报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 （1）电动两轮车市场现状：纵观国内电动两轮车行业发展历程，产品刚推出时由于四电技术尚未成熟，当时电动两轮车存在电能消耗大、续航里程短等问 题，消费者更多采用自行车作为通勤工具。1995年随着带轮毂电机的电动两轮车研发成功，能耗下降，消费者对电动两轮车接受度提升，行业逐步实现销量 提升。可将电动两轮车行业发展过程分为几个阶段： ①起步阶段（2000-2003年）：2000年后随着电动两轮车性能提升，对摩托车产生替代作用，且国内开始推行禁限摩政策，综合促进电动两轮车产业初步形 成，行业逐渐具备一定销量规模； ②快速增长后达到相对稳定（2004-2018年）：2004年电动两轮车被确定为非机动车的合法车型，得到更加广泛应用， ...

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company was 4.33 billion yuan (YoY + 12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, a leading enterprise in the chlor - alkali chemical industry with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY + 16.89%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

Event Overview - The 2026 (6th) Qidian Lithium Battery Two-Wheeled Vehicle Battery Swap Conference and the Luban Award Ceremony for Lightweight Power Batteries will be held on April 10, 2026, in Shenzhen [2][4] - The theme of the event is "Co-creating a New Chapter in Lightweight Power and Leading the Future of Two-Wheeled Battery Swapping" [2] Agenda Highlights - The conference will feature a forum opening ceremony and the Luban Award ceremony for lightweight power batteries [3] - Key topics include the release of the "2026 China Lightweight Power/Two-Wheeled Vehicle Battery Swap TOP20 Ranking and Industry White Paper" and discussions on battery technology trends [3][5] - Afternoon sessions will focus on electric motorcycles and bicycles, covering topics such as lithium iron phosphate cylindrical batteries, fast charging, and battery safety design [5] Participation Scale - The event is expected to host over 400 companies and 600 guests, including major players in the electric two-wheeled vehicle and battery swap sectors [4][6] - Notable participating companies include Yadi, Aima, and Niu Technologies, among others [6] Registration Details - Various registration options are available, including SVIP for 3188 RMB, VIP for 2188 RMB, and a free option with promotional requirements [9] - Registration deadline is March 31, 2026, with no on-site registration allowed [9]

Group 1 - The core theme of the "2025 People's Finance Forum" is to explore opportunities and challenges in economic and social development, focusing on the spirit of the 20th Central Committee's Fourth Plenary Session and the "14th Five-Year Plan" [1] - Yadea Technology Group was recognized as the only brand in the electric vehicle sector to be selected as a "2025 People's Craftsmanship Brand," highlighting its continuous innovation and outstanding development [1][3] Group 2 - Yadea has invested over 5.927 billion yuan in R&D since its listing in 2016, holding more than 2,000 patents and establishing multiple national-level laboratories and research centers to support product innovation [5] - The company has developed a comprehensive product matrix that includes electric bicycles, electric motorcycles, electric scooters, and more, catering to diverse market demands [7] - Yadea has maintained its position as the global sales leader for eight consecutive years, with over 100 million users and more than 40,000 retail stores worldwide, reinforcing its leading position in the global electric two-wheeler market [9]

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 在全球布局与市场表现上，雅迪已实现业务覆盖100个国家和地区，布局全球十大智能产研基地，终端门店超40000家，全球累计用户逾1亿，连续八年蝉联 全球电动两轮车销量第一。2025年推出的摩登系列凭借精准的女性市场定位和"新奢复古美学"设计，全网曝光突破12亿次，创下行业新品传播峰值，成为现 象级单品，进一步印证了其品牌影响力与市场号召力。 未来，雅迪将持续以尖端科技领跑行业，深化全球布局，升级服务体系，以更具竞争力的品牌实力推动绿色科技出行产业发展，为全球用户创造更舒适的出 行体验，助力中国品牌在全球舞台绽放更大光彩。 金融界"金智奖"已连续举办十四届，本次评选紧密契合"十五五"规划建议中"提升上市公司质量"的要求，将企业高质量发展内核拆解为社会责任、实业贡 献、投资回报、成长前景、创新效率、杰出品牌六大核心维度，以企业财务数据和公开信息为基础建立量化分析模型，覆盖A股、港股及中概股超8000家企 业，经过量化评审、网络投票、专家评审等多轮严谨筛选，最终评选出近200家获奖企业，旨在树立行业高质量发展标杆，推动资本要素向优质企业集聚。 雅迪控股此次 ...

