融资方面，宁波方正当日融资买入810.67万元。当前融资余额1.13亿元，占流通市值的3.42%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，宁波方正10月9日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 资料显示，宁波方正汽车模具股份有限公司位于浙江省宁海县梅林街道三省中路1号，成立日期2004年3 月16日，上市日期2021年6月2日，公司主营业务涉及汽车塑料模具、塑料件及配件、智能装备、锂电池 精密结构件的研发、生产、销售。主营业务收入构成为：模具50.58%，锂电池精密结构件17.92%，锂 电池模组导电连接件11.79%，塑料产品及配件10.41%，智能装备5.59%，其他3.71%。 截至6月30日，宁波方正股东户数7254.00，较上期增加4.54%；人均流通股14844股，较上期减少 4.34%。2025年1月-6月，宁波方正实现营业收入5.82亿元，同比增长50.39%；归母净利润-2021.95万 元，同比减少11.51%。 10月9日，宁波方正（维权）跌0.74% ...

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]

Core Viewpoint - The company, Yidong Electronics, is actively involved in providing customized products for the new energy battery sector, including both power and energy storage applications [2] Group 1: Product Offerings - The company offers products such as FPC/CCS and precision structural components for lithium batteries, including positive and negative electrode protection films, connection pieces, battery covers, and aluminum shells [2] - Yidong Electronics emphasizes its ability to provide tailored products based on the structural and functional requirements of downstream customers' product designs [2]

Core Viewpoint - The company is actively involved in the production of components for new energy batteries, including applications in solid-state batteries, and is prepared to adapt its products to meet evolving market demands [2]. Group 1: Company Products - The company offers products for new energy batteries, including FPC/CCS and precision structural components for lithium batteries such as protective films for positive and negative electrodes, connection pieces, battery covers, and aluminum shells [2]. - The company emphasizes its ability to provide customized products based on the structural and functional requirements of downstream customers [2]. Group 2: Industry Trends - Multiple automotive companies are beginning to invest in solid-state battery technology, indicating a shift in the industry towards more advanced battery solutions [2]. - The company is positioned to maintain competitiveness in the event of an upgrade in the solid-state battery industry due to its flexible product offerings [2].

Core Viewpoint - The article highlights the dynamic changes in Malaysia's position as a key node in Southeast Asia's electric vehicle supply chain, with companies like Xinzhoubang and KedaLi making strategic decisions based on regional advantages and market conditions [3][8]. Group 1: Company Developments - Xinzhoubang's factory in Malaysia has successfully commenced operations, marking it as the first Chinese electrolyte manufacturer to achieve localized production and delivery in Southeast Asia [3]. - The factory, located in Kedah's Kulim Hi-Tech Park, took approximately seven months from registration to delivery, supported by the Kedah State Investment Development Corporation [3]. - Star Source Materials has also launched its first phase of production in Malaysia, with an annual capacity of 2 billion square meters and an investment close to 5 billion RMB, indicating strong market demand from global battery manufacturers [5]. Group 2: Investment Trends - Several lithium battery material companies are investing in Malaysia, including Shantai Technology, which plans to invest $154 million to build a 50,000-ton annual capacity for anode materials [6]. - Other companies, such as Jinyang Co. and Hunan Youneng, have announced plans to establish production facilities in Malaysia, contributing to a relatively complete battery supply chain in the region [6]. Group 3: Strategic Shifts - KedaLi announced a shift of its planned investment from Malaysia to Thailand, reducing the investment from up to 600 million RMB to 210 million RMB, citing better location conditions, policy support, and industrial chain collaboration in Thailand [7][8]. - This decision reflects a broader trend of companies dynamically assessing and comparing investment environments and benefits across different countries and regions [8].

Group 1 - The company announced a change in its investment project from Malaysia to Thailand, with the new project involving a total investment of no more than 210 million RMB [2] - The original Malaysian lithium battery precision structural component project, planned for an investment of up to 600 million RMB, will be canceled [2] - The new project in Thailand will be implemented by a company jointly funded with its wholly-owned subsidiary, with an 80% investment share from the company [2] - The expected construction period for the new project is approximately 24 months, with an anticipated annual output value of around 480 million RMB upon full production [2] - This strategic move aims to optimize resource allocation, enhance investment efficiency, and better seize regional development opportunities, aligning with the company's long-term global layout strategy [2] Group 2 - Over 20 energy storage companies are set to launch IPOs in Hong Kong [4] - BYD's mid-year revenue has surpassed that of Tesla for the first time [4] Group 3 - The first industry forum on household and portable energy storage battery technology will be held in Shenzhen on September 26, 2025 [4] - The first international summit and exhibition on sulfide all-solid-state batteries is scheduled for November 8, 2025, in Guangzhou [4]

