通信行业 2025 年 8 月 22 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 超配（维持） 通信行业双周报（2025/8/8-2025/8/21） 行 业 全球首批支持 NB-NTN 卫星通信的可穿戴平台面世 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 | 1、通信行业行情回顾 | | | 3 | | --- | --- | --- | --- | | 2、产业新闻 | | | 4 | | 3、公司公告 | | | 6 | | 4、行业数据更新 | | | 6 | | ...

Summary of Iridium's Conference Call Company Overview - **Company**: Iridium Communications Inc. - **Industry**: Satellite communications, specifically focusing on IoT (Internet of Things) and mission-critical communication services - **Market Position**: Iridium operates the first low earth orbiting satellite system, providing 100% global coverage, primarily for IoT applications today [5][6][11] Core Business and Growth Drivers - **Key Services**: Iridium's services include land, maritime, aviation, and IoT, with a significant portion of business (around 20%) coming from long-term contracts with the US government [6][10][11] - **IoT Focus**: The company is transitioning to a standards-based IoT product, allowing consumer devices to connect to its network without proprietary hardware, expected to launch in 2026 [12][13][14] - **Current Device Count**: Approximately 2 million IoT devices are currently connected, with potential for significant growth if the company becomes a standard solution [28][29] Technological Advancements - **Network Upgrades**: The second-generation network launched in 2019-2020 is designed for flexibility and higher speeds, enabling small devices to send voice and data efficiently [37][39][41] - **Latency Improvements**: Messaging latency is nearly instantaneous, a competitive advantage over other services that experience delays [41][42] Market Opportunities - **Potential Partnerships**: Iridium is exploring partnerships with major companies like Caterpillar and Mercedes, as the automotive industry shows increased interest in satellite technology [19][20][21] - **PNT (Positioning, Navigation, Timing) Services**: The company has developed a unique PNT service that is resistant to GPS jamming and spoofing, with applications in critical infrastructure and potential for significant market growth [45][46][48][49] Financial Outlook - **Revenue Goals**: Iridium aims to reach $1 billion in service revenue within five years, with various growth vectors including IoT, PNT, and government contracts [69][71][73] - **Current Revenue Run Rate**: The company is currently on a revenue run rate of approximately $600 million, with expectations for substantial growth driven by new services and partnerships [69][70] Competitive Landscape - **Complementary Positioning**: Iridium positions itself as complementary to other satellite services like Starlink, focusing on unique offerings rather than direct competition [25][26][75] - **Market Perception**: There is a concern regarding market share loss in government contracts, but the company maintains a strong relationship and believes in the long-term value of its services [76][78][79] Conclusion - **Strategic Vision**: Iridium is focused on expanding its IoT capabilities, enhancing its PNT services, and maintaining strong relationships with government and enterprise clients, positioning itself for significant growth in the satellite communications market [60][62][79]

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]

本次任务的工作周期大部分在"三伏天"内，发射环境面临着高温高湿的严峻考验。在技术保障方 面，发射团队作了充足准备，各系统完成了全面分析与改进，有效提升了火箭对高温高湿环境的适应 性。 "这是捷龙三号发射点位的一次灵活拓展，提高了型号的任务适应性。"捷龙三号遥六运载火箭副总 师刘伟表示，本次任务充分体现出捷龙三号面向商业发射的快速响应能力和高效执行能力，未来能更好 地满足商业发射市场的时效性需求。 据介绍，本次发射的"吉利星座04组"11颗卫星，主要用于物联试验、遥感观测以及星间通信实验验 证等工作。一箭十一星升空。"吉利星座"什么来头？ 今秋山东海上首次火箭发射看点多 上合航天什么来头 8月9日凌晨，由海阳东方航天港总装出厂的捷龙三号遥六运载火箭搭乘"东方航天港"号发射船，在 日照近海海域点火升空，采用一箭十一星的方式将"吉利星座04组"卫星送入预定轨道，发射任务取得圆 满成功。 此次海上发射有何新看点？记者采访火箭装配、卫星组网、海上发射保障各方，揭秘今秋山东海上 首次火箭顺利腾空背后的故事。 捷龙三号遥六运载火箭采用四级固体发动机串联布局，全箭总长约31m，总重约140t，箭体最大直 径2.64m、整流罩 ...

