- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset break rates[1][3][4] - The turnover rate of the indices is calculated as the weighted average of the turnover rates of constituent stocks, weighted by their free-float market capitalization[18] - The risk premium is measured relative to the yield of 10-year government bonds, serving as a reference for risk-free rates, and is used to evaluate the relative investment value and deviation of indices[27][28] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation reference to assess the investment value of indices at the current point in time, with historical percentile rankings provided for comparison[39][42] - Dividend yield is tracked as a measure of cash return, reflecting the dividend investment style, particularly relevant during market downturns or periods of declining interest rates[48][53] - The net asset break rate is analyzed as the proportion of stocks within an index trading below their book value, indicating market valuation attitudes and potential undervaluation[54][57]

证券研究报告·公司点评报告 2026 年 2 月 3 日 江海证券研究发展部 机械军工行业研究组 执业证书编号：S1410524040001 | 投资评级： | 买入（维持） | | --- | --- | | 当前价格: | 69.37元 | | 市场数据 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 总股本(百万股) | | | 120.76 | | | | | | A 股股本(百万股) | | | 120.76 | | | | | | B/H 股股本(百万股) | | | -/- | | | | | | A 股流通比例(%) | | | 31.25 | | | | | | 个月最高/最低(元) | | | 88.98/36.60 | | 12 | | | | 第一大股东 | | | 蒋修华 | | | | | | 第一大股东持股比例(%) | | | 39.75 | | | | | | 上证综指/沪深 300 | | 4015.75/4605.98 | | | | | | | 数据来源：聚源 | 2 | | 日数据 ...

- The report tracks the performance of various broad-based indices in the A-share market, noting that on February 2, 2026, all indices fell by more than -2%, with the CSI 500 and CSI 1000 experiencing the largest declines of -3.98% and -3.39%, respectively[3][11] - The report compares the indices with their moving averages, highlighting that all tracked indices have simultaneously fallen below the 5, 10, and 20-day moving averages, with the CSI 500 and CSI 1000 experiencing significant single-day declines and a retreat of over 5.5% from their recent 250-day highs[3][13] - The report provides data on the trading volume and turnover rates of the indices, with the CSI 2000 having the highest turnover rate at 4.26, followed by the ChiNext Index at 3.85, and the CSI 1000 at 3.1[3][17] - The distribution of daily returns is analyzed, showing that the ChiNext Index has the largest negative skewness and kurtosis, while the CSI 500 has the smallest negative skewness and kurtosis[3][24][25] - The risk premium of the indices relative to the 10-year government bond yield is examined, with the ChiNext Index and CSI 2000 having relatively high 5-year percentile values of 5.56% and 5.24%, respectively, while the CSI 500 has a relatively low value of 0.4%[3][27][31] - The PE-TTM ratios of the indices are analyzed, with the CSI 500 and CSI 1000 having high 5-year percentile values of 98.68%, while the ChiNext Index has a lower value of 61.07%[3][42][43] - The dividend yield of the indices is tracked, with the ChiNext Index and CSI 300 having relatively high 5-year historical percentile values of 56.36% and 38.68%, respectively, while the CSI 500 and CSI 2000 have lower values of 8.1% and 5.62%[3][53][55] - The report also notes the percentage of stocks trading below their net asset value, with the CSI 500 having a rate of 11.0%, the CSI 1000 at 7.0%, and the CSI 2000 at 2.7%[3][57]

证券研究报告·黑龙江省资本市场跟踪报告 2026 年 2 月 3 日 江海证券研究发展部 执业证书编号：S1410524040001 机械军工行业研究组 黑龙江省资本市场跟踪双周报 — — 分析师：张诗瑶 （2026.1.18-2026.1.31） 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 黑龙江省资本市场跟踪报告 1. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.12.21-2026.1.3)–2026.01.05 2. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.12.7-2025.12.20)–2025.12.22 3. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.11.23-2025.12.6)–2025.12.08 4. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.1 ...

