Core Viewpoint - CITIC Group showcases its innovative capabilities and international strategy at the China International Supply Chain Promotion Expo, emphasizing its role in global supply chain integration and cross-border financial services [1][3]. Group 1: International Strategy and Collaboration - CITIC Group has established a global cooperation network covering over 150 countries and regions, promoting cross-border comprehensive financial services and industrial collaboration [3][4]. - The company launched the service brand "Go Abroad, Find CITIC" and "Come to China, Find CITIC" to enhance international cooperation and facilitate foreign investment in China [3]. Group 2: Automotive Industry Innovations - CITIC Dicastal, the largest supplier of aluminum wheels and chassis components globally, has developed a lightweight aluminum chassis that reduces weight by over 33.4%, supporting the automotive industry's shift towards lightweight and low-carbon solutions [5]. Group 3: Special Steel and Marine Equipment - CITIC Pacific Special Steel is the sole supplier of high-quality seamless steel pipes for a major offshore oil drilling project in Qatar, marking a significant achievement in meeting stringent marine corrosion requirements [6]. Group 4: Heavy Equipment and Mining - CITIC Heavy Industries has developed intelligent mining technologies that enhance operational efficiency and safety, delivering over 100 large-scale smelting equipment, including the world's largest semi-autogenous mill [8]. Group 5: Infrastructure Development - CITIC Construction is involved in the Algeria East-West Highway project, creating a 1216 km road that connects key coastal cities, showcasing China's engineering capabilities in global infrastructure development [9]. Group 6: Low-altitude Economy - CITIC Heli has positioned itself as a comprehensive service provider in the low-altitude economy, focusing on aircraft manufacturing and air traffic management, and collaborating with other companies to expand low-altitude logistics and emergency services [10]. Group 7: Comprehensive Financial Services - CITIC Financial Holdings leads a consortium of financial subsidiaries to provide integrated financial services for enterprises going abroad, achieving a business landing rate of 92% for specialized and innovative enterprises [11].

Core Viewpoint - Fushun Special Steel (600399) experienced a trading halt with a daily increase limit, showing significant trading activity and net buying from various brokerage firms [2][3]. Trading Performance - The stock reached a daily trading limit with a turnover rate of 9.24%, total transaction value of 1.016 billion yuan, and a price fluctuation of 10.90% [2]. - The stock was listed on the Shanghai Stock Exchange for a daily price deviation of 10.04%, with a net sell of 1.0788 million yuan from the Shanghai-Hong Kong Stock Connect [2]. Brokerage Activity - The top five brokerage firms accounted for a total transaction value of 417 million yuan, with a net buying amount of 247 million yuan [2]. - Specific brokerage activities included significant purchases from CITIC Securities and other firms, with the largest buy amounting to 117.95 million yuan [3][4]. Capital Flow - The stock saw a net inflow of 321 million yuan from major funds, with a notable inflow of 324 million yuan from large orders [2]. - Over the past five days, the net inflow of major funds totaled 298 million yuan [2]. Margin Trading Data - As of July 10, the margin trading balance for the stock was 547 million yuan, with a financing balance of 546 million yuan and a securities lending balance of 1.2063 million yuan [2]. - In the last five days, the financing balance decreased by 36.23 million yuan, a decline of 6.23%, while the securities lending balance decreased by 0.0783 million yuan, a decline of 6.10% [2]. Financial Performance - In the first quarter, the company reported a revenue of 1.756 billion yuan, a year-on-year decrease of 15.25%, and a net loss of 125 million yuan [3].

