Choice统计显示，8月8日，沪深两市可交易A股中，上涨个股有2363只，下跌个股有2602只，平盘个股 177只。不含当日上市新股，共有74只个股涨停，2只个股跌停。从所属行业来看，涨停个股主要集中在 机械设备、医药生物、电力设备、建筑装饰、公用事业等行业。 （文章来源：证券时报网） ...

Group 1 - The core indices related to dividend-paying stocks showed mixed performance, with the China Securities Dividend Low Volatility Index up by 0.3%, the China Securities Dividend Index up by 0.2%, and the China Securities Dividend Value Index up by 0.1%. In contrast, the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index decreased by 0.4% [1][5][7] - The Hang Seng Dividend Low Volatility ETF (159545) experienced a net subscription of 21 million units, reaching a historical high of 4.1 billion yuan in total scale as of yesterday [1][6] - The composition of the indices reflects a focus on stocks with moderate dividend payout ratios, positive growth in earnings per share, high dividend yields, and low volatility, with significant representation from the banking, transportation, and construction industries, which together account for approximately 70% of the A-share market [5][7] Group 2 - The Hang Seng Dividend Low Volatility Index consists of 50 stocks within the Hong Kong Stock Connect that are characterized by good liquidity, continuous dividend payments, moderate dividend payout ratios, and low volatility, with nearly 70% representation from the financial, industrial, and energy sectors [7][8] - The China Securities Dividend Value Index tracks 50 stocks that exhibit high dividend yields and value characteristics, indicating a focus on companies that provide consistent returns to shareholders [9][10]

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - Jianghe Group is a leading enterprise in the decoration and renovation sector with strong growth momentum. The core logic includes two main selection lines in the construction sector: 1) Dividend line: In a context of loose liquidity and low interest rates, high-dividend, low-valuation stocks have investment value. 2) "Construction+" line: Policies encourage mergers, restructuring, and transformation, with a focus on companies with clear transformation directions and strong growth potential [5][10]. Summary by Sections Company Performance - Jianghe Group has a robust business model in high-end building curtain walls and interior decoration, forming an integrated business system. In 2024, the company's decoration business achieved revenue of 21.266 billion yuan, accounting for 95.10% of total revenue, with a year-on-year increase of 6.87%. The market share rose to 1.63%, reflecting the sustained competitive advantage of leading companies amid industry consolidation [7][10]. Order Growth - In 2024, Jianghe Group secured new orders worth 27.049 billion yuan, a year-on-year increase of 4.68%, maintaining its position as the top listed company in the domestic decoration industry for three consecutive years. Notably, overseas orders (including Hong Kong and Macau) reached 7.63 billion yuan, a significant increase of 57%, accounting for 28% of total new orders [15][10]. Cash Flow and Dividend Policy - The company has emphasized a "cash is king" philosophy, with a net cash flow from operating activities of 1.626 billion yuan in 2024, an increase of 765 million yuan year-on-year. The cash on hand reached 5.35 billion yuan, up 660 million yuan year-on-year. The dividend payout ratio was approximately 98%, with a dividend yield of 7.28%, significantly higher than comparable companies in the industry [18][10].

