证券代码：001202 证券简称：炬申股份 炬申物流集团股份有限公司 投资者关系活动记录表 编号：2025-020 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | | 媒体采访 ☐ | 业绩说明会 ☐ | | 投资者关系活动类别 | 新闻发布会 ☐ | 路演活动 ☐ | | | 现场参观 ☐ | | | | 其他（请文字说明其他活动内容） ☐ 天风证券股份有限公司首席分析师：陈金海 | | | | 东北证券股份有限公司分析师：庄嘉骏 招商证券股份有限公司：王琪 | | | | 东北证券股份有限公司佛山分公司：简志华、潘启林、何 | | | 参与单位名称及人员姓 | 泳雄、黎启华、刘伟基、李冠樑、罗绮雯 | | | 名 | 个人投资者：黎婉仪、梁文伟、洪郁武、张素勤、刘斯汉、 | | | | 黄飞军、刘然、李志辉、曾小芬、王素珍、袁昊辉、邱龙 | | | | 惠、邝铭健、刘建宁、谭三女、谢永进、卢齐超、钟艺、 | | | | 梁桃娇、吴成挺、吴成迪、徐剑鸣、刘珊、梁铭媚、符国 | | | | 威、关思伟、刘云娣、焦丽环、朱永忠 | | | 时间 | 分析师会议：2025 ...

证券研究报告 | 2025年11月23日 转债市场周报 权益回调中展现"退可守"属性 核心观点 固定收益周报 上周市场焦点（11 月 17 日-11 月 21 日） 股市方面，上周市场震荡下跌，在地缘政治局势紧张、海外 AI 泡沫担 忧加剧、美国 9 月非农数据超预期导致降息预期走弱等因素影响下，市 场风险偏好明显下降，各行业板块出现普跌，具备防御属性的银行板块 跌幅较小。债市方面，上周初资金面总体偏紧，随着税期缴款结束、以 及央行持续净投放下，后半周资金转为均衡偏松；市场风险偏好走弱， 但股债跷跷板效应并不明显，债市全周窄幅震荡；周五 10 年期国债利 率收于 1.82%，较前周上行 0.26bp。 转债市场方面，上周转债个券多数收跌，中证转债指数全周-1.78%，价 格中位数-1.89%，我们计算的算术平均平价全周-6.70%，全市场转股溢 价率与上周相比+7.72%。个券层面，路维（掩膜版）、鼎龙（半导体）、 浩瀚（网络智能化）、恒锋（智慧城市信息服务）、家联（3D 打印）转 债涨幅靠前；中能（电网设备）、立中（铝合金锭&已公告强赎）、豫 光（贵金属&已公告强赎）、天赐（电解液&已公告强赎）、宏发（继电 ...

Core Insights - The performance of convertible bond funds has significantly outperformed other investment products in the capital market, with the "Southern Changyuan Convertible Bond A" fund leading with a return of 38.09% this year [2] - Convertible bond funds have become the dominant players in the bond fund market, occupying 6 out of the top 30 positions in terms of returns, and accounting for 19 out of the top 30 funds overall [2] - Private equity convertible bond funds have also shown impressive performance, with some achieving annualized returns exceeding 70% without any negative returns reported [2] Group 1: Performance Analysis - The average net value growth rate of convertible bond funds has surpassed 20% this year, significantly higher than the overall bond fund average of 2.13% [6] - Among the top 50 bond funds, 29 positions are held by convertible bond funds, showcasing their dual investment advantages in both equity and debt [6] - The convertible bond market has seen a 41% increase in fund size in the third quarter, reaching 133.4 billion yuan [4] Group 2: Market Dynamics - The "strong stock, stable bond" market environment has provided an ideal backdrop for convertible bonds, with the stock market's upward momentum driving the rebound of convertible bonds [5] - The characteristics of convertible bonds, which offer downside protection and unlimited upside potential, make them particularly attractive during market volatility [5] - The acceleration of forced redemptions in the convertible bond market has created opportunities for active strategies, allowing investors to capitalize on predictable outcomes [9] Group 3: Investment Strategies - Public funds tend to have more restrictions on individual bond selection due to risk control and liquidity requirements, while private funds have greater flexibility, potentially leading to higher returns [7] - The performance of private equity convertible bond products can vary significantly, with top performers achieving remarkable returns, but also carrying higher risks and lower transparency [6][7] - Investors are advised to focus on selecting high-quality management products rather than engaging in direct trading, especially in a volatile market environment [10]

