Core Viewpoint - The company has established deep collaborations with mainstream manufacturers in the industry for its ball silicon products used in M9-level high-performance electronic circuit substrates, and has initiated small batch sales [1] Group 1 - The company's Low α ball aluminum, a key filler for advanced packaging, is experiencing rapid sales growth and has become one of the few manufacturers capable of mass production of this material [1]

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） 数据来源：国家统计局，智研咨询整理 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1-12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， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为71372 个，和上年同期相比，增加了2696个，同比增长3.93%，占全国的比重为13.58%。 2016-2025年江苏省工业企业数统计图 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 ...

Report Industry Investment Rating No investment rating information provided in the report. Core Views of the Report - Although the convertible bond valuation is becoming increasingly frothy and the allocation cost - effectiveness is low, the long - term and slow - bull pattern of the equity market remains unchanged. With potential incremental funds in the future, the A - share market's long - term and slow - bull market is expected to continue. Against this backdrop, the convertible bond valuation may have room for further upside and still holds trading value, but with high volatility. In trading, avoid high - price and high - premium and near - call convertible bonds, and focus on industries with continuous upward momentum and high performance realization [1][25]. - Specific investment suggestions include: (1) Pay attention to convertible bonds in the AI technology field such as Aiwei Convertible Bond, Luwei Convertible Bond, Huamao Convertible Bond, and Chun23 Convertible Bond; (2) Focus on large - scale chemical, coal, and precious metal sectors, and suggest paying attention to Naipu Zhuan02 and Pingmei Convertible Bond; (3) Consider individual bonds at relatively low levels and on the verge of rising from the cycle bottom, such as Huitian Convertible Bond and Huakang Convertible Bond [1][25]. Summary by Relevant Catalogs 2.1 26 - year 1 - month Market Review - Equity Market - The equity market had a strong start in January 2026, driven by the continuation of the bullish sentiment at the end of 2025 and the capital allocation demand at the beginning of the year. The Shanghai Composite Index reached 4190.9 points on January 14, hitting a new high since September 24, 2024. The main market trends were driven by commercial space, AI, and the pro - cyclical market spurred by record - high precious metal prices. The market was cooled down by the increase in the minimum margin ratio for margin trading, but the bullish sentiment remained strong, and the index fluctuated upward. The monthly returns of the CSI 300, CSI 2000, and Wind Micro - cap Index were + 1.7%, + 8.2%, and + 10.6% respectively, and the Shanghai Composite and ChiNext Index rose by + 3.8% and + 4.5% respectively. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 3.04 trillion yuan, a significant increase from December 2025 [26]. - Most industry sectors in the equity market closed higher in January. The non - ferrous metals sector led the rise due to the sharp increase in COMEX gold, silver, and copper prices. The pro - cyclical sectors such as petrochemicals, chemicals, coal, and steel also performed well. The media and computer sectors were boosted by the development of AI applications. The electronics, power equipment, and military industries also showed some performance, while the consumption and large - scale financial sectors underperformed [29]. 