Group 1 - The report maintains an optimistic outlook for the convertible bond market in January 2026, driven by policy expectations and seasonal capital inflows, which are expected to create a "good start" for the market [6][17] - The central economic work conference has identified "technological innovation" and "expanding domestic demand" as key policy focuses, with related industry policy benefits expected to continue, directly boosting market risk appetite [6][17] - The convertible bond market is experiencing a tight supply-demand balance, with the total size of publicly traded convertible bonds at approximately 527.1 billion yuan as of December 31, 2025, down 183.6 billion yuan from the beginning of 2025 [19] Group 2 - The report suggests focusing on growth styles in investment strategies, particularly in technology sectors such as aerospace, AI computing, semiconductor equipment, and innovative pharmaceuticals, which are expected to benefit from industry policy support [6][20] - The top ten convertible bond portfolio for January 2026 emphasizes aggressive and elastic sectors, with a focus on technology growth, cyclical recovery, and financial sectors [6][20] - Specific recommendations include increasing holdings in convertible bonds from companies like Yinbang, Zhenhua, and Yingliu in the technology sector, and focusing on cyclical sectors such as precious metals and chemicals [20][22]

Group 1 - The titanium dioxide concept sector increased by 5.08%, ranking third among concept sectors, with 13 stocks rising, including Anning Co., Vanadium Titanium Co., and Jinpu Titanium Industry reaching the daily limit [1] - The leading stocks in the titanium dioxide sector included Zhenhua Co., Longbai Group, and Huiyun Titanium Industry, which rose by 8.87%, 6.25%, and 6.09% respectively [1] - The main capital inflow into the titanium dioxide sector was 523 million yuan, with 10 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 30 million yuan [2] Group 2 - The top net inflow stock was Vanadium Titanium Co. with a net inflow of 335 million yuan, followed by Longbai Group, Anning Co., and Jinpu Titanium Industry with net inflows of 96.08 million yuan, 89.43 million yuan, and 88.01 million yuan respectively [2] - The net inflow ratios for Jinpu Titanium Industry, Vanadium Titanium Co., and Anning Co. were 34.44%, 24.79%, and 13.02% respectively, indicating strong investor interest [3] - The trading performance of key stocks in the titanium dioxide sector showed significant gains, with Vanadium Titanium Co. rising by 9.97% and Jinpu Titanium Industry by 9.86% [4][5]

国海证券研报指出，振华股份拟发行可转债用于重庆铬盐新基地，新工艺推动铬绿工艺+产能双升。公 司首创维生素K3联产铬绿工艺，将实现铬绿产能的进一步提升，公司产品结构逐渐像金属铬及"两 机"、军工产业链条调整，将持续提升公司盈利能力，有望在铬盐大周期优先受益。基于2025年10月以 来铬盐及金属铬价格上涨，上调公司盈利预测，暂不考虑公司参与新疆沈宏集团股份有限公司等七家公 司破产重整案影响，考虑到公司有望优先受益于铬盐景气大周期，维持"买入"评级。 ...

Core Viewpoint - The titanium dioxide industry is experiencing a strong rally, with several companies seeing significant stock price increases due to a recent price increase announcement aimed at reversing previous low pricing and profitability trends [1][3]. Group 1: Stock Performance - Anning Co., Vanadium Titanium Co., and Jinpu Titanium Industry all reached their daily price limits, while Zhenhua Co. rose over 9%, and Huiyun Titanium Industry increased by over 7% [1]. - Other companies such as Anada and Longbai Group saw stock price increases of over 6%, with Tianneng Chemical, Tianyuan Co., and Luban Chemical also experiencing gains [1][2]. Group 2: Industry Developments - The titanium dioxide industry has jointly issued a price increase notice to improve the low pricing and profitability situation, indicating a potential recovery window for industry profits [3]. - Leading domestic titanium dioxide companies are accelerating their investment in chloride process capacity, with Tianneng Co. announcing a planned investment of 1.483 billion yuan to build a 100,000-ton chloride titanium dioxide project, aligning with the industry's green transformation trend [1].

Market Overview - The Shanghai Composite Index (沪指) continued to rise, reaching 4057 points, surpassing the previous high from November 14, 2025, and marking the highest level since July 2015 [1] - The index achieved a record of 12 consecutive daily gains, the longest since 1993, with the previous record being 11 consecutive gains [6] Brain-Computer Interface Sector - Companies in the brain-computer interface sector, such as Xiangyu Medical (翔宇医疗) and Aipeng Medical (爱朋医疗), experienced significant stock price increases, with both reaching the daily limit of a 20% rise [1] - Other medical companies like Meihua Medical (美好医疗) and Chuangxin Medical (创新医疗) also saw substantial gains, with increases of approximately 20% and 10% respectively [2] Solid-State Battery Sector - The solid-state battery concept saw a surge in early trading, with companies like Puli Te (普利特) and Jinlongyu (金龙羽) hitting their daily price limits, while others like Aotwei (奥特维) and Daoshi Technology (道氏技术) rose over 10% [2] - Donut Lab, a Finnish electric mobility technology company, announced the launch of the world's first commercially viable solid-state battery at the CES 2026, emphasizing its readiness for production [5] - According to Zhongjin Company, solid-state batteries are expected to achieve technical stabilization and small-scale production by 2027, with commercial production anticipated by 2030, and demand projected to exceed 150 GWh [5] Investment Outlook - Analysts from Dongzheng Futures and Debang Securities suggest that the current market sentiment is positive, with technology stocks expected to remain a key focus in the near term [6] - The market is anticipated to continue its upward trend, supported by the performance of heavyweight sectors such as insurance, which could enhance the sustainability of the rally [6]

