债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20260212 ❖ 市场概况：今日增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.45%、上证综指环比上涨 0.05%、深证成 指环比上涨 0.86%、创业板指环比上涨 1.32%、上证 50 指数环比下降 0.28%、 中证 1000 指数环比上涨 0.91%。 市场风格：中盘成长相对占优。大盘成长环比上涨 0.01%、大盘价值环比下降 0.69%、中盘成长环比上涨 1.66%、中盘价值环比上涨 0.60%、小盘成长环比 上涨 1.43%、小盘价值环比上涨 0.00%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 813.29 亿元，环比 增长 15.00%；万得全 A 总成交额为 21607.71 亿元，环比增长 7.98%；沪深两 市主力净流出 11.81 亿元，十年国债收益率环比降低 1.01bp 至 1.79%。 转债价格：转债中枢提升，高价券占比下降。转债整体收盘价加权平均值为 143.27 元，环比昨日上升 0.35%。其中偏股型转债的收盘价为 219.24 元，环比 上升 5.28%；偏债型转债的收盘价为 ...

一是优化信息公开渠道，提升信息获取便利性。将官网业务规则查询系统在线浏览功能拓展至全部业务 指南，整合同一发行人在上市审核、持续监管等阶段的信息披露内容，建立持有型不动产ABS证券信息 披露专区。 二是提升监管服务质效，提高上市公司治理水平。完善ESG信息披露评价标准，拓展上市公司股东 会"一键通"手机投票服务，将董秘任职培训模式由线上调整为线上线下相结合。 三是丰富指数化投资标的，更好满足多元投资需求。进一步完善"固收+"多资产类指数体系，加强指数 及ETF产品宣传推广。 中经记者 孙汝祥 夏欣 北京报道 《上海证券交易所2026年为市场办实事项目清单》（以下简称"《项目清单》"），近日正式对外发布。 《项目清单》是上交所在深入学习贯彻党的二十届四中全会、中央经济工作会议和全国金融系统工作会 议精神的基础上，结合提升资本市场包容性适应性、深化投融资综合改革、推进上交所数字化转型等重 点任务，以助力资本市场高质量发展为目标，梳理形成的具体落地举措。 《项目清单》包括五个方面十件"实事"，覆盖上交所上市审核、一线监管、产品创新、市场服务、投资 者保护、信息技术等主要业务领域。 四是深化综合服务供给，增强市场参与 ...

Core Viewpoint - The competition in the overseas market for Chinese securities firms is intensifying, with leading players dominating the Hong Kong IPO market, while many smaller firms struggle to establish a foothold. Group 1: Overseas Expansion Efforts - As of February 11, 2026, four securities firms have disclosed their latest progress in overseas business, including Huatai Securities and GF Securities, which are issuing zero-coupon convertible bonds to support their international operations [2][4] - Northeast Securities and Huawan Securities have received approval to establish and increase capital in their Hong Kong subsidiaries, with each committing HKD 500 million [3][4] Group 2: Competitive Landscape - The "Matthew Effect" is evident in the overseas competition, with leading firms like CITIC Securities and CICC capturing a significant share of the Hong Kong IPO market, accounting for 53.96% of the total fundraising, while smaller firms have less than 1% [5][6] - Head firms have expanded into derivatives and broader international markets, establishing a 24-hour global trading system, while smaller firms face higher barriers to entry and slower internationalization processes [6][7] Group 3: Strategic Differentiation - The industry consensus is that while the pace of overseas expansion varies, it is essential for firms to explore differentiated development paths. Leading firms should leverage their capital strength and extensive client networks, while smaller firms should focus on niche markets or specialized financial products [8][9] - Smaller firms are exploring opportunities in cross-border services, wealth management, and Southeast Asian markets, capitalizing on their understanding of domestic policies and established trust with local enterprises [9]

