Group 1: Investment Rating - The report does not provide an overall investment rating for the bond industry. Group 2: Core Views - Market fluctuations have caused some disturbances to the liability side, but overall liability side stability remains acceptable. ETFs and "fixed income +" funds have seen small net outflows, but the pace has slowed compared to early September, and insurance funds still focus on allocation. [3][8] - In a volatile market, the operating strategies of public - offering institutions have diverged. Low - volatility strategy funds aiming for absolute returns may have reduced their allocations to high - price bonds and convertible bonds in general, while high - volatility tolerance products and relative return funds can increase allocations to some convertible bond issues with sufficient corrections and fundamental support. [3][9] - Different - priced convertible bonds have different performances and strategies. High - price convertible bonds have proven their upward logic, and for high - tolerance funds, holding is better than trading. Medium - price convertible bonds are the core of the "attack - and - defense" strategy, and bonds with reasonable price structures and catalytic expectations should be selected. The valuation of low - price (partial - debt) convertible bonds has reached an extreme level, and caution should be exercised. [2][3][9] - In October, investors are advised to pay attention to Shangyin Convertible Bond, Shouhua Convertible Bond, Jingke Convertible Bond, Kangtai Convertible Bond 2, Baolong Convertible Bond, Keshun Convertible Bond, Yingbo Convertible Bond, Huaya Convertible Bond, Wankai Convertible Bond, and Luwei Convertible Bond. [3][13] Group 3: Summary by Directory 1. Convertible Bond Weekly Thinking - The convertible bond market has shown limited adjustments and slight recoveries. In the past week, the ChinaBond Convertible Bond Index rose by about 1 percentage point, and the 100 - yuan premium rate also slightly recovered. [8] - The liability side of convertible bonds remains stable. Although there are small net outflows from some funds, the overall situation is improving, and insurance funds still focus on long - term allocation. [3][8] - Public - offering institutions' strategies have diverged. Low - volatility funds reduce positions, while high - volatility tolerance funds increase positions in some high - quality bonds. [3][9] - Different - priced convertible bonds have different characteristics and strategies. High - price bonds are suitable for holding, medium - price bonds need comprehensive screening, and partial - debt bonds should be treated with caution. [2][3][9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - Different convertible bond indexes have different performances in different time periods. For example, the Wind Convertible Bond Energy Index has a 0.14% increase in the past week, - 0.91% in the past two weeks, etc. [14] 2.2 Convertible Bond Issues - The report shows the top ten and bottom ten convertible bond issues in terms of price changes in the past week, but specific issue names are not provided in the text. [18] 2.3 Convertible Bond Valuations - The report presents the valuation trends of different types of convertible bonds (debt - type, balanced, and equity - type) through charts, but specific data analysis is not provided in the text. [21][26][28] 2.4 Convertible Bond Prices - The report shows the proportion trends of high - price convertible bonds and the median price trends of convertible bonds through charts, but specific data analysis is not provided in the text. [24][25][31]

Group 1 - The core viewpoint of the news highlights the performance and characteristics of Luwei Optical's convertible bonds, which have seen a price increase and a notable premium rate [1] - Luwei Optical has a credit rating of "AA-" for its convertible bonds, with a total maturity of 6 years and a structured interest rate that increases over time [1] - The convertible bond can be converted into common stock at a price of 32.7 yuan starting from December 17, 2025, indicating a strategic financial instrument for investors [1] Group 2 - Luwei Optical has focused on the research, production, and sales of photomasks, serving industries such as flat panel displays, semiconductors, touch screens, and circuit boards [2] - The company is the only domestic manufacturer capable of producing photomasks for all generations from G2.5 to G11, which positions it uniquely in the market [2] - For the first half of 2025, Luwei Optical reported a revenue of 544 million yuan, a year-on-year increase of 37.48%, and a net profit of 106.4 million yuan, reflecting a growth of 29.13% [2] - The concentration of shareholding is high, with the top ten shareholders holding 55.11% of the shares, indicating a strong control over the company [2]

Group 1 - The company is issuing convertible bonds named "Lu Wei Convertible Bonds" with a total amount of RMB 615 million, a maturity of 6 years, and a face value of RMB 100 per bond [1][2] - The actual net proceeds from the bond issuance amount to RMB 607,155,585.94 after the issuance process [1] - The bond conversion period starts on December 17, 2025, and ends on June 10, 2031, with specific conditions for non-trading days [2] Group 2 - Investors must meet the suitability requirements for Sci-Tech Innovation Board stock investors to convert their bonds into shares; otherwise, they will face risks of not being able to convert their holdings [2] - The company emphasizes the importance of understanding the risks associated with not meeting the investor suitability requirements for the convertible bonds [2][3] - For detailed information regarding the "Lu Wei Convertible Bonds," investors are directed to the company's prospectus published on June 9, 2025 [3]

