2025 年 05 月 05 日 权益震荡市预期下转债估值有望强 支撑 证 券 研 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 张杰 A0230524050002 zhangjie@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 张杰 (8621)23297818× zhangjie@swsresearch.com 债 券 研 究 ——转债周度跟踪 20250430 ⚫ 1. 转债估值 本研究报告仅通过邮件提供给 中庚基金 使用。1 | 1. 转债估值 | | 4 | | --- | --- | --- | | 2. 条款统计 | | 5 | | 2.1 | 赎回 | 5 | | 2.2 | 下修 | 6 | | 2.3 回售 | | 8 | | 3. 一级发行 | | 8 | | 4. 周观点及展望 | | 9 | | 5. 附录 | | 9 | 请务必仔细阅读正文之后的各项信息披露与声明 债 券 周 评 究 报 告 相关研究 - ⚫ 本周转债弱于正股，转债整体百元平价溢价率小幅下降， ...

Core Insights - The latest net value of Huashang Credit Enhanced Bond A (001751) is 1.5950 CNY, reflecting a growth of 1.01% [1] - The fund's performance over the past month shows a return of 0.38%, ranking 1093 out of 1313 in its category; over the last six months, it has achieved a return of 6.69%, ranking 81 out of 1234; and since the beginning of the year, it has returned 5.14%, ranking 43 out of 1271 [1] - As of March 31, 2025, the fund's total assets amount to 4.134 billion CNY, with the fund manager being Li Qian [1] Fund Holdings - The top ten stock holdings of Huashang Credit Enhanced Bond A account for a total of 8.59%, with individual holdings including: - Hualing Steel (1.01%) - Hongyuan Electronics (0.98%) - Haili Wind Power (0.97%) - New Steel Co. (0.94%) - Fudan Microelectronics (0.91%) - Torch Electronics (0.82%) - Sansteel Minguang (0.81%) - Shenzhen South Circuit (0.81%) - Xingsen Technology (0.67%) - Zhongke Feimeasure (0.67%) [1] Fund Manager Profile - Li Qian holds a doctoral degree and joined Huashang Fund Management Co., Ltd. in April 2016, initially serving as a researcher [2] - He has been the fund manager for Huashang Credit Enhanced Bond Fund since July 16, 2020, and has managed several other funds, including Huashang Fengli Enhanced Bond Fund and Huashang Dual Bond Fengli Fund [2]

Core Viewpoint - The passive Internet of Things (IoT) represents a revolutionary change in the IoT field, utilizing passive tags and sensors for device communication without the need for built-in batteries, resulting in lower costs and flexible deployment [1][2][20]. Industry Overview - Passive IoT operates by harvesting micro-energy from the environment, such as radio waves, thermal energy, and vibrations, to maintain device functionality [1][3]. - The technology has significant implications for logistics tracking, environmental monitoring, and building automation [1][2]. Technological Features - The four main characteristics of passive IoT include micro-energy self-supply, extreme energy efficiency, environmental friendliness, and broad applicability [3]. - The core technologies of passive IoT are environmental energy harvesting, low-power computing, and low-power communication [6][7]. Market Status - The passive IoT market in China is projected to exceed 7 billion yuan in 2024, showing substantial year-on-year growth [20]. - The industry chain of passive IoT exhibits a pyramid structure, with a larger number of upstream hardware companies compared to fewer solution providers and end customers in the mid and downstream segments [8]. Development Background - The global cellular IoT market is experiencing unprecedented growth, with the number of connections expected to reach 3.9 billion in the first half of 2024, a 20% increase year-on-year [10]. - In China, the number of mobile IoT (cellular) terminal users is projected to reach 2.656 billion by the end of 2024, representing a 13.9% year-on-year increase [12]. Policy Support - The Chinese government has been actively supporting the development of passive IoT through various policies, including the promotion of 5G-Advanced (5G-A) technologies and the establishment of international standards [16][18]. - The Ministry of Industry and Information Technology (MIIT) has issued several notifications to encourage the integration of passive IoT into the broader IoT ecosystem [16][18]. Future Trends - The future direction of passive IoT technology will closely rely on the integration and widespread application of 5G and Microwave Dynamic Flight Control (MDFC) technologies [22]. - As technology advances and more application scenarios emerge, the market scale of passive IoT is expected to continue expanding [22].

