Group 1: Outdoor Apparel Industry - The outdoor footwear and apparel industry has maintained rapid growth since 2021, with a CAGR of 25.3% for outdoor apparel and 18.4% for outdoor footwear, projected to grow by 24.5% and 16.3% respectively in 2025 [24][26] - Online sales of outdoor footwear are growing at over 40%, while growth in outdoor apparel has slowed to low single digits since Q2 2025; specific categories like down jackets and quick-dry clothing are experiencing strong growth, with some quarterly YoY growth nearing 100% [24][26] - The industry is seeing increased competition among brands, with top brands like Kailas and Berghaus maintaining high growth through specialized product lines, while others like The North Face are underperforming; pricing trends are weakening overall, but some high-demand brands are still able to increase prices [24][26] Group 2: AI Application in Computing Industry - Major international companies are focusing on AI application in vertical scenarios, with OpenAI launching ChatGPT Health and Amazon optimizing cross-border e-commerce operations through AI [28] - Domestic companies are also advancing in AI applications, with Alibaba upgrading health services and ByteDance's Volcano Engine becoming a key AI cloud partner for major events [28] - The market for AI applications is expected to see significant growth, with predictions indicating that the GEO market will reach $24 billion globally by 2026, driven by high consumer trust in AI applications in China [30][32] Group 3: Public Utilities Industry - The public utilities sector, including electricity, gas, and water, is characterized by its "essential" nature, with stable long-term growth prospects; the transition to low-carbon energy sources is expected to increase the share of clean energy consumption to 28.6% by 2024 [32][33] - The global electricity shortage is becoming more pronounced, leading to increased electricity prices and making the sector an attractive investment area, particularly as AI development accelerates [33]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the REITs market experienced a slight correction overall, with the China Securities REITs Index down 0.4% for the week. The sector performance was differentiated, with ecological and environmental protection, consumer, and industrial park REITs rising against the market. From the comparison of the weekly price changes of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI REITs Index > CSI 300 Index. As of January 16, 2026, the dividend yield of equity REITs was 92 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 351 basis points [1]. Summary by Relevant Catalogs Secondary Market Trends - As of January 16, 2026, the closing price of the CSI REITs (closing) Index was 790.22 points, with a weekly price change of - 0.4% from January 12 to January 16, 2026. It performed worse than the CSI Convertible Bond Index (+1.1%) and the CSI Aggregate Bond Index (+0.2%), but better than the CSI 300 Index (-0.6%). Year - to - date, the price change rankings of major indices were: CSI Convertible Bond Index (+25.3%) > CSI 300 Index (+20.3%) > CSI Aggregate Bond Index (+0.7%) > CSI REITs Index (+0.1%) [2][6]. - In the past year, the return of the CSI REITs Index was - 2.9%, and the volatility was 7.5%. The return was lower than that of the CSI Convertible Bond Index, CSI 300 Index, and CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index. The total market capitalization of REITs on January 16 was 222.5 billion yuan, a decrease of 900 million yuan from the previous week; the average daily turnover rate for the whole week was 0.45%, a decrease of 0.15 percentage points from the previous week [2][8]. - In terms of different project attributes, the average weekly price changes of equity REITs and concession - based REITs were - 0.2% and - 0.7% respectively. In terms of different project types, the sectors showed differentiated price changes, with ecological and environmental protection, consumer, and industrial park REITs leading the gains. The top three REITs in terms of weekly price increase were Jiashi Wumart Consumer REIT (+3.59%), Huatai - PineBridge Shanghai Real Estate Rental REIT (+3.15%), and Huaxia Hefei High - tech REIT (+2.24%) [3][15][20]. - In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%; consumer infrastructure REITs had the highest trading volume proportion this week, accounting for 18.7% of the total trading volume of REITs. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia China Resources Commercial REIT (72.27 million yuan), Southern Runze Technology Data Center REIT (47.84 million yuan), and CICC Anhui Expressway REIT (34.64 million yuan) [3][22][23]. Primary Market Issuance - From the beginning of the year to January 16, 2026, there was 1 REIT product in the exchange at the "accepted" stage, 1 at the "inquiry" stage, and 3 at the "feedback" stage [25]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs was 5.99% as of January 16. From the equity perspective, the valuation of REITs is judged through relative net value premium rate, IRR, and P/FFO. As of January 16, 2026, the dividend yield of equity REITs was 92 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 351 basis points [26][27][28]. Industry News - On January 15, the China Securities Regulatory Commission held the 2026 system work meeting, stating that it would promote the high - quality development, structural adjustment, and volume expansion of the bond market, and ensure the smooth implementation of the pilot program for commercial real estate REITs. This marks the expansion of China's public - offering REITs market to all asset types, which will further enhance the inclusiveness of the capital market and the quality and efficiency of serving the real economy [4][34]. - On January 15, the additional issuance shares of AVIC Jingneng Photovoltaic REIT were listed on the Shanghai Stock Exchange. The underlying assets of this additional issuance were the Sujiahekou and Songshanhekou hydropower station projects and supporting reservoirs indirectly held by Jingneng International, a subsidiary of Jingneng Group. The total installed capacity was 483 megawatts. The number of additional issuance fund shares was 300.88 million, with a total raised capital of 2.92215 billion yuan and an issue price of 9.712 yuan per share. The successful listing of the additional issuance shares achieved a strategic upgrade of the underlying assets from single - photovoltaic to a "photovoltaic + hydropower" composite green energy portfolio. As the first "mixed - asset additional issuance" project in the market, it successfully attracted long - term institutional funds, significantly increasing the fund size, liquidity, and return level [4][34].

