Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [36]. Core Insights - The report highlights significant advancements in AI models, particularly the release of xAI's Grok 4 series, which boasts enhanced reasoning capabilities and pricing that exceeds OpenAI's offerings. Grok 4 Heavy achieved a score of 44.4% in the HLE test, surpassing Google's Gemini 2.5 Pro, with a training volume that is 100 times that of Grok 2 [4][11]. - The report emphasizes the rapid growth in demand for AI reasoning capabilities, with notable increases in token usage across platforms like Google and Microsoft Azure AI, suggesting a burgeoning market for AI applications [4][12]. - The launch of Kimi K2, a model with 1 trillion parameters, showcases the competitive edge of domestic AI models, indicating a trend where local models are approaching or even surpassing international counterparts in certain tasks [4][19]. - The report also discusses the release of Tencent's Hunyuan3D-PolyGen, a 3D generation model that significantly enhances modeling efficiency for artists, demonstrating the ongoing innovation in AI applications across various sectors [29]. Summary by Sections Global AI Dynamics - xAI's Grok 4 series includes single and multi-agent versions, with a maximum context window supporting 256k tokens, and is priced higher than OpenAI's offerings [4][11]. - Google's Veo 3 upgrade allows users to generate audio-visual content from a single photo, enhancing character consistency and camera movement features [13][18]. - OpenAI plans to release an AI Agent-driven browser, potentially challenging Google's Chrome dominance, which currently holds over two-thirds of the global browser market [12]. AI Applications - The report notes that the demand for AI reasoning is rapidly increasing, with significant growth in token usage reported by Google and Microsoft Azure AI [4][12]. - The Kimi K2 model, with its MoE architecture, excels in code generation and general agent tasks, achieving state-of-the-art results in various benchmark tests [19][22]. - The Skywork-R1V 3.0 model from Kunlun Wanwei demonstrates exceptional performance in multi-disciplinary reasoning, achieving high scores in standardized tests [24][28]. Domestic AI Developments - The report highlights the rapid commercialization of AI in China, with significant increases in daily token usage for domestic models, indicating a dual-driven demand from consumer and enterprise sectors [4][19]. - The release of Kimi K2 and other high-performance models marks a transition for domestic AI from capability catching up to efficiency-driven and ecosystem expansion [4][19].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [3] Core Viewpoints - The petrochemical industry is facing a significant challenge due to the peak and decline in demand for refined oil products, necessitating a net elimination of capacity during the "15th Five-Year Plan" period, rather than merely controlling new capacity [2][21] - The ethylene sector is experiencing overcapacity due to a large influx of new oil conversion capacity, which requires controlling new capacity and tightening project approvals during the "15th Five-Year Plan" [2][21] - The average profit margins for major chemical products in the first half of 2025 are expected to be below 50% historical percentiles, indicating a challenging profitability environment [12][15] Summary by Sections 1. Review of 2015 Petrochemical Supply-Side Reform Policies - The State Council issued guidelines to strictly control new capacity in basic chemical products and to manage the construction of new refining and ethylene projects [9] 2. Achievements of Petrochemical Supply-Side Reform - China's refining capacity has grown moderately, with no significant oversupply until 2024, but a peak in refined oil demand is anticipated [10] 3. The Environment Facing the Petrochemical Industry in 2025 - Significant increases in production capacity for major petrochemical products have been observed, with ethylene self-sufficiency rising from 57% in 2020 to 76% in 2024 [15] 4. Possible Measures for "Anti-Internal Competition" - The petrochemical industry must focus on leading sectors such as refining and ethylene capacity, with a need for capacity elimination and project approval control [21]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The Ministry of Housing and Urban-Rural Development's recent survey indicates a steady increase in housing supply and a strong policy outlook, contributing to a stable real estate market. The total transaction volume of new and second-hand homes has shown year-on-year growth in the first half of 2025, with second-hand home transactions gradually increasing [1][10][11] - The report highlights the importance of promoting a stable, healthy, and high-quality development of the real estate market, emphasizing the need for tailored policies to enhance market stability and meet public expectations for quality housing [1][12] - The report suggests that the new characteristics of the industry may strengthen market confidence in the gradual bottoming of the real estate cycle, with a positive outlook for Q3 policies focusing on urban renewal and supply-demand adjustments [2][12] Summary by Sections Investment Recommendations - The report advocates for prioritizing investments in non-state-owned enterprises benefiting from debt relief, policy support, and demand improvement. It also recommends focusing on leading real estate companies with product advantages and regional firms with improving market shares [4][13] - Suggested stocks include quality non-state-owned enterprises such as Longfor Group, Gemdale Corporation, and New Town Holdings, as well as local