证券研究报告 | 2025年08月17日 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周新增项目信息如下：（部分项目因合规原因未予列示） 可交换私募债跟踪 私募 EB 每周跟踪（20250811-20250815） 固定收益快评 1. 福建省国有资产管理有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易所受理， 拟 ...

证券研究报告 | 2025年08月11日 可交换私募债跟踪 私募 EB 每周跟踪（20250804-20250808） 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周无新增项目信息；（部分项目因合规原因未予列示） 风险提示 项目获批进度不及预期，经济增速下滑。 请务必阅读正文之后的免责声明及其项下所有内容 1 证券研究报 ...

证券研究报告 | 2025年08月04日 可交换私募债跟踪 私募 EB 每周跟踪（20250728-20250801） 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | | 联系人： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周无新增项目信息；（部分项目因合规原因未予列示） 风险提示 项目获批进度不及预期，经济增速下滑。 请务必阅读正文之后的免责声明及其项下所有内容 1 证券研究报告 表1：私募 EB 每周跟踪(2025-0 ...

Report Summary 1. Report Industry Investment Rating - There is no information regarding the report's industry investment rating provided in the content. 2. Core Viewpoint of the Report - The report regularly summarizes the latest information on private exchangeable bond (Private EB) projects obtained from public channels and conducts basic element tracking on private exchangeable bond projects. It should be noted that the private issuance terms and the issuance process may be subject to change, and the final prospectus should be referred to. For the issuance progress, consultation with the relevant lead underwriters is recommended. This week, there is no new project information [1][2]. 3. Summary by Relevant Catalog 3.1 Private EB Project Tracking - **No New Projects This Week**: There is no new project information this week (some projects are not listed due to compliance reasons) [2]. - **List of Existing Projects**: The report lists multiple private EB projects, including details such as bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in two statuses: "Passed" and "Feedback Received". For example, the "Beijing He Xie Heng Yuan Technology Co., Ltd. 2025 Private Placement Exchangeable Corporate Bonds for Professional Investors" with a scale of 6 and underlying stock of Sichuan Shuangma has passed, updated on July 18, 2025; the "Fuda Holding Group Co., Ltd. 2025 Private Placement Exchangeable Corporate Bonds for Professional Investors" with a scale of 12 and underlying stock of Fuda Co., Ltd. has received feedback, updated on July 11, 2025 [3].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including basic elements such as issuer, scale, underlying stock, and project status. The actual issuance terms and progress may change, and investors are advised to refer to the final prospectus and consult the lead underwriters [1]. 3. Summary of Key Information New Projects This Week - Fuda Holdings Group Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 1.2 billion yuan and the underlying stock being Fuda Co., Ltd. (603166.SH). The lead underwriter is Zhongde Securities, and the exchange update date is July 11, 2025 [2]. - Zijin Mining Investment (Shanghai) Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 700 million yuan and the underlying stock being Jiangnan Chemical Industry Co., Ltd. (002226.SZ). The lead underwriter is CITIC Securities, and the exchange update date is July 8, 2025 [2]. Project Status Table - The report lists the status of multiple private exchangeable bond projects as of July 11, 2025, including details such as bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are divided into two categories: "passed" and "feedback received" [3].

Group 1: Industry Investment Rating - No information provided on the industry investment rating Group 2: Core View - The report regularly sorts out the latest private exchangeable bond (private EB) project information available from public channels and conducts basic element tracking on private exchangeable bond projects. The issuance terms and processes may change, and the final prospectus should be referred to. For the issuance progress, consult the relevant lead underwriters [1] Group 3: Summary by Related Catalog New Projects This Week - The 2025 private placement of exchangeable corporate bonds of Fuda Holdings Group Co., Ltd. for professional investors has been accepted by the exchange. The proposed issuance scale is 1.2 billion yuan, the underlying stock is Fuda Co., Ltd. (603166.SH), the lead underwriter is Zhongde Securities, and the exchange update date is June 27, 2025 [2] - The 2025 private placement of exchangeable corporate bonds of Zijin Mining Investment (Shanghai) Co., Ltd. for professional investors has been accepted by the exchange. The proposed issuance scale is 700 million yuan, the underlying stocks are Dunan Environment/Jiangnan Chemical (002011.SZ/002226.SZ), the lead underwriter is CITIC Securities, and the exchange update date is June 24, 2025 [2] Project Status Table - Multiple private exchangeable bond projects are listed in the table, including their bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3]

