1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 6 - month PMI data continued to improve slightly in June, indicating a stabilizing trend in China's economy. Sino - US trade situation has positive news, but there are still uncertainties in external demand due to ongoing US trade negotiations. The CSI Convertible Bond Index has reached new highs. Although most institutions' holding face - values of convertible bonds have slightly declined, considering the impact of bank convertible bond conversions on the overall scale, their actual willingness to reduce positions is weak, and the allocation demand for convertible bonds remains strong. The supply - demand contradiction of convertible bonds has intensified, and there is room for an increase in the convertible bond parity valuation [3][20]. - It is recommended to choose balanced convertible bonds with high - volatility underlying stocks that can quickly consume the premium rate or high - price, low - premium and non - redeemable equity - biased convertible bonds in the short term. For those with high requirements for drawdown, reducing positions can be considered. In July, attention should be paid to sectors such as consumer (appliances, auto parts, two - wheeled vehicles), technology (PCB, copper - clad laminates, data center power supplies in the computing power industry chain), grid equipment, sea wind, energy storage, innovative drugs, and some chemical pharmaceuticals with stable volume and price [4][21]. 3. Summary by Relevant Catalogs 3.1 Market Focus Last Week (June 30 - July 4, 2025) Stock Market - The equity market fluctuated and rose last week. Sectors with over - capacity reduction expectations such as steel, building materials, and photovoltaic performed well, and the innovative drug sector led the gains. The high - dividend bank sector also performed well. The A - share market showed different trends each day, with changes in sector performance and trading volume [1][9]. - Most Shenwan primary industries closed higher. Steel (+5.06%), building materials (+3.96%), banks (+3.77%), pharmaceutical biology (+3.64%), and comprehensive (+2.82%) led the gains, while computer (-1.28%), non - bank finance (-0.72%), beauty care (-0.55%), and transportation (-0.20%) performed poorly [10]. Bond Market - The bond market fluctuated last week. After the quarter - end, the liquidity tightened. The second - quarter monetary policy implementation report mentioned observing and evaluating the bond market from a macro - prudential perspective. The slight recovery of the June PMI and the increase in market risk appetite suppressed bond market sentiment. The 10 - year Treasury bond yield closed at 1.64% on Friday, down 0.29bp from the previous week [1][10]. Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index rose 1.21% for the whole week, the median price increased 1.10%, the calculated arithmetic average parity increased 1.82%, and the overall market conversion premium rate decreased 1.57% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in the ranges of [90,100), [100,110), and [110,120) changed by +1.71%, +2.27%, and -0.79% respectively, at the 68%, 77%, and 39% percentile values since 2023 [2][10]. - Most industries in the convertible bond market closed lower. Pharmaceutical biology (+2.49%), national defense and military industry (+1.85%), environmental protection (+1.70%), and public utilities (+1.59%) led the gains, while transportation (-1.07%), textile and clothing (-0.84%), automobile (-0.41%), and communication (-0.33%) performed poorly [14]. - In terms of individual bonds, Seli (innovative drugs), Huicheng (hazardous waste treatment), Jing 23 (PCB), Emergency (military industry), and Xingang (thermal production and supply) convertible bonds led the gains; Sanyang (automobile logistics services), Jinji (H - acid reactive dyes), Jingduan (precision gears & announced forced redemption), Huafeng (automobile electronic control systems & announced forced redemption), and Huitong (modified plastics & announced forced redemption) convertible bonds led the losses [2][15]. - The total trading volume of the convertible bond market last week was 323.83 billion yuan, with an average daily trading volume of 64.766 billion yuan, an increase from the previous week [18]. 3.2 Valuation Overview As of July 4, 2025, the average conversion premium rates of equity - biased convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 40.92%, 30.48%, 23.07%, 12.75%, 8.96%, and 5.65% respectively, at the 85%/72%, 82%/68%, 84%/77%, 63%/35%, 62%/39%, and 71%/42% percentile values since 2010/2021. The average YTM of bond - biased convertible bonds with parities below 70 yuan was -0.72%, at the 4%/0% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 33.78%, at the 64%/44% percentile values since 2010/2021. The difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was -13.81%, at the 25%/31% percentile values since 2010/2021 [22]. 3.3 Primary Market Tracking Last Week (June 30 - July 4, 2025) - Libo Convertible Bond was announced for issuance, and Dianhua and Anke Convertible Bonds were listed. - Libo Convertible Bond (111023.SH): The underlying stock is Libote (605167.SH) in the building decoration industry, with a market value of 5.155 billion yuan as of July 4. The company focuses on the design and manufacturing of industrial modules. The issued convertible bond scale is 750 million yuan, and the funds after deducting issuance fees will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd [30]. - Dianhua Convertible Bond (127109.SZ): The underlying stock is Xiangtan Dianhua (002125.SZ) in the power equipment industry, with a market value of 8.555 billion yuan as of July 4. The company's main businesses include the production and sales of electrolytic manganese dioxide and new - energy battery materials, etc. The issued convertible bond scale is 487 million yuan, and the funds will be used for the 30,000 - ton spinel - type lithium manganate battery material project and to supplement working capital [31]. - Anke Convertible Bond (123257.SZ): The underlying stock is Anke Innovation (300866.SZ) in the electronics industry, with a market value of 61.207 billion yuan as of July 4. The company is mainly engaged in the R & D and sales of smart mobile peripherals, etc. The issued convertible bond scale is 1.105 billion yuan, and the funds will be used for multiple projects such as R & D and industrialization of portable and household energy - storage products [32]. - As of July 4, the exchange accepted Shenyu Co., Ltd., and there were no new enterprises approved for registration, passed by the listing committee, passed by the general meeting of shareholders, or with board of directors' plans. There are currently 77 convertible bonds to be issued, with a total scale of 123.22 billion yuan, including 4 approved for registration with a total scale of 9.01 billion yuan and 3 passed by the listing committee with a total scale of 2.62 billion yuan [33]. Future Week (July 7 - July 11, 2025) As of the announcement on July 4, there are no convertible bonds announced for issuance or listing in the coming week [33].