state-owned enterprises like Yuexiu Property and China Overseas Land & Investment [4][13] Transaction Overview New Housing Market - For the week of July 5 to July 11, 2025, the transaction volume of new homes was 1.99 million square meters, with a month-on-month decline of 10.31%. However, there was a slight improvement compared to the previous month [3][16] - The cumulative inventory reached 111.47 million square meters, with accelerated sales across first, second, and third-tier cities [3][16] Second-Hand Housing Market - During the same week, the transaction volume of second-hand homes was 1.75 million square meters, showing a month-on-month decline of 7.00% [3][25] - The report notes a decrease in the growth rate of second-hand home transactions compared to previous periods, indicating a need for continued monitoring [3][25] Land Market - The land market saw a transaction area of 2.668 million square meters, with a total transaction value of 39.2 billion yuan, reflecting a year-on-year increase of 16.73% [3][16] Industry and Stock Performance - The report indicates that the Shenwan Real Estate Index increased by 6.12% this week, outperforming the Shanghai and Shenzhen 300 Index by 5.30% [3][4] - The report also provides insights into the valuation and profit forecasts for key A-share and H-share stocks in the real estate sector, highlighting the performance of various companies [14][15]

Group 1 - The report highlights that China is transitioning from high-speed growth to high-quality growth, with economic indicators resembling the later stages of Japan's third consumption society and the brand consumption phase in the US [1] - For essential consumption, the investment strategy focuses on low-valuation, high-quality growth stocks with high dividend yields, particularly in the food and beverage and textile sectors [1] - In the optional consumption sector, there are signs of improvement in macroeconomic data, suggesting a potential turning point, with recommendations to select companies showing operational improvements based on financial reports [1] Group 2 - The report indicates that the A-share market has shown a breakthrough in indices, with a shift in style, where mid-cap indices performed strongly while large-cap indices lagged [3] - Domestic economic indicators such as CPI and PPI are showing mixed signals, with CPI returning to positive growth while PPI's decline is widening, indicating a complex economic environment [3][29] - The report suggests focusing on sectors like real estate, steel, and non-bank financials, which have been characterized as "cold" industries but are currently leading the market [3] Group 3 - The report emphasizes the importance of the banking sector, noting that policy support and increased asset allocation from insurance companies could enhance the attractiveness of bank stocks [8] - The report identifies specific banks for investment, including Chengdu Bank and Agricultural Bank of China, based on their potential for improved asset quality and profitability [8] Group 4 - The report discusses the robotics industry, particularly the application of cycloidal reducers in humanoid robots, highlighting their advantages in torque and shock resistance [10] - Companies like Double Ring Transmission are collaborating with Tesla on developing small RV reducers, indicating a growing interest in this technology [10] Group 5 - The scientific instruments industry is characterized by a significant presence of foreign brands, with domestic brands still underrepresented, indicating a strong potential for domestic substitution [11] - The report notes that the mass spectrometry market in China is valued at 16.712 billion yuan, with foreign companies holding over 90% of the global market share, highlighting the need for domestic innovation [11]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [7] Core Insights - The report highlights the introduction of a new educational product model by the company, which integrates AI dual-teacher systems, super training fields, and companion robots, marking a significant milestone in the education sector [2][4]. - The super training field is designed with three essential elements: AI super teachers, interactive modeling, and blended implementation, aiming to enhance learning outcomes and address parental concerns [3][6]. - The market response to the new products has been strong, with sales exceeding 300 million within just six days of launch, indicating a high demand for AI-driven educational solutions [4]. Summary by Sections New Product Launch - The company launched the "super training field" and "companion robot," which are positioned to redefine educational paradigms through AI integration [2][5]. - The companion robot serves multiple roles, including a tutor and a life assistant, enhancing the learning experience by providing emotional support and personalized engagement [5]. Market Demand and Validation - The rapid sales growth of the new AI products demonstrates a strong market demand for effective and convenient educational solutions that alleviate parental burdens [4][6]. - The report suggests that AI has the potential to significantly optimize educational processes, benefiting both students and teachers by improving resource delivery and personalized instruction [6]. Future Outlook - The report anticipates that the "AI + Education" sector is entering a phase of technological benefits and ecosystem restructuring, with the company's innovations leading the way in measurable educational effectiveness [7][10]. - It is recommended to pay attention to opportunities within the education sector as AI applications become more prevalent and impactful [10].

