Bonds convertible into shares to watch before trading on July 13 (something is going on outside the market)

Friday, July 10, 2026: Shanghai -1.00%, Shenzhen -2.29%, ChiNext -4.37%, STAR Market 50 -5.53%. The convertible bond index whipsawed and weakened overall, with trading volume around 3.39 trillion. 3,700 stocks rose, while the market expanded volume to spike and then retreated; the Shanghai Composite failed to hold the 4,000-point level, the STAR Market 50 saw a sharp pullback. Commercial aerospace and innovative drugs surged against the trend; semiconductors and computing hardware collectively took heavy hits. The indices showed extreme divergence, with clear rotation effects between high and low performers. [Taoguba]

Trading: Total across both markets 3.39 trillion, about 474.8 billion more than the prior trading day, marking the 64th consecutive session with turnover above 2 trillion. Competition among existing funds intensified; high-level tech chips were concentrated and cashed out, while sentiment among incremental funds remained cautious. Funds mainly went to commercial aerospace, innovative drugs, CRO, and defense/armaments; high-level semiconductors and computing hardware saw large-scale profit-taking.
Individual stocks: Up/down roughly 3,700:1,600; more gainers than decliners. 94 stocks hit the daily limit up, 5 hit the daily limit down. The 20cm limit-ups were concentrated in commercial aerospace and innovative drugs. High-level semiconductor and computing hardware small caps saw declines exceeding 10%; rotation between high and low was obvious—high-level hard-tech funds exited, while low-level defensive sectors absorbed capital.
Sector divergence: Commercial aerospace, innovative drugs, CRO, defense/armaments, and pharma strengthened against the trend; semiconductors, computing hardware, electronic chemicals, targets/materials (targets), and electronic specialty gases all fell across the board. Rotation between high and low was clear: high-level hard-tech funds cashed out, while low-level defensive sectors absorbed capital.
Capital: Northbound funds saw net outflows of 33.9k yuan; domestic main funds also had large net outflows. Institutions cashed out high-level semiconductors and computing hardware, while adding to low-level targets in commercial aerospace, innovative drugs, and defense/armaments.

A-share segment stock recap
Tech track (collective breakdown)
Cambricon: AI chip leader closed down more than 7%; full-day transaction value shrank sharply; total market cap kept falling. Main funds saw large net outflows all day; the bundled sentiment in the sector broke down, and funds continued to cash out core hard-tech assets.
Inspur? (MTC?—as given) (中际旭创): CPO bellwether fell weakly by more than 7%; the bottom line of the computing hardware sector was breached, institutions cut positions heavily, and the trend weakened.
NeoPhotonics? (新易盛): CPO concept lagged and tracked down by more than 7%; funds withdrew from upstream optical communications within the sector; small-cap enthusiasm cooled sharply, and funds concentrated on cashing out.
BOE A: Weak pullback in glass substrate leader by more than 4%; capital booked profits in sub-component targets; catalysts for domestic substitution weakened, with a one-way decline throughout the day.
LianDe Equipment (联得装备): Semiconductor equipment fell to the 20cm daily limit down; capital cashed out in sub-equipment names; semiconductor cycle transmission slowed; hit the daily limit down for the whole session.
Zhaoyi Innovation (兆易创新): Storage chip leader hit the daily limit down; turnover exceeded 33.9k; funds fled in large amounts; the storage sector collectively tumbled.
North Huachuang (北方华创): Semiconductor equipment leader hit the daily limit down; the sector continued to adjust with no takers for funds.
Earlier high-level themed momentum (surged against the trend)
StarNet (星网宇达): Commercial aerospace leader achieved a second consecutive limit-up; low-level funds continued to take positions; a catalyst emerged as the Long March 10-Y rocket recovery technology breakthrough was reported; space-themed old story funds returned. After hard-tech main-line funds cashed out, aerospace received follow-through support.
GuiSheng Co. (贵绳股份): Commercial aerospace concept hit a second consecutive limit-up; sector heat kept rising; all in-market funds returned to the aerospace main line.
Lifang? (立方制药): Innovative drug concept hit a second consecutive limit-up; within the sector, funds focused on upstream APIs; small caps were extremely hot, and capital grouped together tightly.
YinnoS (益诺思): Innovative drug concept hit a 20cm limit-up; sector heat kept rising; all in-market funds returned to the pharma main line.
Defensive and hedging sectors (collectively stronger)
High-tech? (高德红外): Defense/armaments leader hit a second consecutive limit-up; capital fully rotated into defensive sectors, and the defense/armaments sector received a tight grouping of funds.
Space? (航天环宇) and Hailanxin (海兰信): Commercial aerospace concept hit a 20cm limit-up; cyclical resource heat warmed up; there was effective follow-through throughout the day.
Changshan Pharma (常山药业) and Hongbo Pharma (泓博医药): Innovative drug concept hit strong limit-ups; low-level funds continued to absorb shares; pharma’s old themes saw fund inflows; with policy-positive catalysts, pharma received follow-through.
MedSci (美迪西): CRO concept hit a strong limit-up; sector heat warmed back up; some in-market funds returned to pharma after rotating into the hardware and cyclical main lines, and pharma gained favor for funds.
Theme small caps (active rotation)
Huanrui Century (欢瑞世纪): AI application concept saw 4 limit-ups over 7 days; the stock surged one-way all day; short-term funds took profits and left; in-market funds crowded into the AI application main line.
JinTuo? (晋拓股份): Humanoid robot concept hit 3 limit-ups over 9 days; within the sector, funds focused on reducers and industrial control parts; small caps were extremely hot; capital grouped tightly together.

