Report Summary - The report presents the top ten convertible bonds in February 2026, along with detailed information about the issuing companies, including their business scope, financial data, and key attractions [1][6]. Top Ten Convertible Bonds in February 2026 1. Zhongte Convertible Bond - Rating: AAA; 1 - end closing price: 128.153 yuan; conversion premium rate: 73.5%; PE - TTM of the underlying stock: 14.75 [1][8]. - Company: A global leader in special - steel manufacturing with an annual production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [13]. - Financials: In 2024, revenue was 109.203 billion yuan (-4.22% yoy), net profit attributable to shareholders was 5.126 billion yuan (-10.41% yoy). In the first three quarters of 2025, revenue was 81.206 billion yuan (-2.75% yoy), net profit attributable to shareholders was 4.33 billion yuan (+12.88% yoy) [13]. - Highlights: It is one of the world's most comprehensive special - steel enterprises, with high market shares in core products. It has strong cost - control and is seeking external expansion [14]. 2. Shanlu Convertible Bond - Rating: AAA; 1 - end closing price: 128.472 yuan; conversion premium rate: 54.45%; PE - TTM of the underlying stock: 4.32 [6][8]. - Company: Focused on road and bridge construction and maintenance, and expanding into other fields. It has a complete business system [31]. - Financials: In 2024, revenue was 71.348 billion yuan (-2.3% yoy), net profit attributable to shareholders was 2.322 billion yuan (+1.47% yoy). In the first three quarters of 2025, revenue was 41.354 billion yuan (-3.11% yoy), net profit attributable to shareholders was 1.41 billion yuan (-3.27% yoy) [31]. - Highlights: It has the "China Special Valuation" concept, and its balance sheet and potential orders may improve. It may benefit from infrastructure plans in Shandong and the Belt and Road Initiative [32]. 3. Hebang Convertible Bond - Rating: AA; 1 - end closing price: 153.399 yuan; conversion premium rate: 21.26%; PE - TTM of the underlying stock: -230.95 [6][8]. - Company: With a diversified business layout in chemicals, agriculture, and photovoltaics, it has expanded from a single - product business [44]. - Financials: In 2024, revenue was 8.547 billion yuan (-3.13% yoy), net profit attributable to shareholders was 31 million yuan (-97.55% yoy). In the first three quarters of 2025, revenue was 5.927 billion yuan (-13.02% yoy), net profit attributable to shareholders was 93 million yuan (-57.93% yoy) [44]. - Highlights: Its liquid methionine production has high profitability and is a major profit contributor [47]. 4. Huayuan Convertible Bond - Rating: AA -; 1 - end closing price: 145.282 yuan; conversion premium rate: 9.47%; PE - TTM of the underlying stock: 32.14 [6][8]. - Company: Focused on building a complete vitamin D3 industrial chain, with products in the vitamin and pharmaceutical sectors [58]. - Financials: In 2024, revenue was 1.243 billion yuan (+13.58% yoy), net profit attributable to shareholders was 309 million yuan (+60.76% yoy). In the first three quarters of 2025, revenue was 936 million yuan (-0.2% yoy), net profit attributable to shareholders was 234 million yuan (-3.07% yoy) [58]. - Highlights: It is a leader in certain products, and is expanding its product portfolio and has achievements in pharmaceutical R & D [59]. 5. Xingye Convertible Bond - Rating: AAA; 1 - end closing price: 123.691 yuan; conversion premium rate: 40.16%; PE - TTM of the underlying stock: 5.11 [6][8]. - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [72]. - Financials: In 2024, revenue was 212.226 billion yuan (+0.66% yoy), net profit attributable to shareholders was 77.205 billion yuan (+0.12% yoy). In the first three quarters of 2025, revenue was 161.234 billion yuan (-1.82% yoy), net profit attributable to shareholders was 63.083 billion yuan (+0.12% yoy) [72]. - Highlights: It has stable asset quality and scale growth, with a large customer base [73]. 6. Aima Convertible Bond - Rating: AA; 1 - end closing price: 126.979 yuan; conversion premium rate: 60.87%; PE - TTM of the underlying stock: 10.97 [6][8]. - Company: The leading enterprise in the electric two - wheeler industry, with self - developed and produced products [82]. - Financials: In 2024, revenue was 21.606 billion yuan (+2.71% yoy), net profit attributable to shareholders was 1.988 billion yuan (+5.68% yoy). In the first three quarters of 2025, revenue was 21.093 billion yuan (+20.78% yoy), net profit attributable to shareholders was 1.907 billion yuan (+22.78% yoy) [82]. - Highlights: It may benefit from government subsidies and the implementation of new national standards, and has potential for improving gross margin [83]. 7. Chongyin Convertible Bond - Rating: AAA; 1 - end closing price: 128.332 yuan; conversion premium rate: 16.22%; PE - TTM of the underlying stock: 6.55 [6][8]. - Company: An early - established local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [92]. - Financials: In 2024, revenue was 13.679 billion yuan (+3.54% yoy), net profit attributable to shareholders was 5.117 billion yuan (+3.8% yoy). In the first three quarters of 2025, revenue was 11.74 billion yuan (+10.4% yoy), net profit attributable to shareholders was 4.879 billion yuan (+10.19% yoy) [92]. - Highlights: It may benefit from the development of the Chengdu - Chongqing economic circle, has stable asset growth, and has a good risk - control strategy [93][96]. 8. Tianye Convertible Bond - Rating: AA+; 1 - end closing price: 141.695 yuan; conversion premium rate: 26.15%; PE - TTM of the underlying stock: 163.89 [6][8]. - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [105]. - Financials: In 2024, revenue was 11.156 billion yuan (-2.7% yoy), net profit attributable to shareholders was 68 million yuan (+108.83% yoy). In the first three quarters of 2025, revenue was 7.97 billion yuan (+2.2% yoy), net profit attributable to shareholders was 7 million yuan (-28.79% yoy) [105]. - Highlights: It benefits from cost - reduction in raw materials and plans to increase dividend frequency, and its group is promoting coal - mine projects [107]. 9. Aorui Convertible Bond - Rating: AA -; 1 - end closing price: 160.557 yuan; conversion premium rate: 39.57%; PE - TTM of the underlying stock: 27.45 [6][8]. - Company: Focused on the R & D, production, and sales of complex APIs and formulations, leading in certain technical fields [120]. - Financials: In 2024, revenue was 1.476 billion yuan (+16.89% yoy), net profit attributable to shareholders was 355 million yuan (+22.59% yoy). In the first three quarters of 2025, revenue was 1.237 billion yuan (+13.67% yoy), net profit attributable to shareholders was 354 million yuan (+24.58% yoy) [120]. - Highlights: It is optimizing its distribution network, expanding the market for its formulation products, and has high - quality customer resources [121]. 10. Yushui Convertible Bond - Rating: AAA; 1 - end closing price: 128.343 yuan; conversion premium rate: 35.36%; PE - TTM of the underlying stock: 26.26 [6][8]. - Company: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [134]. - Financials: In 2024, revenue was 6.999 billion yuan (-3.52% yoy), net profit attributable to shareholders was 785 million yuan (-27.88% yoy). In the first three quarters of 2025, revenue was 5.568 billion yuan (+7.21% yoy), net profit attributable to shareholders was 779 million yuan (+7.1% yoy) [134]. - Highlights: It has a high market share, is expanding its business scope, and has achieved cost - control through intelligent applications [135]. Related Reports - "Pricing of Naipu Convertible Bond 02: First - day conversion premium rate of 28% - 33%", released on January 27, 2026 [3]. - "Pricing of Shangtai Convertible Bond: First - day conversion premium rate of 40% - 45%", released on January 27, 2026 [3]. - "Pricing of Lianrui Convertible Bond: First - day conversion premium rate of 43% - 48%", released on January 15, 2026 [3]. - "Outlook for US Inflation in 2026: High at first, then low, overall controllable", released on January 12, 2026 [3].

