policy tendencies[3] - **Construction Process**: - Use NLP to analyze the sentiment of Fed officials' speeches, interviews, tweets, etc. - Assign scores ranging from extremely dovish to extremely hawkish - Calculate the total sentiment score daily to provide timely and comprehensive interpretations of Fed communication[57][59] - **Evaluation**: Improves the accuracy of predicting federal funds rates and bond yields, offering better differentiation for the S&P 500 compared to low-frequency document signals[59] Factor Name: Market Implied Rate - **Construction Idea**: Tracks the market's expectations of future interest rate changes based on federal funds rate futures contracts[3] - **Construction Process**: - Calculate the implied rate as $ 100 - \text{futures price} $ - Focus on the price difference between futures contracts maturing in the next month and those maturing in the month of the upcoming FOMC meeting - Smooth the quarterly differences to identify marginal changes in market expectations[68][72] - **Evaluation**: Leads actual policy rate adjustments, providing early signals of policy shifts[72] Factor Name: Announcement Surprise - **Construction Idea**: Captures the unexpected impact of FOMC meeting decisions on market expectations[3] - **Construction Process**: - Use the price changes of federal funds rate futures contracts maturing three months after the meeting to calculate the difference between actual and implied rate changes - Sample high-frequency data 10 minutes before and 20 minutes after the meeting to precisely capture the policy expectation gap[74][75] - **Evaluation**: Effectively identifies the unexpected tightening or easing of Fed policies, with significant impacts on bond yields[74] Factor Backtest Results Net Liquidity - **Annualized Excess Return**: 5.1% relative to S&P 500 equal-weight benchmark[92] - **Annualized Excess Return**: 7.2% relative to Nasdaq 100 equal-weight benchmark[92] - **Maximum Drawdown Reduction**: 15% for S&P 500, 31% for Nasdaq 100[92] Federal Reserve Credit Support - **Annualized Sharpe Ratio**: Enhanced for most assets during periods of increased credit support[48] Fed Sentiment Index - **Annualized Excess Return**: Significant differentiation for S&P 500 returns in hawkish vs. dovish sentiment periods[61] Market Implied Rate - **Annualized Excess Return**: Effective in predicting policy shifts, leading actual rate adjustments[72] Announcement Surprise - **Bond Yield Impact**: Higher future bond yields in unexpected easing scenarios compared to unexpected tightening scenarios[76]

Investment Rating - The report maintains an "Overweight" rating for the real estate development industry [6] Core Insights - The real estate development industry faced significant losses in 2024, with overall revenue declining and profitability weakening due to falling housing prices and impairment pressures [1][13] - Key state-owned enterprises (SOEs) and mixed-ownership companies showed resilience compared to the overall industry, with SOEs experiencing a smaller revenue decline [2][36] - The report highlights that the future revenue of real estate companies is expected to remain under pressure for the next 2-3 years, particularly for those not in prime locations [2][41] Summary by Sections 1. Overview of Developer Annual Reports - In 2024, the overall revenue for 168 real estate developers was 4.33 trillion yuan, a year-on-year decrease of 19.2% [1][13] - The net profit for the industry was -376.3 billion yuan, a significant drop from -1.9 billion yuan in 2023 [1][13] - The cash on hand for developers decreased by 19.4% to 1.63 trillion yuan [1][13] 2. Financial and Operational Analysis of Key Developers 2.1 Revenue Pressure from Resource Turnover - Key SOEs saw a revenue decline of 7.4%, while private enterprises experienced a 22.9% drop [2][41] - The report indicates that the revenue performance of leading developers remains more resilient due to their ample turnover resources [2][41] 2.2 Continued Pressure on Gross Margin - The gross margin for key SOEs was 14.6%, down 2.3 percentage points, while private enterprises had a gross margin of 16.4%, down 1.2 percentage points [2][37] 2.3 Rising Sales and Management Expense Ratios - The sales and management expense ratio for key SOEs was 