Core Insights - Alipay's "Tap" payment feature has surpassed 100 million users within a year, indicating its rapid adoption and success in the market [1][2] - The feature is expanding beyond payment to various scenarios such as hospitals, residential areas, and tourist attractions, enhancing its ecosystem [1][4] - Concerns regarding security and privacy have been raised, but Alipay assures that "Tap" maintains the same level of security as the traditional "Scan" method [1][5] User Adoption and Demographics - "Tap" has been implemented in over 400 cities and integrated with more than 5,000 brands and millions of merchants [2] - Approximately 50% of "Tap" users are under 30 years old, showcasing its appeal to younger demographics [2] Technological Development - A new chip developed by Fudan Microelectronics is set to enhance the "Tap" experience, offering faster response times and compatibility with all smartphones [3] - The chip is designed to function in extreme temperatures and has already secured significant orders from Alipay [3] Expansion of Use Cases - "Tap" is evolving from a payment method to a new service entry point, with over 300 applications including food ordering, access control, and ticket verification [4] - Collaborations with various service providers are facilitating the integration of "Tap" into everyday activities, improving user convenience [4] Security Measures - Alipay has implemented multiple security layers for "Tap," including requiring phone unlock and risk assessment systems during transactions [5] - Specific use cases, such as "Tap to open doors," have been designed with one-time access permissions to ensure safety [5] Future Outlook - The company envisions "Tap" becoming a prevalent method for various transactions, while "Scan" will still be relevant in specific contexts [5]

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为7.46%，资本回报率一般。去年的净 利率为15.59%，算上全部成本后，公司产品或服务的附加值高。融资分红：公司上市4年以来，累计融 资总额7.48亿元，累计分红总额2.45亿元，分红融资比为0.33。商业模式：公司业绩主要依靠研发驱 动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为57.76%、近3年经营性现金流均 值/流动负债仅为6.03%)建议关注公司应收账款状况(应收账款/利润已达289.95%) 分析师工具显示：证券研究员普遍预期2025年业绩在7.98亿元，每股收益均值在0.97元。 据证券之星公开数据整理，近期复旦微电(688385)发布2025年一季报。截至本报告期末，公司营业总收 入8.88亿元，同比下降0.54%，归母净利润1.36亿元，同比下降15.55%。按单季度数据看，第一季度营 业总收入8.88亿元，同比下降0.54%，第一季度归母净利润1.36亿元，同比下降15.55%。本报告期复旦 微电应收账款上升，应收账款同比增幅达39.69%。 本次财报公布的各项数据 ...

证券研究报告|公司点评报告 复旦微电发布 2025 年一季报，25Q1 实现营业收入 8.88 亿元 （同比-0.54%），实现归属于上市公司股东的净利润 1.36 亿元 （同比-15.55%），实现归属于上市公司股东的扣除非经常性损 益的净利润 1.33 亿元（同比-14.21%，环比+67.28%）。综合毛 利率为 58.14%。整体来看，公司 FPGA 及智能电表业务保持增 长，但受非挥发存储器业务下滑及减值损失增加影响，整体业 绩同比承压，但扣非净利润环比显著改善。 ► 毛利率同比提升，研发投入保持高位 期间费用：25Q1 公司期间费用率为 39.86%，同比+0.67pct。 其中，销售、管理、研发、财务费率分别为 6.76%、4.27%、 27.92%、0.85% ，同比 基本 持平、+0.25pct、+0.44pct、- 0.18pct。公司研发投入占营收比例为 30.09%，虽比例同比略 有下降（-2.19pct），但仍维持较高水平，持续高强度的研发投 入有助于保持公司在产品和技术上的先发优势与创新能力。 [Table_Date] 2025 年 04 月 29 日 [Table_Title] ...

