Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]

Group 1 - The Chinese consumer market demonstrated strong vitality during the "May Day" holiday, with an estimated total of 1.467 billion cross-regional movements and an average of 293 million daily movements, reflecting an 8.0% year-on-year increase [1] - Key retail and catering enterprises saw a sales increase of 6.3% year-on-year during the holiday period, indicating a robust holiday economy and the potential for broader economic growth [1] - The growth momentum of the Chinese economy is shifting from first and second-tier cities to third and fourth-tier cities and county markets, showcasing the effectiveness of regional coordinated development policies [1] Group 2 - The number of foreign tourists exploring smaller cities surged, with inbound travel orders increasing by 173% during the "May Day" period, driven by convenient policies such as visa exemptions and instant refunds [2] - New tourism trends, including "new silver-haired tourism" and "reverse tourism," are emerging, highlighting the significant demand and innovative vitality of the Chinese market [2] - The cultural tourism market's prosperity reflects people's pursuit of a better life and China's comprehensive progress in meeting this demand within the global consumption market [2] Group 3 - China's multi-layered economic structure provides a buffer against external risks and opens avenues for innovation and growth, supported by a large population and ongoing consumption upgrades [3] - The increasing attractiveness of the Chinese market is evident as it welcomes global consumers with a more open approach, especially amid a turbulent global trade environment [3]

分行业来看，28个实体大类行业中，农林牧渔、电子、交通运输、汽车、商贸零售等行业增幅靠前；金 融业实现净利润2.7万亿元，同比增长10.3%，增速较三季报进一步提升。上市公司营业收入相当于GDP 的56.0%，实体上市公司利润总额相当于规模以上工业企业的54.9%，上市公司作为国民经济"压舱 石"的地位进一步凸显。 从2024年年报来看，在增强效能方面，上市公司回款速度加快，现金流压力有所缓解；在重视回报方 面，上市公司分红回购再创新高，回报投资者力度持续加大；在提高质量方面，常态化退市局面逐步形 成，资本市场吐故纳新持续显效。 ◎记者 梁银妍 截至4月30日，沪深两市共5100多家上市公司披露了2024年年报。年报数据显示，2024年沪深上市公司 业绩保持韧性，74%的上市公司实现盈利，48%的上市公司盈利正增长。 消费、出行、出口反映实体经济活力 上市公司是实体经济"基本盘"，年报数据反映出诸多经济亮点： 看科技创新： 超半数上市公司聚焦战略性新兴产业 上市公司是科技创新的"主力军"。中国中车发布最新一代CR450动车组样车，继续引领全球先进水平； 中国交建勇当开路先锋，成功研制"天山号""胜利号"硬岩挖 ...

Group 1: Economic Activity and Consumer Spending - The "May Day" holiday saw a vibrant national consumption market, with key retail and catering enterprises' sales increasing by 6.3% year-on-year [1] - The total number of cross-regional personnel movements from May 1 to May 5 is expected to reach 1.467 billion, averaging 293 million daily, representing an 8.0% year-on-year increase [1] - Restaurant sales from key monitored enterprises grew by 8.7% year-on-year during the holiday, with local specialty dish orders on Meituan platform increasing by over 105% [1] Group 2: Tourism Trends - Domestic tourism thrived, with several provinces reporting double-digit growth in both visitor numbers and total tourism revenue during the first three days of the holiday [1] - Popular domestic travel destinations included major cities like Beijing, Shanghai, and Guangzhou, while low-tier cities also saw a significant increase in tourism demand due to improved transportation networks [2] - The first "May Day" holiday after the implementation of the 240-hour visa-free transit policy saw inbound tourism orders more than doubling year-on-year, driven by cultural experiences and diverse activities [2] Group 3: Consumer Goods Sales - The "old-for-new" policy positively impacted consumer goods sales, with home appliances, automobiles, and communication equipment sales increasing by 15.5%, 13.7%, and 10.5% year-on-year, respectively [3] - Sales of smart home products on monitored e-commerce platforms grew by over 20% year-on-year during the holiday [3]

2025年4月30日 900903 大众B股 债券代码：241483 债券简称：24大众01 242388 25大众01 大众交通（集团）股份有限公司 关于取消监事会暨修改《公司章程》 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 证券代码：600611 证券简称：大众交通 公告编号：临2025-027 大众交通（集团）股份有限公司（以下简称"公司"）于2025年4月29日召开第十一届董事会第七次会 议，审议通过了《关于取消监事会暨修改〈公司章程〉的议案》，根据《中华人民共和国公司法》《上 市公司章程指引》等相关规定，结合公司实际情况，公司不再设置监事会，监事会的职权由董事会审计 委员会行使，公司《监事会议事规则》等监事会相关制度相应废止，同时修订《公司章程》及公司部分 制度中涉及监事、监事会、股东会名称相关表述。具体修订情况如下： ■ 除上述条款外，原《公司章程》的其他条款内容不变。如有其他不涉及实质性内容的非重要修订，如章 节和条款编号变化、相关援引条款序号的相应调整、标点的调整、个别笔误、表述的更改、股东会名 ...