Group 1: Report Overview - The report regularly tracks the latest private exchangeable bond (private EB) projects from public sources and provides basic element tracking [1] Group 2: New Project Information - Liaoning Chengda Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors has received feedback from the exchange, with an intended issuance size of 5 billion yuan, underlying stock being GF Securities (000776.SZ), and the lead underwriter being CITIC Construction Securities. The exchange updated the information on June 16, 2025 [2] Group 3: Project Status Table - Lists various private EB projects, including bond names, lead underwriters, issuance sizes, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed" and "Feedback Received" [3] Group 4: Related Research Reports - Lists related research reports on private EB weekly tracking from different time periods [4]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report regularly summarizes the latest information on private exchangeable bond (private EB) projects from public channels and tracks the basic elements of private exchangeable bond projects. It should be noted that the private issuance terms and the issuance process may be subject to change, and the final offering prospectus should prevail. For the issuance progress, please consult the relevant lead underwriters [1]. 3. Summary by Relevant Content New Project Information This Week - The private placement of exchangeable corporate bonds by Liaoning Chengda Co., Ltd. in 2025 to professional investors was accepted by the exchange. The proposed issuance scale is 5 billion yuan, the underlying stock is GF Securities (000776.SZ), the lead underwriter is CITIC Construction Securities, and the exchange update date is June 3, 2025 [2]. Private EB Weekly Tracking (2025 - 06 - 03) - Multiple private exchangeable bond projects are listed, including their bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. For example, the private placement of exchangeable corporate bonds by Shudao Investment Group Co., Ltd. in 2025 to professional investors has a scale of 5 billion yuan, the underlying stock is Sichuan Road & Bridge, the project status is "Passed", and the update date is April 30, 2025 [3]. Related Research Reports - Several related research reports are listed, such as "Private EB Weekly Tracking (20250526 - 20250530)" dated June 1, 2025 [4].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report regularly sorts out the latest information on private exchangeable bond (private EB) projects available from public channels and conducts basic element tracking on private exchangeable bond projects. It should be noted that the private issuance terms and the issuance process may be subject to change, and the final prospectus should prevail. For the issuance progress, please consult the relevant lead underwriters [1]. 3. Summary by Relevant Catalog New Project Information This Week - The 2025 private exchangeable corporate bond project of Shenzhen Huaqiang Group Co., Ltd. for professional investors has been approved by the exchange. The proposed issuance scale is RMB 2.4 billion, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is April 17, 2025 [2]. - The 2025 private exchangeable corporate bond project of Jiangsu Shenghong Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 8 billion, the underlying stock is Orient Shenghong (000301.SZ), the lead underwriter is Huatai United Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Beijing He Xie Heng Yuan Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 800 million, the underlying stock is Sichuan Shuangma (000935.SZ), the lead underwriter is Hongta Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Wanan Group Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 600 million, the underlying stock is Wanan Technology (002590.SZ), the lead underwriter is Zheshang Securities, and the exchange update date is April 15, 2025 [2]. Private EB Weekly Tracking (2025 - 04 - 18) The table lists the information of multiple private exchangeable bond projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [4].

Group 1: General Information - The report regularly combs the latest private exchangeable bond (private EB) project information available from public channels and tracks the basic elements of private exchangeable bond projects. The issuance terms and process may change, and the final prospectus should prevail. The issuance progress should be consulted with the relevant lead underwriters [1] Group 2: New Project Information This Week - Wanze Group Co., Ltd.'s private offering of exchangeable corporate bonds in 2025 to professional investors has received feedback from the exchange. The proposed issuance scale is 500 million yuan, the underlying stock is Wanze Co., Ltd. (000534.SZ), the lead underwriter is Hongta Securities, and the exchange update date is April 10, 2025 [2] - Guangdong Shunde Holdings Group Co., Ltd.'s private offering of exchangeable corporate bonds in 2025 to professional investors has received feedback from the exchange. The proposed issuance scale is 2 billion yuan, the underlying stock is Shunkong Development Co., Ltd. (003039.SZ), the lead underwriter is GF Securities, and the exchange update date is April 6, 2025 [2] Group 3: Private EB Weekly Tracking Table - The table shows the details of multiple private EB projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3]