1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Shuangle Convertible Bond on its first trading day is expected to be between 133 and 138 yuan, and investors are advised to actively subscribe. The conversion premium rate on the first listing day is estimated to be in the range of 42% - 47% [3][18]. - The estimated first - day new - bond subscription winning rate is around 0.0038% - 0.0054% [4][19]. 3. Summary According to the Directory 3.1 Shuangle Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Shuangle Convertible Bond are priority placement and online issuance. The bond and issuer ratings are both AA-. The issuance scale is 800 million yuan, the initial conversion price is 36.7 yuan. As of December 31, 2025, the convertible bond parity is 93.73 yuan, the pure bond value is 91.12 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of phthalocyanine series and chromium - based pigments. The funds raised will be used for high - performance blue - green pigment projects, high - performance yellow - red pigment projects, high - performance functional pigment product R & D centers, and working capital replenishment, aiming to expand the production capacity of advantageous products and improve profitability [3][17]. - Based on the current market environment and parity level, referring to similar convertible bonds, the conversion premium rate of Shuangle Convertible Bond on the first listing day is expected to be in the range of 42% - 47%, corresponding to a first - day listing target price around 133 - 138 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - As of the end of September 2025, the top two shareholders held a combined 39.42% of the shares, and the top ten shareholders held a combined 57.2%. Assuming the old - shareholder placement ratio is 39% - 57%, the scale available for the market is 342 million - 485 million yuan. Assuming the online effective subscription volume is 8.93 million households, the winning rate is estimated to be around 0.0038% - 0.0054% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Upstream and Downstream of the Industry - The company is mainly engaged in the R & D, production, and sales of phthalocyanine series and chromium - based pigments. It is a leading enterprise in the domestic phthalocyanine pigment segment, with the first domestic market share and high market reputation. The company focuses on technological innovation and process optimization, and its products are becoming more diversified and specialized [20]. - The upstream of the pigment industry mainly includes the petrochemical and non - ferrous metal industries. The prices of raw materials such as phthalic anhydride and electrolytic copper fluctuate. Currently, the low price of phthalic anhydride helps reduce costs, while the high price of electrolytic copper increases costs. The downstream consumption of pigments is mainly in the ink, coating, and plastic fields, and new application demands in emerging industries are growing, which promotes the development of the pigment industry and raises higher requirements for product quality and performance [21][22]. 3.2.2 Company's Operating Conditions - The company's annual revenue has shown slight fluctuations in recent years. From 2022 to the first three quarters of 2025, the revenues were 1.271 billion yuan, 1.433 billion yuan, 1.575 billion yuan, and 1.11 billion yuan respectively, with year - on - year growth rates of - 4.89%, 12.8%, 9.9%, and - 4.94%. The revenue in 2023 and 2024 increased due to the large increase in sales volume, while in the first nine months of 2025, the revenue decreased due to the decline in raw material prices, intensified competition, and the decrease in both price and sales volume of phthalocyanine pigments. The sales volume and price