集团 21世纪经济报道 理财公司混合类公募 潮州 近六月业绩榜单 (投资周期3-6个月 | F 특 | 产品名称 | 電信機 三十人 长率 | 最大回撤 | 年化波动 网 | | --- | --- | --- | --- | --- | | | 一赢平衡增利智能制造混 | | | | | | 合类理财5号(最短持有6 个月） | 宁银理财 9.47% | 1.95% | 6.20% | | | 宁赢平衡增利混合类开放 | | | | | | 式理财3号(景短信有180 | 宁银理财 9.28% | 1.88% | 6.04% | | | B | | | | | | 幸福99卓越混合(多元恒 | 杭银理财 8.68% | 4.82% | 7.70% | | | 利)180天持有期建成 | | | | | 4 | 幸福99卓越混合(国企红 利精选FOF)100天得有期 杭银理财 8.06% | | 2.91% | 4.10% | | | PETIC | | | | | 5 | 荣竹混合抗通胀策略半年 | 民生理财 7.11% | 1.48% | 2.72% | | | SEEHEWTHA | | | | | 6 ...

作者：烟雨 导语：在当下复杂多变的市场环境中，可转债因其"股债双性"的独特优势，成为投资者平衡风险与收益的重 要工具。招商安本增利债券（217008）以其独特的策略优势脱颖而出。 一、优质可转债基金的筛选标准 可转债基金通过专业化管理，为投资者提供了参与这一市场的便捷途径。优秀的可转债基金首先需要策略 清晰透明。可转债基金有明确的可转债投资策略，包括仓位管理、评级偏好、转股溢价率控制等；其次是 风控体系需要完善，有设置严格的下行保护机制，需要控制回撤幅度。由于纯粹的可转债基金合同约束需 要转债配置不低于80%，再遇到转债对应的正股大幅波动时高仓位的可转债基金相对难以控制回撤，所以采 取"固收+"增强策略，将可转债作为重要增强工具的基金再组合管理和风险控制层面相对更优。例如招商安 本增利债券（217008）的可转债配置区间主要在20%-4%区间，回撤相对可控。管理团队方面，基金经理需 要具备丰富的可转债研究和投资经验。同时基金规模需要适度，避免规模过大影响策略灵活性。 二、重点可转债基金分析与比较 | 基金名称 | 基金代码 | 可转债投资特点 | 风险收益特征 | 适合投资者 类型 | | --- | --- ...

2025 年 12 月 27 日 总量研究 本周继续上涨 ——可转债周报（2025 年 12 月 22 日至 2025 年 12 月 26 日） 要点 1、市场行情 本周（2025 年 12 月 22 日至 2025 年 12 月 26 日，共 5 个交易日）中证转债指 数涨跌幅为+1.64%（上周涨跌幅为+0.48%），中证全指变动为+2.78%（上周 涨跌幅为-0.18%）。2025 年以来中证转债涨跌幅为+18.98%，中证全指涨跌幅 为+25.00%。 分评级来看，债项评级高评级券（评级为 AAA）、中高评级券（评级为 AA+）、 中评级券（评级为 AA）、中低评级券（评级为 AA-）和低评级券（评级为 AA- 及以下）本周涨跌幅分别为+0.61%、+1.36%、+2.52%、+1.69%和+1.98%， 中评级券涨幅最高。 分转债规模看，大规模转债（债券余额大于 20 亿元）、中大规模转债（余额在 15 至 20 亿元之间）、中规模转债（余额在 10 至 15 亿元之间）、中小规模转 债（余额在 5 至 10 亿元之间）、小规模转债（余额小于 5 亿元）本周涨跌幅分 别为+1.06%、+0.62%、 ...

Investment Rating - The report assigns an "Overweight" rating for the basic chemical industry [1]. Core Insights - The report highlights the focus on convertible bonds in the basic chemical sector, specifically mentioning several bonds such as Qilin Convertible Bond, Zhoubang Convertible Bond, Yangfeng Convertible Bond, Miwei Convertible Bond, Huakang Convertible Bond, and Hebang Convertible Bond as key investment opportunities [3][4]. - The report notes that the prices of storage chip DRAM are continuously rising, which benefits the upstream semiconductor materials [4]. - The report provides a summary of the performance of various convertible bonds in the basic chemical sector, indicating significant price increases for some bonds, such as Songlin Convertible Bond, which rose by 19.20%, and Su Li Convertible Bond, which increased by 7.42% [5][8]. Summary by Sections Convertible Bond Performance - The report details the performance of issued convertible bonds in the basic chemical sector, with notable increases in prices for bonds like Songlin Convertible Bond (up 19.20%), Su Li Convertible Bond (up 7.42%), and Shuiyang Convertible Bond (up 5.18%) [5][8]. - Conversely, some bonds such as Xin Hua Convertible Bond, Yong 22 Convertible Bond, and Fu Xin Convertible Bond experienced declines of 1.72%, 3.33%, and 3.37% respectively [5][8]. Upcoming Convertible Bonds - As of December 23, 2025, several companies, including Jiangshan Co., Shuangle Co., and Bailong Chuangyuan, have received shareholder approval for their convertible bond proposals [9]. - The report lists companies with pending convertible bond proposals, indicating ongoing developments in the sector [9][12].

