海天水务集团股份公司 关于控股股东部分股份解除质押的公告 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。 重要内容提示： 截至本公告日，海天水务集团股份公司（以下简称"公司"）控股股东 四川海天投资有限责任公司（以下简称"海天投资"）持有公司股份总数为 267,768,008 股，占公司总股本的 57.99%，本次股份解除质押完成后，海天投 资累计质押公司股份数量为 120,300,000 股，占其持有公司股份的 44.93%，占 公司总股本的 26.05%。 截至本公告日，海天投资及其一致行动人费功全、费伟、成都大昭添澄 企业管理中心（有限合伙）（以下简称"大昭添澄"）合计持有公司股份总数为 286,435,616 股，占公司总股本的 62.03%。本次股份解除质押完成后，海天投资 及其一致行动人控制的股份累计质押 120,300,000 股，占其持有公司股份的 42.00%，占公司总股本的 26.05%。 证券代码：603759 证券简称：海天股份 公告编号：2026-006 | 股东名称 | 四川海天投资有限责任公司 | ...

Group 1 - The core point of the article is that Haitan Co., Ltd. announced the release of 13.55 million shares pledged by its controlling shareholder, Sichuan Haitan Investment Co., Ltd. [1]

Market Overview - The equity-like market experienced a volatile upward trend from January 19 to 23, with the overall market index rising by 1.81% and the convertible bond index increasing by 2.92% during this period [5] - The convertible bond market saw a significant increase in trading activity, with the average daily trading volume dropping from 1045.15 billion to 932.94 billion [25] Convertible Bond Valuation - As of January 23, 2026, the median price of convertible bonds surpassed 140 yuan, indicating a shift in the reference significance of absolute prices [20] - The valuation of convertible bonds has shown a divergence, with debt-type bonds experiencing a slight decline in valuation while equity-type bonds continued to stretch [10][18] - The pricing anchor for convertible bonds has weakened, with a notable decrease in the proportion of low-priced convertible bonds, particularly those priced below 120 yuan [18] Sector Performance - The performance of convertible bonds varied by sector, with notable gains in upstream resources and high-end manufacturing sectors, such as textiles and apparel, which rose by 7.44%, and steel and petrochemicals, which increased by 6.67% and 6.65%, respectively [8] - Conversely, sectors like social services and media showed weaker performance, with declines of 7.53% and 1.93% [8] Investment Strategy - The current market conditions suggest that investors should focus more on equity timing indicators rather than relying solely on convertible bond metrics, as the significance of various convertible bond indicators is diminishing [20] - Despite the high valuation levels, the internal momentum for buying remains strong, and investors seeking relative returns are encouraged to continue participating in the market [20] Supply and Issuance - The total issuance of convertible bonds in 2026 reached 57.80 billion yuan, which is relatively low compared to recent years, with new issuances including Aiwei Convertible Bond at 19.01 billion yuan and Longjian Convertible Bond at 10.00 billion yuan [25]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Recently, small and micro-cap stocks have been active. Despite policy cooling signals, they still benefit from loose liquidity. The CSI 2000 and Wind Small and Micro-cap Index have led the gains, which is suitable for the convertible bond style. The underlying stocks of convertible bonds have risen significantly, and the convertible bonds have simultaneously increased in valuation. Valuation indicators such as the convertible bond's 100-yuan premium rate and median price have reached new highs since 2017. Structurally, the price ranges of 130 - 140 yuan and above 150 yuan have shown strong performance. High-parity convertible bonds remain active, while newly issued convertible bonds have relatively poor performance. Currently, the bull market expectation in the equity market is relatively consistent, with high capital activity. Convertible bonds are experiencing a "double hit" market of parity and valuation. However, in the state of strong equity characteristics and high conversion premium rates, it is still necessary to beware of the forced redemption risk of individual bonds [1][2]. 3. Summary by Relevant Catalogs 3.1 Weekly Viewpoint and Outlook - Small and micro-cap stocks are active, and convertible bonds are in a "double hit" market of parity and valuation. However, the forced redemption risk of individual bonds needs to be watched out for [1][2]. 3.2 Convertible Bond Valuation - This week, the underlying stocks of convertible bonds performed actively, and the convertible bonds rose synchronously. The 100-yuan premium rate increased by 0.9% to 33.5%, reaching the 100th percentile since 2017. Currently, the 100-yuan premium rate of convertible bonds is still above the 2 - standard deviation [3]. - The valuations of convertible bonds in each parity range have increased significantly. The valuation increase in the equity - biased area is slightly higher than that in the debt - biased area, but the overall gap has narrowed compared with the previous period. The valuation in the 120 - 140 yuan parity range has increased significantly, mainly due to the significant increase in the activity of the underlying stocks. The valuation in the parity range above 140 yuan has only increased slightly, mainly due to the disturbance of forced redemption [7]. - From the perspective of individual bonds, in the high - parity area, Xinfu and Yinbang have entered the forced redemption process, and the expectation of forced redemption has increased, resulting in a relatively large decline in the conversion premium rate. Shuangliang, Hebang, Ruike, Zhoubang, Hengshuai, and Daimei have significantly increased their valuations due to the obvious rise of their underlying stocks. The valuations in the balanced and debt - biased areas have generally increased slightly. The valuations of near - maturity convertible bonds are weak. In addition, the valuation of the newly issued Anke convertible bond is slowly shrinking due to the weak performance of its underlying stock [8]. 3.3 Clause Tracking 3.3.1 Redemption - This week, Tianjian, Fuli, Sailong, Shentong, Beigang, and Huazheng convertible bonds announced redemptions, and 2 convertible bonds announced non - redemptions, with a forced redemption rate of 75%. Currently, there are 49 convertible bonds in the redemption process. Next week, 8 are expected to meet the redemption conditions, and 10 are expected to issue announcements of potential redemption triggers. In addition, 26 convertible bonds are expected to enter the forced redemption counting period within the next month [1][17][19]. 3.3.2 Downward Revision - This week, Hongchuan convertible bond proposed a downward revision, and Fangyuan convertible bond announced the downward revision result (not revised to the bottom). As of now, 101 convertible bonds are in the temporary non - downward revision range, 20 convertible bonds cannot be downward - revised due to net asset constraints, 1 convertible bond has triggered the condition and the stock price is still lower than the downward - revision trigger price but no announcement has been made, 16 convertible bonds are accumulating downward - revision days, and 3 convertible bonds have issued downward - revision board plans but have not yet gone to the general meeting of shareholders [1][23]. 3.3.3 Put Option - This week, no convertible bonds issued conditional put option announcements. As of now, 3 convertible bonds are accumulating put option trigger days, among which 1 convertible bond proposed a downward revision, and 2 convertible bonds are in the temporary non - downward revision range [1][27]. 3.4 Primary Issuance - As of now, there are 10 convertible bonds in the process of consent registration, with a to - be - issued scale of 8.8 billion yuan, and no convertible bonds are in the process of passing the listing committee [29].

