回首乙巳，我们逢山开路，遇水架桥，用汗水铺就坦途，用匠心浇筑丰碑。一条条大道串联起城乡脉动，一座座飞虹勾勒出发展宏图，这是属于路桥人的 奋斗印记。 (山东泰山路桥工程集团有限公司) 展望丙午，马年当有千里志，不待扬鞭自奋蹄。新的一年，我们将继续秉承"筑路架桥、造福社会"的初心，以龙马精神深耕主业，以实干担当续写华章， 在高质量发展的道路上蹄疾步稳，再创辉煌！ 路桥集团祝大家：策马扬鞭，驰骋万里；筑梦路桥，共赴锦绣。恭贺新禧，马年大吉！ ...

Core Viewpoint - The "Belt and Road" initiative is driving Chinese private enterprises to explore international markets, with Ghana emerging as a key destination for investment and industrial development [1]. Group 1: Company Development - The establishment of Greenhouse International Development (Ghana) Group by Gao Jian and his partner Zheng Xiangming in 2011 marked the beginning of their investment journey in Ghana, focusing on creating a sustainable industrial platform for Chinese enterprises [2]. - The company initially targeted urgent infrastructure and livelihood needs in Ghana, engaging in road and bridge construction and later expanding into agriculture and aquaculture [2][3]. - The company has developed the Guangming International Industrial Park, which has become a significant platform for Chinese enterprises to expand into the West African market, featuring comprehensive infrastructure and logistics [4]. Group 2: Industrial Park Features - Guangming International Industrial Park is designed for integrated development, combining industrial, commercial, and entertainment functions, and aims to attract over 70 Chinese enterprises by 2025 [5]. - The park is strategically located near Tema Port, enhancing its accessibility and potential to serve the broader West African economic zone [4]. Group 3: Local Engagement and Employment - The company emphasizes local employment, with over 90% of its workforce being local employees, and aims to create direct employment for 60,000 people and indirect employment for 200,000 upon full completion of the industrial park [8]. - The company provides systematic training and equal promotion opportunities for local employees, fostering skill development in engineering, manufacturing, and logistics [8]. Group 4: Social Responsibility - The company actively engages in social responsibility initiatives, contributing over 10 million RMB to various local community projects, including education and disaster relief [9]. - Gao Jian's commitment to community development reflects the company's philosophy of shared growth, emphasizing the importance of mutual development between the enterprise and local society [9].

Report Summary - The report presents the top ten convertible bonds in February 2026, along with detailed information about the issuing companies, including their business scope, financial data, and key attractions [1][6]. Top Ten Convertible Bonds in February 2026 1. Zhongte Convertible Bond - Rating: AAA; 1 - end closing price: 128.153 yuan; conversion premium rate: 73.5%; PE - TTM of the underlying stock: 14.75 [1][8]. - Company: A global leader in special - steel manufacturing with an annual production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [13]. - Financials: In 2024, revenue was 109.203 billion yuan (-4.22% yoy), net profit attributable to shareholders was 5.126 billion yuan (-10.41% yoy). In the first three quarters of 2025, revenue was 81.206 billion yuan (-2.75% yoy), net profit attributable to shareholders was 4.33 billion yuan (+12.88% yoy) [13]. - Highlights: It is one of the world's most comprehensive special - steel enterprises, with high market shares in core products. It has strong cost - control and is seeking external expansion [14]. 2. Shanlu Convertible Bond - Rating: AAA; 1 - end closing price: 128.472 yuan; conversion premium rate: 54.45%; PE - TTM of the underlying stock: 4.32 [6][8]. - Company: Focused on road and bridge construction and maintenance, and expanding into other fields. It has a complete business system [31]. - Financials: In 2024, revenue was 71.348 billion yuan (-2.3% yoy), net profit attributable to shareholders was 2.322 billion yuan (+1.47% yoy). In the first three quarters of 2025, revenue was 41.354 billion yuan (-3.11% yoy), net profit attributable to shareholders was 1.41 billion yuan (-3.27% yoy) [31]. - Highlights: It has the "China Special Valuation" concept, and its balance sheet and potential orders may improve. It may benefit from infrastructure plans in Shandong and the Belt and Road Initiative [32]. 3. Hebang Convertible Bond - Rating: AA; 1 - end closing price: 153.399 yuan; conversion premium rate: 21.26%; PE - TTM of the underlying stock: -230.95 [6][8]. - Company: With a diversified business layout in chemicals, agriculture, and photovoltaics, it has expanded from a single - product business [44]. - Financials: In 2024, revenue was 8.547 billion yuan (-3.13% yoy), net profit attributable to shareholders was 31 million yuan (-97.55% yoy). In the first three quarters of 2025, revenue was 5.927 billion yuan (-13.02% yoy), net profit attributable to shareholders was 93 million yuan (-57.93% yoy) [44]. - Highlights: Its liquid methionine production has high profitability and is a major profit contributor [47]. 