2025 前三季度营收同比增长13.42%，单三季度归母净利润环比减亏。公司发布2025Q3 季报，前三季度 实现营收28.8 亿元(YoY +13.42%)，归母净利润-3.27 亿元。其中，单三季度实现营收9.82 亿元(YoY +11.1%，QoQ -0.59%)，归母净利润-0.82 亿元(环比减亏0.4 亿元)，综合毛利率为26.65%，较2Q25毛利 率23.21%环比提升3.44 个百分点。 风险提示：激烈竞争导致产品价格下降风险；新产品开发滞后风险；地缘政治风险；先进制程产能受限 风险；公司持续亏损风险等。 6nm 八核4G 芯片差异化竞争，云端推理ASIC 项目储备多种方案。公司第一代4G 八核芯片已推向市 场，首发客户G-Tab 智能手机已于8 月底上市；第二个手机客户为南非最大零售渠道的自有品牌，预计 明年年初面世；第三个客户的手机产品预计在明年一季度量产。目前近10 个智能手机项目正在推进 中，智能平板有10+项目正在推进中。第二代6nm 八核4G 芯片关键功能验证结果均符合预期，部分超 出设计目标。该芯片是目前同类中唯一能支持LPDDR4x/5/5x 的4G 智能手机芯片，预计将在今 ...

翱捷科技-U（688220.SH） 优于大市 合同负债环比大幅增长，云端 ASIC 项目储备多种方案 2025 前三季度营收同比增长 13.42%，单三季度归母净利润环比减亏。公司 发布 2025Q3 季报，前三季度实现营收 28.8 亿元(YoY +13.42%)，归母净利 润-3.27 亿元。其中，单三季度实现营收 9.82 亿元(YoY +11.1%，QoQ -0.59%)， 归母净利润-0.82 亿元(环比减亏 0.4 亿元)，综合毛利率为 26.65%，较 2Q25 毛利率 23.21%环比提升 3.44 个百分点。 合同负债环比大幅增长，蜂窝基带毛利率显著改善。公司三季度合同负债 1.99 亿元，较 1H25 合同负债 0.89 亿元环比大幅增长 123.6%。芯片定制及 IP 授权业务方面，公司前三季度订单总金额较 2024 年同期有倍数级增长， 下游主要来自于穿戴/眼镜类芯片、云端推理 AI 芯片和 RISC-V 芯片。公司 当前正在执行项目较多，由于项目复杂度高，周期较长，前三季度确收绝对 值较低，较上年同期下降超过 60%，第三季度环比下降 50%左右。但预计伴 随项目验收交付，明年收入有 ...

Group 1 - The report indicates that the current convertible bond valuation remains relatively high, with some newly issued bonds having higher premium rates compared to other bonds at parity. This is attributed to strong demand for convertible bonds and high industry prosperity, leading to excess returns on corresponding stocks and increased volatility, which supports the high valuation levels of these new bonds [1][10]. - The report anticipates that the high premium of newly issued bonds will persist, as high-prosperity industries will continue to issue convertible bonds, maintaining a balance structure close to the levels seen in 2025. This is expected to support the valuation levels of newly issued bonds and the overall market [1][10]. - The report tracks the valuation levels across various industries, identifying the top ten industries with the highest valuations, including Media, Computer, Defense, Machinery, Electronics, Automotive, Beauty, Communication, Food & Beverage, and Electric Equipment. The proportion of high-valuation industry bonds has increased in 2025 compared to 2023 and 2024, indicating a rise in the overall market valuation center [2][11]. Group 2 - The weekly strategy indicates that most stock indices experienced adjustments, with the China Convertible Bond Index showing a slight increase of 0.52%. The report highlights that the median price of bonds in the parity range has risen, indicating that convertible bond valuations remain at historically high levels [3][17]. - The report notes that market liquidity remains ample, and as investor risk appetite gradually recovers, a mid-term upward trend in stock indices is expected. Key areas of focus include the acceleration of AI industrialization, the "anti-involution" trend benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds such as hydrogen energy and nuclear fusion [3][17][18]. - Recent increases in convertible bond valuations may be due to inflows of new capital into the market, driven by a better alignment of the convertible bond market structure with current market styles. Specific sectors such as photovoltaics, lithium batteries, coal, and steel are highlighted as key areas for institutional investment [4][17].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 INGDAN, INC. 硬 蛋 創 新 （ 於開曼群島註冊成立的有限公司） （股份代號：400） 本集團於2025年第三季度 的未經審核營運概要 本公告載列硬蛋創新（「本公司」或「硬蛋」）及其附屬公司（「本集團」）截至2025年9月30日止 三個月期間的未經審核營運概要。 本公 告乃根 據香 港聯合 交易所 有限 公司證 券上市 規則（「 上市規 則」）第 13.09 (2) (a) 條及證 券 及期貨條例（ 香港法例第571章 ）第XIVA部項下的內幕消息條文（ 定義見上市規則 ）的規定而 作出。 本公司欣然報告，於2025年第三季度，本集團繼續受惠於AI算力的龐大需求。截⾄2025年 9⽉30⽇⽌三個⽉期間收益約達人民幣3,332.1百萬元，較2024年同期的人民幣2,728.7百萬元 增加約22.1%；經營溢利約為人民幣127.9百萬元，按年增長約34.7%。截至2025年9月30日 止 九 個 ...

