1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The report analyzes the basic information of Shangtai Convertible Bond, including its issuance scale, bond - bottom valuation, conversion parity, and terms. It also conducts a fundamental analysis of the underlying stock, Shangtai Technology, highlighting its business transformation, revenue growth, and financial performance [3][16]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Basic Information - Shangtai Convertible Bond (127112.SZ) was available for online subscription on January 16, 2026, with a total issuance scale of 1.734 billion yuan. The net proceeds after deducting issuance fees will be used for a project with an annual production capacity of 200,000 tons of lithium - battery anode materials [3]. - The current bond - bottom valuation is 97.64 yuan, and the YTM is 1.86%. The bond has a 6 - year term, an AA +/AA+ credit rating, a face value of 100 yuan, and specific coupon rates from the first to the sixth year [3]. - The current conversion parity is 102.64 yuan, and the parity premium rate is - 2.58%. The conversion period is from July 22, 2026, to January 15, 2032, with an initial conversion price of 84.71 yuan per share [3]. - The convertible bond terms are standard. The total equity dilution rate is 7.28%, and the dilution rate for the tradable shares is 9.91%, indicating relatively low dilution pressure on the equity [3]. - The issuance price of Shangtai Convertible Bond is 100 yuan per bond. The original shareholders' priority subscription ratio is 71.71%, and the online winning rate is 0.0051678926% [3][15]. 3.2. Investment Subscription Suggestion - Shangtai Convertible Bond was issued at 100 yuan per bond on January 16, 2026. The original shareholders' priority subscription ratio was 71.71%, and the online public subscription accounted for 28.29% of the total issuance, with a winning rate of 0.0051678926% [3][15]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Shangtai Technology is a high - tech enterprise in the lithium - ion battery anode material industry. Since 2017, it has transformed from a graphite - processing service provider to an integrated R & D, production, and sales enterprise [16]. - From 2020 to 2024, the company's revenue had a compound growth rate of 66.41%, and the net profit attributable to the parent company had a compound growth rate of 53.11%. In 2024, the revenue was 5.229 billion yuan, a year - on - year increase of 19.10%, and the net profit attributable to the parent company was 838 million yuan, a year - on - year increase of 15.97% [3][17]. - The company's revenue mainly comes from the anode material business. From 2022 to 2024, the proportion of anode material sales revenue in the main business revenue was 90.51%, 89.61%, and 93.42% respectively, with an annual adjustment in product structure [22]. - From 2020 to 2024, the company's net sales margin and gross profit margin remained stable, the sales expense ratio decreased, the financial expense ratio increased, and the management expense ratio decreased [4]. 3.3.2. Company Highlights - Shangtai Technology is a leading enterprise in the lithium - ion battery anode material industry, with three production bases. It has a full - process, integrated production capacity and a high - quality customer system [31]. - The company has built a product matrix suitable for multiple application scenarios and fields, and its revenue compound growth rate in the past three years is better than the average level of comparable listed companies in the industry [31].

Core Insights - The leading company in revenue for graphite anode materials in China for 2024 is BETTERRY, with revenue exceeding 10 billion yuan, followed by SANSHA and Zhongke Electric, both exceeding 5 billion yuan [1][2]. Revenue Rankings - BETTERRY ranks first in revenue among listed companies in the graphite anode materials sector, with over 10 billion yuan in related business revenue for 2024 [1]. - SANSHA and Zhongke Electric both have revenues exceeding 5 billion yuan from their graphite anode products [1]. Production Rankings - In terms of production, BETTERRY leads with over 450,000 tons of graphite anode production in 2024, followed by SANSHA with over 350,000 tons [2][3]. Sales Rankings - BETTERRY also ranks first in sales volume for 2024, with sales reaching 438,000 tons, while SANSHA's sales are at 340,000 tons, placing it second [4]. Artificial Graphite Leadership - SANSHA has established itself as a leader in the artificial graphite anode sector, with significant advancements in technology, resulting in artificial graphite accounting for 91.7% of total graphite anode shipments in the first half of 2025, totaling 1.17 million tons [5]. Market Share in Artificial Graphite - In the artificial graphite sector for the first half of 2025, SANSHA holds the highest market share at 21%, with BETTERRY following closely behind [10].

