证 券 研 究 报 告 计算机行业重大事项点评 MiniMax：推理模型、 （维持） Agent 与多模态 事项： ❑ 6 月 17 日，MiniMax 连续五天推出 AI 新品，涉及新的推理模型、视频生成 模型、Agent、语音设计等产品。在发布周首日开源 MiniMax-M1 模型，次日 上线海螺 AI 视频生成模型，后续发布语音设计工具，覆盖推理、视频生成、 智能体等新工具。 评论： 行业研究 计算机 2025 年 06 月 26 日 推荐 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只） | 338 | 0.04 | | 总市值(亿元） | 42,064.50 | 4.18 | | 流通市值(亿元） | 36,270.94 | 4.60 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -2.8% | -7.9% | 35.9% | | 相对表现 | ...

Investment Rating - The report gives a "Buy" rating for the company, Kefu Medical, with a target price of 45 CNY based on a 25x PE valuation for 2025 [6][10]. Core Views - Kefu Medical is a leading comprehensive home medical device company in China, focusing on personal health management across five major business lines: rehabilitation aids, medical care, health monitoring, respiratory support, and traditional Chinese medicine therapy [6][10]. - The company is expected to benefit from the growth in its rehabilitation aids and health monitoring segments, while the medical care segment is returning to normalized growth after the impact of pandemic-related high baselines [10][11]. Summary by Sections Comprehensive Home Medical Device Company - Kefu Medical, established in 2009, operates as a comprehensive home medical device company with a dual-channel strategy (online and offline) [14]. - The company offers nearly 10,000 product models across various health management categories and maintains a leading position in e-commerce within the medical device sector [14][6]. Five Major Business Lines - **Rehabilitation Aids**: Continuous optimization of existing products and expansion into posture correction and hearing aid markets are expected to drive growth [37]. - **Medical Care**: The segment is gradually returning to normal growth as the impact of pandemic-related high baselines diminishes [10][11]. - **Health Monitoring**: The company has a comprehensive product layout, with a new continuous glucose monitoring (CGM) product expected to become a bestseller [10][11]. - **Respiratory Support**: The business model is shifting from agency to self-branded sales, enhancing profitability [10][11]. - **Traditional Chinese Medicine Therapy**: This segment is recovering from pandemic disruptions and is expected to grow with policy support [10][11]. Competitive Strength and Long-term Development - Kefu Medical is enhancing its competitive edge through a dual-channel strategy, multi-brand layout, and a focus on R&D efficiency [9][10]. - The company is transitioning from OEM/ODM to self-branded products, with over 80% of revenue now coming from its own brands [9][10]. - The integration of AI and smart technologies is being pursued to improve operational efficiency [9][10]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.8 billion CNY, 4.5 billion CNY, and 5.4 billion CNY for the years 2025 to 2027, with corresponding EPS of 1.79 CNY, 2.16 CNY, and 2.60 CNY [10][11]. - The report compares Kefu Medical with peers like Yuyue Medical and Lixin Medical, affirming its positive growth trajectory across its business lines [10][11].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [33]. Core Insights - Tesla's Q1 2025 deliveries were 337,000 units, representing a year-on-year decline of 13% and a quarter-on-quarter decline of 32%. The decline is attributed to weak product cycles and a lack of new model stimulation [1][8]. - The forecast for Tesla's 2025 sales is cautiously estimated at 1.604 million units, reflecting a 10% decrease. This is influenced by product cycle issues, declining subsidies for new energy vehicles, and increasing competition in the global market [19][20]. - The Robotaxi pilot program launched in Austin, Texas, is expected to open new business opportunities, with projections indicating that the Robotaxi market could reach $352.6 billion globally by 2035 [15][16]. Sales Performance - In Q1 2025, Model 3/Y deliveries were approximately 324,000 units, down 12% year-on-year and 31% quarter-on-quarter. Other models (Model S/X, Cybertruck) delivered 13,000 units, down 24% year-on-year and 46% quarter-on-quarter [1][8]. - Regional performance showed the U.S. at 123,000 units (-1%), Canada at 200 units (-84%), Europe at 54,000 units (-37%), and China at 135,000 units (+2%) [1][8]. Production Capacity - Tesla's nominal production capacity exceeds 2.35 million units annually, with no significant increases in capacity from Q3 2024 to Q1 2025. The focus will remain on the production of Cybercab and Model Semi [11][20]. Future Outlook - The report emphasizes the importance of mid-term product cycle changes and advancements in AI, which may shift market focus from short-term performance to long-term technological leadership [19]. - The potential for sales adjustments exists if there are positive changes in product strength and marketing strategies [20].