证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 证券研究报告·固定收益·固收周报 固收周报 20260301 建议关注"困境反转"相关主题转债标的 2026 年 03 月 01 日 相关研究 《二级资本债周度数据跟踪 （20260224-20260227）》 2026-02-28 《绿色债券周度数据跟踪（20260224- 20260227）》 2026-02-28 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 前周（0223－0227）海外方面美伊外交谈判停滞，隔夜美以联军 对伊朗发动袭击，近两周受美伊形势升级影响，主要油运指数快 速上升，资本市场方面也在渐次定价事态升级，避险情绪显著上 行，市场短期或转向定价滞胀，利多黄金、美债短端。 ◼ 国内方面上周权益题材、权重有所轮动，但量能较节前有所恢 复，多空分歧显著，转债指数层面"意外"出现同加权、等权正 股指数相 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 投行对该股关注度不高，90天内无投行对其给出评级。 协合新能源港股市值26.78亿港元，在电力行业中排名第17。主要指标见下表： 国元国际发布研报称，2025年的巨额预减是利空出尽的信号。基于2026年确定的资产出售收益、以及海 外高毛利业务的突破，协合新能源(00182.HK)"困境反转"可期。建议投资者忽略2025年表观利润的干 扰，关注现金流的稳健性和2026年的修复弹性。 ...

公司发布公告，预期于截至2025年12月31日止年度录得未经审核之权益持有人应占溢利较去年同期下降 超过80%（2024年约8亿元）。报告期间之经营活动所得现金较2024年同期有所增加。 利空落地，当前股价已充分反应悲观预期 智通财经APP获悉，国元国际发布研报称，2025年的巨额预减是利空出尽的信号。基于2026年确定的资 产出售收益、以及海外高毛利业务的突破，协合新能源(00182)"困境反转"可期。建议投资者忽略2025 年表观利润的干扰，关注现金流的稳健性和2026年的修复弹性。 公司明确指出"经营活动所得现金较2024年同期有所增加"。这表明公司的底层资产仍在健康运转，资金 链安全无虞，市场不应过度解读会计利润的下滑，而应更关注公司未来发展。 国元国际主要观点如下： 资产循环模式跑通，锁定2026年上半年收益 事件 公司于2026年2月9日宣布出售三个项目公司（云南致隆、永州界牌等）100%股权予招盈能合，预计确 认未经审核收益约7754万元人民币，将直接增厚2026年上半年（1H2026）的业绩。而且这一交易验证 了公司"开发-建设-出售"的优化资产循环开发模式，通过将成熟电站转让给险资、基金等， ...

利空落地，当前股价已充分反应悲观预期 公司明确指出"经营活动所得现金较2024年同期有所增加"。这表明公司的底层资产仍在健康运转，资金 链安全无虞，市场不应过度解读会计利润的下滑，而应更关注公司未来发展。 资产循环模式跑通，锁定2026年上半年收益 国元国际发布研报称，2025年的巨额预减是利空出尽的信号。基于2026年确定的资产出售收益、以及海 外高毛利业务的突破，协合新能源(00182)"困境反转"可期。建议投资者忽略2025年表观利润的干扰， 关注现金流的稳健性和2026年的修复弹性。 国元国际主要观点如下： 事件 公司发布公告，预期于截至2025年12月31日止年度录得未经审核之权益持有人应占溢利较去年同期下降 超过80%（2024年约8亿元）。报告期间之经营活动所得现金较2024年同期有所增加。 公司于2026年2月9日宣布出售三个项目公司（云南致隆、永州界牌等）100%股权予招盈能合，预计确 认未经审核收益约7754万元人民币，将直接增厚2026年上半年（1H2026）的业绩。而且这一交易验证 了公司"开发-建设-出售"的优化资产循环开发模式，通过将成熟电站转让给险资、基金等，公司不仅回 笼了资金 ...

