Financial Performance - In 2024, the company achieved total revenue of CNY 608 million, an increase of 8.39% year-on-year [1] - The net profit attributable to shareholders was CNY 129 million, a decrease of 4.39% compared to the previous year [1] - In Q1 2025, the company reported total revenue of CNY 149 million, a growth of 19.10% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was CNY 28 million, an increase of 8.26% compared to the same period last year [2] Profitability Metrics - The overall gross margin for 2024 was 44.77%, down from 46.12% in 2023, a decline of 1.35 percentage points [2] - The increase in revenue from precision high-efficiency tools, which have a lower gross margin, contributed to the decline in overall gross margin [2] - The share of revenue from precision high-efficiency tools rose from 18.01% in 2023 to 21.90% in 2024 [2] Future Outlook - The company aims to achieve a consolidated revenue of over CNY 680 million in 2025 [4] - The growth is supported by the expansion of production capacity and the maturity of product technology [4] - The company expects a significant decrease in convertible bond interest expenses starting from Q2 2025 [4] Market Impact - The company has a wholly-owned subsidiary in the U.S., which is not significantly affected by the recent high tariffs, as less than 5% of total revenue comes from exports to the U.S. [4] - The company is exploring potential mergers and acquisitions to strengthen its core business [4]

Group 1: Report Summary - 2025 April saw the issuance of 3 convertible bonds: Anji Convertible Bond, Qingyuan Convertible Bond, and Weice Convertible Bond [1][2][3] - Anji Technology plans to issue up to 831 million yuan of convertible bonds on April 7, 2025, with funds earmarked for various projects and working capital [1] - Qingyuan Co., Ltd. intends to issue up to 500 million yuan of convertible bonds on April 8, 2025, for project investment and working capital [2] - Weice Technology aims to issue up to 1.175 billion yuan of convertible bonds on April 9, 2025, for project investment, loan repayment, and working capital [3] Group 2: Anji Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 22% - 27% [13][18] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA -; issue size: 831 million yuan; initial conversion price: 168.11 yuan; bond value: 96.09 yuan [19] - First - day target price: 120 - 125 yuan; recommended for active subscription [24] - Expected first - day new bond subscription winning rate: 0.0076% - 0.0103% [25] Underlying Stock Fundamentals - Main business: R & D and industrialization of key semiconductor materials [23] - Industry upstream: Fine chemical industry; downstream: Integrated circuit manufacturing and advanced packaging [27] - Operating performance: Revenue grew from 687 million yuan in 2021 to 1.312 billion yuan in the first three quarters of 2024, with a stable gross and net profit margin [30][34] - Equity structure: Concentrated, with the top two shareholders holding 35.44% of shares as of September 30, 2024; no actual controller; 8 holding subsidiaries and 4 important affiliated companies [56] - Business advantages: Deep - rooted in high - end semiconductor materials, with intellectual property rights, efficient product conversion, international talent, and a quality assurance system [59][60] - Fund use: Projects include Shanghai Anji Integrated Circuit Materials Base, etc., with 220 million yuan for working capital [18] Group 3: Qingyuan Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 25% - 30% [13][67] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: A+; issue size: 500 million yuan; initial conversion price: 12.93 yuan; bond value: 83.41 yuan [68] - First - day target price: 124 - 129 yuan; recommended for active subscription [72] - Expected first - day new bond subscription winning rate: 