2025 年 12 月 28 日 公司研究 签署 4.24 亿美元哈萨克斯坦管道项目 EPC 合同，积极拓展海外市场 ——中油工程（600339.SH）公告点评 要点 事件：公司发布《关于子公司中标项目签署合同的公告》，公司子公司管道局工 程公司与中信建设有限责任公司组成的联合体，与哈萨克斯坦国家石油天然气化 工公司（KMG PetroChem）就哈萨克斯坦阿特劳州单走廊乙烷丙烷干线管道 EPC 项目签署 EPC 承包合同，合同金额 4.24 亿美元。 点评： 项目合同额 4.24 亿美元，有利于中亚地区市场拓展。哈萨克斯坦乙烷丙烷管道 项目为 EPC 总承包模式，主要工作范围包括建设管径 406.4mm、长度 209.4 公 里和管径 323.8mm、长度 208.1 公里的乙烷干线管道以及管径 219.1mm、长 度 5.5 公里的丙烷连接管线，项目合同额 4.24 亿美元。业主方 KMG PetroChem 是哈萨克斯坦国家石油天然气公司（KazMunayGas）全资子公司。合同签署体 现了哈国油对公司项目总承包建设能力的认可，有利于公司在中亚地区油气储运 工程业务市场的进一步巩固和拓展。 市场开拓有序 ...

2025 年 12 月 28 日 远期固态电池等提供锂新的动能需求。固态电池因其高能量密度和安全性被视为 下一代技术方向。据鑫椤资讯预测：2025年固态电池出货量约5.1Gwh，2030 年达到近80GWh，2025-2030年复合增速64%；2035年达456GWh，2025-2035 年复合增速53%。其中半固态电池2024年已经进入量产出货，全固态电池目前 主要在实验室验证阶段，预计2027年开始Gwh出货。国内较多企业开始积极布 局固态电池。根据雅保公告，全固态电池度电耗锂量有望达到近2kg/KWh,较现 有锂电体系翻倍，有望进一步拉动锂需求量。 投资建议：建议关注矿端增量较大的天华新能、盛新锂能、大中矿业、国城矿业、 藏格矿业、盐湖股份、雅化集团、赣锋锂业、天齐锂业等。 风险提示：下游需求不及预期；新国内外政策以及地缘政治不确定因素等。 行业研究 正极减产挺价有望助力锂价传导，储能需求预期提振改善供需格局 ——碳酸锂行业动态点评 要点 事件： 2025 年 12 月 25 日，湖南裕能、德方纳米、万润新能相继发布部分产线 减产检修公告：其中湖南裕能预计检修时间 1 个月，减少正极材料产品 1.5-3 ...

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [4][6]. Core Insights - The Gansu liquor market is approaching a scale of nearly 100 billion yuan, with local brands holding a significant market share. The consumption upgrade is ongoing, with the mainstream price point for general liquor around 100 yuan and business banquets primarily at 150-200 yuan. Gansu's economic development, driven by investment attraction, supports this upgrade [1][21]. - Jinwei Liquor, located in the "Jiangnan of Longshan," has a long-standing brand history and has initiated a "second entrepreneurship" since 2018. The company aims for long-term growth through stable management and employee profit-sharing plans [2][49]. - The company is optimizing its product structure, with a significant increase in the revenue share of products priced above 100 yuan, expected to reach 71% by 2024. The company is also expanding its market presence in surrounding provinces while maintaining a strong foothold in Gansu [3][65]. Summary by Sections Gansu Liquor Market - The Gansu liquor market is estimated to be around 100 billion yuan, with local brands dominating the market. The consumption upgrade is evident as the mainstream price point is transitioning from around 100 yuan to 200 yuan [1][21]. - Local liquor brands account for over 70% of the market share, with Jinwei holding approximately 20% and continuing to increase its share [1][38]. Jinwei Liquor Overview - Jinwei Liquor has a rich history and is recognized as a leading brand in Gansu. The company has undergone significant changes since its establishment, including a successful listing in 2016 and a shift in control back to the original parent group in 2022 [2][49]. - The management team is experienced and stable, with a focus on long-term performance and employee engagement through profit-sharing mechanisms [2][57]. Product and Market Strategy - The company is focusing on upgrading its product structure, with a notable increase in high-end product offerings. The revenue from products priced above 100 yuan is projected to grow significantly [3][65]. - Jinwei is pursuing a national expansion strategy while deepening its presence in Gansu, particularly in the eastern and central regions where it has established strong brand recognition [3][65]. Financial Projections and Valuation - The company is expected to achieve revenues of 30.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 11% since its listing. The projected net profits for 2025-2027 are 3.76 billion, 4.09 billion, and 4.43 billion yuan, respectively [4][6]. - The current price-to-earnings (P/E) ratio is projected to be 28, 25, and 23 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation compared to industry peers [4][6].