Core Insights - The forum emphasizes the importance of green development and the exchange of experiences between Hainan and Guizhou, both designated as national ecological civilization pilot zones [2][3] - Hainan is exploring ways to monetize ecological value, while Guizhou has made significant progress in integrating big data into ecological governance [3][4] Group 1: Green Development Initiatives - Hainan has developed new industries such as wind power equipment manufacturing and biodegradable plastics, enhancing its green industrial base [2] - Guizhou's forest coverage has increased from 47% in 2012 to 63.3% in 2024, showcasing its commitment to ecological development [3] - The forum highlighted innovative themes such as AI and green development, showcasing Guizhou's achievements in green innovation [2] Group 2: Collaborative Opportunities - Both provinces can learn from each other in areas like ecological value transformation, institutional innovation, and digital governance [3] - Guizhou's experience in developing a robust big data industry can serve as a model for Hainan to enhance its digital ecological civilization [4] - There is a broad scope for cooperation in ecological tourism, comprehensive river basin management, and ecological compensation mechanisms [3] Group 3: Future Directions - Hainan aims to implement a "2+N" flagship project strategy and establish mechanisms for realizing ecological product value [4] - The province is committed to high-quality ecological environment protection to support the construction of its free trade port [4] - The 20th anniversary of the "Green Mountains and Clear Water are Gold and Silver Mountains" concept highlights the growing recognition of ecological advantages in economic development [4]

Group 1: Core Insights - Both NetEase and Tencent have announced detailed regulations for underage gaming restrictions for the summer of 2025, limiting playtime to 27 hours over the summer and specific hours on weekends [1][5] - Tencent's initiative includes a "temporary game switch" feature and a "parental self-service facial recognition" technology to enhance identity verification [1][5] - These actions reflect the companies' commitment to corporate social responsibility and aim to build a responsible brand image while addressing societal concerns [1][5] Group 2: Strategic Decisions - Meituan plans to invest in the construction of 1,200 "Raccoon Cafes" across the country over the next three years to enhance food safety infrastructure for takeout services [2] - The "Raccoon Cafes" initiative is part of Meituan's broader food safety industry co-construction plan, aiming to improve quality and safety standards for over 10,000 restaurant partners [2] Group 3: Major Releases - Baidu has announced its largest overhaul of the search platform in a decade, introducing an "intelligent box" for enhanced input capabilities and integrating AI tools for writing and image generation [3] - This transformation signifies Baidu's strategic shift from a search engine to an AI interaction platform, reinforcing its market position in Chinese search [3] Group 4: Operational Initiatives - Xiaomi has launched a series of youth apartments in Beijing and Nanjing, with a rental price of approximately 1,999 yuan per month, aimed at addressing housing challenges for young employees [4] - This initiative is designed to enhance talent attraction and reduce commuting times for employees, thereby improving research and development efficiency [4] Group 5: Industry Expansion - CATL has commenced a joint project in Indonesia for nickel resources and battery production, with a total investment of nearly $6 billion, aimed at supporting the production of batteries for 200,000 to 300,000 electric vehicles annually [6] - The project leverages Indonesia's rich nickel reserves, which account for over 22% of global supply, positioning CATL favorably in the renewable energy battery sector [6] Group 6: Personnel Changes - Baidu has appointed He Haijian as the new Chief Financial Officer (CFO), enhancing the company's strategic financial capabilities [7] - He Haijian brings nearly 20 years of experience in multinational financial management, aligning with Baidu's increased investments in the AI sector [7] Group 7: Important Collaborations - JD.com has signed a cooperation agreement with Abu Dhabi Airport Free Zone to develop and operate high-standard logistics infrastructure, marking its first self-built project in the Middle East [9][10] - The project, covering an area of approximately 70,000 square meters, aims to meet local cross-border e-commerce demands and strengthen logistics services in the GCC and broader MENA regions [10]

