Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The bond market fluctuated weakly this week due to multiple negative disturbances such as regulatory guidance on rural commercial bank bond investment and the supply of real estate and ultra - long - term bonds. The adjustment range of credit bonds was smaller than that of interest - rate bonds, and the spreads were mostly passively narrowed. Institutions may continue to explore high - coupon individual bonds after the stock - bond seesaw effect, which helps to further narrow the credit spreads. It is advisable to allocate high - coupon varieties on rallies, and pay attention to the right - hand opportunities for long - term credit bonds after the market stabilizes [2][5]. - For institutions with weak liability - side stability, focus on 2 - 3y medium - and low - grade varieties and some 4 - 5y high - coupon, medium - quality individual bonds. For institutions with strong liability - side stability, take advantage of stable liabilities to extend the duration and actively allocate long - term varieties [2][14]. - When considering taking profits on long - term credit bonds, pay attention to three time points: when funds continue to net buy but credit spreads do not further compress significantly; when the net buying power of funds weakens or turns to small net selling; and using 10 - 15BP above the lowest spread last year as a reference line [5][13]. Group 3: Summary According to the Catalog I. Bond Market Review and Credit Strategy Outlook - This week, the equity market sentiment was strong, and the stock - bond seesaw effect continued. The bond market fluctuated weakly. Most credit bond yields rose, and spreads were mostly passively narrowed. The 3y - and - below short - end spreads of most varieties were compressed to an extreme level, while the medium - and long - term varieties still had some room [5][9][12]. - Looking forward, with the current fundamental pattern unchanged significantly and the second - quarter economic data being relatively strong, the risk of a trend reversal in the bond market is controllable. Institutions may continue to explore high - coupon bonds, and if the adjustment continues next week, it may bring better layout opportunities [5][13]. II. Key Policies and Hot Events - Shenzhen Longfor Holdings Co., Ltd. announced adjustments to the principal and interest repayment arrangements of 21 bonds, indicating that the debt restructuring of real - estate enterprises is accelerating and risk clearing is speeding up [2][16]. - Gansu Province established a 10 - billion - yuan provincial emergency working capital pool, with 2 billion yuan from provincial finance and 8 billion yuan from bank supporting financing, to support key enterprises in repaying due debts and effectively alleviate debt risks [2][3][16]. - The central bank and the Hong Kong Monetary Authority announced three opening - up optimization measures at the "Bond Connect Anniversary Forum 2025", which may bring new investment opportunities for Chinese overseas bonds traded in the Hong Kong market [2][3][17]. - Ten science - innovation bond ETFs completed their issuance, raising a total of 28.988 billion yuan, with subscriptions being extremely popular. Attention should be paid to the subsequent scale expansion [3][17]. III. Secondary Market - Credit bond yields generally rose this week, and spreads were mostly passively narrowed. In terms of different varieties: - For urban investment bonds, yields generally rose, and spreads mostly narrowed. Attention can be paid to the income - mining opportunities of high - coupon urban investment bonds within 3y and extend the duration of medium - and high - grade varieties [20]. - For real - estate bonds, low - grade varieties were relatively weak. Currently, real - estate bond yields are still attractive, and attention can be paid to 1 - 2y central and state - owned enterprise real - estate AA and above varieties [21]. - For cyclical bonds, coal and steel bond yields mostly rose, and spreads mostly narrowed. For coal bonds, appropriate credit - risk exposure can be taken for short - end varieties, and the duration of medium - and high - grade varieties can be extended to 3y. For steel bonds, consider short - duration AA + implicit - rated varieties [21]. - For financial bonds, bank perpetual and secondary capital bonds generally underperformed, with yields rising and spreads mostly narrowing. Brokerage sub - bonds and insurance sub - bonds also had yield increases and spread narrowing [22]. IV. Primary Market - This week, the credit bond issuance scale was 287.4 billion yuan, a week - on - week increase of 66.8 billion yuan, and the net financing was 88.3 billion yuan, a week - on - week decrease of 47.8 billion yuan. The urban investment bond issuance scale was 102.3 billion yuan, an increase of 39.9 billion yuan, and the net financing was 26 billion yuan, an increase of 174 billion yuan [6]. V. Trading Liquidity - This week, the trading activity of credit bonds in the inter - bank market decreased, while that in the exchange market increased [6]. VI. Rating Adjustments - This week, 1 entity's rating was downgraded, and 6 entities' ratings were upgraded [6].