2.2 26 - year 1 - month Market Review - Convertible Bond Market - In January, the convertible bond market was driven by both the underlying stocks and valuation, with the CSI Convertible Bond Index rising 5.8%, the same as the Wind All - A Index. Structurally, high - price, small - cap, and low - rating convertible bonds outperformed, and the high - price and low - premium convertible bonds significantly outperformed the double - low index. The average daily trading volume of the convertible bond market was 920.3 billion yuan, an increase from December 2025. In terms of industries, most of the 29 Shenwan industry convertible bond indexes rose, with machinery and communication leading the way. Among individual bonds, semiconductor - related convertible bonds such as Jingce Zhuan2, Huayi, and Dinglong Convertible Bond had the highest monthly returns [36][38]. 3. Convertible Bond Valuation - In January, the convertible bond valuation became more frothy. The 100 - yuan premium rate of the convertible bond market at the end of the month was 42.6%, up 4.45 percentage points from the end of December 2025, reaching the 99.5% and 99.3% quantiles since 2018 and 2021 respectively. The conversion premium rates for different par values of 40, 60, 80, 90, 110, 120, and 130 yuan increased by varying degrees compared to the end of December 2025 and were at high quantile levels [40]. - Measured by the median price of the whole market, the median price of convertible bonds at the end of the month was 140.0 yuan, up 6.3 yuan from the end of December 2025, and the median par value was 108.6 yuan, up 6.9 yuan. The median conversion premium rate and pure bond premium rate also changed compared to the end of December 2025 [47]. 4. Convertible Bond Supply and Demand 4.1 Convertible Bond Supply - In January 2026, the issuance scale of convertible bonds increased slightly year - on - year and month - on - month. Five new convertible bonds were issued, with a total scale of 57.8 billion yuan. Eight convertible bonds with a total scale of 55.87 billion yuan obtained registration approval, and 11 public convertible bond board proposals were announced, with a to - be - issued scale of 137.99 billion yuan. Thirteen convertible bonds announced call redemption and two matured and were redeemed [55][59][60]. 4.2 Convertible Bond Demand - In the context of the A - share market's trend, the share of convertible bond ETFs stopped falling and rebounded, and public funds further increased their positions in convertible bonds. Insurance funds continued to reduce their positions in convertible bonds due to the high valuation. The enterprise annuity's holdings of convertible bonds on the Shanghai and Shenzhen stock exchanges showed different trends, but overall, it was expected to maintain a slight reduction trend [61]. 5. Clause Tracking 5.1 Redemption - As of January 30, 13 convertible bonds were confirmed for call redemption, 21 were likely to be called, and 14 were not to be called [64]. 5.2 Downward Revision - As of January 30, four convertible bonds confirmed downward revisions, five proposed downward revisions, five were likely to trigger downward revisions, and 18 announced no downward revisions for the time being [67].

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI and Al-X photoresist are highlighted, with PSPI's market size in China estimated at 7.12 billion yuan in 2023 [8]. Investment Opportunities - The article identifies 14 key advanced packaging materials that are critical for the semiconductor industry, emphasizing the potential for domestic companies to capture market share from established foreign competitors [7][8]. - Companies like 鼎龙股份, 国风新材, and 三月科 are mentioned as potential leaders in the domestic market for advanced packaging materials [8]. Growth Projections - The market for conductive adhesives is expected to reach 3 billion yuan by 2026, while the chip bonding materials market is projected to grow from approximately $4.85 billion in 2023 to $6.84 billion by 2029 [8]. - The epoxy encapsulation materials market is anticipated to grow to $9.9 billion by 2027, indicating strong demand in the sector [8]. Competitive Landscape - The article outlines the competitive landscape, noting that foreign companies such as Fujifilm, Toray, and Dow currently dominate the market, but domestic firms are rapidly advancing [8]. - The need for innovation and investment in R&D is emphasized for domestic companies to successfully compete against established international players [8].

