1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The initial price of Dianhua Convertible Bonds on the listing day is expected to be between RMB 131.46 and RMB 145.94, with an estimated winning rate of 0.0022%. Considering the good bond - bottom protection, attractive rating, and scale of the bonds, it is recommended to actively subscribe [2][13][15][17]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - Dianhua Convertible Bonds (127109.SZ) started online subscription on June 16, 2025, with a total issuance scale of RMB 487 million. After deducting issuance fees, the net proceeds will be used for the project of an annual output of 30,000 tons of spinel - type lithium manganate battery materials [2][8]. - The current bond - bottom valuation is RMB 99.57, and the YTM is 2.35%. The bond has a 6 - year term, with a credit rating of AA/AA. The coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.80%, 1.50%, 1.80%, and 2.00% respectively. The company's redemption price at maturity is 110% of the par value (including the last - period interest) [2][11][12]. - The current conversion parity is RMB 102.6, and the parity premium rate is - 2.60%. The conversion period is from December 22, 2025, to June 15, 2031. The initial conversion price is RMB 10.1 per share. The closing price of the underlying stock, Xiangtan Electrochemical, on June 13 was RMB 10.37 [2][12]. - The convertible bond terms are standard. The down - revision clause is "15/30, 80%", the conditional redemption clause is "15/30, 130%", and the conditional put - back clause is "30, 70%". The dilution rate of the total share capital is 7.11%, and the dilution pressure on the equity is small [2][12]. 3.2. Investment Subscription Suggestion - Based on comparable targets and empirical results, considering the good bond - bottom protection, attractive rating, and scale of Dianhua Convertible Bonds, the expected conversion premium rate on the listing day is around 35%, and the corresponding listing price is between RMB 131.46 and RMB 145.94 [2][13][15]. - The expected priority subscription ratio of original shareholders is 63.84%. The expected winning rate is 0.0022%, and it is recommended to actively subscribe [16][17]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Since 2019, the company's revenue has steadily increased, with a compound growth rate of 15.63% from 2019 - 2024. In 2024, the company achieved an operating income of RMB 1.912 billion, a year - on - year increase of 3.01%. Meanwhile, the net profit attributable to the parent company showed a downward trend, with a compound growth rate of - 50.88% from 2019 - 2024. In 2024, it achieved a net profit attributable to the parent company of RMB 315 million, a year - on - year decrease of 10.60% [2][18]. - The company's main businesses are battery materials and sewage treatment. From 2022 - 2024, the proportion of main - business income in total operating income was 91.81%, 98.38%, and 98.41% respectively [2]. - The company's net sales margin and gross profit margin fluctuated, the sales expense ratio remained low, the financial expense ratio declined slowly, and the management expense ratio increased in recent years. From 2019 - 2024, the net sales margins were 5.81%, 1.99%, 13.60%, 19.21%, 15.73%, and 15.95% respectively, and the gross profit margins were 24.93%, 20.39%, 19.69%, 26.48%, 21.56%, and 27.49% respectively [2]. 3.3.2. Company Highlights - The company has been focusing on the manganese - based battery cathode material industry. Its production process technology for deep - processing of manganese - based materials is at the leading level in China. It has a good reputation in the industry and maintains long - term stable cooperative relationships with many well - known battery enterprises at home and abroad [27].

