Core Viewpoint - The Chinese government is accelerating the release of data value through the establishment of over 10 new systems, including data property rights, and plans to expand data circulation nodes to around 50 cities by the end of the year, enhancing the value of data elements across various industries [1][2]. Group 1: Data Empowerment in Various Sectors - In agriculture, companies utilizing data for smart fertilization have increased yield by 5.5% [1]. - In the industrial sector, firms leveraging massive well logging data have improved drilling decision-making efficiency by 15 times [1]. - In the service industry, companies using road freight data have enhanced vehicle operation efficiency by over 30% through real-time matching of drivers and cargo [1]. Group 2: Data Production and Infrastructure - By 2024, China's data production is expected to reach 41.06 zettabytes, equivalent to the total data resources of 15.64 million Chinese National Libraries [1]. - As of now, China has established data infrastructure in 25 cities, including major ones like Beijing, Shanghai, and Shenzhen, and has completed interconnectivity across 16 provinces [2]. - The number of data circulation nodes is projected to expand to around 50 cities by the end of the year, covering 80% of provinces, laying the foundation for large-scale cross-regional data circulation [2]. Group 3: Role of Data in AI Development - Data plays a crucial role in the advancement of "Artificial Intelligence+" with the daily average Token consumption in China exceeding 30 trillion, reflecting a growth of over 300 times in a year and a half [2]. - New models such as "data corpus as equity" are being piloted in cities like Shanghai, Tianjin, and Anhui, encouraging companies to convert high-quality data sets into equity investments [2].

Market Overview - The market experienced a mixed performance with the Shanghai Composite Index briefly surpassing 3700 points, but ultimately closed up 0.2% while the Shenzhen Component and ChiNext fell by 0.15% and 0.23% respectively [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.41 trillion yuan, an increase of 101.2 billion yuan compared to the previous trading day [1] - Over 4200 stocks declined, indicating a broad market pullback, particularly in small and mid-cap stocks [1] Sector Performance - Financial stocks, including brokerages and insurance companies, showed resilience with notable gains, such as Changjiang Securities rising over 9% [2][4] - Digital currency stocks were particularly strong, with several stocks hitting the daily limit, including Hengbao Co. and Jibei Fang [1][8] - The brain-computer interface sector also saw significant activity, with companies like Innovation Medical achieving five consecutive trading limits [4][5] Individual Stock Highlights - A total of 34 stocks hit the daily limit, with a 42% limit-up rate and 11 stocks achieving consecutive limit-ups [1] - Notable performers included Dayuan Pump Industry with four consecutive limit-ups and Fenghuo Electronics with three [1] - In the semiconductor sector, companies like Haiguang Information and Hanwha Microelectronics both rose over 9% [5] Regulatory and Policy Developments - The establishment of a digital RMB international operation center was proposed at the 2025 Lujiazui Forum, which is expected to facilitate cross-border payments and promote the internationalization of the RMB [3] - Recent policies from multiple government departments aim to drive innovation in the brain-computer interface industry, indicating a supportive regulatory environment for this sector [5] Data Infrastructure Initiatives - The National Data Bureau announced the establishment of 25 data circulation node cities, with plans to expand to around 50 by the end of the year, enhancing the infrastructure for data flow across regions [30] - New regulations regarding data property rights and other systems are expected to be introduced, further developing the data market in China [31]

