[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 7 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 7 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《【东北固收】原油地缘溢价消退，提振消费扩 内需继续发力——政策及基本面周度观察 （20250628）》 --20250629 《甬矽转债定价：首日转股溢价率 23%~28%》 --20250626 《华辰转债定价：首日转股溢价率 22%~27%》 --20250623 《社零超预期改善，油价涨幅收窄——政策及 基本面周度观察（20250621）》 --20250622 《锡振转债定价：首日转股溢价率 29%~33%》 --20250622 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin@nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table ...

Group 1 - Fengcai Technology is conducting an H-share issuance with a maximum price of 120.50 HKD per share, aiming to raise funds for its specialized chip business [1] - The global offering consists of 16.3 million shares, with 1.63 million shares available for public offering in Hong Kong [1] - Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD, enhancing its resource portfolio [1][2] Group 2 - Mindray Medical's shareholder plans to reduce holdings by up to 5 million shares, approximately 0.41% of the total share capital, due to personal funding needs [3] - Degute is planning to acquire control of Haowei Technology through a combination of cash and share issuance, leading to a temporary suspension of its stock [4] - New Dairy's controlling shareholder intends to reduce its stake by up to 3% of the total share capital, also for funding purposes [5] Group 3 - Yueyang Xinchang has resumed production after completing maintenance on its main production facilities, positively impacting its operations [6] - Chengdu Xian Dao has terminated its major asset restructuring plan due to failure to reach agreement on key terms [7] - Maglev Technology's shareholder plans to reduce its stake by up to 3% of the total share capital for personal financial arrangements [9] Group 4 - Zhongyan Dadi announced a cash dividend of 2.82 CNY per 10 shares and a capital increase of 3.99 shares per 10 shares [10] - Yunda Co. plans to distribute a cash dividend of 0.6 CNY per 10 shares, totaling approximately 47.22 million CNY [12] - Victory Co. intends to distribute a cash dividend of 0.42 CNY per 10 shares, amounting to around 36.06 million CNY [13] Group 5 - Shagang Group has invested 2.67 billion CNY in financial products while planning to use up to 8 billion CNY of idle funds for further investments [14] - Jiuyuan Yinhai's subsidiary won an 8.43 million CNY project contract, constituting a related party transaction [15] - China Railway Signal & Communication has announced the resignation of a board member due to personal reasons [16] Group 6 - China Rare Earth clarified that recent management changes have not affected its operations, ensuring stability in production [17] - Qixiang Tengda plans to conduct routine maintenance on its 60,000-ton acetone plant for 60 days to enhance operational safety [19] - ST King Kong's subsidiary signed a 399 million CNY contract for computing power services, indicating growth in its service offerings [20] Group 7 - Ziguang Guowei repurchased 775,500 shares for approximately 49.62 million CNY, reflecting confidence in its market position [22] - Qin Port's major shareholder plans to reduce its stake by up to 2% of the total share capital for development needs [22] - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, expanding its market presence [24]

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

金十数据6月24日讯，广大特材公告，预计2025年半年度实现营业收入为25亿元左右，同比增加32.91% 左右。预计2025年半年度实现归属于母公司所有者的净利润为2亿元左右，同比增加367.51%左右。预 计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润为1.95亿元左右，同比增加 2342.81%左右。 广大特材：预计2025年上半年净利润同比增367.51% ...

｜2025年6月24日星期二｜ NO.2中信建投：我国中高端特钢需求有望迎来较快增长 中信建投（601066）表示，特钢属政策大力支持行业，我国中高端特钢新材料内有"进口替代"，外 有"全球份额提升"，目前我国中高端特钢比例约4%左右，我国中高端制造业快速发展，中高端特钢需 求有望迎来较快增长，中高端特钢企业估值有望提高，从发达国家的特钢公司估值来看，多处于15-25 倍的水平，日本、欧美等特钢快速发展阶段已经过去，而我国中高端特钢还处于成长期，应用的新能 源、造船、航空航天行业处在蓬勃发展期，应当享有一定的估值溢价。 NO.3华泰证券：逆变器长期需求确定性较强，光储平价有望进一步打开需求天花板 华泰证券指出，2025年5月我国逆变器出口额59.7亿元，环比+2.7%；出口数量589.9万台，环比 +30.3%，出口至欧洲金额受发货节奏影响环比略减，东南亚地区需求持续强劲。长期来看，各地区停 电+电价上涨+风光装机高增仍为需求的核心驱动，华泰证券认为逆变器长期需求确定性较强，光储平 价有望进一步打开需求天花板，板块龙头业绩存在较强支撑。 NO.1银河证券：把握银行股下半场，推荐关注三方面机会 中国银河（601 ...