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints of the Report - During the week from May 26th to May 31st, 2025, the A-share market continued to fluctuate and consolidate, with deepening industry rotation. The pharmaceutical and biological, environmental protection sectors led the gains, while the household appliances, power equipment, and comprehensive sectors saw significant adjustments. The convertible bond market showed a slight recovery, with intensified valuation differentiation. The low-price zone compressed, and the medium and high-price zones had repair elasticity. The short-term market structure switched frequently, and the capital style shifted from high elasticity to stability and low-level repair. The primary market supply was stable, but clause games were active, with an increase in the number of early redemption and downward revision bonds. Attention should be paid to the risk of supply decline. It is recommended to focus on medium and high-price convertible bonds with low valuations and strong fundamentals, and also consider the allocation value of high-grade blue-chip convertible bonds, while flexibly participating in theme rotation opportunities [2][5]. Summary by Relevant Catalogs Market Weekly Review A-share Market - The A-share market continued to fluctuate and consolidate, with the Shanghai Composite Index down 0.03% week-on-week, the Shenzhen Component Index down 0.91%, and the ChiNext Index down 1.40%. The small and medium-cap stocks were more resilient, with the CSI 500 and CSI 2000 rising against the trend. The trading volume decreased slightly to 1.07 trillion yuan, and the average daily net outflow of main funds was 13.7 billion yuan, indicating a cautious attitude. In terms of industries, sectors with strong fundamentals or recovery expectations such as media and pharmaceuticals strengthened, while sectors such as automobiles and household appliances adjusted. Overall, the market risk appetite remained low, and the trading focus shifted towards low-valuation repair and strong fundamentals [9]. Convertible Bond Market - The convertible bond market showed a slight recovery, with the CSI Convertible Bond Index rising 0.2% week-on-week, and the average daily trading volume increasing to 5.578 billion yuan. The market activity recovered moderately. Structurally, large-cap convertible bonds were relatively stable, indicating that investors were seeking high-certainty allocations. The valuation in the parity range was significantly differentiated, with the valuation of low-parity convertible bonds generally compressed and the medium and high-parity ranges slightly repaired, showing a cautious game attitude among investors. The implied volatility increased slightly, and the median price rose slightly to 112.33 yuan, indicating a moderate recovery in market risk appetite. In terms of industries, convertible bonds in the media, beauty care, and national defense and military industries led the gains, while those in the communication, household appliances, and other high-elasticity sectors faced greater correction pressure. At the individual bond level, the top-performing bonds mostly had strong underlying stock drivers, and trading opportunities were concentrated in bonds with low valuations and strong fundamentals. Overall, the convertible bond market continued to fluctuate and consolidate, and the allocation focus shifted towards high certainty and defensive attributes [9]. Convertible Bond Allocation Suggestions - The convertible bond market showed a moderate recovery this week, with a slight repair in risk appetite and active short-term rotation trading. In terms of allocation, it is recommended to adhere to the idea of "stable allocation + theme elasticity": on the one hand, focus on large-cap blue-chip convertible bonds with high ratings, low premiums, and good liquidity for defensive purposes; on the other hand, moderately seize opportunities in medium and high-price growth convertible bonds with underlying stock drivers and strong fundamentals, focusing on high-quality varieties in advanced manufacturing, pharmaceuticals, and other sectors to balance defense and offense [7]. Market Theme Weekly Review Equity Theme Weekly Review - During the week from May 26th to May 31st, 2025, the theme trading style was significantly differentiated, and short-term game enthusiasm increased significantly. The limit-up trading style continued to lead, with the consecutive limit-up index, the first limit-up non-ST index, and the limit-up index rising 17.1%, 12.7%, and 12.5% week-on-week respectively, indicating that short-term trading funds dominated the market. Some high-growth sectors such as the innovative drug index, the pharmaceutical centralized procurement index, the financial technology index, and the nuclear power index rebounded, with week-on-week gains of over 4%, showing investors' willingness to make structural replenishments in high-quality themes. At the same time, the TMT and pan-AI sectors were under pressure, with the AI computing power index, the east-west computing power index, etc. falling by over 2%, and previously strong sectors such as cloud computing and IDC leading the decline. The automobile and humanoid robot sectors adjusted significantly, with related theme indices such as the charging station index, the automobile golden stock index, and the humanoid robot index all falling by over 3%, reflecting the market's revaluation pressure on high-valuation sectors. Overall, the market was still in the theme rotation stage, with short-term