Summary of Key Points Core Viewpoint - The article discusses the adjustment of credit ratings for convertible bonds in the first half of 2025, highlighting a decrease in the number of downgrades compared to the previous year, with a focus on the challenges faced by private enterprises in specific industries [3]. Group 1: Convertible Bond Rating Adjustments - In the first half of 2025, all convertible bonds with adjusted ratings experienced downgrades, but the number of downgrades decreased year-on-year [3]. - The majority of the bonds downgraded had initial ratings of AA- or below, with remaining maturities primarily concentrated within one year and two to four years [3]. - The issuers of downgraded convertible bonds were predominantly private enterprises, mainly in the basic chemical and computer industries [3]. Group 2: Financial Health of Issuers - Issuers of convertible bonds that had their ratings adjusted generally showed a decline in profitability, weakened cash flow, and increased short-term debt repayment pressure, leading to heightened liquidity risks [3]. - There was a noted increase in governance and other risks associated with these issuers [3]. Group 3: Qualcomm Investment Analysis - Qualcomm is expected to maintain its leading market share in high-end smartphone SoCs and smart cockpit SoCs, with potential growth in PC SoCs and autonomous driving SoCs [4]. - The company is expanding into AI smart glasses and data center CPU businesses, which may provide a second growth curve in the long term [4]. - However, Qualcomm's performance growth is anticipated to slow down from fiscal year 2025 to fiscal year 2027 due to Apple's self-developed baseband chips and a decline in revenue from Apple [4].

Macro Analysis - The current economic situation shows stable demand, but a significant decline in fixed asset investment growth due to high temperatures, further decline in PPI, and a complex external environment leading to cautious investment decisions [4] Real Estate Sector - In the first half of 2025, the transaction area of residential properties in 30 core cities tracked by the company decreased by 5% year-on-year, while the average transaction price increased by 4% to 24,968 yuan per square meter [5] - The transaction area of second-hand residential properties in 15 core cities increased by 13% year-on-year, with an average price of 24,275 yuan per square meter, reflecting a 0.5% increase [5] - There is a deepening regional and city differentiation, suggesting a focus on structural alpha opportunities for investment [5] Company-Specific Reports - Qualcomm is expected to maintain its leading market share in high-end smartphone SoC and smart cockpit SoC, with potential growth in PC SoC and autonomous driving SoC markets [6][7] - The company is also expanding into AI smart glasses and data center CPU businesses, which may become a second growth curve in the long term [7] - Keda Manufacturing anticipates a significant year-on-year increase in net profit for the first half of 2025, projected between 700 million to 790 million yuan, representing a growth of 54.03% to 73.83% [8] - Puyang Huicheng's net profit for the first half of 2025 is expected to decline by 40% to 49.99% year-on-year, attributed to disruptions in the demand for active magnesium oxide [9] - Northern Navigation expects a turnaround in profitability for the first half of 2025, with net profit projected between 105 million to 120 million yuan, benefiting from increased product deliveries [10] - BOE Technology Group plans to acquire a 30% stake in Rainbow Optoelectronics, which aligns with its strategic development and aims to strengthen its competitive advantage in the industry [11]