| 新股发行及今日交易提示 | 2025/10/22 | 星期三 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/22 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | 920009 | 丹娜生物 | 17.10 | 2025/10/22 | 新股上市 | | | | 证券代码 | 证券简称 | 发行价格 | 001386 | 马可波罗 | 13.75 | | | 2025/10/22 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=688585&announcementId=122472 | 要约收购 | 688585 | 上纬新材 | 要约申报期：2025年9月29日至2025年10月28日 | 1731&orgId=9900042956&announcementTime=2025 | -10-21 | | http://www.cninf ...

10月22日，应流股份（603308）发行的可转债——应流转债上市交易。它的发行规模为15亿元，规模适 中，债券评级为AA+，评级高。 应流转债对应的正股当前股价为36.14元，转股价为30.47，转股价值为118.61，转股价值高。若以现在 的角度来看，应流转债的开盘价应该就触发了涨幅临停达到130元，而且若正股的股价没有大幅波动的 话，它应该可以达到上市首日的最大价格157.30元，让中签的股民获得一份王者级肉签。 这不禁让人发问：怎么现在的市场这么"硬气"？一年多前还萎靡不振、动不动就崩盘，如今却韧性十 足，跌了敢拉，拉了还涨？答案就俩字：趋势。 别小看这玩意儿，它就像股市里的"惯性定律"。一旦车子挂上前进挡，踩一脚油门，它就会顺着坡往上 冲。现在的行情，正处在这么一个"上升通道"的加速带里。你看那K线图，像不像一个不断抬高的楼 梯？每次回调，不是崩盘，反而是"打折促销"——主力洗洗浮筹，散户吓得交出筹码，结果转头又是一 波拉升。 而在下跌通道里呢？那可就惨了。反弹？听着挺美，但往往是"回光返照"。你以为是反转，其实是主力 拉高出货，一不小心就成了"接盘侠"。 所以，为什么现在大盘这么"刚"？因为它已经 ...

