证券研究报告 | 2025年08月17日 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周新增项目信息如下：（部分项目因合规原因未予列示） 可交换私募债跟踪 私募 EB 每周跟踪（20250811-20250815） 固定收益快评 1. 福建省国有资产管理有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易所受理， 拟 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including basic elements such as issuer, scale, underlying stock, and project status. The actual issuance terms and progress may change, and investors are advised to refer to the final prospectus and consult the lead underwriters [1]. 3. Summary of Key Information New Projects This Week - Fuda Holdings Group Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 1.2 billion yuan and the underlying stock being Fuda Co., Ltd. (603166.SH). The lead underwriter is Zhongde Securities, and the exchange update date is July 11, 2025 [2]. - Zijin Mining Investment (Shanghai) Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 700 million yuan and the underlying stock being Jiangnan Chemical Industry Co., Ltd. (002226.SZ). The lead underwriter is CITIC Securities, and the exchange update date is July 8, 2025 [2]. Project Status Table - The report lists the status of multiple private exchangeable bond projects as of July 11, 2025, including details such as bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are divided into two categories: "passed" and "feedback received" [3].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report regularly updates the latest information on private exchangeable bond (private EB) projects from public channels and conducts basic element tracking on private exchangeable bond projects, emphasizing that the issuance terms and progress may change, and the final prospectus and relevant underwriters should be referred to [1]. 3. Summary by Relevant Catalogs 3.1 New Project Information - There is no new project information this week, and some projects are not listed due to compliance reasons [2]. 3.2 Project Status Table - The table lists the details of multiple private EB projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects include those from companies such as Shudao Investment Group Co., Ltd., China Pingmei Shenma Group Co., Ltd., and Guangdong Shunde Holdings Group Co., Ltd., with statuses of "Passed", "Feedback Received", and "Accepted" [3].

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The report regularly sorts out the latest information on private exchangeable bond (private EB) projects obtained from public channels and conducts basic element tracking on private exchangeable bond projects. It should be noted that the issuance terms and processes of private bonds may change, and the final prospectus should prevail. For issuance progress, consult the relevant lead underwriters [1] 3. Summary by Relevant Catalogs New Project Information This Week - Guangdong Shengyi Technology Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors has received feedback from the exchange. The proposed issuance scale is 2 billion yuan, the underlying stocks are Shengyi Electronics/Lianrui New Materials (688183.SH/688300.SH), the lead underwriter is CITIC Securities, and the exchange update date is June 12, 2025 [2] List of Private EB Weekly Tracking (2025 - 06 - 13) - Multiple private exchangeable bond projects are listed, including details such as bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in various statuses such as "Passed", "Feedback Received", and "Accepted" [3]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report regularly summarizes the latest information on private exchangeable bond (private EB) projects from public channels and tracks the basic elements of private exchangeable bond projects. It should be noted that the private issuance terms and the issuance process may be subject to change, and the final offering prospectus should prevail. For the issuance progress, please consult the relevant lead underwriters [1]. 3. Summary by Relevant Content New Project Information This Week - The private placement of exchangeable corporate bonds by Liaoning Chengda Co., Ltd. in 2025 to professional investors was accepted by the exchange. The proposed issuance scale is 5 billion yuan, the underlying stock is GF Securities (000776.SZ), the lead underwriter is CITIC Construction Securities, and the exchange update date is June 3, 2025 [2]. Private EB Weekly Tracking (2025 - 06 - 03) - Multiple private exchangeable bond projects are listed, including their bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. For example, the private placement of exchangeable corporate bonds by Shudao Investment Group Co., Ltd. in 2025 to professional investors has a scale of 5 billion yuan, the underlying stock is Sichuan Road & Bridge, the project status is "Passed", and the update date is April 30, 2025 [3]. Related Research Reports - Several related research reports are listed, such as "Private EB Weekly Tracking (20250526 - 20250530)" dated June 1, 2025 [4].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report regularly sorts out the latest information on private exchangeable bond (private EB) projects available from public channels and conducts basic element tracking on private exchangeable bond projects. It should be noted that the private issuance terms and the issuance process may be subject to change, and the final prospectus should prevail. For the issuance progress, please consult the relevant lead underwriters [1]. 3. Summary by Relevant Catalog New Project Information This Week - The 2025 private exchangeable corporate bond project of Shenzhen Huaqiang Group Co., Ltd. for professional investors has been approved by the exchange. The proposed issuance scale is RMB 2.4 billion, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is April 17, 2025 [2]. - The 2025 private exchangeable corporate bond project of Jiangsu Shenghong Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 8 billion, the underlying stock is Orient Shenghong (000301.SZ), the lead underwriter is Huatai United Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Beijing He Xie Heng Yuan Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 800 million, the underlying stock is Sichuan Shuangma (000935.SZ), the lead underwriter is Hongta Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Wanan Group Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 600 million, the underlying stock is Wanan Technology (002590.SZ), the lead underwriter is Zheshang Securities, and the exchange update date is April 15, 2025 [2]. Private EB Weekly Tracking (2025 - 04 - 18) The table lists the information of multiple private exchangeable bond projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [4].