1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report conducts a detailed analysis of the convertible bond investment strategies and preferences of different types of investment institutions, aiming to form a handbook for analyzing the behavior of convertible bond investment institutions. It focuses on an overview and the public fund section, considering the significant differences in investment strategies and information disclosure mechanisms between public funds and non - public funds [1][9]. 3. Summary According to Relevant Catalogs 3.1 Convertible Bond Investment Institutions and Analysis Method Overview - **Investor Structure and Proportion**: As of the end of July 2025, public funds and enterprise annuities are the "main forces" in direct convertible bond investment. Public funds hold a significant proportion, with 35.56% of the face value of Shanghai - listed convertible bonds and 33.31% of the market value of Shenzhen - listed convertible bonds. Enterprise annuities are the second - largest investment institutions, holding 18.41% of Shanghai - listed convertible bonds and 13.23% of Shenzhen - listed convertible bonds. Insurance institutions, securities self - operation also occupy important positions. Other professional institutional investors hold a relatively small proportion [10]. - **Changes in Investor Structure**: Compared with the end of 2021, the "influence" of public funds and insurance institutions has increased, while the proportion of enterprise annuities has decreased. The investment proportions of securities self - operation, private funds, and trust institutions have increased, and the proportion of general institutional investors represented by listed company shareholders has significantly decreased [13]. - **Differences in Investment Strategies**: Different types of professional institutional investors have differences in convertible bond investment restrictions, preferences, and investment strategies. Public funds generally have fewer restrictions on convertible bond ratings and focus on relative returns. Pension funds, insurance institutions, and social security funds have clear rating restrictions and focus on absolute returns [19]. - **Analysis Data Sources**: For public funds, quarterly reports can be used to analyze their convertible bond investment preferences. For other investment institutions, the top ten holders of convertible bonds disclosed in the semi - annual and annual reports of convertible bond issuers provide detailed analysis materials [20]. 3.2 What are the Characteristics of Public Funds' Convertible Bond Investment? 3.2.1 Overview of Public Funds' Convertible Bond Holdings - **Scale and Proportion Changes**: Since Q4 2023, the market value and proportion of convertible bonds held by public funds have been slightly decreasing. The number of public funds investing in convertible bonds has decreased overall, but their participation in the convertible bond market has increased [24]. - **Industry Distribution Preference**: As of Q2 2025, public funds significantly over - allocate convertible bonds in industries such as metals, chemicals, transportation, automobiles, agriculture, forestry, animal husbandry, and banking, and under - allocate those in industries such as petrochemicals, steel, construction decoration, public utilities, environmental protection, and power equipment [29]. - **Price, Valuation, and Rating Preferences**: As of the end of Q2 2025, public funds over - allocate convertible bonds in the 120 - 130 yuan range and above 150 yuan, and AA and AA - rated convertible bonds; they under - allocate other convertible bonds [29]. - **Differences in Sub - investor Structure**: Public funds account for about 30% in the overall convertible bond investor structure, but their influence varies in different industries, price ranges, and rating segments [35]. 3.2.2 Differences in Convertible Bond Holdings among Various Funds - **Differences in Convertible Bond Holdings by Fund Type**: Secondary bond funds, the main force in convertible bond allocation, have significantly reduced their convertible bond holdings since Q3 2023. Convertible bond funds and primary bond funds are important holders. The convertible bond positions of convertible bond funds have reached a historical high, while those of secondary bond funds, primary bond funds, and partial - debt hybrid funds have decreased [44][46]. - **Characteristics of Convertible Bond Funds' Holdings**: In Q2 2025, convertible bond funds increased their holdings in industries such as petrochemicals, public utilities, and communications, and decreased their holdings in upstream energy materials and mid - stream manufacturing industries. They stably over - allocate convertible bonds in the 120 - 130 yuan range and under - allocate those in the 100 - 120 yuan range [48][57]. 