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.

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250605 市场概况：今日转债增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.17%、上证综指环比上涨 0.23%、深证成 指环比上涨 0.58%、创业板指环比上涨 1.17%、上证 50 指数环比上涨 0.05%、 中证 1000 指数环比上涨 0.72%。 市场风格：小盘成长相对占优。大盘成长环比上涨 0.42%、大盘价值环比下降 0.25%、中盘成长环比上涨 0.28%、中盘价值环比下降 0.50%、小盘成长环比 上涨 0.73%、小盘价值环比下降 0.33%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 673.96 亿元，环比 增长 4.69%；万得全 A 总成交额为 13169.62 亿元，环比增长 11.85%；沪深两 市主力净流出 3.59 亿元，十年国债收益率环比上升 0.37bp 至 1.67%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 119.78 元，环比昨日上升 0.22%。其中偏股型转债的收盘价为 163.72 元，环比 上升 2.22%；偏债型转债的收盘价为 111.02 ...

Macro - The global economic system is undergoing reconstruction due to changes in the trust foundation, leading to a gradual "de-dollarization" primarily driven by non-economic factors, particularly international relations [2] - The long-term bull market for gold is expected to be historical and significant, as the trend of declining trust among countries is unlikely to change [2] - In the short to medium term, attention should be paid to the potential decline in dollar credit and the risks of rising real interest rates and inflation expectations in the US [2][3] Strategy - The "transformation bull" market in China's stock market is becoming clearer, with a strategic outlook favoring 2025 [6] - Key drivers include the decline in risk-free rates and a systemic reduction in risk perception, which will help restore investor confidence [6] - Investment opportunities are emerging in sectors such as financials, emerging technologies, and cyclical consumption, with specific recommendations for stocks in these areas [7][8] Overseas Strategy - The Hang Seng Technology Index is expected to lead the market, driven by the AI industry cycle [11] - The fundamentals of Hong Kong's tech sector are improving, with strong growth in capital expenditure and cloud business revenues [12] - Despite uncertainties in the trade environment, domestic policy support is expected to drive fundamental recovery in the Hong Kong market [13] Fixed Income - The bond market is expected to experience a bull market due to supply-demand mismatches, with low interest rates driving demand for convertible bonds [34] - Strategies focusing on short-term interest rates are recommended, with an emphasis on maintaining duration without chasing long-term bonds [29] Real Estate - The real estate market is showing signs of recovery, with improving supply-demand dynamics in key cities and a narrowing of cumulative declines post-policy adjustments [41] - The industry is expected to benefit from a clearer policy direction and a supportive environment for first-time homebuyers [41] Construction Engineering - The construction sector is focusing on high-dividend central state-owned enterprises and technology transformation [48] - Significant growth is anticipated in sectors such as intelligent computing and low-altitude economy development [48][49] Utilities - The electricity market is expected to see a bottoming out of spot prices, with both valuation and performance improving [53] - The nuclear power sector is projected to grow significantly, with a forecast of 110 million kilowatts of installed capacity by 2030 [54] Transportation - The aviation industry is entering a low-growth supply era, with demand expected to drive ticket prices upward [57] - The highway sector is anticipated to maintain strong demand, with policies likely to enhance long-term investment value [60]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current market has entered an obvious oscillation phase with rapidly declining volatility. Market reactions to tariff issues have become dull. The significant reduction in market volatility and changes in the microstructure are important points of concern in the future. There is a low probability of substantial new incremental policies in the short - term, and the market expects the economy to "weaken marginally but with a controllable range". Attention should be paid to potential market volatility risks caused by changes in the microstructure, and the subsequent possible increase in the volatility of the CSI Convertible Bond Index [5][6] Group 3: Summary by Related Catalogs Market Review 1. Performance of Major Asset Classes - The Shanghai Composite Index and the Wind All - A Index fell by 0.03% and 0.02% respectively, with the average daily trading volume of the whole market at 1.09 trillion yuan. The S&P 500 and the Nasdaq rose by 1.88% and 2.01% respectively. The price of London gold fell by 2.05% [2] 2. Convertible Bond Market - The CSI Convertible Bond Index rose by 0.23%. As of May 30, the median values of convertible bond price, conversion premium rate, and pure bond premium rate were 120 yuan, 