Group 1 - The stock price of Jingce Electronics is reported at 58.75 yuan, with a decrease of 0.05 yuan, representing a decline of 0.09% from the previous trading day [1] - The trading volume was 45,756 hands, with a transaction amount of 268 million yuan [1] - Jingce Electronics operates in the instrumentation industry, focusing on the research, development, production, and sales of flat panel display testing systems [1] Group 2 - The company's products are primarily used in the testing processes of manufacturing liquid crystal modules, touch modules, and OLED modules [1] - As of July 31, 2025, the number of shareholders is reported to be 27,700, an increase of 633 from the previous period [1] - Shareholder Hu Jun plans to reduce holdings by no more than 2.6 million shares, which accounts for 0.93% of the company's total share capital [1] Group 3 - The number of shares held by the Shenzhen Stock Connect is 1.7681 million shares, representing 0.63% of the circulating share capital [1] - On August 4, 2025, the net inflow of main funds was 4.622 million yuan, while the net outflow over the past five days was 32.6056 million yuan [1]

Market Overview - In June 2025, the stock market experienced an overall rise due to the easing of Middle Eastern tensions and multiple thematic catalysts, while bond market interest rates declined [4][7] - The average parity of convertible bonds reached a near-high level, with significant valuation increases for bond-like convertible bonds [5][7] - The China Securities Convertible Bond Index closed at 442.1 points on June 27, marking a 2.68% increase for the month [7] Convertible Bond Market Analysis - As of June 27, the arithmetic average parity of convertible bonds was 103.14 yuan, up 3.77% from the previous month, placing it in the 98th percentile since 2023 [7][23] - The average conversion premium rate for bonds in the price range of 90 to 125 yuan was 21.13%, also in the 48th percentile for 2023 [7][23] - The average yield to maturity (YTM) for bond-like convertible bonds fell below zero, indicating a shift in market sentiment [7][29] Recommended Convertible Bonds - The "Top Ten Convertible Bonds" for July 2025 include: - **Shenzhen Gas Convertible Bond (113067.SH)**: High balance and stable profitability, rated AAA [31][32] - **Hongcheng Convertible Bond (110077.SH)**: Stable operations and high dividend payout, rated AA+ [31][43] - **Weir Convertible Bond (113616.SH)**: Strong growth in consumer electronics and automotive sectors, rated AA+ [31][55] - **Jingce Convertible Bond (123176.SZ)**: Urgent need for domestic semiconductor testing equipment, rated AA- [31][66] - **Haoyuan Convertible Bond (118051.SH)**: Recovery trend in innovative drug development, rated AA- [31][79] - **Huakang Convertible Bond (111018.SH)**: Leading position in functional sugar alcohols, rated AA- [31][90] - **Bohai Convertible Bond (113069.SH)**: Steady growth in special alloy materials, rated AA [31][101] - **Dongcai Convertible Bond (113064.SH)**: Increased demand for high-frequency resin materials driven by AI server construction, rated AA [31][113] Industry Insights - The gas industry, represented by Shenzhen Gas, is experiencing steady growth in natural gas sales, with a 5.06% year-on-year increase in supply volume [36] - The environmental governance sector, led by Hongcheng Environment, shows stable revenue growth from water supply and treatment services, with a focus on expanding its business footprint [46] - The semiconductor industry, highlighted by Weir Group, is benefiting from increased demand in automotive electronics and consumer electronics, with significant revenue growth projected [58] - The healthcare sector, represented by Haoyuan Pharmaceutical, is positioned to capitalize on the recovery of innovative drug research and development [82]