Core Viewpoint - The cement and building materials sector has shown significant upward movement, with the building materials ETF (516750) experiencing a rise of 3.11% at one point and a current increase of 2.97%, marking a four-day consecutive gain of over 5.5% [1] Group 1: Market Performance - Over 95% of the constituent stocks in the index are in the green, with notable stocks such as Huaxin Cement, Jinyu Group, and Haiou Zhugong hitting the 10% daily limit up [1] - The building materials ETF closely tracks the CSI All-Share Building Materials Index, which consists of stocks from the building materials industry [1] Group 2: Policy and Industry Outlook - The Ministry of Industry and Information Technology, along with five other departments, has jointly issued the "Building Materials Industry Stabilization Growth Work Plan (2025-2026)", aiming to effectively enhance profitability as a primary goal for 2025-2026 [1] - The plan emphasizes strengthening industry management and promoting a survival of the fittest approach as key initiatives [1] - Analysts believe that the cement sector may have reached a bottoming point, with improvements expected in the second half of the year due to dual support from supply-side production restrictions and demand-side infrastructure investments [1] Group 3: Sector Composition - According to the Shenwan industry classification, the top three sectors within the building materials ETF are cement manufacturing (42.2%), other building materials (11.7%), and waterproof materials (10.5%) [1]

Market Overview - The Shanghai Composite Index fell by 0.51% today, with a trading volume of 988.89 million shares and a total transaction value of 1,656.09 billion yuan, a decrease of 4.08% compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Building Materials: Increased by 1.78% with a transaction value of 131.38 billion yuan, led by Huaxin Cement which rose by 10.01% [1] - Coal: Increased by 1.50% with a transaction value of 114.39 billion yuan, led by Baotailong which rose by 10.10% [1] - Textile and Apparel: Increased by 1.28% with a transaction value of 104.96 billion yuan, led by Jinchun Co. which rose by 20.00% [1] - The sectors with the largest declines included: - Electronics: Decreased by 3.47% with a transaction value of 3,310.84 billion yuan, led by Dongxin Co. which fell by 13.06% [2] - Electric Equipment: Decreased by 3.40% with a transaction value of 2,166.29 billion yuan, led by Airo Energy which fell by 13.69% [2] - Computer: Decreased by 2.83% with a transaction value of 1,239.65 billion yuan, led by Danghong Technology which fell by 11.56% [2] Summary of Key Stocks - Leading stocks in the rising sectors included: - Huaxin Cement in Building Materials [1] - Baotailong in Coal [1] - Jinchun Co. in Textile and Apparel [1] - Leading stocks in the declining sectors included: - Dongxin Co. in Electronics [2] - Airo Energy in Electric Equipment [2] - Danghong Technology in Computer [2]

Core Points - The Shanghai Composite Index fell by 0.16% as of 10:28 AM, with a trading volume of 735.02 million shares and a total transaction value of 1,234.705 billion yuan, a decrease of 6.53% compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Building Materials: Increased by 1.81% with a transaction value of 96.06 billion yuan, up 31.22% from the previous day, led by Jinju Group with a rise of 10.00% [1] - Coal: Increased by 1.71% with a transaction value of 90.86 billion yuan, up 104.06% from the previous day, led by Baotailong with a rise of 10.10% [1] - Non-Bank Financials: Increased by 1.65% with a transaction value of 428.40 billion yuan, up 4.73% from the previous day, led by Guosen Securities with a rise of 