0.003% - 0.0038% [73] Underlying Stock Fundamentals - Main business: R & D, production, and sales of solar photovoltaic brackets, development and operation of photovoltaic power stations, and R & D of photovoltaic power electronics [71] - Industry upstream: Metal processing; downstream: Photovoltaic power stations [75] - Operating performance: Revenue increased from 1.018 billion yuan in 2021 to 1.319 billion yuan in the first three quarters of 2024, with stable gross and net profit margins [78] - Equity structure: Relatively dispersed, with the top two shareholders holding 44.8% of shares as of June 30, 2024; Hong Daniel as the actual controller; 58 holding subsidiaries [105] - Business advantages: International market strategy, product advantages to meet customer needs, and technological innovation [109][110][111] - Fund use: Projects include Distributed Photovoltaic Bracket Smart Factory and Energy R & D Center, with 150 million yuan for working capital [67] Group 4: Weice Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 41% - 46% [13][115] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA; issue size: 1.175 billion yuan; initial conversion price: 82.15 yuan; bond value: 98.08 yuan [116] - First - day target price: 124 - 128 yuan; recommended for active subscription [120] - Expected first - day new bond subscription winning rate: 0.0068% - 0.0099% [121] Underlying Stock Fundamentals - Main business: Wafer testing, chip finished product testing, and related supporting services [119] - Industry upstream: Test equipment and consumables manufacturers; downstream: Integrated circuit design [123][124] - Operating performance: Revenue rose from 493 million yuan in 2021 to 740 million yuan in the first three quarters of 2024, with a declining gross and net profit margin [127][131] - Equity structure: Relatively dispersed, with the top two shareholders holding 37.11% of shares as of September 30, 2024; Pian Wensheng as the actual controller; 5 holding subsidiaries and 3 affiliated companies [156] - Business advantages: Talent, technology, customer base, production capacity, and location advantages [158][159][160] - Fund use: Projects include Weice Semiconductor Wuxi Integrated Circuit Testing Base and Integrated Circuit Chip Wafer - Level and Finished Product Testing Base, with 275 million yuan for loan repayment and working capital [115]

Group 1 - The company achieved a revenue of 2.02 billion yuan in 2024, representing a year-on-year increase of 33.04%, with a net profit attributable to shareholders of 126 million yuan, up 24.47% year-on-year [1] - In Q1 2025, the company reported a revenue of 446 million yuan, a year-on-year increase of 11.14%, but a quarter-on-quarter decrease of 31.31%, with a net profit attributable to shareholders of 23 million yuan, down 42.00% year-on-year [1] - The company's gross profit margin in Q1 2025 was 23.72%, a decrease of 4.61 percentage points year-on-year, indicating short-term pressure on profitability due to declining margins and rising expenses [1] Group 2 - The revenue from the company's vehicle-mounted and energy information sector reached 1.17 billion yuan in 2024, a year-on-year increase of 52.24%, accounting for 57.9% of total revenue [2] - The company is committed to technological innovation, with R&D expenses of 165 million yuan in 2024, a year-on-year increase of 24.83%, and an R&D expense ratio of 8.18% [2] - The company plans to issue convertible bonds to raise funds for projects related to connector intelligence and supercharging industry upgrades, as well as for the construction of a new base in East China [2]

Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: April 21 - April 25, 2025 [1] - Analyst: Jin Ling [1] - Report Date: April 28, 2025 [1] Core Viewpoints - The report presents the capital flow, fund scale, and weekly price change data of domestic passive stock funds, overseas index funds, and other types of index funds from April 21 to April 25, 2025, helping investors understand the market dynamics of different types of index funds [4][5][6] Summary by Category Domestic Passive Stock Funds - **Composite Concepts**: Among them, the CSI 1000 had a weekly price increase of 1.95% and a net capital inflow of 594 million yuan; the Science and Technology Innovation 100 had a weekly price increase of 0.69% and a net capital inflow of 391 million yuan; while the Shanghai - Shenzhen 300 had a weekly price increase of 0.38% but a net capital outflow of 2.783 billion yuan [4] - **Industry Themes**: The large - technology concept had a weekly price increase of 1.10% and a net capital inflow of 4.849 billion yuan; the large - health concept had a weekly price increase of 2.36% and a net capital inflow of 479 million yuan; the large - consumer concept had a weekly price increase of 0.36% and a net capital outflow of 1.397 billion yuan [4] - **Style Strategies**: The dividend - low - volatility concept had a weekly price increase of 0.76% and a net capital inflow of 87 million yuan; the growth concept had a weekly price increase of 1.84% and a net capital outflow of 109 million yuan [4] - **Enterprise Nature**: The China Special Valuation (C - Special Valuation) concept had a weekly price change of - 0.05% and a net capital outflow of 242 million yuan [4] - **Region**: The regional concept had a weekly price increase of 1.62% and a net capital outflow of 600,000 yuan [4] Overseas Index Funds - **Composite Concepts**: The Nasdaq 100 had a weekly price increase of 4.79% and a net capital inflow of 1.052 billion yuan; the S&P 500 had a weekly price increase of 3.35% and a net capital inflow of 366 million yuan; the Nikkei 225 had a weekly price increase of 1.50% and a net capital outflow of 16 million yuan [5] - **Industry Themes**: The Hong Kong Stock Technology concept had a weekly price increase of 3.73% and a net capital inflow of 553 million yuan; the China Internet concept had a weekly price increase of 5.22% and a net capital outflow of 51 million yuan; the Hong Kong Stock Medical concept had a weekly price increase of 9.53% and a net capital outflow of 3.053 billion yuan [5] - **Style Strategies**: The dividend concept had a weekly price increase of 1.18% and a net capital inflow of 200,000 yuan; the dividend - low - volatility concept had a weekly price increase of 1.85% and a net capital inflow of 100,000 yuan [5] Other Types of Index Funds - **Bond Funds**: Among interest - rate - related bond funds, the 10 - year bond fund had a weekly price increase of 0.05% and a net capital inflow of 3 million yuan; the 5 - 10 - year bond fund had a weekly price change of - 0.04% and a net capital outflow of 195 million yuan [6] - **Commodity Funds**: The gold fund had a weekly price change of - 0.70% and a net capital inflow of 1.8109 billion yuan; the non - ferrous metal fund had a weekly price increase of 1.70% and a net capital outflow of 400,000 yuan [6] - **Index - Enhanced Funds**: The CSI 500 index - enhanced fund had a weekly price increase of 1.92% and a net capital outflow of 18 million yuan; the GEM index - enhanced fund had a weekly price increase of 2.45% and a net capital outflow of 500,000 yuan [6]

证券研究报告 | 固定收益点评 gszqdatemark 2025 04 28 年 月 日 固定收益点评 基金增持了哪些转债——25Q1 基金转债持仓分析 2025Q1 公募基金持有转债规模占转债总市值的比重环比下降 0.87pcts，仓位小幅上升了 0.01pcts。截止 2025Q1，转债市场存量余 额 6920.52 亿元，环比 24Q4 增加 0.24%；公募基金持有转债市值 2822.74 亿元，占转债总市值的 40.79%，较 24Q4 减少 0.87pcts；公募基金持有 转债仓位为 0.819%，较 24Q4 上升 0.01pcts。 2025Q1，可转债基金平均收益略跑赢中证转债指数。受权益市场行情影 响，25Q1 转债市场主要指数上涨。可转债基金 25Q1 的区间平均收益率 为 16.73%，收益率为正的可转债基金有 39 只，其中华宝可转债债券 25Q1 收益率表现最好为 46.51%；东方可转债债券的收益率同样表现优异为 37.26%。另外仅有工银可转债债券的收益率为-0.24%。可转债基金中跑 赢中证转债指数的有 21 只，胜率 52.50%；跑赢转债债基指数的为 18 只， 胜率为 ...