Group 1 - The report highlights the top ten convertible bonds for November, including companies like 崧盛股份, 华特气体, and 和邦生物, each focusing on different growth areas such as robotics, semiconductor applications, and agricultural chemicals [1][2][8] - 崧盛股份 is entering the robotics sector to create a new growth curve, leveraging its expertise in LED lighting and related technologies [1][10] - 华特气体 is pushing for domestic substitution in the semiconductor industry through its specialty gas products, which are crucial for high-end applications [1][39][40] Group 2 - 和邦生物 is experiencing improved profitability in its glyphosate products due to better supply-demand dynamics, while its mining and photovoltaic glass segments are also contributing positively [1][25][27] - 友发集团, as the largest manufacturer of welded steel pipes in China, is expected to benefit from the new round of supply-side reforms, enhancing its national and international layout [1][22][23] - 兴瑞科技 is expanding its server business into critical components for liquid cooling, indicating a strategic shift towards high-demand technology sectors [1][29][49] Group 3 - 天能重工 is recognized as a leading player in the wind power tower industry, with a significant production capacity and a focus on maintaining competitive advantages through quality and delivery capabilities [1][43][44] - 福斯特 maintains a dominant market share of around 50% in photovoltaic film products, positioning itself strongly against competitors in the solar energy sector [1][34][35] - 深信服 is enhancing its AI capabilities through its AI computing power platform, which aims to facilitate rapid iteration and deployment of AI business solutions [1][15][18] Group 4 - 环旭电子 is a leading manufacturer of electronic components, focusing on miniaturization and integration in wearable technology and server products, catering to the growing demand in cloud computing and data centers [1][47][49] - 新凤鸣 is positioned as a major player in the polyester industry, with a significant market share in both long and short fibers, and is expected to benefit from the ongoing industry consolidation and environmental regulations [1][54][55]

Core Insights - The company reported a revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.63% [1] - The net profit attributable to shareholders reached 51.0888 million yuan, with a year-on-year increase of 2.40% [1] - The company is focusing on a "Smart+" strategy to drive technological innovation and enhance organizational efficiency amidst increasing market competition [1] Technological Development - The company is intensifying its research and development investments in the Athena Smart Native Base, addressing industry pain points through ecological collaborative innovation [2] - Upgrades to the Agent development and operation platform (Indepth AI) are enhancing compatibility and expanding the capabilities of MCP plugins and external intelligent agents, creating a complete closed loop for ISV ecological development [2] - The MLOps toolchain is being upgraded to expand the algorithm model library, covering various fields such as supply chain, finance, and production, thereby improving adaptability for different industry clients [2] Application and Market Impact - AI is demonstrating its value in core business scenarios, focusing on key areas such as supply chain collaboration, financial accounting, inventory management, and factory intelligence [2] - The company has developed multiple scenario-based Agent products to enrich its AI business application matrix [2] - The combination of the Athena Smart Native Base and AI business breakthroughs showcases the company's strong capabilities in technological innovation, supported by solid financial data for long-term development [2]

Core Insights - The consumption market in Shenzhen has seen a significant increase during the recent Mid-Autumn and National Day holidays, driven by the emergence of new business models and consumer experiences, termed "first-release economy" [1] - The opening of the Honor Alpha global flagship store has become a notable example of this trend, attracting an average of over 4,500 visitors daily during the holiday period, with a 70% entry rate and an average stay of over 15 minutes per customer [1][4] - The transformation of physical stores from mere sales points to "industry hubs" that link market demand with innovation is a key trend, showcasing a shift towards a new business model of "front store, back research" [1][6] Consumption Trends - The "first-release economy" has evolved to focus on new consumption scenarios and deep experiences rather than just the debut of new brands or products, emphasizing the re-evaluation of the value of physical retail spaces [1][2] - The Honor Alpha flagship store exemplifies this shift with its design emphasizing "boundary-less" and "human-tech" concepts, featuring innovative elements like a 43-meter curved glass and a 9-meter indoor waterfall [4] Business Model Innovation - The "front store, back research" model is emerging as a more efficient approach, connecting retail spaces directly with corporate R&D, creating a closed loop from demand perception to product delivery [6][7] - The flagship store serves as a market probe and data entry point, collecting user feedback and market data to inform product iterations, with features like the "AI Inspiration Café" facilitating social interactions and idea exchanges [6][7] Industry Collaboration - The "front store, back research" model is positioned as a significant connector and accelerator within Shenzhen's AI industry ecosystem, aiming to create a value symbiosis among brands, users, and partners [8][10] - The flagship store is not only a product showcase but also a platform for industry collaboration, inviting various AI innovation companies from the Greater Bay Area to foster regional AI industry synergy [10]

