Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The expansion rhythm of index constituent bonds is significantly slower than the growth rate of credit bond ETF scale. Amid the bond - snatching market, low - valuation transactions of constituent bonds emerge. There are three aspects to consider: "far", "发", and "扩". "Far" involves the conduction mechanism of corporate bond - China Securities - China Bond interest rates; "发" means that buying in the primary market can still be profitable during the bond - snatching period; "扩" refers to the analysis of constituent bonds benefiting from the issuance and expansion of science and technology innovation bond ETFs [1]. Summary According to the Table of Contents 1. Review of the Bond - Snatching Market Driven by the Expansion of Credit Bond ETFs - As of June 20, 2025, the total scale of 8 benchmark market - making credit bond ETFs reached 106.6 billion yuan, an increase of 77.7 billion yuan compared to the end of March, with a 41.7 - billion - yuan increase since June. The expansion rhythm of index constituent bonds is significantly slower than the growth rate of credit bond ETF scale. In the Shanghai market - making aspect, the scale of Shanghai - based benchmark market - making ETFs accounts for 11.0% of the credit bond index constituent bonds, a 4.5 - percentage - point increase compared to the end of May. In the Shenzhen market - making aspect, it accounts for 12.4%, a 4.8 - percentage - point increase compared to the end of May [1][3]. - During the bond - snatching market, low - valuation transactions of constituent bonds emerge. ETF product preferences lean towards constituent bonds with larger outstanding scales and higher valuation stability. For example, in the Shanghai market, the number of low - valuation transactions and transaction amounts of the top 3 constituent entities have significantly increased since June, with an average low - valuation amplitude of - 1.7BP, a 1BP increase compared to May, and the transaction amount from June 1 to June 20 was 5.37 billion yuan, a 1.61 - billion - yuan increase compared to the whole of May. In the Shenzhen market, trading volume has increased significantly since the second quarter, with an average low - valuation transaction amplitude of - 4.5BP in June, a 0.9BP increase compared to May, and the transaction amount from June 1 to June 20 was 3.94 billion yuan, a 1.26 - billion - yuan increase compared to the whole of May [1][7]. 2. Game "Far": The Conduction Mechanism of Corporate Bond - China Securities - China Bond Interest Rates - The impact of low - valuation transactions on bond valuations is mainly reflected in two dimensions. Firstly, the valuation divergence between exchange - traded corporate bonds and comparable inter - bank bonds. For example, the valuation difference between 24 Zhonghua 16 and its comparable inter - bank bond 25 Zhonghua MTN001 was within 2BP before the end of May, but has widened to 7BP since June. Secondly, the impact of the surge in credit bond ETFs on the yield curve. The duration of Shenzhen credit bond ETF is 3.05 years, and that of Shanghai credit bond ETF is 4.11 years. The surge in credit bond ETFs boosts the allocation demand for 3 - 5 - year credit bonds, flattens the yield curve, narrows the credit spreads of medium - and high - grade bonds, and drives down the overall valuation of high - grade credit bonds [1][12]. 3. Game "发": Buying in the Primary Market Can Still Be Profitable During the Bond - Snatching Period - Newly issued science and technology innovation bonds in the primary market are mainly issued at low valuations, with the coupon rate at issuance being on average - 6BP lower than the valuation. Among 53 non - financial science and technology innovation bonds with comparable bonds, 13 are issued at high valuations, 40 at low valuations, 13 with a low - valuation exceeding - 10BP, and the maximum low - valuation is - 25BP. Currently, most science and technology innovation bonds' valuations are within ±2BP of comparable bonds. The secondary bond - snatching market may spread to the primary market. Since May, the situation of weak profit - making effects caused by low - valuation issuance of science and technology innovation bonds may change. Some low - valuation issued bonds still have potential for discovery, and it is recommended to focus on science and technology innovation bonds with a low - valuation of within - 5BP in the primary market [1][17]. 4. Game "扩": Analysis of Constituent Bonds Benefiting from the Issuance and Expansion of Science and Technology Innovation Bond ETFs - There are two main lines for constituent bond discovery: bonds with a remaining term of over 5 years and an outstanding scale of over 1.5 billion yuan. Long - term science and technology innovation bonds can significantly enhance the portfolio duration and scale expansion. Bonds included in both the science and technology innovation bond index and the credit bond benchmark market - making index may benefit from both the expansion of credit bond ETFs and the issuance of the science and technology innovation bond index. Among them, non - perpetual bonds may have stronger allocation potential [1][19].