Group 1 - The report highlights a market correction in the bond market, with credit products showing varying degrees of resilience. The "see-saw" effect between stocks and bonds continues, leading to a decline in the bond market and some profit-taking, particularly in perpetual bonds [2][9]. - Credit products generally follow interest rate adjustments, but their decline is less pronounced than that of interest rates. The credit spread has narrowed passively, with perpetual bonds experiencing a greater decline compared to other credit types [2][9]. - The report notes that the yield on short-term credit products fluctuated, with a passive widening of credit spreads by approximately 5 basis points over the week [2][9]. Group 2 - During the bond market adjustment period, trading volumes for credit bonds have decreased, particularly for perpetual bonds. However, insurance and other institutional investors have shown a notable increase in their holdings of high-quality credit bonds [3][16]. - The report suggests that the market may not need to worry excessively about the current credit market conditions, as the marginal impact of the stock-bond see-saw effect is expected to diminish. The report anticipates a potential re-entry point for investors as the credit spreads adjust [4][27]. - The report recommends focusing on 2-year duration assets for portfolio allocation, as well as considering mid-to-high grade 5-year perpetual bonds, which have seen a decline in yields above 1.9%, indicating potential buying interest [4][29][34].

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [6] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as a key investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain [2][19] - The report suggests that 2025 may become a pivotal year for domestic AI infrastructure competition and application development, with ongoing advancements in AI in both China and the US [2][19] - The government work report has included "deep-sea technology" for the first time, indicating a positive trend for the offshore wind and submarine cable industry starting in 2025 [2] Summary by Sections Artificial Intelligence and Digital Economy - Key recommendations for optical modules and optical devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology. Suggested stocks include: Guangxun Technology, Suosi, Dingtong Technology, and others [4][22] - For switch server PCBs, key recommendations are: Hudian Co., ZTE, and Unisplendour. Suggested stocks include: Shengke Communication, Ruijie Networks, and others [4][22] - Low valuation and high dividend stocks in cloud and computing IDC resources include: China Mobile, China Telecom, and China Unicom [4][22] - For AIDC and cooling solutions, key recommendations are: Yingweike, Runze Technology, and others. Suggested stocks include: Shenling Environment and others [4][22] - For AIGC applications and edge computing power, key recommendations are: Guanghe Communication, Meige Intelligent, and Yiyuan Communication. Suggested stocks include: Cai Xun Co., Mengwang Technology, and others [4][23] Offshore Wind and Submarine Cable - Key recommendations for offshore wind and submarine cable include: Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [5][24] - The report emphasizes the recovery of overseas markets and recommends focusing on leading companies in the submarine cable industry [3][20] Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is highlighted, with key recommendations including: Huace Navigation and Haige Communication. Suggested stocks include: Chengchang Technology, Zhenlei Technology, and others [6][25] Market Performance Review - The communication sector rose by 2.19% during the week of July 7-11, outperforming the CSI 300 index by 1.37 percentage points [26] - Notable individual stock performances include: Hengbao Co. and Changxin Bochuang, which saw significant increases [27][29]

Group 1: Overview of Major Assets - In Q2 2025, A-shares rebounded to 3400 points, with bond rates declining and commodities experiencing fluctuations after a significant drop [2][10] - The A-share market saw broad index gains, with micro-cap stocks surging, led by financial and growth sectors, particularly in defense, military, and banking industries [3][14] - The bond market experienced a narrow decline in yields, with credit spreads initially widening before stabilizing [30][34] - Commodity markets showed mixed performance, with gold fluctuating at high levels and oil prices experiencing a rise followed by a decline [32][46] - Global stock indices mostly rose, with the Nasdaq leading at a 17.7% increase, while the AH premium index fell to a five-year low [2][10] Group 2: A-share Market Dynamics - The A-share market's fundamentals showed weakness in Q2, with three major economic indicators declining for two consecutive months [3][14] - Macro liquidity