2025年6月20日，东方金诚对晶科能源主体及"晶能转债"定期跟踪评级，维持主体和债项信用等级为 AA+，评级展望稳定。8月28日晶科能源发布的半年度报告显示，1 - 6月营收318.31亿元，利润总额 - 42.16亿元，归母净利润 - 29.09亿元等。业绩变动主因光伏市场竞争加剧、海外贸易政策变化、产品价 格下跌。不过上半年公司组件出货量仍居行业第一，未来将推进多项举措改善盈利。东方金诚将持续关 注后续进展及对信用等级等可能产生的影响。 ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The high - point of liquidity in this round was basically confirmed in early July. Attention should be paid to when the stock - bond cost - effectiveness returns to favoring bonds. The latest convertible bond portfolio has a 0 position in equity - like convertible bonds and a 70% total position in value - style double - low and low - price convertible bonds (bond - like assets). The convertible bond broad - based portfolio outperformed the CSI Convertible Bond Index by 0.29pct last week and has cumulatively outperformed it by 15.99pct since its establishment in July 2024 [3] - When the convertible bond price and valuation are at historical highs, one can focus on sectors where performance and valuation resonate, industries with large bond - selection spaces, convertible bonds with a short - term non - call notice, and convertible bonds that can replace bank convertible bond funds [4] Group 3: Summary of Each Section Stock - Bond and Convertible Bond Market Review - Last week, the equity market was strong, with the Shanghai Composite Index approaching or breaking through 3500 points. Bank stocks were the market's main line, and sectors such as computing hardware, new energy, and photovoltaic were active. Some sectors like PCB, consumer electronics, and gaming adjusted. In the bond market, yields generally rose due to the stock - bond seesaw effect, but Treasury bond futures recovered on Friday [1] - Convertible bonds followed the positive performance of underlying stocks, with high trading volume. The valuation adjusted, and the CSI Convertible Bond Index hit a record high. Currently, the cost - effectiveness of convertible bonds is limited, and the bond - selection space is narrowing [2] Market Outlook and Strategy Recommendation - From the perspective of asset allocation, the latest convertible bond portfolio has a 0 position in equity - like convertible bonds and a 70% total position in value - style double - low and low - price convertible bonds. Value - style low - price convertible bonds have a long remaining time and a downward - adjustment expectation, and value - style double - low convertible bonds have advantages in both underlying stocks and convertible bonds [3] - From a bottom - up perspective, when the convertible bond price and valuation are at historical highs, one can focus on sectors where performance and valuation resonate, industries with large bond - selection spaces, convertible bonds with a short - term non - call notice, and convertible bonds that can replace bank convertible bond funds [4] Chart Analysis - Chart 2 shows the specific targets of the convertible bond broad - based portfolio, including information such as underlying stock names, convertible bond names, positions, and various indicators [7] - Chart 4 shows the performance of the convertible bond market last week by industry, including convertible bond yield, corresponding underlying stock yield, change in conversion premium rate, etc. [11] - Chart 5 shows the performance of the convertible bond market last week by bond attributes (low - price, inert, double - low, equity - like, double - high), including convertible bond yield, corresponding underlying stock yield, change in conversion premium rate, etc. [12] - Chart 6 shows the performance of the convertible bond market last week by rating, including convertible bond yield, corresponding underlying stock yield, change in conversion premium rate, etc. [13] - Chart 7 shows the performance of the convertible bond market last week by underlying stock market value, including convertible bond yield, corresponding underlying stock yield, change in conversion premium rate, etc. [14] - Chart 8 shows the performance of the convertible bond market last week by convertible bond balance, including convertible bond yield, corresponding underlying stock yield, change in conversion premium rate, etc. [15] - Chart 9 shows the performance of the convertible bond market last week by the time since listing, including convertible bond yield, corresponding underlying stock yield, change in conversion premium rate, etc. [16] - Chart 10 shows the equity and bond characteristics of convertible bonds in each industry, including the proportion of different types of convertible bonds and relevant indicators [17] - Chart 11 shows the rating, scale, and conversion value of convertible bonds in each industry [19]

