| 股份出版 | 本次变动前 | | 股份变动数量 | 本次变动后 | | | --- | --- | --- | --- | --- | --- | | | (2025年6月30日) | | | (2025年9月30日) | | | | 股份款量(股) | HERMAN | | 股份数量(F) | 比例(资) | | 即根条件逐渐设 4 2016 11:2 | 76.669.040 | 28.03 | | 76.669.040 | 28.00 | | 高官 福定股 | 76.669.040 | 28.03 | 0 | 76,669,040 | 28.00 | | 二、无限制备件流销 | 196,837,693 | 71.97 | 265,840 | 197.103,533 | 72.00 | | 三 白殿本 | 273.506,733 | 100.00 | 265,840 | 273,772,573 | 100,00 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 股票代码：002850 股票简称：科达利 债券代码：127066 债券简称：科 ...

Report Title - Local Boom in Convertible Bond Gold Mining (1) [2] Report Date and Analysts - Report Date: September 28, 2025 - Analysts: Luo Yunfeng (SAC No.: S1050524060001), Yang Feiran (SAC No.: S1050524070001) [3] Core Views - The core driving force of the market in this round has been the improvement of risk appetite, which is an endogenous variable of profitability. Since September, considering the decline in equity trading volume, the narrowing gap between the growth and value of equities, and the increase in the proportion of the same - direction movement of stocks and bonds, it is believed that the repair of risk appetite is basically in place. In the future, risk appetite will fluctuate within a range along with profitability, with the upper and lower limits corresponding to the levels in early January (the week of January 6) and early September (the week of September 8) respectively. On September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [4]. - The recent shift of the market from "banks + micro - cap stocks" to technology has a profit foundation, that is, the overall economy is bottoming out but there are local upturns. The private - sector debt growth rate is used as a proxy variable for profitability, and its downward bottom appeared in October 2024 and has not reached a new low as of July 2025 [4]. - The long - term cycle of convertible bonds is synchronized with equities. The periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Therefore, short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets [6]. 01 Risk Appetite Will Follow Profitability in Range - bound Fluctuations - The repair of risk appetite in this round may be basically in place. The highest point of risk appetite since data became available was in 2007, and the lowest point was on April 7, 2025. Excluding the impact of event - driven factors, the lowest point was in January 2025. The private - sector debt growth rate, as a proxy variable for profitability, reached its bottom in October 2024 and has not set a new low as of July 2025. The risk appetite may enter a range - bound fluctuation, and on September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [8]. - The overall economic fundamentals are still in the bottom - grinding stage. In the second quarter, the real GDP grew by 5.2% year - on - year, 0.2 percentage points lower than in the first quarter. Investment has been sluggish due to the real estate sector, and infrastructure investment has declined at an accelerating pace since mid - year. Consumption has been affected by the high - then - low national subsidies at the beginning of the year, and the CPI has been in a slump. Industrial product prices have shown a trend of price increases with volume contraction. From the perspective of Wind All - A earnings data, the overall economic fundamentals are still bottoming out [11][14]. 02 Fundamental Local Boom Corresponds to the Double - Innovation Market - In terms of revenue, the improvement of the Science and Technology Innovation 50 and the ChiNext Index is leading, while the Micro - cap and Dividend Indexes have the most obvious decline. In 2025Q2, the revenue growth rate of the ChiNext Index increased by 5 percentage points to 9.3%, and the Science and Technology Innovation 50 ended its relative disadvantage for three consecutive quarters. The revenue of the Micro - cap and Dividend Indexes decreased by 7.8% and 5.9% respectively in 2025Q2 [18]. - In terms of gross profit margin, compared with 2024Q2, the Science and Technology Innovation 50 and the SSE 50 had the most significant increase in gross profit margin in 2025Q2, up 2.5 and 2.0 percentage points respectively. The ChiNext Index had a gross profit margin of 24.5% in 2025Q2, still the highest among broad - based indexes [21]. - Most indexes' year - on - year growth rate of net profit attributable to shareholders in 2025Q2 declined quarter - on - quarter. The Science and Technology Innovation Board had a significant improvement in net profit in 2025Q2, and the ChiNext Index continued to lead other broad - based indexes in terms of growth rate [24]. - In terms of specific industries, in 2025Q2, the industries with the highest year - on - year growth rate of net profit attributable to shareholders were gaming (104%), steel (82%), precious metals (76%), etc. The industries with the largest decline were real estate (- 132%), coal (- 37%), etc. The industries with positive growth in 2025Q2 and an improvement compared with 2025Q1 were banks, insurance, etc. Combining the historical percentile of valuation, the industries with high performance growth and still some room for valuation are power equipment, new energy, gaming, and consumer electronics [29][30] 03 Convertible Bonds Follow Equities to Explore Locally Booming Sectors - The long - term cycle of convertible bonds is synchronized with equities. The short - term periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets. Convertible bond targets with good performance in 2025Q2 are concentrated in power equipment, electronics, etc. [45] - The All - A Index can basically explain most of the long - term fluctuations of convertible bonds. The regression results show that the performance of convertible bonds mainly follows the equity market, and the equity market trend can explain 91.4% of the price fluctuations of the convertible bond market. The convertible bond market follows equities in this round, and is less affected by the bond market [48][59] - The short - term fluctuations of convertible bond valuations provide signals for left - hand side position - adding and profit - taking. From June 23 to August 25, the active increase in convertible bond valuations was greater than that of the underlying stocks. Therefore, the convertible bond market entered the downward - oscillation cycle earlier than the equity market on August 27 and had a larger decline due to the return of valuations [61] - ETF share fluctuations have a relatively small impact on the price fluctuations of underlying convertible bond targets. Since September, the growth rate of convertible bond ETF shares has decreased significantly, which may mainly reflect sentiment and valuation [64] - Convertible bonds with good profitability have larger increases and are more resistant to declines. From June 23 to August 25, convertible bonds followed the underlying stocks in a sharp rise, with the growth sector leading. Some convertible bonds in individual sectors outperformed the underlying stocks, mainly concentrated in industries and targets with excellent performance. From August 25 to September 23, convertible bonds led the All - A Index in decline, and their subsequent performance was weaker than that of equities, mainly due to the periodicity of convertible bond valuation fluctuations [70][77] - The new energy sector under the goal of carbon peaking by 2030 may be one of the most certain trading directions in the next five years. The new energy vehicle penetration rate continues to increase, and the energy storage market has an important turning point. The report focuses on Keli Convertible Bonds and Hongfa Convertible Bonds in the new energy field [83] - Keli Convertible Bonds: Kodal Precision is the global leader in precision structural parts. The company's performance has been growing steadily. The convertible bond has a relatively large issuance scale, and the current price is around 140 yuan, with a conversion premium rate of 18.6%. It is an offensive convertible bond with high - quality underlying stocks and has no risk of forced redemption for the time being [87][89][92] - Hongfa Convertible Bonds: Hongfa Co., Ltd. is the world's largest relay manufacturer. The company's performance has been growing steadily. The convertible bond has a large issuance scale, and the current price is around 134 yuan, with a conversion premium rate of 18.2%. The downward - adjustment clause is relatively loose [95][98][101]

