风险提示：本文所提及到的观点仅为个人思路整理，其信息均来源于公开资料，不代表买卖推荐，请谨 慎参考 截至今天收盘，优然牧业是3.92港币。我在2月份的时候公开写了一篇关于优然牧业的文章。当初的结 论是：即便其股价从最底部的1.03港币涨到了现在的2港币，未来的空间依旧不小。 如果还是给上市之初的15倍PE，那么其市值大概在300亿。 在写完这篇文章之后，我觉得自己之前的逻辑更通顺了。 于是把之前40多买的美的，以72的价格清掉了；同时以425左右港币的价格卖出了一部分之前在200多加 仓的部分。 全部买入之后，大概占10%的仓位，成本大概是2港币。持有期间用闲钱做了1次接近20%的大波段，成 本降到了1.91港币。 如果从1月底买的mini仓算起，6个月的时间，收益翻了一倍。 这个估值，我觉得有点太乐观，不如直接打5折，假设其合理市值在150亿，现在优然牧业的市值不到80 亿，还有接近1倍的空间。 我在没写这篇文章之前，1月底在1.94港币左右买了一点mini仓，原计划是准备跌到1.65港币左右再多加 点。 这篇文章不是为了炫耀啥，我只是想复盘一下我在这次操作里面和往常不一样的地方，做个记录。 ...... ...

来源：新浪港股-好仓工作室 2025 年 7 月 17 日，誼礫控股（股份代号：076）公告称，通过一般授权以"发行零息可换股债券"方式 融资，发行本金总额 19,950,000 港元（约 2000 万港元）。本次融资扣除费用后净得约 2000 万港元。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 债券初始转股价为 0.25 港元，较 2025 年 7 月 17 日收市价 0.244 港元溢价约 2.4%。全部转换后可获 79,800,000 股（约 8000 万股），占现有已发行股本约 18.4%，完成后占扩大股本约 15.6%。 谊砾控股的主营业务为投资控股，业务包括全球石墨产品销售、电子产品制造销售、英国设计制造及 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 6 - month PMI data continued to improve slightly in June, indicating a stabilizing trend in China's economy. Sino - US trade situation has positive news, but there are still uncertainties in external demand due to ongoing US trade negotiations. The CSI Convertible Bond Index has reached new highs. Although most institutions' holding face - values of convertible bonds have slightly declined, considering the impact of bank convertible bond conversions on the overall scale, their actual willingness to reduce positions is weak, and the allocation demand for convertible bonds remains strong. The supply - demand contradiction of convertible bonds has intensified, and there is room for an increase in the convertible bond parity valuation [3][20]. - It is recommended to choose balanced convertible bonds with high - volatility underlying stocks that can quickly consume the premium rate or high - price, low - premium and non - redeemable equity - biased convertible bonds in the short term. For those with high requirements for drawdown, reducing positions can be considered. In July, attention should be paid to sectors such as consumer (appliances, auto parts, two - wheeled vehicles), technology (PCB, copper - clad laminates, data center power supplies in the computing power industry chain), grid equipment, sea wind, energy storage, innovative drugs, and some chemical pharmaceuticals with stable volume and price [4][21]. 3. Summary by Relevant Catalogs 3.1 Market Focus Last Week (June 30 - July 4, 2025) Stock Market - The equity market fluctuated and rose last week. Sectors with over - capacity reduction expectations such as steel, building materials, and photovoltaic performed well, and the innovative drug sector led the gains. The high - dividend bank sector also performed well. The A - share market showed different trends each day, with changes in sector performance and trading volume [1][9]. - Most Shenwan primary industries closed higher. Steel (+5.06%), building materials (+3.96%), banks (+3.77%), pharmaceutical biology (+3.64%), and comprehensive (+2.82%) led the gains, while computer (-1.28%), non - bank finance (-0.72%), beauty care (-0.55%), and transportation (-0.20%) performed poorly [10]. Bond Market - The bond market fluctuated last week. After the quarter - end, the liquidity tightened. The second - quarter monetary policy implementation report mentioned observing and evaluating the bond market from a macro - prudential perspective. The slight recovery of the June PMI and the increase in market risk appetite suppressed bond market sentiment. The 10 - year Treasury bond yield closed at 1.64% on Friday, down 0.29bp from the previous week [1][10]. Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index rose 1.21% for the whole week, the median price increased 1.10%, the calculated arithmetic average parity increased 1.82%, and the overall market conversion premium rate decreased 1.57% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in the ranges of [90,100), [100,110), and [110,120) changed by +1.71%, +2.27%, and -0.79% respectively, at the 68%, 77%, and 39% percentile values since 2023 [2][10]. - Most industries in the convertible bond market closed lower. Pharmaceutical biology (+2.49%), national defense and military industry (+1.85%), environmental protection (+1.70%), and public utilities (+1.59%) led the gains, while transportation (-1.07%), textile and clothing (-0.84%), automobile (-0.41%), and communication (-0.33%) performed poorly [14]. - In terms of individual bonds, Seli (innovative drugs), Huicheng (hazardous waste treatment), Jing 23 (PCB), Emergency (military industry), and Xingang (thermal production and supply) convertible bonds led the gains; Sanyang (automobile logistics services), Jinji (H - acid reactive dyes), Jingduan (precision gears & announced forced redemption), Huafeng (automobile electronic control systems & announced forced redemption), and Huitong (modified plastics & announced forced redemption) convertible bonds led the losses [2][15]. - The total trading volume of the convertible bond market last week was 323.83 billion yuan, with an average daily trading volume of 64.766 billion yuan, an increase from the previous week [18]. 3.2 Valuation Overview As of July 4, 2025, the average conversion premium rates of equity - biased convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 40.92%, 30.48%, 23.07%, 12.75%, 8.96%, and 5.65% respectively, at the 85%/72%, 82%/68%, 84%/77%, 63%/35%, 62%/39%, and 71%/42% percentile values since 2010/2021. The average YTM of bond - biased convertible bonds with parities below 70 yuan was -0.72%, at the 4%/0% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 33.78%, at the 64%/44% percentile values since 2010/2021. The difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was -13.81%, at the 25%/31% percentile values since 2010/2021 [22]. 3.3 Primary Market Tracking Last Week (June 30 - July 4, 2025) - Libo Convertible Bond was announced for issuance, and Dianhua and Anke Convertible Bonds were listed. - Libo Convertible Bond (111023.SH): The underlying stock is Libote (605167.SH) in the building decoration industry, with a market value of 5.155 billion yuan as of July 4. The company focuses on the design and manufacturing of industrial modules. The issued convertible bond scale is 750 million yuan, and the funds after deducting issuance fees will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd [30]. - Dianhua Convertible Bond (127109.SZ): The underlying stock is Xiangtan Dianhua (002125.SZ) in the power equipment industry, with a market value of 8.555 billion yuan as of July 4. The company's main businesses include the production and sales of electrolytic manganese dioxide and new - energy battery materials, etc. The issued convertible bond scale is 487 million yuan, and the funds will be used for the 30,000 - ton spinel - type lithium manganate battery material project and to supplement working capital [31]. - Anke Convertible Bond (123257.SZ): The underlying stock is Anke Innovation (300866.SZ) in the electronics industry, with a market value of 61.207 billion yuan as of July 4. The company is mainly engaged in the R & D and sales of smart mobile peripherals, etc. The issued convertible bond scale is 1.105 billion yuan, and the funds will be used for multiple projects such as R & D and industrialization of portable and household energy - storage products [32]. - As of July 4, the exchange accepted Shenyu Co., Ltd., and there were no new enterprises approved for registration, passed by the listing committee, passed by the general meeting of shareholders, or with board of directors' plans. There are currently 77 convertible bonds to be issued, with a total scale of 123.22 billion yuan, including 4 approved for registration with a total scale of 9.01 billion yuan and 3 passed by the listing committee with a total scale of 2.62 billion yuan [33]. Future Week (July 7 - July 11, 2025) As of the announcement on July 4, there are no convertible bonds announced for issuance or listing in the coming week [33].

