1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week of January 19 - 23, the stock market had large - scale net outflows of funds from important index ETFs, but the main indices were still oscillating strongly. The bond market was affected by regulatory news and the central bank's actions, with the 10 - year Treasury bond rate falling. The convertible bond market generally rose, with the CSI Convertible Bond Index up 2.92% [1][7][8]. - In the context of strong equity market sentiment and tight supply - demand of convertible bonds, the convertible bond market continued to rise last week, with the CSI Convertible Bond Index hitting a new high in nearly 10 years. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks [2][17]. - Looking forward, although the valuation vulnerability of the convertible bond market has further increased, the upward trend of the equity market is clear, providing support for convertible bond valuation. In the coming week, it is advisable to focus on sectors with high performance certainty and low - valuation leading stocks in under - performing industries [3][18]. 3. Summary by Relevant Catalogs 3.1 Market Focus (January 19 - 23) - **Stock Market**: There were large - scale net outflows of funds from important index ETFs, but the main indices were oscillating strongly with daily trading volume above 2.5 trillion yuan. The "15th Five - Year Plan" for power grid investment boosted the power grid equipment sector, and precious metals rose significantly due to global geopolitical situations. Different sectors showed fragmented performance on different days, and most Shenwan primary industries rose, with building materials, petroleum and petrochemicals, etc. leading the gains, while banks, communication, etc. lagging behind [1][7][8]. - **Bond Market**: The economic data announced last week was in line with expectations. The mid - week capital situation was tight but improved after the central bank's intervention. News of regulatory intention to cool the equity market was favorable for the bond market sentiment. The 10 - year Treasury bond rate closed at 1.8298% on Friday, down 1.26bp from the previous week [1][7][8]. - **Convertible Bond Market**: Most convertible bond individual securities rose. The CSI Convertible Bond Index was up 2.92% for the week, the median price was up 3.01%, and the arithmetic average parity was up 3.66%. The overall conversion premium rate decreased by 0.96% compared with the previous week. The textile and clothing, steel, and petroleum and petrochemical sectors in the convertible bond market led the gains, while social services, media, etc. lagged behind. In terms of individual bonds, Jiamei, Fuxin, etc. had the top gains, while Dongshi, Yinbang, etc. had the top losses. The total trading volume of the convertible bond market last week was 4395.97 billion yuan, with an average daily trading volume of 879.19 billion yuan, a decrease from the previous week [1][8][12]. 3.2 Views and Strategies (January 26 - 30) - **Risk Avoidance**: Strengthen the expected management of individual bond redemptions. Due to the "unexpected redemptions" of some targets at the beginning of the week, the valuation of high - parity convertible bonds was compressed. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks by considering factors such as remaining term and short - term stock price demands [2][17]. - **Investment Suggestions**: Although the valuation vulnerability of the convertible bond market has increased, the upward trend of the equity market provides support for convertible bond valuation. In the week of January 26 - 30, it is advisable to focus on sectors with high performance certainty such as semiconductor equipment and materials, chemical industry, lithium battery, CXO, etc., and low - valuation leading stocks in under - performing industries for absolute return funds [3][18]. 3.3 Valuation Overview - As of January 23, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high percentile values since 2010 and 2021. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 5.66%, at the 0%/1% percentile since 2010 and 2021. The average implied volatility of all convertible bonds and the difference between the implied volatility and the long - term actual volatility of the underlying stocks were also at high percentile values [19]. 3.4 Primary Market Tracking - **Last Week (January 19 - 23)**: Aiwei and Longjian convertible bonds announced their issuance, and no convertible bonds were listed. Aiwei Convertible Bond has a scale of 19.01 billion yuan, and Longjian Convertible Bond has a scale of 10 billion yuan [26][27]. - **Next Week (January 26 - 30)**: No convertible bonds are announced for issuance, and Lianrui Convertible Bond will be listed, with a scale of 6.95 billion yuan [28][29]. - **Overall Situation**: As of January 23, there were 97 convertible bonds to be issued, with a total scale of 1522.3 billion yuan, including 8 that have been approved for registration, with a total scale of 61.6 billion yuan [30].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - The report regularly tracks the latest private exchangeable bond (private EB) projects available from public channels, providing basic element tracking of private exchangeable bond projects. It emphasizes that the private issuance terms and processes may change, and the final prospectus should be referred to. For the issuance progress, inquiries should be made with the relevant lead underwriters [1]. 3. Summary by Related Content New Project Information This Week - Huabang Life - Health Co., Ltd.'s 2026 private placement of science - and - technology innovation exchangeable corporate bonds for professional investors has received feedback from the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Kaisheng New Materials (301069.SZ), the lead underwriters are Huatai United and Southwest Securities, and the exchange update date is January 23, 2026 [1]. - Shenzhen Huaqiang Group Co., Ltd.'s 2026 private placement of exchangeable corporate bonds for professional investors has been accepted by the exchange. The proposed issuance scale is 2.4 billion yuan, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is January 22, 2026 [1]. Table of Private EB Weekly Tracking (2026 - 1 - 23) - Multiple private exchangeable bond projects are listed, including those of Shanxi Transportation Development and Investment Group Co., Ltd., Fuda Holdings Group Co., Ltd., etc. The statuses of these projects include "Passed", "Feedback Received", and "Accepted", with different issuance scales, underlying stocks, lead underwriters, and update dates [3].