Group 1 - The core point of the article is that Haitan Co., Ltd. reported a total of 32,135 shareholders as of January 9, 2026 [2]

Group 1 - The core point of the article is that Haitan Co., Ltd. (603759) reported a total of 42,458 shareholders as of January 20, 2026 [1]

Group 1 - The company plans to provide a performance guarantee to China Construction Sixth Engineering Bureau for its subsidiary Zhongyuan Yuhong's construction project [1][4] - The total credit limit for 2026 is set at RMB 461 million, with the company providing guarantees up to RMB 231 million for its subsidiaries [2] - The maximum guarantee amount for the current agreement is RMB 6,692,964.90, with a guarantee period of one year from the effective date of the letter of guarantee [4] Group 2 - The guarantee is deemed necessary for the stable operation of the subsidiary and aligns with the company's overall development strategy [6] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 311,705.60 million, which is 113.62% of the company's latest audited net assets [6]

证券代码：603759 证券简称：海天股份 公告编号：2026-005 海天水务集团股份公司 关于为控股子公司提供履约担保的公告 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。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 担保余额（不含本 | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | | | | 次担保金额） | | 额度内 | 反担保 | | 四川中源宇宏建筑工 程有限公司（以下简称 | 6,692,964.90 元 | 元 | 0 | 是 | 否 | | "中源宇宏"） | | | | | | 二、被担保人基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股 | 311,705.60 （包含本次担保） | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 113.6 ...

Core Viewpoint - The company, Haitian Shares (603759.SH), expects a significant decrease in net profit for the fiscal year 2025, projecting a range of 189 million to 226 million yuan, which represents a year-on-year decline of 31.57% to 42.77% [1] Financial Projections - The anticipated net profit attributable to shareholders is projected to be between 166 million and 203 million yuan, reflecting a decrease of 33.40% to 45.54% year-on-year [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be between 140 million and 177 million yuan, indicating a decline of 34.89% to 48.50% compared to the previous year [1] Reasons for Performance Decline - The primary reasons for the profit reduction include difficulties in project payment collections from local governments, leading to an increase in accounts receivable [1] - Certain wastewater treatment projects did not meet the conditions for price adjustments, resulting in a decrease in revenue from price adjustments [1] - The acquisition of new energy and new materials business has led to an increase in financial expenses year-on-year, along with corresponding intermediary fees related to project mergers and acquisitions [1] Strategic Developments - The company has completed the acquisition of the photovoltaic silver paste division of Heraeus and the Dazhou waste incineration power generation project, initiating a new dual-driven development model focusing on "environmental protection + new energy materials" [1]

Group 1 - The core viewpoint of the article indicates that Haitai Co., Ltd. experienced a significant stock price drop of 5.24% as of 9:32 AM today, with a trading volume of 4.09 million shares and a transaction amount of 49.72 million yuan, resulting in a turnover rate of 0.89% [2] - The company has released its latest earnings forecast, projecting a net profit of 166 million to 203 million yuan for 2025, which represents a year-on-year decline of 33.40% to 45.54% [2] - In contrast, other companies that announced their 2025 earnings forecasts today, such as Huace Testing, Mingtai Aluminum, and ST Yuanzhi, showed strong stock performance with increases of 10.78%, 8.86%, and 5.07% respectively [2] Group 2 - From a funding perspective, Haitai Co., Ltd. has seen a net inflow of main funds totaling 9.21 million yuan over the past five days, with a net inflow of 489,600 yuan on the previous trading day [2]