4.9%, while for private enterprises it was 5.9% [2][49] 2.4 Significant Decline in Investment Income - Investment income for key SOEs and private enterprises fell by 72.3% and 53.4%, respectively [2][37] 2.5 Comprehensive Impairment Provisions - All 14 key developers reported asset impairments, with SOEs accounting for 42.27 billion yuan and private enterprises for 3.88 billion yuan [3][38] 2.6 Declining Net Profit Trend - The net profit for key SOEs dropped by 95.7%, while private enterprises saw a 15.0% decline [4][39] 2.7 Stable Financing for Key SOEs - Key SOEs maintained stable financing channels, with a slight increase in interest-bearing liabilities of 0.7% [5][40] 2.8 Sales Performance of Key SOEs - Key SOEs continued to outperform the industry, focusing on land reserves in core cities [2][41] 2.9 Weak Land Acquisition Intent - The willingness to acquire land remains low across the industry, with key developers focusing on high-potential cities [2][41] 3. Investment Recommendations - The report suggests focusing on real estate-related stocks due to anticipated policy support and the potential for recovery in core urban areas [6][9]

证券研究报告 | 公司点评 gszqdatemark 2025 05 20 年 月 日 倍轻松（688793.SH） 24 年盈利水平转正，海外增速更快 事件：公司发布 2024 年年报和 2025 年一季报。公司 2024 年实现营业 总收入 10.9 亿元，同比-14.9%；实现归母净利润 0.1 亿元，同比+120.2%。 24Q4 单季营业总收入为 2.5 亿元，同比-25.4%；归母净利润为-0.03 亿 元，同比+91.8%。25Q1 实现营业收入 2.0 亿元，同比-32.8%；实现归母 净利润-0.02 亿元，同比-111.7%。 国内销售有所下滑，头部按摩产品表现优秀。分区域：24 年公司国内、国 外收入分别为收入 10.0 亿元、0.8 亿元，同比-16.4%、+9.5%。国内收入 有所下滑，主要系减少抖音推广等投入以及直营新开门店带来的收入无法 覆盖闭店导致的缺口；国外收入增长主要系加大线上独立站的投入。后续 公司将持续探索"科技产品+速效按摩服务"的新商业模式。分产品：24 年公司眼部、颈部、头皮+头部、肩部、腰背部、其他收入分别为 1.3 亿 元、1.3 亿元、2.4 亿元、3.5 ...

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The coal mining industry is expected to see improved demand as effective supply decreases, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with an annual growth rate of 3.8% [1][12] - The forecast for 2025 indicates a net increase in production of only 55-60 million tons, with a year-on-year growth rate of approximately 1.2-1.3%, continuing to slow down compared to 2024 [1][12] Summary by Sections Production - In April 2025, the raw coal production was 390 million tons, with a year-on-year increase of 3.8% [1][12] - The average daily production in April was 12.98 million tons [1][12] Import - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year [2][16] - For the first four months of 2025, total coal imports were 152.67 million tons, down 5.3% year-on-year [2][16] - The forecast for 2025 suggests that thermal coal imports may stabilize or decline slightly, with an expected total of around 385 million tons, a year-on-year decrease of 4.9% [2][16] Demand - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation decreased by 2.3% year-on-year, remaining stable compared to March [3][19] - The growth rates for wind and solar power generation increased to 12.7% and 16.7% respectively in April [3][19] Investment Recommendations - Key recommendations include major coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and turnaround opportunities like China Qinfa [5][37] - Other recommended stocks include new energy companies with strong performance such as Xinjie Energy, Shaanxi Coal, and Electric Power Energy [5][37] - Companies with potential for future growth include Huayang Co. and Gansu Energy [5][37]

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The coal mining industry is expected to see improved demand and effective supply reduction, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [12][13] - The report anticipates a net increase in coal production of only 55 to 60 million tons in 2025, representing a year-on-year growth of approximately 1.2% to 1.3%, indicating a continued slowdown compared to 2024 [1][12] Production Summary - In April 2025, the raw coal production was 390 million tons, with a daily average of 12.98 million tons [12][13] - The cumulative raw coal production from January to April 2025 reached 1.58 billion tons, showing a year-on-year increase of 6.6% [12] Import Summary - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year and a 2.34% decrease month-on-month [2][16] - From January to April 2025, total coal imports amounted to 152.67 million tons, down 5.3% year-on-year [16] - The