1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A-share market valuation has rebounded but remains at a relatively low level in the long term, with a good risk premium ratio for allocation. The domestic economic fundamentals still have room for recovery, and the export growth rate may decline due to the base effect. Attention should be paid to the implementation of fiscal policies and market gaming under incremental policies. [18] - Considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking convertible bond supply. The current valuation of convertible bonds is in a reasonable range, and it is expected that the subsequent valuation center of convertible bonds will fluctuate moderately within a range. [18] - In terms of industries, attention should be paid to popular themes, the domestic demand direction, and high-dividend sectors under the Chinese characteristic valuation system, as well as the military industry. [19] 3. Summary by Relevant Catalogs 3.1 1.1 2025Q1 Performance Outlook of Convertible Bond Entities - As of April 25, 2025, 217 out of 474 convertible bonds (45.8%) have disclosed their Q1 reports, and 9 have disclosed performance forecasts. Most convertible bond entities' revenues in 2025Q1 increased compared to the same period last year. [1][9] - In terms of industries, convertible bond entities in the agriculture, forestry, animal husbandry, and fishery, and non-ferrous metals industries had relatively high year-on-year growth rates in Q1 revenues and net profits attributable to the parent. Entities in the light manufacturing, national defense and military industry, food and beverage, and automobile industries had significant year-on-year profit declines. Loss-making entities were mainly concentrated in the computer, power equipment, and pharmaceutical and biological industries. [1][10] - Among the 217 convertible bond entities, 93 achieved year-on-year growth in both revenues and net profits attributable to the parent, and attention should be paid to their convertible bond conversion tendencies. 58 entities had year-on-year declines in both revenues and net profits, and attention should be paid to their subsequent convertible bond ratings and performance recovery. [2][10] 3.2 1.2 Weekly Review and Market Outlook - This week, the A-share market rose collectively. As of Friday's close, the Shanghai Composite Index rose 0.56%, the Shenzhen Component Index rose 1.38%, and the ChiNext Index rose 1.74%. [17][18] - The current A-share market valuation has rebounded but remains at a relatively low level in the long term. The domestic economic fundamentals still have room for recovery, and the export growth rate may decline due to the base effect. [18] - On the convertible bond level, considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking convertible bond supply. The current valuation of convertible bonds is in a reasonable range, and it is expected that the subsequent valuation center of convertible bonds will fluctuate moderately within a range. [18] 3.3 2.1 Equity Market Rise - This week, the equity market rose. The Wind All A Index rose 1.15%, the Shanghai Composite Index rose 0.56%, the Shenzhen Component Index rose 1.38%, and the ChiNext Index rose 1.74%. The market style was more inclined to small-cap value. [22] - Most industries rose this week. The automobile, beauty care, and basic chemical industries led the market, while the food and beverage, real estate, and coal industries were among the top decliners. [24] 3.4 2.2 Convertible Bond Market Rise, Decline in Overall Market Premium Rate - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 0.90%, the Shanghai Convertible Bond Index rose 0.85%, and the Shenzhen Convertible Bond Index rose 0.95%. The average daily trading volume of convertible bonds increased. [3][28] - At the industry level of convertible bonds, 28 industries rose and 1 fell. The media, automobile, and computer industries led the market in terms of gains. At the corresponding underlying stock level, 22 industries rose and 7 fell. [31] - Most individual convertible bonds rose this week. The top five convertible bonds in terms of weekly gains were Fuxin Convertible Bond, Zhenhua Convertible Bond, Zhongchong Convertible Bond 2, Limin Convertible Bond, and Zhongqi Convertible Bond; the top five in terms of weekly losses were Huicheng Convertible Bond, Xuerong Convertible Bond, Huafeng Convertible Bond, Daoen Convertible Bond, and Liugong Convertible Bond 2. [32][34] - The number of absolute low-price convertible bonds decreased this week. The median price of convertible bonds in the entire market rose. The weighted conversion value of the entire market increased, and the premium rate decreased. [36][41] 3.5 2.3 High-Frequency Tracking of Different Types of Convertible Bonds 3.5.1 Market Index Performance - This week, convertible bonds of all parities rose. Historically, high-parity convertible bonds are more elastic. [45] - This week, equity-biased, balanced, and debt-biased convertible bonds all rose. Historically, equity-biased convertible bonds are more elastic, and balanced convertible bonds are more resistant to declines. [46][47] - This week, convertible bonds of all ratings rose. Historically, high-rated AAA convertible bonds have shown stable performance, while AA- rated convertible bonds have performed poorly, and low-rated convertible bonds have shown weaker resistance to declines and greater rebound strength. [49] - This week, convertible bonds of all sizes rose. Since 2023, small-cap convertible bonds have recorded a 9.91% return, small and medium-cap convertible bonds 11.27%, medium-cap convertible bonds 8.02%, and large-cap convertible bonds 7.43%. [51] 3.5.2 Classification Valuation Changes - This week, the valuations of all types of convertible bonds rose. The valuations of balanced and equity-biased convertible bonds increased; the valuations of convertible bonds of all parities increased, with a significant increase in the valuation of (80, 90] parity convertible bonds; the valuation of AAA-rated convertible bonds increased, while the valuations of other rated convertible bonds decreased; the valuation of large-cap convertible bonds increased, while the valuations of other classified convertible bonds decreased. [53] - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have bottomed out and rebounded. The conversion premium rates of equity-biased and balanced convertible bonds are currently below the 35% and around the 50% quantiles since 2017, respectively. [55] - The conversion premium rates of convertible bonds of all ratings have fluctuated slightly. Currently, the premium rates of high-rated convertible bonds are relatively low. [56] 3.6 3.1 This Week's Primary Plan Issuance - This week, 3 new convertible bonds were listed, 0 were pending issuance, and 1 was pending listing. There were 8 primary approvals this week. [62] - Since the beginning of 2023 to April 25, 2025, there have been a total of 90 planned convertible bonds, with a total scale of 148.527 billion yuan. [66] 3.7 3.2 Downward Revision & Redemption Clauses - As of April 25, 2025, 21 convertible bonds announced that they were expected to trigger downward revisions, 31 announced no downward revisions, 4 proposed downward revisions, and 3 actually had downward revisions. [5][69] - This week, 0 convertible bonds were expected to trigger redemptions, 1 announced no early redemption, and 2 announced early redemptions. [5][72][73] - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 30 still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's downward revision tendency. [5][75]

