来源：上海证券报·中国证券网 来源：上海证券报·中国证券网 上证报中国证券网讯 12月11日，中证转债指数开盘涨0.08%，报483.5点。盟升转债涨超4%，再22转 债、应流转债涨超3%；运机转债、瑞达转债跌近1%。 上证报中国证券网讯 12月11日，中证转债指数开盘涨0.08%，报483.5点。盟升转债涨超4%，再22转 债、应流转债涨超3%；运机转债、瑞达转债跌近1%。 ...

New Stock Issuance - Dana Biological (920009) listed at an issuance price of 17.10[1] - Marco Polo (001386) issued at a price of 13.75[1] Equity Market Alerts - Offer period for Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuations reported for Dayou Energy (600403) with a recent announcement on October 22, 2025[1] Recent Announcements - Tianpu Co. (605255) announced on October 21, 2025, with a price of 2051[1] - Dongbei Group (601956) announced on October 22, 2025, with a price of 4055[1] - Yuanjie Technology (688498) announced on October 22, 2025, with a price of 3755[1] Additional Market Insights - Multiple companies reported significant price fluctuations, including ST Chuntian (600381) and ST Zhongdi (000609) on October 21, 2025[2] - A total of 30 companies reported abnormal trading activities on October 14, 2025, indicating potential market volatility[3]

Group 1 - The core viewpoint of the news is the successful listing of Yingliu Co., Ltd.'s convertible bonds, which have a moderate issuance scale of 1.5 billion yuan and a high rating of AA+ [1] - The current stock price of Yingliu Co., Ltd. is 36.14 yuan, with a conversion price of 30.47 yuan, resulting in a conversion value of 118.61, indicating a high conversion value [1] - The number of successful lottery tickets for the convertible bonds is 324,300, with an effective subscription number of 8.4725 million households, leading to a low winning rate of 3.84% for individual investors [1] Group 2 - Yingliu Co., Ltd. has a total market capitalization of 24.54 billion yuan, with a dynamic price-to-earnings ratio of 65.18 times and a price-to-book ratio of 5.10 times [3] - The stock's price movement shows a similar trend to the broader market, with short-term volatility resembling a roller coaster, yet maintaining support levels and approaching previous highs [5] - The current market is characterized by resilience, moving from a bear market inertia to a bull market inertia, with increased confidence and capital inflow [6][8]

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]

Core Viewpoint - The company, Yingliu Co., announced the issuance of 1.5 billion yuan in convertible bonds, which will be listed on the Shanghai Stock Exchange on October 22, 2025 [1] Group 1 - The bond is named "Yingliu Convertible Bond" with the code "113697" [1] - The total issuance volume is 15 million bonds, with the same amount available for listing [1]

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]