可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，深圳市路维光电股份有限公司自成立至今,一直致力于掩膜版的研发、生产和销售,产品应用 于平板显示、半导体、触控和电路板等行业,是下游微电子制造过程中转移图形的基准和蓝本。经过多 年技术积累和自主创新,公司生产能力可配套平板显示厂商所有世代产线,满足先进半导体芯片封装和器 件等应用需求。公司是国内唯一一家G2.5-G11全世代产线的本土掩膜版生产企业,产品可全面配套不同 世代面板产线(G2.5-G11)。立足于平板显示掩膜版和半导体掩膜版两大核心产品线,公司逐步形成"以屏 带芯"的发展格局。 根据最新一期财务数据，2025年1月-3月，路维光电实现营业收入2.601亿元，同比增加47.09%；归属净 利润4915.01万元，同比增加19.66%；扣非净利润4483.41万元，同比增加19.9%。 截至2025年3月，路维光电 ...

Group 1 - The core viewpoint of the announcement is that Shenzhen Luwei Optoelectronics Co., Ltd. has maintained its credit rating for both the company and its convertible bonds, indicating stability in its financial standing [1][2]. - The previous credit rating for the company was "AA-" with a stable outlook, and this rating has been reaffirmed in the latest tracking report [1][2]. - The tracking credit rating report was issued by Zhongzheng Pengyuan Credit Rating Co., Ltd. on July 30, 2025, confirming the company's credit rating and the rating of the Luwei convertible bonds as "AA-" [2]. Group 2 - The company is set to issue convertible bonds to unspecified investors in June 2025, and the credit rating is crucial for investor confidence [1]. - The rating agency conducted a comprehensive analysis of the company's operational status and the relevant industry before issuing the credit rating [2]. - The tracking rating report was disclosed on the Shanghai Stock Exchange website on the same day it was issued [2].

Company Overview - Shenzhen Luwei Optoelectronics Co., Ltd. focuses on the research, production, and sales of photomasks, which are essential in the microelectronics manufacturing process for transferring graphics [2] - The company is the only domestic manufacturer capable of producing photomasks for all generations from G2.5 to G11, catering to various panel production lines [2] - Luwei Optoelectronics has developed a dual core product line focusing on flat panel display photomasks and semiconductor photomasks, establishing a development pattern of "screen-driven chip" [2] Financial Performance - For the first quarter of 2025, Luwei Optoelectronics reported a revenue of 260.1 million yuan, representing a year-on-year increase of 47.09% [2] - The net profit attributable to shareholders for the same period was 49.15 million yuan, up 19.66% year-on-year, while the net profit after deducting non-recurring items was 44.83 million yuan, reflecting a 19.9% increase [2] Shareholder Structure - As of March 2025, the concentration of shares is high, with the top ten shareholders holding a combined 57.53% of the shares, and the top ten circulating shareholders holding 35.6% [2] - The number of shareholders stands at 8,257, with an average circulating shareholding of 14,010 shares per person and an average holding amount of 461,400 yuan [2] Convertible Bond Details - On July 21, Luwei's convertible bonds rose by 2.02% to 139.775 yuan per bond, with a trading volume of 35.64 million yuan and a conversion premium of 34.8% [1] - The convertible bonds have a credit rating of "AA-" and a maturity of 6 years, with a coupon rate increasing from 0.2% in the first year to 2.0% in the sixth year [1] - The conversion price for the bonds is set at 32.7 yuan, with the conversion period starting on December 17, 2025 [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the equity market had a volume - driven rally. The real estate, steel, and building materials sectors were strong, while the banking sector declined. The bond market adjusted, and the 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week. The convertible bond market mostly rose, with the CSI Convertible Bond Index up 0.76% for the week [1][8][9]. - In the short term, convertible bond supply may significantly shrink. The follow - up momentum of the convertible bond market has weakened, and valuations have been further compressed. It is recommended to focus on balanced convertible bonds or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. For those with high requirements for drawdown, consider reducing positions [2][17]. - With the disclosure of mid - year report performance forecasts, attention should be paid to sectors such as consumer goods, technology, power grid equipment, and innovation drugs. Also, be cautious about bonds with a high proportion of exports to the US [3][18]. Summary by Relevant Catalogs Market Trends (2025/7/7 - 2025/7/11) - **Stock Market**: The equity market rose with volume. Real estate, steel, and building materials sectors performed well due to policy expectations and "anti - involution" themes. The non - banking sector was strong driven by the stablecoin theme, while the banking sector declined. Different sectors showed different performances on each trading day [8]. - **Bond Market**: The bond market adjusted. Factors such as the postponement of Trump's equal - tariff effective date, the Shanghai Composite Index breaking through 3500, and real estate policy rumors suppressed bond market sentiment. The 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond issues rose. The CSI Convertible Bond Index increased by 0.76% for the week, the median price rose by 0.95%, and the calculated arithmetic average parity increased by 2.07%. The overall market conversion premium rate decreased by 1.29% compared with the previous week. Sectors like non - banking finance, coal, and computer in the convertible bond market led the gains, while social services, banking, and automotive sectors lagged. The total trading volume of the convertible bond market last week was 3405.76 billion yuan, with an average daily trading volume of 681.15 billion yuan, an increase from the previous week [9][12][15]. Viewpoints and Strategies (2025/7/14 - 2025/7/18) - **Supply Outlook**: Convertible bond supply may significantly shrink in the short term. The approval of the "potential new bond" Fudan Microelectronics expired, and there are only 5 issues in the pending - issuance list that have passed the listing committee, with a total scale of less than 5 billion yuan. Also, the delisting of existing bonds is accelerating [2][17]. - **Investment Suggestions**: Due to the intensified supply - demand contradiction, it is recommended to focus on balanced convertible bonds that can quickly consume the premium rate with high - volatility underlying stocks or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. Consider reducing positions for those with high drawdown requirements [2][17]. - **Sector Focus**: Pay attention to sectors such as consumer goods (appliances, auto parts, two - wheeled vehicles), technology (PCB, copper - clad laminates, data center power supplies), power grid equipment, sea - wind power, energy storage, innovation drugs, and chemical pharmaceuticals. Be cautious about bonds with a high proportion of exports to the US [3][18]. Valuation Overview - As of July 11, 2025, for equity - biased convertible bonds, the average conversion premium rates in different parity intervals are at different percentile levels since 2010 and 2021. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is - 1.04%, at the 4%/0% percentile since 2010/2021. The average implied volatility of all convertible bonds is 33.92%, at the 64%/45% percentile since 2010/2021, and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is - 13.38%, at the 27%/32% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (2025/7/7 - 2025/7/11)**: Guanghe Convertible Bond announced its issuance, and Luwei and Huachen Convertible Bonds were listed. Guanghe Convertible Bond, with an issuance scale of 4.9 billion yuan, is for the Guangdong Lufeng Nuclear Power Plant Project. Luwei Convertible Bond, with an issuance scale of 615 million yuan, is mainly for semiconductor and high - precision flat - panel display mask expansion projects. Huachen Convertible Bond, with an issuance scale of 460 million yuan, is for new - energy power equipment manufacturing and digital factory construction projects [27][28][29]. - **Next Week (2025/7/14 - 2025/7/18)**: Xizhen and Yongxi Convertible Bonds will be listed. Xizhen Convertible Bond, with an issuance scale of 520 million yuan, is for the Langfang Zhenhua Automobile Parts Project. Yongxi Convertible Bond, with an issuance scale of 1.165 billion yuan, is for multi - dimensional heterogeneous advanced packaging technology R & D and industrialization projects [30][31]. - **Overall Pending Issuance**: As of July 11, there are 75 convertible bonds to be issued, with a total scale of 116.32 billion yuan, including 2 issues approved for registration (total scale of 2.11 billion yuan) and 3 issues passed by the listing committee (total scale of 2.62 billion yuan) [32].