现在申购lof这事已经成为我每天投资的头等大事 必须当做头等大事来抓 申购时要反复检查基金代码，名称和金额 完了还要查一遍委托是否成功 最后再看看账户余额是否减少 就像航空行业的安全提示一样标准规范 请系好安全带，收起小桌板，调直座椅靠背，打开遮光板，准备降落 科顺转债，美诺转债：不下修 金05转债：【申购】 江天科技：北交所新股【上市】 【港股休市】，【美股休市】 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 128116 | 瑞达转债 | 强赎 | 2025-12-25 | 公告 | | 113618 | 美诺转债 | 不下修 | 2025-12-25 | 公告 | | 123216 | 科顺转债 | 不下修 | 2025-12-24 | 公告 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿 ...

| 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 123234 | 中能转债 | 168.200 | 100.010 | 2025-12-10 | 2025-12-15 | 170.73 | 0.025 | 0.05% | | 123212 | 立中转债 | 118.260 | 100.390 | 2025-12-11 | 2025-12-16 | 118.93 | 0.205 | 0.15% | | 113683 | 伟24转债 | 123.176 | 100.290 | 2025-12-12 | 2025-12-17 | 123.31 | 0.041 | 0.01% | | 110096 | Z豫光转 | 181.919 | 100.106 | 2025-12-15 | 2025-12-18 | 182.69 | 0.208 | 0.16% | | 1 ...

