Group 1 - The article discusses a fire incident at a wholly-owned subsidiary of Kaitian New Materials, which has been ordered to suspend production [1] - The article mentions the subscription of new shares for companies such as Puang Medical and Zuxing New Materials listed on the Beijing Stock Exchange [1] - It provides a list of convertible bonds, including their current prices, redemption prices, last trading dates, and conversion values [4][5][7] Group 2 - The article highlights that Yongji Co., the controlling shareholder, plans to reduce its stake by no more than 2% [5] - It notes that Lidong New Materials intends to invest 280 million yuan to expand its battery aluminum foil project [5] - The article states that the Zhongte convertible bond will not undergo a reset [5]

股票简称：统联精密 股票代码：688210 深圳市泛海统联精密制造股份有限公司 Shenzhen Pacific Union Precision Manufacturing Co., Ltd. （深圳市龙华区观湖街道松轩社区环观中路 282 号厂房四 101、B 栋一楼、D 栋 （整栋）） 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） 二零二六年三月 深圳市泛海统联精密制造股份有限公司 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 深圳市泛海统联精密制造股份有限公司（以下简称"统联精密"、"发行人"、 "公司"或"本公司"）全体董事、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 ...

证券代码：688210 证券简称：统联精密 公告编号：2026-013 深圳市泛海统联精密制造股份有限公司 关于开立募集资金专户并签署募集资金专户存储 三方及四方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 深圳市泛海统联精密制造股份有限公司（以下简称"公司"、"统联精密"） 已取得中国证券监督管理委员会出具的《关于同意深圳市泛海统联精密制造股份 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〔2026〕54 号），同意公司向不特定对象发行可转换公司债券（以下简称"本次发行"）的 注册申请。 公司向不特定对象发行57,600.00万元的可转换公司债券，期限为6年，每张 面值为人民币100元，发行数量576,000手（5,760,000张）。本次发行的募集资金 总额为人民币576,000,000.00元，扣除各项发行费用（不含税）人民币9,639,066.03 元后，募集资金净额为566,360,933.97元。上述募集资金已于2026年3月6日全部 到账，容诚会计师事务所（特殊普通合伙）对公司募集资金的到位 ...

证券代码：688210 证券简称：统联精密 公告编号：2026-012 深圳市泛海统联精密制造股份有限公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（主承销商）：国金证券股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 深圳市泛海统联精密制造股份有限公司（以下简称"发行人"或"公司"） 向不特定对象发行可转换公司债券（以下简称"可转债"或"统联转债"）已获 得中国证券监督管理委员会证监许可〔2026〕54号文同意注册。国金证券股份有 限公司（以下简称"国金证券"、"保荐人（主承销商）"或"主承销商"）为 本次发行的保荐人（主承销商）。本次发行的可转债简称为"统联转债"，债券代 码为"118066"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 366,975 | 0 | | 网上社会公众投资者 | 204,666 | 4,359 | | 网下机构投资者 | 0 | 0 | | 主承销商包销数量（放弃 认购总数量） | ...

证券代码：688210 证券简称：统联精密 公告编号：2026-011 深圳市泛海统联精密制造股份有限公司 凡参与统联转债网上申购的投资者持有的申购配号尾数与上述号码相同的， 则为中签号码。中签号码共有 209,025 个，每个中签号码只能认购 1 手（1,000 元） 统联转债。 1 特此公告。 发行人：深圳市泛海统联精密制造股份有限公司 保荐人（主承销商）：国金证券股份有限公司 2026 年 3 月 4 日 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：国金证券股份有限公司 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、准确性和完整性依法承担法律责任。 根据《深圳市泛海统联精密制造股份有限公司向不特定对象发行可转换公司 债券发行公告》，发行人深圳市泛海统联精密制造股份有限公司及本次向不特定 对象发行可转换公司债券的保荐人（主承销商）国金证券股份有限公司于 2026 年 3 月 3 日（T+1 日）主持了深圳市泛海统联精密制造股份有限公司向不特定对 象发行可转换公司债券（以下简称"统联转债"）网上发行中签摇号仪式。摇号 仪式按照 ...

