Core Viewpoint - Company PCB products are currently used in a limited capacity within the optical module application field, with 800G optical module products undergoing sample testing and approval, which has minimal impact on the company's overall performance [1] Group 1 - Company has a small application of PCB products in the optical module sector [1] - The 800G optical module products are in the sample testing and approval stage [1] - The business from these products has a negligible effect on the company's overall performance [1]

Core Viewpoint - The company has seen a rapid increase in its automotive electronics business, with products now applied in over 30 domestic and international automotive brands, covering both new energy vehicles and traditional fuel vehicles [1] Group 1: Business Expansion - The automotive electronics business has significantly increased its share in recent years [1] - Products are widely used in various automotive systems including battery management systems, transmission systems, brake control, steering wheels, water pumps, cooling systems, headlights, rearview mirrors, seats, radiators, in-car sensing systems, and millimeter-wave radar [1]

Core Viewpoint - Aohong Electronics (605058) has products that are applied in the commercial aerospace sector, such as aviation hydraulics and satellite internet communication, but these business segments represent a small proportion of the company's overall performance, thus having a minimal impact on overall results [1]. Group 1 - The company has products utilized in the commercial aerospace field [1] - Applications include aviation hydraulics and satellite internet communication [1] - The overall contribution of these business segments to the company's performance is minor [1]

Group 1 - The core viewpoint of the article is that Aohong Electronics (605058) is experiencing normal business operations with a healthy order volume and high factory capacity utilization [1] Group 2 - The company reported that its recent business operations are stable and functioning well [1] - Aohong Electronics indicated that its order levels are relatively full, suggesting strong demand for its products [1] - The factory capacity utilization rate is maintained at a high level, reflecting efficient production processes [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the A - share market first rose and then declined. The daily trading volume of the whole market reached a record high of 3.99 trillion yuan on Wednesday. After the exchange adjusted the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The bond market yield declined, and the 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][8][9]. - In the convertible bond market, most individual convertible bonds rose last week. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week [2][9]. - Although the current market price and the valuation of convertible bonds in each parity range are close to the 100% quantile position in history, the equity market is in a clear upward trend. Institutions are more worried about missing out on the upward trend than about market declines, which strongly supports the valuation of convertible bonds. Currently, it is the stage with the strongest certainty of upward market momentum [3][19]. - For relative returns, it is recommended to focus on lithium - battery, semiconductor equipment and materials, chemical industry, and securities brokerage sectors. For absolute - return funds, attention should be paid to the undervalued leading companies in the still - stagnant industries [4][20]. 3. Summary According to Relevant Catalogs Market Focus (January 12 - January 16, 2026) Stock Market - The A - share market first rose and then declined. The daily trading volume reached a record high on Wednesday. After the adjustment of the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The dividend - paying sector still underperformed. Most Shenwan primary industries declined, with computer, electronics, non - ferrous metals, media, and machinery leading the gains, and national defense and military industry, real estate, agriculture, forestry, animal husbandry, and coal performing poorly [1][8][9]. Bond Market - Although the equity market continued to rise at the beginning of the week, the impact on the bond market weakened significantly. Due to the increasing expectation of an equity market adjustment after a rapid rise, the bond market yield declined. After the central bank cut the interest rate of structural monetary policy tools on Thursday, the yield fluctuated and remained stable overall. The 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][9]. Convertible Bond Market - Most individual convertible bonds rose. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week. Most industries in the convertible bond market rose, with computer, electronics, media, and machinery leading the gains, and national defense and military industry, building materials, coal, and transportation performing poorly. The top - rising individual bonds were related to semiconductors and AI applications, while the top - falling ones were mainly from the commercial aerospace sector [2][9][13]. Views and Strategies (January 19 - January 23, 2026) - The consensus on the upward trend supports the valuation of convertible bonds. The equity market first rose and then declined last week, and the theme shifted from aerospace to AI applications and semiconductor equipment. The relevant convertible bonds performed well, the average parity increased further, and the median market price rose to 139 yuan. The premium rate of equity - biased convertible bonds in the high - parity range increased significantly, and the convertible bond ETF still showed a significant net inflow trend. Newly - listed bonds were still strong [3][19]. - For relative returns, focus on high - probability equity - biased sectors such as lithium - battery (price increases are gradually implemented, and domestic and overseas demand is booming), semiconductor equipment and materials (expansion of Changxin and Changcun, and increasing localization rate), chemical industry (anti - involution in the polyester industry chain), and securities brokerage (benefiting from the booming stock market trading volume and previous underperformance). For absolute - return funds, pay attention to the undervalued leading companies in the still - stagnant industries, including two - wheeled vehicles, beauty and personal care, architectural design, and pig farming [4][20]. Valuation Overview - As of January 16, 2026, for equity - biased convertible bonds, the average conversion premium rates in different parity ranges are at high quantile positions in history. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is in the lower quantile position. The average implied volatility of all convertible bonds and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks are also at high quantile positions [21]. Primary Market Tracking - Last week (January 12 - January 16, 2026), Shangtai Convertible Bond and Naipu Convertible Bond 02 announced their issuance, and Aohong, Shuangle, and Jin 05 Convertible Bonds were listed. In the future week (January 19 - January 23, 2026), there are no announcements of convertible bond issuance and listing. Last week, 4 companies got the exchange's approval for registration, 1 company's application was accepted by the exchange, 2 companies' plans passed the shareholders' meeting, and 4 companies released board proposals. Currently, there are 99 convertible bonds to be issued, with a total scale of 155.14 billion yuan [28][34].