广发证券 资深宏观分析师 贺骁束 hexiaoshu@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 4月工业部门开工率同比涨跌互现，其中钢铁、焦化等内需链仍偏强，外需相关度较高的纺服产业链 率开工率呈回落迹象。截至4月第四周，全国247家高炉开工率（期末值，下同）同比增长3.7pct；焦化企业 开工率同比增长8.8pct。苯乙烯开工率同比增长1.7pct；PVC开工率同比增长1.8pct。汽车半钢胎开工率同 比回落2.9pct，全钢胎开工率同比回落1.0pct。PTA江浙织机负荷率同比回落9.0pct，环比回落5.8pct；涤 纶长丝江浙织机开工率同比回落17.3pct，环比回落8.5pct。纺服产业链开工率回落的情况和PMI数据也较为 匹配，在报告《哪些行业景气度逆势上行：4月PMI简析》中，我们指出：从出口订单来看，纺服、化工、中 游装备制造降幅最大。 第二， 4月建筑资金到位率延续改善，传统基建相关实物工作量仍偏弱，电力侧实物开工相对偏强。据百年 建筑调研，截至4月29日，全国工地资金到位率58.8%，相较3月末环比回升0.9pct，非房建、房建项目资金 到位率环比分别增长0.8、1.7pct。 ...

前几天，人称"发达国家守门员"的西班牙，遭遇了一场诡异的全国性停电，说从当天中午开始，西班牙全国，葡萄牙和法国的部分地区，都出现了大规模的 停电。 包括机场、火车站、交通信号灯、网络、电话等服务瞬间中断，西班牙6000多万人口，瞬间回到原始社会。很快，民众陷入恐慌，开始大量囤积生活物资， 很多超市被扫荡一空。整个停电过程持续约10个小时，部分地区直到24小时之后才有电。 对我们中国来说，这种停电的规模和时长，已经是上世纪7、80年代的事。所以很多网友的第一反应是，西班牙遭遇了类似"北溪管道爆炸案"的攻击。毕竟 前段时间，西班牙首相刚来中国访问过，释放了很多对华友好信号，有人对此不满也是正常的。 但很快，西班牙政府，欧盟委员会就出面辟谣，说没有迹象表明是网络攻击或其他方式的人为破坏。既然欧委会没有甩锅给俄罗斯或中国黑客，那确实不像 是有人搞破坏。 但停电到底是为什么，直到现在也没查清。一些部门说可能是电缆问题，一些媒体说和西班牙最近的极端天气有关。而且前段时间，西班牙刚达成了全国24 小时用电靠新能源的成就，众所周知，新能源供电最大的问题就是不稳定，会给电网造成很大的负担。 但不管怎么说，这依然是一件让人难以置 ...

Group 1: Travel and Tourism Trends - The "May Day" holiday is expected to see a record high in cross-regional population movement, with over 1.3 billion people anticipated to travel in 2024 [1] - The Civil Aviation Administration predicts approximately 10.75 million air passengers during the holiday, averaging 2.15 million per day, representing an 8% year-on-year increase [1] - Domestic travel in the first quarter reached 1.794 billion trips, an increase of 375 million trips or 26.4% year-on-year, with total spending of 1.8 trillion yuan, up 280 billion yuan or 18.6% [3] Group 2: County-Level Tourism Growth - The trend of "reverse tourism" is gaining popularity, with county-level tourism seeing a 25% increase compared to last year, outpacing high-tier cities by 11 percentage points [4] - In 2023, the average tourism revenue for 1,866 county-level regions reached 4.295 billion yuan, with an average of 5.0827 million visitors, reflecting year-on-year growth of 41.19% and 35.18% respectively [4] - High-star hotel consumption in county areas is significantly higher than in major cities, indicating a shift in consumer preferences [4] Group 3: International Tourism and Open Policies - The National Immigration Administration forecasts an average of 2.15 million inbound and outbound travelers per day during the holiday, a 27% increase from the previous year [5] - In the first quarter, the number of foreign tourists entering China reached 9.215 million, marking a 40.2% year-on-year increase, showcasing the country's expanding openness [5] - China has implemented unilateral visa-free policies for 38 countries and transit visa exemptions for 54 countries, enhancing the attractiveness of "China tours" [5] Group 4: Economic Implications - The surge in travel and tourism activity during the "May Day" holiday reflects a dynamic economic landscape, with increased consumer spending in various sectors such as accommodation, dining, and transportation [6] - The overall growth in tourism and travel is contributing to the acceleration of economic activity, highlighting the resilience and vitality of the Chinese economy [6]

