1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views of the Report - The convertible bond market continued its upward trend this week, with the price center rising and market risk appetite recovering. The valuation structure remained differentiated, with high - priced bonds driven by elasticity and medium - and low - priced bonds being repaired. Frequent downward revision and redemption events increased the game nature. The equity market was dominated by the small - and medium - cap growth style, and funds were highly concentrated in technology mainlines such as communication and electronics, as well as rotating sectors such as machinery and non - ferrous metals. Under the accelerated market rotation, the volatility risk of high - position crowded sectors increased. It is recommended to follow the market mainline and rotation rhythm, dig out elastic varieties driven by the underlying stocks, and pay attention to sectors at the bottom of the cycle, such as the chemical industry, which have allocation value [2][6]. - The current chemical convertible bond market is in the clearing stage of the production capacity and inventory cycle, and market attention is relatively low. The underlying stocks of chemical convertible bonds generally have low valuations, and the convertible bonds themselves have both bond - like protection and price elasticity. Although the industry's overall capital expenditure has shrunk and shows an active de - stocking trend, the profitability of the sector has shown signs of improvement. It is recommended to pay attention to individual bonds with a safety margin of underlying stock valuation and profit - repair elasticity [11]. - The A - share market showed a significant small - and medium - cap growth style this week. The ChiNext Index led the rise. Although the net outflow of main funds continued, the outflow pressure eased, and market sentiment improved. In terms of industries, the differentiation intensified. Technology - growth sectors such as communication, power equipment, and electronics became the main lines, leading the market. It is recommended to pay attention to the rotation opportunities within the mainline sectors and be cautious about directions with excessive trading congestion [11]. 3. Summary According to the Directory 3.1 Chemical Convertible Bond Market Analysis - **Performance and Potential**: The chemical convertible bond market is in the clearing stage of the production capacity and inventory cycle. The underlying stocks of chemical convertible bonds are generally undervalued, and the convertible bonds have bond - like protection and price elasticity. The industry's profitability is improving, especially under the strengthening of the "anti - involution" logic, and its profit - repair potential is worth looking forward to [11]. - **Market Attention**: As of August 15, the trading volume of the chemical sector accounted for 5.9% of the total trading volume of the Wind All - A Index, at a historical percentile of 2.7% since July 23, 2010, indicating low market attention and potential allocation opportunities [19]. - **Capacity Cycle**: In the second quarter of 2025, the overall capacity utilization rate of the chemical industry was only 71.9%, at a historical low since the fourth quarter of 2016. The capital expenditure intensity of all sub - sectors in the first quarter of 2025 showed negative growth, indicating that the chemical sector is in the production capacity clearing stage [26]. - **Inventory Cycle**: The chemical sector may have entered the active de - stocking stage. Since the fourth quarter of 2024, the net profit margin has been on the rise, and the profitability of enterprises has improved [30]. - **Individual Bond Analysis**: As of August 15, 2025, 58 individual bonds in the large chemical sector were selected. The median conversion premium rate was 26.1%, and the balance - weighted average conversion premium rate was 44.2%, still having bond - like characteristics. The median market price was 133.4 yuan, slightly higher than the market median. The underlying stocks of chemical convertible bonds are still in a low - valuation range [33]. 