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

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Last week, the equity market style switched, with the small - cap style continuing to weaken. The convertible bond market adjusted with reduced volume, showing anti - decline properties, and the Wind Convertible Bond Weighted Index outperformed the Wind Convertible Bond Underlying Stock Weighted Index by 0.43 pcts. Convertible bond ETFs had a net subscription of 2.545 billion yuan, supporting the convertible bond valuation. [2] - In the short term, convertible bonds are expected to follow the underlying stocks in volatile consolidation, maintaining a structural market with rapid rotation. Large - cap and dividend convertible bonds are expected to continue to dominate. However, during the wide - range volatility period, convertible bonds have an asymmetric advantage. After the performance announcements, the risk - aversion sentiment in small - and micro - cap stocks will gradually ease, and the regulatory attitude will warm up. Before the Spring Festival, a new round of favorable and policy - game market is expected to start, with the market style switching back to small - cap dominance, which will drive the convertible bond market. [2] 3. Summary by Relevant Catalogs Policy Tracking - On January 27, the State Council issued the "Regulations for the Implementation of the Drug Administration Law of the People's Republic of China", which will come into force on May 15, 2026. It supports the development of new industrial formats, promotes the implementation of pharmaceutical innovation results, and improves various aspects of drug management. [3] - On January 29, the State Council issued the "Guidelines on Performance Comparison Benchmarks for Publicly Offered Securities Investment Funds", proposing 12 policy measures and identifying key service consumption areas such as transportation and household services, and strengthening support for cultivating new growth points in service consumption. [2][3] Secondary Market - **Equity Market**: Last week, major equity market indices closed down. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell 0.44%, 1.62%, and 0.09% respectively. Overseas, the Fed's hawkish nomination and the sharp adjustment in the precious metal market affected the global capital market. Domestically, although the profits of industrial enterprises above designated size increased in 2025, the January PMI index declined, and the market risk preference decreased. The small - and micro - cap stocks weakened, and the large - cap dividend stocks strengthened. [6] - **Convertible Bond Market**: Major convertible bond market indices followed the decline. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index fell 2.61%, 2.56%, and 2.61% respectively, with an average daily trading volume of 9.0209 billion yuan, a marginal decrease of 308.6 million yuan from the previous week. Convertible bond ETFs showed differentiation, with a net subscription of 2.545 billion yuan in total, supporting the valuation. [7] - **Structural Analysis**: The large - cap style in the convertible bond market was dominant due to its anti - decline property. The median prices of convertible bonds and their underlying stocks were still at a high level, the conversion value quantile decreased, and the median valuation level increased slightly. The trading activity of underlying stocks decreased, while that of convertible bonds increased. [9] - **Industry Analysis**: All industries' convertible bonds fell. Construction materials, agriculture, forestry, animal husbandry, and fishery, food and beverage, and public utilities had relatively small average declines, while national defense and military industry and computer industries had larger average declines. The valuation of convertible bonds in different industries was differentiated. [10] - **Individual Bond Analysis**: Most convertible bonds rose. Baichuan Convertible Bond 2 led the rise with an increase of over 12%, while high - position convertible bonds such as Xinzhi Convertible Bond and Hangyu Convertible Bond had significant declines. [13] - **Price and Valuation**: The arithmetic average and median of convertible bond prices decreased. The arithmetic average of the conversion premium rate increased, and the median decreased. The arithmetic average and median of the pure - bond premium rate decreased. [24] Primary Market - **Issuance and Listing**: No new convertible bonds were issued last week. Lianrui Convertible Bond and Naipu Convertible Bond 02 were listed, and several convertible bonds were redeemed early and delisted. As of last Friday, the convertible bond market's outstanding scale was 55.2588 billion yuan, a decrease of 4.596 billion yuan from the beginning of the year and 3.682 billion