7.73% [1] - The worst-performing industries included: - Electric Power Equipment: Decreased by 2.68% with a transaction value of 1,588.88 billion yuan, down 6.13% from the previous day, led by XianDao Intelligent with a drop of 10.67% [2] - Electronics: Decreased by 2.57% with a transaction value of 2,559.26 billion yuan, down 12.26% from the previous day, led by Yandong Micro with a drop of 12.00% [2] - Computers: Decreased by 2.12% with a transaction value of 927.89 billion yuan, down 6.01% from the previous day, led by Danghong Technology with a drop of 10.83% [2]

Group 1 - The core viewpoint is that the period after the National Day holiday is a traditional window for risk appetite to rise, with a significant increase in market win rates, particularly favoring technology growth sectors [1][2] - Historically, after the National Day holiday, the broad market indices show a notable increase in win rates, with growth styles being more dominant, especially in sectors represented by TMT, advanced manufacturing, and export chains [1][2] Group 2 - In October, the hardware segment within TMT is expected to outperform due to earnings disclosures, the concentration of new product launches, and the upcoming Double Eleven sales season [4] - The effectiveness of investment in sectors with favorable economic conditions is expected to increase in October, as the correlation between stock price movements and earnings growth improves as the third-quarter report disclosure period approaches [6] Group 3 - Since September, the industries with upward revisions in profit expectations are primarily concentrated in AI (gaming, computer equipment, communication devices, components), advanced manufacturing (motorcycles, aerospace equipment, home appliance components, batteries, medical services), cyclical sectors (non-ferrous metals, glass fiber, steel, agricultural chemicals), consumption (beverages, dairy products, seasoning and fermentation products, pet economy, jewelry), and finance (brokerage, insurance, city commercial banks) [7][9] - The profit revision ratios and expected profit growth rates for various sectors indicate a strong performance in technology, advanced manufacturing, and cyclical sectors, with notable companies highlighted in each category [9] Group 4 - The intensity of industry rotation is expected to converge in October, with a consensus forming around the economic growth themes as the market focuses on the clues from the third-quarter reports [10][11] - October is identified as a traditional window for the convergence of industry rotation intensity and market consensus, suggesting a structural focus on key themes for trading [10][11]

半导体/电子/电气工程 236,932 【#2025福布斯全球最佳雇主#】#微软连续两年蝉联全球最佳雇主榜首#今年一共有53家中国内地公司入 选福布斯全球最佳雇主榜单。在全球榜单前五名中有三家来自IT软件与服务行业，其中微软连续两年蝉 联榜首，谷歌母公司Alphabet位列第三，Adobe排名第四。（福布斯）#53家内地公司入选福布斯全球最 佳雇主# | 2025 | | | | --- | --- | --- | | 福布斯全球最佳雇主 | | | | 部分中国内地上榜公司 | | | | 企业名称 | 所属行业 | 员工人数 | | 国家电网 | 公用事业 | 1,720,000 | | 阿里巴巴集团 | IT软件与服务 | 124,320 | | 腾讯控股 | IT软件与服务 | 110,600 | | 京东 | 批发和零售业 | 570.895 | | 小米 | 半导体/电子/电气工程 | 46.425 | | 网易 | IT软件与服务 | 29,128 | | 中信集团 | 银行与金融服务 | 190,763 | | 交通银行 | 银行与金融服务 | 94.275 | | 中国工商银行 | 银行与金 ...

来源 | 广西沿边临港供应链有限公司 10月2日，一批铝合金建筑模板在钦州港顺利完成装船，启程开往越南海防港。紧抓中国—东盟自贸区3.0版发展新机遇，自贸开投集团旗下子公司广西沿 边临港供应链有限公司积极对接东盟国家基础设施建设需求，正式开启铝合金建筑模板出口越南的新篇章。这不仅是中国制造产品的跨境流通，更是中国 先进制造能力与东盟基建发展需求的一次深度融合与精准对接。 依托西部陆海新通道国际门户港的区位优势，自贸开投集团积极整合国内先进的制造能力与东南亚地区市场需求，全力推动"绿色环保建材"——铝合金建 筑模板加速"扬帆出海"。该模板采用高纯度铝合金材料，具备重量轻、易安装、可重复使用、施工效率高、工程建设周期短等优势。同时，其广泛应用能 显著降低传统木模板对森林资源的消耗，减少建筑施工过程中的碳排放，为建筑发展注入绿色低碳新动力。 本次出口业务成功打通了"中国智造—东盟应用"的绿色基建材料通道，实现了从材料供应向技术服务的价值链延伸。通过为东南亚市场提供高品质的铝合 金模板，为当地城市化进程注入了强劲的低碳发展动能，助力东盟国家实现绿色、可持续的城市建设目标。 出品 | 中马钦州产业园区管委会办公室 排版 ...

