New Stock Listings - New stock "艾芬达" (code: 301575) listed at an issue price of 27.69 on September 10, 2025[1] - "抚顺特钢" (code: 600399) has a tender offer period from August 12 to September 10, 2025[1] - "天茂" (code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] Market Alerts - "ST紫天" (code: 300280) enters the delisting arrangement period starting September 15, 2025[1] - "开普云" (code: 688228) reported severe abnormal fluctuations[1] - "新华锦" (code: 600735) also reported severe abnormal fluctuations[1] Other Announcements - "天际股份" (code: 002759) and "上海电力" (code: 600021) have recent announcements linked to their respective stocks[1] - "众泰汽车" (code: 000980) and "天域生物" (code: 603717) have also made recent disclosures[1] - "香农芯创" (code: 300475) and "博苑股份" (code: 301617) have announcements related to their stock activities[1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Shenglan Convertible Bond 02 on the first day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. Based on the par value of 119.19 yuan as of September 1, 2025, and referring to similar convertible bonds, the conversion premium rate on the first - day of listing is estimated to be in the range of 10% - 15% [3][21]. - The estimated first - day new - bond subscription winning rate is around 0.0022% - 0.0025%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan, and with an assumed online effective subscription of 7.92 million households, the winning rate is calculated [4][22]. 3. Summary According to the Directory 3.1. Shenglan Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Shenglan Convertible Bond 02 is priority placement and online issuance, with a bond and issuer rating of AA -. The issuance scale is 450 million yuan, the initial conversion price is 54.56 yuan, the convertible bond par value is 119.19 yuan, the pure bond value is 94.58 yuan. The game terms are normal. Overall, the bond issuance scale is low, the liquidity is poor, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company is mainly engaged in the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. After deducting issuance fees, 255 million yuan of the raised funds is planned for the R & D and construction project of new - energy vehicle high - voltage connectors and components, and 195 million yuan for the R & D and construction project of industrial control connectors [3][20]. 3.1.3. Analysis of Convertible Bond New - Bond Subscription Winning Rate - As of March 31, 2025, the top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan. With an assumed online effective subscription of 7.92 million households, the winning rate is estimated to be around 0.0022% - 0.0025% [4][22]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and the Up - and Downstream Situations of the Industry - The company is a high - tech enterprise focusing on the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. The upstream raw materials include metal and plastic materials, and the downstream includes various application fields such as automotive, telecommunications, and data communication. The connector industry shows a trend of professional segmentation [23][24]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.17 billion yuan, 1.241 billion yuan, 1.287 billion yuan, and 337 million yuan respectively, with year - on - year growth rates of - 10.16%, 6.06%, 3.71%, and 17.18%. The main business income comes from consumer - electronics connectors and components and new - energy vehicle connectors and components. The company's comprehensive gross margin and net profit margin have been increasing, while the period expenses have slightly increased, and the R & D expenses have shown a growth trend. The accounts receivable has remained relatively stable, and the accounts - receivable turnover rate is lower than the industry average [26][30][33]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, Shenglan Investment Holding Co., Ltd. was the largest shareholder, holding 54.20% of the shares. The top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Huang Xuelin was the actual controller, holding 45.28% of the equity [44][46]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in talent cultivation, technical capabilities, and market foundation. It has established a talent - training mechanism, holds 432 patents as of March 2025, and has stable cooperation relationships with many well - known companies in the consumer - electronics and new - energy vehicle fields [49]. 3.2.5. Arrangement of the Current Raised Funds - The company plans to issue convertible bonds to raise up to 450 million yuan. After deducting issuance fees, 255 million yuan is for the new - energy vehicle high - voltage connector and component project with a total investment of 255.7587 million yuan and an annual production capacity of 8 million pcs after completion; 195 million yuan is for the industrial control connector project with a total investment of 196.577 million yuan and an annual production capacity of 48 million pcs after completion [51][52].

Core Viewpoint - Shenglan Technology Co., Ltd. has successfully issued convertible bonds amounting to 450 million RMB, with the issuance approved by the China Securities Regulatory Commission [1][2]. Group 1: Issuance Details - The total scale of the convertible bond issuance is 450 million RMB, with a face value of 100 RMB per bond [2]. - The original shareholders were given priority in the subscription, with a total of 3,798,519 bonds subscribed, amounting to 379.85 million RMB, which represents 84.41% of the total issuance [2]. - The online subscription for the remaining bonds concluded on September 1, 2025, after the original shareholders' priority subscription [2]. Group 2: Underwriting and Subscription Results - The underwriter, Dongguan Securities, will underwrite any unsubscribed bonds from online investors, with a total of 9,971 bonds underwritten, amounting to 997,100 RMB, which is 0.22% of the total issuance [2][3].

Group 1 - The company Shenglan Co., Ltd. has disclosed the results of its online subscription for convertible bonds, with a total of 70,148 winning numbers [1] - Each winning number is allowed to subscribe for 10 bonds, equivalent to 1,000 yuan for each subscription [1]

Core Points - The document lists winning lottery numbers for various last digits, indicating a structured approach to announcing results [1] Group 1 - The last digit "6" winning numbers include: 423275, 048275, 173275, 298275, 548275, 673275, 923 [1] - The last digit "7" winning number is: 9749714 [1] - The last digit "8" winning numbers include: 94455653, 14455653, 34455653, 54455653, 74455653, 17345272 [1] Group 2 - The last digit "9" winning numbers include: 630668965, 030668965, 230668965, 430668965, 83066896, 980396623, 480396623 [1] - The last digit "10" winning numbers include: 2497323180, 1436226063, 4505345063, 0858177116, 5429829197 [1]

