Market Trends - The convertible bond market is expected to maintain a high level due to supply-demand imbalance, with a recommendation for index component adjustment and deep individual bond exploration [4][7] - Since mid-August 2025, the median market price of convertible bonds has fluctuated between 129-135 yuan, with 130 yuan being a potential upper limit due to most public convertible bonds having strong redemption clauses at 130% [7] - The overall valuation of the convertible bond market is considered high, with a significant decrease in turnover rate from 15% in late August to around 9% in October [7] 2026 Market Outlook - By the end of 2026, the number of outstanding convertible bonds is projected to decrease to around 300, with a bond balance of 480 billion yuan, and further to 250 bonds and 350 billion yuan by the end of 2027 [7] - The market is expected to focus on high-priced bonds, newly listed bonds, and bonds with less than one year remaining until maturity [7] Investment Strategies for 2026 - The convertible bond ETF currently has an AUM exceeding 52 billion yuan, with significant influence on the market [7] - A strategy involving index component adjustment arbitrage is recommended, with a historical cumulative return of 52.06% from buying new bonds on the day after listing and selling on the first day of the following month [7] - Key individual bonds to focus on include 运机, 微导, 应流, 渝水, 百润, among others [7] Industry Commentary - INHBE siRNA is identified as a promising therapy for fat reduction without muscle loss, showing potential for long-term dosing with only 1-2 injections per year [8][9] - The clinical trial results for WVE-007 indicate a 9.2% reduction in visceral fat and a 0.9% increase in lean body mass after 12 weeks [8] - ARO-INHBE combined with GLP-1 showed a 23.2% reduction in visceral fat and a 9.4% weight loss in diabetic obese patients, demonstrating superior results compared to GLP-1 alone [8][9]

证券日报网讯1月5日，山西证券在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东人 数为106529户。 ...

交易商协会在公告中明确，若主承销商或承销商因违法违规行为受到刑事处罚 、重大行政处罚或协会 重大自律处分，将根据相关自律规则暂停或取消其承销业务资格。 来源：新华财经 中国人民银行此前发布的数据显示，截至2025年11月末，银行间债券市场托管余额为173.0万亿元，占 整个债券市场托管余额的88.1%。11月份，银行间债券市场现券成交30.5万亿元，日均成交1.5万亿元。 中国银行间市场交易商协会近日公布2025年非金融企业债务融资工具承销业务资格的市场评价结果，共 有18家证券公司获得相关业务资质。此次获批机构分为三个层级，包括财通证券 、华泰联合证券、 山 西证券等6家机构获得一般主承销商资格；中银证券获得科技创新非金融企业债务融资工具专项主承销 商资格；渤海证券、德邦证券等11家机构获得承销商资格。 根据交易商协会要求，主承销商及承销商须设立专门的业务部门并配备专职人员，建立健全相关操作规 程、风险管理和内部控制制度。新获得主承销业务资格的机构，初期须与具备独立主承销能力的主承销 商联合开展业务，在积累一定经验后方可独立运作。 ...

Core Viewpoint - The announcement by the Interbank Market Dealers Association regarding the evaluation results for member applications to engage in underwriting non-financial corporate debt financing tools for 2025 highlights the approval of several institutions for relevant business qualifications [1][2]. Group 1: Institutions Approved - Institutions such as Huatai United Securities, JPMorgan Chase Bank (China), DBS Bank (China), Shanxi Securities, and Caitong Securities have received qualifications as general underwriters for non-financial corporate debt financing tools [1][2]. - Eight new members, including Caitong Securities and Huatai United Securities, have been designated as general underwriters for non-financial corporate debt financing tools [2]. - Bank of China International Securities has been approved as a special underwriter for technology innovation non-financial corporate debt financing tools [2]. Group 2: Application Process - The evaluation process for the 2025 underwriting business qualifications began on November 14, 2025, with a deadline for applications set for November 28, 2025, during which 37 members submitted their application materials [2]. - The evaluation results were approved by the fifth Bond Market Professional Committee and the fourth Board of Directors of the Association, and subsequently reported to the People's Bank of China [2]. Group 3: Regulatory Requirements - Underwriters are required to establish dedicated departments for underwriting business, appoint specialized personnel, and develop operational procedures, risk management, and internal control systems [4]. - Main underwriters must collaborate with independent main underwriters to conduct underwriting business and can independently engage in underwriting after gaining sufficient experience [4]. Group 4: Membership Classification - The Association classifies underwriters into main underwriters, underwriting members, and intending underwriting members, with main underwriters further divided into general and specialized categories [6][7]. - General main underwriters can engage in all categories of non-financial corporate debt financing tools, while specialized main underwriters can only handle specific categories [6].