Core Insights - The report emphasizes the importance of understanding market dynamics through three dimensions: policy, industry, and volatility, with the Chande theory focusing on the volatility aspect [3] - Chande theory consists of three components: fundamental analysis, comparative analysis, and technical analysis, with technical analysis being the closest to objective price facts and forming a high-probability trading system [3] Section Summaries Chande Theory Fundamentals - The Chande theory is built on three core principles: 1. Trends must complete and transform into new trends (upward/downward/consolidation) [4] 2. Self-similar structures indicate market fractal characteristics, with multiple levels of recursive definitions [4] 3. Three types of buy/sell points are defined: - First buy: trend bottom divergence (reversal point) - Second buy: secondary level pullback without breaking previous lows (confirmation point) - Third buy: breakout from the central area followed by a pullback without returning to the central area (acceleration point) [4][5] Technical Analysis Framework - The Chande framework includes a systematic breakdown with prerequisites and philosophical foundations, focusing on the following key points: - Segments must be broken by reverse segments, indicating the exhaustion of old energy and the establishment of new balance [5] - Any trend can be uniquely decomposed into three forms of connections at the same level [5] - Small divergences can trigger large-level reversals [5] Market Self-Similarity - The unique decomposition theorem states that any trend can be uniquely decomposed into a combination of trends and consolidations, resembling prime factorization [22] - The fractal nature of market movements allows for multi-level operations, where higher-level trends are defined by lower-level movements [23] Divergence and Buy/Sell Points - Divergence is a critical signal indicating the exhaustion of trend momentum, with two adjacent segments compared to identify strength changes [39] - The three types of buy/sell points provide a complete operational chain: - First type: trend divergence point, indicating potential reversals - Second type: confirmation point after a pullback - Third type: confirmation point after breaking out of a central area [39] Summary of Chande Theory - The Chande technical analysis system's three core principles create a tightly interconnected and logically sound system: - "Trends must complete" serves as the strategic guiding principle, establishing the ultimate laws of market operation - "Self-similar structures and levels" provide standardized tools for market dissection - "Divergence and buy/sell points" offer precise entry and exit signals for trading decisions [52]

Industry Insights - The National Development and Reform Commission, the Financial Regulatory Administration, and the Civil Aviation Administration of China have released implementation opinions to promote the high-quality development of low-altitude insurance, aiming to establish a preliminary mandatory insurance system for unmanned aerial vehicles by 2027 and to form a basic policy framework for low-altitude insurance by 2030 [1] - The low-altitude economy is seen as a preferred direction for local expansion, with the "low-altitude +" economy expected to generate a multiplier effect on investments [1] - Significant breakthroughs in policy and industry are noted, with the low-altitude economy entering an accelerated implementation phase, and a trillion-yuan market is anticipated to gradually emerge [1] Company Developments - WanFeng AoWei is expected to open new market opportunities in urban air traffic solutions, emergency rescue, and aerial tourism [2] - Zongshen Power is actively laying out in the low-altitude sector through its subsidiary, Zongshen Aviation, primarily providing power system solutions for general aviation aircraft and unmanned aerial vehicles [2]

2025年年末， 酒店资产被正式纳入REITs范畴，无论是基础设施公募REITs还是商业不动产REITs，都对 这类资产开放了大门。此次大同-中航-依云四季酒店文旅持有型不动产ABS项目，也意味着国内酒店资 产正式进入公募REITs和机构间REITs"双轨并行 " 的局面。 据了解，这是市场首单酒店持有型不动产ABS项目，也是深交所首单、市场第二单文旅类持有型不动产 ABS项目，市场首单贴标"百千万工程"的持有型不动产ABS项目。 该项目底层资产为位于惠州市的南昆山温德姆度假酒店和依云四季温泉，是温德姆在国内的首个温泉酒 店，获中国五星级温泉和优质珍稀温泉双品牌认证。项目所处位置在广东省重点发展的环南昆山—罗浮 山县镇村高质量发展引领区，也是广东省深入实施"百县千镇万村高质量发展工程"的标杆项目。 新华财经北京2月12日电据深交所官网显示，2月11日，大同-中航-依云四季酒店文旅持有型不动产ABS 项目正式申报并获受理。该项目原始权益人为惠州依云四季酒店管理有限公司，计划管理人为大同证券 有限责任公司，销售机构和财务顾问为中航证券有限公司，拟发行规模4.65亿元。 （文章来源：新华财经） ...

Core Viewpoint - The January non-farm payroll data in the U.S. exceeded expectations, indicating a stabilization in the job market, which may allow the Federal Reserve to pause interest rate cuts before June [1][2]. Group 1: Employment Data - In January, the U.S. added 130,000 non-farm jobs, significantly surpassing the market expectation of 65,000 jobs. The private sector saw a notable rebound, particularly in the education and healthcare sectors [1]. - The unemployment rate fell to 4.3%, which was better than expected, despite an increase in labor force participation [1]. - Average weekly hours worked and hourly wage growth both showed an uptick, alleviating short-term concerns about job market weakness [1]. Group 2: Annual Revisions - The annual revision for March 2025 showed a downward adjustment of 862,000 non-seasonally adjusted non-farm jobs, which was close to the previous estimate of 911,000 jobs. The seasonally adjusted annual job growth was revised down from 584,000 to 181,000, resulting in an average monthly job addition of approximately 15,000 [2]. - The market had anticipated the extent of the downward revision, which did not cause significant disruption [2]. Group 3: Federal Reserve Outlook - The stronger-than-expected non-farm data has somewhat diminished market expectations for interest rate cuts. It is believed that the Federal Reserve may have the capacity to maintain a pause on rate cuts until June, given the stabilization in the job market [2]. - Following the release of the non-farm data, the market's expectation for a rate cut in March dropped to below 6%, with a higher likelihood of cuts occurring in June and September [2].