3.2 Market Theme Weekly Review - **Equity Market**: The trading - themed stocks in the equity market were active this week. The continuous limit - up index led the rise with a weekly increase of 20.9%. The technology and high - end manufacturing fields showed a differentiated pattern, the pharmaceutical sector rose as a whole, and the military - related themes were under pressure. Short - term funds were active, and funds were highly concentrated in trading - themed stocks and technology hardware sub - directions [35][36]. - **Convertible Bond Market**: The convertible bond market continued its upward trend this week, with small - cap convertible bonds leading the way. The valuation structure remained differentiated, and the implied volatility fluctuated upward. The market style shifted to machinery and equipment and non - ferrous metals, and individual bond performance was mainly driven by the underlying stocks. It is recommended to follow the market style and pay attention to elastic varieties with strong underlying stock driving forces [11]. 3.3 Market Weekly Tracking 3.3.1 Main Index Performance - The A - share main indexes continued to be strong this week. The Shanghai Composite Index rose 1.7%, the Shenzhen Component Index rose 4.5%, and the ChiNext Index led the rise with an 8.6% increase. Small - and medium - cap stocks performed better [39]. - Although the net outflow of main funds continued, the outflow pressure eased. The average daily trading volume of the whole market was about 2.1 trillion yuan, a week - on - week increase of 0.4 billion yuan [39]. 3.3.2 Industry Performance - The A - share market showed significant structural differentiation. Sectors such as communication, power equipment, and electronics were the strongest. The consumer and cyclical sectors showed different performances within the sectors. Funds were concentrated in growth sectors such as electronics and computers [45][46]. - The trading heat of the market showed significant differentiation. The military, pharmaceutical, and machinery sectors were highly active, while the cyclical and some consumer sectors showed a decline in heat [49]. 3.3.3 Convertible Bond Market Performance - The convertible bond market continued to rise this week, with small - cap convertible bonds leading the way. The Zhongzheng Convertible Bond Index rose 1.6%, the small - cap convertible bond index rose 2.3%, the medium - cap index rose 1.6%, and the large - cap index rose 0.2%. The trading volume increased, with an average daily trading volume of about 965.0 billion yuan, a week - on - week increase of 67.0 billion yuan [52]. - The valuation of the convertible bond market was stretched overall when divided by the parity range. When divided by the market price range, the valuation showed a differentiated pattern. The implied volatility of the convertible bond market fluctuated upward, and the median price of convertible bonds rose [55][57][60]. - Most of the 25 industries in the convertible bond market rose this week. Non - ferrous metals, machinery and equipment, and non - bank finance led the rise. The trading volume was concentrated in machinery and equipment, power equipment, and basic chemicals [63]. - Most individual convertible bonds rose this week. The performance of convertible bonds was mainly driven by the underlying stocks. The convertible bonds with high increases were mostly those with high elasticity and long - term or near - maturity characteristics, while the convertible bonds with large declines were affected by the poor performance of the underlying stocks [65][68]. 3.4 Issuance and Clause Tracking - No new convertible bonds were listed this week, and one convertible bond, Kaizhong Convertible Bond, was open for subscription, with an issue size of 3.1 billion yuan and a credit rating of AA - [69]. - Four listed companies updated their convertible bond issuance plans this week, including two in the exchange - acceptance stage, one in the shareholders' meeting - approved stage, and one in the board - proposal stage [70]. - In terms of downward revisions, 5 convertible bonds announced that they were expected to trigger downward revisions, 8 announced that they would not make downward revisions, and 2 proposed downward revisions [77][78][80]. - In terms of redemptions, 15 convertible bonds announced that they were expected to trigger redemptions, 6 announced that they would not redeem in advance, and 4 announced early redemptions [81][82][86].

证券时报·数据宝统计，截至下午13:58，今日沪指涨0.35%，A股成交量1241.74亿股，成交金额19151.22 亿元，比上一个交易日减少11.53%。个股方面，2491只个股上涨，其中涨停86只，2734只个股下跌， 其中跌停13只。从申万行业来看，石油石化、汽车、美容护理等涨幅最大，涨幅分别为1.34%、 1.33%、1.15%；医药生物、房地产、通信等跌幅最大，跌幅分别为0.87%、0.71%、0.62%。（数据宝） | 电力设备 | | | | 中恒电气 | | | --- | --- | --- | --- | --- | --- | | 通信 | -0.62 | 1020.79 | -12.65 | 光库科技 | -7.46 | | 房地产 | -0.71 | 214.59 | -18.58 | 衢州发展 | -9.75 | | 医药生物 | -0.87 | 1412.08 | -21.02 | 诚意药业 | -9.99 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交 ...

