Core Viewpoint - Igor is a leading global manufacturer of consumer and industrial power supplies, with a focus on energy-efficient technology and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Igor reported revenue of 3.808 billion yuan, ranking 10th in the industry out of 33, with the industry leader, China Electric Power, generating 50.598 billion yuan [2] - The main business composition includes energy products at 1.836 billion yuan (74.43%), lighting products at 437 million yuan (17.73%), and other products at 194 million yuan (7.84%) [2] - The net profit for the same period was 188 million yuan, also ranking 10th in the industry, with the industry leader, Wolong Nuclear Materials, achieving 883 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Igor's debt-to-asset ratio was 54.72%, up from 53.91% year-on-year, exceeding the industry average of 44.96% [3] - The gross profit margin was 18.49%, down from 22.14% year-on-year, and below the industry average of 21.49% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.29% to 30,600, with an average holding of 12,300 circulating A-shares, a decrease of 3.18% [5] - Notable shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 7.6861 million shares, and several new shareholders entering the top ten list [5] Group 4: Future Outlook - Western Securities noted significant revenue growth in Igor's energy products for H1 2025, with diversification into new businesses, including new energy transformers and industrial control transformers [6] - The company is expected to achieve net profits of 303 million yuan, 460 million yuan, and 580 million yuan for the years 2025 to 2027, reflecting year-on-year growth rates of 3.7%, 51.8%, and 25.9% respectively [6] - Southwest Securities highlighted growth in both revenue and profitability in Q2 2025, with energy and lighting businesses recovering and overseas operations expanding [6]

Core Viewpoint - Guangdian Electric, established in December 1995 and listed in February 2011, specializes in high and low voltage power distribution equipment, focusing on reliable technology and stable quality [1] Group 1: Business Performance - In Q3 2025, Guangdian Electric reported revenue of 582 million yuan, ranking 18th among 26 companies in the industry, with the industry leader, Chint Electric, generating 46.396 billion yuan [2] - The revenue composition includes complete equipment and power electronic products at 743 million yuan (71.67%), components at 264 million yuan (25.48%), and others at 29.5587 million yuan (2.85%) [2] - The net profit for the same period was -1.4024 million yuan, placing the company 22nd in the industry, while the industry leader reported a net profit of 5.656 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Guangdian Electric's debt-to-asset ratio was 14.95%, slightly up from 14.82% year-on-year, significantly lower than the industry average of 40.49%, indicating strong solvency [3] - The gross profit margin for the same period was 26.12%, down from 28.24% year-on-year, but still above the industry average of 23.98%, reflecting a competitive profitability advantage [3] Group 3: Executive Compensation - The chairman and president, Zhao Shuwen, received a salary of 1.6254 million yuan in 2024, a slight decrease from 1.6256 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.82% to 56,600, while the average number of circulating A-shares held per account decreased by 2.74% to 15,100 [5]

Core Viewpoint - Jingquanhua is a significant player in the domestic magnetic components, power supply, and special transformer sectors, with strong R&D and production capabilities. The company ranks 13th in revenue and 18th in net profit within its industry as of Q3 2025 [1][2]. Financial Performance - In Q3 2025, Jingquanhua reported a revenue of 2.6 billion yuan, ranking 13th out of 33 companies in the industry. The top competitor, Zhongdian Port, achieved a revenue of 50.598 billion yuan, while the industry average was 4.846 billion yuan [2]. - The company's net profit for the same period was 72.1127 million yuan, placing it 18th in the industry. The leading company, Wolker Nuclear Materials, reported a net profit of 883 million yuan, with the industry average at 139 million yuan [2]. Profitability and Debt Ratios - As of Q3 2025, Jingquanhua's debt-to-asset ratio was 56.32%, an increase from 54.73% year-on-year and above the industry average of 44.96% [3]. - The gross profit margin for Q3 2025 was 13.19%, up from 12.39% year-on-year but still below the industry average of 21.49% [3]. Executive Compensation - The chairman, Zhang Lipin, received a salary of 911,200 yuan in 2024, an increase of 332,500 yuan from 2023. Zhang Lipin is also the controlling shareholder and has held various positions, including chairman of Nanjing Zhaohua Technology Co., Ltd. [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 19.58% to 28,500, while the average number of circulating A-shares held per account increased by 24.35% to 8,102.02 [5].