- The report does not contain any specific quantitative models or factors related to quantitative investment strategies[3][5][6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the A - share market first rose and then declined. The daily trading volume of the whole market reached a record high of 3.99 trillion yuan on Wednesday. After the exchange adjusted the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The bond market yield declined, and the 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][8][9]. - In the convertible bond market, most individual convertible bonds rose last week. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week [2][9]. - Although the current market price and the valuation of convertible bonds in each parity range are close to the 100% quantile position in history, the equity market is in a clear upward trend. Institutions are more worried about missing out on the upward trend than about market declines, which strongly supports the valuation of convertible bonds. Currently, it is the stage with the strongest certainty of upward market momentum [3][19]. - For relative returns, it is recommended to focus on lithium - battery, semiconductor equipment and materials, chemical industry, and securities brokerage sectors. For absolute - return funds, attention should be paid to the undervalued leading companies in the still - stagnant industries [4][20]. 3. Summary According to Relevant Catalogs Market Focus (January 12 - January 16, 2026) Stock Market - The A - share market first rose and then declined. The daily trading volume reached a record high on Wednesday. After the adjustment of the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The dividend - paying sector still underperformed. Most Shenwan primary industries declined, with computer, electronics, non - ferrous metals, media, and machinery leading the gains, and national defense and military industry, real estate, agriculture, forestry, animal husbandry, and coal performing poorly [1][8][9]. Bond Market - Although the equity market continued to rise at the beginning of the week, the impact on the bond market weakened significantly. Due to the increasing expectation of an equity market adjustment after a rapid rise, the bond market yield declined. After the central bank cut the interest rate of structural monetary policy tools on Thursday, the yield fluctuated and remained stable overall. The 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][9]. Convertible Bond Market - Most individual convertible bonds rose. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week. Most industries in the convertible bond market rose, with computer, electronics, media, and machinery leading the gains, and national defense and military industry, building materials, coal, and transportation performing poorly. The top - rising individual bonds were related to semiconductors and AI applications, while the top - falling ones were mainly from the commercial aerospace sector [2][9][13]. Views and Strategies (January 19 - January 23, 2026) - The consensus on the upward trend supports the valuation of convertible bonds. The equity market first rose and then declined last week, and the theme shifted from aerospace to AI applications and semiconductor equipment. The relevant convertible bonds performed well, the average parity increased further, and the median market price rose to 139 yuan. The premium rate of equity - biased convertible bonds in the high - parity range increased significantly, and the convertible bond ETF still showed a significant net inflow trend. Newly - listed bonds were still strong [3][19]. - For relative returns, focus on high - probability equity - biased sectors such as lithium - battery (price increases are gradually implemented, and domestic and overseas demand is booming), semiconductor equipment and materials (expansion of Changxin and Changcun, and increasing localization rate), chemical industry (anti - involution in the polyester industry chain), and securities brokerage (benefiting from the booming stock market trading volume and previous underperformance). For absolute - return funds, pay attention to the undervalued leading companies in the still - stagnant industries, including two - wheeled vehicles, beauty and personal care, architectural design, and pig farming [4][20]. Valuation Overview - As of January 16, 2026, for equity - biased convertible bonds, the average conversion premium rates in different parity ranges are at high quantile positions in history. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is in the lower quantile position. The average implied volatility of all convertible bonds and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks are also at high quantile positions [21]. Primary Market Tracking - Last week (January 12 - January 16, 2026), Shangtai Convertible Bond and Naipu Convertible Bond 02 announced their issuance, and Aohong, Shuangle, and Jin 05 Convertible Bonds were listed. In the future week (January 19 - January 23, 2026), there are no announcements of convertible bond issuance and listing. Last week, 4 companies got the exchange's approval for registration, 1 company's application was accepted by the exchange, 2 companies' plans passed the shareholders' meeting, and 4 companies released board proposals. Currently, there are 99 convertible bonds to be issued, with a total scale of 155.14 billion yuan [28][34].

