证券研究报告 固收专题报告 hyzqdatemark 2026 年 03 月 07 日 高票息信用债 3 月择券指南 ——2026 年 3 月信用票息资产梳理 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 信用债市场"资产荒"加剧的背景下，本文旨在梳理截至 2026/3/1 不同信用品种的 票息资产分布情况，以供投资人参考。 联系人 截至 2026/3/1，全市场传统信用债（不含可转债、可交债、ABS）合计规模为 480,013 亿元。其中，城投债余额合计为 160,121 亿元，占比 33.4%；产业债余额合计为 136,550 亿元，占比 28.4%；银行二永债余额合计为 70,427 亿元，占比为 14.7%。 截至 2026/3/1，高票息（指行权估值收益率≥2.1%，下同）传统信用债余额合计为 123,411 亿元，占总体规模的比例为 25.7%。 城投债：截至 2026 ...

Core Viewpoint - China Cinda Asset Management Co., Ltd. did not execute any share reduction plan for Founder Securities during the specified period from November 26, 2025, to February 25, 2026, despite an initial plan to reduce up to 82.32 million shares, which represents 1% of the total share capital [1][2] Group 1: Share Reduction Plans - The share reduction plan was first announced on November 4, 2025, with a potential cash-out of approximately 676 million yuan based on the closing price of 8.21 yuan per share [1] - This is not the first instance of China Cinda not executing a share reduction; there have been three previous occasions where reduction plans were announced but not carried out [1][2] - The three actual reductions occurred in July 2023, April 2024, and August 2024, with a total reduction from 8.62% to 7.2% of shareholding [1] Group 2: Market Environment and Performance - The reasons for not executing the reduction plans were attributed to changes in the market environment [2] - As of now, China Cinda holds approximately 593 million shares of Founder Securities, accounting for 7.2% of the total share capital, making it the third-largest shareholder [2] - Founder Securities is one of the first comprehensive securities companies in China, having been listed on the Shanghai Stock Exchange in 2011, and is expected to achieve a net profit of 3.86 billion to 4.08 billion yuan for the fiscal year 2025, representing a year-on-year growth of 75% to 85% [2]

Group 1 - The major shareholder, China Cinda Asset Management Co., Ltd., held 309,250,000 shares of China Nuclear Engineering Construction Corporation, accounting for 10.26% of the total share capital before the reduction plan [1] - The reduction plan was disclosed on October 28, 2025, with a timeframe from November 19, 2025, to February 18, 2026, allowing for a maximum reduction of 30,138,342 shares [1] - As of February 18, 2026, China Cinda reduced its holdings by 8,035,400 shares, representing 0.2666% of the total share capital, completing the reduction plan [1] Group 2 - The reduction subject had no concerted actions with other parties [2] - The actual reduction complied with relevant laws and regulations, and the implementation was consistent with the previously disclosed reduction plan [2] - The reduction plan was not terminated early, and there were no violations of the reduction plan or other commitments [2]

Core Viewpoint - The four major national Asset Management Companies (AMCs) in China are focusing on their core responsibilities and aligning their operations with national strategies to enhance risk management and support high-quality economic development [1][5][9]. Group 1: Focus on Core Responsibilities - The AMCs emphasize the importance of maintaining their core function of handling non-performing assets and aligning their business development with national strategic needs, particularly in relation to the financial "five major articles" [2][5]. - Great Wall Asset Management aims to "precisely expand non-performing asset business" and innovate in real estate revitalization [2]. - CITIC Financial Asset Management stresses the need to "stick to the main battlefield of non-performing assets" and expand high-quality business investments [2]. Group 2: Risk Management - The AMCs are prioritizing risk prevention and management to ensure stable operations, with a focus on creating a robust "safety net" [9][12]. - Great Wall Asset Management has identified "risk prevention" as a key annual work line, while CITIC Financial Asset Management aims to "strengthen bottom-line thinking" [9][12]. - The AMCs are committed to building a comprehensive risk management system that is intelligent and covers all aspects of their operations [12][15]. Group 3: Technological Empowerment - The AMCs are pushing for digital transformation and talent development as key drivers for enhancing their core competitiveness [16]. - Great Wall Asset Management plans to deepen reforms in personnel, incentives, and management [16]. - CITIC Financial Asset Management aims to become a leader in industry transformation through the implementation of a "strong core" project [16].

