1. Report Industry Investment Rating No industry investment rating information is provided in the content. 2. Core View of the Report - During the week from September 8 to September 13, 2025, construction convertible bonds remained in a relatively stable stage with median valuation and high market prices. The fundamentals of the underlying stocks are expected to gradually recover with policy support. The sector has the advantages of large scale and relatively low valuation, so construction convertible bonds may present allocation opportunities [2][6]. - The A - share market oscillated upward, with the CSI 500 and Sci - tech Innovation styles relatively dominant. The technology growth and manufacturing mainlines remained active, with concentrated trading in electronics and power equipment. Valuations in some highly - crowded sectors were high, and volatility risks needed to be guarded against [2][6]. - The convertible bond market recovered as a whole, with small - cap rebounds stronger than large - cap ones. The valuation structure was differentiated, with the valuation of high - parity bonds rising and the implied volatility slightly increasing, showing signs of style rotation. The primary market supply was stable, and clause games were frequent. Event - driven opportunities needed continuous attention [2][6]. 3. Summary by Relevant Catalogs 3.1. Macro and Construction Sector Analysis - The construction sector may stabilize. Infrastructure construction investment has maintained low - level year - on - year growth, and real estate investment has maintained negative year - on - year growth. The early issuance of local government bonds may boost the demand of the construction sector [10][17]. - This year, the equity side of the construction sector has been boosted by the "Yajiang" concept. The convertible bond side has shown internal differentiation, with building materials slightly outperforming the CSI Convertible Bond Index and building decoration under some pressure. The overall valuation is slightly equity - biased but still at a median level, and the market price is in a historically high area, with individual bond prices concentrated between 110 - 130 yuan [10][17][18]. - Financially, the construction sector is still at the bottom of the cycle. The accounts receivable days of building materials and building decoration have been on the rise since 2021 and are currently at a high level since 2015. The ratio of net operating cash flow to operating income is at a low level since 2015, indicating pressure on corporate cash collection [20]. - In terms of market price, the construction sector is currently at a historically high level. In terms of valuation, it is still in the median range, slightly leaning towards equity characteristics [24][25]. - The individual bonds in the construction sector have a large overall scale, and the market price distribution is concentrated. The ROE of the underlying stocks corresponding to the convertible bonds in Q2 2025 is generally less than 10%, and the PB historical quantiles are evenly distributed [27]. 3.2. Market Theme Weekly Review 3.2.1. Equity Theme Weekly Review - During the week, the trading themes in the equity market remained active, with the manufacturing mainline leading the gains. Solid - state battery - related indexes such as the power battery index, lithium - ion electrolyte index, and energy storage index led the rise, and the photovoltaic sector in power equipment also strengthened. The energy metals such as lithium ore and cobalt ore performed strongly. The pharmaceutical chain improved marginally, while the military sector was relatively weak. High - valuation and high - crowding sectors should be guarded against for valuation convergence risks [34]. 3.2.2. Market Weekly Tracking - **Main Indexes**: The main A - share indexes oscillated upward, with the Shenzhen Component Index performing strongly. The Sci - tech Innovation 50 and CSI 500 had stronger gains than the CSI 300 and CSI 2000. The outflow of main funds converged, and there were signs of inflow in the latter part of the week [36]. - **Sector Performance**: Technology - related sectors such as electronics, communication, non - ferrous metals, and power equipment rebounded. Funds were mainly concentrated in electronics, power equipment, and machinery, indicating a focus on technology growth and manufacturing sectors. Some sectors had high crowding and high valuations, and risks needed to be guarded against [40]. 3.2.3. Convertible Bond Market - The convertible bond market oscillated and recovered, with small - cap varieties rebounding more prominently and large - cap ones under some pressure. The overall trading activity declined. Valuations were differentiated, with the valuation of high - parity individual bonds rising and that of low - parity ones under pressure. The median market price oscillated upward, and the implied volatility increased slightly, indicating market divergence [10][47]. - Technology and cyclical sectors performed strongly. The non - ferrous metals sector led the gains, and the computer, electronics, and communication sectors also performed well. Trading was mainly concentrated in power equipment, electronics, and basic chemicals [55]. - Individual bonds generally strengthened, with cyclical and manufacturing sectors performing well. Among them, 427 convertible bonds had a week - on - week increase of 0 or more, accounting for 92.2% of the total number of convertible bonds in the market. Some of the top - performing and bottom - performing individual bonds had short - duration characteristics [61]. 3.3. Issuance and Clause Tracking - **New Bond Listings**: Three convertible bonds were listed during the week, namely Jinwei Convertible Bond, Shenglan Convertible Bond 02, and Kaizhong Convertible Bond [63]. - **Pre - issuance Updates**: A total of 15 listed companies updated their convertible bond issuance plans, including 3 at the approved - for - registration stage, 4 at the passed - by - the - listing - committee stage, 5 at the passed - by - the - shareholders' - meeting stage, and 3 at the board - proposal stage. The total scale of projects at and after the exchange - acceptance stage was 52.36 billion yuan [64][65]. - **Clause - related Announcements**: - **Expected Trigger of Downward Revision**: Five convertible bonds announced an expected trigger of downward revision, with a market - value - weighted average PB of the underlying stocks of 2.5 [71][74]. - **No Downward Revision**: Five convertible bonds announced no downward revision, with a market - value - weighted average PB of the underlying stocks of 5.9 [73][74]. - **Expected Trigger of Redemption**: Seven convertible bonds announced an expected trigger of redemption [76][79]. - **No Early Redemption**: Two convertible bonds announced no early redemption [77][79]. - **Early Redemption**: Four convertible bonds announced early redemption [78][79].

