证券研究报告 | 2026年02月01日 转债市场周报 极化估值的持续性取决于权益市场走向 核心观点 固定收益周报 上周市场焦点（1 月 26 日-1 月 30 日） 上周转债个券多数收跌，中证转债指数全周-2.61%，价格中位数-2.22%， 我们计算的算术平均平价全周-3.70%，全市场转股溢价率与上周相比 +1.12%。个券层面，天准（机器视觉）、百川转 2（精细化工）、欧通 （数据中心电源）、豪美（铝型材）、运机（运输机械）涨幅靠前；新 致（AI 应用）、航宇（商业航天）、东时（驾培）、冠中（生态修复）、 惠城（废催化剂处理）转债跌幅靠前。 观点及策略（2 月 2 日-2 月 6 日） 上周转债随权益市场出现调整，且周五呈现明显平价及估值同时回落的 情形，在微盘股指数+1.42%、中证 2000 指数-0.12%的情况下，中证转 债当日收得-1.73%的较大跌幅；结构上，低价转债表现尚可，而高平价 区间转债的估值脆弱性已然体现，平价 130 以上的转债平均溢价率单日 压缩达 5.23%，航宇、新致、伟测等短期积累涨幅较高或面临强赎风险 的个券回调较多，市场对核心高价个券则更为惜售，银轮、金诚等标的 估 ...

转债市场周报 证券研究报告 | 2026年02月01日 极化估值的持续性取决于权益市场走向 核心观点 固定收益周报 上周市场焦点（1 月 26 日-1 月 30 日） 上周转债个券多数收跌，中证转债指数全周-2.61%，价格中位数-2.22%， 我们计算的算术平均平价全周-3.70%，全市场转股溢价率与上周相比 +1.12%。个券层面，天准（机器视觉）、百川转 2（精细化工）、欧通 （数据中心电源）、豪美（铝型材）、运机（运输机械）涨幅靠前；新 致（AI 应用）、航宇（商业航天）、东时（驾培）、冠中（生态修复）、 惠城（废催化剂处理）转债跌幅靠前。 观点及策略（2 月 2 日-2 月 6 日） 3.（概率较小）权益市场转跌，资金回补前期跌幅较大的防御板块，参 考以往经验，权益转跌初期转债全市场平价估值齐跌，之后高评级相对 低价的底仓品种率先企稳，推荐以降仓作为应对，之后可关注前期调整 较多的银行、电力、生猪养殖等防御板块。 风险提示：海外市场动荡，存在不确定性。 S0980522100006 S0980525080001 证券分析师：赵婧 上周转债随权益市场出现调整，且周五呈现明显平价及估值同时回落的 情形， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week of January 19 - 23, the stock market had large - scale net outflows of funds from important index ETFs, but the main indices were still oscillating strongly. The bond market was affected by regulatory news and the central bank's actions, with the 10 - year Treasury bond rate falling. The convertible bond market generally rose, with the CSI Convertible Bond Index up 2.92% [1][7][8]. - In the context of strong equity market sentiment and tight supply - demand of convertible bonds, the convertible bond market continued to rise last week, with the CSI Convertible Bond Index hitting a new high in nearly 10 years. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks [2][17]. - Looking forward, although the valuation vulnerability of the convertible bond market has further increased, the upward trend of the equity market is clear, providing support for convertible bond valuation. In the coming week, it is advisable to focus on sectors with high performance certainty and low - valuation leading stocks in under - performing industries [3][18]. 3. Summary by Relevant Catalogs 3.1 Market Focus (January 19 - 23) - **Stock Market**: There were large - scale net outflows of funds from important index ETFs, but the main indices were oscillating strongly with daily trading volume above 2.5 trillion yuan. The "15th Five - Year Plan" for power grid investment boosted the power grid equipment sector, and precious metals rose significantly due to global geopolitical situations. Different sectors showed fragmented performance on different days, and most Shenwan primary industries rose, with building materials, petroleum and petrochemicals, etc. leading the gains, while banks, communication, etc. lagging behind [1][7][8]. - **Bond Market**: The economic data announced last week was in line with expectations. The mid - week capital situation was tight but improved after the central bank's intervention. News of regulatory intention to cool the equity market was favorable for the bond market sentiment. The 10 - year Treasury bond rate closed at 1.8298% on Friday, down 1.26bp from the previous week [1][7][8]. - **Convertible Bond Market**: Most convertible bond individual securities rose. The CSI Convertible Bond Index was up 2.92% for the week, the median price was up 3.01%, and the arithmetic average parity was up 3.66%. The overall conversion premium rate decreased by 0.96% compared with the previous week. The textile and clothing, steel, and petroleum and petrochemical sectors in the convertible bond market led the gains, while social services, media, etc. lagged behind. In terms of individual bonds, Jiamei, Fuxin, etc. had the top gains, while Dongshi, Yinbang, etc. had the top losses. The total trading volume of the convertible bond market last week was 4395.97 billion yuan, with an average daily trading volume of 879.19 billion yuan, a decrease from the previous week [1][8][12]. 