债券 2025 年 07 月 07 日 可转债茶话会 银行转债陆续退市，如何选择底仓品种 证券分析师 平安观点 光伏设备之外的替代底仓品种，整体上建议在转债价格低时逐渐建仓。光 伏设备转债风险、收益都相对更高，一是建议筛选龙头个券，如营业收入、 净利润排名在行业前几位的个券；二是为评级下调留有余地，避免被动出 库抛售。 风险提示：底仓品种行业基本面大幅恶化；可转债价格上涨过快，底仓品 种可投范围快速收缩；可转债评级大规模下调。 债 券 动 态 跟 踪 报 告 证 券 研 究 报 告 债 券 报 告 刘璐 投资咨询资格编号 S1060519060001 liulu979@ pingan.com.cn 陈蔚宁 投资咨询资格编号 S1060524070001 chenweining369@ pingan.com.cn 年内银行转债余额或收缩约 1000 亿元，25 年末余额或在 900 亿元左右。 截至 25 年 6 月 30 日，市场上银行转债还有 10 只、余额 1349 亿元。在 此基础上，杭银转债、南银转债已强赎，齐鲁转债接近强赎，浦发转债将 于 10 月到期，25 年末相较于 24 年末，银行转债余额或将 ...

Core Points - The Xi'an municipal government has issued regulations to enhance the comprehensive management of the North Railway Station area, effective from August 5, 2025, for a duration of five years [1] Group 1: Management Scope and Responsibilities - The management scope of the North Railway Station area includes the north and south squares and surrounding areas, specifically defined by certain road boundaries [2] - Various departments are assigned specific responsibilities to address illegal activities, including unlicensed operations, public order disturbances, and traffic violations [3] Group 2: Transportation and Infrastructure - Relevant units are required to maintain and update municipal roads and public facilities in the North Railway Station area to ensure cleanliness and functionality [4] - Transportation authorities must establish reasonable public transport routes and increase service capacity during peak travel periods, such as holidays and major travel seasons [4] Group 3: Environmental and Public Order Regulations - Regulations mandate that businesses maintain cleanliness and adhere to city appearance standards, including proper signage and outdoor advertising [5][6] - Prohibited behaviors include littering, unauthorized advertising, and disturbing public order through high noise levels during commercial activities [7]

Group 1 - The core viewpoint of the articles emphasizes the significant advancements in China's transportation infrastructure, including the installation of over 890,000 kilowatts of clean energy capacity and the completion of 35,000 charging stations, alongside a railway electrification rate of 75.3% [1] - The transportation sector is recognized as a foundational and strategic industry in the national economy, benefiting from the integration of advanced technologies such as digital information and artificial intelligence, which provide a platform for new productive forces [1][2] - The focus is shifting from traditional scale expansion to innovation-driven development, necessitating upgrades to existing infrastructure and the cultivation of new business models to meet emerging consumer demands [1][2] Group 2 - There is a strong emphasis on technological innovation within the transportation sector, advocating for the development of smart transportation and logistics through the integration of big data, the internet, and artificial intelligence [2] - The transportation industry serves as a testing ground for advanced technologies and a platform for the incubation of new industries, highlighting its role in enhancing the quality of life for the public [2] - To achieve high-quality development, the sector must prioritize innovation and reform, leveraging modern information technologies to enhance the intelligence of transportation systems [2] Group 3 - High-quality development in the transportation sector also requires a commitment to green development, with a focus on achieving carbon peak targets and promoting low-carbon transportation methods [3] - The industry is encouraged to adopt a philosophy of ecological priority and green development, integrating environmental protection into all aspects of transportation [3] - There is a call for structural adjustments within the transportation sector to promote green travel and the use of new energy, alongside efforts to enhance the management of aging infrastructure [3]

