Core Viewpoint - The bond market has shown a strong performance recently, with various fixed-income products experiencing growth in returns, particularly those with embedded options [2][3][11]. Summary by Sections Fixed Income Product Performance - In the past month, the bond market experienced fluctuations, with rates generally declining. Various stable products saw an increase in net value, especially option-embedded fixed income products, followed by medium- and long-term bond funds [3][9]. - As of June 18, the monthly returns for different products were as follows: option-embedded bond funds at 0.54% (previously 0.62%), medium-term bond funds at 0.31% (previously 0.13%), short-term bond funds at 0.18% (previously 0.19%), high-grade interbank certificates of deposit index funds at 0.15% (previously 0.18%), and cash management products at 0.11% (unchanged) [3][10]. Bond Market Review - The bond market showed a pattern of weakness followed by strength, influenced by market sentiment and liquidity conditions. The tightening of liquidity in late May, combined with the U.S.-China trade meeting in early June, initially suppressed bond market performance. However, after the month transitioned, the central bank's supportive stance on liquidity led to a recovery [11][12]. - The one-year AAA interbank certificate of deposit rate fell to approximately 1.65%, a slight decrease from the previous month, indicating a shift towards a more favorable liquidity environment [12][15]. Market Outlook - In the short term, the bond market is expected to maintain a low-interest, low-volatility trend, with the 10-year government bond yield projected to fluctuate between 1.5% and 1.8%, centered around 1.7% [31][34]. - Credit bonds are anticipated to outperform interest rate bonds, with credit spreads likely to remain relatively low, minimizing the risk of significant widening [34]. Asset Management Industry Trends - The scale of wealth management products increased to 31.3 trillion yuan by the end of May, reflecting a 1.6% month-on-month growth. This growth is attributed to the decline in bank deposit rates, which has made wealth management products more attractive [36]. - On May 23, the National Financial Regulatory Administration released a draft for asset management product information disclosure, allowing for more flexible performance benchmark disclosures, which may influence investor behavior in the long term [36]. Investment Strategy Recommendations - For investors needing liquidity management, maintaining cash-like products and considering stable low-volatility wealth management or short-term bond funds is advisable [39]. - For conservative investors, holding pure bond products with a potential extension of duration is recommended, especially as the 10-year government bond yield approaches 1.7%-1.8% [40]. - For more advanced conservative investors, continuing to hold fixed-income plus products is suggested, with a focus on incorporating convertible bonds and equity assets into the strategy [41].

Core Viewpoint - The bond market is showing a strong consolidation trend, with expectations of continued loose monetary policy from the central bank to counter potential external demand pressures [1][7]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up by 0.21%, and the 10-year main contract up by 0.02% [2]. - The yields on major interbank bonds mostly declined, with the 10-year government bond yield down by 0.15 basis points to 1.639% [2]. - The China Securities convertible bond index closed down by 0.01%, with a trading volume of 573.28 billion [2]. Overseas Bond Market - In North America, U.S. Treasury yields rose collectively, with the 10-year yield increasing by 1.58 basis points to 4.393% [3]. - In Asia, Japanese bond yields mostly declined, with the 10-year yield down by 1.4 basis points to 1.399% [4]. - In the Eurozone, bond yields generally increased, with the 10-year UK bond yield rising by 3.6 basis points to 4.529% [4]. Primary Market - Shenzhen's local bonds saw high bidding multiples, with the 2-year bond "Shenzhen 2532" having a bid-to-cover ratio of 16.59 [5]. - The 15-year bond "Shenzhen 2533" had a bid-to-cover ratio of 15.27, indicating strong demand [5]. Liquidity and Interest Rates - The LPR remained stable, with the 1-year LPR at 3% and the 5-year LPR at 3.5% [6]. - The central bank conducted a 7-day reverse repurchase operation with a total of 1612 billion, resulting in a net withdrawal of 413 billion for the day [6]. - Short-term Shibor rates mostly increased, with the overnight rate up by 0.1 basis points to 1.368% [6]. Investment Strategy Insights - The bond market is expected to challenge previous lows, with social financing growth projected to peak around 9.0% in July and August before gradually declining [8]. - The central bank's liquidity support has led to a stable funding environment, suggesting that long-term bond yields may have room to decline [8].