Credit Spread Performance - In May, the supply of credit bonds decreased, leading to a general decline in credit spreads, with lower-rated credit bonds experiencing a more significant narrowing [1] - The AAA-rated industrial bonds saw a uniform narrowing of credit spreads across all sectors, with the real estate sector showing the largest reduction of 18.98 basis points, while the financial holding sector had the smallest reduction of 2.36 basis points [8][9] - For private placement bonds, the pharmaceutical and biological sector had the largest narrowing of 17.18 basis points, while the environmental protection sector had the smallest at 0.99 basis points [8][9] City Investment Bonds - In May, credit spreads for city investment bonds across major ratings and maturities all declined, with the largest narrowing observed in Qinghai province for both public and private bonds [1] - The overall trend indicates that credit spreads for city investment bonds are moving downward across various regions and issuer levels [1] Financial Bonds - The credit spreads for bank perpetual bonds and other financial instruments generally narrowed, with most varieties experiencing a decrease, although some maturity spreads widened [1] - Securities companies' subordinated bonds and insurance companies' capital replenishment bonds saw a complete decline in credit spreads during the month [1] Historical Context - By the end of May, various types of credit bonds maintained historically low credit spreads, particularly for short-duration non-financial credit bonds and short-duration financial bonds, while medium to long-term financial bonds remained at relatively high historical percentiles [1][6]

Core Viewpoint - The coal industry is undergoing significant transformation due to declining coal prices, with coal-electricity integration and coal chemical engineering emerging as key strategies for navigating challenges and achieving modernization [2][10][13]. Group 1: Industry Performance - In 2024, the total revenue of 28 major coal companies reached 1,359.38 billion yuan, a year-on-year decrease of 5.7%, while net profit fell to 199.56 billion yuan, down 17.1% [2]. - Excluding China Shenhua, the remaining 27 coal companies saw a net profit decline of 23.7%, indicating increasing industry differentiation [2]. - The average sales price of coal for these companies was 597 yuan per ton, down 8.3%, while the average sales cost was 323 yuan per ton, a decrease of 0.9% [6]. Group 2: Supply and Demand Dynamics - The coal market in 2024 is characterized by a loose supply-demand balance, with domestic coal production expected to reach 4.78 billion tons, a 1.2% increase year-on-year, and coal imports projected to rise by 14.4% to 54.3 million tons [4]. - The average price of Qinhuangdao thermal coal (Q5500) was 855 yuan per ton, down 11.54%, while the price of coking coal at Jingtang Port was 2,026 yuan per ton, down 11.34% [4]. Group 3: Structural Changes and Opportunities - The coal industry is experiencing five structural changes: volatility, structural, temporal, regional, and varietal changes, with increased reliance on new production areas [5]. - Coal-electricity integration is enhancing risk resilience, while high-end coal chemical engineering is opening new growth avenues, crucial for navigating downturns [10][11]. Group 4: Financial Resilience - The operating cash flow of the 28 coal companies totaled 272.69 billion yuan in 2024, a decline of 10.59%, with an average debt-to-asset ratio of 51.7%, slightly down by 0.2 percentage points [7]. - The total interest-bearing debt of these companies reached 507.49 billion yuan, a year-on-year increase of 9.37%, indicating improved financing costs [8]. Group 5: Future Outlook - The coal chemical sector is expected to maintain strong demand, with leading companies focusing on high-end product development through technological upgrades [11]. - The coal industry is shifting from a "demand-driven" model to a "cost-based" pricing strategy, with leading companies expected to consolidate their advantages during industry restructuring [12].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - On May 7, 2025, at the State Council Information Office press conference, Chairman Wu Qing and Governor Pan Gongsheng successively pointed out the development of science - and - technology innovation bonds. This was the third mention of science - and - technology innovation bonds in important meetings this year, highlighting the continuous policy support. With policy support, science - and - technology innovation bonds are expected to further expand to support the development of innovative enterprises, and the market may need to re - evaluate their investment value [4]. - Science - and - technology innovation bonds refer to bonds issued by enterprises in the science - and - technology innovation field with funds mainly used for science - and - technology innovation. They mainly include science - and - technology innovation notes and science - and - technology innovation corporate bonds. The core contents of the "Notice on Further Supporting the Issuance of Science - and - Technology Innovation Bonds to Serve New - quality Productivity" include expanding the issuer scope, introducing incremental funds such as social security funds and pensions, and optimizing the issuance and trading systems [4]. - Since their launch, the issuance scale of science - and - technology innovation bonds has been continuously increasing, with state - owned enterprises and central enterprises as the main issuers. As of May 19, 2025, the issuance amounts of industrial bonds, financial bonds, and urban investment bonds among science - and - technology innovation bonds this year were 453.6 billion yuan, 140 billion yuan, and 28.9 billion yuan respectively. In addition, 24 equity investment institutions have registered to issue science - and - technology innovation bonds, with an expected total scale of 15.5 billion yuan [4]. - The outstanding science - and - technology innovation bonds are mainly of medium - to - high grades and have a maturity of less than 3 years, and are mostly distributed in traditional industries such as building decoration and coal. Most industries' science - and - technology innovation bonds have a certain premium compared with ordinary bonds in the same industry, with higher premiums in industries such as food and beverage and pharmaceutical biology. The positive premium of science - and - technology innovation bonds is mainly related to the use of bond