联合主承销商：中信证券股份有限公司 证券代码：001301 证券简称：尚太科技 公告编号：2026-010 石家庄尚太科技股份有限公司 向不特定对象发行可转换公司债券中签号码公告 保荐人（联合主承销商）：国信证券股份有限公司 联合主承销商：兴业证券股份有限公司 1、网上投资者申购可转债中签后，应根据《石家庄尚太科技股份有限公司 向不特定对象发行可转换公司债券中签号码公告》履行资金交收义务，确保其资 金账户在 2026 年 1 月 20 日（T+2 日）日终有足额的认购资金，投资者款项划付 需遵守投资者所在证券公司的相关规定。投资者认购资金不足的，不足部分视为 放弃认购，由此产生的后果及相关法律责任，由投资者自行承担。根据中国结算 深圳分公司的相关规定，放弃认购的最小单位为 1 张。网上投资者放弃认购的部 分由保荐人（联合主承销商）包销。 2、当原股东优先认购和网上投资者申购的可转债数量合计不足本次发行数 量的70%时；或当原股东优先认购和网上投资者缴款认购的可转债数量合计不足 本次发行数量的70%时，发行人及联合主承销商将协商是否采取中止发行措施， 并及时向深交所报告，如果中止发行，将就中止发行的原因和后续安 ...

Core Viewpoint - The lithium battery industry is entering a new cyclical growth phase in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological iterations, leading to a "spiral rise" in both quantity and price [3]. Group 1: Market Outlook - Global lithium battery production is projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, and the energy storage sector is expected to grow at an impressive rate of 48.3% [5]. - The demand surge is expected to significantly impact the supply of battery cells and four major upstream materials, highlighting a potential supply gap in the future [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Application Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the announcement of the "Top Ten Lithium Material Brands of 2025," and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Speakers - The main forum will cover topics such as the outlook for lithium ore resource supply, operational strategies for lithium carbonate in the current market environment, and advancements in high-energy-density power battery technology [9]. - Sub-forums will address the current status and development trends of key materials for power batteries, solid-state battery industry trends, and the optimization of revenue structures for energy storage projects under policy empowerment [11].

Group 1 - The core point of the article is that Shijiazhuang Shangtai Technology Co., Ltd. has successfully issued convertible bonds totaling 1.734 billion yuan, with a significant portion allocated for preferential subscription by existing shareholders [1][3] - On January 16, 2026, the company's stock closed at 82.73 yuan, down 4.85%, with a turnover rate of 4.22% and a trading volume of 78,500 shares, resulting in a transaction amount of 655 million yuan [1] - The net inflow of main funds on January 16 was 53.29 million yuan, indicating a clear accumulation trend [3] Group 2 - The issuance of convertible bonds has been approved by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission, with a total of 17.34 billion yuan and a face value of 100 yuan per bond [1] - Existing shareholders were allocated 12,434,796 bonds, accounting for 71.71% of the total issuance, while the public investors' effective subscription reached 94,916,831,430 bonds, resulting in a winning rate of approximately 0.0052% [1][3] - The remaining portion of the bonds will be underwritten by joint lead underwriters, with a maximum underwriting amount of 520.2 million yuan [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the A - share market first rose and then declined. The daily trading volume of the whole market reached a record high of 3.99 trillion yuan on Wednesday. After the exchange adjusted the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The bond market yield declined, and the 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][8][9]. - In the convertible bond market, most individual convertible bonds rose last week. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week [2][9]. - Although the current market price and the valuation of convertible bonds in each parity range are close to the 100% quantile position in history, the equity market is in a clear upward trend. Institutions are more worried about missing out on the upward trend than about market declines, which strongly supports the valuation of convertible bonds. Currently, it is the stage with the strongest certainty of upward market momentum [3][19]. - For relative returns, it is recommended to focus on lithium - battery, semiconductor equipment and materials, chemical industry, and securities brokerage sectors. For absolute - return funds, attention should be paid to the undervalued leading companies in the still - stagnant industries [4][20]. 