（原标题：华金证券总裁燕文波辞任，调任横琴人寿） 【导语】华金证券总裁燕文波辞任 中国基金报记者 赵心怡 记者从业内获悉，券商"老将"燕文波已正式辞任，不再担任华金证券党委书记、总裁。 据华金证券内部人士透露，此次调整为华发集团提升协同联动，在融合共生中释放发展潜能的战略部 署，相关职务人选或从现有经营班子中产生。 另据媒体报道，燕文波离任后，华金证券副总裁苏鹏拟担任公司副董事长、党委书记，副总裁徐楚铭拟 出任公司总裁。 图源：华金证券官网 燕文波即将调任横琴人寿，拟担任董事长一职。华金证券与横琴人寿均为珠海国资旗下的金融机构，此 次调动属于国资体系内部的人事调整。 燕文波有近三十年的证券行业经验，其职业生涯始于1996年，从君安证券起步，先后在上海浦东科创有 限公司、民生证券、联合证券等机构任职。 2006年，燕文波加入国海证券；2011年8月至2021年10月，他担任国海证券副总裁，长期分管投行业 务，并兼任国海富兰克林基金董事等职。 燕文波在华金证券任职期间，紧密围绕"聚焦区域、聚焦产业、特色鲜明、资产优良"的战略方向，推动 华金证券取得了经营趋势扭转、业务质量显著提升、业务特色初显等积极成果。 编辑： ...

Investment Rating - The report maintains a recommendation for investment [2] Core Insights - The essence of business revolves around human needs, competition, elimination, and evolution, with the ultimate goal being profit and sustainable compound growth [5][14] - The cyclical nature of existence, where all entities undergo birth, growth, decline, and extinction, emphasizes the necessity for adaptation to survive and thrive [11][10] - The focus on maximizing shareholder equity is paramount, with initial investment and cash flow returns being critical considerations for business operators [20][21] Summary by Sections 1. Fundamental Laws: The Cycle of Change - All entities in nature, including human society, follow a cycle of birth, growth, decline, and extinction, necessitating constant observation and adaptation to changes [11][10] - The survival of businesses depends on their ability to adapt to changing environments, akin to species in nature [14][15] 2. The Business World: Demand, Transactions, and Returns - The core of business is transaction, evolving from barter to complex financial systems, aimed at maximizing efficiency and profit [17][18] - Business operators prioritize initial investment and cash flow returns, ultimately striving for shareholder value maximization [20][21] - A simplified example of a baozi shop illustrates the relationship between initial investment, cash flow, and profitability, highlighting the importance of understanding these dynamics [22][20] 3. Stock Market Mapping: Rules, Emotions, and Value Extraction - The stock market operates under rules set by the government, with companies raising funds through public offerings while various participants engage in trading [30][31] - Stock price fluctuations reflect the differing perceptions and expectations of market participants, influenced by human emotions [33][34] - The report emphasizes the pursuit of value-based investments, focusing on identifying undervalued companies with growth potential [33][35]

十项举措覆盖五大领域，精准服务投融资改革 2月12日，上交所正式发布《上海证券交易所2026年为市场办实事项目清单》，该清单包括五个方面十 件"实事"，覆盖上交所上市审核、一线监管、产品创新、市场服务、投资者保护、信息技术等主要业务 领域，持续深化"开门办审核、开门办监管、开门办服务"工作。 一是优化信息公开渠道，提升信息获取便利性。将官网业务规则查询系统在线浏览功能拓展至全部业务 指南，实现规则指南目录动态化更新；整合同一发行人在上市审核、持续监管等阶段的信息披露内容， 便利投资者一站式查询；建立持有型不动产ABS（机构间REITs）证券信息披露专区，便利投资者查询 产品信息；升级上交所官网股票期权专栏，增加行权日历、波动率分析、期权策略回测等内容，为投资 者提供期权业务一站式服务。 二是提升监管服务质效，提高上市公司治理水平。完善ESG信息披露评价标准，通过走访座谈、发布最 佳实践案例，服务上市公司完整、准确披露ESG信息；拓展股东会"一键通"手机投票服务，新增投票结 果查询功能；董秘任职培训由线上调整为线上线下（300959）结合，增设现场讨论环节。 三是丰富指数化投资标的，更好满足多元投资需求。丰富" ...