| 新股发行及今日交易提示 | 2025/12/17 | 星期三 | 2025/12/17 | 新股上市 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 发行价格 | 688802 | 沐曦股份 | 104.66 | | | | 2025/12/17 | 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 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300087&announcementId=122486854 | 要约申报期：2025年12月4日至2026年1月5日 | 300087 | 荃银高科 | 0&orgId=9900010589&announcementTime=2025 | -12-11 | 要约收购 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=605255&announcementId=12248 ...

今天我们数据上线了白银LOF的实时溢价 在LOF -> 指数LOF里面 目前溢价大约20%，今天估值1.6871，实际公布净值为1.6863，偏差0.05%，感觉还可以。 | ਰਿੰ | | | 现金管理 A/HEC T+0 QDII | | REITs | 指数涨幅 | LOF | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股票LOF | 指数LOF | | | | | | | | | | | 指数LOF基金(手动刷新) | | ■ 30秒自动刷新 | | | | 场内基金份额查询器 20 香港中小 FAQ 仅看自选 | | | | | | 代码 | 名称 | 现价 涨幅 | 成交 (河元) | 场内份额 场内新增 (万分) | (厂分) | 换手率 基金净值 | V 浄值日期 | 实时估值 溢价率 | 跟踪指数 | 指 | | 161226 国投白银LOF | | 2.027 0.55% 75060.30 | | 246352 | | 830 15.06% | 1.6809 2025-12-15 ...

发行端逐渐放量 12月10日，科创板公司茂莱光学发行的茂莱转债正式登陆市场，首日开盘即大涨30%，触发临时停牌机制，复牌后尾盘三分钟再度飙升，最高触及157.3元。随后的 交易日中，该转债的价格继续攀升，并在12月15日盘中一度上涨至187.65元，单签收益超过800元。 临近年末，可转债市场迎来一波发行小高峰，投资者打新热情高涨。 Wind数据显示，今年12月以来，普联转债、神宇转债、澳弘转债、天准转债、鼎捷转债5只新券陆续启动网上申购，涵盖智能制造、电子科技、能源软件等多个前 沿领域。与今年11月相比，可转债发行数量和规模均有所攀升。 值得一提的是，尽管新券发行提速，但市场供需失衡格局未改。在此背景下，新券上市后普遍实现大涨。比如12月10日上市的茂莱转债，上市首日上涨57.30%，并 在随后的交易日继续上涨，累计涨幅超过80%。 在二级市场火热的同时，一级市场发行也在逐渐放量。12月以来，普联转债等5只新券陆续网上发行，合计规模30.23亿元，较11月4只新券募资28.63亿元，发行数量 和规模均有所增加。 拉长时间看，Wind数据显示，今年以来，市场合计发行了47只可转债，合计发行规模为623.12亿 ...

Macro Strategy - The report highlights a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," indicating a more proactive approach to external economic conditions [1][16] - There is a transition from stabilizing asset prices to stabilizing microeconomic entities, emphasizing the importance of employment, enterprises, markets, and expectations over real estate and stock markets [2][16] - The policy language has evolved from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," reflecting a balance between short-term stimulus and long-term economic structure considerations [2][16] Economic Indicators - The report anticipates a continued decline in the growth rate of social financing in November, while export growth is expected to turn positive [3][17] - The ECI supply index is reported at 49.93%, indicating a slight decline, while the demand index is at 49.87%, showing a marginal increase [17] - The report notes that the financing demand remains low, with expectations for November's new loans to be between 450 billion to 500 billion RMB, reflecting a year-on-year decrease [17] Industry Insights - The semiconductor industry is expected to see structural opportunities driven by the explosion of AI computing power and accelerated domestic production [11] - In the electronics sector, the demand for AI-driven OS agents is anticipated to lead to a smartphone replacement wave, with AR glasses expected to see significant market entry in 2026 [11] - The report emphasizes the importance of domestic enterprises in the storage sector, which are benefiting from increased procurement by cloud service providers, leading to a "super cycle" in pricing [11] Investment Recommendations - The report suggests a balanced and proactive ETF allocation strategy in the A-share market, anticipating a period of range-bound trading with potential for sector rotation [7] - Specific recommendations include focusing on companies in the engineering machinery sector that have high export profitability, as well as those in the semiconductor and AI equipment sectors [12]