3.2 Views and Strategies (January 26 - 30) - **Risk Avoidance**: Strengthen the expected management of individual bond redemptions. Due to the "unexpected redemptions" of some targets at the beginning of the week, the valuation of high - parity convertible bonds was compressed. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks by considering factors such as remaining term and short - term stock price demands [2][17]. - **Investment Suggestions**: Although the valuation vulnerability of the convertible bond market has increased, the upward trend of the equity market provides support for convertible bond valuation. In the week of January 26 - 30, it is advisable to focus on sectors with high performance certainty such as semiconductor equipment and materials, chemical industry, lithium battery, CXO, etc., and low - valuation leading stocks in under - performing industries for absolute return funds [3][18]. 3.3 Valuation Overview - As of January 23, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high percentile values since 2010 and 2021. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 5.66%, at the 0%/1% percentile since 2010 and 2021. The average implied volatility of all convertible bonds and the difference between the implied volatility and the long - term actual volatility of the underlying stocks were also at high percentile values [19]. 3.4 Primary Market Tracking - **Last Week (January 19 - 23)**: Aiwei and Longjian convertible bonds announced their issuance, and no convertible bonds were listed. Aiwei Convertible Bond has a scale of 19.01 billion yuan, and Longjian Convertible Bond has a scale of 10 billion yuan [26][27]. - **Next Week (January 26 - 30)**: No convertible bonds are announced for issuance, and Lianrui Convertible Bond will be listed, with a scale of 6.95 billion yuan [28][29]. - **Overall Situation**: As of January 23, there were 97 convertible bonds to be issued, with a total scale of 1522.3 billion yuan, including 8 that have been approved for registration, with a total scale of 61.6 billion yuan [30].

1月16日，联瑞新材涨5.17%，截至发稿，报67.99元/股，成交4.65亿元，换手率2.91%，总市值164.17亿 元。 责任编辑：小浪快报 资料显示，江苏联瑞新材料股份有限公司位于江苏省连云港市海州区新浦经济开发区，成立日期2002年 4月28日，上市日期2019年11月15日，公司主营业务涉及无机填料和颗粒载体行业产品的研发、制造和 销售。主营业务收入构成为：球形无机粉体57.16%，角形无机粉体26.39%，其他16.32%，其他(补 充)0.12%。 人保精选混合A（005041）基金经理为吴若宗。 截至发稿，吴若宗累计任职时间3年63天，现任基金资产总规模1.59亿元，任职期间最佳基金回报 69.55%， 任职期间最差基金回报-1.52%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 数据显示，人保资产旗下1只基金重仓联瑞新材。人保精选混合A（005041）三季度增持9870股，持有 股数4.5万股，占基金净值比例为3.04%，位 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The convertible bond market sentiment is high due to the strengthening of equities and seasonal effects. The equity market rose rapidly after the New Year's Day holiday, and the convertible bond market also performed strongly. The median market price of convertible bonds increased by 5 yuan to 138 yuan, and the valuation continued to rise while the underlying stocks were rising. The premium rates of convertible bonds in each parity range are close to the 100% quantile of historical levels, and the convertible bond ETF shows a significant net inflow trend. Looking forward, due to seasonal effects, some institutions with calendar - year assessments such as annuities and securities dealers' proprietary trading may gradually increase their positions in January. There is still a small room for the valuation of convertible bonds to increase. Relative - return investors are advised to allocate small - position and well - balanced non - redeemable equity - biased convertible bonds with suitable premium rates, and absolute - return investors are recommended to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations [2][16] Summary by Relevant Catalogs Market Focus (January 5 - January 9, 2026) Stock Market - A - shares rose rapidly after the New Year's Day holiday, with the Shanghai Composite Index breaking through 4000 points and the daily trading volume reaching nearly 3 trillion yuan. The technology - growth style led the rise, with sectors such as brain - computer interface, commercial aerospace, and controllable nuclear fusion performing well, while the dividend sector lagged behind. By industry, most Shenwan primary industries rose, with the comprehensive (14.55%), national defense and military industry (13.63%), media (13.10%), non - ferrous metals (8.56%), and computer (8.49%) sectors leading the gains, and the banking (-1.90%), transportation (0.23%), petroleum and petrochemical (0.29%), and agriculture, forestry, animal husbandry and fishery (0.98%) sectors performing poorly [1][6][7] Bond Market - At the beginning of the year, the central bank continued to conduct net withdrawals in the open market, but the capital market remained generally balanced and loose. Affected by the continuous rise of the equity market and the strong performance of the commodity market, the bond market was generally weak in shock. The 10 - year Treasury bond yield closed at 1.88% on Friday, up 1.98bp from the previous week [1][7] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index rose 4.45% for the whole week, the median price rose 3.60%, and the arithmetic average parity calculated by the report rose 5.79%. The overall conversion premium rate decreased by 0.55% compared with the previous week. In terms of individual bonds, the convertible bonds of Seli (AI medical), Dingjie (AI application), Dinglong (semiconductor), Shengxun (AI security), and Borui (innovative drugs) led the gains, while those of Tianchuang (control right change), Dianhua (solid - state battery), Huarui (CNC cutting tools & announced forced redemption), Huanxu (sip module & announced forced redemption), and Maolai (precision optics) led the losses. The total trading volume of the convertible bond market last week was 468.504 billion yuan, with an average daily trading volume of 93.701 billion yuan, an increase from the previous week [1][7][11] Views and Strategies (January 12 - January 16, 2026) - The convertible bond market sentiment is high under the strengthening of equities and seasonal effects. The equity market rose rapidly after the New Year's Day holiday, and the convertible bond market also performed strongly. From the data of convertible bond holders in December, public funds and social security funds increased their positions, while the positions of insurance and annuity institutions reached the lowest level since 2022, and the reduction of securities dealers' proprietary trading has slowed down. Looking forward, due to seasonal effects, some institutions may gradually increase their positions in January, and the convertible bond valuation still has a small room for improvement. Relative - return investors are advised to allocate non - redeemable equity - biased convertible bonds with suitable premium rates in small positions, and absolute - return investors are recommended to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations [2][16] Valuation Overview - As of January 9, 2026, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan are 51.34%, 41.94%, 29.84%, 26.12%, 23.41%, and 17.71% respectively, located at the 99%/100%, 98%/100%, 96%/99%, 99%/100%, 98%/100%, and 99%/100% quantiles since 2010/2021. For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan is - 4.06%, located at the 2%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds is 50.47%, located at the 96%/100% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is 9.41%, located at the 97%/100% quantiles since 2010/2021 [17] Primary Market Tracking - Last week (January 5 - January 9, 2026), Lianrui Convertible Bond announced its issuance, and no convertible bonds were listed. The underlying stock is Lianrui New Materials, a leading company in the basic chemical industry. The scale of the convertible bond issuance is 695 million yuan, and after deducting the issuance fees, it is planned to be used for high - performance high - speed substrate ultra - pure spherical powder material projects, high - thermal - conductivity high - purity spherical powder material projects, and supplementary working capital. As of the announcement on January 9, there are no convertible bonds announced for issuance or listing in the next week. Last week, there was 1 new company approved for registration by the exchange (Naipu Mining Machinery), 1 new company accepted by the exchange (Shangluo Electronics), and 4 new companies with board proposals (Quanxin Co., Ltd., Fujia Co., Ltd., Yilian Technology, Zhenhua Co., Ltd.). As of now, there are 97 convertible bonds to be issued, with a total scale of 150.27 billion yuan, including 7 approved for registration with a total scale of 8.34 billion yuan and 5 approved by the listing committee with a total scale of 2.91 billion yuan [24][25]

