1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The domestic caustic soda supply - demand situation is bearish, but due to the low chlor - alkali profit and strong price - holding intention of enterprises, the further downward space of caustic soda prices may be limited. Attention should be paid to the future changes in liquid chlorine prices. The daily range of SH2603 is expected to be around 1900 - 2000 [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda is 1963 yuan/ton, with a month - on - month increase of 26; the main contract position is 132,674 lots, with a month - on - month decrease of 21,432; the net position of the top 20 futures is - 17,052 lots, with a month - on - month increase of 2,384; the main contract trading volume is 447,987 lots, with a month - on - month decrease of 138,115. The closing price of the January contract is 2,404 yuan/ton, with a month - on - month increase of 21; the closing price of the May contract is 2,163 yuan/ton, with a month - on - month increase of 34 [3] 3.2 Spot Market - The price of 32% ion - membrane caustic soda is 588 yuan/ton in Shandong and 720 yuan/ton in Jiangsu, with no month - on - month change. The converted price of 32% caustic soda in Shandong is 1,838 yuan/ton, with no month - on - month change. The basis is - 125 yuan/ton, with a month - on - month decrease of 26 [3] 3.3 Upstream Situation - The mainstream price of raw salt is 237.5 yuan/ton in Shandong and 220 yuan/ton in the Northwest, with no month - on - month change. The price of steam coal is 643 yuan/ton, with no month - on - month change [3] 3.4 Industry Situation - The mainstream price of liquid chlorine is 50 yuan/ton in Shandong, with no month - on - month change, and 200 yuan/ton in Jiangsu, with a month - on - month decrease of 50 [3] 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,800 yuan/ton, with no month - on - month change, and the spot price of alumina is 2,555 yuan/ton, with no month - on - month change [3] 3.6 Industry News - From January 30 to February 5, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above was 87.8%, a month - on - month increase of 0.1%. From January 31 to February 6, the alumina operating rate decreased by 0.71% month - on - month to 84.06%. From January 30 to February 5, the viscose staple fiber operating rate remained stable at 88.43% month - on - month, and the printing and dyeing operating rate decreased by 22.74% month - on - month to 27.91%. As of February 5, SH2603 rose 3.26% to close at 1,963 yuan/ton. The inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 471,400 tons (wet tons), a month - on - month decrease of 9.41% and a year - on - year increase of 2.97%. From January 30 to February 5, the chlor - alkali profit in Shandong was - 3 yuan/ton, a month - on - month decrease of 121 yuan/ton [3]

Group 1 - The core point of the article highlights the recent decline in the stock price of Xinjin Road, which fell by 5% to 15.01 yuan per share, with a trading volume of 415 million yuan and a turnover rate of 4.45%, resulting in a total market capitalization of 9.735 billion yuan [1] - Xinjin Road Group, established on April 18, 1992, and listed on May 7, 1993, is located in Deyang, Sichuan Province, and primarily engages in the production and operation of chlor-alkali chemicals and plastic products [1] - The main business revenue composition of Xinjin Road includes resin products at 41.61%, alkali products at 38.43%, and other products at 19.97% [1] Group 2 - From the perspective of major fund holdings, Xinjin Road is heavily weighted in one fund under Jianxin Fund, specifically Jianxin New Materials Select Stock A (018194), which held 654,900 shares, accounting for 2.93% of the fund's net value, ranking as the eighth largest holding [2] - The Jianxin New Materials Select Stock A fund, established on August 22, 2023, has a latest scale of 625.691 million yuan and has achieved a year-to-date return of 12.67%, ranking 364 out of 5,569 in its category [2] - The fund manager, Tian Yuanquan, has a tenure of 5 years and 240 days, with the fund's total asset scale at 5.21 billion yuan, achieving the best return of 109.46% and the worst return of -16.27% during his tenure [2]

