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。 ...

证券研究报告 债券研究 [Table_ReportType] 专题报告 | | | 央行国债买卖披露方式调整 逆回购净回笼无改资金宽松 —— 流动性与机构行为周度跟踪 250706 [[Table_R Table_Report eportTTime ime]] 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.com 1 歌声ue 3央行国债买卖披露方式调整 逆回购净回笼无改资金宽松 [Table_ReportDate] 2025 年 7 月 6 日 信达证券股份有限公司 CINDA SECURITIES CO.,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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱： liyishuang@cindasc.com [➢Table_Summary] 货币市场：本周央行公开市场净回笼流动性 13753 亿元。周一跨半年当日资 金面明显收紧，周二后尽管央行逆回购持 ...

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Core Viewpoint - Guangdong Yuehai Holdings Group Co., Ltd. received an "AAA" rating for its 2025 public bond issuance aimed at professional investors, reflecting strong support from the Guangdong provincial government and robust financial health [1] Group 1: Company Overview - Guangdong Yuehai Holdings was established in January 2000 as a state-owned asset management company to assist in the debt restructuring of Yuehai Enterprises [2] - The company has evolved into a comprehensive enterprise group focused on capital investment, primarily in water management, environmental governance, urban construction operations, and food biotechnology [2] - Key business segments such as water supply, property sales, and manufacturing significantly influence the company's overall operational strength and have contributed to sustained revenue growth in recent years [2] Group 2: Financial Strength and Risks - The company is expected to maintain asset growth and good asset quality, ensuring strong recognition in capital markets and robust refinancing capabilities [1] - However, attention is needed on the declining gross margin in the property sales segment, high capital expenditures, and elevated financial leverage of the parent company, which may impact its operations and overall credit status [1]

Core Viewpoint - The approval of the first batch of 10 Sci-Tech Bond ETFs, with a total fundraising scale of 30 billion yuan, marks a significant step for individual investors to participate in the national technology strategy [1][2]. Group 1: Product Launch and Market Impact - The first batch of 10 Sci-Tech Bond ETFs was approved and will be launched on July 7, with each fund having a fundraising cap of 3 billion yuan [1]. - The products are linked to three major AAA Sci-Tech Bond indices, focusing on high-grade state-owned enterprise bonds [1][2]. - The launch fills a gap in thematic bond funds and provides a new investment channel for individual investors to access the technology sector [1][2]. Group 2: Investment Opportunities and Characteristics - Sci-Tech Bond ETFs offer stable returns and lower volatility, providing investors with opportunities for risk diversification and enhanced portfolio stability [1][3]. - The ETFs are expected to attract various types of funds to key areas of technology innovation, broadening financing sources for Sci-Tech enterprises [2][3]. - The market for Sci-Tech bonds has reached over 2.22 trillion yuan, indicating a significant growth potential for the ETFs [3][4]. Group 3: Market Dynamics and Investor Behavior - Institutional investors are showing strong interest in the underlying assets of the Sci-Tech Bond ETFs, with many positioning themselves ahead of the launch [5][6]. - The current market environment suggests that institutional and large investors may dominate initial subscription activities, while retail investor participation remains uncertain [5][6]. - The liquidity of Sci-Tech bonds is improving, which enhances the attractiveness of the ETFs to market funds [8][9]. Group 4: Performance Metrics and Risk Assessment - The annualized returns of the three Sci-Tech Bond indices are above 3.70%, with the highest being 3.96% for the Shanghai AAA Sci-Tech Bond Index [7]. - The indices have demonstrated low volatility, with annualized volatility rates between 0.90% and 1.08%, indicating a stable investment environment [7]. - The underlying assets of the ETFs are primarily high-credit quality bonds, making them suitable for conservative investment strategies [7][8].

Group 1 - The UK 10-year government bond yield increased by 1.3 basis points to 4.554%, with a total rise of 5.0 basis points for the week [1] - The 30-year UK bond yield rose by 0.4 basis points to 5.343%, accumulating a weekly increase of 7.1 basis points [1] - The 50-year UK bond yield increased by 0.5 basis points to 4.689%, with a total rise of 7.2 basis points for the week [1] Group 2 - On July 1, the US stock market saw the 10-year yield drop to 4.417% before rebounding to 4.633% at the market open on July 2 [1] - The 30-year yield fell to 5.185% on July 1 and rebounded to 5.453% on July 2 [1] - The 50-year yield dropped to 4.542% on July 1 and then increased to 4.817% on July 2 [1]

