东吴证券晨会纪要-20260309

Macro Strategy - The report emphasizes the deep integration of capital markets with technological innovation and industrial upgrades, highlighting the significant support for hard technology and emerging industries in recent years [1][11][12] - The introduction of two key incremental policies by the China Securities Regulatory Commission (CSRC) aims to enhance the service capabilities of capital markets for technological innovation and industrial upgrades, transitioning from scale expansion to quality improvement [1][11][12] - The policies are expected to enrich the narrative of technology in the A-share market and strengthen the resilience and international attractiveness of the market through the continuous introduction of medium- and long-term funds [1][11][12] Fixed Income - Xianghe Convertible Bond (113701) is set to start online subscription on March 3, 2026, with a total issuance scale of 400 million yuan, aimed at funding projects in intelligent equipment production and plastic modification materials [3][15] - Tonglian Convertible Bond (118066) will also begin online subscription on March 2, 2026, with a total issuance scale of 576 million yuan, intended for the construction of a new smart home appliance manufacturing base [4][17] - The report suggests that both convertible bonds have moderate dilution rates and are expected to have specific price ranges on their listing days, indicating a positive outlook for investor interest [4][17] Industry Analysis - Changchuan Technology (300604) is identified as a leading supplier of core equipment for semiconductor testing, with an upward revision of profit forecasts for 2025-2027, reflecting strong growth potential in the domestic semiconductor equipment market [7] - Dajin Heavy Industry (002487) is transitioning from a product provider to a comprehensive solution service provider, with adjusted profit forecasts for 2026-2027 due to increased competition and trade protectionism [8] - Yixin Group (02858.HK) shows promising growth in its SaaS business, with revised profit forecasts for 2026-2028, indicating a strong competitive position in the automotive finance sector [9] - Putailai (603659) is expected to benefit from new product contributions, with profit forecasts for 2026-2028 reflecting a positive growth trajectory across multiple business segments [10]