Group 1 - The stock price of Keshun Co., Ltd. closed at 5.39 yuan on August 27, down 0.23 yuan, a decrease of 4.09% from the previous trading day [1] - The opening price on that day was 5.61 yuan, with a highest price of 5.61 yuan and a lowest price of 5.39 yuan, with a trading volume of 209,611 hands and a transaction amount of 115 million yuan [1] - On August 27, the net outflow of main funds for Keshun Co., Ltd. was 869,800 yuan, accounting for 0.02% of the circulating market value [1] Group 2 - Keshun Co., Ltd. operates in the decoration and building materials industry, primarily engaged in the research, production, and sales of building waterproof materials [1] - The company's products are widely used in residential construction, infrastructure construction, and industrial buildings [1] - Over the past five trading days, the cumulative net inflow of main funds was 11.42 million yuan, accounting for 0.24% of the circulating market value [1]

Group 1 - The stock price of Dongfang Yuhong is 12.80 yuan, down 0.30 yuan from the previous trading day, representing a decline of 2.29% [1] - The opening price was 13.10 yuan, with a highest point of 13.15 yuan and a lowest point of 12.80 yuan, with a trading volume of 875,000 hands and a transaction amount of 1.135 billion yuan [1] - Dongfang Yuhong operates in the construction materials sector, focusing on the research, production, and sales of building waterproof materials, which are widely used in housing construction and infrastructure [1] Group 2 - Today, Dongfang Yuhong conducted a share registration, with a dividend plan of 9.25 yuan for every 10 shares [1] - According to Jin Ke Service's announcement, Dongfang Yuhong currently holds 28.4312 million shares, accounting for approximately 4.76% of the issued share capital [1] - The net outflow of main funds today was 48.7835 million yuan, accounting for 0.2% of the circulating market value, while the net inflow over the past five days was 10.8065 million yuan, accounting for 0.04% of the circulating market value [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - "Anti - involution" related convertible bonds are cost - effective absolute - return assets. The position and bond selection of "anti - involution" sector convertible bonds are the "decisive factors" for the future market due to three reasons: large capital capacity, high cost - performance of underlying stocks, and low bond prices with debt - bottom value support [1][9]. - Five convertible bonds are recommended: Youfa Convertible Bond, Wankai Convertible Bond, Keshun Convertible Bond, Feng 22 Convertible Bond, and Tian 23 Convertible Bond [3][11]. 3. Summary According to the Directory 3.1 Overall Logic and Layout Ideas - **Large capital capacity**: "Anti - involution" sector has a large number of convertible bonds. Industries such as power equipment and basic chemicals have many convertible bonds in existence. If "anti - involution" progresses beyond expectations, it may drive up the underlying stocks and the convertible bond index [1][9]. - **High cost - performance of underlying stocks**: Some industries' underlying stocks, like those in steel, basic chemicals, and power equipment, are under pressure. But "anti - involution" may improve supply - demand, and the leading enterprises may have stronger profit elasticity after industry clearance. Also, the stock prices are low, so there is potential for valuation repair [2][10]. - **Low bond prices with debt - bottom value support**: Most "anti - involution" related convertible bonds have conversion values below 120 yuan, and many are in the 60 - 90 yuan and 90 - 120 yuan ranges. Debt - type/balanced convertible bonds have better debt - bottom protection, suitable for absolute - return funds [2][10]. 3.2 Individual Bond Selection 3.2.1 Youfa Group/Youfa Convertible Bond - Youfa Group is the largest domestic welded - steel pipe enterprise. In 2025, the welded - pipe price declined. With the improvement of downstream demand and the new supply - side reform in the steel industry, the company plans to expand its domestic and overseas layouts [14][15]. 3.2.2 Wankai New Materials/Wankai Convertible Bond - Wankai New Materials is a leading domestic polyester material enterprise. In 2024, the domestic polyester bottle - chip market had increased production but decreased prices. New applications may bring new demand. Many enterprises in the industry are reducing production, which may optimize the supply - demand pattern and increase the company's profitability [20][23]. 3.2.3 Keshun Co., Ltd./Keshun Convertible Bond - Keshun focuses on building waterproofing solutions. The domestic waterproofing industry is highly fragmented, but the new regulations may benefit leading enterprises. Keshun will expand its retail, non - real - estate, and overseas businesses, and improve profitability through R & D and cost reduction [26][31]. 3.2.4 Xin Fengming/Feng 22 Convertible Bond - Xin Fengming is a major player in the polyester fiber industry. The upstream raw material supply is abundant, which is beneficial for the polyester end. Due to environmental policies and industry integration, some small enterprises are being eliminated, and the industry structure is being optimized [32][33]. 3.2.5 Trina Solar/Tian 23 Convertible Bond - Trina Solar is involved in photovoltaic products, energy storage, and system solutions. The Chinese photovoltaic industry faces challenges, but the "anti - involution" action and policy support may bring price recovery, technology premium, and industry integration, and improve the company's profitability and stock valuation [38][39].