Group 1 - The report indicates that since late May, the long-term credit bond market has seen significant net buying activity, reflecting high market participation enthusiasm [1][9] - The long-term credit bond market began to show independent trends in both last year and this year under extreme conditions of short-term yield compression, leading to a focus on duration for yield [9][12] - The report highlights that the current long-term credit bond market is influenced by the "stock-bond" effect, with institutions being cautious and focusing on profit-taking points [1][9] Group 2 - For the 5-7 year medium-term bonds, institutional net buying has significantly increased since late May, with peak net buying volumes reaching around 3.5 billion [2][14] - In the 7-10 year medium-term bonds, the fluctuation of fund net buying is a crucial factor affecting credit spreads, with insurance companies showing stronger net buying compared to last year [2][17] - For bonds over 10 years, the participation of funds has been limited this year, with the main buying force coming from insurance and other product categories, resulting in weaker effects on credit spread compression [2][18] Group 3 - The report states that the compression of credit spreads has reached an extreme level for short-term bonds (3 years and under), while there is still some room for long-term bonds (5 years and above) [3][23] - The report suggests that if funds continue to buy long-term credit bonds significantly, it could further compress spreads; otherwise, the compression potential may be limited [3][23] - The report identifies three key points for profit-taking in long-term credit bonds, including observing fund buying trends and credit spread movements [3][9] Group 4 - The report recommends that institutions with weaker liability stability should focus on 2-3 year low-grade bonds and 4-5 year high-yield bonds, while those with stronger stability should actively allocate long-term bonds [4][9] - The yield range for 7-year AA+ rated bonds and 10-15 year AA+ rated bonds is noted to be between 2.07% and 2.39%, indicating potential for yield exploration [4][9]

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On July 11, 2025, most convertible bond industries rose, and the valuation increased month - on - month. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds decreased. The convertible bond valuation increased [2]. - In the stock market, more than half of the underlying stock industry indices rose. In the convertible bond market, 22 industries rose [3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 0.03% month - on - month, the Shanghai Composite Index rose 0.01%, the Shenzhen Component Index rose 0.61%, the ChiNext Index rose 0.80%, the SSE 50 Index fell 0.01%, and the CSI 1000 Index rose 0.85% [1]. - Small - cap growth stocks were relatively dominant. The large - cap growth index rose 0.55%, the large - cap value index fell 0.80%, the mid - cap growth index rose 0.28%, the mid - cap value index fell 0.13%, the small - cap growth index rose 0.68%, and the small - cap value index rose 0.18% [1]. 2. Market Fund Performance - The trading volume in the convertible bond market was 66.069 billion yuan, a 1.25% month - on - month decrease. The total trading volume of the Wind All - A Index was 1736.61 billion yuan, a 14.62% month - on - month increase. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 14.038 billion yuan [1]. - The yield of the 10 - year treasury bond rose 0.37bp month - on - month to 1.67% [1]. 3. Convertible Bond Valuation - After excluding convertible bonds with a closing price > 150 yuan and a conversion premium rate > 50%, the fitted conversion premium rate of 100 - yuan par value was 25.38%, a 0.08pct month - on - month increase. The overall weighted par value was 94.40 yuan, a 0.52% month - on - month decrease [2][21]. - The conversion premium rates of all types of convertible bonds (divided by stock - bond nature) increased. The conversion premium rate of equity - biased convertible bonds rose 1.23pct, that of debt - biased convertible bonds rose 0.39pct, and that of balanced convertible bonds rose 0.34pct [2]. 4. Industry Performance - In the A - share market, the top three rising industries were non - bank finance (+2.02%), computer (+1.93%), and steel (+1.93%); the top three falling industries were bank (-2.41%), building materials (-0.67%), and coal (-0.60%) [3]. - In the convertible bond market, 22 industries rose. The top three rising industries were non - bank finance (+1.97%), computer (+1.09%), and non - ferrous metals (+1.05%); the top three falling industries were bank (-0.72%), textile and apparel (-0.44%), and media (-0.27%) [3]. - In terms of closing price, the large - cycle sector rose 0.81%, the manufacturing sector rose 0.05%, the technology sector fell 0.22%, the large - consumption sector rose 0.12%, and the large - finance sector rose 0.66% [3]. - In terms of conversion premium rate, the large - cycle sector rose 0.45pct, the manufacturing sector rose 0.35pct, the technology sector fell 0.22pct, the large - consumption sector rose 0.31pct, and the large - finance sector rose 1.2pct [3]. - In terms of conversion value, the large - cycle sector rose 0.18%, the manufacturing sector fell 0.18%, the technology sector rose 0.43%, the large - consumption sector rose 0.22%, and the large - finance sector rose 0.71% [3]. - In terms of pure - bond premium rate, the large - cycle sector rose 0.53pct, the manufacturing sector rose 0.15pct, the technology sector rose 0.59pct, the large - consumption sector rose 0.13pct, and the large - finance sector rose 0.71pct [4]. 