CRH Investor Day 2025 Summary Company Overview - **Company**: CRH (NYSE:CRH) - **Industry**: Building Materials - **Market Cap**: Over $75 billion - **Employees**: 80,000 across 4,000 locations - **Core Business**: Largest building materials company in North America and Europe, focusing on aggregates, cementitious materials, roads, and water infrastructure [21][20][4] Key Points and Arguments Growth and Performance - **Adjusted EBITDA Guidance**: Full year guidance of $7.5 to $7.7 billion, indicating double-digit growth from a record year in 2024 [21] - **Historical Performance**: - 15% compound annual growth rate in adjusted EBITDA over the past decade - 17% EPS growth and 11% free cash flow growth [22][31] - 11 consecutive years of margin expansion, with margins up over 900 basis points [30] - Total shareholder return of 36% over the last year, 17.5% over 10 years, and 16.2% over 55 years [32] Strategic Positioning - **Market Leadership**: CRH is positioned as America's largest infrastructure player, with a national footprint and a connected portfolio that is difficult to replicate [14][20] - **Geographic Focus**: - 75% of adjusted EBITDA from the U.S. market, with strong positions in both densely populated areas and high-growth regions [23][24] - International business represents 25% of adjusted EBITDA, with strong market positions in Central and Eastern Europe and Australia [25] Megatrends and Opportunities - **Infrastructure Demand**: - Significant ongoing need for transportation infrastructure maintenance and expansion, supported by $350 billion allocated from the Infrastructure Investment and Jobs Act (IJA) [37] - Water infrastructure market valued at $100 billion, with a projected $1 trillion needed by 2033 for upgrades [38][39] - Reindustrialization driven by AI demand and energy infrastructure modernization [40] Business Model and Competitive Advantages - **Connected Portfolio**: - 95% of revenue linked to aggregates, with 230 million tons of annual production and 20 billion tons of reserves [27] - Largest road paver in the U.S., producing over 50 million tons of asphalt annually [28] - Leadership in water infrastructure, providing engineered solutions for stormwater, wastewater, and potable water [28] Capital Allocation and Financial Strategy - **Capital Deployment**: - $27 billion allocated over the last five years, with $15 billion for M&A and growth CapEx [67] - $12 billion returned to shareholders through dividends and share buybacks [67] - Strong cash flow generation supports ongoing investments and shareholder returns [68] Innovation and Sustainability - **Commitment to Innovation**: Over 200 ongoing innovation projects and 2,000 patents held [62][63] - **Sustainability Initiatives**: Largest recycler in North America, recycling 50 million tons of waste annually, with a goal of reducing emissions by 30% by 2030 [66] Additional Important Content - **Cultural Aspects**: Emphasis on a customer-centric approach and local brand empowerment, fostering strong community ties and loyalty [44][45] - **Leadership Team**: Strong alignment among leadership with over 200 years of combined industry experience [18] - **Future Growth Ambitions**: Clear strategy to leverage existing strengths and capitalize on emerging megatrends for sustained growth [15][33] This summary encapsulates the key insights and strategic direction of CRH as presented during the 2025 Investor Day, highlighting its robust performance, market leadership, and commitment to innovation and sustainability.

