今天下午一点半之前，市场走得和昨天几乎一模一样，到处都在亏钱：A股90%的个股下跌，可转债跌，港股跌，长端利率债跌。 然后，一点半之后， 市场大型V型反转 ，除了长端利率债亏得更多了以外，其他资产都拉了起来，或者跌幅收窄。 市场靠什么力量翻红起来？这个不得而知。 这块内容，我们昨天其实已经聊了，今天 有几个亮瞎眼的数据： 其一，科创50大涨超7%，自去年0924以来，完成指数级别的翻倍； 但市场，确实处于一个很微妙的时期——无形的大手，明显是想让市场降温，不想让指数过快上涨，但是一方面，大部分降温的手段，预计都是 不治本的"非长效机制"；另一方面，对下跌的容忍度，似乎也很有限，比如今天 。 我们抛开这个V型反转，来聊聊市场里的一些，明确的趋势，一共三块。 ...... 第一，科技股的极致牛市，还在继续，既有逻辑、也有泡沫。 其二，寒王今天涨超15%，历史新高，收盘价1588块，远超茅台的1446； 其三，中芯国际涨超17%，历史新高，总市值超过9500亿； 其四，光模块今天涨超10%，年内收益超110%，"易中天"里，年内涨幅相对最小的天X通信，直接20cm封涨停，总之是轮流炒——下图，我把昨天的图更 新一下 ...

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/8/18-2025/8/22 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年8月28日 交易型指数基金资金流向 www.cgws.com 国内被动股票基金 | 大 类 | 所属概念 | 基金规模 | 周涨跌幅 | 周资金净买入额 | 今年以来周涨跌幅走势图 | 今年以来周资金流向走势图 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | (%) | (亿元) | | | | | | 上证50 | 1594.56 | 3.33 | 25.04 | | | | | | 沪深300 | 9834.49 | 4.27 | -34.74 | | | | | | 中证500 | 1401.20 | 3.88 | 46.89 | | | | | | 中证1000 | 1169.17 | 3.57 | 0.60 | | | | | | 创业板指 | 1264.48 | 5.81 | 22.61 | | | | | | ...

每经AI快讯，8月26日，卡倍亿（300863）(300863.SZ)公告称，公司本次募投项目"上海高速铜缆项 目"和"宁波汽车线缆改建项目"的环评审查批复正在办理中，尚待相关主管部门审核确认。为避免项目 实施存在不确定性，公司向深交所申请中止向不特定对象发行可转换公司债券的项目审核，预计中止时 间不超过1个月。此次申请中止审核不会影响公司正常生产经营，待环评及审查批复落实后，公司将及 时申请恢复审核。 ...

中国经济网北京8月26日讯珂玛科技（301611）(301611.SZ)昨晚披露《向不特定对象发行可转换公司债券的预 案》，本次发行证券的种类为可转换为公司A股普通股股票的可转换公司债券。该可转债及未来转换的A股股 票将在深圳证券交易所上市。本次发行的可转债每张面值为人民币100元，按面值发行。本次发行的可转债的 期限为自发行之日起六年。 本次发行的可转债票面利率的确定方式及每一计息年度的最终利率水平，提请公司股东大会授权公司董事会 (或由董事会授权人士)在发行前根据国家政策、市场状况和公司具体情况与保荐人(主承销商)协商确定。 公司8月19日披露关于员工战略配售资管计划减持股份预披露的公告，持有公司股份7,500,000股(占总股本比 例1.7202%)的股东中信证券资管-中信银行-中信证券资管珂玛材料员工参与创业板战略配售集合资产管理计划 (简称"员工战略配售资管计划")计划在公告披露之日起15个交易日后的3个月内(自2025年9月10日至2025年12 月9日)以大宗交易方式或集中竞价交易方式减持本公司股份不超过7,500,000股(占公司总股本比例1.7202%)。 本次拟减持股东为员工战略配售资管计 ...

2025年上半年，隆华新材业绩呈现"营收微增、利润下滑"的态势。报告期内，公司实现营业收入28.32 亿元，同比增长2.00%；但归属于上市公司股东的净利润7610.14万元，同比下滑15.94%；归属于上市公 司股东的扣除非经常性损益的净利润6690.65万元，同比下滑19.68%。利润下滑的背后，是公司核心产 品盈利能力的持续承压。2025年上半年，经营活动现金流净额仅为948.08万元，主要因增加备货导致材 料款支付增加。从产品盈利来看，公司核心业务聚醚多元醇产品2025年上半年实现营业收入27.74亿 元，同比增长5.84%，营业成本26.56亿元，同比增长6.23%，毛利率4.27%，同比下降0.35个百分点。 南方财经8月25日电，隆华新材（301149.SZ）公告，拟向不特定对象发行可转换公司债券，募集资金不 超过9.6亿元，主要用于扩展聚醚产能。此次募投项目包括端氨基聚醚技改项目、8万吨/年端氨基聚醚 项目（二期）以及年产20万吨环保型聚醚系列产品建设项目。公司现有端氨基聚醚产能4万吨/年，已达 到瓶颈，此次募投将使总产能提升至14万吨/年。其中，端氨基聚醚技改项目计划扩产6万吨/年至10万 ...

