Market Overview - The non-metal materials sector experienced a decline of 2.06% on January 13, with Changjiang Materials leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable stock performances in the non-metal materials sector included: - Bingyang Technology: Closed at 10.69, up 1.42% with a trading volume of 45,000 shares [1] - Qilu Huaxin: Closed at 7.84, up 0.90% with a trading volume of 24,500 shares [1] - Changjiang Materials: Closed at 28.15, down 3.89% with a trading volume of 110,000 shares and a transaction value of 315 million [2] - Longgao Co.: Closed at 47.40, down 1.50% with a trading volume of 58,900 shares and a transaction value of 282 million [2] Capital Flow - The non-metal materials sector saw a net outflow of 189 million from institutional investors, while retail investors had a net inflow of 105 million [2] - The capital flow for specific stocks included: - Kuncai Technology: Net inflow of 743.95 thousand from institutional investors [3] - Longgao Co.: Net outflow of 3004.40 thousand from institutional investors [3] - Strength Diamond: Net inflow of 2396.86 thousand from retail investors [3]

Macro Strategy - The report anticipates a "good start" for financial data in January 2026, driven by seasonal factors and government fiscal policies [1][11] - The U.S. economy shows mixed signals, with a surprising drop in unemployment alleviating some market concerns, while geopolitical tensions and unresolved tariff issues add uncertainty [1][11] - The expectation for Q1 2026 is a potential upward pulse in the U.S. economy, benefiting risk assets like equities and commodities [1][11] Financial Products - A-share trading volume surpassed 30 trillion yuan, indicating heightened trading sentiment, but also suggesting potential for increased short-term volatility [2][12] - The macro timing model for January 2026 scores 0, historically correlating with a 76.92% probability of A-share index gains in the following month [2][12] - The report recommends a balanced ETF allocation strategy, focusing on sectors showing strength and those rebounding from lows [2][12] Fixed Income - The report discusses the "stock-bond seesaw effect," highlighting a steepening yield curve under a loose monetary policy environment [5][14] - The central economic work conference indicates a flexible approach to monetary policy, with potential for reserve requirement ratio cuts and interest rate reductions in Q1 2026 [5][14] - The bond market is experiencing adjustments, with a notable shift of funds from bonds to equities, influenced by strong stock market performance [5][14] Industry Recommendations - Xianle Health (300791) is highlighted for its commitment to innovation and growth potential in the health sector [7] - WeRide (00800.HK) is positioned as a leader in the Robotaxi space, expected to benefit from policy support and technological advancements, with projected revenues increasing significantly from 5.55 billion yuan in 2025 to 19.87 billion yuan by 2027 [7] - Haidilao (06862.HK) maintains a strong market position with a focus on operational efficiency and new brand development, projecting net profits to grow from 42.28 billion yuan in 2025 to 51.13 billion yuan in 2027 [8] - Lingyun Co. (600480) is recognized for its leadership in the automotive parts sector, with expected net profits rising from 8.01 billion yuan in 2025 to 10.55 billion yuan in 2027 [9]