Market Overview - In October 2025, the equity market experienced an overall upward trend, with the Shanghai Composite Index breaking through 3900 points and reaching a historical high of 3950.3, marking a monthly increase of 0.42% [5] - The bond market remained volatile, influenced by expectations of further monetary policy easing and high risk aversion due to the uncertain Sino-US trade situation. The yield on 10-year government bonds rose by 0.20 basis points to 1.849% by October 24 [5] - The convertible bond market saw a stabilization after an initial valuation compression, with the average price of convertible bonds decreasing by 3.00% to 114.34 yuan, and the median price dropping by 0.48% to 131.01 yuan [5][11] Convertible Bond Strategy - The report suggests a balanced approach to convertible bond investments, emphasizing the need for a wave-like strategy in asset management. It highlights the importance of selecting bonds with high potential for price appreciation while managing risks associated with high premiums and frequent redemptions [17] - The report identifies sectors with high win rates and high odds for convertible bond investments, including lithium batteries, semiconductor equipment, and agricultural chemicals, which are expected to benefit from recent price increases and market demand [17] "Top Ten Convertible Bonds" Portfolio - The report lists the "Top Ten Convertible Bonds" for November 2025, highlighting their respective industries, credit ratings, and reasons for recommendation. For instance, the "Xingye Convertible Bond" is recommended due to its attractive dividend yield of over 5% [19][20] - The portfolio includes bonds from various sectors such as banking, battery manufacturing, medical devices, and semiconductor industries, showcasing a diverse investment strategy aimed at capturing growth across different market segments [19] Sector-Specific Insights - The banking sector, represented by Xingye Bank, is noted for its stable revenue growth and strong asset quality, with a projected dividend yield of 4.6% [20][21] - The battery sector, particularly represented by Yiwei Lithium Energy, is experiencing rapid growth in energy storage battery shipments, positioning the company as a leader in the market [31][34] - The medical device sector, led by Yirui Technology, is benefiting from increased demand for digital X-ray detectors and core component breakthroughs, indicating strong growth potential [43][46] - The semiconductor sector, represented by Weier Technology, is capitalizing on the recovery in consumer electronics demand and the expansion of automotive electronics, leading to significant revenue growth [68][71] - The communication sector, represented by Zhongbei Communication, is seeing explosive growth in its intelligent computing business, driven by the increasing demand for AI-related services [80][83] Conclusion - The report emphasizes the importance of a strategic approach to investing in convertible bonds, focusing on sectors with strong growth potential and favorable market conditions. The "Top Ten Convertible Bonds" portfolio serves as a guide for investors looking to capitalize on these opportunities while managing associated risks [17][19]

Core Viewpoint - Igor Electric Co., Ltd. has shown significant stock performance with a year-to-date increase of 32.86% and a recent rise in trading volume, indicating strong market interest and potential growth in the electronic sector [1][2]. Company Overview - Igor Electric Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, established on October 15, 1999, and listed on December 29, 2017. The company specializes in the research, production, and sales of power supply and power component products for both consumer and industrial sectors [1]. - The main revenue composition includes energy products (74.43%), lighting products (17.73%), and other products (7.84%) [1]. Financial Performance - For the first half of 2025, Igor reported a revenue of 2.467 billion yuan, representing a year-on-year growth of 20.16%. However, the net profit attributable to shareholders decreased by 40.69% to 105 million yuan [2]. - Since its A-share listing, Igor has distributed a total of 475 million yuan in dividends, with 308 million yuan distributed over the past three years [3]. Shareholder Information - As of October 20, 2023, the number of Igor's shareholders reached 40,300, an increase of 34.82% from the previous period. The average circulating shares per person decreased by 25.83% to 9,304 shares [2]. - The second-largest circulating shareholder is Qianhai Kaiyuan New Economy Mixed A, holding 3.635 million shares, which increased by 513,100 shares compared to the previous period [3].

Core Viewpoint - Shanghai Electric's stock has shown a significant increase in price and trading volume, indicating positive market sentiment and potential growth opportunities in the energy and equipment sectors [1][2]. Company Overview - Shanghai Electric Group Co., Ltd. was established on March 1, 2004, and listed on December 5, 2008. The company is based in Huangpu District, Shanghai, and its main business areas include renewable energy and environmental protection equipment, efficient clean energy equipment, industrial equipment, and modern services [1]. - The revenue composition of Shanghai Electric is as follows: 81.52% from product sales, 9.43% from service provision, 4.56% from engineering construction, and 4.49% from other businesses [1]. Financial Performance - For the first half of 2025, Shanghai Electric achieved a revenue of 54.303 billion yuan, representing a year-on-year growth of 8.89%. The net profit attributable to shareholders was 0.821 billion yuan, reflecting a year-on-year increase of 36.40% [2]. - Since its A-share listing, Shanghai Electric has distributed a total of 9.973 billion yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shanghai Electric was 704,400, a decrease of 6.70% from the previous period. The average circulating shares per person remained at 0 shares [2]. - The top ten circulating shareholders include China Securities Finance Corporation, which holds 211.2 million shares (a decrease of 20.3946 million shares), and Hong Kong Central Clearing Limited, which holds 138 million shares (an increase of 6.9912 million shares) [3].

