Founder Securities research report pointed out that Poly Developments and Holdings Group (600048.SH) announced an announcement expecting to issue convertible bonds with a total amount not exceeding 9.5 billion yuan, with a term of 6 years, and a conversion price not lower than the company's latest net assets per share. The conversion price of the company's convertible bonds is significantly higher than the current stock price, demonstrating the company's confidence in long-term development and emphasis on investor returns. The issuance of convertible bonds is to meet the company's project development fund needs and consolidate the company's leading position in the industry. In the long run, the supplementary equity capital is beneficial for improving the company's debt structure, controlling operational risks, and enhancing the ability to span cycles. Maintain a "recommended" rating.