□本报记者 魏昭宇 上周（6月30日至7月4日），创新药领域不断涌现利好消息，相关主题ETF集体大涨。资金流向方面， 债券型ETF成为上周资金青睐的重要方向，多只宽基指数ETF遭遇资金明显流出。 有业内人士表示，回顾6月，市场在国内基本面持续修复与外部环境改善的共同作用下震荡上行，风险 偏好边际回升。展望7月，国内经济整体有望延续温和修复态势，宏观环境保持稳定。中长期来看，内 需修复仍是中国经济韧性的核心来源，伴随政策持续落地与外部不确定性因素边际减弱，经济增长动能 有望继续巩固。 港股市场行情分化 7月1日，国家医保局、国家卫生健康委联合印发《支持创新药高质量发展的若干措施》，聚焦我国创新 药发展面临的突出问题，提出5方面16条措施，对创新药研发、准入、入院使用和多元支付进行全链条 支持。 受此影响，创新药主题ETF在上周的多个交易日领涨全市场。以7月1日为例，多只创新药主题ETF涨超 3%。其中创新药ETF富国涨幅5.88%。整体来看，上周全市场涨幅最高的10只ETF中，创新药主题产品 有8只。拉长时间来看，港股通创新药ETF、港股创新药ETF等多只产品今年以来的涨幅已超65%。 工银瑞信基金表示，202 ...

Core Viewpoint - The company has completed the repurchase and cancellation of part of its restricted stock, leading to an adjustment in the conversion price of its convertible bonds, "Hongbo Convertible Bonds" [1][4]. Group 1: Stock Repurchase and Cancellation - The company repurchased and canceled a total of 2.685155 million shares of restricted stock, with 2.539555 million shares from the initial grant and 145,600 shares from the reserved grant [4]. - The repurchase price for the initial grant was set at 3.556 yuan per share plus interest, while the reserved grant was set at 6.003 yuan per share plus interest [4]. Group 2: Adjustment of Conversion Price - The conversion price before adjustment was 5.45 yuan per share, which has been adjusted to 5.46 yuan per share effective from July 8, 2025 [1][4]. - The adjustment formula used for the conversion price is P1 = (P0 + A1 × k1 + A2 × k2) / (1 + k1 + k2), where P0 is the previous conversion price, A1 and A2 are the repurchase prices, and k1 and k2 are the rates of share reduction [4]. Group 3: Regulatory Compliance - The adjustment of the conversion price is in accordance with the relevant provisions of the company's prospectus and regulations from the China Securities Regulatory Commission [2][3]. - The company will disclose any changes in the conversion price and related information through the Shanghai Stock Exchange and other designated media [3].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the repurchase and cancellation of certain restricted stocks, with the new conversion price set to take effect on July 8, 2025 [1][5][6] Summary by Relevant Sections Securities Trading Status - The company's securities will be suspended and resumed trading due to the adjustment of the conversion price of "Aima Convertible Bonds" [1] Conversion Price Adjustments - The previous conversion price was 38.20 CNY/share, which has been adjusted to 38.32 CNY/share [1][5] - The adjustment is based on the repurchase of 3,861,000 shares of restricted stock due to the failure to meet performance conditions [2][5] Convertible Bond Details - The company issued 20 million convertible bonds on February 23, 2023, with a total amount of 200 million CNY and a maturity period of 6 years [1] - The initial conversion price was set at 61.29 CNY/share, which has undergone several adjustments due to annual profit distributions [1][2] Adjustment Calculation - The adjustment formula used for the conversion price is P1 = (P0 + A × k) / (1 + k), where P0 is the previous conversion price, A is the repurchase price, and k is the repurchase rate [5] - The calculation resulted in the new conversion price of approximately 38.32 CNY/share [5]

Group 1 - The core point of the announcement is the issuance of the fifth phase of corporate bonds by Guojin Securities Co., Ltd., which will start paying interest on July 14, 2025 [1][2] - The bond has a total issuance amount of 1 billion yuan and a term of 3 years, with a coupon rate of 2.98% [5] - The interest payment date is set for July 14 each year, with the first interest payment covering the period from July 14, 2024, to July 13, 2025 [1][2] Group 2 - The bond's interest payment amount is 29.80 yuan per bond (including tax), based on a face value of 1,000 yuan [2] - The bond registration date is July 11, 2025, after which investors will be entitled to the interest for the current year [2] - The company will sign an agreement with China Securities Depository and Clearing Corporation Limited Shanghai Branch for the bond payment and interest distribution [2][3] Group 3 - Individual investors are required to pay personal income tax on the interest income from the bonds, which will be withheld by the payment institutions [6] - For foreign institutional investors, there is a temporary exemption from corporate income tax and value-added tax on bond interest income until December 31, 2025 [7] - The announcement includes contact information for the issuer, trustee manager, and custodian [7]