Group 1: Economic Overview - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two heavy" construction projects for 2025, completing the 800 billion yuan project list for this year [1] - Major engineering projects are accelerating in various regions, with a focus on power grid upgrades, rail transportation, and high-end energy equipment [1][5] - Infrastructure investment from January to May increased by 5.6% year-on-year, contributing 34.5% to overall investment growth [4] Group 2: Project Progress - The Beijing Urban Sub-center Station, Asia's largest underground comprehensive transportation hub, is nearing completion, with 95% of the main construction decoration finished [1] - In Lanzhou, Gansu Province, 493 projects have been planned with a total investment of 104.5 billion yuan, and 3 billion yuan in national funding has leveraged 6.6 billion yuan in investments [2] Group 3: Investment Trends - There is a notable increase in investments in new industries and models, particularly in sectors like new energy vehicles, intelligent driving, and artificial intelligence [6][5] - Manufacturing investment from January to May grew by 8.5%, with high-tech manufacturing sectors like aerospace and computer equipment seeing significant increases [6] Group 4: Policy Support - The macroeconomic policies are effectively boosting confidence, with the completion of the 800 billion yuan "two heavy" project list expected to further drive investment in the second half of the year [7] - The central government's investment support in the water conservancy sector has been increased by an average of 20 percentage points, expanding the scope of support [7][8]

Group 1 - The core viewpoint emphasizes the importance of promoting the sustainable, healthy, and high-quality development of the private economy as a major long-term policy of the state [1] - As of July 4, there are 11,842 projects being promoted to private capital with a total investment of 10.19 trillion yuan [1] - The National Development and Reform Commission (NDRC) has organized the introduction of over 3,200 new projects to private capital, involving a total investment exceeding 3 trillion yuan, focusing on key areas such as transportation, energy, and new infrastructure [3][4] Group 2 - The implementation of the "Private Economy Promotion Law" since May 20 aims to ensure fair competition and promote investment financing, allowing private economic organizations to participate equally in various sectors [3] - The number of items in the "Market Access Negative List (2025 Edition)" has been reduced from 117 to 106, further relaxing market access restrictions [4] - Local governments have recently published project lists for private capital, with Beijing releasing 119 key projects totaling approximately 124.4 billion yuan, and Henan Province announcing 75 major projects with a total investment of 33 billion yuan [5][6] Group 3 - The current wave of project promotion signals a deepening of market-oriented reforms and optimization of resource allocation, aiming to attract private enterprises to enhance project construction and operational efficiency [7] - The focus on attracting private capital is particularly significant in areas such as technological innovation and new infrastructure, where private investment is seen as a crucial driver for industrial upgrading and high-quality economic development [7]

Group 1 - The highly anticipated Xiaojiahe Green Movement Park will officially open on July 12, covering an area of 19.35 hectares and accommodating 7,000 people for leisure and fitness activities [4][6] - The Beijing cultural market themed "Beijing Cultural, Treating the Capital" recently launched at Wangfujing Bookstore, showcasing a blend of literature and local culture [6][8] - The 14th China Children's Drama Festival opened on July 4, featuring 42 performances across 185 shows, organized by various cultural institutions [19] Group 2 - The Beijing Municipal Public Security Bureau announced the addition of 64 new electronic police monitoring devices, focusing on illegal parking and other traffic violations, with 18 of these located in Daxing District [21] - Yonghui Supermarket's new store in Beijing's Fengke Wanda Plaza has completed its transformation to the "Learning from Pang Donglai" model, aiming to enhance the shopping experience for local residents and office workers [23][29] - Nongfu Spring has launched a 2-kilogram package of edible ice, capitalizing on the summer demand for ice products, which has seen significant popularity among beverage companies [29]

