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 announcement details the results of the buyback of the "Long 22 Convertible Bonds" by Longi Green Energy Technology Co., Ltd, indicating a limited number of bonds were repurchased during the specified period [1][3]. Group 1: Buyback Details - Buyback Period: July 8, 2025, to July 14, 2025 [1] - Valid Buyback Applications: 40 bonds [1] - Total Buyback Amount: 4,024.00 yuan (including interest) [1] - Funds Distribution Date: July 17, 2025 [1] Group 2: Bond Information - Total Face Value of Issued Convertible Bonds: 700,000.00 million yuan [1] - Buyback Price: 100.60 yuan per bond (including current interest) [3] - The buyback period has concluded as of July 14, 2025 [3]. Group 3: Impact on the Company - The buyback of "Long 22 Convertible Bonds" will not affect the company's cash flow, asset status, or share capital [3]. - Unredeemed "Long 22 Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [3].

Summary of Key Points Core Viewpoint - Longi Green Energy's recent financial activities and announcements indicate a focus on supporting its subsidiaries and managing its convertible bonds effectively, while also highlighting the company's significant guarantee commitments. Group 1: Trading Information - On July 4, Longi Green Energy's stock closed at 15.57 RMB, with a slight increase of 0.19% and a turnover rate of 1.71% [1] - The trading volume was 1.294 million shares, resulting in a total transaction value of 2.029 billion RMB [1] - The net inflow of main funds was 76.41 million RMB, accounting for 3.77% of the total transaction value [4] Group 2: Company Announcements - Longi Green Energy announced an additional guarantee amounting to 739.79 million RMB, bringing the total guarantees provided to 24.072 billion RMB, which represents 39.53% of the company's latest audited net assets [1][4] - The guarantees include support for the "He Mei Village" distributed photovoltaic business, with no overdue guarantees reported [1] - The company has scheduled a buyback period for its "Long 22 Convertible Bonds" from July 8 to July 14, 2025, at a price of 100.60 RMB per bond, with the current market price exceeding this buyback price [2][4]

Core Viewpoint - Longi Green Energy plans to hold its first bondholders meeting in 2025 to discuss changes in the use of funds raised from its convertible bonds issued in 2022, which will not adversely affect the company's debt repayment ability or bondholder rights [2][12][24] Group 1: Bondholder Meeting Details - The bondholders meeting is scheduled from June 24 to June 30, 2025, and will be conducted online using a simplified procedure [5][6] - Bondholders must submit any objections in writing within five trading days from the notice date, otherwise, they will be deemed to agree with the management's proposals [3][6] - The meeting will discuss the proposal to change the investment projects funded by the 2021 convertible bonds [3][12] Group 2: Fundraising and Investment Changes - Longi Green Energy issued convertible bonds totaling CNY 7 billion on January 5, 2022, with net proceeds of approximately CNY 6.96 billion after deducting issuance costs [12][13] - The company intends to change the use of part of the raised funds, specifically reallocating CNY 1.08 billion originally planned for the Wuhu (Phase II) 15GW monocrystalline module project to the construction of the Tongchuan Longi 12GW high-efficiency monocrystalline battery project [17][18] - The change in fund allocation is aimed at enhancing the efficiency of fund usage and accelerating the construction of advanced battery capacity [17][23] Group 3: Project Details and Financial Implications - The Tongchuan Longi project is expected to achieve an annual production capacity of 12GW and is part of the company's strategic plan to expand its advanced production capacity [18][19] - The original Wuhu (Phase II) project had a total investment of CNY 2.59 billion, with an expected internal rate of return of approximately 24.89% [17][18] - The company anticipates that the new project will significantly contribute to its production capabilities and market competitiveness, with a target to reach full production by the first quarter of 2026 [18][20]

Core Viewpoint - Longi Green Energy Technology Co., Ltd. has decided not to exercise the downward adjustment of the conversion price for the "Long 22 Convertible Bond" despite triggering the conditions for such an adjustment due to the stock price being below 85% of the current conversion price for fifteen trading days [1][5]. Group 1: Convertible Bond Overview - The company issued 70 million convertible bonds on January 5, 2022, with a total amount of 700 million yuan and a maturity of six years [2]. - The initial conversion price was set at 82.65 yuan per share, with the latest conversion price adjusted to 17.50 yuan per share [3][4]. Group 2: Downward Adjustment Conditions - The downward adjustment clause for the conversion price is triggered when the stock price is below 85% of the current conversion price for at least fifteen trading days within any thirty-day period [5]. - As of April 29, 2025, the stock price has been below the threshold, triggering the adjustment clause [5]. Group 3: Decision on Adjustment - The board of directors has decided not to exercise the right to adjust the conversion price at this time, and will not propose an adjustment in the next three months, even if the conditions are met again [2][6]. - The next period for potential adjustment will be recalculated starting from September 14, 2025 [5].

Group 1 - The core viewpoint of the article discusses the recent developments in convertible bonds and stock trading activities of specific companies [1] - Yong'an Hang's controlling shareholder is planning to transfer company shares, leading to a stock suspension starting March 10 [1] - Several convertible bonds, including Baolai, Longda, Hongtu, and Jingrui, will not undergo adjustments [1] Group 2 - Jiangnan New Materials is mentioned in relation to the subscription of new stocks on the Shanghai and Shenzhen exchanges [1]