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The influencing factors of the capital market have significant seasonal patterns, and the main line of capital market conditions switches throughout the year, including "Spring Festival disturbance - Fiscal expenditure - Government bond issuance." Identifying these seasonal patterns helps in understanding the bond market trading environment. The central bank's hedging decisions based on these seasonal patterns are crucial for determining the capital market trend. The report combines seasonal and supra - seasonal factors to comprehensively assess the capital market trend and provides bond market trading guidance [1][8][12]. Summary by Directory 1. Capital's Calendar Effect: Main Line Switch of "Spring Festival Disturbance - Fiscal Expenditure - Government Bond Issuance" - **Spring Festival (January - March)**: Affected by factors like cash withdrawal, the capital market is usually tight before the Spring Festival and eases afterwards. Around 10 trading days before the Spring Festival, capital prices tend to rise, and the increase depends on the central bank's liquidity arrangements. The price fluctuation range of DR007:15DMA around the Spring Festival is usually within 20bp, and may narrow to 10bp with reserve requirement ratio cuts. If the total scale of reserve requirement ratio cuts and open - market operations reaches 2 trillion or more, the capital market can remain relatively stable [2][13][16]. - **Second Quarter (April - July)**: With the acceleration of construction progress due to warmer weather and increased fiscal expenditure, the volatility of the capital market decreases, and the capital center tends to decline seasonally. The non - bank stratification in the second quarter is at a seasonal low. In 2024, driven by manual interest compensation, the capital stratification was compressed to below 10bp [2][24]. - **After August**: As the supply of government bonds increases at the end of the year, the pressure on banks' liability gaps may increase again, and capital prices may rise. In August and September, government bond issuance usually speeds up, and even with reserve requirement ratio cuts in 2023 and 2024, the capital center still rose seasonally, with DR007 deviating from the OMO center by about 20bp [2][13][28]. 2. Timing Disturbances: Tax Period, Tool Maturity, and Quarter - End - **Tax Period**: Tax payments may cause a short - term tightening of the inter - bank capital market. The tax payment deadline is usually the 15th of each month, and the tax payment usually occurs about 2 working days after the deadline. The tax payments in January, April, July, and October are relatively large, but they generally do not cause a long - term upward trend in capital prices. The central bank may increase reverse repurchases to hedge the impact [3]. - **Mid - Month**: Attention should be paid to the maturity of monetary policy tools. The maturity of outright reverse repurchases is mainly concentrated in the first half of the month, and the maturity of MLF has been postponed to the 25th since July. The months with large MLF maturities are at the beginning and end of the year, and the monthly maturity of outright reverse repurchases is close to one trillion [3][37]. - **Quarter - End**: Banks may increase their reserve levels to meet regulatory requirements such as the Liquidity Coverage Ratio (LCR) and broad credit indicators, which may lead to a reduction in capital lending. However, the fiscal department usually accelerates fund allocation in the last week of the quarter, which can partially relieve the capital pressure [3][42]. 3. Bond Market Trading Insights: Calendar Effect and Central Bank Observation - **Seasonal Opportunities and Risks** - After the Spring Festival, as the capital market recovers, there may be trading opportunities in the bond market. Except in 2025 when the central bank actively guided long - term interest rates upward and in 2022 due to the large - scale maturity of reverse repurchases after the Spring Festival, the yield of 10 - year treasury bonds generally showed a downward trend [4][43]. - After the quarter - end, with the easing of capital and the entry of wealth management funds, the probability of success in the bond market is relatively high. The yield of long - term bonds in April and July tends to decline after the quarter - end [4][47]. - In the third quarter, leveraged trading is generally more cautious. The issuance of government bonds may speed up, the leverage arbitrage space for short - term assets may shrink rapidly in July, and the risk of capital fluctuations caused by redemptions may increase [4][48]. - **Supra - Seasonal Hints and Central Bank Observation** - Since the monetary policy reform in 2024, the central bank's control over the capital market has become more flexible. It is necessary to observe the central bank's attitude from a "top - down" perspective. - **Tightening Window**: Pay attention to whether the policy goals of "stabilizing the exchange rate" and "preventing risks" are prioritized. High exchange - rate pressure may restrict the significant easing of the capital market, and "preventing risks" includes concerns about long - term yields and cracking down on capital arbitrage [5][53]. - **Stabilizing Window**: When there is pressure to stabilize growth, the equity market shows weak expectations, there are credit shocks, or redemption disturbances increase, the central bank usually provides support. For example, during the trade frictions in 2018, the epidemic in 2020, and the trade frictions in 2025, the central bank took measures to maintain a loose monetary environment [5][56].