Core Viewpoint - The article discusses various companies' stock movements, including share transfers and bond adjustments, indicating potential investment opportunities and market trends [1]. Group 1: Share Transfers - Aotewei's controlling shareholder plans to transfer 4.99% of the company's shares [1]. - The controlling shareholder of Yirui Bio intends to reduce their holdings by no more than 3% [1]. - The consistent action party of Aerospace Hongtu plans to transfer 5.1% of shares to a private equity fund [1]. - Guolian Aviation's shareholder intends to reduce their holdings by no more than 1% [1]. Group 2: Convertible Bonds - Qilu Convertible Bond is subject to strong redemption [1]. - Qibin Convertible Bond has been adjusted down to the lowest level [1]. - Several convertible bonds, including Tian Nai, Tai 21, Jing Neng, Changqi, Jin Neng, and Oujia, will not undergo adjustments [1]. - Guangneng Convertible Bond is set for subscription on July 9 [1]. Group 3: New Stock Offerings - Huadian New Energy is listed for subscription on the Shanghai and Shenzhen stock exchanges [1]. - Two REITs, Huaxia Huadian Clean Energy REIT (508016) and Chuangjin Hexin Shounong REIT (508039), are available for subscription [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the environment of the stock - bond seesaw, convertible bonds maintain a relatively high valuation. Although the overall valuation premium has been compressed last week, some industries actively increased their valuations, and there were even cases where the underlying stocks fell while the convertible bonds rose. Currently, the cost - effectiveness of convertible bonds is limited, with the median price of the entire convertible bond market rising to 124 yuan and the valuation remaining at a relatively high level, narrowing the space for bond selection [2]. - Next week may be an important time point for the end of the current round of capital idling. It is necessary to focus on whether the stock - bond cost - effectiveness can return to favoring bonds. At the current level, long - term bonds have a slightly better cost - effectiveness than value - style equity assets. If the value - style equity assets continue to decline, a good entry window may appear [3]. - The latest convertible bond portfolio has a zero position in equity - style convertible bonds and is fully allocated to value - style double - low and low - price convertible bonds (bond - like assets), with a total position of 70%. Among them, value - style low - price convertible bonds have a long remaining time and the expectation of downward adjustment, and the liquidity brought by the delisting of bank convertible bonds should be gradually deployed at low levels. Value - style double - low convertible bonds currently have dual advantages in terms of underlying stocks and convertible bonds [4]. Summary by Related Catalogs Stock - Bond and Convertible Bond Market Review - Last week, the theme of the equity market rotated rapidly. Affected by overseas news and capital market fluctuations, the stock - bond seesaw was obvious. On Monday, the stock index rose collectively, with military, stablecoin concept, brain - computer interface, and semiconductor leading the gains. The bond market adjusted comprehensively, with bearish sentiment prevailing. On Tuesday, after the cross - quarter, the capital market eased, the bond market strengthened, and the stock market fluctuated and adjusted. On Friday, the US June non - farm payrolls far exceeded expectations, reducing the probability of the Fed cutting interest rates in July and September. The cross - border payment, bank, game, power, steel, and innovative drug sectors led the gains, and the bond market oscillated strongly without a clear trading theme [1]. Convertible Bond Market Analysis - Valuation: Currently, convertible bonds still maintain a relatively high valuation compared to the underlying stocks. Last week, the overall valuation premium was compressed, but some industries actively increased their valuations. The median price of the entire convertible bond market rose to 124 yuan, and the valuation remained at a relatively high level. The space for bond selection has narrowed, and the proportion of inert convertible bonds with pending valuation adjustment is the largest. The median conversion premium rate decreased slightly to 28.9% (historical quantile of 58%), the implied volatility remained at around 30% (historical quantile of 65%), and the median implied volatility difference remained at around - 15% (historical quantile of 36%) [2]. - Market sentiment: Last week, the average daily trading volume of the entire convertible bond market was 60.2 billion yuan, a 7% increase from the previous week. The trading of traditional speculative bonds such as newly issued bonds, low - rated convertible bonds, and double - high convertible bonds remained sluggish. In the volatile stock - bond market environment, the market tends to trade varieties with stronger option elasticity, such as small - cap stocks and newly issued AAA - rated convertible bonds, whose valuations are suppressed [2]. Market Outlook and Strategy Recommendations - Market outlook: Next week may be an important time point for the end of the current round of capital idling. It is necessary to focus on whether the stock - bond cost - effectiveness can return to favoring bonds. At the current level, long - term bonds have a slightly better cost - effectiveness than value - style equity assets. If the value - style equity assets continue to decline, a good entry window may appear [3]. - Strategy recommendations: The top - down broad - based portfolio view is an 80% position in equity value - style assets and a 20% position in 30 - year treasury bond ETFs. The latest convertible bond portfolio has a zero position in equity - style convertible bonds and is fully allocated to value - style double - low and low - price convertible bonds (bond - like assets), with a total position of 70%. The convertible bond broad - based portfolio underperformed the CSI Convertible Bond Index by 0.42 percentage points last week. Since its establishment in July 2024, it has outperformed the CSI Convertible Bond Index by 15.5 percentage points, with a maximum drawdown of 7.7% (compared to 7.5% for the CSI Convertible Bond Index during the same period) [4].