Group 1 - As of June 2025, China has built over 35,000 high-quality datasets, totaling more than 400PB, which is approximately 140 times the digital resources of the National Library of China [1] - The cumulative transaction value of high-quality datasets across the country reached nearly 4 billion yuan, with the total scale of high-quality datasets listed by data trading institutions reaching 246PB [1] - In Beijing, the proportion of high-quality datasets in total transactions surged from 10% last year to nearly 80% currently [1] Group 2 - China's rapid development in artificial intelligence is closely linked to its emphasis on data work, being the first country to treat data as a production factor [2] - The majority of model training in China now uses Chinese data, with over 60% of the data used for training domestic models being Chinese, and some models reaching 80% [2] - The development and supply capacity of high-quality Chinese data continue to enhance, driving rapid improvements in the performance of AI models in China [2]

Core Viewpoint - The article discusses the achievements and future plans of China's digital economy development during the "14th Five-Year Plan" period, highlighting the rapid growth of digital infrastructure and data industry, as well as the implementation of new policies to enhance data utilization and marketization [1][3][5]. Group 1: Digital Infrastructure Development - China's digital infrastructure has significantly advanced, with the number of 5G base stations increasing fivefold to 4.55 million compared to 2020, and gigabit broadband users growing 34 times to 226 million [3]. - The total computing power ranks second globally, contributing to economic and social development [3]. - The domestic operating system, represented by Harmony OS, has seen its ecosystem devices exceed 1.19 billion, integrating "smart cores" into over 1,200 product categories [3]. Group 2: Data Industry Growth - The data industry is rapidly expanding, with projections indicating over 400,000 data companies and a market size of 5.86 trillion yuan by 2024, reflecting a 117% increase from the end of the "13th Five-Year Plan" [7]. - High-quality data products have surged, with 3,328 new data products launched in the first half of the year, a 70% year-on-year increase, and high-quality datasets increasing by 2.8 times [4][6]. Group 3: Policy Initiatives - The National Data Bureau plans to introduce over 10 new policies, including data property rights, to facilitate the marketization of data elements [2][5]. - A series of pilot projects for data industry clusters are being deployed to optimize industrial layout and enhance ecosystem advantages [8]. Group 4: Data Utilization and Applications - Data-driven applications are enhancing various sectors, with examples including a rural bank using social security data to launch a financial product that reduced non-performing loans to 0.28% [4]. - The agricultural sector has seen a 5.5% increase in yield through data-enabled smart fertilization, while industrial applications have improved drilling decision efficiency by 15 times [7]. Group 5: Data Circulation and Infrastructure - By the end of the year, the number of data circulation node cities is expected to expand to around 50, covering 80% of provinces, laying the foundation for large-scale data circulation [9][10]. - The establishment of a unified standard and technical framework is crucial for achieving large-scale data circulation across different industries and regions [9]. Group 6: Innovative Data Models - New models such as "data corpus pricing as equity" are being piloted in cities like Shanghai and Tianjin, allowing companies to convert high-quality datasets into equity investments [11][12]. - The construction of high-quality datasets is supported by data annotation bases in cities like Chengdu and Shenyang, facilitating the development of AI applications [12].

此外，刘烈宏表示，"十四五"时期，我国数字基础设施在规模、技术等方面处于世界领先地位，截至 2025年6月底，5G基站总数与2020年相比增长了5倍达到455万个，千兆宽带用户增长了34倍达2.26亿 户，算力总规模位于全球第二，有力带动了经济社会发展。数字经济的蓬勃发展带动新增超100个新型 职业，创造了新的就业机会。 "十四五"时期，数字技术创新实现新突破。集成电路加快布局，形成覆盖设计、制造、封装测试、材料 和装备的完整产业链。国产操作系统加速崛起，以鸿蒙系统为例，鸿蒙生态设备总量突破11.9亿台，为 手机、汽车、家电等1200多类产品装上了"智能中枢"。 年底数据流通节点城市将扩大到50个左右 对于国家数据基础设施建设和运营情况，国家数据局副局长夏冰在回答中国证券报记者提问时表 示，"十四五"期间，国家数据局制定下发了《国家数据基础设施建设指引》，制定了数据基础设施参考 架构、明确了"三统一"的互联互通要求，提出了匿名化处理等9项重点技术规范。 8月14日，国新办举行发布会介绍"十四五"时期数字中国建设发展成就。国家数据局局长刘烈宏表 示，"十四五"时期数字中国建设有力支撑了我国经济社会高质量发展。展 ...