Group 1: Report Core Information - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels and focuses on basic elements, reminding that the issuance terms and progress may change, with the final prospectus and inquiries to the lead underwriters being the basis [1] Group 2: New Project Information This Week - Huabang Life - Health Co., Ltd.'s 2026 private placement of innovative technology - exchangeable corporate bonds for professional investors has been accepted by the exchange, with an intended issuance scale of 1 billion yuan, the underlying stock being Kaisheng New Materials (301069.SZ), and the lead underwriters being Huatai United and Southwest Securities, updated on January 16, 2026 [1] Group 3: Project Status Summary - There are multiple private EB projects in different statuses, including "Passed", "Received Feedback", and "Accepted". For example, projects of Shanxi Transportation Development and Investment Group Co., Ltd., Fuda Holdings Group Co., Ltd. etc. have passed; projects of Hainan农垦 Investment and Holding Group Co., Ltd., Strait Innovation Internet Co., Ltd. etc. have received feedback; projects of Huabang Life - Health Co., Ltd., Northern Lingyun Industry Group Co., Ltd. etc. have been accepted [3]

Investment Rating - The investment rating for JD Group is maintained at "Outperform the Market" [2][5][11] Core Views - The upcoming Q4 2025 financial report is expected to show revenue under pressure due to the reduction of national subsidies, with a projected revenue of CNY 348.8 billion, reflecting a year-on-year growth of only 0.5% [4][6] - The Non-GAAP net profit margin is anticipated to decline by 3 percentage points to 0.2% in Q4 2025, primarily due to the impact of subsidy reductions and an increase in the proportion of supermarket sales [4][7] - Revenue growth for JD Retail is expected to decrease by 3%, with significant declines in the sales of electronic products and home appliances, while the daily necessities category is projected to maintain double-digit growth [4][6] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been adjusted to CNY 1,305.6 billion, CNY 1,396.9 billion, and CNY 1,494.3 billion, reflecting adjustments of -2.2%, -2.5%, and -4.1% respectively [5][11] - Adjusted net profit forecasts for the same period are CNY 26.5 billion, CNY 29.6 billion, and CNY 33.3 billion, with adjustments of -11.9%, -28.6%, and -42.0% respectively [5][11] Operational Insights - The overall GMV (Gross Merchandise Volume) for Q4 is expected to show low single-digit negative growth, influenced by the reduction of national subsidies and high base effects [4][6] - Active purchasing users and purchase frequency in e-commerce remain strong, although the decline in high-ticket items due to subsidy reductions is expected to impact average transaction prices and GMV growth [4][6]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week (from January 12 to January 16, 2026), the median weekly return of equity ETFs was 0.52%. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the highest return; among sector ETFs, the technology ETF had the highest return; among thematic ETFs, the chip ETF had the highest return [1][12][16]. - Last week, equity ETFs had a net redemption of 143.293 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the least net redemption; among sector ETFs, the technology ETF had the most net subscriptions; among thematic ETFs, the AI ETF had the most net subscriptions [2][34][59]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non - monetary ETFs were Huaxia, E Fund, and Hua Tai Ber瑞 [5][53][59]. - This week, 9 ETFs are scheduled to be issued, including Penghua Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Thematic ETF, ICBC CSRC Hong Kong Stock Connect Medical Thematic ETF, etc. [5][56][59]. Summary According to Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 0.52%. The median returns of Science and Technology Innovation Board, CSI 500, CSI 1000, ChiNext, A500, SSE 50, and SSE 300 ETFs were 2.85%, 2.18%, 1.28%, 0.99%, 0.17%, - 0.49%, and - 1.60% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 2.86%, 1.62%, 0.08%, and 0.02% respectively [12]. - Among sectors, the median returns of technology, cyclical, consumer, and large - financial sector ETFs were 3.95%, 0.52%, - 1.29%, and - 2.54% respectively. Among thematic ETFs, the median returns of chip, AI, and robot ETFs were 4.56%, 4.04%, and 4.03% respectively, showing relatively strong performance, while the median returns