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [17]. Core Insights - The report highlights the acceleration of brokerage firms in Hong Kong to expand into virtual asset trading services, with Guotai Junan International recently receiving approval to upgrade its securities trading license to include virtual asset trading [1][2]. - The approval process for Guotai Junan International was faster than anticipated, and it is expected that more brokerage firms with international subsidiaries will follow suit, enhancing the market ecosystem for virtual assets [2][3]. - The Hong Kong Securities and Futures Commission has released a roadmap titled "A-S-P-I-Re," which outlines 12 key measures to promote Hong Kong as a global virtual asset hub, focusing on access, safeguards, products, infrastructure, and relationships [2][3]. Summary by Sections Industry Overview - The report emphasizes the ongoing development and improvement of the cryptocurrency and virtual asset trading ecosystem in Hong Kong, driven by supportive policies and a more complete regulatory framework [3]. Regulatory Developments - The Hong Kong Securities and Futures Commission's roadmap aims to maintain an open and orderly approach to virtual asset trading and services, which is expected to attract more participants in the market [2][3].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [16]. Core Insights - Tesla's Robotaxi pilot service has officially launched in Austin, Texas, with 10 to 20 modified Model Y vehicles equipped with the latest FSD V12 system and HW4.0 hardware, operating in a limited testing area [6]. - The commercial progress of Tesla's Robotaxi is steadily advancing, marking a significant milestone in the commercialization of autonomous driving, with plans to expand services to other U.S. cities by the end of 2025 [6]. - The Robotaxi fleet is expected to achieve high utilization rates, with potential gross margins of 70%-80%, significantly exceeding traditional automotive business margins [6]. - Regulatory frameworks are gradually improving, supporting the development of the Robotaxi industry, with various initiatives announced in both China and the U.S. to facilitate the deployment of autonomous vehicles [6]. - The competition in the Robotaxi sector is intensifying, with multiple global automotive and tech companies accelerating their investments and innovations in this space [6]. - Investment recommendations include companies such as WeRide, Pony.ai, Horizon Robotics, and others, as the maturation of technology and market expansion positions Robotaxi as a mainstream transportation option [6]. Industry Data - The computer industry comprises 338 listed companies with a total market capitalization of approximately 42,806.63 billion and a circulating market value of about 36,919.05 billion [3]. - The absolute performance of the industry over the past 12 months is 38.9%, while the relative performance is 28.6% [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, convertible bonds rose following the underlying stocks, and the valuation increased compared to the previous day. The CSI Convertible Bond Index rose 0.69% month-on-month, the Shanghai Composite Index rose 1.15%, the Shenzhen Component Index rose 1.68%, the ChiNext Index rose 2.30%, the SSE 50 Index rose 1.16%, and the CSI 1000 Index rose 1.92%. The small-cap growth style was relatively dominant. The trading sentiment in the convertible bond market heated up, with the trading volume reaching 57.675 billion yuan, a 6.12% month-on-month increase. The total trading volume of the Wind All A Index was 1.448059 trillion yuan, a 26.26% month-on-month increase. The net inflow of main funds in the Shanghai and Shenzhen stock markets was 6.331 billion yuan, and the yield of the 10-year treasury bond rose 0.62bp to 1.65% [2]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index closed at 437.96, up 0.69% for the day, 0.70% for the week, 1.93% for the month, and 5.64% since the beginning of 2025. The Convertible Bond Equal-Weight Index closed at 208.66, up 0.95% for the day, 0.51% for the week, 2.00% for the month, and 7.30% since the beginning of 2025. The Convertible Bond Index closed at 1,870.36, up 1.99% for the