Macro News - The Shanghai Composite Index broke through 3700 points on August 14, reaching a high of 3704.77 points, the first time since December 2021 [1] - The People's Bank of China emphasized that single-month credit data should not be overly focused on, as it may not accurately reflect the economic activity level, especially as the economy transitions to high-quality development [1] - The National Development and Reform Commission has allocated 188 billion yuan in special bonds to support equipment upgrades across various sectors, leading to a total investment exceeding 1 trillion yuan for around 8400 projects [1] Industry News - The National Bureau of Statistics announced plans to enhance the data industry, including the establishment of data industry clusters and the optimization of the data development environment, aiming to support new productive forces and advantages [2] - As of July 2023, 25 cities, including major ones like Beijing and Shanghai, have established data circulation nodes, with plans to expand to around 50 cities by the end of the year [2] - The Hainan Provincial Government introduced policies to support the biopharmaceutical industry, including financial rewards for R&D and international certifications, aiming to strengthen the sector [3] Sector Insights - CITIC Securities reported that the battery sector is expected to exceed performance expectations due to improved supply-demand dynamics and cost reductions, with a favorable valuation compared to Japanese and Korean counterparts [5] - Huatai Securities highlighted the implementation of a personal consumption loan interest subsidy policy, which is expected to enhance credit supply and support banks' interest margins [5] - Tianfeng Securities noted that the spandex supply in China is highly concentrated, with current prices at a historical low, while demand is expected to grow significantly from 121,000 tons in 2005 to 1,027,000 tons by 2024, indicating a CAGR of 11.9% [6]

Group 1 - The competition, themed "Data Empowerment Multiplier," focuses on the innovative application of data elements across 13 industries, including industrial manufacturing, modern agriculture, and commercial circulation [1] - The competition is organized by the National Data Bureau in collaboration with multiple ministries and aims to promote the market-oriented allocation of data elements [1][4] - The national finals are scheduled for October 2025, with local competitions already underway in various regions [1] Group 2 - The transportation sector has identified seven key topics to enhance digital transformation, cost reduction, and safety through data utilization [2] - The healthcare sector aims to leverage data for improving service convenience and innovation through a series of competition topics [2] - An open innovation track has been established to encourage technological advancements beyond specific industries, focusing on data set construction and public data utilization [2] Group 3 - In the Guizhou regional competition, the leading categories include industrial manufacturing, vertical industry models, and urban governance [3] - Local governments are actively supporting winning teams with funding and resources, exemplified by Tianjin's commitment to provide financial backing and subsidies [3] - The competition emphasizes cross-field data integration and aims to create replicable and demonstrative scenarios [3] Group 4 - This year's competition places greater emphasis on the market-oriented value of data elements, aiming for breakthroughs in scale, quality, and effectiveness [4] - The evaluation criteria focus on data governance, practical effectiveness, and open innovation to enhance data circulation and innovation [4]

Summary of Conference Call for Zhejiang Shuculture (浙数文化) Company Overview - The company reported significant growth in revenue and profit for the first half of 2025, with notable improvement in net cash flow from operating activities [2][4][7]. - The gaming business remains stable, while the digital marketing segment shows rapid growth. However, revenue from Fuchun Cloud has slightly declined due to price reductions in IDC services and ongoing transformation [2][4]. Key Business Segments Gaming Business - The gaming segment is a major contributor to revenue and profit, maintaining stability [4][18]. - Expected to continue its growth trend throughout the year, although sequential growth may not be substantial [18]. Digital Marketing - The digital marketing segment has experienced growth of approximately 10% [4]. - Anticipated to perform better in the second half of the year due to seasonal factors and major marketing events [21]. Fuchun Cloud - Revenue from Fuchun Cloud decreased by 19 million due to IDC business price pressures and transformation challenges [4][6]. - The company expects to improve client acquisition and utilization rates in the second half of the year [20]. Digital Culture - The digital culture segment has undergone structural adjustments, with new initiatives in online social and cultural tourism [5]. - The 45-degree APP business model has been validated, and the original story community platform is seeing increased consumption [2][5]. Financial Performance - The company achieved a net profit of 374 million, a year-on-year increase of 156% [7]. - Non-recurring net profit slightly increased to 203 million, with significant contributions from the gaming and digital marketing sectors [7][11]. - Cash flow improved significantly, turning from a negative 80 million to a positive 250 million [7][12]. AI and Innovation - The company has developed an AI application matrix with seven mature models and algorithms, two of which have been submitted for record [13][16]. - A new innovation R&D center has been established in Guangzhou, focusing on light casual games [13]. Infrastructure Development - The company has completed the first phase of the cultural computing center in Hangzhou and established a 5,000-card computing center in Beijing, with plans for further expansion [3][14]. - The domestic card ecosystem is improving, with an expected increase in the proportion of new domestic cards [15]. Strategic Investments - The company is strategically investing in innovative sectors, including energy and robotics, with plans to increase shareholding in these ventures [2][16]. - Collaborations with various companies, including Alibaba, are ongoing to enhance capabilities in data and AI applications [16]. Market Outlook - The company anticipates strong performance in the second half of 2025, driven by new provincial-level projects and central government initiatives [10][18]. - The digital operation and marketing sectors are expected to see significant revenue releases, particularly in the fourth quarter due to major marketing events [21]. Regulatory Environment - Recent policy changes from the tax bureau are expected to create new opportunities for the industry, particularly in data trading and compliance [25][26]. - The company is actively engaging in the development of data elements and AI, with a focus on high-quality data acquisition and utilization [22][23]. Conclusion - Overall, the company is positioned for growth with a diversified portfolio across gaming, digital marketing, and innovative technologies, while navigating challenges in certain segments like Fuchun Cloud. The strategic focus on AI and data-driven initiatives is expected to enhance future performance and market competitiveness [28].