yuan from the previous week. [30] - **Conversion**: Ten convertible bonds had a conversion ratio of over 5%, one more than the previous week. Some bonds had announced early redemption or were about to trigger the strong - redemption condition. [33] - **Approval Progress**: Star Semiconductor's convertible bond issuance was approved by the exchange. One convertible bond passed the review of the Issuance Examination Committee, with a total scale of 1.5 billion yuan. As of last Friday, eight convertible bonds were approved by the CSRC to be issued, with a total scale of 6.164 billion yuan. [34] - **Clause Tracking**: One convertible bond announced a downward revision of the conversion price, and two announced early redemption. Some bonds announced not to revise the conversion price downward or were about to trigger the downward - revision condition, and many bonds were expected to trigger the early - redemption condition. [35]

Core Viewpoint - The recent surge in the convertible bond market, particularly the strong performance of new bonds, is attributed to changes in market supply-demand dynamics, shifts in capital allocation preferences, and the unique characteristics of the new bonds [1][6]. Group 1: Performance of New Bonds - The new convertible bonds launched in January 2026 have shown remarkable performance, with an average first-day increase of 57.3% and a turnover rate exceeding 200% on some days [1][2]. - All new bonds listed in January maintained prices above 150 yuan, with the "Lianrui Convertible Bond" being a standout, doubling in price within three trading days and closing at 226.512 yuan on January 30 [3][4]. - The average conversion premium for these new bonds is notably high, with "Lianrui Convertible Bond" at 115.52% and "Jin 05 Convertible Bond" at 103.15%, indicating strong market enthusiasm [3][4]. Group 2: Market Dynamics - The convertible bond market is experiencing a supply shortage, with an estimated 1,600 billion yuan of bonds expected to exit the market in 2026, leading to a supply-demand imbalance [6]. - The low interest rate environment has increased demand for yield-enhancing assets, further supporting the convertible bond market's high valuation [7]. - New bonds are characterized by a lack of strong redemption pressure and good liquidity, which, combined with their association with technology and innovation sectors, enhances their appeal [7][8]. Group 3: Investment Focus - Investors are advised to focus on convertible bonds with strong fundamental support, particularly those in the technology and high-end manufacturing sectors, which align with current market investment themes [5][8]. - The overall market sentiment remains optimistic, but there is a caution regarding the high valuations of new bonds, as potential corrections in the stock market could impact both stock and bond valuations [8][9]. - Future supply changes are anticipated, with a projected issuance of around 600 billion yuan in convertible bonds for 2026, which will be critical in assessing the sustainability of current valuation levels [9].

Investment Rating - The report does not explicitly provide an investment rating for the chemical industry. Core Insights - The report highlights that during the period from January 19 to February 1, 2026, the CSI 300 index experienced a decline of 0.54%, while the CITIC Basic Chemical Index increased by 3.19%, outperforming the CSI 300 by 3.73 percentage points. The CITIC Petroleum and Petrochemical Index rose by 15.22%, outperforming the CSI 300 by 15.76 percentage points [3][18]. - Among the 39 sub-sectors in the CITIC Basic Chemical and Petroleum and Petrochemical sectors, 26 sectors saw an increase, while 11 sectors declined. Notable gainers included Dyeing Chemicals (25.13%), Oil Extraction III (17.37%), Other Petrochemicals (15.09%), Chlor-alkali (14.35%), and Compound Fertilizers (13.40%). Conversely, Carbon Fiber (-6.34%), Lithium Battery Chemicals (-6.17%), Electronic Chemicals (-5.68%), Chemical Preparations (-4.24%), and Modified Plastics (-2.99%) were among the largest decliners [4][20]. Summary by Sections 1. Key Chemical Product Price Tracking - The report indicates significant price increases for products such as Nitro-chlorobenzene (27.91%), Acetonitrile (13.58%), TMP (12.15%), and Brent crude oil (10.38%) during the week of January 26 to February 1, 2026. In contrast, prices for Hydrogen Peroxide (-7.66%), Formaldehyde (-5.60%), Acetic Anhydride (-3.88%), and Hydrochloric Acid (-3.70%) saw notable declines [14]. 