day, 0.97% for the week, 3.36% for the month, and 13.31% since the beginning of 2025. The Convertible Bond Pre - plan Index closed at 1,649.88, up 2.29% for the day, 1.22% for the week, 5.31% for the month, and 13.05% since the beginning of 2025. The Shanghai Composite Index closed at 3,420.57, up 1.15% for the day, 0.94% for the week, 1.19% for the month, and 2.05% since the beginning of 2025. The Shenzhen Component Index closed at 10,217.63, up 1.68% for the day, 0.53% for the week, - 0.02% for the month, and - 1.89% since the beginning of 2025. The ChiNext Index closed at 2,064.13, up 2.30% for the day, 0.33% for the week, 0.91% for the month, and - 3.62% since the beginning of 2025. The SSE 50 Index closed at 2,715.92, up 1.16% for the day, 1.15% for the week, - 0.65% for the month, and 1.16% since the beginning of 2025. The CSI 1000 Index closed at 6,194.67, up 1.92% for the day, 0.77% for the week, 2.12% for the month, and 3.98% since the beginning of 2025 [8]. - In terms of style indices, the small - cap growth style was relatively dominant. The large - cap growth index rose 1.06%, the large - cap value index rose 0.90%, the mid - cap growth index rose 1.49%, the mid - cap value index rose 0.70%, the small - cap growth index rose 1.93%, and the small - cap value index rose 1.06% [2]. 2. Market Fund Performance - The trading volume of the convertible bond market was 57.675 billion yuan, a 6.12% month - on - month increase, and the total trading volume of the Wind All A Index was 1.448059 trillion yuan, a 26.26% month - on - month increase [2]. - The net inflow of main funds in the Shanghai and Shenzhen stock markets was 6.331 billion yuan, and the yield of the 10 - year treasury bond rose 0.62bp to 1.65% [2]. 3. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 120.62 yuan, a 0.67% increase from the previous day. Among them, the closing price of equity - biased convertible bonds was 159.53 yuan, a 0.29% increase; the closing price of bond - biased convertible bonds was 112.13 yuan, a 0.45% increase; and the closing price of balanced convertible bonds was 121.89 yuan, a 0.48% increase. The proportion of high - price bonds above 130 yuan was 25.59%, a 2.13 - percentage - point increase from the previous day. The price median was 121.96 yuan, a 0.63% increase from the previous day [3]. - The fitted conversion premium rate of 100 - yuan par value was 23.04%, a 0.43 - percentage - point increase from the previous day. The overall weighted par value was 90.86 yuan, a 1.16% increase from the previous day. The premium rate of equity - biased convertible bonds was 5.02%, a 0.16 - percentage - point increase; the premium rate of bond - biased convertible bonds was 92.22%, a 1.12 - percentage - point decrease; and the premium rate of balanced convertible bonds was 18.50%, a 0.07 - percentage - point increase [3]. 4. Industry Performance - In the A - share market, 28 industries rose, with the top three gainers being the power equipment (+2.85%), non - bank finance (+2.68%), and commercial and retail (+2.64%) industries. Only two industries declined, namely the petroleum and petrochemical (-2.10%) and coal (-0.22%) industries [4]. - In the convertible bond market, 26 industries rose, with the top three gainers being the automobile (+3.50%), communication (+2.70%), and media (+1.62%) industries. Only two industries declined, namely the building decoration (-0.50%) and public utilities (-0.24%) industries [4]. - In terms of convertible bond market indicators by industry: the closing price of the large - cycle sector rose 0.53%, the manufacturing sector rose 1.70%, the technology sector rose 1.37%, the large - consumption sector rose 0.65%, and the large - finance sector rose 0.58%. The conversion premium rate of the large - cycle sector decreased 0.69pct, the manufacturing sector decreased 2.4pct, the technology sector decreased 0.95pct, the large - consumption sector decreased 2.3pct, and the large - finance sector decreased 1.7pct. The conversion value of the large - cycle sector rose 1.15%, the manufacturing sector rose 3.24%, the technology sector rose 2.08%, the large - consumption sector rose 1.44%, and the large - finance sector rose 0.88%. The pure bond premium rate of the large - cycle sector rose 0.73pct, the manufacturing sector rose 2.1pct, the technology sector rose 1.8pct, the large - consumption sector rose 0.79pct, and the large - finance sector rose 0.66pct [4]. 5. Industry Rotation - The power equipment, non - bank finance, and commercial and retail industries led the rise. The power equipment industry had a daily increase of 2.85% in the underlying stocks and 1.01% in convertible bonds; the non - bank finance industry had a daily increase of 2.68% in the underlying stocks and 0.95% in convertible bonds; the commercial and retail industry had a daily increase of 2.64% in the underlying stocks and 0.86% in convertible bonds [56].

