1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Libo Convertible Bond on the first day of listing is expected to be between 132 - 137 yuan, and investors are advised to actively subscribe. The conversion premium rate on the first day of listing is estimated to be in the range of 30% - 35% [2][19]. - The estimated first - day new - bond lottery winning rate is around 0.0027% - 0.0043% [20]. 3. Summary According to the Catalog 3.1 Libo Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Libo Convertible Bond is priority placement and online issuance. The bond and issuer ratings are AA, with an issuance scale of 750 million yuan. The initial conversion price is 12.14 yuan. As of July 2, 2025, the conversion parity is 101.32 yuan, and the pure bond value is 99.26 yuan. The game terms are normal, with general issuance scale and liquidity, a decent rating, and good bond floor protection [16]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the design and manufacturing of industrial modules, with main products including process modules, pipe rack modules, and pipe pre - fabricated parts. The funds raised from this issuance are mainly used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." [19]. - Based on the valuation reference of Huashe Convertible Bond and Nenghui Convertible Bond, considering the current market environment and parity level, the conversion premium rate of Libo Convertible Bond on the first day of listing is expected to be in the range of 30% - 35%, corresponding to a first - day listing target price of around 132 - 137 yuan [2][19]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholder placement ratio is 54% - 71%, the scale of Libo Convertible Bond available to the market is 216 million - 343 million yuan. Assuming the online effective subscription volume is 7.92 million households, the lottery winning rate is estimated to be around 0.0027% - 0.0043% [20]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Up - stream and Down - stream Industry Situations - The company's main business is the design and manufacturing of industrial modules. The upstream industries are mainly raw material suppliers and subcontractors, which are highly competitive and have little impact on the company. The downstream industries are mainly the chemical industry, and the company is also actively exploring multiple industries such as oil and gas energy and nuclear power projects [21]. 3.2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.721 billion yuan, 3.242 billion yuan, 3.493 billion yuan, and 668 million yuan respectively, with year - on - year growth rates of - 13.21%, 88.39%, 7.72%, and 1.45%. The comprehensive gross profit margin showed a slight fluctuation, and the net profit margin also fluctuated. The company's period expenses increased slightly, and R & D expenses showed an upward trend. Accounts receivable and the accounts receivable turnover rate fluctuated, and the net profit attributable to the parent company increased year by year [24][26][37]. 3.2.3 Company's Equity Structure and Main Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held a combined 54.31% of the shares, and the top 13 shareholders held a combined 71.67% of the shares. Shen Binqiang and Shen Xuan were the actual controllers, controlling 46.51% of the shares. The company has 7 wholly - owned subsidiaries [40]. 3.2.4 Company's Business Characteristics and Advantages - The company has high - tech barriers in the industrial module business, with an expanding development space. It has an "EPFC" full - industry chain and integrated service capabilities [45]. - The company has advantages in design and manufacturing capabilities, business qualifications, and customer resources [45][46]. 3.2.5 Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise a total of no more than 750 million yuan, all of which will be used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." with a total investment of 1.295 billion yuan. The project's internal rate of return (after - tax) is 13.05%, and the after - tax static investment payback period (including the construction period) is 6.06 years [48].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The target price of Yongxi Convertible Bonds on the first - day of listing is expected to be between 128 - 133 yuan, and it is recommended to actively subscribe. The expected first - day conversion premium rate is in the range of 23% - 28%. The expected first - day new bond lottery winning rate is around 0.0074% - 0.0103% [3][20][21]. 3. Summary According to the Directory 3.1 Yongxi Convertible Bonds New Issue Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Yongxi Convertible Bonds are priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 1.165 billion yuan, the initial conversion price is 28.39 yuan, and the conversion parity on June 25, 2025, is 103.77 yuan. The calculated pure bond value is 83.7 yuan. The game terms are normal. Overall, the bond issuance scale is relatively high, the liquidity is acceptable, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][16]. 3.1.2 New Bond Initial Listing Price Analysis - The company's main business is integrated circuit packaging and testing. The main products and services include five major categories with over 2,100 mass - produced varieties. The funds raised from this issuance are mainly used for the "Multi - dimensional Heterogeneous Advanced Packaging Technology R & D and Industrialization Project", which can optimize the company's capital structure and enhance its competitiveness [3][19]. - The target price of Yongxi Convertible Bonds on the first - day of listing is 128 - 133 yuan, and it is recommended to actively subscribe. The expected first - day conversion premium rate is in the range of 23% - 28% [3][20]. 3.1.3 Convertible Bond New Issue Lottery Winning Rate Analysis - The expected first - day new bond lottery winning rate is around 0.0074% - 0.0103%. Assuming the old shareholders' placement ratio is 30% - 50%, the scale available for the market is 583 million - 816 million yuan. Referring to recent similar bond issues, the online effective subscription number is assumed to be 7.92 million households [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company's main business is integrated circuit packaging and testing, with five major product categories and over 2,100 mass - produced varieties [22]. - The main upstream industries are packaging and testing raw materials and equipment industries, and the company has established good long - term cooperative relationships with many suppliers. The main downstream industry is the IC design industry, and the market scale and development speed of the downstream industry directly affect the company's sales revenue [22][23]. 