funds. They support high - risk science - and - technology innovation projects, so they have a premium compared with ordinary bonds [5]. - The main value of science - and - technology innovation bonds is to contribute increments to the bond market, thus alleviating the asset shortage problem to some extent. From January to May 20, 2025, the issuance of science - and - technology innovation bonds totaled 622.5 billion yuan, a year - on - year increase of 61%. The annual issuance is expected to be close to 1.9 trillion yuan. In terms of price, the average spread between science - and - technology innovation bonds and ordinary bonds issued by the same entity in the past month was close to 10bp. It is recommended to explore the premium investment opportunities of science - and - technology innovation bonds [5]. - Future points of attention for science - and - technology innovation bonds include the increase in issuance volume, the introduction of investment assessment, and the expansion of fund products [6]. Group 3: Summary According to the Directory What is a Science - and - Technology Innovation Bond? - Policy changes: Since 2017, the Shanghai and Shenzhen Stock Exchanges have actively carried out pilot projects on dual - innovation bonds. In 2022, the official launch of science - and - technology innovation bonds was marked. In 2025, multiple policies were introduced to support the issuance of science - and - technology innovation bonds, and it is expected to expand under continuous policy optimization [10]. - Concept and variety analysis: Science - and - technology innovation bonds mainly include science - and - technology innovation notes and science - and - technology innovation corporate bonds. They have differences in issuer identification and use of raised funds. Science - and - technology innovation notes are listed on the inter - bank market, while science - and - technology innovation corporate bonds are listed on the exchange [12][14]. - Contribution to small and medium - sized private enterprises: The launch of science - and - technology innovation bonds aims to guide funds to the science - and - technology innovation field, change the current issuance pattern dominated by large state - owned enterprises and upstream industry enterprises, and help private enterprises and small and medium - sized science - and - technology innovation enterprises finance through the bond market [15]. Primary Market: The Supply of Science - and - Technology Innovation Bonds has Increased Significantly - Expansion of issuance scale: Since their launch, the issuance scale of science - and - technology innovation bonds has been continuously increasing. From 2022 to 2024, the issuance scales were 243.5 billion yuan, 743.5 billion yuan, and 1.1783 trillion yuan respectively, with an average annual compound growth rate of 120%. As of May 20, 2025, the total issuance scale was 2.7877 trillion yuan [22]. - Recent strong demand: Recently, policy support for science - and - technology innovation bonds has been strong, and market subscription enthusiasm has increased. In May, the average subscription multiple of science - and - technology innovation bonds increased by 1.4 times compared with April, indicating a significant increase in investors' allocation demand [24]. - Supply from the perspective of issuer type: Science - and - technology innovation bonds are mainly issued by state - owned enterprises and central enterprises, accounting for 46% and 43% respectively. Industrial issuers account for 92% of the issuance scale, while urban investment issuers account for only 8% [28]. - Supply from the industry perspective: The issuers of science - and - technology innovation bonds are mostly from traditional industries. The building decoration industry has the largest issuance scale, followed by public utilities, coal, and non - ferrous metals. The issuance scale of science - and - technology industries such as communication, electronics, and computer needs to be improved. The urban investment platforms with high issuance amounts are industrial investment platforms [34]. Secondary Market: Seize the Investment Opportunities of Premium Science - and - Technology Innovation Bonds - Reasons for institutional purchases: Institutions' core motivations for allocating science - and - technology innovation bonds include coupon advantages, the expectation of regulatory optimization of investment - end assessment, and the potentially lower default risk compared with ordinary corporate credit bonds [41]. - Characteristics of outstanding bonds: There are currently 1,782 outstanding science - and - technology innovation bonds with a total amount of 1.7907 trillion yuan. They are mainly of medium - to - high grades, with AA - grade and above accounting for 94%. The remaining maturity is mainly less than 3 years, accounting for 65% [44]. - Valuation distribution: The outstanding industrial science - and - technology innovation bonds total 1.5684 trillion yuan, mainly distributed in industries such as building decoration, coal, and public utilities. High - valuation science - and - technology innovation bonds are mainly in industries such as basic chemicals, power equipment, and pharmaceutical biology. The outstanding urban investment science - and - technology innovation bonds total 181.2 billion yuan. Jiangxi, Sichuan, and Hubei have the largest outstanding scales. Chongqing, Shandong, and Shaanxi have relatively high valuations [53]. - Premium analysis: Most industries' science - and - technology innovation bonds have a certain premium compared with ordinary bonds in the same industry. The premiums of the food and beverage, pharmaceutical biology, and communication industries are all above 30bp, while the valuations of science - and - technology innovation bonds in the media, automobile, and computer industries are significantly lower than those of ordinary bonds. Among urban investment provinces, Jilin's urban investment science - and - technology innovation bonds have an obvious premium compared with those of the same province [55]. - Reasons for the positive premium: Compared with other labeled bonds, the positive premium of science - and - technology innovation bonds is mainly related to the use of bond funds. Science - and - technology innovation bonds are mainly used to support science - and - technology innovation projects with high uncertainty, so investors require a credit risk premium, resulting in a higher valuation than ordinary bonds issued by the same entity [60].