Profit Trends - In November 2025, industrial enterprise profits fell by 13.1% year-on-year, worsening from a decline of 5.5% in October 2025[4] - Cumulative profit growth for industrial enterprises from January to November 2025 was 0.1%, down from 1.9% for the first ten months[2] - Cumulative revenue growth for industrial enterprises from January to November 2025 was 1.6%, slightly down from 1.8% for the first ten months[2] Structural Analysis - Only the midstream equipment manufacturing sector showed stable profit growth, while upstream and downstream sectors experienced varying degrees of decline[3] - Cumulative profit growth for the mining sector from January to November 2025 was -27.2%, while manufacturing sector profit growth dropped to 5.0%[13] - The cumulative profit margin for the manufacturing sector was 4.62%, an increase of 0.08 percentage points compared to the previous year[13] Market Dynamics - The profit margin for industrial enterprises in November 2025 was 5.65%, a decrease of 0.73 percentage points year-on-year[5] - The cost per 100 yuan of revenue for large industrial enterprises increased by 0.18 yuan from January to November 2025[5] - The PPI (Producer Price Index) year-on-year growth rate in November 2025 was -2.2%, slightly down from -2.1% in October 2025[5] Future Outlook - Industrial profits are expected to remain under pressure in December 2025 due to high year-on-year comparisons[3] - The implementation of new policies in 2026 is anticipated to stimulate demand and support profit recovery for enterprises[29] - The midstream sector is projected to continue its positive profit trend, benefiting from "anti-involution" policies[3]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From December 22 to December 26, 2025, the secondary - market prices of China's listed public REITs showed a wave - like recovery, ending a 5 - week continuous decline. The returns of REITs were mediocre compared to other mainstream large - category assets. The return rates from high to low were: gold > crude oil > A - shares > convertible bonds > REITs > US stocks > pure bonds. Among different types of REITs, the secondary - market prices of both property - type and franchise - type REITs increased, with the property - type REITs having a higher return rate. In terms of underlying asset types, affordable housing - type REITs had the largest increase this week. [1][11] 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - category asset level**: The secondary - market prices of China's listed public REITs recovered in a wave - like manner, ending a 5 - week continuous decline. The China Securities REITs (closing) and China Securities REITs total return index closed at 783.86 and 1014.8 respectively, with weekly returns of 1.39% and 1.56%. The weighted REITs index had a weekly return of 1.83%. [11] - **At the underlying asset level**: The secondary - market prices of property - type and franchise - type REITs both rose, with return rates of 2.22% and 1.19% respectively. Among underlying asset types, affordable housing - type REITs had the largest increase, and the top three in terms of return rates were affordable housing - type, warehousing and logistics - type, and park - type, with return rates of 3.63%, 2.39%, and 2.19% respectively. [16][18] - **At the single - REIT level**: This week, 67 REITs rose and 11 REITs fell. The top three in terms of increase were CICC Chongqing Liangjiang REIT, China Asset Management Co., Ltd. China Resources Youchao REIT, and Bosera Tianjin Economic - Technological Development Area Park REIT, with increases of 7.86%, 5.99%, and 5.94% respectively. The top three in terms of decrease were ICBC Inner Mongolia Energy Clean Energy REIT, Guotai Junan Jinan Energy Heating REIT, and Harvest China Power Construction Clean Energy REIT, with decreases of 5.04%, 4.39%, and 3.87% respectively. [21] 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.14 billion yuan. The average daily turnover rate of water conservancy facilities - type REITs during the period led others. The top three in terms of trading volume were transportation infrastructure - type, consumption infrastructure - type, and warehousing and logistics - type, with trading volumes of 703 million yuan, 569 million yuan, and 435 million yuan respectively. The top three in terms of average daily turnover rate during the period were water conservancy facilities - type, municipal facilities - type, and new - type infrastructure - type, with rates of 1.56%, 1.22%, and 1.00% respectively. [23] - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were CICC Hubei KeTou Optics Valley REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and YinHua Shaoxing Raw Water Water Conservancy REIT, with trading volumes of 260 million shares, 240 million shares, and 230 million shares respectively. The top three in terms of trading amount were China Asset Management Co., Ltd. China Resources Commercial REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and China Asset Management Co., Ltd. China Communications Construction REIT, with trading amounts of 195 million yuan, 131 million yuan, and 109 million yuan respectively. The