Core Viewpoint - The non-metal materials sector experienced a slight increase of 0.09% on January 12, with Changjiang Materials leading the gains. The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1]. Group 1: Stock Performance - Changjiang Materials (001296) closed at 29.29, with a rise of 3.68% and a trading volume of 157,300 shares, amounting to a transaction value of 458 million yuan [1]. - Dongfang Suosuo (920175) closed at 12.20, increasing by 3.39% with a trading volume of 37,000 shares, totaling 44.41 million yuan [1]. - Tianma New Materials (920971) closed at 32.97, up 2.71% with a trading volume of 45,200 shares, resulting in a transaction value of 146 million yuan [1]. - Other notable stocks include Ningxin New Materials (920719) at 13.65 (+2.32%), Qilu Huaxin (920832) at 7.77 (+2.24%), and Kuncai Technology (603826) at 17.77 (+2.07%) [1]. Group 2: Capital Flow - The non-metal materials sector saw a net outflow of 147 million yuan from institutional investors, while retail investors contributed a net inflow of 126 million yuan [2]. - The capital flow data indicates that Longgao Co. (605086) had a net outflow of 26.79 million yuan from institutional investors, while retail investors contributed a net inflow of 26.81 million yuan [3]. - Changjiang Materials (001296) experienced a net inflow of 14.46 million yuan from institutional investors, with a net outflow of 19.11 million yuan from retail investors [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The convertible bond market sentiment is high due to the strengthening of equities and seasonal effects. The equity market rose rapidly after the New Year's Day holiday, and the convertible bond market also performed strongly. The median market price of convertible bonds increased by 5 yuan to 138 yuan, and the valuation continued to rise while the underlying stocks were rising. The premium rates of convertible bonds in each parity range are close to the 100% quantile of historical levels, and the convertible bond ETF shows a significant net inflow trend. Looking forward, due to seasonal effects, some institutions with calendar - year assessments such as annuities and securities dealers' proprietary trading may gradually increase their positions in January. There is still a small room for the valuation of convertible bonds to increase. Relative - return investors are advised to allocate small - position and well - balanced non - redeemable equity - biased convertible bonds with suitable premium rates, and absolute - return investors are recommended to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations [2][16] Summary by Relevant Catalogs Market Focus (January 5 - January 9, 2026) Stock Market - A - shares rose rapidly after the New Year's Day holiday, with the Shanghai Composite Index breaking through 4000 points and the daily trading volume reaching nearly 3 trillion yuan. The technology - growth style led the rise, with sectors such as brain - computer interface, commercial aerospace, and controllable nuclear fusion performing well, while the dividend sector lagged behind. By industry, most Shenwan primary industries rose, with the comprehensive (14.55%), national defense and military industry (13.63%), media (13.10%), non - ferrous metals (8.56%), and computer (8.49%) sectors leading the gains, and the banking (-1.90%), transportation (0.23%), petroleum and petrochemical (0.29%), and agriculture, forestry, animal husbandry and fishery (0.98%) sectors performing poorly [1][6][7] Bond Market - At the beginning of the year, the central bank continued to conduct net withdrawals in the open market, but the capital market remained generally balanced and loose. Affected by the continuous rise of the equity market and the strong performance of the commodity market, the bond market was generally weak in shock. The 10 - year Treasury bond yield closed at 1.88% on Friday, up 1.98bp from the previous week [1][7] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index rose 4.45% for the whole week, the median price rose 3.60%, and the arithmetic average parity calculated by the report rose 5.79%. The overall conversion premium rate decreased by 0.55% compared with the previous week. In terms of individual bonds, the convertible bonds of Seli (AI medical), Dingjie (AI application), Dinglong (semiconductor), Shengxun (AI security), and Borui (innovative drugs) led the gains, while those of Tianchuang (control right change), Dianhua (solid - state battery), Huarui (CNC cutting tools & announced forced redemption), Huanxu (sip module & announced forced redemption), and Maolai (precision optics) led the losses. The total trading volume of the convertible bond market last week was 468.504 billion yuan, with an average daily trading volume of 93.701 billion yuan, an increase from the previous week [1][7][11] Views and Strategies (January 12 - January 16, 2026) - The convertible bond market sentiment is high under the strengthening of equities and seasonal effects. The equity market rose rapidly after the New Year's Day holiday, and the convertible bond market also performed strongly. From the data of convertible bond holders in December, public funds and social security funds increased their positions, while the positions of insurance and annuity institutions reached the lowest level since 2022, and the reduction of securities dealers' proprietary trading has slowed down. Looking forward, due to seasonal effects, some institutions may gradually increase their positions in January, and the convertible bond valuation still has a small room for improvement. Relative - return investors are advised to allocate non - redeemable equity - biased convertible bonds with suitable premium rates in small positions, and absolute - return investors are recommended to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations [2][16] Valuation Overview - As of January 9, 2026, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan are 51.34%, 41.94%, 29.84%, 26.12%, 23.41%, and 17.71% respectively, located at the 99%/100%, 98%/100%, 96%/99%, 99%/100%, 98%/100%, and 99%/100% quantiles since 2010/2021. For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan is - 4.06%, located at the 2%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds is 50.47%, located at the 96%/100% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is 9.41%, located at the 97%/100% quantiles since 2010/2021 [17] Primary Market Tracking - Last week (January 5 - January 9, 2026), Lianrui Convertible Bond announced its issuance, and no convertible bonds were listed. The underlying stock is Lianrui New Materials, a leading company in the basic chemical industry. The scale of the convertible bond issuance is 695 million yuan, and after deducting the issuance fees, it is planned to be used for high - performance high - speed substrate ultra - pure spherical powder material projects, high - thermal - conductivity high - purity spherical powder material projects, and supplementary working capital. As of the announcement on January 9, there are no convertible bonds announced for issuance or listing in the next week. Last week, there was 1 new company approved for registration by the exchange (Naipu Mining Machinery), 1 new company accepted by the exchange (Shangluo Electronics), and 4 new companies with board proposals (Quanxin Co., Ltd., Fujia Co., Ltd., Yilian Technology, Zhenhua Co., Ltd.). As of now, there are 97 convertible bonds to be issued, with a total scale of 150.27 billion yuan, including 7 approved for registration with a total scale of 8.34 billion yuan and 5 approved by the listing committee with a total scale of 2.91 billion yuan [24][25]