3.2.3 Characteristics of Convertible Bond Holdings of High - performing Funds - **Scale and Quantity of Convertible Bond Holdings**: Different high - performing funds have different scales and quantities of convertible bond holdings. For example, Fuguo Jiuli Stable Allocation has a relatively concentrated holding, while Huashang Fengli Enhancement has a large number of holdings but a small average holding per bond [73]. - **Industry, Rating, and Price Preferences**: Different high - performing funds have different preferences in terms of industry, rating, and price. For example, Fuguo Jiuli Stable Allocation prefers convertible bonds in the power equipment, banking, and pharmaceutical industries, while Huashang Fengli Enhancement prefers high - priced and manufacturing - related convertible bonds [74]. 3.3 How to Analyze Non - public Fund Convertible Bond Investments? 3.3.1 Starting from the "Top Ten Holders" of Individual Bonds - **Investor Classification**: Convertible bond investors are divided into 11 major categories and 24 sub - categories based on the names of bondholders. The top ten holders' data accounts for about 40% of the convertible bond market, and public funds, pension products, etc. frequently appear in the list [86][87]. - **Data Representativeness**: The data of the top ten holders is representative for analyzing the convertible bond investment preferences and characteristics of various investors. After excluding the "repurchase pledge special account" and "company - related institutions", the data (referred to as "top ten holders 2") can more objectively present the data conclusions [88][89]. 3.3.2 Preliminary Exploration of Non - public Fund Institutions' Convertible Bond Investments - **Industry Distribution of Convertible Bond Holdings**: As of the end of 2024, "private asset management" institutions hold more convertible bonds in the power equipment industry but less in pro - cyclical industries. "Securities self - operation" has a relatively high proportion of holdings in the steel, non - ferrous metals, and power equipment industries. "Insurance" has a relatively dispersed convertible bond portfolio [97]. - **Rating and Price Distribution of Convertible Bond Holdings**: "Private asset management" and "QFII" have a higher tolerance for low - rated convertible bonds. "Insurance" and "securities self - operation" have a relatively high proportion of AAA - rated convertible bonds. In terms of price, "private asset management" has a high proportion of convertible bonds below 100 yuan, while "insurance", "social security funds", and "QFII" mainly hold convertible bonds in the 110 - 120 yuan range [97][98].

Group 1 - The core viewpoint of the article highlights the rapid growth of the dividend index fund market, which has become an essential part of asset allocation for investors, despite the complexity and variety of available products [1][2] Group 2 - The dividend index fund market has seen significant development, with the number of products increasing from just 3 between 2006 and 2016 to a record 39 new funds in 2024, and total assets reaching 153.9 billion yuan in Q1 2025, a 2211.68% increase since the end of 2007 [3][4] Group 3 - The strong performance of dividend index funds is attributed to their underlying assets, which typically come from companies with good profitability, stable cash flow, and consistent dividends, such as leaders in banking, transportation, and energy sectors. The annualized return of the CSI Dividend Total Return Index from early 2007 to the end of 2024 was 10.32%, significantly outperforming the 5.52% of the CSI 300 Total Return Index [7][8] Group 4 - Dividend index funds are favored for their ability to provide continuous cash flow, acting as "cash cows" for investors. With the decline in yields from government bonds and the scarcity of high-yield, low-risk assets, these funds are increasingly valuable for long-term capital preservation and predictable returns [8][9] Group 5 - Different types of dividend index funds cater to various investor needs. Traditional broad-based funds track indices like the CSI Dividend Index, while Smart Beta funds enhance traditional criteria with factors like low volatility and quality. There are also funds focusing on state-owned enterprises and those that explore dividend opportunities in the Hong Kong market [10][12] Group 6 - When selecting dividend index funds, investors should consider not only the index construction and historical performance but also the fee structure, as seemingly minor fee differences can significantly impact long-term returns. Despite a trend of lowering fees in the broader fund industry, many dividend index funds still maintain relatively high fees [14][15] Group 7 - Overall, investors should choose dividend index funds based on their specific preferences, considering factors such as fund size, liquidity, and tracking error to ensure effective investment outcomes [16]

