Minsheng Securities·2025-07-27 13:35Group 1 - The report highlights a selection of convertible bonds for August, including leading companies in various sectors such as intelligent manufacturing, automotive semiconductors, natural gas, and pharmaceuticals [1][2][3] - The convertible bond market is experiencing a rise in valuations, with the median price of convertible bonds showing an upward trend, reaching historical highs [1][2][3] - The report suggests that investor risk appetite has increased, with a focus on sectors like coal, steel, and chemicals, indicating a potential for valuation recovery in these industries [2][3] Group 2 - The report emphasizes the importance of AI and robotics in driving the growth of high-end manufacturing, recommending attention to convertible bonds from companies like Lingyi and Wentai [3][4] - There is a noted increase in overseas demand for computing power, which may accelerate the industrialization of AI, with a focus on convertible bonds from companies like Huanxu and Shenshu [3][4] - The second half of the year is expected to see a recovery in the new energy and automotive parts sectors, with recommendations to monitor convertible bonds from Huayou and Mikirin [3][4] Group 3 - Lingyi Technology is recognized as a global leader in intelligent manufacturing, providing comprehensive AI terminal hardware solutions and maintaining a leading market share in precision components [8][9] - Shenshu focuses on enterprise-level network security and cloud computing, offering a range of products and services aimed at facilitating digital transformation for various industries [10][11] - Wentai Technology is a leading player in the automotive semiconductor sector, with a strong emphasis on high-quality, automotive-grade products that meet stringent industry standards [33][34] Group 4 - Huayou Cobalt is involved in the development and manufacturing of new energy lithium battery materials, with a vertically integrated supply chain from resource extraction to material production [39][40] - Mikirin has established a global production layout in the tire industry, enhancing its competitiveness through strategic investments in smart manufacturing facilities [48][49] - Dacelin is a prominent retail chain in the pharmaceutical sector, focusing on providing quality health products through a well-established supply and logistics system [29][30]