Research Conclusion - The report remains optimistic about the trading opportunities of convertible bonds, expecting a sideways shock and a slight strengthening in the equity market, with the market shifting from a two - end trend of technology + dividends to mid - cap blue - chips [6][9]. Core Viewpoints - This week, the ChiNext and STAR Market drove the small and medium - cap stocks stronger, and convertible bonds followed the upward trend. The high - priced equity - like bonds continued to rise. The 100 - yuan premium rate oscillated between 30% - 34% as previously predicted and was difficult to break through the previous high. Although the current cost - performance of convertible bonds is low, there are still trading opportunities under the optimistic expectation of the equity market [6][9]. - The strengthening factors of the equity market this week include the continuous popularity of the commercial space and optical module sectors, the strengthening of metal prices, and the significant increase in the share of CSI A500 ETF. After the uncertain events are settled, the market starts to rise with oscillations and the sentiment turns positive. The subsequent equity market will be in a sideways shock and slightly strengthen, and the market trend will shift to mid - cap blue - chips [6][9]. Summary by Directory 1. Convertible Bond Views - Driven by the equity market, convertible bonds broke through the previous high, and the valuation rose and then fell. The 100 - yuan premium rate oscillated between 30% - 34% and was difficult to break through the previous high. Despite the low cost - performance and small - scale redemption behavior, the trading opportunities of convertible bonds are still promising under the optimistic equity market [9]. - The equity market tried to break through upward again this week. With the settlement of uncertain events, the market started to rise with oscillations. The subsequent equity market will be in a sideways shock and slightly strengthen, and the market trend will shift to mid - cap blue - chips in industries such as cycles, consumption, and manufacturing [9]. 2. Convertible Bond Review 2.1 Market Overall Performance - This week, the equity market was strong, with all broad - based indexes rising. The CSI 500 rose 4.03%, the ChiNext Index rose 3.90%, and the CSI Convertible Bond Index rose 1.64%. In terms of industries, non - ferrous metals, national defense and military industry, and power equipment led the rise, while beauty care, social services, and banks led the decline. The average daily trading volume increased by 210.457 billion yuan to 1.96 trillion yuan [12]. 2.2 Significant Increase in Trading Volume, Good Performance of High - priced and Small - cap Convertible Bonds - This week, convertible bonds rose significantly, the 100 - yuan premium rate rose and then fell, and the average daily trading volume increased significantly to 78.563 billion yuan. The CSI Convertible Bond Index rose 1.64%, the parity center rose 0.4% to 101.7 yuan, and the median conversion premium rate rose 1.3% to 32.4%. High - priced and small - cap convertible bonds led the rise, while high - rated and double - low convertible bonds performed weakly [6][19].

Core Viewpoint - Zhongwei New Materials (02579) has seen a stock increase of over 5%, currently trading at 31.24 HKD, with a transaction volume of 24.25 million HKD, following the announcement of a strategic cooperation framework agreement with Xinwanda for solid-state battery development [1] Group 1: Strategic Partnership - The company signed a strategic cooperation framework agreement with Xinwanda on December 25, 2025, focusing on the joint development of new cathode material precursors [1] - This collaboration aims to address core technical challenges in solid-state batteries, including energy density, safety, and cycle life [1] Group 2: Technological Advancements - The partnership is expected to enhance the company's technological reserves and innovation capabilities by closely aligning material research with end-product requirements [1] - It aims to tackle critical issues such as the compatibility of cathode/electrolyte interfaces, thereby accelerating the development process [1] Group 3: Market Positioning - The collaboration establishes a synergistic path from "material development - performance validation - industrialization," providing stable application outlets for the company's products [1] - This initiative is anticipated to help the company strategically position itself in emerging markets related to artificial intelligence, autonomous driving, robotics, and low-altitude economy, while enhancing its industry status and market influence in the global new energy materials sector [1]

Core Viewpoint - Zhongwei New Materials (02579) has seen a stock increase of over 5%, currently trading at 31.24 HKD with a transaction volume of 24.25 million HKD, following the announcement of a strategic cooperation agreement with Xinwanda (300207) for solid-state battery development [1] Group 1 - The company signed a strategic cooperation framework agreement with Xinwanda on December 25, 2025, focusing on the joint development of new cathode material precursors to address core technical challenges in solid-state batteries, including energy density, safety, and cycle life [1] - This collaboration aims to deeply integrate with the industry chain, allowing material research and development to precisely match end product demands, thereby accelerating the resolution of key issues such as cathode/electrolyte interface compatibility [1] - The partnership establishes a collaborative pathway from "material development - performance validation - industrialization," providing stable application outlets for the company's products [1] Group 2 - The cooperation is expected to help the company strategically position itself in emerging markets related to artificial intelligence, autonomous driving, robotics, and low-altitude economy [1] - This initiative is anticipated to enhance the company's industry status and market influence in the global new energy materials sector [1]

Core Viewpoint - Matsui Group's stock price has shown significant growth this year, with a 36.71% increase, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of December 30, Matsui Group's stock price rose by 2.14% to 38.16 CNY per share, with a trading volume of 51.90 million CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 5.969 billion CNY [1]. - The stock has increased by 1.03% over the last five trading days, 19.40% over the last 20 days, and 6.35% over the last 60 days [2]. Group 2: Company Overview - Matsui New Materials Group Co., Ltd. was established on March 20, 2009, and went public on June 9, 2020. The company focuses on high-end consumer electronics and automotive sectors, providing a range of solutions including coatings and specialty inks [2]. - The company's revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%) [2]. - Matsui Group operates within the basic chemicals industry, specifically in the chemical products sector, focusing on coatings and inks [2]. Group 3: Financial Performance - For the period from January to September 2025, Matsui Group reported a revenue of 553 million CNY, reflecting a year-on-year growth of 5.05%. However, the net profit attributable to shareholders decreased by 64.68% to 25.16 million CNY [2]. - The company has distributed a total of 131 million CNY in dividends since its A-share listing, with 75.17 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 4,629, up by 45.80% from the previous period, while the average circulating shares per person decreased by 3.97% to 33,793 shares [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 2.4555 million shares as a new shareholder [3].

