1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company was 4.33 billion yuan (YoY + 12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, a leading enterprise in the chlor - alkali chemical industry with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY + 16.89%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

Group 1 - The company approved the estimated daily related party transactions for 2026 at the board meeting held on December 30, 2025, with a unanimous vote of 6 in favor and no opposition [1][44] - Independent directors confirmed that the estimated related party transactions comply with principles of openness, fairness, and justice, and will not affect the company's independence or harm the interests of shareholders, especially minority shareholders [2][44] - The company and its subsidiaries can adjust the transaction amounts among different related parties within the approved total amount based on actual circumstances [3][44] Group 2 - The company plans to use temporarily idle raised funds for cash management, with an investment limit of up to RMB 520 million, which can be rolled over within 12 months [24][32] - The cash management products will include high-security, liquid, and principal-protected options such as structured deposits and large certificates of deposit [24][26] - The company aims to enhance the efficiency of fund usage while ensuring the safety of raised funds and the normal progress of investment projects [26][36] Group 3 - The company will repurchase and cancel a total of 1,235,000 shares of restricted stock due to the disqualification of certain incentive targets, with a repurchase price set at RMB 10.52 per share [13][50] - The total amount for the repurchase will be approximately RMB 12.99 million, funded entirely by the company's own funds [16][18] - Following the repurchase, the total number of shares will decrease from 869,127,956 to 867,892,956, and the company will continue to implement the 2024 restricted stock incentive plan [17][41] Group 4 - The company adjusted the repurchase price of the 2024 restricted stock incentive plan from RMB 11.15 to RMB 10.52 per share due to a cash dividend distribution [54][59] - The adjustment complies with relevant regulations and will not have a substantial impact on the company's financial status or operating results [60][61] - The board's remuneration and assessment committee supports the adjustment, confirming it aligns with the company's interests and legal requirements [61][62]

Core Viewpoint - Aima Technology announced the approval of several proposals, including the expected daily related transactions for the year 2026 by the sixth board of directors' fifth meeting [2] Group 1 - Aima Technology's board meeting approved the proposal regarding expected daily related transactions for 2026 [2]

Group 1 - Company Aima Technology announced on December 30 that its sixth fifth board meeting was held via communication method to discuss the expected daily related transactions for 2026 [1] - The meeting reviewed documents including the proposal regarding the expected daily related transactions for the company and its subsidiaries in 2026 [1] Group 2 - A new type of chip has been developed in China, which bypasses the limitations of lithography machines and is capable of mass production using mature processes of 28 nanometers and above [1] - The new chip supports AI training and embodied intelligence, indicating advancements in the semiconductor industry [1]

爱玛科技集团股份有限公司 关于回购注销 2024 年限制性股票激励计划部分限制性股票 通知债权人的公告 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、通知债权人的原因 | 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-096 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 本 次 回 购 注 销 完 成 后 ， 公 司 股 份 总 数 将 由 869,127,956 股 变 更 为 867,892,956 股，公司注册资本也将相应由 869,127,956 元减少为 867,892,956 元（不考虑 2025 年 12 月 30 日至回购注销完成前公司可转债转股引起的注册资 本变化）。公司将于本次回购完成后依法履行相应的减资程序。本次回购注销不 影响公司限制性股票激励计划的实施。 二、债权人需知晓的相关信息 依据《中华人民共和国公司法》等相关法律、法规的规定，公司特此通知债 权人，公司债权人自接到公司通知起 30 日内、未接到通知者自本公 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-095 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司关于回购注销 2024 年限制性股票激励计划部分限制性股票的公告 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。 爱玛科技集团股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召 开第六届董事会第五次会议审议通过了《关于回购注销 2024 年限制性股票激励 计划部分限制性股票的议案》，现将相关事项说明如下： 一、本次激励计划已履行的相关审批程序 （一）2024 年 1 月 29 日，公司召开的第五届董事会第十七次会议，审议通 过了《关于<公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》《关 于<公司 2024 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请 股东大会授权董事会办理股权激励相关事宜的议案》。同日，公司召开第五届监 事会第十四次会议，审议通过了《关于<公司 202 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-094 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于调整 2024 年限制性股票激励计划回购价格的公告 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。 爱玛科技集团股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召 开第六届董事会第五次会议审议通过了《关于调整 2024 年限制性股票激励计划 回购价格的议案》，现将相关事项说明如下： 一、本次股权激励计划已履行的相关审批程序 （一）2024 年 1 月 29 日，公司召开的第五届董事会第十七次会议，审议通 过了《关于<公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》《关 于<公司 2024 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请 股东大会授权董事会办理股权激励相关事宜的议案》。同日，公司召开第五届监 事会第十四次会议，审议通过了《关于<公司 2024 年限制性股 ...

北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2024 年限制性股票激励计划 调整回购价格及回购注销部分限制性股票的 法律意见书 中国·北京 北京市朝阳区建外大街甲 14 号广播大厦 5 层&9 层&10 层&13 层&17 层 电话（Tel）：86-10-65219696 传真（Fax）：86-10-88381869 北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2024 年限制性股票激励计划 法律意见书 致：爱玛科技集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受爱玛科技集团股份有限 公司（以下简称"爱玛科技"或"公司"）的委托，担任公司"2024 年限制性股 票激励计划"（以下简称"本激励计划"）的法律顾问。根据现行有效适用的《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《激励管理办 法》"）等有关法律法规的规定，为公司 2024 年限制性股票激励计划调整回购价 格（以下简称"本次调整"）及回购注销部分限制性股票（以下简称"本次回购 注销"）的相关事项，出具本法律意见书。 ...

华泰联合证券有限责任公司 关于爱玛科技集团股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为爱玛科技集团股份有限公司（以下简称"公司"或者"爱玛科技"）持续督 导的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等有关法律法规的要求，对爱玛科技调 整闲置募集资金现金管理投资范围进行了审慎核查，具体情况如下： 一、本次使用闲置募集资金进行现金管理的基本情况 （一）投资目的 为提高募集资金使用效率，在确保不影响公司募集资金安全和募集资金投资 计划正常进行的前提下，公司拟使用公开发行可转换公司债券暂时闲置募集资金 进行现金管理，从而增加公司收益，保障公司股东利益。 （二）投资金额 授权总额度不超过人民币 52,000 万元，使用期限自公司第六届董事会第五 次会议审议通过之日起 12 个月内有效，在上述使用期限及额度范围内资金可以 滚动使用，募集资金现金管理到期后本金和收益归还至募集资金专户。 （三）资金来源 1、资金来源 本次现金管理资金为公司公开发行可转换公司债券暂时闲置募集 ...