Market Overview and Analysis - The primary market saw the issuance of government bonds, local government bonds, and policy financial bonds amounting to 657.8 billion, 107.8 billion, and 175.5 billion respectively, with net financing of 262.1 billion, -43.0 billion, and 73.6 billion [1] - Financial bonds (excluding policy financial bonds) totaled an issuance of 236.8 billion with a net financing of 166.7 billion, while non-financial credit bonds had an issuance of 307.6 billion and net financing of 106.8 billion [1] - Three new convertible bonds were issued, with an expected financing scale of 2.1 billion [1] Secondary Market Review - The bond market experienced slight strengthening amidst fluctuations, influenced by factors such as liquidity, central bank reverse repo announcements, US-China negotiations, and geopolitical conflicts [2] Liquidity Tracking - The central bank conducted net liquidity absorption, with a tightening of funds as the tax period approached, leading to an increase in R001 and R007 rates by 1.4 basis points and 3 basis points respectively compared to the previous week [3] Policy and Fundamentals - Economic indicators show that domestic demand needs improvement, with a temporary decline in export data. Production remains stable, but domestic demand is weak, and prices for residents are trending downward, while geopolitical conflicts are pushing up prices for oil and other commodities [4] Overseas Market - US CPI and PPI data fell short of expectations, indicating that the impact of tariffs on inflation has not fully materialized, leading to increased market expectations for a Federal Reserve rate cut. The 10-year US Treasury yield closed at 4.41%, down 10 basis points from the previous week [5] Equity Market - The A-share market saw most broad-based indices decline slightly, with the Wind All A index down 0.27%, the Wind Micro-cap index down 0.07%, the CSI 300 down 0.25%, and the Sci-Tech 50 down 1.89%. Average daily trading volume increased to 1.37 trillion, with a weekly average increase of 162.8 billion [6] Bond Market Strategy Outlook - The current 10-year government bond yield has returned to the 1.65% level mentioned by the central bank governor in May, with bond fund durations at historical highs. Concerns remain about the central bank's ability to maintain liquidity support, and the bond market may be sensitive to potential negative factors in the short term. However, the ongoing US-China negotiations suggest that high tariffs may persist, and the central bank is expected to maintain a supportive stance, with a potential new round of interest rate declines anticipated after June [7]

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the **Chinese bond market** and its dynamics influenced by **geopolitical conflicts** and **monetary policy** adjustments. Key Points and Arguments 1. **Liquidity and Monetary Policy** - Current liquidity is relatively abundant, supported by the central bank's reverse repos and net injections, alleviating market concerns ahead of the half-year mark [1][3][4] - The new interest rate corridor has been established, with DR001's quarterly fluctuations between OMO -20 and OMO +50, indicating potential downward trends in interest rates [1][3] 2. **Geopolitical Impact on Monetary Policy** - Uncertainties in the global political landscape, including U.S.-China relations and the Russia-Ukraine conflict, are expected to influence central bank policies, potentially leading to a loosening of monetary policy [1][5] - The macroeconomic data for June is anticipated to peak, with subsequent weakness providing justification for easing measures [1][5] 3. **Future Interest Rate Predictions** - A trend of declining interest rates is predicted from June to September 2025, with potential rate cuts in August or September leading to mid-to-long-term bond fund yields of 2.5% to 3% [1][4][5] - If a rate cut occurs, it could result in an increase of 15 to 20 basis points, translating to approximately 1% performance growth [5] 4. **Market Liquidity Conditions** - The current liquidity situation in the bond market is favorable, with major banks' lending reaching annual highs, indicating no lack of liabilities [3][7] - Despite the liquidity, market interest rates remain above 1.65%, with a focus on the demand side, particularly from traditional commercial banks [7] 5. **Geopolitical Conflicts and Asset Classes** - Historical trends show that geopolitical conflicts typically raise gold prices and U.S. Treasury yields while affecting the Chinese bond market differently due to domestic pricing mechanisms [8] - The impact of geopolitical tensions on economic growth, inflation, and external balance pressures is complex, with both positive and negative implications for the bond market [8] 6. **Outlook for Credit Bond Market** - The credit bond market is viewed positively despite geopolitical tensions, with recommendations to maintain a bullish stance [2][11][10] Other Important Insights - The upcoming Lujiazui Forum and the Politburo meeting at the end of July are expected to provide favorable news that could further drive interest rates down [6] - The unusual behavior of the U.S. dollar index during recent geopolitical events suggests a weakening of its safe-haven status, which may provide more room for Chinese monetary policy [9][10]