5. Industry Rotation - Non - bank finance, computer, and steel led the rise. The daily increase of non - bank finance in the underlying stock market was 2.02%, and 1.97% in the convertible bond market; the daily increase of computer was 1.93% in the underlying stock market and 1.09% in the convertible bond market; the daily increase of steel was 1.93% in the underlying stock market and 0.13% in the convertible bond market [56].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][7]. Core Insights - The company anticipates a significant increase in net profit for the first half of 2025, projecting a range of CNY 2.7 billion to CNY 3.2 billion, representing a year-on-year growth of 66.20% to 96.98% [1]. - The growth is attributed to the strong performance of the new model, the Wanjie M8, and the company's strategic move to list on the Hong Kong Stock Exchange, which aims to enhance its global presence [7]. Financial Projections - Total revenue is projected to grow from CNY 145.176 billion in 2024 to CNY 176.843 billion in 2025, reflecting a year-on-year growth rate of 21.8% [3]. - The net profit is expected to increase from CNY 5.946 billion in 2024 to CNY 11.706 billion in 2025, indicating a growth rate of 96.9% [3]. - Earnings per share (EPS) is forecasted to rise from CNY 3.64 in 2024 to CNY 7.17 in 2025 [3]. Market Performance - The company's stock price target is set at CNY 179.17, with the current price at CNY 138.44, indicating a potential upside of 36% [3][7]. - The company has a total market capitalization of CNY 226.123 billion and a circulating market value of CNY 209.014 billion [4]. Strategic Initiatives - The company plans to utilize funds from its IPO for research and development of new energy vehicles and overseas market expansion, which is expected to create a second growth curve [7]. - The Wanjie M8 is anticipated to become a top seller in its segment, with expected monthly sales of 18,000 to 20,000 units, significantly boosting the company's sales and profitability [7].

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 17.91 CNY based on a 7.5x P/S ratio for 2025 [2][11]. Core Insights - The company is a leading domestic analog chip design firm, focusing on power management and signal chain chips, and has established a dual-driven model in consumer electronics and automotive electronics [5][15]. - The analog chip industry is approaching a turning point, with inventory destocking nearing completion, indicating a potential recovery in the market [5][46]. - The company has been actively expanding its business through acquisitions, including exclusive rights to Korean technology and stakes in other firms, enhancing its product offerings and market position [5][11]. Summary by Sections Company Overview - Founded in 2012, the company initially focused on power management chips and has since expanded into signal chain chips, establishing a dual-driven model in consumer and automotive electronics by 2021 [5][15]. - The company has a concentrated shareholding structure, with key management having extensive industry experience [30][34]. Industry Outlook - The analog chip industry has been in a downturn since Q4 2022, but signs of recovery are emerging as major players like Texas Instruments and Analog Devices report revenue growth [5][46][51]. - The domestic market for analog chips is expected to benefit from a shift towards local suppliers, with a projected self-sufficiency rate of only 16% in 2024 [5][46]. Business Strategy - The company is leveraging its core power management chip business while expanding into new product lines, including audio motor driver chips and other innovative solutions [5][8][10]. - Recent acquisitions, such as the stake in Zinitix and the planned acquisition of Chengxin Micro, are aimed at enhancing the company's product matrix and competitive edge [5][11][20]. Financial Projections - The company is projected to achieve revenues of 9.80 billion CNY in 2025, with a gradual increase to 15.88 billion CNY by 2027, alongside a return to profitability by 2026 [6][11]. - The financial outlook reflects a significant recovery from previous losses, with expectations of narrowing losses in the near term [6][36].