Core Viewpoint - The article highlights the successful launch of 11 satellites by Geely's commercial aerospace company, Time Space Path, marking a significant milestone in China's commercial space industry, which has evolved dramatically over the past decade [3][5]. Group 1: Launch and Development - On August 9, 2023, Geely's Time Space Path successfully launched 11 satellites, increasing the total number of satellites in orbit to 41 [3][7]. - The company plans to increase the number of satellites to 64 within two months, enabling global real-time data communication, except for the polar regions [7][8]. - The construction of the Geely satellite constellation aims to provide global low-orbit satellite IoT communication services, with an initial deployment of 72 satellites [8][12]. Group 2: Market Position and Strategy - The global low-orbit satellite market is expected to see significant growth, with an estimated 57,000 low-orbit satellites deployed by 2029 [5]. - Time Space Path's strategy focuses on building a satellite constellation that addresses the communication needs of mobile scenarios, contrasting with competitors like SpaceX, which primarily offers satellite internet services [10][11]. - The company emphasizes low-cost, efficient satellite manufacturing, aiming to produce satellites in a manner similar to automobile manufacturing, significantly reducing production costs and time [14][15]. Group 3: International Expansion - Time Space Path is expanding its services internationally, establishing partnerships in over 20 countries across the Middle East, Southeast Asia, Africa, and Latin America [18][19]. - The company has successfully conducted commercial tests in Oman, achieving a communication success rate of 99.15% and network availability of over 99.97% [18][20]. - Collaborations with local telecom operators in various regions are aimed at enhancing digital infrastructure and supporting local economic development [19][21]. Group 4: Technological Innovation - The article emphasizes the importance of technological innovation in the commercial space sector, with a projected global satellite manufacturing market growth from $2.4493 billion in 2024 to $3.8969 billion by 2029, at an annual growth rate of approximately 9.73% [14]. - Time Space Path has integrated satellite communication technology into vehicles, providing emergency communication capabilities in areas without ground network coverage [16]. - The company's ultimate goal is to embed satellite capabilities into daily life, enhancing connectivity in remote areas and contributing to the development of a new infrastructure for IoT communication [12].

1. Report Industry Investment Rating No information provided in the text. 2. Core Views of the Report - The Convertible Bond Index reached a new high this week, with a cumulative increase of 9.48% since the beginning of the year. The valuation of convertible bonds has entered a high - level range and is shifting from following the underlying stock to an active upward - adjustment phase. It is recommended to focus on convertible bonds with low option valuations and those with elastic advantages in structure, such as those with a par value between 80 - 100 yuan [1][10]. - During the interim report period, attention should be paid to industries with improving performance expectations. It is advisable to focus on convertible bonds of industries with stable demand and high performance certainty, as well as those with performance recovery expectations under the "anti - involution" trend, while avoiding some high - price and high - premium targets that deviate from fundamentals [2][19]. - Considering the impact of refinancing policies, there is certain support on the demand side under the shrinking supply of convertible bonds. With the low long - term yield of pure bonds, the opportunity cost of convertible bonds is relatively low. However, the current overall valuation of convertible bonds is at a relatively high level, so be vigilant against callback risks. In terms of clauses, continue to focus on the game space of downward revisions, beware of forced redemption risks, and appropriately pay attention to short - term game opportunities of near - maturity convertible bonds [23]. 3. Summary According to Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. How to View the New High of Convertible Bonds - As of Friday, the Convertible Bond Index continued to rise, reaching a new high in recent years. The valuation of convertible bonds has entered a high - level range, and the valuation is gradually shifting from following the underlying stock to an active upward - adjustment phase. Analogy to early 2022 suggests a potential overheating risk after the active upward adjustment of convertible bond valuations. It is recommended to focus on individual convertible bonds with relatively low option valuations [1][10]. - In terms of convertible bond elasticity, focus on convertible bonds with elastic advantages in structure, such as those with a par value between 80 - 100 yuan. During the short - term valuation upward period, the elastic asymmetry advantage of convertible bonds is more significant in medium - and low - par value convertible bonds, especially those in the 70 - 100 yuan par value group, which have better offensive - defensive properties [12]. - During the interim report period, 123 convertible bond issuers have disclosed their semi - annual performance forecasts for 2025. Industries such as electronics and non - ferrous metals have relatively more issuers with pre - increased or slightly increased performance. It is recommended to focus on convertible bonds of industries with stable demand and high performance certainty, as well as those with performance recovery expectations under the "anti - involution" trend, and avoid some high - price and high - premium targets that deviate from fundamentals [2][19]. 