Group 1 - The core viewpoint of the article highlights that Ningxia Building Materials reported a significant decline in operating revenue for the first half of 2025, amounting to 2.555 billion yuan, which represents a year-on-year decrease of 40.56% [1] - The net profit attributable to shareholders of the listed company reached 106 million yuan, showing a substantial year-on-year increase of 101.24% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 76.4509 million yuan, reflecting a year-on-year growth of 168.35% [1] - The basic earnings per share for the company stood at 0.22 yuan [1]

Core Viewpoint - Recently, Xizang Qishuo Trading Co., Ltd. was established with a registered capital of 5 million RMB, indicating a focus on the construction materials and services industry [1] Company Summary - The legal representative of the company is Wang Xiaojun [1] - The registered capital of the company is 5 million RMB [1] Business Scope - The company engages in a variety of activities including: - Sales and manufacturing of concrete structural components [1] - Sales and manufacturing of cement products [1] - Sales of lightweight building materials [1] - Sales of construction materials [1] - Sales of waterproofing materials and steel products for construction [1] - Manufacturing and sales of building blocks [1] - Manufacturing and sales of non-metallic mineral products [1] - Sales of metal materials [1] - Leasing of machinery and equipment for construction [1] - Domestic cargo transportation agency [1] - Technical services, development, consulting, and transfer [1] - Environmental protection equipment sales and consulting services [1] - Research and development of recycling technologies for construction waste [1] Licensing and Regulatory Compliance - The company is authorized to conduct road cargo transportation (excluding hazardous materials) upon approval from relevant authorities [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - "Anti - involution" related convertible bonds are cost - effective absolute - return assets. The position and bond selection of "anti - involution" sector convertible bonds are the "decisive factors" for the future market due to three reasons: large capital capacity, high cost - performance of underlying stocks, and low bond prices with debt - bottom value support [1][9]. - Five convertible bonds are recommended: Youfa Convertible Bond, Wankai Convertible Bond, Keshun Convertible Bond, Feng 22 Convertible Bond, and Tian 23 Convertible Bond [3][11]. 3. Summary According to the Directory 3.1 Overall Logic and Layout Ideas - **Large capital capacity**: "Anti - involution" sector has a large number of convertible bonds. Industries such as power equipment and basic chemicals have many convertible bonds in existence. If "anti - involution" progresses beyond expectations, it may drive up the underlying stocks and the convertible bond index [1][9]. - **High cost - performance of underlying stocks**: Some industries' underlying stocks, like those in steel, basic chemicals, and power equipment, are under pressure. But "anti - involution" may improve supply - demand, and the leading enterprises may have stronger profit elasticity after industry clearance. Also, the stock prices are low, so there is potential for valuation repair [2][10]. - **Low bond prices with debt - bottom value support**: Most "anti - involution" related convertible bonds have conversion values below 120 yuan, and many are in the 60 - 90 yuan and 90 - 120 yuan ranges. Debt - type/balanced convertible bonds have better debt - bottom protection, suitable for absolute - return funds [2][10]. 3.2 Individual Bond Selection 3.2.1 Youfa Group/Youfa Convertible Bond - Youfa Group is the largest domestic welded - steel pipe enterprise. In 2025, the welded - pipe price declined. With the improvement of downstream demand and the new supply - side reform in the steel industry, the company plans to expand its domestic and overseas layouts [14][15]. 3.2.2 Wankai New Materials/Wankai Convertible Bond - Wankai New Materials is a leading domestic polyester material enterprise. In 2024, the domestic polyester bottle - chip market had increased production but decreased prices. New applications may bring new demand. Many enterprises in the industry are reducing production, which may optimize the supply - demand pattern and increase the company's profitability [20][23]. 3.2.3 Keshun Co., Ltd./Keshun Convertible Bond - Keshun focuses on building waterproofing solutions. The domestic waterproofing industry is highly fragmented, but the new regulations may benefit leading enterprises. Keshun will expand its retail, non - real - estate, and overseas businesses, and improve profitability through R & D and cost reduction [26][31]. 3.2.4 Xin Fengming/Feng 22 Convertible Bond - Xin Fengming is a major player in the polyester fiber industry. The upstream raw material supply is abundant, which is beneficial for the polyester end. Due to environmental policies and industry integration, some small enterprises are being eliminated, and the industry structure is being optimized [32][33]. 3.2.5 Trina Solar/Tian 23 Convertible Bond - Trina Solar is involved in photovoltaic products, energy storage, and system solutions. The Chinese photovoltaic industry faces challenges, but the "anti - involution" action and policy support may bring price recovery, technology premium, and industry integration, and improve the company's profitability and stock valuation [38][39].

