转债周策略 20260228 3 月十大转债 glmszqdatemark 2026 年 02 月 28 日 3 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 江苏华辰/华辰转债：变压器海外销售有望迎来新突破 友发集团/友发转债：新一轮供给侧改革中，公司预计加快完善焊接钢管全国布局和海 外布局 宇邦新材/宇邦转债：切入工业热管理赛道打造第二增长曲线 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 颀中科技/颀中转债：境内少数掌握多类凸块制造技术并实现规模化量产的集成电路封 测厂商 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备龙头，具有成熟的海外销售渠道 岱美股份/岱美转债：切入智能机器人领域 2026 年增量资金入市的进程仍将持续，年初大概率会演绎"春季躁动"行情，主要关 注科技、高端制造方向的投资线索。 周度转债策略 本周各股票指数普涨，转债相对承压，中证转债指数涨跌幅为-0.23%。 ...

2月25日，香港特区政府财政司司长陈茂波发表2026/2027财政年度特区政府财政预算案。新华社记者 朱炜 摄 为推动香港新型工业发展，预算案预留资源在港建设首个境外的国家制造业创新中心，并推出"新型工 业菁英企业培育计划"。特区政府会重点建设包括河套深港科技创新合作区香港园区和新田科技城在内 的项目，推动科技创新与产业创新深度融合。 金融方面，陈茂波表示，香港会积极配合国家发展策略，推进人民币国际化，具体措施包括人民币业务 资金安排的总额度倍增至2000亿元人民币、推动人民币与其他区内货币实现更便捷的外汇报价及交易、 香港特区政府财政司司长陈茂波25日在特区立法会发表2026/2027财政年度特区政府财政预算案，主题 是：创科驱动、金融赋能；多元发展、关爱惠民。他预期今年香港经济势头持续良好。 陈茂波表示，今年是"十五五"开局之年，国家持续高水平双向开放，加上科技突破与创新，为香港带来 新机遇。香港要以创新思维对接好国家"十五五"规划，因地制宜培育新质生产力，并以内联外通、人才 汇聚的优势助力企业开拓新市场。 陈茂波回顾了香港2025年的经济和公共财政状况。他说，去年香港经济蓬勃，对外贸易强劲，私人消费 回 ...

为推动香港新型工业发展，预算案预留资源在港建设首个境外的国家制造业创新中心，并推出"新 型工业菁英企业培育计划"。特区政府会重点建设包括河套深港科技创新合作区香港园区和新田科技城 在内的项目，推动科技创新与产业创新深度融合。 金融方面，陈茂波表示，香港会积极配合国家发展策略，推进人民币国际化，具体措施包括人民币 业务资金安排的总额度倍增至2000亿元人民币、推动人民币与其他区内货币实现更便捷的外汇报价及交 易、定期发行不同年期的人民币债券等。此外，香港还将持续改革证券市场，并在年内立法优化家族办 公室和基金税制，以及订立数字资产交易及托管等服务提供者发牌制度。 针对中期的公共财政状况，陈茂波说，在2026/2027年度至2030/2031年度期间，经营账目将持续维 持盈余；非经营账目则主要因为基建开支处于高水平，每年仍会出现赤字，特区政府将适度增加发债以 满足这方面的资金需要。期内，预计财政储备将逐步增至超过七千亿港元。 "整体而言，政府财政已有明显改善。"他说，特区政府致力在经济周期内维持收支平衡，确保公共 财政的韧性和可持续性。 新华社香港2月25日电（记者肖逸晨、郑静霞）香港特区政府财政司司长陈茂波25 ...

据知情人士透露，赵明加入后，将侧重商业模式构建与市场化战略，印奇则继续把控公司整体战略和 AI技术方向。此次分工也反映出千里科技要加速把AI技术推向大规模市场应用。 公开资料显示，赵明1973年出生于上海，毕业于上海交通大学，获移动通信与电子系统硕士学位。1998 年，赵明加入华为，曾任华为CDMA/WiMAX/TD- SCDMA产品线总裁、全球无线行销部部长、意大利 代表处代表、西欧地区部副总裁、荣耀产品线总裁等职务。 2020年11月，华为宣布剥离荣耀业务，赵明随后加入荣耀终端有限公司并担任CEO。据市场研究机构 Canalys公布的数据，2022年第一季度，荣耀在国内市场份额达到20%，独立后首次成为国内第一。任 职期间，他提出"聚焦端侧AI、以AI重构操作系统"的技术路径，为荣耀在AI手机领域奠定早期布局基 础。 2025年1月，荣耀宣布赵明因身体原因向公司提出辞去CEO等相关职务。至此，赵明正式离开荣耀。 2月12日，记者获悉，荣耀前CEO赵明将加入千里科技，任联席董事长，同时被推选为公司第六届董事 会非独立董事候选人。 千里科技是一家由制造业企业转型而来的AI科技企业。2024年11月，中国人工智 ...

