Group 1 - The core point of the article is that China Energy Engineering Corporation (601868.SH) has stated that it currently does not have any self-developed computing power large models [1] Group 2 - The company communicated this information through its investor interaction platform [1]

Group 1 - The core viewpoint emphasizes a strong optimism towards the robotics sector, with a notable investment in Ningbo Huaxiang by Zhang Jianping, who acquired 6 million shares in the second quarter, raising questions about whether it can replicate the performance of Cambricon [1] - Zhang Jianping's holdings in Cambricon are reported at 1.45%, with a market value of approximately 366 million yuan, while his stake in Ningbo Huaxiang is 0.76%, corresponding to a market value of about 113 million yuan [1][2] - The discussion around Ningbo Huaxiang and Cambricon highlights their respective positions in the AI chip and automotive components sectors, suggesting a strategic alignment with the trends in robotics and intelligent driving [2] Group 2 - The comparison between Ningde Times and Cambricon, as noted by Huachuang Securities' Zhang Yichi, indicates a growing interest and debate within the market regarding these companies [2] - Zhang Jianping's relatively low holding in Cambricon is pointed out, suggesting it may not significantly influence the stock price movements, while his investment in Ningbo Huaxiang has not yet surpassed his historical investment patterns [2]

1. Report Title and Date - The report is titled "Convertible Bond Industry Chain Map - August 2025" and was released on August 14, 2025 [1][2] 2. Core Viewpoint - The report comprehensively presents the convertible bond industry chains, including power and electrical equipment, mining, nonferrous metals and chemicals, machinery, transportation, automotive, electronics, military and TMT, real estate, finance, light industry and consumer goods, pharmaceutical and biological, and environmental protection industries, and provides the top ten monthly trading volumes of each industry chain in July [5][11][16] 3. Industry Chain Summaries 3.1 Power and Electrical Equipment Industry Chain - **Sub - industries and convertible bonds**: Include power generation equipment and construction (wind power, photovoltaic, thermal power equipment), power generation, power transmission and application, energy storage, etc., with convertible bonds such as Tongyu Convertible Bond and Long22 Convertible Bond [5][6][7] - **July monthly trading volume top ten**: Convertible bonds like Outong Convertible Bond and Xingang Convertible Bond are on the list, with trading volumes ranging from 58.34 billion yuan to 248.72 billion yuan [8][9] 3.2 Mining, Nonferrous Metals and Chemical Industry Chain - **Sub - industries and convertible bonds**: Cover steel, mining, nonferrous metals (aluminum, copper, etc.), chemical raw materials, basic chemicals, etc., with convertible bonds such as Bengang Convertible Bond and Shenghong Convertible Bond [11][12] - **July monthly trading volume top ten**: Convertible bonds such as Feilu Convertible Bond and Limin Convertible Bond are included, with trading volumes from 74.10 billion yuan to 281.53 billion yuan [13][14] 3.3 Machinery, Transportation, Automotive Industry Chain - **Sub - industries and convertible bonds**: Comprise machinery (special equipment, engineering machinery, etc.), automotive (parts, vehicle manufacturing), and logistics (road, cross - border, etc.), with convertible bonds such as Yong02 Convertible Bond and Yongan Convertible Bond [16][17][19] - **July monthly trading volume top ten**: Convertible bonds like Yongan Convertible Bond and Hao24 Convertible Bond are among them, with trading volumes from 50.95 billion yuan to 195.92 billion yuan [18][19] 3.4 Electronics Industry Chain - **Sub - industries and convertible bonds**: Include semiconductor materials and equipment, electronic chemicals, passive components, etc., with convertible bonds such as Huaya Convertible Bond and Jing23 Convertible Bond [21][22] - **July monthly trading volume top ten**: Convertible bonds like Jing23 Convertible Bond and Jingrui Convertible Bond are on the list, with trading volumes from 25.40 billion yuan to 405.90 billion yuan [24][25] 3.5 Military and TMT Industry Chain - **Sub - industries and convertible bonds**: Consist of communication equipment and services, military (aviation, aerospace, ground equipment, military electronics), computer, and media, with convertible bonds such as Fenghuo Convertible Bond and Mengsheng Convertible Bond [27][28][29] - **July monthly trading volume top ten**: Convertible bonds like Yingji Convertible Bond and Youzu Convertible Bond are included, with trading volumes from 31.37 billion yuan to 516.47 billion yuan [31][32] 3.6 Real Estate Industry Chain - **Sub - industries and convertible bonds**: Include building materials (cement, decoration materials, glass fiber), construction engineering, post - real estate and post - infrastructure related industries (household appliances), with convertible bonds such as Tianlu Convertible Bond and Zhongqi Convertible Bond [34][35][36] - **July monthly trading volume top ten**: Convertible bonds like Tianlu Convertible Bond and Zhongqi Convertible Bond are among the top ten, with trading volumes from 66.04 billion yuan to 560.22 billion yuan [40][41] 3.7 Financial Industry Chain - **Sub - industries and convertible bonds**: Include non - bank finance (securities, diversified finance) and banking (city commercial banks, rural commercial banks, joint - stock banks), with convertible bonds such as Caitong Convertible Bond and Pufa Convertible Bond [43][44] - **July monthly trading volume top ten**: Convertible bonds such as Pufa Convertible Bond and Xingye Convertible Bond are on the list, with trading volumes from 30.77 billion yuan to 197.15 billion yuan [46][47] 3.8 Light Industry and Consumer Goods Industry Chain - **Sub - industries and convertible bonds**: Cover papermaking, agriculture, forestry, animal husbandry and fishery, light industry manufacturing (packaging, home products, textiles), commerce and retail (general retail, cosmetics, food and beverage), with convertible bonds such as Tezhi Convertible Bond and Dayu Convertible Bond [49][50][51] - **July monthly trading volume top ten**: Convertible bonds like Dayu Convertible Bond and Jialian Convertible Bond are included, with trading volumes from 32.98 billion yuan to 384.42 billion yuan [54] 3.9 Pharmaceutical and Biological Industry Chain - **Sub - industries and convertible bonds**: Include pharmaceutical product production (innovative drugs, traditional Chinese medicine, chemical pharmaceuticals), medical devices, and pharmaceutical circulation and application, with convertible bonds such as Aorui Convertible Bond and Sailing Convertible Bond [56][57] - **July monthly trading volume top ten**: Convertible bonds like Sailing Convertible Bond and Borei Convertible Bond are among the top ten, with trading volumes from 54.07 billion yuan to 1244.37 billion yuan [59][60] 3.10 Environmental Protection Industry Chain - **Sub - industries and convertible bonds**: Comprise environmental monitoring, environmental protection equipment, comprehensive governance (water treatment, solid waste treatment), with convertible bonds such as Huahong Convertible Bond and Huicheng Convertible Bond [61][62] - **July monthly trading volume top ten**: Convertible bonds like Huicheng Convertible Bond and Huahong Convertible Bond are on the list, with trading volumes from 10.42 billion yuan to 478.28 billion yuan [64][65] 3.11 Hot Topics - **"Anti - involution"**: Convertible bonds related to power equipment and nonferrous metals are involved, such as Long22 Convertible Bond and Huayou Convertible Bond [67][68] - **"Humanoid robot"**: Convertible bonds from industries like basic chemicals, machinery, and electronics are included, such as Fuxin Convertible Bond and Daotong Convertible Bond [69][70] - **"Computing power and large models"**: Convertible bonds in communication, machinery, electronics, and computer industries are on the list, such as Fenghuo Convertible Bond and Kelan Convertible Bond [71][72]