【事件】 公司发布公告，预期于截至 2025 年 12 月 31 日止年度录得未经审核之权 益持有人应占溢利较去年同期下降超过 80%（2024 年约 8 亿元）。尽管 溢利减少，但报告期间之经营活动所得现金较 2024 年同期有所增加。公 司报告期间未经审核之权益持有人应占溢利减少主要由于发电业务收入 与毛利率下降、部分资产之亏损及减值、税费相关影响所致。 协合新能源（0182 HK） 2026-02-23 星期一 即时点评 2025 盈警利空落地，海外布局开启 2026 估值重塑 【点评观点】 ➢ 利空落地，当前股价已充分反应悲观预期 尽管 2025 年净利润暴跌，但公司明确指出"经营活动所得现金较 2024 年 同期有所增加"。这表明公司的底层资产仍在健康运转，资金链安全无 虞，市场不应过度解读会计利润的下滑，而应更关注公司未来发展。 ➢ 资产循环模式跑通，锁定 2026 年上半年收益 公司于 2026 年 2 月 9 日宣布出售三个项目公司（云南致隆、永州界牌 等）100%股权予招盈能合，预计确认未经审核收益约 7754 万元人民币， 将直接增厚 2026 年上半年（1H2026） 的业绩。而且这一交 ...

经济观察网 逸仙电商预计在2026年初发布2025年第四季度及全年财务报告，市场高度关注公司是否达 成增长目标及亏损收窄进展。2025年第三季度，公司营收同比增长，但持续亏损和高营销费用引发担 忧，导致财报后股价单日下跌。护肤业务成为增长引擎，2025年第三季度护肤品牌收入同比增长，占总 营收比例接近50%，转型成效可持续性成为焦点。此外，天猫平台宣布提供亿级流量资源扶持新品，作 为重要入驻品牌，逸仙电商有望借助外部资源推动增长。 国泰海通证券2025年11月16日发布的研报指出，逸仙电商2025年上半年在护肤品牌带动下实现收入高增 和Non-GAAP净利润扭亏，呈现困境反转。研报给予公司"增持"评级，目标价10.81美元，基于2026年37 倍PE估值，看好护肤业务占比提升及毛利率改善带来的长期盈利空间。 股票近期走势 以上内容基于公开资料整理，不构成投资建议。 近7天（截至2026年2月13日），逸仙电商（YSG.N）股价呈现波动上涨态势，区间累计涨幅为4.06%， 振幅达12.18%。具体走势显示：2月10日股价上涨3.99%至4.17美元，成交量放大；2月9日上涨1.78%； 最新交易日（2月13日） ...

