而为什么还有70分？ 因为他毕竟帮你熬过了中国资产历史上的最大熊市，按100万名义本金算，还有了18%的回 报。 22-25年，因为房子一直在跌，还没有任何见底迹象，这种资产熊市，是历次股市熊市完全 比不了的。 4年了，中证500当时6628点，现在5639点，跌了1000点， 吃贴水浮盈800点，4年吃了1800点贴水， 总算靠着贴水把拉胯的指数给扳正了。 按100万名义本金算，还有了18%的回报。 如果让现在的我评估， IM吃贴水，是70分的策略， IC吃贴水，是65分的策略， 沪深300、中证500这种宽基，是50分的不及格的辣鸡， 红利低波、双低转债，是80分的策略。 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 你在21年，买什么中国资产能有正回报？ 买房，亏-40%，算上利息亏-60%， 买沪深300，亏-23%， 买中概互联，亏-37%， 买中证白酒， ...

证券研究报告 | 2025年06月27日 乘势而起：市场新高趋势追踪：截至 2025 年 6 月 27 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 1.88%、9.71%、7.86%、7.38%、5.07%、1.91%、 16.70%、12.30%。中信一级行业指数中综合金融、有色金属、银行、通 信、国防军工行业指数距离 250 日新高较近，煤炭、食品饮料、房地产、 石油石化、消费者服务行业指数距离 250 日新高较远。概念指数中，可 转债正股、万得全 A 等权、万得微盘股日频等权、风力发电、十大军工 集团、数字货币、黄金等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 6 月 27 日，共 832 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是医药、基础化工、机械行业，创新高个股数量占比最高的是银行、综合金 融、纺织服装行业。按照板块分布来看，本周制造、周期板块创新高股票数 量最多；按照指数分布来看，中证 2000、中证 1000、中 ...

Core Viewpoint - The board of directors of Hillstone Networks (688030.SH) proposed to lower the conversion price of its convertible bonds, which will be submitted for shareholder approval. However, board member Zhang Jinchang abstained from voting due to concerns about potential dilution of existing shareholders' equity [1][5]. Group 1: Company Overview - Hillstone Networks is a cybersecurity company focused on the research and development of software and hardware products in the cybersecurity field [2]. Group 2: Convertible Bond Details - The company issued 2.67 billion yuan worth of convertible bonds on March 22, 2022, with a maturity of six years. The initial conversion price was set at 24.65 yuan per share, later adjusted to 24.52 yuan due to a rights distribution [3][4]. - As of June 26, 2023, the stock price was 15.88 yuan per share, significantly lower than the conversion price of 24.52 yuan, indicating a potential increase in conversion attractiveness if the price is lowered [3][4]. - The convertible bonds are currently trading at 127.546 yuan, which is above the redemption price of 114 yuan, suggesting that the adjustment of the conversion price will significantly impact the bond's price movement [4]. Group 3: Financial Performance - Hillstone Networks has reported continuous losses, with net profits of -182 million yuan in 2022, -240 million yuan in 2023, and an estimated -137 million yuan in 2024, totaling a loss of 559 million yuan over three years [3]. - The company's debt-to-asset ratio has been increasing, reaching 41.67% at the end of 2023 and projected to rise to 55.18% by March 2025 [4]. Group 4: Shareholder Dynamics - Zhang Jinchang, a board member from 360 Digital Security, abstained from voting on the conversion price adjustment due to concerns about the dilution of earnings per share for existing shareholders. 360 Digital Security holds a 6.99% stake in Hillstone Networks [5][6].

