Group 1 - The report indicates that the current convertible bond valuation remains relatively high, with some newly issued bonds having higher premium rates compared to other bonds at parity. This is attributed to strong demand for convertible bonds and high industry prosperity, leading to excess returns on corresponding stocks and increased volatility, which supports the high valuation levels of these new bonds [1][10]. - The report anticipates that the high premium of newly issued bonds will persist, as high-prosperity industries will continue to issue convertible bonds, maintaining a balance structure close to the levels seen in 2025. This is expected to support the valuation levels of newly issued bonds and the overall market [1][10]. - The report tracks the valuation levels across various industries, identifying the top ten industries with the highest valuations, including Media, Computer, Defense, Machinery, Electronics, Automotive, Beauty, Communication, Food & Beverage, and Electric Equipment. The proportion of high-valuation industry bonds has increased in 2025 compared to 2023 and 2024, indicating a rise in the overall market valuation center [2][11]. Group 2 - The weekly strategy indicates that most stock indices experienced adjustments, with the China Convertible Bond Index showing a slight increase of 0.52%. The report highlights that the median price of bonds in the parity range has risen, indicating that convertible bond valuations remain at historically high levels [3][17]. - The report notes that market liquidity remains ample, and as investor risk appetite gradually recovers, a mid-term upward trend in stock indices is expected. Key areas of focus include the acceleration of AI industrialization, the "anti-involution" trend benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds such as hydrogen energy and nuclear fusion [3][17][18]. - Recent increases in convertible bond valuations may be due to inflows of new capital into the market, driven by a better alignment of the convertible bond market structure with current market styles. Specific sectors such as photovoltaics, lithium batteries, coal, and steel are highlighted as key areas for institutional investment [4][17].

Group 1: Company Performance and Financials - The company's overall gross margin improved in Q3 2025 due to digital and intelligent management in manufacturing, alongside cost control measures [2] - The gross margin for the energy storage core components business was reported at 24.84% in H1 2025, with potential for further improvement as production scales up [6][7] Group 2: Investment and Strategic Partnerships - The company invested 20 million CNY in Chongqing Jingang Transmission Technology Co., acquiring a 6.25% stake to support the development of industrial and humanoid robot applications [3] - The investment aims to leverage Chongqing Jingang's expertise in precision design and manufacturing for harmonic reducers, enhancing collaboration in drive components [3] Group 3: Market Trends and Projections - The LED plant lighting market is projected to reach $1.366 billion in 2025, with a growth rate of 3.9% [4] - By 2029, the market size for LED plant lighting could grow to $2.056 billion, with a compound annual growth rate (CAGR) of 9.4% from 2024 to 2029 [5] Group 4: Future Growth Opportunities - Despite a challenging global economic environment, there is expected growth in LED applications in outdoor, industrial, and emergency lighting sectors due to high energy costs and new regulations [7] - The company’s energy storage subsidiary is actively participating in various energy exhibitions, aiming to enhance market presence and sales [7]

Group 1 - The company conducted an online meeting with 10 institutions, including Huafu Fund and E Fund, to discuss its business and market outlook [1] - The LED driver power business is expected to face a slowdown in demand due to US tariff policies affecting the LED lighting industry, but demand is anticipated to recover in the second half of the year [1] - The company produces photovoltaic + energy storage hybrid inverters for household energy storage systems and energy storage converters for commercial systems, primarily selling in Europe, South Asia, and Africa [1] Group 2 - The company is progressing with a technical development contract signed with Chongqing Jingang Transmission and is actively seeking downstream customers for sample orders [1] - The company decided not to exercise the early redemption rights for its convertible bonds, with a review planned for potential future triggers [1] - The actual controllers of the company have committed to share lock-up and reduction intentions, with no other reduction restrictions mentioned [1] Group 3 - A recent plan from the National Development and Reform Commission and the National Energy Administration indicates that the new energy storage installed capacity in the country is expected to exceed 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [1] - The company is recognized for its customized R&D response, large-scale manufacturing, and global supply capabilities in the LED driver power sector, with its brand "崧盛电源" receiving multiple honors [1] - The announcement did not provide information regarding the gross margin of LED driver power products [1]

Group 1: Company Overview and Market Conditions - The LED driver power business is experiencing a contraction in market size due to the impact of U.S. tariffs, with demand for new installations slowing down in the first half of 2025. However, demand is expected to recover in the second half of 2025 as tariff policies ease [2]. - The global market for LED plant lighting is projected to reach $1.366 billion in 2025, with a year-on-year growth rate of 3.9% [3]. - The company’s core energy storage components are primarily sold in Europe, South Asia, and Africa, targeting energy product integrators and installers [4]. Group 2: Business Developments and Financials - The gross margin for LED driver power products in the first half of 2025 was 23.59%, with higher margins observed in high-power products compared to low-power products [10][11]. - The company has decided not to exercise the early redemption rights for its convertible bonds, with a review scheduled for December 18, 2025, should the conditions for redemption arise again [6]. Group 3: Future Prospects and Orders - The National Development and Reform Commission projects that by 2027, the new energy storage installed capacity in China will exceed 180 million kilowatts, driving direct investment of approximately 250 billion yuan [8]. - TrendForce estimates that global energy storage installations will reach 82 GW/216 GWh in 2025, representing a year-on-year growth of 28%/36% [8]. Group 4: Competitive Advantages - The company is one of the few LED driver power manufacturers with capabilities in customized R&D, large-scale manufacturing, and global supply, which enhances its competitive edge in the market [9].