Weekend news roundup:
I. Macro positives
1–5月 industrial profits YoY +18.8%, electronic manufacturing profits doubled—fundamentals in tech were solid.
The central bank stabilizes end-of-month liquidity to keep conditions steady; the “15th Five-Year Plan and 2030 energy plan” landing is favorable for ultra-high voltage transmission, energy storage, green power, and superconductors.
AI intelligent agents national standard is implemented; expectations exist for funds to switch from computing hardware to AI applications; 62.5 billion RMB for subsidizing trade-ins of cars and home appliances has been issued.
II. Industry catalysts
Optical modules: 800G overseas orders are full, and the momentum continues.
Semiconductors: multiple companies plan large-scale expansions, and individual stocks’ 6-month reports show high positive guidance; domestic substitution is accelerating.
Acceptance of controllable nuclear fusion superconducting equipment; the new materials track benefits.
III. Exteriors Geopolitics (new Strait of Hormuz content)
Strait of Hormuz (major geopolitical negative for the weekend)
On the 27th locally, an attack on oil tankers occurred; the U.S. launched airstrikes on targets along Iran’s coastline. Maritime security risk level was raised; navigation through the strait was sharply reduced; shipping war risk insurance premiums surged; international oil prices bounced modestly. Positive for oil & gas extraction and oil shipping, negative for aviation and downstream chemical sectors.
U.S. stocks: semiconductor and storage sectors fell sharply; Micron and Western Digital plunged, suppressing tech sentiment in A-shares.
Rate-cut expectations were pushed back by the Fed; U.S. Treasury yields rose, pressuring high-valuation growth; gold prices fell and precious metals weakened in the short term.
IV. Regulation Risk alerts
Two listed companies newly added ST caps—avoid problematic small caps.
Regulators crack down on theme speculation, focusing on monitoring high-level chip abnormal movers.
High-level AI and semiconductor stocks keep disclosing share sell-downs, and near-term selling pressure is relatively heavy.
V. Next week’s main line
Bullish: optical communications, semiconductor equipment, green power energy storage, AI applications, consumption recovery, oil & gas and oil shipping
Avoid: high-level pure theme small caps, precious metals, aviation and chemical industry

About convertible bonds
For the “post-IPO / newly issued” segment:
Today’s four newly listed bonds: Weike, Nanxin, and Jindi all topped out; 豪26 is constrained by its larger “plate” size, but even so, three of the four topped out—showing the heat in the new-bond segment. Among these four, Weike and Jindi have smaller plates and contain more concept/tech components, so they can continue to be watched.
Aike and Sanjiang: Aike’s convertible bond is preparing to move in and “take the slot” ahead of Sanjiang, but unexpectedly Sanjiang got locked out in a “small black room.” Aike likely opens the board as early as Tuesday; when it opens, it probably won’t surge as violently as Sanjiang’s did—might spike and then fade to avoid regulation. Sanjiang being locked out doesn’t mean it will exit right away on Thursday or Monday next week.
Sin? (中汽), Chunfeng, Xiang26: As more new bonds arrive, these likely need to fall further back relative to others.
Shengde: It has been down for so long; now that the index isn’t doing well, it’s starting to act as a defensive pick again.
Lianrui and Kemá: Affected by overseas factors and the index—especially Lianrui’s major shareholder convertible bond unlocking is approaching—so an adjustment round is likely.

Titan: As the underlying stock breaks the board and plunges, both the stock and bond “plate” are small—watch the stock-bond linkage tomorrow.
WenTai: The stock has a low premium to the market—watch the stock-bond linkage to judge.
BlueFox (蓝晓): Followed the underlying and killed the premium; the premium still has plenty left to continue getting squeezed.
Hangyu: One of today’s hotspots is commercial aerospace; following today’s underlying’s plunge and premium compression—keep watching to judge the commercial aerospace sector.
Shengxun (声讯): As a “妖债” (speculative extraordinary bond), the premium has become so low—watch tomorrow to see if it can still show “妖债” vibes.

Tomorrow I’ll mainly watch (Aike, Titan, Shengxun)
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$声迅转债(sz127080)$ $三江转债(sz123273)$