Group 1 - The convertible bond of Xiangtan Electric Chemical Co., Ltd. (referred to as "the company") experienced a 30.0% increase, reaching 130.0 CNY per bond, with a trading volume of 6.8686 million CNY and a conversion discount rate of 6.95% [1] - The company has issued a convertible bond with a credit rating of "AA" and a maturity of 6 years, featuring a tiered coupon rate starting from 0.20% in the first year to 2.00% in the sixth year, with a redemption price of 110.00 CNY [1] - The conversion price for the bond is set at 10.1 CNY, with the conversion period starting on December 22, 2025 [1] Group 2 - Xiangtan Electric Chemical Co., Ltd. is a state-owned enterprise under the Xiangtan State-owned Assets Supervision and Administration Commission, listed on the Shenzhen Stock Exchange since April 3, 2007 [2] - The company's main business includes the production and sale of electrolytic manganese dioxide and new energy battery materials, as well as urban sewage treatment and industrial trade, with an annual production capacity of 122,000 tons of electrolytic manganese dioxide [2] - The company has a diverse product range and is a strategic partner for major battery manufacturers, exporting to nearly 20 countries and regions [2] Group 3 - For the first quarter of 2025, the company reported a revenue of 417.8 million CNY, a year-on-year increase of 16.15%, while the net profit attributable to shareholders was 47.3287 million CNY, a decrease of 2.54% [2] - The company's non-recurring net profit was 45.4298 million CNY, reflecting a year-on-year decline of 5.91% [2] - As of June 2025, the company's shareholder base is relatively dispersed, with 47,700 shareholders and an average holding of 13,200 shares per person, amounting to an average investment of 162,200 CNY [2]

Group 1 - The China Convertible Bond Index opened up by 0.04% [1] - Electric Chemical Convertible Bonds and Anke Convertible Bonds surged by 30%, triggering a trading halt [1] - Several other convertible bonds, including Saili Convertible Bonds and Tianyang Convertible Bonds, saw increases of nearly 8% and 5% respectively [1] Group 2 - Jingao Convertible Bonds and Beilu Convertible Bonds rose over 3% [1] - On the downside, Jinguan Convertible Bonds fell by over 5%, while Yong'an Convertible Bonds and Huitong Convertible Bonds dropped by over 4% and 2.7% respectively [1]

Group 1 - The core viewpoint of the article discusses various corporate actions related to convertible bonds and stock holdings, including proposals for adjustments and planned reductions in production [1] Group 2 - Jing'ao Convertible Bond: The board proposed a down adjustment [1] - Qizhuang Convertible Bond and Huitong Convertible Bond: Strong redemption [1] - Weitang Industrial: The controlling shareholder and concerted parties plan to reduce their holdings by no more than 1.95% of the company's shares [1] - Xianle Health: Shareholders plan to reduce their holdings by no more than 1.47% of the company's shares [1] - Wankai New Materials: The company plans to orderly reduce PET production and conduct equipment maintenance during the reduction period [1] - Lezhi Convertible Bond, Meijin Convertible Bond, Wentai Convertible Bond: No down adjustment [1] - Dianhua Convertible Bond and Anke Convertible Bond: Listed [1] - Jizhi Convertible Bond: No strong redemption [1] - US stock market: Closed [1]

New Stock Issuance - The new stock "同宇新材" (code: 301630) is listed at an issuance price of 84.00[1] - "信通电子" (code: 001388) has an issuance price of 16.42[1] Rights Issues and Announcements - "济川药业" (code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - "中程退" (code: 300208) has 13 trading days remaining until the last trading day[1] - "退市锦港" (code: 600190) also has 13 trading days remaining until the last trading day[1] - "恒立退" (code: 000622) has 10 trading days remaining until the last trading day[1] Abnormal Fluctuations - "浙江东日" (code: 600113) reported severe abnormal fluctuations[1] - "汇金股份" (code: 300368) is noted for abnormal fluctuations[3]