股票简称：澳弘电子 股票代码：605058 常州澳弘电子股份有限公司 Changzhou Aohong Electronics Co., Ltd. 住所：常州市新北区新科路 15 号 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二六年一月 常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券上市公告书 第一节 重要声明与提示 常州澳弘电子股份有限公司（以下简称"澳弘电子"、"发行人"、"公司"或 "本公司"）全体董事、监事、高级管理人员保证本上市公告书的真实性、准确 性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并对其 内容的真实性、准确性和完整性承担个别及连带的法律责任。 根据《中华人民共和国公司法》《中华人民共和国证券法》等有关法律、法 规的规定，本公司董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司向不特定对象发行可转换公司债券（以 下简称"可转债"）上市及有关事项的意见，均不表明对本公司的任何保证。 ...

Group 1 - The company announced the issuance of convertible bonds named "Aohong Convertible Bonds" with a total amount of 580 million yuan [1] - The number of bonds issued is 580,000 hands, equivalent to 5.8 million bonds [1] - The bonds will be listed on the Shanghai Stock Exchange, with the listing date set for January 16, 2026 [1]

Core Viewpoint - The announcement details the establishment of a special account for raised funds and the signing of a four-party supervision agreement to ensure proper management and usage of the funds raised by Changzhou Aohong Electronics Co., Ltd. [1] Fundraising Basic Information - The company issued 5.8 million convertible bonds at a price of 100 RMB each, raising a total of 58 million RMB, with net proceeds amounting to approximately 57.54 million RMB after deducting underwriting and sponsorship fees [2][3]. Establishment of Special Account and Supervision Agreement - To regulate the storage, management, and use of the raised funds, the company held a board meeting on December 8, 2025, approving the opening of a special account and signing a supervision agreement [4]. - The four-party supervision agreement was signed with the company’s overseas subsidiaries and the sponsoring institution, ensuring compliance with relevant regulations [4][5]. Details of the Special Account - The special account for the subsidiary Changzhou Haihong Electronics Co., Ltd. was opened with a balance of 0 RMB as of January 12, 2026, and is designated solely for the Thailand production base construction project [6][9]. - The agreement stipulates that the supervising bank must provide monthly account statements and that any withdrawals exceeding 50 million RMB or 20% of the net raised funds must be reported to the sponsoring institution [7][10]. Supervision and Compliance - The sponsoring institution has the right to supervise the use of funds and can change designated representatives as needed [8][10]. - The agreement is governed by the laws of the People's Republic of China and will remain effective until all funds are spent and the account is closed [15][19].

根据中国证券监督管理委员会《关于同意常州澳弘电子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)2543 号)，常州澳弘 电子股份有限公司(以下简称"公司"或"澳弘电子")于 2025 年 12 月 11 日公 开发行了 580 万张可转换公司债券，发行价格为每张 100 元，募集资金总额为人 民币 58,000.00 万元，扣除承销费用及保荐费用合计 460.00 万元(不含增值税)， 实际收到募集资金 57,540.00 万元。本次向不特定对象发行可转换公司债券发行 费 用 5,902,830.19 元 ( 不 含 增 值 税 ) ， 实 际 募 集 资 金 净 额 为 人 民 币 574,097,169.81 元。前述募集资金已于 2025 年 12 月 17 日全部到账，容诚会计 师事务所(特殊普通合伙)对本次募集资金到账情况进行了审验，并出具了《验资 报告》（容诚验字[2025]518Z0177 号）。 公司已将上述募集资金存放于募集资金专项账户，并与保荐机构、存放募集 资金的相关银行签署了募集资金监管协议，对募集资金的存放和使用进行专户管 理 ， 详 情 请 见 公 ...

Core Viewpoint - The company announced the issuance of 5.8 million convertible bonds, raising a total of 580 million yuan, with a net amount of 574 million yuan [1] Fundraising Details - The company signed a four-party supervision agreement regarding the special account for the raised funds on January 12, 2026, with its wholly-owned subsidiary Changzhou Haihong Electronics, ELITE PROSPECT SINGAPORE PTE.LTD., and Aohong Electronics (Thailand) [1] - Multiple special accounts for the raised funds were established, with a balance of 0 in each account as of January 12 [1] - The agreement includes detailed regulations on the use and supervision of the funds [1]