Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market continued to oscillate upward last week, with most industries closing higher. Some previously high - flying sectors such as TMT, military, and automotive significantly declined. The valuation of balanced and equity - biased convertible bonds in most parity ranges increased, and the median market price further rose to 133 yuan. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of convertible bond assets was generally positive. It's difficult to decide on adding or reducing positions, and a trading - band mindset should be adopted. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] - Last week, the equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. The TMT sector adjusted overall, while the consumer sector performed well due to the moderate recovery of price data. The bond market generally maintained an oscillation. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Summary by Related Catalogs Market Focus (November 10 - 14, 2025) Stock Market - The equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. Affected by factors such as CoreWeave's downward revision of its annual revenue guidance and Kioxia's under - expected performance, the TMT sector adjusted, while the consumer sector performed well due to the moderate recovery of price data. Most Shenwan primary industries closed higher, with comprehensive (6.99%), textile and apparel (4.41%), commercial and retail (4.06%), beauty care (3.75%), and pharmaceutical biology (3.29%) leading the gains; communication (-4.77%), electronics (-4.77%), computer (-3.03%), and machinery and equipment (-2.22%) lagging behind [1][7][8] Bond Market - With the central bank's consecutive net injections, the liquidity situation eased marginally. The central bank's monetary policy implementation report on Tuesday stated that it would continue to implement a "moderately loose monetary policy". The slowdown in economic growth in October did not have a significant impact on the bond market. Although the "stock - bond seesaw" effect was obvious during the day, the bond market generally maintained an oscillation throughout the week. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index rose 0.52% for the whole week, the median price increased by 0.64%, the calculated arithmetic average parity increased by 0.25% for the whole week, and the market conversion premium rate decreased by 0.24% compared with the previous week. In terms of individual bonds, Guocheng (lithium mine), Dazhong (lithium mine), Shouhua (natural gas supply), Kaisheng (thionyl chloride), and Tianci (electrolyte) convertible bonds led the gains; Hangyu (aerospace), Cehui (strong redemption announced), Haomei (aluminum profiles), Outong (data center power supply), and Liugong Zhuan 2 (construction machinery) convertible bonds led the losses. The total trading volume of the convertible bond market last week was 349.353 billion yuan, with an average daily trading volume of 69.871 billion yuan, an increase from the previous week [2][12][15] Views and Strategies (November 17 - 21, 2025) - The convertible bond market continued to oscillate upward last week. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of the convertible bond market was positive. The median market price has risen to the 99th percentile of historical levels, and the premium rates in each parity range are basically above the 90th percentile of historical levels. However, since the bullish equity market atmosphere and the factors favorable to convertible bonds have not changed significantly, it's difficult to decide on adding or reducing positions. A trading - band mindset should be adopted for convertible bond assets. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] Valuation Overview - As of last Friday (November 14, 2025), in equity - biased convertible bonds, the average conversion premium rates of bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 48.74%, 34.95%, 28.38%, 20.3%, 13.66%, and 9.79% respectively, located at the 98%/99%, 94%/95%, 95%/97%, 91%/92%, 86%/81%, and 86%/74% percentiles since 2010/2021. In bond - biased convertible bonds, the average YTM of bonds with parities below 70 yuan was -7.24%, located at the 0%/0% percentiles since 2010/2021. The average implied volatility of all convertible bonds was 42.24%, located at the 83%/79% percentiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 0.62%, located at the 80%/81% percentiles since 2010/2021 [18] Primary Market Tracking - This week (November 10 - 14, 2025), Ruike Convertible Bond announced its issuance, and there was no convertible bond listing. The issuing scale of this convertible bond is 1 billion yuan, with a credit rating of AA-. After deducting the issuance fees, it plans to invest 500 million yuan in the high - frequency and high - speed connection system reconstruction and upgrade project, 200 million yuan in the smart energy connection system reconstruction and upgrade project, and 300 million yuan in supplementary working capital. As of the announcement on November 14, there will be no convertible bond issuance or listing announcements in the next week (November 17 - 21, 2025). Last week, one company (Maolai Optics) was approved for registration, one company (Huafeng Measurement and Control) passed the listing committee review, two companies (Keboda and Suzhou Tianmai) passed the general meeting of shareholders, and one company (Laite Optoelectronics) had a board of directors' plan. There were no new companies accepted by the exchange. As of now, there are a total of 95 convertible bonds to be issued, with a total scale of 144.22 billion yuan, including 5 approved for registration with a total scale of 3.76 billion yuan and 7 passing the listing committee review with a total scale of 6.47 billion yuan [26][27]