Market Performance Review - In September, major stock indices showed a mixed performance, with growth style leading the way. As of September 26, the Shanghai Composite Index fell by 0.77%, while the Shenzhen Component Index rose by 4.04%, and the ChiNext Index increased by 9.04% [4][12] - The overall market sentiment was stable, with A-shares experiencing a rebound after an initial decline following the military parade on September 3. The internal economic data remained stable, and the Federal Reserve's interest rate cut aligned with market expectations, indicating that market movements were primarily driven by internal dynamics [4][12] Future Outlook and Investment Views - The report suggests a strategy of "waiting for space by using time," anticipating the next policy trigger. Since the market rally began on June 23, A-shares have accumulated significant gains, and a technical stagnation has been observed. The HMM timing model indicates a reduction in positions as the market awaits domestic policy support for the next rally [5][33] - The report highlights that Hong Kong stocks present better value, and A-shares should focus on individual stocks with "turnaround" logic. Hong Kong stocks are more sensitive to international liquidity, and the current situation resembles the 2007 A-share bull market, where Hong Kong stocks outperformed A-shares post-interest rate cuts [5][33] - The report emphasizes the importance of focusing on individual stock alpha opportunities rather than relying on broad market trends, especially given the lack of mainline opportunities in the 2025 interim report season [5][34] High-Frequency Data Tracking - The dynamic HMM timing model suggests that the current market's potential returns do not justify the risks, leading to a recommendation for a cash position. The model has demonstrated excellent risk control and upward-following capabilities since the beginning of 2024 [20][22] - Personal investor sentiment has slightly improved, with the sentiment index showing a significant decline from 15.96% on September 20 to -4.56% as of September 27. This indicates a strong correlation between market movements and investor sentiment [25][26] - Financing sentiment has also warmed, with financing transactions maintaining over 20% of total A-share trading volume, indicating a continued net inflow of funds [28][29] Sector Performance - In September, the TMT and financial sectors led the gains, while consumer sectors experienced notable pullbacks. The top-performing industries included communication (11.97%), non-ferrous metals (9.13%), and non-bank financials (8.84%), while food and beverage (-6.34%) and beauty care (-4.57%) lagged [16][19] - The report notes that the trading dynamics in the new energy sector, particularly in battery technology and photovoltaic policies, are influencing market performance, with a focus on domestic and international capital expenditures [16][19]

Group 1 - The core viewpoint of the article highlights the recent rebalancing of the CSI All Share Free Cash Flow Index, which involved a high turnover rate of 61% with 39 stocks being added and 39 stocks being removed, driven by weakening free cash flow rates and profit-taking from outperforming stocks [1] - The sectors with the largest weight reductions include agriculture, non-ferrous metals, and retail, while the sectors with the largest weight increases are home appliances, electronics, and building materials, indicating a shift in investment focus [1] - The index exhibits a style characteristic of high dividends, high profitability, low valuation, and low volatility, appealing to investors seeking stable returns [1] Group 2 - The latest scale of the Free Cash Flow ETF Fund (159233) reached 243 million, marking a recent high, and it is positioned as a value-style ETF excluding financials and real estate [2][3] - The fund has shown a 0.63% increase as of September 29, 2025, with a weekly increase of 1.45%, ranking 3rd among comparable funds [2] - The fund has experienced continuous net inflows over the past 21 days, totaling 142 million, with a maximum single-day inflow of 19.19 million [4] Group 3 - The fund's maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.24%, indicating a relatively stable performance [5] - The management fee for the fund is 0.50%, and the custody fee is 0.10%, which are competitive rates for investors [6] - The fund closely tracks the CSI All Share Free Cash Flow Index, which consists of 100 stocks with high free cash flow rates, reflecting the overall performance of companies with strong cash flow generation capabilities [7]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The overall convertible bond downward - revision gaming space has gradually narrowed this year. With the upward trend of the equity market, the number of low - parity convertible bonds has decreased, and the number of convertible bonds triggering downward - revision, proposing downward - revision, and actually undergoing downward - revision has shown a downward trend. However, as the number of convertible bonds entering the put - back period