Content: --------- <doc id='1'>aa 证券研究报告·金融工程报告 2026 年 2 月 2 日 江海证券研究发展部 金融工程定期报告 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 执业证书编号： S1410124010022 相关研究报告 1.可转债跟踪周报：转债较权益超额 延 续 ， 可 关 注 顺 周 期 板 块 — 2026.01.26 4.可转债跟踪周报：转债震荡调整， 估值有所回落—2026.01.05 5.可转债跟踪周报：转债反弹趋势不 变，股性提升—2025.12.29 转债随权益走弱，整体或将维持震荡 核心内容： ◆可转债市场表现：</doc> <doc id='2'>◆可转债个券表现：</doc> <doc id='3'>◆可转债条款跟踪：</doc> <doc id='4'>2.可转债跟踪周报：市场延续"春季 躁 动 " 行 情 ， 转 债 跑 出 超 额 — 2026.01.19 3.可转债跟踪周报：权益带动转债开 年大涨，可关注高景气度板块— 2026.01.12</doc> <doc id='5'>➢ 近一周（2026-01-26 至 2026-01-30），上证转债、深证转债、中证转债指数 周涨跌幅分别为-2.565%、-2.606%、-2.608%。权益市场中，上证指数周涨 跌幅为-0.440%，收于 4117.95 点；中证全指周涨跌幅为-1.536%，收于 6259.18 点。对比转债市场与权益市场，中证转债相较于中证全指周绝对收 益为-1.072%。 ➢ 近一周（2026-01-26 至 2026-01-30），可转债市场成交量与成交额分别为 247,604.22 万张与 45,107,382.59 万元，周环比变化分别为 2.33%、-3.32%； 可转债对应正股成交量与成交额分别为 5,708,126.68 万股与 100,193,434.58 万元，周环比变化为 9.15%、5.37%。对比上周，转债与正股成交活跃度小 幅提升。 ➢ 截止至 2026-01-30，可转债存续个券数为 380 只，发行规模约为 5979.58 亿 元，剩余规模约为 5068.18 亿元。转债市场转股溢价率中位数约为 32.24%、算术平均数约为 44.30%，周环比变化分别为 1.03%、2.03%。相比 上周，转股溢价率中位数窄幅波动。 ➢ 近一周（2026-01-26 至 2026-01-30）可转债个券涨幅前五分别为联瑞转 债、耐普转 02、汇车退债、天准转债、百川转 2，周涨跌幅分别为 126.51%、57.30%、43.85%、16.12%、12.75%；可转债个券跌幅前五分别为 新致转债、航宇转债、东时转债、冠中转债、惠城转债，周涨跌幅分别为- 21.57%、-20.59%、-16.38%、-16.31%、-15.82%。 ➢ 截止至 2026-01-30，可转债价格小于 100、100-110、110-120、120-130、 130-140、大于 140 的个券数量分别为 0 只（0.00%）、8 只（2.13%）、11 只 （2.93%）、75 只（19.95%）、93 只（24.73%）、189 只（50.27%），转股溢 价率中位数分别为 0.00%、51.23%、40.42%、66.92%、34.47%、26.04%，周 环比变动分别为 0.00%、-58.04%、2.85%、-17.33%、-11.14%、-2.58%。 ➢ 截止至 2026-01-30，触发下修条款的可转债个券数量 95，本周可能触发有 条件赎回条款的个券共 19 只，为富春转债（14/30）、佳禾转债（14/30）、 姚记转债（14/30）、微芯转债（14/30）、凤 21 转债（14/30）、银邦转债 （13/30）、首华转债（13/30）、华辰转债（12/30）、利柏转债（12/30）、众 和转债（12/30）、泰瑞转债（12/30）、力诺转债（12/30）、嘉元转债 （12/30）、信服转债（12/30）、永吉转债（11/30）、荣 23 转债（10/30）、 煜邦转债（10/30）、岱美转债（10/30）、润达转债（10/30）。 ◆风险提示：本报告可能存在数据缺失、数据错误、数据不及时、模型处理错 误等风险。本报告仅从金融工程角度，对可转债的市场与个券数据进行跟 踪、统计、分析，不构成对市场指数、行业或可转债个券进行预测或推荐。</doc> <doc id='7'>| 1 | 可转债市场表现 | 2 | | --- | --- | --- | | | 1.1 市场行情 | 2 | | 2 | 可转债个券表现 | 5 | | | 2.1 个券行情 | 5 | | | 2.2 估值分析 | 7 | | 3 | 可转债条款跟踪 | 8 | | | 4 风险提示 | 9 |</doc> <doc id='9'>| 图 | 1、转债指数近一年走势对比 | 2 | | --- | --- | --- | | 图 | 2、中证转债与权益市场指数近一年走势对比 | 2 | | 图 | 3、转债与正股区间成交对比（周度） | 3 | | 图 | 4、转债市场发行规模与每日存续个券数量 | 3 | | 图 | 5、转债市场剩余规模和每日成交额 | 4 | | 图 | 6、转债市场转股溢价率中位数走势（%） | 4 | | 图 | 7、不同信用评级转债近一年累计涨跌幅 | 5 | | 图 | 8、不同价格转债指数近一年累计涨跌幅 | 5 | | 图 | 9、不同规模转债指数近一年累计涨跌幅 | 6 | | 图 | 10、不同策略转债指数近一年累计涨跌幅 | 6 | | 图 | 11、涨幅前 5 个券与正股涨跌幅对比 | 6 | | 图 | 12、跌幅前 5 个券与正股涨跌幅对比 | 7 | | 图 | 13、不同价格个券数量构成 | 7 | | 图 | 14、不同价格个券转股溢价率走势（%） | 7 | | 图 | 15、不同价格个券转股溢价率中位数变动（%） | 8 | | 表 | 1、近一周可转债个券涨幅 TOP 5 | 5 | | 表 | 2、近一周可转债个券跌幅 TOP 5 | 5 |</doc> <doc id='10'>1 可转债市场表现 1.1 市场行情 近一周（2026-01-26 至 2026-01-30），上证转债、深证转债、中证转债 指数周涨跌幅分别为-2.565%、-2.606%、-2.608%。权益市场中，上证指数 周涨跌幅为-0.440%，收于 4117.95 点；中证全指周涨跌幅为-1.536%，收于 6259.18 点。对比转债市场与权益市场，中证转债相较于中证全指绝对收益 为-1.072%。 近一周（2026-01-26 至 2026-01

Investment Rating - The investment rating for the company is "Hold" (initial coverage) [1] Core Viewpoints - The company, Zhigao Machinery, is a specialized manufacturer in the rock drilling equipment sector and has been recognized as one of the top 50 mining equipment manufacturers in China. The company focuses on providing energy-efficient, environmentally friendly, and high-efficiency drilling and air compressor products, with a strong emphasis on overseas market expansion [5][9][16] - The company's revenue