——2025年4季度可转债市场展望 证 券 研 究 报 告 风偏或波动，中期看成长 2025.10.13 主要内容 低波：绿动转债、瑞科转债、百畅转债、裕兴转债、东南转债、恒逸转2、金能转债、万青转债、中特转债。 稳健：正帆转债、华锐转债、升24转债、铭利转债、福蓉转债、爱迪转债、洁美转债、永02转债、永贵转债、泰瑞转债。 高波：华懋转债、华亚转债、亿纬转债、甬矽转债、伟测转债、锋工转债、柳工转2、佳禾转债、科利转债、泰福转债。 www.swsresearch.com 证券研究报告 2 风险提示：权益市场波动风险，转债信用风险等。 ◼ （1）9月转债表现差于正股，高价+小盘转债领涨，保险机构大幅减持。9月科技板块依旧领先，银行和非银转债创年内最差表现，本轮震荡期依 旧是高价、小盘转债表现较强。机构行为上减仓最为明显的是保险和券商资管，但对偏债转债估值影响有限，120-130元平价转债估值拉升较多。 ◼ （2）转债市场当前估值合理，高价源于正股驱动，而新发加速背景下供给稀缺性或下降，短期来看止盈动力上升，市场或有调整压力。结合转债 的转股溢价率、YTM、以及相对纯债的估值，当前转债估值相对合理，而转债市场的中位 ...

Core Viewpoint - The company, Shenzhen Ruihua Tai Film Technology Co., Ltd., is preparing for its first extraordinary general meeting of shareholders in 2025, focusing on significant governance changes and the upcoming interest payment for its convertible bonds [2][3][4]. Group 1: Trading Information - As of August 8, 2025, Ruihua Tai's stock closed at 16.97 yuan, up 2.72%, with a turnover rate of 1.95% and a trading volume of 35,100 lots, resulting in a total transaction amount of 59.1476 million yuan [1]. - On the same day, the net inflow of main funds was 3.1849 million yuan, accounting for 5.38% of the total transaction amount, while retail investors saw a net inflow of 1.885 million yuan, representing 3.19% of the total [2][6]. Group 2: Company Announcements - The company will hold its first extraordinary general meeting on August 19, 2025, to discuss two main proposals: the cancellation of the supervisory board and adjustments to the board of directors, as well as revisions to various governance systems [3][6]. - The company announced that the "Rui Ke Convertible Bonds" will have an interest payment on August 18, 2025, with a coupon rate of 0.6%, resulting in a payment of 0.60 yuan per bond (before tax) [4][6].

Core Viewpoint - The company Ruihuatai (688323) has seen a stock price increase of 6.06% this week, closing at 16.97 yuan, with a total market capitalization of 3.055 billion yuan as of August 8, 2025 [1] Company Announcements - Ruihuatai will hold its first extraordinary general meeting of shareholders on August 19, 2025, to discuss two key proposals [1][3] - The company announced the interest payment for the "Ruike Convertible Bonds" on August 18, 2025, with a coupon rate of 0.6% for the current interest period [1][3] Key Proposals for Shareholder Meeting - Proposal 1: Abolish the supervisory board, adjust the number of board members, and amend the Articles of Association. The supervisory board's functions will be transferred to the audit committee of the board, reducing the board size to 8 members, including 3 independent directors, 4 non-independent directors, and 1 employee representative director [3] - Proposal 2: Amend various governance documents, including rules for shareholder meetings, board meetings, independent director work systems, and management of fundraising [3]

Group 1 - The core viewpoint of the article highlights the planned share reductions by major shareholders in several companies, indicating potential changes in ownership dynamics [1] Group 2 - Yaoji Technology's actual controller and concerted parties plan to reduce their holdings by no more than 3% of the company's shares [1] - Yubang New Materials' shareholders intend to transfer 2.28% of the company's shares through inquiry [1] - Wentai Technology's shareholders plan to reduce their holdings by no more than 1% of the company's shares [1] - Sanfang Convertible Bonds and Ruike Convertible Bonds will not undergo adjustments [1] - Guangke Convertible Bonds have been listed [1] - Chuangjin Hexin Shounong REIT (508039) has been listed [1] - Hansang Technology's new shares are available for subscription on the Shanghai and Shenzhen stock exchanges [1]