report forecasts that the total annual coal imports for 2025 may be around 385 million tons, reflecting a year-on-year decline of 4.9% [2][16] Demand Summary - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation saw a year-on-year decline of 2.3%, remaining consistent with the previous month [3][19] - Renewable energy sources such as wind and solar power showed significant growth, with wind power increasing by 12.7% and solar power by 16.7% year-on-year [3][19][32] Investment Recommendations - Key recommended stocks include China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, among others [5][37] - The report emphasizes the importance of performance in stock selection, highlighting companies like Xinjie Energy and Shaanxi Coal and Chemical Industry [5][37]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved profitability in 2024 with a net profit of 0.1 billion yuan, a year-on-year increase of 120.2% despite a revenue decline of 14.9% to 1.09 billion yuan [1][4]. - The company is exploring a new business model combining "technology products + effective massage services" to drive future growth [2]. Revenue Performance - In 2024, domestic and international revenues were 1.0 billion yuan and 0.08 billion yuan, reflecting a year-on-year decline of 16.4% and an increase of 9.5%, respectively [2]. - The revenue breakdown by product for 2024 shows significant variations, with head and neck products performing well, while eye and shoulder products saw declines [2]. Profitability Metrics - The gross margin for 2024 improved by 1.3 percentage points to 60.6%, with notable increases in margins for eye and neck products [3]. - The net profit margin for 2024 was 0.9%, an increase of 4.9 percentage points year-on-year [3]. Future Projections - The forecast for net profit from 2025 to 2027 is 0.47 billion yuan, 0.62 billion yuan, and 0.80 billion yuan, representing substantial growth rates of 358.8%, 31.4%, and 30.1%, respectively [4]. - The expected earnings per share (EPS) for 2025 is projected at 0.55 yuan, with a price-to-earnings (P/E) ratio of 56.1 [6][4].

Investment Rating - The report maintains a "Buy" rating for the steel industry, suggesting a positive outlook for the sector [4]. Core Insights - The crude steel production in April 2025 remained flat year-on-year at 86.02 million tons, with a daily average production of 2.867 million tons, reflecting a month-on-month decrease of 4.3% [2][7]. - The steel industry's profitability has improved, with the profit ratio of steel mills rising to 59.3% as of May 16, 2025, driven by falling raw material prices [2]. - The net financing of local government bonds reached 528.1 billion yuan in April 2025, indicating a significant increase in fiscal spending, which is expected to support demand in the steel sector [2][3]. - The apparent consumption of steel in April 2025 was 76.08 million tons, slightly down by 1.7% year-on-year, influenced by uncertainties from US-China tariff disputes [2][3]. Summary by Sections Production and Consumption - In April 2025, the production of pig iron was 72.58 million tons, up 0.7% year-on-year, while steel production increased by 6.6% to 125.09 million tons [7]. - The manufacturing purchasing managers' index (PMI) was at 49.0%, indicating a slight contraction, while the non-manufacturing PMI remained in the expansion zone at 50.4% [2]. Export and Import Dynamics - Steel exports in April 2025 reached 9.94 million tons, a year-on-year increase of 16%, benefiting from price advantages [3][7]. - Iron ore imports rose by 1.3% year-on-year to 103.14 million tons in April 2025, although overall iron ore imports for the first four months decreased by 5.5% [7]. Policy and Economic Outlook - The Central Political Bureau emphasized the need for proactive macroeconomic policies, including increased fiscal spending and monetary easing to support the economy [3]. - The report suggests that with the anticipated improvement in demand and supply-side adjustments, the long-term fundamentals of the steel industry are expected to improve [3]. Investment Recommendations - The report recommends stocks such as Hualing Steel, Nanjing Steel, Baosteel, and others, highlighting their potential benefits from the current economic conditions and demand recovery [8][9].