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [3][68]. Core Insights - In the first five months of 2025, China's total vehicle exports reached 2.49 million units, representing a year-on-year increase of 8%. This growth rate has slowed compared to previous years, but the export volume's share of China's wholesale automotive market is projected to rise to 20% in 2024, an increase of 1 percentage point [1][3]. - The export of new energy vehicles (NEVs) accounted for 34% of total vehicle exports in the same period, significantly up from 22% in 2024. Excluding Tesla, NEV exports reached 760,000 units, marking a 13.3 percentage point increase from the previous year [1][3]. Summary by Sections 1. China's Vehicle Export Volume - The report details that in the first five months of 2025, China exported 2.49 million vehicles, with a year-on-year growth of 8% [1][3]. - Monthly exports peaked at over 550,000 units in May 2025, marking a historical high [1]. 2. Export Structure - In the first five months of 2025, commercial vehicles accounted for 41% of exports, while passenger vehicles made up 83% of the total [6]. - NEV exports reached 850,000 units, representing 34% of total exports, a significant increase from 22% in 2024 [6]. 3. Export by Brand - Chery led the exports with 440,000 units, holding an 18% market share, followed by BYD with 380,000 units (15% share), which is an increase from 7% in 2024 [6]. - In the NEV segment, BYD and Tesla exported 354,000 and 91,000 units, respectively, accounting for 50% and 13% of NEV exports [6]. 4. Market Share of Chinese Brands Overseas - The report indicates that the share of Chinese vehicles in overseas markets has increased from approximately 2% in 2020 to 10.3% in the first five months of 2025 [6][30]. - The top export markets for Chinese vehicles include Mexico (240,000 units), UAE (190,000 units), and Russia (153,000 units) [39]. 5. Export Value of Vehicles and Parts - In the first five months of 2025, the export value of complete vehicles was $48.89 billion, while auto parts exports reached $39.53 billion, accounting for 3.3% and 2.7% of China's total exports, respectively [6][58].

Group 1 - The bond market is entering a new equilibrium in a low interest rate environment, with a focus on the self-balancing process of various pricing anchors and investor behavior adjustments [6][17]. - The report emphasizes the importance of ticket interest value in a narrow fluctuation market, suggesting that trading strategies should be flexible and based on market conditions [5][16]. - The external environment remains uncertain, while internal policies are clearly aimed at counteracting these uncertainties, leading to a weak recovery in the fundamentals [5][8]. Group 2 - The pricing range for 10-year government bonds has shifted down to OMO + 10-40 basis points, with core volatility expected between 1.6% and 1.7% [2][9]. - The report outlines a trading strategy that includes timing based on seasonal factors and key events, with a focus on the second half of the year as a critical trading window [2][9]. - The contribution of ticket interest to portfolio returns is expected to increase in a narrow fluctuation market, necessitating dynamic adjustments to bond configurations [3][9]. Group 3 - The analysis of the basic economic environment highlights the impact of tariff negotiations and the need for policy adjustments to mitigate external uncertainties [6][8]. - The monetary policy is expected to prioritize stable growth, with flexible adjustments to tools and liquidity conditions [5][8]. - Institutional behavior is analyzed in the context of an "asset shortage," with a focus on the changing dynamics of bank and insurance company investments [7][11].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The full A - index may continue to fluctuate, and short - term focus should be on structural changes. The molecular end of the equity market has resistance to upward breakthroughs, but the slow slope is also relatively fully priced in. The denominator end has abundant on - and off - market liquidity. Without new variables, the equity market may continue to fluctuate in the second half of 2025 [2][28]. - The rotation speed of the equity structure has reached a high level, while the rotation intensity is relatively low. Strategies may focus more on trading in the second half of the year, and attention should be paid to sectors with medium - to long - term narratives, low congestion, and low valuations, such as TMT [3][35]. - The convertible bond market declined slightly last week, and the valuation increased slightly. Only the conversion premium rates of high - rated and large - scale convertible bonds were compressed [36][42]. - Tianyang Convertible Bond announced redemption last week, and 5 convertible bonds' boards of directors proposed downward revisions. The primary market saw Hengshuai Convertible Bond listed and 4 convertible bonds issued, with an expected issuance scale of about 16 billion yuan [4][5]. 