2. Convertible Bond Market Review - As of February 1, 2026, among 60 publicly traded convertible bonds in the chemical industry, 6 bonds increased in value while 54 bonds decreased. The top five gainers were Baichuan Convertible Bond 2 (12.75%), Jinj Chicken Convertible Bond (4.72%), Saiter Convertible Bond (4.16%), Blue Sky Convertible Bond 02 (0.96%), and Shenghong Convertible Bond (0.27%). The top five losers included Huicheng Convertible Bond (-15.82%), Julong Convertible Bond (-12.54%), Anji Convertible Bond (-10.28%), Dinglong Convertible Bond (-8.10%), and Youcai Convertible Bond (-7.03%) [5][22]. 3. Recent Key Bond Tracking and Issuance Progress - The report notes that the "Lianrui Convertible Bond" was listed on January 28, 2026, and the "Xingfa Convertible Bond" was redeemed early. Additionally, several companies are in the process of issuing convertible bonds, with details on their issuance scale and progress provided [6][29]. 4. Company Announcements and Industry News Tracking - Key announcements include Fulei New Materials adjusting its fundraising project to increase production lines for environmentally friendly high-precision display materials and the completion of a project by Youcai Resources for recycling old textiles. Additionally, the report discusses significant industry news, such as the closure of chemical plants in Europe and the strategic decisions of major companies like ExxonMobil and Tronox [33][34].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it highlights the performance of various indices and sectors within the industry, indicating a positive trend in certain segments [3][18]. Core Insights - The report indicates that during the period from January 19 to February 1, 2026, the CSI 300 index experienced a decline of 0.54%, while the CITIC Basic Chemical Index increased by 3.19%, outperforming the CSI 300 by 3.73 percentage points [3][18]. - The CITIC Petroleum and Petrochemical Index saw a significant increase of 15.22%, outperforming the CSI 300 by 15.76 percentage points, suggesting strong performance in the petroleum sector [3][18]. - Among the 39 sub-sectors in the CITIC Basic Chemical and Petroleum indices, 26 sectors saw gains, with notable increases in dyeing chemicals (25.13%), oil extraction III (17.37%), and other petrochemicals (15.09%) [4][20]. Summary by Sections 1. Price Tracking of Key Chemical Products - The report tracks significant price changes in key chemical products, with notable increases in prices for nitrochlorobenzene (27.91%), acetonitrile (13.58%), and TMP (12.15%) during the week of January 26 to February 1, 2026 [14]. - Conversely, prices for hydrogen peroxide (-7.66%), formaldehyde (-5.60%), and acetic anhydride (-3.88%) saw declines [14]. 2. Convertible Bond Market Review - As of February 1, 2026, among 60 publicly traded convertible bonds in the chemical sector, only 6 bonds increased in value, while 54 experienced declines. The top gainers included Baichuan Convertible Bond 2 (12.75%) and Jinjia Convertible Bond (4.72%) [5][22]. - The report also notes significant declines for bonds such as Huicheng Convertible Bond (-15.82%) and Julong Convertible Bond (-12.54%) [5][22]. 3. Recent Key Bond Tracking and Issuance Progress - The report mentions the listing of "Lianrui Convertible Bond" on January 28, 2026, and the early redemption of "Xingfa Convertible Bond" [6][29]. - It also highlights the issuance progress of several convertible bonds, including those from Runhe Materials and Hubei Yihua, which have received shareholder approval [29][31]. 4. Company Announcements and Industry News Tracking - Key announcements include Fulei New Materials adjusting its fundraising project to increase production lines for environmentally friendly high-precision display materials [33]. - The report discusses the closure of chemical plants in Europe, which poses a threat to the competitiveness of the European chemical industry, as well as the permanent closure of ExxonMobil's ethylene plant in the UK [34][35].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The sustainability of the polarized valuation depends on the direction of the equity market. The report makes three conjectures about the possible trends of the equity market and formulates corresponding convertible bond response plans [2][20]. - In the case of convertible bond prices and valuation indicators approaching the historical 100% quantile, if the spring rally continues, the Shanghai Composite Index breaks through 4200, and the market style shifts from small - cap to large - cap stocks, it is recommended to select individual convertible bonds in the growth technology sector [2][20]. - If the broad - based index continues the January shock trend and the small - cap style remains dominant, it is advisable to focus on core targets in popular sectors [2][20]. - If the equity market turns down, it is recommended to reduce positions first and then pay attention to defensive sectors [2][20]. 