（文章来源：证券时报网） Choice统计显示，8月7日，沪深两市可交易A股中，上涨个股有2003只，下跌个股有2938只，平盘个股 200只。不含当日上市新股，共有73只个股涨停，8只个股跌停。从所属行业来看，涨停个股主要集中在 电子、医药生物、建筑装饰、计算机、纺织服饰等行业。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current convertible bond valuation is at a high level, but compared to the previous high in 2022, the current pure bond yield is lower, and the rigid demand for fixed - income + allocation gives some upward space for convertible bond valuation. In August, the equity market still has an environment for further upward movement, supported by domestic policies and international factors [1][13] - Specific investment directions to focus on include anti - involution (Jingneng Convertible Bond, Muyuan Convertible Bond, Wens Convertible Bond), innovative drugs (Huahai Convertible Bond, Chutian Convertible Bond), and humanoid robots (Keli Convertible Bond, Zhenghai Convertible Bond) [2][18] Summary by Directory 1. August Convertible Bond Outlook: Still Promising at High Levels - In July, the equity market rose, with the Wind All - A Index rising 4.7% monthly. The convertible bond market had a double - wheel drive of underlying stocks and valuation, with the CSI Convertible Bond Index rising 2.9%. By the end of July, the convertible bond price and valuation were still at high levels [9] - Although the Politburo meeting in late July was slightly below market expectations, anti - involution policies are ongoing, and supportive policies are being implemented. The less - than - expected US non - farm data increases the expectation of a Fed rate cut in September, which is beneficial for the equity market [13] 2. Market Review in July 2.1 Equity Market - The A - share market rose in July, with the Wind All - A Index rising 4.7% again. The market traded around three main lines: anti - involution, AI, and innovative drugs. The anti - involution policy, the start of the Yajiang Hydropower Project, and continuous positive news in AI and innovative drugs drove the market [19] - In terms of structure, small - cap stocks outperformed large - cap stocks, and growth stocks outperformed value stocks. Most industries in the equity market rose, with steel, building materials, medicine, and TMT sectors leading the gains, while defensive sectors such as banks, utilities, and transportation declined [24] 2.2 Convertible Bond Market - In July, the convertible bond market had a positive sentiment, with the CSI Convertible Bond Index rising 2.9%, relatively underperforming the equity market. The trading volume increased, with an average daily turnover of 728.9 billion yuan [30] - Among industries, 28 out of 29 convertible bond industry indices rose. Public utilities, electronics, medicine, building materials, and power equipment sectors performed well. Individual bonds such as Tianlu Convertible Bond, Saili Convertible Bond, and Borui Convertible Bond led the gains [34] 3. Convertible Bond Valuation - The convertible bond valuation continued to rise to a historical high in July. The end - of - month 100 - yuan parity premium rate was 29.3%, up 1.6pp from the end of June, at the 96.5% and 94.1% quantile levels since 2018 and 2021 respectively [35] - The median convertible bond price and parity also increased, while the median conversion premium rate decreased slightly, and the median pure bond premium rate increased [40] 4. Convertible Bond Supply and Demand 4.1 Convertible Bond Supply - In July 2025, 3 new convertible bonds were issued, with a total scale of 8.452 billion yuan. Three convertible bonds obtained CSRC registration approval, with a to - be - issued scale of 2.62 billion yuan, and 2 public convertible bond board plans were added, with a to - be - issued scale of 2.496 billion yuan [48][51][53] 4.2 Convertible Bond Demand - The share of the Convertible Bond ETF increased rapidly in July, with the share increasing by 572 million to 3.549 billion and the circulation scale increasing by 8.259 billion yuan to 45.183 billion yuan [54] 5. Clause Tracking 5.1 Redemption - As of July 31, 20 convertible bonds confirmed forced redemption, 10 might be subject to forced redemption, and 19 would not be forced to redeem [55] 5.2 Downward Revision - As of July 31, 8 convertible bonds confirmed downward revision, 6 proposed downward revision, and 43 temporarily did not revise downward [58]

Group 1 - Public fund research enthusiasm has increased in the second half of the year, with 178 public funds conducting research on 463 listed companies as of August 6 [1] - The telecommunications equipment industry has become a focal point for public funds, with DingTong Technology, ZhongJi XuChuang, and XinYiSheng receiving attention from 75, 71, and 63 public funds respectively, ranking as the top three [3] - Other notable companies in the top ten for public fund research include Jianghe Group from the construction decoration industry and ShiJia GuangZi from the telecommunications equipment sector, with over 40 public funds researching them [3] Group 2 - Notable fund managers participated in the research activities, such as Zhu Hongyu from China Merchants Fund, who focused on GuoJi JingGong's main business and future acquisition plans [3] - Xie ZhiYu from XingZheng Global Fund researched AiEr Eye Hospital, discussing the company's overseas business layout and strategies against industry competition [4] - Zhu ShaoXing from FuGuo Fund and Fu PengBo from RuiYuan Fund also conducted research on QiLu Bank and YiYuan Communication respectively, indicating a diverse interest in various sectors [4]

Summary of Key Points Core Viewpoint - The 2024 A-share CFO Data Report indicates that the total salary of CFOs in A-share listed companies reached 4.27 billion yuan, with an average annual salary of 814,800 yuan, highlighting the importance of CFOs in corporate management [1]. Group 1: Salary and Compensation - The total salary of CFOs in A-share listed companies is 4.27 billion yuan, with an average annual salary of 814,800 yuan [1]. - In the construction and decoration industry, the average annual salary for CFOs is 595,900 yuan, which is lower than the average of 632,100 yuan for the entire industry, showing an 8.1% year-on-year increase [8]. - The highest-paid CFO is Ge Yiheng from Tunnel Co., with a salary of 2.4612 million yuan, nearly double that of the second-highest, Zhao Junwei from Zhejiang Jiaoke, who earns 1.2519 million yuan [10]. Group 2: Demographics and Education - The average age of CFOs in the construction sector is 46.21 years, with 41.4% being over 50 years old [1][3]. - Male CFOs dominate the field, comprising approximately 75.9%, with an average age of 46.50 years, while female CFOs account for 24.1% with an average age of 45.29 years [1]. - In terms of education, 53.6% of CFOs hold a bachelor's degree, while 42.9% have a master's degree [6]. Group 3: Tenure and Experience - The majority of CFOs in the construction sector have a short tenure, with 44.8% serving for 1-3 years [3]. - The longest-serving CFO is Shao Rujian from Hangzhou Garden, who has held the position since July 2015, exceeding 10 years [3]. Group 4: Performance and Compliance - Six CFOs from construction companies faced regulatory issues in 2024, including warnings and penalties for various compliance failures [10][11]. - Li Zaiyuan from Oriental Garden received a warning for inaccuracies in project revenue reporting and potential delisting risks [10][11].