二鸟说 . 以下文章来源于二鸟说 ，作者二鸟说 专注于基金投资，秉承长期投资，价值投资，稳健投资的原则，合理进行大类资产配置，科学的择基，适当择时， 实现资产长期稳健增值。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 二鸟说 来源：雪球 在市场的运行过程中，流动性往往是引发股市潮起潮落的重要因素之一。每当危机来袭、市场极度恐慌的时 候，维稳资金的入场直接为A股市场提供流动性支持，化解资金面负反馈，是稳定市场估值中枢的一支决定 性力量。 比如今年4月初，为了应对海外政策环境波动，各路维稳资金纷纷官宣入场，迅速稳住了市场情绪，实现了国 家意志与市场脉搏的同频共振，打赢了一场漂亮的股市保卫战。 复盘历史，我们发现维稳资金大规模入场都是市场处于底部区域或者受到突发事件冲击的时候，投资标的都 经过严格的筛选，在危机过后获得了不错的收益，对我们的投资有一定的借鉴意义。 那么每次危机出现的时候，维稳资金都有哪些？对我们的投资有哪些启示？下面就来为大家详细分析一下。 一、维稳资金的主要来源有哪些？ 表：维稳资金的主要来源 | 参与方 | 主要职费 | 主要资金来 ...

Core Viewpoint - The article emphasizes the importance of stabilizing funds in the stock market, particularly during times of crisis, and how these funds can provide liquidity and support market confidence [3][4]. Group 1: Sources of Stabilizing Funds - The main sources of stabilizing funds include: 1. Central Huijin Investment Co., which acts as a state-owned financial asset manager and plays a crucial role in maintaining market stability through strategic investments [5][7]. 2. China Securities Finance Corporation, which provides financing services for securities companies and helps prevent systemic financial risks [5][7]. 3. National Social Security Fund, which manages and operates social security funds with a focus on long-term value [5][8]. 4. Insurance companies, which aim for asset preservation and value appreciation while ensuring liquidity and stability [5][8]. 5. Numerous central state-owned enterprises that engage in stock buybacks to boost market confidence [5][8]. Group 2: Investment Preferences of Different Institutions - Different institutions have distinct investment preferences: 1. Central Huijin primarily invests in financial sectors and has a significant holding in ETFs, with a total market value of approximately 2.99 trillion yuan [10][12]. 2. China Securities Finance Corporation focuses on stable and safe investments, primarily in blue-chip stocks, with a total holding value of about 469.9 billion yuan [19]. 3. The National Social Security Fund emphasizes risk control and long-term returns, holding stocks worth approximately 358.7 billion yuan [20][21]. 4. Insurance funds prioritize stable, long-term investments, with a total stock allocation of about 2.27 trillion yuan for life insurance companies [22][23]. 5. Central state-owned enterprises engage in stock buybacks, which positively influence their financial metrics and market perception [23]. Group 3: Implications for Investment Strategies - The operations of stabilizing funds provide valuable insights for investors: 1. Investors should consider entering the market during low confidence periods, as stabilizing funds often do, to take advantage of undervalued assets [26]. 2. It is essential to select high-quality assets that align with investment goals, as stabilizing funds tend to invest in representative and stable assets [27]. 3. Maintaining a consistent investment strategy that aligns with long-term goals is crucial, as seen in the practices of stabilizing funds [29]. Group 4: Conclusion - The actions of stabilizing funds reflect a deep understanding of macroeconomic trends and market cycles, providing a framework for investors to build sustainable investment strategies [30].