Group 1 - The current stock market is in a high volatility phase, while convertible bond valuations are at historically high levels. The proportion of convertible bond holdings by public funds has increased, indicating a shift in asset allocation towards convertible bonds and other equity assets due to high expectations in the stock market and a scarcity of assets in the bond market [1][12] - The medium to long-term outlook suggests that economic recovery and industrial structural upgrades will continue, with the stock market expected to maintain a trend of oscillating upward in 2026. Convertible bond valuations are supported by allocation demand, although the potential for further increases is limited [1][12] Group 2 - The investment strategy for convertible bonds should adopt a "winning probability" mindset, recognizing that different industries will experience varying degrees of prosperity. Public funds possess strong fundamental research capabilities, allowing them to actively price convertible bonds linked to improving fundamentals. High premium rates on some convertible bonds may still yield strong excess returns if the underlying stocks are in high-growth sectors [2][13] - Caution is advised regarding specific types of convertible bonds with excessively high premium rates, particularly those with less than six months remaining until maturity and those that may trigger early redemption clauses. These bonds face risks of rapid premium compression due to their contractual limitations [2][13] Group 3 - The weekly performance of the convertible bond index showed a slight increase of 0.05%, with certain sectors like food and beverage, beauty care, and electric equipment performing well. The median price of convertible bonds across various parity ranges has risen, indicating that valuations remain at relatively high historical levels [3][17] - The influx of incremental capital into the market is expected to continue, with a likely "spring excitement" rally at the beginning of the year, focusing on technology and high-end manufacturing investment opportunities. The chemical sector is anticipated to see improvements in demand, with well-structured supply and demand dynamics in certain sub-sectors expected to perform well [3][17] Group 4 - Suggested focus areas for convertible bonds include: (1) the rising demand for overseas computing power and the acceleration of AI industrialization driven by domestic model iterations, with recommendations for bonds from companies like Ruike and Qizhong; (2) high-end manufacturing is expected to remain strong, with recommendations for bonds from companies like Yake, Daimei, Huachen, Yubang, and Tairui; (3) the "anti-involution" trend may optimize supply and demand patterns in certain industries, with a recommendation for bonds from Youfa [4][18]