证券代码：600984 证券简称：建设机械 公告编号：2025-037 陕西建设机械股份有限公司 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： ? 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东大会召开的时间：2025 年 05 月 21 日 (二) 股东大会召开的地点：西安市金花北路 418 号公司一楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 总数的比例（%） (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (五) 公司董事、监事和董事会秘书的出席情况 二、议案审议情况 (一) 非累积投票议案 本次股东大会由公司董事会召集，会议由董事长杨宏军先生主持，会议采取现场表 决和网络投票相结合的表决方式，符合《公司法》和《公司章程》等有关法律、法规及 规范性文件的规定。 任公司申请年度融资租赁额度的议案 审议结果：通过 表决情况： | | | | 同意 | | | 反对 | | 弃权 | | | | --- | --- | --- | ...

Group 1 - Donghua Technology (002140.SZ) released its 2024 annual report on March 31, 2025, showing that as of March 30, 2025, 45 institutional investors disclosed holding A-shares, totaling 525 million shares, which accounts for 74.18% of the total share capital [1] - The top ten institutional investors include notable entities such as Chemical Industry Third Design Institute Co., Ltd., Shaanxi Coal and Chemical Industry Group Co., Ltd., and Agricultural Bank of China Co., Ltd., with the top ten collectively holding 72.56% of shares [1] - In the public fund sector, 38 new public funds disclosed holdings in Donghua Technology this period, including Zhongyou Core Advantage Flexible Allocation Mixed A and E Fund Quality Momentum Three-Year Holding Mixed A, while one public fund, China Merchants Quantitative Selected Stock Initiation A, was not disclosed this period [1] Group 2 - Two new social security funds disclosed holdings in Donghua Technology, including the National Social Security Fund 503 Portfolio and E Fund Management Co., Ltd. - Social Security Fund 17042 Portfolio [2] - Foreign investment sentiment showed a slight increase, with one foreign fund, Hong Kong Central Clearing Limited, increasing its holdings this period [2]

保税科技: 张家港保税科技（集团）股份有限公司 关于持股5%以上股东权益变动触及1%整数倍的提 示性公告 证券代码：600794 证券简称：保税科技 编号：临 2025-017 张家港保税科技（集团）股份有限公司 关于持股 5%以上股东权益变动触及 1%整数倍的提示性公告 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： 司"）持股 5%以上的股东上海胜帮私募基金管理有限公司--共青城胜帮凯米投 资合伙企业（有限合伙）（以下简称"胜帮凯米"），即本次权益变动信息披露 义务人实施此前披露的减持计划所致，不触及要约收购，不会导致公司控股股东 及实际控制人发生变化。 总数的 0.7556%。本次权益变动后，胜帮凯米持有公司股份比例从 7.7003%下降 到 6.9447%，适用权益变动触及 1%的整数倍的情形。 占公司总股本的 0.7556%。现将有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 公司名称 共青城胜帮凯米投资合伙企业（有限合伙） 注册地址 江西省九江市共青城市基金小镇内 ...

陕西煤业股份有限公司 2025 年第一次临时股东大会会议资料 陕西煤业股份有限公司 2025 年第一次临时股东大会会议资料 二 O 二五年三月 1 | 会 | 议 | 须 知 3 | | --- | --- | --- | | | | 现场会议议程 4 | | 议案一 | | 5 | | | | 关于公司董事会换届选举非独立董事的议案 5 | | 议案二 | | 10 | | | | 关于公司董事会换届选举独立董事的议案 10 | | 议案三 | | 17 | | | | 关于公司监事会换届选举股东代表监事的议案 17 | 陕西煤业股份有限公司 2025 年第一次临时股东大会会议资料 会 议 须 知 为维护投资者的合法权益，确保股东和股东代表在公司召开 2025 年第一次临时股东大会期间依法行使权利，保证股东大会 的正常秩序和议事效率，请各位股东和股东代表遵守以下会议须 知： 一、本次会议采取现场结合网络投票方式进行，计划网络投 票的股东可通过上海证券交易所网络投票系统进行网络投票，通 过交易系统投票平台的投票时间为 2025 年 3 月 5 日的交易时间 段，即 9:15-9:25，9:30-11:30，1 ...