Report Overview - The report is a weekly tracking of bond ETFs from April 21 to April 25, 2025, focusing on share trends, net value trends, and capital inflows of various bond ETFs [1][30] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - This week, the overall contraction trend of bond ETF shares has stabilized, and the shares of major bond ETFs have also become stable. Among the net values of major bond - type ETFs, the convertible bond ETF has shown a significant increase. The convertible bond ETF has the highest cumulative net inflow this week, while the urban investment bond ETF has the highest net inflow this month [4][8][11] 3. Summary by Relevant Catalogs 3.1 Various Bond ETF Share Trends - As of the close on April 25, 2025, the shares of treasury bond - type, policy - financial bond - type, local bond - type, credit bond - type, and convertible bond - type were 299.13 million shares, 475.51 million shares, 82.24 million shares, 1980.69 million shares, and 3547.85 million shares respectively, with a total of 6385.41 million shares for bond - type ETFs. Compared with the close on April 18, 2025, they changed by - 1.32 million shares, - 3.29 million shares, 0.01 million shares, 4.63 million shares, - 8.80 million shares respectively, and the total change for bond - type ETFs was - 8.77 million shares. Compared with the end of last month, they changed by - 19.30 million shares, 41.05 million shares, 8.45 million shares, 185.24 million shares, - 105.10 million shares respectively, and the total change for bond - type ETFs was 110.34 million shares [4][5] 3.2 Main Bond ETF Share Trends - As of the close on April 25, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 132.98 million shares, 386.06 million shares, 39.62 million shares, 1563.68 million shares, and 2989.29 million shares respectively. Compared with the close on April 18, 2025, they changed by - 0.19 million shares, - 1.72 million shares, no change, no change, 7.20 million shares respectively [4][8] 3.3 Main Bond ETF Net Value Trends - As of the close on April 25, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 1.2933, 1.1514, 1.2457, 1.4240, and 1.1825 respectively. Compared with the close on April 18, 2025, they changed by - 0.15%, - 0.09%, 0.04%, - 0.06%, 0.89% respectively; compared with the end of last month, they changed by 2.86%, 1.04%, 0.73%, 0.18%, - 1.22% respectively [4][11] 3.4 Partial Bond ETF Net Inflow Situations - Weekly: The top three bond ETFs with cumulative net inflows this week were convertible bond ETF, short - term financing ETF, and state - development bond ETF, with net inflow amounts of 8.51 million yuan, 5.17 million yuan, and 0.43 million yuan respectively. - Monthly: The top three bond ETFs with cumulative net inflows this month were urban investment bond ETF, short - term financing ETF, and Shanghai Stock Exchange convertible bond ETF, with net inflow amounts of 143.40 million yuan, 78.15 million yuan, and 58.22 million yuan respectively. - In the past 10 trading days: The top three bond ETFs with cumulative net inflows were convertible bond ETF (78.64 million yuan), urban investment bond ETF (74.90 million yuan), and short - term financing ETF (31.66 million yuan). - In the past 20 trading days: The top three bond ETFs with cumulative net inflows were urban investment bond ETF (143.40 million yuan), short - term financing ETF (79.72 million yuan), and Shanghai Stock Exchange convertible bond ETF (54.05 million yuan) [4][14] 3.5 Partial Bond ETF Portfolio Duration and Portfolio Convexity - Based on the heavy - position bonds and their proportions disclosed in the latest quarterly reports of bond ETFs, the report sorted out bond ETFs where the proportion of heavy - position bonds in the fund's net value exceeded 50% in total, and calculated the portfolio duration and portfolio convexity of bond ETFs through weighted calculation according to the proportion of each heavy - position bond in the fund's net value [17]

Core Insights - Over 400 convertible bonds have increased in value since April 8, with more than 40 bonds rising over 10% during this period [1] - Several convertible bonds have seen significant gains, with some exceeding 20% increase, including Fu Xin Convertible Bond, Zhong Chong Convertible Bond 2, Ding Long Convertible Bond, and others [1] - Notably, Zhong Qi Convertible Bond has recently surpassed 300 CNY per share, reaching a historical high, while Zhong Chong Convertible Bond 2 approached 200 CNY per share, also marking a historical peak [1] - Zhenhua Convertible Bond has shown strong performance, with prices reaching 197.981 CNY per share, setting a new historical high [1]