Group 1: AI Industry Insights - The AI Artificial Intelligence ETF (512930) has seen a recent increase of 0.24%, with a one-year cumulative growth of 19.06% as of April 28, 2025 [1][2] - The latest scale of the AI Artificial Intelligence ETF reached 1.839 billion yuan, indicating strong investor interest [2] - Tianfeng Securities remains optimistic about the AI industry as a key investment theme for the year, anticipating significant developments in AI infrastructure and applications in 2025 [2][10] Group 2: Consumer Electronics Sector - The Consumer Electronics Theme Index (931494) experienced a slight decline of 0.06%, with notable stock movements among its constituents [5] - The Consumer Electronics ETF (561600) has shown a one-year cumulative increase of 24.47%, reflecting positive market sentiment [5][16] - The implementation of the old-for-new policy for consumer goods has led to the purchase of 37.855 million new digital products, generating over 720 billion yuan in sales [5] Group 3: Online Consumption Market - The Online Consumption Theme Index (931481) rose by 1.07%, with significant gains from stocks like Alibaba Health and NetEase Cloud Music [8][13] - The Online Consumption ETF (159793) has achieved a three-week consecutive increase, with a net value growth of 26.60% over the past three years [8][19] - The ETF has shown strong performance metrics, including a maximum monthly return of 32.40% since its inception [8]

A股今日低开后震荡走强，人工智能产业链方面，应用端机器人、智能车产业链表现较好。人工智能 AIETF（515070）持仓股复旦微电大涨超3%，拓维信息、均胜电子、光环新网等个股纷纷上涨。人工 智能AIETF（515070）盘中成交额突破3600万元。 消息方面，国家数据局目前表示，加强数据基础设施建设和应用，推动跨主体、跨行业、跨领域数据协 同复用融合新路径，不断丰富数据开发利用和开放共享的工具箱方法论，更好地助力"人工智能+"行 动，扎实推动数字中国建设走深走实。 中泰证券认为，在总量政策基调进一步明确后，市场博弈重心将逐步从内部政策期待转向中美谈判进 展，尤其是围绕关税调整的宏观变量演绎。由于短期内国内不会主动加大刺激力度，未来一段时间内， 中美关税博弈将成为主导市场风格切换的重要催化因素。受此影响，AI产业链，以及海外供应链占比 高的出口链板块，短期内有望相对占优。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。前十大权重股包括寒武纪-U、海康 ...

上海复旦微电子集团股份有限公司 2024 年度股东周年大会 会议资料 1 / 28 上海复旦微电子集团股份有限公司 股东大会会议资料 目 录 | 会议须知 3 | | | | --- | --- | --- | | 会议议程 5 | | | | 议案一、关于 | 2024 | 年度董事会工作报告的议案 7 | | 议案二、关于 | 2024 | 年度监事会工作报告的议案 15 | | 议案三、关于 | 2024 | 年度财务决算报告的议案 18 | | 议案四、关于 | 2024 | 年年度报告及摘要的议案 22 | | 议案五、关于 | 2024 | 年度利润分配预案的议案 23 | | 议案六、关于续聘公司 | 2025 | 年度境内外审计机构及内部控制审计机构的议案24 | | 议案七、关于 | 2025 | 年度董事、监事薪酬方案的议案 25 | | 议案八、关于投保董事、监事及高级管理人员责任保险的议案 26 | | | | 议案九、建议一般性授权以增发新股份 27 | | | 2 / 28 上海复旦微电子集团股份有限公司 股东大会会议资料 会议须知 为了维护全体股东的合法权益、保障股东依法行使股东 ...

| 股证券代码：688385 | A | 证券简称：复旦微电 | 公告编号：2025-016 | | --- | --- | --- | --- | | 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 关于召开2024年度股东周年大会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年度股东周年大会 召开日期时间：2025 年 6 月 5 日 10 点 00 分 召开地点：上海国泰路 127 号复旦国家大学科技园 4 号楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 5 日 至2025 年 6 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年6月5日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集 ...