Market Review - The equity market has shown strong performance, with the Shanghai Composite Index rising by 4.60% in January, while the CSI 1000 and Shenzhen Component Index performed even better. The convertible bond index increased by 8.45%, outperforming the broader market by 3.85 percentage points [8][12] - The average price of convertible bonds reached 169.06 yuan, a month-on-month increase of 10.97%. The average conversion premium rate for the market was 46.07%, indicating a low valuation range since January 2023 [12][14] - Public funds have increased their holdings in convertible bonds, with a total market value of 3340.4 billion yuan, up by 405.7 billion yuan from the previous month. However, the proportion of holdings by public funds decreased by 3.2 percentage points [21][22] Strategy Layout - The previous recommended convertible bond portfolio achieved an average return of 29.22%, significantly outperforming the CSI convertible bond index, which rose by 9.88%. The strategy focused on technology and cyclical sectors to navigate the ongoing equity market trends [33][34] - The report suggests maintaining a non-typical barbell strategy, emphasizing technology growth sectors supported by policy and innovation, while also including low-position cyclical varieties to mitigate potential market pullbacks [34][35] - The current recommended portfolio includes new additions such as Aladdin Convertible Bond and Hebang Convertible Bond, while removing two bonds that faced forced redemption [34][35] Primary Market Dynamics & Clause Monitoring - As of January 28, 2026, there were 18 convertible bonds that announced early redemption, with a strong redemption ratio of 60%. Additionally, 10 convertible bonds announced potential downward adjustments, while 16 did not, indicating a downward adjustment ratio of 38.5% [30][31] - The issuance of new convertible bonds is progressing, with several companies receiving approval from the CSRC for upcoming issuances, including significant amounts from Changgao Electric and Haitan Co., indicating a positive outlook for new bond listings [25][27]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Haitian Convertible Bonds on the first day of listing is expected to be between 147 - 152 yuan, and it is recommended to actively subscribe [3][19] - The expected first - day new bond lottery winning rate is around 0.0028% - 0.0034% [4][20] - Haitian Convertible Bonds have a general issuance scale, general liquidity, a fair rating, and good bond floor protection. It is not difficult for institutions to include them in their portfolios, and there is no objection to primary market participation [2][15] 3. Summary of Each Section Based on the Table of Contents 3.1 Haitian Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Haitian Convertible Bonds is priority placement and online issuance, with a bond and issuer rating of AA. The issuance scale is 801 million yuan, the initial conversion price is 12.52 yuan, the convertible bond parity on February 3 is 101.44 yuan, the pure bond value is 98.39 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal [2][15] 3.1.2 New Bond Initial Price Analysis - The main business of the company is divided into environmental protection and new energy materials sectors. After deducting issuance fees, the raised funds will be used for water - related projects and supplementing working capital to enhance operational efficiency and market competitiveness [18] - Based on market environment and parity level, the conversion premium rate of Haitian Convertible Bonds on the first day of listing is expected to be in the range of [45%, 50%], corresponding to a target price of 147 - 152 yuan [3][19] 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - As of June 2025, the top two major shareholders hold 60.62% of the shares in total. Assuming the old shareholders' placement ratio is 61% - 68%, the scale for the market is 259 million - 315 million yuan. Assuming 9.4 million valid online subscriptions, the lottery winning rate is around 0.0028% - 0.0034% [4][20] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Industry's Upstream and Downstream Situations - The environmental protection business focuses on water supply, sewage treatment, and solid waste treatment. The new energy materials business is mainly about the R & D, production, and sales of photovoltaic conductive silver paste [21][22] - The upstream of the water business includes water supply, equipment manufacturing, etc. The downstream includes end - users and government departments. The upstream of the new energy materials business includes raw material suppliers, and the downstream is photovoltaic cell manufacturers [22][23] 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend. Since the acquisition of the Heraeus silver paste division in 2025, new energy materials have become a new growth driver [28] - The company's comprehensive gross profit margin has remained stable. The gross profit margin of the main business has been stable with a slight increase in the past three years, and decreased slightly in the first half of 2025 due to the consolidation of the new energy business [32] - The company's period expenses have increased slightly