indicators indicated a slight decrease in social financing, with a reduction in reserve requirements and interest rates implemented in May [3][14] - Micro-funding trends showed fluctuations in southbound capital and ETF performance, with a notable increase in newly established funds in June [3][14] - The industry landscape highlighted a resurgence in the "lipstick economy" and a growing trend in innovative pharmaceuticals, indicating a competitive edge in global markets [3][14] Group 3: International Market Influences - The tariff situation led to increased global uncertainty, with liquidity risks observed in early April, followed by stabilization in May as tariff negotiations eased [4][19] - The U.S. economy faced rising inflation and potential stagflation risks, with inflation expectations reaching new highs in May [4][20]

Report Investment Rating The report does not mention the investment rating of the industry. Core Viewpoints - Tariff risks have intensified, leading to a collective decline in US stocks, an upward trend in US Treasury yields, a rebound in the US dollar, and increases in copper, gold, silver, and oil prices [1][9][10]. - Fed officials' hawkish stances have cooled the market's expectations for interest rate cuts [2][24]. - Trump's tariff policies have been the focus this week, with data indicating that tariffs were effectively implemented from May to June [3][30]. - The overall overseas economic situation shows mixed trends, with changes in recession probabilities, employment, demand, production, shipping, prices, and financial conditions [4][5]. Summary by Directory 1. Overseas Market Weekly Review - **Equity**: US stocks fell collectively due to tariff impacts, while European stocks rose. The S&P 500, Dow, and Nasdaq dropped by 0.31%, 1.02%, and 0.08% respectively. The German DAX, Eurozone STOXX, and London FTSE 100 increased by 1.97%, 1.79%, and 1.34% respectively [9]. - **Foreign Exchange**: The US dollar rebounded, with the dollar index rising 0.91%. The euro, yen, and yuan against the dollar decreased by 0.7%, 2.0%, and increased by 0.1% respectively [9]. - **Interest Rates**: US Treasury yields continued to rise due to inflation concerns, lower - than - expected jobless claims, and hawkish Fed officials. The 2Y and 10Y US Treasuries rose by 2BP and 8BP respectively [10]. - **Commodities**: Copper prices soared, and gold, silver, and oil prices also increased. COMEX copper rose 9.5%, WTI crude oil rose 3.4%, and COMEX silver and gold rose 6.9% and 1.1% respectively [10]. 2. Overseas Policies and Key News 2.1 Overseas Central Bank Dynamics - Fed officials' stances were hawkish. Some believed that the impact of tariffs would be fully felt later this year or early next year, and new tariff threats might delay interest rate cuts [2][24]. - Market expectations for interest rate cuts cooled. As of July 12, the probability of a rate cut by September was 60.4% (down from 69.4% a week ago), and the expected number of rate cuts in 2025 decreased from 2.25 to 2.01 [2][24]. 2.2 Trump Policy Tracking - **Tariff Announcements**: Trump announced "Reciprocal Tariffs 2.0" for 25 countries or regions on August 1, with different tariff rates for each. He also announced a 50% tariff on copper starting August 1 and threatened a 200% tariff on pharmaceuticals [3][30]. - **Tariff Implementation Data**: In June, US tariff revenue reached $27 billion, a 301% year - on - year increase. In May, the average effective tariff rate was 6.95%, up 3.25 percentage points from January, and the effective tariff on China was 45.6%, up 34.7 percentage points from January [3][30]. 3. Overseas Economic Fundamental High - Frequency Tracking 3.1 Overall Prosperity - The probability of a US recession was 35% (down from 37.5% a week ago), and the eurozone recession probability remained at 30%. The US weekly economic activity index rose, while Germany's declined [4][42]. - The Fed's expectations for US Q2 economic growth remained unchanged [46]. 3.2 Employment - The number of initial jobless claims decreased to 227,000, lower than expected and declining for the fourth consecutive week. The number of continued unemployment benefit recipients rose slightly to 1.965 million [51]. 3.3 Demand - US retail sales increased, with the Redbook commercial retail sales annual rate rising from 4.9% to 5.9%. Airport security check - in numbers decreased but were higher than last year, and railway transportation volume declined [55]. - Mortgage interest rates rose slightly, and real estate market activity rebounded [55]. 3.4 Production - The US production sector remained highly prosperous. Crude steel capacity utilization and production were higher than last year, while refinery capacity utilization was slightly lower [62]. 