Investment Rating - The report maintains a "Buy" rating for the steel industry, suggesting a positive outlook for the sector [4]. Core Insights - The crude steel production in April 2025 remained flat year-on-year at 86.02 million tons, with a daily average production of 2.867 million tons, reflecting a month-on-month decrease of 4.3% [2][7]. - The steel industry's profitability has improved, with the profit ratio of steel mills rising to 59.3% as of May 16, 2025, driven by falling raw material prices [2]. - The net export of steel in April 2025 reached 9.94 million tons, a year-on-year increase of 16%, supported by price advantages and a temporary easing of US-China tariff tensions [3]. - The government has accelerated the issuance of bonds, with local government net financing amounting to 528.1 billion yuan in April 2025, indicating a potential expansion in fiscal spending [2][3]. - The manufacturing purchasing managers' index (PMI) for April 2025 was at 49.0%, indicating a slight contraction, while the non-manufacturing PMI remained in the expansion zone at 50.4% [2]. Summary by Sections Production and Consumption - In April 2025, the production of pig iron was 72.58 million tons, a year-on-year increase of 0.7%, while steel production was 125.09 million tons, up 6.6% year-on-year [7]. - The apparent consumption of steel in April 2025 was 76.08 million tons, a slight year-on-year decrease of 1.7% due to weakened expectations from US-China trade tensions [2][3]. Export and Import Dynamics - April 2025 saw steel exports of 1.046 million tons, a year-on-year increase of 13.4%, while imports decreased by 21% to 520,000 tons [7]. - Iron ore imports in April 2025 were 103.14 million tons, reflecting a year-on-year increase of 1.3% [7]. Investment Recommendations - The report recommends increasing positions in several steel companies, including Hualing Steel, Nanjing Steel, Baosteel, and others, which are expected to benefit from the recovery in demand and favorable market conditions [8][9].

证券研究报告 | 朝闻国盛 gszqdatemark 2025 05 20 年 月 日 朝闻国盛 重回价值投资 今日概览 ◼ 重磅研报 【宏观】不只是关税—全面解读 4 月经济——20250519 【策略研究】【行业联合推荐】重回价值投资 ——20250519 【金融工程】美联储流动性的量价解构与资产配置应用——20250519 【固定收益】强韧数据背后的内外需压力——20250519 【固定收益】煤炭调度回落，化工开工率回升——基本面高频数据跟踪 ——20250519 【固定收益】可转债产业链大图谱——2025 年 5 月——20250519 ◼ 研究视点 【海外】阿里巴巴-W（09988.HK）-电商和云增长提速，AI 投入坚定不 改——20250519 请仔细阅读本报告末页声明 gszqdatemark 2025 05 20 年 月 日 作者 | 分析师 沈猛 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680522050001 | | | | | 邮箱：shenmeng@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 ...

Report Title - Convertible Bond Industry Chain Big Map - May 2025 [2] Core View - The report comprehensively presents the convertible bond situation of various industries, including power and electrical equipment, mining, non - ferrous metals and chemicals, machinery, transportation, and automobiles, etc., and provides the monthly trading volume data of convertible bonds in April 2025 for each industry. Industry - by - Industry Summary Power and Electrical Equipment Industry - **Sub - sectors and convertible bonds**: Covers power generation equipment and construction (wind power, photovoltaic, thermal power), power generation, power transportation and application, with convertible bonds such as Tongyu Convertible Bond, Long22 Convertible Bond, and Jieneng Convertible Bond [6][7][8]. - **April trading volume top ten**: The top ten in trading volume include Outong Convertible Bond, Zhenyu Convertible Bond, etc., with the trading volume of Outong Convertible Bond reaching 26.522 billion yuan [11]. Mining, Non - ferrous Metals and Chemical Industry - **Sub - sectors and convertible bonds**: Includes basic chemical products, chemical raw materials, chemical fibers, etc., with convertible bonds like Feng21 Convertible Bond, Juhua Convertible Bond [13]. - **April trading volume top ten**: The top ten in trading volume include Fuxin Convertible Bond, Limin Convertible Bond, etc., with the trading volume of Fuxin Convertible Bond reaching 34.178 billion yuan [14]. Machinery, Transportation and Automobile Industry - **Sub - sectors and convertible bonds**: Involves special equipment, engineering machinery, automobile parts, etc., with convertible bonds such as Yong02 Convertible