1. Report Industry Investment Rating There is no information provided in the text about the industry investment rating. 2. Core Views of the Report - The weak expectation of the 2024 annual report performance may gradually materialize, with negative category performance forecasts significantly increasing compared to the previous two years. However, the sentiment in 2025 may be relatively controllable, and the over - selling of low - and medium - rated convertible bonds during the performance disclosure period is not significant [9][10]. - The new "Nine - Point Plan" has tightened the requirements for dividends. The performance disclosure in April will determine whether some underlying stocks of convertible bonds will face ST/*ST [10]. - The divergence between convertible bonds and underlying stocks may indicate the pressure of inventory liquidation. Attention should be paid to the annual report performance of underlying stocks, especially those with poor subsequent hematopoietic ability, and the potential disturbances caused by institutional inventory liquidation [18][19]. - Last week, the convertible bond market declined, and the conversion premium rates of convertible bonds of various ratings and scales were compressed [22][30]. - Last week, Huisheng and Daowen convertible bonds announced redemptions, and Shouhua convertible bonds proposed a downward revision. The approval situation of the China Securities Regulatory Commission for convertible bonds is fair, with a pending issuance scale of about 15.6 billion yuan [48][51]. 3. Summary According to the Catalog 3.1. How to Identify Risks as the Financial Report Disclosure Enters the Acceleration Phase - *ST Puli will enter the delisting consolidation period on April 28, 2025, and Puli convertible bonds will become the fifth convertible bonds to delist with the underlying stock [1][9]. - As of January 31, among the 254 convertible bond issuers that disclosed their 2024 performance forecasts, the proportion of negative category performance forecasts increased by nearly 10 pcts to 66.93% compared to the previous two years, with the frequency and probability of first - losses and continued losses increasing [9]. - As of April 18, 2025, among the 177 underlying stocks of convertible bonds that announced their 2024 annual performance, 96 achieved a year - on - year positive increase in net profit attributable to the parent, while 79 had a decrease/turn - negative/expanded loss. Low - and medium - rated convertible bonds did not experience significant over - selling during the performance disclosure period [10]. - The "New Nine - Point Plan" has tightened the requirements for dividends. Currently, no disclosed underlying stocks of convertible bonds meet the delisting risk warning criteria. *ST Puli and *ST Tianchuang are under delisting warning, and ST Zhongzhuang and ST Dongshi are under other risk warnings [15][16]. - To avoid inventory liquidation risks or spread losses, forward - looking indicators such as the price trends of stocks and convertible bonds, and negative public opinion events should be considered. Stocks with characteristics such as net profit losses, significant net profit decreases, weak solvency, and private enterprises should be focused on [18][19]. 3.2. Market Review: Weekly Decline and Valuation Compression of Convertible Bonds 3.2.1. Weekly Market Conditions - Last week, the major stock indices showed differentiation, and the convertible bond market declined. There are 481 issued but unexpired convertible bonds with a balance of 700.761 billion yuan. Qingyuan, Anji, Weice, and Dinglong convertible bonds have not been listed for trading, and there are no convertible bonds to be issued [22]. - In the equity market, sectors such as banking, real estate, and media led the gains, while machinery, automobiles, and computers led the losses. In the convertible bond market, sectors such as building materials and petroleum and petrochemicals led the gains, while communication, power equipment, and agriculture led the losses [24]. - Among popular concepts, radio frequency and antennas, first - tier real estate developers, etc. led the gains, while optical chips, consumer electronics OEM, etc. led the losses [24]. 