in recent years, and R & D expenses have fluctuated slightly, with a large amount in the first half of 2025 due to the acquisition of the new energy materials business [36][37] - The proportion of accounts receivable in operating income has increased slightly, and the accounts receivable turnover rate has generally decreased. The net profit attributable to the parent company has fluctuated greatly, and the profitability has generally increased but decreased significantly in the first half of 2025 [41][43] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity is relatively concentrated. Haitian Investment is the controlling shareholder, and Sichuan Hebang is the second - largest shareholder. Mr. Fei Gongquan is the actual controller [44] 3.2.4 Company's Business Characteristics and Advantages - The company has a dual -主业 development pattern of environmental protection and new energy materials. It has regional operation advantages, comprehensive service capabilities, technical advantages, and industry status advantages [51][52][53] 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 801 million yuan. After deducting issuance fees, 204 million yuan will be used for the Jianyang project, 254 million yuan for the Ziyang project, 103 million yuan for the Jiajiang project, and 240 million yuan for supplementing working capital [13][54] - The Jianyang and Ziyang projects will introduce a smart water system, with expected economic and social benefits. The Jiajiang project will expand a sewage treatment plant, also with good economic and social benefits [55][56]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Event disturbance factors weakened. The market continued its decline from the previous week on Monday and Tuesday, with a cumulative decline of 4.35% from the previous Monday to Tuesday this week. Market sentiment reversed on Wednesday and Thursday, with strong rebounds of 2.33% and 0.99% respectively, pushing the index back to the levels of last Tuesday and Wednesday, but the previous decline was not fully recovered. It fell slightly again on Friday. After the "decline → recovery" this time, equity REITs rose slightly by 0.12% overall, while concession - type REITs still fell by 3.61%. The pace of project declaration/acceptance on the Shanghai and Shenzhen Stock Exchanges significantly accelerated this week, laying a project reserve foundation for the supply - side growth of infrastructure REITs in 2026 [3]. - As of December 26, 2025, 20 REITs have been successfully issued this year, with a total issuance scale of 40.3 billion yuan, a year - on - year decrease of 37.6%. Four newly - issued public REITs and two expanded - offering public REITs made new progress this week. There are currently 13 REITs in the approval process that have been declared, 1 has been questioned and responded, 1 has passed the review, and 1 has been registered and is awaiting listing. For expanded - offering REITs, 3 have been declared [3]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1014.80 points, up 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend by 1.01 percentage points. The CSI REITs Total Return Index has risen 4.85% since the beginning of the year, underperforming the CSI 300 by 13.51 percentage points and outperforming the CSI Dividend by 6.06 percentage points. In terms of project attributes, equity - type REITs rose 1.95% this week, and concession - type REITs rose 0.61%. In terms of asset types, the affordable housing, warehousing and logistics, park, and data center sectors performed well [3]. - In terms of liquidity, the average daily turnover rates of equity - type/concession - type REITs this week were 0.51%/0.60%, an increase of 12.26/18.43 BP compared with last week. The trading volume this week was 509 million/202 million shares, a week - on - week increase of 33.57%/43.95%. The environmental protection and water services sector was the most active [3]. - In terms of valuation, according to the ChinaBond valuation yield, the yields of equity - type/concession - type REITs were 4.08%/5.04% respectively. The transportation, warehousing and logistics, and park sectors ranked among the top three [3]. Summary According to the Directory 1. Primary Market: A Total of 4 Newly - Issued Public REITs Made New Progress - As of December 26, 2025, 79 REITs have been issued in total, with a total issuance scale of 203.5 billion yuan, a total market value of 219.9 billion yuan, and a circulating market value of 116.6 billion yuan. In terms of two major project attributes, 56 equity - type REITs and 23 concession - type REITs have been issued. In terms of eight major asset types, 8 affordable housing REITs, 11 warehousing and logistics REITs, 20 park REITs, 12 consumer REITs, 2 data center REITs, 13 transportation REITs, 10 energy REITs, and 3 environmental protection and water services REITs have been issued [14]. - Four newly - issued public REITs made new progress this week: 3 were newly declared/accepted (Huatai Three Gorges Clean Energy REIT, CICC Torch Industrial Park REIT, Bosera Shandong TieTou Road and Bridge REIT), and the fundraising of Huaxia CNNC Clean Energy REIT ended, with the offline and public effective subscription multiples reaching 340 and 392 times respectively. Two expanded - offering public REITs also made new progress: the expansion of AVIC Jingneng Photovoltaic REIT was completed, and the expanded shares of Guotai Junan Dongjiu New Economy REIT were listed [3]. - Currently, in the approval process, there are 13 REITs that have been declared, 1 has been questioned and responded, 1 has passed the review, and 1 has been registered and is awaiting listing. For expanded - offering REITs, 3 have been declared [3]. 