Summary of Conference Call Records Company/Industry Involved - A-share market Core Points and Arguments 1. A-share valuation has surpassed the 60th percentile, historically indicating a high probability of continued upward movement, driven by fundamental improvements, policy support, and liquidity easing [1][3][4] 2. July economic data was slightly below expectations, but exports showed an unexpected rebound, indicating a recovery trend in the economy and profits, with industrial profits likely entering a recovery cycle [1][6][14] 3. The A-share earnings cycle bottomed in August 2023, with mid-year performance growth improving compared to the first quarter, suggesting a better fundamental situation than indicated by economic data [1][14] 4. Key drivers for the A-share market's upward trend include improvements in fundamentals, positive policy impacts, and external events, alongside liquidity easing [4][19] 5. Historical data shows that when the Shanghai Composite Index's valuation exceeds the 60th percentile, it typically continues to rise, with only one significant downturn linked to external shocks [3][8] 6. The recent strong performance of the A-share market is attributed to significant inflows of funds, with trading volumes exceeding 2.2 trillion yuan and new fund issuance rebounding to approximately 50 billion yuan [18][19] Other Important but Possibly Overlooked Content 1. The impact of the delay in U.S. tariffs on Chinese exports is expected to maintain some resilience, although growth rates may slow down in the coming months [9] 2. Domestic demand factors, including consumption, manufacturing investment, and infrastructure investment, are projected to maintain high growth levels despite a slight decline in July [10] 3. Real estate investment remains weak, which could suppress overall economic performance, but the economy is still on a recovery path [11] 4. Industrial profits are closely linked to the Producer Price Index (PPI), with potential for profit recovery if PPI growth improves [12][13] 5. The current liquidity environment is favorable, with expectations of continued fund inflows into the A-share market, supported by a potential interest rate cut by the Federal Reserve [16][17] 6. Recommended sectors for investment include technology (robotics, semiconductors, consumer electronics, AI applications), and sectors showing potential for fundamental improvement or catch-up, such as batteries and non-ferrous metals [2][22]

Valuation Summary - The overall PE of the A-share market is 20.5 times, positioned at the historical 86th percentile [2][3] - The PE of the Shanghai 50 Index is 11.5 times, at the historical 60th percentile [2][3] - The PE of the ChiNext Index is 36.2 times, at the historical 23rd percentile [2][3] - The PE of the Science and Technology Innovation 50 Index is 147.1 times, at the historical 100th percentile [2][3] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Building Materials, Power Equipment (Photovoltaic Equipment), National Defense and Military Industry, and Light Industry Manufacturing [2][3] - The Electronic industry has a PB valuation above the historical 85th percentile [2][3] - The Shipping and Port industry has both PE and PB valuations below the historical 15th percentile [2][3] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, the upstream polysilicon futures price increased by 4.1%, while downstream battery and silicon photovoltaic module prices showed weak price increases [2][3] - In the battery sector, lithium prices saw significant increases, with lithium carbonate rising by 15.9% and lithium hydroxide by 13.1% [2][3] Financial Sector - The non-performing loan ratio of commercial banks was 1.49% in Q2 2025, down by 2.2 basis points from Q1 [2][3] - The net interest margin was 1.42%, down by 1.3 basis points from Q1 [2][3] Real Estate Chain - The national commodity housing sales area decreased by 4.0% year-on-year from January to July 2025, indicating a gradual end to the previous backlog of demand [2][3] - Real estate development investment completed from January to July 2025 decreased by 12.0% year-on-year [2][3] Consumer Sector - The average price of live pigs increased by 0.4%, while the wholesale price of pork decreased by 1.8% [2][3] - Retail sales from January to July 2025 grew by 4.8% year-on-year, with July's growth rate of 3.7% falling short of expectations [2][3] Midstream Manufacturing - Manufacturing investment and narrow infrastructure investment grew by 6.2% and 3.2% year-on-year, respectively, from January to July 2025 [2][3] - The output of industrial robots increased by 32.9% year-on-year from January to July 2025 [2][3] Technology TMT - The domestic integrated circuit output grew by 10.4% year-on-year from January to July 2025 [2][3] Cyclical Industries - The price of Brent crude oil futures decreased by 0.3%, closing at $66.13 per barrel [2][3] - The price of thermal coal increased by 2.3%, closing at 698 yuan per ton [2][3]

