1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The high price and high valuation of convertible bonds have certain logical support from aspects such as bond floor and institutional behavior [3][7]. - The thick bond floor of convertible bonds currently may lead to an upward breakthrough in the average price as the stock market rises, and the existence of call - risk may cause the valuation and price of non - called convertible bonds to become more expensive [3][7]. - The option value of debt - like convertible bonds has increased, and their high - price and high - valuation state may be maintained, with the YTM possibly dropping to a very low level [3][7]. - As the equity market continues to strengthen and funds flow into equity - related assets, convertible bonds have become a tool for fixed - income plus funds to capture the beta of the equity market. If secondary bond funds replace primary bond funds as the marginal incremental form of fixed - income plus funds flowing into the market, the capital inflow into the convertible bond market may continue to increase [3][7]. - The average remaining term of the convertible bond market is gradually shortening, indicating an increase in both call and downward - revision probabilities. The high price of short - term debt - like convertible bonds currently contains a strong downward - revision expectation [3][7]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - The high price and high valuation of convertible bonds are supported by four clues, including the thick bond floor, the increase in the option value of debt - like convertible bonds, the strengthening of the equity market and the inflow of funds, and the shortening of the average remaining term of the convertible bond market [3][7]. 3.2 Convertible Bond Valuation - This week, the sentiment of convertible bonds and underlying stocks remained positive, with both rising significantly. The 100 - yuan valuation continued to rise unilaterally, and convertible bonds had a strong ability to follow the rise of underlying stocks [6][8]. - The overall market convertible bond 100 - yuan premium rate was 33%, rising by 1.14% in a single week, and the latest quantile level was at the 89.90% percentile since 2017. There was an obvious differentiation in the valuation of high - and low - rated convertible bonds, with the valuation of low - rated convertible bonds rising more [6][8]. - This week, convertible bonds continued to rise significantly following the underlying stocks, and the yield to maturity reached a new low since 2017, reporting - 5.09%. As of the latest, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 41.94%, 37.06%, and - 5.09% respectively, changing by - 1.31%, + 3.02%, and - 0.70% compared with last week, and their current quantile levels were at the 61.90, 62.70, and 0.00 percentiles since 2017 [6][10]. 3.3 Clause Tracking 3.3.1 Redemption - This week, convertible bonds such as Yingji, Chujiang, and Liancheng issued early redemption announcements. Currently, there are 22 convertible bonds that have issued call or maturity redemption announcements but have not yet delisted, and the potential conversion or maturity balance of call and maturity convertible bonds among those not delisted is 5 billion yuan [6][14]. - There are currently 52 convertible bonds in the redemption process, 14 of which are expected to meet the redemption conditions next week. Also, 4 convertible bonds issued non - redemption announcements this week [14][17][19]. 3.3.2 Downward Revision - This week, Zhongzhuangzhuan 2 and Jinneng convertible bonds proposed downward revisions, and Jingao convertible bond announced a downward revision to the bottom. As of the latest, 145 convertible bonds are in the non - downward - revision interval, 24 are restricted by net assets and cannot be downward - revised, 1 has triggered the condition but the stock price is still below the downward - revision trigger price without an announcement, 37 are accumulating downward - revision days, and 3 have issued downward - revision board proposals but have not yet held a general meeting of shareholders [6][20][21]. 3.3.3 Put Option - This week, Guowei and Changqi convertible bonds issued put - option announcements. As of the latest, 2 convertible bonds have issued put - option announcements, and 4 are accumulating put - option trigger days, among which 3 are in the non - downward - revision interval and 1 is accumulating downward - revision days [23]. 3.4 Primary Issuance - There were no convertible bond issuance announcements this week. According to the latest announcement, Bo 25 convertible bond is to be listed next week (July 28, 2025). As of the latest, there are 6 convertible bonds in the approval - registration progress with an expected issuance scale of 6.9 billion yuan, and 3 in the listing - committee approval progress with an expected issuance scale of 4 billion yuan [25].

