（编辑 李家琪） 证券日报网讯 8月22日晚间，泰达股份发布公告称，公司控股子公司泰达环保向哈尔滨银行申请综合授 信30，000万元，期限36个月，公司提供连带责任保证。本次担保前公司为泰达环保提供担保的余额为 157，130.62万元，本次担保后的余额为187，130.62万元，泰达环保可用担保额度为38，869.38万元。 ...

Group 1 - The company, Jiaao Environmental Protection, announced the approval of the financial report for the first half of 2025 by its sixth supervisory board's twelfth meeting [2]

Core Viewpoint - Tianjin Chuangye Environmental Protection Co., Ltd. reported a slight decrease in revenue but an increase in net profit, indicating a stable operational performance amidst challenges [1] Financial Performance - The company achieved operating revenue of 2.178 billion yuan, a year-on-year decrease of 1.81% [1] - Net profit attributable to shareholders was 473 million yuan, reflecting a year-on-year increase of 12.09% [1] - Basic earnings per share stood at 0.3 yuan [1] Strategic Initiatives - The company focused on the "three new" and "three quantities" strategies, leading to significant achievements in strategic guidance, reform deepening, operational effectiveness, technological empowerment, and risk prevention [1] - A restructuring of the technology management and achievement transformation system was implemented, along with an incentive mechanism to stimulate internal innovation [1] Research and Development - The company increased its R&D investment, with approximately 20 million yuan allocated during the reporting period [1] - Initiated one municipal-level research project, compiled 13 standard specifications, and applied for four city investment-level projects [1] - Achieved two authorized invention patents and received the first prize of the Natural Science Award from the China Environmental Protection Association [1]

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

证券之星消息，8月22日环境治理板块较上一交易日上涨0.12%，艾布鲁领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。环境治理板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301259 | 文布鲁 | 51.62 | 19.99% | 37.37万 | 17.98亿 | | 300854 | 中兰环保 | 20.46 | 3.59% | 8.77万 | + 1.75亿 | | 603200 | 上海洗面 | 67.99 | 3.06% | 6.62万 | 4.41亿 | | 600769 | 祥龙电业 | 11.70 | 2.36% | 10.56万 | 1.23亿 | | 000685 | 中山公用 | 10.43 | 2.25% | 19.77万 | 2.03亿 | | 300867 | 至元坏保 | 18.56 | 2.03% | 14.26万 | 2.63亿 | | 300190 | 维尔利 | 4.03 ...

格隆汇8月22日丨奥福科技(688021.SH)公布2025年半年度报告，上半年实现营业收入1.77亿元，同比增 长24.90%；归属于上市公司股东的净利润-241.53万元；基本每股收益-0.03元。 ...

Core Viewpoint - The implementation of the "Implementation Opinions" aims to promote the use of carbon credit purchases as a means for responsible parties to fulfill ecological restoration and compensation obligations in environmental resource cases, thereby enhancing the enforcement and judicial level of ecological environment resource cases in Shenzhen [1][2] Group 1: Implementation Guidelines - The "Implementation Opinions" emphasize the principle of prioritizing ecological restoration, allowing responsible parties to voluntarily purchase carbon credits when direct restoration is not feasible [1] - It specifies that the carbon credit purchase responsibility method is applicable to cases where there is a correlation between ecological damage and carbon sequestration goals, preventing inappropriate application in cases lacking ecological function correspondence [1] Group 2: Regulatory Framework - The opinions require that the purchase and cancellation of carbon credit products be conducted on formal carbon market trading platforms to ensure compliance, authenticity, and effectiveness of the results [2] - The Shenzhen Intermediate People's Court plans to implement collaborative mechanisms such as "Forest Chief + Forest Judge" to properly adjudicate various carbon-related disputes and strengthen the coordination between administrative law enforcement and judicial governance [2]

Group 1 - The A-share market continues to exhibit structural trends, with significant adjustments in holdings by large private equity firms attracting market attention [1] - High Yi Asset remains a leader in the private equity sector, with a total holding value of 9.37 billion yuan in Hikvision, despite a reduction of approximately 1.37 billion yuan in this position [2] - Dragon White Group and Angel Yeast have been notably increased in holdings, with Dragon White Group's market value rising to 1.43 billion yuan and Angel Yeast reaching 1.23 billion yuan [3][4] Group 2 - Other private equity firms, such as Tongyi Investment and Xuan Yuan, have also made flexible adjustments, with Tongyi increasing its stake in Xianggang Technology despite a market value decline [5] - The trend among private equity firms shows a shift from high valuation and speculative stocks to those with stable performance and reasonable valuations, focusing on sectors like high-end manufacturing and new energy [8] - The overall strategy indicates a preference for industry leaders with strong market competitiveness and stable earnings, suitable for long-term investment [7][8]

Group 1: Military Industry - The military sector is experiencing an upward trend, driven by the intensifying geopolitical competition among major powers, with a long-term positive outlook for military investments [4][5][6] - The recent commemorative events for the 80th anniversary of the victory in the Anti-Japanese War have highlighted the importance of national defense, leading to increased military spending [5] - Key companies to focus on include major manufacturers and component suppliers such as AVIC Shenyang Aircraft Corporation, AVIC South Lake, and AVIC Xi'an Aircraft Industry [4] Group 2: Non-Metallic Building Materials - The implementation of new national standards for refrigerators is expected to accelerate the demand for VIP boards, with the company Reascent Technology poised for significant growth following its acquisition of Maikelong [8][9] - The company has integrated its supply chain from fiberglass cotton to VIP core materials and VIP boards, which is anticipated to enhance its competitive edge and profitability [9] Group 3: Dairy Industry - The price of raw milk continues to decline, and a supply-demand balance is expected in the second half of 2025, benefiting from reduced production and improved demand [11][19] - Beef prices are entering an upward cycle due to supply reduction and decreased import pressures, with a projected increase in profitability for livestock companies [12][20] - The cyclical resonance between meat and milk production is expected to enhance the profitability of leading livestock companies [11][21]

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].