of chromium - based pigments changed little during the reporting period [25]. - The company's comprehensive gross profit margin first increased and then decreased. From 2022 to the first three quarters of 2025, it was 10.2%, 13.09%, 16.95%, and 14.11% respectively. The net profit margin was 2.2%, 3.3%, 7.66%, and 4.46% respectively. The gross profit margin of phthalocyanine pigments was affected by cost changes, while that of chromium - based pigments decreased slightly due to high environmental protection costs [28]. - The company's recent period expenses and R & D expenses have shown little fluctuation. The accounts receivable turnover rate has slightly decreased, but the company has good control over accounts receivable. The net profit attributable to the parent company has fluctuated greatly, and the profitability has also been volatile [30][35][39]. 3.2.3 Company's Equity Structure and Major Controlling Subsidiaries - As of September 30, 2025, the equity structure was relatively concentrated. Yang Hanzhou was the largest shareholder, and the top two shareholders held a combined 39.42% of the shares, and the top ten shareholders held a combined 57.2%. As of December 23, 2025, Yang Hanzhou was the controlling shareholder and actual controller, directly and indirectly controlling the company [44]. 3.2.4 Company's Business Characteristics and Advantages - The company has brand, technology, environmental protection, industrial chain, standard - setting, and marketing and service network advantages. It has well - recognized brands, a complete core technology and process system, a good environmental management system, stable upstream production, participation in standard - setting, and a professional marketing and service network [46][48][51]. 3.2.5 Allocation of the Current Fund Raising - The company plans to issue convertible bonds to raise no more than 800 million yuan. After deducting issuance fees, 166 million yuan will be used for high - performance blue - green pigment projects, 416 million yuan for high - performance yellow - red pigment projects, 38 million yuan for high - performance functional pigment product R & D centers, and 180 million yuan for working capital replenishment [12][53]. - The high - performance blue - green pigment project aims to upgrade and expand the production capacity of phthalocyanine pigments, with expected annual production increases of 1,000 tons of phthalocyanine blue series and 2,000 tons of phthalocyanine green series. The high - performance yellow - red pigment project will add yellow - red organic pigment products, with an expected annual production increase of 4,000 tons. The R & D center project will improve the company's R & D and technology level [53][54][55].

可转债新债表现"大年"。 随着A股市场进一步回暖，与股市密切相关的可转债市场也迎来新一波较大级别行情，可转债新债也迎 来实施信用申购制度以来的表现"大年"，中签收益率明显提升。与此同时，数据也显示，可转债新债的 网上中签率明显降低，打新中签难度进一步变大。 可转债新债迎表现"大年": 中签收益率明显提升 据Wind统计口径，若按照上市日期来计，2025年以来内地证券市场共有逾30只可转债上市（不含私募 方式发行的可转债和定向发行的可转债，下同），相关可转债上市首日平均涨幅约37%，超过此前数年 中各年的上市首日平均涨幅。相同统计口径之下，2018年至2024年，可转债上市首日平均涨幅分别约为 2.4%、9.5%、19.1%、19.4%、29.7%、33.7%以及24.1%。 如果不出意外，2025年全年可转债上市首日平均涨幅有望创出可转债新债实施信用申购制度以来新高。 可转债新债中签难度加大 随着可转债新债表现的进一步走强，可转债打新中签难度也在增大。 若按照上市日期统计，2025年上市的可转债网上中签率平均值约为0.0048%，较此前的2023年和2024年 明显降低，与2022年的可转债网上中签率平均值大 ...

可转债新债表现 "大年"。 随着 A 股市场进一步回暖，与股市密切相关的可转债市场 也 迎来新一波较大级别行情，可转 债新债也迎来实施信用申购制度以来的表现 "大年" ，中签收益率明显提升。 与此同时，数据 也显示，可转债新债的网上中签率 明显降低，打新中签难度进一步变大。 如果不出意外，2025年全年可转债上市首日平均涨幅有望创出可转债新债实施信用申购制度 以来新高。 从年内上市可转债具体表现来看，所有可转债上市首日收盘无一破发，其中30只可转债上市 首日收盘涨幅超过20%，包括普联转债、瑞可转债、茂莱转债、卓镁转债、胜蓝转02、凯众 转债、微导转债、华辰转债、恒帅转债在内的多只可转债上市首日收盘均达到可转债首日涨 幅上限。 而如果从可转债新债上市后一段时间的表现来看，2025年上市的新债表现同样亮眼。以上市 后首周表现为例，平均涨幅为43.0%。相同统计口径之下，2018年至2024年，可转债上市首 周平均涨幅分别约为2.3%、9.8%、20%、21%、28.9%、38.6%以及28.2%；从上市首月表 现来看，2025年上市的可转债上市首月平均涨幅为45.5%，也明显高于此前几年。 可转债新债表现走强的 ...

