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: Company Announcements - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui through a combination of share issuance and cash payment, aiming to enhance its capabilities in CMP equipment and solutions [1] - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion RMB for employee stock ownership plans or equity incentives, with a maximum repurchase price of 86.96 RMB per share [2] - ZaiJing Pharmaceutical has reached a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, receiving an upfront payment of 100 million USD [3] - Tianci Materials expects a net profit increase of 127% to 231% for 2025, driven by significant growth in lithium-ion battery material sales [4] - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology through share issuance and cash payment, with stock resuming trading on January 5, 2026 [6][7] - ST KeliDa is planning a change in control, with stock suspension starting January 5, 2026, due to the transfer of 100% equity of its controlling shareholder [8] - Xinzhou Bang intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, enhancing its global capacity and supply chain [9] Group 2: Financial Performance - Kid's King anticipates a net profit increase of 51.72% to 82.06% for 2025 [9] - Guangku Technology expects a net profit growth of 152% to 172% for 2025 [9] Group 3: Mergers and Acquisitions - Xidi Micro plans to acquire 100% equity of Chengxin Micro for 310 million RMB [9] - Haili Biological's subsidiary intends to acquire 51% equity of seven dental chain companies for 61.2 million RMB [9]

智通财经APP讯，亿纬锂能(300014.SZ)发布公告，公司子公司湖北亿纬动力有限公司(以下简称"亿纬动 力")拟在武汉设立分公司，并授权亿纬动力管理层负责上述事项的具体实施并办理有关手续。亿纬动力 在高校资源富集、科研基础雄厚、高端人才汇聚的武汉设立分公司，将进一步提升公司在华中地区吸引 与整合顶尖科研人才及技术专家的能力;有利于与当地知名高校、科研院所及产业链合作伙伴建立紧密 的研发协作关系，实现资源共享与优势互补;同时，能够更贴近客户与市场前沿，加速研发成果的转化 与应用，持续推动亿纬动力产品与服务的优化升级。 ...

每经AI快讯，亿纬锂能12月31日晚间发布公告称，惠州亿纬锂能股份有限公司（以下简称"公司"）于近 日接到控股股东西藏亿纬控股有限公司（以下简称"亿纬控股"）的通知，获悉亿纬控股将其所持有的公 司部分股份进行了解除质押业务，本次解除质押股份数量为1060万股。截至本公告披露日，公司控股股 东、实际控制人及其一致行动人累计质押股份数量约为2.89亿股，占其所持股份比例为35.92%。 （记者 曾健辉） 每经头条（nbdtoutiao）——最高返现60%！惠民保年末销售乱象调查：业务员"贴钱"冲考核，谁在"赔 本赚吆喝"？ ...

格隆汇12月31日丨亿纬锂能(300014.SZ)公布，第七届董事会第三次会议审议通过了《关于亿纬动力设 立分公司的议案》，同意公司子公司湖北亿纬动力有限公司（简称"亿纬动力"）在武汉设立分公司，并 授权亿纬动力管理层负责上述事项的具体实施并办理有关手续。 ...

每经AI快讯，12月31日，亿纬锂能(300014.SZ)公告称，公司决定将向不特定对象发行可转换公司债券 的募投项目"21GWh大圆柱乘用车动力电池项目"达到预定可使用状态日期由2025年12月31日调整为 2027年12月31日。该项目实施主体、募集资金投资用途及投资规模均不发生变更。公司已对项目进行了 重新论证，认为其可行性与必要性未发生重大变化，且具有良好的效益预期。本次延期不会对公司的正 常经营产生重大不利影响。 ...

Core Viewpoint - The company plans to establish a research and development subsidiary in Wuhan to enhance its ability to attract and integrate top scientific talent and technical experts in the Central China region, accelerating the transformation and application of research results [1] Group 1 - The subsidiary, named EVE Power, has received approval from the company's board of directors and does not require shareholder approval [1] - The establishment of the subsidiary does not constitute a major asset restructuring or related party transaction [1]

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-168 关于亿纬动力设立分公司的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 2025年12月31日，惠州亿纬锂能股份有限公司（以下简称"公司"）第七届董事 会第三次会议审议通过了《关于亿纬动力设立分公司的议案》，同意公司子公司湖北 亿纬动力有限公司（以下简称"亿纬动力"）在武汉设立分公司，并授权亿纬动力管 理层负责上述事项的具体实施并办理有关手续。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第2号——创业板上市公司规范运作》和《公司章程》的相关规定，设立分公司 在董事会的审批权限范围内，无需提交股东会审议。 本次设立分公司不构成《上市公司重大资产重组管理办法》规定的重大资产重组， 也不构成关联交易。具体情况如下： 一、设立分公司的基本情况 1、分公司名称：湖北亿纬动力有限公司武汉研发分公司 惠州亿纬锂能股份有限公司 2、分公司企业类型：有限责任公司分公司 3、分公司住所：湖北省武汉市洪山区光谷大道23号鲲龙大厦22~24楼 本次设立分公司事项经公司董事会 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-167 惠州亿纬锂能股份有限公司 关于部分募集资金投资项目延期的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 惠州亿纬锂能股份有限公司（以下简称"公司"）于2025年12月31日召开第七届 董事会第三次会议，审议通过了《关于部分募集资金投资项目延期的议案》。在募集 资金投资项目实施主体、募集资金投资用途以及投资规模均不发生变更的情况下，结 合募集资金投资项目的实际建设情况和投资进度，公司决定对向不特定对象发行转债 的募投项目"21GWh大圆柱乘用车动力电池项目"（以下简称"本募投项目"）达到 预定可使用状态日期由2025年12月31日调整为2027年12月31日。本次部分募集资金投 资项目延期的事项在公司董事会审批授权范围内，无需提交公司股东会审议，现将有 关情况公告如下： 一、募集资金到位及使用情况 （一）募集资金的基本情况 经中国证券监督管理委员会出具的《关于同意惠州亿纬锂能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〔2024〕1910号）的同意注册， 公司向不特 ...

中信证券股份有限公司 关于惠州亿纬锂能股份有限公司 部分募集资金投资项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为惠州亿纬锂能股份有 限公司（以下简称"亿纬锂能""公司"）2022 年度向不特定对象发行可转换 债券的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》《上市公司募集资金监管规则》等相关法律、法规和规范性文 件的规定，对公司部分募投项目延期事项进行了核查，发表如下核查意见： 一、募集资金到位及使用情况 经中国证券监督管理委员会出具的《关于同意惠州亿纬锂能股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1910号）的同 意注册，公司向不特定对象发行了50,000,000张可转换公司债券，每张面值为人 民币100元，募集资金总额为人民币5,000,000,000.00元，扣除不含税的发行费用 人民币28,922,641.51元后，实际募集资金净额为人民币4,971,077,358.49元。上述 募集资金已于2025年3月28日到账，到账情况已经 ...