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]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002600 证券简称：领益智造 公告编号：2025-100 债券代码：127107 债券简称：领益转债 广东领益智造股份有限公司 关于控股股东持有公司可转换公司债券 比例变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、可转换公司债券配售情况 经中国证券监督管理委员会出具的《关于同意广东领益智造股份有限公司向不特定对象发行可转换公司 债券注册的批复》（证监许可〔2024〕1452号）核准，并经深圳证券交易所同意，广东领益智造股份有 限公司（以下简称"公司"）向不特定对象发行可转债21,374,181张，每张面值为人民币100元，募集资金 总额不超过人民币213,741.81万元（含本数）。其中，公司控股股东领胜投资（江苏）有限公司（以下 简称"领胜投资"）获配数量为12,621,409张，公司实际控制人曾芳勤女士获配数量为440,693张，合计获 配数量为13,062,102张，约占本次发行总量的61.11%。 二、本次控股股东持有公司可转换公司债券比例变动情况 根据《深圳证券交易所上 ...

| 证券简称：领益智造 公告编号：2025-092 | 证券代码：002600 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 债券简称：领益转债 | 债券代码：127107 | | | | | | | 广东领益智造股份有限公司 | | | | | | | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 | | | | | | | | 记载、误导性陈述或重大遗漏。 | | | | | | | | 一、可转换公司债券配售情况 | | | | | | | | 经中国证券监督管理委员会出具的《关于同意广东领益智造股份有限公司向 | | | | | | | | 号）核准， | | （证监许可〔2024〕1452 | | | | | | 不特定对象发行可转换公司债券注册的批复》 | | | | | | | | 并经深圳证券交易所同意，广东领益智造股份有限公司（以下简称"公司"）向 | | | | | | | | 100 张，每张面值为人民币 元，募集资金总额 | 不特定对象发行可转债 | 21,374,181 | | | | | ...

New Stock Listings - Huadian New Energy (600930) listed at an issue price of 3.18 on July 16, 2025[1] - Zhongcheng Tui (300208) has 2 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 2 trading days remaining until the last trading day[1] Abnormal Fluctuations - Huayin Power (600744) reported severe abnormal fluctuations on July 15, 2025[1] - Changcheng Military Industry (601606) announced abnormal fluctuations on July 15, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on July 16, 2025[1] Other Notable Announcements - ST Ya Zhen (000627) reported significant fluctuations with a value of 7189 on July 16, 2025[3] - Guosheng Technology (603778) reported fluctuations with a value of 3370 on July 15, 2025[3] - ST Xin Chao (600777) reported fluctuations with a value of 1008 on July 11, 2025[3]

证券代码：002600 证券简称：领益智造 公告编号：2025-090 债券代码：127107 债券简称：领益转债 广东领益智造股份有限公司 关于"领益转债"回售的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 有的"领益转债"。截至目前， "领益转债"的收盘价高于本次回售价格。投资者 选择回售可能会带来损失，敬请投资者注意风险。 该笔回售申报业务失效。 "领益转债"2025 年第一次债券持有人会议， 分别审议通过了《关于调整部分募投项目、变更部分募集资金用途的议案》。根 据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，"领益转 债"的附加回售条款生效。现就"领益转债"回售有关事项公告如下： 一、回售条款概述 （一）导致回售条款生效的原因 公司于 2025 年 6 月 17 日召开第六届董事会第十四次会议、第六届监事会第 十二次会议，于 2025 年 7 月 4 日召开 2025 年第二次临时股东大会、 "领益转债" 部分募集资金用途的议案》 ...

Core Viewpoint - The announcement details the resumption of conversion rights for the "Lingyi Convertible Bonds" after a temporary suspension due to a buyback period [1][2]. Group 1 - The company held meetings on June 17, 2025, and July 4, 2025, to approve adjustments to certain fundraising projects and changes in the use of raised funds [1]. - The additional buyback clause for the "Lingyi Convertible Bonds" has come into effect, allowing bondholders to exercise their buyback rights [1]. - The company will suspend the conversion of the bonds from July 11, 2025, to July 17, 2025, during the buyback application period [2]. Group 2 - The conversion rights will resume on July 18, 2025, following the end of the buyback application period [2].