Group 1 - The Yunnan-Japan Economic Cooperation Conference was held in Kunming, focusing on friendship and business opportunities between over 20 economic institutions and enterprises from Yunnan, China, and Japan [1] - Yunnan's geographical advantages include rich biodiversity and proximity to South Asia and Southeast Asia, making it a strategic location for economic collaboration [1] - The conference emphasized the complementary nature of Yunnan and Japan in resource endowment, industrial characteristics, and development needs, particularly in green agriculture, health and traditional medicine, clean energy, and cultural tourism [1][2] Group 2 - Yunnan is a significant source of foreign investment from Japan, with strong potential for cooperation in advanced agriculture and high-level biopharmaceutical enterprises [2] - Japanese representatives visited various locations in Yunnan, including tea factories and economic cooperation zones, to explore business opportunities [2] - The conference facilitated face-to-face exchanges between Yunnan and Japanese enterprises, enhancing understanding and encouraging more Japanese companies to invest in Yunnan [2]

证券代码：600422 证券简称：昆药集团 公告编号：2025-039 号 昆药集团股份有限公司关于对外担保的进展公告 注：上述被担保人均为昆药集团股份有限公司（以下简称"本公司"、"公司" 或"昆药集团"）下属全资子公司昆药集团医药商业有限公司（以下简称"昆药商 业"）的控股子公司，不存在关联担保。 累计担保情况 对外担保逾期的累计金额（万元） 0 截至本公告日上市公司及其控股子 公司对外担保总额（万元） 45,615 对外担保总额占上市公司最近一期 经审计净资产的比例（%） 8.68 特别风险提示 □对外担保总额超过最近一期经审计净资产 100% □担保金额超过上市公司最近一期经审计净资产 50% □对合并报表外单位担保金额达到或超过最近一期经审 计净资产 30%的情况下 对资产负债率超过 70%的单位提供担保 其他风险提示 无 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 康桥"） 1,200 | 曲靖市康桥医药有限责任公司（以下简称"曲靖 | | --- ...

Suspension - Jiangte Motor's actual controller is planning a change in company control, leading to stock suspension [1] - Sinochem Equipment is planning to issue shares to acquire 100% equity of multiple companies, resulting in stock suspension [1] Private Placement - Huafeng Technology plans to raise no more than 1 billion yuan through private placement for the expansion of high-speed line module projects [2] Equity Transfer - Longxin General's state-owned shareholder is transferring 15.52% of the company's shares from Yufu Capital without compensation [3] - Yunda Technology's controlling shareholder intends to transfer 10% of the company's equity to Zhixiang Dahang at a price of 9.01 yuan per share [4] External Investment and Daily Operations - Fuxin Technology's Micro TEC product has reached industry-leading performance and has passed product verification from a major telecommunications company, achieving bulk supply [5] - Dongfang Precision has signed a strategic cooperation agreement with Leju Robotics [6] - Hongxin Technology has signed a technology development and parts procurement contract with a leading domestic flying car company in the low-altitude economy [7] - Fuwei Co., Ltd. received a project notification from a well-known luxury brand manufacturer, with a project lifecycle expected to last 6-7 years and total sales amounting to 4.9 billion yuan [7] - Rainbowsoft Technology's actual controller proposed a cash dividend of no less than 60% of net profit for the 2025 interim period [8] - Samsung Medical's subsidiary won a transformer procurement framework contract in Brazil worth approximately 341 million yuan [9] - Chuling Information's subsidiary signed a framework contract for intelligent computing network integration [9] - Baotai's BAT4406F injection has received approval for clinical trials [9] - Junxin Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange [9] - Dongfang Precision has signed a strategic cooperation agreement with Leju Robotics [10] - Daikin Heavy Industry signed a 430 million yuan contract for offshore wind power monopile foundations in Europe [11] - Kunming Pharmaceutical Group's subsidiary obtained a drug registration certificate for carbonic acid sevelamer dry suspension [12] - Xiechuang Data has initiated preparations for overseas share issuance and application for listing on the Hong Kong Stock Exchange [13] - Health元's restructured anti-IL-17A/F humanized monoclonal antibody injection's phase III clinical trial has reached its primary research endpoint [14] - Beilu Zhikong plans to invest 600 million yuan to build an intelligent driving industrialization base for mining [15] - Jucan Optoelectronics reported a net profit of 117 million yuan for the first half of the year, a year-on-year increase of 3.43%, and plans a 10-for-4.5 stock split [16] Performance Changes - Jinghe Integration expects a net profit of 260 million to 390 million yuan for the first half of 2025, a year-on-year increase of 39.04% to 108.55% due to increased product sales and high capacity utilization [10] - Baismei anticipates a net profit of 33.11 million to 44.42 million yuan for the first half of 2025, a year-on-year increase of 100.07% to 168.38% driven by product structure optimization and international trade channel development [11] - Changying Tong expects a net profit of 26.12 million to 31.92 million yuan for the first half of 2025, a year-on-year increase of 72.12% to 110.33% due to significant growth in optical fiber device deliveries [12] - Mankun Technology expects a net profit of 60 million to 70 million yuan for the first half of 2025, a year-on-year increase of 53.98% to 79.64% as the company optimizes product and customer structure [13] - Canqin Technology anticipates a net profit of 51.3 million to 55.3 million yuan for the first half of 2025, a year-on-year increase of 50.14% to 61.85% due to new product development and market expansion [14] - Aerospace Huanyu expects a net profit of approximately 34.38 million yuan for the first half of 2025, a year-on-year increase of 50.59% driven by revenue growth and changes in product sales structure [15] - Keda Li expects a net profit of 750 million to 820 million yuan for the first half of 2025, a year-on-year increase of 15.73% to 26.53% due to increased sales of new energy vehicles [16] - Honghua Digital expects a net profit of 240 million to 260 million yuan for the first half of 2025, a year-on-year increase of 19.90% to 29.89% as traditional printing equipment transitions to digital printing [17] - Yangjie Technology anticipates a net profit of 552 million to 637 million yuan for the first half of 2025, a year-on-year increase of 30% to 50% due to growth in the semiconductor industry [18] - Haitai Ruisheng expects a net profit of 2.944 million to 4.416 million yuan for the first half of 2025, a year-on-year increase of 607.01% to 960.52% driven by rapid development in AI technology [19] - Zhongshi Technology expects a net profit of 116 million to 129 million yuan for the first half of 2025, a year-on-year increase of 85.01% to 105.75% due to recovery in consumer electronics market demand [20]

