● 本报记者 董添 近期，上市公司2025年半年报进入密集披露期。Wind数据显示，截至8月22日19时，A股共有1526家上 市公司对外披露2025年半年报，921家上市公司实现净利润同比增长，占比约为60.35%。电子、交通运 输、农林牧渔、汽车、机械设备、有色金属、家用电器、社会服务等行业上市公司业绩表现亮眼。 此外，Wind数据显示，截至8月22日19时，A股共有265家上市公司对外发布2025年中期分红方案。 逾1500份半年报亮相 上述披露2025年半年报的1526家上市公司中，净利润同比增幅超过10%的有761家，超过30%的有501 家，超过50%的有359家，超过100%的有210家，超过300%的有66家。数码视讯、先达股份、智明达、 容知日新、仕佳光子、索通发展等公司2025年上半年归属于上市公司股东的净利润增幅居前。 财报显示，数码视讯2025年上半年共实现营业收入约2.65亿元，同比增长24.7%；实现归属于上市公司 股东的净利润约1670万元，同比增长2747.64%。公司专注于视频、安全、人工智能及通信服务等前沿 技术的创新研发。报告期内，公司持续进行产品和服务的创新与迭代，以满 ...

Core Viewpoint - The convertible bond market is experiencing a significant reduction in supply, leading to increased scarcity and heightened interest from investors, particularly in bank convertible bonds [1][2][3]. Group 1: Market Dynamics - Since July, there has been a concentrated redemption and conversion of bank convertible bonds, resulting in a shrinking asset pool. As of July 10, the total market for convertible bonds has decreased to 668.08 billion yuan, down 65.54 billion yuan from the beginning of the year [1]. - The current market is undergoing a period of intensive adjustment, with 456 convertible bonds entering redemption and conversion phases, representing 95.36% of the total market size [1]. - The convertible bond market has shown strong upward momentum this year, with the Wind convertible bond index rising by 18.17% year-to-date as of July 10 [2]. Group 2: Performance of Bank Convertible Bonds - Bank convertible bonds are particularly attractive due to the strong credit quality of the issuing banks and the performance of bank stocks, which have seen significant increases due to institutional investments [2][3]. - Several bank convertible bonds have successfully triggered mandatory redemption and conversion, achieving high conversion rates, such as Chengdu Bank and Suzhou Bank with rates of 99.94% and 99.93% respectively [3]. Group 3: Investor Sentiment and Strategy - There is a growing concern among investors regarding the high valuation of convertible bonds, with some analysts suggesting that entering the market at this stage may not be wise [2][4]. - Despite the high valuations, there remains a demand for convertible bonds, particularly from institutional investors seeking to enhance their fixed-income portfolios [5][6]. - Investment strategies are shifting, with a preference for large-cap convertible bonds linked to major stocks, especially in sectors like banking, photovoltaic, and agriculture [6].