Policy and Industry Trends - The humanoid robot industry is entering a stage driven by both policy and application scenarios, with significant government support and strategic focus on embodied intelligence and smart robotics[1] - Local governments are actively implementing special action plans to accelerate the industrialization of humanoid robots, indicating a robust policy environment[14] Market Opportunities - The market for humanoid robots is shifting from concept-driven to industrialization, with long-term investment value emerging in the sector[8] - Key components such as actuators, sensors, and lightweight materials are critical areas of focus, with a notable lack of software-related investment vehicles in the convertible bond market[1] Component Analysis - The core value of humanoid robots is highly concentrated in the components sector, particularly in actuators, dexterous hands, and sensors, which are essential for their functionality[29] - Actuators, including lead screws, reducers, and motors, are expected to contribute nearly half of the overall value in mass production stages, with significant growth potential[32] Investment Highlights - Notable convertible bonds include Yinlun Convertible Bond (Yinlun) and Daotong Convertible Bond (Daotong), which are leading in the exploration of the humanoid robot industry[2] - The Yinlun Convertible Bond focuses on thermal management systems and has established a product system for humanoid robots, while the Daotong Convertible Bond is leveraging AI for inspection robots[24] Risk Factors - Potential risks include the humanoid robot industry's slower-than-expected industrialization and unexpected changes in industrial policies[4]