2. Secondary Market: The Index Recovered This Week 2.1 Market Review: The CSI REITs Total Return Index Rose 1.56% - This week, the CSI REITs Total Return Index closed at 1014.80 points, up 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend by 1.01 percentage points. The CSI REITs Total Return Index has risen 4.85% since the beginning of the year, underperforming the CSI 300 by 13.51 percentage points and outperforming the CSI Dividend by 6.06 percentage points [3]. - In terms of project attributes, equity - type REITs rose 1.95% this week, and concession - type REITs rose 0.61%. In terms of asset types, the affordable housing (+3.14%), warehousing and logistics (+2.20%), park (+2.11%), and data center (+1.80%) sectors performed well. Among individual bonds, 63 rose and 15 fell this week. CICC Chongqing Liangjiang REIT (+7.86%), Huaxia Fund China Resources Youchao REIT (+5.99%), and Bosera Tianjin Binhai High - tech Industrial Park REIT (+5.94%) ranked among the top three, while ICBC Inner Mongolia Energy Clean Energy REIT (-5.04%), Guotai Haitong Jinan Energy Heating REIT (-4.39%), and Harvest PowerChina Clean Energy REIT (-3.87%) ranked among the bottom three [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Increased - The average daily turnover rates of equity - type/concession - type REITs this week were 0.51%/0.60%, an increase of 12.26/18.43 BP compared with last week. The trading volume this week was 509 million/202 million shares, a week - on - week increase of 33.57%/43.95%. The environmental protection and water services sector was the most active [3]. 2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - type/concession - type REITs were 4.08%/5.04% respectively. The transportation (6.20%), warehousing and logistics (5.61%), and park (4.82%) sectors ranked among the top three [3]. 3. This Week's Key News and Important Announcements Key News - On December 19, 2025, Shanghai Real Estate Group launched a tender for the public REIT fund manager and special plan manager of its commercial real estate REIT project [35]. - On December 22, 2025, the second selection for the 2025 rental housing public REIT fund manager and special plan manager service procurement project of Zhengzhou Chengfa Anju Technology Co., Ltd. was launched [35]. - On December 23, 2025, the National Development and Reform Commission and the National Energy Administration issued the "Several Opinions on Promoting the Large - scale Development of Concentrated Solar Power", proposing to support eligible concentrated solar power projects to issue REITs, asset - backed securities, etc. to revitalize existing assets and promote a virtuous cycle of investment and financing [35]. - On December 24, 2025, the tender result for the infrastructure REIT fund manager of Nanjiang Energy Group was announced, with GF Fund winning the bid. The annual fund management fee during the term is 0.2%, and the pre - issuance fee is 2.45 million yuan [35]. - On December 25, 2025, the Sichuan Securities Regulatory Bureau focused on the use of innovative financing tools, strengthened the interpretation of policies such as commercial real estate REITs, and encouraged enterprises to actively respond, conduct asset surveys, and prepare for the launch of commercial real estate REITs pilots. After the meeting, the Sichuan Bureau and the exchange visited enterprises interested in issuing commercial real estate REITs [35]. - On December 25, 2025, eight departments including the People's Bank of China jointly issued the "Opinions on Financial Support for Accelerating the Construction of the Western Land - Sea New Corridor", mentioning the need to make good use of diversified financing channels such as REITs to support the construction of the Western Land - Sea New Corridor [35]. - On December 26, 2025, Huang Jianshan, the deputy director of the Bond Regulatory Department of the China Securities Regulatory Commission, stated that the CSRC is steadily promoting the pilot of commercial real estate REITs [35]. Important Announcements - Multiple REITs announced dividends, including ICBC Hebei Expressway REIT, Hua'an Bailian Consumer REIT, CICC Puluosi REIT, and CITIC Construction Investment SPIC New Energy REIT [35][36]. - Some REITs announced their operation data for November 2025, including Huaxia Nanjing Traffic Expressway REIT, ICBC Hebei Expressway REIT, etc. [35][36]. - Some REITs announced the lifting of the ban on strategic placement shares, including China Merchants Science and Technology Innovation REIT, Huaxia Heda High - tech REIT, etc. [35][36]. - The expanded shares of Guotai Junan Dongjiu New Economy REIT were listed for trading, and the expansion of AVIC Jingneng Photovoltaic REIT was completed [36][37].

