Group 1: Core Insights - The report emphasizes the significant profit contribution of state-owned enterprises in the construction and mineral resources sector, indicating a potential for value reassessment [5] - Key recommendations include companies with high resource contribution and untapped performance potential, such as China Metallurgical Group A (PB 0.64X) and China Metallurgical Group H (PB 0.41X) [5] - Other highlighted companies include China Railway Group A (PB 0.46X) and China Railway Group H (PB 0.30X, 25E dividend yield 4.9%), which have abundant copper and molybdenum resources [5] Group 2: Industry Performance - The report notes that the construction and mineral resources sector is poised for a reassessment of value, driven by the performance potential of untapped resources [5] - The analysis suggests that companies involved in gold business, like Shanghai Construction Group (PB 0.69X), may benefit from rising gold prices [5] - The report indicates that the overall performance of the construction and mineral resources sector is critical for the broader economic landscape, highlighting its importance in the investment strategy [5]

Report Title - Convertible Bond Industry Chain Big Map - May 2025 [2] Core View - The report comprehensively presents the convertible bond situation of various industries, including power and electrical equipment, mining, non - ferrous metals and chemicals, machinery, transportation, and automobiles, etc., and provides the monthly trading volume data of convertible bonds in April 2025 for each industry. Industry - by - Industry Summary Power and Electrical Equipment Industry - **Sub - sectors and convertible bonds**: Covers power generation equipment and construction (wind power, photovoltaic, thermal power), power generation, power transportation and application, with convertible bonds such as Tongyu Convertible Bond, Long22 Convertible Bond, and Jieneng Convertible Bond [6][7][8]. - **April trading volume top ten**: The top ten in trading volume include Outong Convertible Bond, Zhenyu Convertible Bond, etc., with the trading volume of Outong Convertible Bond reaching 26.522 billion yuan [11]. Mining, Non - ferrous Metals and Chemical Industry - **Sub - sectors and convertible bonds**: Includes basic chemical products, chemical raw materials, chemical fibers, etc., with convertible bonds like Feng21 Convertible Bond, Juhua Convertible Bond [13]. - **April trading volume top ten**: The top ten in trading volume include Fuxin Convertible Bond, Limin Convertible Bond, etc., with the trading volume of Fuxin Convertible Bond reaching 34.178 billion yuan [14]. Machinery, Transportation and Automobile Industry - **Sub - sectors and convertible bonds**: Involves special equipment, engineering machinery, automobile parts, etc., with convertible bonds such as Yong02 Convertible Bond, Aidi Convertible Bond [17]. - **April trading volume top ten**: The top ten in trading volume include Beigang Convertible Bond, Jizhi Convertible Bond, etc., with the trading volume of Beigang Convertible Bond reaching 20.181 billion yuan [19]. Electronics Industry - **Sub - sectors and convertible bonds**: Comprises semiconductor materials and equipment, electronic chemicals, passive components, etc., with convertible bonds like Huaya Convertible Bond, Feikai Convertible Bond [22]. - **April trading volume top ten**: The top ten in trading volume include Fuli Convertible Bond, Feikai Convertible Bond, etc., with the trading volume of Fuli Convertible Bond reaching 8.395 billion yuan [25]. Military and TMT Industry - **Sub - sectors and convertible bonds**: Covers communication equipment and services, military, computer, and media, with convertible bonds such as Fenghuo Convertible Bond, Tianjian Convertible Bond [28][29]. - **April trading volume top ten**: The top ten in trading volume include Aofei Convertible Bond, Hengfeng Convertible Bond, etc., with the trading volume of Aofei Convertible Bond reaching 29.06 billion yuan [31]. Real Estate Industry - **Sub - sectors and convertible bonds**: Includes building materials, construction, and household appliances, with convertible bonds such as Zhongqi Convertible Bond, Tianlu Convertible Bond [34][36][38]. - **April trading volume top ten**: The top ten in trading volume include Zhongqi Convertible Bond, Tianlu Convertible Bond, etc., with the trading volume of Zhongqi Convertible Bond reaching 103.573 billion yuan [40]. Financial Industry - **Sub - sectors and convertible bonds**: Divided into non - bank finance (securities, diversified finance) and banks (city commercial banks, rural commercial banks, joint - stock banks), with convertible bonds such as Caitong Convertible Bond, Qilu Convertible Bond [43][44]. - **April trading volume top ten**: The top ten in trading volume include Pufa Convertible Bond, Hangyin Convertible Bond, etc., with the trading volume of Pufa Convertible Bond reaching 8.122 billion yuan [47]. Light Industry and Downstream Consumption Industry - **Sub - sectors and convertible bonds**: Covers papermaking, agriculture, forestry, animal husbandry and fishery, light manufacturing, commerce and retail, etc., with convertible bonds such as Tezhi Convertible Bond, Honghui Convertible Bond [50][51][52]. - **April trading volume top ten**: The top ten in trading volume include Huisheng Convertible Bond, Xiaoming Convertible Bond, etc., with the trading volume of Huisheng Convertible Bond reaching 124.566 billion yuan [54]. Pharmaceutical and Biological Industry - **Sub - sectors and convertible bonds**: Includes pharmaceutical product production (weight - loss drugs, innovative drugs), medical devices, and pharmaceutical circulation, with convertible bonds such as Puli Convertible Bond, Aorui Convertible Bond [56]. - **April trading volume top ten**: The top ten in trading volume include Rundong Convertible Bond, Shanhe Convertible Bond, etc., with the trading volume of Rundong Convertible Bond reaching 4.008 billion yuan [58]. Environmental Protection Industry - **Sub - sectors and convertible bonds**: Involves environmental monitoring, comprehensive environmental governance, sewage treatment, etc., with convertible bonds such as Tianyuan Convertible Bond, Weier Convertible Bond [61]. - **April trading volume top ten**: The top ten in trading volume include Huicheng Convertible Bond, Jingyuan Convertible Bond, etc., with the trading volume of Huicheng Convertible Bond reaching 33.191 billion yuan [64]. Hot - topic - related Convertible Bonds - **Robot concept**: Convertible bonds include Jingduan Convertible Bond, Meng24 Convertible Bond, etc. [67]. - **Humanoid robot concept**: Convertible bonds include Boshi Convertible Bond, Chongda Convertible Bond, etc. [69]. - **DeepSeek concept**: Convertible bonds include Youzu Convertible Bond, Shenma Convertible Bond, etc. [71]. - **Anti - tariff concept**: Convertible bonds include Yingji Convertible Bond, Yiwei Convertible Bond, etc. [73]. - **Cross - border concept**: Convertible bonds include Aojia Convertible Bond, Baiyang Convertible Bond, etc. [76].