Core Viewpoint - The article discusses various convertible bonds, highlighting their redemption status, trading prices, and key dates for conversion and redemption [1][4][6]. Group 1: Convertible Bonds Status - Guocheng Convertible Bond (127019) is subject to strong redemption on November 20, 2025 [1]. - Southeast Convertible Bond (127103) will not undergo adjustment [1]. - Huicheng Convertible Bond (118049) and Haoyuan Convertible Bond (118051) are not subject to strong redemption [1]. - Yinbang Convertible Bond (123252) will not be adjusted [1]. - Zhongjin Convertible Bond (127020) has its last trading day on November 20, 2025 [1]. Group 2: Pricing and Trading Information - Luokai Convertible Bond (113689) current price is 156.168, with a strong redemption price of 100.038, and a last trading day on November 17, 2025 [4]. - Chengfeng Convertible Bond (113628) current price is 153.032, with a last trading day on November 17, 2025 [4]. - Zhongjin Convertible Bond (127020) current price is 124.350, with a strong redemption price of 100.700, and a last trading day on November 20, 2025 [4]. - Hengbang Convertible Bond (127086) current price is 118.195, with a strong redemption price of 100.280, and a last trading day on November 24, 2025 [4]. - Qibin Convertible Bond (113047) current price is 113.481, with a strong redemption price of 101.174, and a last trading day on November 27, 2025 [4]. Group 3: Additional Convertible Bonds Information - Fenghuo Convertible Bond (110062) current price is 106.676, with a redemption price of 106.000, and a last trading day on November 26, 2025 [6]. - Ying19 Convertible Bond (110063) current price is 113.327, with a redemption price of 111.000, and a last trading day on December 12, 2025 [6]. - Hongda Convertible Bond (404003) current price is 54.781, with a redemption price of 118.000, and a last trading day on December 15, 2025 [6]. - Jianguo Convertible Bond (110064) current price is 113.369, with a redemption price of 113.000, and a last trading day on December 16, 2025 [6].

Group 1 - The core viewpoint of the article discusses the transfer of shares by shareholders and the credit rating adjustments of convertible bonds due to company performance issues [1][2][5] - The controlling shareholder of Hengfeng Information plans to transfer no more than 3% of the company's shares, indicating potential liquidity changes [1] - Longda Convertible Bond's credit rating has been downgraded to A- due to weakened debt repayment capacity, reflecting the company's losses in the first three quarters of 2025 [1][2] Group 2 - The article lists various convertible bonds, including those that are subject to strong redemption and those that will not undergo adjustments, providing specific details such as bond codes and announcement dates [2][5] - The current prices and redemption prices of several convertible bonds are provided, along with their last trading and conversion dates, indicating market conditions and investor sentiment [5][7] - The article highlights the remaining scale and market capitalization ratios of different convertible bonds, which can be useful for assessing investment opportunities [5][7]

Core Insights - The convertible bond funds have shown remarkable performance in 2025, with an average net value growth rate exceeding 20%, significantly outperforming the overall bond fund average of 2.13% [1][2] - The strong performance of convertible bond funds is closely linked to the underlying market, with the CSI Convertible Bond Index rising by 18.61% year-to-date [2] - The unique "dual nature" of convertible bond funds allows them to benefit from equity market gains while providing downside protection, making them suitable for various market conditions [2][3] Performance Summary - As of November 14, all convertible bond funds have achieved positive returns this year, with 29 funds rising over 20% and 5 exceeding 30% [1] - The average net value growth rate for the 38 convertible bond funds in the market is 23.49%, with notable funds like Southern Changyuan Convertible Bond A and Huaxia Convertible Bond Enhanced Bond A showing growth rates over 30% [1][2] - In the top 10 performing bond funds this year, 6 are convertible bond funds, highlighting their strong market position [1] Market Dynamics - The strong performance of convertible bond funds is driven by two main factors: robust equity market performance enhancing the conversion value of bonds, and a notable supply-demand imbalance in the convertible bond market [2] - As of October 31, the issuance scale of convertible bonds was 57.2 billion, showing a significant recovery compared to the previous year, but the total outstanding scale has decreased by over 160 billion since the beginning of the year [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main economic indicators in October 2025 showed a decline, including industrial production, fixed - asset investment, and social consumption [1][2]. - In the bond market, investors should gradually become more optimistic, with a short - to - long duration strategy for interest - rate bonds and a focus on structural opportunities for convertible bonds [3]. 3. Summary According to the Directory 3.1 Event - On November 14, 2025, the National Bureau of Statistics released the economic data for October 2025, including industrial added value, fixed - asset investment, and social consumption data [1][6]. 3.2 Economic Data Analysis 3.2.1 Industrial Production - In October 2025, the year - on - year growth rate of industrial added value above a designated size was 4.9%, down 1.6 percentage points from September. The month - on - month growth rate was + 0.17%, the lowest of the year and lower than the same period in 2023 and 2024 [2][6]. - The decline in the year - on - year growth rate of industrial added value was mainly due to the decrease in the mining and manufacturing sectors, while the production and supply of electricity, heat, gas, and water increased [7]. 3.2.2 Fixed - Asset Investment - From January to October 2025, the cumulative year - on - year growth rate of fixed - asset investment was - 1.7%, continuing the downward trend. The month - on - month growth rate in October was - 1.62%, with an expanding decline [2][14]. - The cumulative year - on - year growth rates of real estate, manufacturing, and general infrastructure investment all decreased. Real estate investment remained weak, and manufacturing and infrastructure investment weakened from their high levels at the beginning of the year [18]. 3.2.3 Social Consumption - In October 2025, the year - on - year growth rate of social consumption was 2.9%, slightly lower than the previous month. The month - on - month growth rate was + 0.16%, turning positive but weaker than the seasonal average [2][21]. - Among consumer goods, the year - on - year growth rate of essential consumption increased. Among optional consumption, the decline in automobile and home appliance consumption was significant, while optional consumption such as gold, silver, and jewelry, and communication equipment still performed well. The year - on - year growth rate of catering consumption increased significantly [21]. 3.3 Bond Market View 3.3.1 Interest - Rate Bonds - Since August 2025, the yield of treasury bonds has shown a significant divergence. The short - end yield fluctuated little, while the long - end yield first increased and then decreased. By November 13, the 10 - year and 30 - year treasury bond yields had decreased by 9bp and 13bp respectively from their previous highs [3][27]. - Given the current loose liquidity, investors should be more optimistic about the bond market. The duration selection can be from short to long, and the view that the fluctuation center of the 10 - year treasury bond yield is 1.7% is maintained [3][28]. 3.3.2 Convertible Bonds - As of November 13, 2025, the increase and decrease of the CSI Convertible Bond Index was + 19.3%, and that of the CSI All - Index was + 25.3%. The convertible bond market underperformed the equity market. Since late October, the convertible bond market has seen a new round of growth [3][36]. - In the context of the slow - bull expectation of the equity market and the difficult - to - change pattern of strong demand over supply in the convertible bond market, convertible bonds are still relatively high - quality assets in the long run, and more attention should be paid to the structure [36].

