1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The equity market is expected to continue the pattern of index fluctuations and internal theme rotations. The convertible bond market shows good resilience in the volatile equity market, and its valuation is still supported. Recently, non - bank convertible bond targets have successively proposed downward revisions, reflecting a strong willingness to promote conversion of near - maturity convertible bonds. It is recommended to focus on the downward revision game opportunities of near - maturity convertible bonds and select bonds from three aspects: performance - driven, event - catalyzed, and dividend and defensive [2][3][19][20]. 3. Summary by Relevant Catalogs Market Focus Last Week (June 16 - 20, 2025) Stock Market - The equity market fluctuated and declined last week. Affected by the end of the "618" promotion and media public opinion, the consumer sector was weak, while the bank and technology sectors performed well. Most Shenwan primary industries closed down, with only banking, communication, and electronics closing up [9][10]. - Specific daily performance: On Monday, the three major A - share indexes rose collectively; on Tuesday and Thursday, they fell collectively; on Wednesday, they rose collectively; on Friday, they fell collectively [9]. Bond Market - The capital market remained relatively loose last week. Events such as the release of May economic data and the Lujiazui Financial Forum did not have a significant impact on the bond market, which continued to fluctuate throughout the week. The 10 - year Treasury bond yield closed at 1.64% on Friday, down 0.44bp from the previous week [10]. Convertible Bond Market - Most convertible bond issues closed down last week. The CSI Convertible Bond Index fell 0.17% for the whole week, the median price fell 0.48%, and the calculated arithmetic average parity fell 2.08%. The overall market conversion premium rate increased by 2.39% compared with the previous week [10]. - In terms of industries, non - bank finance, banking, public utilities, and electronics performed well, while social services, media, building decoration, and beauty care performed poorly [13]. - At the individual bond level, Jingrui, Liande, Tianchuang, Xuerong, and Shouhua convertible bonds led the gains, while Jinling, Zhite, Jindan, and Dongshi convertible bonds led the losses [14]. - The total trading volume of the convertible bond market last week was 30.6524 billion yuan, with an average daily trading volume of 6.1305 billion yuan, a decrease from the previous week [18]. Views and Strategies (June 23 - 27, 2025) - The economic data in May showed differentiation, with strong consumption but a decline in investment and export growth. The market hotspots rotated rapidly, and the popular themes of innovative drugs and new consumption declined. The equity market is expected to continue the pattern of index fluctuations and internal theme rotations [2][19]. - The issuance of convertible bonds has accelerated slightly in the past two weeks. With low bond market interest rates, the demand for convertible bond allocation is strong, and the valuation of convertible bonds is still supported. Although some large - scale convertible bond issues have had their ratings downgraded, the overall impact on the market is relatively controllable [2][19]. - Ruida and Caitong convertible bonds have proposed downward revisions, reflecting the strong willingness of near - maturity convertible bonds to promote conversion. It is recommended to focus on the downward revision game opportunities of near - maturity convertible bonds and pay more attention to convertible bonds with negative YTM and good underlying stock credit quality [3][20]. - When selecting bonds, take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio fluctuations, and select targets with performance support or valuation drivers from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][20]. Valuation Overview - As of June 20, 2025, for equity - biased convertible bonds, the average conversion premium rates for different parity ranges are as follows: 39.12% for 80 - 90 yuan, 28.66% for 90 - 100 yuan, 18.06% for 100 - 110 yuan, 13.67% for 110 - 120 yuan, 9.87% for 120 - 130 yuan, and 4.18% for over 130 yuan, at the 79%/56%, 76%/55%, 61%/29%, 68%/44%, 66%/46%, and 63%/26% percentile values since 2010/2021 respectively [21]. - For bond - biased convertible bonds, the average YTM for convertible bonds with a parity below 70 yuan is 0.4%, at the 11%/3% percentile values since 2010/2021 [21]. - The average implied volatility of all convertible bonds is 31.17%, at the 54%/31% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is - 16.67%, at the 14%/21% percentile values since 2010/2021 [21]. Primary Market Tracking - Last week (June 16 - 20, 2025), Xizhen and Huachen convertible bonds announced their issuance, and Hengshuai convertible bonds were listed [30][31][32]. - As of the announcements on June 20, there are no convertible bonds announced for issuance or listing in the next week (June 23 - 27, 2025) [33]. - Last week, the exchanges accepted applications from 2 companies (Naipu Mining Machinery and Jingda Co., Ltd.), and the general meetings of shareholders approved the plans of 2 companies (Benchuan Intelligent and Maiwei Co., Ltd.). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board - proposed plans. As of now, there are 78 convertible bonds to be issued, with a total scale of 125.18 billion yuan, including 6 approved for registration with a total scale of 13.45 billion yuan and 4 passed by the listing committee with a total scale of 2.93 billion yuan [34].