Core Viewpoint - The new national standard for electric bicycles (GB 17761-2024) has been implemented, aiming to enhance safety and compliance in the industry, while also revealing existing issues in product design and user experience [1][2]. Group 1: New National Standard Implementation - The new standard is seen as a stricter upgrade from the 2018 version, with enhanced measures to prevent manufacturers from circumventing speed limits, specifically capping the maximum speed at 25 km/h [2]. - The industry has been aware of the impending strict enforcement of standards since 2018, leading to a shift in compliance expectations among manufacturers [2]. Group 2: Industry Response and Adaptation - The introduction of the new standard has prompted some manufacturers to confront their previous complacency regarding compliance, while others, like Ninebot, have proactively prepared by optimizing their product design and manufacturing processes to meet the new requirements [4][5]. - Ninebot's approach focuses on enhancing safety and user experience, ensuring that all products align with the new standards while addressing user demands for a more secure and efficient riding experience [5]. Group 3: Technological Innovations - Ninebot has integrated advanced safety features into its products, such as a smart driving system that enhances user safety and convenience across various riding scenarios, addressing common pain points like slope control and parking difficulties [6][7]. - The company emphasizes a user-centric design philosophy, ensuring that technological advancements are practical and enhance the overall riding experience rather than merely adding features [6][9]. Group 4: Market Transformation - The new standard is driving a significant shift in industry values, with "safe riding" becoming a new consensus among manufacturers, pushing them to innovate beyond basic compliance to enhance user experience [9]. - Ninebot aims to set a benchmark in the industry by integrating smart driving capabilities across its entire product line, redefining the product landscape in the era of the new national standard [9].

Core Viewpoint - The article emphasizes the strong performance of quality stocks since October, particularly those with low price-to-earnings ratios and attractive dividend yields, suggesting that these stocks will continue to attract attention as the year ends and the new year begins [3]. Group 1: Market Trends - Quality stocks have shown robust performance, with the low price-to-earnings index rising over 8% and the performance index for quality stocks increasing over 6% [3]. - The market is expected to focus on quality stocks, especially those with good dividend yields and trading at lower valuations [3]. Group 2: Investment Recommendations - Tianfeng Securities suggests three main investment themes for the upcoming spring market: 1. Technology AI sector led by DeepSeek breakthroughs and open-source initiatives 2. Economic recovery driven by both domestic and international factors, continuing the "stronger gets stronger" trend in the bull market, with opportunities in cyclical sectors 3. The ongoing rise of undervalued dividend stocks [4]. Group 3: Notable Stocks - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced more than 30% from their yearly highs, excluding ST stocks [4]. - Notable companies include: - Transsion Holdings, valued at nearly 80 billion, is a leader in the African mobile phone market, benefiting from the transition from feature phones to smartphones [4]. - Huali Group, valued at nearly 60 billion, is a leading sports shoe manufacturer, expected to maintain rapid growth through expansion and new client acquisition [4]. - Aima Technology and Lianmei Holdings have shown significant net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% year-on-year [4]. Group 4: Institutional Interest - Certain stocks have gained favor among institutional investors, with Transsion Holdings, Huali Group, and Ganyuan Foods seeing significant holdings valued over 100 million as of the end of Q3 [5]. - Companies like Huali Group, Jinyu Medical, and Aima Technology are highlighted as favorites among institutional investors [5]. Group 5: Dividend Performance - Companies such as Ousheng Electric, Transsion Holdings, and Lianmei Holdings have shown substantial cumulative dividend rates exceeding 190% over the past three years [5]. - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually in the last three years [5].