2025 年 07 月 06 日 关注股债性价比何时重回偏向债券——资产配置 周报 —固定收益周报 投资要点 ▌ 一、国家资产负债表分析 负债端。最新更新的数据显示，2025 年 5 月实体部门负债增 速录得 8.9%，前值 9.0%，基本符合预期。以月末时点数衡 量，预计 4 月形成年内实体部门负债增速的高点，6 月实体 部门负债增速转而下行至 8.8%附近，7 月基本平稳，后续趋 于下行，重回缩表。按照两会公布的财政计划，我们预计年 底实体部门负债增速将下降至 8%附近。金融部门方面，上周 资金面边际上继续松弛，目前尚未超出我们有关本轮资金面 极值高点出现在 6 月底至 7 月初两周内的判断，在实体部门 边际缩表前提下，我们很难相信资金面会持续松弛。本周或 成为本轮资金空转结束的重要时点，重点关注股债性价比能 否重回偏向债券。2025 年政府工作报告中明确指出："使社 会融资规模、货币供应量增长同经济增长、价格总水平预期 目标相匹配"，这表明，稳定宏观杠杆率的大方向没有任何 动摇，中国仍然处于边际缩表过程之中，大规模化债进一步 降低了地方政府融资成本、以及发生大规模违约和流动性风 险的概率，有利于提升全社 ...

Group 1 - The global economic landscape is shifting towards the ocean, with the recent Central Financial Committee meeting emphasizing the importance of high-quality development in the marine economy [1] - The marine economy is a significant part of the national economy, showing strong growth, with a reported 5.7% year-on-year increase in marine GDP in Q1 of this year [1] - The government is prioritizing the development of the marine economy, aiming to establish national marine economic development demonstration zones by 2025 [1] Group 2 - Technological innovation is identified as the core driving force for the development of the marine economy, with a need to enhance independent innovation capabilities in marine technology [2] - Efficient collaboration and industrial upgrading are crucial for high-quality development, requiring improved policy guidance and coordination across sectors [2] - The integration of marine fisheries with land-based food processing is essential for extending industrial chains and increasing added value [2] Group 3 - Harmonious human-ocean relationships are fundamental for sustainable marine economic development, necessitating the protection of marine ecosystems [3] - The construction of a strong marine nation is a strategic task for national rejuvenation, requiring a focus on innovation, collaboration, industrial upgrading, and ecological friendliness [3] - A comprehensive resource allocation through top-level design is necessary to enhance the vitality of the marine economy and contribute to global marine economic development [3]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 06 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北证专精特新指数正式亮相，北证 50 指数上半年涨幅领跑全市场指数 证券分析师 ——北交所周观察第三十三期（20250706） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年 6 月北证 50 指数涨幅 2.73%，上半年涨幅 39%远跑赢其他主要指数。2025 年 6 月，北证 50 指数（+2.73%），石油石化、传媒、交通运输等涨幅居前。2025 年 6 月共 有 31 家公司涨幅达到或超过 20%，其中九菱科技、同辉信息、远航精密、七丰精工、科 力股份、路桥信息和奔朗新材 7 家公司涨幅超 40%。2025 年上半年北证 50 指数涨幅 （+39%）远跑赢其他主要指数，除此之外科创 200、中证 2000 等指数 ...

Group 1 - MetaLight, a leading provider of intelligent time-series data services in the public transportation sector, has successfully listed on the Hong Kong Stock Exchange with an issue price of HKD 9.75, raising HKD 242 million [1] - On its debut, MetaLight's stock price experienced significant volatility, opening at HKD 7.6 before rebounding to stabilize the company's market capitalization at approximately HKD 1.1 billion [1] - The company has expanded its user base significantly, reaching approximately 298.4 million users by the end of 2024, making it a preferred choice for commuters seeking real-time bus information [1] Group 2 - MetaLight has shown steady revenue growth, with revenues increasing from HKD 135 million in 2022 to HKD 174 million in 2023, and projected to reach HKD 206 million in 2024 [3] - The company maintains a high gross margin, indicating strong cost control and product profitability, which supports its ongoing development [3] - The successful listing marks a significant milestone in MetaLight's development, with future potential to leverage capital market resources to expand market share and enhance technological capabilities [3]