trading driven by events and sentiment, and structural differentiation and high-low switching remaining the main themes in the future [14]. Convertible Bond Weekly Review - The convertible bond market showed a slight recovery during the week from May 26th to May 31st, 2025, with overall trading activity moderately recovering, and investors preferring large-cap convertible bonds with high certainty. The CSI Convertible Bond Index rose 0.23% week-on-week, the large-cap index also rose 0.23%, while the medium and small-cap convertible bond indices fluctuated slightly. The market as a whole continued to recover moderately, with the large-cap index showing relatively strong upward momentum, indicating certain defensive characteristics. In terms of trends, the convertible bond market showed some independence compared to the equity market, reflecting the "offensive and defensive" characteristics of convertible bonds. In terms of style, the large-cap index was more active, indicating that investors were seeking certainty while also maintaining a certain degree of risk aversion. In terms of capital, the trading activity of the convertible bond market increased slightly, with the average daily trading volume rising to 5.578 billion yuan, a week-on-week increase of 64 million yuan, indicating a slight recovery in investor sentiment. Currently, the convertible bond market lacks clear trend catalysts, and investors still focus on large-cap convertible bonds with high certainty. The valuation in the parity range showed a differentiated trend. In the parity range below 80 yuan, the conversion premium rate compressed by 0.62%; in the 80-90 yuan range, the compression was even greater, reaching 1.49%. In the 100-yuan parity range, the conversion premium rate in the 90-100 yuan range slightly expanded by 0.33%, while that in the 100-110 yuan range compressed by 1.89%. In the medium and high-parity ranges, the conversion premium rates in the 110-120 yuan and 120-130 yuan ranges expanded by 1.09% and 0.04% respectively; while in the range above 130 yuan, it slightly compressed by 0.89%. Overall, the market valuation in the parity range was still in a box-shaped shock stage, reflecting investors' cautious game attitude. By market price range, the convertible bond valuation generally compressed. Convertible bonds below 90 yuan compressed by 1.07%, those in the 90-100 yuan range compressed by 12.61%, and those in the 100-110 yuan range compressed by 0.10%. In the 110-120 yuan range, it compressed by 3.31%, in the 120-130 yuan range by 3.21%, and above 130 yuan by 0.74%. Overall, the convertible bond market valuation by market price range showed obvious compression. The market was still cautious about the pressure to realize high positions, but the game sentiment among investors at low positions recovered. Currently, the market risk appetite continued to decline, and it is recommended to pay attention to the repair opportunities of bonds that have adjusted deeply and with fully compressed valuations, as well as medium and high-price bonds with strong fundamentals. The weighted implied volatility of the convertible bond market increased slightly this week. The weighted implied volatility of the entire market's convertible bonds narrowed from 18.8% on Monday to 19.1% on Friday, indicating that the overall market risk appetite was still relatively cautious. Investors preferred convertible bond assets with strong defensive attributes when market volatility increased. The elasticity of convertible bonds provided certain repair opportunities, but the implied volatility remained at a low level, and the market's expectation of significant future volatility was still moderate, reflecting that investors preferred stable allocations. In terms of strategy, it is necessary to defend while attacking, and accumulate safety margins through bond floor protection and clause games. The median convertible bond price increased slightly this week. The median convertible bond price rose slightly from 112.29 yuan last Friday to 112.33 yuan, showing a fluctuating pattern during the week. Currently, the convertible bond market continued to fluctuate and consolidate, and the moderate recovery of the price median reflected that the risk appetite had not significantly recovered, and the convertible bond market had no clear trend catalyst [17]. Weekly Market Outlook - Looking ahead, the A-share market is expected to continue its structural rotation pattern, with the market style becoming more balanced, and the trading focus shifting from high-elasticity themes to low-valuation and stable-growth sectors. In the short term, attention should be paid to the correction risk of high-position sectors, and sectors with strong fundamentals and recovery expectations such as consumption and pharmaceuticals are expected to continue to attract incremental funds. In the convertible bond market, while waiting for clear trend catalysts, trading activity may moderately decline following the equity market. The allocation value of medium and high-price convertible bonds with low premiums and strong underlying stock drivers is prominent. At the same time, attention should be paid to sectors with certain certainty such as basic chemicals and transportation, given the increasing scarcity of large-scale bank convertible bonds. In terms of strategy, it is recommended to pay attention to low-level repair opportunities, and focus on bonds with fully adjusted valuations, "bond floor + underlying stock catalysts", while controlling the risk of crowded trading [19].

