东北固收转债分析：2025年9月十大转债-2025年9月

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Bond Information: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - Company Overview: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - Financial Data: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - Company Highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specifications, with leading market shares in core products. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - Bond Information: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - Company Overview: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - Financial Data: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - Company Highlights: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - Bond Information: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - Company Overview: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - Financial Data: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - Company Highlights: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - Bond Information: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - Company Overview: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - Financial Data: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - Company Highlights: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - Bond Information: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - Company Overview: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - Financial Data: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - Company Highlights: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - Bond Information: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - Company Overview: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - Financial Data: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - Company Highlights: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - Bond Information: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - Company Overview: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - Financial Data: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - Company Highlights: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - Bond Information: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - Company Overview: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - Financial Data: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - Company Highlights: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - Bond Information: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - Company Overview: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - Financial Data: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - Company Highlights: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - Bond Information: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - Company Overview: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - Financial Data: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - Company Highlights: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].