Group 1 - The company reported a revenue of 1.148 billion yuan in the first half of the year, a year-on-year decrease of 5.92% due to industry adjustments, but net profit surged by 232.48% to 25.8124 million yuan, indicating a high-quality recovery [1] - The company improved its profitability and cash flow by optimizing its customer structure, reducing reliance on real estate clients, and expanding sales channels, resulting in a significant positive turnaround in operating cash flow [1] - The company acquired 51% of Jiazhi Color, introducing a new business segment in the detection and repair of new display panels, which has a gross margin of 45.35%, significantly higher than the traditional business [1] Group 2 - The company specializes in the research, production, and sales of new building waterproof materials, with applications in various fields such as housing construction, high-speed rail, subways, and urban infrastructure [2] - The company aims to become an internationally leading manufacturer of functional building materials, focusing on the innovation and promotion of waterproof systems through a differentiated competition strategy [2]

Group 1 - The core viewpoint of the article highlights the recent stock performance of Dongfang Yuhong, which closed at 12.41 yuan on August 20, experiencing a decline of 0.05 yuan or 0.40% from the previous trading day [1] - Dongfang Yuhong operates in the construction materials industry, primarily focusing on the research, production, and sales of building waterproof materials, which are widely used in housing construction, infrastructure projects, and special engineering [1] - The Kuwait Investment Authority holds shares in Dongfang Yuhong, positioning the company among the top stocks in terms of QFII holdings market value among listed companies that have disclosed their semi-annual reports [1] Group 2 - On August 20, Dongfang Yuhong saw a net inflow of main funds amounting to 22.703 million yuan, representing 0.1% of its circulating market value [1] - Over the past five days, the main funds experienced a net outflow of 66.7486 million yuan, accounting for 0.28% of its circulating market value [1]

Group 1 - The stock price of Dongfang Yuhong is 12.40 yuan, down 0.72% from the previous trading day, with an opening price of 12.49 yuan, a high of 12.54 yuan, and a low of 12.35 yuan, with a trading volume of 212,400 hands and a transaction amount of 264 million yuan [1] - Dongfang Yuhong operates in the construction materials sector, focusing on the research, production, and sales of building waterproof materials, which are widely used in various fields such as housing construction, highways, urban bridges, subways, and airports [1] - As of the end of the second quarter, the social security fund held 37.9341 million shares of Dongfang Yuhong, a decrease of 6.57% from the previous period, accounting for 1.98% of the circulating shares [1] Group 2 - The Kuwait Investment Authority and other QFII institutions are among the top ten circulating shareholders of the company [1] - MSCI China A-share Index will remove Dongfang Yuhong from its constituent stocks, with the adjustment effective after the close on August 26 [1] - On the same day, the net outflow of main funds from Dongfang Yuhong was 16.0331 million yuan, accounting for 0.07% of the circulating market value, while the cumulative net inflow of main funds over the past five trading days was 60.4932 million yuan, accounting for 0.25% of the circulating market value [1]

Core Viewpoint The company emphasizes a strategy of high-quality and steady development, focusing on risk management and enhancing operational quality while expanding its business into various sectors within the construction materials industry. Group 1: Company Overview - The company is committed to high-quality and steady development, prioritizing risk management and operational quality enhancement [2][11] - The company has diversified its business into multiple sectors, including waterproofing, civil building materials, mortar powder, building coatings, energy conservation, adhesives, piping, building renovation, new energy, non-woven fabrics, special films, and emulsions [11][29] Group 2: Financial Performance - For the first half of 2025, the company achieved a net profit attributable to shareholders of 564.44 million yuan, with a total distributable profit of 8.73 billion yuan [32][33] - The profit distribution plan includes a cash dividend of 9.25 yuan per 10 shares, totaling approximately 2.21 billion yuan [33][36] Group 3: Business Strategy - The company focuses on consolidating its waterproofing business while actively exploring new growth areas in infrastructure construction, public services, and renovation projects [3][23] - The company aims to leverage its existing customer resources and sales channels to rapidly develop non-waterproof businesses, providing comprehensive building material system solutions [3][4] Group 4: Market Position and Industry Context - The company is positioned as a leading player in the construction materials industry, particularly in the waterproofing segment, which is essential for modern construction [29][30] - The domestic waterproofing industry is characterized by low concentration and high fragmentation, with many small enterprises, while the company has established itself as a competitive and growing leader in the market [30] Group 5: Sales and Distribution Channels - The company has developed a multi-layered marketing channel network combining direct sales and channel models, with a focus on engineering and retail channels [27][28] - The engineering channel accounted for 84.06% of the company's revenue, highlighting the importance of this sales model [6] Group 6: International Expansion - The company is accelerating its international business layout, establishing overseas companies and enhancing its global supply chain [4][8] - Significant progress has been made in constructing overseas production bases, including projects in Houston, Saudi Arabia, and Malaysia, aimed at optimizing international operations and enhancing service capabilities [9][26]

Group 1 - The stock price of Dongfang Yuhong closed at 12.03 yuan on July 31, down 0.48 yuan, a decrease of 3.84% from the previous trading day [1] - The trading volume on that day was 598,454 hands, with a transaction amount of 7.25 billion yuan [1] - Dongfang Yuhong operates in the construction materials sector, specializing in the research, production, sales of waterproof materials, and waterproof engineering construction [1] Group 2 - The company reported a revenue of 13.569 billion yuan for the first half of 2025, a year-on-year decrease of 10.84% [1] - The net profit attributable to shareholders was 564 million yuan, down 40.16% year-on-year [1] - The company announced a cash dividend of 9.25 yuan for every 10 shares to all shareholders [1] Group 3 - The wholly-owned subsidiary of the company plans to acquire 100% equity of Chilean company Construmart S.A. for 123 million USD [1] - On July 31, the net outflow of main funds for Dongfang Yuhong was 62.7058 million yuan [2]

Core Insights - The company reported a revenue of 13.569 billion yuan for the first half of 2025, representing a year-on-year decrease of 10.84% [1] - The net profit attributable to shareholders was 564 million yuan, down 40.16% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 507 million yuan, a decrease of 39.33% year-on-year [1] - Basic earnings per share were 0.24 yuan [1] - The company plans to distribute a cash dividend of 9.25 yuan (including tax) for every 10 shares to all shareholders [1] Revenue Breakdown - The company achieved a total revenue of 11.406 billion yuan from engineering and retail channels, accounting for 84.06% of total revenue [1] - Channel sales revenue has further increased its proportion, becoming the main sales model for the company [1]