Core Insights - Baidu Intelligent Cloud has made significant progress in its ecosystem construction with a "partner-first" strategy, achieving over 100% year-on-year growth in core partner revenue and a threefold increase in revenue from channel partners [1] - The company aims to provide a comprehensive AI toolkit to partners, facilitating easy integration into their products and solutions, thereby capturing the benefits of intelligent transformation [1] Group 1: Ecosystem Development - The company is building a "big ecosystem" that integrates four types of partner capabilities: product, opportunity, delivery, and channel, to create measurable value [2] - Product partners are converting industry knowledge into standardized solutions, exemplified by a collaboration with Xiamen Zhongshu Technology to create an intelligent procurement platform [2] Group 2: Revenue Growth - Opportunity partners have achieved significant growth, with total amounts from collaborations with Baidu Intelligent Cloud reaching several billion [3] - Channel partners have experienced rapid growth, with revenue from million-level partners increasing by 331% year-on-year, and a notable example is Henan Tengyou Technology, which saw a fourfold increase in overall performance after expanding its role [3] Group 3: Industry Innovation - Baidu Intelligent Cloud is collaborating with partners to define new industry standards through deep capability integration and joint innovation [4] - In the smart transportation sector, a partnership with Hubei Taiyue Satellite has led to a significant reduction in average vehicle delays by 8% in key urban areas, enhancing traffic efficiency [4] - In the smart elderly care sector, a project with Rui Lian Kang Da has established a scalable model for home-based elderly care, improving service response efficiency and user engagement [4] Group 4: Future Directions - The company plans to increase ecosystem investments in 2026, focusing on providing a richer product offering, building more open collaboration policies, and creating more integrated platform capabilities [5] - The overarching goal is to share greater growth dividends with partners by constructing a "value community" to address the opportunities presented by AI industrialization [6]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - In 2026, the process of incremental funds entering the market will continue, and the "Spring Rally" market is likely to occur at the beginning of the year, with the main focus on investment opportunities in the technology and high - end manufacturing sectors [3][54]. - As the proportion of institutional investors in the convertible bond market increases, the impact of stock market expectations on convertible bond valuation deepens. Given investors' optimism about the medium - to - long - term stock market, institutional investors' demand for equity assets remains strong, and the stable capital situation supports convertible bond valuation, with limited short - to - medium - term downside [3][54]. - When the valuation is stable, convertible bonds show the characteristics of "strong in rising and weak in falling" compared to underlying stocks, and still have high allocation value [3][54]. - Recommended convertible bond tracks and targets: (1) In the technology growth sector, pay attention to Ruike, Qizhong and other convertible bonds due to rising overseas computing power demand and the acceleration of AI industrialization; (2) In the high - end manufacturing field, focus on convertible bonds such as Yake, Daimei, Huachen, and Yubang; (3) Due to the optimization of the supply - demand pattern in some industries, pay attention to Youfa convertible bond [3][54]. 3. Summary According to the Directory 3.1 Strategy Analysis 3.1.1 February's Top Ten Convertible Bonds - Meinuohua/Meinuo Convertible Bond: A comprehensive international pharmaceutical technology manufacturing company. The JH389 project in its innovation pipeline is in continuous progress, with positive results in product development, patent application, and commercialization planning [2][10]. - Yatai Technology/Yaoke Convertible Bond: Focuses on R & D and production of aluminum materials and components for automobile thermal management and lightweight systems. It is an important global supplier in these fields and is actively expanding into emerging areas such as new - energy vehicles, aerospace, industrial thermal management, and robotics [2][11]. - Youfa Group/Youfa Convertible Bond: The largest domestic welded steel pipe R & D, production, and sales enterprise. With the improvement of downstream demand and the upcoming new round of supply - side reform, the company plans to improve its national and overseas layout [2][17]. - Jiangsu Huachen/Huachen Convertible Bond: Engaged in the R & D, production, and sales of power transmission and control equipment. With the growth of global energy investment, the company is optimizing its overseas market strategy and aiming for new breakthroughs in overseas markets [2][20]. - Hongya CNC/Hongya Convertible Bond: A leading domestic furniture equipment enterprise. Its subsidiaries are developing in the fields of furniture manufacturing automation solutions and high - precision gears, with good industrial synergy [24]. - Qizhong Technology/Qizhong Convertible Bond: Specializes in advanced packaging and testing of integrated circuits. It is a leading domestic company in bumping manufacturing technology. The global and Chinese display driver chip markets are growing, providing development opportunities [2][28]. - Seiko Steel Structure/Seiko Convertible Bond: A comprehensive steel structure enterprise with complete industrial chain services. It has traditional and innovative business models and has successfully undertaken many overseas landmark projects [2][33]. - Daimei Co., Ltd./Daimei Convertible Bond: A leading global automotive interior parts manufacturer. It has established a new subsidiary focusing on intelligent robotics, marking a step forward in its intelligent business layout [2][37]. - Yubang New Materials/Yubang Convertible Bond: A global supplier of tin - coated welding tapes for photovoltaic modules. It is entering the industrial thermal management track by investing in a technology company, and the data center thermal management market has broad prospects [2][44]. - Ruike Da/Ruike Convertible Bond: A national specialized and sophisticated "little giant" enterprise in connector products. It has a wide range of products in new - energy vehicles, data centers, and other fields, and the demand for its high - speed cable products in data centers is strong [2][48]. 3.1.2 Weekly Convertible Bond Strategy - This week, the stock indices showed a differentiated trend. The CSI Convertible Bond Index fell by 2.61%. The petrochemical, communication, and coal industries ranked high in terms of price changes. The median prices of convertible bonds in each parity range decreased, and the convertible bond valuation is still relatively high compared to historical levels [2][54]. 3.2 Market Tracking - The report provides multiple charts to track the market, including the price changes of broad - based indices and industry indices, the median prices of convertible bonds in different conversion value ranges, the changes in convertible bond valuation, and the back - testing results of various strategy indices. However, specific data analysis is not elaborated in the text [58][60][63].