Core Viewpoint - Tianyuan Co., Ltd. announced the decision to liquidate its subsidiary, Vietnam Tianxiang New Materials Technology Co., Ltd., due to ongoing financial losses and unfavorable external conditions impacting its operations [1][3]. Group 1: Company Actions - The board of Tianyuan Co. approved the liquidation of Vietnam Tianxiang, which was established in 2023 and focused on producing SPC and LVT flooring, among other activities [1]. - The company reported net losses of 16.91 million yuan in 2024 and 10.61 million yuan in the first three quarters of 2025 [3]. - The decision to liquidate is part of a broader strategy to reduce losses and streamline operations, as the subsidiary has been negatively impacted by U.S. tariffs on Vietnam and rapid capacity expansion in the flooring market [3]. Group 2: Financial Performance - Tianyuan Co. expects a net profit attributable to shareholders of 68 million to 98 million yuan for 2025, representing a year-on-year increase of 114.80% to 121.32% [4]. - The company anticipates a net profit, excluding non-recurring items, to be between -115 million and -85 million yuan, showing a year-on-year improvement of 73.18% to 80.18% [4]. - Prior to this, Tianyuan Co. reported net losses of 233 million yuan in 2023 and 429 million yuan in 2024 [5]. Group 3: Market Context - Tianyuan Co. has been actively "streamlining" its operations, having previously announced the liquidation of other subsidiaries, including Yibin Herui Technology Co., Ltd. and Guangdong Tianruide New Materials Co., Ltd., due to unmet strategic goals and market demand changes [4]. - As of February 9, the company's stock price increased by 1.52%, closing at 6.03 yuan per share, with a total market capitalization of 7.849 billion yuan [5].

Core Viewpoint - Traditional chemical companies are accelerating their transformation towards a technology-driven model under the dual drivers of "dual carbon" goals and high-quality development [1][2]. Group 1: Company Initiatives - Binhu Chemical Co., Ltd. has established the "Beikun Young Scientist Award" to support and recognize young scientists, with 23 recipients from prestigious institutions like Tsinghua University and Peking University [1]. - The award focuses on the industrialization potential and practical application value of academic achievements, aligning with Binhu's development direction in high-end chemicals, new materials, new energy, and biomedicine [1]. - The company invests tens of millions annually in the award to cultivate young talent and reserve core innovative momentum [1]. Group 2: Strategic Transformation - Binhu is leveraging its northern pilot base to provide one-stop conversion support for award-winning projects, enhancing the "research-transformation-production" process [2]. - The "Beikun Plan," proposed for 2024, aims to develop a world-class new energy chemical industry base in northern Binzhou, integrating "new energy + chemicals" [2]. - The company has outlined a "421" technology development strategy, which includes implementing four innovation measures, creating two innovation platforms, and building one near-zero carbon park [2]. Group 3: Industry Insights - Analysts suggest that traditional chemical companies must break free from the "high energy consumption, low added value" label to succeed [3]. - Binhu is attempting to lead industrial upgrades through a dual approach of institutional incentives (like the "Beikun Young Scientist Award") and substantial infrastructure investments (like the pilot base) [3].

Group 1 - The core point of the article highlights the recent performance of Xinjin Road, which saw a 5.1% increase in stock price, reaching 15.47 yuan per share, with a trading volume of 525 million yuan and a turnover rate of 5.74%, resulting in a total market capitalization of 10.033 billion yuan [1] - Xinjin Road Group, established on April 18, 1992, and listed on May 7, 1993, is located in Deyang, Sichuan Province, and primarily engages in the production and operation of chlor-alkali chemicals and plastic products [1] - The revenue composition of Xinjin Road's main business includes resin products at 41.61%, alkali products at 38.43%, and other products at 19.97% [1] Group 2 - From the perspective of major fund holdings, data indicates that a fund under Jianxin Fund has a significant position in Xinjin Road, with Jianxin New Materials Select Stock Fund A (018194) holding 654,900 shares, accounting for 2.93% of the fund's net value, making it the eighth largest holding [2] - The Jianxin New Materials Select Stock Fund A, established on August 22, 2023, has a latest scale of 625.691 million yuan, with a year-to-date return of 7.72%, ranking 709 out of 5562 in its category; over the past year, it achieved a return of 67.59%, ranking 363 out of 4285 [2] - The fund manager, Tian Yuanquan, has a tenure of 5 years and 233 days, with the total asset scale of the fund at 5.21 billion yuan, achieving the best return of 109.46% and the worst return of -16.27% during his tenure [2]