Group 1 - Company Huizhou EVE Energy Co., Ltd. has submitted an application for issuing overseas listed foreign shares (H shares) and listing on the Hong Kong Stock Exchange on June 30, 2025 [1] - EVE Energy is a leading enterprise in the lithium battery industry, established in 2001 and listed on the Shenzhen Stock Exchange in 2009, with a strong global competitive position [3] - The company has core technologies and comprehensive solutions for consumer batteries, power batteries, and energy storage batteries, widely applied in the Internet of Things and energy internet sectors [3] Group 2 - EVE Energy's financial data shows revenues of 36.304 billion yuan, 48.784 billion yuan, and 48.615 billion yuan for the years 2022 to 2024, respectively, with a revenue of 12.796 billion yuan in Q1 2025, representing a year-on-year growth of 37.34% [3] - The Guangdong Huizhou EVE Power Battery Pilot Platform has been selected as one of the first batch of key pilot platforms by the Ministry of Industry and Information Technology, focusing on the new energy intelligent connected vehicle industry [4] - The pilot platform plays a crucial role in the transformation of scientific research achievements into industrial applications, ensuring product quality and feasibility [5] Group 3 - The Ministry of Industry and Information Technology plans to cultivate a batch of provincial and ministerial-level manufacturing pilot platforms by 2027, promoting technological breakthroughs and industrial applications [5] - Huizhou is recognized as an important industrial base for new energy batteries in China, with a complete industrial chain and a cluster of leading enterprises like EVE Energy [5] - In 2024, EVE Energy received the first TÜV SÜD Mark certificate for the new EU battery regulation (EU) 2023/1542 in the power battery field [6]

Core Viewpoint - The company reported a significant decline in revenue from its new energy battery manufacturing business, with a revenue of 395 million yuan in 2024, a year-on-year decrease of 38.70%, while the gross profit margin increased by 4.54 percentage points to 29.57% [2][3]. Financial Performance - The company's 2024 financial statements were audited, and a clean audit report was issued [1]. - The year-end inventory balance was 120 million yuan, an increase of 13% year-on-year, with work-in-progress and finished goods rising by 43% [2]. Customer Analysis - The top five customers for the lithium battery business in 2024 included STIHL, Baoshide, Guangdong Xinbao, Shanghai Qiwei, and Guangdong Dongling, with significant changes in sales amounts and customer rankings compared to 2023 [4]. - Baoshide's sales decreased by 59.72%, while STIHL's sales were 3,957.20 million yuan, showing a 12.78% increase in sales quantity [4]. Revenue and Margin Analysis - The lithium battery business revenue for 2024 was 258 million yuan, a decrease of 48.6%, but the gross profit margin increased to 28.44%, up by 3.50 percentage points [12]. - The average sales price for lithium batteries decreased by 21% to 5.71 yuan per unit, while the average cost dropped by 26% to 3.99 yuan per unit [13]. Market and Competitive Landscape - The global market for lithium batteries in electric tools is expected to grow, with a projected 25.4% increase in shipments, reaching 2.63 billion units in 2024 [9]. - The competition in the lithium battery market is intensifying, leading to price reductions and margin pressures [9]. Inventory Management - The company shifted from a "pure order production" model to a "production plus proactive inventory" model to meet domestic customer demands, resulting in increased inventory levels [16]. - The year-end inventory for the lithium battery business was 94.76 million yuan, with a significant portion locked in orders, indicating no immediate risk of obsolescence [21]. Credit Policy and Receivables - The company has a credit policy that includes prepayment and credit sales, with a credit period ranging from 30 to 120 days [21]. - As of December 31, 2024, accounts receivable from Baoshide amounted to 54.62 million yuan, with 43.24 million yuan exceeding the normal credit period [21].

倒计时10天 2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月10-11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/中兴派能/孚能科技/保力新/创明新能源/多氟多/博力威/ 睿恩新能源/诺达智慧/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能源/兆科动力/中国钠电/比克电池/鹏辉能源/亿纬锂能/星恒电源/先导智 能/小安科技/鑫晟达/精锐精密等 6 月 29 日，从唐山亨旺新能源材料有限公司获悉，公司曹妃甸基地一期年产 20 万吨磷酸铁项目， 于近日已成功进入试产阶段。 总投资 55 亿元建设，原计划 2025 年 3 月开工建设， 预计 2025 年 10 月底前实现量产。 该项目是唐山亨坤 35 万吨磷酸铁锂目标计划的重要组成部分。其通过迁西二期扩建和曹妃甸基地双线推进，在 2025 年内可实现 35 万吨 级产能落地。 资料显示，唐山亨旺与唐山亨坤是母公司与 ...