豪赌尊界在高端豪车的突围。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 2月10日晚间，江淮汽车（600418.SH）发布公告，披露了备受市场瞩目的定增发行情况。 这次总募资金额接近35亿元的定增，最终以49.88元/股的价格，合计获配了7016.84万股。 截至2月11日收盘，江淮汽车股价报收于56.7元/股。这意味着，定增结果刚刚出炉，这批入局的投资 者账面浮盈比例已达13.7%。 不过，风云君认为，这份名单背后隐藏的资金脉络与博弈逻辑，远比单纯的数字更值得玩味。 顶级牛散的"明牌"与"暗战" 此次定增最大的看点，无疑是葛卫东与方文艳这两位顶级大佬的参与。 | 序号 | 发行对象名称 | 获配股数(股) | 获配金额(元) | 限售期 (月) | | --- | --- | --- | --- | --- | | 1 | 姚志超 | 2,004,811 | 99, 999, 972. 68 | 6 | | 2 | 深圳市新思哲投资管理有限公司-新思 | 4.009.623 | 199, 999, 995. 24 | 6 | | | 哲多策略母基金私募证券 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5]. Core Insights - The food and beverage sector has shown a cumulative increase of 4.48% this week, with A-shares rising by 4.44%, outperforming the CSI 300 by approximately 5.77 percentage points [1]. - The report highlights the ongoing differentiation in the fundamentals of various categories, with liquor outperforming food and beverages [2]. - Key investment recommendations include leading companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao in the liquor segment, as well as Yili in dairy and Nongfu Spring in beverages [2][3]. Summary by Sections Liquor - The report notes a gradual increase in sales leading up to the Spring Festival, with Kweichow Moutai performing particularly well. It suggests that the overall decline in sales is expected to narrow to around 10% during the festive period [10]. - Investment recommendations include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, with a focus on their growth potential and market recovery [10][11]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. The report recommends Yanjing Beer and China Resources Beer as key players to watch [11]. Snacks - The report emphasizes the importance of strong alpha stocks in the snack category, particularly focusing on the growth potential of konjac snacks. Leading companies like Wei Long and Yan Jin Pu Zi are highlighted for their innovative product offerings [12][18]. Dairy - The dairy sector is seeing orderly preparations for the Spring Festival, with a recommendation for Yili as a leading company with a favorable valuation margin. The report anticipates a gradual recovery in demand and a potential balance in supply and demand by mid-2026 [14]. Beverages - The beverage segment is primarily focused on inventory reduction during the off-season, with stable preparations for the Spring Festival. The report continues to recommend Nongfu Spring and Dongpeng Beverage for their growth strategies [15]. Supply Chain - The report discusses the public consultation on national standards for prepared dishes, which may accelerate the clearing of inefficient suppliers in the industry. Recommendations include leading companies like Yihai International and Haidilao [13].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][18] Core Views - The food and beverage sector is expected to perform well in 2026, driven by several key themes including cost benefits, efficiency improvements, innovation, and potential recovery opportunities in the liquor segment [3][10][11] - The report highlights the ongoing differentiation in the fundamentals of various categories, with liquor outperforming food and beverages [2][10] Summary by Relevant Sections Liquor - The report indicates that the sales of liquor, particularly high-end brands like Moutai, are showing positive trends as the Spring Festival approaches, with Moutai expected to see double-digit growth [2][10] - Investment recommendations include Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on brands that are gaining market share despite overall market challenges [2][10][11] Beer - The beer industry is currently managing inventory well and is poised for recovery as demand is expected to improve [11] - Recommended companies include Yanjing Beer and China Resources Beer, which are seen as strong players in the market [11] Snacks - The report emphasizes the importance of focusing on companies with strong growth potential in the snack sector, particularly those involved in konjac products, which are expected to continue their growth trajectory [12][18] - Key players in this segment include Weidong and Yanjinpuzi, which are noted for their innovative product offerings [12][18] Prepared Dishes - The report discusses the public consultation on national standards for prepared dishes, which may lead to a clearer industry structure and the elimination of less compliant players [13][14] - Recommended companies in this space include Yihai International and Haidilao, which are expected to benefit from improved compliance and operational efficiency [13][14] Dairy Products - The dairy sector is experiencing a steady recovery, with a focus on leading companies like Yili, which are expected to benefit from improved margins and reduced inventory pressures [14][15] - The report suggests that the demand for dairy products will continue to improve, particularly in the second half of 2026 [14][15] Beverages - The beverage sector is currently in a seasonal inventory reduction phase, with stable preparations for the Spring Festival [15] - Companies like Nongfu Spring and Dongpeng Beverage are highlighted for their strong operational performance and market expansion strategies [15][16]

Core Viewpoint - ST Huaxi has experienced a surge in stock price due to the withdrawal of lawsuits, shareholder capital increase, and internal control rectification, despite facing continuous losses and negative net assets [2] Group 1: Company Developments - The company has faced challenges such as continuous losses and a negative net asset situation, but recent developments include the withdrawal of lawsuits that alleviated a payment pressure of 27.78 million yuan, reducing contingent liability risks [2] - The controlling shareholder has injected 168 million yuan in capital, indicating strong support from shareholders and easing financial pressure on subsidiaries [2] - Key internal control rectifications have been completed, including the standardization of core processes such as payment accounts and related party transactions [2] Group 2: Financial Performance - The company's loss margin has narrowed by 31% year-on-year, reflecting initial success in cost control measures [2] - The stock price reached a limit-up of 2.64 yuan, with a 5.18% increase, resulting in a total market capitalization of 3.117 billion yuan and a circulating market value of 2.720 billion yuan [1] Group 3: Market and Technical Analysis - Despite the ongoing decline in the company's main business and delays in EPC project acceptance, there is a market trend where ST stocks facing turnaround expectations attract investor attention [2] - On February 9, some stocks in the ST sector experienced a correlated rise, creating a sector effect [2] - Technical indicators such as MACD should be monitored for bullish signals to assess short-term stock price trends [2]