本报（chinatimes.net.cn）记者胡金华 上海报道 临近年末，可转债市场迎来新一波发行小高潮。 据Wind数据显示，2025年可转债市场规模萎缩超过1700亿元，创下退出规模历史新高，目前整个市场 规模仅有5606亿元，低于今年初的7337亿元。 对此，可转债私募广东嗣盈总经理张晓东指出，尽管年末新券发行扎堆，但是投资者仍要珍惜新券的机 会，可参与打新，毕竟目前新券储备并不丰厚。 从12月8日到12月15日，普联转债、神宇转债、澳弘转债、天准转债、鼎捷转债、鼎捷转债多只新券扎 堆网上申购。而11月以来上市的新可转债，首日打新收益让参与资金获利颇丰，最高涨幅达到78%。 "年末新券发行扎堆，而且均系科技类品种。临近年底企业存在补充资本、优化财务结构的客观需求， 监管层面也在推动直接融资，发行端因此较为活跃。从交易端看，近期权益市场企稳回升，带动了转债 市场的风险偏好。更重要的是，资产荒的宏观背景依然存在，市场对兼具债性保护和股性弹性的资产需 求旺盛。不过，新债供应虽增，但优质资产依然稀缺，导致上市后备受追捧。"上海澜成私募基金总经 理许佳莹对《华夏时报》记者分析表示。 新券密集发行，打新收入可观 业 ...

临近年末，可转债市场迎来一波发行小高峰，投资者打新热情高涨。 数据显示，今年12月以来，普联转债、神宇转债、澳弘转债、天准转债、鼎捷转债5只新券陆续启动网 上申购，涵盖智能制造、电子科技、能源软件等多个前沿领域。与今年11月相比，可转债发行数量和规 模均有所攀升。 值得一提的是，尽管新券发行提速，但市场供需失衡格局未改。在此背景下，新券上市后普遍实现大 涨。比如12月10日上市的茂莱转债，上市首日上涨57.30%，并在随后的交易日继续上涨，累计涨幅超 过80%。 发行端逐渐放量 12月10日，科创板公司茂莱光学发行的茂莱转债正式登陆市场，首日开盘即大涨30%，触发临时停牌机 制，复牌后尾盘三分钟再度飙升，最高触及157.3元。随后的交易日中，该转债的价格继续攀升，并在 12月15日盘中一度上涨至187.65元，单签收益超过800元。 在二级市场火热的同时，一级市场发行也在逐渐放量。12月以来，普联转债等5只新券陆续网上发行， 合计规模30.23亿元，较11月4只新券募资28.63亿元，发行数量和规模均有所增加。 尽管新券发行提速，但转债市场规模仍处于收窄状态。Wind数据显示，截至目前，存量可转债的市场 规模 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 澳弘转债定价：首日转股溢价率 45%~50% ---东北固收转债分析 报告摘要： [Table_Summary] 12 月 9 日，澳弘电子公告拟于 2025 年 12 月 11 日通过网上发行可转债， 公司本次计划发行可转换公司债券募集资金总额不超过 5.80 亿元。本次 发行募集资金扣除发行费用后，5.80 亿元拟全部用于泰国生产基地建设 项目，项目总投资 5.96 亿元。 澳弘转债发行方式为优先配售，网上发行，债项和主体评级 AA-。发行 规模为 5.80 亿元，初始转股价格为 34.04 元，参考 12 月 12 日正股收盘 价格 29.79 元，转债平价 87.51 元，参考同期限同评级中债企业债到期收 益率（12 月 12 日）为 3.75%，到期赎回价 112 元，计算纯债价值为 92.83 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券发行规模 一般，流动性一般，评级尚可，债底保护性较好。机构入库不难 ...

