周五，德国10年期国债收益率涨2个基点，报2.725%，日内交投于2.683%-2.734%之间，本周累涨11.8个 基点。 两年期德债收益率涨1个基点，报1.9%，日内交投于1.872%-1.911%区间，本周累涨8.4个基点。 ...

从投资端表现看，地产投资或将继续形成拖累。房地产市场的供需尚未平衡，房价仍在探底过程中，尤 其二手房库存依然较高，且市场购房多为改善性需求，后续二手房价格的企稳还要依赖于地方收储进度 的加快。 从央行货币政策看，6月起央行态度明显转松，货币政策重心从一季度的"防风险"再度回到"稳增长"。6 月末，央行发布《二季度货币政策报告》，其总体延续宽货币方向不变，但将政策表述从一季度的"择 机降准降息"，转变为"灵活把握政策实施的力度和节奏"。结合外部环境不确定因素较多，我们认为， 短期宽货币政策落地概率较低，但鉴于5月降息力度有限，在内需仍待提振的背景下，全社会融资成本 仍存在下行空间。 从债券供给角度看，今年以来，政府债发行节奏明显前置。截至6月末，政府债累计发行7.62万亿元， 较2024年6月末增加4.14万亿元，发债进度55%，去年6月底为30%。若排除化债因素，今年计划发行政 府债合计为11.36万亿元，同比多增2.4万亿元，而截至今年6月末，政府债累计发行5.92万亿元，同比多 增2.54万亿元。政府债发行进度为43%，去年同期为37%。今年上半年已完成全年计划的全部增量，而 若要继续保持支出高增速，或需 ...

这一转变主要得益于财政收入的急剧增加，尤其是关税收入。6月份海关关税总额高达约270亿美元，较 5月份的230亿美元增长17%，较去年同期暴增301%。 本财年迄今，关税收入已达到1130亿美元，较去年同期增长86%，创下单一财年的历史新高。财政部长 贝森特周二表示，美国今年年底前的关税收入可能"远超"3000亿美元。 尽管月度数据向好，但持续的财政赤字，以及不断攀升的国债利息支出，仍对美国财政构成严峻挑战。 这一背景也加剧了白宫与美联储之间关于利率政策的紧张关系，因为总统特朗普持续施压，希望通过降 息来减轻联邦政府的债务偿付负担。 美国政府自2017年以来首次在6月份实现财政盈余。 7月11日，据美国财政部数据显示，政府在六月份录得超过270亿美元的财政盈余，与五月份高达3160亿 美元的赤字形成鲜明对比。这是自2017年以来，美国政府首次在6月份实现财政盈余。尽管如此，本财 年迄今的累计赤字仍高达1.34万亿美元。 据媒体报道，财政部官表示，若剔除日历调整因素，六月份的实际赤字应为700亿美元。当前财年仅剩 三个月，累计赤字已达1.34万亿美元，较去年同期增长5%。 此外，据媒体援引国会预算办公室预测，特 ...

10年期美债收益率日内涨幅达1.54%，报4.425。 ...

Core Viewpoint - Northeast Securities Co., Ltd. is issuing a subordinate bond with a total amount not exceeding 800 million RMB, rated AA+ by a credit rating agency, indicating a strong ability to repay debts and a stable outlook [1][3][4]. Group 1: Bond Issuance Details - The bond issuance has been approved by the China Securities Regulatory Commission, allowing the company to issue up to 800 million RMB in subordinate bonds [1][4]. - The bond is unsecured, meaning it does not have collateral backing, which may increase investment risk [4][5]. - The bond's interest rate will be determined through pricing methods such as inquiry and agreement pricing [1]. Group 2: Financial Performance - As of March 31, 2025, the company's consolidated net assets were reported, and the average distributable profit for the last three years was compliant with regulatory requirements [1][4]. - The company's net profit for 2022, 2023, 2024, and the first quarter of 2025 were 231 million RMB, 668 million RMB, 874 million RMB, and 202 million RMB respectively, showing a significant increase in profitability in recent years [1][4][13]. - The company reported a decrease in operating cash flow in 2023 but a substantial increase in 2024, indicating fluctuations in cash management [5][6]. Group 3: Credit Rating and Risk Factors - The credit rating agency assigned a AAA rating to the issuer and AA+ to the bond, reflecting a strong capacity to meet debt obligations [1][3]. - The company faces potential risks from regulatory changes and market volatility, which could impact its revenue and profitability [3][4][8]. - The company has a history of litigation, with ongoing cases that could affect its financial stability if outcomes are unfavorable [6][18]. Group 4: Operational and Market Environment - Northeast Securities operates in a highly competitive and regulated environment, with a diversified business model that includes brokerage, investment banking, and asset management [4][11]. - The company has established a strong marketing network across major economic regions in China, enhancing its competitive position [4]. - The overall performance of the securities market is influenced by macroeconomic conditions, which can lead to significant fluctuations in the company's earnings [8][14].