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [27] Core Viewpoints - The current adjustment of convertible bonds still harbors potential investment opportunities. After the valuation pressure of some high - price/equity - like convertible bonds is cleared, they may offer returns to investors. The market's equity nature is stronger than its debt nature. Amid the strong performance of the equity market this year, the reversal of enhanced products may be a key factor influencing the configuration sentiment of the liability side. It is recommended to respond actively based on the actual participation time of subscription funds and the ability to withstand drawdowns [6][23] Summary by Directory When "Fear of High Prices" Meets Equity Resonance - On August 27, the convertible bond market adjusted, with the CSI Convertible Bond Index closing at 476.94, a decline of 2.82%. The declines of the Guozheng 2000 and the Equal - weighted Index of Convertible Bond Underlying Stocks were 2.01% and 2.44% respectively, while the ChiNext 50 Index rose 0.13%. There was no obvious differentiation in the structure [6][10] - The reasons for the adjustment include: directly, the rapid decline of convertible bond ETFs in the afternoon might have triggered investors' judgment of the market; in the equity market, industry performance was more differentiated, and some investors focused on the logic of switching between high - and low - value stocks or small - and large - cap stocks; actively, the long - standing "fear of high prices" in the convertible bond market led to the adjustment when the price reached a critical level [6][13][16] - The logic of the internal supply - demand mismatch in convertible bonds remains unchanged. The overall scale of the convertible bond market may continue to shrink, and there is a short - term demand gap. The logic of the equity market rally driven by incremental funds has not reversed, and there is still support from the underlying stocks for convertible bonds [6][20][21] Which Convertible Bond Varieties Are Oversold? - In the bullish equity market, it is recommended to diversify across multiple themes, such as consumer electronics, T - chain robots, chemical products, domestic computing power chips, and innovative drugs [7][25] - Pay attention to convertible bond elastic varieties and appropriately relax the drawdown limit. High - volatility products attract incremental funds during market transitions, so focus on elastic varieties with reasonable prices and cost - effectiveness [7][25] - With increased fluctuations in clause games and enhanced market pricing efficiency, keep an eye on individual bond clause changes, including high - price, low - premium convertible bonds with arbitrage opportunities and those approaching maturity with conversion incentives [7][25] - Look for oversold convertible bond varieties, including those that have declined more than the average of underlying stocks and convertible bonds, and those with significant valuation compression [7][25] - Low - price convertible bonds with improving fundamentals still have cost - effectiveness, such as Shouhua Convertible Bonds and Lepu Convertible Bonds 2 [7][25]

Core Viewpoint - Shenzhen Kedali Industry Co., Ltd. has issued convertible bonds with a total scale of approximately 15.34 billion RMB, aimed at funding precision structural components for new energy vehicle batteries and other projects [4][6]. Group 1: Company Overview - Shenzhen Kedali Industry Co., Ltd. specializes in the research and manufacturing of precision structural components for batteries and automotive parts, having established itself as a leading player in the domestic market over 28 years [6]. - The company has formed long-term strategic partnerships with major domestic and international clients, including CATL, LG, Panasonic, and Tesla [6]. Group 2: Financial Performance - The company's total assets reached approximately 190.51 billion RMB, with total liabilities of about 73.66 billion RMB, resulting in a net asset value of approximately 116.85 billion RMB [7]. - The operating income for the years 2022, 2023, and 2024 was approximately 86.54 billion RMB, 105.11 billion RMB, and 120.30 billion RMB, respectively, indicating a growth rate of 14.44% [11]. - The net profit for the same years was not specified, but the operating cash flow showed a significant increase, reaching approximately 21.48 billion RMB in 2024 [11]. Group 3: Bond Issuance and Management - The convertible bonds, known as "Keli Convertible Bonds," have a term of 6 years, with an issuance scale of 153,437.05 million RMB [4][5]. - The bond's interest rates are set at 0.30% for the first year, 0.50% for the second year, and 1.00% for the third year, with annual interest payments [5]. - The bond's conversion price was adjusted from 152.20 RMB to 150.70 RMB per share, effective from May 24, 2024, due to market conditions [5][6]. Group 4: Use of Proceeds - The net proceeds from the bond issuance will be allocated to projects including the precision structural components for new energy vehicle batteries, with a total of 60 million RMB for the second phase of the project and 21.51 million RMB for working capital [7][8].