Group 1 - The core point of the news is the announcement of the subscription results for the convertible bonds issued by Shenyu Co., Ltd. (300563), with a total of 213,600 winning numbers, each allowing the subscription of 10 bonds (1,000 yuan) [1] - The current stock price of the underlying asset for Shenyu convertible bonds is 36.40 yuan, with a conversion price of 39.31 yuan, resulting in a conversion value of 92.60, indicating that the conversion value is relatively low [2] - The hot market for convertible bonds suggests that despite the low conversion value, there may still be an estimated profit of around 300 yuan for investors who successfully subscribe [2] Group 2 - The stock market is currently around 3,900 points, a relative high not seen by many investors in the past decade, leading to a sense of caution among stockholders [3] - Historical valuation metrics indicate that the A-share market is no longer perceived as cheap, but this does not necessarily mean it is overvalued; rather, it reflects a long-term undervaluation of the Chinese stock market [4] - The narrative suggests that the undervaluation of Chinese stocks may change in the coming years due to structural economic improvements, enhanced corporate profitability, and the maturation of capital market systems, indicating a potential revaluation of A-shares and Hong Kong stocks [6]

Group 1 - The convertible bond market is experiencing a surge in new issuances, with five new bonds set to be offered for online subscription, indicating a strong demand despite a shrinking market size [1][4] - The newly listed Maolai Convertible Bond saw a significant increase of nearly 70% in its first two days of trading, highlighting the market's enthusiasm for new offerings [1][2] - The overall market for convertible bonds has contracted significantly, with a reduction of over 170 billion yuan since 2025, leading to a current market size of 560.6 billion yuan, down from 733.7 billion yuan at the beginning of the year [7][8] Group 2 - The Maolai Convertible Bond, issued by Maolai Optics, has a total issuance size of 562.5 million yuan and is part of the Sci-Tech Innovation Board, which has attracted considerable market interest [3][6] - Upcoming convertible bonds include those from Pulin, Shenyu, Aohong, Tianzhun, and Dingjie, with a focus on technology and digital solutions [5][6] - The scarcity of new convertible bonds is evident, with only three companies currently approved for issuance by the China Securities Regulatory Commission, indicating a tight supply in the market [7][8]

1. Report Industry Investment Rating - The report does not provide an industry - wide investment rating. 2. Report's Core View - The target price of Maolai Convertible Bond on the first trading day is expected to be between 133 - 137 yuan, and investors are advised to actively subscribe. The expected first - day conversion premium rate is in the range of 40% - 45% [3][22]. - The expected first - day new - bond subscription winning rate is around 0.0018% - 0.0026% [4][23]. 3. Summary by Related Catalogs 3.1 Maolai Convertible Bond New - Bond Subscription Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Maolai Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated A+. The issuance scale is 563 million yuan, the initial conversion price is 364.43 yuan. As of November 20, 2025, the conversion parity is 94.67 yuan, the pure bond value is 83.19 yuan. The game terms (down - revision, redemption, and put - back terms) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][18]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, design, manufacturing, and sales of precision optical devices, optical lenses, and optical systems. After deducting issuance fees, 420 million yuan is planned for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital. The project is expected to expand the company's mass - production capacity in the ultra - precision optical device and lens fields and increase its market share in the semiconductor ultra - precision optical segment [3][21]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 63% - 74%, the scale available for the market is 146 million - 208 million yuan. Assuming the online effective subscription volume is 8.08 million accounts, the winning rate is expected to be around 0.0018% - 0.0026% [4][23]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream - Maolai Optics is a precision optical integrated solution provider, focusing on R & D, design, manufacturing, and sales of precision optical devices, lenses, and systems. The upstream of the optical industry is mainly optical raw material manufacturing, with optical glass having the largest market share (about 70% in a 3 - billion - yuan market in 2024). The company's products are mainly used in industrial - grade precision optics, with downstream industries including semiconductors, life sciences, AR/VR testing, and unmanned driving [24][25]. 