Report Industry Investment Rating - No relevant content provided Core View of the Report - From the beginning of 2025 to September 19, the convertible bond market performed slightly worse than the equity market. The current valuation of convertible bonds is relatively high, and adjustments are ongoing. In the long - term, convertible bonds are still relatively high - quality assets, but one needs to focus on the structure [1][3] Summary by Related Catalogs Market行情 - From September 15 to 19, 2025, the CSI Convertible Bond Index decreased by 1.5% (last week it was +0.4%), and the CSI All - Share Index changed by -0.2% (last week it was +2.1%). Since the beginning of 2025, the CSI Convertible Bond Index has increased by 14.2%, and the CSI All - Share Index has increased by 21.0% [1] - By rating, high - rated bonds (AA+ and above), medium - rated bonds (AA), and low - rated bonds (AA - and below) decreased by 1.68%, 1.06%, and 1.22% respectively this week, with high - rated bonds having the largest decline [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) decreased by 1.98%, 1.33%, and 1.20% respectively this week, with large - scale convertible bonds having the largest decline [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) decreased by 0.20%, 2.03%, 1.36%, 1.54%, and 1.57% respectively this week, with ultra - high - parity bonds having the smallest decline [2] Current Convertible Bond Valuation Levels - As of September 19, 2025, there were 432 outstanding convertible bonds (437 at the end of last week), with a balance of 599.191 billion yuan (607.826 billion yuan at the end of last week) [2] - The average convertible bond price was 130.41 yuan (132.0 yuan last week), with a percentile of 98.3% - The average convertible bond parity was 105.51 yuan (105.10 yuan last week), with a percentile of 95.5% - The average conversion premium rate of convertible bonds was 25.2% (26.0% last week), with a percentile of 47.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.1% (28.8% last week), higher than the median of the conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [2] Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index is still in the adjustment phase. In the long - term, convertible bonds are relatively high - quality assets, but the current overall valuation level is high, so one needs to focus on the structure [3] Convertible Bond Gain Situation - The top 15 convertible bonds in terms of gains this week include Jingxing Convertible Bond, Hengshuai Convertible Bond, etc. Each bond has different positive stock gains and corresponding convertible bond gains [21]

Core Viewpoint - The article discusses recent developments in various companies and convertible bonds, highlighting share reduction plans, technology contracts, and new stock listings. Group 1: Share Reduction and Convertible Bonds - The actual controller of Fuchun Dyeing and Weaving and its concerted actors plan to reduce their holdings by no more than 1% of the company's shares [1] - Lu Shan Convertible Bond is subject to strong redemption [1][2] - Song Sheng Convertible Bond will not undergo strong redemption [1][2] - Jiu Qiang Convertible Bond and Yang Feng Convertible Bond will not be adjusted [1][2] Group 2: Technology Contracts and New Listings - Fengshan Group signed a technology development contract with Tsinghua University for sodium-ion battery electrolyte and solid-state lithium-ion battery electrolyte projects [1] - New stocks from Yunhan Chip City and Ruili Kemi are available for subscription on the Shanghai and Shenzhen stock exchanges [1]

Core Points - Company announced that its stock price has met the conditions for early redemption of convertible bonds, triggering a specific clause in the bond issuance document [2] - The board of directors decided not to exercise the early redemption option for the "崧盛转债" bonds and will not do so for the next three months [2] - Future decisions regarding the early redemption will be made if the conditions are triggered again after December 18, 2025 [2]

Group 1 - The company, 崧盛股份, announced that its third board meeting will be held on September 18, 2025, combining in-person and communication methods [1] - The meeting will review the proposal regarding the non-early redemption of "崧盛转债" [1]

Core Viewpoint - The Zhongzheng Convertible Bond Index opened with a slight increase of 0.08%, reaching 477.96 points on September 16 [1] Group 1: Market Performance - The top gainers in the convertible bond market included Yuguang Convertible Bond, Borui Convertible Bond, New 23 Convertible Bond, Songsheng Convertible Bond, and Yinlun Convertible Bond, with increases of 6.74%, 4.28%, 3.05%, 1.98%, and 1.97% respectively [1] - The largest decliners were Haitai Convertible Bond, Jiuzhou Turn 2, Luokai Convertible Bond, Aofei Convertible Bond, and Yiwei Convertible Bond, with decreases of 5.02%, 3.76%, 1.71%, 1.42%, and 1.40% respectively [1]

Group 1 - The core point of the article is that Congsheng Co., Ltd. announced that its stock price has been above 130% of the current conversion price of "Congsheng Convertible Bonds" for 10 consecutive trading days, which may trigger the conditional redemption clause of the bonds if the stock price remains above this threshold [2] Group 2 - The specific conversion price of the "Congsheng Convertible Bonds" is set at 24.35 yuan per share, meaning the stock price must remain above 31.655 yuan per share to potentially trigger the redemption [2] - The period during which the stock price has met this condition is from August 26, 2025, to September 11, 2025 [2]