Group 1 - Recent legal victories for investors against five listed companies due to information disclosure violations highlight the importance of fair capital market practices [1] - Companies involved include Hongbo Co., Ningbo Fangzheng, Zhuojin Co., *ST Jintai, and Yangzi New Materials, all facing lawsuits for false statements [1][10] - The court rulings provide a precedent for future investor claims, emphasizing the need for accurate and timely information disclosure [1][10] Group 2 - Hongbo Co. experienced a drastic change in profit forecast, revising from a profit of 37.4 million to a loss of 50 million, leading to significant stock price drops and investor losses [2][3] - Ningbo Fangzheng faced penalties for misusing funds, with 64.35 million yuan being transferred for non-operational purposes, constituting a significant violation of disclosure regulations [4][5] - Zhuojin Co. was penalized for misreporting costs, resulting in inflated profits and misleading financial statements, with some investors already compensated [6] - *ST Jintai was found to have engaged in fictitious gold trading, leading to substantial misstatements in financial reports, with a looming statute of limitations for claims [7][8] - Yangzi New Materials failed to disclose significant related party transactions, resulting in a court ruling that mandates compensation for affected investors [10][11] Group 3 - The collective lawsuits against these companies underscore the ongoing challenges in ensuring high-quality information disclosure in the capital market [12] - Investors are encouraged to take action to protect their rights, with specific conditions outlined for filing claims against the respective companies [5][11][12]

Group 1 - The core viewpoint of the article highlights that Ningbo Fangzheng Automotive Mould Co., Ltd. reported a significant increase in revenue for the first half of 2025, achieving 582 million yuan, which is a 50.39% increase compared to the same period last year [2] - The company is actively exploring development strategies in the new energy vehicle industry, focusing on lightweight and decarbonization trends, and is making breakthroughs in the use of new materials and processes for automotive injection molds [2] - Ningbo Fangzheng has diversified its business by successfully entering the precision structural components for lithium batteries, including conductive connection components for battery modules, and has made progress in expanding its overseas market [2] Group 2 - The company emphasizes that technological innovation is key to sustainable development in the competitive automotive mold industry, and it prioritizes research and development through agile mechanisms and a fully digital design platform [2] - In the first half of 2025, the company's R&D investment reached 21.08 million yuan, reflecting a year-on-year increase of 5.35% [2]

Core Insights - Ningbo Fangzheng reported a significant increase in revenue and improved operational efficiency in its 2025 semi-annual report, achieving a revenue of 582 million yuan, a 50.39% increase year-on-year, and a reduction in net loss [1] - The company is actively exploring the development strategy in the new energy vehicle industry, focusing on lightweight and decarbonization trends, and has made breakthroughs in automotive injection molds using new materials and processes [1][3] - The company has diversified its business by successfully entering the precision structural components for lithium batteries and conductive connection components for battery modules, contributing to its revenue growth [1][2] Revenue Growth - In the first quarter of 2025, Ningbo Fangzheng achieved a revenue of 298 million yuan, a 51.10% year-on-year increase, and a net profit of 6.29 million yuan, marking a significant turnaround [2] - The traditional mold business remains a core revenue driver, accounting for approximately 50% of the main business revenue, with a 62.45% increase in revenue and a 5.99% increase in gross margin in the first half of the year [2] - The revenue contribution from lithium battery precision structural components and conductive connection components has significantly increased, reaching 17.92% and 11.79% respectively by the end of the first half of 2025 [2] Innovation and R&D - The company emphasizes technological innovation as a key to sustainable development, with R&D investment reaching 21 million yuan, a 5.35% increase year-on-year [3] - Significant advancements have been made in automotive lightweighting, including the development of NFPP fiberboard injection technology, which has been applied in projects for major clients [3] - Breakthroughs in micro-foaming injection technology have been achieved, extending Mucell technology into new areas, enhancing product performance and quality [3] Market Expansion - Ningbo Fangzheng has actively expanded into downstream sectors, including plastic parts and smart equipment, while pursuing opportunities in the new energy sector [4] - The company serves major global automotive parts manufacturers, enhancing its brand influence and securing stable order sources [4] - Successful partnerships in the new energy sector, including collaborations with leading companies like CATL, have strengthened the company's position and future growth prospects [4]

Core Viewpoint - Ningbo Fangzheng has shown significant improvement in its operational performance in 2025, particularly in the first half of the year, driven by its strategic focus on the new energy vehicle (NEV) sector and technological innovation [1][2][4]. Financial Performance - The company reported a revenue of 582 million yuan for the first half of 2025, a 50.39% increase year-on-year [1]. - In Q1 2025, revenue reached 298 million yuan, up 51.10% year-on-year, with a net profit of 6.29 million yuan, marking a 206.45% increase [2]. - The traditional mold business remains a core revenue driver, accounting for approximately 50% of total revenue, with a 62.45% increase in revenue and a 5.99% rise in gross margin [2]. Business Diversification - The company is actively investing in the new energy lithium battery precision components sector, successfully entering markets for lithium battery conductive connection components and modules [1][2]. - By mid-2025, revenue contributions from lithium battery precision components and conductive connection components reached 17.92% and 11.79%, respectively, indicating a strong push towards business diversification [2]. Technological Innovation - The company emphasizes R&D as a key to sustainable growth, with R&D investment reaching 21 million yuan in the first half of 2025, a 5.35% increase year-on-year [3]. - Significant advancements in lightweight materials and injection molding technologies have been achieved, including the NFPP fiberboard technology and carbon fiber board molds, enhancing competitiveness in high-end markets [3]. Global Expansion - The company has expanded its market presence by serving major global automotive parts manufacturers and has established partnerships with leading companies in the NEV sector, including CATL [4][5]. - The global strategy has enhanced brand influence and secured stable order sources, with a focus on the rapidly growing NEV market, projected to reach 22.35 million units sold in 2025, a 23% increase [5].