Macro Strategy - The report highlights a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," indicating a more proactive approach to external economic conditions [1][15] - There is a transition from stabilizing asset prices to stabilizing microeconomic entities, emphasizing the importance of employment, enterprises, markets, and expectations over real estate and stock markets [2][15] - The policy language has evolved from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," reflecting a balance between short-term stimulus and long-term economic structure considerations [2][15] Industry Insights - The food and beverage industry strategy for 2026 emphasizes stock selection based on certainty, focusing on growth and turnaround opportunities, particularly in leading snack companies and quality retail chains [9] - The report suggests a keen interest in the health products sector, driven by an aging population and expanding young consumer demographics, with a focus on innovation and iteration in product offerings [9] - In the phosphoric chemical industry, companies with phosphate iron and phosphate rock resources are recommended, highlighting the significant cost contribution of phosphate sources to phosphate iron production [10] - The non-ferrous metals sector is experiencing price increases, with copper prices rising due to supply tightening and demand fluctuations, while aluminum prices are also on the rise amid stable production [11][12]

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022% [4][23]. 3. Summary According to the Table of Contents 3.1. PULIAN Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The PULIAN Convertible Bond will be issued through priority placement and online issuance. Its bond and issuer ratings are both A+. The issuance scale is RMB 243 million, with an initial conversion price of RMB 18.26. The conversion parity on December 5, 2025, was RMB 96.44, and the pure - bond value is RMB 82.46. The game terms (lower - adjustment, redemption, and put - back clauses) are normal. Overall, the bond has a low issuance scale, poor liquidity, and a weak rating, but the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. The funds raised from this issuance will be used for upgrading and expanding existing products, enhancing market competitiveness, and maintaining a leading position in industry technology [3][21]. - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. 3.1.3. Analysis of Convertible Bond New - Bond Lottery Winning Rate - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022%. Assuming an old - shareholder placement ratio of 21% - 34%, the scale available in the market is between RMB 161 million and RMB 191 million. Assuming 8.7 million online valid subscriptions, the lottery - winning rate when subscribing to the maximum limit is around 0.0018% - 0.0022% [4][23]. 3.2. Analysis of the Underlying Stock's Fundamental Conditions 3.2.1. Company's Main Business and the Upstream and Downstream of the Industry - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. It has strong innovation and delivery capabilities and serves many large - scale central enterprises [24]. - The upstream of the industry consists of enterprises producing basic software and computer hardware products, with sufficient supply. The downstream includes energy, construction, and finance industries, and the digital transformation of the downstream market drives the development of the software industry [24][25]. 3.2.2. Company's Operating Conditions - The company's operating income has shown an overall upward trend from 2022 to the first half of 2025, with year - on - year growth rates of 19.31%, 7.80%, 11.60%, and 9.45% respectively. Customized software business is the main source of income [28]. - The company's comprehensive gross profit margin and net profit rate have shown a downward trend from 2022 to the first half of 2025, mainly due to factors such as changes in the market environment and a significant increase in labor costs [31]. - The company's periodic expenses and R & D expenses have fluctuated greatly in recent years. The proportion of accounts receivable in operating income has shown an upward trend, and the accounts - receivable turnover rate has slightly decreased [34][39][40]. - The company's net profit attributable to the parent has fluctuated greatly, and its profitability and weighted ROE have also fluctuated significantly [44]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. The top two shareholders, Lin Guoqiang and Wang Hu, have a combined shareholding of 21.41%, and they are the controlling shareholders and actual controllers. Through a concerted action agreement, they jointly control 38.27% of the voting rights of the company's shares [47]. 3.2.4. Company's Business Characteristics and Advantages - The company has long - term technological accumulation, with XBRL - related systems and products widely applied. It has a mature development platform with high performance, strong scalability, and high flexibility [50]. - The company has advantages in talent reserves and R & D innovation. It has a R & D team with rich experience, a sound talent - training system, a R & D project - management mechanism, and close industry - university - research cooperation [51]. - The company has advantages in customer resources and market - feedback acquisition. It has a wide range of customers, can optimize products based on customer feedback, and quickly implement R & D results to expand market share [53]. 