东北固收转债分析：2025年12月十大转债

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Company Profile: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - Company Highlights: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - Company Profile: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - Company Highlights: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - Company Profile: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - Company Highlights: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - Company Profile: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - Financial Performance: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - Company Highlights: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - Company Profile: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - Company Highlights: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - Company Profile: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - Company Highlights: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - Company Profile: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - Company Highlights: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - Company Profile: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - Company Highlights: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - Company Profile: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - Company Highlights: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - Company Profile: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - Company Highlights: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].