Core Viewpoint - The announcement provides an update on the conversion of the company's convertible bonds, detailing the amount converted and the remaining outstanding bonds. Group 1: Conversion Status - As of June 30, 2025, a total of RMB 114,000 has been converted into shares of JinkoSolar, resulting in 8,325 shares, which represents 0.000083% of the company's total shares before conversion [2][7] - The amount of convertible bonds that have not been converted as of June 30, 2025, is RMB 9,999,886,000, accounting for 99.9989% of the total issuance [2][7] - During the quarter from April 1, 2025, to June 30, 2025, RMB 3,000 was converted into 222 shares, which is 0.000002% of the company's total shares before conversion [2][6] Group 2: Convertible Bond Issuance Overview - The company was approved to issue 10 million convertible bonds with a total fundraising amount of RMB 1 billion, with a maturity period of six years from April 20, 2023, to April 19, 2029 [3] - The convertible bonds, named "Jineng Convertible Bonds," began trading on the Shanghai Stock Exchange on May 19, 2023, with an initial conversion price set at RMB 13.79 per share [3] - The conversion price was adjusted to RMB 13.70 per share starting July 14, 2023, due to the company's annual equity distribution plan [4] Group 3: Future Adjustments - The conversion price will be further adjusted to RMB 13.48 per share starting June 7, 2024, as part of the company's annual equity distribution plan [5]

Core Viewpoint - JinkoSolar maintains a strong credit rating of AA+ with a stable outlook, reflecting its robust position in the global photovoltaic (PV) market and ongoing technological advancements [1][2] Group 1: Company Performance - JinkoSolar is projected to achieve a global PV module shipment of 92.87 GW in 2024, representing an 18.28% year-on-year increase, with N-type TOPCon modules accounting for 88% of shipments, showcasing its technological leadership [1] - The company has made significant R&D investments of 4.407 billion yuan, resulting in 679 new patents and a record battery efficiency of 34.22% for its TOPCon perovskite tandem cells [1] - JinkoSolar's vertical integration strategy is optimizing its cost structure, enhancing profitability amid fierce market competition [1] Group 2: Industry Outlook - The global energy transition is accelerating, with a projected 35% year-on-year increase in new PV installations, reaching 599 GW in 2024, driven by favorable policies and market demand [2] - China's "dual carbon" goals are leading to a favorable policy environment, with a long-term high demand outlook for the PV industry [2] - JinkoSolar's international revenue accounts for nearly 70% of its total, and the company is enhancing production efficiency and product quality through digital transformation [2] Group 3: Future Plans - JinkoSolar plans to achieve over 40 GW of high-power TOPCon capacity by 2025 and aims to enhance battery mass production efficiency to 27% [2] - The company is advancing its energy storage business with projects including a 12 GWh energy storage integration system and a 12 GWh energy storage cell project [2] - JinkoSolar's order backlog stands at $8.566 billion as of the end of Q1 2025, laying a solid foundation for future performance recovery [2]

根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市 规则》等相关法律法规规定，晶 科 能 源股份有限公司（以下简称"公司"）委托 信用评级机构东方金诚国际信用评估有限公司（以下简称"东方金诚"）对公司 行了跟踪信用评级。 公司前次主体信用评级结果为"AA+"，评级展望为"稳定"，"晶能转债" 前次债券信用评级结果为"AA+"，评级机构为东方金诚，评级时间为 2024 年 评级机构东方金诚在对公司经营状况及相关行业进行综合分析与评估的基 础上，于近期出具了《晶 科 能 源股份有限公司主体及"晶能转债"2025 年度跟 踪评级报告》（东方金诚债跟踪评字【2025】0190 号），评级结果如下：公司主 体信用等级维持为"AA+"，评级展望维持为"稳定"，"晶能转债"信用等级 维持为"AA+"。 证券代码：688223 证券简称：晶 科 能 源 公告编号：2025-035 转债代码：118034 转债简称：晶能转债 晶 科 能 源股份有限公司 关于"晶能转债"跟踪信用评级结果的公告 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、准确性和完整性依法 ...

提示性公告 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、准确性和完整性依法承担法律责任。 一、可转债发行上市概况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688223 证券简称：晶科能源 公告编号：2025-013 债券代码：118034 债券简称：晶能转债 晶科能源股份有限公司 关于"晶能转债"预计满足转股价格修正条件的 上述方案须经出席会议的股东所持表决权的三分之二以上通过方可实施。股东大会进行表决时，持有本 次发行的可转换公司债券的股东应当回避。修正后的转股价格应不低于该次股东大会召开日前二十个交 易日公司A股股票交易均价和前一个交易日公司A股股票交易均价。 根据中国证券监督管理委员会《关于同意晶科能源股份有限公司向不特定对象发行可转换公司债券注册 的批复》（证监许可〔2023〕683号），晶科能源股份有限公司（以下简称"公司"）获准向不特定对象 发行可转换公司债券10,000.00万张，每张面值为人民币100.00元，募集资金总额为1,000,000.00万元，本 次发行的可转换公司债券的存续期限为自发行之日起六年，即自20 ...