3.2.5. Allocation of Funds Raised in this Issuance - The company plans to issue convertible bonds to raise a maximum of RMB 243 million. After deducting issuance fees, RMB 85 million will be used for the domestic ERP function expansion project, RMB 49 million for the digital intelligent financial risk management and control product construction project, and RMB 108 million for the Yunhu Platform R & D and upgrade project [1][15][54]. - The domestic ERP function expansion project aims to upgrade and expand the existing ERP product, with an expected average annual operating income of RMB 141.1822 million, an after - tax internal rate of return of 17.78%, and an after - tax payback period of 7.99 years (including the construction period) [55]. - The digital intelligent financial risk management and control product construction project aims to upgrade and expand existing XBRL application products and solutions. The expected average annual operating income is RMB 54.0622 million, the after - tax internal rate of return is 23.55%, and the after - tax payback period is 6.41 years (including the construction period) [56]. - The Yunhu Platform R & D and upgrade project aims to enhance the platform's intelligence and technical capabilities, which is beneficial for the company to maintain and enhance its technological advantages and core competitiveness, but it does not directly generate economic benefits [57].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of uncertain Fed rate - cut amplitude next year, significant global economic and geopolitical variables, it's difficult for liquidity to drive a major upward trend. The AI infrastructure faces over - investment doubts, and the AI, lithium - battery, and anti - involution sectors are waiting for certain developments. From a seasonal perspective, high - dividend sectors are expected to have a good performance at the end of the year. Overall, the equity market may enter a wide - range oscillation state, waiting for the spring rally. [2][17] - In the convertible bond market, the capital flow in November had a great impact on the market. The share of convertible bond ETFs showed a "down - up - down" trend, which was consistent with the overall market valuation trend. Due to unclear equity expectations and poor overall cost - effectiveness of convertible bond assets, the premium rate is vulnerable, and the operation of convertible bonds is difficult. [2][17] - For relative - return investors, it is recommended to allocate a small and balanced position in non - callable, high - quality equity - linked convertible bonds with suitable premium rates. For absolute - return investors, it is recommended to focus on convertible bonds below 130 yuan with high odds. [2][17] 3. Summary by Relevant Catalogs 3.1 Market Trends (2025/12/1 - 2025/12/5) Stock Market - The A - share market was generally oscillating last week. With the rising expectation of Fed rate cuts and positive signals from the China - US economic and trade delegation meeting, the market risk appetite remained high. The non - ferrous and commercial aerospace sectors performed strongly. [7] - By industry, most Shenwan primary industries rose. Non - ferrous metals (5.35%), communication (3.69%), national defense and military industry (2.82%), machinery (2.77%), and non - bank finance (2.27%) led the gains, while media (- 3.86%), real estate (- 2.15%), beauty care (- 2.00%), and food and beverage (- 1.90%) lagged. [8] Bond Market - The bond market continued to weaken last week, with sentiment stabilizing and yields slightly declining on Friday. The 10 - year Treasury bond rate closed at 1.85% on Friday, up 0.68bp from the previous week. [8] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 0.08% for the whole week, the median price increased by 0.19%, the arithmetic average parity decreased by 0.17%, and the overall market conversion premium rate increased by 0.79% compared with the previous week. [1][8] - By industry, half of the convertible bond sectors in the market rose. National defense and military industry (+3.64%), non - bank finance (+2.21%), non - ferrous metals (+1.53%), and petroleum and petrochemical (+1.40%) led the gains, while steel (- 2.53%), computer (- 0.96%), household appliances (- 0.91%), and agriculture, forestry, animal husbandry and fishery (- 0.71%) lagged. [11] - At the individual bond level, Yake, Weidao, Yong 02, Furong, and Ruichuang convertible bonds led the gains, while Dazhong, Guocheng, Limin, Yingbo, and Yitian convertible bonds led the losses. [1][12] - The total trading volume of the convertible bond market last week was 254.549 billion yuan, with an average daily trading volume of 50.91 billion yuan, a decrease from the previous week. [15] 3.2 Valuation Overview (as of 2025/12/05) - For equity - linked convertible bonds, the average conversion premium rates for par values in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 46.32%, 32.88%, 29.62%, 19.91%, 12.21%, and 11.93% respectively, at the 96%/94%, 90%/86%, 96%/99%, 90%/89%, 78%/67%, 95%/94% percentile since 2010/2021. [18] - For bond - linked convertible bonds, the average YTM for par values below 70 yuan was - 4.11%, at the 1%/4% percentile since 2010/2021. [18] - The average implied volatility of all convertible bonds was 42.97%, at the 87% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.69%, at the 82%/83% percentile since 2010/2021. [18] 3.3 Primary Market Tracking - From 2025/12/1 to 2025/12/5, the Pulan Convertible Bond was announced for issuance, and no convertible bonds were listed. Pulan Software, the underlying stock of Pulan Convertible Bond, belongs to the computer industry. The company's 2024 revenue was 836 million yuan, with a year - on - year increase of 11.6%, and the net profit attributable to the parent company was 121 million yuan, with a year - on - year increase of 95.06%. In 2025Q1 - 3, the revenue was 300 million yuan, with a year - on - year increase of 2.17%, and the net profit attributable to the parent company was 100,000 yuan, with a year - on - year decrease of 90.07%. The scale of the issued convertible bond is 243 million yuan. [26] - As of the announcement on December 5, there were no announcements of convertible bond issuance and listing in the coming week (2025/12/8 - 2025/12/12). Last week, 2 companies' applications passed the listing committee review, 1 company's application was accepted by the exchange, 3 companies' applications passed the shareholders' meeting, and 2 companies' applications were at the board of directors' proposal stage. Currently, there are 96 convertible bonds waiting to be issued, with a total scale of 149.23 billion yuan, including 6 approved for registration with a total scale of 4.47 billion yuan and 8 passing the listing committee review with a total scale of 9.81 billion yuan. [27]