3.1.2. Weekly Review and Market Outlook - The market showed mixed daily gains and losses this week but rose overall. The A - share market had different trends each day, with changes in trading volume and sector performance. For example, on Monday, the trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1480.9 billion yuan, a decrease of 255.7 billion yuan from the previous day, and the humanoid robot and reducer concepts led the gains [22]. - It is believed that the current A - shares still present good allocation value. The rebound in export orders has led to a narrow improvement in the PMI in June, and measures such as large - scale equipment updates and consumer goods trade - ins are expected to boost domestic demand. At the convertible bond level, there is support on the demand side under the shrinking supply, but be vigilant against callback risks. In terms of industries, focus on popular themes, domestic demand - oriented sectors, and high - dividend sectors under the Chinese - characteristic valuation system [23]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Closed Higher - This week, major equity market indices closed higher. The Wind All - A Index rose 1.40%, the Shanghai Composite Index rose 0.69%, the Shenzhen Component Index rose 2.04%, and the ChiNext Index rose 3.17%. The market style was more inclined to small - cap value [27]. - Among the Shenwan industry indices, 19 industries rose and 12 fell. The communication, pharmaceutical biology, and automobile industries led the gains, with increases of 7.56%, 4.00%, and 3.28% respectively, while the media, real estate, and public utilities industries were among the top losers [30]. 3.2.2. The Convertible Bond Market Closed Higher, and the Hundred - Yuan Premium Rate Rose - This week, the convertible bond market closed higher. The CSI Convertible Bond Index rose 0.67%, the Shanghai Convertible Bond Index rose 0.52%, and the Shenzhen Convertible Bond Index rose 0.92%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 70.669 billion yuan, an increase of 2.554 billion yuan from last week, and a total weekly trading volume of 353.346 billion yuan [3][32]. - At the industry level, 22 convertible bond industries rose and 7 fell. The household appliances, media, and computer industries were the top three gainers, with increases of 3.21%, 2.49%, and 2.20% respectively. At the corresponding underlying stock level, 18 industries rose and 11 fell, with the household appliances, computer, and pharmaceutical biology industries leading the gains [38]. - Most individual convertible bonds rose (341 out of 466). After excluding the closing data of newly - listed convertible bonds this week, the top five weekly gainers were Borui Convertible Bond (pharmaceutical biology, 36.83%), Bohui Convertible Bond (petroleum and petrochemical, 33.80%), Julong Convertible Bond (basic chemicals, 24.43%), Yitian Convertible Bond (household appliances, 24.41%), and Hongfeng Convertible Bond (power equipment, 23.14%). The top five weekly losers were Seli Convertible Bond (pharmaceutical biology, - 9.74%), Guangda Convertible Bond (power equipment, - 8.86%), Huachen Convertible Bond (power equipment, - 8.71%), Punai Convertible Bond (building materials, - 8.32%), and Liande Convertible Bond (electronics, - 7.44%). The top five in terms of weekly trading volume were Seli Convertible Bond (pharmaceutical biology, 22.08 billion yuan), Bohui Convertible Bond (petroleum and petrochemical, 14.263 billion yuan), Outong Convertible Bond (power equipment, 11.195 billion yuan), Borui Convertible Bond (pharmaceutical biology, 11.061 billion yuan), and Huicheng Convertible Bond (environmental protection, 10.133 billion yuan) [40]. - The weighted conversion value of the entire market increased, and the premium rate rose. The weighted average conversion value at the end of this week was 95.31 yuan, an increase of 0.45 yuan from the end of last week. The weighted conversion premium rate of the entire market was 44.37%, an increase of 0.39 percentage points from last week. The hundred - yuan par value premium rate was 23.38%, an increase of 0.80 percentage points from last week. The median implied volatility of the entire market's convertible bonds was 32.71%, an increase of 0.79 percentage points from last week, and the pure - bond premium rate of debt - biased convertible bonds was 8.28%, an increase of 0.21 percentage points from last week [47]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuations of convertible bonds with a par value below 80 yuan increased significantly, while those with a par value between 80 - 90 yuan decreased, and the valuations of other par - value convertible bonds increased. The valuations of AAA, AA +, and AA - rated convertible bonds increased, while those of other ratings decreased. The valuation of large - cap convertible bonds increased, while those of other size - segmented convertible bonds decreased [53]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom. As of Friday, the conversion premium rate of equity - biased convertible bonds was around the 35th percentile since 2017, and that of balanced convertible bonds was below the 50th percentile since 2017 [53]. 