top three in terms of turnover rate were China Asset Management Co., Ltd. Anbo Warehousing REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Jiashi Wumei Consumption REIT, with turnover rates of 19.63%, 12.60%, and 10.47% respectively. [24] 3.1.3 Main Force Net Inflow and Block Trading Situation - **Main force net inflow situation**: The total main force net inflow this week was 94.74 million yuan, and the market trading enthusiasm increased compared to last week. From the perspective of different underlying asset REITs, the top three in terms of main force net inflow during the week were consumption infrastructure - type, transportation infrastructure - type, and warehousing and logistics - type, with net inflows of 49.31 million yuan, 24.44 million yuan, and 20.91 million yuan respectively. From the perspective of single REITs, the top three in terms of main force net inflow during the week were China Asset Management Co., Ltd. China Resources Commercial REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and Jiashi Wumei Consumption REIT, with net inflows of 44.39 million yuan, 22.27 million yuan, and 12.84 million yuan respectively. [27] - **Block trading situation**: The total block trading amount this week reached 264.42 million yuan, an increase compared to last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 264.42 million yuan. The block trading amount on Thursday (December 26, 2025) was the highest during the period, reaching 149.19 million yuan. From the perspective of single REITs, the top three in terms of block trading amount during the week were Southern Runze Technology Data Center REIT, China Merchants Fund Shekou Rental Housing REIT, and Southern Wanguo Data Center REIT, with trading amounts of 42.92 million yuan, 38.70 million yuan, and 27.13 million yuan respectively, and corresponding average discount/premium rates of 0.23%, 0.08%, and 0.20% respectively. [30] 3.2 Primary Market 3.2.1 Listed Projects - As of December 26, 2025, the number of China's public REITs products reached 78, with a total issuance scale of 20.1749 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week. [34][35] 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 20 REITs in the state of being to be listed, including 15 initial - offering REITs and 5 REITs to be expanded. This week, the project status of Huatai Three Gorges Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) and Bosera Shandong Railway Investment Road and Bridge Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "accepted"; the project status of CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared". [39][40]

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 Combination - **Model Construction Idea**: The PB-ROE-50 combination is designed to capture excess returns by selecting stocks with favorable Price-to-Book (PB) and Return on Equity (ROE) characteristics within specific stock pools[24] - **Model Construction Process**: The model selects stocks based on PB and ROE metrics, focusing on stocks with high ROE and low PB ratios. The combination is rebalanced periodically to maintain its focus on these metrics. Detailed construction methodology is referenced in earlier reports[24] - **Model Evaluation**: The model demonstrates significant excess returns in certain stock pools, indicating its effectiveness in capturing value and profitability factors[24] --- Model Backtesting Results 1. PB-ROE-50 Combination - **Excess Return (Weekly)**: - CSI 500: -0.62% - CSI 800: 1.31% - All Market: 1.36%[25] - **Excess Return (Year-to-Date)**: - CSI 500: 2.48% - CSI 800: 18.55% - All Market: 20.81%[25] - **Absolute Return (Weekly)**: - CSI 500: 3.39% - CSI 800: 3.85% - All Market: 4.18%[25] - **Absolute Return (Year-to-Date)**: - CSI 500: 33.50% - CSI 800: 43.89% - All Market: 51.01%[25] --- Quantitative Factors and Construction Methods 1. Factor Name: Beta Factor - **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market returns, capturing systematic risk[20] - **Factor Construction Process**: Calculated as the covariance of a stock's returns with market returns divided by the variance of market returns $ \beta = \frac{\text{Cov}(R_i, R_m)}{\text{Var}(R_m)} $ where $R_i$ is the stock return and $R_m$ is the market return[20] - **Factor Evaluation**: Demonstrates positive returns in the current week, indicating its relevance in capturing market trends[20] 2. Factor Name: Scale Factor - **Factor Construction Idea**: Captures the size effect by focusing on the market capitalization of stocks[20] - **Factor Construction Process**: Stocks are ranked by market capitalization, and the factor is constructed by taking the difference in returns between small-cap and large-cap stocks[20] - **Factor Evaluation**: Positive returns this week suggest the dominance of large-cap stocks in the market[20] 3. Factor Name: Nonlinear Market Cap Factor - **Factor Construction Idea**: Captures nonlinear effects of market capitalization on stock returns[20] - **Factor Construction Process**: Incorporates higher-order terms of market capitalization in the regression model to account for nonlinear relationships[20] - **Factor