证券研究报告 | 2025年08月03日 转债市场周报 转债进入强股性区间，风险与机遇并存 核心观点 固定收益周报 上周市场焦点（7 月 28 日-8 月 1 日） 上周转债个券多数收跌，中证转债指数全周-1.37%，价格中位数-1.22%， 我们计算的算术平均平价全周-1.00%，全市场转股溢价率与上周相比 +0.09%。个券层面，奇正（创新药）、东杰（实控人或变更）、天路（雅 下水电概念）、景 23（PCB）、海波（桥梁钢结构工程）转债涨幅靠前； 大禹（雅下水电概念&已公告强赎）、亿田（算力概念）、应急（军工& 已公告强赎）、奥飞（数据中心）、宏丰（合金材料&已公告强赎）转 债跌幅靠前。 观点及策略（8 月 4 日-8 月 8 日） 转债进入强股性区间风险与机遇并存，警惕三方面风险（小盘股/债市 压力/条款乐观定价），挖掘三类机会（反内卷/正股成长高波/红利）： 7 月沪指站上 3600 点，转债平均平价站上 110 元，市场价格中位数大于 130 元，均处于 2010 年来 90%、2023 年以来 100%分位数，转债资产已 进入强股性区间；随着债底保护下降，估值进一步提升，我们认为后续 续警惕三类风 ...

Financial News - Dongguan's manufacturing sector saw a loan increase of 39.9 billion yuan in the first half of the year, ranking first among all prefecture-level cities in Guangdong province [1] - As of the end of June, the total loan balance in Dongguan reached 2,006.1 billion yuan, a year-on-year increase of 3.4%, with RMB loans at 1,913.1 billion yuan, up 5.2% [1] - Small and micro enterprises in Dongguan had a loan balance of 441.4 billion yuan, growing by 18.5% year-on-year, maintaining the top position in Guangdong [1] Company Dynamics - Sixuan New Materials announced a private placement plan to raise up to 466 million yuan, aimed at projects in Vietnam and enhancing its competitiveness in thermal management materials [2][3] - Darui Electronics plans to acquire 80% of Weiste's shares for 164 million yuan, which will make Weiste a subsidiary of Darui [2][3] - Zhongsheng Pharmaceutical intends to redeem 2.86% of shares in its subsidiary, Zhongsheng Ruichuang, using 20 million yuan and 15.15 million USD [4][5] - Shenglan Technology's convertible bond registration has been approved, with plans to raise up to 450 million yuan for projects related to new energy vehicle connectors and industrial control connectors [6] - Dingtong Technology reported a 134% increase in net profit for the first half of the year, driven by the demand for communication products due to rapid AI development [6] - ST Quanwei applied to revoke certain risk warnings after a court ruling exempted it from liability in a guarantee case [7]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 胜蓝科技股份有限公司（以下简称"公司"）于近日收到中国证券监督管理委 员会出具的《关于同意胜蓝科技股份有限公司向不特定对象发行可转换公司债券 注册的批复》（证监许可〔2025〕1548 号）（以下简称"批复"），批复文件的 主要内容如下： 证券代码：300843 证券简称：胜蓝股份 公告编号：2025-046 胜蓝科技股份有限公司 关于向不特定对象发行可转换公司债券获得中国 证券监督管理委员会同意注册批复的公告 公司董事会将根据上述文件和相关法律法规的要求及公司股东会的授权，在 规定的期限内办理本次向不特定对象发行可转换公司债券的相关事宜，并及时履 行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 一、同意你公司向不特定对象发行可转换公司债券的注册申请。 胜蓝科技股份有限公司董事会 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理 ...

（文章来源：证券日报） 证券日报网讯 7月31日，胜蓝股份发布公告称，公司于近日收到中国证券监督管理委员会出具的《关于 同意胜蓝科技股份有限公司向不特定对象发行可转换公司债券注册的批复》（简称"批复"），批复文件 的主要内容如下：一、同意你公司向不特定对象发行可转换公司债券的注册申请。二、你公司本次发行 应严格按照报送深圳证券交易所的申报文件和发行方案实施。三、本批复自同意注册之日起12个月内有 效。四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时报告深圳证券交易所并 按有关规定处理。 ...

Group 1 - The stock price of Shenglan Co., Ltd. on July 31 was 30.97 yuan, a decrease of 0.01 yuan or 0.03% from the previous trading day [1] - The company operates in sectors such as consumer electronics, humanoid robots, and high-speed copper cable connections, focusing on the research, production, and sales of electronic connectors and precision components, including those for new energy vehicles [1] - In the first quarter of 2025, the company achieved operating revenue of 337 million yuan and a net profit of 30.14 million yuan [1] Group 2 - On July 31, the company announced that it received approval from the China Securities Regulatory Commission to issue convertible bonds to unspecified objects, with a fundraising target of no more than 450 million yuan [1] - The funds raised will be used for the research and development of high-voltage connectors and components for new energy vehicles, as well as for industrial control connector production and R&D projects [1] - On the same day, the net outflow of main funds for Shenglan Co., Ltd. was 635,200 yuan, accounting for 0.01% of the circulating market value [1]

