Summary of Conference Call Records Industry Overview - The A-share market experienced a slight pullback after a rebound in April, influenced by accelerated theme rotation, the realization of expectations from China-US trade negotiations, and concerns over tariff uncertainties [1][2] - The Middle East conflict has a minimal substantive impact on the Chinese stock market, primarily causing emotional shocks, as China's diversified energy supply reduces reliance on Middle Eastern oil [1][4] Key Points on Market Dynamics - The current equity market lacks a clear main line, with innovative pharmaceuticals and new consumption sectors performing well, while technology sectors are experiencing frequent rotations [1][5] - The valuation levels are above the median of the past decade, indicating a need for market adjustments due to the crowded trades in previously high-performing stocks [1][5] - The convertible bond market has seen a slight decline in prices and valuations since early April, improving cost-effectiveness for investors [1][6] Future Market Outlook - The medium to long-term outlook for the equity market in 2025 remains positive, supported by capital market policies and monetary easing, which are expected to attract incremental funds [1][7] - Short-term adjustments are anticipated due to limited marginal benefits and the cautious sentiment of investors entering the earnings forecast window [1][7] Sector-Specific Insights - The recovery of military orders in 2025 is expected to significantly boost industry demand, with the banking sector showing strategic allocation value due to its high dividend and low volatility characteristics [3][8] - The banking convertible bond market is undergoing a large-scale exit, with a focus on short-term bonds with high yields as replacements [3][9] Investment Recommendations - In the new consumption sector, attention is drawn to relatively low-priced stocks with potential for price adjustments, such as Pop Mart and related trends [10] - Other sectors worth considering for stable cash flow and profitability include public utilities and agriculture, with specific recommendations for companies like Xinao and Sanxia Energy [11] - In the military sector, companies like Guokong and Ziguang Guomi are highlighted as having high investment potential due to the rapid growth of orders [12][14] Risk Considerations - The downgrade of Hengtai's credit rating is attributed to reduced asset scale and revenue, along with significant losses in the previous year, although no substantial risks are identified from a bond perspective [15]

风险提示： 理财赎回风险；转债转股溢价率压缩风险；转债正股表现不及预期。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 估值蓄力，坚守主线——转债市场点评 报告日期：2025.06.17 报告作者： 顾一格 （分析师），登记编号： S0880522120006 报告导读： 当前转债估值较4月初略有下降，性价比有所提升。建议通过布局自主可 控、内需发力和红利三条主线降低关税影响，提前布局优质底仓替代标的。 5月12日中美日内瓦协议落地以来，权益市场并未大涨，而是维持窄幅波动。 我们认为一方面是因为关税 摩擦缓和预期已经在4月8日-5月12日的反弹中被市场充分定价，另一方面，市场担心2018年中美达成协议 后美方单方面撕毁协议的情况再次发生。事实上，自中美日内瓦经贸会谈以来，美方新增多项对华限制措 施，包括发布AI芯片出口管制指南、停止对华芯片设计软件销售、宣布撤销中国留学生签证等。在刚刚结 束的中美伦敦会谈中，就落实两国元首6月5日通话重要共识和巩固日内瓦经贸会谈成果的措施框架达成原 则一致，就解决双方彼此经贸关切取得新进展。紧张关系暂时缓和，但结构性矛盾仍未根本性解决。中美 之间的结 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints The report is a daily tracking of the convertible bond market on June 16, 2025. It shows that the convertible bond market had an incremental increase with a rising valuation. The market sentiment was positive, and different market segments and industries had varying performance [1]. 