3. Summary by Relevant Catalogs Market Trends (2026/1/26 - 2026/1/30) Stock Market - The daily trading volume of the market remained high last week, with rapid rotation among sectors. The precious metals sector led the gains but had a large decline on Friday. Affected by the potential conflict risk between the US and Iran, the oil price soared, driving the performance of the A - share oil and gas sectors. The previous popular sectors such as commercial aerospace and space photovoltaics had significant corrections [8]. - Most of the Shenwan primary industries declined last week. The top - performing sectors were petroleum and petrochemicals (7.95%), communication (5.83%), coal (3.68%), non - ferrous metals (3.37%), and agriculture, forestry, animal husbandry, and fishery (1.82%); the bottom - performing sectors were national defense and military industry (-7.69%), power equipment (-5.10%), automobiles (-5.08%), and computers (-4.77%) [9]. Bond Market - The central bank's open - market operations were mainly net injections last week, and the capital market changed from tight to loose. The bond market sentiment was generally strong due to the intensified volatility of the equity market, frequent positive signals from the monetary policy, and rumors about new monetary policy tools. The 10 - year Treasury bond yield closed at 1.81% on Friday, down 1.86bp from the previous week [9]. Convertible Bond Market - Most convertible bond issues declined last week. The CSI Convertible Bond Index fell 2.61% for the whole week, the median price dropped 2.22%, and the calculated arithmetic average parity decreased 3.70% for the whole week. The overall market conversion premium rate increased 1.12% compared with the previous week [1][9]. - Most industries in the convertible bond market declined last week. The top - performing sectors were coal (0.57%), banks (-0.84%), agriculture, forestry, animal husbandry, and fishery (-0.87%), and building materials (-1.07%); the bottom - performing sectors were social services (-8.65%), national defense and military industry (-6.45%), computers (-5.51%), and electronics (-4.88%) [13]. - At the individual bond level, Tianzhun (machine vision), Baichuan Zhuan 2 (fine chemicals), Outong (data center power supply), Haomei (aluminum profiles), and Yunji (transportation machinery) led the gains; Xinzhi (AI application), Hangyu (commercial aerospace), Dongshi (driver training), Guanzhong (ecological restoration), and Huicheng (waste catalyst treatment) convertible bonds led the losses [1][14]. - The total trading volume of the convertible bond market last week was 422.855 billion yuan, with an average daily trading volume of 84.571 billion yuan, a slight decrease from the previous week [18]. Valuation Overview - As of January 30, 2026, for equity - biased convertible bonds, the average conversion premium rates for bonds with a parity in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 61.11%, 40.98%, 36.66%, 26.78%, 20.18%, and 20.8% respectively, at the 100%/100%, 98%/99%, 99%/100%, 98%/99%, 96%/99%, and 99%/99% quantiles since 2010/2021 [21]. - For bond - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan was -4.65%, at the 1%/3% quantiles since 2010/2021 [21]. - The average implied volatility of all convertible bonds was 49.75%, at the 95%/99% quantiles since 2010/2021. The difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 8.36%, at the 96%/98% quantiles since 2010/2021 [21]. Primary - Market Tracking - No convertible bonds were announced for issuance last week (2026/1/26 - 2026/1/30). Lianrui Convertible Bond and Naipu Zhuan 02 were listed [28]. - Lianrui Convertible Bond (118064.SH): The underlying stock is Lianrui New Materials (688300.SH), belonging to the basic chemical industry. As of January 30, its market value was 16.128 billion yuan. The issued convertible bond scale is 695 million yuan, with a credit rating of AA. The funds after deducting issuance fees are planned for specific projects [28]. - Naipu Zhuan 02 (123265.SZ): The underlying stock is Naipu Mining Machinery (300818.SZ), belonging to the machinery equipment industry. As of January 30, its market value was 8.368 billion yuan. The issued convertible bond scale is 450 million yuan, with a credit rating of A+. The funds after deducting issuance fees are used for a project in Peru and to supplement working capital [29]. - As of the announcement on January 30, there are no convertible bonds announced for issuance or listing in the next week (2026/2/2 - 2026/2/6). Last week (2026/1/19 - 2026/1/23), 4 companies' applications were newly accepted by the exchange, 4 companies' plans passed the general meeting of shareholders, and 3 companies announced board plans. As of now, there are 100 convertible bonds awaiting issuance, with a total scale of 155.9 billion yuan, among which 8 have been approved for registration, with a total scale of 6.16 billion yuan [30][31].