Changjiang Securities: Maintains a "buy" rating on Poly Development, with the excellent pricing of its convertible bonds highlighting the company's value.

Changjiang Securities research report pointed out that Poly Development successfully issued 8.5 billion yuan of 6-year convertible corporate bonds, with a first-year coupon rate of 2.20% and a fixed increase of 0.05% each year thereafter. The excellent pricing of convertible bonds highlights the company's value, confirming its leading position once again. The intrinsic value is gradually being recognized, focusing on the company's valuation recovery. The excellent pricing of the convertible bonds indicates that the company's intrinsic value is gradually being recognized, with ample land reserves and continuous revitalization of inefficient inventory, actively accelerating the company's asset optimization speed. Emphasis is on shareholder returns and market value management, with the leading position being solid in the long term. The reference value of the P/E ratio in the downward phase of the cycle is not strong, maintaining a "buy" rating.