伟明环保：大股东及一致行动人计划减持不超过1.55%公司股份 华宏转债：强赎 金轮转债：不强赎 微导转债：【上市】 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 113046 | 金田转债 | 強反 | 2025-08-27 | 公告 | | 128076 | 金轮转债 | 不强赎 | 2025-08-27 | 公告 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 123048 | 应急转债 | 125.334 | 100.770 | 2025-08-22 | 2025-08-27 | 126.77 | 0.040 | 0.04% | | 128074 | 游族转债 | 164.001 | 101.858 | 2025-08-22 | 2025-08-27 | 164 ...

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, providing insights into supply-demand rebalancing: the long depression in the late 19th century in Europe and America, the 1929 Great Depression, and Japan's capacity reduction in the 1970s and 1990s [1][11] - Key conclusions include that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if uncontrolled, and government intervention is more effective than non-intervention in addressing capacity imbalances [1][11] - Effective supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][11] Fixed Income - The report discusses the micro-guided convertible bond, which has a total issuance scale of 1.17 billion yuan, with net proceeds used for the construction of an intelligent factory for semiconductor thin film deposition equipment [2][12] - The expected listing price range for the convertible bond is between 128.84 and 143.03 yuan, with a predicted subscription rate of 0.0036% [2][12] - The company, Micro-Guided Nano, has shown steady revenue growth with a compound annual growth rate of 71.44% from 2020 to 2024, achieving 2.7 billion yuan in revenue in 2024, a year-on-year increase of 60.74% [2][12] Industry Analysis - The report on Chuanfeng Power highlights the company's leading position in the all-terrain vehicle and motorcycle markets, with three major business segments experiencing rapid growth [3][14] - The investment recommendation maintains a "buy" rating for Chuanfeng Power, anticipating higher valuations due to its significant market position and growth potential across its business segments [3][14] - Jiuhua Tourism is positioned to leverage its unique cultural and natural resources, with projected net profits of 220 million, 240 million, and 270 million yuan from 2025 to 2027, corresponding to price-earnings ratios of 18, 16, and 15 times [4][14] Company-Specific Insights - Crystal Technology has secured a significant contract for drug discovery, with potential payments exceeding 5.89 billion USD, indicating strong future growth prospects [5][16] - The company is expected to achieve revenues of 552 million, 924 million, and 1.503 billion yuan from 2025 to 2027, with a forecasted return to profitability by 2027 [5][16] - Zhongchong Co., a leader in the pet food industry, reported a 42.6% year-on-year increase in net profit for the first half of 2025, driven by strong growth in its proprietary brands [17][18]

投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃根廷圆膏话。 | 债 微导转债 718147 团 | | | --- | --- | | 100.00 | 转股价(元) 33.57 | | 正股名称 | 微导纳米 | | 发行价(元) | 债券评级 AA | 免责声明 今日无新股 ...

证券代码：688147 证券简称：微导纳米 公告编号：2025-043 江苏微导纳米科技股份有限公司 向不特定对象发行可转换公司债券发行公告 保荐人（主承销商） ：中信证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次发行基本信息 | 可转债代码 | 118058 | | | | 可转债简称 | 微导转债 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 可转债扩位简称 | 微导转债 | | | | | | | | | | | 原股东配售代码 | 726147 | | | | 原股东配售简称 | 微导配债 | | | | | | 转债申购代码 | 718147 | | | | 转债申购简称 | 微导发债 | | | | | | 发行日期及时间 | （2025 年 | | 8 | 月 | 6 日）（9:30-11:30,13:00-15:00） | | | | | | | 股权登记 ...