Core Points - The report discusses the issuance of convertible bonds by Huitong New Materials Co., Ltd, with a total amount of RMB 830 million [3][5] - The bonds have a maturity period of six years, from December 6, 2022, to December 5, 2028, with a tiered interest rate structure [5][6] - The conversion period for the bonds is from June 12, 2023, to December 5, 2028, allowing bondholders to convert their bonds into A-shares [6][7] Summary by Sections Issuance Details - The convertible bonds are approved by the China Securities Regulatory Commission and are set to be listed on the Shanghai Stock Exchange [3][4] - Each bond has a face value of RMB 100, with a total issuance of 8.3 million bonds [5][6] Interest and Repayment - The interest rates are structured as follows: Year 1: 0.3%, Year 2: 0.5%, Year 3: 1.0%, Year 4: 1.5%, Year 5: 2.0%, Year 6: 3.0% [5][6] - Interest payments will be made annually, with the principal repaid at maturity [6][7] Conversion and Share Impact - As of July 9, 2025, 28,790,321 shares have been converted, representing 10.3666% of the total shares before conversion [7][8] - The remaining unconverted bond amount is RMB 395.854 million, accounting for 47.6933% of the total issuance [7][8] Company Impact - The bond issuance and conversion activities are in line with the prospectus and do not adversely affect the company's operations or debt repayment capacity [8]

证券代码：002798 证券简称：帝欧家居 公告编号：2025-072 债券代码：127047 债券简称：帝欧转债 帝欧家居集团股份有限公司 关于帝欧转债转股数额累计达到转股前公司已发行股份总额10% 简称"公司"）公开发行可转换公司债券"帝欧转债"累计转股数额为 39,124,884 股，占"帝欧转债"开始转股前公司已发行股份总额 386,893,064 股的 10.11%。 欧转债"未转股，占公司可转债发行总量 15,000,000 张的 86.68%。 一、可转换公司债券发行上市概况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可2021513 号"文核准，公司于 2021 年 10 月 25 日公开发行了 15,000,000 张可转债，每张面值 100 元，发行总额 150,000 万元。 （二）可转债上市情况 经深交所"深证上20211151 号"文同意，公司 150,000.00 万元可转债于 （三）可转债转股情况 的公告 本公司及全体董事会成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示 （以 下简称"募集说明书"）相关约定，公司本次 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-030 可转债代码：113065 可转债简称：齐鲁转债 齐鲁银行股份有限公司 关于实施"齐鲁转债"赎回暨摘牌的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 证券停复牌情况：适用 因提前赎回"齐鲁转债",齐鲁银行股份有限公司（以下简称"公司"）的相 关证券停复牌情况如下： 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复 牌日 ? 赎回登记日：2025 年 8 月 13 日 ? 赎回价格：100.7068 元/张 ? 赎回款发放日：2025 年 8 月 14 日 ? 最后交易日：2025 年 8 月 8 日 截至 2025 年 7 月 11 日收市后，距离 2025 年 8 月 8 日（"齐鲁转债"最后交 易日）仅剩 20 个交易日，2025 年 8 月 8 日为"齐鲁转债"最后一个交易日。 ? 最后转股日：2025 年 8 月 13 日 截至 2025 年 7 月 11 日收市后，距离 2025 年 8 月 13 日 ...

Core Viewpoint - The company has announced an adjustment to the conversion price of its convertible bonds, reducing it from 11.69 CNY per share to 11.64 CNY per share, effective from July 18, 2025 [1][5]. Group 1: Convertible Bond Issuance and Adjustments - The company issued convertible bonds totaling 340 million CNY on September 10, 2021, with a net fundraising amount of approximately 333.45 million CNY after deducting issuance costs [1]. - The initial conversion price of the bonds was set at 17.80 CNY per share, which has undergone several adjustments due to various corporate actions [3][4]. - The conversion price has been adjusted multiple times, with the most recent adjustment resulting in a price of 11.64 CNY per share, effective from July 18, 2025 [5]. Group 2: Dividend Distribution and Impact on Conversion Price - The company plans to distribute a cash dividend of 0.50 CNY per 10 shares, totaling approximately 125 million CNY, based on a total share capital of 250,426,416 shares as of March 31, 2025 [4][5]. - Due to the conversion of bonds, the total share capital increased slightly, leading to a recalibration of the dividend distribution to approximately 0.499999 CNY per 10 shares [5]. - The adjustment in the conversion price is calculated based on the cash dividend distribution, resulting in the new conversion price of 11.64 CNY per share [5].

证券代码：600340 证券简称：华夏幸福 公告编号：2025-041 华夏幸福基业股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 华夏幸福基业股份有限公司（以下简称"公司"）目前正在持续推进《债 务重组计划》及《债务重组计划补充方案》，推动金融债务重组协议签订等各项 工作。公司根据前述计划及方案与债权人签署相关协议后，涉及债权人豁免或调 减公司对其的债务（包括本金、未支付利息及罚息），本次业绩预告中已考虑相 关影响； ? 预计公司 2025 年半年度将实现归属于上市公司股东的净利润为-75 亿元 到-55 亿元； ? 预计公司 2025 年半年度将实现归属于上市公司股东的扣除非经常性损 益的净利润为-83 亿元到-63 亿元。 一、本期业绩预告情况 （一）业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 属于上市公司股东的净利润为-75 亿元到-55 亿元； 的净利润为-83 亿元到-63 亿元。 （三）本期业绩预告是否经注册会计师审计：否。 ...