衍生品研究 泰瑞转债投资价值分析 注塑机行业领先企业，国际业务持续提升 山证衍生品团队 技术创新构筑高壁垒。2025.1-3Q 研发费用 5,206 万元 ，营收占比 6.00% 。公司 2024 年进入铝合金压铸领域，11 月 19 号披露全球首创集 成两板式压铸与超高压注塑双工艺，实现铝合金与工程塑料分子级结合。技 术实力助力产品在汽车、医疗、3C、物流等高端领域实现进口替代。 2025 年 12 月 5 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 泰瑞转债（113686.SH）： AA-级，债券余额 3.36 亿元，占发行总额 99.59%，剩余期限 4.58 年。12 月 3 日收盘价 142.32 元，转股溢价率 15.18%。 正股：泰瑞机器（603289.SH）： 资料来源：常闻 我国主要注塑机供应商之一，产品以大型和超大型定制化注塑机为主，下游 主要面向汽车配件、家用电器和 3C。2025.1-3Q 营收 8.68 亿元、yoy+0.66%； 归母净利 0.66 亿元，yoy+51.01%。最新总市值 29.54 亿元，PE TTM 28.3x。 正股业绩与估值均处低位的优质平衡 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In November, convertible bonds smoothed out the volatility of the equity market through their own valuation fluctuations, providing a good experience for investors. In December, it is recommended to closely monitor the convertible bond market's cross - sectional price center in the range of 128 - 136 yuan for active allocation and seize the opportunity to replenish the previously liquidated positions. In terms of style, a dumbbell - shaped allocation of low - priced large - cap individual bonds and low - premium equity - like individual bonds is suggested, and the allocation of technology - growth equity - like individual bonds should be gradually increased in mid - December. Also, continue to focus on investment opportunities in the early stage of new bond listings [1]. - The convertible bond optimal portfolio for December includes Industrial Bank Convertible Bonds (15%), TaiNeng Convertible Bonds (15%), LanTian Convertible Bonds (15%), XiWang Zhuan 2 (10%), HongWei Convertible Bonds (10%), BaoLong Convertible Bonds (10%), XiaoXiong Convertible Bonds (10%), HuiCheng Convertible Bonds (5%), DaoTong Convertible Bonds (5%), and HangYu Convertible Bonds (5%) [2]. 3. Summary by Relevant Catalogs 3.1 11 - Month Convertible Bond Market Review: Oscillation Adjustment, Valuation Compression - The convertible bond market in November first rose and then fell, showing an oscillatory pattern. The CSI Convertible Bond Index reached a high of 494.49 on November 13th and then adjusted. The overall market was up first and then down. The large - cap value style of the stock market continued to lead, and convertible bonds were more resilient than the underlying stocks. Specifically, the CSI Convertible Bond Index had a change of - 0.69%, the Shanghai Composite Index - 1.67%, and the Wind Convertible Bond Underlying Stock Weighted Index - 1.8%. The large - cap value style index of the stock market increased by 1.78%, while other style indices had negative returns. In terms of price, low - priced convertible bonds had a decline of - 0.09%, leading other price - level convertible bonds, and high - priced individual bonds were under greater pressure. In terms of scale, large - cap convertible bonds performed relatively better; in terms of rating, AA - and below rated convertible bonds had a decline of - 0.28%, outperforming other rating indices; in terms of industry, the material - related convertible bond index had the leading increase [9]. - In terms of valuation, the implied volatility of convertible bonds increased from 41.49% to 43.81% in November. The main increase occurred on November 21st when the equity market adjusted significantly, and the convertible bond price did not follow the significant adjustment of the equity market, leading to a jump in valuation. Subsequently, as the equity market stabilized and rebounded, the convertible bonds did not follow the gain significantly, and the implied volatility of convertible bonds was compressed [14]. 3.2 12 - Month Convertible Bond Market Outlook: The Allocation Value of Convertible Bonds Has Increased, Seize the Opportunity to Replenish Positions - In the past few months' monthly outlooks for the convertible bond market, it was continuously recommended to pay close attention to the cross - sectional price center of the convertible bond market in the range of 128 - 134 yuan for allocation. Looking forward to December and 2026, due to the supply - demand mismatch, more attention can be paid to the median range of 128 - 136 yuan. As of the end of November, the median price of the convertible bond market was 131.05 yuan, a decrease of 1.35 yuan from the end of last month, and the balance - weighted price was 132.35 yuan, a decrease of about 1 yuan from the end of last month [19][22]. - In the short - term, the current fixed - income plus funds are sufficient, and the convertible bond market is continuously shrinking. It is expected that the convertible bond valuation is difficult to enter the deep - value range. Also, due to the previous consistent profit - taking by investors and the market shrinkage, the convertible bond positions have decreased sufficiently, and investors' tolerance for high valuations may increase. In terms of style, continue to focus on low - priced large - cap individual bonds and low - premium equity - like individual bonds. In terms of industry, although a dumbbell - shaped combination of technology - growth and value - dividend is recommended, due to the rapid shrinkage of convertible bonds, the selection space for dividend - type individual bonds is limited. It is suggested to pay attention to the remaining low - priced dividend individual bonds and allocate them appropriately below 125 yuan, and also focus on individual bonds in sectors such as non - ferrous metals & precious metals, new energy, robotics, and AI [3][35]. - In the long - term, it is still recommended to dynamically observe the price center and seize the opportunity to replenish convertible bond positions. If there is a significant fluctuating adjustment in the convertible bond market in December, it is still a good opportunity for allocation. Specifically, when the cross - sectional price of convertible bonds is below around 130 yuan, the allocation intensity can be gradually increased. Additionally, in the context of high convertible bond valuations, continue to focus on investment opportunities in the early stage of new convertible bond listings. Statistics show that if the closing price on the second day of listing is used as the purchase price and held for 10 - 15 trading days, significant excess returns can be obtained [36][37]. 3.3 12 - Month Convertible Bond Portfolio Update - The convertible bond optimal portfolio for December includes Industrial Bank Convertible Bonds (15%), TaiNeng Convertible Bonds (15%), LanTian Convertible Bonds (15%), XiWang Zhuan 2 (10%), HongWei Convertible Bonds (10%), BaoLong Convertible Bonds (10%), XiaoXiong Convertible Bonds (10%), HuiCheng Convertible Bonds (5%), DaoTong Convertible Bonds (5%), and HangYu Convertible Bonds (5%). Compared with the November portfolio, the December portfolio maintains a dumbbell - shaped structure, with a diversified allocation of equity - like individual bonds. YuGuang Convertible Bonds that were subject to forced redemptions and Bo 23 Convertible Bonds that might trigger forced redemptions in the November portfolio were removed, and HuiCheng Convertible Bonds and XiaoXiong Convertible Bonds were added [2][43]. - The high - dividend + coupon portfolio had a return of + 0.29% in November compared to - 0.69% of the CSI Convertible Bond Index, and a return of + 40.18% since 2023 compared to + 22.66% of the CSI Convertible Bond Index. The construction method of this portfolio can be referred to in the research report "How to Select Bonds under the Dual Framework of Dividends & Coupons? - Convertible Bond Investment Manual Eleven" and previous monthly convertible bond outlook reports [44].