Core Viewpoint - The company intends to acquire 100% equity of Meishan Guorun Jinxiang Drainage Co., Ltd. through its wholly-owned subsidiary, Sichuan Development Guorun Water Investment Co., Ltd., by participating in a public auction [1] Group 1 - The auction is for the 100% equity of Meishan Guorun Jinxiang Drainage Co., Ltd. [1] - The starting price for the auction is set at 56.2 million yuan [1]

11月27日，中山公用涨5.39%，截至发稿，报12.71元/股，成交6.07亿元，换手率3.88%，总市值187.49 亿元。 资料显示，中山公用事业集团股份有限公司位于广东省中山市兴中道18号财兴大厦北座，成立日期1992 年12月26日，上市日期1997年1月23日，公司主营业务涉及环保水务、固废处理、环卫服务、工程建 设、市场运营、港口客运、金融服务与股权投资等领域。主营业务收入构成为：供水及污水处理 37.07%，工程安装34.53%，环卫及垃圾发电18.79%，其他(补充)9.32%，新能源板块0.28%。 从中山公用十大流通股东角度 截至发稿，焦巍累计任职时间13年347天，现任基金资产总规模114.81亿元，任职期间最佳基金回报 103.34%， 任职期间最差基金回报-43.67%。 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。 责任编辑：小浪快报 数据显示，银华基金旗下1只基金位居中山公用十大流通股东。银华富裕主题混合A（180012）三季度 减持50 ...

Group 1: Company IPOs - A total of 10 companies, including航中天启, 安闻科技, and映恩生物, have filed for IPO counseling in the past week [1][2] - 航中天启 aims to go public on the A-share market, with a projected revenue exceeding 1 billion yuan in 2024 [2][3] - 安闻科技, led by国投招商, is focused on automotive safety and comfort components, with a registered capital of 360 million yuan [5][6] - 映恩生物, a Hong Kong-listed company with a market value of 27.1 billion HKD, plans to return to the A-share market, despite significant losses projected for 2025 [2][8] Group 2: Company Profiles - 航中天启 specializes in high-speed power line carrier communication chips and has over 40 million modules shipped, with a revenue of over 1 billion yuan [4] - 安闻科技 has developed a one-stop solution for automotive thermal comfort systems and has a strong client base among domestic car manufacturers [6][7] - 映恩生物 focuses on antibody-drug conjugates (ADC) for cancer treatment, with several products in clinical stages and a significant revenue increase projected for 2025 [9][10] - 嘉晨电子, established in 2016, specializes in high-voltage safety systems for the new energy vehicle sector [11][12] - 东源环保 is a leading environmental water service provider in Inner Mongolia, focusing on integrated water environment solutions [13][14] - 精一股份, a high-tech enterprise in office seating design and manufacturing, is facing a situation of increasing revenue but declining profits [15][16] - 深圳中基, which provides automation equipment for lithium battery production, has seen a significant drop in revenue in the first half of 2025 [17][18] - 新远科技, a leader in epoxy resin diluents, is reapplying for IPO after previously withdrawing its application [19][20] - 锦莱化工, a supplier to major oil companies, specializes in high-tech chemical products and has a strong international presence [22][23] - 华诺星空, focusing on security and emergency response technologies, is changing its IPO counseling institution to平安证券 [24][25]

责任编辑：小浪快报 11月21日，深水海纳跌4.45%，成交额7349.47万元。两融数据显示，当日深水海纳获融资买入额742.05 万元，融资偿还637.04万元，融资净买入105.01万元。截至11月21日，深水海纳融资融券余额合计1.14 亿元。 融资方面，深水海纳当日融资买入742.05万元。当前融资余额1.14亿元，占流通市值的4.34%，融资余 额超过近一年50%分位水平，处于较高位。 截至9月30日，深水海纳股东户数2.36万，较上期减少0.88%；人均流通股6475股，较上期增加0.89%。 2025年1月-9月，深水海纳实现营业收入2.65亿元，同比减少15.00%；归母净利润-2411.96万元，同比减 少1165.87%。 分红方面，深水海纳A股上市后累计派现1347.33万元。近三年，累计派现0.00元。 融券方面，深水海纳11月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量100.00股，融券余额1483.00元，超过近一年50%分位水平，处于较高位。 资料显示，深水海纳水务集团股份有限公司位于广东省深圳市南山区西丽街道西丽社区打石一路 ...

