市场消息：韩国将通过发行21.1万亿韩元债券来为额外预算融资。 ...

市场消息：韩国债券发行规模将比最初提议增加1.3万亿韩元。 ...

固定收益/固收周报 7 月债市展望：或呈现震荡偏强格局 ——固收周报（2025.06.23-2025.06.27） ◼ 核心观点 利率债：国债收益率分化，期限利差走阔：2025 年 06 月 20 日-2025 年 06 月 27 日期间，央行总计开展 11,628.00 亿元逆回购操作，共 11,752.00 亿元逆回购到期，全口径下净回笼 124.00 亿元。银行间资金 价格分化，其中，DR001 下行 0.59BP 至 1.3683%；DR007 上行 20.27BP 至 1.6968%。利率债一级市场发行 8,676.40 亿元，到期债券总偿还量 869.88 亿元，净融资额为 7,806.52 亿元。国债 1 年期、3 年期分别下 行 1.00BP、0.69BP 至 1.3452%、1.3931%；5 年期、7 年期、10 年期分 别上行 0.4BP、2.85BP、0.66BP 至 1.5065%、1.6028%、1.6462%。10Y- 1Y 期限利差从 28.44BP 走阔至 30.10BP。 信用债：信用债到期收益率多数上行：2025 年 06 月 23 日-2025 年 06 月 29 日期 ...

Group 1 - The company bond ETF (511030) has seen a net value increase of 13.28% over the past five years, with the latest price at 106.09 yuan as of July 2, 2025 [1] - The company bond ETF has reached a new high in scale at 21.826 billion yuan, with a net inflow of 9.48 billion yuan over the last five trading days, averaging 1.90 billion yuan per day [1] - The national debt ETF for 5 to 10 years (511020) has increased by 0.05%, with a five-year net value increase of 20.35% [1] Group 2 - On July 1, the secondary trading of interest rate bonds showed significant buying from rural commercial banks (+56.3 billion yuan), while other banks and brokerages showed net selling [2] - The central bank is expected to maintain a loose monetary policy in July, with limited adjustment risks for interest rate bonds, indicating a narrow fluctuation range [2] - The three main members of the Ping An Fund bond ETF include the company bond ETF (511030), national development bond ETF (159651), and national debt ETF for 5 to 10 years (511020), covering various bond types to assist investors in navigating the bond market cycle [2]

Group 1 - The Ministry of Finance of China issued a 7-year bond with a scale of 109 billion, an issuance rate of 1.5302%, and a marginal rate of 1.5573%, with expectations of 1.5600% [1] - The bidding multiple for the 7-year bond was 4.22 times, and the marginal multiple was 13.84 times [1] - Additionally, a 10-year bond was issued with a scale of 131 billion, an issuance rate of 1.6188%, and a marginal rate of 1.6342%, with expectations of 1.6300% [1] - The bidding multiple for the 10-year bond was 5.04 times, and the marginal multiple was 6.91 times [1]

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-07-04 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250630 | 2025/06 | 制造业 PMI | % | 49.70 | 49.50 | 49.50 | | 20250630 | 2025/06 | 非制造业 PMI:商务活 动 | % | 50.50 | 50.30 | 50.50 | | 20250613 | 2025/05 | 社会融资规模增量:当 月值 | 亿元 | | 22870.00 11599.00 | 20623.00 | | 20250613 | 2025/05 | M0(流通中的现金):同 | % | 12.10 | 12.00 | 11.70 | | | | 比 | | | | | | 202506 ...

