Group 1 - Honglu Steel Structure held its 27th meeting of the 6th board of directors on November 7, 2025, where it reviewed the proposal regarding not adjusting the conversion price of "Honglu Convertible Bonds" [1] - For the first half of 2025, the company's revenue composition was 96.92% from steel structures and 3.08% from other businesses [1] Group 2 - As of the report, Honglu Steel Structure has a market capitalization of 12.1 billion yuan [2]

证券日报网讯鸿路钢构（002541）11月6日在互动平台回答投资者提问时表示，公司目前生产经营正 常，订单饱和。公司1-9月份钢结构产品产量为361.02万吨，同比增长11.06%。 ...

11月6日，日上集团盘中下跌2.05%，截至13:36，报5.73元/股，成交2.59亿元，换手率8.01%，总市值 46.06亿元。 日上集团今年以来股价涨14.14%，近5个交易日涨2.87%，近20日涨12.35%，近60日涨13.24%。 机构持仓方面，截止2025年9月30日，日上集团十大流通股东中，博道成长智航股票A（013641）位居 第四大流通股东，持股549.59万股，相比上期增加221.50万股。博道远航混合A（007126）位居第六大 流通股东，持股463.12万股，相比上期增加49.82万股。博道中证500增强A（006593）位居第八大流通 股东，持股322.91万股，相比上期增加148.19万股。博道中证全指指数增强A（025020）位居第九大流 通股东，持股263.43万股，为新进股东。博道久航混合A（008318）位居第十大流通股东，持股256.86 万股，为新进股东。 今年以来日上集团已经2次登上龙虎榜，最近一次登上龙虎榜为8月27日，当日龙虎榜净买入-2602.48万 元；买入总计1.08亿元 ，占总成交额比8.16%；卖出总计1.34亿元 ，占总成交额比10.12%。 责 ...

Summary of Conference Call Notes Industry or Company Involved - Focus on convertible bonds and related companies such as 精工钢构 (Jinggong Steel Structure), 有发股份 (Youfa Steel Pipe), 天能重工 (Tianneng Heavy Industry), 华特电子 (Huate Gas), 美景能源 (Meijing Energy), and 福斯特 (Foster). Core Points and Arguments - **Market Sentiment and Convertible Bonds**: Year-end market may see increased risk aversion, necessitating a chip exchange and focusing on buying opportunities at reasonable price points. The convertible bond market shrank in October due to some bonds being delisted and strong redemptions. Institutional allocations are diverging, with insurance reducing allocations and public funds increasing them [1][3][5]. - **Investment Strategies**: Recommended strategies include focusing on convertible bonds priced around 120-130 RMB in high-end manufacturing and those priced around 120-125 RMB with low valuations and improving fundamentals. These latter bonds have lower premium rates and may yield good odds following the third-quarter disclosures [1][6]. - **Company Performance**: - **精工钢构**: Expected revenue of 14.5 billion RMB in Q1-Q3 2025, a 21% YoY increase, with net profit of 589 million RMB, a 24% YoY increase. Anticipated overseas orders exceeding 6 billion RMB in 2025 [1][10][11]. - **有发股份**: Projected profit of 500 million RMB in 2025, benefiting from infrastructure policies and rising demand due to government growth plans [1][12]. - **天能重工**: Expected profit of 10-15 million RMB in 2025, with potential growth to 30-35 million RMB in 2026, driven by the wind power sector's high demand [1][16][17]. - **华特电子**: Revenue from specialty gases constitutes 65% of total revenue, with significant improvements in net profit due to recovering demand from major semiconductor clients [1][15]. - **美景能源**: Focused on coking coal and hydrogen energy, with a significant increase in gross margin and a valuation near historical lows, indicating potential for profit recovery [1][8]. - **福斯特**: Engaged in electronic materials and aluminum-plastic films, with strong growth potential due to collaborations with leading global clients [1][18][20]. Other Important but Possibly Overlooked Content - **Market Dynamics**: The convertible bond valuation is significantly influenced by stock market expectations, with a notable shift in market sentiment leading to a cautious outlook on bond valuations [1][5]. - **Investment in Infrastructure**: The five-year underground pipeline investment plan of 5 trillion RMB is expected to expand downstream demand, benefiting companies like 有发股份 [2][12]. - **Low Valuation Strategy**: In the current market environment, low valuation strategies may offer excess return potential, especially for convertible bonds priced between 80-90 RMB, which show strong investment value [1][9]. - **Future Growth Areas**: Companies are diversifying into high-growth areas such as hydrogen energy and quantum computing, indicating a strategic shift towards innovative sectors [1][8][18]. - **Dividend Policies**: Companies like 精工钢构 are increasing their dividend payout ratios, which may attract income-focused investors [1][11]. This summary encapsulates the key insights from the conference call, highlighting the performance and strategies of various companies within the convertible bond market and related sectors.