3. Summary According to Relevant Catalogs Market Focus (January 12 - January 16, 2026) Stock Market - The A - share market first rose and then declined. The daily trading volume reached a record high on Wednesday. After the adjustment of the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The dividend - paying sector still underperformed. Most Shenwan primary industries declined, with computer, electronics, non - ferrous metals, media, and machinery leading the gains, and national defense and military industry, real estate, agriculture, forestry, animal husbandry, and coal performing poorly [1][8][9]. Bond Market - Although the equity market continued to rise at the beginning of the week, the impact on the bond market weakened significantly. Due to the increasing expectation of an equity market adjustment after a rapid rise, the bond market yield declined. After the central bank cut the interest rate of structural monetary policy tools on Thursday, the yield fluctuated and remained stable overall. The 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][9]. Convertible Bond Market - Most individual convertible bonds rose. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week. Most industries in the convertible bond market rose, with computer, electronics, media, and machinery leading the gains, and national defense and military industry, building materials, coal, and transportation performing poorly. The top - rising individual bonds were related to semiconductors and AI applications, while the top - falling ones were mainly from the commercial aerospace sector [2][9][13]. Views and Strategies (January 19 - January 23, 2026) - The consensus on the upward trend supports the valuation of convertible bonds. The equity market first rose and then declined last week, and the theme shifted from aerospace to AI applications and semiconductor equipment. The relevant convertible bonds performed well, the average parity increased further, and the median market price rose to 139 yuan. The premium rate of equity - biased convertible bonds in the high - parity range increased significantly, and the convertible bond ETF still showed a significant net inflow trend. Newly - listed bonds were still strong [3][19]. - For relative returns, focus on high - probability equity - biased sectors such as lithium - battery (price increases are gradually implemented, and domestic and overseas demand is booming), semiconductor equipment and materials (expansion of Changxin and Changcun, and increasing localization rate), chemical industry (anti - involution in the polyester industry chain), and securities brokerage (benefiting from the booming stock market trading volume and previous underperformance). For absolute - return funds, pay attention to the undervalued leading companies in the still - stagnant industries, including two - wheeled vehicles, beauty and personal care, architectural design, and pig farming [4][20]. Valuation Overview - As of January 16, 2026, for equity - biased convertible bonds, the average conversion premium rates in different parity ranges are at high quantile positions in history. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is in the lower quantile position. The average implied volatility of all convertible bonds and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks are also at high quantile positions [21]. Primary Market Tracking - Last week (January 12 - January 16, 2026), Shangtai Convertible Bond and Naipu Convertible Bond 02 announced their issuance, and Aohong, Shuangle, and Jin 05 Convertible Bonds were listed. In the future week (January 19 - January 23, 2026), there are no announcements of convertible bond issuance and listing. Last week, 4 companies got the exchange's approval for registration, 1 company's application was accepted by the exchange, 2 companies' plans passed the shareholders' meeting, and 4 companies released board proposals. Currently, there are 99 convertible bonds to be issued, with a total scale of 155.14 billion yuan [28][34].

