Core Insights - The article discusses the challenges and complexities of helping friends and relatives invest, highlighting the emotional and financial risks involved [1][5][12]. Investment Methods - **Account Buyout System**: The author previously used a method where friends' accounts were used to buy stocks, with profits shared. However, returns have diminished in recent years due to lower new stock profits [2]. - **Proportional Sharing System**: A model where the author invests 300,000 while the counterpart invests 100,000, sharing profits and losses. This method has yielded an annualized return of about 20% over the years [3]. - **Short-term Borrowing**: The author borrows money from trusted friends to invest in new stocks, repaying quickly, which has proven beneficial for both parties involved [4]. Emotional and Relational Dynamics - The author emphasizes the emotional toll of investing with close relatives, noting that expectations can lead to significant strain in relationships, especially during losses [6][11]. - There is a strong sentiment that helping others invest can lead to misunderstandings and conflicts, particularly when financial outcomes do not meet expectations [7][10]. Personal Experiences - The author shares past experiences of helping relatives invest, which often resulted in mixed outcomes, reinforcing the idea that different individuals have varying risk tolerances and investment knowledge [12][13]. - The article concludes that while it may seem beneficial to assist others in investing, the potential for relationship damage and emotional distress often outweighs the financial benefits [8][9].

Core Insights - A significant number of bond-issuing companies failed to disclose their semi-annual reports on time, with 48 companies identified, of which 15 cited audit-related issues as a primary reason for the delay [1][2] - The delays are attributed to various factors, including incomplete audits from previous years, management's inability to obtain accurate financial information, and ongoing debt restructuring or bankruptcy processes [1][4] Group 1: Audit-Related Issues - 31.25% of the companies that failed to disclose their reports mentioned audit-related problems, such as incomplete audits from previous years and difficulties in hiring new audit firms [1] - Specific reasons for delays include the need for more time to gather information, financial personnel shortages, and the discovery of issues in financial data that require re-evaluation [1][3] Group 2: Debt Restructuring and Financial Health - 13 out of the 48 companies indicated that they or their affiliates are undergoing debt restructuring, mergers, or bankruptcy processes, contributing to the delays in report disclosures [1][2] - China Minsheng Investment Co., Ltd. announced a delay in its semi-annual report due to ongoing debt restructuring efforts, highlighting the impact of financial health on reporting timelines [2] Group 3: Financial Institutions and Regional Reforms - Several insurance companies, including Baidian Life and Guohua Life, announced delays in their financial report disclosures due to the need for accurate and complete information [3] - Local rural credit systems' reforms are cited as a reason for delays among various rural commercial banks, as they align with provincial planning for financial restructuring [4][5] Group 4: Industry-Specific Challenges - Guanghui Automotive, once a leading car dealer, has faced significant operational challenges leading to delays in both annual and semi-annual report disclosures [6][7] - The company has experienced a loss of manufacturer-authorized dealerships, resulting in management and financial personnel turnover, complicating the audit process [6][7] Group 5: Market Reactions and Future Outlook - The ongoing financial struggles of companies like Guanghui Automotive have raised concerns among investors, particularly following a public default involving significant amounts [6][7] - The financial health of companies undergoing restructuring or facing operational challenges will likely remain under close scrutiny from investors in the upcoming reporting periods [2][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market reached a critical stage in June 2025, a high - incidence period for convertible bond credit events. The report reviews the 2024 convertible bond credit storm and seeks coping strategies [1][9]. - The 2024 credit shock was the most extensive in the history of the convertible bond market. The root cause was the weak performance of the underlying stocks, and there were also other factors such as issuer fundamentals, market structure, and institutional behavior [2][3]. - In 2025, the approach to convertible bond credit risks has changed. The probability of a continuous and significant decline in the equity market has decreased, reducing delisting risks and repayment pressure. It is recommended to appropriately explore opportunities for mispricing repair [4][73]. 