Group 1 - No new IPOs today [1] Group 2 - Bond details for Shenglan Co., Ltd. include a conversion price of 54.56 yuan and a bond rating of AA- [2]

Market Overview - The market experienced a sudden drop, with the index falling from a gain of 0.48% to a closing loss of 1.76% without much resistance [1] - The current market sentiment reflects a transition from a bullish phase to a bearish one, as investors are now more cautious and reactive to news [3][4] Investment Strategies - The concept of "bull market sharp declines" is explained, indicating that during bullish phases, high investor sentiment leads to quick sell-offs at the slightest negative news [4] - Historical patterns suggest that sharp declines in bull markets do not typically signal the end of the market; rather, adjustments often lead to subsequent upward movements [7] - A grid trading strategy has been implemented, allowing for systematic buying and selling to manage risks and capitalize on market movements [7][15] Fund Management - Recent fund management actions include limiting purchases in high-performing funds, indicating a belief that valuations have become too high [6][5] - The trend-following strategy has shown a cumulative return of 68.69% since September 24, outperforming the Shanghai and Shenzhen 300 index, which returned 36.52% [10] Sector Performance - The technology and innovation sectors, particularly semiconductor-related funds, have seen significant price increases, prompting fund managers to impose purchase limits [4] - The communication equipment and robotics indices have been added to the trend monitoring system, indicating ongoing interest in these sectors [13][18] New Investment Opportunities - A new convertible bond, Shenglan Convertible Bond 02, is available for subscription, with a focus on electronic connectors and components for the new energy vehicle sector [20] - The current stock-bond yield spread stands at 5.43%, indicating a relatively favorable environment for equity investments compared to historical averages [21]

Core Viewpoint - Shenglan Technology Co., Ltd. is issuing convertible bonds to unspecified investors, with priority allocation to existing shareholders before public offering [3][4][10]. Group 1: Issuance Details - The convertible bonds will be issued with a total amount of 4,500,000 bonds, with a face value of 2.7488 yuan per bond [12][13]. - The priority subscription for existing shareholders will occur on August 28, 2025, with trading available from the first day [15][16]. - The issuance will be conducted through the Shenzhen Stock Exchange, with specific codes for subscription [14][16]. Group 2: Subscription Process - Existing shareholders can subscribe based on their holdings as of the registration date, with a minimum subscription unit of 10 bonds [15][16]. - Public investors can participate in the subscription process on the same date, with a maximum limit of 10,000 bonds per account [16][17]. - If the total subscription amount is less than 70% of the issuance, the issuer and underwriter may suspend the issuance [18]. Group 3: Underwriting and Risk Management - The underwriting will be conducted by Dongguan Securities Co., Ltd., which will assume responsibility for any shortfall in subscriptions below 45 million yuan [8][18]. - The maximum underwriting amount is capped at 30% of the total issuance, equating to 13.5 million yuan [8][18]. - If the underwriting exceeds this limit, an internal risk assessment will be initiated [18].

Core Viewpoint - The article discusses recent developments in convertible bonds, including strong redemptions, issuance terminations, and new listings, indicating active market movements and investment opportunities in this sector [1][2]. Group 1: Convertible Bonds Updates - Honghui Convertible Bond has announced a strong redemption [1]. - Yongji Co., Ltd. has terminated its plan to issue shares for asset acquisition and will resume trading on August 28 [1]. - Qiaoyin Convertible Bond and Yuxing Convertible Bond will not undergo adjustments [1][2]. Group 2: Convertible Bonds Details - A table lists various convertible bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]. - For example, the Emergency Convertible Bond has a current price of 125.334, a redemption price of 100.770, and a conversion value of 126.77, with a remaining scale of 0.019 billion [4]. - The table also highlights that the Z Energy Convertible Bond has a conversion value of 125.19 and a remaining scale of 0.450 billion, indicating its market presence [4].

Core Viewpoint - The company, Shenglan Technology Co., Ltd., is issuing convertible bonds totaling RMB 450 million, approved by the China Securities Regulatory Commission, to raise funds for its operations and development [1][2][3]. Group 1: Issuance Details - The total amount of the convertible bonds is RMB 450 million, with a total of 4.5 million bonds issued at a face value of RMB 100 each [2][3]. - The bonds will have a maturity of 6 years, from August 28, 2025, to August 27, 2031, with annual interest rates starting at 0.20% in the first year and increasing to 2.30% in the sixth year [2][3][4]. - The initial conversion price is set at RMB 54.56 per share, which is based on the average trading price of the company's stock over the previous 20 trading days [4][5]. Group 2: Subscription and Allocation - Original shareholders will have priority in subscribing to the bonds, with the subscription period starting on August 27, 2025, and any remaining bonds will be offered to the public through the Shenzhen Stock Exchange [1][13]. - The maximum number of bonds that original shareholders can subscribe to is approximately 4,499,919, accounting for 99.9982% of the total issuance [14][15]. - Public investors can subscribe online, with a minimum subscription of 10 bonds (RMB 1,000) and a maximum of 10,000 bonds (RMB 1 million) per account [16][17]. Group 3: Redemption and Buyback Provisions - The company will redeem the bonds at 113% of the face value, including the last interest payment, within five trading days after maturity if they remain unconverted [9][10]. - If the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period, the company has the right to redeem the bonds [10][12]. - Holders of the convertible bonds have the right to sell back their bonds to the company at face value plus accrued interest under certain conditions, such as significant changes in the use of raised funds [12][10]. Group 4: Regulatory and Compliance - The bonds are rated AA- by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook [18]. - The issuance plan has been approved by the company's board and is valid for 12 months from the date of shareholder approval [18][19]. - The company will ensure compliance with all relevant regulations and will disclose necessary information through appropriate channels [1][19].