Core Viewpoint - The A-share market is experiencing a significant rebound, leading to an increase in investor confidence and a surge in the number of new participants in convertible bond subscriptions [1][4]. Group 1: Market Trends - The number of new investors participating in convertible bond subscriptions has increased by over 820,000 in just two months, bringing the total to over 8.7 million [1][4]. - The A-share market has seen a notable increase in new account openings, with 1,456.13 million new accounts opened in the first seven months of 2025, a year-on-year increase of 36.88% [4]. - The financing balance in the A-share market reached 21,329.69 billion, an increase of over 340 billion since the end of May [5]. Group 2: Performance of Convertible Bonds - Newly listed convertible bonds have shown impressive performance, attracting new investors. For instance, the Ber25 convertible bond rose by 29.01% on its first day and has since increased by over 50% [8][10]. - The average price of convertible bonds has recently surpassed 130 yuan per share, indicating a preference among institutions for low-priced and mid-priced convertible bonds [12]. Group 3: Investor Sentiment - The recent surge in convertible bond subscriptions reflects a broader increase in investor confidence in the equity market, driven by positive market conditions [1][4]. - Analysts suggest that the current market environment, characterized by rising stock indices and a strong "money-making effect," is likely to continue attracting more capital into the A-share market [13][14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current convertible bond valuation is at a high level, but compared to the previous high in 2022, the current pure bond yield is lower, and the rigid demand for fixed - income + allocation gives some upward space for convertible bond valuation. In August, the equity market still has an environment for further upward movement, supported by domestic policies and international factors [1][13] - Specific investment directions to focus on include anti - involution (Jingneng Convertible Bond, Muyuan Convertible Bond, Wens Convertible Bond), innovative drugs (Huahai Convertible Bond, Chutian Convertible Bond), and humanoid robots (Keli Convertible Bond, Zhenghai Convertible Bond) [2][18] Summary by Directory 1. August Convertible Bond Outlook: Still Promising at High Levels - In July, the equity market rose, with the Wind All - A Index rising 4.7% monthly. The convertible bond market had a double - wheel drive of underlying stocks and valuation, with the CSI Convertible Bond Index rising 2.9%. By the end of July, the convertible bond price and valuation were still at high levels [9] - Although the Politburo meeting in late July was slightly below market expectations, anti - involution policies are ongoing, and supportive policies are being implemented. The less - than - expected US non - farm data increases the expectation of a Fed rate cut in September, which is beneficial for the equity market [13] 2. Market Review in July 2.1 Equity Market - The A - share market rose in July, with the Wind All - A Index rising 4.7% again. The market traded around three main lines: anti - involution, AI, and innovative drugs. The anti - involution policy, the start of the Yajiang Hydropower Project, and continuous positive news in AI and innovative drugs drove the market [19] - In terms of structure, small - cap stocks outperformed large - cap stocks, and growth stocks outperformed value stocks. Most industries in the equity market rose, with steel, building materials, medicine, and TMT sectors leading the gains, while defensive sectors such as banks, utilities, and transportation declined [24] 2.2 Convertible Bond Market - In July, the convertible bond market had a positive sentiment, with the CSI Convertible Bond Index rising 2.9%, relatively underperforming the equity market. The trading volume increased, with an average daily turnover of 728.9 billion yuan [30] - Among industries, 28 out of 29 convertible bond industry indices rose. Public utilities, electronics, medicine, building materials, and power equipment sectors performed well. Individual bonds such as Tianlu Convertible Bond, Saili Convertible Bond, and Borui Convertible Bond led the gains [34] 3. Convertible Bond Valuation - The convertible bond valuation continued to rise to a historical high in July. The end - of - month 100 - yuan parity premium rate was 29.3%, up 1.6pp from the end of June, at the 96.5% and 94.1% quantile levels since 2018 and 2021 respectively [35] - The median convertible bond price and parity also increased, while the median conversion premium rate decreased slightly, and the median pure bond premium rate increased [40] 4. Convertible Bond Supply and Demand 4.1 Convertible Bond Supply - In July 2025, 3 new convertible bonds were issued, with a total scale of 8.452 billion yuan. Three convertible bonds obtained CSRC registration approval, with a to - be - issued scale of 2.62 billion yuan, and 2 public convertible bond board plans were added, with a to - be - issued scale of 2.496 billion yuan [48][51][53] 4.2 Convertible Bond Demand - The share of the Convertible Bond ETF increased rapidly in July, with the share increasing by 572 million to 3.549 billion and the circulation scale increasing by 8.259 billion yuan to 45.183 billion yuan [54] 5. Clause Tracking 5.1 Redemption - As of July 31, 20 convertible bonds confirmed forced redemption, 10 might be subject to forced redemption, and 19 would not be forced to redeem [55] 5.2 Downward Revision - As of July 31, 8 convertible bonds confirmed downward revision, 6 proposed downward revision, and 43 temporarily did not revise downward [58]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Report Industry Investment Rating - Not mentioned in the report Core Views - Last week, the equity market continued to rise, with sectors such as infrastructure, building materials, and coal performing well, while the banking sector adjusted. The bond market declined rapidly, and the convertible bond market saw most individual bonds close higher. The CSI Convertible Bond Index rose 2.14% for the week, the median price increased 1.66%, and the calculated arithmetic average parity rose 2.54%. The overall market conversion premium rate decreased 1.33% compared to the previous week [1][8]. - Catalyzed by the continuous implementation of the "anti - involution" policy and the official start of the Yarlung Zangbo River downstream hydropower project, market sentiment remained high. The convertible bond market also rose with increased trading volume, and the median market price approached 130 yuan. Although many convertible bonds triggered the call provisions, the premium rates of high - priced convertible bonds did not significantly compress. The current cost - effectiveness of convertible bonds is not high, and structural opportunities may still be dominant. It is recommended to focus on sectors such as technology growth, self - controllability, and those related to "anti - involution" [2][18]. Summary by Related Catalogs Market Trends (July 21 - 25, 2025) Stock Market - The equity market continued to rise. Driven by the Yarlung Zangbo River downstream hydropower project and the "anti - involution" policy, sectors like infrastructure, building materials, and coal performed well, while the previously high - rising banking sector adjusted. Most Shenwan primary industries closed higher, with building materials (+8.20%), coal (+7.98%), and steel (+7.67%) leading the gains, and banking (-2.87%), communication (-0.77%), and public utilities (-0.27%) lagging [7][8]. Bond Market - The bond market declined rapidly. Due to the hydropower project, the "anti - involution" policy, and the change in open - market operations from net injection to net withdrawal, bond market sentiment was weak. The 10 - year Treasury bond yield closed at 1.73% on Friday, up 6.72bp from the previous week [1][8]. Convertible Bond Market - Most convertible bond individual bonds closed higher. The CSI Convertible Bond Index rose 2.14% for the week, the median price increased 1.66%, and the arithmetic average parity rose 2.54%. The overall market conversion premium rate decreased 1.33% compared to the previous week. In terms of industries, building materials (+10.68%), coal (+6.01%), and agriculture, forestry, animal husbandry, and fishery (+4.74%) led the gains, while banking (-0.41%), social services (+0.57%), and environmental protection (+0.59%) lagged. Tianlu, Saili, Dayu, Songlin, and Punan convertible bonds had the highest gains, while Hongfeng, Huicheng, Bohui, Mingdian, and Limin convertible bonds had the largest losses. The total trading volume of the convertible bond market last week was 403.371 billion yuan, with an average daily trading volume of 80.674 billion yuan, a significant increase from the previous week [1][8][11] Valuation Overview - As of July 25, 2025, for equity - biased convertible bonds, the average conversion premium rates for par values in different ranges were at relatively high percentile levels. For bond - biased convertible bonds, the average YTM for par values below 70 yuan was -2.26%, at the 1%/0% percentile since 2010/2021. The average implied volatility of all convertible bonds was 37.04%, at the 70%/53% percentile since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stocks was -10.2%, at the 41%/39% percentile since 2010/2021 [19]. Primary Market Tracking - Last week (July 21 - 25, 2025), no convertible bonds were announced for issuance, but Libo and Guanghe convertible bonds were listed. Libo Convertible Bond had a scale of 750 million yuan, and Guanghe Convertible Bond had a scale of 4.9 billion yuan. In the coming week (July 28 - August 1, 2025), no convertible bonds are announced for issuance, and Bo 25 Convertible Bond will be listed, with a scale of 2.802 billion yuan. As of now, there are 71 convertible bonds waiting to be issued, with a total scale of 113.9 billion yuan, including 4 approved for registration with a total scale of 4.28 billion yuan and 3 approved by the listing committee with a total scale of 3.95 billion yuan [28][29][30]