证券代码：688210 证券简称：统联精密 公告编号：2026-010 深圳市泛海统联精密制造股份有限公司 向不特定对象发行可转换公司债券 网上中签率及优先配售结果公告 保荐人（主承销商）：国金证券股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： | 类别 | 中签率/配 | 有效申购数 | 实际配售数 | 实际获配金 | | --- | --- | --- | --- | --- | | | 售比例（%） | 量（手） | 量（手） | 额（元） | | 原股东 | 100.00 | 366,975 | 366,975 | 366,975,000 | | 网上社会公众投资者 | 0.00234065 | 8,930,197,130 | 209,025 | 209,025,000 | | 网下机构投资者 | - | - | - | - | | 合计 | | 8,930,564,105 | 576,000 | 576,000,000 | 特别提示 深圳市泛海统联精密制造股份有限公司（以下简称"统联 ...

证券研究报告·固定收益·固收点评 固收点评 20260302 统联转债：高端精密制造引领者 2026 年 03 月 02 日 [关键词： Table_Tag#业绩符合预期 ] #产能扩张 [Table_Summary] 事件 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《 建议关注"困境反转"相关主题转 债标的 》 2026-03-01 《周观：震荡格局延续，政策催化仍 待确认》 2026-03-01 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 统联转债（118066.SH）于 2026 年 3 月 2 日开始网上申购：总发行规模 为 5.76 亿元，扣除发行费用后的募集资金净额用于广东小熊精品电器 有限公司新建智能小家电制造基地(二期)项目。 ◼ 当前债底估值为 92.03 元，YTM 为 2.19%。统联转债存续期为 6 年,联 合资信评估股份有限公司资信评级为 AA-/AA-,票面面值为 100 ...