3.2.3.2. Market Index Performance - This week, AAA - rated convertible bonds fell by 0.06%, while other rated convertible bonds rose. Since 2023, AAA - rated convertible bonds have recorded an 18.83% return, AA + - rated convertible bonds 6.65%, AA - rated convertible bonds 10.00%, AA - - rated convertible bonds 18.17%, A + - rated convertible bonds 20.64%, and A and below - rated convertible bonds 26.82%. Historically, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker downside resistance and greater rebound strength [69][71]. - This week, convertible bonds of all sizes rose. Small - cap convertible bonds rose 2.23%, small - and medium - cap convertible bonds 0.67%, medium - cap convertible bonds 0.74%, and large - cap convertible bonds 0.22%. Since 2023, small - cap convertible bonds have recorded a 21.20% return, small - and medium - cap convertible bonds 18.87%, medium - cap convertible bonds 15.00%, and large - cap convertible bonds 14.77% [71]. 3.3. Convertible Bond Supply and Clause Tracking 3.3.1. This Week's Primary Plan Issuance - Two new convertible bonds were listed this week (Yongxi Convertible Bond and Xizhen Convertible Bond), and three have been issued but not yet listed (Libo Convertible Bond, Bo 25 Convertible Bond, and Guanghe Convertible Bond). There were six primary approvals this week (from July 14 to July 18, 2025). Jindawen (1.801 billion yuan) and Weidao Nano (1.17 billion yuan) were approved by the CSRC [75]. - Since the beginning of 2023 to July 18, 2025, there have been a total of 86 planned convertible bonds, with a total scale of 138.41 billion yuan. Among them, 11 convertible bonds have passed the board of directors' resolution, with a total scale of 15.878 billion yuan; 40 have passed the general meeting of shareholders, with a total scale of 67.022 billion yuan; 29 have been accepted by the exchange, with a total scale of 48.781 billion yuan; 2 have passed the listing committee, with a total scale of 1.45 billion yuan; and 4 have been approved by the CSRC, with a total scale of 5.28 billion yuan [76]. 3.3.2. Downward Revision & Redemption Clauses - This week, 12 convertible bonds announced that they were expected to trigger a downward revision, 4 announced that they would not make a downward revision, 1 proposed a downward revision, and 1 announced the result of a downward revision [79]. - This week, 8 convertible bonds announced that they were expected to trigger redemption, 3 announced that they would not redeem in advance, and 5 announced early redemption [81][82]. - As of the end of this week, there were 5 convertible bonds still in the put - option declaration period and 23 in the company's capital - reduction repayment declaration period. It is recommended to continuously monitor the price changes of convertible bonds and the marginal changes in the company's tendency for downward revisions [84].

Core Viewpoint - The company, Quectel, has officially received approval from the Shanghai Stock Exchange for a private placement plan to raise 2.3 billion yuan, aimed at expanding its production capacity in automotive and 5G modules, as well as developing AI solutions and upgrading its headquarters and R&D center [1][2]. Group 1: Investment Projects - The total investment for the automotive and 5G module expansion project is 957.27 million yuan, with the same amount allocated from the raised funds [3]. - The AI computing module and AI solution industrialization project has a planned investment of 411.24 million yuan, fully funded by the raised capital [3]. - The headquarters and R&D center upgrade project has a total investment of 728.44 million yuan, with 531.50 million yuan sourced from the raised funds [3]. - The working capital supplement project is allocated 400 million yuan, fully funded by the raised capital [3]. Group 2: Business Growth and Market Position - The automotive and industrial IoT sectors are the core sources of revenue growth for the company, contributing over half of its income [4]. - The company has developed a "seven major automotive product technology ecosystem," covering various modules and has partnerships with over 30 leading automotive brands [4]. - The company is projected to ship over 20 million units of its 5G RedCap module by 2025, holding a 31% market share in global 5G module shipments in 2024 [4]. - The AI computing module and solutions are expected to see a 45% year-on-year revenue growth in 2024, with applications in industrial quality inspection and robotics [4]. Group 3: Market Trends and Future Outlook - The global cellular IoT module market is expected to grow by 16% year-on-year in Q1 2025, driven by strong demand from India, China, and Latin America [8]. - The company maintains its position as the global leader in cellular IoT modules, with a market share that, along with its closest competitors, accounts for over half of global shipments [8][11]. - The company anticipates benefiting from China's "5G Application Sailing Action Plan," with expectations to capture over 50% of new demand by 2025 [11]. - Emerging businesses such as satellite communication modules and edge AI modules are projected to account for over 30% of revenue by 2025, optimizing the company's product structure [12].