Core Viewpoint - The company, Ruikeda, has begun small-scale supply of humanoid robot products, with projected sales revenue of approximately 10 million yuan in 2025, representing 0.41% of the expected revenue for 2024. However, the actual sales revenue remains uncertain due to the early stage of the industry [2][3]. Group 1: Company Performance and Financials - Ruikeda expects to achieve a net profit attributable to shareholders of between 151 million yuan and 171 million yuan for the first half of 2025, reflecting a year-on-year growth of 132.44% to 163.22% [3]. - The increase in profit is attributed to steady growth across various business segments, leading to a rise in order volume, along with advancements in technology, process innovation, and production automation [3]. - The company has seen an increase in orders from overseas factories compared to the previous year, indicating improved operational capacity [3]. Group 2: Business Development and Market Strategy - Future development focuses on several key areas: research and industrialization of products related to 6G communication and AI data centers, development of high-speed automotive products, expansion of overseas customer base, and exploration in humanoid robots and medical devices [3]. - The global connector industry is experiencing steady demand growth, particularly in China, which presents a broad market outlook for connectors [3]. - The company plans to enhance technological research and product development, while also expanding into new application fields such as AI and data centers, humanoid robots, and low-altitude economy [3].

Group 1 - The core viewpoint of the news is that Ruikeda (688800) has begun small-scale supply of humanoid robot products, with expected sales revenue of approximately 10 million yuan in 2025, accounting for 0.41% of the 2024 revenue [1] - Ruikeda's stock price experienced a significant increase, with a cumulative deviation of 30% over three trading days, closing at 67.2 yuan per share on August 4, with a trading volume of 2.597 billion yuan [1] - The company emphasizes that its production and operations are normal, and there have been no significant changes, urging investors to approach market trends rationally [1] Group 2 - According to the performance forecast, Ruikeda expects a net profit attributable to shareholders of 151 million to 171 million yuan for the first half of 2025, representing a year-on-year growth of 132.44% to 163.22% [2] - The growth in performance is attributed to steady growth across various business segments, increased order volume, and advancements in technology and production automation [2] - The company is focusing on several key development areas, including 6G communication and AI data centers, automotive smart solutions, overseas market expansion, and research in humanoid robots and medical devices [2]

此外，公司曾表示，全球连接器行业需求一直稳步上升，保持增长，尤其中国地区不断的技术迭代和需 求规模增长，使得连接器具有广阔的市场前景。未来公司将不断加强技术研发及产品预研，加强海外市 场拓展；不断扩展AI与数据中心、人形机器人、低空经济等新的应用领域。 8月4日晚间瑞可达(688800)在股票交易异常波动公告中表示，截至目前，公司人形机器人产品经过前期 的研发，现已开始小批量供货，预计2025年该业务板块的销售收入约1000万元，占2024年营业收入比例 为0.41%。由于目前尚处于产业初期，在公司的实际业绩中占比较小，该业务板块当年实现的销售收入 尚存在不确定性。 公告显示，瑞可达股票交易连续3个交易日内(7月31日、8月1日、8月4日)收盘价格涨幅偏离值累计达到 30%。截至8月4日收盘，公司股价67.2元/股，涨幅4.84%，换手率18.7%，成交额25.97亿元。 瑞可达表示，目前生产经营正常，生产经营未发生重大变化。近期有媒体关注到瑞可达有应用于人形机 器人的产品，已小批量供货中。该业务板块当年实现的销售收入尚存在不确定性，请投资者理性对待市 场热点概念，注意投资风险。 瑞可达是专业从事连接器产品的 ...