基金管理人：南方基金管理股份有限公司 基金托管人：中国工商银行股份有限公司 南方高端装备混合型证券投资基金 送出日期：2025 年 7 月 21 日 南方高端装备混合型证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 | §2 | 基金产品概况 | | | | --- | --- | --- | --- | | 基金简称 | 南方高端装备混合 | | | | 基金主代码 | 202027 ...

Report Overview - Report Title: "How to View Photovoltaic Convertible Bonds under the Background of 'Anti-Involution' - Convertible Bond Weekly Report 20250712" - Report Type: Fixed Income Asset Allocation | Comment Report - Report Date: 2025-07-16 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Report's Core View - From July 7 to July 12, 2025, the convertible bond market continued its mild recovery, with increased trading activity. Medium - sized and convertible bonds with expected elasticity performed relatively well. The equity market was highly differentiated, with low - valuation and cyclical manufacturing sectors becoming the main investment directions [2][6]. - The photovoltaic equipment sector has low market attention and congestion. Photovoltaic convertible bonds have cost - effective valuations. Driven by the "anti - involution" policy, the industry's fundamentals are expected to recover, and the holdings of active equity funds may gradually increase [2][6]. - The valuation of the convertible bond market is differentiated by the parity range. The low - parity range shows significant differentiation, while the valuation of the high - parity range has increased. The implied volatility has declined, and the market sentiment is cautious [2][6]. - The primary market supply of convertible bonds is steadily released, and the clause game shows intensified differences. It is recommended to focus on the layout opportunities in the low - valuation and high - safety - margin directions, taking into account the rhythm and rotation [2][6]. 3. Summary by Relevant Catalogs 3.1 Market Weekly Review - **Photovoltaic Equipment Sector**: The market attention and capital participation of the photovoltaic equipment sector are at a relatively low historical level. The allocation ratio of active funds has significantly decreased, and the turnover and trading volume are weak. There are signs of chip clearing, and the congestion is at a relatively low historical level. Under the "anti - involution" policy, the supply - side clearing is expected to repair the fundamentals. Photovoltaic convertible bonds have strong bond - bottom returns and valuation advantages, showing valuation repair and risk - return matching [9]. - **A - share Market**: The A - share market continued to rise in shock, with obvious style differentiation. Funds were concentrated on low - valuation and cyclical manufacturing sectors. The real estate, steel and other sectors led the gains, and the trading activity increased significantly, reflecting the strengthened expectation of valuation repair. There was increased differentiation within the growth direction, with some sectors maintaining high popularity and others experiencing a decline in trading. The trading rhythm of the market accelerated, and the rotation characteristics were enhanced [9]. - **Convertible Bond Market**: The convertible bond market continued to rise moderately, with increased trading activity. Medium - sized convertible bonds performed well, and the style slightly inclined to elastic varieties. The valuation of the convertible bond market showed a differentiated trend according to the parity range. The implied volatility fluctuated and declined, and the sentiment became more cautious. In terms of industries, the financial and pharmaceutical sectors attracted capital inflows, and the cyclical sectors were relatively strong [9]. - **Primary Market of Convertible Bonds**: The primary market of convertible bonds maintained a stable rhythm. One convertible bond was open for subscription, two new bonds were listed, and five companies updated their issuance plans. The issuance momentum is expected to continue to be steadily released. In terms of clause games, there were no proposals for downward revisions, and some bonds clearly stated not to revise downward. Multiple varieties announced forced redemptions, and some promised not to redeem in advance [9]. 3.2 Market Theme Weekly Review - **Equity Theme**: The A - share market continued its structural differentiation, with increased short - term trading activity. Gaming funds continued to concentrate on high - elasticity directions, and the financial technology theme was strong. The new energy sector was highly differentiated, and the digital economy showed a structural recovery. The overall market trading sentiment was high, and the theme rotation accelerated [24]. - **Convertible Bond Theme**: The convertible bond market continued to rise, with the increase rate moderately narrowing. The trading activity reached a recent high, and medium - sized convertible bonds performed better. The valuation of the convertible bond market was differentiated by the parity and market price ranges. The implied volatility declined, and the market sentiment was slightly cautious. The non - banking, coal, and pharmaceutical sectors led the gains, and the trading volume was concentrated in the pharmaceutical and biochemical sectors [27]. 3.3 Market Weekly Tracking - **Main Stock Indexes**: The main A - share stock indexes continued to strengthen, with small and medium - sized and science - innovation stocks performing prominently. The market capital showed a net outflow, but the scale of the net outflow decreased, indicating a marginal improvement in market sentiment [29][30]. - **Industry Performance**: The A - share market showed a structural market dominated by low - valuation sectors. The real estate sector led the gains, followed by the steel, comprehensive, and non - banking financial sectors. The automobile sector led the decline, and some previous hot sectors faced correction pressure. The market capital was concentrated on low - valuation cyclical sectors and also considered structural opportunities in the growth track [34]. - **Convertible Bond Market**: The convertible bond market continued to rise, with the increase rate moderately narrowing. Medium - sized convertible bonds performed better, and the trading activity reached a recent high. The valuation of the convertible bond market was differentiated by the parity and market price ranges. The implied volatility declined, and the market sentiment was slightly cautious. The non - banking, coal, and social service sectors led the gains, and the pharmaceutical, basic chemical, and power equipment sectors had the highest trading volume [45][55]. 3.4 Primary Market Tracking and Clause Game - **New Bond Issuance**: One convertible bond was open for subscription (Guanghe Convertible Bond), and two new bonds were listed (Huachen Convertible Bond and Luwei Convertible Bond). Five listed companies updated their convertible bond issuance plans, including three accepted by the exchange and two approved by the general meeting of shareholders [66][67]. - **Clause Game**: There were no proposals for downward revisions of convertible bonds during the week, and some bonds clearly stated not to revise downward. Multiple varieties announced forced redemptions, and some promised not to redeem in advance. There were 3 convertible bonds that announced they were expected to trigger downward revisions, 13 that announced no downward revisions, 2 that announced they were expected to trigger redemptions, 3 that announced no early redemptions, and 4 that announced early redemptions [75][80].