Core Viewpoint - The strategic cooperation between China FAW Group and New Ziguang Group aims to enhance the domestic chip industry, focusing on automotive-grade chips and addressing key technological challenges in the sector [1][2][4]. Group 1: Strategic Cooperation - China FAW Group and New Ziguang Group signed a strategic cooperation agreement to collaborate on domestic chip applications, supply chain resource construction, joint technological breakthroughs, and the establishment of a chip industry ecosystem [1]. - The partnership is expected to strengthen the self-controllable capabilities of the industrial chain, particularly in automotive-grade chips [1][4]. Group 2: Industry Trends and Goals - China FAW Group is accelerating its "All in" new energy strategy to adapt to the trends of electrification and intelligence in the automotive industry, aiming to build a reliable and advanced new energy supply chain [1]. - In 2024, China FAW Group plans to increase its new energy production capacity in the commercial vehicle sector, with a target of selling 339,000 intelligent connected new energy vehicles, representing a 41% year-on-year growth [1]. Group 3: Technological Advancements - New Ziguang Group is positioned to drive rapid growth in its automotive electronics business, leveraging its comprehensive layout in the automotive chip sector [2]. - The company has launched new high-end products, including the A8880 smart cockpit chip platform, which boasts a threefold increase in CPU performance and an eightfold increase in AI computing power [3]. Group 4: Ecosystem Development - The collaboration aims to create a competitive semiconductor industry chain with a focus on autonomous control and collaborative innovation across all elements [5]. - New Ziguang Group plans to establish a closed-loop ecosystem from chip design to end application, enhancing the local automotive chip industry [6]. Group 5: Supply Chain Integration - The partnership is expected to streamline the traditional supply chain model, allowing for faster communication and decision-making between the two companies [7]. - The direct dialogue between the leadership of both companies is anticipated to facilitate the integration of New Ziguang's various automotive chips into China FAW Group's supply chain [7].

Group 1 - The conference highlighted the importance of the city council's role in providing suggestions for economic and social development, with 18 speech materials submitted and 15 members speaking at the meeting [1] - Key topics discussed included economic development, technological innovation, urban renewal, cultural industry, employment, social governance, environmental protection, and food safety [1] - Emerging concepts such as artificial intelligence, low-altitude economy, and new energy sources were frequently mentioned, indicating a focus on urban innovation and development [1] Group 2 - Suggestions for strengthening the chip design and manufacturing industry were made, emphasizing the need for a robust computing infrastructure and data resource systems [2] - Recommendations for urban renewal included a focus on overall area development to create scale effects and a systematic approach to project selection [2] - The importance of developing the eVTOL industry within the low-altitude economy was highlighted, with calls for collaboration between enterprises and educational institutions [2] Group 3 - Proposals to enhance patient capital to accelerate the development of new productive forces in Hangzhou were presented, including policy guidance and the establishment of relay fund systems [3] - The need for strengthening corporate R&D institutions was emphasized, with suggestions for reducing costs and enhancing resource supply [3] - The role of platform enterprises in driving innovation and employment was acknowledged, with recommendations for better collaboration and ecosystem development [3] Group 4 - Employment strategies focused on supporting key groups and expanding job channels were discussed, highlighting the importance of high-quality employment for economic growth [4] - Suggestions for improving community governance and service capabilities were made, emphasizing the role of party leadership and community autonomy [4] - Recommendations for enhancing school cafeteria management and food safety for children were presented, stressing the need for nutritional and safe meal options [5] Group 5 - Transportation development was identified as crucial for urban growth, with suggestions for enhancing airport capabilities and improving transportation networks [5] - The importance of rural development for achieving common prosperity was emphasized, with calls for balanced infrastructure and public service distribution [5] - Proposals for biodiversity protection and the promotion of unique local species were made, highlighting the need for sustainable utilization and value realization [5] - Cultural heritage initiatives aimed at promoting Wu-Yue culture were discussed, with suggestions for immersive cultural tourism projects and the creation of signature cultural products [5]

