转债周策略 20260328 4 月十大转债 glmszqdatemark 2026 年 03 月 28 日 4 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 华康洁净/华医转债：积极开拓电子洁净室业务 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 富春染织/富春转债：公司聚焦半导体、医疗器械、人形机器人等 PEEK 下游应用 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备领军企业，具有成熟的海外销售渠道 和邦生物/和邦转债：公司是全球最大的双甘膦供应商、全球主要的草甘膦供应商之一 周度转债策略 本周大部分股票指数调整，中证转债指数涨幅为 1.28%，有色金属、公用事业、基础 化工涨幅排名靠前。大部分平价区间转债价格中位数回升，从价格中位数对应历史分 位数的角度，转债估值仍位于历史相对高位。 近期海外风险的不确定性仍较高，投资者对股票市场短期表现的预期或有降温，但长 期来看，2026 年 ...

甬兴证券有限公司 关于江苏华辰变压器股份有限公司 2025 年度持续督导现场检查报告 上海证券交易所： 经中国证券监督管理委员会《关于同意江苏华辰变压器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〔2025〕988 号）同意注册，并经 上海证券交易所同意，江苏华辰变压器股份有限公司（以下简称"江苏华辰"或"公 司"）向不特定对象发行可转换公司债券 460 万张，每张面值为人民币 100 元，募 集资金总额为人民币 46,000 万元，扣除保荐承销费等与发行可转换公司债券直接相 关的费用后，公司实际募集资金净额为人民币 45,145.04 万元。本次发行证券已于 2025 年 7 月 10 日在上海证券交易所上市交易。甬兴证券有限公司（以下简称"保 荐机构"或"甬兴证券"）担任其持续督导保荐机构，持续督导期间为 2025 年 7 月 10 日至 2026 年 12 月 31 日。 根据《证券发行上市保荐业务管理办法》（以下简称"《保荐办法》"）以及 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法规规定， 甬兴证券作为持续督导保荐机构，对公司 2025 年 7 月 1 ...

| 证券代码：603097 | 证券简称：江苏华辰 | 公告编号：2026-009 | | --- | --- | --- | | 债券代码：113695 | 债券简称：华辰转债 | | 江苏华辰变压器股份有限公司 关于债券持有人可转债持有比例变动达到 10%的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 可转债配售情况 经中国证券监督管理委员会证监许可〔2025〕988 号文同意注册，江苏华辰变压器 股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日向不特定对象发行 4,600,000 张可转换公司债券，每张面值为人民币 100 元，发行总额为人民币 46,000.00 万元，期 限 6 年。经上海证券交易所自律监管决定书〔2025〕155 号文同意，公司发行的 46,000.00 万元可转换公司债券于 2025 年 7 月 10 日起在上海证券交易所上市交易，债券简称"华 辰转债"，债券代码"113695"。 公司控股股东、实际控制人张孝金及一致行动人张孝保、张晨晨、张孝玉和张孝银 通过原股东 ...

Group 1: Key Insights on Convertible Bonds - The report highlights the top ten convertible bonds for March, including companies like Meinuohua, Tai Rui Machinery, and Jiangsu Huachen, each with unique growth drivers and market positions [2][10][21]. - The overall market sentiment is positive, with expectations of a "spring rally" driven by increased investment in technology and high-end manufacturing sectors [3][55]. - The report notes that the convertible bond market is experiencing a relative valuation high, with a decrease in median prices across various parity ranges, indicating potential investment opportunities [2][55]. Group 2: Company-Specific Insights - Meinuohua is advancing its innovative pipeline, particularly the JH389 project, which is expected to enhance its market position in the pharmaceutical sector [10]. - Tai Rui Machinery is recognized as a leading manufacturer of injection molding machines, focusing on high-end markets to compete with international players [33][34]. - Jiangsu Huachen is positioned to benefit from the global shift towards renewable energy, with a strategic focus on expanding its overseas market presence [21][22]. - Youfa Group, as the largest manufacturer of welded steel pipes in China, is leveraging its competitive advantages to navigate the upcoming supply-side reforms [19][20]. - Yubang New Materials is actively developing products for the energy storage and data center markets, anticipating significant growth in these sectors [43][44]. - Ruikeda is expanding its product offerings in the electric vehicle and data center markets, capitalizing on the growing demand for high-speed connectors [48][49]. - Hongya CNC is a leader in the furniture equipment sector, providing comprehensive automation solutions to enhance production efficiency [25][26]. - Qizhong Technology specializes in advanced packaging and testing services for integrated circuits, maintaining a competitive edge in the semiconductor industry [29][30]. - The report emphasizes the importance of monitoring the evolving market dynamics and technological advancements across these sectors to identify potential investment opportunities [3][56].