Core Viewpoints - The A-share market is experiencing a "systematic slow bull" pattern, with the Shanghai Composite Index breaking through the 2024 high of 3674, indicating a potential target of 3731, the peak of the 2021 structural bull market [1][4][57] - The report emphasizes a balanced allocation strategy focusing on "large finance + broad technology" sectors, suggesting to increase short and medium-term positions near key support levels [1][5][58] Weekly Market Overview - Major indices recorded positive returns, with the Shanghai Composite Index rising 1.70%, and the ChiNext Index showing a significant increase of 8.58% [12][55] - The financial and technology sectors are driving market performance, with comprehensive financial and non-bank financial sectors rising by 7.07% and 6.57% respectively [15][55] - The real estate sector showed signs of recovery, with a 3.79% increase, while the red-chip style weakened, with banks dropping by 3.22% [56] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets increased to 2.08 trillion yuan, up from 1.68 trillion yuan the previous week [23] - The margin trading balance rose to 2.05 trillion yuan, with a financing buy-in ratio of 10.6% [30] - The medical ETF saw the highest net inflow of 1.42 billion yuan, while the electronic ETF experienced the largest outflow of 2.38 billion yuan [30] Market Attribution - Key events influencing the market include the suspension of the 24% tariff by the US and China for 90 days, and the introduction of "dual interest subsidy" policies to support consumer markets [3][51][55] - The Consumer Price Index (CPI) showed a mild recovery, indicating signs of demand-side improvement [55] Future Market Outlook - The report anticipates continued upward momentum in the market, with the Shanghai Composite Index expected to target 3731, while emphasizing the importance of key support levels at the 20-day and 60-day moving averages [4][57] - The "systematic slow bull" nature of the current market suggests that sectors that are relatively undervalued will eventually be validated [57] Investment Strategy - The report recommends a balanced allocation strategy focusing on "large finance + broad technology," while also increasing attention to previously lagging sectors like real estate [5][58] - Investors are advised to avoid short-term trading strategies that could lead to missed opportunities and instead focus on building positions near key support levels [5][58]

Core Viewpoint - The article discusses a series of research methodology seminars held by Guotai Junan Securities across three major cities in China, focusing on various industries and their cyclical trends [3][6]. Group 1: Seminar Topics - The seminars cover a wide range of topics including the cyclical manufacturing research methods in the building materials sector, urban cycle research in real estate, and frameworks for steel industry research [6][7]. - Specific sessions include discussions on the aviation and express delivery sectors under the context of "anti-involution," as well as the outlook for refrigerant market cycles in the chemical industry [7]. - Other topics include the analysis framework for the petrochemical industry, coal market assessments, and the comprehensive view of electricity market reforms [7]. Group 2: Industry Insights - The seminars aim to provide insights into the financial cycles of real estate and the consumption trends in building materials [7]. - The discussions also highlight the trends in small metals research and the implications of fiscal funding on infrastructure development [7]. - The sessions conclude with a review of the shipping super bull market and its lessons for future investments [7].

Group 1 - The dividend sector is highlighted as a focus area, with expectations that it may outperform due to rising market risk aversion [1] - There are fewer companies registering for equity after August, indicating that the impact of carry trades may have settled [1] - The dividend sector has faced significant pressure, particularly in banking, public utilities, and transportation, due to increased market risk appetite and clearer trading cues in sectors like infrastructure and technology [1] Group 2 - The Hongguo Dividend ETF (510720) tracks the Hongguo Dividend Index (000151), which selects state-owned enterprises with high dividend characteristics, stable cash flow, and good profitability from the Shanghai and Shenzhen markets [1] - The index emphasizes sustainable dividend capacity and financial stability, reflecting a value investment style [1] - Investors without stock accounts can consider the Guotai Shanghai Stock Exchange State-Owned Enterprise Dividend ETF Initiated Link A (021701) and Link C (021702) [1]

