一、可转换公司债券基本情况 | 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-156 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于 2025 年第三季度可转换公司债券转股情况暨股份变动 的公告 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。 （一）可转换公司债券发行情况 经中国证券监督管理委员会出具的《关于同意广东领益智造股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1452 号）核 准，并经深圳证券交易所（以下简称"深交所"）同意，广东领益智造股份有限 公司（以下简称"公司"）向不特定对象发行可转债 21,374,181 张，每张面值为 人民币 100 元，募集资金总额不超过人民币 213,741.81 万元（含本数）。 （二）可转换公司债券上市情况 经深交所同意，公司 213,741.81 万元可转换公司债券已于 2024 年 12 月 6 日起在深交所挂牌交易，债券简称"领益转债"，债券代码"127107"。 ...

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-154 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于提前赎回"领益转债"实施暨即将停止转股的 重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 10 月 14 日 2025 年 10 月 14 日是"领益转债"最后一个转股日，当日收市前，持有"领 益转债"的投资者仍可进行转股；2025 年 10 月 14 日收市后，未转股的"领益 转债"将停止转股。 2、截至 2025 年 10 月 9 日收市后，距离"领益转债"停止转股并赎回仅剩 3 个交易日。本公司特别提醒"领益转债"持有人务必认真阅读本公告，充分了解 相关风险，注意最后转股时间，审慎作出投资决策。 特别提示： 1、"领益转债"赎回价格：100.181 元/张（含当期应计利息，当期年利率为 0.20%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司 深圳分公司（以下 ...

Market Performance - The consumer electronics sector increased by 2.56% on October 9, with XW Communication leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Top Gainers - XW Communication (300136) closed at 29.60, up 14.73% with a trading volume of 1.2975 million shares and a transaction value of 3.652 billion [1] - Yunzhu Technology (688260) closed at 36.05, up 11.92% with a trading volume of 124,000 shares [1] - Deep Technology (000021) closed at 30.66, up 10.01% with a trading volume of 1.7635 million shares and a transaction value of 5.384 billion [1] Top Losers - Dongni Electronics (603595) closed at 23.81, down 7.89% with a trading volume of 192,900 shares and a transaction value of 467 million [2] - Xiechuang Data (300857) closed at 175.05, down 3.81% with a trading volume of 181,100 shares [2] - Darui Electronics (300976) closed at 70.29, down 3.45% with a trading volume of 38,700 shares and a transaction value of 274 million [2] Capital Flow - The consumer electronics sector saw a net inflow of 260 million from institutional investors, while retail investors experienced a net outflow of 56.3183 million [2][3] - Major stocks like Industrial Fulian (601138) had a net inflow of 687 million from institutional investors, while it faced a net outflow of 517 million from retail investors [3] Individual Stock Performance - Gol Electronics (002241) had a net inflow of 380 million from institutional investors but a net outflow of 126 million from retail investors [3] - Deep Technology (000021) recorded a net inflow of 284 million from institutional investors, with a net outflow of 60.8106 million from retail investors [3]

Core Viewpoint - The company Kexing Pharmaceutical (688136.SH) announced plans to issue H-shares for a Hong Kong listing, joining a wave of A-share companies pursuing dual listings in Hong Kong, with 25 companies announcing similar plans in September 2023 [1]. Group 1: Company Developments - Kexing Pharmaceutical aims to deepen its "innovation + internationalization" strategy and accelerate overseas business development through the Hong Kong listing [1]. - The company reported a revenue of 700 million yuan in the first half of 2023, a year-on-year decrease of 7.82%, while net profit attributable to shareholders increased significantly by 576.45% to 80.34 million yuan [1]. - The net cash flow from operating activities reached 30 million yuan, a year-on-year increase of approximately 188%, attributed to increased sales collections and reduced operating expenses [2]. Group 2: Research and Development - Kexing Pharmaceutical's innovative drug pipeline has made significant progress, with its interferon α1b inhalation solution included in the list of breakthrough therapies by the National Medical Products Administration [2]. - The company focuses on antiviral, oncology, and immunology research, with R&D investment in the first half of 2023 amounting to approximately 95.97 million yuan, representing 13.70% of total revenue, an increase from 11.52% in the previous year [3]. Group 3: Market Position and Future Outlook - Kexing Pharmaceutical's overseas commercialization platform has expanded to over 40 countries, covering emerging markets with populations over 100 million and GDP rankings in the top thirty [4]. - The company’s product, albumin-bound paclitaxel, has shown significant growth in the European market, with a quarter-on-quarter revenue increase of 35.84% in Q2 2023 [3][4]. - The upcoming Hong Kong listing is expected to help Kexing Pharmaceutical build a dual financing platform, facilitating coordinated development in domestic and international markets [4].