Report Summary - The report presents the top ten convertible bonds in February 2026, along with detailed information about the issuing companies, including their business scope, financial data, and key attractions [1][6]. Top Ten Convertible Bonds in February 2026 1. Zhongte Convertible Bond - Rating: AAA; 1 - end closing price: 128.153 yuan; conversion premium rate: 73.5%; PE - TTM of the underlying stock: 14.75 [1][8]. - Company: A global leader in special - steel manufacturing with an annual production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [13]. - Financials: In 2024, revenue was 109.203 billion yuan (-4.22% yoy), net profit attributable to shareholders was 5.126 billion yuan (-10.41% yoy). In the first three quarters of 2025, revenue was 81.206 billion yuan (-2.75% yoy), net profit attributable to shareholders was 4.33 billion yuan (+12.88% yoy) [13]. - Highlights: It is one of the world's most comprehensive special - steel enterprises, with high market shares in core products. It has strong cost - control and is seeking external expansion [14]. 2. Shanlu Convertible Bond - Rating: AAA; 1 - end closing price: 128.472 yuan; conversion premium rate: 54.45%; PE - TTM of the underlying stock: 4.32 [6][8]. - Company: Focused on road and bridge construction and maintenance, and expanding into other fields. It has a complete business system [31]. - Financials: In 2024, revenue was 71.348 billion yuan (-2.3% yoy), net profit attributable to shareholders was 2.322 billion yuan (+1.47% yoy). In the first three quarters of 2025, revenue was 41.354 billion yuan (-3.11% yoy), net profit attributable to shareholders was 1.41 billion yuan (-3.27% yoy) [31]. - Highlights: It has the "China Special Valuation" concept, and its balance sheet and potential orders may improve. It may benefit from infrastructure plans in Shandong and the Belt and Road Initiative [32]. 3. Hebang Convertible Bond - Rating: AA; 1 - end closing price: 153.399 yuan; conversion premium rate: 21.26%; PE - TTM of the underlying stock: -230.95 [6][8]. - Company: With a diversified business layout in chemicals, agriculture, and photovoltaics, it has expanded from a single - product business [44]. - Financials: In 2024, revenue was 8.547 billion yuan (-3.13% yoy), net profit attributable to shareholders was 31 million yuan (-97.55% yoy). In the first three quarters of 2025, revenue was 5.927 billion yuan (-13.02% yoy), net profit attributable to shareholders was 93 million yuan (-57.93% yoy) [44]. - Highlights: Its liquid methionine production has high profitability and is a major profit contributor [47]. 4. Huayuan Convertible Bond - Rating: AA -; 1 - end closing price: 145.282 yuan; conversion premium rate: 9.47%; PE - TTM of the underlying stock: 32.14 [6][8]. - Company: Focused on building a complete vitamin D3 industrial chain, with products in the vitamin and pharmaceutical sectors [58]. - Financials: In 2024, revenue was 1.243 billion yuan (+13.58% yoy), net profit attributable to shareholders was 309 million yuan (+60.76% yoy). In the first three quarters of 2025, revenue was 936 million yuan (-0.2% yoy), net profit attributable to shareholders was 234 million yuan (-3.07% yoy) [58]. - Highlights: It is a leader in certain products, and is expanding its product portfolio and has achievements in pharmaceutical R & D [59]. 5. Xingye Convertible Bond - Rating: AAA; 1 - end closing price: 123.691 yuan; conversion premium rate: 40.16%; PE - TTM of the underlying stock: 5.11 [6][8]. - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [72]. - Financials: In 2024, revenue was 212.226 billion yuan (+0.66% yoy), net profit attributable to shareholders was 77.205 billion yuan (+0.12% yoy). In the first three quarters of 2025, revenue was 161.234 billion yuan (-1.82% yoy), net profit attributable to shareholders was 63.083 billion yuan (+0.12% yoy) [72]. - Highlights: It has stable asset quality and scale growth, with a large customer base [73]. 6. Aima Convertible Bond - Rating: AA; 1 - end closing price: 126.979 yuan; conversion premium rate: 60.87%; PE - TTM of the underlying stock: 10.97 [6][8]. - Company: The leading enterprise in the electric two - wheeler industry, with self - developed and produced products [82]. - Financials: In 2024, revenue was 21.606 billion yuan (+2.71% yoy), net profit attributable to shareholders was 1.988 billion yuan (+5.68% yoy). In the first three quarters of 2025, revenue was 21.093 billion yuan (+20.78% yoy), net profit attributable to shareholders was 1.907 billion yuan (+22.78% yoy) [82]. - Highlights: It may benefit from government subsidies and the implementation of new national standards, and has potential for improving gross margin [83]. 7. Chongyin Convertible Bond - Rating: AAA; 1 - end closing price: 128.332 yuan; conversion premium rate: 16.22%; PE - TTM of the underlying stock: 6.55 [6][8]. - Company: An early - established local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [92]. - Financials: In 2024, revenue was 13.679 billion yuan (+3.54% yoy), net profit attributable to shareholders was 5.117 billion yuan (+3.8% yoy). In the first three quarters of 2025, revenue was 11.74 billion yuan (+10.4% yoy), net profit attributable to shareholders was 4.879 billion yuan (+10.19% yoy) [92]. - Highlights: It may benefit from the development of the Chengdu - Chongqing economic circle, has stable asset growth, and has a good risk - control strategy [93][96]. 8. Tianye Convertible Bond - Rating: AA+; 1 - end closing price: 141.695 yuan; conversion premium rate: 26.15%; PE - TTM of the underlying stock: 163.89 [6][8]. - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [105]. - Financials: In 2024, revenue was 11.156 billion yuan (-2.7% yoy), net profit attributable to shareholders was 68 million yuan (+108.83% yoy). In the first three quarters of 2025, revenue was 7.97 billion yuan (+2.2% yoy), net profit attributable to shareholders was 7 million yuan (-28.79% yoy) [105]. - Highlights: It benefits from cost - reduction in raw materials and plans to increase dividend frequency, and its group is promoting coal - mine projects [107]. 9. Aorui Convertible Bond - Rating: AA -; 1 - end closing price: 160.557 yuan; conversion premium rate: 39.57%; PE - TTM of the underlying stock: 27.45 [6][8]. - Company: Focused on the R & D, production, and sales of complex APIs and formulations, leading in certain technical fields [120]. - Financials: In 2024, revenue was 1.476 billion yuan (+16.89% yoy), net profit attributable to shareholders was 355 million yuan (+22.59% yoy). In the first three quarters of 2025, revenue was 1.237 billion yuan (+13.67% yoy), net profit attributable to shareholders was 354 million yuan (+24.58% yoy) [120]. - Highlights: It is optimizing its distribution network, expanding the market for its formulation products, and has high - quality customer resources [121]. 10. Yushui Convertible Bond - Rating: AAA; 1 - end closing price: 128.343 yuan; conversion premium rate: 35.36%; PE - TTM of the underlying stock: 26.26 [6][8]. - Company: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [134]. - Financials: In 2024, revenue was 6.999 billion yuan (-3.52% yoy), net profit attributable to shareholders was 785 million yuan (-27.88% yoy). In the first three quarters of 2025, revenue was 5.568 billion yuan (+7.21% yoy), net profit attributable to shareholders was 779 million yuan (+7.1% yoy) [134]. - Highlights: It has a high market share, is expanding its business scope, and has achieved cost - control through intelligent applications [135]. Related Reports - "Pricing of Naipu Convertible Bond 02: First - day conversion premium rate of 28% - 33%", released on January 27, 2026 [3]. - "Pricing of Shangtai Convertible Bond: First - day conversion premium rate of 40% - 45%", released on January 27, 2026 [3]. - "Pricing of Lianrui Convertible Bond: First - day conversion premium rate of 43% - 48%", released on January 15, 2026 [3]. - "Outlook for US Inflation in 2026: High at first, then low, overall controllable", released on January 12, 2026 [3].