Economic Overview - In July, the US economy showed resilience, with market risk aversion decreasing and the probability of a Federal Reserve rate cut in September fluctuating [1] - Emerging markets continued to outperform developed markets, while domestic "anti-involution" policies and the Yajiang hydropower project led to a surge in commodity futures prices [1] - The Shanghai Composite Index broke through 3600 points, reaching a new high for the year, with the Wind All A Index rising by 4.75% for the month [1][3] Market Performance - The Hang Seng Index recorded a 2.91% gain in July, with southbound funds net buying approximately 124 billion yuan [1] - The bond market remained stable in early July but adjusted later in the month due to the impact of "anti-involution" policies and market sentiment fluctuations [1] - By the end of July, the yield on 10-year government bonds rose by nearly 6 basis points to 1.70%, indicating a steepening yield curve [1] Commodity Market - The commodity market experienced overall fluctuations, with precious metals showing high volatility; international gold prices fell by 0.72% to $3288.26 per ounce [2] - Oil prices showed a strong upward trend, with Brent crude oil rising by 7.73% to $71.78 per barrel [2] - The black metal sector rebounded significantly, with rebar prices increasing by 6.94% to 3205 yuan per ton [2] Economic Data - The National Bureau of Statistics reported that China's GDP for the first half of the year was 66,053.6 billion yuan, growing by 5.3% year-on-year [3][4] - Industrial production accelerated, with a year-on-year increase of 6.4% in the first half of the year, driven by strong export resilience and domestic demand policies [3] - Retail sales growth slowed to 5.0% year-on-year, with June's growth at 4.8%, below market expectations [4] Policy Insights - The Political Bureau of the Central Committee emphasized the need for stable and flexible macroeconomic policies to support employment and market expectations [7][8] - The meeting highlighted the importance of maintaining policy continuity and implementing proactive fiscal policies alongside moderate monetary easing [7] - The focus on expanding domestic demand and improving consumption was reiterated, with an emphasis on high-quality development [7] Investment Strategies - The market showed a significant increase in trading volume, with daily average turnover rising to approximately 1.6 trillion yuan [11] - The A-share financing balance reached a five-year high of 1.98 trillion yuan, indicating increased investor confidence [11] - The overall market sentiment remains positive, with expectations of a potential "risk-on" environment driven by favorable monetary policies and economic data [12][18]

1. Report Industry Investment Rating No information provided in the given text. 2. Core Viewpoints of the Report - In the short - term, the investment demand for convertible bonds from insurance and annuity remains. With the shrinking of traditional high - quality underlying bonds like banks, convertible bond funds may flow to low - price, high - grade medium - large - cap convertible bonds in sectors such as utilities, transportation, environmental protection, and construction. The valuation decline of medium - low - price and balanced convertible bonds is controllable, and the valuation of high - grade convertible bonds may rise. In the long - term, if the new issuance space of convertible bonds remains unopened, it may significantly affect the market positioning of convertible bond assets, especially if new medium - high - grade convertible bonds are continuously absent, which may impact the basic demand for convertible bond allocation of low - risk - preference investors such as annuities and disrupt the logic of "tight supply - demand supporting high convertible bond valuations" [22] - The current A - share market valuation is recovering. Large - scale equipment updates and consumer goods trade - in measures are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and the capital market is expected to gradually start. For convertible bonds, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the return of incremental convertible bond funds drives the valuation to a relatively high historical level, and attention should be paid to the risk of valuation correction. In terms of clauses, attention should be paid to the game space of downward revisions, be vigilant against the forced redemption risk, and appropriately focus on the short - term game opportunities of near - maturity convertible bonds [42] 3. Summary According to the Directory 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. Supply - Demand Structure and Convertible Bond Valuation - Since the fourth quarter of 2023, the new issuance of convertible bonds has significantly declined, while the amount of conversion and maturity has increased. The scale of outstanding convertible bonds has entered a downward channel, with AAA - rated convertible bonds being the main force of contraction. The scale of convertible bonds in industries such as banks, public utilities, environmental protection, and transportation has decreased significantly. As of August 8, 2025, the convertible bond scale