Core Viewpoint - The recent approval of 18 brokerages for non-financial corporate debt financing tool underwriting qualifications marks a significant step in the development of China's bond market, enhancing the service quality for the real economy and increasing direct financing's share [1][5]. Group 1: Qualification Expansion - 18 brokerages have been approved, forming a clear three-tier business structure, reflecting regulatory precision in managing bond underwriting [2][3]. - Six brokerages, including Caitong Securities and Huatai United, have obtained general lead underwriter qualifications, allowing them to independently lead various debt financing products [2][3]. - One brokerage, Zhongyin Securities, has secured a special lead underwriter qualification focused on technology innovation debt financing tools, benefiting from policy support [3][5]. Group 2: Market Dynamics - The entry of these 18 brokerages is expected to disrupt the existing market structure, which has been dominated by large banks and a few leading brokerages, where brokerages previously held less than 30% of the lead underwriting qualifications in the interbank market [5][6]. - The new qualifications enable brokerages to independently participate in the interbank market, previously requiring collaboration with banks, thus allowing them to retain a larger share of underwriting fees [5][6]. Group 3: Business Opportunities - The qualification expansion provides brokerages with broader opportunities in fixed income business, allowing them to build a full-chain service capability from issuance to trading and market-making [7]. - The diverse range of non-financial corporate debt financing tools, including short-term financing bonds and medium-term notes, complements the existing products in the exchange market, enhancing the overall bond service system [7][8]. - The competition in the bond underwriting market is expected to intensify, leading to a more reasonable underwriting fee structure and providing issuers with more options [8]. Group 4: Future Implications - Leading brokerages with strong capital and risk control systems are likely to dominate high-quality projects, while smaller brokerages may need to adopt differentiated strategies to survive [8]. - The approval of qualifications is not a permanent solution; ongoing regulatory oversight will require brokerages to enhance their risk management and pricing capabilities to capitalize on the benefits of their new qualifications [8].

Core Viewpoint - The announcement by the Interbank Market Dealers Association regarding the evaluation results for member applications to engage in underwriting related to non-financial corporate debt financing tools for 2025 highlights the expansion of qualified institutions in this sector [1][4]. Group 1: Qualified Institutions - Several institutions, including Huatai United Securities, JPMorgan Chase Bank (China), DBS Bank (China), Shanxi Securities, and Caitong Securities, have obtained relevant business qualifications [2][4]. - A total of 37 members submitted applications for underwriting qualifications, with 8 new members recognized as general lead underwriters for non-financial corporate debt financing tools [4][5]. - Bank of China International Securities Co., Ltd. has been designated as a lead underwriter for technology innovation non-financial corporate debt financing tools [4]. Group 2: Underwriting Business Regulations - The announcement outlines that lead underwriters and underwriters must establish dedicated departments for underwriting business, appoint specialized personnel, and develop operational procedures, risk management, and internal control systems [7]. - Lead underwriters must collaborate with independently qualified lead underwriters to conduct underwriting business, and may independently engage in underwriting after gaining sufficient experience [7]. - The Association will suspend or revoke underwriting qualifications for lead underwriters or underwriters found guilty of significant legal or regulatory violations [7]. Group 3: Membership Classification - The Association categorizes underwriters into lead underwriter members, underwriting members, and intending underwriting members, with lead underwriter members further divided into general and specialized categories [8][9]. - General lead underwriter members can engage in all categories of non-financial corporate debt financing tool underwriting, while specialized members can only handle specific categories [8]. - Intending underwriting members are those interested in participating in underwriting but are not yet classified as underwriters [9].

Core Viewpoint - The commercial aerospace industry is entering a rapid development phase driven by policy support, which will significantly boost the carbon fiber market, with demand expected to double within five years [1] Industry Summary - The National Space Administration of China released an action plan on November 25, 2025, aiming for a highly efficient and collaborative commercial aerospace ecosystem by 2027 [1] - The carbon fiber composite market in commercial aerospace is projected to grow from a hundred-ton level to a thousand-ton level in demand [1] - In 2025, China's actual carbon fiber consumption is expected to reach 96,446 tons, a year-on-year increase of 71.89%, primarily driven by the wind power blade and aerospace sectors [1] Company Summary - Companies that can consistently supply high-performance products are gradually regaining pricing power due to upgrades in application sectors [1] - On December 12, 2025, Toray announced a price increase of 10%-20% for its TORAYCA™ carbon fiber and related intermediate products, effective for orders shipped from January 2026 [1] - On December 15, 2025, Jilin Chemical Fiber announced price increases for its wet method 12TK carbon fiber and 3K carbon fiber, with increases of 5,000 yuan and 10,000 yuan per ton, respectively, effective January 1, 2026 [1] - The high-end carbon fiber industry is expected to enter a new phase of high-quality growth due to optimized supply-demand relationships and accelerated technological breakthroughs [1] - Key companies to watch in the carbon fiber sector include Jilin Chemical Fiber, Zhongfu Shenying, Zhongjian Technology, and Guangwei Composites [1]

