1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The market value of convertible bonds held by public funds remains at a high level, and the increase at the beginning of the year is in line with expectations. The convertible bond market shows strong resilience, and convertible bond funds perform relatively well among various types of funds. [1][9] - The bottom - position style is stable, and the heavily - held bonds of funds continue to perform well. However, there may be profit - taking in convertible bonds of popular sectors, and they may underperform the underlying stocks. [2] - In terms of convertible bond strategies, the overall position should be maintained with prudent neutrality, and the elastic allocation should be shifted towards balance. [3] 3. Summary According to the Table of Contents I. How did institutional bonds perform after public funds increased their holdings at the beginning of the year? - The market value of convertible bonds held by public funds in Q4 2025 was 308.251 billion yuan, a year - on - year increase of 7.24%. In January 2026, the scale of convertible bonds held by public funds increased by 6.88% compared with the end of 2025, accounting for 44.08%. [9] - In the first week of February, the convertible bond market showed strong anti - decline ability, rising 0.05% against the trend. Convertible bond funds outperformed ordinary stock - type funds and hybrid funds. The higher the proportion of convertible bonds in the fund, the stronger the anti - decline performance. [14] - Bonds heavily held by institutions showed stronger resilience in the first week of February. For example, convertible bonds of bottom - position types such as Industrial Bank and Shanghai Commercial Bank rose 0.72% on average, 0.67 percentage points higher than the convertible bond index. [18] - Convertible bonds of popular sectors such as electronics, non - ferrous metals, and computers may have profit - taking, and they underperformed the underlying stocks to varying degrees. For example, Weice Convertible Bond and Dingjie Convertible Bond had significant callbacks. [20] II. Convertible Bond Strategy: Maintain a Prudent and Neutral Position, and Shift Elastic Allocation towards Balance - Affected by the nomination of Warsh as the Fed Chairman, the A - share market adjusted in the first half of the week and then recovered in the second half. Sectors with stable cash flows such as consumption, transportation, and banking showed compensatory growth. [25] - The average price of convertible bonds rose 0.65% to 139.63 yuan, and the 100 - yuan premium rate increased 1.83 percentage points to 38.94%. The overall position can be maintained with prudent neutrality, and the allocation focus should be adjusted in a timely manner, focusing on mid - stream manufacturing going global and consumer blue - chip stocks. [28] - New convertible bonds are relatively expensive, and non - trading funds should be cautious. Attention can be paid to near - maturity convertible bonds with strong conversion demands and the ability to promote conversion. The allocation strategy should shift from focusing on elasticity at the beginning of January to balanced allocation, with emphasis on convertible bonds priced between 130 - 150 yuan. [29] III. Market Review: Convertible Bonds Rose Weekly, and Valuation Increased (1) Weekly Market Performance: The Convertible Bond Market Rose Slightly, and Most Equity Sectors Performed Weakly - Last week, most major stock indexes declined, while the CSI Convertible Bond Index rose 0.05%. Small - cap stocks and convertible bonds showed better anti - decline performance. [35] - In terms of popular concepts, photovoltaic glass, space photovoltaic, and other concepts rose, while semiconductor - related concepts such as KIMI and MCU chips declined. [35] (2) Valuation Performance: The Premium Rates of Low - Rated and Small - Scale Convertible Bonds Rose Significantly - The closing prices of equity - biased, debt - biased, and balanced convertible bonds changed by - 5.11%, - 0.67%, and + 1.69% respectively compared with the previous Friday. The proportion of convertible bonds in the 120 - 130 yuan range decreased significantly. [43] - The premium rates of low - rated and small - scale convertible bonds rose significantly. The AA - rated convertible bonds rose 2.87 percentage points, and those with a scale of 20 - 50 billion yuan (including 50 billion yuan) rose 1.65 percentage points. [43] IV. Terms and Supply: Five Convertible Bonds Announced Early Redemption, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan (1) Terms: Five Convertible Bonds Announced Early Redemption Last Week, and Honglu Convertible Bond's Board of Directors Proposed a Downward Revision - As of February 6, Mengsheng, Feng 21, Rong 23, Xinzhi, and Shouhua Convertible Bonds announced early redemption; Daimei, Tairui, and other convertible bonds announced not to redeem early; Jiemei, Daimei, and other convertible bonds announced that they are expected to meet the early redemption conditions. [3][57] - Last week, Honglu Convertible Bond's board of directors proposed a downward revision. Meino and Hongchuan Convertible Bonds announced the results of the downward revision. Four convertible bonds announced not to revise downward, and five convertible bonds announced that they are expected to trigger a downward revision. [4][57] (2) Primary Market: Haitian Convertible Bond was Issued Last Week, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan - Haitian Convertible Bond was issued with a scale of 801 million yuan, and Shangtai Convertible Bond was listed with a scale of 1.734 billion yuan. There are 379 issued but not yet matured convertible bonds, with a balance of 530.884 billion yuan. [5][60] - There were no new board proposals last week. One company's convertible bond plan passed the general meeting of shareholders, three passed the approval of the issuance review committee, and there were no new approvals from the CSRC. Compared with the same period last year, the numbers were - 2, + 1, + 3, and - 3 respectively. [5][63] - As of February 6, seven listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 5.363 billion yuan. Four new companies passed the issuance review committee, with a total scale of 4.517 billion yuan, and there were no new board proposals. [68]