and approaching maturity increases, the gaming opportunities for downward - revision may relatively increase, and the focus should be on the individual bond's downward - revision willingness [1][10]. - Against the background of the narrowing overall downward - revision gaming space, attention should be paid to the opportunities of underlying assets related to the fundamental expectations of the underlying stocks of convertible bonds and relatively low valuations. For equities, grasp the structural opportunities in the technology - growth direction and focus on the underlying assets with strong performance certainty in pro - cyclical and anti - involution beneficiary industries. Also, pay attention to low - price and low - premium varieties among high - rating and large - cap convertible bonds [2][20]. - The A - share market is expected to have a good allocation cost - performance ratio in terms of risk premium. The convertible bond supply is shrinking, and there is certain support on the demand side. Attention should be paid to the downward - revision gaming space, be vigilant against the forced - redemption risk, and appropriately focus on the short - term gaming opportunities of near - maturity convertible bonds. Industries worthy of attention include popular themes, domestic demand - oriented sectors, and high - dividend sectors under the Chinese - characteristic valuation system [23]. 3. Summary According to Relevant Catalogs 3.1. Convertible Bond Weekly Special Topic and Outlook 3.1.1. How to View the Narrowing Downward - Revision Space? - This week, three convertible bonds (Jingke Convertible Bond, Lanfan Convertible Bond, and Yong 22 Convertible Bond) underwent downward - revision. Since September, the total number of actually downward - revised convertible bonds has slightly increased compared to August. The number of convertible bonds proposed for downward - revision in September is the same as that in August, and the willingness for downward - revision may have marginally increased [10]. - In general this year, the downward - revision gaming space has gradually narrowed. The proportion of convertible bonds with a parity in the (0, 80] range has decreased from 40.7% at the beginning of the year to 22.2%. The number of convertible bonds triggering downward - revision, proposing downward - revision, and actually undergoing downward - revision has shown a downward trend. The willingness for downward - revision has not significantly increased since the peak in February [10]. - In the future, with the shrinking number of convertible bonds meeting the downward - revision conditions, the focus should be on the individual bond's downward - revision willingness. Although the equity market may have short - term adjustments, the overall upward expectation is still strong. The number of convertible bonds meeting the downward - revision conditions may remain relatively low, but the gaming opportunities for downward - revision may increase due to the increasing number of convertible bonds entering the put - back period and approaching maturity. It is recommended to screen potential downward - revision targets and pay attention to factors affecting the gaming returns of downward - revision [18]. - Against the background of the narrowing overall downward - revision gaming space, attention should be paid to the opportunities of underlying assets related to the fundamental expectations of the underlying stocks of convertible bonds and relatively low valuations. Focus on the structural opportunities in the technology - growth direction, such as AI computing power, semiconductors, and humanoid robots. Also, pay attention to pro - cyclical and anti - involution beneficiary industries [20]. - Attention should be paid to low - price and low - premium varieties among high - rating and large - cap convertible bonds. Since the end of August, some "fixed - income +" funds have redeemed, causing short - term pressure on high - rating and large - cap convertible bonds. As market sentiment stabilizes, funds may flow back, and attention should be paid to signs of the shift in capital allocation preferences [21]. 3.1.2. Weekly Review and Market Outlook - This week, the A - share market fluctuated upward. Different sectors showed different performances on each trading day [22]. - In terms of the stock market outlook, the A - share market still shows good allocation cost - performance in terms of risk premium. The domestic economic fundamentals are expected to gradually recover, and the weak resonance between economic fundamentals and capital flows is expected to start. - In the convertible bond market, considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking supply. The opportunity cost of convertible bonds is relatively low, but the current overall valuation is at a relatively high level, so attention should be paid to the callback risk. In terms of terms and conditions, attention should be paid to the downward - revision gaming space, be vigilant against the forced - redemption risk, and appropriately focus on the short - term gaming opportunities