Core Viewpoint - Nanshan District in Shenzhen is set to become the first district in China to achieve a GDP exceeding 1 trillion yuan by 2025, showcasing its robust economic growth and innovation-driven development [1][3]. Economic Growth and Industry Development - Nanshan occupies only 1/10 of Shenzhen's land area but contributes approximately 1/4 of the city's total economic output, with strategic emerging industries accounting for 60% of its value-added output [1]. - The software and internet industry in Nanshan is projected to generate over 900 billion yuan in revenue by 2025, reinforcing its industrial clustering advantages [3]. - The district has seen significant growth in its robotics sector, with companies like UBTECH Robotics achieving nearly 1.4 billion yuan in orders for humanoid robots by the end of 2025 [1]. Innovation and Entrepreneurship - Nanshan's continuous optimization of the business environment is a key factor in its development as a "trillion-yuan district," with initiatives like the "Six Ones" action plan supporting startups [5]. - The number of operating entities in Nanshan increased from 530,000 in 2020 to over 600,000 by 2025, and the number of listed companies grew from approximately 180 to 218 [6]. Technological Advancements - The district is home to over 1,300 large-scale artificial intelligence enterprises and has cultivated more than 6,000 national high-tech enterprises [3]. - Nanshan is focusing on the integration of AI into various industries, promoting both "AI industrialization" and "industrial AI" to enhance productivity and innovation [8]. Investment and Global Trade - Nanshan's foreign trade volume exceeded 900 billion yuan in 2025, reflecting its strong position in international markets [11]. - The establishment of the Guangdong-Hong Kong-Macau Greater Bay Area Venture Capital Fund, with a target size of 50.45 billion yuan, aims to support the development of hard technology in the region [9].

近日，世界经济论坛和麦肯锡联合评选出了新一批全球"灯塔工厂"，位于湖北武汉光谷的施耐德电气武 汉工厂获得了"人才灯塔工厂"称号，成为施耐德电气在全球范围内的第九家"灯塔工厂"，也是湖北省首 家"人才灯塔工厂"。 新华财经北京1月26日电 "武汉工厂的独特之处就在于它的定位。它是我们华中地区的'人才孵化中心'， 也是'创新实践中心'，还是我们的'绿色制造示范中心'。"施耐德电气高级副总裁、全球供应链中国区负 责人张开鹏近日接受新华财经专访时这样表示。 张开鹏说，当前，中国正在大力发展新质生产力，并加速推动AI产业化，这就为施耐德电气带来巨大 的发展空间。作为能源技术全球引领者，施耐德电气对中国市场的未来发展充满信心，将强化"中国中 心"战略，不断增强自身实力，用自身技术专长与创新能力更好赋能中国产业转型升级。 张开鹏表示，作为外资企业，施耐德电气不断加大在华投入。"创新研发方面，北京亦庄工业园扩建马 上就要完工了，这将大大提升我们软件中心的研发能力。在供应链方面，无锡新工业园区已经竣工了， 正在搬入。新建的厦门工业园也将在今年下半年投产，将成为全球最大的中压生产基地之一。"他说。 （拍摄指导：李振北后期：杨静） ...

Group 1 - The report indicates that the recent stock market has shown an upward trend, leading to an increased preference for convertible bonds among incremental funds. The median price changes across various parity ranges of convertible bonds have risen, particularly for equity-sensitive convertible bonds, reflecting market pricing based on future expectations of underlying stock price increases [3][12]. - The report constructs a convertible bond valuation index based on individual bonds and their corresponding parity ranges, which helps track funding allocation and identify investment opportunities. Notable increases in valuations were observed in sectors such as non-ferrous metals, building materials, power equipment, machinery, and basic chemicals, attributed to price increases in these sectors and a potential reversal in the real estate chain's economic conditions [3][12]. - The report suggests that the current funding environment is relatively ample, supporting the notion that equity-sensitive convertible bonds may experience a "rise easy, fall hard" trend in the short term, indicating strong trading value, especially for popular equity-sensitive convertible bonds [3][12]. Group 2 - The weekly convertible bond strategy highlights that the inflow of incremental funds into the market is expected to continue, with a likely "spring excitement" market trend at the beginning of the year. The focus is on investment opportunities in technology and high-end manufacturing sectors [4][17]. - As institutional investors' share in the convertible bond market increases, their expectations for the stock market are expected to have a deeper impact on convertible bond valuations. The report notes that the current investor sentiment towards the medium to long-term stock market remains optimistic, which may sustain demand for equity assets and provide support for convertible bond valuations [4][17]. - The report recommends focusing on convertible bonds in sectors such as technology, driven by rising overseas computing power demand and domestic AI industrialization, as well as high-end manufacturing, which is expected to maintain high levels. Specific convertible bonds to watch include those from companies like Ruike, Qizhong, Yake, Daimai, Xingrui, Huachen, and Yubang [4][17].