3.5 Shipping - International freight indicators showed mixed trends. The Baltic Dry Index rose 15.8%, and the Panamax Freight Index fell 22.4%. The Drewry World Container Freight Index (WCI) dropped 8.5% [65]. - Export demand from Ningbo and Shanghai continued to decline [67]. 3.6 Prices - US retail gasoline prices rose 0.29% to $3.157 per gallon. Inflation expectations in the swap market increased, with the 1 - year inflation swap rising 0.21 percentage points to 3.37% and the 2 - year inflation swap rising 0.11 percentage points to 2.93% [69]. 3.7 Financial Conditions - US financial pressure decreased. The OFR US Financial Stress Index fell to - 1.045, and the CCC high - yield bond credit spread decreased to 8.53%. The SOFR - ON RRP spread averaged 8.0bp [71]. 4. Next Week's Overseas Important Event Reminders Next week, key overseas events include US inflation data (CPI, PPI, import price index), US retail sales, and the US stock earnings season [76].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The convertible bond market has reached a relatively high historical level in terms of index and valuation. However, currently, the remaining term of outstanding convertible bonds has shortened, the space for new bond issuance is limited, and issuers have a strong tendency to force redemption, putting pressure on the price ceiling of convertible bonds. If the supply of new bonds continues to shrink, there may be a risk of capital withdrawal on the demand side, which will also affect the high valuation of convertible bonds. On the positive side, the equity market is expected to continue its upward trend this year, and the small - cap style is likely to remain dominant, which is beneficial to the convertible bond market [34]. - It is recommended to focus on clause games based on the remaining term and performance and financial pressure. Low - priced and weakly - qualified convertible bonds have certain cost - effectiveness. It is also advisable to follow the underlying stocks and pay attention to industries with improved supply - demand patterns and expected performance recovery, as well as individual bonds in these industries [34]. - In the short - term, the stock market is expected to see a weak resonance between the domestic economic fundamentals and the capital market. The issuance pressure of convertible bonds is not expected to be high, but attention should be paid to the risk of valuation correction. Clause - wise, it is recommended to continue to focus on the game space of downward revisions and be vigilant against forced redemption risks, and also pay appropriate attention to short - term game opportunities for near - maturity convertible bonds [35]. 3. Summary According to Related Catalogs 3.1. 1. 转债周度专题与展望 (Convertible Bond Weekly Special Topic and Outlook) 1.1. 对比 2021，转债何去？ (Comparing with 2021, Where Are Convertible Bonds Heading?) - As of this Friday, the China Securities Convertible Bond Index closed at 4,508.48 points, reaching a 10 - year high. The median price of convertible bonds exceeded 125.82 yuan. This year, the index has risen by 8.75%, outperforming the Wind All - A Index. In 2021, the convertible bond market also outperformed the equity market, with the China Securities Convertible Bond Index and the Wind All - A Index rising by 18.48% and 9.17% respectively [11]. - In 2021, the outperformance of convertible bonds was due to three main factors: at the underlying stock level, the small - cap stocks led the rise in the equity market, and convertible bonds corresponding to small - cap stocks in dominant industries such as new energy, semiconductors, and cyclical industries had a structural advantage; at the valuation level, positive expectations for the equity market and high new - bond subscription returns boosted market enthusiasm, and institutional investors increased their positions in convertible bonds, leading to an overall upward shift in the valuation center; at the clause level, during the equity market correction in Q1 2021, some convertible bonds proposed downward revisions, enhancing investors' confidence in the price - repair function of the downward - revision clause. Later, high - quality convertible bonds announced no early redemption after triggering forced redemption, removing the "invisible ceiling" for bond prices [13][28]. - Currently, the convertible bond market is facing price - ceiling pressure due to issuers' strong tendency to force redemption. If new - bond supply shrinks, there may be a risk of capital withdrawal on the demand side. However, the upward trend of the equity market and the dominance of the small - cap style are beneficial to the convertible bond market. It is recommended to focus on clause games and consider low - priced and weakly - qualified convertible bonds, and also follow the underlying stocks and pay attention to industries with improved supply - demand patterns and expected performance recovery [34]. 1.2. 