Core Viewpoint - The article discusses the selection of "Outstanding Service Providers in China's Data Element Industry," emphasizing the evaluation process and criteria used to identify top companies in the sector [1][2][4]. Group 1: Evaluation Criteria and Process - The evaluation model includes four core dimensions: industry depth, product and technology capability, service capability, and ecosystem capability, with further breakdown into secondary and tertiary indicators [2]. - The selection process involved consultations with industry experts from data developers, operators, and IT technology firms, ensuring a comprehensive assessment of the nominated companies [1][2]. - The list of top 30 service providers does not imply a ranking or suggest that non-nominated companies lack market strength [1][4]. Group 2: Industry Trends and Developments - The data element market in China is experiencing rapid growth, with projections indicating a market size exceeding 200 billion yuan by 2025, maintaining a compound annual growth rate of over 25% [18]. - The establishment of the National Data Bureau marks a significant step in creating a unified national data market, with various policies aimed at enhancing data circulation and utilization [14][15][26]. - The focus on building a trustworthy data circulation infrastructure is crucial for balancing data privacy and flow efficiency, which is essential for high-quality market development [18][19]. Group 3: Case Studies and Applications - Neusoft's City Data Value Empowerment Platform aims to enhance urban services in health, employment, and smart governance through data integration and innovative service scenarios [7][9]. - The "Fujian Health Public Service Operation Platform" integrates various services to support the entire lifecycle of citizens, promoting collaboration among local resources and industries [10]. - The article highlights the importance of establishing standards and showcasing successful case studies to facilitate the effective release of data value in the market [24][26].

1. Report Industry Investment Rating No information provided in the given text. 2. Core Viewpoints of the Report - In the short - term, the investment demand for convertible bonds from insurance and annuity remains. With the shrinking of traditional high - quality underlying bonds like banks, convertible bond funds may flow to low - price, high - grade medium - large - cap convertible bonds in sectors such as utilities, transportation, environmental protection, and construction. The valuation decline of medium - low - price and balanced convertible bonds is controllable, and the valuation of high - grade convertible bonds may rise. In the long - term, if the new issuance space of convertible bonds remains unopened, it may significantly affect the market positioning of convertible bond assets, especially if new medium - high - grade convertible bonds are continuously absent, which may impact the basic demand for convertible bond allocation of low - risk - preference investors such as annuities and disrupt the logic of "tight supply - demand supporting high convertible bond valuations" [22] - The current A - share market valuation is recovering. Large - scale equipment updates and consumer goods trade - in measures are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and the capital market is expected to gradually start. For convertible bonds, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the return of incremental convertible bond funds drives the valuation to a relatively high historical level, and attention should be paid to the risk of valuation correction. In terms of clauses, attention should be paid to the game space of downward revisions, be vigilant against the forced redemption risk, and appropriately focus on the short - term game opportunities of near - maturity convertible bonds [42] 3. Summary According to the Directory 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. Supply - Demand Structure and Convertible Bond Valuation - Since the fourth quarter of 2023, the new issuance of convertible bonds has significantly declined, while the amount of conversion and maturity has increased. The scale of outstanding convertible bonds has entered a downward channel, with AAA - rated convertible bonds being the main force of contraction. The scale of convertible bonds in industries such as banks, public utilities, environmental protection, and transportation has decreased significantly. As of August 8, 2025, the convertible bond scale has decreased by nearly 70 billion yuan this year [10] - Starting from 2025, the convertible bond market will enter a maturity peak. In 2025, 134 convertible bonds will mature, with an initial issuance scale of 279.3 billion yuan. As of July 31, 2025, 20 of these 134 convertible bonds remain, with a total remaining scale of 48.178 billion yuan. From 2026 to 2028, the theoretical maturity scale of convertible bonds will exceed 200 billion yuan each year. In terms of ratings, from 2025 to 2027, the maturity scale of AAA - rated convertible bonds will