Core Viewpoint - The article discusses the recent IPO counseling registrations of ten companies in China, highlighting their business models, financial performance, and market positioning. Group 1: Company Summaries - Hangzhong Tianqi (Chongqing) Microelectronics Co., Ltd. aims for an A-share IPO on the ChiNext board, focusing on high-speed power line carrier communication chips and smart terminal modules, with a revenue exceeding 1 billion yuan in 2024 and over 40 million units shipped [5][6]. - Anwen Technology Group Co., Ltd. is seeking an IPO led by Guotou Investment, specializing in automotive safety and comfort components, with a registered capital of 360 million yuan [10][11]. - Ying'en Biotechnology, with a market capitalization of 27.1 billion HKD, plans to return to the A-share market, focusing on antibody-drug conjugates (ADC) for cancer treatment, reporting significant revenue growth but also increasing losses [12][15][17]. - Wuhan Jiachen Electronics Technology Co., Ltd. is preparing for an IPO on the ChiNext board, specializing in high-pressure safety systems for the new energy vehicle sector [19][20]. - Inner Mongolia Dongyuan Environmental Protection Technology Co., Ltd. is a leading environmental water service provider in Inner Mongolia, submitting an IPO counseling report [23][24]. - Guangdong Jingyi Furniture Co., Ltd. is seeking to list on the Beijing Stock Exchange, facing a situation of revenue growth without profit increase [27]. - Shenzhen Zhongji Automation Co., Ltd. is preparing for an IPO, focusing on lithium battery automation equipment, but has reported a significant decline in revenue and an increase in net losses [30][31]. - Anhui Xinyuan Technology Co., Ltd. is making a comeback for an IPO after withdrawing its application a year and a half ago, specializing in epoxy resin products with a global market share exceeding 20% [35][36]. - Ningbo Jinlai Chemical Co., Ltd. is a supplier for major oil companies, seeking to go public with a focus on high-tech chemical products [38][41]. - Huanuo Star Space Technology Co., Ltd. is restarting its IPO process after changing its counseling institution, specializing in security and emergency response technologies [43][44].

Group 1: Companies Submitting IPO Counseling Reports - Seven companies submitted IPO counseling reports for listing on the domestic stock exchanges from November 4 to November 11 [2] - Anwen Technology Group Co., Ltd. focuses on automotive parts production, including safety systems and comfort solutions [3] - Hangzhong Tianqi (Chongqing) Microelectronics Co., Ltd. specializes in communication and digital energy chips, holding over 100 intellectual property rights [5] - Wuhan Jiachen Electronics Technology Co., Ltd. is engaged in high-voltage safety systems for the new energy vehicle industry [7] - Inner Mongolia Dongyuan Environmental Technology Co., Ltd. operates in environmental water services and municipal engineering [10] - Ningbo Jinlai Chemical Co., Ltd. produces chemical products with a global market presence [12] - Anhui Xinyuan Technology Co., Ltd. is a leading manufacturer of epoxy active diluents and resins [14] - Huanuo Star Technology Co., Ltd. operates in the field of entity space security, providing various safety and emergency solutions [16] Group 2: Shareholding Structures - Anwen Technology's major shareholder is Zhang Haitao, holding 45.33% [4] - Hangzhong Tianqi's controlling shareholder is Sun Xiangyang, with a 41.43% stake [6] - Wuhan Jiachen's controlling shareholder is Wuhan Qirui Star Technology Co., Ltd., holding 18.89% [8] - Inner Mongolia Dongyuan's major shareholder is Inner Mongolia Dongyuan Investment Group Co., Ltd., with a 59.47% stake [11] - Ningbo Jinlai's controlling shareholder is Zhu Xingrong, holding 69.84% [13] - Anhui Xinyuan's actual controller is Anhui Hengyuan Holding Group Co., Ltd., with a 65.77% stake [15] - Huanuo Star's controlling shareholder is Yi Xiaofei, holding 22.83% [17] Group 3: Companies Passing IPO Counseling Acceptance - Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd. passed the counseling acceptance, focusing on satellite navigation and aerospace control [20] - Luoyang Bearing Group Co., Ltd. is a manufacturer of various types of bearings, including those for rail transit [22] - Fujian Makeng Mining Co., Ltd. is a major iron ore producer in Fujian Province, with a proven reserve of 434 million tons [24]

Core Viewpoint - Zhongshan Public Utilities aims to become a leading provider of environmental and resource solutions in China, focusing on dual-core development in environment and resources, and driven by capital and technology [1] Group 1: Business Focus - The company is engaged in businesses related to environmental water services, solid waste treatment, and green energy [1] - Zhongshan Public Utilities emphasizes the importance of capital and technology as dual drivers for its development strategy [1] Group 2: Strategic Goals - The company is committed to providing comprehensive solutions in the environmental and resource sectors [1]