Core Viewpoint - The financial maneuvers of Green Leaf Pharmaceutical, including the acquisition of a 25% stake in its subsidiary Nanjing Green Leaf and the introduction of high-interest financing, have drawn significant market attention due to their complexity and potential implications for the company's financial health [3][4][5]. Group 1: Acquisition and Financing Structure - Green Leaf Pharmaceutical announced the completion of a 25% stake buyback in Nanjing Green Leaf for approximately 1.086 billion yuan, with the stake now held by Nanjing Xinshi, a partnership involving Shandong Green Leaf and China Cinda Asset Management [3][6]. - The financing structure includes an 8.5% annual return for China Cinda, with a clear exit mechanism established through put options tied to Nanjing Green Leaf's future profitability and IPO plans [4][9]. - Nanjing Green Leaf is projected to achieve pre-tax net profits of 4.06 billion yuan in 2023 and 4.1 billion yuan in 2024, making it a core asset for Green Leaf Pharmaceutical [6][10]. Group 2: Financial Performance and Market Position - As of June 30, 2025, Green Leaf Pharmaceutical's capital debt ratio rose to 59.1%, primarily due to increased borrowings, with short-term loans reaching 7.668 billion yuan [8][9]. - Nanjing Green Leaf's main product, Lipusu, has faced pricing pressures and competition, impacting the company's revenue growth, which saw a decline of 1.3% year-on-year in 2024 [10][11]. - The company has 31 products in various stages of development in China, including 13 oncology products, and anticipates revenue growth driven by new product approvals and sales [11].

中国经济网北京2月4日讯 哈尔滨银行(06138)于1月30日发布有关标的债权的转让公告的补充公告。 哈尔滨银行于2025年12月29日刊发有关债权转让协议之公告，据此，公司同意将标的债权转让予中 国信达资产管理股份有限公司天津市分公司。 哈尔滨银行公告称，为协助股东及公司投资者更深入理解标的债权的转让，公司兹就标的债权的转 让之代价支付提供以下进一步资料： 于公告日期，买方已支付首付价款约人民币102.6百万元；如该公告所述，(i)受让标的债权的约定 转让价款为约人民币342.0百万元；及(ii)初始转让价款为约人民币233.7百万元，其中包括首付价款等； 根据债权转让协议，买方应于付款期限内（即自债权转让协议生效之日起36个月内，经双方同意可延 长），支付扣除首付价款后的初始转让价款余额，该金额约为人民币131.1百万元；视乎标的债权的清 收状况，买方亦须于付款期限内支付约定转让价款与初始转让价款之差额，该差额约为人民币108.3百 万元。 具体而言，若于付款期限内，从标的债权回收的金额超过初始转让价款，公司将有权收取超额部分 的85%，余下15%归买方所有。此85:15的分摊安排将持续适用，直至公司悉数 ...