30.29%, and 14.05% respectively [2] 3. Industry Performance - Sectors such as environmental protection, pharmaceutical biology, and agriculture, forestry, animal husbandry, and fishery performed well. Environmental protection was related to the launch of unmanned logistics vehicles, pharmaceutical biology to the accelerated approval by the drug administration, and agriculture, forestry, animal husbandry, and fishery to the call for stabilizing production capacity and pig prices at a NDRC meeting [3] 4. Clause Situations - Yinlun did not redeem, while Hongchang, Zhengyu, Hangyin, and Falang redeemed. Tian23, Mona, and Hongwei did not adjust the conversion price downward, while Hangyang adjusted it downward [3] Market Dynamics 1. Economic Data - In May, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month. The marginal improvement of PMI was still below 50%, mainly due to the low new order index, and exports dragged down the economy [4] 2. Automobile Industry - On May 23, BYD's Ocean Network announced fixed prices with price cuts ranging from 14,000 to 40,000 yuan. The industry may continue the "price - for - volume" strategy [4] 3. US Tariff Issue - The US International Trade Court ruled that Trump's tariff policy was an overstep of power, and the US Federal Circuit Court of Appeals temporarily suspended the ruling. The issue of US reciprocal tariffs has been fluctuating [4][5] 4. NVIDIA's Earnings - NVIDIA's revenue in the first fiscal quarter of fiscal year 2026 was 44.1 billion US dollars, exceeding market expectations. Data center revenue was 39.1 billion US dollars, and the net profit in the first quarter was 18.775 billion US dollars, a year - on - year increase of 26% [5] 5. Upcoming Events - The 2025 Global Artificial Intelligence Technology Conference will be held next week [5] Convertible Bond Views - The key events in the market this week were the US International Trade Court's ruling on Trump's tariffs and the US Federal Circuit Court of Appeals' temporary suspension of the ruling. The market is in an oscillation phase, and attention should be paid to potential risks caused by changes in the microstructure and the possible increase in the volatility of the convertible bond index [5][6] Recommended Convertible Bond Targets - Stable targets include Shangyin, Changyin, Hua'an, Lantian, Wenshi and other convertible bonds; elastic targets include Zhongchongzhuan2, Daotong, Yinlun, Jizhi, Limin, Qianglian, Anji, Dinglong and other convertible bonds [7]

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250529 ❖ 市场概况：今日转债增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.58%、上证综指环比上涨 0.70%、深证成 指环比上涨 1.24%、创业板指环比上涨 1.37%、上证 50 指数环比上涨 0.29%、 中证 1000 指数环比上涨 1.76%。 市场风格：小盘成长相对占优。大盘成长环比上涨 0.62%、大盘价值环比下降 0.03%、中盘成长环比上涨 1.48%、中盘价值环比上涨 0.62%、小盘成长环比 上涨 1.53%、小盘价值环比上涨 0.84%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 571.54 亿元，环比 增长 12.24%；万得全 A 总成交额为 12134.10 亿元，环比增长 17.37%；沪深 两市主力净流入 74.33 亿元，十年国债收益率环比上升 0.45bp 至 1.69%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 118.69 元，环比昨日上升 0.59%。其中偏股型转债的收盘价为 162.71 元，环比 上升 0.07%；偏债型转债的收盘价为 11 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Today, the convertible bond market declined with reduced trading volume, and the valuation compressed on a month - on - month basis. The small - cap value style was relatively dominant, and 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 valuation compressed, with the fitting conversion premium rate of 100 - yuan par value decreasing [2]. - More than half of the underlying stock industry indices declined today. In the A - share market, the top three declining industries were basic chemicals, agriculture, forestry, animal husbandry and fishery, and national defense and military industry; the top three rising industries were textile and apparel, environmental protection, and coal. In the convertible bond market, the top three declining industries were agriculture, forestry, animal husbandry and fishery, national defense and military industry, and building materials; the top three rising industries were beauty care, food and beverage, and media [3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 0.07% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50 Index, and CSI 1000 Index declined [1]. - The small - cap value style was relatively dominant. The large - cap growth index declined 0.30%, the large - cap value index rose 0.11%, the mid - cap growth index declined 0.14%, the mid - cap value index declined 0.02%, the small - cap growth index declined 0.45%, and the small - cap value index rose 0.20% [1]. - The trading volume in the convertible bond market decreased, with the convertible bond market turnover at 50.921 billion yuan, a month - on - month decrease of 8.83%. The total turnover of the Wind All - A Index was 1.033873 trillion yuan, a month - on - month increase of 0.95%. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 18.539 billion yuan, and the yield of the 10 - year Treasury bond decreased 4.29bp to 1.68% [1]. 2. Market Fund Performance - The trading volume in the convertible bond market decreased, while the trading volume in the A - share market increased. The convertible bond market turnover was 50.921 billion yuan, a month - on - month decrease of 8.83%, and the total turnover of the Wind All - A Index was 1.033873 trillion yuan, a month - on - month increase of 0.95% [1][8]. - The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 18.539 billion yuan, and the yield of the 10 - year Treasury bond decreased 4.29bp to 1.68% [1]. 3. Convertible Bond Valuation - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall weighted average closing price of convertible bonds was 118.04 yuan, a month - on - month increase of 0.03%. The closing price of equity - biased convertible bonds was 162.36 yuan, a month - on - month decrease of 0.19%; the closing price of bond - biased convertible bonds was 109.76 yuan, a month - on - month increase of 0.09%; the closing price of balanced convertible bonds was 119.74 yuan, a month - on - month increase of 0.14% [2]. - The valuation compressed. The fitting conversion premium rate of 100 - yuan par value was 21.72%, a month - on - month decrease of 0.06pct; the overall weighted par value was 88.50 yuan, a month - on - month decrease of 0.20%. The premium rate of equity - biased convertible bonds was 4.11%, a month - on - month increase of 0.32pct; the premium rate of bond - biased convertible bonds was 87.66%, a month - on - month decrease of 1.45pct; the premium rate of balanced convertible bonds was 19.05%, a month - on - month decrease of 0.22pct [2]. 4. Industry Performance - In the A - share market, the top three declining industries were basic chemicals (- 0.79%), agriculture, forestry, animal husbandry and fishery (- 0.78%), and national defense and military industry (- 0.72%); the top three rising industries were textile and apparel (+ 1.17%), environmental protection (+ 0.89%), and coal (+ 0.74%) [3]. - In the convertible bond market, the top three declining industries were agriculture, forestry, animal husbandry and fishery (- 0.96%), national defense and military industry (- 0.58%), and building materials (- 0.28%); the top three rising industries were beauty care (+ 3.23%), food and beverage (+ 0.85%), and media (+ 0.79%) [3]. - In terms of closing price, the large - cycle sector rose 0.01%, the manufacturing sector declined 0.04%, the technology sector rose 0.14%, the large - consumption sector rose 0.34%, and the large - finance sector rose 0.35% [3]. - In terms of conversion premium rate, the large - cycle sector decreased 0.024pct, the manufacturing sector increased 0.71pct, the technology sector increased 0.61pct, the large - consumption sector increased 0.18pct, and the large - finance sector increased 0.27pct [3]. - In terms of conversion value, the large - cycle sector rose 0.04%, the manufacturing sector declined 0.23%, the technology sector declined 0.11%, the large - consumption sector rose 1.33%, and the large - finance sector rose 0.54% [3]. - In terms of pure bond premium rate, the large - cycle sector decreased 0.014pct, the manufacturing sector decreased 0.065pct, the technology sector increased 0.15pct, the large - consumption sector increased 0.41pct, and the large - finance sector increased 0.38pct [4]. 5. Industry Rotation - Textile and apparel, environmental protection, and coal led the rise. The daily increase rates of textile and apparel, environmental protection, and coal in the underlying stock market were 1.17%, 0.89%, and 0.74% respectively; the daily increase rates in the convertible bond market were 0.16%, 0.07%, and 0.11% respectively [48].

Core Viewpoint - The China Convertible Bond Index opened with a slight decline of 0.01%, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - Jiuzhou Convertible Bond 2 increased by 3.45%, showing strong investor interest [1] - Jingda Convertible Bond rose by 2.15%, reflecting positive market sentiment [1] - Furong Convertible Bond experienced a gain of 1.22%, contributing to the overall positive movement in certain bonds [1] - Hongchang Convertible Bond saw a significant drop of 6.33%, indicating potential concerns among investors [1] - Jieneng Convertible Bond declined by 2.40%, suggesting a negative trend in this segment [1]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.01% [1] - Jiuzhou Convertible Bond 2 increased by over 3% [1] - Jingda Convertible Bond rose by over 2% [1] - Hongchang Convertible Bond declined by over 6% [1] - Energy-saving Convertible Bond fell by over 2% [1]