Group 1 - Company Jinggong Steel Structure announced that as of the date of the announcement, the total amount of actual external financing guarantees provided by the company and its subsidiaries is approximately 4.173 billion RMB, with guarantees for related companies totaling 195 million RMB, accounting for 46.68% of the company's most recent audited equity attributable to shareholders [1] - The market capitalization of Jinggong Steel Structure is currently 8.5 billion RMB [2] Group 2 - The industry is experiencing a significant surge in overseas orders, which have increased by 246%, covering over 50 countries and regions [2] - Entrepreneurs in the industry have raised concerns about some companies selling at a loss, warning of the potential for vicious competition to extend overseas [2]

Core Viewpoint - SenTe Co., Ltd. has shown significant stock performance with a year-to-date increase of 58.53%, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the period from January to September 2025, SenTe achieved a revenue of 2.244 billion yuan, representing a year-on-year growth of 19.05% [2]. - The net profit attributable to the parent company for the same period was 96.2775 million yuan, marking a year-on-year increase of 30.16% [2]. Stock Market Activity - As of November 4, SenTe's stock price was 15.14 yuan per share, with a trading volume of 134 million yuan and a turnover rate of 1.67% [1]. - The company has appeared on the stock market's "龙虎榜" (Dragon and Tiger List) six times this year, with the most recent appearance on September 9 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for SenTe was 25,700, an increase of 11.60% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 10.39% to 20,978 shares [2]. Dividend Distribution - Since its A-share listing, SenTe has distributed a total of 471 million yuan in dividends, with 80.91 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 4.8416 million shares, an increase of 1.4981 million shares from the previous period [3].

Group 1 - Karen Co., Ltd. signed a device procurement contract worth 198 million yuan with BOE Technology Group's subsidiary [1] - Pingzhi Information's subsidiary signed a procurement framework agreement with China Telecom totaling approximately 74 million yuan [1] - Huaxin Environmental Protection obtained a loan commitment of 72 million yuan from China Minsheng Bank for stock repurchase [2] Group 2 - Sichuan Gold obtained a mining license for the Suoluo Gold Mine area [3] - *ST Huifeng's subsidiary, Kofit Company, is undergoing bankruptcy liquidation [4] - Blue Arrow Electronics decided to terminate and exit a joint investment project due to market changes [6] Group 3 - Junhe Materials is planning to issue H-shares and list on the Hong Kong Stock Exchange [7] - Longping High-Tech reported a 2.41% year-on-year decline in total revenue for the period from October 1, 2024, to September 30, 2025 [8] - Hongsheng Huayuan's subsidiary is a candidate for a 584 million yuan project with the State Grid [10] Group 4 - Weisheng Information won multiple projects in the power and public utility sectors, totaling 89.94 million yuan [12] - Heng Rui Pharmaceutical received approval for a clinical trial of a combination therapy for prostate cancer [13] - Saito Bio's subsidiary received approval for the listing of a raw material drug [15] Group 5 - Aikang Pharmaceutical's application for a new drug was accepted by the National Medical Products Administration [16] - Chengfa Environment was selected as a supplier for a waste-to-energy project in Indonesia [16] - Dalian Electric Porcelain's subsidiary is a candidate for a 59 million yuan project with the State Grid [17] Group 6 - Denghai Seed reported a 20.01% year-on-year decline in revenue for the 2024-2025 business year [18] - Tongda Co., Ltd. is a candidate for a 133 million yuan project with the State Grid [20] - Hanma Technology's electric heavy-duty truck sales increased by 325.7% year-on-year in October [21] Group 7 - Cap Bio received a patent for a microfluidic chip for live cell sorting [21] - Renfu Pharmaceutical's subsidiary received approval for a clinical trial of a drug for postherpetic neuralgia [22] - Daon Co., Ltd. received approval for a share issuance to acquire 100% of Daon Titanium Industry [22] Group 8 - Han Jian Heshan signed a procurement contract for reinforced concrete drainage pipes worth 207 million yuan [23] - Haisike's innovative drug HSK39297 received approval for clinical trials [25] - Tongguang Cable is a candidate for a 138 million yuan project with the State Grid [27] Group 9 - Jiuqiang Bio received medical device registration certificates for two new products [29] - Visionox is planning a change of control and has suspended trading [30] - Shenyu Co., Ltd. received approval for a convertible bond issuance [31] Group 10 - Metro Design's asset restructuring has resumed review by the Shenzhen Stock Exchange [33] - BAIC Blue Valley's private placement application was approved by the Shanghai Stock Exchange [34] - Seris set the H-share issuance price at 131.50 HKD per share, with listing on November 5 [35]