of military, bank, and securities ETFs were - 3.57%, - 2.56%, and - 2.29% respectively, showing relatively weak performance [16]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8521 trillion yuan, 1.0421 trillion yuan, and 748 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 275.1 billion yuan and 151.5 billion yuan respectively [19]. - Among broad - based ETFs, the SSE 300 and A500 ETFs had relatively large scales of 1.1117 trillion yuan and 290.3 billion yuan respectively. The scales of Science and Technology Innovation Board, CSI 500, CSI 1000, SSE 50, and ChiNext ETFs were relatively small [19]. - Among sectors, the technology sector ETF had a scale of 527.5 billion yuan as of last Friday, followed by the cyclical sector ETF with a scale of 273.7 billion yuan. The scales of large - financial and consumer ETFs were relatively small [25]. - By popular themes, as of last Friday, the chip, securities, and pharmaceutical ETFs had the highest scales of 175.7 billion yuan, 140.8 billion yuan, and 109.6 billion yuan respectively [25]. - Last week, equity ETFs had a net redemption of 143.293 billion yuan and a total scale decrease of 128.807 billion yuan; money - market ETFs had a net redemption of 10.646 billion yuan and a total scale decrease of 10.633 billion yuan. Among broad - based ETFs, the CSI 1000 ETF had the least net redemption of 9.331 billion yuan, and the SSE 300 ETF had the most net redemption of 103.323 billion yuan [28]. - Among sectors, last week, the technology ETF had the most net subscriptions of 40.63 billion yuan and a scale increase of 56.688 billion yuan; the large - financial ETF had the least net subscriptions of 557 million yuan and a scale decrease of 4.358 billion yuan. Among thematic ETFs, the AI ETF had the most net subscriptions of 11.668 billion yuan and a scale increase of 14.286 billion yuan; the robot ETF had the most net redemptions of 2.561 billion yuan and a scale decrease of 373 million yuan [34]. ETF Benchmark Index Valuation - As of last Friday, the P/E ratios of the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 83.00%, 88.20%, 100.00%, 99.92%, 67.74%, and 97.93% quantile levels respectively, and the P/B ratios were at the 64.19%, 74.75%, 100.00%, 81.23%, 68.56%, and 98.19% quantile levels respectively. Compared with the previous week, the valuation quantile of the SSE 50 ETF significantly decreased [37][38]. - As of last Friday, the P/E ratios of cyclical, large - financial, consumer, and technology sector ETFs were at the 88.12%, 25.00%, 38.61%, and 99.17% quantile levels respectively, and their P/B ratios were at the 85.73%, 49.67%, 43.15%, and 98.39% quantile levels respectively [39]. - As of last Friday, the P/E ratio quantiles of photovoltaic, military, and chip ETFs were relatively high, at 99.83%, 99.50%, and 99.17% respectively; the P/B ratio quantiles of AI, robot, and dividend ETFs were relatively high, at 99.75%, 99.50%, and 92.24% respectively. Compared with the previous week, the valuation quantile of the securities ETF significantly decreased [40]. ETF Margin Trading and Short Selling - Overall, the margin balance and short - selling volume of equity ETFs both increased in the past year. As of last Thursday, the margin balance of equity ETFs increased from 50.402 billion yuan in the previous week to 55.172 billion yuan, and the short - selling volume decreased from 2.37 billion shares in the previous week to 2.348 billion shares [44]. - Among the top 10 ETFs in terms of average daily margin purchases and short - selling volume, the CSI 500 ETF and the securities ETF had relatively high average daily margin purchases, and the A500 ETF and the SSE 300 ETF had relatively high average daily short - selling volume [4][47][48]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed, non - monetary ETFs, with relatively high management scales in multiple sub - fields such as scale - index ETFs, thematic, style, and strategy - index ETFs, and cross - border ETFs. E Fund ranked second, with relatively high management scales in scale - index ETFs and cross - border ETFs. Hua Tai Ber瑞 Fund ranked third, with relatively high management scales in scale - index ETFs and thematic, style, and strategy - index ETFs [53]. - Last week, 7 ETFs were newly established. This week, 9 ETFs are scheduled to be issued, including Penghua Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Thematic ETF, ICBC CSRC Hong Kong Stock Connect Medical Thematic ETF, etc. [56].