Group 1 - Fenglong Co., Ltd. (002931) announced that its stock will resume trading on February 2 after completing an investigation into trading fluctuations, with a price increase of 405.74% over 17 consecutive trading days from December 25, 2025, to January 23, 2026 [2][14] - Jiamei Packaging (002969) also reported a stock price increase of 408.11% during the same period, indicating a significant deviation from its fundamentals, and will resume trading on February 2 after completing its investigation [2][15] Group 2 - The National Bureau of Statistics released the Purchasing Managers' Index (PMI) for January, showing a decline in manufacturing PMI to 49.3%, non-manufacturing business activity index to 49.4%, and composite PMI output index to 49.8%, indicating a slight economic slowdown [4] - The price index showed positive signals, with the main raw material purchase price index and factory price index both rising, the latter exceeding the critical point of 50% for the first time in nearly 20 months [4] Group 3 - The China Securities Regulatory Commission (CSRC) emphasized the need to consolidate the stable and positive momentum of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [7] - The CSRC is seeking public opinion on expanding the types of strategic investors and clarifying minimum shareholding requirements to strengthen regulatory measures [8] Group 4 - The Hong Kong Securities and Futures Commission announced the suspension of the review process for 16 IPO applications due to significant deficiencies in the preparation of listing documents and potential misconduct by sponsors [11] Group 5 - SpaceX plans to build an unprecedented satellite constellation with up to 1 million satellites to provide computational infrastructure for global AI development, marking a significant milestone in the integration of space computing and communication [13]

重点关注 锋龙股份（002931）2月1日晚间公告称，停牌期间，公司就股票交易波动情况进行了核查。目前，相关核查工作已完成，公司股票自2 月2日起复牌。公司股票自2025年12月25日至2026年1月23日已连续17个交易日涨停，价格涨幅为405.74%。 同日，嘉美包装（002969）公告称，公司股票自2025年12月17日至2026年1月23日期间价格涨幅为408.11%，已背离公司基本面。停 牌期间，公司就股票交易波动情况进行了核查。相关核查工作已完成。公司股票自2月2日起复牌。 宏观•要闻 统计局最新发布，重要经济数据出炉 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示，1月份，制造业采购经理指数（制造业PMI）、非制 造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。不过，价格指数 释放积极信号，1月份，主要原材料购进价格指数和出厂价格指数双双回升，其中出厂价格指数近20个月来首次升至临界点（50%）以上。同时，新动能 延续扩张态势，金融业商务活动指数较上月和去 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 证券代码：601611 证券简称：中国核建 公告编号：2026-005 重要内容提示： 中国核工业建设股份有限公司 ■ 关于持股5%以上股东权益变动 一、信息披露义务人及其一致行动人的基本信息 触及5%整数倍的提示性公告 投资者中国信达资产管理股份有限公司保证向本公司提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 1.身份类别 ■ 2.信息披露义务人信息 ■ 3.一致行动人信息 上述信息披露义务人无一致行动人。 二、权益变动触及5%整数倍的基本情况 近日，中国核工业建设股份有限公司（以下简称"公司"）收到公司持股5%以上股东中国信达资产管理 股份有限公司（以下简称"中国信达"）《简式权益变动报告书》，中国信达于2026年1月7日至2026年1 月9日通过集中竞价方式减持公司股份7,866,600股，约占公司股份总数的0.26%。本次权益变动后，中 国信达持股比例由10.26%变动为10.00%，触及5%整数倍，具体情况如下： ■ 注：本公告中所涉数据的尾数差异或不符系四舍五 ...

Core Viewpoint - Harbin Bank is optimizing its asset structure by transferring non-performing assets to China Cinda Asset Management Co., Ltd. Tianjin Branch for approximately RMB 3.42 billion, with an initial transfer price of about RMB 2.34 billion [1] Group 1: Debt Transfer Agreement - The debt transfer agreement was signed on December 29, 2025, where Harbin Bank (as the transferor) agreed to transfer certain debts to China Cinda Asset Management Co., Ltd. Tianjin Branch (as the transferee) [1] - The transferred debts include the principal and interest, along with other rights related to the debts, totaling a book balance of approximately RMB 5.74 billion as of the benchmark date of October 31, 2025 [1] Group 2: Asset Optimization - The transfer of non-performing assets is aimed at optimizing the company's asset structure, which is considered beneficial for the company and its shareholders [1] - The selection of China Cinda Asset Management Co., Ltd. Tianjin Branch as the buyer was conducted through a public bidding process [1]