Group 1 - Dongguan Dongju Building Materials Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Chen Xiuqing [1] - The business scope includes sales of building materials, fire-fighting equipment, building decoration materials, hardware products, and metal products [1] Group 2 - The company also provides services such as fire protection technology services, information technology consulting, and engineering management services [1] - The company is allowed to operate independently based on its business license, except for projects that require approval [1]

Group 1 - A new company, Nanchang Peijun New Materials Co., Ltd., has been established with a registered capital of 200,000 RMB [1] - The legal representative of the company is Xie Jing [1] - The company's business scope includes manufacturing and sales of new building materials, lightweight building materials, and decorative materials, among other services [1] Group 2 - The company is involved in various technical services such as technology development, consulting, and transfer [1] - It also engages in the manufacturing and sales of coatings, as well as sales of forestry products and gifts [1] - The company provides ordinary goods warehousing services and property management, excluding projects that require special approval [1]

Group 1 - The establishment of Lingying County Duo Ci Building Materials Co., Ltd. has been registered with a legal representative named Zhong Cuiling [1] - The registered capital of the company is 500,000 RMB [1] - The business scope includes sales of various building materials, including general building materials, decorative materials, lightweight materials, ceramic products, hardware products, electrical wires and cables, and cement products [1] Group 2 - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval [1]

Company Overview - Shanghai Miaoshuo Industrial Co., Ltd. has been recently established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Wang Zimiao [1] Business Scope - The company operates in various sectors including sales of construction materials, lightweight construction materials, and building decoration materials [1] - It also engages in the sale of metal materials, technical glass products, and non-metallic minerals and products [1] - Additional services include engineering management, landscape engineering construction, technical services, and software development [1] - The company is involved in the sale of daily necessities, rubber products, and plastic products [1] - It provides enterprise management consulting and information consulting services, excluding licensed information consulting services [1] - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval [1]

Core Insights - A-share listed companies have shown strong performance in their semi-annual reports, driven by technological breakthroughs, product price increases, and industry recovery [2][3] Financial Performance - As of August 25, 2025, 1688 A-share companies reported a total revenue of 9.5 trillion yuan, a slight year-on-year decrease of 0.1%, while net profit attributable to shareholders reached 615.198 billion yuan, a year-on-year increase of 3.98% [2] - In Q2, these companies achieved a total revenue of 4.87 trillion yuan, representing a quarter-on-quarter growth of 6.72%, and a net profit of 324.912 billion yuan, with a quarter-on-quarter increase of 13.21% [3] Industry Performance - Out of 31 industries, 21 reported quarter-on-quarter growth in net profit for Q2, with notable performances in construction materials, media, computer, defense, communication, and electronics, all exceeding 50% growth [3] - The construction materials sector saw a remarkable quarter-on-quarter revenue increase of 35.05% and a net profit increase of over 10 times [3] Company Highlights - Sanke Tree reported a revenue of 58.16 billion yuan in the first half of the year, a year-on-year increase of 0.97%, and a net profit of 4.36 billion yuan, up 107.53% [3][4] - The media industry experienced a 210.45% quarter-on-quarter growth in net profit, with leading game developer G-bits showing a revenue increase of 28.49% and net profit increase of 24.50% [5] - Hikvision, a leader in the security industry, reported a Q2 revenue of 232.86 billion yuan, a quarter-on-quarter growth of 25.65%, and a net profit increase of 77.5% [5] R&D and Innovation - High-tech manufacturing industries have seen a 9.5% year-on-year increase in value added, with significant growth in electronic and communication equipment manufacturing [6] - Industrial Fulian achieved a revenue of 360.76 billion yuan in the first half of the year, a year-on-year increase of 35.58%, and a net profit of 12.113 billion yuan, up 38.61% [7] - The overall R&D investment of the 1688 companies reached 265.321 billion yuan, a year-on-year increase of 1.88%, with an R&D intensity of 2.8% [8]

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话:（86-10）5809-1000 传真: （86-10）5809-1100 关于海螺（安徽）节能环保新材料股份有限公司 致：海螺（安徽）节能环保新材料股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受海螺（安徽）节能环保 新材料股份有限公司（以下简称"公司"）的委托，指派本所律师列席公司于 2025 年 8 月 25 日下午 15 时在安徽省芜湖市经济技术开发区港湾路 38 号公司办公楼 依据《中华人民共和国公司法》等中国法律、法规和相关规范性文件（以下称"中 国法律法规"）及《海螺（安徽）节能环保新材料股份有限公司章程》（以下称"公 司章程"）的规定，就本次股东大会的召集和召开程序、出席会议人员资格、召 集人资格、会议表决程序和表决结果等事宜（以下称"程序事宜"）出具本法律意 见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 包括但不限于公司第十届董事会第二十次会议决议、第十届监事会第十次会议决 议以及根据上述决议内容刊登的公告、本次股东大会的通知、议案和决议等，同 时听取 ...

Meeting Information - Jiangsu Kairun Building Materials Co., Ltd. will hold its second extraordinary general meeting of shareholders for 2025 on September 11, 2025, at 14:30 [1] - The meeting will include both on-site and online voting options, with specific time slots for online voting through the Shenzhen Stock Exchange trading system [2] Voting Procedures - Shareholders must choose either on-site or online voting, and duplicate votes will be counted based on the first submission [2] - Only shareholders registered by the close of business on September 5, 2025, are eligible to attend and vote at the meeting [2] Agenda Items - The meeting will review proposals related to the formulation, revision, and abolition of certain governance systems, with a total of 9 sub-proposals [3] - A special resolution requires approval from more than two-thirds of the voting rights held by attending shareholders [3] Registration Requirements - Individual shareholders must present identification and shareholder account cards for registration, while corporate shareholders must provide additional documentation [4] - Remote shareholders can register via mail or fax, ensuring their registration is received by the company by September 10, 2025, at 16:30 [4] Online Voting Process - Shareholders can participate in online voting through the Shenzhen Stock Exchange's trading and internet voting systems, with detailed procedures provided in an attachment [5][6]