Group 1 - High-quality stocks have shown strong performance since October, with low P/E index rising over 8% and performance stocks index increasing over 6% [1] - Tianfeng Securities suggests focusing on three investment themes for the upcoming spring market: AI technology breakthroughs, economic recovery driven by internal and external resonance, and the rise of undervalued dividend stocks [1] - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced over 30% from their yearly highs, excluding ST stocks [1] Group 2 - Aima Technology and Lianmei Holdings have reported significant year-on-year net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% [2] - Lianmei Holdings is positioned as a comprehensive energy service provider with significant growth potential, supported by its strategic location and successful investment ventures [2] - Institutions have shown interest in stocks like Transsion Holdings and Huali Group, with insurance funds holding over 100 million yuan in these stocks as of the end of Q3 [2] Group 3 - Companies like Ousheng Electric, Transsion Holdings, and Lianmei Holdings have demonstrated substantial dividend payouts over the past three years, with cumulative dividend rates exceeding 190% [3] - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually [3] - Lianmei Holdings has announced multiple shareholder return plans, highlighting its commitment to investor returns [3] Group 4 - The table lists high dividend yield stocks with significant cumulative dividends over three years, including Ousheng Electric (4.58% yield, 249.05% cumulative dividend), Transsion Holdings (4.46% yield, 214.61% cumulative dividend), and Lianmei Holdings (4.54% yield, 199.10% cumulative dividend) [4] - Other notable stocks include Ganyuan Food (5.02% yield), Huali Group (4.48% yield), and Aima Technology (3.09% yield) [4]

由金融界主办的"启航·2025金融峰会"于12月26日在北京成功举办，本届大会以"新开局、新动能、新征程"为主题，汇聚监管部门、行业协会、金融机构、 上市公司、媒体等领域数百位相关领导和重磅嘉宾。作为大会备受关注的重要成果，第十四届"金智奖"年度评选结果正式揭晓，绿源集团首席执行官胡继红 荣获"杰出创新企业家"。 作为绿源集团的战略掌舵人，胡继红女士的前瞻性深刻体现在她对增长路径的重塑上。她主导构建了清晰的"绿源三条增长曲线"，"全场景轻出行战略"一体 两翼布局：以国内出行市场为稳健"压舱石"，以全球化与高端品牌LYVA为"增长引擎"，以具身智能生态业务作为"爆发增长点"。这一战略框架使绿源摆脱 了单一制造商的路径依赖，向"高成长科技平台"演进。 她的开拓性领导力，更集中体现于对组织与产业链的深刻改造。在企业内部，她推动了品牌架构从单品牌运营向"一主多元复合品牌架构"的变革。在产业链 层面，她力主启动"浪潮计划"，联合核心供应商，将传统供应链升级为以研发、计划、品质"三位一体协同"为核心的价值共同体。这标志着绿源的核心竞争 力正从产品制造，延伸至可持续的产业链系统构建。 凭借卓越的领导力、创新能力，以及坚守长 ...

Event Overview - The 2026 (6th) Qidian Lithium Battery Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Luban Award Ceremony will be held on April 10, 2026, in Shenzhen [2][4] - The theme of the event is "Co-creating a New Chapter in Lightweight Power and Leading the Future of Two-Wheeled Battery Swapping" [2] Agenda Highlights - The conference will feature a variety of sessions including: - Opening ceremony and Luban Award presentation [3] - Specialized sessions on battery swapping and technology, focusing on topics such as the release of the "2026 China Lightweight Power/Two-Wheeled Vehicle Battery Swap TOP20 Ranking and Industry White Paper" [3][5] - Discussions on innovations in battery swapping business models and lifecycle management strategies [5] - Specialized sessions on electric motorcycles and bicycles, addressing battery applications and safety standards [5] Participation and Scale - The event is expected to host over 400 companies and 600 guests, including major players in the electric two-wheeled vehicle and battery sectors [4][6] - Notable participating companies include Yadi, Aima, and Niu Technologies among others [6][7] Registration and Fees - Registration options include SVIP at 3188 RMB, VIP at 2188 RMB, and a free option contingent on social media promotion [9] - The registration deadline is March 31, 2026, with no on-site registration allowed [9]