证券研究报告 | 2026年1月25日 锂电产业链双周报（2026年1月第2期） 宁德时代发布轻商钠电池，固态电池有望应用于太空场景 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格17.1万元/吨，较两周前上涨3.1万元/吨。相较两周前，三元正极、磷酸铁锂正极报价上涨，负极、隔膜、电解液报价稳定，六氟磷酸锂报 价回落。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用314Ah电芯报价为0.58 ...

证券研究报告 | 2026年01月25日 短期纯债基金四季报分析 震荡行情下业绩回温，短债基金规模逆势增长 债基个数：按照 Wind 的基金最新分类标准，截至 2025 年四季度末，发 行在外的短期纯债基金共有 368 只，数量占据全基金市场的 2.70%。同 时，四季度发行热度与去年同期比有所回落。 债基规模：截至四季度末，已披露四季度季报的短期纯债基金有 342 只，总 资产和净资产分别为 10,821 亿元和 9,668 亿元，较上季度逆势回升。平均 规模来看，截止 2025 年四季度末，平均总资产和净资产分别为 32 亿元和 28 亿元，较上季度末分别回升了 2 亿元和 2 亿元。 杠杆率：2025 年四季度末，整体法口径下短期纯债基金平均杠杆率为 1.12，较上季度微幅上行 0.01。平均法口径下短期纯债基金平均杠杆率 为 1.12，较上季度末基本持平。 基金净值增长率：基金业绩方面，2025 年四季度短期纯债单季平均净值 增长率为 0.48%，增长率较上季度有所回暖。 大类资产配置：四季度债券资产占据最高的比重 95.6%，占比较上季度回 落 0.1%；买入返售资产占 2.6%，占比较上季度回落 ...

证券研究报告 | 2026年01月25日 天然橡胶专题二 优于大市 （1）一年维度来看，Q1 全球主要产区陆续将进入停割期，而春节后是国内 轮胎关键开工季，因此短期节奏预计由工化属性主导，价格受宏观因素影响 大，核心关注春节后的下游开工表现和石化链景气催化。 （2）长期维度来看，天然橡胶价格每轮周期 20 年左右，主要受胶树 10 年 龄左右进入旺产期决定。从具体走势来看，天然橡胶是强顺周期品种，产能 限制作为慢变量更多决定中枢和牛市持续时间，而行情的爆发力需要与大时 代背景下的宏观叙事结合，大周期往往发生于全球或主要经济体的景气上行 阶段。当前全球供应受前期缩种和当下树龄老化影响，天花板已经开始显现， 天然橡胶价格自 2023 年 5 月新开割季以来已经基本确认长期拐点，同时下 游正处 AI 技术革命爆发前夕，新周期蓄势待发。 石化链涨价带动，产能瓶颈明确，2026 年价格预计易涨难跌 天然橡胶：兼具农工化三重属性，短期节奏预计由工化属性主导。天然橡胶 产量长期调节滞后，短期易受天气扰动，下游消费七成来自轮胎，景气和汽 车工业高度绑定。另外合成橡胶部分替代天然橡胶，石化链景气也会影响天 然橡胶估值。综合来看 ...

证券研究报告 | 2026年1月25日 锂电产业链双周报（2026年1月第2期） 宁德时代发布轻商钠电池，固态电池有望应用于太空场景 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格17.1万元/吨，较两周前上涨3.1万元/吨。相较两周前，三元正极、磷酸铁锂正极报价上涨，负极、隔膜、电解液报价稳定，六氟磷酸锂报 价回落。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用314Ah电芯报价为0.58 ...