#报告 瑞银中国在岸投资报告：下调在岸可转债评级至中性，中国海外科技股、境内收息股具有吸引力。None (@None):None ...

Group 1 - The capital market landscape in 2025 is shifting towards diversified asset allocation, moving away from single-asset strategies to include equities, fixed income, and physical assets [1] - Structural opportunities in the Hong Kong stock market are evident, with companies like (02195.HK/34lp9) achieving a 45% increase in the AI healthcare sector and (02195.HK/83nm1) benefiting from stable dividend yields above 5.2% due to renewable infrastructure policies [2] - The bond market is seeing green bonds represented by (02195.HK/46df2) with yields surpassing 6.5%, while convertible bonds like (02195.HK/29rg4) offer a balanced risk-reward profile [2] Group 2 - Gold is highlighted as a traditional safe-haven asset, showing unique value during the Federal Reserve's interest rate cut cycle, with a combination of physical gold and (02195.HK/38ts6) gold ETFs meeting liquidity needs while avoiding transaction losses [2] - The investment strategy suggests dividing funds into core and satellite allocations, with core investments in (02195.HK/14kb9) bond funds and (02195.HK/77pd0) blue-chip stocks, while satellite investments include sector-specific targets like (02195.HK/22wf4) [3] - Risk management focuses on three dimensions: using (02195.HK/41qr9) cross-market ETFs to hedge currency risk, employing (02195.HK/58sj2) volatility index products for market risk management, and allocating (02195.HK/36xf8) gold options to address extreme events [3] Group 3 - The rise of smart investment advisory tools is changing allocation methods, with systems like (02195.HK/26vq7) dynamically adjusting stock-bond ratios based on economic indicators [4] - There is a caution against algorithmic homogenization risk, suggesting that maintaining a portion of actively managed products like (02195.HK/39zp0) can enhance portfolio differentiation [4]

Group 1: Financing and Market Overview - The report discusses the historical performance of rapid inflows into financing accounts, analyzing the market trends and leading sectors during such periods [3] - A review of the A-share market indicates a bullish investor sentiment, with the Shanghai Composite Index briefly surpassing 3700 points [3] - Global equity markets experienced a comprehensive rise, with Asian markets leading the gains [3] Group 2: Convertible Bonds - The convertible bond market is currently in a high valuation zone, with a pricing deviation indicator of 5.42%, placing it in the 99.9th percentile since 2018 [3] - Historical data shows that when convertible bonds are in the high valuation zone, the average return over the next six months is -2.9%, with a win rate of 0% [3] Group 3: Fixed Income and Economic Indicators - The basic frequency index for the economy stands at 127.2 points, reflecting a year-on-year increase of 5.4 points [5] - The industrial production frequency index is at 126.4, with a year-on-year increase of 5.1 points [5] - The commodity housing sales frequency index is at 43.3, showing a year-on-year decline of 6.4 points [5] Group 4: Company-Specific Insights Xtep International (01368.HK) - Xtep International reported a 7.1% increase in revenue for H1 2025, reaching 6.84 billion yuan, and a 21.5% increase in net profit to 910 million yuan [7][8] - The company maintains a stable dividend payout ratio of 50% [8] - Forecasts suggest a revenue growth of approximately 7% and a net profit growth of over 10% for 2025 [8] Lenovo Group (00992.HK) - Lenovo's Q1 25-26 fiscal year results exceeded expectations, with significant growth in PC and mobile segments [9] - Projected revenues for the next three fiscal years are $759 billion, $819 billion, and $893 billion, with corresponding net profits of $16.5 billion, $19.6 billion, and $24.0 billion [9] Nanwei Medical (688029.SH) - Nanwei Medical achieved a revenue of 1.565 billion yuan in H1 2025, marking a 17.36% year-on-year growth, with a net profit of 363 million yuan, up 17.04% [11][12] - The company is expected to see continued revenue growth of 21.3%, 19.5%, and 19.1% over the next three years [12]