3.2.2 Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 439 million yuan, 458 million yuan, 503 million yuan, and 319 million yuan respectively, with year - on - year growth rates of 32.36%, 4.4%, 9.78%, and 32.26%. The comprehensive gross margin fluctuated slightly, and the net profit margin also had fluctuations. The company's R & D expenses trended upward, while accounts receivable increased, and the accounts receivable turnover rate generally declined. The net profit attributable to the parent company was relatively stable [27][30][31]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, Maolai Holdings is the largest shareholder with a 59.47% stake, and Fan Yi is the second - largest shareholder with a 3.41% stake. The top two shareholders hold a total of 62.88% of the shares, and the top ten shareholders hold 74.89% in total. Fan Yi and Fan Hao are the joint actual controllers, directly and indirectly controlling 66.29% of the shares [4][44]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, capital, customer resources, and talent. The precision optical industry has high barriers in technology, capital, customer resources, and talent, which are difficult for new entrants to overcome [47][51][52]. 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 563 million yuan. After deducting issuance fees, 420 million yuan is for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital [16][54].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Rui Convertible Bond on the first day of listing is expected to be in the range of 129 - 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first day of listing is in the range of 32% - 37% [3][20]. - The expected first - day lottery winning rate of the convertible bond subscription is around 0.0063% - 0.0075% [21]. 3. Summary According to Relevant Catalogs 3.1. Rui Convertible Bond New Issue Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Rui Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA-. The issuance scale is 1 billion yuan, the initial conversion price is 73.85 yuan, the convertible bond parity on November 14, 2025, is 97.49 yuan, the pure bond value is 92.79 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16]. 3.1.2. Analysis of New Bond Initial Listing Price - The company's main business is the R & D, production, sales, and service of connection system products. The funds raised will be used for the renovation and upgrade projects of high - frequency high - speed connection systems and intelligent energy connection systems, with the rest for working capital. This will help the company maintain its leading position and enhance its competitiveness [19]. - Based on market environment and parity level, the first - day conversion premium rate of Rui Convertible Bond is expected to be in the range of 32% - 37%, corresponding to a first - day target price of 129 - 134 yuan [3][20]. 3.1.3. Analysis of Convertible Bond New Issue Lottery Winning Rate - Assuming the old shareholders' placement ratio is 35% - 45%, the scale of Rui Convertible Bond available to the market is 550 million - 651 million yuan. With an assumed online effective subscription of 8.67 million households, the lottery winning rate is around 0.0063% - 0.0075% [21]. 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Industry Up - and Downstream Situation - The company is engaged in the R & D, production, sales, and service of connection system products, with a complete product chain and R & D and production capabilities for various connection systems. It has established long - term partnerships with well - known customers [22]. - The upstream suppliers are basic raw material and accessory industries with sufficient supply, which helps stabilize and reduce manufacturing costs. The downstream application fields of connectors are extensive, and the development of downstream industries such as new energy vehicles will drive the connector manufacturing industry [22][23]. 3.2.2. Company's Operating Conditions - The company's revenue has shown a fluctuating upward trend from 2022 to H1 2025, with the new energy sector's revenue accounting for an increasing proportion. The comprehensive gross margin has slightly decreased, and the net profit margin has fluctuated. The company's R & D and other expenses have generally increased, and the accounts receivable situation is relatively good, but the net profit attributable to the parent company has fluctuated greatly [26][29][31]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. Wu Shijun is the largest shareholder, and Huang Bo is the second - largest shareholder. Wu Shijun is the controlling shareholder and actual controller [45]. 3.2.4. Company's Business Characteristics and Advantages - The company has a complete product chain and offers comprehensive connection system solutions. It has advantages in technology R & D, continuous process innovation, and customer resources [49][52]. 3.2.5. Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise up to 1 billion yuan. After deducting issuance fees, 500 million yuan will be used for the renovation and upgrade project of high - frequency high - speed connection systems, 200 million yuan for the renovation and upgrade project of intelligent energy connection systems, and the remaining 300 million yuan for working capital [14][53]. - The high - frequency high - speed connection system project will add a production capacity of 5.56 million sets, with expected post - tax internal rate of return of 15.94% and a payback period of 7.47 years. The intelligent energy connection system project will add a production capacity of 6.7 million sets, with an expected post - tax internal rate of return of 13.84% and a payback period of 7.69 years [53][54].