Market Overview - A-shares experienced a collective rise on July 10, with the Shanghai Composite Index surpassing the 3500-point mark, closing at 3509.68 points, up 0.48% [1] - The Shenzhen Component Index rose 0.47% to close at 10631.13 points, while the ChiNext Index increased by 0.22% to 2189.58 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 149.42 billion yuan, a slight decrease of 11 billion yuan compared to the previous day [1] Sector Performance - The majority of industry sectors saw gains, with real estate development, engineering consulting services, real estate services, cement and building materials, coal, small metals, diversified finance, and steel industries leading the increases [1] - Conversely, the jewelry, shipbuilding, and manufacturing sectors experienced declines [1] Stock Movement - A total of 2947 stocks rose, with 69 hitting the daily limit up, while 2279 stocks fell, with 14 hitting the daily limit down [1] - The market showed signs of volatility, with significant fluctuations observed during the trading day, particularly in blue-chip stocks such as banks, insurance, and real estate [1] Investment Trends - Market focus on sectors experiencing a turnaround, particularly in photovoltaic, lithium battery, and real estate concepts, with significant price increases in silicon wafer prices ranging from 8% to 11.7% due to upstream silicon material price hikes [2] - Despite positive technical indicators, including a bullish engulfing pattern in the Shanghai Composite Index, the overall buying strength remains insufficient, indicating caution in stock selection is necessary [2] Company Spotlight - Xiangguo's stock performance was notable, with 86 out of 147 stocks rising, including Qidi Pharmaceutical, which hit the daily limit up after a previous gain of over 9% [3] - Qidi Pharmaceutical's main business includes "Guhang Yangshengjing" series products and traditional Chinese medicine, reporting a net profit of -16.26 million yuan for Q1 2025, a year-on-year decline of 96.23% [3] - The company is preparing for a potential change in control due to the auction of 24.47% of shares held by its controlling shareholder, and it has signed a strategic cooperation agreement to develop a traditional Chinese medicine health and wellness tourism base [3]

Market Overview - The A-share market showed mixed performance on July 4, with the Shanghai Composite Index rising slightly by 0.05% to 3462.99, while the Shenzhen Component and ChiNext Index fell by 0.35% and 0.31% respectively [2][3] - The total trading volume reached 1.77 billion hands, with a turnover of 190.16 billion [4] Sector Performance - The steel sector saw a collective rise, with notable stocks like Liugang and Linggang hitting the daily limit up [10][11] - The banking sector also experienced gains, with several banks, including Zheshang Bank and Shanghai Bank, reaching new highs [16][17] - The pharmaceutical sector remained strong, with stocks like Hotgen and Guangsheng rising over 10% [12][13] Notable Stocks - Hangzhou Garden surged to the daily limit within two minutes of opening, while Nanling Technology also hit the limit up [20][22] - In the steel sector, Liugang shares increased by 10.02%, and Linggang shares rose by 10.16% [11] - In the pharmaceutical sector, Hotgen's stock price increased by 14.57%, and Guangsheng's by 10.75% [13] Industry Insights - The Ministry of Industry and Information Technology emphasized the need for orderly competition in the photovoltaic industry, aiming to improve product quality and phase out outdated capacity [8] - A report indicated that the photovoltaic industry may face weakening demand in the second half of the year, prompting leading companies to reduce production to improve supply-demand dynamics [9]