刘伟强调，要强化调度会商，坚持调度跟着风险走，根据天气、大客流等变化，及时对受影响地区开展 调度。要加强值班值守，严格落实24小时专人值班和领导干部在岗带班制度，做好应急处置、信息报送 等工作。 5月1日是"五一"国际劳动节，交通运输部党组书记、部长刘伟在部带班值守并主持召开调度会，视频连 线广东省交通运输厅、江苏省交通运输厅、陕西省交通运输厅和海南海事局，督导检查"五一"假期交通 运输安全生产和服务保障工作；视频连线云南省交通运输厅，听取高速公路安全保畅情况汇报。刘伟代 表部党组向坚守一线岗位的广大劳动者致以诚挚问候和节日祝福，希望大家深入学习贯彻习近平总书记 重要指示精神，以"时时放心不下"的责任感，抓实抓细各项工作落实，全力确保"五一"假期群众出行平 安顺畅。 刘伟指出，各地各单位要高度重视，深刻汲取事故教训，进一步压实责任，加强风险管控，坚决防范遏 制重特大事故发生。要坚决落实交通运输安全生产和服务保障三十条硬措施，做细做实重大风险隐患提 级管控措施，强化"两客一危"车辆和涉客船舶安全监管。要着力抓好"汛期公路安全、繁忙路段拥堵、 新能源汽车充电长时间排队、游船安全"四个突出风险防范。落实公路灾害较高 ...

Core Viewpoint - The overall A-share market is expected to experience a decline in net profit for 2024, with a projected decrease of 3.0% for the entire market, 9.0% for the financial sector, and 14.2% for the non-financial sector, primarily due to significant impairment losses in the fourth quarter of 2024, particularly in the real estate and photovoltaic industries [1][2][3] Profit Growth - In 2024, the A-share market's net profit is forecasted to decline by 3.0%, with the financial sector showing a growth of 9.0% and the non-financial sector declining by 14.2%. The non-financial sector's revenue is expected to decrease slightly by 1%, with a significant drop in profit margins compared to 2023 [2][3] - The first quarter of 2025 shows a rebound in net profit for the A-share market, with a year-on-year growth of 3.5% for the entire market, 2.9% for the financial sector, and 4.2% for the non-financial sector, indicating a recovery in downstream industries [3][4] Profitability Analysis - The return on equity (ROE) for non-financial A-shares has remained stable, marking 15 consecutive quarters of decline since Q2 2021. The marginal improvement in net profit margins is offset by a significant decline in asset turnover rates [1][15] - Industries such as electronics, home appliances, non-bank financials, and agriculture have shown consecutive improvements in ROE over the past two quarters [15][23] Capital Expenditure and Cash Flow - Non-financial capital expenditure has been in negative growth for four consecutive quarters, but new economy sectors are seeing a rebound in capital expenditure growth. The total assets of non-financial enterprises have stabilized, with a notable increase in prepayments [2][16] - The free cash flow to equity ratio for non-financial companies has reached a historical high, supporting an increase in dividend payout ratios to 45% in 2024, with the dividend yield for the CSI 300 rising to 3.2% [2][18] Industry Performance - The first quarter of 2025 has highlighted strong performance in sectors such as non-ferrous metals, certain export chains, and TMT (Technology, Media, and Telecommunications), with significant year-on-year profit growth in these areas [3][4] - The agricultural sector has shown remarkable recovery, with a profit growth of 2541.6% due to low base effects, while non-bank financials have benefited from improved capital market conditions, achieving a profit growth of 48.7% [2][4] Market Outlook - The current economic environment suggests that the low point of the profit downturn cycle has been surpassed, but attention must be paid to the impact of tariff policies on corporate fundamentals in the second quarter of 2025 [2][38] - The market is advised to seek opportunities in sectors with recovering demand and low tariff impacts, particularly in AI-related industries and companies with strong cash flows that are less exposed to external demand [39][40]