人民财讯10月20日电，锦浪科技(300763)10月20日披露可转债网上中签结果，中签号码共约43.21万个，每个中签号码只能认购10张（即1000元）锦浪转02。 转自：证券时报 | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 84968,04968,24968,44968,64968 | | 末"6"位数 | 958613,458613,641322 | | 末"7"位数 | 5764243 | | 末"8"位数 | 76049194,16049194,36049194,56049194,96049194 | | 末"9"位数 | 423916451 | | 末"10"位数 | 5598388987.4323006165.1425780614 | ...

| 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 84968.04968.24968.44968.64968 | | 末"6"位数 | 958613,458613,641322 | | 末"7"位数 | 5764243 | | 末"8"位数 | 76049194,16049194,36049194,56049194,96049194 | | 末"9"位数 | 423916451 | | 末"10"位数 | 5598388987.4323006165.1425780614 | 人民财讯10月20日电，锦浪科技（300763）10月20日披露可转债网上中签结果，中签号码共约43.21万 个，每个中签号码只能认购10张(即1000元)锦浪转02。 ...

债券研究 证 券 研 究 报 告 【债券周报】 截至 10 月 17 日，恒邦、升 24、晨丰、长集、纽泰转债公告提前赎回；盟升、 泰瑞、新致、惠城、严牌转债公告不提前赎回；神马、彤程、富春、友发、中 环转 2、优彩转债公告预计满足强赎条件。 截至 10 月 17 日，上周无转债发布董事会提议向下修正议案的公告，正川转债 （到底）公告下修结果；9 支转债公告不下修，包括美诺、鸿路、宏图、建龙、 正元转 02、东宝、益丰、立高、健帆转债，7 只转债公告预计触发下修，包括 垒知、三角、绿茵、蓝帆、家悦、开润、万孚转债。 ❖ 上周无转债发行，应流转债即将上市，总待发规模约 89 亿 上周锦浪转 02、福能转债发行，合计规模 54.79 亿元，本周应流转债即将上 市，规模 15 亿元。 上周 3 家新增董事会预案、1 家新增股东大会通过、无新增发审委审批通过、 2 家新增证监会核准，较去年同期分别+3、+1、-1、+2。 截至 10 月 17 日，共有 3 家上市公司拿到转债发行批文，拟发行规模 23.22 亿 元。通过发审委的共有 6 家上市公司，合计规模 39.83 亿元。上周 3 家新增董 事会预案，包括中汽股 ...

Group 1 - The article discusses the subscription details for a new bond issuance by Jinko Technology, with a subscription limit of 14,000 shares and an issuance price of 17.78 yuan [2] - The bond has a conversion price of 89.82 yuan, and the underlying stock is rated AA [2] - The industry price-to-earnings ratio is noted as 31.83, indicating the valuation context for potential investors [2]

（文章来源：每日经济新闻） 每经AI快讯，"锦浪转02"今日申购，申购代码为370763，可顶格申购10000张。 ...

Macro Strategy - The report highlights a recovery in direct financing and the continued activation of deposits, with expectations for fiscal and monetary policies to boost financing demand in Q4 2025 [1][4][6] - The social financing scale in September 2025 saw an increase of 3.53 trillion yuan, which is a year-on-year decrease of 229.7 billion yuan, slightly below the seasonal average [4][6] - The report notes that the structure of social financing is improving, indicating a recovery in direct financing, with corporate bond financing increasing by 10.5 billion yuan year-on-year [4][6] Fixed Income - The report discusses the upcoming issuance of Jinlang Convertible Bond 02, with a total issuance scale of 1.677 billion yuan, aimed at funding distributed photovoltaic projects [7][8] - The expected listing price range for Jinlang Convertible Bond 02 is between 111.44 and 123.92 yuan, with an anticipated subscription rate of 0.0069% [7][8] - Jinlang Technology, the issuer, has shown steady revenue growth with a compound annual growth rate of 33.10% from 2020 to 2024, despite fluctuations in net profit [8] Company Analysis - China Pacific Insurance (02328.HK) is projected to see a net profit increase of 40%-60% year-on-year for the first three quarters of 2025, driven by strong performance in both underwriting and investment [9][10] - The underwriting profit for the first half of 2025 is expected to be 13 billion yuan, a year-on-year increase of 45%, with a combined cost ratio of 94.8% [9][10] - The report raises the profit forecast for China Pacific Insurance, estimating net profits of 48 billion, 49.4 billion, and 52.8 billion yuan for 2025-2027 [9][10]