Core Viewpoint - The article discusses the complexities and risks associated with convertible bonds, highlighting that the market has changed significantly over the years, leading to potential pitfalls for investors who may not fully understand the intricacies involved [1][3]. Group 1: Market Dynamics - The China Convertible Bond Index has experienced a maximum drawdown of over 20% in the past three years, indicating a shift from the previously stable perception of convertible bonds as a safe investment [3]. - The current convertible bond market features complex terms such as forced redemption, price adjustment, and repurchase clauses, making it difficult for ordinary investors to navigate [3][5]. Group 2: Investment Risks - Investors may face hidden risks, such as the stringent conditions for price adjustments, which can be difficult to meet, leading to potential losses [5]. - Liquidity issues can arise unexpectedly, where high daily trading volumes do not guarantee the ability to sell bonds when needed, resulting in significant losses for investors [5][7]. - The price fluctuations of convertible bonds are closely tied to the underlying stock performance, meaning that a decline in stock prices can lead to a corresponding drop in bond prices [7]. Group 3: Investor Considerations - The investment in convertible bonds requires a certain level of expertise, including a minimum of two years of trading experience and an average asset threshold, which may not be accessible to all retail investors [7]. - Investors are advised to thoroughly understand the terms and risks associated with convertible bonds before participating in the market, to avoid costly mistakes [7].

Core Viewpoint - Convertible bonds remain a suitable investment opportunity, emphasizing the importance of fundamental research in the domestic A-share market [1] Group 1 - The future of convertible bond investment is seen as an opportunity linked to specific securities, requiring in-depth fundamental research [1] - Convertible bonds exhibit a certain cyclicality, with valuations becoming more reasonable as market activity increased since September of the previous year [1] - Increased market activity motivates companies to lower conversion prices, facilitating conversions, making convertible bonds attractive for investors [1]

Market Overview - The convertible bond market experienced a slight increase alongside the equity market, with the China Securities Convertible Bond Index rising by 0.90% to 422.21 points as of April 25, 2025 [10][24] - The overall A-share market saw the Wande All A Index increase by 1.15%, while the Shanghai Composite Index rose by 0.56% during the same period [10][12] Convertible Bond Valuation - The convertible bond premium rate slightly decreased to 52.17%, down 3.07% from the previous week, indicating a return to the 25th percentile of historical levels since 2024 [3][37] - High premium rates were observed in the textile, food and beverage, pharmaceutical, construction materials, and non-bank financial sectors, while lower rates were noted in banking, agriculture, communication, commercial trade, and comprehensive sectors [3][40] Convertible Bond Supply and Demand - The total outstanding convertible bonds reached 702.636 billion yuan, with a slight increase of 20.50 billion yuan from the previous week, and an average remaining maturity of 2.7 years [4][46] - Demand for convertible bonds remains strong, with convertible bond funds holding a market value of 174.968 billion yuan, reflecting a 3.6% increase from the previous annual report [4][52] Sector Performance - The automotive, construction materials, computer, home appliances, and electrical equipment sectors showed strong performance in the convertible bond market, while the media, communication, banking, food and beverage, and public utilities sectors lagged [2][35] - Notable individual bonds that performed well included Fuxin Convertible Bond (Chemicals), Zhongchong Convertible Bond (Agriculture), and Zhongqi Convertible Bond (Construction Materials) [2][35] Investment Strategy - The report suggests focusing on convertible bonds in sectors with strong policy support expectations, particularly in service consumption and growth-oriented styles, as the A-share market is expected to experience structural trends [5]

居然节前还发了只北交所 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。 安集转债，清源转债：4月25日上市 佳力转债，珀莱转债，宙邦转债，岱美转债，双良转债：不下修 | 转债代码 | 转债名称 | 剩余规模 | 现价 | 回售价 | 估算税前 | 估算税前 | 回售登记 | 回售到账 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | | (税前) | 回售收益 | 年化收益 | | | | 113656 | 嘉诚转债 | | | | 7.999 118.507 100.530 -15.17% -276.82% 04-30 至 05-09 | | | 2025-05-14 | | 转债代码 | 转债名称 | 现价 | 赎回价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (税前) | | | ...