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - The current round of Sino-US trade conflict heated up in October, but high tariffs may not last long. The market is relatively stable in sentiment, and the callback disturbance is limited. [3][6] - The demand - side support for convertible bonds remains. ETF funds in the convertible bond market are stronger than in April, catalyzing relatively firm valuations. [3][8] - There are structural differentiations in the convertible bond market. High - parity convertible bond valuations are compressed, and the market preference has shifted to the financial sector. [3] - Attention should be paid to the structural opportunities of convertible bonds, especially high - parity equity - biased varieties with large pullbacks and medium - and low - rated varieties that have corrected this time. [3] Summary According to the Directory I. Tariffs Rise Again, but Disturbance May Be Controllable - The Sino - US trade conflict heated up in October with frictions in multiple aspects. High tariffs may not last long and are mainly for bargaining chips. The market is relatively stable with over 90% probability that tariffs won't be implemented on November 1st and about 80% probability of a tariff agreement before November 10th. [3][6] - Market expectations are stable, and the callback disturbance is limited. The market performance after the restart of tariff disturbances was better than in April, and the VIX index was lower. [3][8] - The demand - side support for convertible bonds remains. The combined share of relevant ETFs increased by 41.49% compared to April 7th, catalyzing relatively firm valuations. [3][8] - There are structural differentiations in the convertible bond market. High - parity convertible bond valuations are compressed, and the market preference has shifted to the financial sector. Bank convertible bond prices rose by 1.6% from October 9th to October 17th, outperforming the convertible bond index by 3.9pct. [3][12] - Attention should be paid to the structural opportunities of convertible bonds. The median convertible bond price is around 130 yuan, and the 100 - yuan premium rate fluctuates at 30%. There may be opportunities in high - parity equity - biased varieties and medium - and low - rated varieties. [3][13] II. Market Review: Weekly Callback of Convertible Bonds, Slight Compression of Valuations (1) Weekly Market Quotes: Convertible Bond Market Callback, Weak Performance in Each Sector - Last week, major stock indexes performed weakly. The Shanghai Composite Index fell 1.47%, the Shenzhen Component Index fell 4.99%, the ChiNext Index fell 5.71%, the SSE 50 Index fell 0.24%, the CSI 1000 Index fell 4.62%, and the CSI Convertible Bond Index fell 2.35%. [15] - There are 418 issued and unexpired convertible bonds with a balance of 5752.81 billion yuan. Yingliu Convertible Bonds will be listed on October 22nd. [15] - In the equity market, most industries performed weakly last week. Only the banking, food and beverage, and transportation industries rose. In the convertible bond market, most also declined, with only environmental protection and banking rising. [17] (2) Valuation Performance: High - Rating and Large - Scale Convertible Bond Premium Rates Compressed More - The weighted average closing price of convertible bonds was 129.46 yuan, a 2.30% decline from the previous Friday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all decreased. The proportion of the 110 - 120 (including 120) price range increased significantly. [22] - The median price was 129.36 yuan, a 2.27% decline from the previous Friday. The 100 - yuan par - value fitted conversion premium rate was 29.74%, a 0.62pct decline from the previous Friday. [22] - High - rating and large - scale convertible bond premium rates compressed more. The AAA rating declined 1.93pct, and the premium rate of convertible bonds over 5 billion yuan declined 1.76pct. The 120 - 130 (including 130) yuan par - value range declined 5.85pct. [22] III. Terms and Supply: 5 Convertible Bonds Announced Early Redemption, Total Pending Issuance Scale About 8.9 Billion (1) Terms: 5 Convertible Bonds Announced Early Redemption Last Week, No Convertible Bond Board Proposed Downward Revision - As of October 17th, Hengbang, Sheng 24, Chenfeng, Changji, and Nuitai Convertible Bonds announced early redemption; Mengsheng, Tairui, Xinzhi, Huicheng, and Yanpai Convertible Bonds announced no early redemption; Shenma, Tongcheng, Fuchun, Youfa, Zhonghuan Zhuan 2, and Youcai Convertible Bonds announced that they were expected to meet the early redemption conditions. [1][43] - As of October 17th, no convertible bond announced a downward - revision proposal last week. Zhengchuan Convertible Bonds announced the downward - revision result. Nine convertible bonds announced no downward revision, and seven were expected to trigger downward revision. [1][43] (2) Primary Market: Yingliu Convertible Bonds to Be Listed Soon, Total Pending Issuance Scale About 8.9 Billion - Last week, Jinlang Zhuan 02 and Funeng Convertible Bonds were issued, with a total scale of 5.479 billion yuan. Yingliu Convertible Bonds will be listed this week, with a scale of 1.5 billion yuan. [1][46] - Last week, 3 companies had new board proposals, 1 company passed the shareholders' meeting, no company passed the CSRC review committee, and 2 companies got CSRC approval, compared with +3, +1, - 1, +2 respectively compared to the same period last year. [1][47] - As of October 17th, 3 listed companies got convertible bond issuance approvals with a proposed issuance scale of 2.322 billion yuan. Six companies passed the CSRC review committee with a total scale of 3.983 billion yuan. Three new board proposals last week included Zhongqi Co., Ltd., Mankun Technology, and Huatong Cable, with a total scale of 2.599 billion yuan. [2][53]

Group 1 - The core point of the article is that shareholders of Juxing Agriculture and Animal Husbandry plan to reduce their holdings by no more than 2% of the company's shares [1] - The last trading day for Pudong Development Convertible Bond is October 22, 2025 [1] - Hengbang Convertible Bond is subject to strong redemption [1] Group 2 - Mengsheng Convertible Bond will not be subject to strong redemption [1] - Honglu, Hongtu, and Meinuo Convertible Bonds will not undergo price adjustments [1] - Yingliu Convertible Bond is set to be listed on October 22 [1] Group 3 - A table lists various convertible bonds, including their codes, names, current prices, redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6] - For example, Keda Convertible Bond has a current price of 128.087, a strong redemption price of 101.858, and a last trading day of October 15, 2025 [4] - The remaining scale of Hengbang Convertible Bond is 29.342 billion, with a conversion value of 132.08 [6]

南财智讯10月17日电，应流股份公告，公司发行15亿元可转债，债券简称"应流转债"，债券代 码"113697"，发行量1500万张，上市量1500万张，将于2025年10月22日在上交所上市。 ...