Group 1 - The report identifies a significant increase in the number of new convertible bonds listed recently, leading to heightened market attention towards new issuances [7][8] - Convertible bonds are categorized into four main types: white horse, value, small market cap, and balanced, each exhibiting distinct pricing characteristics and investment opportunities, necessitating differentiated strategies for new issuances [7][26] Group 2 - White horse convertible bonds are characterized by high initial valuations and a generally high conversion premium, indicating a low investment cost-effectiveness. The report advises against participating in new issuances or buying on the first day due to systemic valuation risks [7][12][26] - Value convertible bonds typically show low initial valuations, with some even trading below par. The report highlights that institutional demand can drive prices upward post-initial trading, suggesting active participation in new issuances and buying during sell-offs for optimal risk-reward ratios [13][17][26] Group 3 - Small market cap convertible bonds exhibit significant price volatility due to limited liquidity, often leading to extreme pricing deviations from fundamentals. The report recommends avoiding high-price chasing and waiting for a price correction after 4-6 months for potential value recovery opportunities [21][27] - Balanced convertible bonds present relatively rational pricing and moderate volatility, with the report suggesting participation in new issuances and buying during initial sell-offs to achieve stable returns within 1-2 months [25][27]

Group 1 - The core viewpoint of the article is that Guangdong Lingyi Intelligent Manufacturing Co., Ltd. is conducting a buyback of its convertible bonds due to changes in the use of raised funds, which has triggered the additional buyback clause [1][2][7] - The company issued 21,374,181 convertible bonds with a face value of RMB 100 each, raising a total of up to RMB 2,137.4181 million, which will be credited on November 22, 2024 [1][2] - The additional buyback clause allows bondholders to sell back their bonds at a price of RMB 100.129 per bond, which includes accrued interest [4][5] Group 2 - The reason for the buyback clause activation is the company's decision to change the use of part of the raised funds from three original projects to a new project, which requires shareholder approval [2][3] - The buyback period for bondholders to exercise their rights is from July 11, 2025, to July 17, 2025, and the payment date for the buyback is set for July 23, 2025 [6][7] - The company has complied with necessary regulatory procedures and the buyback matters are in accordance with relevant laws and regulations [7][8]

Group 1 - The company, Guangdong Lingyi Intelligent Manufacturing Co., Ltd., has announced the issuance of convertible bonds, totaling 21,374,181 bonds with a face value of RMB 100 each, aiming to raise up to RMB 2,137,418,100 [1] - The net proceeds from the bond issuance, after deducting issuance costs, are expected to be RMB 2,116,023,100, with the funds to be in place by November 22, 2024 [1] - The convertible bonds, referred to as "Lingyi Convertible Bonds," will be listed and traded on the Shenzhen Stock Exchange starting December 6, 2024 [1] Group 2 - A bondholders' meeting was held on July 4, 2025, to discuss the first bondholders' meeting and the use of raised funds [2] - The additional repurchase clause for the "Lingyi Convertible Bonds" has come into effect, leading to a suspension of conversion rights during the repurchase application period from July 11 to July 17, 2025 [2] - Trading of the convertible bonds will continue normally during the suspension period, and conversion rights will resume on July 18, 2025 [2]

Meeting Overview - The bondholders meeting for "Lingyi Convertible Bonds" was held on July 4, 2025, with both on-site and online voting options available [1][2] - A total of 49 bondholders attended the meeting, representing 575,587 bonds, which is 2.6930% of the total outstanding bonds [1] Voting Results - The proposal was approved with 575,567 votes in favor, accounting for 99.9965% of the valid votes cast [2] - Only 20 votes were against the proposal, representing 0.0035% of the valid votes [2] - There were no abstentions recorded [2] Legal Compliance - The meeting was witnessed by lawyers from Beijing Jiayuan Law Firm, confirming that the meeting procedures and voting were in compliance with relevant laws and regulations [3]