Core Viewpoint - Xiangtan Electrochemical Technology Co., Ltd. is issuing convertible bonds totaling 487 million yuan, with a focus on raising funds for its battery materials and wastewater treatment business [2][4][10]. Overview - The convertible bond is named "Dianhua Convertible Bond" with the code 127109, and it will be listed on the Shenzhen Stock Exchange on July 4, 2025 [2][6]. - The total issuance amount is 487 million yuan, with a net amount of 479.6371 million yuan after deducting issuance costs [4][16]. - The bonds will have a face value of 100 yuan each and a maturity period from June 16, 2025, to June 15, 2031 [2][17]. Financial Details - The first-year coupon rate is set at 0.20%, increasing to 2.00% by the sixth year [3][17]. - The total issuance costs amount to 7.3629 million yuan [12][13]. Company Profile - Xiangtan Electrochemical Technology Co., Ltd. has a registered capital of 629.481713 million yuan and is primarily engaged in the production and sale of manganese dioxide and battery materials [8][10]. - The company is controlled by Xiangtan Electrochemical Group, which holds 29.54% of the shares, while the actual controller is the Xiangtan State-owned Assets Supervision and Administration Commission [9][10]. Shareholder Structure - As of March 31, 2025, the top ten shareholders hold a total of 46.13% of the company's shares, with the largest shareholder being Xiangtan Electrochemical Group [8][9]. Business Operations - The company generates over 90% of its revenue from battery materials, including various types of manganese dioxide used in primary and secondary batteries [10]. - The wastewater treatment business operates under a model of government authorization and procurement [10].

Core Viewpoint - The article discusses recent developments in convertible bonds and stock holdings of various companies, highlighting significant actions such as share conversions and planned reductions in shareholdings by major stakeholders [1]. Group 1: Convertible Bonds - Cinda Investment will convert its holdings of 23.57% of the Pudong Development Bank convertible bonds into shares [1]. - The Electric Chemical convertible bond is set to be listed on July 4 [1]. - The Hengyi and Jinko convertible bonds will not undergo adjustments [1]. - The Libor convertible bond is available for subscription on July 3 [1]. - The Ber25 convertible bond is also open for subscription [1]. Group 2: Shareholding Changes - Ruichuang Micro-Nano's shareholders plan to reduce their holdings by no more than 1.75% of the company's shares [1]. - New shares from Tongyu New Materials are available for subscription on the Shanghai and Shenzhen stock exchanges [1]. Group 3: Market Activity - The Hong Kong stock market is currently closed [1].

Core Viewpoint - Xiangtan Electric Chemical Co., Ltd. has successfully registered the issuance of convertible bonds amounting to 487 million yuan, with the bonds being offered to unspecified investors and original shareholders having priority in subscription [1] Group 1: Convertible Bond Issuance - The total scale of the convertible bond issuance is 487 million yuan, with a face value of 100 yuan per bond, totaling 4,870,000 bonds [1] - The priority subscription by original shareholders resulted in the allocation of 3,588,109 bonds, amounting to 358,810,900 yuan, which represents 73.68% of the total issuance [2] - The remaining bonds after the priority subscription were made available for public investors, with the underwriting by the lead underwriter covering any unsubscribed bonds [2] Group 2: Underwriting and Subscription Results - The lead underwriter, Caixin Securities, has agreed to underwrite all bonds that were not subscribed by online investors, totaling 17,504 bonds, amounting to 1,750,400 yuan, which is 0.36% of the total issuance [2][3] - The online subscription process for the remaining bonds concluded on June 18, 2025, and notifications were sent to successful investors [2]