Bond, Aidi Convertible Bond [17]. - **April trading volume top ten**: The top ten in trading volume include Beigang Convertible Bond, Jizhi Convertible Bond, etc., with the trading volume of Beigang Convertible Bond reaching 20.181 billion yuan [19]. Electronics Industry - **Sub - sectors and convertible bonds**: Comprises semiconductor materials and equipment, electronic chemicals, passive components, etc., with convertible bonds like Huaya Convertible Bond, Feikai Convertible Bond [22]. - **April trading volume top ten**: The top ten in trading volume include Fuli Convertible Bond, Feikai Convertible Bond, etc., with the trading volume of Fuli Convertible Bond reaching 8.395 billion yuan [25]. Military and TMT Industry - **Sub - sectors and convertible bonds**: Covers communication equipment and services, military, computer, and media, with convertible bonds such as Fenghuo Convertible Bond, Tianjian Convertible Bond [28][29]. - **April trading volume top ten**: The top ten in trading volume include Aofei Convertible Bond, Hengfeng Convertible Bond, etc., with the trading volume of Aofei Convertible Bond reaching 29.06 billion yuan [31]. Real Estate Industry - **Sub - sectors and convertible bonds**: Includes building materials, construction, and household appliances, with convertible bonds such as Zhongqi Convertible Bond, Tianlu Convertible Bond [34][36][38]. - **April trading volume top ten**: The top ten in trading volume include Zhongqi Convertible Bond, Tianlu Convertible Bond, etc., with the trading volume of Zhongqi Convertible Bond reaching 103.573 billion yuan [40]. Financial Industry - **Sub - sectors and convertible bonds**: Divided into non - bank finance (securities, diversified finance) and banks (city commercial banks, rural commercial banks, joint - stock banks), with convertible bonds such as Caitong Convertible Bond, Qilu Convertible Bond [43][44]. - **April trading volume top ten**: The top ten in trading volume include Pufa Convertible Bond, Hangyin Convertible Bond, etc., with the trading volume of Pufa Convertible Bond reaching 8.122 billion yuan [47]. Light Industry and Downstream Consumption Industry - **Sub - sectors and convertible bonds**: Covers papermaking, agriculture, forestry, animal husbandry and fishery, light manufacturing, commerce and retail, etc., with convertible bonds such as Tezhi Convertible Bond, Honghui Convertible Bond [50][51][52]. - **April trading volume top ten**: The top ten in trading volume include Huisheng Convertible Bond, Xiaoming Convertible Bond, etc., with the trading volume of Huisheng Convertible Bond reaching 124.566 billion yuan [54]. Pharmaceutical and Biological Industry - **Sub - sectors and convertible bonds**: Includes pharmaceutical product production (weight - loss drugs, innovative drugs), medical devices, and pharmaceutical circulation, with convertible bonds such as Puli Convertible Bond, Aorui Convertible Bond [56]. - **April trading volume top ten**: The top ten in trading volume include Rundong Convertible Bond, Shanhe Convertible Bond, etc., with the trading volume of Rundong Convertible Bond reaching 4.008 billion yuan [58]. Environmental Protection Industry - **Sub - sectors and convertible bonds**: Involves environmental monitoring, comprehensive environmental governance, sewage treatment, etc., with convertible bonds such as Tianyuan Convertible Bond, Weier Convertible Bond [61]. - **April trading volume top ten**: The top ten in trading volume include Huicheng Convertible Bond, Jingyuan Convertible Bond, etc., with the trading volume of Huicheng Convertible Bond reaching 33.191 billion yuan [64]. Hot - topic - related Convertible Bonds - **Robot concept**: Convertible bonds include Jingduan Convertible Bond, Meng24 Convertible Bond, etc. [67]. - **Humanoid robot concept**: Convertible bonds include Boshi Convertible Bond, Chongda Convertible Bond, etc. [69]. - **DeepSeek concept**: Convertible bonds include Youzu Convertible Bond, Shenma Convertible Bond, etc. [71]. - **Anti - tariff concept**: Convertible bonds include Yingji Convertible Bond, Yiwei Convertible Bond, etc. [73]. - **Cross - border concept**: Convertible bonds include Aojia Convertible Bond, Baiyang Convertible Bond, etc. [76].