Group 1 - The convertible bond of Xiangtan Electric Chemical Co., Ltd. (referred to as "the company") experienced a 30.0% increase, reaching 130.0 CNY per bond, with a trading volume of 6.8686 million CNY and a conversion discount rate of 6.95% [1] - The company has issued a convertible bond with a credit rating of "AA" and a maturity of 6 years, featuring a tiered coupon rate starting from 0.20% in the first year to 2.00% in the sixth year, with a redemption price of 110.00 CNY [1] - The conversion price for the bond is set at 10.1 CNY, with the conversion period starting on December 22, 2025 [1] Group 2 - Xiangtan Electric Chemical Co., Ltd. is a state-owned enterprise under the Xiangtan State-owned Assets Supervision and Administration Commission, listed on the Shenzhen Stock Exchange since April 3, 2007 [2] - The company's main business includes the production and sale of electrolytic manganese dioxide and new energy battery materials, as well as urban sewage treatment and industrial trade, with an annual production capacity of 122,000 tons of electrolytic manganese dioxide [2] - The company has a diverse product range and is a strategic partner for major battery manufacturers, exporting to nearly 20 countries and regions [2] Group 3 - For the first quarter of 2025, the company reported a revenue of 417.8 million CNY, a year-on-year increase of 16.15%, while the net profit attributable to shareholders was 47.3287 million CNY, a decrease of 2.54% [2] - The company's non-recurring net profit was 45.4298 million CNY, reflecting a year-on-year decline of 5.91% [2] - As of June 2025, the company's shareholder base is relatively dispersed, with 47,700 shareholders and an average holding of 13,200 shares per person, amounting to an average investment of 162,200 CNY [2]

Group 1 - The company Wenzhou Hongfeng Electric Alloy Co., Ltd. issued convertible bonds to unspecified objects, with a total amount of RMB 321.26 million, net proceeds of RMB 315.06 million after deducting issuance costs [2][12] - The bonds were approved by the board of directors and the annual general meeting in 2021, and registered by the China Securities Regulatory Commission [2][3] - The bonds are convertible into A-shares and have a maturity of six years, with an annual interest rate that increases over the years, starting from 0.5% in the first year to 3.0% in the sixth year [3][12] Group 2 - The initial conversion price for the bonds is set at RMB 6.92 per share, with provisions for adjustments based on various corporate actions [6][7] - The company has the right to redeem the bonds at 115% of the face value after maturity and under certain conditions during the conversion period [9][10] - The company received a credit rating downgrade from A to BBB+ due to high costs and losses in its lithium battery copper foil business, which is still in the trial production and expansion phase [14] Group 3 - The company’s core business in electrical contact and functional composite materials showed stable performance, with revenue and gross profit increasing by 17.04% and 35.03% respectively in 2024 [14][15] - The company is facing short-term debt pressure and cash flow issues, with a significant increase in total debt [14] - The company has not experienced any defaults on interest or principal payments as of the report date [15]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds "Tai Neng Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, resulting in a new conversion price of 5.61 CNY per share, down from 5.67 CNY per share [1][3]. Group 1: Convertible Bond Issuance - The company issued 29,500,000 convertible bonds with a face value of 100 CNY each, totaling 2.95 billion CNY, with a maturity period from March 28, 2025, to March 27, 2031 [1]. - The conversion period for the bonds is set from October 9, 2025, to March 27, 2031 [1]. Group 2: Adjustment of Conversion Price - The adjustment of the conversion price is based on the company's profit distribution plan, which includes a cash dividend of 0.559889 CNY per 10 shares, with no stock dividends or capital increases [2][3]. - The new conversion price is calculated as follows: P1 = P0 - D = 5.67 - 0.0559889 ≈ 5.61 CNY per share, effective from July 11, 2025 [3]. Group 3: Other Matters - The company confirmed that the convertible bonds have not yet entered the conversion period, thus there is no need to suspend the conversion during the 2024 annual profit distribution [3].

证券代码：300890 证券简称：翔丰华 二〇二五年七月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《深圳市翔丰华科技股份有限公司向不特定对象发行可转换公司债券之 债券受托管理协议》（以下简称"《受托管理协议》"）《深圳市翔丰华科技股 份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）《关于完成工商变更登记的公告》《上海市翔丰华科技股份有限公 司章程》等相关规定、公开信息披露文件以及上海市翔丰华科技股份有限公司（以 下简称"发行人"、"公司"、"翔丰华"）提供的相关资料等，由本次债券受 托管理人国泰海通证券股份有限公司（以下简称"国泰海通"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，国泰海 通不承担任何责任。 第一节 本次债券概况 转债代码：123225 债券简称：翔丰转债 国泰海通证券股份有限公司 关于上海市翔丰华科技股份有限公司 债券受托管理人 （中国（上海）自 ...