Investment Rating - The report maintains a "Recommended" investment rating for the beauty and personal care industry [5][26]. Core Insights - Betaini Group's brand Winona has officially entered the Middle East market, expanding its overseas footprint by opening its first offline store in Doha Mall, Qatar, marking it as the first Chinese functional skincare brand registered in Qatar [5][24]. - The report highlights the global development strategy of companies in the medical beauty sector, emphasizing a transition from single product output to a systematic compliance layout and the value output of "Chinese solutions" [5][26]. - The report suggests focusing on companies with core raw material technology advantages and a full industry chain matrix, such as Marubi Biotechnology, Huaxi Biological, and Juzhi Biological [5][26]. Summary by Sections Recent Market Performance - From January 26 to January 30, 2026, the Shenwan Beauty and Personal Care Index decreased by 3.92% [13]. - The top five gainers in the sector included companies like Four Seasons Medicine and Yisi Health, while the biggest losers included Lafang Cosmetics and Shanghai Jahwa [13]. Industry News - Time安生物's siRNA weight loss drug targeting ALK7 has achieved global simultaneous submission for clinical trials, showcasing the company's global development strategy [18][19]. - The customs authority has introduced nine measures to support the development of the beauty industry, focusing on building Guangzhou as a global cosmetics manufacturing and consumption center [20]. Key Company Announcements - Baiya Co., Ltd. announced plans for share reduction by major shareholders, while Jeya Co., Ltd. plans to recognize asset impairment losses to reflect its financial status accurately [21][22]. Weekly Insights - The opening of Winona's store in Qatar is a significant step in the brand's globalization strategy, receiving recognition from local medical and retail sectors [24][25]. - The report emphasizes the importance of systematic compliance capabilities and clinical validation in the development of medical beauty enterprises [26]. Investment Recommendations - The report recommends focusing on companies with strong R&D capabilities and market positioning, such as Betaini and Aimeike, while also considering traditional brands that are actively transforming [26].