Macro Strategy - The current economic situation indicates increasing pressure on stabilizing investment and consumption, suggesting that a new round of growth stabilization policies is imminent. The investment recovery is expected to be challenging, with cumulative fixed asset investment growth at 0.5% for the first eight months of the year, necessitating coordinated fiscal and monetary policies [25][26] - The anticipated timing for policy implementation is around mid to late October, with expectations that the new policies will not be as urgent as last year, given the current economic performance is better than in 2022 [25][26] - The direction of the new policies may include early use of debt quotas, introduction of new policy financial tools, and potential monetary policy easing to lower costs for home purchases and business investments [25][26] Macro Depth Report - The correlation coefficient between stock and bond returns is projected to rise from -0.238 in August to between -0.216 and -0.229 from September to November 2025, indicating a continuing upward trend in this correlation [27][28] - For portfolio management, it is suggested to allocate only 3% to 5% in stock indices to control maximum drawdown and volatility, with an optimal stock allocation ratio estimated between 18% and 21% [29] Industry Insights - The diesel generator market is expected to grow significantly, with a projected market size of 12.5 billion yuan in 2025, reflecting a year-on-year increase of 53%. The market is driven by the increasing demand for backup power in data centers and other commercial facilities [21] - The domestic diesel generator market is currently dominated by foreign and joint ventures, which account for 83% of the market share, indicating substantial room for domestic manufacturers to capture market share through local production and technological advancements [21] - Investment recommendations include focusing on domestic manufacturers such as Weichai Power and Yuchai International, which are well-positioned to benefit from the growing demand and potential for domestic substitution [21] Automotive Industry - The year 2025 marks a pivotal point for automotive intelligence, with expectations for electric vehicle penetration rates to reach 50%-80% over the next three years. Major players in intelligent driving have successfully implemented complex scenarios in urban environments [19][20] - A comparative evaluation of ten intelligent driving suppliers indicates that advancements in driving capabilities are narrowing the gap between leading and emerging players, with significant improvements noted in the second tier of suppliers [19][20]

Core Points - Anhui Yingliu Electromechanical Co., Ltd. is issuing convertible bonds to unspecified investors [1] - The issuance is being managed by Huatai United Securities Co., Ltd. as the lead underwriter [2] Summary by Sections - **Issuance Details** - The company conducted an online lottery for the convertible bonds on September 22, 2025, with a total of 324,306 winning numbers [1] - Each winning number allows the purchase of one hand (1,000 yuan) of the convertible bonds [1] - **Regulatory Compliance** - The lottery was conducted under the principles of openness, fairness, and justice, supervised by representatives from relevant units [1] - The results were notarized by the Shanghai Dongfang Notary Office [1]

Core Points - Anhui Yingliu Electromechanical Co., Ltd. has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds totaling 150 million yuan [1][3] - The bonds will be issued under the name "Yingliu Convertible Bonds" with the code "113697" [1] - The issuance process includes a priority subscription for existing shareholders and a public offering for general investors [3][4] Group 1 - The total amount of convertible bonds issued is 150 million yuan, with a price of 100 yuan per bond [3][4] - The priority subscription by existing shareholders accounted for approximately 78.38% of the total issuance, amounting to 117.57 million yuan [4] - The public offering for general investors resulted in a subscription amount of 32.43 million yuan, representing about 21.62% of the total issuance, with a winning rate of 0.00384399% [4][5] Group 2 - The subscription period for existing shareholders and public investors ended on September 19, 2025 [3] - A lottery draw for the allocation of bonds will take place on September 22, 2025, with results announced on September 23, 2025 [5] - The listing date for the bonds will be announced separately [6]

Group 1 - The article provides information on the subscription details for two stocks: Ruiwen Technology (001285) and Yunhan Xincheng (301563), including their issuance price and subscription limits [1] - Ruiwen Technology has an issuance price of 42.28 yuan, with an industry price-to-earnings ratio of 29.64 and a market price-to-earnings ratio of 54.54 [1] - Yunhan Xincheng has an issuance price of 27.00 yuan, with an industry price-to-earnings ratio of 20.91 and a market price-to-earnings ratio of 25.98 [1] - The article also mentions a bond, Yingli Convertible Bond (754308), with a conversion price of 30.47 yuan and a bond rating of AA+ [1]

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]