Group 1 - The controlling shareholder and actual controller of Juisailong plan to reduce their holdings by no more than 3% of the company's shares [1] - The company has experienced a significant decline in revenue across various business segments due to macroeconomic adjustments and government budget reductions, leading to a notable decrease in gross profit margins [1] - As of the end of 2024, the company's asset structure has not changed significantly, but there is a high provision for bad debts in accounts receivable, indicating potential recovery risks [1] Group 2 - The credit rating of Gongtong Convertible Bond has been downgraded to A due to declining product prices and increased production costs, resulting in a loss in total profit [2] - The company has seen an increase in total debt, leading to a heavier debt burden, and operating cash flow has turned negative [2] - Other convertible bonds such as Yonggui, Keli, and Huahong have not been downgraded [2]

Group 1 - The company held its 19th (temporary) meeting of the 5th Board of Directors on June 20, 2025, with all seven directors present, and the meeting complied with relevant regulations [1] - The Board decided not to adjust the conversion price of the "Keli Convertible Bond" downwards, despite it triggering the downward adjustment clause as of June 20, 2025 [2] - The decision was made considering the company's fundamentals, stock price trends, and market environment, aiming to protect the interests of all investors [2] Group 2 - The company plans to invest up to €50 million in the construction of the third phase of the precision structural components project for power batteries in Hungary [2][3] - The investment proposal was approved unanimously by the Board, with all seven votes in favor [3]

Core Points - The company Keda Li (002850) announced that as of June 13, 2025, its stock has closed below 85% of the current conversion price on ten out of the last thirty trading days [1] - The current conversion price is set at RMB 148.7 per share, with the conversion period running from January 16, 2023, to July 7, 2028 [1] - The period for potential adjustment of the conversion price will start from May 30, 2025, if the conditions for price adjustment are triggered [1] - The company will fulfill subsequent review procedures and information disclosure obligations if the conversion price adjustment conditions are met [1]

Group 1 - The report indicates that in May, the equity market experienced a mixed performance with financial and pharmaceutical sectors leading the gains, while the technology sector saw a slight decline, with the Sci-Tech 50 Index dropping by 3.5% [11][13] - The convertible bond market showed resilience, with the overall market rising by 2.22% and financial convertible bonds increasing by 2.94%, outperforming other sectors [2][13] - The report highlights that the valuation of convertible bonds has retreated from high levels, with the premium rate for bonds trading at par falling below 22%, which is around the 50th percentile of 2017 [2][29] Group 2 - The economic outlook for June suggests a low visibility macroeconomic environment, with A-share indices at historically high valuation percentiles, indicating potential for a volatile market with limited upward elasticity [3][50] - The report emphasizes the importance of focusing on specific sectors such as technology, food security, and high-dividend defensive sectors, as well as industry leaders with low exposure to U.S. exports and strong domestic demand [3][50] - The convertible bond market is expected to face challenges in upward valuation due to credit risk adjustments, suggesting a cautious approach to bond positioning while waiting for clearer market signals [4][44] Group 3 - The report notes that in May, the agricultural and electronic semiconductor-themed convertible bonds led the market, while the top ten declining bonds were primarily those with strong redemption or those that peaked and then fell [40][41] - The analysis of the convertible bond market indicates that the credit risk pricing feedback is relatively controllable, and it suggests a balanced allocation between low-priced debt-oriented bonds and growth-oriented equity bonds [4][44] - The report provides a specific convertible bond portfolio for June, including bonds from sectors such as new energy, cyclical industries, and electronics, highlighting their potential for performance [4][52]

Group 1 - The company issued 15,343,705 convertible bonds with a total fundraising amount of RMB 153,437.05 million, netting RMB 151,510.44 million after deducting issuance costs [1][2] - The initial conversion price of the convertible bonds was set at RMB 159.35 per share, which has been adjusted multiple times due to stock options and equity distributions [2][4][5] - As of the end of the first quarter of 2025, a total of 835 shares have been converted from the convertible bonds, leaving a remaining convertible bond amount of RMB 1,534,235,200.00 [6][7] Group 2 - The conversion period for the bonds started on January 16, 2023, and will end on July 7, 2028 [1][2] - The conversion price was adjusted to RMB 152.20 per share effective from August 15, 2023, following a specific stock issuance [5][6] - The total share capital increased from 271,361,808 shares to 273,470,812 shares due to various factors including stock options and bond conversions [6][7]