3.2.2. Valuation Performance - The weighted average closing price of convertible bonds was 116.33 yuan, a 0.65% decrease from the previous Friday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all decreased [30]. - The conversion premium rate of convertible bonds of various ratings and scales was compressed. The AAA - rated convertible bonds decreased by 3.81 pcts, and the convertible bonds with a scale of over 5 billion yuan decreased by 3.75 pcts. The conversion premium rate of convertible bonds with a par value below 80 yuan (inclusive) increased by 4.72 pcts [30]. 3.3. Terms and Supply: Huisheng and Daowen Convertible Bonds Announced Redemptions, and the Approval of the CSRC for Convertible Bonds is Fair 3.3.1. Terms - As of April 18, Huisheng and Daowen convertible bonds announced redemptions, and Nuotai convertible bonds announced redemption arrangements. Zhongqi, Tianlu, and Fuxin convertible bonds announced no early redemptions. No convertible bonds announced expected fulfillment of redemption conditions [48]. - As of April 18, Shouhua convertible bonds' board of directors proposed a downward revision, and Bohui convertible bonds announced the result of the downward revision, which was basically at the bottom. Thirteen convertible bonds announced no downward revisions, and 41 convertible bonds announced expected triggers for downward revisions [48]. 3.3.2. Primary Market - Last week, Taineng convertible bonds were newly listed with a scale of 2.95 billion yuan, and there were no new issuances of convertible bonds [50]. - Last week, there were no new board proposals, 5 new shareholder meeting approvals, no new approvals from the issuance review committee, and no new approvals from the CSRC. As of April 18, 6 listed companies obtained approval for convertible bond issuances with a proposed issuance scale of 12.966 billion yuan, and 4 companies passed the issuance review committee with a total scale of 2.632 billion yuan [51][55].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The darkest moment at the bottom may have passed, and the inflection point of the convertible bond market's repair is approaching. With the easing of the tariff storm, the convertible bond market has seen capital inflows, and the approval of convertible bond plans has accelerated, optimizing the supply - demand pattern [1][15]. - In April, it is recommended to focus on high - rating and stable convertible bonds, reduce the export risk exposure in the convertible bond portfolio, and pay attention to infrastructure, domestic economic ballast - type cyclical industries, and hedging and strategic resource industries. Starting from May, technology - independent growth industries are expected to regain market attention [2][19]. 3. Summary According to Relevant Catalogs 3.1 Convertible Bond Weekly Special Topic and Outlook 3.1.1 How to View the Return of Convertible Bond Funds - With the easing of the tariff storm, the market has gradually recovered, and convertible bond ETFs have been repurchased. Since April 17, the A - share market has stopped falling and rebounded, with the CSI Convertible Bond Index rising 0.19% on that day. The Bosera Convertible Bond ETF had a net increase of 0.59 billion shares this week, with a circulation scale increase of 495 million yuan [1][10]. - The convertible bond market's bottom may have passed, and the allocation cost - effectiveness is prominent, which is the main reason for the return of funds. The approval of convertible bond plans has accelerated, and the supply - demand pattern is expected to continue to optimize [15]. 3.1.2 Weekly Review and Market Outlook - This week, the three major A - share indexes showed differentiation, with precious metals and cyclical sectors oscillating strongly. The Shanghai Composite Index rose 1.19%, while the Shenzhen Component Index and the ChiNext Index fell 0.54% and 0.64% respectively [20][21]. - The current A - share market valuation has rebounded but is still at a relatively low level in the long - term. The risk - return ratio shows good allocation cost - effectiveness. The convertible bond issuance pressure is expected to be low, but attention should be paid to the valuation callback risk. Also, continue to pay attention to the downward - revision game space and be vigilant against the forced - redemption risk [21]. - Industries to focus on include popular themes, domestic - demand directions, central state - owned enterprises under the Chinese - characteristic valuation system, and the military industry [22]. 3.2 Convertible Bond Market Weekly Tracking 3.2.1 Equity Market Differentiation, Defensive Industries such as Banks Strengthen - This week, the equity market had mixed performance. The Wind All - A Index rose 0.39%, the Shanghai Composite Index rose 1.19%, and the market style was more inclined to large - cap growth. Among the Shenwan industry indexes, 23 industries rose and 8 industries fell, with banks, real estate, and the comprehensive industry leading the gains [25][27]. 