新华财经上海6月16日电（记者杨溢仁）在基本面、资金面利好支撑的背景下，债市投资者从"看多"转 向"做多"。分析人士指出，当前各机构择券主要锚定"资金面"，考虑到货币宽松有望进一步延续，则眼 下"止盈未至"，仍可积极布局。 债市依旧"顺风" 根据券商调研，当前的债市情绪已接近年内最乐观值。 中央国债登记结算有限责任公司提供的数据显示，截至6月16日收盘，银行间10年期国债收益率已从4月 1日的1.81%回落至1.64%附近。 "就机构行为来看，临近半年末，公募基金'冲'收益诉求增强，中长期债基久期回升。聚焦交易层面， 前述情况更为突出，基金主力买入10年、30年期利率债券，同时加大了中期票据的买入力度，说明基金 在增配中短期信用债拿票息的同时，也在拉长久期博取资本利得。"一位机构交易员告诉记者，"不仅如 此，现阶段债市整体的杠杆率也在回升，并已超过去年水平。" 记者注意到，一季度债市资金面整体均衡偏紧，DR007运行在政策利率上方，对应债市杠杆率持续处于 低位，远低于季节性水平。而反观当前，在央行提前公布买断式逆回购操作（精准对冲流动性压力）， 且大型商业银行密集购买短债的背景下，6月虽面临跨季但资金面并不紧 ...

新华财经北京6月16日电（王菁）债市周一（6月16日）偏强整理，早间宏观数据对市场交投影响甚微， 国债期货主力多数小幅收涨，银行间现券收益率涨跌不一，短债表现略优，振幅多在1BP以内；公开市 场单日净投放682亿元，部分短端资金利率转为下行。 机构认为，在基本面和资金面支撑下，预计本周债市将延续震荡格局。另外值得一提的是，本周将召开 陆家嘴论坛，央行行长潘功胜等将出席，关注是否有增量信息释出，可能会对债市造成一定扰动。 【行情跟踪】 国债期货收盘多数上涨，30年期主力合约涨0.05%报120.520，10年期主力合约涨0.01%报109.015，5年 期主力合约持平于106.145，2年期主力合约涨0.02%报102.466。 银行间主要利率债收益率涨跌不一，短券表现稍强。截至发稿，30年期国债"25超长特别国债02"收益率 上行0.20BP报1.8510%，10年期国开债"25国开10"收益率上行1.25BP报1.7160%，10年期国债"25附息国 债11"收益率持平于1.6420%，2年期国债"25附息国债06"收益率下行1BP报1.4%。 中证转债指数收盘上涨0.25%，报434.92点，成交金额69 ...

Group 1 - The funding environment remains loose, with interest rates dropping below the 1.4% policy rate level, supported by weak inflation and trade data [1][5] - The People's Bank of China (PBOC) announced a 400 billion yuan reverse repurchase operation, contributing to a net injection of 200 billion yuan in June, ensuring ample liquidity for government bond issuance and maturing interbank certificates of deposit [1][10] - The yield on 10-year government bonds decreased by 1 basis point to 1.64% over the week, indicating a flattening of the yield curve [1][5] Group 2 - The first meeting of the China-U.S. economic and trade consultation mechanism took place in London, where both sides reached a framework agreement to implement the consensus from the June 5 call between the two heads of state [1][11] - Despite improved market confidence, uncertainties regarding demand and the external trade environment may still disrupt economic growth [1][11] - The bond market fundamentals are expected to remain stable, with ongoing attention needed on international situations, second-quarter funding changes, and government debt supply impacts [1][11] Group 3 - The bond market saw a total issuance of 51 bonds amounting to 941.13 billion yuan last week, including 65.78 billion yuan in government bonds [5][6] - For the upcoming week, 68 bonds are planned for issuance, totaling 686.75 billion yuan, with 39 billion yuan in government bonds [6] - The yield curve for government bonds showed a downward trend across various maturities, with notable decreases in the long-term bonds [2][3]

Group 1: Report's Investment Rating - No information about the industry investment rating is provided in the report [1][2][5] Group 2: Core Viewpoints - The capital market has no basis for tightening as the real - estate market and credit demand face downward pressure, and external exchange - rate pressure has significantly eased. However, the central bank's attitude towards the capital market is limitedly loose, so the probability of a significant decline in capital interest rates is low. DR007 is expected to fluctuate in the range of 1.5 - 1.6%. The CD maturity peak is not over, and CD interest rates may remain in a sideways oscillation state, with limited downward momentum in the bond market. Further long - position opportunities may require greater liquidity support from the central bank, a significant decline in CD interest rates, and an increase in interest - rate cut expectations [5][19][23] Group 3: Summary by Directory 1. Can the funds become even looser? - From the fundamental perspective, the real - estate market and credit demand have downward pressure. As of June 14, the year - on - year decline in the commercial housing transaction area of 30 large - and medium - sized cities in June was 8.0%, and the year - on - year growth of first - tier cities' transaction area also decreased. As of June 8, the national urban second - hand housing listing price index decreased by 0.48% month - on - month. In May, the year - on - year growth of RMB loan balances was 7.1%, and the credit growth rate was still in a downward range. The growth of social financing was mainly supported by government bond issuance and direct financing, with weak financing demand from the real economy [7][12] - External exchange - rate pressure has significantly eased. After the Sino - US Geneva talks on May 12, bilateral tariff levels were significantly reduced, and the RMB showed an