3. Section Summaries Market Overview - Index performance: The CSI Convertible Bond Index rose 0.25%环比, the Shanghai Composite Index rose 0.35%环比, the Shenzhen Component Index rose 0.41%环比, the ChiNext Index rose 0.66%环比, the SSE 50 Index rose 0.32%环比, and the CSI 1000 Index rose 0.68%环比 [1]. - Market style: Large-cap value stocks were relatively dominant. Large-cap growth stocks decreased 0.07%环比, large-cap value stocks rose 0.60%环比, mid-cap growth stocks decreased 0.46%环比, mid-cap value stocks decreased 0.05%环比, small-cap growth stocks rose 0.19%环比, and small-cap value stocks rose 0.12%环比 [1]. - Fund performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 69.048 billion yuan, a 10.96%环比 increase. The total trading volume of the Wind All A was 1.243641 trillion yuan, a 17.31%环比 decrease. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 2.73 billion yuan, and the yield of the 10-year treasury bond decreased 0.08bp环比 to 1.64% [1]. Convertible Bond Price and Valuation - Bond price: The central price of convertible bonds increased, and the proportion of high-price bonds rose. The weighted average closing price of convertible bonds was 119.96 yuan, a 0.23%环比 increase. Among them, the closing price of equity-biased convertible bonds was 164.50 yuan, a 0.60%环比 increase; the closing price of debt-biased convertible bonds was 111.58 yuan, a 0.11%环比 increase; the closing price of balanced convertible bonds was 121.14 yuan, a 0.13%环比 increase. The proportion of bonds with a closing price above 130 yuan was 24.47%, a 0.9pct环比 increase [2]. - Bond valuation: The valuation increased. The fitted conversion premium rate of 100-yuan par value was 22.85%, a 0.15pct环比 increase; the overall weighted par value was 89.88 yuan, a 0.58%环比 increase. The premium rate of equity-biased convertible bonds was 4.58%, a 0.20pct环比 increase; the premium rate of debt-biased convertible bonds was 91.56%, a 0.52pct环比 increase; the premium rate of balanced convertible bonds was 19.24%, a 0.40pct环比 decrease [2]. Industry Performance - Stock market: Among the A-share markets, the top three industries with the highest increases were media (+2.70%), communication (+2.11%), and computer (+1.99%); the top three industries with the highest decreases were agriculture, forestry, animal husbandry and fishery (-0.76%), beauty care (-0.49%), and non-ferrous metals (-0.43%) [3]. - Convertible bond market: A total of 22 industries in the convertible bond market rose. The top three industries with the highest increases were computer (+2.30%), building materials (+1.97%), and basic chemicals (+1.10%); the top three industries with the highest decreases were environmental protection (-1.56%), light industry manufacturing (-0.46%), and petroleum and petrochemicals (-0.25%) [3]. Industry Rotation Media, communication, and computer led the rise in the industry rotation. The report also provides detailed information on the daily, weekly, monthly, and year-to-date increases of stocks and convertible bonds in various industries, as well as the valuation quantiles of stocks [55].

存款利率调降满月，银行负债端有何变化 20250615 摘要 中美经贸关系虽短期缓和，但技术竞争结构性矛盾未解，长期对抗和脱 钩风险犹存。回顾历史，权益市场对利空已钝化，关税缓和期中小盘成 长板块或有较好表现，因前期跌幅较大。 自 2024 年 9 月以来，决策层稳定政策预期，股市风险溢价系统性下移， 无风险利率下降推动资金入市。短期政策托底下，权益市场下行空间有 限，地缘政治冲击后有望重回上行通道。 当前转债平均价格偏高，转股溢价率略低于 4 月初，投资者情绪趋谨慎， 但为后续反弹提供估值空间。平衡型和偏股型转债估值相对较低，预计 仍具跟涨弹性。 4 月以来十几只转债评级下调影响可控，投资者对信用风险有预期。规 避业绩恶化、行业风险及非标年报标的，6 月评级下调冲击或有限。 银行转债加速退出，约 900 亿资金需寻找替代底仓。选择包括高股息稳 定现金流类（银行转债、公用事业）、短久期可转债（盛弘通 22）、周 期性强双低类（农林牧渔如牧原希望）。 中美经贸关系对权益市场的影响如何？ 自中美日内瓦协议落地以来，美方新增了多项对华限制措施，包括 AI 芯片出口 管制指南、芯片设计软件销售限制以及撤销中国留学生签 ...