of near - maturity convertible bonds. Industries worthy of attention include popular themes, domestic demand - oriented sectors, and high - dividend sectors under the Chinese - characteristic valuation system [23]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Closed Higher - This week, the main equity market indices closed higher. The Wind All - A Index rose 0.25%, the Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 1.06%, and the ChiNext Index rose 1.96%. The market style was more inclined to large - cap growth. Among the small - cap indices, the CSI 1000 Index fell 0.55%, and the STAR 50 Index rose 6.47% [27]. - Seven Shenwan industry indices rose, and 24 industries fell. The power equipment, non - ferrous metals, and electronics industries led the market with increases of 3.86%, 3.52%, and 3.51% respectively. The social services, comprehensive, and commercial retail industries ranked among the top three in terms of decline, with declines of 5.92%, 4.61%, and 4.32% respectively [31]. 3.2.2. The Convertible Bond Market Closed Higher, and the Whole - Market Conversion Premium Rate Rose - This week, the convertible bond market closed higher. The CSI Convertible Bond Index rose 0.94%, the Shanghai Convertible Bond Index rose 1.01%, the Shenzhen Convertible Bond Index rose 0.85%, the Wind Convertible Bond Equal - Weighted Index rose 0.63%, and the Wind Convertible Bond Weighted Index rose 0.93% [33]. - The average daily trading volume of the convertible bond market decreased this week. The average daily trading volume was 78.919 billion yuan, a decrease of 2.882 billion yuan compared with last week, and the total trading volume for the week was 394.597 billion yuan [33]. - At the industry level of convertible bonds, 21 industries closed higher, and 8 industries closed lower. The electronics, national defense and military industry, and power equipment industries ranked among the top three in terms of increase, with increases of 3.14%, 3.13%, and 1.66% respectively. The communication, coal, and social services industries led the decline. At the corresponding underlying stock level, 12 industries closed higher, and 17 industries closed lower. The electronics, non - ferrous metals, and steel industries ranked among the top three in terms of increase, with increases of 7.97%, 4.26%, and 3.45% respectively. The pharmaceutical biology, light industry manufacturing, and communication industries led the decline [36]. - Most individual convertible bonds rose this week (270 out of 426). After excluding the closing data of newly listed convertible bonds this week, the top five convertible bonds in terms of weekly increase were Jize Convertible Bond (public utilities, 25.83%), Huicheng Convertible Bond (electronics, 19.41%), Jingda Convertible Bond (power equipment, 18.90%), Anji Convertible Bond (electronics, 13.97%), and Hangyu Convertible Bond (national defense and military industry, 11.00%). The top five convertible bonds in terms of weekly decline were Borei Convertible Bond (pharmaceutical biology, - 33.90%), Jingxing Convertible Bond (light industry manufacturing, - 15.89%), Jingzhuang Convertible Bond (construction and decoration, - 14.04%), Tongguang Convertible Bond (power equipment, - 13.54%), and Tianlu Convertible Bond (building materials, - 13.27%). The top five convertible bonds in terms of weekly trading volume were Liyang Convertible Bond (electronics, 13.473 billion yuan), Huicheng Convertible Bond (electronics, 12.193 billion yuan), Jize Convertible Bond (public utilities, 10.531 billion yuan), Jingxing Convertible Bond (light industry manufacturing, 10.042 billion yuan), and Zhongqi Convertible Bond (building materials, 9.787 billion yuan) [39]. - In terms of price, the median price of convertible bonds increased. The number of absolute low - price convertible bonds (with an absolute price less than 110 yuan) increased by 1 compared with last week, the number of convertible bonds in the price range of 110 - 130 yuan decreased by 17, the number of convertible bonds in the price range of 130 - 150 yuan increased by 12, the number of convertible bonds in the price range of 150 - 200 yuan decreased by 1, and the number of convertible bonds with a price greater than 200 yuan remained unchanged. As of this Friday, the median price of the whole - market convertible bonds was reported at 130.32 yuan, an increase of 0.62 yuan compared with last weekend [42]. - The weighted conversion value of the whole market decreased, and the premium rate increased. The weighted average conversion value of the whole market based on the outstanding bond balance was 100.36 yuan, a decrease of 0.12 yuan compared with last weekend. The whole - market weighted conversion premium rate was 38.89%, an increase of 1.27 percentage points compared with last weekend. The weighted average conversion premium rate for convertible bonds with a parity in the range of 90 - 110 yuan was 25.58%, an increase of 1.90 percentage points compared with last weekend. The median conversion premium rate was 29.05%, an increase of 1.30 percentage points compared with