Core Viewpoint - Several banks' convertible bonds are approaching forced redemption due to rising stock prices, leading to a significant reduction in the market size of bank convertible bonds [2][3][9] Group 1: Convertible Bond Redemption - Qilu Bank announced that its convertible bond is expected to meet redemption conditions due to a surge in stock price, potentially making it the fourth bank bond to be redeemed this year [2] - The stock price of Qilu Bank has been above 130% of the conversion price for 10 out of the last 15 trading days, which could trigger the redemption clause if the trend continues [3] - Nanjing Bank and Hangzhou Bank have also announced early redemption of their convertible bonds, with specific dates for the last trading and conversion days [4][5] Group 2: Market Trends and Supply Dynamics - The total outstanding amount of bank convertible bonds has decreased significantly from nearly 300 billion to approximately 150 billion, with market share dropping from 38.97% to about 22.64% [9] - The supply of new convertible bonds has been constrained due to regulatory scrutiny and the long-term undervaluation of bank stocks, leading to a scarcity of existing bonds [9] - Institutional investors are adjusting their strategies, reducing exposure to bank convertible bonds while seeking alternative high-yield assets [9] Group 3: Performance and Investor Behavior - The strong performance of bank stocks has been a key driver for the forced redemption of convertible bonds, as rising stock prices enhance the conversion value [8] - The market for bank convertible bonds is experiencing a supply-demand imbalance, with fewer new issues leading to increased valuations for existing bonds [8] - As several convertible bonds approach redemption, the overall market size is expected to shrink further, impacting investment strategies [8][9]

｜2025年6月27日 星期五｜ NO.1 东莞证券第一大股东正式易主，IPO或迎新进展 债券余额500亿元的浦发转债还有4个月到期，信达证券管理的资管计划突然买入100多亿元。浦发转债 是浦发银行发行的可转债，发行总额为500亿元。6月26日晚间，浦发银行发布投资者增持可转债的公 告。浦发银行表示，近日，公司收到信达证券和信达投资的通知，截至2025年6月25日，信达证券管理 的信丰1号单一资产管理计划通过上海证券交易所系统累计增持公司可转债117,852,490张，占浦发转债 发行总量的23.57%。 点评：信达证券大手笔增持浦发转债，显示其对浦发银行基本面的信心，这可能影响投资者对浦发银行 可转债的估值预期。这一举动或引发市场对金融板块可转债的重新评估，投资者可能会更关注相关公司 的信用风险和转股价值。 NO.4 超百只主动权益基金净值创新高 在主动与被动基金的博弈中，一批主动权益基金正悄悄开启业绩"翻盘"。Wind数据显示，截至6月25 日，按照基金主代码统计口径，全市场已有超过180只主动权益基金的单位净值创成立以来新高，其中 超半数基金成立时长超过1年，成立时间较长的接近14年。 点评：东莞证券第 ...

长江商报消息 ●长江商报记者 徐佳 鲁泰A（000726.SZ）出售金融资产回笼资金，提升流动性。 6月25日晚间，鲁泰A公告，截至6月24日，公司出售荣昌生物股票产生的收益对当期净利润的影响额为 8104.45万元（未经审计），占公司最近一个会计年度经审计归属于上市公司股东净利润（净利润，下 同）的10%以上，达到披露标准。 长江商报记者注意到，2022年3月，荣昌生物在科创板上市。截至2024年末，鲁泰A持有荣昌生物股票 391.8265万股，占其总股本的0.72%。目前，鲁泰A仍持有荣昌生物股票61.26万股。 2025年3月起，鲁泰A决定适时选择合理的价位区间，通过二级市场竞价交易系统择机出售公司所持有 的荣昌生物股份。 鲁泰A表示，本次出售荣昌生物股票，主要是为了降低金融资产的比例，满足公司经营发展的资金需 求，所获资金将用于补充公司流动资金。目前，公司尚持有荣昌生物股票61.26万股。 据了解，荣昌生物是一家创新型生物制药企业，自成立以来一直专注于抗体药物偶联物（ADC）、抗 体融合蛋白、单抗及双抗等治疗性抗体药物领域。 值得一提的是，6月26日，荣昌生物披露，公司将具有自主知识产权的泰它西普有偿 ...

6月26日晚间，浦发银行公告显示，截至6月25日，信达证券管理的单一资管计划已累计增持近1.18亿张该行可 转债，同时，前述资管计划于26日将其持有的浦发转债全部转让至信达投资账户。 银行转债或再现"光大模式"！ 转让完成后，信达投资持有近1.18亿张浦发银行可转债（下称"浦发转债"），占浦发转债发行总量的23.57%。 据了解，浦发转债于2019年10月底发行，发行总额500亿元，尚有4个月到期。 值得一提的是，光大银行300亿元可转债于2023年3月到期前，同样获原中国华融（现中信金融资产）出手增 持，后者迅速将所持光大转债实施转股，目前位列该行第二大股东。当时，这被视为银行可转债转股新模式。 信达出手增持 据了解，浦发银行于2019年10月底向社会公开发行5亿张可转债，每张面值100元，对应发行总额500亿元，期 限6年，于同年11月在上交所挂牌交易，债券名称为浦发转债。 目前，浦发转债尚有4个月到期,但转股进度并不理想。截至今年3月末，仅有144万元浦发转债转为该行普通 股，尚未转股的浦发转债占发行总量的比例高达99.9971%。 此时信达选择出手增持。据浦发银行公告，截至6月25日，信达证券管理的信 ...