Core Viewpoint - Central Huijin Company has increased its holdings in ETFs and plans to continue doing so, aiming to act similarly to a stabilizing fund to boost market confidence and valuation recovery, aligning with recent policy benefits released by the CSRC to guide long-term capital into A-share assets and enhance capital market valuations [1][2] Group 1: Central Huijin's Actions - Central Huijin's recent ETF purchases are intended to restore market confidence and support valuation recovery, acting as a marginal source of funds for A-share governance and shareholder return improvements [1] - The increase in ETF holdings is expected to inject liquidity and confidence into the market, sending a clear signal of commitment to maintaining stable capital market operations [1][2] Group 2: Historical Context and Market Stability - Historically, Central Huijin has intervened during market volatility, such as during the 2008 financial crisis and the 2011 European debt crisis, but the current context involves more complex global trade conflicts and domestic economic restructuring [2] - Central Huijin has become a key stabilizing force in the A-share market, indicating a shift towards a more normalized market stabilization mechanism [2] Group 3: Policy Synergy and Market Impact - The increase in holdings by Central Huijin, combined with recent favorable policies from the CSRC, forms a "policy combination punch" that is expected to have multiple impacts on the A-share market [2] - This collaborative policy effort is likely to attract more long-term capital into A-share assets through ETFs, enhancing market liquidity and supporting valuation recovery [2] Group 4: Future Market Outlook - The consensus is that the revaluation of Chinese assets is underway, with A-shares and Hong Kong stocks showing independent performance compared to global markets [3] - Looking ahead to Q2, the implementation of proactive fiscal policies and the advancement of AI technologies are expected to support corporate earnings, with A-shares likely to continue their steady recovery despite external uncertainties [3] - Long-term prospects suggest a potential transition from a "structural bull" market to a "full bull" market, contingent on effective macroeconomic policies to stimulate domestic demand [3]

A股上市银行公布估值提升计划主要是响应中国证监会《市值管理指引》的规定。根据要求，长期破净公司应当制定上市公司估值提升计划，并经董事会审 议后披露。 所谓的长期破净公司，是指股票连续12个月每个交易日的收盘价均低于最近一个会计年度经审计的每股归属于公司普通股股东的净资产的上市公司。 破净"魔咒"能否打破？A股上市银行打响估值保卫战 囿于长期低估值困境的上市银行正积极采取行动。3月25日，北京商报记者注意到，交通银行、平安银行近期首度披露估值提升计划，拟从服务实体经济发 展、做好金融"五篇大文章"、稳定现金分红、强化投资者关系管理、优化信息披露等多方面入手，提高自身估值。此外，招商银行市值管理制度也将公布。 长期以来，在市场投资者结构、投资理念、成长性以及资本市场估值体系等多重因素的掣肘下，A股上市银行苦低估值久矣，破净率居高不下。在分析人士 看来，此次上市银行披露估值提升计划，主要是响应《上市公司监管指引第10号—市值管理》（以下简称《市值管理指引》）要求，对于估值修复有一定的 帮助，但后续能否改善破净局面，依然需要宏观经济与银行基本面的配合。 密集披露估值提升计划 多家银行密集披露估值提升计划，3月25日， ...

Core Viewpoint - The article emphasizes the importance of investment factors in selecting stocks and constructing investment strategies, highlighting that understanding these factors can lead to better investment decisions and potential returns [2][20]. Investment Factors Overview - The article introduces eight commonly used investment factors, each with distinct principles, applicable market conditions, and associated risks, which can help investors optimize their investment strategies [4][16]. Factor Summaries 1. Market Capitalization Factor - Focuses on the impact of stock size on returns, with large-cap stocks generally being more stable but less elastic, while small-cap stocks offer higher growth potential but come with increased risk [5][6]. 2. Value Factor - Concentrates on the discrepancy between a company's intrinsic value and market price, aiming to identify undervalued stocks for potential gains when market sentiment improves [8]. 3. Growth Factor - Evaluates a company's earnings growth and future potential, typically performing well in favorable economic conditions but facing higher risks during downturns [9]. 4. Low Volatility Factor - Selects stocks with stable prices and low volatility, providing better risk-adjusted returns, especially during market downturns [11]. 5. Dividend Factor - Targets stocks with stable dividends and high yield, offering defensive characteristics in volatile markets but may lag in strong bull markets [12]. 6. Quality Factor - Based on financial and operational metrics to identify high-quality companies, which may face valuation risks during periods of high market risk appetite [13]. 7. Momentum Factor - Utilizes the trend-following theory, capitalizing on stocks that have shown strong past performance, though it may struggle in volatile markets [14]. 8. Reversal Factor - Exploits price reversal opportunities, performing well in choppy or bearish markets but underperforming in strong trends [15]. Factor Usage Considerations - Investors should choose factors that align with their risk tolerance and investment goals, combining multiple factors to enhance returns while being mindful of market conditions [17][18][19].