1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Core Viewpoint - COSCO Shipping Energy Transportation Co., Ltd. has experienced a decline in stock price and a mixed performance in financial metrics, indicating potential challenges in the shipping and energy transportation sector [1][2]. Financial Performance - As of September 30, 2025, COSCO Shipping Energy reported a revenue of 17.108 billion yuan, a year-on-year decrease of 0.21%, and a net profit attributable to shareholders of 2.723 billion yuan, down 20.27% year-on-year [2]. - The company has distributed a total of 14.462 billion yuan in dividends since its A-share listing, with 4.437 billion yuan distributed over the past three years [3]. Stock Market Activity - On November 3, the stock price of COSCO Shipping Energy fell by 2.00%, trading at 13.22 yuan per share, with a total market capitalization of 72.25 billion yuan [1]. - The stock has seen a year-to-date increase of 16.07%, with a 9.44% rise over the last five trading days and a 31.28% increase over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 29.24% to 82,400, with an average of 0 circulating shares per shareholder [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings [3]. Business Overview - COSCO Shipping Energy specializes in the transportation of crude oil and refined oil, as well as liquefied natural gas (LNG), with its revenue composition being 44.88% from foreign trade crude oil, 13.64% from domestic crude oil, and 10.69% from LNG transportation [1]. - The company operates within the transportation sector, specifically in shipping and port operations, and is involved in various related concepts such as ocean transportation and oil and gas storage [2].

Core Viewpoint - China Aluminum's stock price has shown significant growth this year, with a year-to-date increase of 38.04% and a recent 20-day increase of 30.59% [2] Financial Performance - For the period from January to September 2025, China Aluminum achieved a revenue of 176.516 billion yuan, representing a year-on-year growth of 1.58%. The net profit attributable to shareholders was 10.872 billion yuan, reflecting a year-on-year increase of 20.58% [2] - Cumulative cash dividends since the A-share listing amount to 13.358 billion yuan, with 7.823 billion yuan distributed over the last three years [3] Stock Market Activity - On November 3, China Aluminum's stock price fell by 2.00%, trading at 9.79 yuan per share with a total transaction volume of 1.441 billion yuan and a turnover rate of 1.09% [1] - As of September 30, 2025, the number of shareholders was 356,300, a decrease of 2.91% from the previous period [2] Shareholder Composition - As of September 30, 2025, the largest circulating shareholder was China Securities Finance Corporation, holding 448 million shares, unchanged from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, which saw a decrease in their holdings [3]

Core Viewpoint - 中信重工 is a leading enterprise in the mining machinery sector, focusing on heavy equipment, engineering solutions, and intelligent equipment, with a strong capability in providing comprehensive solutions across various fields [1] Group 1: Business Performance - In Q3 2025, 中信重工 achieved a revenue of 5.906 billion yuan, ranking 10th in the industry out of 58 companies, with the industry leader achieving 30.745 billion yuan [2] - The net profit for the same period was 277 million yuan, also ranking 10th in the industry, with the industry leader's net profit at 3.705 billion yuan [2] - The company reported a year-on-year revenue growth of 0.49% and a net profit growth of 0.27% for the first three quarters of 2025 [6] Group 2: Financial Ratios - As of Q3 2025, 中信重工's asset-liability ratio was 52.51%, higher than the industry average of 46.18% [3] - The gross profit margin for the same period was 20.14%, lower than the industry average of 26.77% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 19.13% to 109,100, while the average number of shares held per shareholder increased by 23.66% to 41,700 [5] - Notable shareholders include 易方达国证机器人产业ETF and 华夏中证机器人ETF, with significant holdings [5] Group 4: Executive Compensation - The chairman, 武汉琦, received a salary of 3.2307 million yuan in 2024, an increase of 1.6593 million yuan from 2023 [4] - The general manager, 张志勇, received a salary of 2.9324 million yuan in 2024, an increase of 590,800 yuan from 2023 [4] Group 5: Market Outlook - The company is expected to benefit from the high demand in the non-ferrous metals sector, with a forecasted recovery in performance [6] - Adjustments to profit forecasts for 2025-2027 indicate expected net profits of 381 million, 450 million, and 537 million yuan, respectively [6]