Core Viewpoint - Keshun Co., Ltd. announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [1] Group 1: Dividend Distribution - The company will distribute a cash dividend of 0.500000 RMB per 10 shares to all shareholders, based on a total share capital of 1,109,970,006 shares [1] - The record date for the dividend distribution is set for September 23, 2025, while the ex-dividend date is September 24, 2025 [1]

Core Insights - On September 16, Dongfang Yuhong executed a block trade of 800,000 shares, amounting to 9.44 million yuan, which represented 1.27% of the total trading volume for that day [1] - The transaction price was 11.80 yuan, reflecting a discount of 4.99% compared to the market closing price of 12.42 yuan [1] Summary by Category Trading Activity - The block trade involved a total of 800,000 shares of Dongfang Yuhong, with a total transaction value of 9.44 million yuan [1] - The trade was executed at a price of 11.80 yuan per share, which is lower than the market closing price [1] Institutional Participation - The block trade included two separate transactions: one for 500,000 shares valued at 5.90 million yuan and another for 300,000 shares valued at 3.54 million yuan, both conducted by institutional investors [2]

天眼查App显示，近日，襄阳市博瑞弘建筑材料有限公司成立，法定代表人为刘永建，注册资本10万人 民币，经营范围为一般项目：建筑材料销售，轻质建筑材料销售，建筑砌块销售，建筑装饰材料销售， 建筑防水卷材产品销售，建筑物清洁服务，建筑用石加工，建筑用金属配件销售，防腐材料销售，合成 材料销售，金属结构销售，水泥制品销售，建筑用钢筋产品销售，租赁服务（不含许可类租赁服务）， 建筑工程机械与设备租赁。（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）许可项 目：道路货物运输（不含危险货物），建筑劳务分包。（依法须经批准的项目，经相关部门批准后方可 开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Market Overview - The A-share market showed structural activity driven by policy expectations and technology themes, with the Wind All A index rising by 2.12% from September 8 to September 12, and the Sci-Tech 50 leading with a 5.48% increase, indicating strong market preference for technology growth sectors [1] - The Shanghai Composite Index increased by 1.52%, the Shenzhen Index by 2.65%, and the ChiNext Index by 2.10% during the same period [1] - The communication sector performed notably due to increased demand for optical devices and higher capital expenditures from operators, while the pharmaceutical and biotechnology sector declined by 0.64%, reflecting market concerns over deepening centralized procurement policies and risks in innovative drug development [1] Industry Performance - The average increase of Wind's first-level industry indices was 2.05%, with 90% of the Wind Top 100 concept indices rising [1][12] - All sectors except for biomedicine saw positive performance, with communication, agriculture, forestry, animal husbandry, and fishery, and electronics sectors rising by 5.24%, 5.00%, and 4.93% respectively [1][12] - The real estate, machinery, and construction materials sectors experienced slight increases, while the oil, petrochemical, and coal sectors lagged, with increases of only 0.30% and 0.16% respectively [1][12] Fund Issuance - A total of 39 funds were issued last week, including 18 equity funds, 13 mixed funds, 5 bond funds, and 3 FOF funds, with a total issuance of 21.794 billion units [2][14] Fund Performance - The Wind All Fund Index rose by 1.17%, with the ordinary equity fund index increasing by 2.13% and the mixed equity fund index by 2.40%, while the bond fund index fell by 0.06% [2][8]

