证券研究报告|固收研究报告 [Table_Date] 2026 年 03 月 01 日 [Table_Title] 3 月信用，先止盈后布局 [Table_Title2] 2026 信用月报之三 [Table_Summary] ► 3 月初适当止盈高弹性品种，等待月底布局时机 2 月利率小幅震荡下行。期间 10 年国债利率受到机构行为力量推动，一度突破 阻力位至 1.78%；但后续缺乏增量利多，叠加月末"沪七条"地产政策带来的 情绪扰动，长端利率重回 1.80%。信用债收益率普遍下行，信用利差走势分 化，长久期品种表现更好。 展望 3 月，债市多空因素交织，市场走势不确定性上升，叠加当前信用利差已 收窄至历史偏低区间，建议月初对高弹性品种适度止盈，等待 3 月底的布局时 机。3 月影响债市的不确定因素在于：一是伊朗局势升级，避险情绪可能带动 短期内利率下行；但战争引发的输入型通胀压力或导致国内通胀预期抬升，利 率也面临上行压力。二是两会召开在即，叠加 2月 26日"沪七条"楼市新政落 地，市场对稳增长政策力度与节奏的预期或有变化。 此外，关注科创债成分券的超跌修复机会。2 月科创债 ETF 规模小幅回落，成 ...

在上海优化营商环境的改革版图上，一个由市政府办公厅牵头，会同市财政局、市数据局、市发展改革委等20余家市级部门和16个区组成的"超级 团队"——惠企政策工作专班，正悄然推动着惠企服务模式的变革。 "不到10分钟就拿到了量身定制的政策申报方案，真是高效便捷。"近日，某新能源企业工作人员对"政策体检"服务赞不绝口。原来，在窗口人员 的帮助下，该企业工作人员扫描"企业码" 调取信息后，智能系统在几分钟内就为这家企业列出适配政策，其中《黄浦区关于支持优质中小企业高 质量发展的实施意见》被重点标注，申报条件、资助额度和申报指引一目了然。 在一年时间里，200余场攻坚会在市政府210会议室举行，会议室变成了政策改革的"作战室"。在多方协同努力下，2025年，市、区两级共709个政 策项目实现"免申即享"，服务企业超628万次，惠企政策覆盖范围和落地效率进一步提升，企业申兑成本和部门行政成本进一步下降。 曾经的"企业找政策"，实现了向"政策找企业"的跨越。 上海惠企政策工作专班开会场景。 受访者 供图 一站式服务，受益企业赞不绝口 政策支持下，2025年以来，黄浦区新增6个涉企"免申即享"事项，全区在用免申涉企事项拓展至2 ...

Core Viewpoint - The news highlights the risk of delisting for certain companies, specifically *ST WanFang and *ST YanShi, due to their projected financial performance in 2025, which is expected to fall below the thresholds set by the Shenzhen Stock Exchange for continued listing [2][4]. Group 1: Company Announcements - *ST WanFang announced that its estimated revenue for 2025 will be below 300 million yuan, with either total profit or net profit expected to be negative, triggering potential delisting [2]. - *ST YanShi similarly projected that its 2025 revenue will not reach 300 million yuan, with both pre-tax and post-tax net profits expected to be negative, also risking delisting [4]. Group 2: Stock Performance - Following the announcements, both *ST WanFang and *ST YanShi experienced a limit down in their stock prices, with *ST WanFang closing at 4.57 yuan per share, down 4.99% [2]. - The overall market sentiment towards *ST stocks has turned cautious, with investors advised to be wary of similar companies as the 2025 annual performance forecasts approach [4]. Group 3: Financial Data and Risks - A total of 26 *ST stocks reported revenues below 200 million yuan in their 2025 Q3 reports, with both *ST WanFang and *ST YanShi included in this group [4]. - Companies like *ST HuKe and *ST ChuangXing reported revenues of less than 50 million yuan in their 2025 Q3 reports, indicating severe financial distress [4]. - The average decline for stocks facing forced delisting in 2025 has exceeded 70%, with some stocks dropping over 80% [6]. Group 4: Capital Structure Concerns - Certain companies, such as *ST HuaRong, reported asset-liability ratios nearing 92%, while others like *ST BuSen and *ST YeDao exceeded 80%, indicating poor capital structures [5]. - *ST AoWei's stock price has dropped over 22% since the beginning of 2026, nearing the critical threshold of 1 yuan per share, which could lead to further delisting risks [5].