Group 1 - The company plans to establish a wholly-owned subsidiary, Guangdong Pulite New Materials Co., Ltd., with a registered capital of 200 million yuan to enhance market competitiveness and accelerate strategic development [2] - The company intends to invest in the construction of a headquarters and R&D manufacturing base for modified plastic materials in Nansha, Guangdong, focusing on high-performance composite materials such as modified PP, ABS, PA, PC, PEEK, PPS, LCP, and carbon fiber reinforced materials [2] - The board of directors approved the termination of the investment project for sodium-ion and lithium-ion battery production in Liuyang, Hunan, due to changes in the macro environment and intensified competition in the lithium battery industry [2] Group 2 - The board meeting was held on June 25, 2025, with all members ensuring the accuracy and completeness of the announcement [1] - The company has a stable and mature market in Guangdong, with quality upstream and downstream resources, making it an ideal location for the South China market [1] - A second temporary shareholders' meeting is scheduled for July 17, 2025, to review the board's resolutions [2]

Core Insights - The report highlights the recent developments in the financial market, including the performance of major indices and sector trends [4][12]. - It emphasizes the impact of government policies on various industries, particularly in the context of digital assets and environmental initiatives [6][8]. Financial Market Overview - The Shanghai Composite Index closed at 3424.23, down 0.7%, while the Shenzhen Component Index rose by 0.34% to 10378.55 [4]. - The report notes a total trading volume of 15,411 billion, with 3,227 stocks rising and 1,662 falling, indicating a slight contraction in market activity [12]. Industry Developments - Hong Kong has introduced a new digital asset policy, accelerating the ecosystem for stablecoin applications, with related stocks including Jingbeifang (002987) and Sifang Jingchuang (300468) [8]. - The offshore engineering equipment industry is being catalyzed by new policies, with companies like Hailanxin (300065) and Yaxing Maolian (601890) positioned to benefit [8]. - Platinum prices have surged to a 10-year high, significantly outpacing gold, with related stocks such as Gebijia (835438) and Guiyan Platinum (600459) highlighted [8]. Company Focus - Wenkang New Energy (688779) is focusing on the development of solid-state battery materials, achieving cumulative shipments of over 100 kilograms for some products [10]. - Zhongji Renjian (301508) has established a testing facility for new energy batteries, capable of meeting the demands for solid-state battery testing [10]. - Changliang Technology (300348) is actively researching digital solutions related to stablecoins [10]. Market Review and Outlook - The report indicates that the market is experiencing a slight contraction, with a notable performance in industrial metals and technology sectors, while banking and oil sectors are facing declines [12][13]. - The report suggests that the market is showing resilience, with strong support levels for the Shanghai Composite Index, indicating a lower probability of significant downturns in the short term [12]. - There is a strong interest in technology sectors such as chips and lithium batteries, suggesting a continued aggressive investment approach in these areas [13].

Core Viewpoint - The credit rating of Shenzhen Keda Li Industrial Co., Ltd. remains stable at AA, reflecting its leading position in the lithium battery precision structural components industry and strong financial performance despite facing pricing pressures and high customer concentration risks [4][9][10]. Financial Performance - Total assets increased from 172.22 billion in 2022 to 199.53 billion in 2025, while total liabilities rose from 42.61 billion to 50.76 billion during the same period [4][5]. - Operating revenue grew from 86.54 billion in 2022 to 120.30 billion in 2024, with net profit increasing from 9.13 billion to 14.68 billion [4][5]. - The company reported a significant net cash inflow from operating activities, contributing to a strong cash position and low leverage ratios [7][8]. Market Position and Competitive Advantage - The company benefits from a high demand for lithium battery precision structural components driven by the growth of the new energy vehicle market, with a projected revenue increase of 14.44% in 2024 [6][15]. - Keda Li has established stable relationships with leading clients in the battery manufacturing sector, including CATL and Tesla, enhancing customer loyalty [6][20]. - The company maintains a strong R&D capability, with a focus on innovation in safety, reliability, and lightweight materials, holding 522 patents as of 2024 [11][17]. Risks and Challenges - The company faces pricing pressure on its products due to the strong cost-cutting demands from automotive manufacturers and a slowdown in global battery installation growth [8][15]. - High customer concentration remains a risk, with the top client accounting for over 30% of sales, which could impact financial performance if their situation changes [8][20]. - The company is expanding its production capacity significantly, with over 28 billion in investments planned, raising concerns about the ability to fully utilize this capacity amid a competitive market [8][17]. Industry Outlook - The lithium battery precision structural components market is expected to continue growing, supported by government policies and increasing penetration of new energy vehicles [12][15]. - The global battery installation volume is projected to reach 894.4 GWh in 2024, indicating a 27.2% year-on-year growth, although the growth rate is slowing [12][14]. - The industry is characterized by a high concentration of leading manufacturers, with the top ten companies holding a market share of 67.1% [12][14].