Group 1 - The core point of the news is the listing of Luwei Optoelectronics' convertible bonds, which have a high conversion value and a relatively small issuance scale [1] - The convertible bond has a rating of AA-, indicating a high credit quality [1] - The current market for convertible bonds is experiencing a surge, with many new issues being well-received by investors [3][4] Group 2 - The market for convertible bonds is supported by the performance of the underlying stocks, primarily from small and mid-cap companies, which are currently in focus [7] - Despite the pressure on the broader market around the 3500-point level, there is potential for opportunities in small and mid-cap stocks as larger financial stocks may face a pullback [9][10] - The previous underperformance of small and mid-cap stocks may lead to a rebound when larger stocks start to cool down, creating a favorable environment for these smaller stocks [10]

Group 1 - Recent trend of shareholders opting for inquiry-based share reductions instead of direct secondary market sales, indicating a competitive bidding process based on price, quantity, and time priority [1] - Huayou Cobalt expects a net profit of 2.6 to 2.8 billion yuan for the first half of 2025, representing a year-on-year growth of 55.62% to 67.59% [1] - Tianeng Heavy Industry's shareholders plan to transfer 4% of the company's shares through inquiry [1] Group 2 - Announcement regarding the Blue Fan convertible bond is pending [1] - Huachen and Luwei convertible bonds are set to be listed on July 10 [1]

Group 1 - The company Shenzhen Luwei Optoelectronics Co., Ltd. has successfully issued convertible bonds with a total scale of 615 million yuan [1][2] - The issuance has received approval from the China Securities Regulatory Commission, with the bond code being "118056" and the bond name "Luwei Convertible Bonds" [1][2] - The subscription results indicate that original shareholders subscribed for 483,301 hands, amounting to 483,301,000 yuan, with no abandonments [2] Group 2 - Public investors subscribed for 128,621 hands, totaling 128,621,000 yuan, while 3,078 hands were abandoned, amounting to 3,078,000 yuan [2] - The underwriter, Guosen Securities, fully underwrote the abandoned subscriptions, with a total of 3,078 hands and a corresponding amount of 3,078,000 yuan, representing 0.50% of the total issuance [2][3] - The company will submit a bond registration application to the China Securities Depository and Clearing Corporation for the underwritten convertible bonds [2]