Group 1 - The solid-state battery concept has seen a significant surge, with Jinlongyu hitting the daily limit up, and other companies like Aotewei rising over 10% [1] - Other companies in the sector, including Zhenhua Co., Binhai Energy, Naconor, Zhongwei Co., and Liyuanheng, also experienced gains [1] - Donut Lab, a Finnish electric mobility technology company, announced the launch of the world's first commercially viable solid-state battery at the 2026 CES, emphasizing that it is now ready for production [1]

Group 1 - The report highlights that the company plans to issue convertible bonds to raise up to 878 million RMB for investment in new projects, including a 5000 tons/year vitamin K3 and 74,000 tons/year chromium green project, and a 500,000 tons/year sulfuric acid and 50,000 tons/year chromium powder project [3][5] - The innovative "vitamin K3 co-production chromium green" process is expected to break the production bottleneck of chromium green, utilizing chromium-containing waste from vitamin K3 production to create high-quality chromium green, thus enhancing environmental performance and operational results [5][6] - The company has successfully acquired land for the new project in Chongqing, with a total investment of approximately 3 billion RMB, which will significantly drive long-term growth [7][8] Group 2 - The report indicates that the chromium market is experiencing a bullish cycle, with the average price of metallic chromium rising from 67,500 RMB/ton to 82,000 RMB/ton, and chromium oxide green prices increasing from 29,500 RMB/ton to 36,500 RMB/ton [9][10] - The downstream demand for chromium is expected to grow due to the increasing needs in high-temperature alloys used in military and civilian aircraft, gas turbines, and other high-end equipment, which will further boost the market demand for chromium and its raw materials [5][10] - The company is projected to benefit from the chromium market cycle, with revenue forecasts for 2025, 2026, and 2027 estimated at 43.63 billion RMB, 66.42 billion RMB, and 72.52 billion RMB, respectively, alongside net profits of 6.04 billion RMB, 11.96 billion RMB, and 13.70 billion RMB [11]

Market Overview - The chemical raw materials sector increased by 0.52% compared to the previous trading day, with Dayang Biological leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Top Performers - Dayang Biological (stock code: 003017) closed at 32.85, with a rise of 10.01% and a trading volume of 89,600 shares, amounting to a transaction value of 288 million [1] - Zhenhua Co., Ltd. (stock code: 603067) also saw a significant increase of 10.00%, closing at 31.69 with a trading volume of 283,700 shares [1] - Aokai Co., Ltd. (stock code: 300082) rose by 9.39%, closing at 10.83 with a trading volume of 517,000 shares [1] Underperformers - Jiaxian Co., Ltd. (stock code: 920489) experienced the largest decline, falling by 10.33% to close at 16.14, with a trading volume of 92,800 shares [2] - Huatai (stock code: 001217) decreased by 5.76%, closing at 13.10 with a trading volume of 246,900 shares [2] - Boyuan Chemical (stock code: 000683) saw a decline of 1.88%, closing at 7.30 with a trading volume of 822,400 shares [2] Capital Flow - The chemical raw materials sector saw a net inflow of 318 million from main funds, while retail investors experienced a net outflow of 325 million [2][3] - Dayang Biological attracted a net inflow of 90.33 million from main funds, while retail investors had a net outflow of 52.60 million [3] - Zhenhua Co., Ltd. had a net inflow of 25.60 million from main funds, with retail investors showing a net outflow of 13.36 million [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the anticipated benefits from the chromium salt market cycle [14]. Core Insights - The company plans to issue convertible bonds to raise up to RMB 878 million for investment in new projects, including a 50,000 tons/year chromium powder project and a 7.4 million tons/year chromium green project, which will enhance production capacity and optimize processes [6][8]. - The innovative "Vitamin K3 co-production chromium green" process is expected to break the production bottleneck and improve the quality and stability of chromium green products, aligning with the growing demand in high-temperature alloy markets [8][11]. - The company is well-positioned to benefit from the increasing demand for chromium salts driven by the aerospace and military sectors, with a projected supply-demand gap of 340,900 tons by 2028 [11]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are estimated at RMB 43.63 billion, RMB 66.42 billion, and RMB 72.52 billion, respectively, with corresponding net profits of RMB 6.04 billion, RMB 11.96 billion, and RMB 13.70 billion [11][12]. - The projected P/E ratios for the same years are 34, 17, and 15 times, reflecting a favorable valuation as the company is expected to benefit from the chromium salt market cycle [11][12]. Market Performance - The company's stock has shown significant growth, with a 12-month performance increase of 221.5%, outperforming the Shanghai and Shenzhen 300 index [5]. - As of December 31, 2025, the company's market capitalization stands at RMB 20.477 billion, with a current stock price of RMB 28.81 [5].

Core Viewpoint - Zhenhua Co., Ltd. (振华股份) has announced a plan to issue convertible bonds to unspecified investors, aiming to raise up to RMB 87.8 million for various projects and working capital [1] Group 1: Convertible Bond Issuance - The company plans to issue convertible bonds convertible into A-shares, with a total fundraising amount not exceeding RMB 87.8 million [1] - Each bond will have a face value of RMB 100 and will be issued at face value [2] - The bonds will have a term of six years from the date of issuance [2] Group 2: Use of Proceeds - The raised funds will be allocated to projects including a 5,000 tons/year Vitamin K3 and 74,000 tons/year chromium green project, a 500,000 tons/year sulfur and 50,000 tons/year chromium powder project, as well as for working capital and repayment of bank loans [1] Group 3: Bond Features - The bonds will pay interest annually and will return the principal and final year's interest at maturity [3] - The conversion period for the bonds will start six months after issuance and last until the maturity date [3] - The bonds will be available to various investors, including individuals and institutions, excluding those prohibited by law [3]