Market Overview - On July 11, the A-share market saw all three major indices rise, with total trading volume reaching 1.71 trillion yuan, the highest since March 15, and over 2900 stocks increased in value [1] - Market focus was on sectors such as rare earth permanent magnets, large financials, non-ferrous metals, and CRO concepts [1] Stock Performance - A total of 61 stocks hit the daily limit up, with 17 stocks achieving consecutive limit ups, and a limit up rate of 69% (excluding ST and delisted stocks) [3] - Notable stocks included: - Sifang New Material with a five-day consecutive limit up [3] - Jingyi Co. and Yamaton with eight days of five consecutive limit ups [3] - Lianhuan Futures and Shangwei New Material with three consecutive limit ups [3] Key Stocks and Trading Data - **Sichuan Wisdom (300066)**: Price increased by 20.09% to 5.50 yuan, with a trading volume of 198.8 million [4] - **Guochuang Technology (300221)**: Price increased by 20.04% to 12.22 yuan, with a trading volume of 81.21 million [4] - **Jiujiu Changke (300631)**: Price increased by 20.02% to 28.96 yuan, with a trading volume of 22.537 million [4] - **Guorui Technology (300600)**: Price increased by 20.01% to 16.73 yuan, with a trading volume of 55.38 million [4] - **Haoou Bo (888888)**: Price increased by 20.00% to 156.47 yuan, with a trading volume of 46063 [4] Institutional Trading - The top three net buying stocks on the daily leaderboard were: - Fushun Special Steel with a net buy of 247 million yuan [6] - Guorui Technology with a net buy of 190 million yuan [6] - Shanghai Steel Union with a net buy of 174 million yuan [6] Sector Highlights - **Rare Earth Sector**: The price of rare earth concentrate was adjusted to 19,109 yuan/ton, a 1.5% increase from the previous quarter, marking the fourth consecutive quarter of price increases [24] - **Guorui Technology**: The company is a key supplier in the military and new energy ship sectors, with a focus on precision sheet metal processing in the new energy field [14][17] - **Shanghai Steel Union**: The company focuses on big data for commodities and AI applications, with significant trading activity noted [18] Company Financials - **China Rare Earth**: Reported a 141.32% year-on-year increase in revenue for Q1 2024, amounting to 728 million yuan, and a net profit of 72.62 million yuan, marking a return to profitability [26] - **Guorui Technology**: The company is set to remove risk warnings from its stock, enhancing its market position [17] Trading Trends - The trading volume and turnover rates for several stocks indicated strong market interest, with Shanghai Steel Union achieving a turnover rate of 25.57% and a trading volume of 21.10 billion yuan [18] - The overall market sentiment was positive, with significant movements in various sectors, particularly in rare earth and military-related stocks [24][14]

Group 1 - The company, Fushun Special Steel Co., Ltd., expects a net profit attributable to shareholders for the first half of 2025 to be between -260 million yuan and -300 million yuan, representing a decrease of 214.06% to 231.60% compared to the same period last year [1][2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is also projected to be between -260 million yuan and -300 million yuan, reflecting a decrease of 217.24% to 235.27% year-on-year [1][2] - The previous year's net profit attributable to shareholders was 227.96 million yuan, with a net profit of 221.78 million yuan after deducting non-recurring gains and losses [2] Group 2 - The main reasons for the expected loss include lower-than-expected actual production from new projects, leading to increased fixed costs per unit, and higher quality control costs due to enhanced product quality requirements [2]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index and Shenzhen Component Index both up by 0.04%, while the ChiNext Index opened down by 0.08% [1] - The Shanghai Composite Index is at 3,498.72 points, with a slight increase of 0.04% and a trading volume of 52.45 billion [2] - The Shenzhen Component Index is at 10,592.51 points, also up by 0.04%, with a trading volume of 81.21 billion [2] - The ChiNext Index is at 2,179.32 points, down by 0.08%, with a trading volume of 35.64 billion [2] External Market - The US stock market showed mixed results, with the Dow Jones down by 0.37% at 44,240.76 points, the S&P 500 down by 0.07% at 6,225.52 points, and the Nasdaq up by 0.03% at 20,418.46 points [3] - Chinese concept stocks performed well, with