Core Viewpoint - Yingfeng Environment's stock price has shown significant growth this year, with a year-to-date increase of 57.08% and notable short-term gains in recent trading days [2]. Group 1: Stock Performance - As of December 30, Yingfeng Environment's stock price rose by 2.04% to 7.51 CNY per share, with a trading volume of 85.59 million CNY and a turnover rate of 0.36%, resulting in a total market capitalization of 23.784 billion CNY [1]. - The stock has increased by 8.84% over the last five trading days, 14.48% over the last 20 days, and 6.37% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yingfeng Environment reported a revenue of 9.544 billion CNY, reflecting a year-on-year growth of 2.87%, while the net profit attributable to shareholders decreased by 21.92% to 471 million CNY [3]. - The company has distributed a total of 2.92 billion CNY in dividends since its A-share listing, with 1.343 billion CNY distributed over the past three years [4]. Group 3: Shareholder Information - As of November 30, the number of shareholders for Yingfeng Environment stood at 34,700, with an average of 91,123 circulating shares per person [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 59.36 million shares, and new entrants such as E Fund National Robot Industry ETF and Huaxia CSI Robot ETF [4].

值得注意的是，百度集团本月初公告，有媒体报道公司拟分拆非全资附属公司昆仑芯(北京)科技有限公 司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上市，将须经 相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。申万宏源发布研报称，百度自研AI芯 片昆仑芯有望进入放量期。 百度集团-SW(09888)涨超7%，截至发稿，涨6.8%，报127.2港元，成交额9.54亿港元。 消息面上，12月22日，美国网约车平台Uber和Lyft宣布，已与百度达成合作，计划于2026年在英国推出 无人驾驶出租车(Robotaxi)试点项目。公开资料显示，目前，萝卜快跑每周全无人订单数量已超过25万 单，全球累计提供的出行服务次数突破了1700万次，累计服务单量超越Waymo，成为全球第一的自动 驾驶出行服务商。 ...

值得注意的是，百度集团本月初公告，有媒体报道公司拟分拆非全资附属公司昆仑芯（北京）科技有限 公司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上市，将须 经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。申万宏源发布研报称，百度自研AI 芯片昆仑芯有望进入放量期。 智通财经APP获悉，百度集团-SW(09888)涨超7%，截至发稿，涨6.8%，报127.2港元，成交额9.54亿港 元。 消息面上，12月22日，美国网约车平台Uber和Lyft宣布，已与百度达成合作，计划于2026年在英国推出 无人驾驶出租车(Robotaxi)试点项目。公开资料显示，目前，萝卜快跑每周全无人订单数量已超过25万 单，全球累计提供的出行服务次数突破了1700万次，累计服务单量超越Waymo，成为全球第一的自动 驾驶出行服务商。 ...

Group 1 - The core stock price of Yongxin Optical increased by 2.14% to 104.45 CNY per share, with a market capitalization of 11.587 billion CNY as of December 30 [1] - The stock has seen a year-to-date increase of 12.35%, with a 1.48% rise in the last five trading days and a 7.66% increase over the last 20 days, while it has decreased by 7.69% over the last 60 days [2] - Yongxin Optical has appeared on the stock market's "龙虎榜" (Dragon and Tiger List) twice this year, with the most recent occurrence on September 18 [3] Group 2 - As of September 30, 2025, Yongxin Optical reported a revenue of 674 million CNY, reflecting a year-on-year growth of 3.59%, and a net profit attributable to shareholders of 151 million CNY, which is a 7.69% increase compared to the previous year [3] - The company has distributed a total of 555 million CNY in dividends since its A-share listing, with 307 million CNY distributed over the last three years [4] - The number of shareholders increased by 30.43% to 19,800 as of September 30, 2025, while the average circulating shares per person decreased by 23.33% to 5,601 shares [3]

Core Viewpoint - Shengyi Electronics' stock price has experienced significant fluctuations, with a year-to-date increase of 154.58% but a recent decline of 3.49% over the past five trading days [2]. Group 1: Stock Performance - As of December 30, Shengyi Electronics' stock price was 98.57 CNY per share, with a market capitalization of 81.993 billion CNY [1]. - The stock has seen a trading volume of 6.29 billion CNY and a turnover rate of 0.76% [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) five times this year, with the latest appearance on October 28 [2]. Group 2: Financial Performance - For the period from January to September 2025, Shengyi Electronics reported a revenue of 6.829 billion CNY, representing a year-on-year growth of 114.79% [2]. - The net profit attributable to shareholders for the same period was 1.115 billion CNY, showing a remarkable increase of 497.61% [2]. - The company has distributed a total of 9.92 billion CNY in dividends since its A-share listing, with 5.84 billion CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Shengyi Electronics was 27,800, an increase of 58.45% compared to the previous period [2]. - The average number of circulating shares per shareholder was 29,955, which decreased by 36.89% from the previous period [2]. - Notable institutional shareholders include E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 Component ETF, both of which are new shareholders [3].

格隆汇12月30日丨盛路通信(002446.SZ)在投资者互动平台表示，公司掌握的毫米波雷达技术可应用于 无人驾驶领域。 ...