appreciation trend, so the central bank does not need to tighten funds to stabilize the exchange rate [15] - The central bank's attitude towards the capital market is limitedly loose. The central bank conducted two outright reverse repurchases in June, with a total investment of 1.4 trillion yuan, but the net investment was only 200 billion yuan. Considering the upcoming tax period and cross - quarter pressure, the upward range of capital interest rates is expected to be limited, and DR007 may fluctuate in the 1.5 - 1.6% range [17][18] 2. What is the impact on the bond market? - Since late May, although capital interest rates have significantly declined, CD interest rates have been in a sideways oscillation state, restricting the downward space of bond interest rates. In the next two weeks, CD repayment pressure is high, but the net lending scale of large banks has been increasing, so CD interest rates are expected to remain in an oscillating state, and the downward momentum of the bond market is limited [19]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - Despite the central bank's efforts to support the bond market, the decline in bond yields has been limited. The large maturity volume of certificates of deposit (CDs) and the relatively high pricing of CDs have restricted the downward space for long - term yields. The short - term yields are also constrained by factors such as the lack of long - term funds, the pressure of CD maturities and tax payment periods, and the limited impact of the expected restart of central bank bond purchases [1][2][10][15]. - By the end of June, the downward space for short - term yields is expected to open up. This is due to the release of cross - quarter pressure on funds, the seasonal increase in bank wealth management bond purchases in July, and the potential restart of central bank bond purchases [27][28][31]. - The bond market strategy is to focus on coupon income and seize trading opportunities in a narrow - fluctuating market. Investors can consider the allocation opportunities of CDs, credit bonds, and interest - rate bonds, and also grasp the trading opportunities of 10 - year treasury bonds within a narrow range [34][35][42]. 3. Summary According to Relevant Catalogs 3.1 Why Can't the Bullish Bond Market Rise? - **Market Situation**: In June, the central bank showed an attitude of caring for the money market, and large banks increased their purchases of short - term treasury bonds. However, the decline in bond yields was limited. The 1 - year and 10 - year treasury bond yields declined less than in the previous week. The pricing of CDs remained high, restricting the downward space for long - term yields. The 10 - year treasury bond yield fluctuated around 1.65% without a significant breakthrough [1][10][14]. - **Reasons for Limited Short - Term Yield Decline**: - **Lack of Long - Term Funds**: The central bank's operations mainly provided short - term funds, while long - term funds were not sufficient. Since March, MLF has been in a monthly net - investment state, and banks' demand for long - term liabilities has increased [15]. - **Pressure from CD Maturities and Tax Payment Periods**: Since the second week of June, the weekly maturity volume of CDs has exceeded one trillion yuan for three consecutive weeks. Coupled with the tax payment deadline on the 16th, the pressure on capital gaps is large, and the pressure may ease in the second half of the month [20]. - **Limited Impact of Expected Central Bank Bond Purchases**: Although the market is concerned about the restart of central bank bond purchases, the impact on short - term yields may be limited. The downward range of short - term yields may be between 5 - 10bp [21]. 3.2 Bond Market Strategy: Loosening May Come Later, and Assets Can Be Snatched Now - **Downward Space for Short - Term Yields Expected to Open Up at the End of June**: - **Decline in CD Yields after Cross - Quarter Pressure Release**: With the central bank's care for funds and the possible renewal of MLF at the end of June, funds are expected to cross the quarter smoothly. After the cross - quarter pressure is released, CD yields may decline naturally [27]. - **Increased Bond Purchases by Bank Wealth Management in July**: In July, bank wealth management usually enters a period of rapid scale growth. The net purchases of bank wealth management in the secondary market increase, and they prefer CDs and credit products with a maturity of less than one year, which may open up the downward space for CD yields [27]. - **Potential Restart of Central Bank Bond Purchases**: Since June, large banks have significantly increased their net purchases of short - term treasury bonds. The market expects the central bank to restart bond purchases, which may support the short - term bond market [28][31]. - **Bond Market Strategy: Focus on Coupon Income and Seize Trading Opportunities in a Narrow - Fluctuating