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][3][18] Core Views - The company is expected to achieve revenue of CNY 20.76 billion to CNY 21.12 billion in 2025, representing a year-on-year growth of 31.07% to 33.34%. The net profit attributable to shareholders is projected to be between CNY 4.34 billion and CNY 4.59 billion, with a year-on-year increase of 30.5% to 38% [1][8] - The fourth quarter of 2025 is anticipated to see revenue between CNY 3.916 billion and CNY 4.276 billion, with a year-on-year growth of 19.4% to 30.3%. However, the net profit may face slight pressure, with estimates ranging from CNY 579 million to CNY 829 million, reflecting a year-on-year change of -6.5% to +33.9% [1][8] - The company is focusing on expanding its product categories and enhancing its market presence, particularly in overseas markets, supported by a planned issuance of H shares to raise funds for strategic initiatives [2][9][3] Summary by Relevant Sections Financial Forecasts - The company is projected to achieve total revenue of CNY 20.94 billion, CNY 25.93 billion, and CNY 31.15 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32%, 24%, and 20% [4][19] - The net profit attributable to shareholders is expected to be CNY 4.50 billion, CNY 5.77 billion, and CNY 7.04 billion for the same years, with growth rates of 35%, 28%, and 22% [4][19] - The earnings per share (EPS) are forecasted to be CNY 8.65, CNY 11.10, and CNY 13.54 for 2025, 2026, and 2027, respectively [4][19] Market Dynamics - The company is expected to maintain a strong growth trajectory in the beverage sector, particularly in the functional drink category, which is projected to continue double-digit growth [2][8] - The company is also benefiting from cost advantages and scale effects, which are expected to enhance its net profit margin over the year [2][8] Strategic Initiatives - The planned issuance of H shares aims to raise approximately CNY 664.46 million, which will be used to improve supply chain infrastructure, expand overseas market channels, and explore investment opportunities [2][9] - The company is focusing on localizing operations in overseas markets through joint ventures and subsidiaries [2][9]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The bond market rebounded slightly last week due to the central bank's 900 billion yuan 6 - month repurchase operation, a 25BP reduction in the structural monetary policy tool rate, good December import - export growth, weak December financial data, consecutive negative growth in household loans for three months, and the A - share market correction [1][4][11][39] - The current bond market is more likely to fluctuate. The economic stabilization since Q4 2024 was mainly due to central government leverage. With no additional treasury bond issuance in Q4 2025 and the decline in government bond financing growth, the domestic economy in Q4 remains under pressure. Also, in 2026, the Party Central Committee emphasizes high - quality development more, and the importance of "seeking progress while maintaining stability" in economic aggregates has decreased. Additionally, the absolute interest rate level is low, there is heavy selling pressure in treasury bond futures, and investor sentiment is generally weak [2][3][12][13] - The 30 - 10 spread of treasury bonds reached a new high this week and is expected to fluctuate at a high level in the near term. The spread of 20 - year CDB bonds is expected to fluctuate narrowly [2][3][12][13] Summary by Directory Weekly Review Long - term Bond Review - The central bank conducted a 900 billion yuan 6 - month repurchase operation and reduced the structural monetary policy tool rate by 25BP. December import - export growth was good, but December financial data was weak, with household loans in negative growth for the third consecutive month. Along with the A - share correction, the bond market rebounded slightly. The trading activity of long - term bonds decreased slightly last week but was still very active. The term spread and variety spread of long - term bonds widened [1][4][11] Long - term Bond Investment Outlook - **30 - year Treasury Bonds**: As of January 16, the spread between 30 - year and 10 - year treasury bonds was 46BP, at a historically low level. Considering economic and policy factors, the bond market is likely to fluctuate, and the 30 - 10 spread is expected to fluctuate at a high level [2][12] - **20 - year CDB Bonds**: As of January 16, the spread between 20 - year CDB bonds