Core Viewpoint - Wuxi Zhenhua is seizing new opportunities in the automotive industry by accelerating its production expansion, with plans to issue convertible bonds to fund its automotive parts project and enhance liquidity [1][2]. Group 1: Company Overview - Wuxi Zhenhua, established in 1989, specializes in the research, development, production, and sales of automotive stamping and welding parts, and has established stable partnerships with major automotive manufacturers including Tesla and Ideal Auto [5][6]. - The company went public on the Shanghai Stock Exchange in June 2021, achieving a revenue of 1.582 billion yuan in its first year, with a year-on-year growth of 11.64% [5]. Group 2: Financial Performance - Revenue projections for Wuxi Zhenhua from 2022 to 2024 are 1.881 billion yuan, 2.317 billion yuan, and 2.531 billion yuan, reflecting year-on-year growth rates of 18.9%, 23.19%, and 9.23% respectively [5][6]. - Net profit for the same period is expected to be 162 million yuan, 277 million yuan, and 378 million yuan, with significant growth rates of 77.93%, 71.23%, and 36.3% [5][6]. Group 3: Investment and Expansion Plans - The company plans to issue 520 million yuan in convertible bonds, with 80.77% of the funds allocated to the Langfang Zhenhua automotive parts project, which has a total investment of 648 million yuan [2][3]. - The project aims to enhance production capacity, with an expected annual revenue of 803 million yuan post-completion and a financial internal rate of return of 12.78% [2][3]. Group 4: Production Capacity and R&D - Wuxi Zhenhua has established nine production bases across various locations, enhancing its industry supply capabilities and market presence [1][3]. - The company has invested a total of 287 million yuan in R&D over five years, with a steady increase in R&D expenses, indicating a strong commitment to innovation [4][6].

Core Viewpoint - Wuxi Zhenhua plans to issue convertible bonds totaling 520 million yuan to fund the "Langfang Zhenhua Quanjing Shen Automotive Parts Project" and supplement working capital, aiming to enhance localized production capacity in the Beijing-Tianjin-Hebei region [2][3]. Group 1: Project Details - The total investment for the "Langfang Zhenhua Quanjing Shen Automotive Parts Project" is 648 million yuan, with 420 million yuan sourced from the bond issuance [2]. - The project will be implemented by Wuxi Zhenhua's wholly-owned subsidiary in Langfang, focusing on automotive stamping and welding components, and is expected to achieve an annual production capacity of 500,000 sets of automotive parts [2][3]. Group 2: Financial Projections - Upon completion, the project is projected to generate an annual revenue of 803 million yuan (excluding tax), with a post-tax internal rate of return of 12.78% and a payback period of 7.74 years [3]. - The company anticipates a significant increase in business revenue in the Beijing-Tianjin-Hebei region in 2024, supported by confirmed customer intentions and orders for the new capacity [3]. Group 3: Market Position and Strategy - The Beijing-Tianjin-Hebei region is a key automotive industry hub in China, with a concentrated customer base including major manufacturers like Li Auto and Xiaomi Auto [3]. - The project aims to enhance the company's ability to provide localized support to automotive manufacturers, improving delivery efficiency and reducing transportation costs [4]. - Wuxi Zhenhua is focused on the automotive parts sector, with its main revenue source being the stamping parts business, which is expected to generate 1.484 billion yuan in 2024, accounting for 61.98% of total revenue [5].

