[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 9 月十大转债 报告摘要： [Table_Summary] 9 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《非农大幅下修后，如何关注美国就业与通 胀？》 --20250828 《【东北固收】非税收入依赖度降低，持续激发 消 费 潜 力 — — 政 策 及 基 本 面 周 度 观 察 （20250823）》 --20250824 《金威转债定价：首日转股溢价率 33-36%》 --20250821 《【东北固收】双贴息政策落地，黑色系价格冲 高 回 落 — — 政 策 及 基 本 面 周 度 观 察 （20250818）》 --20250819 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin@nesc.cn 《【东北固收】钢铁价格震荡回落，消费增量举 措即将出台 — — 政 策 及 基 本 面 周 度 ...

证券日报网讯云意电气（300304）8月29日发布公告，在公司回答调研者提问时表示，半导体功率器件 目前主流产品聚焦传统能源汽车的大功率器件领域，形成稳定的订单基本盘。随着车载电子电气化率持 续提升，为大功率器件提供稳定需求支撑。预计下半年经营情况会进一步改善。今年年初已开展工厂的 规模性扩产，购置了相关设备，为保障客户供货需求提供产能支撑。 ...

证券代码：300304 证券简称：云意电气 江苏云意电气股份有限公司投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩交流会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 国信证券；浙商证券；华西证券；爱建证券；国投证券；海通证券；长城证 | | | 券；兴业证券；开源证券；中银国际证券；中信证券；华泰证券；招商证券； | | | 西部证券；国泰海通证券；中邮证券；天风证券；国海证券；民生证券；甬 | | | 兴证券；中信建投证券；财通证券；广发基金；长信基金；兴证全球基金； | | | 光大保德信基金；工银瑞信基金；同泰基金；九泰基金；华商基金；长盛基 | | | 金；大成基金；富国基金；兴业基金；财通基金；泓德基金；银河基金；秋 | | 及人员姓名 | 阳予梁投资；大筝资管；中天汇富基金；浙江纳轩私募；广州杉华投资；深 | | | 圳宽源基金；前海汇杰达理资本；煜德；深圳本地资本；北京星石资管；北 | | | 京宏道投资；北京鸿道投资；尚诚资管 ...

Group 1 - SANY Group aims to not only export products but also cultivate local renewable energy industry chains, serving over 180 countries and regions, with market leadership in 122 of them [1][7] - Hualing Cable has expanded its market presence by exporting products to countries like Vietnam, Guyana, and Serbia, promoting "Chinese manufacturing" globally [1][7] - Chutian Technology focuses on establishing a strong international presence in the pharmaceutical equipment sector, emphasizing the importance of global competitiveness [1][7] Group 2 - SANY Group is currently managing around 20 microgrid projects, with production lines operating at nearly 200% capacity [8] - The microgrid project in Guinea, West Africa, has successfully transitioned from diesel power to a fully green energy supply, featuring a configuration of 7MWp solar and 7MW/21MWh storage [8][9] - SANY Group is integrating renewable energy with construction machinery, enhancing its green low-carbon development strategy across wind, solar, hydrogen, and storage sectors [9] Group 3 - SANY Silicon's production process involves advanced automation, transforming a silicon rod into 4,750 silicon wafers in just over 100 minutes [10] - The company has established a vertically integrated supply chain in the photovoltaic sector, focusing on R&D and production of solar cells and modules [9][10] Group 4 - Hualing Cable is transitioning from a traditional cable manufacturer to a high-end cable integration and intelligent composite transmission leader, focusing on deep-sea, deep-space, and deep-earth applications [2][3] - The company has achieved significant growth in revenue since its listing, with plans to expand into high-end cable and new materials through strategic acquisitions [2][3] Group 5 - Youa Co. is undergoing a strategic transformation by diversifying into the semiconductor industry, aiming to create a dual business model of retail and semiconductors [1][4] - The acquisition of Shenzhen Shangyangtong Technology Co., Ltd. for 1.58 billion yuan is part of Youa's strategy to enhance its capabilities in power semiconductor devices [4]

2013年，胡硕正式入职友阿股份，历任友阿股份营运总监兼友谊商城总经理、品牌招商事业部总经理、 副总裁等职。 在百货零售这一"古老战场"上，他给友阿股份带来了不少新气息、新变化。在白酒行业整体低迷的2014 年，胡硕率队赶赴茅台集团，抓住时机建立起直营关系，酒类板块由此实现连年大幅增长，并成为友阿 股份百货零售业务的"压舱石"之一。 胡硕的父亲——胡子敬执掌的友阿股份，曾是湖南长沙"商业五虎"之一，在当地演绎了一场商业传奇。 在百货零售世家长大的胡硕，却和新兴产业结下不解之缘，是一位理工科"学霸"总裁。 "一方面，百货零售行业要与时俱进，靠转型升级实现新发展；另一方面，企业发展应该与时代发展同 频共振，积极拥抱新兴产业与新质生产力。"友阿股份总裁胡硕向上海证券报记者表示。 当前，友阿股份正处于战略转型关键阶段。去年以来，友阿股份乘着新"国九条"及"并购六条"等政策东 风，积极筹划布局未来产业。经过前期调研，公司决定通过收购资产的方式，实施多元化发展战略，打 造"零售+半导体"双主业格局。 在胡硕看来，发展百货零售业与半导体产业并不违和："做半导体器件，核心路经同样涵盖设计—生产 —销售等环节。" "我是一个传 ...