Group 1 - The report constructs a valuation scoring system to assess the price-performance ratio of convertible bond underlying stocks, focusing on quickly and accurately evaluating individual stock valuation levels while controlling for drawdown risks [1][9] - The valuation framework employs both vertical (relative to historical levels) and horizontal (relative to peers) analyses to position stocks in a two-dimensional space, allowing for a comprehensive assessment of their valuation [1][9] - The horizontal analysis identifies which underlying stocks have better valuation cost-effectiveness compared to others, using a set of primary and secondary indicators to filter out unsuitable metrics [1][10][11] Group 2 - The horizontal valuation framework aims to determine which convertible bonds (or underlying stocks) are relatively inexpensive at a given moment, addressing the challenge of cross-industry valuation comparisons [10][11] - The report identifies suitable primary indicators for various industries, categorizing them based on the adequacy of data points, stability across periods, and the dispersion of individual stock valuations [11][12][16] - The report highlights that the PE (3-year non-negative average) and PB indicators are widely applicable across industries, with the introduction of PE (3-year non-negative average) providing a more reliable alternative to traditional PE metrics [17][18] Group 3 - The vertical analysis framework assesses which underlying stocks have improved valuation cost-effectiveness compared to their historical levels, using data from June 2021 to the present [28][29] - The report finds that stocks with low vertical valuations tend to exhibit greater upward elasticity in bullish markets, with those above the 80% valuation threshold showing significantly lower average price increases [29][30] - The report identifies low-valued convertible bond targets worth attention, particularly in industries such as defense, basic chemicals, and construction decoration, which have shown high elasticity in the current market environment [34][36]

Market Review - The equity market indices continued to strengthen, with the ChiNext Index showing the largest increase of 8.58% [4] - The bond market saw an increase in both short and long-term interest rates, with the 10-year government bond rising by 5.74 basis points to 1.747% [10] - The fund market experienced mixed results, with equity funds rising while medium and short-term pure bond fund indices declined [18] Equity Product Allocation Strategy - Event-driven strategies include focusing on the semiconductor sector due to the upcoming China Semiconductor Ecosystem Development Conference and the newly introduced personal consumption loan interest subsidy policy [21][20] - Asset allocation strategy suggests a balanced core plus a barbell strategy, emphasizing dividend and technology sectors [23] - Recommended funds include those focused on consumer and infrastructure sectors, as well as technology growth styles [23][27] Stable Product Allocation Strategy - The central bank's recent operations indicate a net withdrawal of 414.9 billion yuan, maintaining a balanced liquidity environment [29] - Economic data for July shows a year-on-year industrial value-added growth of 5.7% [29] - Social financing data indicates a total stock of 431.26 trillion yuan, with a year-on-year growth of 9% [29] Key Focus Products - Recommended products include short-term bond funds like Nord Short Bond A and Guotai Li'an Medium and Short Bond A, as well as funds benefiting from convertible bonds and equity market opportunities [2][34]

宏观分析：海外波动降低，国内需求依赖政策端进一步发力 国内方面，7月金融数据和经济数据披露，两大数据均表明，政府的财政扩张是当下内需核心驱动力。 金融数据来看，7月政府债是社融的主要支撑，但在专项债化债比例提高的背景下内需表征偏弱，体现 在各大经济数据分项上就是：出口"一枝独秀"，政府支出仍是内需扩张的基础。整体生产/制造业与基 建投资/出口对经济做结构性支撑的格局不变，但支撑力度转弱，地产投资加速向下，社零呈持续回落 态势。 上周市场在港股、美股温和上涨的基础上强势上攻，市场成交量明显扩张，日均成交额约21，019亿 元，整体赚钱效应偏强且结构化特征仍然明显。风格上，整体成长优于价值，小盘跑赢大盘；行业上， 通信、电子、非银金融等表现靠前，钢铁、纺织服饰、银行等表现靠后。 短期内，资金市营造了较好的市场氛围，产业自身发展与新质生产力政策的支持使得当下A股营造成了 天然的主题市场。前期两融资金等活跃资金的流动性驱动小微盘持续走强，但考虑到本周中报披露将启 动，预计业绩能见度较高的中大盘风格有望跑出相对超额，中证1000、国证2000等指数或有开启震荡的 需求。此外，考虑到沪指已突破阶段性高点，其余主流指数（如 ...