周度回顾与市场展望 (Weekly Review and Market Outlook) - This week, the market showed a strong upward trend, breaking key points. The "anti - involution" sectors were popular. Different days of the week had different market performances, with various sectors leading the rise or fall on different days [35]. - For the stock market, the current valuation of the A - share market has recovered. Policies such as large - scale equipment renewal and consumer goods trade - in are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and the capital market is expected to gradually start. For convertible bonds, considering the impact of refinancing policies, the issuance pressure is not expected to be high. The return of incremental funds has driven the valuation to a relatively high historical level, and attention should be paid to the risk of valuation correction. It is also recommended to focus on the game space of downward revisions, be vigilant against forced redemption risks, and pay appropriate attention to short - term game opportunities for near - maturity convertible bonds [35]. - Industries to focus on include popular themes such as AI computing power, humanoid robots, intelligent driving, low - altitude economy, data elements, and satellite Internet of Things; low - level science and technology growth sectors such as semiconductors and innovative drugs; sectors with expected recovery in domestic demand such as real estate, chemicals, and consumer electronics; and high - dividend sectors such as central state - owned enterprises, "Belt and Road" - related themes, and public utilities, petrochemicals, and precious metals [36]. 3.2. 2. 转债市场周度跟踪 (Weekly Tracking of the Convertible Bond Market) 2.1. 权益市场收涨，地产钢铁非银领涨 (The Equity Market Closed Higher, with Real Estate, Steel, and Non - Banking Financial Sectors Leading the Rise) - This week, major equity market indices closed higher. The market style was more inclined towards small - cap value. Among the Shenwan industries, 27 industries' indices rose, and 4 industries fell. Real estate, steel, and non - banking financial industries led the rise, while coal, banking, and the automobile industry were among the top decliners [41][44]. 2.2. 转债市场大涨，百元溢价率微降 (The Convertible Bond Market Rose Sharply, and the 100 - yuan Premium Rate Slightly Declined) - This week, the convertible bond market closed higher. The average daily trading volume increased. Among industries, 28 industries' convertible bonds rose, and only the banking convertible bonds fell. Most individual convertible bonds rose. The price median of convertible bonds increased, and the number of low - priced convertible bonds decreased. The weighted conversion value of the whole market increased, and the premium rate decreased [46][53][55]. 2.3. 不同类型转债高频跟踪 (High - Frequency Tracking of Different Types of Convertible Bonds) 2.3.1. 分类估值变化 (Changes in Classified Valuations) - This week, the valuation of equity - biased convertible bonds significantly increased. The valuations of convertible bonds with par values in the ranges of 0 - 80 yuan, 90 - 100 yuan, and 100 - 110 yuan decreased, while those of other par - value convertible bonds increased, especially those in the 80 - 90 yuan and 110 - 120 yuan ranges. The valuations of convertible bonds in most rating categories and size segments decreased. Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from their lows [63]. 2.3.2. 市场指数表现 (Market Index Performance) - This week, convertible bonds of all ratings rose. Since 2023, low - rated convertible bonds have shown weaker anti - decline attributes and greater rebound strength compared to high - rated ones. This week, convertible bonds of all sizes rose. Since 2023, small - cap and small - to - medium - cap convertible bonds have achieved relatively high returns [73][75]. 3.3. 3. 转债供给与条款跟踪 (Tracking of Convertible Bond Supply and Clauses) 3.1. 本周一级预案发行 (This Week's Primary Issuance Plans) - This week, 2 new convertible bonds were listed, and 5 were issued but not yet listed. The first - day closing prices and conversion premium rates of the newly - listed bonds were reported. Five convertible bonds passed the primary approval this week, with a total of 3 bonds being accepted by the exchange. From the beginning of 2023 to July 11, 2025, there were 86 convertible bond issuance plans in total, with a total scale of 137.972 billion yuan [79][80]. 3.2. 下修&赎回条款 (Downward Revision and Redemption Clauses) - This week, 6 convertible bonds were expected to trigger downward revisions, 13 announced no downward revisions, and 2 actually had downward revisions. Also, 8 convertible bonds were expected to trigger redemption, 3 announced no early redemption, and 4 announced early redemption. As of the end of this week, 4 convertible bonds were in the put - option subscription period, and 23 were in the company's capital - reduction settlement subscription period [84][88][90].