Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the CSI Convertible Bond Index rose 1.08%, with increased weekly amplitude, and the equity - style convertible bonds with "high price and high conversion premium" remained active. The balance - weighted increase of debt - biased convertible bonds was 0.03%, balanced convertible bonds rose 0.19%, and equity - biased convertible bonds rose 3.87%, further widening the style excess. The balance - weighted conversion premium rate of convertible bonds with an absolute price above 130 yuan approached the historical high [2][10]. - The "leverage" of equity - style "high - price and high - premium" convertible bonds can still explain the current valuation system changes. Convertible bonds have a certain degree of "leverage", and the investment behavior of secondary bond funds also indicates that convertible bonds are a leveraged tool for stocks [15][19]. - Redemption disturbances have begun to marginally affect the performance of equity - style convertible bonds. Some convertible bonds that have announced forced redemptions experienced a double - kill of stocks and bonds, and some equity - style convertible bonds that have not met the forced - redemption conditions also showed weak performance with a significant compression of the conversion premium rate [21]. - The strong performance of new convertible bonds is an important support for the "high - price and high - premium" situation, but potential regulatory policy risks need to be noted. As of last Friday, the balance - weighted implied volatility of convertible bonds listed within 6 months exceeded 85%. Considering the increased regulatory guidance on the equity market, there may be specific requirements for new convertible bonds [3][23]. - Historically, unexpected forced redemptions have a short - term impact on the valuation of equity - style convertible bonds. After the impact, it is recommended to focus on equity - style varieties with a higher certainty of non - forced redemption [29]. Summary According to the Directory 1 When "High - price and High - premium" Convertible Bonds Encounter Potential Forced - redemption Risks - **Market Performance**: The CSI Convertible Bond Index rose 1.08% last week. Equity - style convertible bonds with "high price and high conversion premium" were active. In terms of style, debt - biased convertible bonds rose 0.03%, balanced convertible bonds rose 0.19%, and equity - biased convertible bonds rose 3.87%. The balance - weighted conversion premium rate of convertible bonds with an absolute price above 130 yuan was close to the historical high [2][10]. - **Valuation Explanation**: The "leverage" of convertible bonds can explain the current valuation system. The convertible bond valuation is related to the weighted index of underlying stocks, and the investment behavior of secondary bond funds also shows that convertible bonds are a leveraged tool for stocks [15][19]. - **Redemption Impact**: Redemption disturbances affected the performance of equity - style convertible bonds. Some bonds with announced forced redemptions had a double - kill of stocks and bonds, and some bonds that had not met the forced - redemption conditions also had a compressed conversion premium rate [21]. - **New Bond Support and Risks**: The strong performance of new convertible bonds supported the "high - price and high - premium" situation. As of last Friday, the balance - weighted implied volatility of convertible bonds listed within 6 months exceeded 85%. There may be regulatory risks for new convertible bonds [3][23]. - **Forced - redemption Impact on Valuation**: Historically, in the 5 trading days before an unexpected forced - redemption event, the valuation of equity - style convertible bonds was likely to be compressed, with a median compression amplitude of about 1 - 2 percentage points. After the event, there was no obvious pattern in the valuation performance. It is recommended to focus on equity - style varieties with a higher certainty of non - forced redemption [29]. - **Forced - redemption Counting Details**: Multiple convertible bonds are in the forced - redemption counting stage, and some are close to triggering forced redemptions. For example, Fuli Convertible Bond, Sailong Convertible Bond, and Tianjian Convertible Bond need at least 1 more day to trigger forced redemptions [35].

证券日报网讯 1月19日，飞凯材料在互动平台回答投资者提问时表示，公司目前生产经营状况一切正 常，并且严格按照法律法规要求履行信息披露义务，不存在应披露而未披露的重大事项；关于前十大流 通股东的股份变动情况，若涉及应披露事项，公司将严格按相关监管规则及时履行信息披露义务。根据 深交所监管规则，如果达到业绩预告条件，公司将于2026年1月31日前发布业绩预告；另外关于公司第 四季度的业绩情况请关注后续发布的相关公告。 （文章来源：证券日报） ...

证券日报网讯 1月19日，广信股份发布公告称，公司全资子公司安徽广信成辰科技有限公司（以下简 称"成辰科技"）于近日收到安徽省工业和信息化厅、安徽省财政厅、国家税务总局安徽省税务局联合颁 发的编号为 GR202534000174 的《高新技术企业证书》，认定成辰科技为高新技术企业。发证日期为 2025 年 10月 28 日，有效期三年。 （文章来源：证券日报） ...