Core Viewpoint - The approval of 18 new brokerage firms for non-financial corporate debt financing tool underwriting qualifications enhances the competitive landscape in the fixed income market in China [1] Group 1: New Brokerage Firms Approved - The China Interbank Market Dealers Association has released the list of 2025 non-financial corporate debt financing tool underwriting qualifications, adding 18 new brokerages this year [1] - Among the new additions, six brokerages, including Caitong Securities and First Capital Securities, are designated as general lead underwriters for non-financial corporate debt financing tools [1] - Zhongyin Securities has been approved as the lead underwriter for technology innovation non-financial corporate debt financing tools, which includes the underwriting of bonds supporting technological innovation [1] Group 2: Implications for Brokerage Firms - The approval of these qualifications is expected to assist brokerages in enhancing their fixed income business layout and improving their comprehensive bond business system [1]

Core Insights - The company, Wan'an Technology, and its parent company, Wan'an Group, engaged in a specific investor survey to discuss key topics such as aluminum-magnesium alloy product layout, wireless charging project progress, convertible bond issuance plans, performance growth points, and cost control measures [1] Group 1: Business Layout and Project Progress - The aluminum-magnesium alloy business is focused on lightweight chassis components, primarily aluminum alloy products, which are crucial for the new energy vehicle (NEV) sector, with key products like aluminum alloy subframes and fixed calipers already integrated into the supply chains of leading NEV manufacturers such as Leap Motor, NIO, and Xiaomi [2] - The wireless charging project by the subsidiary Yichuang Zhilian has achieved multi-scenario deployment, including passenger vehicles and low-speed unmanned vehicles, with a commercial progress in the low-speed unmanned vehicle sector and partnerships established with companies like Huzhou Columbus and Yingfeng Environment. The wireless charging efficiency in passenger vehicles reaches 92%-93%, leading the industry [3] - The company’s subsidiary Hengchuang Zhixing is set to start small-scale production of electronic mechanical brake systems (EMB) for passenger vehicles in 2026, following the implementation of new regulations. This product is expected to enhance safety and reduce weight, becoming a significant growth driver for the company [4] Group 2: Financial Planning and Cost Control - The company has successfully issued the first phase of convertible bonds and plans to initiate the second phase after the first phase's completion to optimize its capital structure and support business expansion [5] - To mitigate the impact of rising raw material costs, the company is implementing various cost control measures, including procurement cost reduction, product structure optimization, and price linkage mechanisms to ensure stable profitability [6] Group 3: Future Strategy - The company aims to focus on automotive electronic control systems as its core development direction, continuing to advance the marketization of aluminum alloy lightweight components and intelligent driving projects, leveraging existing customer resources and technological accumulation for steady growth [7]

【大河财立方消息】12月30日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具 承销业务相关会员申请从事承销相关业务市场评价结果的公告》，增加8家非金融企业债务融资工具一 般主承销商、1家科技创新非金融企业债务融资工具主承销商、15家非金融企业债务融资工具承销商。 主承销商及承销商应按照相关要求，设立主承销及承销业务相关部门，配备专职主承销及承销业务人 员，建立健全主承销及承销业务操作规程、风险管理和内部控制制度，规范开展非金融企业债务融资工 具主承销及承销业务。 新增财通证券股份有限公司、第一创业证券承销保荐有限责任公司、华创证券有限责任公司等8家会员 为非金融企业债务融资工具一般主承销商。 | | 新增非金融企业债务融资工具一般主承销商名单 | | --- | --- | | 序号 | 机构名称 | | 1 | 财通证券股份有限公司 | | 2 | 第一创业证券承销保荐有限责任公司 | | 3 | 华创证券有限责任公司 | | 4 | 华泰联合证券有限责任公司 | | 5 | 山西证券股份有限公司 | | 6 | 西部证券股份有限公司 | | 7 | 摩根大通银行(中国)有限公司 | ...