3.2.2 Convertible Bond Market Declined, Hundred - Yuan Premium Rate Slightly Decreased - The convertible bond market declined this week. The CSI Convertible Bond Index fell 0.58%, and the average daily trading volume decreased significantly. The average daily trading volume was 52.703 billion yuan, a decrease of 40.389 billion yuan from last week [30]. - In the convertible bond industry, 5 industries rose and 24 industries fell. The corresponding underlying stocks also showed mixed performance, with 13 industries rising and 16 industries falling [33]. - Most individual convertible bonds fell. The top five weekly gainers and losers are listed, as well as the top five in terms of weekly trading volume [36]. - The number of low - price convertible bonds increased, and the median price of convertible bonds decreased. The weighted conversion value of the whole market increased, and the premium rate decreased [39][44]. 3.2.3 High - Frequency Tracking of Different Types of Convertible Bonds - **Market Index Performance**: All convertible bonds with different parities declined this week. High - parity convertible bonds are more elastic. Among the stock - bond classification, the stock - oriented convertible bonds rose, while the balanced and bond - oriented convertible bonds fell. Historically, stock - oriented convertible bonds are more elastic, and balanced convertible bonds are more resistant to decline. Among different ratings, AAA and A - and below rated convertible bonds rose, and other ratings fell. All convertible bonds in different size segments declined this week [47][49]. - **Classification Valuation Changes**: The valuations of stock - oriented and balanced convertible bonds declined this week. The valuations of convertible bonds with parities below 80 yuan and between 100 - 110 yuan increased, while most others decreased. The valuations of convertible bonds with different ratings and sizes all declined [53]. 3.3 Convertible Bond Supply and Clause Tracking 3.3.1 This Week's Primary Plan Issuance - One new convertible bond was listed this week, and four are pending listing. The primary approval number was 14. Since the beginning of 2023 to April 18, 2025, there have been 89 planned convertible bonds, with a total scale of 149.534 billion yuan [64][65]. 3.3.2 Downward - Revision and Redemption Clauses - **Downward - Revision Clauses**: 42 convertible bonds announced the expected trigger of downward - revision, 13 announced no downward - revision, 1 proposed downward - revision, and 2 actually carried out downward - revision [5][69]. - **Redemption Clauses**: 4 convertible bonds announced the expected trigger of redemption, 3 announced no early redemption, and 2 announced early redemption. As of the end of this week, 2 convertible bonds were still in the put - option declaration period, and 21 were in the company's capital - reduction settlement declaration period [5][78].

Group 1: Market Overview - The convertible bond market outperformed the equity market in Q1 2025, continuing a trend of declining outstanding scale since Q4 2023 [2] - During the 2018-2019 US-China tariff friction, the convertible bond market significantly outperformed the equity market, with the convertible bond index rising nearly 25%, while the CSI 300 index only saw a slight increase [2] - The current market environment emphasizes the need for defensive strategies before making further allocations [2] Group 2: Company Analysis - Bozhong Precision - Bozhong Precision is a leading player in the 3C automation equipment sector, with capabilities covering the FATP segment [4] - In 2023, the company successfully delivered over 40 flexible modular production lines to clients [4] - As a key supplier of flexible automation production line equipment for top consumer electronics companies, Bozhong is expected to benefit from product innovation and increased automation rates, with long-term growth potential in its 3C business [4] Group 3: Company Analysis - Dashijia - Dashijia is the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau [4] - Since 2023, the company has accelerated its market expansion, reaching 1,008 stores in mainland China by December 2024 [4] - The company has a concentrated ownership structure, with a management team possessing extensive industry and management experience, supported by a well-structured compensation incentive system [4]