Rating of the industry investment The report does not mention the industry investment rating. Core views of the report - In July, credit spreads first narrowed and then widened, with institutional behavior amplifying the market trends. Looking ahead to August, the liquidity of funds is expected to remain stable, but the growth of wealth - management scale will slow down, potentially increasing the volatility of credit bonds. Therefore, it is recommended to focus on credit bonds with good liquidity. The new tax regulations may enhance the coupon - rate attractiveness of credit bonds and draw in some incremental funds. Additionally, it is advisable to pay attention to the repair opportunities of medium - to - low - rated 2 - 3 - year and high - rated 3 - 5 - year credit bonds, as well as the investment opportunities of bank capital bonds with good liquidity [1][2][19] Summaries based on relevant catalogs 1. Seize repair opportunities and maintain liquidity 1.1 Credit bonds: focus on the repair market of medium - to - low - rated 2 - 3 - year and high - rated 3 - 5 - year bonds - In July, the long - end interest rate fluctuated upward, and credit bonds experienced increased volatility. Credit spreads first narrowed and then widened. In the early part of the month, loose liquidity and the recovery of wealth - management scale led to a narrowing of credit spreads. In the middle, the significant increase in the scale of Sci - tech Bond ETFs boosted the trading of credit bonds. However, in the late part, due to the adjustment of the bond market and tightened liquidity, wealth - management products preemptively redeemed funds, causing funds to sell credit bonds in the secondary market, leading to a widening of credit spreads. By the end of the month, the central bank's efforts to maintain liquidity led to a decline in interest rates and a repair of credit spreads [11][12] - In August, the growth of wealth - management scale is expected to slow，reducing the demand for credit bond allocation. As both yields and credit spreads are at low levels, the volatility of credit bonds may increase. It is recommended to focus on credit bonds with good liquidity [19] - The new tax regulations will increase the coupon - rate attractiveness of credit bonds, potentially attracting incremental funds. The varieties with relatively large adjustments in late July may experience a repair market. It is advisable to focus on the repair opportunities of medium - to - low - rated 2 - 3 - year and high - rated 3 - 5 - year bonds, especially those within 5 years [2][24] - During the adjustment period in late July, some high - rated individual bonds with good liquidity were sold first, resulting in a significant increase in yields. These bonds have relatively large repair space and faster repair speed. Specific individual bonds can be screened through brokerage data [25] 1.2 The impact of the new tax regulations on bank capital bonds may be limited - Theoretically, the new tax regulations reduce the cost - effectiveness of newly issued bank capital bonds relative to newly issued interest - rate bonds and general credit bonds. However, in practice, the main holders of bank capital bonds are bank self - operations, bank wealth - management products, and public funds. Bank self - operations often hold these bonds for business cooperation purposes, while bank wealth - management products and public funds are more focused on trading, so they may not consider the impact of taxes in the short term [31] - If the pricing of newly issued bank capital bonds after August 8 includes the tax premium of the new regulations, it may present a good investment opportunity as the high liquidity of new bonds may drive the narrowing of the spread between new and old bonds. The new regulations may also enhance the willingness of institutions to allocate old bonds, potentially leading to a duration - based market. Liquid 4 - 5 - year large - bank capital bonds are the best choice for capital - gain speculation [31][32] 2. Urban investment bonds: sentiment in both primary and secondary markets declined, and spreads of medium - and short - duration bonds narrowed - In July, the supply of urban investment bonds remained weak, with positive but year - on - year decreasing net financing. The overall issuance sentiment was high but gradually weakened. The proportion of issuance multiples above 3 times decreased from over 60% in the first three weeks to around 50% in the last two weeks. The proportion of bonds with a maturity of over 5 years slightly increased, while the weighted average issuance coupon rate continued to decline [37] - Provincial performance varied, with most provinces having net inflows and about one - third still having net outflows. Shandong had the largest net financing, while Jiangsu had the largest net outflow [38] - Urban investment bonds showed differentiated performance in July. The yields of 1 - year bonds slightly decreased, while those of bonds with a maturity of 3 years and above increased. The credit spreads of bonds with a maturity of 5 years and within generally narrowed, while those of long - duration bonds mostly widened [40] - In the secondary market, the buying sentiment of urban investment bonds was fair, but it weakened slightly compared to June. The proportion of TKN transactions decreased from 75% to 71%, and the proportion of low - valuation transactions decreased from 74% to 64%. The trading of medium - and long - duration bonds was stable, and the proportion of low - grade bonds increased [44] 3. Industrial bonds: supply continued to increase, and low - rated and long - duration bonds performed better - In July, the issuance and net financing of industrial bonds increased year - on - year. The net financing of the public utilities, non - bank finance, food and beverage, and building decoration industries was relatively large. The issuance sentiment weakened significantly in late July [48] - The proportion of long - duration bonds with a maturity of over 5 years decreased significantly. The issuance interest rates of bonds within 1 year and 3 - 5 years decreased slightly, while that of bonds over 5 years increased slightly. Compared with urban investment bonds, the average issuance interest rates of industrial bonds were lower [50] - In July, the yields of industrial bonds showed differentiated performance, and most spreads narrowed. Low - rated and long - duration bonds with coupon - rate advantages performed better. The yields of 1 - year and 10 - year AA+ and AA and below medium - term notes generally decreased, while those of most medium - to - high - grade varieties increased. Credit spreads generally narrowed [51]