Group 1 - The controlling shareholders of several companies, including Jingda Co., Xiaoming Co., and Shunbo Alloy, plan to reduce their holdings by up to 3%, 2.97%, and 2.08% respectively [1] - Hangxin Technology's original controlling shareholder intends to reduce their stake by up to 0.98% [1] - Jianlong Convertible Bond will not undergo a downward adjustment [1] Group 2 - A list of convertible bonds is provided, including 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 [2][5] - Notable convertible bonds include: - Sanyang Convertible Bond with a current price of 126.154 and a conversion value of 127.38 [2] - Zhongchen Convertible Bond with a current price of 135.377 and a conversion value of 135.93 [2] - Jinxing Convertible Bond with a current price of 183.788 and a conversion value of 185.55 [2]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The expected listing price of Jinlang Convertible Bond 02 on the first - day is between RMB 111.44 and RMB 123.92, with an estimated lottery winning rate of 0.0069%. It is recommended to actively subscribe [2]. - Jinlang Technology has shown steady revenue growth since 2020, with a compound growth rate of 33.10% from 2020 - 2024. However, the mother - company's net profit has fluctuated, with a compound growth rate of 21.41% during the same period [2]. 3. Summary by Directory 3.1. Convertible Bond Basic Information - Jinlang Convertible Bond 02 (123259.SZ) will start online subscription on October 17, 2025, with a total issuance scale of RMB 1.677 billion. The net proceeds after deducting issuance fees will be used for projects such as distributed photovoltaic power stations [2]. - The current bond floor valuation is RMB 97.79, with a YTM of 2.30%. The convertible bond has a 6 - year term, a credit rating of AA -/AA, and a par value of RMB 100. The coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.80%, 1.20%, 1.80%, and 2.00% respectively. The company's redemption price at maturity is 110% of the par value (including the last - period interest) [2]. - The current conversion parity is RMB 90.46, with a parity premium rate of 10.55%. The conversion period is from April 23, 2026, to October 16, 2031. The initial conversion price is RMB 89.82 per share. Jinlang Technology's closing price on October 15 was RMB 81.25 [2]. - The convertible bond terms are average. The total share capital dilution rate is 4.48%, and the dilution rate for the floating shares is 5.49%, indicating a relatively small dilution pressure on the share capital [2]. 3.2. Investment Subscription Suggestion - By referring to comparable targets and empirical results, considering the good bond floor protection of Jinlang Convertible Bond 02 and the average attractiveness of its rating and scale, the expected first - day listing conversion premium rate is around 30%, corresponding to a listing price between RMB 111.44 and RMB 123.92 [2][14][15]. - The estimated priority subscription ratio of original shareholders is 65.45%, and the estimated lottery winning rate is 0.0069% [16][17]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Jinlang Technology is a high - tech enterprise focusing on the R & D, production, sales, and service of string inverters, the core equipment of photovoltaic power generation systems. Since 2020, its revenue has grown steadily, with a compound growth rate of 33.10% from 2020 - 2024. In 2024, the revenue was RMB 6.542 billion, a year - on - year increase of 7.23%. The mother - company's net profit has fluctuated, with a compound growth rate of 21.41% from 2020 - 2024. In 2024, it was RMB 691 million, a year - on - year decrease of 11.32% [2][18]. - The company's revenue mainly comes from grid - connected inverters, and the product structure changes annually. From 2022 - 2024, the revenue proportion of grid - connected inverters in the main business revenue was 67.97%, 66.61%, and 57.96% respectively [20]. - The company's sales net profit margin and gross profit margin have remained stable. The sales expense ratio first decreased and then increased, the financial expense ratio has been rising, and the management expense ratio has shown a "W - shaped" fluctuation [25]. 3.3.2. Company Highlights - Jinlang Technology is an early entrant in the distributed photovoltaic inverter field in China, extending its advantages to the energy storage track. It is one of the leading global photovoltaic inverter manufacturers, with the world's top market share in household single - phase string inverters and ranking third globally for three consecutive years [34]. - The company has forward - looking track layout, achieving cross - field extension. It has built a "photovoltaic + energy storage" dual - wheel - driven business pattern and has obtained 55 authorized invention patents as of November 2024 [35]. - The company has deep technical barriers and outstanding solution capabilities. It has achieved AI technology empowerment for products in the full power range from 0.7kW to 350kW, and its core products have high - performance features [35].

锦浪转02：10月17日申购 正川转债：下修到底 | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 123089 | 九洲转2 | 123.799 | 102.040 | 2025-10-09 | 2025-10-14 | 125.18 | 0.031 | 0.09% | | 123056 | 雪榕转债 | 152.002 | 100.930 | 2025-10-09 | 2025-10-14 | 154.63 | 0.018 | 0.05% | | 127107 | 领益转债 | 186.500 | 100.181 | 2025-10-09 | 2025-10-14 | 188.17 | 0.056 | 0.01% | | 127097 | 三羊转债 | 126.154 | 100.490 | 2025-10-13 | 2025-10-16 | 127. ...