中美谈判超预期，关注后续进程 ——可转债周报 20250519 2025 年 5 月 12 日，中美双方发表《中美日内瓦经贸会谈联合声明》，宣布在 未来 90 天内暂停征收部分加征关税，会谈结果超出市场普遍预期。从结果上 来看： 债券研究 证 券 研 究 报 告 【债券周报】 中美关税冲突缓和，权益市场小幅回暖。本轮会谈大幅降低双边关税，中美贸 易冲突的扰动有所缓和，且在结果超预期的助力下权益市场情绪显著提振，恒 生指数 5 月 12 日涨幅 2.98%，万得全 A 上涨 1.29%，中证转债指数微涨 0.60%。 分板块来看，由于关税调降导致中国制造商成本快速下降以及风偏修复，前期 处于压力的制造及科技板块率先抬升，对应转债均价抬升但弹性较权益偏弱， 估值被动压缩，而医药医疗及周期板块则显得相对平淡。 谨慎情绪仍在，或需继续关注谈判进程。5 月 13 日市场表现出一定回调，这 一角度来看短期谨慎情绪或仍未完全消散，本轮贸易冲突的缓和不难使人联想 到 2019 年。从参考时点来看，存在两种不同假设，类比年初的"协议停战" 还是年底的第一阶段经贸协议，或代表两类完全相反的风险偏好，在特朗普政 策反复的假设下后续 ...

每经编辑｜毕陆名 5月18日下午，复旦大学谢希德-俞吾金哲学发展基金（第二期）捐赠签约仪式举行。一位热心的复旦校友为基金捐赠1亿元，支持哲学学科发展，却不留名 出名，不图回报。 据不完全统计，近期多位复旦大学校友向母校大手笔捐赠。 2016年，哲学建系60周年、建院10周年之际，捐赠人出资3000万元发起谢希德-俞吾金哲学发展基金，支持学院的学术建设与人才培养。 谢希德是复旦大学老校长、半导体之母，俞吾金则是复旦大学文科资深教授、哲学界著名学者。 捐赠人表示，设立该基金是表达对谢希德校长和俞吾金教授的敬意，表达对人文精神和哲学事业的尊崇，同时也是对复旦哲学学科的发展寄予厚望。 每日经济新闻综合公开信息 5月8日，复旦大学设立新文科发展基金，助力人文学科与社会科学创新。基金首期筹措资金1亿元，由1984级新闻系两位校友新浪董事长曹国伟、光线传媒 董事长王长田联合捐赠。 5月12日，为支持教育事业发展，宁德时代联合创始人李平及其配偶与上海复旦大学教育发展基金会签订协议书，无偿捐赠405万股宁德时代无限售流通股， 用于设立"复旦大学学敏自然科学研究基金"。此前4月23日，李平夫妇为母校一次性捐赠10亿元人民币，支持 ...

Core Viewpoint - The article discusses the recent performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index and the implications of new U.S. regulations on AI technology exports to China, highlighting the need for domestic AI industry localization and self-sufficiency [3][4]. Group 1: Market Performance - As of May 19, 2025, the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 1.00%, with mixed performance among constituent stocks [3]. - Zhongyou Technology (688648) led the gains with an increase of 3.61%, while Tianzhun Technology (688003) experienced the largest decline at 4.82% [3]. - The Sci-Tech AI ETF (588790) fell by 0.86%, with a latest price of 0.58 yuan and a turnover rate of 4.16%, totaling a transaction volume of 121 million yuan [3]. Group 2: Regulatory Impact - The U.S. Department of Commerce has announced the repeal of AI diffusion rules from the Biden administration, introducing new guidelines that tighten controls on the AI industry in China, including restrictions on high-performance computing chips and AI technology services [4]. - The domestic AI industry is urged to accelerate localization and self-sufficiency in response to these regulatory changes [4]. Group 3: Fund Performance - The Sci-Tech AI ETF has seen significant growth, with an increase of 42.89 million yuan in scale over the past week, ranking second among comparable funds [4]. - The ETF's share count rose by 18.6 million shares in the same period, placing it first among comparable funds [4]. - The ETF has recorded a net outflow of 13.97 million yuan recently, but has attracted a total of 96.07 million yuan over the last five trading days [5]. Group 4: Leverage and Returns - Leverage funds have been actively buying into the Sci-Tech AI ETF, with a net purchase of 13.81 million yuan on the highest single day, bringing the latest financing balance to 64.20 million yuan [5]. - Since its inception, the ETF has achieved a maximum monthly return of 15.59% and an average monthly return of 15.59% during rising months, with a 70.97% probability of profit over three months [5]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.68% of the index, with Lanqi Technology (688008) holding the highest weight at 10.47% [6][8].