for 2023 and 2024 is projected to be 840.37 million and 888.44 million yuan, respectively, reflecting year-on-year growth rates of 5.70% and 5.72%. This growth is supported by the "Belt and Road" initiative and an increase in the contribution of high-value-added integrated drilling machines [9][28] - The company has achieved a significant increase in overseas revenue, which grew from 0.13 million yuan in 2020 to 2.27 million yuan in 2024, with a compound annual growth rate of 104.23% [9][42] Financial Forecast - Total revenue is forecasted to reach 921.83 million yuan in 2025, with a growth rate of 3.76%, and 1,006.02 million yuan in 2026, with a growth rate of 9.13% [7] - The net profit attributable to shareholders is expected to be 124.83 million yuan in 2025, with a growth rate of 18.84%, and 151.37 million yuan in 2026, with a growth rate of 21.26% [7] - The company's earnings per share (EPS) is projected to be 1.40 yuan in 2025 and 1.70 yuan in 2026 [7] Company Overview - Zhigao Machinery was established in 2003 and is recognized as a high-tech enterprise specializing in the research, production, and sales of rock drilling equipment and air compressors. The company has a diverse product matrix and is actively involved in global market expansion [9][16][25] - The company has a stable and concentrated shareholding structure, with the largest shareholder holding 33.18% of the shares, which supports long-term development [19] Market Demand and Trends - The demand for rock drilling equipment is expected to grow due to increased infrastructure investment and mining activities, particularly in developing countries [47][61] - The company is focusing on high-end, automated, and intelligent drilling products, which are seen as the core direction for upgrading rock drilling equipment [60][67] - The global market for rock drilling equipment is projected to reach 831 million USD by 2031, with a compound annual growth rate of 4.60% from 2025 to 2031 [47][50]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of approximately 6.05 billion yuan in 2025, representing a year-on-year growth of about 19.5%. The net profit attributable to the parent company is projected to be between 670 million and 742 million yuan, with a growth rate of 10.22% to 22.06% [5] - The company has seen a significant increase in both domestic and international sales, with domestic sales expected to reach about 4.15 billion yuan (up 13.14%) and international sales around 1.9 billion yuan (up 36.20%) [5] - The company is actively enhancing its operational efficiency and sales efforts, contributing to sustained profitability improvements [8] - The global headquarters building has been completed, which will serve as a hub for the company's global operations and is expected to enhance collaborative efficiency [8] - The company has been recognized for its advancements in smart manufacturing, further strengthening its competitive position in the industry [8] Financial Forecasts - The company forecasts total revenue of 6.05 billion yuan for 2025, with growth rates of 19.46% for 2025, 23.21% for 2026, and 18.27% for 2027 [9] - The net profit attributable to the parent company is expected to be 729.5 million yuan in 2025, with a growth rate of 20.00% [9] - The earnings per share (EPS) are projected to be 1.56 yuan for 2025, increasing to 1.98 yuan in 2026 and 2.36 yuan in 2027 [9]