证 券 研 究 报 告 非银金融行业深度研究报告 从铸币到流通：稳定币生态拆解 推荐（维持） ——稳定币系列报告之一 行业研究 非银行金融 2025 年 07 月 11 日 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：崔祎晴 邮箱：cuiyiqing@hcyjs.com 行业基本数据 华创证券研究所 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 71 | 0.01 | | 总市值(亿元) | 73,466.14 | 6.95 | | 流通市值(亿元) | 56,759.47 | 6.82 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.5% | 13.3% | 50.4% | | 相对表现 | 4.8% | 5.9% | 33.4% | -8% 18% 44% 69% 24/07 24/09 24/12 25/02 25/04 25/07 2024-07-10~2025-07-10 非银行 ...

Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, with a target price of 30.76 CNY [2][7]. Core Views - Nanhua Futures has expanded its cross-border clearing licenses, now holding 12 overseas clearing memberships, enhancing its global clearing capabilities [7][11]. - The company's overseas business is identified as the core driver of profit growth, with overseas interest income increasing from 0.03 million CNY in 2021 to 4.98 million CNY in 2024, reflecting a CAGR of +468% [7][12]. - The anticipated IPO in Hong Kong is expected to bolster the capital of its Hong Kong subsidiary, accelerating international expansion and mitigating the impact of declining overseas interest rates on net profit [7][8]. Financial Performance Summary - Total revenue for 2024 is projected at 5,711.61 million CNY, with a year-on-year growth rate of -8.6%. Revenue is expected to increase to 7,351.48 million CNY in 2025, representing a growth rate of 28.7% [8]. - The net profit attributable to the parent company is forecasted to be 457.97 million CNY in 2024, with a growth of 14.0%, and is expected to reach 536.11 million CNY in 2025, with a growth rate of 17.1% [8]. - Earnings per share (EPS) are projected to be 0.75 CNY for 2024, increasing to 0.88 CNY in 2025, and further to 1.08 CNY by 2027 [8][12]. Business Structure and Strategy - Nanhua Futures operates through its wholly-owned subsidiary, Honghua International, which has multiple specialized subsidiaries covering global markets [7][11]. - The company holds various licenses in Hong Kong, which may allow it to provide virtual asset services, potentially creating a global trading ecosystem that combines commodity futures and digital assets [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17.23 CNY, compared to the current price of 12.06 CNY [5][9]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 463-471 million CNY in the first half of 2025, representing a year-on-year increase of 6.06-7.80%. The non-recurring net profit is projected to be 436-443 million CNY, reflecting a growth of 8.13%-10.01% year-on-year [2][5]. - The company continues to demonstrate operational resilience in Q2 2025, with a net profit of 327-334 million CNY, showing a year-on-year increase of 7.5-10% and an acceleration compared to Q1 [9]. - The international expansion strategy is opening up growth opportunities, with ongoing acquisitions, including a deal with Carlyle Group to acquire Safety SA in South Africa, expected to enhance service capabilities in Africa [9]. Financial Summary - Total revenue is projected to grow from 6,084 million CNY in 2024 to 8,158 million CNY in 2027, with year-on-year growth rates of 10.3% for 2025 and 10.2% for 2026 [4][10]. - Net profit attributable to shareholders is forecasted to increase from 921 million CNY in 2024 to 1,274 million CNY in 2027, with growth rates of 12.5% for 2025 and 10.9% for 2026 [4][10]. - The company’s earnings per share (EPS) is expected to rise from 0.55 CNY in 2024 to 0.76 CNY in 2027, with a corresponding decrease in price-to-earnings (P/E) ratio from 22x in 2024 to 16x in 2027 [4][10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, the convertible bond market followed the equity market's upward trend, with valuations rising on a month - on - month basis. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall weighted average closing price of convertible bonds was 124.13 yuan, up 0.43% from yesterday [2]. - Valuations increased. The fitted conversion premium rate for 100 - yuan par value was 25.30%, up 0.71 pct from yesterday [2]. - In the industry performance, more than half of the underlying stock industry indices rose, with 17 industries rising in the A - share market and 18 in the convertible bond market [3]. 