1月14日，据央视新闻报道，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，对携程 集团有限公司涉嫌滥用市场支配地位实施垄断行为立案调查。 携程随后回应称，已收到通知并将积极配合调查，全面落实监管要求，同时强调业务正常运行，将持续 为用户与合作伙伴提供服务。 消息公布后，资本市场反应剧烈——携程港股当天跌幅6.49%，隔夜美股暴跌17%。1月15日，携程港股 再度上演极限跳水大跌近20%。携程市值蒸发超过1000亿人民币。 我国即将进入动力电池集中退役期 1月16日，从多部门联合举办的《新能源汽车废旧动力电池回收和综合利用管理暂行办法》新闻发布会 上获悉，我国即将进入动力电池规模化退役阶段。据有关研究机构测算，2030年当年的废旧动力电池产 生量将超过100万吨。生态环境部固体废物与化学品司副司长温雪峰表示，动力电池既含有镍钴锰锂等 金属资源，也含有含氟化合物等有毒有害物质，如果不能规范回收，不但污染环境，而且会浪费资源。 此次发布的管理办法明确"车电一体报废"等要求，用法治化手段加强动力电池回收利用管理，将有效规 范各环节参与主体行为。 世界气象组织确认2025年为有记录以来最热年份之一 携程遭反 ...

（文章来源：证券日报） 证券日报网讯 1月19日，鹿山新材发布2025年年度业绩预亏公告称，公司预计2025年年度实现营业收入 140000万元至160000万元，预计实现归属于母公司所有者的净利润为-7400万元到-3700万元，与上年同 期相比将出现亏损。 ...

Core Viewpoint - The company expects a net profit of 85 million to 100 million yuan for the year 2025, representing a year-on-year growth of 76.27% to 107.37% [1] Group 1: Financial Performance - The anticipated increase in net profit is primarily attributed to ongoing technological innovation and optimization of product structure [1] - The company's production and sales volume are expected to further increase, contributing to the profit growth [1] - A decline in the prices of key raw materials is projected to reduce unit production costs, leading to an increase in product gross margin [1]

资金面上，该股今日主力资金净流出270.93万元，近5日资金净流出1346.32万元。（数据宝） （原标题：福莱蒽特发布2025年预增公告 净利润同比增长81.67%~127.08%） 证券时报•数据宝统计显示，福莱蒽特今日收于33.02元，上涨3.84%，日换手率为2.95%，成交额为1.30 亿元，近5日上涨10.69%。通过对2025年业绩预增50%以上的个股走势进行统计发现，预告发布后当日 股价上涨的占比68.92%，股价发布当日股价涨停的有2家。预告发布后5日股价上涨的占比81.08%。 福莱蒽特（605566）1月19日发布2025年业绩预增公告，预计实现净利润为4000.00万元~5000.00万元， 净利润同比增长81.67%~127.08%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

智通财经APP讯，阿科力(603722.SH)发布2025年度业绩预告，预计2025年度实现归属于母公司所有者 净亏损3150万元至3850万元。2025年度，公司主要产品聚醚胺受国内新增产能释放影响，产品价格一直 处于低位，公司新产品仍处于客户测试及推广阶段，虽有订单但暂未对公司业绩产生重大影响。 ...

证券日报网讯 1月19日，南京聚隆在互动平台回答投资者提问时表示，根据深交所相关规定，公司将在 达到业绩预告披露标准的情况下，于2026年1月发布2025年度业绩预告；如未达到披露标准则不会发 布。 （文章来源：证券日报） ...

证券之星消息，1月19日化学制品板块较上一交易日上涨2.79%，乐通股份领涨。当日上证指数报收于 4114.0，上涨0.29%。深证成指报收于14294.05，上涨0.09%。化学制品板块个股涨跌见下表： 从资金流向上来看，当日化学制品板块主力资金净流入6.4亿元，游资资金净流出6.19亿元，散户资金净 流出2118.69万元。化学制品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600309 万华化学 | | 5.13 Z | 12.48% | -2.07 Z | -5.04% | -3.06 Z | -7.44% | | 002001 | 新和成 | 1.05亿 | 7.14% | -4834.98万 | -3.30% | -5620.16万 | -3.84% | | 002326 永太科技 | | 9961.95万 | 4.23% | -3318.96万 | -1.41% | - ...