Group 1 - The report indicates that the convertible bond market experienced significant fluctuations in August, with the convertible bond index showing an upward trend but facing adjustments towards the end of the month due to various factors including the weakening of the banking sector and an increase in strong redemption of convertible bonds [3][6][7] - The strategy for September suggests a cautious approach towards convertible bonds, with expectations for lower returns due to the "dumbbell" style weakening and the potential for short-term adjustments in the market [3][33] - The report highlights the validation of the "potential yield" indicator system, which indicated a significant risk of short-term adjustments in the convertible bond market as the implied three-month yield fell below -5% [3][19][22] Group 2 - The report outlines a revised monthly strategy composition for September, which includes three components: short-term high-odds selection, low-price enhancement strategy, and active selection, reflecting the current market environment [3][35] - Specific convertible bonds are recommended for attention in September, including the high-odds selection of Pudong Development Bank Convertible Bond, and low-price enhancement strategies focusing on Jia Yuan, Jingke, Southeast, and Fangyuan Convertible Bonds [3][36][37] - The active selection strategy emphasizes avoiding bonds with a high likelihood of strong redemption while maintaining a focus on sectors with growth potential [3][38]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Core Viewpoint - The company has successfully completed a share repurchase plan, acquiring a total of 3,595,333 shares, which represents 0.54% of its total share capital, with the aim of maintaining company value and protecting shareholder interests [1][3]. Summary by Sections Repurchase Plan Details - The repurchase plan was first disclosed on April 9, 2025, with an implementation period from April 9, 2025, to July 8, 2025 [1]. - The expected repurchase amount was set between 100 million yuan and 200 million yuan, with a maximum repurchase price of 42.71 yuan per share [1][2]. - The actual repurchase price ranged from 26.82 yuan to 29.83 yuan per share [3]. Implementation Status - The company initiated its first repurchase on May 16, 2025, and provided monthly updates on the progress of the repurchase [2][3]. - By July 8, 2025, the company had completed the repurchase plan as originally disclosed, with no discrepancies noted [3]. Shareholder Impact - The repurchase will not significantly affect the company's daily operations, financial status, or future development [3]. - The repurchased shares will be stored in a dedicated repurchase account and will not have voting rights or participate in profit distribution during the holding period [4][5]. Future Plans for Repurchased Shares - The repurchased shares will be used to maintain company value and shareholder interests, with plans to sell them through centralized bidding within 12 months after the announcement of the repurchase results [5].

Key Insights - As of June 2025, China's foreign exchange reserves stood at 33,174 billion USD, indicating a stable economic environment [1] - The convertible bond market showed a 3.3% increase in June, following a 4.7% rise in the stock market, driven by policy stimuli and geopolitical factors [2][3] - The life sciences upstream sector is experiencing a turning point, with a projected revenue growth of 10.75% year-on-year in 2024, driven by stable investment and domestic substitution trends [7][8] - The North Exchange is expected to maintain high trading activity and market attention, with a focus on new industries such as artificial intelligence and commercial aerospace for the second half of 2025 [12][17] Convertible Bond Market - The convertible bond market's valuation is not overly high, with structural opportunities still available, particularly in sectors showing improved economic conditions such as non-ferrous metals, machinery, agriculture, and computing [4][3] - The market is transitioning from a policy-driven focus to a fundamental pricing approach, with expectations of a 5% economic growth target being met [3][4] - Recommended convertible bonds for July include Guotou Convertible Bond, Ran 23 Convertible Bond, and others, indicating a strategic focus on sectors benefiting from policy support [4] Life Sciences Upstream Sector - The life sciences upstream sector is characterized by high specialization and significant barriers to entry, with major companies expanding and exploring international markets [7][8] - The sector is poised for growth due to the booming demand for innovative drugs, with the Chinese antibody drug market expected to reach 510.8 billion RMB by 2030 [8] - Mergers and acquisitions are becoming more prevalent, with domestic companies looking to replicate the growth paths of global giants, enhancing industry concentration and growth potential [9][10] North Exchange - The North Exchange's trading activity has slightly decreased, with an average daily turnover of approximately 279.83 billion RMB, but it remains higher than other markets [13] - The North Exchange's overall price-to-earnings ratio is around 50.4 times, indicating a slight decline but still higher than other boards, with the electronics sector showing the highest ratios [14] - The North Exchange is optimizing its evaluation system to support the high-quality development of small and medium-sized enterprises, focusing on innovation and market ecology improvement [15][17]