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - Last week, A - share market rose first and then fell, with the daily trading volume hitting a record high on Wednesday. The bond market yield declined, and the 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week. Most convertible bond issues closed higher, with the CSI Convertible Bond Index up 1.08% for the week [1][8][9]. - Although the current market price and convertible bond valuations in each price - parity range are close to historical 100% quantile positions, the equity is in an upward main - rising wave. Institutions' fear of missing out on opportunities strongly supports the convertible bond valuations. Currently, it is the stage with the strongest certainty of upward market force, and investors are reluctant to reduce positions despite high valuations [3][19]. 3. Summary by Relevant Catalogs 3.1 Market Focus (January 12 - January 16, 2026) Stock Market - A - shares rose first and then fell. The daily trading volume reached a record high of 3.99 trillion yuan on Wednesday. After the exchange adjusted the margin ratio for margin trading on Wednesday, market sentiment cooled down. The commercial aerospace sector declined from its high, and the market focus shifted to AI applications and semiconductors. The dividend - paying sector underperformed [1][8]. - By industry, most Shenwan primary industries fell last week. Computer (3.82%), electronics (3.77%), non - ferrous metals (3.03%), media (2.04%), and machinery and equipment (1.91%) led the gains, while national defense and military industry (- 4.92%), real estate (- 3.52%), agriculture, forestry, animal husbandry and fishery (- 3.27%), and coal (- 3.11%) lagged [9]. Bond Market - Although the equity market continued to rise at the beginning of the week, the impact on the bond market weakened significantly. Due to the increased expectation of equity market adjustment after its rapid rise, the bond market yield declined. After the central bank cut the interest rate of structural monetary policy tools on Thursday, the yield fluctuated and remained stable overall. The 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][9]. Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index was up 1.08% for the week, the median price was up 0.63%, the arithmetic average parity was up 1.39%, and the market - wide conversion premium rate decreased by 0.64% compared with the previous week. In terms of individual bonds, Huayi, Dingjie, Haohan, Jingce Zhuan 2, and Weice led the gains, while Zai 22, Tianjian, Guanglian, Hugong, and Shentong convertible bonds led the losses [2][9][14]. - By industry, most convertible bond sectors in the market closed higher last week. Computer (4.92%), electronics (4.63%), media (4.62%), and machinery and equipment (4.32%) performed well, while national defense and military industry (- 5.17%), building materials (- 3.23%), coal (- 2.06%), and transportation (- 1.38%) underperformed [13]. - The total trading volume of the convertible bond market last week was 509.615 billion yuan, with an average daily trading volume of 101.923 billion yuan, an increase from the previous week [16]. 3.2 Views and Strategies (January 19 - January 23, 2026) - The consensus on rising prices supports the valuation of convertible bonds. Last week, the equity market rose first and then fell under the influence of cooling forces. The theme market shifted from aerospace to AI applications and semiconductor equipment, and related convertible bonds performed well. The average parity increased, and the median market price rose to 139 yuan. The premium rate of equity - biased convertible bonds in the high - parity range increased significantly. Convertible bond ETFs still showed a significant net inflow trend, and new issues remained strong [3][19]. - In terms of investment directions, for relative returns, it is recommended to focus on lithium - battery, semiconductor equipment and materials, chemical industry, and securities industries. For absolute - return funds, attention should be paid to the undervalued leading companies in underperforming industries such as two - wheeled vehicles, beauty and skincare, architectural design, and pig farming [4][20]. 3.3 Valuation Overview As of January 16, 2026, in equity - biased convertible bonds, the average conversion premium rates of 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 were 52.01%, 41.63%, 33.21%, 26.22%, 21.03%, and 21.08% respectively, at the 99%/100%, 98%/100%, 98%/100%, 99%/100%, 97%/100%, and 99%/100% quantiles since 2010/2021. In debt - biased convertible bonds, the average YTM of bonds with parities below 70 yuan was - 4.26%, at the 1%/4% quantile since 2010/2021. The average implied volatility of all convertible bonds was 51.03%, at the 96%/100% quantile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 9.85%, at the 97%/100% quantile since 2010/2021 [21]. 3.4 Primary Market Tracking - Last week (January 12 - January 16, 2026), Shangtai Convertible Bond and Naipu Zhuan 02 announced their issuances, while Aohong, Shuangle, and Jin 05 convertible bonds were listed [28]. - As of the announcements on January 16, there were no announcements of convertible bond issuances and listings in the coming week (January 19 - January 23, 2026). Last week, 4 companies including Haitian Co., Ltd., Changgao Electric Co., Ltd., Tonglian Precision Co., Ltd., and Xianghe Industrial Co., Ltd. got the exchange's approval for registration, 1 company (Jiangshan Co., Ltd.) was accepted by the exchange, 2 companies (Runhe Materials and Qiangda Circuit) passed the shareholders' meeting, and 4 companies (Jindao Technology, Zhongchuang Zhiling, Caixun Co., Ltd., and Dingtong Technology) were at the board of directors' proposal stage [34]. - As of now, there are 99 convertible bonds waiting to be issued, with a total planned issuance scale of 155.14 billion yuan. Among them, 9 bonds have been approved for registration, with a total scale of 8.69 billion yuan, and 1 bond has passed the listing committee, with a scale of 0.38 billion yuan [34].