- The report does not include any quantitative models or factor construction details related to quantitative finance[1][2][3] - The content primarily focuses on fund performance, market trends, and ESG product tracking without discussing quantitative models or factors[4][5][6] - No specific formulas, construction processes, or backtesting results for quantitative models or factors are provided in the report[7][34][45]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on sectors with reasonable valuations such as liquor, dairy, hotels, and catering [3]. Core Insights - The consumer sector showed mixed performance in the week of August 11-15, with textile and apparel, retail, food and beverage, social services, and beauty care sectors experiencing varying degrees of growth and decline [3]. - In July, essential consumption remained stable while optional consumption showed signs of recovery, with durable goods maintaining high growth rates. The total retail sales in July increased by 3.7% year-on-year, with essential goods like grain and oil maintaining high growth rates [3]. - The launch of the Antigravity A1 drone by Yingling represents a significant technological innovation in the consumer drone market, with features that enhance usability and safety, indicating a growing market potential [3]. Summary by Sections Market Weekly Review - The consumer sector's performance varied, with notable gains in textile and apparel (+2.43%), retail (+0.98%), and food and beverage (+0.48%), while declines were seen in beauty care (-1.37%) [3]. - Key stocks that led gains included Guifaxiang (+28.74%) and Zhejiang Dongri (+55.09%), while stocks that saw the largest declines included Huangshanghuang (-10.67%) and Jihua Group (-25.76%) [3]. Industry News and Key Company Announcements - The report highlights the opening of a new high-end restaurant by Pizza Hut in Shenzhen, marking its second strategic move in the domestic market [14]. - The report also notes significant growth in the electric two-wheeler market, with production increasing by 30.6% year-on-year in July [17]. - The introduction of a personal consumption loan subsidy policy aims to stimulate consumer spending, with a maximum subsidy of 3,000 yuan for eligible loans [17]. - Companies like Chongqing Beer and Guizhou Moutai reported mixed financial results, with Moutai showing a revenue increase of 9.16% year-on-year [18][19].

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][5]. Core Views - The company is positioned in the mass market with a strong price-performance ratio, continuously enhancing its competitiveness through channel innovation and product upgrades. The robust growth in online sales and efficiency improvements in offline stores are expected to sustain steady performance [5]. - The company achieved a revenue of 5.705 billion RMB in H1 2025, reflecting a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 858 million RMB, up 8.6% year-on-year [4][5]. - The company is expected to maintain a stable growth trajectory, with projected net profits of 1.31 billion RMB, 1.46 billion RMB, and 1.61 billion RMB for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 13.9%, 11.3%, and 10.4% [5][6]. Financial Performance - The company reported a gross margin of 41.5% in H1 2025, an increase of 0.2 percentage points year-on-year, with a net profit margin of 15.0% [4]. - The online sales channel saw a significant increase of 45% year-on-year, contributing 1.82 billion RMB to revenue, while international business grew by 19.7% to 88 million RMB [4]. - The company’s operating cash flow improved significantly, with a net inflow of 524 million RMB in H1 2025, a year-on-year increase of 227% [4]. Growth Projections - Revenue is projected to grow from 10.074 billion RMB in 2024 to 14.122 billion RMB in 2027, with growth rates of 19.59%, 13.00%, 12.31%, and 10.46% respectively [6][11]. - The net profit attributable to shareholders is expected to increase from 1.149 billion RMB in 2024 to 1.607 billion RMB in 2027, with corresponding growth rates of 19.47%, 13.88%, 11.26%, and 10.40% [6][11]. Market Position - The company has a total market capitalization of 12.30271 billion HKD, with a 52-week high of 6.65 HKD and a low of 3.26 HKD [4]. - The company’s stock has seen a 52-week increase of 82.52%, indicating strong market performance [4].