证券研究报告 | 2026年01月24日 多资产周报 日债巨浪冲击全球市场 日债巨浪冲击全球市场。日本 40 年期国债收益率在 1 月 20 日突破 4%的 历史高位：（1）从原因上，日本财政货币政策变动是引发本轮日债抛 售的直接诱因。高市早苗政府计划推出远超预期的补充预算，几乎成为 "特拉斯"第二。同时，日本央行自 2024 年 3 月结束负利率以来，持 续推进缩表计划并减少国债购买。（2）从影响上看，日本长期以来是 全球最大的海外债主。当 40 年期日债利率回到 4%以上，叠加日元套息 交易的反转压力，产生了强烈的资金回流效应。随着日债利率大幅上行， 经汇率对冲后的美债吸引力对日本投资者而言显著下降。日本寿险公司 和养老金开始减少美债配置，甚至回流头寸以填补国内债市抛售带来的 流动性缺口，从而诱发美债跟随波动，并进而冲击全球金融市场稳定。 （3）往后看，益率的急剧上升促使日本加大口头干预,但日本央行增加 购买国债的可能性仍然很低。中期看，目前日元与利差背离，是因财政 担忧盖过了加息预期。一旦日本政府出面稳定赤字预期，日元可能瞬间 暴涨，引发比 2024 年 8 月更大规模的套息交易平仓，届时美债可能遭 遇 ...

证券研究报告 | 2026年01月24日 杭州银行（600926.SH）2025 年业绩快报点评 优于大市 高成长延续，资产质量优质 净利润实现延续两位数高增。公司披露 2025 年业绩快报，2025 年全年实现 营收 387.99 亿元，同比增长 1.1%，较前三季度增速小幅回落 0.3 个百分点。 实现归母净利润 190.30 亿元，同比增长 12.1%，较前三季度增速回落 2.5 个 百分点。 净利息收入增速亮眼，其他非息收入下降拖累营收。2025 年净利息收入同比 增长 12.8%，较前三季度增速提升 2.9 个百分点，表现亮眼，一是公司规模 维持高增，二是净息差企稳。全年非息收入同比下降 19.5%，较前三季度降 幅扩大了 5.5 个百分点，主要受其他非息收入同比大幅下降拖累。其中，手 续费及佣金净收入同比增长 13.1%，较前三季度增速提升了 0.5 个百分点； 其他非息收入同比下降 31%，较前三季度降幅扩大了 6 个百分点。我们判断 主要是今年债市波动较大导致交易账户公允价值出现明显亏损，另外，公司 在净利息收入实现较好增长下兑付存量债券收益的动力下降，因此在 2024 年高基数下出现大幅下降 ...

Market Performance - The S&P 500 decreased by 0.4% this week, while the Nasdaq fell by 0.1%[1] - Small-cap value (Russell 2000 Value) outperformed with a gain of 0.2%, compared to large-cap value (Russell 1000 Value) which declined by 0.2%[1] - The energy sector saw a notable increase of 3.1%, while the banking sector experienced a decline of 2.8%[1] Fund Flows - Estimated fund flow for S&P 500 constituents was +$5.6 billion this week, up from -$1.7 billion last week[2] - Key sectors with inflows included automotive and auto parts (+$9.2 million) and semiconductor products (+$9.2 million)[2] - Significant outflows were observed in the financial sector, particularly in diversified financials (-$13.6 million) and capital goods (-$7.4 million)[2] Earnings Forecast - The forward 12-month EPS expectation for S&P 500 constituents increased by 0.2% this week, slightly down from 0.3% last week[3] - Notable upward revisions were seen in real estate (+2.0%) and semiconductor products (+0.7%), while the energy sector was revised down by 2.0%[3] - Risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies[3]

证券研究报告 | 2026年01月25日 2026年01月24日 港股市场速览 优于大市 中小盘与多数行业表现较优 股价表现：市场整体持平，权重股略有回撤 本周，恒生指数-0.4%，恒生综指-0.1%。风格方面，小盘（恒生小型股+1.6%） ＞中盘（恒生中型股+1.0%）＞大盘（恒生大型股-0.4%）。 主要概念指数分化。上涨的主要有恒生消费（+2.7%）；下跌的主要有恒生 生物科技（-2.8%）。 国信海外选股策略多数上涨。上涨的主要有 ROE 策略防御型（+3.4%）；下 跌的主要有红利贵族 50（-2.0%）。 22 个行业上涨，8 个行业下跌。上涨的主要有：建材（+6.3%）、钢铁（+5.3%）、 电力设备及新能源（+5.1%）、有色金属（+4.9%）、综合（+4.6%）；下跌 的主要有：医药（-2.6%）、计算机（-2.4%）、纺织服装（-2.0%）、非银 行金融（-1.6%）、传媒（-1.5%）。 估值水平：整体小幅下降，多数行业提升 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-0.8%至 11.8x； 恒生综指估值-0.1%至 11.9x。 主要概念指数估值分化。上升幅度较大的是 ...