Core Viewpoint - New Special Electric experienced a stock price decline of 2.00% on October 23, 2023, with a current price of 16.62 CNY per share and a total market capitalization of 6.173 billion CNY [1] Financial Performance - For the first half of 2025, New Special Electric reported a revenue of 193 million CNY, representing a year-on-year growth of 16.10%, and a net profit attributable to shareholders of 5.33 million CNY, showing a significant increase of 49,775.01% [2] - The company has distributed a total of 101 million CNY in dividends since its A-share listing, with 51.13 million CNY distributed over the past three years [3] Stock Market Activity - The stock has seen a year-to-date increase of 68.22%, but has declined by 15.16% over the last five trading days [1] - New Special Electric has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on October 16, 2023, where it recorded a net buy of -107 million CNY [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 20,800, while the average number of circulating shares per person increased by 40.29% to 10,487 shares [2] - Among the top ten circulating shareholders, the "Fuguo Optimized Enhanced Bond C" fund holds 2.0274 million shares, having decreased its holdings by 772,600 shares compared to the previous period [3]

Core Insights - The stock price of Keleke has decreased by 2.18% to 17.03 CNY per share as of October 21, with a market capitalization of 8.446 billion CNY [1] - Keleke's main business includes the development, production, and sales of electronic transformers, inductors, and switching power supply products, with magnetic components accounting for 83.01% of revenue [1] - For the first half of 2025, Keleke reported a revenue of 2.667 billion CNY, a year-on-year increase of 25.27%, and a net profit of 151 million CNY, up 46.10% [2] Financial Performance - Keleke's stock has increased by 36.23% year-to-date, with a 1.79% rise over the last five trading days and a 27.57% increase over the last 60 days [1] - Cumulative cash dividends since Keleke's A-share listing amount to 477 million CNY, with 152 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Keleke had 36,000 shareholders, an increase of 0.54%, with an average of 13,624 circulating shares per shareholder, a decrease of 0.54% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 4.7601 million shares, a decrease of 1.426 million shares from the previous period [3]

Core Viewpoint - Jinpan Technology's stock has shown significant growth this year, with a year-to-date increase of 56.75% and a recent surge in trading activity, indicating strong investor interest and potential market confidence [1][2]. Company Overview - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, is based in Haikou, Hainan Province. The company specializes in the research, production, and sales of power distribution and control equipment, primarily serving the renewable energy, high-end equipment, and energy-saving sectors [2]. - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other services, and 0.19% from digital solutions [2]. Financial Performance - For the first half of 2025, Jinpan Technology reported a revenue of 3.154 billion yuan, reflecting a year-on-year growth of 8.16%. The net profit attributable to shareholders was 265 million yuan, marking a 19.10% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 713 million yuan in dividends, with 543 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 18,400, with an average of 24,939 shares held per shareholder, a slight decrease of 1.06% from the previous period [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited entering as the fourth-largest shareholder with 12.7274 million shares, and South China Securities 500 ETF entering as the tenth-largest shareholder with 4.0169 million shares [3].

Core Viewpoint - The company Keleke has shown significant growth in stock price and financial performance, indicating strong market interest and operational success [1][2]. Financial Performance - For the first half of 2025, Keleke achieved a revenue of 2.667 billion yuan, representing a year-on-year increase of 25.27% [2]. - The net profit attributable to shareholders for the same period was 151 million yuan, reflecting a growth of 46.10% year-on-year [2]. Stock Performance - As of October 20, Keleke's stock price increased by 37.83% year-to-date, with a slight rise of 0.17% over the last five trading days [1]. - The stock was trading at 17.23 yuan per share, with a market capitalization of 8.545 billion yuan [1]. Shareholder Information - As of June 30, the number of Keleke's shareholders reached 36,000, an increase of 0.54% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 0.54% to 13,624 shares [2]. Dividend Distribution - Keleke has distributed a total of 477 million yuan in dividends since its A-share listing, with 152 million yuan distributed over the last three years [3]. Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 4.7601 million shares, a decrease of 1.426 million shares from the previous period [3]. - New shareholders include Guangfa Balanced Growth Mixed A and Dacheng CSI 360 Internet + Index A, holding 1.4918 million and 1.1989 million shares respectively [3].