Report Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The target price for the first - day of Kaizhong Convertible Bond is estimated to be between 134 and 139 yuan, and it is recommended to actively subscribe. The expected first - day conversion premium rate is in the range of 31% - 36%. The estimated first - day new - bond subscription winning rate is around 0.0023% - 0.0031% [3][21][22]. Summary by Directory 1. Kaizhong Convertible Bond New - Bond Subscription Analysis and Investment Suggestions 1.1 Convertible Bond Basic Terms Analysis - The issuance method of Kaizhong Convertible Bond is priority placement and online issuance. The bond and issuer ratings are AA-. The issuance scale is 308 million yuan, the initial conversion price is 12.7 yuan, the bond parity on August 15, 2025, is 102.36 yuan, the calculated pure bond value is 91.47 yuan. The conversion terms, redemption terms, and put - back terms are normal. The bond issuance scale is relatively low, with poor liquidity, a decent rating, and good bond floor protection. It's not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][17]. 1.2 New - Bond Initial Listing Price Analysis - The company is mainly engaged in the R & D, production, and sales of shock - absorbing components for automobile chassis suspension systems and lightweight pedal assemblies for control systems, as well as the R & D, production, and sales of special polyurethane elastomers such as high - performance polyurethane load - bearing wheels in non - automotive parts fields. After deducting issuance fees, 218 million yuan of the raised funds is planned for the expansion project of the Nantong production base, and the remaining 90 million yuan is for supplementary working capital. The target price for the first - day of the convertible bond is estimated to be between 134 and 139 yuan [3][20][21]. 1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0023% - 0.0031%. As of the end of 2024, the top two shareholders held 19.75% of the shares in total, and the top ten shareholders held 46.70% in total. Assuming the old - shareholder placement ratio is 20% - 40%, the scale available for the market is 185 million - 247 million yuan. By referring to recent bond issuances, the winning rate is estimated at the above - mentioned level [4][22]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Upstream - Downstream Industry Situation - The company's main business is as described above. The upstream industries include those related to isocyanates, polyols, metal parts, etc., and the company has stable cooperation with upstream suppliers. The downstream is mainly passenger vehicle manufacturers [23][24]. 2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income showed an upward trend, with year - on - year growth rates of 17.07%, 15.17%, 1.22%, and 1.59% respectively. The main business income mainly comes from the automotive parts business, with a proportion of over 95%. The comprehensive gross margin is generally stable, with fluctuations mainly caused by the power business. The company's period expenses, R & D expenses, and accounts receivable have all fluctuated in recent years. The accounts receivable amount has gradually increased, and the accounts receivable turnover rate has decreased. The net profit attributable to the parent company has fluctuated, and the profitability has also shown a fluctuating trend [26][28][30]. 2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively dispersed, with no controlling shareholder. The top two shareholders held 19.75% of the shares in total, and the top ten shareholders held 46.70% in total. The company has 14 important subsidiaries [43]. 2.4 Company's Business Characteristics and Advantages - The company has advantages in personnel reserves, technical capabilities, and market foundation. It has a deep talent reserve in relevant fields, a strong technical foundation, and has established good cooperative relationships with many well - known domestic and international enterprises [46][47][48]. 2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds with a total raised funds of no more than 308 million yuan. After deducting issuance fees, 218 million yuan is for the expansion project of the Nantong production base, and 90 million yuan is for supplementary working capital. The Nantong project is expected to have an annual production capacity of 27 million polyurethane shock - absorbing components and 3.5 million lightweight pedal assemblies after completion [49].

Core Viewpoint - The article highlights the significant reduction in the number of convertible bonds priced below 100 yuan, with only one bond, Zhongzhuang Convertible Bond 2, trading at 99.4 yuan before its adjustment, indicating a shift in the market dynamics of convertible bonds [1]. Summary by Sections Recent Developments in Convertible Bonds - Zhongzhuang Convertible Bond 2 has undergone a downward adjustment, with its conversion value exceeding 102 yuan, leading to no convertible bonds priced below 100 yuan in the market [1]. - The article lists several convertible bonds with important announcements, including Titan Convertible Bond (not subject to forced redemption) and Zhongzhuang Convertible Bond (adjustment announcement) [2]. Convertible Bond Market Overview - The article provides a table summarizing various convertible bonds, including their current prices, forced redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4]. - Notable convertible bonds include: - Lian De Convertible Bond priced at 139.299 yuan with a conversion value of 140.93 yuan [4]. - Yong An Convertible Bond priced at 152.289 yuan with a conversion value of 153.66 yuan [4]. - Z Qilu Convertible Bond priced at 122.209 yuan with a conversion value of 122.20 yuan [4]. Shareholder Actions - Shareholders of Liyang Chip and Xingrui Technology plan to collectively reduce their holdings by no more than 3.94% and 1.67% of the company's shares, respectively [3]. Additional Information - The article mentions the renaming of Jidong Cement's securities to "Jinyu Jidong" [3]. - It also includes a list of convertible bonds that are not subject to downward adjustments, such as Hongtu Convertible Bond and Heda Convertible Bond [3].