2月8日，和讯投顾高璐明表示，周末国内外市场重磅消息频出，或对下周市场走势产生影响。其一，数 字货币遭遇利空，周末虚拟货币监管升级，央行等8部门联合发布通知，强调虚拟货币不具备法定货币 同等法律地位，境内外任何单位和个人不得在境外发行挂钩人民币的稳定币，不过鉴于国内一直管控较 严，此消息更多是短期情绪影响。其二，高层领导人强调要深入谋划实施一批重大举措和项目，在发展 新质生产力、做大做强国内大循环、促进居民增收等方面取得更大突破，这对经济新质生产力等相关方 案构成利好。其三，商业航天迎来利好，周末国内发射可重复使用试验航天器，长征二号F开展关键技 术验证，显示商业航天可回收方向持续进步。其四，上海市经信委表示要瞄准智能终端、商业航天、低 空经济等新赛道，再造万亿级产业新增量，进一步利好商业航天、低空经济及人工智能等方向。其五， 光伏板块获利好，特斯拉报道称其正在美国多州建厂扩张太阳能电池制造版图，计划未来三年实现每年 100GW的太阳能制造能力，且马斯克已开始考察国内光伏相关厂商。 ...

Core Insights - The price of tungsten, known as "industrial teeth," has been continuously rising, attracting market attention due to its role as a key raw material in high-end manufacturing sectors such as photovoltaic tungsten wire and electric vehicle motors [1] Price Trends - As of February 6, the price of 65% black tungsten concentrate is reported at 675,000 RMB per standard ton, an increase of 46.7% since the beginning of 2026 [2] - The price of 65% white tungsten concentrate is reported at 674,000 RMB per standard ton, up 46.8% year-to-date. Ammonium paratungstate (APT) is priced at 990,000 RMB per ton, reflecting a 47.8% increase. European APT prices range from 1,100 to 1,398 USD per ton (equivalent to 676,000 to 859,000 RMB per ton), up 35.8% [3] - Tungsten powder is priced at 1,650 RMB per kilogram, a 52.8% increase, while tungsten carbide powder is at 1,600 RMB per kilogram, up 53.9% [3] - In January, the average price of 65% black tungsten concentrate in China was 510,600 RMB per ton, showing a month-on-month increase of 26.69% and a year-on-year increase of 254.75% [3] Supply Constraints - Global tungsten production is projected to be approximately 82,800 tons in 2024, with a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2%. Factors such as tightening resource endowments, extended development cycles, and insufficient capital investment are reinforcing supply constraints [4] - The current supply situation remains tight, with challenges including reduced mining quotas, declining shipments from tungsten mines, and unstable import volumes, leading to a pronounced supply-demand imbalance in the global tungsten market [4] Demand Dynamics - Explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is identified as the core driver for rising tungsten powder prices. The strategic value of tungsten as a key functional material is increasingly recognized, enhancing overall industry prosperity [6] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, marking a phase of scaled application. The industrialization of heterojunction (HJT) battery technology is anticipated to add approximately 6,400 tons of new tungsten demand by 2026 [6] Company Performance - Xiamen Tungsten Industry (600549) reported a revenue of 46.469 billion RMB for 2025, a year-on-year increase of 31.37%, with a net profit of 2.311 billion RMB, up 35.08% [7] - Xianglu Tungsten Industry (002842) forecasts a net profit of 125 million to 180 million RMB for 2025, representing a year-on-year growth of 239.66% to 301.11%. The company benefits from improved pricing power and increased sales volume, particularly in hard alloy and photovoltaic tungsten wire products [8] - Zhangyuan Tungsten Industry (002378) anticipates a net profit of 260 million to 320 million RMB for 2025, reflecting a growth of 51% to 86%. The company leverages its full tungsten industry chain advantages to enhance product performance and stabilize supply capabilities [8]