has decreased by nearly 70 billion yuan this year [10] - Starting from 2025, the convertible bond market will enter a maturity peak. In 2025, 134 convertible bonds will mature, with an initial issuance scale of 279.3 billion yuan. As of July 31, 2025, 20 of these 134 convertible bonds remain, with a total remaining scale of 48.178 billion yuan. From 2026 to 2028, the theoretical maturity scale of convertible bonds will exceed 200 billion yuan each year. In terms of ratings, from 2025 to 2027, the maturity scale of AAA - rated convertible bonds will be 39.1 billion yuan, 31.3 billion yuan, and 81.8 billion yuan respectively, remaining the main force of future contraction. The maturity scale of AA - and above - rated convertible bonds will be 47.4 billion yuan, 83.5 billion yuan, and 153.3 billion yuan respectively during the same period [16] - On the demand side, compared with the end of 2021, the investor structure of convertible bonds has changed. The influence of public funds and insurance institutions has increased, while the proportion of enterprise annuities has decreased. Public funds are the main direct investors in convertible bonds, with relatively few restrictions on convertible bond ratings. Pension and insurance institutions usually have clear convertible bond rating restrictions and focus on the safety margin and return certainty of convertible bond prices [21] 3.1.2. Weekly Review and Market Outlook - This week, the market showed an oscillating upward trend, with most of the three major indices rising, but there was differentiation and a slight correction in the second half of the week. The defense, machinery, and non - ferrous metal sectors performed well, while sectors such as commerce and retail, petroleum and petrochemicals, and social services declined [41] - For the stock market outlook, the current A - share market valuation is recovering. Large - scale equipment updates and consumer goods trade - in measures are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and the capital market is expected to gradually start. For convertible bonds, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the return of incremental convertible bond funds drives the valuation to a relatively high historical level, and attention should be paid to the risk of valuation correction. In terms of clauses, attention should be paid to the game space of downward revisions, be vigilant against the forced redemption risk, and appropriately focus on the short - term game opportunities of near - maturity convertible bonds. Industries to focus on include hot topics, domestic demand - driven sectors, central state - owned enterprises represented by "China -字头", the "Belt and Road" theme, high - dividend sectors, and the military industry [42][43] 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. Equity Market Rises, with Military, Metal, and Machinery Leading - This week, the main equity market indices rose. The Wind All - A Index rose 1.94%, the Shanghai Composite Index rose 2.11%, the Shenzhen Component Index rose 1.25%, and the ChiNext Index rose 0.49%. The market style was more inclined to small - cap value. Among the small - cap indices, the CSI 1000 Index rose 2.51% and the STAR 50 Index rose 0.65% [46] - Among the 27 Shenwan industries, 27 rose and 4 fell. The defense, non - ferrous metal, and machinery industries led the market with increases of 5.93%, 5.78%, and 5.37% respectively, while the pharmaceutical, computer, and commerce and retail industries were among the top decliners [49] 3.2.2. Convertible Bond Market Soars, and the Median of the 100 - Yuan Premium Rate Increases - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.31%, the Shanghai Convertible Bond Index rose 2.25%, the Shenzhen Convertible Bond Index rose 2.42%, the Wind Convertible Bond Equal - Weighted Index rose 2.73%, and the Wind Convertible Bond Weighted Index rose 2.23% [51] - The average daily trading volume of convertible bonds increased this week. The average daily trading volume of the convertible bond market was 84.475 billion yuan, an increase of 7.259 billion yuan compared with last week. The total trading volume this week was 422.376 billion yuan [51] - At the industry level of convertible bonds, 29 industries rose and 0 fell. The machinery, defense, and beauty care industries led the market with increases of 4.51%, 4.40%, and 4.04% respectively. At the corresponding underlying stock level, 26 industries rose and 3 fell. The household appliance, bank, and machinery industries led the market with increases of 6.75%, 4.97%, and 4.70% respectively, while the building material, computer, and petroleum and petrochemical industries led the decline [56] - Most individual convertible bonds rose this week (428 out of 459). Excluding the closing data of newly - listed convertible bonds this week, the top five convertible bonds in terms of weekly increase were Jiaojian Convertible Bond (23.15%), Julong