Core Viewpoint - The article emphasizes the need for a comprehensive overseas service system for Chinese enterprises, focusing on "full chain, precision, and sustainability" to adapt to the increasingly complex international environment and service demands [1][4]. Group 1: Current State of Overseas Investment - According to the Ministry of Commerce, by 2025, China's foreign direct investment is projected to reach $174.38 billion, representing a year-on-year growth of 7.1%, maintaining a top-three position globally for nine consecutive years, with over 50,000 enterprises operating in more than 190 countries and regions [1]. - The 20th Central Committee's Fourth Plenary Session highlighted the importance of effective foreign investment management and the establishment of a comprehensive overseas service system to facilitate integrated trade and investment [1]. Group 2: Challenges and Requirements - Chinese enterprises are transitioning from merely "going out" to "going in," which involves deeper localization in operations, including establishing overseas R&D centers and hiring local employees, thus increasing the demand for comprehensive overseas services [2]. - The existing service system faces challenges such as resource fragmentation and insufficient collaboration, necessitating a more systematic and professional support framework [2]. Group 3: Strategic Directions for Improvement - The enhancement of the overseas comprehensive service system should focus on three main directions: 1. Strengthening platform functionality by integrating key data interfaces across foreign affairs, taxation, legal, and financial sectors to create a seamless workflow [3]. 2. Transforming service models to develop differentiated service products tailored to various industries, regions, and enterprise sizes, while innovating cross-border financial services to address financing challenges for SMEs [3]. 3. Building a multi-level collaborative mechanism that includes accelerating regional and bilateral trade investment agreements to create stable expectations for enterprises [3]. Group 4: Policy Framework and Future Outlook - The transition of China's foreign investment management from "single-point breakthroughs" to "systemic empowerment" is marked by the issuance of the "Guiding Opinions" by the Ministry of Commerce and other departments, which outlines a full-chain policy framework with 16 specific measures [4]. - The improvement of the overseas comprehensive service system is expected to enhance the quality supply and efficient matching of overseas service resources, supporting deeper international cooperation in supply chains and reducing transaction costs through institutional arrangements [4].