回顾年初以来，上述获公募调研数前十名的个股中，部分股价表现突出。东方财富Choice数据显示，截 至8月6日收盘，多只个股年内股价翻倍，仕佳光子涨幅达249.26%。同期，德福科技、新易盛、鼎通科 技年内均涨超100%，分别涨167.91%、126.7%、101.45%。除上述个股外，另有4只个股涨幅超40%，其 中，奥比中光-UW年内涨幅达83.81%。 下半年以来，公募调研热情不减。截至8月6日，近一个月已有178家公募对463家上市公司展开调研。其 中，通信设备行业的鼎通科技、中际旭创、新易盛分别获75家、71家、63家公募调研，占据调研数前三 名。从股价表现看，获调研家数前十的个股中，多只年内涨幅翻倍。值得关注的是，近一个月调研阵容 中大咖齐聚，朱少醒、谢治宇等多位副总经理级别基金经理纷纷"出马"。有业内人士表示，通信设备行 业景气度提升或是基金调研频率提升的原因之一。副总经理级别的基金经理参与调研，体现出公募对调 研工作的重视程度，或也能够反映出未来基金机构的重点投资方向。 8月5日，两家上市公司发布投资者关系活动记录表，公布近期被机构调研情况，其中不乏多家公募身 影。具体来看，正海生物被10家基金 ...

Market Overview - On August 6, the A-share market saw an overall increase, with the Shanghai Composite Index closing at 3633.99 points, up 0.45%, the Shenzhen Component Index at 11177.78 points, up 0.64%, and the ChiNext Index at 2358.95 points, up 0.66% [1] - The total trading volume in the A-share market reached 17595.36 billion yuan, an increase of 1434.8 billion yuan compared to the previous trading day [1] Capital Flow - The A-share market experienced a net outflow of main funds amounting to 110.49 billion yuan, with an opening net outflow of 45.94 billion yuan and a closing net outflow of 6.27 billion yuan [2][3] - The CSI 300 index saw a net outflow of 23.6 billion yuan, while the ChiNext and STAR Market experienced net outflows of 19.36 billion yuan and 21.98 billion yuan, respectively [4] Sector Performance - Among the 16 sectors tracked, the defense and military industry led with a net inflow of 98.47 billion yuan, reflecting a growth of 2.97% [6][7] - Other sectors with significant net inflows included electronics (78.44 billion yuan), machinery (73.93 billion yuan), and computer (71.84 billion yuan) [7] - Conversely, the pharmaceutical and biological sector faced the largest net outflow of 191.24 billion yuan, declining by 1.09% [7] Institutional Activity - The institutional buying activity highlighted several stocks, with Tongling Nonferrous Metals seeing a net purchase of 100.60 million yuan, and Chengyi Pharmaceutical with 88.39 million yuan [9][10] - Notable stocks with significant institutional selling included Western Materials, which faced a net sell-off of 10.68 million yuan [10] Analyst Recommendations - Analysts have recently rated several stocks with potential upside, including Jiuzhou Pharmaceutical with a target price of 29.12 yuan, representing a 57.75% upside from its latest closing price of 18.46 yuan [11] - Other stocks with favorable ratings include XGIMI Technology and SAIC Motor, with target prices indicating potential upsides of 36.20% and 35.48%, respectively [11]