Core Viewpoint - Wentech Technology is attempting to reverse its declining performance through a significant asset divestiture amid challenging external conditions and substantial financial losses [2][3]. Group 1: Asset Sale Details - Wentech Technology plans to sell its core product integration business to Luxshare Precision for approximately 4.4 billion RMB, encompassing nearly all of its product integration assets [2]. - The assets being sold include the entire equity of several subsidiaries and related business assets, with the total transaction price set at 4.389 billion RMB, to be paid in cash [2]. - The divestiture is a direct response to being placed on the U.S. Entity List, which has severely impacted the company's ability to secure new orders and maintain existing ones [2][3]. Group 2: Financial Performance - In 2024, Wentech Technology reported a net loss of 2.833 billion RMB, a decline of over 300% year-on-year, attributed to the impact of the Entity List [3]. - Despite achieving a total revenue of 73.598 billion RMB, the product integration business generated 58.270 billion RMB in revenue but had a low gross margin of 2.49%, while the semiconductor business, with revenue of 14.715 billion RMB, had a gross margin of 37.52% [3]. Group 3: Strategic Shift - The company aims to focus on its semiconductor business, which is expected to have better profit margins and growth potential, following the divestiture of the product integration business [4][6]. - Wentech Technology's semiconductor business is closely linked to its acquisition of Nexperia, which operates under a mature IDM model covering the entire semiconductor supply chain [6]. Group 4: Regulatory and Market Challenges - The Shanghai Stock Exchange has raised questions regarding the rationale behind the complete divestiture of the product integration business rather than selectively addressing the most affected parts [4]. - The company has faced scrutiny over the valuation of the assets being sold, particularly concerning the significant impairment provisions made prior to the sale [5]. Group 5: Future Outlook and Risks - While the semiconductor business has shown strong profitability, it has also experienced a revenue decline of 7.9% in the first half of 2024, raising concerns about its sustainability [7]. - The company carries a substantial goodwill of 21.397 billion RMB from the acquisition of Nexperia, which poses a risk of impairment if future performance does not meet expectations [7]. - Wentech Technology is also facing potential tax inquiries in India, which could lead to fines, although the company believes this will not significantly impact the asset sale [8][9].

Core Insights - The company is leveraging opportunities from the recovery of the civil aviation industry, achieving a 31.01% year-on-year growth in its aviation engineering technology and services business, and an 84.92% increase in overseas revenue [2] - The company reported a record high revenue of 1.319 billion yuan in 2024, a 25.26% increase year-on-year, and a net profit of 70.8825 million yuan, up 51.34% [3] - The company plans to deepen its development strategy focusing on aviation products, engineering technology, and low-altitude economy, while expanding its domestic market and enhancing its overseas market share [3] Business Development - The company is positioned in line with national industrial development trends, focusing on new productive forces, which presents significant growth potential [3] - Continuous investment in R&D and innovation is a priority, with a rich development model that includes multiple project phases from pre-research to mass production [3] - The company is expanding production scale for stable products and further market expansion, contributing to sustained performance growth [3] Market Position - The company is the first private aviation product research and technology service company in China, holding various licenses from CAAC, EASA, and FAA, making it unique in the domestic market [2] - The company has established a comprehensive service system in aviation engineering technology, covering aircraft overhaul, modification, component maintenance, and training [3] - The company aims to leverage its core technology advantages and market insights to stand out in a competitive market [3]

[2023]009542 ( ) 华勤技术股份有限公司 首次公开发行股票并在沪市主板上市 申请文件的审核问询函中有关财务事项的说明 录 页 次 首次公开发行股票并在沪市主板上市申请文 r 件的审核问询函中有关财务事项的说明 二、 事务所及注册会计师执业资质证明 16 7 12 [100039] 86 (10) 5835 0011 86 (10) 5835 0006 [2023]009542 2023 262 1 8-2-1 2 8-2-2 1 1 2017 6 2020 8 2 2014 3 2017 4 5 2022 5 2021 24,383.36 10,013.71 1 2 200 3 4 5 2022 5 2022 3 8-2-3 1 2 5 4 8-2-4 | | 行人报告期内股份支付等待期安排主要为创始股东与激励对象签署的各类激励协议文本中对员工在公司需要服务的年限 | | 据, | | --- | --- | --- | --- | | | 次， ਜ 拟股激励协议均 发行人股份支付等待期安排的主要条款和等待期期限的调整共发 实施虚拟股激励至最终完成规范期间,该等虚 早 『文生与激励对象签署。截至 ...