Core Points - The company announced a cash dividend of RMB 0.30 per share (before tax) for its shareholders [1] - The total cash dividend distribution amounts to RMB 227,092,727.10 based on a total share capital of 756,975,757 shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on June 20, 2025 [1] Distribution Details - The record date for the dividend is July 29, 2025, with the ex-dividend date and cash dividend payment date both set for July 30, 2025 [1][4] - Shareholders who are registered by the record date will receive the cash dividend through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - For individual shareholders and securities investment funds holding unrestricted circulating shares, the actual cash dividend after tax will be RMB 0.30 per share, with tax implications based on holding periods [3][5] Tax Implications - For individual shareholders, the tax rate varies based on the holding period: 20% for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [3] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of RMB 0.27 per share [3][5] - Other institutional investors and corporate shareholders are responsible for their own tax payments, receiving the pre-tax dividend of RMB 0.30 per share [5]

Core Viewpoint - Kunming Pharmaceutical Group Co., Ltd. has received the drug registration certificate for Carbonate Sevelamer Dry Suspension, enhancing its product pipeline in the chronic kidney disease (CKD) management sector [1][2]. Drug Basic Information - The drug is named Carbonate Sevelamer Dry Suspension with a specification of 0.8g and is classified as a prescription chemical drug (Category 3) [1]. - The drug registration number is 国药准字 H20254872, and it is produced by Kunming Beikenuoton Pharmaceutical Co., Ltd. [1]. Drug Indications - The drug is indicated for controlling hyperphosphatemia in adult patients with chronic kidney disease undergoing dialysis and those with serum phosphorus levels ≥1.78 mmol/L who are not on dialysis [2]. Market Context - Carbonate Sevelamer tablets were developed by Genzyme and approved in the U.S. in 2007, with the dry suspension form approved in the U.S. and EU in 2009 [2]. - In China, there are 10 approved manufacturers for Carbonate Sevelamer tablets, while only 3 for the dry suspension form, including the company [2]. - The domestic sales of Carbonate Sevelamer tablets are projected to be approximately 1.39 billion RMB in 2024 [2]. R&D Investment - The company has invested approximately 13.18 million RMB in the research and development of Carbonate Sevelamer Dry Suspension to date [3]. Strategic Impact - The approval of the drug registration certificate is expected to enhance the company's competitiveness in the chronic disease management market and contribute to its strategic focus on the aging health industry [3].