Evaluation**: Positive returns this week highlight its effectiveness in capturing nonlinear size effects[20] 4. Factor Name: Leverage Factor - **Factor Construction Idea**: Measures the impact of financial leverage on stock returns[20] - **Factor Construction Process**: Calculated as the ratio of total debt to equity, adjusted for industry and market effects[20] - **Factor Evaluation**: Negative returns this week suggest that high-leverage stocks underperformed[20] 5. Factor Name: Early Morning Return Factor - **Factor Construction Idea**: Captures the return patterns of stocks during early trading hours[12] - **Factor Construction Process**: Calculated as the return of a stock during the first trading hour of the day, adjusted for market and industry effects[12] - **Factor Evaluation**: Strong positive performance this week indicates its ability to capture intraday momentum[12] 6. Factor Name: Single-Quarter Net Profit YoY Growth Rate - **Factor Construction Idea**: Measures the year-over-year growth in net profit for a single quarter, reflecting profitability trends[12][14][18] - **Factor Construction Process**: $ \text{Growth Rate} = \frac{\text{Net Profit}_{t} - \text{Net Profit}_{t-1}}{\text{Net Profit}_{t-1}} $ where $t$ is the current quarter and $t-1$ is the same quarter in the previous year[12][14][18] - **Factor Evaluation**: Consistently positive performance across multiple stock pools highlights its robustness in capturing profitability[12][14][18] 7. Factor Name: 5-Day Reversal Factor - **Factor Construction Idea**: Captures short-term mean-reversion effects in stock prices[18] - **Factor Construction Process**: Calculated as the negative return of a stock over the past 5 trading days, adjusted for market and industry effects[18] - **Factor Evaluation**: Strong positive performance in the liquidity 1500 stock pool indicates its effectiveness in identifying short-term reversals[18] --- Factor Backtesting Results 1. Beta Factor - Weekly Return: 1.31%[20] 2. Scale Factor - Weekly Return: 0.62%[20] 3. Nonlinear Market Cap Factor - Weekly Return: 0.58%[20] 4. Leverage Factor - Weekly Return: -0.13%[20] 5. Early Morning Return Factor - Weekly Return: - CSI 300: 2.16% - CSI 500: 0.25% - Liquidity 1500: 1.22%[12][14][18] 6. Single-Quarter Net Profit YoY Growth Rate - Weekly Return: - CSI 300: 1.75% - CSI 500: 1.11% - Liquidity 1500: 1.58%[12][14][18] 7. 5-Day Reversal Factor - Weekly Return: - CSI 300: 0.77% - CSI 500: 1.04% - Liquidity 1500: 3.33%[12][14][18]

Market Overview - The U.S. real estate market remains in a "weak supply and demand" state despite the Federal Reserve's significant interest rate cuts of 175 basis points (bps) from September 2024 to August 2025, with new and existing home sales projected to decline in 2025 compared to 2024 levels[2][12]. - The mortgage interest rate remains high, averaging over 6%, significantly above the existing mortgage rate average of approximately 4.3%, limiting the effectiveness of the Fed's rate cuts on the housing market[3][45]. Supply and Demand Dynamics - Demand is hindered by high home prices and affordability crises, leading to a decrease in home buying and mortgage demand, with 2025 new home sales expected to be below 2024 levels[2][12]. - The existing home market faces tight inventory due to the "lock-in effect," where homeowners with low fixed-rate mortgages are reluctant to sell, exacerbating supply shortages[21][45]. Future Projections - The anticipated "Trump housing reform" in 2026 aims to lower mortgage costs, activate supply markets, and further reduce interest rates, but significant legislative and judicial constraints may limit its effectiveness[4][50]. - A mortgage rate around 5% is estimated to be a critical threshold for initiating a recovery in the U.S. real estate cycle, with corresponding 10-year Treasury yields expected to be in the range of 3.2%-3.3%[5][50]. Risks and Challenges - The ongoing impact of tariffs on construction materials is expected to further increase housing costs, complicating supply issues and potentially reducing new housing starts by approximately 450,000 units over the next five years[39][40]. - The current housing supply shortage is estimated at around 2.8 million units, with projections indicating it may take up to 10 years to address this gap under current conditions[21][24].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - From December 22 to December 26, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends [1] 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - During the week from December 22 to December 26, 2025, 267 credit bonds were issued, with a total issuance scale of 427.702 billion yuan, a month - on - month increase of 15.42%. Among them, 117 industrial bonds were issued, with a scale of 219.258 billion yuan (a 34.26% month - on - month increase, accounting for 51.26% of the total); 110 urban investment bonds were issued, with a scale of 71.364 billion yuan (an 18.87% month - on - month decrease, accounting for 16.69% of the total); 40 financial bonds were issued, with a scale of 137.08 billion yuan (a 14.92% month - on - month increase, accounting for 32.05% of the