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].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Today, convertible bonds rose following the underlying stocks, and the valuation increased month - on - month. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The convertible bond valuation also increased [2]. - Today, most underlying stock industries rose, with 27 industries rising in the A - share market and 22 industries rising in the convertible bond market [3]. 3. Summary by Related Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index rose 0.31% month - on - month, the Shanghai Composite Index rose 0.52%, the Shenzhen Component Index rose 0.83%, the ChiNext Index rose 1.21%, the SSE 50 Index rose 0.59%, and the CSI 1000 Index rose 0.40% [1]. - Market Style: Large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 1.02%, large - cap value stocks rose 0.63%, mid - cap growth stocks rose 0.64%, mid - cap value stocks rose 0.47%, small - cap growth stocks rose 0.81%, and small - cap value stocks rose 0.52% [1]. - Fund Performance: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 71.224 billion yuan, a 3.88% month - on - month decrease; the total trading volume of the Wind All - A Index was 1.286677 trillion yuan, an 11.35% month - on - month decrease; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 4.992 billion yuan, and the yield of the 10 - year Treasury bond decreased 1.49bp month - on - month to 1.64% [1]. Convertible Bond Price - The overall weighted average closing price of convertible bonds was 120.30 yuan, a 0.30% increase from yesterday. Among them, the closing price of equity - biased convertible bonds was 161.40 yuan, a 0.98% month - on - month decrease; the closing price of bond - biased convertible bonds was 111.56 yuan, a 0.17% month - on - month increase; the closing price of balanced convertible bonds was 121.34 yuan, a 0.16% month - on - month increase [2]. - The proportion of high - price bonds above 130 yuan was 25.69%, a 1.27pct increase from yesterday. The range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 33.55%, a 1.27pct decrease from yesterday. There were 7 bonds with a closing price below 100 yuan. The median price was 122.19 yuan, a 0.66% increase from yesterday [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan par value was 23.32%, a 0.32pct increase from yesterday. The overall weighted par value was 90.61 yuan, a 0.83% increase from yesterday. The premium rate of equity - biased convertible bonds was 4.96%, a 0.03pct month - on - month decrease; the premium rate of bond - biased convertible bonds was 90.02%, a 0.03pct month - on - month decrease; the premium rate of balanced convertible bonds was 19.60%, a 0.18pct month - on - month decrease [2]. Industry Performance - In the A - share market, the top three rising industries were non - ferrous metals (+2.21%), agriculture, forestry, animal husbandry and fishery (+2.02%), and non - banking finance (+1.90%); the top three falling industries were pharmaceutical biology (-0.41%), communications (-0.28%), and beauty care (-0.10%) [3]. - In the convertible bond market, 22 industries rose. The top three rising industries were automobiles (+0.78%), agriculture, forestry, animal husbandry and fishery (+0.78%), and basic chemicals (+0.78%); the top three falling industries were environmental protection (-1.04%), electronics (-0.74%), and petroleum and petrochemicals (-0.22%) [3]. - Closing Price: The large - cycle sector increased 0.07%, the manufacturing sector increased 0.45%, the technology sector increased 0.10%, the large - consumption sector increased 0.30%, and the large - finance sector increased 0.29% [3]. - Conversion Premium Rate: The large - cycle sector decreased 0.73pct, the manufacturing sector decreased 1.7pct, the technology sector decreased 0.17pct, the large - consumption sector decreased 2.2pct, and the large - finance sector decreased 0.4pct [3]. - Conversion Value: The large - cycle sector increased 0.36%, the manufacturing sector increased 1.26%, the technology sector increased 0.24%, the large - consumption sector decreased 2.85%, and the large - finance sector increased 0.50% [3]. - Pure Bond Premium Rate: The large - cycle sector increased 0.085pct, the manufacturing sector increased 0.58pct, the technology sector increased 0.19pct, the large - consumption sector increased 1.5pct, and the large - finance sector increased 0.32pct [4]. Industry Rotation - Non - ferrous metals, agriculture, forestry, animal husbandry and fishery, and non - banking finance led the rise in the industry rotation. The report also provided the daily, weekly, monthly, and year - to - date changes in stock prices, convertible bond prices, and valuation quantiles of multiple industries [54].