Core Viewpoint - The article highlights the efficient logistics and supply chain management of cherry imports from Chile to China through Tianjin Port, showcasing the streamlined processes that enhance freshness and reduce delivery times. Group 1: Logistics and Supply Chain Management - Tianjin Port Group has developed a comprehensive organizational support mechanism to ensure the efficient operation of the "Fruit Express" service, covering market business, cargo booking, terminal loading and unloading, and logistics distribution [1][3] - The implementation of the "Five Guarantees and Five Immediate" measures and customized "one ship, one policy" plans has reduced the terminal operation time for a single container of cherries to under 20 minutes, allowing delivery to major markets in the Beijing-Tianjin-Hebei region within 5 hours and covering East China, South China, Northwest, and Northeast regions within 30 hours [1][3] Group 2: Transportation and Handling Process - The transportation process for cherries involves three main steps: hand-picking by farmers, cooling and sorting at packaging facilities, and shipping via direct route to Tianjin Port, which takes approximately 23 days [2] - The Tianjin Dongjiang Free Trade Port Area International Trade Service Co., Ltd. has optimized the sales process for cherries, enabling delivery to consumers within 12 hours after the ship docks, and expanding sales channels to include e-commerce platforms [2] Group 3: Customs and Regulatory Support - Tianjin Customs has established a "green channel" for fresh fruit clearance and introduced an innovative "people wait for containers" supervision model to facilitate smooth customs processes [3] - The Tianjin Maritime Bureau has implemented a refined dynamic schedule for vessels, considering weather forecasts, traffic conditions, and port operation progress to minimize waiting times for ships [3]

修路先寻石—— 荒漠中勠力攻坚 在当天的通车仪式上，阿尔及利亚总统特本表示，在中企参与下，项目建设速度创下纪录，"感谢中国 朋友们克服艰难的自然条件，圆满完成项目建设"。 "撒哈拉沙漠的环境复杂多变，铁路施工极具挑战。"中国铁建阿尔及利亚西部铁路矿业线项目经理董琳 介绍，两年来，在最高温达50余摄氏度的撒哈拉沙漠中，中阿建设者在"无人、无水、无油、无信号"的 环境中书写着勠力攻坚的故事。 建设初期，项目就上演了一场"寻石之旅"。 修铁路为啥要寻石？"这是铁路建设顺利推进的关键一环。"董琳说，道砟是铁路路基的石子材料，项目 消耗量预计约360万吨。项目初期，当地仅探明一处可用料场，若依赖外购，不仅距离遥远、成本高 昂，供应稳定性也难以保障。经多方研判，项目团队决定自建道砟生产线，寻找合格的石源成为破局关 键。项目副总经理吴海城牵头组建踏勘团队，开启荒漠寻石之旅。"荒漠中无地标可循，迷路、抛锚、 陷车是常态，最远一次踏勘，直线距离超过40公里。"吴海城回忆说。 晨曦中的撒哈拉沙漠，铁轨在沙海间延展，宛如一条墨色长带。 在阿尔及利亚西部腹地，8000余名中阿建设者昼夜攻坚，终迎硕果。当地时间2月1日，中国铁建承建的 ...

| 时间 | 事件 | 核心方面 | 主要内容 | | --- | --- | --- | --- | | | | | 家政服务。支持符合条件的家政服务企业创新服务模式、探索智慧化场景、拓展居家养老服务。 | | | | | 鼓励地方发布家政服务规范协议 ... | | | 《加快培 | 重点领域 | 汽车后市场服务。推动汽车流通消费领域全链条创新发展，选择部分城市开展试点，支持在汽车 后市场重点领域先行先试，加快清理限制性措施，探索开展汽车改装分级分类管理，健全传统经 | | | 育服务消 | | 典车认定体系,加强房车露营基地建设,研究完善相关管理制度、技术标准 ... | | 2026/ | 费新增长 | | 演出服务。优化演出管理,科学合理设置安全容量限制,持续推进跨地区巡演。探索将具备条件 | | 1/29 | 点工作方 | | 目有意愿的演出团体、专业剧场调整为公益二类事业单位，建立健全激励机制 ... | | | 案》 | 潜力领域 | 体育赛事服务。优化改进大型群众性活动安全管理，分级分类合理核定赛场安全容量，用于划设 | | | | | 治安缓冲区的容量原则上不超过赛场可用座位数的 10%。 ...