total) [1][11] - The average issuance term of credit bonds this week was 2.74 years. The average issuance term of industrial bonds was 2.36 years, urban investment bonds was 3.25 years, and financial bonds was 2.35 years [1][14] - The average issuance coupon rate of credit bonds this week was 2.26%. The average issuance coupon rate of industrial bonds was 2.12%, urban investment bonds was 2.41%, and financial bonds was 2.23% [2][19] 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [2][23] 3.2 Secondary Market 3.2.1 Credit Spread Tracking - By industry, in the Shenwan primary industries, the largest upward movement of the AAA - rated industry credit spread was in the pharmaceutical and biological industry (up 5.1BP), and the largest downward movement was in the real estate industry (down 1.3BP); the largest upward movement of the AA + - rated industry credit spread was in the household appliances industry (up 6.4BP), and the largest downward movement was in the textile and clothing industry (down 9.8BP); the largest upward movement of the AA - rated industry credit spread was in the building materials industry (up 11BP), and the largest downward movement was in the commercial trade industry (down 1BP) [3] - By region for urban investment bonds, this week, the largest upward movement of the AAA - rated credit spread was in Gansu (up 8.7BP), and the largest downward movement was in Jilin (down 2.9BP); the largest upward movement of the AA + - rated credit spread was in Liaoning (up 6.7BP), and the largest downward movement was in Fujian (down 3.2BP); the largest upward movement of the AA - rated credit spread was in Jiangxi (up 4.5BP), and the largest downward movement was in Anhui (down 3.3BP) [3] 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.782747 trillion yuan, a month - on - month increase of 28.47%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 630.894 billion yuan (a 38.88% month - on - month increase, accounting for 35.39% of the total); the trading volume of corporate bonds was 521.309 billion yuan (a 15.93% month - on - month increase, accounting for 29.24% of the total); the trading volume of medium - term notes was 347.636 billion yuan (a 40.63% month - on - month increase, accounting for 19.50% of the total) [4][28] 3.2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [30]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The convertible bond market continued to rise this week, but the volatility of some individual bonds remains high, and the future trends may further diverge. It is recommended to comprehensively consider the convertible bond terms and the underlying stock situation for refined bond selection, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4]. 3. Section Summaries Market Conditions - From December 22 to December 26, 2025, the CSI Convertible Bond Index rose by +1.64% (last week's increase was +0.48%), and the CSI All - Share Index changed by +2.78% (last week's change was -0.18%). Since 2025, the CSI Convertible Bond Index has risen by +18.98%, and the CSI All - Share Index has risen by +25.00% [1]. - By bond rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) rose by +0.61%, +1.36%, +2.52%, +1.69%, and +1.98% respectively this week, with medium - rated bonds having the highest increase [1]. - By convertible bond size, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) rose by +1.06%, +0.62%, +1.05%, +2.15%, and +2.84% respectively this week, with small - scale convertible bonds having the highest increase [2]. - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) rose by +2.17%, +0.22%, +2.68%, - 0.67%, - 0.28%, 2.10%, and - 0.08% respectively this week, showing differentiated changes [2]. Convertible Bond Valuation As of December 26, 2025, there were 397 outstanding convertible bonds (405 at the end of last week), with a balance of 553.336 billion yuan (555.429 billion yuan at the end of last week). The average convertible bond price was 132.97 yuan (130.35 yuan at the end of last week), with a percentile of 98.75%; the average conversion parity was 102.08 yuan (100.65 yuan at the end of last week), with a percentile of 89.75%; the average conversion premium rate was 32.34% (32.57% at the end of last week), with a percentile of 40.30% [3]. Convertible Bond Performance and Allocation Direction The convertible bond market continued to rise this week. Some individual bonds still have large fluctuations, and future trends may further diverge. It is recommended to combine convertible bond terms and the situation of the underlying stocks for comprehensive judgment, conduct refined bond selection, and pay attention to new bond opportunities in industries catalyzed by policies and industries with high prosperity [4]. Convertible Bond Increase Situation The top 15 convertible bonds in terms of this week's increase are presented, including details such as the convertible bond abbreviation, underlying stock abbreviation, industry, latest closing price, convertible bond increase rate, and underlying stock increase rate. For example, Jiamei Convertible Bond had a convertible bond increase of 37.67% and an underlying stock increase of 61.29% [21].