Group 1 - Jiejia Weichuang expects a net profit of 1.7 billion to 1.96 billion yuan for the first half of 2025, representing a year-on-year increase of 38.65% to 59.85% [1] - Micron Biotech's CS231295 clinical trial application has been approved by the FDA for treating advanced solid tumors [1] - Sinopec anticipates a net profit of 20.1 billion to 21.6 billion yuan for the first half of 2025, a decrease of 39.5% to 43.7% year-on-year [2] Group 2 - High Energy Environment has obtained a loan commitment letter from a financial institution for share repurchase [2] - Electric Power Investment Energy received a warning letter from the Inner Mongolia Securities Regulatory Bureau for inadequate disclosure in its semi-annual report [3] - Zhejiang University Net New won a bid for an intelligent engineering project worth 94.2712 million yuan [5] Group 3 - Daodaoquan reported a net profit of 181 million yuan for the first half of 2025, a year-on-year increase of 563.15% [8] - New Light Optoelectronics expects a net loss of 19 million to 23 million yuan for the first half of 2025 [9] - Aihua Pharmaceutical's two probiotic powder registration applications have been accepted [10] Group 4 - Xinhui Electric's subsidiary signed a product sales framework contract for commercial and household robots [11] - Baida Precision Engineering's subsidiary obtained 134,500 square meters of industrial land use rights [12] - Haiyang Technology's chief engineer resigned for personal reasons [13] Group 5 - Tianhe Magnetic Materials received a project filing notice for a 12,000-ton magnetic material deep processing project [22] - Wanlima is the pre-selected unit for a procurement project worth 43.835 million yuan from China Southern Airlines [24] - Yipin Hong's subsidiaries obtained two drug registration certificates [25] Group 6 - Zhejiang Jiaoke's subsidiary signed new construction projects worth 4.783 billion yuan in the second quarter [27] - Shenglan Co. received approval for issuing convertible bonds [29] - Jimi Technology expects a net profit of 88.6622 million yuan for the first half of 2025, a year-on-year increase of 2062.33% [31] Group 7 - Dingtong Technology reported a net profit of 115 million yuan for the first half of 2025, a year-on-year increase of 134.06% [32] - Huaheng Biological is planning to list on the Hong Kong Stock Exchange [34] - Yuntian Lihui submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [36] Group 8 - Nanchip Technology expects a net profit of 108.8 million to 133.1 million yuan for the first half of 2025, a decrease of 35.09% to 47.03% year-on-year [43] - Anglikang's Mesobam injection has received a drug registration certificate [44] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.998% [45]

Core Viewpoint - The company, Shenglan Co., Ltd. (300843), has received approval from the China Securities Regulatory Commission to issue convertible bonds, aiming to raise up to 450 million yuan for the development of high-voltage connectors and components for new energy vehicles, as well as industrial control connectors [1] Company Summary - Shenglan Co., Ltd. specializes in the research, production, and sales of electronic connectors and precision components, particularly focusing on connectors for new energy vehicles [1] - In the first quarter of 2025, the company reported a total operating revenue of 337 million yuan and a net profit attributable to shareholders of 30.14 million yuan [1] Industry Summary - The high-voltage connector project is positioned within the upstream supply chain of the new energy vehicle industry, which is facing increasing market concentration, intensified competition, price pressures, and ongoing technological advancements that may affect future capacity absorption [1] - The competition in the industrial control connector sector is intensifying, with domestic manufacturers like Direction Electronics and Weifeng Electronics expanding their production scale in the industrial automation equipment sector, which may further squeeze market share for Shenglan's industrial control connector project [1]

Group 1 - Shenglan Co., Ltd. has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified objects [1] - Yipin Hong's wholly-owned subsidiary, Guangzhou Yipin Pharmaceutical, has obtained the registration certificate for Compound Polyethylene Glycol Electrolyte Powder (III), qualifying it to sell this specification of drug in the domestic market [1] - Zhejiang Jiaokao disclosed its second-quarter construction industry operating situation, reporting that its subsidiary, Zhejiang Jiaogong, won and signed 207 new projects in the second quarter, amounting to 4.783 billion yuan; for the first half of the year, a total of 539 new projects were won and signed, totaling 21.355 billion yuan [1] Group 2 - Weilon Co., Ltd. is approaching the final half trading day before the "Weilon Convertible Bonds" stop conversion and redemption; after the market closes on July 31, unconverted "Weilon Convertible Bonds" will cease conversion, and the remaining convertible bonds will be forcibly redeemed at a price of 100.485 yuan per bond, which may result in losses for investors [1]

Core Viewpoint - The company, Shenglan Co., Ltd. (300843.SZ), has received approval from the China Securities Regulatory Commission for the registration of its convertible bonds issuance to unspecified investors [1] Group 1 - The company has recently announced that it received the approval from the China Securities Regulatory Commission regarding the issuance of convertible bonds [1]

三、本批复自同意注册之日起12个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时报告深圳证券交易所并按有 关规定处理。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案实施。 格隆汇7月31日丨胜蓝股份(300843.SZ)公布，公司于近日收到中国证券监督管理委员会出具的《关于同 意胜蓝科技股份有限公司向不特定对象发行可转换公司债券注册的批复》(证监许可〔2025〕1548号)(以 下简称"批复")，批复文件的主要内容如下： 一、同意你公司向不特定对象发行可转换公司债券的注册申请。 ...