Report Industry Investment Rating No information provided in the text Core Viewpoints - The divergence in the convertible bond market has intensified, and it is expected that the Sharpe ratio of assets will decline. The main sectors will "separate the wheat from the chaff", and attention should be paid to the sub - directions that have lagged behind in the early stage and have performance support [3][18] Summary by Relevant Catalogs Market Focus (2026/2/24 - 2026/2/27) Stock Market - After the Spring Festival, the market showed a warming trend, with major indices oscillating upwards and trading volume steadily increasing to about 2.5 trillion yuan. The market sentiment was generally positive. Upstream resource products became the main line of the market, with sectors such as non - ferrous metals, oil and gas, chemicals, and coal taking turns to perform, while the media sector adjusted significantly due to the adjustment of the film and entertainment and AI application sectors [1][8] - By industry, most Shenwan primary industries rose last week. Steel (12.27%), non - ferrous metals (9.77%), basic chemicals (7.15%), environmental protection (6.96%), and coal (5.92%) led the gains; media (-5.10%), commercial retail (-1.64%), food and beverage (-1.54%), and non - bank finance (-1.18%) performed poorly [9] Bond Market - At the beginning of the week, the bond market adjusted continuously under the suppression of factors such as the unexpected implementation of the Shanghai real - estate new policy and the strong linkage between stocks and commodities. On Friday, the capital market loosened, and the tone of the Politburo meeting was stable. Market sentiment gradually stabilized, and the yields of various maturities declined slightly. The whole week showed a pattern of gradually stabilizing during the adjustment. The 10 - year Treasury bond rate closed at 1.7877% on Friday, down 0.51bp from the last trading day before the Spring Festival [1][9] Convertible Bond Market - Last week, most convertible bond issues fell. The CSI Convertible Bond Index fell 0.23% for the whole week, the median price rose 1.22%, the calculated arithmetic average parity rose 3.46% for the whole week, and the market conversion premium rate decreased by 4.65% compared with the previous week. In terms of individual bonds, Youcai (polyester staple fiber), Shuangliang (space photovoltaic), Guanglian (commercial aerospace), Dazhong (lithium mine), and Guanzhong (environmental protection) convertible bonds led the gains; Huicheng (advanced packaging), Weidao (semiconductor equipment), Ruichuang (military industry), Xinfu (software), and Hengshuai (automotive motor) convertible bonds led the losses [2][9][13] - Most industries in the convertible bond market fell last week. Steel (4.73%), non - ferrous metals (1.99%), public utilities (1.90%), and building decoration (1.87%) performed well, while media (-4.45%), social services (-2.47%), commercial retail (-2.33%), and non - bank finance (-2.23%) performed poorly [12] - The total trading volume of the convertible bond market last week was 27.2551 billion yuan, with an average daily trading volume of 681.38 million yuan, a slight decrease from the previous week [15] Views and Strategies (2026/3/2 - 2026/3/6) Stock Market - After the new year, the introduction of structural monetary policies and the relaxation of real - estate control in Shanghai are better than the previous stable and moderate policy expectations, which is beneficial for maintaining a relatively high risk preference in the equity market. From the perspective of past seasonal effects, the winning rate of small - cap stocks is extremely high between the Spring Festival and the Two Sessions, and after the Two Sessions, the correlation between the stock market trend and performance gradually increases. During the spring rally, the price - increase chain in the technology + resource product sectors has obvious excess returns. As the economic data for January - February are gradually released, it is expected that March - April will be an important window for the market to further verify price increases and performance. The main sectors will face "separating the wheat from the chaff", and sectors that have lagged behind in the early stage and have current performance are more advantageous [3][18] Convertible Bond Market - After the Spring Festival, the divergence in the convertible bond market has increased. On the 25th and 26th, the premium rates of high - price and high - premium targets were significantly compressed. Some investors are worried that the spring market will gradually come to an end in terms of duration. According to the previous judgment (the sustainability of the polarized valuation of convertible bonds depends on the stock market expectations), it is expected that the volatility of convertible bonds in March (especially the volatility of the premium rate) will further increase. It should be recognized that there are obvious differences between selecting convertible bonds and selecting underlying stocks at this stage. Most of the core targets related to the main equity lines are expected to have a poor Sharpe ratio for convertible bonds at a conversion premium rate of over 30%, and they are not the best choice for the current portfolio allocation. Bond selection needs to sort out the upward logic one by one and screen by considering both the price and premium rate of the available convertible bond targets [3][18] - In the context of power shortages in North America, most convertible bonds related to main lines such as high - volume orders for gas turbines, price increases in the upstream and downstream of the electronic industry chain such as power semiconductors/silicon wafers/carrier tapes, and the increasing prosperity of liquid cooling are all high - price and high - premium, and many targets are close to triggering redemption. At present, when the divergence in the convertible bond market has emerged, the volatility of convertible bonds may be greater than that of the underlying stocks in the short term, and the odds are limited. Some targets are about to enter the conversion period. If the major shareholders reduce their holdings and the market corrects, and the convertible bond valuation is significantly compressed, then additional allocation can be considered [18] - For the AI main line, consider allocating to the divergent fields that have relatively lagged behind in the early stage and have performance support, such as computing power leasing, energy storage, embodied intelligence, and autonomous driving [18] - Against the background of the global increase in strategic reserves of resource products and the downward trend of the US dollar, pay attention to the polyester industry chain, engineering machinery, resource products and mining services. In addition, pay attention to the innovative drug industry chain, two - wheeled vehicles, and the post - cycle of the real - estate chain [18] - If the equity market turns down, funds will replenish the defensive sectors that have fallen significantly in the early stage. Referring to past experience, at the beginning of the equity market decline, the parity and valuation of the entire convertible bond market will fall together. Then, the low - price bottom - position varieties with high ratings will stabilize first. It is recommended to reduce positions as a response. After that, pay attention to the defensive sectors such as banks and power that have adjusted more in the early stage [18] Valuation Overview - As of last Friday (2026/02/27), for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 54.87%, 46.47%, 35.03%, 26.27%, 23.02%, and 15.61% respectively, which were at the 99%/99%, 98%/99%, 99%/99%, 98%/98%, 98%/100%, and 98%/97% percentile values since 2010/2021 [19] - For bond - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was -5.14%, which was at the 1%/3% percentile values since 2010/2021 [19] - The average implied volatility of all convertible bonds was 49.88%, which was at the 95%/98% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 8.63%, which was at the 96%/98% percentile values since 2010/2021 [19] Primary Market Tracking - Last week (2026/2/24 - 2026/2/27), Xianghe and Tonglian convertible bonds announced their issuance, and Aiwei convertible bonds were listed [26] - As of the announcements on February 27, there are no convertible bonds announced for issuance and listing next week (2026/3/2 - 2026/3/6). Last week, the exchanges accepted applications from 2 companies (Zuoli Pharmaceutical and Zhenyu Technology), and the general meetings of shareholders passed the applications of 3 companies (Shenghui Integration, Aopute, and Shenling Environment). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board proposals. As of now, there are a total of 102 convertible bonds to be issued, with a total scale of 166.28 billion yuan, including 5 that have been approved for registration with a total scale of 4.39 billion yuan and 7 that have passed the listing committee with a total scale of 6.97 billion yuan [29]