Core Viewpoint - Shanghai Weicai Semiconductor Technology Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, "Weicai Convertible Bonds," despite meeting the conditions for early redemption, to protect investor interests and demonstrate confidence in the company's long-term development [2][10]. Group 1: Convertible Bond Basic Information - The company issued 11.75 million convertible bonds with a total value of 1.175 billion yuan, with a maturity period from April 9, 2025, to April 8, 2031 [3]. - The initial conversion price for the bonds was set at 82.15 yuan per share, which has been adjusted multiple times due to stock incentive plans and capital increases [5][6][7]. Group 2: Redemption Terms and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [8][10]. - The stock price conditions for triggering the redemption were met between October 15, 2025, and November 11, 2025, with the stock price exceeding the required thresholds [10]. Group 3: Decision on Early Redemption - The company's board of directors held a meeting on November 11, 2025, and unanimously decided not to exercise the early redemption rights for the convertible bonds, citing confidence in the company's intrinsic value and current market conditions [2][10]. - The board also stated that if the redemption conditions are met again within the next three months, they will still not exercise the early redemption rights [10].

Group 1 - A new IPO subscription rule has led to wealthy individuals waking up early to compete for shares, indicating a highly competitive environment [1] - Several brokerage firms attempted to subscribe before 9:15 AM but faced challenges, highlighting the intense competition in the market [1] Group 2 - New Hope plans to establish a new rural development company in collaboration with two national-level funds [3] - Recent announcements regarding convertible bonds include the non-strong redemption of Fenggong Convertible Bond [4] - The North Exchange has new IPO listings, and several companies are in the process of subscription [3] Group 3 - Key data on convertible bonds includes various bonds with their current prices, redemption prices, last trading dates, and conversion values [6][8] - Specific convertible bonds such as Chunqiu Convertible Bond and Sheng24 Convertible Bond have been detailed with their respective financial metrics [6][8]

Core Insights - In October, 10 A-share IPO companies were reviewed and all were approved, marking a significant achievement for the IPO market [1] - The number of terminated IPOs in October was only 2, the lowest this year, indicating a positive trend in the IPO process [2] - A total of 9 companies successfully completed their IPOs in October, raising a combined total of 12.869 billion yuan [1][8] IPO Termination - The two companies that terminated their IPO processes in October were Beijing Kunlun Unicom Technology Development Co., Ltd. and Zhuzhou Keno New Materials Co., Ltd. [2][4] - Kunlun Unicom faced scrutiny regarding the authenticity of its revenue and customer relationships during its IPO applications [3][4] - Zhuzhou Keno's application raised questions about its innovation attributes, with its R&D investment being just above the minimum requirement [5] Successful IPOs - In October, 9 companies raised a total of 12.869 billion yuan, with Xi'an Yicai-U raising the highest amount at 4.636 billion yuan [7][8] - Notably, several companies listed in October, including Xi'an Yicai-U and He Yuan Biology-U, reported fundraising amounts exceeding 1 billion yuan [8] - Dao Sheng Tian He had a notably high issuance cost rate of 12.89%, which was higher than its peers [8][9] Underwriting and Brokerage - From January to October, 87 companies successfully completed their IPOs, raising a total of 90.172 billion yuan, with 34 brokerages sharing the underwriting fees [11][14] - CITIC Securities led the underwriting with 12 companies and raised 12.827 billion yuan, followed by Guotai Junan and Huatai United Securities [12][14] - Notably, some brokerages, such as First Capital and Dongguan Securities, reported zero underwriting revenue in 2025 [15]