普联软件公告称，公司本次向不特定对象发行24,293.26万元可转换公司债券，原股东优先配售和网上申 购于2025年12月5日结束。原股东共优先配售18,996.60万元，占发行总量的78.20%；社会公众投资者网 上申购5,296.60万元，占21.80%，网上中签率为0.0006108812%。发行人控股股东、实际控制人及一致 行动人合计获配约占本次发行总量的37.55%。余额6张由保荐人包销。普联转债上市时间将另行公告。 ...

每经AI快讯，12月5日，"普联转债"今日申购，申购代码为370996，可顶格申购10000张。 ...

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting those that are subject to strong redemption and those that are not, along with their respective trading and conversion details [1][3][5]. Group 1: Strong Redemption Bonds - The following convertible bonds are subject to strong redemption: - Limin Convertible Bond (利民转债) with a strong redemption price of 100.222 and a last trading date of December 5, 2025 [1]. - Xinhua Convertible Bond (新化转债) with the same strong redemption conditions [1]. Group 2: Non-Strong Redemption Bonds - The following convertible bonds are not subject to strong redemption: - Yake Convertible Bond (亚科转债) [1]. - Aima Convertible Bond (爱玛转债) which will not undergo adjustment [1]. - Shenglan Convertible Bond (胜蓝转02) also will not undergo adjustment [1]. Group 3: Upcoming Subscription Opportunities - New stock subscriptions are available for: - Muxi Co., Ltd. (沐曦股份) and Angrui Microelectronics (昂瑞微) [1]. Group 4: Convertible Bond Pricing and Trading Details - Key pricing and trading details for selected convertible bonds include: - Hongfa Convertible Bond (宏发转债) priced at 122.939 with a conversion value of 122.93 and a remaining scale of 3.066 billion [3]. - Guocheng Convertible Bond (国城转债) priced at 176.268 with a conversion value of 176.23 and a remaining scale of 1.720 billion [3]. - Mingdian Convertible Bond (明电转02) priced at 137.779 with a conversion value of 137.50 and a remaining scale of 0.608 billion [3]. - Various other convertible bonds are listed with their respective prices, redemption values, last trading dates, and conversion values [3][5].