- The report does not include any quantitative models or factors for analysis or construction[1][3][6] - The content primarily focuses on convertible bond market performance, individual bond performance, valuation analysis, and clause tracking without discussing quantitative models or factors[1][6][8] - No quantitative backtesting results or factor performance metrics are provided in the report[1][6][8]

Core Viewpoint - Shanghai New Touch Software Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price meeting specific criteria, leading to a decision to redeem all outstanding bonds at face value plus accrued interest [2][9]. Group 1: Convertible Bond Redemption - The company’s stock price from January 16 to February 5, 2026, met the condition of being at least 130% of the current conversion price of 10.53 CNY per share, specifically reaching 13.69 CNY per share for 15 out of 30 trading days [2][8]. - The board of directors convened on February 5, 2026, and approved the proposal to exercise the right of early redemption for the convertible bonds [9]. - Investors holding the convertible bonds can either trade them in the secondary market or convert them at the conversion price of 10.53 CNY per share, or face mandatory redemption at 100 CNY per bond plus accrued interest [2][9]. Group 2: Convertible Bond Issuance Overview - The company issued a total of 4,848,100 convertible bonds at a face value of 100 CNY each, raising a total of 484.81 million CNY, with trading commencing on November 2, 2022 [3]. - The bonds have a maturity period from September 27, 2022, to September 26, 2028, with a tiered interest rate structure starting at 0.5% in the first year and increasing to 3.0% by the sixth year [3]. Group 3: Conversion Price Adjustments - The conversion price has been adjusted multiple times due to various corporate actions, with the latest adjustment setting it at 10.53 CNY per share [4][5][6].

Group 1 - The company announced an early redemption of its convertible bonds, "New Zhisoft Convertible Bonds," at a price of 100 yuan per bond plus accrued interest [2] - The redemption date is set for February 5, 2026, with further details on the redemption registration and procedures to be announced later [2] - Investors have the option to trade in the secondary market or convert the bonds at a rate of 10.53 yuan per share; otherwise, they will face mandatory redemption [2]

上海新致软件股份有限公司（以下简称"公司"或"新致软件"）股票 自 2026 年 1 月 16 日至 2026 年 2 月 5 日期间，满足连续三十个交易日中有十五 个交易日的收盘价不低于"新致转债"当期转股价 10.53 元/股的 130%（含 130%）， 即 13.69 元/股，已触发"新致转债"的有条件赎回条款。根据《上海新致软件股 份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）中的条件赎回条款的相关约定，已触发"新致转债"提前赎回条件。 公司已于 2026 年 2 月 5 日召开第四届董事会第三十一次会议，审议通过 了《关于提前赎回"新致转债"的议案》，决定行使提前赎回权利，按照债券面值 加当期应计利息的价格对赎回登记日登记在册的"新致转债"全部赎回。 投资者所持"新致转债"除在规定时限内通过二级市场继续交易或按照 10.53 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应 计利息被强制赎回。若被强制赎回，可能面临较大投资损失。 一、可转债发行上市概况 | 证券代码：688590 | 证券简称：新致软件 | 公告编号：2026-009 ...

长江证券承销保荐有限公司 关于上海新致软件股份有限公司 提前赎回"新致转债"的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为上海 新致软件股份有限公司（以下简称"新致软件"、"公司"）2022 年向不特定对象发 行可转换公司债券的保荐机构，根据《可转换公司债券管理办法》《上海证券交 易所科创板上市公司自律监管指引第 1 号——规范运作》及《上海证券交易所上 市公司自律监管指引第 12 号——可转换公司债券》等有关规定，对新致软件本 次提前赎回"新致转债"的事项进行了审慎核查，核查情况及核查意见如下： 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意上海新致软件股份有限公司向不特定 对象发行可转债注册的批复》（证监许可［2022］1632 号）同意注册，公司向 不特定对象共计发行 4,848,100 张可转换公司债券，每张面值为人民币 100 元， 按面值发行，募集资金总额为人民币 48,481.00 万元。 经上海证券交易所自律监管决定书［2022］292 号文同意，公司本次发行的 48,481.00 万元可转换公司债券已于 2022 年 11 月 2 日起在上海证券交 ...