Group 1 - The company, Lingyi Technology (002600.SZ), has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and expand overseas business operations [1] - The H-share issuance aims to broaden merger and acquisition financing channels, increase international visibility, and improve overall competitiveness [1] - Currently, the company is in discussions with relevant intermediaries regarding the H-share issuance, with details yet to be finalized [1] Group 2 - In the past six years, the company has raised a total of 5.137 billion yuan through two rounds of fundraising in the A-share market [1] - The company has received approval from the China Securities Regulatory Commission to issue 21,374,181 convertible bonds, with a total fundraising amount not exceeding 2.137 billion yuan [2] - The net amount raised from the convertible bond issuance, after deducting issuance costs, is approximately 2.116 billion yuan, expected to be in place by November 22, 2024 [2] Group 3 - The company previously conducted a non-public offering of 322,234,156 A-shares at a price of 9.31 yuan per share, raising approximately 2.973 billion yuan net after expenses [3] - The funds raised from the A-share issuance were fully received by June 9, 2020 [3]

Core Insights - The Ministry of Commerce has announced strengthened export controls on rare earth-related items, highlighting the strategic importance of rare earth resources and increasing market attention on the rare earth sector [1] - The price of rare earths continues to rise due to supply and demand factors, with significant trading volume in rare earth ETFs, indicating heightened investor interest [1] - The strategic position of the rare earth industry is expected to be further solidified, driven by both domestic policy and global demand for key elements like praseodymium and neodymium [2] Industry Overview - Rare earths are critical resources for high-end manufacturing and strategic emerging industries, with supply and demand dynamics creating a resonant pattern [2] - China's export control measures are designed to ensure resources are directed towards high-end applications, enhancing the country's strategic control over the industry [2] - The global transition towards green technologies and carbon neutrality goals is driving demand for rare earth elements, particularly in new applications like permanent magnets [2] Market Performance - The rare earth ETF (516780) and its linked funds have shown strong performance, with the underlying index gaining 94.69% over the past year, reflecting robust growth in the rare earth sector [3] - The top five constituents of the index include leading companies in the global rare earth industry, collectively accounting for 41% of the index weight [3] - The management of the rare earth ETF is backed by a fund manager with over 18 years of experience, indicating a strong capability in index investment management [3] Historical Returns - The rare earth ETF has experienced varying returns since its inception, with a return of 42.85% in 2021, followed by negative returns in 2022 and 2023, and a recovery of 16.00% in the first half of 2025 [4] - The performance of the ETF is benchmarked against the China Securities Rare Earth Industry Index, which has shown significant fluctuations over the same periods [4]

Group 1: AI Infrastructure Investment - Major US tech companies are accelerating investments in AI infrastructure amid the Federal Reserve's interest rate cuts, with xAI, a startup founded by Elon Musk, reportedly raising $20 billion in funding, including equity financing from NVIDIA [2][3] - NVIDIA's CEO Jensen Huang confirmed the company's investment in xAI, expressing excitement about the ongoing financing situation [3][4] Group 2: AMD and OpenAI Collaboration - AMD and OpenAI have expanded their partnership with a $1 billion chip procurement agreement, where OpenAI will use AMD stock to pay for the chips, marking an innovative payment method [6] - The agreement is expected to enhance AMD's earnings per share by 32% by 2027, benefiting the semiconductor industry's demand and valuation [6][7] Group 3: Market Performance and Stock Movements - Following the announcement of the OpenAI procurement agreement, AMD's stock surged nearly 24%, closing at $211.51 per share, with a total market capitalization of $343.2 billion [7] - The NVIDIA industry chain index in the A-share market has risen 65% this year, with significant gains in sectors like PCB and optical modules [8] Group 4: Supply Chain Expansion - Several companies have entered the NVIDIA or AMD supply chains, including Hao Wei Group, which supports NVIDIA's DRIVE AGX Thor ecosystem, and Dongcai Technology, which has seen growth from AI and computing upgrades [8][10] - The storage market is projected to reach $193.2 billion by 2025, driven by strong demand from AI servers and data centers, with a surge in orders for high-capacity eSSD [10]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The electronic sector is expected to show both year-on-year and quarter-on-quarter growth in Q3 2025, driven primarily by AI demand from cloud services and a recovery in demand for edge AI applications [1] - Domestic AI hardware is poised for growth as local cloud providers increase investments, while overseas cloud companies are optimistic about their capital expenditures for 2026 [2] - The storage sector is experiencing a supply shortage due to increased demand for HDDs and SSDs driven by AI applications, which is expected to persist [3] - The PCB segment is benefiting from seasonal demand and AI-driven upgrades, leading to potential increases in product prices and profit margins [3] - The consumer electronics chain is focused on the upcoming replacement cycle, with Apple's iPhone 17 launch expected to boost sales through improved specifications and competitive pricing [4] - The domestic semiconductor industry is seeing optimistic guidance from wafer foundries, with a continuous increase in domestic production capacity and demand from various applications [7] - The packaging and testing sector is also expected to see year-on-year growth in Q3 2025, supported by increased demand for AI chips and related hardware [8] Summary by Sections AI Hardware - Domestic AI infrastructure is recovering as local cloud providers resume server purchases, while overseas companies are optimistic about future capital expenditures [2] - The storage market is facing a significant demand gap due to the shift towards SSDs driven by AI applications [3] Consumer Electronics - The upcoming iPhone 17 launch is expected to drive sales, with improved specifications and competitive pricing strategies [4] Semiconductor Industry - Wafer foundries are projecting revenue growth, supported by increased demand from automotive electronics and networking applications [7] - The packaging and testing sector is expected to benefit from rising demand for AI-related hardware [8]