Price Trends - The price of tungsten has been continuously rising, with 65% black tungsten concentrate priced at 675,000 RMB per standard ton, reflecting a 46.7% increase since the beginning of 2026 [1] - The price of 65% white tungsten concentrate is reported at 674,000 RMB per standard ton, up 46.8% year-to-date. Ammonium paratungstate (APT) is priced at 990,000 RMB per ton, a 47.8% increase, while tungsten powder is at 1,650 RMB per kilogram, up 52.8% [2] Supply and Demand Dynamics - Global tungsten production is projected to be approximately 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2%. This tightens supply due to resource constraints and insufficient capital investment [3] - The domestic tungsten market is facing supply disruptions from reduced mining quotas, declining output from tungsten mines, and unstable import volumes, leading to a pronounced supply-demand imbalance [3] Market Outlook - Baichuan Yingfu anticipates that the tungsten concentrate market will continue to operate strongly, supported by tight spot resources [4] - Demand growth, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward, with tungsten's strategic value increasing as its market penetration in silicon wafer cutting exceeds 60% by 2025 [4] Company Performance - Xiamen Tungsten's 2025 performance report indicates a revenue of 46.469 billion RMB, a year-on-year increase of 31.37%, and a net profit of 2.311 billion RMB, up 35.08% [5] - Xianglu Tungsten expects a net profit of 125 million to 180 million RMB for 2025, representing a growth of 239.66% to 301.11%, driven by rising tungsten prices and improved market conditions [6] - Zhangyuan Tungsten forecasts a net profit of 260 million to 320 million RMB for 2025, a year-on-year increase of 51% to 86%, benefiting from tight supply and increased demand [6]

来源丨 中国人民银行 编辑丨金珊 马斯克点火A股光伏，奥特维等股价翻倍 爆单排队！喜茶二手周边爆炒至50元 SFC 21君荐读 据央行最新发布数据，中国2026年1月末黄金储备报7419万盎司，2025年12月末为7415万盎 司，为连续第15个月增持黄金。 ...

Core Viewpoint - The A-share market experienced a mixed performance with over 2,700 stocks rising, while major indices saw declines, indicating a structural market driven by policy and industry trends [1] Market Performance - The Shanghai Composite Index fell by 0.25% to 4,065.58 points, the Shenzhen Component Index decreased by 0.33%, and the ChiNext Index dropped by 0.73% [1] - In contrast, the North China 50 Index rose by 0.9% [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges was approximately 2.16 trillion yuan [1] Sector Analysis - Sectors such as tourism, liquor, military, retail, and semiconductors experienced declines [1] - Conversely, sectors including oil, chemical fiber, chemicals, electricity, and pharmaceuticals saw gains [1] - Active themes included disperse dyes, solid-state batteries, and ultra-high voltage concepts [1] Investment Outlook - Debon Securities suggests that the spring market trend is likely to continue, with a structural market driven by "policy catalysis + industry trends" [1] - The long-term outlook remains a slow bull market, with recommendations to focus on solar energy (space solar, HJT technology), commercial aerospace (satellite manufacturing, computing services), and non-ferrous metals (gold, silver, copper, aluminum) [1] - Additionally, attention should be paid to consumer trends and policy catalysts [1]