Group 1: Supply Chain and Cost Management - The company is focused on optimizing its supply chain and sourcing alternatives to reduce reliance on imports and enhance cost efficiency [2] - It aims to achieve core component localization through its chip-level development capabilities, which allows for hardware design and development based on baseband and positioning chips [2] - The company plans to increase R&D investment to enhance product value and core competitiveness [2] Group 2: Technological Advancements - The company is actively investing in cutting-edge communication technologies, with dual-network integration products for vehicle applications currently in certification and testing [3] - Products based on high-orbit satellite communication for the livestock industry have been developed and are being promoted in key markets like Australia [3] Group 3: Market Strategy and International Presence - The company has a high proportion of overseas revenue and is closely monitoring geopolitical factors and exchange rate fluctuations to adjust its market strategies [3] - It has expanded its product coverage to over 140 countries and regions, diversifying its sales areas and customer structure to mitigate international risks [3] Group 4: Dividend Policy - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares for the 2024 fiscal year, totaling approximately 100,571,984.04 yuan, which represents over 63% of its net profit [4] - It has consistently implemented cash dividends for eight consecutive years and values shareholder feedback on its dividend plans [4] Group 5: Performance Outlook - The company maintains a stable growth trajectory, with future performance expected to continue growing, although it acknowledges potential impacts from macroeconomic conditions and industry changes [5] - The stock price is influenced by various factors, including macroeconomic conditions and national policies, leading to inherent uncertainties [5] Group 6: Internal Control Measures - The company is revising its governance structure in line with the latest laws and regulations, enhancing internal control management training for its executives and departments [5] - The internal audit department will continue to monitor the execution of internal controls and strengthen oversight with the assistance of external audit firms [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A-share market valuation has rebounded but remains at a relatively low level in the long term, with a good risk premium ratio for allocation. The domestic economic fundamentals still have room for recovery, and the export growth rate may decline due to the base effect. Attention should be paid to the implementation of fiscal policies and market gaming under incremental policies. [18] - Considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking convertible bond supply. The current valuation of convertible bonds is in a reasonable range, and it is expected that the subsequent valuation center of convertible bonds will fluctuate moderately within a range. [18] - In terms of industries, attention should be paid to popular themes, the domestic demand direction, and high-dividend sectors under the Chinese characteristic valuation system, as well as the military industry. [19] 3. Summary by Relevant Catalogs 3.1 1.1 2025Q1 Performance Outlook of Convertible Bond Entities - As of April 25, 2025, 217 out of 474 convertible bonds (45.8%) have disclosed their Q1 reports, and 9 have disclosed performance forecasts. Most convertible bond entities' revenues in 2025Q1 increased compared to the same period last year. [1][9] - In terms of industries, convertible bond entities in the agriculture, forestry, animal husbandry, and fishery, and non-ferrous metals industries had relatively high year-on-year growth rates in Q1 revenues and net profits attributable to the parent. Entities in the light manufacturing, national defense and military industry, food and beverage, and automobile industries had significant year-on-year profit declines. Loss-making entities were mainly concentrated in the computer, power equipment, and pharmaceutical and biological industries. [1][10] - Among the 217 convertible bond entities, 93 achieved year-on-year growth in both revenues and net profits attributable to the parent, and attention should be paid to their convertible bond conversion tendencies. 