Core Viewpoint - PVC prices have been under significant pressure due to capacity expansion, hitting a record low in 2025, with prices dropping below 4500 yuan/ton, exacerbated by weak demand and the cancellation of export tax rebates [1][4][8] Group 1: Price Trends and Profitability - PVC prices have consistently declined in recent years, reaching new lows, with production costs not sufficiently supporting prices due to ongoing losses in the calcium carbide method, which exceeded 1500 yuan/ton [4] - The integrated chlor-alkali enterprises have been able to offset PVC losses with caustic soda profits, but as caustic soda prices fell in the second half of 2025, combined profits turned negative, leading to a reduction in PVC production [4] - As production cuts occur, PVC supply pressure eases, allowing for a slight price rebound and some recovery in PVC valuations [4][8] Group 2: Demand Dynamics - The real estate sector, which accounts for 80% of PVC demand, has been in a downturn, with significant declines in sales area (down 15.6%) and sales revenue (down 23.6%) reported in December 2025 [5] - Seasonal demand fluctuations are evident, with PVC demand typically slowing during winter and the Spring Festival, leading to near stagnation in demand as the holiday approaches [5] Group 3: Export Market Changes - Recent policy changes announced by the Ministry of Finance and the State Administration of Taxation will remove the VAT export rebate for PVC products starting April 1, 2026, increasing export costs by approximately 80 USD/ton [6][7] - Despite a significant increase in PVC exports in recent years, with 2024 exports exceeding 2.6 million tons and projected to reach 3.8 million tons in 2025, the cancellation of export rebates is expected to diminish price advantages and limit future export volumes [7][8] Group 4: Future Outlook - While PVC prices have temporarily rebounded, the long-term outlook remains constrained by weak demand and the impact of export rebate cancellations, which may exacerbate domestic supply-demand imbalances and limit price increases [8]