Group 1 - The core viewpoint of the reports indicates that several bond funds have shown varying performance in net asset value (NAV) growth during the first quarter of 2025, with some funds experiencing declines [1] - Among the nine bond funds reported, the China Europe Convertible Bond Fund achieved the highest NAV growth rates of 6.39% and 6.28% for its A and C shares respectively [1] - The overall bond market experienced fluctuations, with the China Convertible Bond Index and equal-weight index rising by approximately 3% to 4% during the first quarter [1] Group 2 - The investment strategy of the Anxin Ju Li Enhanced Bond Fund involved increasing allocations towards growth-oriented assets while reducing exposure to cyclical assets, reflecting optimism about the AI-related industry chain's impact on the economy [2] - The China Europe Ding Li Bond Fund's management believes that both equity and bond markets will favor liquidity, suggesting a focus on dividend-style investments while monitoring international conditions and domestic policies [2] - The manager of the China Bank Agricultural Development Bond Index Fund noted a general decline in bond market performance during the first quarter, attributing it to tight funding conditions and rising interest rates [2] Group 3 - The manager of the China Europe Convertible Bond Fund, Li Bo, emphasized that the demand for convertible bonds remains strong, supported by both bond and equity market dynamics [3] - Li Bo highlighted that the current interest rate environment has increased volatility in pure bonds, making convertible bonds attractive for both yield enhancement and risk diversification [3] - The active style of small-cap stocks aligns well with the underlying stock characteristics of convertible bonds, driven by liquidity and risk appetite trends in the AI industry [3]

| 中信建投双鑫债券型证券投资基金 | | | | | --- | --- | --- | --- | | 基金管理人:中信建投基金管理有限公司 | | | | | 基金托管人:北京银行股份有限公司 | | | | | 报告送出日期:2025 年 03 月 31 日 | | | | | 中信建投双鑫债券型证券投资基金 | 2024 年年度报告 | | | | 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， | | | | | 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本年度报告已经三分之二以 | | | | | 上独立董事签字同意，并由董事长签发。 | | | | | 基金托管人北京银行股份有限公司根据本基金合同规定，于2025年03月28日复核了本报告中 | | | | | 的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容不 | | | | | 存在虚假记载、误导性陈述或者重大遗漏。 | | | | | 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 | | | | | 基金的过往业绩并 ...

# 读者福利 ， 欢迎留言互动， 3 月 7 日前，平台随机从留言中选取 4 位读者获赠本期推荐 新书！ 01 胡宇辰 著 清华大学出版社 出版 内容简介 本书是作者近年来实盘管理可转债投资组合的经验总结。作者从机构投资者的专 业角度，深度分享了其在转债投资领域的独到见解与感悟，通过跨资产比较的方 式，全面剖析了可转债策略的应用，细致复盘了市场行情的变化，并对可转债涉 及的相关行业及部分个券进行了系统梳理。本书内容逻辑清晰，语言简洁，对投 资者深入了解可转债投资具有极高的参考价值。 本书可作为可转债投资者的参考资料，对纯债投资者、股票投资者和PIPE投资人 有借鉴意义，也是泛财富管理从业者和财经媒体人提升专业能力的好帮手。 《可转债投资笔记：市场策略、行业比较和个券分析》 中信出版社集团 出版 作者简介 胡宇辰 毕业于四川大学和中央财经大学。10年证券从业经验，先后任职于嘉实基金、建 信理财、国泰君安资管。长期从事债券投资交易、净值型理财和证券专户产品的 投资管理工作。所著《固收+策略投资》被财资中国（Treasury China）评选 为"2023年度好书"。 《万亿指数》 [挪威] 罗宾·威格斯沃思（Ro ...