证券代码：600422 证券简称：昆药集团 公告编号：2025-038号 昆药集团股份有限公司 关于获得药品注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆药集团股份有限公司（以下简称"公司"）全资子公司昆明贝克诺顿制药有限公 司于近日收到国家药品监督管理局（以下简称"国家药监局"）核准签发的碳酸司维拉 姆干混悬剂《药品注册证书》，现将相关情况公告如下： 一、药品基本情况 药品名称：碳酸司维拉姆干混悬剂 规格：0.8g 剂型：口服混悬剂 注册分类：化学药品 3 类 处方药/非处方药：处方药 截至本公告日，公司对碳酸司维拉姆干混悬剂累计研发投入约 1,318 万元人民币。 药品批准文号：国药准字 H20254872 上市许可持有人及生产企业：昆明贝克诺顿制药有限公司 申请事项：药品注册（境内生产） 审批结论：经审查，本品符合药品注册的有关要求，批准注册，发给药品注册证 书。质量标准、说明书、标签及生产工艺照所附执行。本品上市前需通过 GMP 符合 性检查。 适应症（或功能主治）：用于控制正在接受透析治疗的慢性肾 ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-037 昆药集团股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.30元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/29 | － | 2025/7/30 | 2025/7/30 | 差异化分红送转： 否 3. 分配方案： 本次利润分配以方案实施前的公司总股本756,975,757股为基数，每股派发现金红利0.30 元（含税），共计派发现金红利227,092,727.10元。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/29 | － | 2025/7/30 | 2025 ...

Core Viewpoint - Kunming Pharmaceutical Group's subsidiary, Kunming Beikenuoton Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the drug registration certificate of Sevelamer Carbonate Suspension, which is aimed at treating hyperphosphatemia in chronic kidney disease (CKD) patients undergoing dialysis and those not on dialysis with serum phosphorus levels ≥1.78mmol/L [1] Group 1 - The drug Sevelamer Carbonate Suspension is specifically designed for adult patients with chronic kidney disease [1] - The company has invested approximately 13.18 million RMB in the research and development of Sevelamer Carbonate Suspension [1]

Fixed Income - Credit spreads are expected to have further compression potential, with most industries showing a slight decrease in credit spreads except for the AA agricultural sector which saw a minor increase of 3 basis points [2][6][8] - The yield on 3-5 year perpetual bonds may gradually approach the interest rates of major banks' 3-5 year fixed deposits, indicating that credit spreads may still have room for compression [2][8] Transportation - The State Post Bureau opposes "involution" competition in the express delivery industry, which may lead to high-quality development opportunities [10][11] - Major express companies like Zhongtong, Yuantong, Yunda, and Shentong have seen a decline in single ticket revenue year-on-year, with decreases of -7.8%, -6.4%, -10.1%, and -6.2% respectively in Q1 2025 [11] Media - The upcoming mid-year report disclosures may present trading opportunities, with high-frequency data expected to maintain an upward trend if no turning points are observed [28] - The gaming sector is highlighted, with major titles from companies like Tencent and Giant Network performing well in the market, indicating potential for value reassessment [30][34] North Exchange - The cultural and IP economy is thriving, with the market size of the national trend economy reaching 2.05 trillion yuan in 2023 and expected to exceed 3 trillion yuan by 2028 [23][24] - The Chinese trend toy market is projected to achieve a compound annual growth rate of 35.11% from 2020 to 2024, surpassing the global average [24] Pharmaceutical - The pharmaceutical index rose by 1.82%, with innovative drug companies showing strong performance, indicating a positive outlook for the sector [6][19] - Business development (BD) transactions are expected to become a regular source of income and profit for traditional pharmaceutical companies, enhancing their international revenue share [19] Overall Market Data - The Shanghai Composite Index closed at 3,519.65, reflecting a year-to-date increase of 7.88% [3] - The North Exchange consumption service sector saw a median stock price change of +1.29%, with 25 companies experiencing increases [25]