Market**: - **Allocation Strategy**: - **CDs**: From the end of June to July, the probability of success is high. Investors can pay attention to the allocation opportunities brought by the current price increase. CDs with a yield of around 1.7% have high allocation value [34]. - **Credit Bonds**: Focus on credit - sinking opportunities within 3 years and the opportunity for a slight compression of 4 - 5 - year credit spreads in July [35]. - **Interest - Rate Bonds**: In a narrow - fluctuating market, focus on the exploration of α - type bonds, such as 5 - 7 - year old interest - rate bonds. If the short - term yields decline, the α - compression market of medium - term bonds may be better [38]. - **Trading Strategy**: The 10 - year treasury bond is expected to continue to fluctuate within a narrow range of 1.6% - 1.7%. Traders can consider entering the market when the bond market fluctuates and the long - term interest rate adjusts. When the yield approaches 1.62%, partial profit - taking is recommended [42]. 3.3 Review of the Interest - Rate Bond Market: Loose Funds and Expectations of Repurchase with Ownership Transfer Lead to a Bull - Flat Yield Curve - **Funding Situation**: The central bank's OMO continued to have a net withdrawal, but the money market was in a balanced and loose state. The weighted average price of DR001 dropped to around 1.36%, and the 1 - year CD issuance price of state - owned and joint - stock banks decreased from 1.7% to around 1.66% [9][60]. - **Primary Issuance**: The net financing of local government bonds and inter - bank CDs decreased, while the net financing of treasury bonds and policy - bank bonds increased [55]. - **Benchmark Changes**: The term spread of treasury bonds narrowed, while the term spread of China Development Bank bonds widened. The short - term yields of treasury bonds and China Development Bank bonds decreased, and the long - term yields of treasury bonds decreased while those of China Development Bank bonds increased [52].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the context of continued tariff conditions and global geopolitical tensions, the equity market may continue to experience index fluctuations, waiting for the progress of the technology industry to drive a new round of upward technology market. The convertible bond market showed strong resilience last week, with a slight increase in valuation. After the successive announcements of early redemptions of Hangyin and Nanyin convertible bonds, the problem of bottom - position allocation in the convertible bond market has become more urgent. Attention can be paid to underlying stocks with better fundamentals among the convertible bonds with positive YTM. If large - balance convertible bonds have their ratings downgraded, it may be a good opportunity to increase positions in convertible bonds. When selecting bonds, one can take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio volatility and look for targets driven by performance and/or valuation, starting from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][19]. Summary by Relevant Catalogs Market Focus from June 9th to June 13th Stock Market - The equity market showed an overall fluctuating pattern last week. Against the backdrop of intensified global geopolitical conflicts, the prices of gold and crude oil rose significantly, and the introduction of export control measures related to rare earth permanent magnets drove the non - ferrous metals and petroleum and petrochemical sectors to perform well. Affected by the suspension of trade - in subsidy activities in some regions, consumer sectors such as food and beverage and household appliances adjusted significantly. Most Shenwan primary industries closed down last week, with non - ferrous metals (+3.79%), petroleum and petrochemical (+3.50%), agriculture, forestry, animal husbandry and fishery (+1.62%), media (+1.55%), and pharmaceutical and biological (+1.40%) leading the gains; food and beverage (-4.37%), household appliances (-3.26%), building materials (-2.77%), and computer (-2.52%) performing poorly [1][9][10]. Bond Market - The bond market strengthened overall last week. The inflation in May remained low, the year - on - year export declined to 4.8%, the capital cost continued to decline, the overnight capital interest rate reached a new low this year, and the intensified geopolitical conflicts and the decline in market risk appetite all benefited the bond market. The yield of the 10 - year treasury bond closed at 1.64% on Friday, down 1.07bp from the previous week [1][10]. Convertible Bond Market - Most convertible bond issues closed down last week. The CSI Convertible Bond Index decreased by 0.02% for the whole week, the median price decreased by 0.63%, the arithmetic average parity calculated decreased by 0.95% for the whole week, and the overall market conversion premium rate increased by 0.61% compared with the