the Nasdaq China Golden Dragon Index up by 0.71%, outperforming the US indices [3] Industry Insights - CITIC Securities reports a positive long-term trend in the medical device industry, driven by innovation, mergers, and internationalization, with expectations of high growth in Q3 due to new product launches [4] - CICC anticipates continued high growth in new consumption sectors, particularly in health drinks and snacks, with a stable improvement in the food and beverage sector [5] - China Galaxy Securities highlights that leading companies in the steel industry are expected to benefit from improved supply-demand dynamics due to upcoming supply-side reforms [6] - CITIC Securities notes that the overseas energy storage and industrial storage sectors are at a turning point, with expectations of significant performance improvements for leading companies by Q2 2025 [7]

Core Viewpoint - Wuxi has been selected as the only city in Jiangsu Province for the 2025 pilot program for new manufacturing technology transformation, highlighting its commitment to advancing intelligent, high-end, and green manufacturing practices [1][10]. Group 1: Focus on Intelligence - Wuxi is leading in intelligent manufacturing, exemplified by the "lighthouse factory" of Xincheng Special Steel, which integrates over 200 smart applications and significantly enhances production efficiency [2][3]. - The factory's implementation of AI and IoT technologies has resulted in an 11.79% increase in total output and a 46.7% reduction in product quality loss, achieving a profit of 4.376 billion yuan in a challenging market [3][4]. - Wuxi's strategy includes promoting "intelligent industrialization" and "industrial intelligence," focusing on key industries and establishing a multi-tiered intelligent factory system [4][10]. Group 2: Focus on High-End Manufacturing - Wuxi is enhancing its high-end manufacturing capabilities, as demonstrated by the new headquarters of Rihuan Technology, which aims to double production capacity and revenue through advanced X-ray detection equipment [5][6]. - The city is fostering a comprehensive innovation ecosystem, supporting key industries like integrated circuits and high-end equipment through policy initiatives and technology development [7][10]. - Wuxi's R&D investment intensity reached 3.44%, ranking second among Chinese prefecture-level cities, reflecting its commitment to high-end manufacturing [7][10]. Group 3: Focus on Green Development - Wuxi Baotong Technology has achieved recognition as a national "green factory," showcasing its commitment to sustainable practices and innovative green products [8][9]. - The city has successfully reduced its energy consumption per unit of GDP by 18% over the past three years, exceeding its energy-saving targets [10]. - Wuxi is leading in green initiatives, with over 6,000 green factory evaluations completed, and aims to implement numerous green transformation projects by 2027 [10][11].

Group 1 - The report highlights a significant increase in stock repurchase and shareholding increase activities in June 2025, with a total repurchase amount of approximately 177.8 billion, representing an 88% increase compared to May 2025 [10][21] - The report notes that the number of repurchase plans announced in June decreased by 44% compared to May, with only 21 new plans amounting to 43.6 billion [10][21] - The report indicates that 52% of the funds used for repurchases were from self-raised or borrowed funds, while 48% came from special loans [10][21] Group 2 - In June 2025, the total amount of shareholding increases reached 63.2 billion, marking a 20% increase from May, with 21 transactions recorded [15][21] - The report mentions that 73% of the funds for shareholding increases were sourced from special loans, while 27% were from self-raised funds [15][21] - The report identifies the top three companies with the largest proposed shareholding increases: Dongfang Shenghong, Funen Co., and Blue Sky Gas, with amounts ranging from 1 billion to 10 billion [15][21] Group 3 - The report discusses the implementation of structural monetary policy tools by the State Council to support capital market stability, with a total combined quota of 800 billion for stock repurchase and shareholding increase loans [3][6] - The report tracks the application status of these loans, noting that as of the end of June, there were 681 transactions totaling approximately 1342.6 billion, with 64% allocated for repurchases and 36% for shareholding increases [6][8] - The report emphasizes the potential for these tools to reshape the A-share ecosystem, with a 52.4% increase in the application amount compared to the previous month [3][6]