Market Overview - The A-share market showed a clear correction trend from August 11 to August 15, with the ChiNext Index rising the most at 8.58%, and the ChiNext 50 increasing by 9.90, indicating continued attractiveness in the growth sector after a short-term adjustment [2] - The major indices performed as follows: the Shanghai Composite Index rose by 1.70%, briefly surpassing the 3700-point mark, while the Wind first-level average increase was 2.03% with 89% of the Wind 100 concept index recording gains [2] - Sector performance was mixed, with telecommunications, electronics, and non-bank financials performing well, increasing by 7.66%, 7.02%, and 6.48% respectively, while textiles, steel, and banking sectors weakened, declining by 1.37%, 2.04%, and 3.19% respectively [2] Fund Issuance - A total of 23 funds were issued last week, including 14 equity funds, 6 mixed funds, and 3 bond funds, with a total issuance of 9.946 billion units [16] Fund Performance - The Wind All Fund Index rose by 1.83% last week, with the ordinary equity fund index increasing by 3.82% and the mixed equity fund index rising by 3.85% [8] - The bond fund index saw a slight decline of 0.02%, indicating a challenging environment for fixed-income investments [8] Global Asset Review - Global asset performance showed divergence, with developed markets like the US maintaining upward momentum supported by resilient tech earnings and policy expectations, while emerging markets displayed greater elasticity, particularly in Vietnam and Russia [4] - The energy sector experienced increased volatility, with oil and gas prices affected by supply-demand rebalancing and geopolitical risks, while metal prices remained resilient due to new energy demand and supply disruptions [4] Domestic Bond Market Review - The national bond futures index (CFFEX 10-year) fell by 0.29%, and the 30-year national bond futures main contract dropped by 1.48%, indicating significant downward pressure on long-term interest rates [12]

Market Overview - In the past five trading days (August 8 to August 14), major indices mostly rose, with the Shanghai Composite Index increasing by 0.74% and the ChiNext Index rising by 5.41% [2] - The trading volume significantly increased, with a total of 9.85 trillion yuan traded, averaging 1.97 trillion yuan per day, which is an increase of 319.27 billion yuan compared to the previous five-day average [2] - Among the industries, telecommunications, electronics, and power equipment sectors saw the highest gains, while banking, textiles, and defense industries experienced the largest declines [2] Data Insights - In July 2025, social financing increased by 386.4 billion yuan year-on-year, with government bond financing being a major support factor [2] - July saw a negative growth of 50 billion yuan in RMB loans, marking the first negative growth since August 2005, with both corporate and household sectors showing marginal weakness [2] - M1 and M2 money supply growth rates slightly increased year-on-year, driven by low base effects and active deposits in the equity market [2] Policy Developments - On August 12, the Ministry of Finance and other departments issued implementation plans for personal consumption loan interest subsidies and service industry loan subsidies, aimed at reducing credit costs in the consumption sector [3] - The combination of targeted interest rate cuts and improvements in social security systems is expected to enhance consumer willingness and capacity [3] Investment Strategy - In the short term, the upcoming mid-year performance reports may cause some market fluctuations, but the overall market remains driven by liquidity increments [4] - External trade risks have eased, and expectations for Federal Reserve interest rate cuts may boost external liquidity and risk appetite, positively impacting the A-share liquidity environment [4] - Domestic liquidity is showing a relatively mild self-reinforcing characteristic, and policies emphasizing the stabilization of the capital market are conducive to the continuation of liquidity increments [4] Industry Focus - Investment opportunities can be found in the TMT sector (electronics, telecommunications, computing) and the pharmaceutical industry, driven by AI trends and innovation [4] - The financial sector is expected to benefit from the stabilization of the capital market [4] - Opportunities in certain resource products are anticipated due to capacity management advancements [4]