Convertible Bond (21.65%), Gaoce Convertible Bond (16.82%), Dongjie Convertible Bond (16.32%), and Borui Convertible Bond (14.97%); the top five convertible bonds in terms of weekly decline were Qizheng Convertible Bond (- 22.67%), Haopeng Convertible Bond (- 11.77%), Saili Convertible Bond (- 10.79%), Yingji Convertible Bond (- 7.58%), and Tianlu Convertible Bond (- 6.95%); the top five convertible bonds in terms of weekly trading volume were Dongjie Convertible Bond (19.443 billion yuan), Jinxian Convertible Bond (17.852 billion yuan), Tianlu Convertible Bond (16.819 billion yuan), Julong Convertible Bond (15.168 billion yuan), and Qizheng Convertible Bond (14.694 billion yuan) [58] - The number of absolute low - price convertible bonds decreased, and the median price of convertible bonds rose significantly. As of Friday, the median price of the entire market's convertible bonds closed at 130.41 yuan, an increase of 2.78 yuan compared with last weekend. The weighted conversion value of the entire market increased, and the premium rate rose. The median implied volatility of the entire market increased, and the pure - bond premium rate of debt - biased convertible bonds increased [62][66] 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuations of equity - biased and balanced convertible bonds slightly declined, with the decline in equity - biased convertible bonds being higher. The valuation of convertible bonds with a conversion value of 110 - 120 yuan declined, while the valuations of other convertible bonds increased, especially those with a conversion value of 0 - 80 yuan and 100 - 110 yuan. The valuations of most convertible bonds of each rating increased, except for AAA and A and below. The valuations of small - cap and large - cap convertible bonds decreased, while those of medium - small - cap and medium - cap convertible bonds increased [75] - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have both rebounded from the bottom. As of Friday, the conversion premium rate of equity - biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [75] 3.2.3.2. Market Index Performance - This week, convertible bonds of all ratings rose. AAA convertible bonds rose 1.88%, AA + convertible bonds rose 2.11%, AA convertible bonds rose 2.16%, AA - convertible bonds rose 2.69%, A + convertible bonds rose 3.17%, and A and below convertible bonds rose 2.37%. Since 2023, AAA convertible bonds have recorded a 20.01% return; AA + convertible bonds, 9.93%; AA convertible bonds, 14.85%; AA - convertible bonds, 22.79%; A + convertible bonds, 26.17%; and A and below convertible bonds, 30.78%. Historically, high - rating AAA convertible bonds have shown stable performance, while low - rating convertible bonds have shown weaker anti - decline properties and greater rebound strength [89] - This week, convertible bonds of all scales rose. Small - cap convertible bonds rose 3.48%, medium - small - cap convertible bonds rose 2.26%, medium - cap convertible bonds rose 2.65%, and large - cap convertible bonds rose 1.72%. Since 2023, small - cap convertible bonds have recorded a 27.20% return; medium - small - cap convertible bonds, 23.63%; medium - cap convertible bonds, 19.43%; and large - cap convertible bonds, 16.63% [89] 3.3. Tracking of Convertible Bond Supply and Clauses 3.3.1. This Week's Primary - Market Issuance Plans - This week, there were no newly - listed convertible bonds, and there was 1 convertible bond issued but not yet listed - Weidao Convertible Bond with a scale of 1.17 billion yuan. The number of primary - market approvals this week was 7. Among them, 2 convertible bonds, Huafa Co., Ltd. (private placement convertible bonds, scale 4.8 billion yuan) and Jindawei (1.292 billion yuan), obtained the approval of the China Securities Regulatory Commission; 2 convertible bonds, Tianzhun Technology (0.872 billion yuan) and Chunfeng Power (2.5 billion yuan), were accepted by the stock exchange [94] - From the beginning of 2023 to August 8, 2025, the total number of planned convertible bonds was 89, with a total scale of 137.717 billion yuan. Among them, 15 convertible bonds passed the board of directors' proposal, with a total scale of 16.218 billion yuan; 36 convertible bonds passed the shareholders' meeting, with a total scale of 65.707 billion yuan; 28 convertible bonds were accepted by the stock exchange, with a total scale of 38.842 billion yuan; 4 convertible bonds passed the listing committee, with a total scale of 8.979 billion yuan; and 6 convertible bonds obtained the approval of the China Securities Regulatory Commission, with a total scale of 7.971 billion yuan [95] 3.3.2. Downward Revision and Redemption Clauses - As of August 9, 2025, 10 convertible bonds announced that they were expected to trigger a downward revision this week; 7 convertible bonds announced that they would not be downward - revised, among which Heda Convertible Bond, Shengtai Convertible