证券代码：688210 证券简称：统联精密 公告编号：2026-009 深圳市泛海统联精密制造股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：国金证券股份有限公司 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、准确性和完整性依法承担法律责任。 特别提示 深圳市泛海统联精密制造股份有限公司（以下简称"统联精密"、"发行人" 或"公司"）向不特定对象发行可转换公司债券（以下简称"统联转债"，债券 代码"118066"）已获得中国证券监督管理委员会证监许可〔2026〕54 号文同 意注册。本次发行的保荐人（主承销商）为国金证券股份有限公司（以下简称"保 荐人（主承销商）"、"国金证券"或"主承销商"）。本次发行的《深圳市泛 海统联精密制造股份有限公司向不特定对象发行可转换公司债券募集说明书摘 要》（以下简称"《募集说明书摘要》"）及《深圳市泛海统联精密制造股份有 限公司向不特定对象发行可转换公司债券发行公告》（以下简称"《发行公告》"） 已于 2026 年 2 月 26 日（T-2 日）披露。投资者亦可在上海证券交易所（以下简 ...

持续增加投入提升核心竞争力，基本面拐点将至。1 月31 日公司发布业绩预告，预计2025 年营收8.4 亿 元到8.6 亿元，归母净利润为-360 万元至-540 万元。主要系1）公司部分新增产能和投入尚未达到规模 效应，全流程自制化推进过程尚未完全，盈利能力暂时受限，2）公司受核心目标客户需求驱动提前配 套，并加大对半固态压铸、3D 打印等新技术、新工艺的研发投入，导致管理、研发费用同增0.34 亿 元；3）汇兑损失较上年同期增加0.17 亿元。后续，随着新业务需求的逐步落地，公司收入规模将稳步 提升，相关费用将被有效摊薄，并且，部分业务相关产品工艺制程自制化水平也将不断提高，公司整体 盈利能力将得到改善和提升。 可转债发行在即，重点发力新一代轻质材料赛道。2 月25 日公司公告，拟向不特定对象发行可转债，申 购日为3 月2 日，初始转股价格为 56.2 元/股。本次募集资金总额为5.76 亿元，其中4.65 亿元用于新型 智能终端零组件（轻质材料）智能制造中心项目，剩余资金用于补充流动资金及偿还银行贷款。本次募 投项目通过引入半固态压铸和 3D 打印等先进制造技术及智能化的生产设备，重点开展镁铝合金、钛合 ...