Group 1 - CATL opened its largest comprehensive service experience center in the Middle East, "Ningjia Service," in Saudi Arabia, covering an area of approximately 7,000 square meters and providing various after-sales services for passenger cars, commercial vehicles, and energy storage systems [3] - LG Energy Solution reported an operating loss of 122 billion KRW (approximately 83.8 million USD) in Q4 due to weak demand from electric vehicle manufacturers, despite a revenue increase of 4.8% to 6.14 trillion KRW [4] - Ganfeng Lithium's second-phase project for lithium-ion batteries has been approved for construction, with a total investment of 316 million RMB and an annual production capacity of 200 million batteries [6] Group 2 - A new 51GWh battery production line project has commenced in Xinyang, with a total investment of 12.725 billion RMB, focusing on advanced lithium-ion battery production [7] - Shenzhen Yuanxin Energy Technology Co., Ltd. submitted an IPO application to the Hong Kong Stock Exchange, aiming to develop sustainable energy solutions and reliable energy storage products [8] - A 2GWh high-performance lithium battery project has been signed in Hubei, with a total investment of 1 billion RMB, expected to generate over 1 billion RMB in annual output value by 2031 [9] Group 3 - Huizhou's Tianli Lithium Energy announced a planned maintenance shutdown of its lithium iron phosphate production line, expected to reduce output by 1,500 to 2,000 tons, which may support price increases in the market [22] - The Ministry of Industry and Information Technology and other departments released new regulations for the recycling of used power batteries, effective from April 1, 2026, focusing on comprehensive management throughout the battery lifecycle [33] - The price of battery-grade lithium carbonate reached a new high of 157,250 RMB per ton, with a significant increase in both futures and spot prices [16][17]

证券代码：001301 证券简称：尚太科技 公告编号：2026-009 向不特定对象发行可转换公司债券 网上发行中签率及优先配售结果公告 保荐人（联合主承销商）：国信证券股份有限公司 联合主承销商：兴业证券股份有限公司 联合主承销商：中信证券股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示 石家庄尚太科技股份有限公司（以下简称"尚太科技"、"发行人"或"公 司"）和国信证券股份有限公司（以下简称"国信证券"、"保荐人（联合主承 销商）"）、联合主承销商兴业证券股份有限公司（以下简称"兴业证券"） 、 联合主承销商中信证券股份有限公司（以下简称"中信证券"） （国信证券、 兴业证券及中信证券合称"联合主承销商"） 根据《中华人民共和国证券法》 《上市公司证券发行注册管理办法》（证监会令[第 227 号]）、《证券发行与承 销管理办法》（证监会令[第 228 号]）、《深圳证券交易所上市公司证券发行与 承销业务实施细则（2025 年修订）》（深证上[2025]268 号）、《深圳证券交 易所上市公司自律监管指引第 15 号——可转换公司债券（ ...

Core Viewpoint - The company plans to issue convertible bonds to raise funds for expanding its production capacity in the lithium-ion battery anode materials sector, capitalizing on the rapid growth of the industry and increasing market demand [1][4]. Group 1: Company Overview - The company, established in 2008, specializes in the research, production, and sales of lithium-ion battery anode materials and carbon products, focusing on artificial graphite anode materials [2]. - It has become a leading enterprise in the industry, achieving integrated and automated production processes [2]. - The company underwent a strategic transformation in 2017, evolving from a service provider to a high-tech enterprise with in-house R&D and production capabilities [2]. Group 2: Market Position and Growth - The company has significantly expanded its production capacity from 30,000 tons to 120,000 tons between 2019 and 2022, with further expansion planned for 2024 [2]. - The company is currently constructing a 200,000-ton integrated production project in Shanxi Province, which is part of the funding plan for the convertible bonds [3][5]. - Despite intense competition in the anode materials market, the company has achieved rapid growth in market share and revenue, positioning itself among the fastest-growing firms in the industry [3]. Group 3: Financial Details of the Bond Issuance - The total amount to be raised through the convertible bond issuance is capped at 173.4 million yuan, which will be allocated to the 200,000-ton integrated production project [4][5]. - The total investment for the project is estimated at 399.36 million yuan, with a planned construction period of 18 months [5].