Core Viewpoint - The company announces that its convertible bond, "会通转债," is expected to meet the redemption conditions due to the adjustment of the conversion price and the stock price performance [2][7]. Group 1: Convertible Bond Details - The company issued 8,300,000 convertible bonds with a total value of 830 million yuan, which are set to mature on December 5, 2028 [3]. - The initial conversion price was set at 9.33 yuan per share, which has been adjusted multiple times due to annual equity distribution plans [4][5][6]. - The latest conversion price is 9.06 yuan per share, effective from June 26, 2025 [6]. Group 2: Redemption Conditions - The company may trigger the conditional redemption clause if the stock price remains above 130% of the conversion price for a specified number of trading days [2][8]. - As of June 26, 2025, the stock price was 12.45 yuan, which is above the required threshold, indicating a potential for triggering the redemption clause [2][7]. - If the stock price conditions are met for 20 consecutive trading days, the company has the right to redeem all or part of the unconverted bonds at face value plus accrued interest [8][9].

Core Viewpoint - The board of directors of the company proposes to lower the conversion price of the "Shan Stone Convertible Bond" due to the triggering of the downward adjustment clause as of June 26, 2025 [1][3]. Summary by Sections Convertible Bond Issuance Overview - The company issued a total of 2,674,300 convertible bonds on March 22, 2022, with a total amount of RMB 26,743.00 million, and a maturity period of six years [1][2]. Convertible Bond Conversion Price Adjustment Clause - The conversion price was initially set at RMB 24.65 per share and adjusted to RMB 24.52 per share on June 21, 2022, due to the annual equity distribution [2]. - The board has the authority to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [2][3]. Procedures for Downward Adjustment of Conversion Price - The proposal for the downward adjustment must be approved by more than two-thirds of the voting rights at the shareholders' meeting [3]. - The adjusted conversion price must not be lower than the average trading price of the company's stock for the 20 trading days prior to the shareholders' meeting [3][5]. Recent Developments - As of June 26, 2025, the company's stock price has been below the threshold, triggering the condition for a downward adjustment of the conversion price [3][4]. - The board meeting held on June 26, 2025, approved the proposal to adjust the conversion price and will submit it for shareholder approval [4][5].

Core Viewpoint - The company is convening a shareholders' meeting to discuss key resolutions, including the downward adjustment of the conversion price for its convertible bonds, the removal of an independent director, and the election of a new independent director [5][8][9]. Meeting Guidelines - The meeting aims to protect shareholders' rights and ensure orderly proceedings, with specific rules for participation and speaking [2][3]. - Only authorized individuals, including shareholders and company representatives, are allowed to attend, and disruptive behavior will be addressed [2][3]. - Shareholders wishing to speak must register in advance, and speaking time is limited to maintain efficiency [4]. Meeting Agenda - The meeting is scheduled for July 2, 2025, at 14:30, at the company's headquarters [3]. - The agenda includes the announcement of the meeting's start, reading of guidelines, reviewing resolutions, shareholder speeches, voting, and concluding remarks [3][4]. Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with specific rules for casting votes [5]. - The meeting will consider three resolutions, with one requiring a special resolution majority of two-thirds of the voting rights [4][5]. Convertible Bond Adjustment - The company proposes to adjust the conversion price of its convertible bonds due to stock price performance, with the current price at 11.19 yuan per share [6][7]. - The adjustment is permissible if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [7]. - The proposed adjustment will be subject to shareholder approval, and the new price must meet certain valuation criteria [7]. Independent Director Changes - The company plans to remove independent director Gao Qiang due to his inability to fulfill duties and seeks shareholder approval for this action [8]. - A new independent director candidate, Mao Huigang, has been nominated, who meets all regulatory requirements and has no conflicts of interest [9].