Core Insights - Shanghai's economic performance shows resilience with a GDP growth of 5.1% and fixed asset investment growth of 6.2% in the first half of the year [7] - The launch of the new logistics park by Prologis in Shanghai reflects a significant investment in the logistics sector, with a 90% occupancy rate during trial operations [6] - The establishment of Tesla's super energy storage factory in the Lingang New Area demonstrates rapid project execution, completing construction in just 9 months [8][10] Economic Development - Shanghai's government emphasizes the importance of stabilizing employment, businesses, and market expectations to foster economic growth [7] - The city has implemented a "project service package" mechanism to streamline project approvals and enhance collaboration between government and enterprises [8] Infrastructure and Investment - Prologis Shanghai New Northwest Logistics Park has increased land utilization efficiency by adding approximately 98,000 square meters of building area without expanding land use [6] - The Shanghai Lego Resort, completed in 18 months, showcases the city's supportive business environment, contributing to high occupancy rates in nearby hotels [10][11] Innovation and Intellectual Property - The case of Anpu Experimental Technology highlights the critical role of intellectual property protection in fostering innovation, with the company successfully halting an infringement case [14][15] - Shanghai's government is actively enhancing intellectual property services and protection mechanisms to support innovative enterprises [16]

Core Viewpoint - Hunan Shengyue New Materials Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various recycling and new material technologies [1] Company Summary - The company is legally represented by Chen Zhongping [1] - The registered capital is 5 million RMB [1] - The business scope includes general projects such as recycling and processing of renewable resources, sales of renewable resources, and recovery of waste metals [1] - It also engages in the recovery and secondary utilization of used power batteries for new energy vehicles, excluding hazardous waste management [1] Industry Summary - The company is involved in the research and development of resource regeneration technology and solid waste management [1] - It manufactures and sells electronic special materials and chemical products, excluding licensed chemical products [1] - The company is positioned in the emerging energy technology sector, focusing on non-restricted business activities as per legal regulations [1]

Group 1 - Guangzhou Mingying Recycling Resources Co., Ltd. has been established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Lai Lianying [1] - The business scope includes research and development of resource recycling technology, construction waste recycling technology, and various sales activities [1] Group 2 - The company is involved in the recycling and wholesale of recycled materials, as well as demolition services and logistics [1] - The company also engages in internet sales (excluding goods requiring permits), second-hand goods sales, and sales of rubber, paper, plastic, metal products, and hardware [1]

Group 1 - In 2024, Henan Circular Technology Industry Group Co., Ltd. achieved a record high in electronic waste dismantling, supported by China Construction Bank's Henan branch's green finance initiatives [1] - The company is focusing on mergers and acquisitions to enhance market competitiveness and become a leader in the electronic waste dismantling industry [1] - China Construction Bank's Henan branch approved a merger loan of 407 million yuan and disbursed 51.65 million yuan to support the acquisition project [1] Group 2 - China Construction Bank's Henan branch integrates green concepts into the entire credit process, ensuring that credit resources are directed towards green fields [2] - The bank has established a "special class mechanism" for key areas like clean energy and infrastructure upgrades, accelerating project approval and implementation [2] - As of August 2025, the green loan balance of China Construction Bank's Henan branch reached 149.796 billion yuan, with an increase of 26.165 billion yuan that year [2] Group 3 - The bank is committed to injecting green finance into various aspects of economic and social development, contributing to the prosperity of the entire green industry system [3]

Group 1 - Jiangxi Zhongjia Technology Development Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Zhang Bo [1] - The company's business scope includes research and development of carbon fiber recycling technology and resource recycling technology [1] Group 2 - The company is involved in the recycling of construction waste and the processing of non-metallic waste materials [1] - It also engages in the sale of recycled resources, electrical equipment, metal products, and building materials [1] - The company provides environmental protection consulting services and resource recycling service technology consulting [1]

Core Insights - Hebei Fushengyuan Technology Co., Ltd. has completed an A+ round financing of 80 million yuan, led by Qijin Capital, to support the establishment of 1,500 low-carbon lifestyle centers nationwide and the construction of AI sorting systems in Xiong'an [1][5] Company Overview - Fushengyuan is positioned as an integrated operation platform for the entire industry chain of "Internet + renewable resources" [1] - The founding team consists of experienced professionals from various fields, including internet entrepreneurship, supply chain management, and international trade [3] Investment Highlights - Qijin Capital expresses long-term confidence in the trillion-level market potential of the renewable resources industry under the carbon neutrality context [3] - The investment is seen as a recognition of Fushengyuan's existing achievements and its long-term growth value in the green economy sector [3] Strategic Goals - The company aims to leverage technological innovation to drive industrial upgrades and respond actively to national policies, enhancing the efficiency and value of renewable resource recycling [3]

Core Insights - Recently, Wei County Shenglie Recycling Resources Co., Ltd. was established with a registered capital of 5 million RMB [1] Company Overview - The legal representative of the company is Zhang Fating [1] - The company’s business scope includes a variety of activities such as non-metal waste processing, recycling of renewable resources (excluding production waste metals), and sales of various products including construction materials and machinery [1] Business Activities - The company engages in the processing and recycling of non-metal waste and renewable resources, as well as the sale of construction machinery and materials [1] - It also provides services related to soil pollution remediation, water pollution treatment, and land consolidation [1] - The company is involved in the sales of various medical devices and offers labor services, among other activities [1]