Core Viewpoint - China Coal Energy Company, established in 2006 and listed in 2008, is a large energy enterprise engaged in coal production, trade, coal chemical industry, and mining equipment manufacturing, with rich coal resources and advanced mining technology [1] Financial Performance - In Q3 2025, China Coal Energy reported revenue of 1105.84 billion, ranking third among 18 companies in the industry, with the top two being China Shenhua at 2131.51 billion and Shaanxi Coal at 1180.83 billion [2] - The net profit for the same period was 152.03 billion, also ranking third, with China Shenhua leading at 469.22 billion and Shaanxi Coal at 199.32 billion [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 45.82%, lower than the previous year's 47.08% and below the industry average of 49.56%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 25.95%, up from 25.18% year-on-year and above the industry average of 23.03%, reflecting strong profitability [3] Leadership - The chairman, Wang Shudong, has extensive experience in the coal and electricity industry, holding various leadership roles and possessing a strong background in strategic planning and management [4] - The CEO, Zhao Rongzhe, has a solid background in financial management and capital operations, contributing to the company's financial health [4] Shareholder Information - As of June 30, 2015, the number of A-share shareholders increased by 11.68% to 295,800, with an average holding of 30,900 circulating A-shares, a decrease of 10.46% [5] - By September 30, 2025, major shareholders included China Securities Finance Corporation and Guotai Junan CSI Coal ETF, with notable changes in holdings among the top ten shareholders [5] Business Highlights - The company experienced significant improvement in Q3 performance, with coal production at 101.58 million tons, a slight decrease of 0.7% year-on-year, while self-produced coal sales increased by 1.1% [6] - The cost of coal production was 257.67 yuan per ton, down 10.1% year-on-year, showcasing cost advantages [6] - Non-coal business recovery was noted, with sales of major products like polyolefins and urea showing positive growth [6] - The company is enhancing its smart mining capabilities, with 18 mines passing smart mining assessments, and plans for the Li Bi mine to enter trial operation by the end of 2026 [6] Future Projections - According to Open Source Securities, the company is expected to achieve net profits of 163.7 billion, 181.3 billion, and 186.2 billion from 2025 to 2027 [6] - According to招商证券, projected revenues for the same period are 1630.6 billion, 1722.3 billion, and 1792.5 billion, with net profits of 168.3 billion, 177.7 billion, and 188.3 billion [7]

Core Viewpoint - China Ping An's stock price decreased by 1.40% on October 31, with a trading volume of 3.33 billion yuan and a market capitalization of 1,047.17 billion yuan [1] Group 1: Dividend and Shareholder Information - The dividend yields for China Ping An over the past three years were 5.15%, 6.03%, and 4.84% [2] - As of September 30, 2025, China Ping An has distributed a total of 391.90 billion yuan in dividends since its A-share listing, with 134.54 billion yuan distributed in the last three years [7] - The top ten circulating shareholders include Central Huijin Asset Management and China Securities Finance Corporation [2] Group 2: Business Overview - China Ping An, established on March 21, 1988, and listed on March 1, 2007, is headquartered in Shenzhen, Guangdong Province, and offers diversified financial services including insurance, banking, securities, and trust [6] - The revenue composition of China Ping An is as follows: life and health insurance 45.76%, property insurance 34.46%, banking 13.87%, asset management 5.27%, and financial empowerment 3.85% [6] Group 3: Financial Performance - For the period from January to September 2025, China Ping An reported a net profit attributable to shareholders of 132.86 billion yuan, representing a year-on-year growth of 11.47% [6] - The average trading cost of shares is 51.63 yuan, with the stock price currently near a support level of 57.74 yuan [5] Group 4: Market Activity - The net inflow of funds today was 59.65 million yuan, accounting for 0.02% of the total, with no significant trend in the main capital flow [3] - Over the past 20 days, the main capital inflow has been 415.69 million yuan, indicating a lack of control by major shareholders and a dispersed distribution of shares [4]