Core Viewpoint - The core viewpoint emphasizes the importance of stock selection alpha as a key support for navigating market cycles and achieving long-term returns through a low-valuation value investment strategy [1][2]. Group 1: Investment Strategy - The investment strategy is centered around low-valuation value investing, focusing on "valuation + fundamentals" to identify high cost-performance targets [2][3]. - The company maintains a balanced approach in asset and industry allocation, avoiding excessive deviation while leveraging stock selection alpha to convert previous negative excess returns into positive ones [2][3]. - The investment team evaluates valuation levels, implied returns, and risk-reward characteristics of targets, adjusting positions when risk-reward ratios become unbalanced [3]. Group 2: Market Outlook - The company views both A-shares and Hong Kong stocks as part of Chinese equity assets, highlighting the value of scarce assets in Hong Kong and the significant discounts (up to 50%) of certain stocks compared to A-shares [4]. - The focus areas for investment include sectors with strong growth potential such as new energy, AI, and pharmaceuticals, as well as attractive pricing in domestic demand sectors like steel structures and real estate [5]. - The company acknowledges potential short-term market adjustments but maintains a long-term perspective, emphasizing high implied returns and a cautious approach to emerging industries and market opportunities [5].

Core Viewpoint - Southeast Steel Structure is a leading enterprise in the domestic steel structure industry, covering the entire industrial chain of steel structure buildings and demonstrating significant technical and scale advantages [1] Group 1: Business Performance - In Q3 2025, Southeast Steel Structure achieved operating revenue of 6.713 billion, ranking 4th in the industry [2] - The company's net profit for the same period was 51.95 million, ranking 7th in the industry [2] - The industry leader, Honglu Steel Structure, reported revenue of 15.917 billion, while the second, Jinggong Steel Structure, reported 14.557 billion [2] Group 2: Financial Ratios - As of Q3 2025, the company's asset-liability ratio was 69.73%, up from 67.53% year-on-year, exceeding the industry average of 56.77% [3] - The gross profit margin for the same period was 8.71%, slightly up from 8.09% year-on-year, but still below the industry average of 13.40% [3] Group 3: Management and Shareholder Information - The chairman, Guo Mingming, has a rich background and holds significant positions in the company and related firms [4] - The total compensation for the general manager, Xu Chunxiang, decreased by 22,900 compared to the previous year, amounting to 579,000 in 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 0.07% to 47,500, with an average holding of 22,000 circulating A-shares, a decrease of 0.07% [5] Group 4: Future Outlook - The company is expected to see a decline in revenue and net profit in Q1 2025 and throughout 2024, but the engineering general contracting business is growing rapidly, with a year-on-year increase of 47.80% [5] - The cash flow performance is overall good, with a total cash flow from operations of 1.088 billion in 2024, an increase of 2.682 billion year-on-year [5] - The company is expanding its photovoltaic operations, with plans for large-scale photovoltaic power plants and energy storage projects [5]

Core Viewpoint - Jinggong Steel Structure is a leading steel structure construction service provider in China, with a full industry chain advantage and rich project experience [1] Group 1: Business Performance - In Q3 2025, Jinggong Steel Structure achieved revenue of 14.557 billion yuan, ranking 2nd in the industry, while the industry leader, Honglu Steel Structure, reported revenue of 15.917 billion yuan [2] - The company's net profit for the same period was 593 million yuan, ranking 1st in the industry, with Honglu Steel Structure at 497 million yuan [2] - Year-on-year growth for revenue was 20.85%, and net profit increased by 24.02% [6] Group 2: Financial Ratios - As of Q3 2025, the company's asset-liability ratio was 64.76%, higher than the industry average of 56.77% [3] - The gross profit margin for the same period was 11.52%, lower than the industry average of 13.40% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.29% to 78,400 [5] - The average number of circulating A-shares held per shareholder increased by 9.04% to 25,400 [5] - New significant shareholders include funds such as Xingquan Trend Investment Mixed and GF Multi-Factor Mixed [5] Group 4: Future Outlook - The company plans to distribute cash dividends of no less than 70% of the annual net profit or 400 million yuan (whichever is higher) for the years 2025-2027, with a current market value corresponding to a dividend yield of 4.8% [6] - The order structure is improving, with overseas new contracts increasing by 87.3% year-on-year, accounting for 27.8% of total orders [6] - Revenue projections for 2025-2027 are 23.836 billion, 28.335 billion, and 32.490 billion yuan, with net profits of 640 million, 733 million, and 838 million yuan respectively [6]