Core Insights - The CLNB 2026 New Energy Industry Expo will take place from April 8 to 10, 2026, at the Suzhou International Expo Center, featuring over 1,500 exhibitors, 30,000 professional visitors, and more than 200 international procurement teams from over 30 countries [1] Group 1: Exhibition Overview - The expo aims to provide valuable opportunities for attendees to connect with suppliers, projects, and collaboration opportunities in the new energy sector [1] - The event will feature a wide range of displays, including new battery technologies, mining resources, advanced materials, and battery recycling [2][3][4] Group 2: Business Matching Services - CLNB will offer a one-on-one business matching service, connecting exhibitors with selected professional buyers to facilitate in-depth communication and potential partnerships [4] - The event will include a VIP procurement matching session, ensuring targeted outreach to key buyers and decision-makers [4] Group 3: Forums and Discussions - The expo will host multiple forums focusing on global resource dynamics in lithium, nickel, and cobalt, as well as advancements in lithium batteries, solid-state technology, and energy storage [10][11] - The event will also feature discussions on the integration of aluminum and copper industries with the new energy sector, creating a comprehensive ecosystem for industry participants [10][11] Group 4: Group Participation Benefits - Groups of five or more attendees will receive special benefits, including customized services, access to multiple forums, and invitations to gala dinners [6][7] - Group members will also receive commemorative badges and access to presentation materials from the event [7]

Group 1 - The core viewpoint of the article highlights that GCL-Poly Energy has experienced a continuous three-day trading limit increase, indicating strong market interest and performance in the stock [1] - GCL-Poly's stock reached a trading limit at 13:52 today, with a transaction volume of 7.281 billion yuan and a turnover rate of 29.43%, reflecting significant trading activity [1] - The photovoltaic equipment sector has been active recently, contributing to the stock's performance, with GCL-Poly focusing on ground-mounted photovoltaic systems and offering integrated solutions for energy storage [1] Group 2 - GCL-Poly's main products include high-efficiency photovoltaic cells, large-sized photovoltaic modules, and energy storage systems, which are essential for the company's business model [1] - The active performance of the related sector has positively influenced the company's stock, indicating a potential growth opportunity within the photovoltaic industry [1]

Robotics Industry - Five Continents New Spring has successfully developed RV reducer bearings and harmonic reducer flexible bearings for domestic robot reducer companies [2] - Tianqi Co., Ltd. collaborates with Galaxy General and UBTECH to provide various robot products and differentiated smart manufacturing solutions [2] - Baida Precision has laid out key components such as humanoid robot dexterous finger joint modules and aluminum structural parts for embodied robots [2] - Fule New Materials' electronic skin has applications in humanoid robots, with patents for flexible sensors [2] Smart Grid - CCTV reports that transformer factories are operating at full capacity, with orders extending to 2027 [2] - Jicheng Electronics is one of the few domestic providers of one-stop smart charging and swapping solutions [2] Power and Energy - Baichuan Co., Ltd. is involved in the production of acetic acid esters and is actively expanding into the lithium battery materials industry [4] - Cangzhou Dahua has successfully trialed the production of co-polymer silicon PC products, becoming the first in China to do so [4] - Tianji Co., Ltd. ranks among the top in the industry for lithium hexafluorophosphate production capacity [4] Consumer Electronics - Goldrich Technology is the largest supplier of plastic anti-theft bottle caps in China, supplying major beverage brands [3] - Changjiang Communication is focusing on low-orbit satellite communication as a new industry, contributing to the establishment of standards in this field [3] Film and Entertainment - Hengdian Film has several films scheduled for release during the 2026 Spring Festival [6] Automotive Industry - Jinlong Automobile is a major bus manufacturer in China, collaborating with Baidu to produce the first commercial-grade autonomous micro-circulation vehicle [6] Semiconductor and PCB - Deep South Circuit has become a leading supplier of PCB for wireless base stations and aerospace applications [5] - Japanese semiconductor material manufacturers have raised prices for PCB materials by over 30% [5]

Market Overview - The gold and base metal sectors are experiencing a decline, while the semiconductor and computing hardware supply chains continue to drop [1] - The A-share market opened lower, with the Shanghai Composite Index down 0.87%, the Shenzhen Component Index down 1.09%, and the ChiNext Index down 1.15% [2][3] Sector Performance - The precious metals sector continues its downward trend, with companies like Hunan Silver, Xinyi Silver, and Shengda Resources hitting the daily limit down [1] - The Chinese medicine sector is active, with companies such as Te Yi Pharmaceutical and Panlong Pharmaceutical hitting the daily limit up, and Biotech Valley rising over 15% [1] - The oil and gas, chemical, and coal sectors are among the hardest hit, showing significant declines [3] Individual Stock Movements - Jiangfeng Electronics saw a slight increase of 0.09% after resuming trading, as the company plans to acquire control of Kaide Quartz [3] - The Hang Seng Index opened down 1.97%, with the Hang Seng Tech Index dropping 2.42%, and major tech stocks like Baidu and Alibaba falling over 3% [5][6]