previous week. In terms of individual bonds, Jinling (football concept), Jinji (reactive dyes), Haibo (steel structure engineering), Liande (display module equipment), and Zhite (aluminum formwork for construction) convertible bonds led the gains; Zhengyu (automobile shock absorbers and components & early redemption announced), Huati (intelligent transportation system), Haomei (aluminum profiles), and Tianyang (financial IT) convertible bonds led the losses. Most industries in the convertible bond market closed down last week, with communication (-4.42%), media (-3.67%), automobile (-1.63%), and computer (-1.58%) experiencing relatively large declines, while social services (+8.88%), non - bank finance (+1.37%), agriculture, forestry, animal husbandry and fishery (+0.79%), and banks (+0.78%) performing well. The total trading volume of the convertible bond market last week was 346.489 billion yuan, with an average daily trading volume of 69.298 billion yuan, showing an increase compared with the previous week [2][10][13][14][18]. Views and Strategies from June 16th to June 20th - The equity market may continue to fluctuate, waiting for the technology industry to drive a new round of upward market. The convertible bond market showed strong resilience last week, with a slight increase in valuation. After the early redemptions of Hangyin and Nanyin convertible bonds, attention can be paid to underlying stocks with better fundamentals among the convertible bonds with positive YTM. If large - balance convertible bonds have their ratings downgraded, it may be a good opportunity to increase positions. When selecting bonds, one can take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio volatility and look for targets from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][19][20]. Valuation Overview - As of June 13th, 2025, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 39.18%, 27.52%, 18.77%, 13.77%, 8.02%, and 4.3% respectively, at the 79%/57%, 72%/46%, 65%/36%, 69%/46%, 58%/30%, and 64%/28% percentile values since 2010/2021. For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was 0.43%, at the 12%/3% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 30.27%, at the 51%/27% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 17.65%, at the 12%/18% percentile values since 2010/2021 [21]. Primary Market Tracking Newly Announced Issuances Last Week (June 9th - June 13th) - Luwei Convertible Bond (118056.SH): The underlying stock is Luwei Optoelectronics (688401.SH), belonging to the electronics industry. The convertible bond issuance scale is 615 million yuan, with a credit rating of AA -. The funds after deducting issuance fees will be used for semiconductor and high - precision flat - panel display mask expansion projects, acquisition of minority shareholders' equity in Chengdu Luwei, and supplementing working capital and repaying bank loans. - Dianhua Convertible Bond (127109.SZ): The underlying stock is Xiangtan Dianhua (002125.SZ), belonging to the power equipment industry. The convertible bond issuance scale is 487 million yuan, with a credit rating of AA. The funds after deducting issuance fees will be used for a project to produce 30,000 tons of spinel - type lithium manganate battery materials and supplementing working capital. - Anke Convertible Bond (123257.SZ): The underlying stock is Anke Innovation (300866.SZ), belonging to the electronics industry. The convertible bond issuance scale is 1.105 billion yuan, with a credit rating of AA+. The funds after deducting issuance fees will be used for R & D and industrialization projects of portable and household energy storage products, new - generation intelligent hardware products, warehousing intelligent upgrading, full - link digital operation center, and supplementing working capital [30][31][32]. Upcoming Listings - Hengshuai Convertible Bond (123256.SZ) is expected to be listed on June 17th. The underlying stock is Hengshuai Co., Ltd. (300969.SZ), belonging to the automobile industry. The convertible bond issuance scale is 328 million yuan, with a credit rating of A+. The funds after deducting issuance fees will be used for a project to build a new automobile parts production base in Thailand, an expansion project of an annual production of 19.54 million automobile micro - motors and cleaning and cooling system components and R & D center expansion, and R & D center expansion [33][34]. Issuance Progress - Last week, the exchange approved the registration of 1 company (Libote), and the general meetings of shareholders passed the proposals of 2 companies (Xianghe Industry and Lianrui New Materials). As of now, there are 82 convertible bonds to be issued, with a total scale of 129.19 billion yuan, including 8 that have been approved for registration with a total scale of 14.43 billion yuan and 4 that have passed the listing committee review with a total scale of 2.93 billion yuan [35].