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers, marked in red for easy identification [1] - A company has provided digital RMB services to nearly 15,000 single merchants as of the end of last year, focusing on digital currency, blockchain, domestic chips, cross-border payments, multimodal AI, cloud computing, and Huawei's HarmonyOS [1] - Another company is involved in solid-state batteries, lithium batteries, and drones, with existing orders for solid-state battery and key material businesses [1] - A robotics subsidiary of a company is engaged in humanoid robots, autonomous driving, and chips, with products applicable in service robots and humanoid robot sectors [1]

Group 1 - The A-share market experienced a significant rise, with major indices collectively increasing, including the Shanghai Composite Index surpassing 3400 points with a 1% increase, and the Shenzhen Component Index and ChiNext Index rising by 1.45% and 1.94% respectively [2] - The technology sector saw a strong performance, particularly in areas such as robotics, intelligent driving, and lithium batteries, while oil and gas extraction and shipping sectors showed notable declines [2] Group 2 - Huasheng Co., Ltd. experienced a volatile trading session after resuming trading, opening at the daily limit price before dropping sharply by 14.8% within three minutes, ultimately closing down by 4.33% [4] - The company announced plans to acquire 100% of Yixin Technology through a combination of share issuance and cash payment, aiming to transition from traditional industries to strategic emerging industries by integrating core technology capabilities in the AIDC field [4] - Huasheng's stock has seen a cumulative increase of 55.49% this year, with early trading volume reaching 617 million yuan, marking the highest single-day trading volume since February 2024, and a turnover rate of 20.13% [4] Group 3 - Huasheng's recent financial performance has been underwhelming, reporting a net loss of 49 million yuan for the 2024 annual report and a continued loss of 13 million yuan in the first quarter of this year, attributed to increased borrowing costs and operational expenses [5] - The decline in net profit is primarily due to rising interest expenses and increased operational costs related to labor and e-commerce sales [5]

Core Viewpoint - The company, Hubei Huitian New Materials Co., Ltd., is a leading player in the domestic engineering adhesive industry, with strong R&D capabilities and a promising outlook for downstream industries, which supports future business growth [2][5]. Financial Performance - The company's total assets as of March 2025 are 65.86 billion, with equity attributable to shareholders at 28.94 billion [2]. - The company's total debt has increased, leading to weaker debt repayment indicators, indicating rising repayment pressure [6]. - Revenue for 2024 is reported at 39.89 billion, a slight increase from 39.02 billion in 2023, while net profit decreased from 2.98 billion in 2023 to 1.04 billion in 2024 [4][16]. Market Position and Growth - The company has maintained a high production and sales rate, with significant growth in the sales volume of its main products, particularly in the electronic and automotive sectors, which saw increases of 45.56% and 41.23% respectively [2][5]. - The company is focusing on expanding its market share in the renewable energy sector, particularly in photovoltaic silicone and solar cell back membranes, despite facing a 58.34% decline in sales in this segment due to increased competition and market saturation [18][19]. Risks and Challenges - The company faces risks related to changes in control, as the actual controller's shareholding is relatively low, which could impact governance [5][6]. - The profitability is sensitive to fluctuations in the downstream industry, with pressures from declining raw material prices and increased competition affecting profit margins [5][11]. - The company has a high proportion of receivables, which could strain working capital and increase the risk of bad debts, particularly in the photovoltaic sector where payment cycles are longer [6][18]. Industry Outlook - The adhesive industry in China is expected to grow, driven by demand from emerging sectors such as new energy vehicles and lithium batteries, although sales growth has not met expectations due to various challenges [11][12]. - The industry is projected to have an average annual growth rate of 4.2% in production and 4.3% in sales during the 14th Five-Year Plan period [12]. - The company is well-positioned to benefit from the ongoing transition to clean energy and the increasing demand for high-performance adhesives in various applications [14][15].