转债个券研究系列 华辰转债 江苏华辰：变压器出海赛道的成长力量 glmszqdatemark | 分析师 | 徐亮 | | --- | --- | | 执业证书： S0590525110037 | | | 邮箱： | xliang@glms.com.cn | | 分析师 | 林浩睿 | | 执业证书： S0590525110039 | | | 邮箱： | linhaorui@glms.com.cn | 相关研究 中国变压器行业在过去十年经历了由稳步增长转向加速腾飞的强势发展历程，其 增长轨迹与全球能源转型和电网投资浪潮高度共振。在 2016-2020 年间出口额从 28.44 亿美元增长到 32.64 亿美元，在此期间，2018 年受全球工业复苏影响取得 9.5% 的较快增长，但 2020 年受公共卫生事件影响出现 2.1%的微幅下滑，整体表现平稳。 从 2021 年开始出口额进入了快速增长的阶段，从 36.72 亿美元上升 至 2025 年的 90.36 亿美元，五年间规模扩张近 2.5 倍，增长势头逐年增强，特 别是 2024-2025 年，在 26.6%的高基数上进一步跃升至 34.9%的惊人增速，显示 ...

Group 1 - The company's stock price experienced a significant decline on February 13, 2026, with a drop of 4.57%, closing at 35.12 yuan [1] - The decline was influenced by the announcement of the controlling shareholder, Zhang Xiaojin, and his concerted actions, who reduced their holdings of "Huachen Convertible Bonds" by 565,140 units, accounting for 12.28% of the total issuance [2] - This marked the third round of concentrated share reduction by the controlling shareholder within a month, leading to heightened market sentiment concerns [2] Group 2 - The company has received increased attention on social media platforms, although some discussions have overly interpreted the "Solid State Transformer" (SST) technology, which the company clarified is still in the experimental stage and has not yet generated industrial revenue [3] - During the performance vacuum period, with the annual report scheduled for April 24, 2026, market sentiment is susceptible to short-term news fluctuations, compounded by a general decline in the power equipment sector, which fell approximately 1.06% [3] - As of February 13, 2026, there was a net outflow of approximately 17.98 million yuan in main funds, with both large and super-large orders showing net outflows, likely linked to the controlling shareholder's reduction and concerns over high valuations [4]

Group 1 - The company issued 4,600,000 convertible bonds with a total value of RMB 46,000 million, each with a face value of RMB 100, and the bonds are set to mature in 6 years [2] - The controlling shareholder and actual controller, Zhang Xiaojin, along with his associates, subscribed to 3,132,640 bonds, accounting for 68.10% of the total issuance [2] - From January 19 to January 23, 2026, Zhang Xiaojin reduced his holdings by 600,000 bonds, bringing his total to 2,532,640 bonds, which is 55.06% of the total issuance [3] Group 2 - From January 26 to February 3, 2026, Zhang Xiaojin and his associates further reduced their holdings by 560,000 bonds, resulting in a total of 1,972,640 bonds held, or 42.88% of the total issuance [3] - From February 4 to February 11, 2026, they reduced their holdings by 565,140 bonds, which is 12.28% of the total issuance [4] - The initial total issuance of the convertible bonds was 4,600,000 bonds [4]

江苏华辰变压器股份有限公司 关于债券持有人可转债持有比例变动达到 10%的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 可转债配售情况 经中国证券监督管理委员会证监许可〔2025〕988 号文同意注册，江苏华辰变压器 股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日向不特定对象发行 4,600,000 张可转换公司债券，每张面值为人民币 100 元，发行总额为人民币 46,000.00 万元，期 限 6 年。经上海证券交易所自律监管决定书〔2025〕155 号文同意，公司发行的 46,000.00 万元可转换公司债券于 2025 年 7 月 10 日起在上海证券交易所上市交易，债券简称"华 辰转债"，债券代码"113695"。 | | | 2026 年 1 月 26 日至 2026 年 2 月 3 日期间，控股股东、实际控制人张孝金及其一致 行动人通过上海证券交易所系统以集中竞价方式合计减持"华辰转债"560,000 张，占 发行总量的 12.17%。减持后，控股股东、实际控制人张孝金及其一致行 ...

Core Viewpoint - Jiangsu Huachen (603097.SH) announced a significant reduction in its convertible bonds by its controlling shareholder Zhang Xiaojin and his concerted parties, indicating a strategic shift in ownership structure [1] Group 1: Company Actions - The controlling shareholder Zhang Xiaojin and his concerted parties will reduce their holdings of "Huachen Convertible Bonds" by 565,100 units [1] - This reduction represents 12.28% of the total issuance of the convertible bonds [1] Group 2: Timeline - The reduction will take place from February 4, 2026, to February 11, 2026 [1]

Core Viewpoint - Jiangsu Huachen (603097.SH) announced a significant reduction in its convertible bonds by its controlling shareholder Zhang Xiaojin and his concerted parties, indicating a strategic shift in ownership structure [1] Group 1: Company Actions - The controlling shareholder Zhang Xiaojin and his concerted parties notified the company of their intention to reduce holdings [1] - From February 4 to February 11, 2026, they plan to reduce a total of 565,100 "Huachen Convertible Bonds" [1] - This reduction represents 12.28% of the total issuance of the convertible bonds [1]