Group 1 - The Chinese Consul General in Surabaya, Ye Su, visited the Weda Bay Industrial Park in North Maluku Province, holding a meeting with enterprises and expressing concern for employees [1][3] - Ye Su conducted an on-site inspection of factory facilities, receiving briefings on industrial layout, project construction, and safety production, and praised the park's high-quality development [3] - The Weda Bay Industrial Park, led by Qingshan Holding and focusing on the nickel industry chain, opened in 2018 and became one of the nine national strategic industrial parks outside Java Island in Indonesia in 2020 [3] Group 2 - The park is recognized for its positive role in promoting local economic and social development, implementing the "Belt and Road" initiative, and advancing bilateral practical cooperation [3] - Ye Su emphasized the importance of integrating enterprise development into national strategy, adhering to compliant operations, prioritizing safety production, and safeguarding employee rights [3] - The park is encouraged to actively fulfill social responsibilities and contribute to deepening the China-Indonesia community of shared future [3]

台湾的政坛，正被这样一种麻木不仁的"不变"所吞噬。赖清德口中念念有词的"捍卫台湾"，只是包装分 裂企图的政治口号。他拒绝赴立法机构报告，称其非"宪政责任"；他任由"大法官""监察院长"悬置，把 台湾行政司法机关当作政党私产；他将军购预算当成政治筹码，把两岸关系拖入零和博弈的死胡同。他 不是在"保护"台湾，而是不遗余力且歇斯底里地透支台湾、掏空台湾，是要把2300万台湾民众紧紧绑 在"台独"的战车上，充当"台独"陪葬品。当加拿大、韩国、英国的领导人纷纷访华，寻求战略自主空间 时，台湾的"台独"政客却还在幻想"倚美谋独"，以为只要抱紧华盛顿的大腿，就还能像以前一样兴风作 浪、为所欲为，简直是白日大梦。 世界越乱，中国提供的确定性、稳定性就越显珍贵和重要。台湾若想在时代的变局中找到位置，不是靠 唱"抗中保台"的老调，而是要问：能否在两岸融合发展中创造新的经济增长？能否在大陆的广阔市场中 抓住新的发展机遇？能否在RCEP、"一带一路"的延伸脉络中，找到自己的产业坐标？答案显而易见： 只有放下"台独"邪念，拥抱统一大势，台湾才能从一直被利用的"棋子"变成"不可或缺的支点"，而"台 独"已是死路。随着百年变局加速演进，台 ...

Core Viewpoint - The company is actively expanding its overseas market presence, with a significant increase in overseas order amounts and proportions, currently accounting for about one-fourth of total orders [2] Group 1: Overseas Market Expansion - The company has reported a continuous layout in overseas markets, with overseas orders now making up approximately 25% of total orders [2] - Sales product types include pulverized coal boilers, fluidized bed boilers, waste incineration boilers, and waste heat boilers [2] - Key sales regions are primarily in "Belt and Road" countries such as Central Asia, Southeast Asia, and Africa, with recent breakthroughs in North America, particularly Mexico [2] Group 2: Strategic Collaborations - The company is actively deepening collaboration with leading enterprises such as China Power Construction, Dongfang Electric, and Harbin Electric International [2] - Long-term partnerships are being established with benchmark enterprises in overseas project locations [2]

Core Viewpoint - Qingdao Port is positioned favorably due to its strategic location and recent agreements, which are expected to enhance its operational performance and growth potential in the shipping and logistics sector [2][3]. Group 1: Company Overview - Qingdao Port International Co., Ltd. is located in Qingdao, Shandong Province, and was established on November 15, 2013, with its listing date on January 21, 2019 [6]. - The company primarily engages in the handling of containers, metal ores, coal, crude oil, and provides logistics and port value-added services, among others [6]. - As of September 30, 2025, Qingdao Port reported a revenue of 14.238 billion yuan, representing a year-on-year growth of 1.86%, and a net profit attributable to shareholders of 4.180 billion yuan, with a growth of 6.33% [6]. Group 2: Market Position and Performance - Qingdao Port is recognized as a century-old port and a key node in the "Belt and Road" initiative, ranking as the seventh largest port globally [2]. - The company has shown steady growth in revenue and profitability, with its main business segments being cargo handling and related services (56.72% of revenue) and logistics and port value-added services (36.96% of revenue) [6]. - The stock has a current average trading cost of 8.16 yuan, with a price range between resistance at 9.75 yuan and support at 9.04 yuan, indicating potential for trading within this range [5]. Group 3: Recent Developments - A cooperation agreement has been signed between Huawei and Qingdao Port to accelerate the development of smart port operations in major domestic ports [3]. - The company has seen a net inflow of -30.62 million yuan from major funds today, with a continuous reduction in major fund holdings over the past three days [4]. - The distribution of shares among major holders is quite dispersed, with major transactions accounting for only 7.55% of total trading volume [4].