last weekend. In the long - term perspective, the current conversion premium rate for convertible bonds with a parity of 100 yuan is above the 50th percentile level since 2017. The median implied volatility of the whole market was 36.89%, an increase of 2.51 percentage points compared with last weekend. The pure - bond premium rate of debt - biased convertible bonds was 10.00%, an increase of 0.57 percentage points compared with last weekend [45]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, there was valuation differentiation in the convertible bond structure. The valuations of convertible bonds with a parity of 80 - 90 yuan and 90 - 100 yuan decreased, while the valuations of most other convertible bonds increased. The valuations of convertible bonds with a rating of A and below decreased, while the valuations of other rated convertible bonds increased. The valuations of convertible bonds in each scale category increased [55]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have both rebounded from the bottom. As of this Friday, the conversion premium rate of equity - biased convertible bonds is above the 35th percentile level since 2017, and the conversion premium rate of balanced convertible bonds is above the 50th percentile level since 2017 [55]. 3.2.3.2. Market Index Performance - All rated convertible bonds rose this week. The AAA - rated convertible bonds rose 0.52%, the AA + - rated convertible bonds rose 1.54%, the AA - rated convertible bonds rose 0.99%, the AA - - rated convertible bonds rose 1.16%, the A + - rated convertible bonds rose 0.69%, and the convertible bonds with a rating of A and below rose 0.06%. Since 2023, the AAA - rated convertible bonds have recorded a return of 17.49%, the AA + - rated convertible bonds have recorded a return of 14.80%, the AA - rated convertible bonds have recorded a return of 20.11%, the AA - - rated convertible bonds have recorded a return of 28.01%, the A + - rated convertible bonds have recorded a return of 28.30%, and the convertible bonds with a rating of A and below have recorded a return of 29.58%. Historically, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker anti - decline properties and greater rebound strength [65]. - All convertible bonds of different scales rose this week. The small - cap convertible bonds rose 0.10%, the small - and medium - cap convertible bonds rose 0.84%, the medium - cap convertible bonds rose 1.16%, and the large - cap convertible bonds rose 0.89%. Since 2023, the small - cap convertible bonds have recorded a return of 29.52%, the small - and medium - cap convertible bonds have recorded a return of 26.75%, the medium - cap convertible bonds have recorded a return of 23.90%, and the large - cap convertible bonds have recorded a return of 17.10% [67]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary - Market Issuance Plans - Two convertible bonds (Jin 25 Convertible Bond and Yingliu Convertible Bond) have been issued but not yet listed this week. - The number of primary - market approvals this week was five (from September 22 to September 26, 2025). Jinlang Technology's 1.677 - billion - yuan convertible bond issuance plan has been approved by the CSRC [71]. - Since the beginning of 2023 to September 26, 2025, the total number of planned convertible bonds is 103, with a total scale of 161.397 billion yuan. Among them, the number of convertible bonds with the board of directors' resolution passed is 18, with a total scale of 20.669 billion yuan; the number of convertible bonds passed by the general meeting of shareholders is 46, with a total scale of 76.366 billion yuan; the number of convertible bonds accepted by the exchange is 25, with a total scale of 45.629 billion yuan; the number of convertible bonds passed by the listing committee is 8, with a total scale of 5.305 billion yuan; and the number of convertible bonds approved for registration by the CSRC is 6, with a total scale of 13.429 billion yuan [72]. 3.3.2. Downward - Revision and Redemption Clauses - As of September 26, 2025, the tracking of downward - revision and redemption clauses this week is as follows: - Six convertible bonds announced that they are expected to trigger downward - revision. - Six convertible bonds announced that they will not undergo downward - revision, among which Kangyi Convertible Bond, Xinneng Convertible Bond, Guangli Convertible Bond, and Gongtong Convertible Bond announced that they will not undergo downward - revision within six months. - Jingke Convertible Bond, Lanfan Convertible Bond, and Yong 22 Convertible Bond announced the results of downward - revision [75]. - Nine convertible bonds announced that they are expected to trigger redemption. - Two convertible bonds announced that they will not be redeemed in advance. - Two convertible bonds announced early redemption [77][78]. - As of the end of this week, there is still one convertible bond in the put - back declaration period and 20 convertible bonds in the company's capital - reduction settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's downward - revision tendency [80].