转债周策略 20251012 临近强赎转债的交易策略 2025 年 10 月 12 日 ➢ 临近强赎转债的交易策略 投资者当前对股票市场预期较高，或更偏好持有股性转债博取更大的弹性。跟踪 和分析转债市场强赎执行率和相关的价格信号或可帮助投资者优化股性转债的 投资思路。 从近期的强赎执行率来看，三季度转债强赎执行率基本处于历史高位（25 年 1 月 样本数量较低参考意义不大），较多上市公司在强赎触发后希望快速促转股；发 行人较强的转股意愿同样可以从下修概率看出：三季度下修概率逐月提升，下修 会加大转债的稀释率，因此上市公司往往不轻易提议下修，近期下修概率上升或 说明上市公司希望在市场火热的窗口期快速促转股。 上市公司转股意愿和转债强赎概率的上升提示投资者对股性转债的交易节奏需 更为谨慎，当市场交易转债的强赎意愿时，转债溢价率可能提前回落。我们统计 了 6 月至今，各触发强赎转债样本的转股溢价率变动情况，归纳强赎触发前后的 转债投资者行为： （1） 随着强赎触发临近，转债溢价率出现一定承压，体现了投资者的谨慎情 绪，其中，提议强赎的转债溢价率下降幅度较为明显。 （2） 随着强赎触发的临近，不强赎样本的平均转股溢价 ...

Group 1 - The report highlights the top ten convertible bonds for October, emphasizing companies like Zhengfan Technology, Wentai Technology, and Huanxu Electronics, which are positioned for growth in their respective sectors [1][2][57]. - Zhengfan Technology's non-equipment business is a key driver of its continuous performance growth, focusing on high-tech industries such as integrated circuits and biopharmaceuticals [8][9]. - Wentai Technology is recognized as a global leader in automotive semiconductors, with a strong focus on high ASP products that support its future growth [38][39]. Group 2 - Huanxu Electronics provides comprehensive manufacturing services for electronic products, with a strong presence in cloud computing and data centers, indicating robust demand in these sectors [46][48]. - The report suggests that the "反内卷" (anti-involution) trend may create opportunities for midstream sectors like new energy and steel, which could see price recoveries [2][58]. - The report anticipates that the inflow of fixed-income funds into the convertible bond market will continue, supporting valuations and reducing the likelihood of significant declines in October [2][58]. Group 3 - The report identifies specific convertible bonds to watch, including those from companies like TianNeng Heavy Industry, which is a domestic leader in wind power tower manufacturing, and is expected to benefit from increasing demand in the renewable energy sector [42][43]. - The agricultural chemical sector is highlighted through Hebang Biological, which is experiencing improved profitability due to favorable supply-demand dynamics in glyphosate products [24][27]. - The report also notes that companies like Youfa Group are poised to benefit from the new round of supply-side reforms, enhancing their national and international market presence [19][20].

Group 1 - The report highlights that the newly listed electronic convertible bonds have the highest quantity among newly issued convertible bonds, with eight bonds currently available, and their conversion value is relatively high, indicating strong potential for stock price appreciation [1][9] - The report identifies a concern regarding the high premium rates of these convertible bonds, with some, like Dinglong and Anke, exceeding 40% as of September 5, and most others above 30% [1][9] - The analysis suggests that evaluating the current investment value of these convertible bonds requires assessing whether the premium rates are excessively high and if there is room for further increases, as well as the risk of premium compression when entering the conversion period [1][9][10] Group 2 - The report indicates that while the valuation of electronic convertible bonds is currently high, it has not reached the peak levels seen in the third quarter of 2022, suggesting some potential for further appreciation [2][10] - It notes that the high premium rates of newly issued convertible bonds are primarily due to their longer remaining terms and the high time value of options, as well as supply-demand dynamics in the market [10][11] - The report emphasizes that if these convertible bonds enter the conversion period, there may be selling pressure from investors, which could impact the premium rates negatively [10][12] Group 3 - The weekly strategy section suggests that despite a recent high valuation adjustment, the convertible bond market is likely to remain attractive due to ample liquidity in the equity market and strong bullish sentiment among investors [4][24] - The report recommends focusing on sectors with high growth potential, such as technology and high-end manufacturing, and suggests specific convertible bonds to watch, including Zhengfan, Anji, and Xingsui in the technology sector, and Tian 23 and Jing'ao in the new energy sector [4][25] - It also mentions that the adjustment in valuations may renew interest from external funds and investors who previously reduced their positions, potentially leading to a rebound in convertible bond prices [4][24]