证券代码：688186 证券简称：广大特材 公告编号：2025-061 转债代码：118023 转债简称：广大转债 张家港广大特材股份有限公司 关于以集中竞价交易方式回购股份比例达到 8%暨回购 进展公告 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。 重要内容提示： 回购方案首次披露日 2025/1/2 回购方案实施期限 2025 年 1 月 2 日~2026 年 1 月 1 日 预计回购金额 20,000万元~40,000万元 √减少注册资本 √用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 17,766,697股 累计已回购股数占总股本比例 8.0052% 累计已回购金额 390,296,347.89元 实际回购价格区间 16.48元/股~27.45元/股 一、 回购股份的基本情况 张家港广大特材股份有限公司（以下简称"公司"）于 2025 年 1 月 1 日召开 第三届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司使用华夏银 ...

长江商报消息 ●长江商报记者 潘瑞冬 回购一轮接着一轮，广大特材（688186.SH）真金白银提振市场信心。 6月18日晚间，广大特材披露回购进展，公司以集中竞价交易方式累计回购股份1776.67万股，支付的资 金总额为3.9亿元，已接近回购计划上限的4亿元。 而6月17日晚间，广大特材公告，公司实际控制人、董事长、总经理徐卫明提议公司使用专项贷款及自 筹资金回购股份，回购资金总额不低于2亿元，不超过4亿元。 这意味着，广大特材即将启动新一轮回购。 长江商报记者注意到，广大特材股价正处于年内高位。2025年以来，广大特材的股价涨幅明显，从年初 的14.99元/股涨至6月18日收盘价27.11元/股，期间涨幅超80%。 长江商报记者注意到，2025年以来，广大特材的股价涨幅明显。K线图显示，公司股价从年初的14.99 元/股涨至6月18日收盘价27.11元/股，期间涨幅超80%。为顺利实施回购，此前，广大特材曾上调了回 购价格上限。 同时，2025年以来，广大特材收获了多支基金的关注，一季度持有广大特材股票的基金数量从2024年末 的1支增至11支。 一季度毛利率大幅提升 业绩方面，2024年四季度以来，广大特 ...

张家港广大特材股份有限公司 基于对公司未来持续发展的信心和对公司长期价值的合理判断，为完善公 司长效激励机制，充分调动公司员工的积极性，提高公司员工的凝聚力，维护 全体股东利益，增强投资者对公司的投资信心，促进公司长期稳健发展，有效 地将股东利益、公司利益和员工利益紧密结合在一起，使各方合力推进公司长 远、稳定、持续的发展，独立董事一致同意公司自董事会审议通过本回购股份 方案之日起不超过 12 个月，使用中国工商银行股份有限公司张家港分行提供的 专项贷款及公司自筹资金不低于人民币 20,000 万元（含），不超过 40,000 万元 （含）通过集中竞价交易方式回购公司发行的人民币普通股（A 股）股票，回 购价格不超过人民币 39.52 元/股（含），用于员工持股计划及/或股权激励，或 用于转换上市公司发行的可转换为股票的公司债券。 经与会独立董事表决，2 票赞成、0 票反对、0 票弃权，一致通过该议案并 同意提交董事会审议。 （以下无正文） 独立董事专门会议 张家港广大特材股份有限公司独立董事专门会议 2025 年第二次会议于 席独立董事 2 人。 本次会议的召集和召开程序符合《上市公司独立董事管理办法》《张 ...

方大特钢（600507）公告，公司及相关责任人收到江西证监局警示函。经查，公司2024年未审慎确认收 入，导致一季度报告、半年度报告、三季度报告中营业总收入、营业总成本披露不准确。公司及相关责 任人将引以为戒，加强相关人员对企业会计准则和证券法律法规的学习，提升规范运作水平和财务信息 披露质量。 ...

有色、钢铁行业 行业研究 | 行业周报 重视稀土产业链的供给侧逻辑 ——有色钢铁行业周观点（2025 年第 23 周） 核心观点 投资建议与投资标的 风险提示 国内宏观经济增速放缓；美国通胀增速放缓；原材料价格波动 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 06 月 08 日 看好（维持） 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB487 | 美债危机叠加关税冲击，关注黄金板块的 | 2025-06-03 | | --- | --- | | 投 资 机 会 ： — — 有 色 钢 铁 行 业 周 观 点 | | | （2025 年第 22 周） | | | 积极关注稀土等战略金属板块的投资机 | 2025-05-18 | | 会：——有色钢铁行业周观点（2025 年第 | | | 20 周） | | | 铁矿价格出现明显松动，继续关注钢铁板 | 2025-05-11 | | 块的投资机会：——有色钢铁行业周观点 | | | （2025 年第 19 周） | | 有关分 ...