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 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 23 年 月 日 汽车 周观点：油价上涨强化出海逻辑，重视整车配置机会 行情回顾：本周（3.16-3.22）SW 汽车板块整体-4.40%，板块排名 16/31， 上证指数-3.38%，深证成指-2.90%，沪深 300 指数-2.19%。 乘用车：周度数据大幅改善，油价上涨预计加速新能源出海。根据乘联会 数据，3 月第一周/第二周批发日均 3.1 万辆/5.8 万辆，零售日均 3.1 万辆 /4.5 万辆，随着假期结束及新车上市，终端数据环比大幅改善。此外受中 东形势影响，海外油价上涨，对新能源车需求有望提升，车企出海有望加 速。考虑包括电池、存储等成本影响，车企盈利水平及当前销售均处在年 内低点，预计随着新车上市及行业销售节奏回暖，叠加出海贡献，3-6 月 整车板块边际改善确定性强。 零部件：宇树 IPO 受理，GTC 大会超百款机器人亮相，国内外产业有望 共振。3 月，英伟达 GTC 大会现场展示超百款机器人，几乎包括所有主流 研发企业；宇树科技 IPO 获受理，材料显示 2025 年公司实现营收和利润 高增，并募资 42 亿元加码研 ...

一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会出具的《关于同意苏州瑞可达连接系统股份有限 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〕2410 号）， 苏州瑞可达连接系统股份有限公司（以下简称"公司"）向不特定对象发行 1,000,000,000.00 元的可转换公司债券，期限 6 年，每张面值人民币 100 元，发 行数量 10,000,000 张（1,000,000 手）。本次发行的募集资金总额为人民币 1,000,000,000.00 元，扣除不含税的发行费用 11,152,760.76 元，实际募集资金净 额为人民币 988,847,239.24 元。 二、《四方协议》的签订情况和募集资金专户的开立情况 经公司 2024 年年度股东大会授权，公司于 2025 年 11 月 11 日召开第四届董 事会第二十五次会议审议通过了《关于公司开立向不特定对象发行可转换公司债 券募集资金专项账户并签署资金监管协议的议案》，同意公司根据募集资金管理 的需要开设募集资金专项账户，用于本次可转换公司债券募集资金的专项存储和 使用，并签署募集资金监管协议，对募 ...

| 证券代码：688800 | 证券简称：瑞可达 | 公告编号：2026-020 | | --- | --- | --- | | 转债代码：118060 | 转债简称：瑞可转债 | | 苏州瑞可达连接系统股份有限公司 关于可转债投资者适当性要求的风险提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 根据相关法律法规规定及《苏州瑞可达连接系统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》（以下简称"《募集说明书》"）的约定， 苏州瑞可达连接系统股份有限公司（以下简称"公司"）本次发行的"瑞可转债" 自2026年5月20日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交 易所科创板股票投资者适当性要求的投资者所持"瑞可转债"不能转股的风险， 提示如下： 一、可转换公司债券发行上市情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意苏州瑞可达连接系统股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕2410 号）同意， ...

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].

Core Viewpoint - The company reported significant growth in both revenue and net profit for the fiscal year 2025, indicating strong operational performance and financial health [1] Financial Performance - The company achieved operating revenue of 3.158 billion yuan, representing a year-on-year increase of 30.78% [1] - The net profit attributable to the parent company's shareholders reached 307 million yuan, reflecting a year-on-year growth of 75.20% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 286 million yuan, which is a year-on-year increase of 75.24% [1]

Group 1 - The company reported a total operating revenue of 3,157.84 million yuan for the year 2025, representing a year-on-year growth of 30.78% [2] - The net profit attributable to the parent company's shareholders reached 307.07 million yuan, showing a significant year-on-year increase of 75.20% [2]

Financial Performance - The company achieved total operating revenue of RMB 315,784.07 million, a 30.78% increase compared to the same period last year[5] - Operating profit reached RMB 35,265.30 million, reflecting a growth of 76.66% year-over-year[5] - The total profit amounted to RMB 35,041.58 million, up 75.64% from the previous year[5] - Net profit attributable to shareholders of the parent company was RMB 30,707.11 million, representing a 75.20% increase year-over-year[5] - The basic earnings per share increased by 76.47% to RMB 1.50[5] Assets and Equity - Total assets at the end of the reporting period were RMB 591,453.77 million, a 36.87% increase from the beginning of the period[5] - Shareholders' equity attributable to the parent company rose to RMB 236,275.07 million, up 12.76% from the start of the period[5] - The increase in total assets was primarily due to the issuance of convertible bonds, which raised additional funds[8] Business Growth Factors - The company attributed revenue growth to steady business expansion, technological innovation, and increased operational efficiency[7] - The company has seen initial success in expanding into new business areas, contributing to overall growth[7]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the fiscal year 2025, indicating strong business growth and operational improvements [1] Financial Performance - The total revenue for 2025 reached 3.158 billion yuan, representing a year-on-year growth of 30.78% [1] - The net profit for the same period was 307 million yuan, showing a substantial increase of 75.20% compared to the previous year [1] - Key financial metrics such as operating income, operating profit, total profit, and net profit attributable to the parent company all grew by over 30% year-on-year [1] Business Growth Drivers - The growth was driven by steady increases in various business segments, leading to higher order volumes and shipments [1] - Continuous advancements in technology, process innovation, and production automation have enhanced product competitiveness and reduced costs [1] - Management reforms have begun to yield results, with improved labor efficiency and optimized operational efficiency indicators [1] - There was an increase in orders from overseas factories compared to the previous year, contributing to enhanced operational capabilities [1] - Initial successes in expanding into new business areas have also been noted [1]

Investment Rating - The report maintains an "Overweight" rating for the industry, highlighting the growing demand for cooling solutions in interconnect systems as a significant investment opportunity [1]. Core Insights - The report emphasizes that the demand for AI computing power is surging, leading to increased power consumption in AI clusters. This trend is pushing the thermal management requirements from traditional chip-level solutions to include interconnect systems, making connector cooling a critical aspect of thermal management strategies [4][19]. - The report suggests that the global demand for computing power is expected to grow rapidly, driving the need for advanced cooling solutions in AI cluster interconnects. Companies such as Invec (002837), Ruikeda (688800), and AVIC Optoelectronics (002179) are highlighted as key players to watch in this market [4][19]. Summary by Sections 1. Power Consumption Surge and Cooling Demand Growth - AI computing power is experiencing exponential growth, with significant increases in power density from single chips to cabinet levels, surpassing traditional data center design limits. For instance, NVIDIA's GPU TDP is projected to rise from 700W for the H100 to 3700W for the VR200 NVL44 CPX by 2026 [4][19][20]. - The report notes that the average power density of data center cabinets is expected to increase significantly, with projections indicating that by 2025, the average power per cabinet will reach 25kW [21]. 2. Connector Cooling as a Key Thermal Management Component - The report discusses the expansion of thermal management boundaries from chips to interconnect systems, where components like high-speed connectors and optical modules are becoming significant heat sources [4][29]. - It highlights the transition of connector cooling from passive to active management, emphasizing the need for innovative thermal solutions to address the rising temperatures associated with high-power applications [39][45]. 3. Key Companies and Investment Strategies - The report identifies key companies in the connector cooling market, including Invec, Ruikeda, and AVIC Optoelectronics, suggesting that investors should focus on these firms as they capitalize on the growing demand for cooling solutions in AI clusters [4][19]. - The investment strategy outlined in the report encourages stakeholders to pay attention to the evolving landscape of AI computing and the associated thermal management needs, which present substantial investment opportunities [4][19].