Group 1 - The core viewpoint of the news is that Jiangsu Lianrui New Materials Co., Ltd. has seen a decline in its stock price, with a current trading price of 62.38 yuan per share and a total market capitalization of 15.063 billion yuan [1] - The company specializes in the research, manufacturing, and sales of inorganic fillers and granular carrier products, with its main business revenue composition being 57.16% from spherical inorganic powders, 26.39% from angular inorganic powders, and 16.32% from other products [1] Group 2 - From the perspective of fund holdings, the Agricultural Bank of China Fund has a significant position in Lianrui New Materials, with the Agricultural Specialized and Innovative Mixed A Fund holding 56,700 shares, accounting for 2.75% of the fund's net value [2] - The Agricultural Specialized and Innovative Mixed A Fund has achieved a year-to-date return of 56.3% and a one-year return of 51.93%, ranking 910th out of 8085 in its category [2] Group 3 - The fund manager of the Agricultural Specialized and Innovative Mixed A Fund is Wei Gang, who has a tenure of 7 years and 283 days, with the fund's total asset size being 540 million yuan [3] - During Wei Gang's tenure, the best fund return was 146.51%, while the worst return was -37.82% [3]

Core Viewpoint - Lianrui New Materials Co., Ltd. has shown a significant stock price increase of 5.38%, reaching 57.75 CNY per share, with a total market capitalization of 13.945 billion CNY as of October 24 [1] Company Overview - Lianrui New Materials Co., Ltd. was established on April 28, 2002, and listed on November 15, 2019. The company is located in Lianyungang, Jiangsu Province, and specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products [1] - The revenue composition of the company includes spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1] Fund Holdings - Zhongyou Fund has a significant holding in Lianrui New Materials, with its fund "Zhongyou Specialized and New One-Year Holding Period Mixed A" (015505) reducing its position by 7,300 shares in the second quarter, maintaining a total of 117,000 shares, which represents 3.12% of the fund's net value [2] - The fund has achieved a year-to-date return of 33.29%, ranking 2185 out of 8154 in its category, and a one-year return of 28.96%, ranking 2358 out of 8025 [2] Fund Manager Information - The fund manager of Zhongyou Specialized and New One-Year Holding Period Mixed A is Cao Si, who has a tenure of 11 years and 154 days. The fund's total asset size is 471 million CNY, with the best return during his tenure being 107.3% and the worst being 0.1% [3]

Core Viewpoint - On October 17, Lianrui New Materials experienced a decline of 5.06%, trading at 53.88 CNY per share, with a transaction volume of 214 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 13.01 billion CNY [1] Company Overview - Jiangsu Lianrui New Materials Co., Ltd. is located in Lianyungang City, Jiangsu Province, established on April 28, 2002, and listed on November 15, 2019. The company specializes in the research, manufacturing, and sales of inorganic fillers and granular carrier products [1] - The revenue composition of the main business includes spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1] Shareholder Analysis - Noan Fund's Noan Pioneer Mixed A (320003) is among the top ten circulating shareholders of Lianrui New Materials, having entered the list in the second quarter with 1.4602 million shares, representing 0.6% of circulating shares. The estimated floating loss today is approximately 4.1908 million CNY [2] - Noan Pioneer Mixed A (320003) was established on December 19, 2005, with a latest scale of 3.84 billion CNY. Year-to-date returns are 