Macro Strategy - The report indicates that exports are expected to show a trend of high in the first half and low in the second half of the year, with a warning about the risk of negative export growth in the fourth quarter due to high base effects [1][9][10] Fixed Income - Anker Convertible Bond is projected to have a listing price between 127.29 and 141.30 RMB, with a subscription rate of 0.0036%. The bond has a solid debt protection and is rated AA+/AA+ [2][12] - Electric Chemical Convertible Bond is expected to list between 131.46 and 145.94 RMB, with a subscription rate of 0.0022%. The bond also has good debt protection and is rated AA/AA [2][14] Industry Analysis - The non-bank financial sector is currently undervalued, providing a safety margin. The insurance industry is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [3][15][16] - The defense and military industry is highlighted for the CJ-1000A engine, which is crucial for the C919 aircraft, showcasing significant technological advancements and potential market growth in the commercial aviation sector [4][17][19] - The computer industry is experiencing a surge in demand for consumer-grade 3D printers, with a reported 40% year-on-year increase in production. This sector is expected to grow rapidly due to the rise of creative industries and lower user barriers [6][20][21] Recommended Stocks - The report recommends Kuaijishan (601579) for its growth potential, projecting net profits of 2.3 billion, 2.8 billion, and 3.3 billion RMB for 2025-2027, with corresponding PE ratios of 44, 36, and 31 [7][22]

Macro Strategy - The economic resilience in May is highlighted by a year-on-year industrial added value growth of 5.8% and a service production index growth of 6.2%, indicating a slight weakening in industrial supply and a slight strengthening in the service sector [1][18] - Retail sales increased by 6.4% year-on-year, surpassing the previous month's growth by 1.3 percentage points, while fixed asset investment showed a cumulative year-on-year growth of 3.7%, down 0.3 percentage points from the previous month [1][18] - The report identifies three distinct economic narratives: (1) sectors supported by policy, such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption, which are relatively weaker [1][18] Industry Insights - The solid-state battery industry is accelerating its 0-1 industrialization, with significant policy support and application advancements, including the establishment of a standard system for solid-state batteries by the Ministry of Industry and Information Technology [9][10] - Equipment manufacturers are expected to benefit from the ongoing optimization and iteration of solid-state battery production equipment, with companies like Xianlead Intelligent and Winbond Technology actively advancing their equipment layouts [10] - The report emphasizes the importance of self-research in baseband chips for major manufacturers, as it is crucial for brand influence and achieving competitive technological levels [12][13] Financial Products - The Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) is noted for its strong liquidity and active trading, with a net subscription of 4.74 million units in Q1 2025, reflecting increasing market interest [11] - The ETF has demonstrated excellent performance with a cumulative return of 22.1% and an annualized return of 49.2%, positioning it favorably among non-bank financial products [11] Recommendations - The report recommends companies in the oil service equipment and gas turbine sectors to benefit from high oil prices, highlighting firms like Jereh and Neway as key players [14] - In the real estate sector, it suggests focusing on companies like China Resources Land and Poly Developments, which are expected to stabilize and recover in the current market environment [14] - The report also identifies opportunities in the gas industry, particularly for companies with strong long-term contracts and cost advantages, such as New Hope Energy and China Gas [15]

Core Viewpoint - Xiangtan Electric Chemical Co., Ltd. is issuing convertible bonds to unspecified investors, with a focus on original shareholders for priority subscription before public offering [3][10][12]. Group 1: Issuance Details - The convertible bonds will be issued with a total amount of 4,870,000 bonds, each with a face value of 100 yuan, amounting to approximately 487 million yuan [10][12]. - Original shareholders can subscribe to the bonds based on their shareholding as of June 13, 2025, with a ratio of 0.007736 bonds per share [14]. - The subscription date for original shareholders is set for June 16, 2025, during which they must pay the full subscription amount [12][14]. Group 2: Subscription Process - The minimum subscription amount for public investors is set at 10 bonds (1,000 yuan), with a maximum limit of 10,000 bonds (1 million yuan) per account [15]. - Investors must ensure their accounts have sufficient funds by June 18, 2025, to cover their subscriptions, or they will be deemed to have forfeited their subscription [17]. - If the total subscription amount is less than 70% of the issuance, the issuer and underwriter may consider suspending the issuance [18]. Group 3: Underwriting and Risk Management - The underwriter, Caixin Securities, will underwrite any shortfall in subscriptions, with a maximum underwriting amount not exceeding 30% of the total issuance [19]. - If the underwriting exceeds this limit, an internal risk assessment will be conducted to determine the next steps [19]. - Investors who fail to fulfill their subscription obligations may face restrictions on future participation in similar offerings [17].