58 entities had year-on-year declines in both revenues and net profits, and attention should be paid to their subsequent convertible bond ratings and performance recovery. [2][10] 3.2 1.2 Weekly Review and Market Outlook - This week, the A-share market rose collectively. As of Friday's close, the Shanghai Composite Index rose 0.56%, the Shenzhen Component Index rose 1.38%, and the ChiNext Index rose 1.74%. [17][18] - The current A-share market valuation has rebounded but remains at a relatively low level in the long term. The domestic economic fundamentals still have room for recovery, and the export growth rate may decline due to the base effect. [18] - On the convertible bond level, considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking convertible bond supply. The current valuation of convertible bonds is in a reasonable range, and it is expected that the subsequent valuation center of convertible bonds will fluctuate moderately within a range. [18] 3.3 2.1 Equity Market Rise - This week, the equity market rose. The Wind All A Index rose 1.15%, the Shanghai Composite Index rose 0.56%, the Shenzhen Component Index rose 1.38%, and the ChiNext Index rose 1.74%. The market style was more inclined to small-cap value. [22] - Most industries rose this week. The automobile, beauty care, and basic chemical industries led the market, while the food and beverage, real estate, and coal industries were among the top decliners. [24] 3.4 2.2 Convertible Bond Market Rise, Decline in Overall Market Premium Rate - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 0.90%, the Shanghai Convertible Bond Index rose 0.85%, and the Shenzhen Convertible Bond Index rose 0.95%. The average daily trading volume of convertible bonds increased. [3][28] - At the industry level of convertible bonds, 28 industries rose and 1 fell. The media, automobile, and computer industries led the market in terms of gains. At the corresponding underlying stock level, 22 industries rose and 7 fell. [31] - Most individual convertible bonds rose this week. The top five convertible bonds in terms of weekly gains were Fuxin Convertible Bond, Zhenhua Convertible Bond, Zhongchong Convertible Bond 2, Limin Convertible Bond, and Zhongqi Convertible Bond; the top five in terms of weekly losses were Huicheng Convertible Bond, Xuerong Convertible Bond, Huafeng Convertible Bond, Daoen Convertible Bond, and Liugong Convertible Bond 2. [32][34] - The number of absolute low-price convertible bonds decreased this week. The median price of convertible bonds in the entire market rose. The weighted conversion value of the entire market increased, and the premium rate decreased. [36][41] 3.5 2.3 High-Frequency Tracking of Different Types of Convertible Bonds 3.5.1 Market Index Performance - This week, convertible bonds of all parities rose. Historically, high-parity convertible bonds are more elastic. [45] - This week, equity-biased, balanced, and debt-biased convertible bonds all rose. Historically, equity-biased convertible bonds are more elastic, and balanced convertible bonds are more resistant to declines. [46][47] - This week, convertible bonds of all ratings rose. Historically, high-rated AAA convertible bonds have shown stable performance, while AA- rated convertible bonds have performed poorly, and low-rated convertible bonds have shown weaker resistance to declines and greater rebound strength. [49] - This week, convertible bonds of all sizes rose. Since 2023, small-cap convertible bonds have recorded a 9.91% return, small and medium-cap convertible bonds 11.27%, medium-cap convertible bonds 8.02%, and large-cap convertible bonds 7.43%. [51] 3.5.2 Classification Valuation Changes - This week, the valuations of all types of convertible bonds rose. The valuations of balanced and equity-biased convertible bonds increased; the valuations of convertible bonds of all parities increased, with a significant increase in the valuation of (80, 90] parity convertible bonds; the valuation of AAA-rated convertible bonds increased, while the valuations of other rated convertible bonds decreased; the valuation of large-cap convertible bonds increased, while the valuations of other classified convertible bonds decreased. [53] - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have bottomed out and rebounded. The conversion premium rates of equity-biased and balanced convertible bonds are currently below the 35% and around the 50% quantiles since 2017, respectively. [55] - The conversion premium rates of convertible bonds of all ratings have fluctuated slightly. Currently, the premium rates of high-rated convertible bonds are relatively low. [56] 3.6 3.1 This Week's Primary Plan Issuance - This week, 3 new convertible bonds were listed, 0 were pending issuance, and 1 was pending listing. There were 8 primary approvals this week. [62] - Since the beginning of 2023 to April 25, 2025, there have been a total of 90 planned convertible bonds, with a total scale of 148.527 billion yuan. [66] 3.7 3.2 Downward Revision & Redemption Clauses - As of April 25, 2025, 21 convertible bonds announced that they were expected to trigger downward revisions, 31 announced no downward revisions, 4 proposed downward revisions, and 3 actually had downward revisions. [5][69] - This week, 0 convertible bonds were expected to trigger redemptions, 1 announced no early redemption, and 2 announced early redemptions. [5][72][73] - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 30 still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's downward revision tendency. [5][75]