Core Viewpoint - The article highlights significant donations made by alumni of Fudan University, emphasizing their wealth and commitment to supporting the university's development, particularly in the field of philosophy and other academic disciplines [2][3][4]. Group 1: Donations and Alumni Wealth - An anonymous donation of 100 million yuan was made to Fudan University's philosophy development fund, indicating the donor's substantial financial capacity and philanthropic intent [2][3]. - The 2024 Hurun Rich List includes at least 12 alumni from Fudan University, with a combined wealth exceeding 280 billion yuan, showcasing the university's influence in producing successful business leaders [3]. - Notable alumni include Chen Tianqiao, with a wealth of 59 billion yuan, and Zhu Yi, whose wealth is 51 billion yuan, both of whom have made significant contributions to the university [3][4]. Group 2: Contributions to Academic Development - Zhu Yi donated 30 million yuan to establish a distinguished professorship at Fudan University, focusing on innovative drug discovery and brain research [3]. - Other notable donations include 1 billion yuan from the chairman of the board of Oriental Fortune and 10 million yuan from the vice chairman of CATL, aimed at supporting various academic initiatives [4]. - The establishment of the "Fudan Source" cultural development fund was supported by a 50 million yuan donation from Yunfeng Fund, further illustrating the commitment of alumni to enhance the university's academic landscape [4]. Group 3: Academic Excellence and Historical Significance - Fudan University, founded in 1905, is recognized as the first higher education institution independently established by Chinese people, with a strong emphasis on philosophy and other disciplines [6][7]. - The university's philosophy department is one of the earliest established in China and has been recognized as a key discipline in national assessments [7][8]. - The need for philosophical education is underscored by the department's leadership, emphasizing its relevance in addressing modern societal complexities [8].

根据市场公开信息及5月16日披露的机构调研信息，知名私募景林资产近期对2家上市公司进行了调研，相关名单如下： 1）复旦微电 （景林资产参与公司特定对象调研） 调研纪要：复旦微电子在FPGA产品方面投入大量时间和资源，是国内少数有能力设计较高可靠性FPGA的研发单位之一。2024年FPGA毛利率为 75.50%，同比下降9.09个百分点，主要因高可靠应用场景价格下滑及进入低毛利非高可靠场景。公司将加大新制程开发力度。FPGA产品以28nm 亿门级为主，1xnm产品尚处试用阶段。智能电表产品线在国家电网单相智能电表市占率领先，未来将拓展白电、车规、工控市场，毛利率通过新 产品和供应链管理巩固。安全与识别产品线的新产品毛利率较好，需通过技术迭代保持。 2）神火股份 （景林资产参与公司特定对象调研） 调研纪要：神火股份在机构调研中表示，公司考虑氧化铝布局将从矿石端研判，通过合资持有部分氧化铝权益产能，降低成本波动风险。2025年 公司计划有序压降负债规模，降低资产负债率。云南电价采用市场化定价模式，电价与去年相比略有下降。公司将继续保持高分红政策，云南地 区电解铝成本因电价和氧化铝价格下降而显著降低。公司通过技术改进 ...