Group 1 - The company, Henan Yuguang Gold Lead Co., Ltd., is issuing convertible bonds to unspecified investors, with a total issuance scale of RMB 710 million [4][6] - The bonds, named "Yuguang Convertible Bonds" (code: 110096), have a maturity period of 6 years, from August 12, 2024, to August 11, 2030 [2][4] - The interest rates for the bonds are set at 0.10% for the first year, 0.30% for the second year, and 0.60% for the third year, with annual interest payments [3][4] Group 2 - The initial conversion price for the bonds is set at RMB 6.17 per share, which will be adjusted to RMB 5.95 per share due to a cash dividend distribution of RMB 0.225 per share [6][9] - The conversion period for the bonds will start on February 16, 2025, and end on August 11, 2030 [5][11] - The company has received a credit rating of AA for the bonds, with a stable outlook [6][7] Group 3 - The company has approved a profit distribution plan for 2024, amounting to RMB 245.31 million, which will impact the bond conversion price [6][7] - The company has decided to cancel its supervisory board and amend its articles of association to enhance corporate governance [7][8]

Core Points - The company announced an adjustment to the conversion price of its convertible bonds "Hao Yuan Convertible Bonds" due to the completion of share repurchase and cancellation related to performance commitments [1][3] - The previous conversion price was 40.58 CNY/share, and the new conversion price is adjusted to 40.59 CNY/share, effective from July 8, 2025 [2][5] - The company issued 822,350 lots (8,223,500 bonds) of convertible bonds totaling 82,235 million CNY, with a maturity of 6 years and an initial conversion price of 40.73 CNY/share [2][3] Adjustment Basis - The adjustment of the conversion price is based on the completion of the repurchase and cancellation of 47,725 shares at a total price of 1.00 CNY, as approved in board meetings and the annual shareholders' meeting [3][4] - The company followed the regulations set by the China Securities Regulatory Commission regarding the issuance of convertible bonds and the related adjustments to protect the rights of bondholders [3][5] Adjustment Methodology - 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 new share price, and k is the rate of share repurchase [5] - The calculation resulted in the new conversion price of approximately 40.59 CNY/share after the repurchase and cancellation of shares [5][6]

Core Viewpoint - Changjiang Securities Co., Ltd. is set to issue corporate bonds aimed at professional investors, with a total issuance scale not exceeding RMB 15 billion, underlining the company's strategy to manage its financial obligations and enhance liquidity [3][11][13]. Group 1: Bond Issuance Details - The bond issuance is named "25 Changjiang 03" with a code of 524355, and it will be issued at a par value of RMB 100 per bond [3][11]. - The bond has a maturity of three years, with the interest payment scheduled annually [12][11]. - The final interest rate will be determined through a book-building process, with a pre-set range of 1.30% to 2.30% [15][21]. Group 2: Financial Metrics - The company's latest net asset value stands at RMB 1631.13 million, with an asset-liability ratio of 74.67% [3][11]. - The average distributable profit over the last three years is RMB 163.11 million, indicating stable profitability [3][11]. Group 3: Investor Participation - Only professional institutional investors are eligible to participate in the bond subscription, with a minimum subscription amount of RMB 10 million [5][20]. - The bond will not be rated, and it is subject to investor suitability management, meaning individual investors cannot participate [3][4]. Group 4: Use of Proceeds - The funds raised from this bond issuance will be used primarily to repay maturing corporate bonds, reflecting the company's focus on managing its debt obligations [13][11]. Group 5: Underwriting and Management - The lead underwriter for this bond issuance is CITIC Securities Co., Ltd., with joint underwriters including CITIC Jiantou Securities Co., Ltd. and Huatai United Securities Co., Ltd. [14][9]. - The bond will be managed through a book-building system, ensuring a transparent and efficient allocation process [5][19].

（北京市海淀区北清路81号一区4号楼9层901室） 向不特定对象发行可转换公司债券预案 （修订稿） 二〇二五年七月 国科天成科技股份有限公司 向不特定对象发行可转换公司债券预案（修订稿） 证券代码：301571 证券简称：国科天成 公告编号：2025-039 国科天成科技股份有限公司 国科天成科技股份有限公司 向不特定对象发行可转换公司债券预案（修订稿） 发行人声明 公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存在虚 假记载、误导性陈述或重大遗漏，对其内容的真实性、准确性和完整性承担个别 及连带责任。 本次向不特定对象发行可转换公司债券完成后，公司经营与收益的变化由公 司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险由投资者 自行负责。 本预案是公司董事会对本次向不特定对象发行可转换公司债券的说明，任何 与之相悖的声明均属不实陈述。 投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或其他 专业顾问。 本预案所述事项并不代表审批机关对于本次向不特定对象发行可转换公司 债券相关事项的实质性判断、确认、批准或注册，本预案所述本次向不特定对象 发行可转换公司债券相关事项的生效 ...