and 20 - year treasury bonds was 15BP, at a historically extremely low level. Given the economic situation, the bond market is likely to fluctuate, and the variety spread of 20 - year CDB bonds is expected to fluctuate narrowly [3][13] Long - term Bond Basic Overview - The balance of outstanding long - term bonds is 24.3 trillion yuan. As of December 31, the total amount of long - term bonds with a remaining maturity of over 14 years was 24.4329 trillion yuan, accounting for 15.1% of the total bond balance. Local government bonds and treasury bonds are the main varieties. In terms of remaining maturity, the 30 - year variety has the highest proportion [14] Primary Market Weekly Issuance - Last week (January 12 - 16, 2026), the issuance of long - term bonds dropped sharply to 83.7 billion yuan. By variety, treasury bonds were 32 billion yuan, local government bonds were 51.7 billion yuan, and other varieties had zero issuance. By term, the 30 - year variety had the largest issuance [19] This Week's Planned Issuance - The announced long - term bond issuance plan for this week is 102.2 billion yuan, including 10.12 billion yuan of long - term local government bonds and 1 billion yuan of long - term medium - term notes [25] Secondary Market Trading Volume - Last week, long - term bonds were very actively traded, with a turnover of 879.5 billion yuan, accounting for 9.7% of the total bond turnover. The trading activity decreased slightly compared to the previous week, with a decrease in turnover and proportion in most varieties, except for an increase in long - term local government bonds and long - term government agency bonds [27][28] Yield - Due to various factors, the bond market rebounded slightly. The yields of 15 - year, 20 - year, 30 - year, and 50 - year treasury bonds, CDB bonds, local bonds, and railway bonds changed to different extents. Representative individual bonds also had corresponding yield changes [39][40] Spread Analysis - **Term Spread**: The term spread of long - term bonds widened last week, with an absolute low level. The 30 - 10 spread of benchmark treasury bonds was 46BP, a 4BP change from the previous week, at the 35th percentile since 2010 [46] - **Variety Spread**: The variety spread of long - term bonds widened last week, with an absolute low level. The spreads between 20 - year CDB bonds and treasury bonds, and 20 - year railway bonds and treasury bonds were 15BP and 20BP respectively, with changes of 1BP and 2BP from the previous week, at the 14th and 20th percentiles since 2010 [47] 30 - year Treasury Bond Futures - Last week, the main contract of 30 - year treasury bond futures, TL2603, closed at 111.16 yuan, an increase of 0.26%. The total trading volume was 542,700 lots (- 18,010 lots), and the open interest was 140,000 lots (- 8,274 lots). Both trading volume and open interest decreased slightly compared to the previous week [52]

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - Last week, A - share market rose first and then fell, with the daily trading volume hitting a record high on Wednesday. The bond market yield declined, and the 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week. Most convertible bond issues closed higher, with the CSI Convertible Bond Index up 1.08% for the week [1][8][9]. - Although the current market price and convertible bond valuations in each price - parity range are close to historical 100% quantile positions, the equity is in an upward main - rising wave. Institutions' fear of missing out on opportunities strongly supports the convertible bond valuations. Currently, it is the stage with the strongest certainty of upward market force, and investors are reluctant to reduce positions despite high valuations [3][19]. 3. Summary by Relevant Catalogs 3.1 Market Focus (January 12 - January 16, 2026) Stock Market - A - shares rose first and then fell. The daily trading volume reached a record high of 3.99 trillion yuan on Wednesday. After the exchange adjusted the margin ratio for margin trading on Wednesday, market sentiment cooled down. The commercial aerospace sector declined from its high, and the market focus shifted to AI applications and semiconductors. The dividend - paying sector underperformed [1][8]. - By industry, most Shenwan primary industries fell last week. Computer (3.82%), electronics (3.77%), non - ferrous metals (3.03%), media (2.04%), and machinery and equipment (1.91%) led the gains, while national defense and military industry (- 4.92%), real estate (- 3.52%), agriculture, forestry, animal husbandry and fishery (- 3.27%), and coal (- 3.11%) lagged [9]. Bond Market - Although the equity market continued to rise at the beginning of the week, the impact on the bond market weakened significantly. Due to the increased expectation of equity market adjustment after its rapid rise, the bond market yield declined. After the central bank cut the interest rate of structural monetary policy tools on Thursday, the yield fluctuated and remained stable overall. The 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][9]. Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index was up 1.08% for the week, the median price was up 0.63%, the arithmetic average parity was up 1.39%, and the market - wide conversion premium rate decreased by 0.64% compared with the previous week. In terms of individual bonds, Huayi, Dingjie, Haohan, Jingce Zhuan 2, and Weice led the gains, while Zai 22, Tianjian, Guanglian, Hugong, and Shentong convertible bonds led the losses [2][9][14]. - By industry, most convertible bond sectors in the market closed higher last week. Computer (4.92%), electronics (4.63%), media (4.62%), and machinery and equipment (4.32%) performed well, while national defense and military industry (- 5.17%), building materials (- 3.23%), coal (- 2.06%), and transportation (- 1.38%) underperformed [13]. - The total trading volume of the convertible bond market last week was 509.615 billion yuan, with an average daily trading volume of 101.923 billion yuan, an increase from the previous week [16]. 3.2 Views and Strategies (January 19 - January 23, 2026) - The consensus on rising prices supports the valuation of convertible bonds. Last week, the equity market rose first and then fell under the influence of cooling forces. The theme market shifted from aerospace to AI applications and semiconductor equipment, and related convertible bonds performed well. The average parity increased, and the median market price rose to 139 yuan. The premium rate of equity - biased convertible bonds in the high - parity range increased significantly. Convertible bond ETFs still showed a significant net inflow trend, and new issues remained strong [3][19]. - In terms of investment directions, for relative returns, it is recommended to focus on lithium - battery, semiconductor equipment and materials, chemical industry, and securities industries. For absolute - return funds, attention should be paid to the undervalued leading companies in underperforming industries such as two - wheeled vehicles, beauty and skincare, architectural design, and pig farming [4][20]. 3.3 Valuation Overview As of January 16, 2026, in equity - biased convertible bonds, the average conversion premium rates of 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 52.01%, 41.63%, 33.21%, 26.22%, 21.03%, and 21.08% respectively, at the 99%/100%, 98%/100%, 98%/100%, 99%/100%, 97%/100%, and 99%/100% quantiles since 2010/2021. In debt - biased convertible bonds, the average YTM of bonds with parities below 70 yuan was - 4.26%, at the 1%/4% quantile since 2010/2021. The average implied volatility of all convertible bonds was 51.03%, at the 96%/100% quantile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 9.85%, at the 97%/100% quantile since 2010/2021 [21]. 3.4 Primary Market Tracking - Last week (January 12 - January 16, 2026), Shangtai Convertible Bond and Naipu Zhuan 02 announced their issuances, while Aohong, Shuangle, and Jin 05 convertible bonds were listed [28]. - As of the announcements on January 16, there were no announcements of convertible bond issuances and listings in the coming week (January 19 - January 23, 2026). Last week, 4 companies including Haitian Co., Ltd., Changgao Electric Co., Ltd., Tonglian Precision Co., Ltd., and Xianghe Industrial Co., Ltd. got the exchange's approval for registration, 1 company (Jiangshan Co., Ltd.) was accepted by the exchange, 2 companies (Runhe Materials and Qiangda Circuit) passed the shareholders' meeting, and 4 companies (Jindao Technology, Zhongchuang Zhiling, Caixun Co., Ltd., and Dingtong Technology) were at the board of directors' proposal stage [34]. - As of now, there are 99 convertible bonds waiting to be issued, with a total planned issuance scale of 155.14 billion yuan. Among them, 9 bonds have been approved for registration, with a total scale of 8.69 billion yuan, and 1 bond has passed the listing committee, with a scale of 0.38 billion yuan [34].