1. Report Industry Investment Rating No information provided in the given report. 2. Core Views of the Report - The convertible bond market declined following the underlying stocks, and the valuation compressed on June 10, 2025 [1]. - The trading sentiment in the convertible bond market heated up, with the trading volume increasing [1]. - The market style favored large - cap value stocks [1]. 3. Summary by Relevant Catalogs Market Overview - Index Performance: The CSI Convertible Bond Index decreased by 0.28% compared to the previous day. The Shanghai Composite Index decreased by 0.44%, the Shenzhen Component Index decreased by 0.86%, the ChiNext Index decreased by 1.17%, the SSE 50 Index decreased by 0.39%, and the CSI 1000 Index decreased by 0.92% [1]. - Market Style: Large - cap value stocks were relatively dominant. Large - cap growth decreased by 0.71%, large - cap value decreased by 0.07%, mid - cap growth decreased by 0.70%, mid - cap value decreased by 0.09%, small - cap growth decreased by 1.01%, and small - cap value decreased by 0.34% [1]. - Capital Performance: The trading volume of the convertible bond market was 74.1 billion yuan, a 6.52% increase from the previous day. The total trading volume of the Wind All - A Index was 1.451437 trillion yuan, a 10.57% increase. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 35.972 billion yuan, and the yield of the 10 - year treasury bond increased by 0.10bp to 1.66% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high - price bonds decreased. The weighted average closing price of convertible bonds was 119.95 yuan, a 0.31% decrease from the previous day. The closing price of equity - biased convertible bonds was 162.79 yuan, a 0.01% increase; the closing price of bond - biased convertible bonds was 111.37 yuan, a 0.20% decrease; the closing price of balanced convertible bonds was 121.15 yuan, a 0.01% decrease [2]. - The proportion of bonds with a closing price above 130 yuan was 24.42%, a 2.34 - percentage - point decrease from the previous day. The most significant change in the proportion was in the range of 110 - 120 (including 120), with a proportion of 34.82%, a 1.06 - percentage - point increase. There were 8 bonds with a closing price below 100 yuan. The median price was 121.38 yuan, a 0.67% decrease from the previous day [2]. Convertible Bond Valuation - The valuation compressed. The conversion premium rate of the 100 - yuan par - value fitted convertible bonds was 23.00%, a 0.42 - percentage - point decrease from the previous day. The overall weighted par value was 89.91 yuan, a 0.64% decrease [2]. - The premium rate of equity - biased convertible bonds was 4.93%, a 0.91 - percentage - point decrease; the premium rate of bond - biased convertible bonds was 90.04%, a 0.53 - percentage - point increase; the premium rate of balanced convertible bonds was 19.78%, a 0.08 - percentage - point increase [2]. Industry Performance - In the A - share market, the top three industries with the largest declines were national defense and military industry (-1.97%), computer (-1.87%), and electronics (-1.65%); the top three industries with the largest increases were beauty care (+1.10%), banking (+0.48%), and medicine and biology (+0.33%) [3]. - In the convertible bond market, 24 industries declined. The top three industries with the largest declines were communication (-2.17%), computer (-1.58%), and building materials (-1.49%); the top three industries with the largest increases were beauty care (+0.82%), agriculture, forestry, animal husbandry and fishery (+0.34%), and banking (+0.32%) [3]. - For different sectors: - Closing price: The large - cycle sector decreased by 0.59%, the manufacturing sector decreased by 0.65%, the technology sector decreased by 1.44%, the large - consumption sector decreased by 0.31%, and the large - finance sector increased by 0.14% [3]. - Conversion premium rate: The large - cycle sector decreased by 0.4 percentage points, the manufacturing sector increased by 0.62 percentage points, the technology sector increased by 0.86 percentage points, the large - consumption sector increased by 0.87 percentage points, and the large - finance sector increased by 1.0 percentage point [3]. - Conversion value: The large - cycle sector decreased by 0.81%, the manufacturing sector decreased by 1.51%, the technology sector decreased by 1.82%, the large - consumption sector decreased by 0.08%, and the large - finance sector decreased by 0.68% [3]. - Pure - bond premium rate: The large - cycle sector decreased by 0.7 percentage points, the manufacturing sector decreased by 0.72 percentage points, the technology sector decreased by 2.0 percentage points, the large - consumption sector decreased by 0.43 percentage points, and the large - finance sector increased by 0.13 percentage points [4]. Industry Rotation - Beauty care, banking, and medicine and biology led the rise. For beauty care, the daily increase of the underlying stocks was 1.10%, and the convertible bonds increased by 0.82%; for banking, the daily increase of the underlying stocks was 0.48%, and the convertible bonds increased by 0.32%; for medicine and biology, the daily increase of the underlying stocks was 0.33%, and the convertible bonds increased by 0.18% [53].

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Tianyang Convertible Bond and Lidao Convertible Bond increased by nearly 5% [1] - Jiahe Convertible Bond rose by 4.6% [1] Group 2 - Zhenhua Convertible Bond decreased by 2.6% [1] - Aofei Convertible Bond fell by nearly 2% [1]

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Summary of Conference Call Records Industry Overview - The consumer electronics upstream costs have increased, leading to higher downstream product prices and a valuation correction for related stocks, resulting in weakened revenue contributions [1][2] - The overall market performance showed good gains in large-cap and small-cap indices, while mid-cap indices like the CSI 500 performed slightly worse [3] Key Points and Arguments Market Performance - The convertible bond market did not outperform the indices last month due to a lack of significant risk appetite in technology and consumer sectors [2] - The banking sector showed notable gains, with some bank convertible bonds facing strong redemption triggers, potentially leading to a reduction in supply [3] Recommendations - Recommended stocks in the new consumer sector include Li Ziyuan, Huakang, Xianle, and Zhongchong, all of which have upward momentum [1][6] - In the technology and high-end manufacturing sectors, recommended stocks include Weicai, Anji, Guoli Co., and Huarui, with Weicai experiencing growth in third-party testing and Anji holding a significant market share in polishing liquids [1][7] Convertible Bond Market Outlook - The average price of convertible bonds in June was approximately 120 yuan, with a valuation percentile of 73.4% [5] - A reduction in fixed income + funds is expected, but a significant contraction is unlikely as asset-side pressures remain high [5] Specific Company Insights - **Huakang Co.**: A leader in functional sugar alcohols with stable gross margins and high market shares in xylitol and maltitol. The new Zhoushan base is expected to contribute significantly to revenue [10][11] - **Xianle Health**: A leading CDMO in nutritional health foods, showing double-digit growth in the new consumer sector and expanding partnerships with emerging brands [12] - **Guoli Co.**: Continuous recommendations due to its involvement in vacuum electronic devices, with expected revenue growth driven by the new energy vehicle sector and military orders [13][14] - **Huarui Precision**: Benefiting from improved demand in the hard alloy tool market, with significant growth in sales and expansion into humanoid robot components [15][20] Additional Important Content - The agricultural sector is showing marginal improvements, with potential investment opportunities arising from changes in pig prices and policy catalysts [4][8] - New Dairy's low-temperature products are maintaining double-digit growth, with strong channel control and innovation driving performance [16][21] - YunKang Group is expanding into overseas markets with significant orders locked in, indicating strong revenue growth potential [18] This summary encapsulates the key insights and recommendations from the conference call, highlighting the performance of various sectors and specific companies within the investment landscape.