Core Viewpoint - The upcoming redemption and trading cessation of convertible bonds from Xue Rong, Ling Yi, and Jiu Zhou pose significant risks for investors who fail to act in time, potentially leading to substantial losses. Group 1: Trading and Redemption Dates - Xue Rong convertible bond will cease trading on October 9, with the last conversion date on October 14 [5][7] - Ling Yi convertible bond will stop trading on October 10, with the last conversion date on October 15 [7][10] - Jiu Zhou convertible bond will also stop trading on October 10, with the last conversion date on October 15 [10][11] Group 2: Current Prices and Potential Losses - As of September 30, the closing prices for Xue Rong, Ling Yi, and Jiu Zhou convertible bonds were 141.55 CNY, 176.82 CNY, and 124.11 CNY respectively [16] - If investors do not act, potential losses could exceed 28% for Xue Rong, 43% for Ling Yi, and 17% for Jiu Zhou [16] Group 3: Redemption Prices - Xue Rong convertible bond will be forcibly redeemed at 100.93 CNY per bond after the last trading day [7][10] - Ling Yi convertible bond will be forcibly redeemed at 100.181 CNY per bond after the last trading day [10][14] - Jiu Zhou convertible bond will be forcibly redeemed at 102.04 CNY per bond after the last trading day [10][13] Group 4: Investor Actions and Risks - Investors are advised to either sell their convertible bonds or convert them into shares before the deadlines to avoid losses [17] - The new regulations indicate that the last trading day will be marked with a "Z" to alert investors of the risks [17]

Core Viewpoint - The rare earth industry is experiencing a significant upward trend, driven by strong stock performance and new export controls implemented by the government, which are expected to enhance the strategic value of rare earth elements [4]. Group 1: Market Performance - As of October 9, 2025, the China Rare Earth Industry Index rose by 3.76%, with notable increases in constituent stocks such as Antai Technology (up 10.03%), Jiuling Technology (up 8.69%), and Goldwind Technology (up 7.15%) [1]. - The rare earth ETF, Jiashi (516150), increased by 3.59% [1]. - The Jiashi rare earth ETF recorded a turnover rate of 4.32% and a transaction volume of 343 million yuan, leading comparable funds in both metrics [3]. Group 2: Fund Performance - Over the past three months, the Jiashi rare earth ETF's scale grew by 51.97 billion yuan, ranking first among comparable funds [3]. - The fund's net asset value increased by 76.96% over the past year, placing it in the top 4.88% among 3,054 index equity funds [3]. - The Jiashi rare earth ETF achieved a maximum monthly return of 41.25% since its inception, with an average monthly return of 10.78% during rising months [3]. Group 3: Industry Developments - On October 9, the Ministry of Commerce announced new export controls on rare earth-related technologies, requiring permits for exports of specific items related to mining, refining, and recycling [4]. - Industry insiders express confidence in the long-term market outlook for rare earths, emphasizing the strategic importance and application prospects of these resources [4]. - According to Changjiang Securities, the tightening of production quotas and management of rare earth production by the state is expected to further enhance the strategic value of rare earths [4]. Group 4: Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, with North Rare Earth, Wolong Electric Drive, and Lingyi Zhi Zao being the most significant contributors [3][6].