Group 1 - The company announced a share repurchase plan proposed by the actual controller, chairman, and general manager, Xu Weiming, with a repurchase period from June 18, 2025, to June 17, 2026 [1][2] - The expected repurchase amount is between RMB 200 million and RMB 400 million, with a maximum repurchase price of RMB 39.52 per share [1][2] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and for converting the company's convertible bonds [1][2] Group 2 - As of June 30, 2025, the company has not yet implemented the share repurchase plan and will decide on the timing based on market conditions [2] - The company will comply with relevant regulations and disclose the progress of the repurchase plan in a timely manner [2]

Group 1 - Hubei Province's direct financing has maintained a high level of around 800 billion yuan for three consecutive years, with nearly 80% of listed companies achieving profitability [1][2] - As of June 30, 2025, Hubei has 191 listed companies, ranking 10th nationally, with 153 domestic and 38 overseas listings [2][3] - The province has a reserve of 1,355 "gold and silver seed" enterprises to support more quality companies to go public [1][4] Group 2 - In Q1 2025, over 70% of Hubei's listed companies were profitable, with notable companies like Jiuzhoutong, CITIC Special Steel, and Wentai Technology reporting revenues exceeding 10 billion yuan [3] - The top ten companies by revenue in Hubei all exceeded 4 billion yuan, indicating strong performance in the region [3] - Hubei has implemented a comprehensive service system for companies to enter the multi-level capital market, aiming to enhance the quality of enterprises [4] Group 3 - Hubei's capital market reforms have led to 20 new listings and approvals annually from 2021 to 2023, with the province ranking 6th nationally for new listings in 2024 [2] - The province aims to achieve five major goals by 2030, including increasing the total number of listed companies and ensuring coverage across all regions [4]

Report Overview - The report presents the top ten convertible bonds for July 2025, along with an analysis of the issuing companies [1][2][11] Company Summaries 1. Zhongte Convertible Bond (Zhongte Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 109.399 yuan; Conversion premium rate: 108.66%; PE - TTM of the underlying stock: 11.5 [5][11] - Company is a global leader in special steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [11][12] - In 2024, revenue was 109.203 billion yuan (down 4.22% YoY), net profit attributable to shareholders was 5.126 billion yuan (down 10.41% YoY). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% YoY), net profit attributable to shareholders was 1.384 billion yuan (up 1.76% YoY) [11] - Company highlights: largest variety - specification range, leading cost - control, and potential expansion through asset injection [12] 2. Shanlu Convertible Bond (Shanlu Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 113.766 yuan; Conversion premium rate: 50.91%; PE - TTM of the underlying stock: 3.9 [5][20] - Company focuses on road and bridge construction and maintenance, with a comprehensive business system [20] - In 2024, revenue was 71.348 billion yuan (down 2.3% YoY), net profit attributable to shareholders was 2.322 billion yuan (up 1.47% YoY). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% YoY), net profit attributable to shareholders was 0.249 billion yuan (up 1.89% YoY) [20] - Company highlights: state - owned background, potential in debt - resolution, local infrastructure opportunities, and overseas expansion [21] 3. Jintong Convertible Bond (Jintong Zhuanzhai) - Bond Rating: AA+; 6 - month - end closing price: 128.025 yuan; Conversion premium rate: 5.74%; PE - TTM of the underlying stock: 20.7 [5][31] - Company engages in non - ferrous metal processing, providing materials for emerging industries [31] - In 2024, revenue was 124.161 billion yuan (up 12.36% YoY), net profit attributable to shareholders was 0.462 billion yuan (down 12.29% YoY). In Q1 2025, revenue was 27.285 billion yuan (up 9.89% YoY), net profit attributable to shareholders was 0.151 billion yuan (up 38.55% YoY) [31] - Company highlights: rebound in copper processing, growth in rare - earth permanent magnets, and expansion in electromagnetic flat wire business [32] 4. Aima Convertible Bond (Aima Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 123.919 yuan; Conversion premium rate: 37.61%; PE - TTM of the underlying stock: 14.1 [5][40] - Company is a leading player in the electric two - wheeler industry [40] - In 2024, revenue was 21.606 billion yuan (up 2.71% YoY), net profit attributable to shareholders was 1.988 billion yuan (up 5.68% YoY). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% YoY), net profit attributable to shareholders was 0.605 billion yuan (up 25.12% YoY) [40] - Company highlights: subsidy - driven demand, new national standard benefits, and potential margin improvement [41] 5. Xingye Convertible Bond (Xingye Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.495 yuan; Conversion premium rate: 13.03%; PE - TTM of the underlying stock: 6.4 [5][52] - Company is a large - scale joint - stock commercial bank with multiple financial licenses [52] - In 2024, revenue was 212.226 billion yuan (up 0.66% YoY), net profit attributable to shareholders was 77.205 billion yuan (up 0.12% YoY). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% YoY), net profit attributable to shareholders was 23.796 billion yuan (down 2.22% YoY) [52] - Company highlights: stable growth in net interest income, stable asset quality, and expanding scale [53] 6. Youfa Convertible Bond (Youfa Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 126.782 yuan; Conversion premium rate: 6.47%; PE - TTM of the underlying stock: 14.7 [5][64] - Company is the largest welded steel pipe manufacturer in China [64] - In 2024, revenue was 54.822 billion yuan (down 10.01% YoY), net profit attributable to shareholders was 0.425 billion yuan (down 25.46% YoY). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% YoY), net profit attributable to shareholders was 0.133 billion yuan (up 9680.17% YoY) [64] - Company highlights: national layout, overseas market expansion, and high dividend policy [65] 7. Chongyin Convertible Bond (Chongyin Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 125.956 yuan; Conversion premium rate: 12.15%; PE - TTM of the underlying stock: 7.3 [5][77] - Company is a regional joint - stock commercial bank in the upper reaches of the Yangtze River [77] - In 2024, revenue was 13.679 billion yuan (up 3.54% YoY), net profit attributable to shareholders was 5.117 billion yuan (up 3.8% YoY). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% YoY), net profit attributable to shareholders was 1.624 billion yuan (up 5.33% YoY) [77] - Company highlights: regional economic development opportunities, asset scale growth, and strategic risk management [78] 8. Baidian Convertible Bond (Baidian Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 131.325 yuan; Conversion premium rate: 2.85%; PE - TTM of the underlying stock: 24.3 [5][88] - Company is a high - tech enterprise in power distribution equipment [88] - In 2024, revenue was 4.985 billion yuan (up 15.12% YoY), net profit attributable to shareholders was 0.196 billion yuan (up 79.05% YoY). In Q1 2025, revenue was 0.976 billion yuan (up 4.68% YoY), net profit attributable to shareholders was 0.037 billion yuan (up 11.47% YoY) [88] - Company highlights: improving profitability and strong order backlog [89] 9. Huayuan Convertible Bond (Huayuan Zhuanzhai) - Bond Rating: AA -; 6 - month - end closing price: 129.19 yuan; Conversion premium rate: 14.24%; PE - TTM of the underlying stock: 26.3 [5][101] - Company focuses on the vitamin D3 industrial chain [101] - In 2024, revenue was 1.243 billion yuan (up 13.58% YoY), net profit attributable to shareholders was 0.309 billion yuan (up 60.76% YoY). In Q1 2025, revenue was 0.326 billion yuan (down 1.18% YoY), net profit attributable to shareholders was 0.097 billion yuan (up 5.5% YoY) [101] - Company highlights: leading products in the industry, product expansion, and new drug approvals [102] 10. Yushui Convertible Bond (Yushui Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.888 yuan; Conversion premium rate: 30.54%; PE - TTM of the underlying stock: 26.6 [5][112] - Company is the largest water supply and drainage enterprise in Chongqing [112] - In 2024, revenue was 6.999 billion yuan (down 3.52% YoY), net profit attributable to shareholders was 0.785 billion yuan (down 27.88% YoY). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% YoY), net profit attributable to shareholders was 0.237 billion yuan (up 28.91% YoY) [112] - Company highlights: stable local business, market expansion, and cost control [113]