New Stock Issuance - HanSang Technology (301491) issued at a price of 28.91 on July 25, 2025[1] - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] - ST Zitian (300280) reported significant fluctuations on July 21, 2025[1] Market Alerts - Deepwater Regulation Institute (301038) reported severe abnormal fluctuations on July 24, 2025[1] - Guangsheng Tang (300436) announced significant market activity on July 17, 2025[1] - Huayin Power (600744) has been flagged for unusual trading patterns on July 15, 2025[1] Other Notable Stocks - Jiangnan Chemical (002226) reported trading activity on July 23, 2025[3] - China Electric Power Construction (601669) had a trading update on July 25, 2025[3] - Tibet Tourism (600749) reported significant trading activity on July 25, 2025[3]

Group 1 - The core point of the news is the significant increase in the price of Guangke Convertible Bonds, which rose by 30.0% to 130.0 CNY per bond, with a trading volume of 154 million CNY and a conversion premium rate of 26.55% [1] - Guangke Convertible Bonds have a credit rating of "AAA" and a maturity of 6 years, with specific interest rates for each year ranging from 0.2% to 2.0% [1] - The conversion price for the bonds is set at 3.67 CNY, with the conversion period starting on January 15, 2026 [1] Group 2 - China General Nuclear Power Corporation (CGN) is the controlling shareholder of China General Nuclear Power Co., Ltd., which was established on March 25, 2014, and listed on the Hong Kong Stock Exchange on December 10, 2014, and on the Shenzhen Stock Exchange on August 26, 2019 [2] - CGN's primary business includes the construction, operation, and management of nuclear power plants, as well as the sale of electricity generated from these plants [2] - For the first quarter of 2025, CGN reported a revenue of 20.0281 billion CNY, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.0256 billion CNY, a year-on-year decrease of 16.07% [2] - As of March 2025, CGN's shareholder concentration is very dispersed, with the top ten shareholders holding a combined 91.15% of shares, and the average holding amount per shareholder being 745,500 CNY [2]