be 39.1 billion yuan, 31.3 billion yuan, and 81.8 billion yuan respectively, remaining the main force of future contraction. The maturity scale of AA - and above - rated convertible bonds will be 47.4 billion yuan, 83.5 billion yuan, and 153.3 billion yuan respectively during the same period [16] - On the demand side, compared with the end of 2021, the investor structure of convertible bonds has changed. The influence of public funds and insurance institutions has increased, while the proportion of enterprise annuities has decreased. Public funds are the main direct investors in convertible bonds, with relatively few restrictions on convertible bond ratings. Pension and insurance institutions usually have clear convertible bond rating restrictions and focus on the safety margin and return certainty of convertible bond prices [21] 3.1.2. Weekly Review and Market Outlook - This week, the market showed an oscillating upward trend, with most of the three major indices rising, but there was differentiation and a slight correction in the second half of the week. The defense, machinery, and non - ferrous metal sectors performed well, while sectors such as commerce and retail, petroleum and petrochemicals, and social services declined [41] - For the stock market outlook, the current A - share market valuation is recovering. Large - scale equipment updates and consumer goods trade - in measures are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and the capital market is expected to gradually start. For convertible bonds, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the return of incremental convertible bond funds drives the valuation to a relatively high historical level, and attention should be paid to the risk of valuation correction. In terms of clauses, attention should be paid to the game space of downward revisions, be vigilant against the forced redemption risk, and appropriately focus on the short - term game opportunities of near - maturity convertible bonds. Industries to focus on include hot topics, domestic demand - driven sectors, central state - owned enterprises represented by "China -字头", the "Belt and Road" theme, high - dividend sectors, and the military industry [42][43] 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. Equity Market Rises, with Military, Metal, and Machinery Leading - This week, the main equity market indices rose. The Wind All - A Index rose 1.94%, the Shanghai Composite Index rose 2.11%, the Shenzhen Component Index rose 1.25%, and the ChiNext Index rose 0.49%. The market style was more inclined to small - cap value. Among the small - cap indices, the CSI 1000 Index rose 2.51% and the STAR 50 Index rose 0.65% [46] - Among the 27 Shenwan industries, 27 rose and 4 fell. The defense, non - ferrous metal, and machinery industries led the market with increases of 5.93%, 5.78%, and 5.37% respectively, while the pharmaceutical, computer, and commerce and retail industries were among the top decliners [49] 3.2.2. Convertible Bond Market Soars, and the Median of the 100 - Yuan Premium Rate Increases - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.31%, the Shanghai Convertible Bond Index rose 2.25%, the Shenzhen Convertible Bond Index rose 2.42%, the Wind Convertible Bond Equal - Weighted Index rose 2.73%, and the Wind Convertible Bond Weighted Index rose 2.23% [51] - The average daily trading volume of convertible bonds increased this week. The average daily trading volume of the convertible bond market was 84.475 billion yuan, an increase of 7.259 billion yuan compared with last week. The total trading volume this week was 422.376 billion yuan [51] - At the industry level of convertible bonds, 29 industries rose and 0 fell. The machinery, defense, and beauty care industries led the market with increases of 4.51%, 4.40%, and 4.04% respectively. At the corresponding underlying stock level, 26 industries rose and 3 fell. The household appliance, bank, and machinery industries led the market with increases of 6.75%, 4.97%, and 4.70% respectively, while the building material, computer, and petroleum and petrochemical industries led the decline [56] - Most individual convertible bonds rose this week (428 out of 459). Excluding the closing data of newly - listed convertible bonds this week, the top five convertible bonds in terms of weekly increase were Jiaojian Convertible Bond (23.15%), Julong Convertible Bond (21.65%), Gaoce Convertible Bond (16.82%), Dongjie Convertible Bond (16.32%), and Borui Convertible Bond (14.97%); the top five convertible bonds in terms of weekly decline were Qizheng Convertible Bond (- 22.67%), Haopeng Convertible Bond (- 11.77%), Saili Convertible Bond (- 10.79%), Yingji Convertible Bond (- 7.58%), and Tianlu Convertible Bond (- 6.95%); the top five convertible bonds in terms of weekly trading volume were Dongjie Convertible Bond (19.443 billion yuan), Jinxian Convertible Bond (17.852 billion yuan), Tianlu Convertible Bond (16.819 billion yuan), Julong Convertible Bond (15.168 billion yuan), and Qizheng Convertible Bond (14.694 billion yuan) [58] - The