Group 1 - The establishment of Foshan Shunxing Recycling Resources Co., Ltd. has been registered with a capital of 10,000 RMB [1] - The company's business scope includes general projects such as recycling resource sales, processing, and recovery [1] - The company is also involved in the research and development of resource recycling technology and sales of metal materials [1] Group 2 - The company engages in the recovery of production waste metals and processing of non-metal waste and scraps [1] - It also sells plastic products and operates retail and wholesale of hardware products [1] - The company will conduct its business activities independently based on its business license, except for projects that require approval [1]

Core Points - A new company, Xunqianhui Industrial and Trade Co., Ltd., has been established in Xinyu City with a registered capital of 1 million RMB [1] - The legal representative of the company is Yu Guihua [1] Company Overview - The company’s business scope includes the sale of metal materials, sales of renewable resources, and recycling of renewable resources (excluding production waste metals) [1] - It also engages in internet sales (excluding goods requiring permits), domestic trade agency, leasing services (excluding licensed leasing services), and non-residential real estate leasing [1] - Additional services include general cargo warehousing (excluding hazardous chemicals), domestic cargo transportation agency, machinery equipment leasing, and park management services (excluding projects requiring approval) [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, most convertible bond issuers saw revenue growth compared to the previous year, with profits showing some divergence. Amid the bullish equity market since April, investors should focus on low - price and equity - biased convertible bonds with excellent or improving performance and high - quality underlying stocks [1][3][8]. 3. Summary According to the Table of Contents 3.1 2025H1 Convertible Bond Performance Overview - Revenue: By August 30, 61.7% of convertible bond issuers had year - on - year revenue growth, mainly in the (0, 30%] range. In Q2 2025, 77.5% had quarter - on - quarter revenue growth, also concentrated in the (0, 30%] range [8][9]. - Profit: 50.2% of convertible bond issuers had year - on - year growth in net profit attributable to shareholders, with significant differences in performance. In Q2 2025, 53.3% had quarter - on - quarter growth, and the industries with the most issuers having a quarter - on - quarter growth rate of over 100% were electronics, building decoration, and power equipment [8][9]. 3.2 Industries and Convertible Bond Issues with Outstanding Performance 3.2.1 Year - on - Year Dimension - Industry: In terms of revenue, agriculture, forestry, animal husbandry and fishery, non - bank finance, and electronics led; in terms of performance, agriculture, forestry, animal husbandry and fishery, building materials, and media had the highest year - on - year growth rates. The agriculture, forestry, animal husbandry and fishery industry achieved a significant turnaround in performance, with the net profit attributable to shareholders increasing by 6799.93% year - on - year [15]. - Convertible Bond Issues: Huahong Convertible Bond, Wanqing Convertible Bond, Jingrui Convertible Bond, Jingrui Convertible Bond 2, and Muyuan Convertible Bond had the top four year - on - year growth rates in net profit attributable to shareholders in H1 2025 [23]. 3.2.2 Quarter - on - Quarter Dimension - Industry: In terms of revenue, communication, building materials, and non - bank finance led; in terms of performance, building materials, social services, and communication had the highest quarter - on - quarter growth rates in Q2 2025. Some industries such as building materials showed signs of bottoming out and reversing [26]. - Convertible Bond Issues: Jiaojian Convertible Bond, Hengfeng Convertible Bond, Huayang Convertible Bond, Aojia Convertible Bond, and Tianchuang Convertible Bond had the top five quarter - on - quarter growth rates in net profit attributable to shareholders in Q2 2025 [35]. 3.3 Industries and Convertible Bond Issues with Significant Performance Improvement 3.3.1 Industries and Issues with Year - on - Year Turnaround from Loss to Profit - Industries: Agriculture, forestry, animal husbandry and fishery, medicine, and electronics had the most issuers turning around from loss to profit year - on - year. Representative issues include Shanbo Convertible Bond, Tianchuang Convertible Bond, and Jingrui Convertible Bond [38]. 3.3.2 Industries and Issues with Quarter - on - Quarter Turnaround from Loss to Profit - Industries: Power equipment, computer, and construction industries had the most issuers turning around from loss to profit quarter - on - quarter. Representative issues include Jiaojian Convertible Bond, Jidong Convertible Bond, and Like Convertible Bond [45]. 3.3.3 Industries and Issues with Year - on - Year Reduction in Losses - Industries: Computer, power equipment, and building decoration industries had the most issuers with reduced losses year - on - year. Representative issues include Shuangliang Convertible Bond and Xinfu Convertible Bond [50]. 3.3.4 Industries and Issues with Quarter - on - Quarter Reduction in Losses - Industries: Power equipment, computer, and medicine industries had the most issuers with reduced losses quarter - on - quarter. Representative issues include Tong 22 Convertible Bond, Long 22 Convertible Bond, and Shanshi Convertible Bond [56]. 3.4 Convertible Bonds Worth Attention in the Bullish Equity Market 3.4.1 Convertible Bonds in the Excellent Performance Sector - Five convertible bonds, including Muyuan Convertible Bond, Daotong Convertible Bond, Zhongchong Convertible Bond 2, Weice Convertible Bond, and Anji Convertible Bond, were selected based on certain criteria [61]. 3.4.2 Convertible Bonds with Improving Performance - Four convertible bonds, including Liang 22 Convertible Bond, Site Convertible Bond, Chutian Convertible Bond, and Li'ang Convertible Bond, are recommended for continuous attention [63].