证券研究报告·金融工程报告 2026 年 2 月 2 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2026.02.02 ◆市场表现：2026 年 1 月 30 日, 各宽基指数（表 1）除了创业板指（1.27%）外全 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 部下跌，其中中证 500（-1.73%）和上证 50（-1.43%）跌幅最大。当年涨跌情况， 中证 500（12.12%）涨幅最大，其次是中证 1000（8.68%）和中证 2000（8.16%）， 中证全指（5.75%）和沪深 300（1.65%）涨幅缩小，而上证 50（1.17%）涨幅最小。 另外，中证全指连续三日连阴，沪深 300 连续三周连阴。 ◆均线比较：创业板指突破 20 日均线。除了创业板指，其余跟踪指数已全数跌破 5 日均线；除了上证 50 和创业板指，其余跟踪指数也同时跌破 10 日均线；上证 50 和沪深 300 跌破 20 日均线。中证 2000 距离近 250 日高位回撤最大，为 3.3%。 相关研究报告 态 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company is expected to achieve a net profit attributable to the parent company of 1.02-1.22 billion yuan in 2025, representing a year-on-year growth of 58.26%-89.29%. This growth is primarily driven by increased sales revenue from the company's main engine customers and a significant reduction in intermediary fees [5][8] - The company has established solid partnerships with major automotive manufacturers, including General Motors, BYD, and NIO, and is actively expanding its international business through a subsidiary in Thailand [8] - The automotive hose market in China is projected to grow, with estimated market sizes of 23.699 billion yuan, 24.756 billion yuan, and 27.090 billion yuan for 2023, 2024, and 2025 respectively, driven by the increasing complexity and value of hoses used in electric vehicles [8] Financial Forecast - Total revenue is forecasted to be 828.21 million yuan in 2023, increasing to 1,586.95 million yuan by 2027, with growth rates of 14.25%, 16.59%, 18.58%, 19.66%, and 15.75% respectively [7] - Net profit attributable to the parent company is projected to be 83.77 million yuan in 2023, with a significant increase to 140.35 million yuan by 2027, reflecting growth rates of 29.20%, -23.06%, 65.56%, 16.24%, and 13.16% respectively [7] - The earnings per share (EPS) is expected to rise from 0.85 yuan in 2023 to 1.43 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 25.71 to 15.35 [9][11]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][3][4] - **Risk Premiums**: The risk premium is calculated using the yield of 10-year government bonds as the risk-free rate. It measures the relative investment value and deviation of indices. For example, the current risk premium for the SSE 50 is 1.64%, with a 5-year historical percentile of 94.21%, while the CSI 500 has a negative risk premium of -0.98% and a 5-year historical percentile of 16.35%[27][31][34] - **PE-TTM**: The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation reference. The CSI All Share Index and CSI 500 have the highest 5-year historical percentiles at 99.92% and 99.75%, respectively, indicating high valuation levels. In contrast, the SSE 50 and ChiNext Index have lower percentiles at 85.87% and 62.89%, respectively[39][42][44] - **Dividend Yields**: Dividend yield reflects the cash dividend return rate. The current dividend yield for the SSE 50 is 3.19%, while the CSI 500 and CSI 2000 have lower yields at 1.21% and 0.71%, respectively. The ChiNext Index has a 5-year historical percentile of 56.20%, indicating a relatively high historical level[48][53][55] - **Net Asset Ratios**: The net asset ratio measures the proportion of stocks trading below their net asset value. Currently, the SSE 50 has the highest ratio at 24.0%, while the CSI 2000 has the lowest at 2.35%, reflecting market valuation attitudes[54][57]