3. Summary by Related Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index rose 0.40% month - on - month, the Shanghai Composite Index rose 0.48%, the Shenzhen Component Index rose 0.47%, the ChiNext Index rose 0.22%, the SSE 50 Index rose 0.62%, and the CSI 1000 Index rose 0.25% [1]. - Small - cap value stocks were relatively dominant. Small - cap value stocks rose 1.06%, while large - cap growth stocks rose 0.14% [1]. | Index Code | Index Name | Closing Price | Daily Change (%) | Weekly Change (%) | Monthly Change (%) | YTD Change (%) | | --- | --- | --- | --- | --- | --- | --- | | 000832.CSI | CSI Convertible Bond | 450.71 | 0.40 | 1.43 | 3.45 | 8.72 | | 889033.WI | Convertible Bond Equal - Weighted | 213.99 | 0.28 | 0.99 | 2.56 | 10.04 | | 8841324.WI | Convertible Bond Index | 1960.13 | 0.34 | 1.94 | 4.41 | 18.75 | | 884257.WI | Convertible Bond Pre - plan | 1713.71 | 0.21 | 1.32 | 5.18 | 17.43 | | 000001.SH | Shanghai Composite Index | 3509.68 | 0.48 | 1.59 | 3.23 | 4.71 | | 399001.SZ | Shenzhen Component Index | 10631.13 | 0.47 | 2.10 | 3.72 | 2.08 | | 399006.SZ | ChiNext Index | 2189.58 | 0.22 | 3.10 | 6.22 | 2.24 | | 000016.SH | SSE 50 Index | 2756.93 | 0.62 | 1.26 | 2.61 | 2.69 | | 000852.SH | CSI 1000 Index | 6406.57 | 0.25 | 1.54 | 3.02 | 7.53 | [7] 3.2 Market Capital Performance - The trading volume in the convertible bond market was 66.907 billion yuan, a 1.57% decrease from the previous day. The total trading volume of the Wind All - A Index was 1.515068 trillion yuan, a 0.81% decrease from the previous day [1]. - The net outflow of main funds from the Shanghai and Shenzhen stock markets was 21.158 billion yuan, and the yield of the 10 - year Treasury bond rose 1.70 bp to 1.66% [1]. 3.3 Convertible Bond Price and Valuation - The overall closing - price weighted average of convertible bonds was 124.13 yuan, up 0.43% from yesterday. The closing price of equity - biased convertible bonds was 164.25 yuan, down 0.91%; that of bond - biased convertible bonds was 115.18 yuan, up 0.46%; and that of balanced convertible bonds was 124.13 yuan, up 0.29% [2]. - The proportion of bonds with a closing price above 130 yuan was 33.19%, up 1.57 pct from yesterday. The largest change in proportion was in the 100 - 110 (including 110) range, with a proportion of 3.19%, down 1.08 pct from yesterday. There were 2 bonds with a closing price below 100 yuan [2]. - The median price was 125.74 yuan, up 0.51% from yesterday. The fitted conversion premium rate for 100 - yuan par value was 25.30%, up 0.71 pct from yesterday. The overall weighted par value was 94.96 yuan, up 0.51% from yesterday [2]. 3.4 Industry Performance - In the A - share market, the top three rising industries were real estate (+3.19%), petroleum and petrochemicals (+1.54%), and steel (+1.44%); the top three falling industries were automobiles (-0.62%), media (-0.54%), and national defense and military industry (-0.41%) [3]. - In the convertible bond market, the top three rising industries were environmental protection (+2.50%), coal (+1.39%), and non - bank finance (+0.95%); the top three falling industries were communications (-0.92%), agriculture, forestry, animal husbandry and fishery (-0.67%), and media (-0.24%) [3]. - In terms of different sectors: - Closing price: The large - cycle sector rose 0.81%, the manufacturing sector rose 0.05%, the technology sector fell 0.22%, the large - consumption sector rose 0.12%, and the large - finance sector rose 0.66% [3]. - Conversion premium rate: The large - cycle sector decreased 1.1 pct, the manufacturing sector increased 0.32 pct, the technology sector increased 0.024 pct, the large - consumption sector decreased 0.13 pct, and the large - finance sector decreased 0.34 pct [3]. - Conversion value: The large - cycle sector rose 1.12%, the manufacturing sector fell 0.41%, the technology sector fell 0.25%, the large - consumption sector rose 0.07%, and the large - finance sector rose 0.96% [3]. - Pure - bond premium rate: The large - cycle sector rose 1.0 pct, the manufacturing sector rose 0.046 pct, the technology sector fell 0.28 pct, the large - consumption sector rose 0.11 pct, and the large - finance sector rose 0.77 pct [4]. 3.5 Industry Rotation - Real estate, petroleum and petrochemicals, and steel led the rise. For example, real estate had a daily increase of 3.19% in the underlying stock market, and its PE (TTM) 3 - year quantile was 97.80%, and PB (LF) 3 - year quantile was 51.03% [53].