Core Viewpoint - The convertible bond market has shown resilience amid recent equity market fluctuations, with funds focusing on convertible bonds gaining traction for their dual characteristics of equity and debt [1] Group 1: Fund Performance - The Huian Jiaceng Bond Fund has received a three-year five-star rating from Galaxy Securities as of September 30, 2025, reflecting its strong performance [1] - As of September 30, 2025, the Huian Jiaceng Bond A fund achieved a one-year return of 18.00%, significantly outperforming its benchmark return of 0.57% by 17.43% [1] - The fund's three-year return was 16.91%, exceeding the benchmark of 4.76% by 12.15%, and its cumulative return since inception reached 27.70%, outperforming the benchmark of 8.59% by 19.11% [1] Group 2: Investment Strategy - The fund is managed by Zhang Jing, focusing on a bottom-up selection of convertible bonds, emphasizing a combination of safety margins and yield elasticity [2] - The strategy aims to capture excess returns by leveraging the unique characteristics of convertible bonds, which blend features of both stocks and bonds [2] - The fund manager highlights the importance of the bond floor in providing downside protection during market volatility while also capitalizing on equity-like returns during market upswings [2] Group 3: Market Outlook - The convertible bond market has been active, driven by strong equity market performance, with premium rates remaining high and valuations in the historical mid-high range [3] - The Huian Jiaceng Bond Fund continues to participate in equity market opportunities through convertible bonds, aiming to create protected upside returns [3] - Analysts expect the convertible bond market to show strong support due to robust demand, with limited downside potential following recent market adjustments [3]

Group 1: Company Overview - The core online travel agency (OTA) maintains a steady growth momentum, with a notable performance in international business [4] - In Q3 2025, the company achieved revenue of 5.5 billion yuan, representing a year-over-year increase of 10.4%, and an adjusted net profit of 1.06 billion yuan, up 17% year-over-year [3][4] - The company's hotel management business is expanding, with nearly 3,000 hotels currently operating and an additional 1,500 hotels in preparation [4] Group 2: Business Segments Performance - The transportation ticketing segment generated revenue of 2.2 billion yuan in Q3 2025, a 9% year-over-year increase, driven by insights into user demand and a rich array of value-added products [4] - The accommodation booking segment saw revenue of 1.58 billion yuan, up 15% year-over-year, benefiting from an increase in high-quality hotel room nights and brand recognition in lower-tier cities [4] - The vacation business faced short-term revenue pressure due to safety issues in Southeast Asia, with Q3 2025 revenue declining by 8% to 900 million yuan [4] Group 3: User Metrics - The average monthly paying user count reached 47.7 million in Q3 2025, a 2.8% year-over-year increase, with a total of 253 million annual paying users, up 8.8% year-over-year [5] - Over 87% of registered users reside in non-first-tier cities, with more than 70% of new paying users in Q3 2025 coming from these areas, reinforcing the platform's position in the mass market [5] Group 4: Financial Projections and Investment Rating - The company is positioned as a leading OTA platform in lower-tier markets, benefiting from the release of domestic travel demand and international business expansion [5] - Revenue projections for 2025-2027 are adjusted to 19.3 billion, 21.9 billion, and 24.5 billion yuan, with corresponding net profits of 2.9 billion, 3.2 billion, and 3.7 billion yuan [5] - The target market capitalization for 2026 is set at 60.2 billion yuan, with a target price of 28 HKD, maintaining a "buy" rating [5] Group 5: Alibaba Overview - Alibaba's revenue for FY2026 Q2 reached 247.8 billion yuan, reflecting a year-over-year growth of 5% [14] - The traditional e-commerce segment showed steady growth, with revenue increasing by 16% to 132.6 billion yuan in Q3 2025 [15] - The cloud business experienced a 34% year-over-year revenue growth, reaching 39.8 billion yuan, with AI-related revenue showing triple-digit growth for nine consecutive quarters [17] Group 6: Financial Outlook for Alibaba - Revenue forecasts for FY2026-2028 are set at 1,041.8 billion, 1,160.5 billion, and 1,282.1 billion yuan, with net profits projected at 125.1 billion, 149.3 billion, and 184.5 billion yuan [18] - The target market capitalization for Alibaba in FY2027 is estimated at 3,345.5 billion yuan, with a target price of 175 yuan [18]