35.18%, ranking 2130 out of 8160 in its category, while the one-year return is 45.87%, ranking 1490 out of 8021. Since inception, the return is 1143.04% [2] Fund Performance - The fund manager of Noan Pioneer Mixed A (320003) is Yang Gu, who has a cumulative tenure of 19 years and 243 days, managing assets totaling 5.133 billion CNY. The best fund return during his tenure is 1094.81%, while the worst is 8.34% [3] - Noan Research Preferred Mixed A (008185) holds Lianrui New Materials as a significant position, with 77,800 shares, accounting for 4.89% of the fund's net value. The estimated floating loss today is about 223,200 CNY [4] - Noan Research Preferred Mixed A (008185) was established on May 9, 2020, with a latest scale of 71.2857 million CNY. Year-to-date returns are 78.82%, ranking 137 out of 8160, while the one-year return is 65.03%, ranking 527 out of 8021. Since inception, the return is 32.72% [4] Fund Manager Profile - The fund manager of Noan Research Preferred Mixed A (008185) is Deng Xinyi, with a cumulative tenure of 3 years and 105 days, managing assets totaling 2.009 billion CNY. The best fund return during her tenure is 53.61%, while the worst is -16% [5]

Group 1 - The core point of the news is that Lianrui New Materials experienced a decline of 5.06% in stock price, reaching 53.88 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 13.01 billion CNY [1] - Lianrui New Materials, established on April 28, 2002, and listed on November 15, 2019, is located in Lianyungang City, Jiangsu Province. The company specializes in the research, manufacturing, and sales of inorganic fillers and granular carrier products [1] - The revenue composition of Lianrui New Materials includes spherical inorganic powder at 57.16%, angular inorganic powder at 26.39%, and other products at 16.32%, with a minor contribution of 0.12% from supplementary products [1] Group 2 - From the perspective of major fund holdings, Lianrui New Materials is a significant investment for Changsheng Fund, with its Changsheng Transformation Upgrade Mixed Fund (001197) holding 97,000 shares, accounting for 2.36% of the fund's net value, ranking as the tenth largest holding [2] - The Changsheng Transformation Upgrade Mixed Fund (001197) was established on April 21, 2015, with a current scale of 192 million CNY. Year-to-date returns are at 20.88%, ranking 4231 out of 8160 in its category, while the one-year return is 15.32%, ranking 5165 out of 8021. Since inception, the fund has experienced a loss of 17.2% [2]

Core Insights - Lianrui New Materials has seen a stock price increase of 5.19% on September 24, reaching 61.59 CNY per share, with a trading volume of 446 million CNY and a turnover rate of 3.09%, resulting in a total market capitalization of 14.872 billion CNY [1] - The company's stock has risen for five consecutive days, accumulating a total increase of 8.03% during this period [1] Company Overview - Jiangsu Lianrui New Materials Co., Ltd. is located in Lianyungang City, Jiangsu Province, and was established on April 28, 2002, with its listing date on November 15, 2019 [1] - The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main business revenue composition being: spherical inorganic powder 57.16%, angular inorganic powder 26.39%, and others 16.32% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under China Merchants Fund has a significant position in Lianrui New Materials [2] - The fund "China Merchants Specialized and New Stocks A" (014185) increased its holdings by 43,600 shares in the second quarter, bringing the total to 224,800 shares, which accounts for 3.02% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating profit from the recent stock price increase is approximately 683,300 CNY, with a total floating profit of 977,700 CNY during the five-day increase [2] Fund Performance - The fund manager of "China Merchants Specialized and New Stocks A" is Han Bing, who has been in the position for 10 years and 146 days [3] - The fund currently has a total asset size of 838 million CNY, with the best return during Han Bing's tenure being 101.59% and the worst being -27.6% [3]