Bond, and Yirui Convertible Bond announced that they would not be downward - revised within 6 months; Ou 22 Convertible Bond proposed a downward revision, and Zhongzhuangzhuan 2 announced the result of the downward revision, which was revised to the lowest price [98] - This week, 9 convertible bonds announced that they were expected to trigger redemption; 3 convertible bonds announced that they would not be redeemed; and 6 convertible bonds, including Longhua Convertible Bond, Xince Convertible Bond, Haopeng Convertible Bond, Dongcai Convertible Bond, Youzu Convertible Bond, and Baidian Convertible Bond, announced early redemption [101] - As of the end of this week, there were 6 convertible bonds still in the put - option declaration period and 15 convertible bonds still in the company's capital - reduction settlement declaration period [103]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes the economic growth, inflation, and related price trends in multiple industries. It shows that steel inventory is accumulating faster, power plant daily consumption is rising moderately, and there are various changes in the prices of agricultural products, industrial products, and energy commodities [1][3]. Summary by Related Catalogs 1. Economic Growth: Faster Accumulation of Steel Inventory 1.1 Production: Moderate Increase in Power Plant Daily Consumption - Power plant daily consumption increased moderately. On August 5, the average daily consumption of 6 major power - generation groups was 89.0 tons, up 0.9% from July 29. On August 1, the daily consumption of power plants in eight southern provinces was 223.1 tons, up 0.3% from July 24 [5][12]. - Blast furnace operating rate fluctuated at a high level. On August 1, the national blast furnace operating rate was 83.5%, unchanged from July 25; the capacity utilization rate was 90.2%, down 0.6 percentage points from July 25. The blast furnace operating rate of Tangshan steel mills was 93.3%, up 1.3 percentage points from July 25 [15]. - Tire operating rate declined slightly. On July 31, the operating rate of truck full - steel tires was 61.1%, down 3.9 percentage points from July 24; the operating rate of car semi - steel tires was 74.5%, down 1.4 percentage points from July 24. The operating rate of looms in Jiangsu and Zhejiang was weakly stable [17]. 1.2 Demand: Faster Accumulation of Steel Inventory - New home sales in 30 cities turned negative month - on - month. From August 1 - 5, the average daily sales area of commercial housing in 30 large and medium - sized cities was 162,000 square meters, down 20.1% from July, 21.2% from August last year, and 40.6% from August 2023 [23]. - The auto market retail was stable and relatively strong. In July, retail sales increased by 7% year - on - year, and wholesale sales increased by 12% year - on - year [24]. - Steel prices corrected. On August 5, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by - 2.3%, - 2.0%, - 1.4%, and + 0.4% respectively compared with July 29 [5][31]. - Cement prices declined at a low level. On August 5, the national cement price index fell 0.6% from July 29. The cement prices in East China and the Yangtze River region fell 1.3% and 0.2% respectively [32]. - Glass prices fell further. On August 5, the active glass futures contract price was 1,073 yuan/ton, down 9.2% from July 29 [36]. - The container shipping freight index continued to decline. On August 1, the CCFI index decreased by 2.3% and the SCFI index decreased by 2.6% compared with July 25 [38]. 2. Inflation: Agricultural Product Price Index at the Second - Lowest Level in the Same Period of the Past 5 Years 2.1 CPI: Agricultural Product Price Index at the Second - Lowest Level in the Same Period of the Past 5 Years - Pork prices remained weak. On August 5, the average wholesale price of pork was 20.3 yuan/kg, down 0.8% from July 29. In August, the average wholesale price of pork decreased month - on - month and the year - on - year decline widened [45]. - The agricultural product price index was at the second - lowest level in the same period of the past 5 years. On August 5, the agricultural product wholesale price index rose 0.7% from July 29. By variety, vegetables (+2.5%) > chicken (+0.9%) > beef (+0.4%) > pork (-0.8%) > eggs (-1.0%) > mutton (-1.1%) > fruits (-2.4%) [49]. 2.2 PPI: Oil Price Decline - Oil prices declined. On August 5, the spot prices of Brent and WTI crude oil were 69.6 and 65.2 dollars/barrel respectively, down 2.7% and 5.9% from July 29 [54]. - Copper and aluminum prices fell. On August 5, the prices of LME 3 - month copper and aluminum decreased by 1.4% and 1.6% respectively compared with July 29 [58]. - Most industrial product prices rose. Since August, most industrial product prices increased month - on - month, and most of them increased year - on - year. The prices of cement and glass decreased month - on - month, while other industrial products generally increased [62].