Core Viewpoint - The company, China Merchants Highway, is a leading player in the domestic toll road sector, with a comprehensive business model that includes toll road operations and traffic technology services [1] Group 1: Business Performance - In Q3 2025, China Merchants Highway reported revenue of 8.703 billion yuan, ranking third among 20 companies in the industry, with the top competitor, Shandong Highway, at 16.841 billion yuan [2] - The net profit for the same period was 4.423 billion yuan, leading the industry, while the second place, Ninghu Highway, reported 4.037 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 44.26%, slightly down from 45.42% year-on-year, but higher than the industry average of 41.31% [3] - The gross profit margin for Q3 2025 was 34.19%, down from 37.96% year-on-year, and below the industry average of 46.20% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Yang Xudong in 2024 was 1.596 million yuan, a decrease of 180,500 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 32.84% to 48,000, while the average number of shares held per shareholder decreased by 24.72% to 142,200 shares [5] Group 4: Future Outlook - Analysts project net profits for 2025, 2026, and 2027 to be 5.62 billion, 6.01 billion, and 6.36 billion yuan respectively, maintaining a "buy" rating [5] - The company continues to pursue an expansion strategy, including a recent investment in the Guizhou-San Highway, adding 135.3 kilometers to its management portfolio [5]

Core Viewpoint - China Gold's stock price has shown minimal change this year, with a slight decline in recent trading days, indicating potential volatility in the market [2] Group 1: Stock Performance - As of October 31, China Gold's stock price decreased by 2.01%, trading at 8.27 CNY per share with a market capitalization of 13.894 billion CNY [1] - Year-to-date, the stock price has remained unchanged, with a 1.78% decline over the last five trading days and a 0.24% increase over the last 20 days [2] Group 2: Financial Performance - For the period from January to September 2025, China Gold reported a revenue of 45.764 billion CNY, reflecting a year-on-year decrease of 1.74%, while the net profit attributable to shareholders was 335 million CNY, down 55.08% year-on-year [2] - The company has distributed a total of 2.52 billion CNY in dividends since its A-share listing, with 1.848 billion CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for China Gold increased to 121,000, a rise of 2.57%, while the average number of circulating shares per person decreased by 2.51% to 13,882 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 17.5866 million shares, a decrease of 6.1263 million shares from the previous period [3]

Core Viewpoint - China Telecom's stock has experienced a decline of 3.54% year-to-date, with a recent drop of 2.05% on October 31, 2023, reflecting ongoing market challenges and investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, China Telecom reported a revenue of 394.27 billion yuan, representing a year-on-year growth of 0.59%. The net profit attributable to shareholders was 30.77 billion yuan, showing a growth of 5.03% compared to the previous year [2]. - Since its A-share listing, China Telecom has distributed a total of 95.19 billion yuan in dividends, with 68.65 billion yuan distributed over the past three years [3]. Stock Market Activity - As of October 31, 2023, China Telecom's stock price was 6.70 yuan per share, with a market capitalization of 613.10 billion yuan. The trading volume was 558 million yuan, with a turnover rate of 0.11% [1]. - The stock has seen a net outflow of 102 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for China Telecom reached 273,700, an increase of 22.83% from the previous period [2].

Group 1 - Agricultural Bank of China experienced a 2.11% decline in stock price, trading at 7.89 CNY per share with a market capitalization of 27,613.66 billion CNY as of October 31 [1] - The bank's stock has increased by 54.77% year-to-date, with a 1.25% decline over the last five trading days, a 19.36% increase over the last 20 days, and a 25.24% increase over the last 60 days [1] - Net outflow of main funds was 20.37 million CNY, with large orders showing a buy of 172 million CNY and a sell of 196 million CNY [1] Group 2 - Agricultural Bank of China was established on December 18, 1986, and listed on July 15, 2010, with its main business including public deposit acceptance, loan issuance, and various financial services [2] - The bank's revenue composition includes 51.41% from personal banking, 37.27% from corporate banking, 7.94% from fund operations, and 3.38% from other businesses [2] - The bank is classified under the category of state-owned large banks and is associated with concepts such as low price-to-earnings ratio and H-shares [2] Group 3 - As of September 30, the number of shareholders reached 539,800, an increase of 9.82%, while the average circulating shares per person decreased by 9.32% [3] - For the period from January to September 2025, the bank reported a net profit of 220.86 billion CNY, reflecting a year-on-year growth of 3.03% [3] Group 4 - Since its A-share listing, Agricultural Bank of China has distributed a total of 899.90 billion CNY in dividends, with 243.24 billion CNY distributed over the last three years [4] - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with the latter reducing its holdings by 16.23 million shares [4]