Core Points - Wuhu Berteli Automotive Safety Systems Co., Ltd. has successfully issued convertible bonds, approved by the China Securities Regulatory Commission [1] - The total scale of the convertible bond issuance is 280,200,000 CNY, with a face value of 100 CNY per bond [2] - The bonds are referred to as "Ber 25 Convertible Bonds" with the bond code "113696" [1] Subscription Results - Original shareholders subscribed for 2,064,834 hands, amounting to 2,064,834,000 CNY [2] - Online public investors subscribed for 725,016 hands, totaling 725,016,000 CNY, while 12,150 hands were abandoned [2] - The total issuance quantity was 2,802,000 hands, with the remaining portion being underwritten by the lead underwriter and co-underwriters [2] Underwriting Details - The lead underwriter is China International Capital Corporation, with Guotai Junan Securities as the co-underwriter [1] - The total number of hands underwritten by the lead and co-underwriters due to abandonment was 12,150 hands [2] - The funds from the subscription will be transferred to the issuer after deducting underwriting fees [2]

7 月债市从量变到质变 [Table_ReportTime] 2025 年 7 月 6 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 证券研究报告 债券研究 [T专题able_ReportType] 报告 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com 37 月债市从量变到质变 [Table_ReportDate] 2025 年 7 月 6 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 [➢Table_Summary] 6 月债券市场超长非活跃券与信用债出现结构性行情，历史上看活跃券下行 受限、投资者通过交易部分流动性偏弱品种获取超额收益，可能反映了利 好因素已被活跃券充分定价，这可能是行情进入尾声的信号。但当前市场 行情与过去的差异之处在 ...

这个周末，不得不动笔码点字了，因为股和债，各有一个大事。 权益这边，周末， 外卖大战 如火如荼，各种补贴，各种零元购，家人们的冰箱都快塞不下了，而这，烧的都是股东们的钱，因此，下一步，港 股可能迎来真正的考验。 债券这边，因为债市科技板的"顶层设计"加持，比之前的基准做市信用债，可能规格更高的 科创债ETF ，下周就要开售了，很多都是只卖一天 ——而基准做市信用债ETF，三个多月，规模 已经 疯涨到突破1300亿，那么，科创债ETF，会怎么走，也值得关注。 就这两件事，依次聊聊。 ...... 1、外卖大战。 事情的背景，想必大家都清楚了，昨天，阿里发起了 "冲单日" ，发放大量满减优惠券，我自己也尝试刷了一下，确实部分情况下，可以实现"零 元购"，而美团紧急跟进了同类优惠，甚至因为短期流量过大，导致服务器崩了一下，当日的 即时零售订单突破1.2亿单，其中餐饮占1亿单，创 历史峰值，大家一起见证历史了。 5月2日， 淘宝闪购 提前全国上线， 首日发放大量的满减大额券； 5月5日， 淘宝闪购宣布 日订单突破1000万单 ，占行业日均单量（8000万单）的1/8； 6月23日， 阿里组织架构调整，饿了么、飞猪并入 ...

[Table_IndNameRptType]2 固定收益 固收周报 大行资金融出为何高达 5.3 万亿？ ——债市机构行为周报（7 月第 1 周） 报告日期： 2025-07-06 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 分析师：洪子彦 执业证书号： S0010525060002 电话：15851599909 邮箱：hongziyan@hazq.com 本周综述： ⚫[Table_Summary] 如何看待当前大行 5.3 万亿的资金融出，后续 10 年会下行吗？ 跨季以来，长债横盘，资金利率、短端利率以及信用下行较为明显。7 月以来 10 年与 30 年国债到期收益率维持在 1.65%与 1.85%中枢，资金 利率 DR007 下探至 1.40%附近，隔夜降至 1.30%，信用表现同样较强。 资金转松依然是本周行情的主线，传导链为资金转松->短端下行->信用 正 Carry 提升，而其中的关键变量是大行净融出的回升，当前大行资金 融出升至 5.3 万亿元，如何理 ...

证券研究报告 | 固定收益定期 gszqdatemark 2025 07 06 年 月 日 固定收益定期 压缩利差还是突破关键点位？ 本周债市继续走强，但短端和信用利差压缩更为明显。跨季之后，虽然央行大 幅回笼资金，但资金依然如期宽松。R001和R007分别下降至1.36%和1.49%， DR001 甚至降至 1.31%。宽松的资金推动短端利率继续下行，1 年 AAA 存单 本周累计下行 4.0bps 至 1.61%，3 年和 5 年 AAA-二级资本债分别下行 8.6bps 和 6.4bps。但长端利率关键期限变化有限，10 年国债和 30 年国债本周累计 变化只有-0.3bps 和 0.2bps，基本上保持持平状态。 在关键期限利率下降至关键位置附近之后，市场走势表现为更多压缩各种利 差。目前 1.64%的 10 年国债利率和 1.85%的 30 年国债利率离 1.6%和 1.8% 的关键整数位和前低相去不远，市场在这个位置对活跃券表现谨慎。而更多的 是压缩各种利差：首先，压缩利率债关键期限和非关键期限利差，例如 50 年 与 30 年国债利差从 6 月 16 日的 15.6bps 下降至目前的 8.4b ...

弘信电子（300657）公告，公司于2025年7月6日召开董事会，审议通过了《关于公司拟发行科技创新债 券的议案》。本次拟发行科技创新债券的规模最高不超过人民币5亿元(含5亿元)，发行方式为公开发行 或非公开定向发行，发行期限不超过3年(含3年)，具体期限由公司与主承销商根据发行时市场情况决 定，发行利率根据各期发行时银行间债券市场的市场情况确定。此次发行科技创新债券旨在优化公司债 务结构、降低财务风险及扩大生产经营规模。 ...