东方财富董事长其实，是复旦大学博士研究生。在2024胡润百富榜上，其实的财富值为410亿元。 宁德时代副董事长李平，身家385亿元。李平毕业于复旦大学材料系高分子专业，他的妻子廖梅毕业于 历史学系。4月下旬，夫妻俩宣布向复旦大学一次性捐赠10亿元，支持建设学敏高等研究院。 复星集团董事长郭广昌，身家285亿元。郭广昌本科毕业于复旦大学哲学系，硕士毕业于复旦大学管理 学院。5月17日，复旦大学附属医院发展基金成立，启动资金1亿元由复星公益基金会捐赠。郭广昌等多 位复星集团人士见证了此次捐赠。 云峰基金联合创始人虞锋也毕业于复旦大学哲学系。5月18日，云锋基金捐赠5000万元，参与发起成 立"复旦源"文化发展基金。光线传媒董事长王长田毕业于复旦大学新闻系。5月初，复旦大学设立新文 科发展基金，助力人文学科与社会科学创新。基金首期筹措资金1亿元，由1984级新闻系两位校友曹国 伟（新浪董事长）、王长田联合捐赠。 5月18日，一则复旦大学获一名校友匿名捐款1亿元的消息突然登上网络热搜。消息称，在复旦大学谢希 德-俞吾金哲学发展基金（第二期）捐赠签约仪式上，一位热心的复旦校友为基金捐赠1亿元，支持哲学 学科发展。 1亿 ...

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report This week, convertible bonds underperformed underlying stocks, and their valuations slightly declined. Amid better - than - expected Sino - US economic and trade talks, the equity market accelerated its recovery in the first half of the week and then pulled back. There was a divergence in the performance of large - and small - cap styles in the convertible bond market. Large - cap convertible bonds performed strongly due to the continuous replenishment of under - allocated industries by funds, while previously active styles such as TMT declined. Currently, with limited fluctuations in the bond market and doubts about the medium - to - long - term profit improvement of equities, although there is limited upward space for convertible bond valuations, strong support is likely due to supply - demand contradictions, and no breakthrough variables have emerged. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming are still recommended [1][6]. 3. Summary by Relevant Catalogs 3.1 Week's View and Outlook - Convertible bonds underperformed underlying stocks this week, with slightly reduced valuations. The equity market first recovered and then pulled back. There was a style divergence in the convertible bond market. - Given the current situation of the bond and equity markets, convertible bond valuations have limited upward space but are likely to be strongly supported. - Allocate high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Focus on downward - revision cases and use strategies like asymmetrical trading [1][6]. 3.2 Convertible Bond Valuation - Convertible bonds underperformed underlying stocks, and overall valuations slightly decreased. The 100 - yuan premium rate of the entire market was 28%, down 0.02% week - on - week, at the 73.1st percentile since 2017. Low - rated convertible bonds had a 100 - yuan premium rate of 23%, down 0.2%, at the 71.2nd percentile. High - rated convertible bonds had a 100 - yuan premium rate of 22%, down 0.31%, at the 79.6th percentile [3][7]. - The conversion premium rate decreased, the pure - bond premium rate increased, and the yield to maturity decreased. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.24%, 26.13%, and - 2.48% respectively, changing by - 0.91%, 0.42%, and - 0.13% from last week, at the 72.4th, 33.3rd, and 15.3rd percentiles since 2017 [3][10]. 3.3 Clause Tracking 3.3.1 Redemption - No new convertible bonds issued early - redemption announcements this week. There is currently 1 convertible bond that has issued an early - redemption announcement and is still trading, and no bonds with maturity - redemption announcements are trading. The potential maturity or conversion balance of early - redeemed and matured convertible bonds still trading is 275 million yuan. - There are 26 convertible bonds in the redemption process, and 7 are expected to meet the redemption conditions next week, which are recommended for observation. - Two convertible bonds, including Qianglian, announced not to redeem early. As of now, 49 convertible bonds are within the non - redemption period [13][18][19]. 3.3.2 Downward Revision - Gaoce and Puli announced downward - revision board plans this week. As of now, 170 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the trigger price but no announcement has been made, 46 are in the downward - revision process, and 4 have issued downward - revision board plans but have not held a general meeting of shareholders [20][23]. 3.3.3 Put Option - Three convertible bonds, including Sannuo, Lepu 2, and Changhong, issued put - option announcements this week. As of now, 9 convertible bonds are in the cumulative put - option process, 1 is in the downward - revision process, 2 are in the process of board - proposed revision but have not held a general meeting of shareholders. Currently, 6 convertible bonds have issued put - option announcements [23]. 3.4 Primary Issuance - There are no convertible bonds scheduled for issuance or listing next week. As of now, there are 9 convertible bonds in the approval - registration process, with an expected issuance scale of about 1.45 billion yuan, and 4 in the listing - committee approval process, with an expected issuance scale of about 270 million yuan [25].