3. Summary According to the Directory 3.1 Full A - index May Continue to Fluctuate, Short - term Focus on Structural Changes 3.1.1 Equity Aggregate: Molecular End Pressure May Be Priced In, Denominator End Has Strong Support - The weak repair of profitability quality may continue. The EPS growth rate of listed companies has been in the process of bottom - up repair since the second half of 2024. In the second half of 2025, the profitability quality of listed companies may continue the weak repair trend [10]. - The downward adjustment of profit forecasts confirms that the weak repair has been priced in the equity market. Taking the CSI 300 components as a sample, the profit growth rate forecasts for the next three fiscal years have declined significantly twice [13]. - Off - market and on - market liquidity strongly support valuations. Since September 2024, the slow decline in medium - and long - term loan growth has deviated from the trend of equity market valuation repair, which can be partly explained by interest rate decline and the repair of the M1 - M2 growth rate difference. Policy measures are also important support [2][21]. - In the second half of the year, the molecular end has resistance to upward breakthroughs, and the denominator end has abundant liquidity. Without new variables, the equity market may continue to fluctuate [28]. 3.1.2 Equity Structure: Rotation Accelerates, Pay Attention to Sector Switching Opportunities - The rotation speed has reached a high level, while the rotation intensity is relatively low. The current rotation intensity is restricted by the broad - based index, but the rotation speed is fast, corresponding to a situation of high macro - uncertainty and a lack of a clear equity market main line [29]. - The absolute difference in performance among industries is not large, but the degree of differentiation is relatively high. Industry selection still has a significant impact on relative returns. Strategies may focus more on trading, and attention should be paid to sectors such as TMT [31][35]. 3.2 Market Review: Convertible Bonds Declined Slightly Last Week, Valuation Increased Slightly 3.2.1 Weekly Market Quotes: The Convertible Bond Market Declined Slightly, Most Sectors Performed Weakly - The major stock indices declined last week, and the convertible bond market was relatively resilient. Among the Shenwan primary industry indices, most industries in the equity market declined, and the convertible bond market was also weak [36][40]. - Among popular concepts, most concepts declined last week [40]. 3.2.2 Valuation Performance: Only the Conversion Premium Rates of High - rated and Large - scale Convertible Bonds Were Compressed - The weighted average closing price of convertible bonds was 119.42 yuan, a decrease of 0.22% from the previous Friday. The conversion premium rate of the convertible bond market's par - value fitting increased by 0.04 percentage points [42]. - Only the conversion premium rates of high - rated and large - scale convertible bonds were compressed. The conversion premium rate of the AA - rating increased by 2.7 percentage points, and that of bonds below 3 billion yuan (including 3 billion) increased by 3.0 percentage points [42]. 3.3 Terms and Supply: Tianyang Convertible Bond Announced Redemption, CSRC's Approval of Convertible Bonds Is Acceptable 3.3.1 Terms: Tianyang Convertible Bond Announced Redemption Last Week, 5 Convertible Bonds' Boards of Directors Proposed Downward Revisions - As of June 20, Tianyang Convertible Bond announced redemption, and Nanyin Convertible Bond announced redemption arrangements. 5 convertible bonds' boards of directors proposed downward revisions, 14 convertible bonds announced no downward revisions, and 9 convertible bonds announced expected triggering of downward revisions [4][62]. 3.3.2 Primary Market: Hengshuai Convertible Bond Listed Last Week, 4 Convertible Bonds Issued, Expected Issuance Scale of About 16 Billion Yuan - Hengshuai Convertible Bond was listed last week with a scale of 328 million yuan, and 4 convertible bonds were issued with a scale of 2.572 billion yuan [5][67]. - There were no new board proposals last week. As of June 20, 6 listed companies obtained approval for convertible bond issuance with a proposed issuance scale of 13.448 billion yuan, and 4 listed companies passed the CSRC review with a total scale of 2.928 billion yuan [69][74][77].