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

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《计算机板块持仓分析！CPU、沙箱、 Agent 全面分析！ ——计算机行业周报 20260119-20260124》 2026/01/24 《台积电 CapEx 指引算力需求确定性！ 2025 业绩前瞻！——计算机行业周报 20260112-20260116》 2026/01/17 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 罗宇琦 A0230124070004 luoyq@swsresearch.com 联系人 王开元 A0230125030001 wangky ...

Market Overview - The software development sector experienced a decline of 2.45% on January 30, with New Zhisoft leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the software development sector included: - *ST Huike (300561): Closed at 17.72, up 6.43% with a trading volume of 148,400 shares and a transaction value of 259 million [1] - *ST Guohua (000004): Closed at 12.62, up 4.99% with a trading volume of 55,300 shares [1] - Yingfang Software (688435): Closed at 61.91, up 4.19% with a trading volume of 63,600 shares [1] - Significant decliners included: - New Zhisoft (688590): Closed at 18.95, down 10.82% with a trading volume of 238,700 shares and a transaction value of 46.2 million [2] - Keda Automation (920932): Closed at 19.86, down 6.10% with a trading volume of 38,500 shares [2] - Deepin Technology (300454): Closed at 160.67, down 5.23% with a trading volume of 174,000 shares and a transaction value of 2.776 billion [2] Capital Flow - The software development sector saw a net outflow of 5.195 billion from institutional investors, while retail investors contributed a net inflow of 4.201 billion [2] - The capital flow for specific stocks showed: - Wanxing Technology (300624): Net inflow from institutional investors was 10.8 million, while retail investors had a net outflow of 12.4 million [3] - Xinghuan Technology (688031): Institutional net inflow was 71.7 million, with retail investors showing a net outflow of 5.7 million [3] - *ST Guohua (000004): Institutional net inflow was 15.9 million, while retail investors had a net outflow of 722.88 million [3]

Group 1: Convertible Bond Issuance Overview - The company issued a total of 4,848,100 convertible bonds at a face value of RMB 100 each, raising a total of RMB 48,481.00 million [2] - The bonds were listed on the Shanghai Stock Exchange on November 2, 2022, with a maturity period from September 27, 2022, to September 26, 2028, and a tiered interest rate structure [2] - The initial conversion price was set at RMB 10.70 per share, which has been adjusted multiple times due to various corporate actions [3] Group 2: Conditional Redemption Terms - The convertible bonds include conditional redemption terms, allowing the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the remaining unconverted bonds are less than RMB 30 million [4] - As of January 16, 2026, the stock price has been above the redemption threshold, indicating a potential trigger for the redemption clause [5] Group 3: 2025 Annual Performance Forecast - The company anticipates a net loss of between RMB 90 million and RMB 130 million for the year 2025, with a projected net profit attributable to shareholders after excluding non-recurring items ranging from RMB -102 million to RMB -148 million [10][11] - The previous year's performance showed a net profit of RMB 809.27 million, indicating a significant decline in profitability [13] - The decline is attributed to strategic transformation challenges, increased competition in traditional IT solutions, and substantial investments in new AI-related business ventures [15][16] Group 4: Factors Affecting Performance - The company is undergoing a strategic shift from traditional software services to AI and innovative products, which has led to short-term financial impacts [15] - Increased R&D investments aimed at enhancing core competitiveness have also contributed to the current financial strain [17] - The company has incurred significant expenses related to convertible bond interest and stock incentive plans, totaling RMB 4,423.99 million, further affecting profitability [17]

智通财经APP讯，新致软件(688590.SH)发布公告，公司预计2025年年度将出现亏损，实现归属于母公 司所有者的净利润为-9000万元到-1.3亿元。 ...