| 股证券代码：688385 A | 证券简称：复旦微电 | 公告编号：2025-017 | | --- | --- | --- | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于 2024 年年度报告的信息披露监管问询函回复公告 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、准确性和完整性依法承担法律责任。 上海复旦微电子集团股份有限公司（以下简称"公司"或"复旦微电"）于 近日收到上海证券交易所科创板公司管理部下发的上证科创公函【2025】0079 号 《关于上海复旦微电子集团股份有限公司2024年年度报告的信息披露监管问询函》 （以下简称"《问询函》"）。公司会同年审会计师安永华明会计师事务所（特 殊普通合伙）就《问询函》有关问题逐项进行核查落实，本回复中部分合计数与 各加数直接相加之和在尾数上存在差异，均为四舍五入原因所致。现将有关问题 回复如下： 重要风险提示： 更多经营情况及风险提示情况也可查阅公司《2024 年年度报告》。 1、关于毛利率。年报显示，公司有安全与识别芯片、非挥发性存储器、智 ...

就上海证券交易所科创板公司管理部 《关于对上海复旦微电子集团股份有限公司 2024 年年度报告的信息披露监管问询函》 第 1、2、3、4 问题中涉及财务报表项目问询意见的专项说明 上海证券交易所科创板公司管理部： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，审计了上海复旦 微电子集团股份有限公司（以下简称"复旦微电"或"公司"）2024 年度按照企业会计准则编 制的财务报表，并于 2025 年 3 月 25 日出具了编号为安永华明（2025）审字第 70011746_B01 号的无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司管理层的责任。我们对复旦微电 2024 年 度的财务报表执行审计程序的目的，是对复旦微电的财务报表是否在所有重大方面按照企业 会计准则的规定编制，是否公允反映了复旦微电 2024 年 12 月 31 日的合并及公司财务状况 以及 2024 年度的合并及公司经营成果和现金流量发表审计意见，不是对上述财务报表中的 个别项目的金额或个别附注单独发表意见。 根据上海证券交易所科创板公司管理部（以下简称贵部）出具的《关于对上海复旦微电 子集团股份有限公司 202 ...

Group 1 - The core viewpoint of the news is the introduction of policies aimed at accelerating the construction of a technology finance system in China, which will support high-level technological self-reliance and innovation [1][2] - The Ministry of Science and Technology and six other departments have issued measures to encourage commercial banks to establish specialized technology finance institutions and branches in technology-intensive regions [1][2] - The establishment of a "National Venture Capital Guidance Fund" is highlighted, which aims to support the growth of technology-based enterprises and promote the transformation of major technological achievements into productive forces [1][2] Group 2 - Wanlian Securities suggests that the new quality productivity is an important new driving force for high-quality development and economic growth in China, and the technology finance policy will empower its development [2] - The report emphasizes the need for China to achieve self-control in the industrial and supply chains amid increasing technological friction, indicating potential investment opportunities in domestic substitution [2] - The Sci-Tech 100 ETF fund closely tracks the Shanghai Stock Exchange Sci-Tech 100 Index, which selects 100 securities with medium market capitalization and good liquidity from the Sci-Tech Board [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech 100 Index account for 25.04% of the index, with notable companies including Hengxuan Technology, BeiGene, and Aojie Technology [3]