Core Viewpoint - Chlor-alkali Chemical announced that its A-share stock experienced a cumulative price fluctuation of 20% over three consecutive trading days from January 28 to January 30, 2026, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange regulations [1] Company Operations - The company conducted a self-examination and consulted its controlling shareholder, Shanghai Huayi Holding Group Co., Ltd., confirming that its production and operations are normal as of the announcement date [1] - There have been no significant changes in the market environment or industry policies [1] Disclosure and Transactions - The company reported that there are no undisclosed major events such as asset restructuring, share issuance, significant transactions, business restructuring, share buybacks, equity incentives, bankruptcy reorganizations, major business collaborations, or the introduction of strategic investors [1] - No media reports, market rumors, or trending concepts that could significantly impact the company's stock price were identified [1] Insider Trading - During the period of abnormal price fluctuation, the company's controlling shareholders, directors, and senior management did not engage in buying or selling the company's stock [1]

Group 1 - The company experienced a significant decline in net profit, dropping from nearly 2 billion in 2021 to less than 100 million by the third quarter of 2025, indicating a nearly halved performance year-on-year [3] - The current market capitalization of the company is around 10 billion [4] - The fluctuations in the company's performance raise questions about whether these changes are due to industry conditions or internal issues [5] Group 2 - Recently, the propylene oxide index reached a nearly four-year high, which is one of the company's main products, suggesting potential for recovery [5]

Core Viewpoint - New Jinlu (SZ000510) experienced a significant drop, hitting the daily limit down at 16.63 yuan, with a decline of 10.01%, reflecting a total market value of 10.785 billion yuan and a circulating market value of 10.089 billion yuan as of January 29, 2026 [1][2]. Group 1: Company Performance - The company announced a substantial increase in expected losses for the 2025 annual report, projecting a net profit attributable to shareholders of -228 million to -180 million yuan, representing a year-on-year decline of 264.55% to 187.81% [2]. - The main business segment, chlor-alkali chemicals, is facing cyclical pressures, particularly due to low PVC resin prices, which severely impact the company's profitability and investor confidence [2]. Group 2: Governance and Management Issues - Five core executives plan to reduce their holdings, which may convey a negative signal to the market [2]. - The largest shareholder has a pledge ratio of 78.77%, and the ratio for concerted actors is 62.96%, indicating potential risks associated with high pledge levels [2]. - Frequent changes in the management team, including resignations of a vice president and an assistant president, as well as a change in the company secretary, may affect the company's stability [2]. Group 3: Market Position and Sentiment - The company's focus on chlor-alkali chemicals and mining resource development does not align with current market trends, as the chlor-alkali chemical industry is under cyclical pressure, and while mining projects have potential, they are unlikely to yield short-term benefits [2]. - The stock price reached a historical high of 20.48 yuan on January 26, 2026, but the divergence between stock price and expected losses suggests that the previous price increase may have been driven by short-term speculation [2]. - A significant increase in the number of shareholders has led to a dispersion of shares, creating a need for price correction, which may explain the limit down on January 29 [2].