江苏联瑞新材料股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：国泰海通证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《江苏联瑞新材料股份有限公司向不特定对象发行可转换公司债券发行 公告》，本次发行的发行人江苏联瑞新材料股份有限公司（以下简称"联瑞新材"） 及保荐人（主承销商）国泰海通证券股份有限公司于 2026 年 1 月 9 日（T+1 日） 主持了联瑞新材可转换公司债券（以下简称"联瑞转债"）网上发行中签摇号仪式。 摇号仪式按照公开、公平、公正的原则在有关单位代表的监督下进行，摇号结果 经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"6"位数 | 273742，398742，523742，648742，773742，898742，148742，023742 | | 末"7"位数 | 9561144，7561144，5561144，3561144，1561144，8610109，3610109 | ...

Investment Rating - The report maintains a "Strong Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price is supported in the short term by geopolitical risks, particularly due to tensions between the U.S. and Venezuela, as well as instability in the Middle East [6]. - The supply of oil from Venezuela may see a recovery, but significant uncertainties remain regarding the scale of production due to the need for substantial investment [6]. - The fluorochemical sector is expected to maintain high levels of activity due to supply constraints and favorable demand driven by policy support [6]. - The semiconductor materials sector is experiencing a positive cycle with improving fundamentals and domestic substitution trends [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions are influencing oil prices, with WTI crude futures rising by 2.72% and Brent crude by 3.70% in early January 2026 [6]. - The U.S. Treasury Secretary indicated potential easing of sanctions on Venezuela, which could lead to increased oil supply, but investment interest from U.S. companies remains cautious [6]. - The macroeconomic outlook includes a projected 150 basis point rate cut by the Federal Reserve in 2026, with stable employment growth signals [6]. Fluorochemicals - The supply quota for HFCs has increased slightly, with a total of 797,845 tons for 2026, which is a year-on-year increase of 5,963 tons [6]. - The demand for refrigerants is expected to grow due to continued government subsidies and favorable policies, particularly in the home appliance and automotive sectors [6]. - The production of household air conditioners is projected to increase by 11% year-on-year in January 2026, indicating strong demand [6]. Semiconductor Materials - The semiconductor materials sector is benefiting from a positive inventory destocking trend and improving end-market fundamentals [7]. - The report suggests that the sector may see further upward movement due to cyclical recovery and domestic substitution [7]. - Companies to watch include Shanghai Xinyang, Lianrui New Materials, and Qiangli New Materials [7].

数据来源：国家统计局，智研咨询整理 上市公司：常铝股份（002160），亚太科技（002540），银邦股份（300337），东华能源（002221）， 宝利国际（300135），特瑞斯（834014），石英股份（603688），联瑞新材（688300），味知香 （605089），维维股份（600300），华源控股（002787），沪江材料（870204），佳合科技 （872392），永悦科技（603879），兴业股份（603928），无锡鼎邦（872931），亚星客车 （600213），宁沪高速（600377） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2016-2025年1-11月江苏省工业企业数统计图 相关报告：智研咨询发布的《2026-2032年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-11月，江苏省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， ...