3.2.2 Company's Operating Conditions - The company's recent operating income has shown an overall upward trend. From 2022 to Q1 2025, the operating income was 2.177 billion yuan, 2.391 billion yuan, 3.609 billion yuan, and 945 million yuan respectively, with year - on - year growth rates of 5.96%, 9.82%, 50.96%, and 30.12% respectively [26]. - The company's comprehensive gross profit margin has shown a fluctuating trend. From 2022 to Q1 2025, the comprehensive gross profit margin was 21.91%, 13.9%, 17.33%, and 14.19% respectively, and the net profit margins were 6.3%, - 5.65%, 1.09%, and 0.96% respectively [27]. - The company's recent period expenses have shown an upward trend, and the R & D expenses have gradually increased. The accounts receivable have shown a slight fluctuation, and the accounts receivable turnover rate has shown a slight downward trend but is at a medium level compared with the industry [31][33][36]. - The company's recent attributable net profit has shown a fluctuating trend. In 2023, the company suffered a loss, and in 2024, it turned losses into profits [40]. 3.2.3 Company's Equity Structure and Major Controlling Subsidiaries - The company's equity structure is relatively concentrated. As of June 10, 2025, the top two major shareholders hold 25.69% of the shares in total, and the top ten major shareholders hold 52.92% of the shares in total. The company's direct controlling shareholder is Yongshunxin Electronics, and the actual controller is Wang Shunbo, who holds 31.70% of the total shares. The company has 2 wholly - owned subsidiaries, 1 controlling subsidiary, and 2 affiliated companies [42][44]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technological innovation, talent reserve, customer cooperation, and quality assurance. It focuses on the advanced packaging field, has a large number of patents, a complete R & D system, and good cooperation with well - known design companies, and has established a quality control system [47][48][49]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise a total of no more than 1.165 billion yuan. 900 million yuan is planned to be invested in the "Multi - dimensional Heterogeneous Advanced Packaging Technology R & D and Industrialization Project", with a total investment of 1.464 billion yuan. After the project is completed, it will form an annual production capacity of 90,000 pieces of multi - dimensional heterogeneous advanced packaging products, and the project has good economic benefits [50].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The target price of Xizhen Convertible Bond on the first day of listing is estimated to be between 130 - 134 yuan, and investors are advised to actively subscribe. The expected first - day new - bond lottery winning rate is around 0.0019% - 0.0031%. The project funded by the raised capital is in line with industry trends, which can enhance the company's market competitiveness and optimize its capital structure [3][4]. Summary by Directory 1. Tin Zhen Convertible Bond New - Issue Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Xizhen Convertible Bond are priority placement and online issuance. Its bond and issuer ratings are AA-. The issuance scale is 520 million yuan, the initial conversion price is 31.98 yuan, the bond parity is 100.66 yuan, and the pure bond value is 95.25 yuan. The game terms (lower - revision, redemption, and put - back) are normal. Overall, the bond has average issuance scale and liquidity, decent rating, and good bond - floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary - market participation [2][15]. 1.2 New - Bond Initial Listing Price Analysis - The company's main businesses include stamping parts, sub - assembly processing, selective precision electroplating processing, and mold businesses. The raised funds will be mainly used for the "Langfang Zhenhua Quanjingshen Auto Parts Project" and to supplement working capital. Considering the market environment and parity level, the conversion premium rate on the first day of listing is expected to be in the range of [29%, 33%], corresponding to a target price of around 130 - 134 yuan [3][18][19]. 1.3 Convertible Bond New - Issue Lottery Winning Rate Analysis - The expected first - day new - bond lottery winning rate is around 0.0019% - 0.0031%. Assuming an old - shareholder placement ratio of 50% - 70%, the scale available for the market is 157 million - 261 million yuan. Assuming 8.36 million online valid subscription accounts, the lottery winning rate is estimated within the above range [4][20]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Up - and Downstream Situations - The company's main businesses are stamping parts, sub - assembly processing, selective precision electroplating processing, and mold businesses. The upstream industries mainly include production equipment manufacturers and raw material suppliers such as steel and aluminum. The downstream industry is the automotive industry. China's automotive industry is in the popularization stage with large growth potential, which will drive the development of the auto - parts industry [21][22]. 2.2 Company's Operating Conditions - The company's recent operating income has been on the rise. From 2022 to Q1 2025, the operating income was 1.881 billion yuan, 2.317 billion yuan, 2.531 billion yuan, and 600 million yuan respectively, with year - on - year growth rates of 18.9%, 23.19%, 9.23%, and 22.48%. The comprehensive gross margin has been increasing year by year. The net profit attributable to the parent company has also been rising annually. The company's profitability has been on an upward trend [25][28][37]. 2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders, Wuxi Junrun and Qian Ben, held 27.53% and 22.37% of the shares respectively, with a combined shareholding ratio of 49.9%. The top ten shareholders held a combined 72.63% of the shares. The company has 9 wholly - owned subsidiaries [41]. 2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, production equipment, customer resources, industry matching, and management. It has 148 patents, advanced production equipment, stable cooperation with well - known automakers, significant industry - matching advantages, and an effective management system [44][45][48]. 