Group 1 - The report emphasizes the importance of focusing on technology and anti-involution themes, with a specific attention on China's anti-dumping investigation into American analog chips [2][14] - The report anticipates a significant inflow of funds into index funds and thematic public offerings in Q4, driven by the sustained performance of certain sectors and the recovery of institutional strength [2][14] - The North Exchange 50 Index officially takes effect on September 15, 2025, with stocks like Ge Bi Jia being removed, which may lead to a rebound after the selling pressure from index funds subsides [2][14] Group 2 - The North Exchange 50 Index fell by 1.07% this week, with trading volume decreasing by 11.21% [6][12] - The report notes that 47 stocks rose while 228 stocks fell, resulting in a decline in the strong stock ratio to 62.5% [6][36] - The average PE ratio for the North Exchange is 88.40 times, with a median of 51.37 times, indicating a decrease in valuation [7][24] Group 3 - The North Exchange will switch to a new 920 code starting October 9, 2025, which is expected to enhance the identification and trading of stocks on the exchange [12][47] - The report reiterates the view of a structural market in Q4, with alternating focus on technology and anti-involution themes, suggesting investors should capture core assets related to the North Exchange [13][14] Group 4 - This week, one new stock, Sanxie Electric, was listed, with a first-day increase of 785.62% and a turnover rate of 95.95% [28][36] - The report indicates that the new three-board market saw six new listings and three delistings, with a total planned financing of 161 million yuan and completed financing of 160 million yuan [4][48]

天眼查App显示，近日，广州市吉顺建筑材料有限公司成立，注册资本10万人民币，经营范围为建筑装 饰材料销售;五金产品零售;五金产品批发;水泥制品销售;金属结构销售;砼结构构件销售;轻质建筑材料销 售;建筑陶瓷制品销售;涂料销售（不含危险化学品）;保温材料销售;建筑防水卷材产品销售;建筑用钢筋 产品销售;密封用填料销售;金属表面处理及热处理加工;建筑材料销售;工程技术服务（规划管理、勘 察、设计、监理除外）;工程管理服务;劳务服务（不含劳务派遣）;普通机械设备安装服务;机械设备租 赁;住宅水电安装维护服务;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广。 ...

天眼查App显示，近日，湖南隽熙建筑材料有限公司成立，法定代表人为唐婷，注册资本200万人民 币，经营范围为许可项目：建筑劳务分包;建设工程施工（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以批准文件或许可证件为准）一般项目：建筑材料销售;涂料销售（不 含危险化学品）;建筑装饰材料销售;化工产品销售（不含许可类化工产品）;机械设备销售;普通机械设 备安装服务;门窗销售;门窗制造加工;有色金属合金制造;室内木门窗安装服务;建筑工程机械与设备租赁; 机械设备租赁;租赁服务（不含许可类租赁服务）;劳务服务（不含劳务派遣）;船舶自动化、检测、监控 系统制造;工业自动控制系统装置制造;电工仪器仪表制造;电工器材制造;工程管理服务;安防设备销售;安 防设备制造;工业工程设计服务;工程技术服务（规划管理、勘察、设计、监理除外）;园林绿化工程施 工;城市绿化管理;安全技术防范系统设计施工服务;海洋工程关键配套系统开发;海洋工程装备制造;安 全、消防用金属制品制造;消防技术服务;消防器材销售;建设工程消防验收现场评定技术服务;移动通信 设备制造;通信设备销售;建筑工程用机械制造;建筑工程用机械销售;建筑 ...

Group 1 - A new company, Gao'an Tianxi Building Materials Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Chen Qiulin [1] - The company's business scope includes road management and maintenance, construction project contracting, and various construction-related services [1] Group 2 - The company is involved in general projects such as sales of building materials, earthwork engineering, and manufacturing of cement products [1] - It also engages in the sale of solid waste treatment, building ceramics, non-metallic waste processing, and metal materials [1] - The company is permitted to operate without prior approval for certain activities, as long as they comply with the business license [1]

Core Insights - A new company, Zhangshan Xianghe Building Materials Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Zou Dafan [1] Business Scope - The company is involved in various licensed projects including construction labor subcontracting and construction engineering [1] - General business activities include labor services (excluding labor dispatch), sales of building decoration materials, processing of building stones, and sales of construction materials [1] - The company also engages in the rental of construction machinery and equipment, earthwork engineering, sales of building blocks, lightweight building materials, waterproofing materials, metal fittings for construction, steel products, ceramic products, and cement products [1] - Additional services include building cleaning and landscaping engineering [1]