Group 1 - The core viewpoint of the articles highlights the establishment of the new energy battery enterprise, EVE Energy, in Shenyang, marking a significant development phase for the company and the Northeast region's new energy industry [2][3] - EVE Energy's Shenyang base aims to fill the gap in the local new energy power battery industry and is set to become a research and manufacturing hub for new energy batteries in Northeast China and Northeast Asia [2] - The company has made a "billion-level" investment in Shenyang, with plans to enhance the local new energy industry chain and promote rapid development in the fields of new energy vehicles and energy storage [2] Group 2 - The newly established EVE Energy Lithium Battery Cold Region Application Research Center will focus on developing new battery materials and technologies suitable for extreme cold conditions, addressing key technical challenges related to battery performance in low-temperature environments [3] - The center aims to significantly improve key performance metrics such as low-temperature endurance and charge-discharge efficiency, while also serving as a national energy innovation platform to support the green energy transition of Northeast China's old industrial base [3] - The establishment of EVE Energy's Shenyang base is expected to accelerate the region's economic development and contribute to the national energy transition strategy, positioning the Northeast as a key player in the new energy industry [3]

Core Viewpoint - The company, Times Wan Heng (600241), has released a notice indicating that its main business involves the research, production, and sales of new energy batteries, specifically lithium-ion and nickel-hydride batteries [1] Group 1: Business Overview - The company specializes in lithium-ion batteries primarily used in power tools and nickel-hydride batteries used in personal care, consumer goods, and power tools [1] - The current production and operational status of the company is normal, with no significant changes in its main business or the internal and external operating environment [1]

Group 1: Conference Overview - The third Zero Carbon Collaborative Innovation Conference was held in Chengdu, focusing on the theme of "ISSB Sustainable Disclosure Standards Learning Partner" [1] - The conference attracted over 200 guests from various sectors, including enterprises, universities, and research institutions, to discuss the application and implementation of ISSB standards [1] Group 2: Key Presentations - The ISSB Chairman's advisor, Zhang Zhengwei, emphasized the transition of sustainability disclosure from non-financial to financial reporting, highlighting its significance in integrating sustainability into core business value creation [1] - Tianqi Lithium's Executive Vice President, Zou Jun, discussed the symbiotic relationship between the lithium industry and net-zero goals, stressing the importance of innovation and collaboration across the supply chain to achieve carbon reduction targets by 2030 [2] - Zhang Guohao from China Southwest Architectural Design and Research Institute introduced a new model for integrated low-carbon renovation services in the construction industry, focusing on design consulting as a key link to address market disconnections [2] - Ndidi Nnoli-Edozien from ISSB highlighted the importance of multi-stakeholder collaboration in global sustainability efforts, calling for Chinese enterprises to contribute their insights for impactful global standards [3] Group 3: Initiatives and Agreements - The conference saw the signing of the "Xinglong Lake Sustainable Consensus," aimed at creating a national near-zero carbon demonstration zone through collaborative efforts in technology and resource integration [6] - The "Supply Chain ESG Management Initiative" expanded to include four new companies, enhancing its influence and supporting the construction of a sustainable supply chain aligned with the UN's 2030 Sustainable Development Goals [6] Group 4: Challenges and Focus Areas - The chairman of the Chengdu Zero Carbon Collaborative Innovation Promotion Association, Zhang Yalong, raised concerns about the stagnation of over one-third of the established 2030 sustainable development goals, particularly in areas affected by climate change [4] - The need for trust-building in social sustainability was emphasized, linking it to geopolitical issues and the broader impacts on digital and social relationships [4]

Group 1 - The integration of "technology-finance-industry" is becoming a key engine for cultivating new productive forces in the era of technological innovation [1] - The supply chain financing model introduced by Bank of Communications Anhui Branch has provided timely financial support to leading enterprises in the new energy sector, addressing the financing difficulties faced by upstream small and micro enterprises [2] - The "Common Growth Plan" strategic cooperation agreement initiated by Bank of Communications Anhui Branch aims to create a new paradigm of symbiosis between banks and enterprises, featuring a tiered interest rate pricing mechanism and a "loan + direct investment" model [3] Group 2 - A 22 million yuan supply chain loan has been crucial for Anhui Yijiatong Battery Co., Ltd., enabling it to expand production capacity and invigorate the entire supply chain [2] - The agreement has been signed with over 1,000 technology-based enterprises, resulting in nearly 6.7 billion yuan in loans, significantly boosting the output value of the new energy industry [3]