1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Last week, the stock market continued to adjust, with a significant style shift. The previously leading precious metals, communication, and electronics sectors had deep pullbacks, while funds flowed to relatively undervalued sectors such as liquor, beauty care, and coal. The bond market was generally volatile, with yields rising initially due to liquidity pressure and then sentiment gradually improving. The convertible bond market had more than half of the individual bonds rising, with the CSI Convertible Bond Index up 0.05% for the week, the median price up 0.69%, the arithmetic average parity down 1.74%, and the overall market conversion premium rate up 0.92% compared to the previous week [1][7][8]. - From February 9 - 13, the convertible bond market continued to deeply adjust with compressed valuations on Monday but quickly recovered on Tuesday. There were unexpected redemptions of some convertible bonds during the week, and institutions showed a strong demand for convertible bonds. After short - term liquidity disturbances, the spring rally is expected to continue. It is recommended to focus on convertible bonds with appropriate performance and valuation levels, especially in the growth technology sector, and avoid high - redemption - risk targets [2][19][20]. 3. Summary According to Relevant Catalogs Market Trends (2026/2/2 - 2026/2/6) - **Stock Market**: The market continued to adjust with shrinking trading volume and a significant style shift. Different sectors showed different performances each day. Most Shenwan primary industries rose, with food and beverage (4.31%), beauty care (3.69%), and power equipment (2.20%) leading the gains, while non - ferrous metals (-8.51%), communication (-6.95%), and electronics (-5.23%) lagged [7][8]. - **Bond Market**: It was generally volatile. Yields rose initially due to weak PMI data, commodity and equity market fluctuations, and liquidity pressure. Later, sentiment improved supported by factors such as the central bank's larger - than - expected bond purchases in January and stable local bond issuance. The 10 - year Treasury bond rate closed at 1.81% on Friday, down 0.1bp from the previous week [8]. - **Convertible Bond Market**: More than half of the individual convertible bonds rose. The CSI Convertible Bond Index was up 0.05% for the week, the median price was up 0.69%, the arithmetic average parity was down 1.74%, and the overall market conversion premium rate was up 0.92% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in the [90,100), [100,110), and [110,120) parity ranges changed by +4.58%, -0.30%, and +1.86% respectively, and were at the 99%, 100%, and 99% percentile values since 2023. Most industries in the convertible bond market rose, with social services (11.45%), national defense and military industry (2.23%), and environmental protection (2.06%) leading, while computer (-3.91%), electronics (-3.30%), and non - bank finance (-3.14%) lagged. The total trading volume of the convertible bond market last week was 4058.40 billion yuan, with an average daily trading volume of 811.68 billion yuan, slightly lower than the previous week [8][12][17]. Valuation Overview As of February 6, 2026, for equity - biased convertible bonds, the average conversion premium rates in the 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and over 130 yuan parity ranges were 59.42%, 45.57%, 36.37%, 28.64%, 19.99%, and 20.43% respectively, at high percentile values since 2010 and 2021. For bond - biased convertible bonds with a parity below 70 yuan, the average YTM was -5.24%, at the 1%/2% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 52.09%, at the 97%/100% percentile values since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 10.43%, at the 97%/100% percentile values since 2010/2021 [21]. Primary Market Tracking - **Last Week (2026/2/2 - 2026/2/6)**: Haitian Convertible Bond announced its issuance, and Shangtai Convertible Bond was listed. Haitian Convertible Bond has a scale of 801 million yuan, and the funds will be used for water supply and sewage treatment projects and to supplement working capital. Shangtai Convertible Bond has a scale of 1.734 billion yuan, and the funds will be used for a lithium - battery anode material project [28][29]. - **Future Outlook**: As of February 6, there are no announcements of convertible bond issuance and listing in the coming week. Last week, 4 companies passed the listing committee review, 2 were accepted by the exchange, and 1 passed the shareholders' meeting. Currently, there are 99 convertible bonds to be issued, with a total scale of 154.85 billion yuan, including 7 that have been approved for registration with a total scale of 5.36 billion yuan and 4 that have passed the listing committee review with a total scale of 4.52 billion yuan [30].

Core Viewpoint - The article highlights the brand renewal of Hanlan, emphasizing its commitment to innovation and green development, aiming to enhance its brand influence and operational competitiveness in the environmental services industry [1][9][19]. Brand Renewal - Hanlan held a brand renewal event on July 15, 2025, in Foshan, introducing a new brand value system, including vision, proposition, spirit, and logo [1][2]. - The renewal is not just a visual update but a deep reflection on the company's 25-year development history, showcasing its growth through challenges and innovations [6][8]. Company Development - Since its entry into the A-share market in 2000, Hanlan has evolved from a local water supply company to a leading comprehensive environmental service provider, ranking among the top three in the country for waste incineration power generation [8]. - The company aims to leverage innovation as a driving force for development and to align economic benefits with social responsibilities [9]. Strategic Partnerships - Hanlan signed a strategic cooperation framework agreement with Guangdong Hengjian, focusing on high-quality development and collaboration in various sectors, including artificial intelligence and environmental services [18][19]. - The establishment of the "Artificial Intelligence Joint Research Institute" aims to position Hanlan as a leader in AI applications within the environmental sector, collaborating with top tech firms to enhance smart environmental governance [15][16]. Innovation and Technology - The new research institute will focus on developing AI models and applications tailored for ecological environment management, utilizing vast amounts of structured data from Hanlan's operations [16]. - The initiative aims to create a new intelligent system for the environmental industry, driving digital transformation and enhancing operational efficiency [16]. Commitment to Green Development - Hanlan's brand proposition, "Innovation makes green more accessible," reflects its dedication to sustainable practices and enhancing its brand impact [9][19]. - The company implemented a "green energy" initiative during the event, showcasing its commitment to low-carbon development by purchasing green electricity certificates equivalent to the event's energy consumption [19].

Core Viewpoint - Biyao Green Group has successfully secured a three-year contract worth approximately HKD 150 million for marine waste cleaning and disposal services in Hong Kong's eastern waters, marking a significant expansion of its service portfolio from land to marine operations [1] Group 1: Contract Details - The contract will commence on October 1, 2025, and covers comprehensive marine cleaning and waste collection services in various areas including Victoria Harbour, Central, Sheung Wan, Causeway Bay, Tsim Sha Tsui, Yau Ma Tei, Cheung Sha Wan, Shau Kei Wan, Kwun Tong, Sai Kung, and Tolo Harbour [1] - This contract is seen as a recognition of Biyao's 45 years of excellence in the industry, allowing the company to extend its land waste management standards and operational efficiency to marine environments [1] Group 2: Environmental Commitment - The company aims to protect Hong Kong's marine ecological environment and enhance the cleanliness and beauty of Victoria Harbour, which is a symbol of Hong Kong as an international metropolis [1] - Biyao will provide essential environmental support for various international events held in Victoria Harbour, thereby enhancing Hong Kong's international image [1] Group 3: Future Initiatives - The company will continue to promote green technology innovation and explore more efficient and environmentally friendly technological solutions to support Hong Kong's development towards a smart city [2] - Biyao is committed to creating a cleaner and more livable environment while generating long-term value for shareholders and the Hong Kong community [2]