3. Summary According to the Catalog 3.1. Revisiting the 2024 Credit Storm: A Lesson from History 3.1.1. Review of Seven Important Credit Storm Events - **Event 1: April 2024 - New Nine - National Policies and Delisting Rules Triggered a Small - Scale Credit Shock**: On April 12, 2024, the new Nine - National Policies and delisting rules were released, causing significant differentiation in the equity and convertible bond markets. Small - cap stocks were under pressure, and nearly a hundred convertible bonds fell more than 5% within two days. Investor sentiment became cautious. After the regulatory clarification, the market recovered, and there was an inflow of incremental funds, but it also laid the groundwork for subsequent adjustments [11][12]. - **Event 2: May 2024 - Concentration of Credit Events of Weak - Quality Individual Bonds Signaled the Brewing of a Major Credit Storm**: In late April, some convertible bonds were affected by ST or non - disclosure of annual reports. In May, credit events such as debt overdue and rating downgrades of Lingnan Convertible Bond, and rating downgrades of Sanfang and Hongtu Convertible Bonds shattered the recovery trend of low - price bond valuations [18]. - **Event 3: Mid - June 2024 - Doubts about the Capital Chain of Photovoltaic Convertible Bonds Led to Institutional Selling**: On June 19, due to concerns about the capital liquidity of a photovoltaic component convertible bond issuer and the actual controller's attempt to reduce holdings, there was a large - scale sell - off of photovoltaic convertible bonds, intensifying market credit concerns [23]. - **Event 4: Late June 2024 - Concentrated Rating Downgrades, Including Unexpected Large - Cap Bonds**: After the adjustment of photovoltaic convertible bonds, there was a concentrated rating downgrade. The rating downgrade of Wentai Convertible Bond on June 20 significantly exceeded expectations, suppressing institutional sentiment and increasing concerns about future rating adjustments [29]. - **Event 5: Self - Rescue of Shanying Convertible Bond**: Shanying Convertible Bond faced repayment pressure. After the issuer announced a series of self - rescue measures on June 21, the bond price rebounded. Eventually, with the recovery of the equity market, the bond's parity rose above the maturity repayment price, and the repayment pressure was greatly relieved [35][36]. - **Event 6: Guanghui Convertible Bond's Repeated Struggles and Final Delisting**: Due to industry and company - specific problems, Guanghui Convertible Bond's underlying stock price fell below the face value, triggering delisting risk. Despite efforts to boost the stock price, it still entered the delisting process on July 18, causing market adjustments [40][41]. - **Event 7: Lingnan Convertible Bond's Default Shocked the Market**: On August 14, 2024, Lingnan Convertible Bond announced its inability to pay principal and interest on schedule, becoming the first convertible bond to default in the market. Its default had a greater impact on the market than previous defaults [45]. 3.1.2. Scar Effect of the Credit Storm - The 2024 credit shock was the most extensive in history, with over 50% of convertible bonds falling below the bond floor, and the proportion of bonds falling below the face value was also at a historical high [47]. - The pricing anchor for weak - quality individual bonds was lost, making it difficult for investors to make decisions. However, considering industry cycles and issuer efforts, the bond floor can still be used as a pricing anchor for debt - oriented convertible bonds [51][52]. - In terms of market structure, cyclical sectors such as agriculture, new energy, and chemicals had a higher proportion of convertible bonds falling deeply below the bond floor. AAA - rated convertible bonds had stronger credit risk resistance [55]. 3.2. Essence and Enlightenment of the Credit Storm - **Root Cause**: The weak performance of the underlying stocks was the root cause of the 2024 convertible bond market decline. When the equity market was weak, credit events would amplify negative feedback. In addition, there were other factors such as low - risk - preference incremental funds, weak issuer fundamentals, regulatory tightening, and market structural "aging" [3][60][64]. - **Coping Strategies**: Monitor the equity market's small - cap sector. Avoid bonds with obvious risks, especially those with high delisting pressure. Adjust positions based on the credit impact on different - quality bonds. During the shock, allocate large - cap and near - bond - floor bonds. Institutions with stable liabilities can consider participating in mispriced markets, while those with sensitive liabilities should wait for positive equity signals [68][69].