转自：智通财经 【福建板块反复活跃 安记食品6连板】智通财经12月9日电，福建板块反复活跃，安记食品6连板，此前 已有多股涨停，龙洲股份5连板，舒华体育4连板，东百集团、厦门港务3连板，安妮股份2连板，海欣食 品、日上集团跟涨。消息面上，《中共厦门市委关于制定厦门市国民经济和社会发展第十五个五年规划 的建议》发布。《建议》提出，厦门将着力打造万亿级产业集群、千亿级制造业龙头企业。《建议》还 提到，完善厦台海、空直航运输体系，打造"厦门-台湾-全球"通道。 ...

Group 1 - The Hainan sector in the A-share market experienced a collective rise on November 5, with several stocks hitting the daily limit up [1] - Notable stocks include Haixia Co., Haima Automobile, and Caesar Travel, all of which reached the daily limit up [1] - Other significant gainers include Kangzhi Pharmaceutical, which rose by 7.78%, Hainan Airlines Group by 6.49%, Luoniushan by 5.37%, Hainan Expressway by 2.83%, Jinpan Technology by 2.42%, and HNA Holding by 2.21% [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]

Group 1: Primary Market - In the week from July 14 to July 18, 2025, a total of 386 credit bonds were issued, with a total issuance scale of 401.095 billion yuan, a decrease of 14.72% week-on-week [2] - Among the issued bonds, industrial bonds accounted for 173 issues with a scale of 175.91 billion yuan, down 2.02%, representing 43.86% of the total issuance [2] - City investment bonds had 178 issues with a scale of 106.535 billion yuan, an increase of 16.25%, making up 26.56% of the total [2] - Financial bonds totaled 35 issues with a scale of 118.65 billion yuan, down 40.42%, accounting for 29.58% of the total [2] - The average issuance term for credit bonds was 3.17 years, with industrial bonds averaging 2.39 years, city investment bonds 4.07 years, and financial bonds 2.21 years [2] - The overall average coupon rate for credit bonds was 2.07%, with industrial bonds at 1.93%, city investment bonds at 2.25%, and financial bonds at 1.83% [2] Group 2: Secondary Market - Credit spreads varied by industry, with the largest increase in AAA-rated spreads in the pharmaceutical and biological sector, up 6.1 basis points, while the largest decrease was in the electronics sector, down 2.8 basis points [4] - For AA+ rated spreads, the steel industry saw the largest increase of 8 basis points, while the pharmaceutical and biological sector had the largest decrease of 5 basis points [5] - In the city investment bond sector, the largest increase in AAA-rated spreads was in Jilin, up 1.8 basis points, while Shanxi saw the largest decrease, down 3.4 basis points [5] - The trading volume for credit bonds ranked as follows: commercial bank bonds at 433.848 billion yuan (up 2.87%), company bonds at 356.402 billion yuan (down 1.49%), and medium-term notes at 324.001 billion yuan (down 5.68%) [5]

Group 1 - The A-share market in Hainan Free Trade Zone is experiencing a volatile upward trend, with significant gains in various stocks [1] - Caesar Travel Industry has reached a daily limit increase, indicating strong investor interest [1] - Jun Da Co., Ltd. has risen over 5.5%, reflecting positive market sentiment [1] Group 2 - Hainan Haiyao and Lishang Guochao have both increased by more than 3%, contributing to the overall positive performance of the sector [1] - Haikong Group and other related companies are also seeing upward movement, suggesting a broader rally in the Hainan Free Trade Zone stocks [1]

Group 1 - The core viewpoint is that the CSI A500 Index has shown strong performance, with a 1.25% increase, and specific stocks like Guoxuan High-Tech and Guangxun Technology have also seen significant gains [1][2] - The CSI A500 ETF leader has a recent scale of 17.04 billion yuan, making it the largest in the Shanghai market, with a recent increase of 14.1 million shares in the past six months [1][2] - The CSI A500 Index has outperformed the CSI 300 Index with a 21.05% increase since the "924" market rally, indicating a favorable investment outlook [2][3] Group 2 - The CSI A500 Index is designed to reflect the overall performance of 500 representative listed companies across various industries, balancing traditional and emerging sectors [2] - Analysts predict a high expected return for the CSI A500 Index, estimating a 22% return over the next year and a 10% annualized return over the next three years [2] - The A-share market is expected to show resilience and a steady upward trend in the second half of 2025, supported by policy measures and increased long-term capital inflow [3]