number of absolute low - price convertible bonds decreased, and the median price of convertible bonds rose significantly. As of Friday, the median price of the entire market's convertible bonds closed at 130.41 yuan, an increase of 2.78 yuan compared with last weekend. The weighted conversion value of the entire market increased, and the premium rate rose. The median implied volatility of the entire market increased, and the pure - bond premium rate of debt - biased convertible bonds increased [62][66] 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuations of equity - biased and balanced convertible bonds slightly declined, with the decline in equity - biased convertible bonds being higher. The valuation of convertible bonds with a conversion value of 110 - 120 yuan declined, while the valuations of other convertible bonds increased, especially those with a conversion value of 0 - 80 yuan and 100 - 110 yuan. The valuations of most convertible bonds of each rating increased, except for AAA and A and below. The valuations of small - cap and large - cap convertible bonds decreased, while those of medium - small - cap and medium - cap convertible bonds increased [75] - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have both rebounded from the bottom. As of Friday, the conversion premium rate of equity - biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [75] 3.2.3.2. Market Index Performance - This week, convertible bonds of all ratings rose. AAA convertible bonds rose 1.88%, AA + convertible bonds rose 2.11%, AA convertible bonds rose 2.16%, AA - convertible bonds rose 2.69%, A + convertible bonds rose 3.17%, and A and below convertible bonds rose 2.37%. Since 2023, AAA convertible bonds have recorded a 20.01% return; AA + convertible bonds, 9.93%; AA convertible bonds, 14.85%; AA - convertible bonds, 22.79%; A + convertible bonds, 26.17%; and A and below convertible bonds, 30.78%. Historically, high - rating AAA convertible bonds have shown stable performance, while low - rating convertible bonds have shown weaker anti - decline properties and greater rebound strength [89] - This week, convertible bonds of all scales rose. Small - cap convertible bonds rose 3.48%, medium - small - cap convertible bonds rose 2.26%, medium - cap convertible bonds rose 2.65%, and large - cap convertible bonds rose 1.72%. Since 2023, small - cap convertible bonds have recorded a 27.20% return; medium - small - cap convertible bonds, 23.63%; medium - cap convertible bonds, 19.43%; and large - cap convertible bonds, 16.63% [89] 3.3. Tracking of Convertible Bond Supply and Clauses 3.3.1. This Week's Primary - Market Issuance Plans - This week, there were no newly - listed convertible bonds, and there was 1 convertible bond issued but not yet listed - Weidao Convertible Bond with a scale of 1.17 billion yuan. The number of primary - market approvals this week was 7. Among them, 2 convertible bonds, Huafa Co., Ltd. (private placement convertible bonds, scale 4.8 billion yuan) and Jindawei (1.292 billion yuan), obtained the approval of the China Securities Regulatory Commission; 2 convertible bonds, Tianzhun Technology (0.872 billion yuan) and Chunfeng Power (2.5 billion yuan), were accepted by the stock exchange [94] - From the beginning of 2023 to August 8, 2025, the total number of planned convertible bonds was 89, with a total scale of 137.717 billion yuan. Among them, 15 convertible bonds passed the board of directors' proposal, with a total scale of 16.218 billion yuan; 36 convertible bonds passed the shareholders' meeting, with a total scale of 65.707 billion yuan; 28 convertible bonds were accepted by the stock exchange, with a total scale of 38.842 billion yuan; 4 convertible bonds passed the listing committee, with a total scale of 8.979 billion yuan; and 6 convertible bonds obtained the approval of the China Securities Regulatory Commission, with a total scale of 7.971 billion yuan [95] 3.3.2. Downward Revision and Redemption Clauses - As of August 9, 2025, 10 convertible bonds announced that they were expected to trigger a downward revision this week; 7 convertible bonds announced that they would not be downward - revised, among which Heda Convertible Bond, Shengtai Convertible Bond, and Yirui Convertible Bond announced that they would not be downward - revised within 6 months; Ou 22 Convertible Bond proposed a downward revision, and Zhongzhuangzhuan 2 announced the result of the downward revision, which was revised to the lowest price [98] - This week, 9 convertible bonds announced that they were expected to trigger redemption; 3 convertible bonds announced that they would not be redeemed; and 6 convertible bonds, including Longhua Convertible Bond, Xince Convertible Bond, Haopeng Convertible Bond, Dongcai Convertible Bond, Youzu Convertible Bond, and Baidian Convertible Bond, announced early redemption [101] - As of the end of this week, there were 6 convertible bonds still in the put - option declaration period and 15 convertible bonds still in the company's capital - reduction settlement declaration period [103]