Group 1 - SANY Group aims to not only export products but also cultivate local renewable energy industry chains, serving over 180 countries and regions, with market leadership in more than 30 countries [1][15][16] - SANY's microgrid projects are expanding rapidly, with around 20 projects underway, achieving a production line capacity utilization of nearly 200% [5][12] - The microgrid project in Guinea has successfully transitioned from diesel power to a green energy supply, featuring a configuration of 7MWp solar and 7MW/21MWh storage [5][10] Group 2 - Hualing Cable has transformed from a traditional cable manufacturer to a high-end cable integrated enterprise, focusing on deep-sea, deep-space, and deep-earth applications [22][23] - The company has achieved significant growth, with revenue increasing from 2 billion yuan before its IPO to over 4 billion yuan projected for 2024 [23] - Hualing Cable's products have been exported to various countries, including Vietnam and Guyana, promoting "Chinese manufacturing" globally [21][23] Group 3 - Chutian Technology is positioning itself as a leader in the biopharmaceutical equipment sector, with a focus on global expansion and innovation [25][35] - The company has developed a comprehensive solution for the beauty industry, showcasing its capabilities in automation and smart manufacturing [31] - Chutian Technology's international conference attracted over 130 pharmaceutical executives from nearly 30 countries, highlighting its global reach [25][28] Group 4 - Youa Group is undergoing a strategic transformation by diversifying into the semiconductor industry while maintaining its retail business [37][40] - The company plans to acquire a 100% stake in a semiconductor firm for 1.58 billion yuan, aiming to enhance its technological capabilities [40][41] - Youa Group is collaborating with Tsinghua University and a capital management company to establish a semiconductor investment fund, facilitating its transition into high-tech industries [43][44]

Group 1 - The stock price of Hongwei Technology closed at 29.24 yuan on August 11, down 1.81% from the previous trading day [1] - The trading volume on that day was 142,800 hands, with a transaction amount of 414 million yuan, resulting in a turnover rate of 6.70% [1] - The company specializes in the research, production, and sales of semiconductor power devices, which are widely used in industrial control, renewable energy generation, and electric vehicles [1] Group 2 - On August 14, 200,000 restricted stocks will be listed for circulation, involving 59 incentive targets [1] - A temporary shareholders' meeting will be held on August 12 to review multiple proposals, including amendments to the company’s articles of association and adjustments to the board of directors [1] - On August 11, the net outflow of main funds was 32.8763 million yuan, with a cumulative net outflow of 76.8291 million yuan over the past five days [1]

Group 1 - The core point of the article is that Youa Co., Ltd. plans to acquire 100% equity of Shenzhen Shangyang Tong Technology Co., Ltd., aiming to establish a dual business layout of "department store retail + power semiconductor device design" [1] - As of August 11, 2025, Youa's stock price was 6.12 yuan, up 2.34% from the previous trading day, with a trading volume of 486,500 hands and a transaction amount of 296 million yuan [1] - Shangyang Tong achieved an operating income of 334 million yuan in the first half of 2025, a year-on-year increase of 28.10%, and a net profit of 22.4 million yuan, up 66.94% year-on-year [1] Group 2 - Youa Co., Ltd. has established partnerships with well-known companies such as BYD and ZTE in the power semiconductor field, and its product technical indicators have received international authoritative certification [1] - On August 11, 2025, the net inflow of main funds into Youa was 44.6 million yuan, accounting for 0.52% of the circulating market value, while the net outflow over the past five days was 4.5 million yuan, accounting for 0.05% of the circulating market value [1]

作为继5月28日首次披露重组草案后的又一重要节点，本次审核问询回复重点从标的公司业务模式、技 术水平及业绩可持续性等多维度释疑，标的公司价值进一步彰显。 上半年净利润同比增长超66%，标的公司盈利开始修复 8月11日晚间，友阿股份（002277.SZ）完成对深交所《发行股份购买资产并募集配套资金申请的审核问 询函》的详尽回复，标志着其收购功率半导体企业深圳尚阳通科技股份有限公司（下称"尚阳通"） 100%股权的重组项目迈入实质审核阶段。 当前，全球半导体产业正处于"地缘重构"与"技术迭代"的双重关键变革期。在"9·24新政"激活并购重组 市场的背景下，友阿股份此次并购的战略意义深远。 对友阿股份而言，通过收购尚阳通能够快速切入半导体功率器件赛道，有效规避漫长的自主研发周期， 进而形成"百货零售+半导体功率器件设计"的双主业格局。而功率半导体行业具有"高研发投入、高资本 开支"特性，对尚阳通来说，被收购后可依托上市公司平台突破资金与客户拓展方面的瓶颈，在"国产替 代+全球化竞争"的双重博弈中抢占先机。 据不完全统计，自"并购六条"新规发布以来，截至2025年6月上市公司累计披露资产重组案例已超1400 单。 业 ...

Group 1 - The stock price of Hongwei Technology on July 31 was 26.58 yuan, down 1.02 yuan or 3.70% from the previous trading day [1] - The trading volume on that day was 5.12 billion yuan, with a turnover rate of 8.91% [1] - Hongwei Technology's main business includes the research, production, and sales of semiconductor power devices, which are widely used in industrial control, new energy, and consumer electronics [1] Group 2 - Hongwei Technology announced that its shareholder, Hongzhong Consulting, reduced its holdings by 820,000 shares, accounting for 0.39% of the company's total share capital, and the reduction plan has been completed [1] - The company's board of directors nominated Deng Erping as a candidate for a non-independent director to fill the vacancy left by the resignation of the previous director [1] Group 3 - On July 31, the net outflow of main funds was 34.0571 million yuan, representing 0.6% of the circulating market value [1]