Fundraising Overview - The company raised a total of RMB 831.32 million through its initial public offering, with a net amount of RMB 781.32 million after deducting issuance costs of RMB 50.997 million [1] - The initial public offering involved issuing 51 million shares at a price of RMB 16.32 per share [1] Fund Allocation and Changes - The company initially planned to invest in the "Wuhu Changrui Automotive Stamping and Welding Parts Expansion Project," but in 2018, it changed the project to "Metal Sheet Green Clean Processing Production Line Construction Project," reallocating all remaining funds to the new project [2] Fund Management - The company established special accounts for the management of raised funds in compliance with various regulations, ensuring that the funds are used solely for their intended purpose [2] - The special accounts were opened at multiple banks, including Bank of Communications, Hefei Technology Rural Commercial Bank, and China Construction Bank [3] Account Closure - As of April 24, 2025, the company has completed the closure of special accounts related to its initial public offering projects, including the "Automotive Stamping and Welding Parts Technology Upgrade Project" and the "R&D Center Construction Project" [4] - The termination of the special accounts also led to the end of the tripartite supervision agreement with the underwriter and the banks [4]

Core Viewpoint - Wuxi Zhenhua (605319.SH) accelerates its production expansion by issuing convertible bonds to raise up to 520 million yuan for automotive parts projects and working capital [1][2] Group 1: Company Overview - Wuxi Zhenhua, established in 1989, specializes in the design, research and development, manufacturing, and sales of automotive stamping and welding parts, as well as related molds and assembly processing services [2] - The company has established nine production bases, forming a multi-location production layout across Wuxi, Shanghai, Zhengzhou, Ningde, Wuhan, and Langfang [1][3] Group 2: Financial Performance - In 2024, Wuxi Zhenhua achieved revenue of 2.531 billion yuan, a year-on-year increase of 9.23%, and a net profit of 378 million yuan, up 36.30% [4] - In Q1 2025, the company reported revenue of 600 million yuan, a 22.5% increase year-on-year, and a net profit of 94.54 million yuan, up 22.2% [4] Group 3: Investment and Expansion Plans - The company plans to use 1 billion yuan of the raised funds to supplement working capital, while the remaining will be allocated to the Langfang Zhenhua automotive parts project [2] - The project is expected to have a post-tax internal rate of return of 12.78% and a payback period of 7.74 years, with an anticipated production capacity of 500,000 sets of automotive parts annually [3] Group 4: R&D and Technological Advancements - Wuxi Zhenhua has seen a consistent increase in R&D expenses from 47.886 million yuan in 2020 to 62.817 million yuan in 2024, totaling 279 million yuan over five years [5] - The company holds 148 patents, including 19 invention patents, showcasing its strong market competitiveness [5]

烟台亚通精工机械股份有限公司 （莱州经济开发区莱海路北） 首次公开发行股票招股说明书摘要 保荐人（牵头主承销商） 苏州工业园区星阳街 5 号 联席主承销商 郑州市郑东新区商务外环路 10 号中原广发金融大厦 1-2-1-1 声明 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于上海证券交易所网 站(http://www.sse.com.cn)。投资者在做出认购决定之前，应仔细阅读招股说 明书全文，并以其作为投资决定的依据。 投资者若对本招股说明书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股说明书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行制作、出具的文件有虚假记载、误导 性陈述或者重大遗漏，给投资者造成损失的，其将先行赔偿投资者损失。 中国证监会、其 ...

烟台亚通精工机械股份有限公司 （莱州经济开发区莱海路北） 首次公开发行股票招股意向书摘要 保荐人（牵头主承销商） 苏州工业园区星阳街 5 号 联席主承销商 郑州市郑东新区商务外环路 10 号中原广发金融大厦 1-2-1-1 声明 本招股意向书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股意向书全文的各部分内容。招股意向书全文同时刊载于上海证券交易所网 站(http://www.sse.com.cn)。投资者在做出认购决定之前，应仔细阅读招股意 向书全文，并以其作为投资决定的依据。 投资者若对本招股意向书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股意向书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股意向书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股意向书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行制作、出具的文件有虚假记载、误导 性陈述或者重大遗漏，给投资者造成损失的，其将先行赔偿投资者损失。 中国证监会、其 ...