Core Viewpoint - The launch of Lianrui Convertible Bond marks the first new bond issuance in the convertible bond market for 2026, indicating a growing interest and expectation for future issuances in the market [1][3]. Group 1: Lianrui Convertible Bond Details - Lianrui Convertible Bond has a total issuance amount of 695 million yuan, with funds allocated for high-performance substrate materials projects and working capital [2]. - The issuer, Lianrui New Materials, is a leading company in inorganic non-metallic powder materials, benefiting from the demand for AI computing power and domestic substitution [3]. - The bond attracted 9.2173 million investors, setting a record for subscription numbers since October 2023, with a low winning rate of 0.0009% [3]. Group 2: Market Trends and Issuance - The pace of convertible bond issuance is accelerating, with 35 companies having announced plans for issuance since October 2025, totaling 37.247 billion yuan [4]. - The total planned issuance from companies that have received approval since November 2025 amounts to 10.249 billion yuan [4]. - The convertible bond market is expected to see a significant increase in issuance volume in 2026, potentially reaching 60 billion yuan if the growth rate remains consistent with 2025 [6]. Group 3: Market Supply and Demand Dynamics - Despite the increase in issuance pace, the market still faces a supply-demand imbalance, with 411 existing convertible bonds totaling 556.015 billion yuan as of January 9 [7]. - The demand for convertible bonds remains strong, driven by their attractive risk-return profile, especially in a volatile stock market [8]. - The exit of convertible bonds through forced redemption is expected to continue, with a significant number of bonds maturing in 2026, which may exacerbate the supply-demand imbalance [8].

Core Viewpoint - The launch of Lianrui Convertible Bond marks the beginning of the 2026 convertible bond issuance, with expectations for increased issuance scale and market performance in the coming year [1][4]. Group 1: Lianrui Convertible Bond Details - Lianrui Convertible Bond, issued by Lianrui New Materials, has a total issuance amount of 695 million yuan, with funds allocated for high-performance materials projects and working capital [3]. - The company is a leader in inorganic non-metallic powder materials, benefiting from the growth in AI computing power and domestic substitution trends, with a reported revenue of 824 million yuan and a net profit of 220 million yuan for the first three quarters of 2025, reflecting year-on-year growth of 18.76% and 19.01% respectively [4]. - The bond attracted 9.2173 million investors, setting a record for subscription numbers since October 2023, with a low winning rate of 0.0009% [4]. Group 2: Market Trends and Issuance Pace - The pace of convertible bond issuance is accelerating, with 35 companies having announced issuance plans since October 2025, totaling a scale of 37.247 billion yuan [6]. - An additional 11 companies have received approval for their issuance plans since November 2025, with a combined issuance scale of 10.249 billion yuan [6]. - The total planned issuance from companies like Zhenhua Co., Yilian Technology, and others indicates a growing trend, with Yilian Technology planning the largest issuance of 1.2 billion yuan [7]. Group 3: Market Supply and Demand Dynamics - Despite the increase in issuance plans, the market remains characterized by a supply-demand imbalance, with 411 existing convertible bonds and a total balance of 556.015 billion yuan as of January 9 [10]. - The demand for convertible bonds remains strong, particularly in a volatile stock market, but the limited supply has led to inflated prices for some popular bonds, increasing investment risks [11]. - The exit of convertible bonds through forced redemption is expected to continue, with a significant number maturing in 2026, potentially exacerbating the supply-demand imbalance [11]. Group 4: Future Outlook - The issuance volume of convertible bonds is expected to increase in 2026, with a projected annual issuance scale of around 60 billion yuan if the growth rate remains consistent with 2025 [8][12]. - The low-interest-rate environment and potential regulatory easing may further stimulate demand for convertible bonds, particularly from companies in high-end manufacturing and technology sectors [12].

Core Viewpoint - The non-metal materials sector experienced a 1.2% increase on January 9, with Changjiang Materials leading the gains, while the Shanghai Composite Index rose by 0.92% and the Shenzhen Component Index increased by 1.15% [1] Group 1: Market Performance - The non-metal materials sector saw a closing price increase, with Changjiang Materials closing at 28.25, up by 5.02% [1] - The sector's trading volume was significant, with Changjiang Materials recording 146,600 shares traded and a transaction value of 412 million yuan [1] - Other notable performers included Suotong Development, which closed at 26.42, up by 2.92%, and Lianrui New Materials, which closed at 64.05, up by 1.30% [1] Group 2: Capital Flow - The non-metal materials sector had a net inflow of 19.07 million yuan from institutional investors, while retail investors contributed a net inflow of 40.74 million yuan [1] - Notably, Lianrui New Materials had a net inflow of 11.17 million yuan from institutional investors, despite a net outflow of 23.24 million yuan from speculative funds [2] - Changjiang Materials experienced a net outflow of 5.81 million yuan from institutional investors, but had a net inflow of 14.06 million yuan from speculative funds [2]