Core Viewpoint - China General Nuclear Power Corporation (CGN) has successfully issued A-share convertible bonds, raising a total of RMB 4.9 billion, which will be used for the construction of the Guangdong Lufeng Nuclear Power Station units 5 and 6, reflecting strong market confidence and support for the company's growth [1][3][4] Group 1: Bond Issuance Details - The convertible bonds, named "Guangdong Nuclear Convertible Bonds" with code "127110," were listed on the Shenzhen Stock Exchange, attracting significant attention in the capital market and nuclear power sector [1] - The bonds received a AAA credit rating, indicating high credit quality and making them an attractive investment option [1] - The subscription results showed a strong market response, with existing A-share shareholders participating at a rate of 67.78%, and an overall subscription amount exceeding RMB 8.47 trillion, setting a new record for online subscriptions of convertible bonds on the Shenzhen Stock Exchange in 2024 [1][3] Group 2: Project and Technology Overview - The funds raised will be fully allocated to the Guangdong Lufeng Nuclear Power Station project, which plans to construct six 1,000 MW pressurized water reactor units, utilizing the "Hualong One" nuclear technology [3] - The "Hualong One" technology is recognized for its safety, economic efficiency, and advanced features, aligning with international standards for similar reactors [3] - CGN has over 30 years of operational experience in the nuclear power sector and has established a dual listing in both H-shares and A-shares to enhance its market competitiveness and international influence [3][4] Group 3: Financial Performance and Shareholder Returns - Since its listing, CGN has distributed a total of RMB 31.964 billion in dividends, demonstrating strong profitability and a commitment to shareholder returns [4] - The issuance of convertible bonds aligns with the State-owned Assets Supervision and Administration Commission's initiative to enhance the quality of state-owned enterprises, providing necessary funding for sustainable development in the nuclear energy sector [4] - The investment in nuclear power projects is crucial for optimizing China's energy structure, reducing reliance on fossil fuels, and contributing to the country's carbon reduction goals [4]

Group 1 - The China Securities Convertible Bond Index opened up by 0.02% [1] - Guangke Convertible Bond surged by 30% on its first trading day [1] - Sanyang Convertible Bond increased by 3.9%, while Xuelong, Fuli, and Yingji Convertible Bonds rose over 1% [1] Group 2 - Honghui Convertible Bond declined by over 2% [1] - Yaoyi and Sheyan Convertible Bonds fell by over 1% [1]

7月25日，中国广核（003816）发行的可转债——广核转债上市交易。它的发行规模比较大，为49亿 元，债券评级为AAA，评级高。 广核转债对应的正股当前股价为3.80元，转股价为3.67元，转股价值103.54，转股价值较高。参照相似 业务已上市可转债的估值，预估将是一只200元以上的黄金级肉签。 广核转债的发行规模较大，导致中签的号码也相对较多，此次中签号码共有157万个，属于雨露均沾 奖。而面对这即将兑奖的时刻，不少中签的股民心中或许也有一些小激动，毕竟，新股的中签非常难， 能中签一些可转债尽管打新收益较新股低了很多，但聊胜于无，谁不喜欢意外之喜呢？那么，你是其中 一位幸运儿吗？ 其实，按照以往发行规模较大的可转债，一般来说，中签后的打新收益很多股民并不会期望太多，有时 甚至希望不破发就行。而现在，广核转债由于正股中国广核的股价上涨，导致转股价值也跟着水涨船 高，所以，中签的股民才有了更大的期待。 若我们将目光转向可转债市场，就会发现可转债的行情热度或许比股票市场的行情热度要更高。100元 以下的可转债，只剩下两只，更多的可转债的价格随着近期正股的上涨出现了大幅拉升。很多股民偏爱 可转债的一个因素恐怕就 ...

Group 1 - The core viewpoint of the article highlights the planned share reductions by major shareholders in several companies, indicating potential changes in ownership dynamics [1] Group 2 - Yaoji Technology's actual controller and concerted parties plan to reduce their holdings by no more than 3% of the company's shares [1] - Yubang New Materials' shareholders intend to transfer 2.28% of the company's shares through inquiry [1] - Wentai Technology's shareholders plan to reduce their holdings by no more than 1% of the company's shares [1] - Sanfang Convertible Bonds and Ruike Convertible Bonds will not undergo adjustments [1] - Guangke Convertible Bonds have been listed [1] - Chuangjin Hexin Shounong REIT (508039) has been listed [1] - Hansang Technology's new shares are available for subscription on the Shanghai and Shenzhen stock exchanges [1]