Core Viewpoint - The China Convertible Bond Index opened down by 0.07%, indicating a slight decline in the market sentiment towards convertible bonds [1] Summary by Category Market Performance - The China Convertible Bond Index reported a value of 447.15 points at the opening [1] - Notable declines were observed in several convertible bonds, with Electric Chemical Convertible Bond down by 4.46%, Jing 23 Convertible Bond down by 3.77%, Titan Convertible Bond down by 2.54%, Ling Steel Convertible Bond down by 1.52%, and Ojia Convertible Bond down by 1.46% [1] - Conversely, some convertible bonds experienced gains, with Jiuzhou Convertible Bond 2 up by 5.66%, New Port Convertible Bond up by 5.60%, Daotong Convertible Bond up by 2.66%, Saili Convertible Bond up by 2.37%, and Hongtu Convertible Bond up by 2.26% [1]

Summary of Key Points Core Viewpoint - The company, Shenzhen Daotong Technology Co., Ltd., has decided not to exercise the early redemption option for its convertible bonds, reflecting confidence in its future development and internal value, while considering current operational conditions and market environment [6]. Group 1: Convertible Bond Issuance Overview - The company issued 12.8 million convertible bonds with a total value of 128 million yuan, approved by the China Securities Regulatory Commission, with a maturity of six years from July 8, 2022, to July 7, 2028 [1]. - The bonds began trading on the Shanghai Stock Exchange on July 28, 2022, under the name "Daotong Convertible Bonds" and code "118013" [1]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 34.73 yuan per share starting January 16, 2023, and was adjusted to 34.71 yuan on August 16, 2023, following the completion of a stock incentive plan [2]. - The conversion price was further adjusted to 34.32 yuan due to the company's annual equity distribution, effective from May 20, 2024 [2]. - The latest adjustment set the conversion price at 22.55 yuan per share, effective from May 14, 2025, following the annual equity distribution [3][4]. Group 3: Redemption Terms and Conditions - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [4][5]. - The board of directors decided not to exercise the early redemption right, maintaining this stance for six months following the decision [6]. Group 4: Shareholder Activity - There have been no transactions of the convertible bonds by major shareholders, including the actual controller and senior management, in the six months prior to the redemption conditions being met [6].

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "道通转债," despite triggering the conditional redemption clause due to stock price performance [1][7]. Group 1: Conditional Redemption Clause - The conditional redemption clause was triggered as the company's stock price met the requirement of being at least 130% of the current conversion price (22.55 CNY/share), which is 29.32 CNY/share, for 15 out of 30 trading days from June 9, 2025, to July 1, 2025 [1][6]. - The company will not exercise the early redemption rights during the next six months (July 2, 2025, to January 1, 2026), even if the redemption clause is triggered again [2][7]. Group 2: Convertible Bond Issuance Overview - The company issued 12.8 million convertible bonds with a total value of 1.28 billion CNY, with a maturity period of six years from July 8, 2022, to July 7, 2028 [2]. - The initial conversion price was set at 34.73 CNY/share, which was adjusted to 34.71 CNY/share on August 16, 2023, and further adjusted to 34.32 CNY/share effective May 20, 2024, and then to 33.93 CNY/share effective September 9, 2024 [3][4]. Group 3: Company’s Decision on Redemption - The board of directors held a meeting on July 1, 2025, and resolved not to redeem the "道通转债" early, citing confidence in the company's future prospects and current market conditions [7]. - The decision aims to protect the interests of investors and reflects the company's assessment of its operational status [7]. Group 4: Shareholder Activity - There have been no transactions of "道通转债" by major shareholders, including the actual controller, within the six months prior to the triggering of the redemption conditions [7].

股票代码：688208 股票简称：道通科技 公告编号：2025-047 转债代码：118013 转债简称：道通转债 深圳市道通科技股份有限公司 关于"道通转债"跟踪信用评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 前次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"， "道通转债" 的信用等级为"AA"。 ● 本次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"， "道通转债" 的信用等级为"AA"。 根据《上市公司证券发行注册管理办法》 《上海证券交易所科创板股票上市规则》 等有关规定，深圳市道通科技股份有限公司（以下简称"公司"）委托信用评级机构 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对公司向不特定对象发行 的可转换公司债券（以下简称"道通转债"）进行了跟踪信用评级。 公司前次发行主体长期信用评级结果为"AA"，"道通转债"前次债券信用评级 结果为"AA"，评级展望为"稳定"，评级机构为中证鹏元，评级时间为 2024 年 6 月 20 日。评级机构中证 ...