2.5 Allocation of the Raised Funds - The company plans to issue convertible bonds to raise up to 520 million yuan. 420 million yuan will be invested in the "Langfang Zhenhua Quanjingshen Auto Parts Project", and 100 million yuan will be used to supplement working capital. The project, with a total investment of 648 million yuan, will increase the company's overall production capacity. After reaching full production, it will have an annual production capacity of 500,000 sets of auto parts [49].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - On June 12, Xiangtan Electrochemical issued an announcement to issue convertible bonds online on June 16, 2025, with a planned total issuance of no more than 487 million yuan. 485 million yuan is intended for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", and 2 million yuan is for supplementary working capital [1][12]. - The initial target price of the convertible bond on the first day is 134 - 139 yuan, and it is recommended to actively subscribe. The conversion premium rate on the first - day of listing is expected to be in the range of [32%, 37%] [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0033% - 0.0036% [4][19]. Group 3: Summary by Directory 1. Electro - Chemical Convertible Bond New - Bond Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Electro - Chemical Convertible Bond are priority placement and online issuance. The bond and entity ratings are AA. The issuance scale is 487 million yuan, the initial conversion price is 10.1 yuan, the convertible bond parity on June 12 is 101.39 yuan, the calculated pure bond value is 99.52 yuan. The downward revision clause is relatively strict, the redemption clause and the put - back clause are normal. The bond issuance scale is low, the liquidity is poor, the rating is acceptable, and the bond floor protection is good [2][14]. 1.2 New - Bond Initial Price Analysis after Listing - The company's main businesses are battery materials and sewage treatment. The main products and services include various types of EMD, lithium manganese oxide cathode materials, etc. The raised funds are mainly used for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", which can optimize the company's capital structure and enhance its competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 42% - 46%, the scale left for the market is 263 million - 282 million yuan. Assuming the online effective subscription number is 7.91 million households, the lottery winning rate is around 0.0033% - 0.0036% [4][19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Up - and Downstream Situations - The company's main businesses are battery materials and sewage treatment. The main upstream industries are manganese ore, sulfuric acid, etc. The supply of upstream manganese ore restricts the supply of electrolytic manganese dioxide, and the price of lithium carbonate affects the price of lithium manganese oxide. The main downstream industries are primary and secondary battery industries. The demand of the downstream battery industry is crucial for the development of the electrolytic manganese dioxide industry [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown small fluctuations. From 2022 to Q1 2025, the operating income was 2.1 billion yuan, 2.163 billion yuan, 1.912 billion yuan, and 418 million yuan respectively. The comprehensive gross profit margin has also shown small fluctuations. The recent period expenses have shown small fluctuations, and the R & D expenses have gradually increased. The accounts receivable have shown small fluctuations, and the accounts receivable turnover rate has been generally stable. The recent net profit attributable to the parent company has shown a downward trend [24][28][38]. 2.3 Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 42.23% of the shares in total, and the top ten shareholders hold 46.13% of the shares in total. The company's direct controlling shareholder is Electro - Chemical Group, the indirect controlling shareholders are Zhenxiang State - owned Investment and Industrial Investment Group, and the actual controller is the State - owned Assets Supervision and Administration Commission of Xiangtan City. The company has 10 important wholly - owned subsidiaries and 3 affiliated companies [43]. 2.4 Company's Business Characteristics and Advantages - The company has scale operation advantages, continuous innovation advantages, industrial chain advantages, core team advantages, and franchise operation advantages [45]. 2.5 Allocation of Raised Funds - The company plans to issue convertible bonds to raise no more than 487 million yuan. 485 million yuan is for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", with a planned construction period of 24 months. Due to market volatility, no specific benefit calculation is made for this project [48].

Core Viewpoint - The convertible bond issuance market is experiencing high demand, with a limited number of winning lottery numbers for the Hengshuai convertible bond, indicating strong investor interest and potential profitability in this segment [1][2]. Group 1: Market Dynamics - The Hengshuai convertible bond had only 30,073 winning numbers, with each number allowing the purchase of 10 bonds, reflecting a competitive environment similar to that of new stock offerings [1][2]. - The issuance scale of the Hengshuai convertible bond is 328 million yuan, with an estimated conversion value around 300 yuan, suggesting a high-quality investment opportunity [2]. - New convertible bonds are generally listed at a high premium, with rare instances of them breaking below par, leading to a perception that winning a lottery number is almost guaranteed profit [3][6]. Group 2: Investor Sentiment - Despite the modest profits from each winning number, the current low interest rates (below 1% for one-year deposits) make even small gains attractive to investors, who are eager to participate in the convertible bond lottery [5]. - The market has shown resilience, with new stocks and convertible bonds rarely experiencing first-day price drops, indicating a strengthening overall market sentiment [6][8]. - Investors are advised to maintain a calm perspective amidst short-term fluctuations, as the market is believed to be in a phase of accumulating strength, potentially leading to significant upward movements in the future [8].