4. Huayuan Convertible Bond - Rating: AA -; 1 - end closing price: 145.282 yuan; conversion premium rate: 9.47%; PE - TTM of the underlying stock: 32.14 [6][8]. - Company: Focused on building a complete vitamin D3 industrial chain, with products in the vitamin and pharmaceutical sectors [58]. - Financials: In 2024, revenue was 1.243 billion yuan (+13.58% yoy), net profit attributable to shareholders was 309 million yuan (+60.76% yoy). In the first three quarters of 2025, revenue was 936 million yuan (-0.2% yoy), net profit attributable to shareholders was 234 million yuan (-3.07% yoy) [58]. - Highlights: It is a leader in certain products, and is expanding its product portfolio and has achievements in pharmaceutical R & D [59]. 5. Xingye Convertible Bond - Rating: AAA; 1 - end closing price: 123.691 yuan; conversion premium rate: 40.16%; PE - TTM of the underlying stock: 5.11 [6][8]. - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [72]. - Financials: In 2024, revenue was 212.226 billion yuan (+0.66% yoy), net profit attributable to shareholders was 77.205 billion yuan (+0.12% yoy). In the first three quarters of 2025, revenue was 161.234 billion yuan (-1.82% yoy), net profit attributable to shareholders was 63.083 billion yuan (+0.12% yoy) [72]. - Highlights: It has stable asset quality and scale growth, with a large customer base [73]. 6. Aima Convertible Bond - Rating: AA; 1 - end closing price: 126.979 yuan; conversion premium rate: 60.87%; PE - TTM of the underlying stock: 10.97 [6][8]. - Company: The leading enterprise in the electric two - wheeler industry, with self - developed and produced products [82]. - Financials: In 2024, revenue was 21.606 billion yuan (+2.71% yoy), net profit attributable to shareholders was 1.988 billion yuan (+5.68% yoy). In the first three quarters of 2025, revenue was 21.093 billion yuan (+20.78% yoy), net profit attributable to shareholders was 1.907 billion yuan (+22.78% yoy) [82]. - Highlights: It may benefit from government subsidies and the implementation of new national standards, and has potential for improving gross margin [83]. 7. Chongyin Convertible Bond - Rating: AAA; 1 - end closing price: 128.332 yuan; conversion premium rate: 16.22%; PE - TTM of the underlying stock: 6.55 [6][8]. - Company: An early - established local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [92]. - Financials: In 2024, revenue was 13.679 billion yuan (+3.54% yoy), net profit attributable to shareholders was 5.117 billion yuan (+3.8% yoy). In the first three quarters of 2025, revenue was 11.74 billion yuan (+10.4% yoy), net profit attributable to shareholders was 4.879 billion yuan (+10.19% yoy) [92]. - Highlights: It may benefit from the development of the Chengdu - Chongqing economic circle, has stable asset growth, and has a good risk - control strategy [93][96]. 8. Tianye Convertible Bond - Rating: AA+; 1 - end closing price: 141.695 yuan; conversion premium rate: 26.15%; PE - TTM of the underlying stock: 163.89 [6][8]. - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [105]. - Financials: In 2024, revenue was 11.156 billion yuan (-2.7% yoy), net profit attributable to shareholders was 68 million yuan (+108.83% yoy). In the first three quarters of 2025, revenue was 7.97 billion yuan (+2.2% yoy), net profit attributable to shareholders was 7 million yuan (-28.79% yoy) [105]. - Highlights: It benefits from cost - reduction in raw materials and plans to increase dividend frequency, and its group is promoting coal - mine projects [107]. 9. Aorui Convertible Bond - Rating: AA -; 1 - end closing price: 160.557 yuan; conversion premium rate: 39.57%; PE - TTM of the underlying stock: 27.45 [6][8]. - Company: Focused on the R & D, production, and sales of complex APIs and formulations, leading in certain technical fields [120]. - Financials: In 2024, revenue was 1.476 billion yuan (+16.89% yoy), net profit attributable to shareholders was 355 million yuan (+22.59% yoy). In the first three quarters of 2025, revenue was 1.237 billion yuan (+13.67% yoy), net profit attributable to shareholders was 354 million yuan (+24.58% yoy) [120]. - Highlights: It is optimizing its distribution network, expanding the market for its formulation products, and has high - quality customer resources [121]. 10. Yushui Convertible Bond - Rating: AAA; 1 - end closing price: 128.343 yuan; conversion premium rate: 35.36%; PE - TTM of the underlying stock: 26.26 [6][8]. - Company: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [134]. - Financials: In 2024, revenue was 6.999 billion yuan (-3.52% yoy), net profit attributable to shareholders was 785 million yuan (-27.88% yoy). In the first three quarters of 2025, revenue was 5.568 billion yuan (+7.21% yoy), net profit attributable to shareholders was 779 million yuan (+7.1% yoy) [134]. - Highlights: It has a high market share, is expanding its business scope, and has achieved cost - control through intelligent applications [135]. Related Reports - "Pricing of Naipu Convertible Bond 02: First - day conversion premium rate of 28% - 33%", released on January 27, 2026 [3]. - "Pricing of Shangtai Convertible Bond: First - day conversion premium rate of 40% - 45%", released on January 27, 2026 [3]. - "Pricing of Lianrui Convertible Bond: First - day conversion premium rate of 43% - 48%", released on January 15, 2026 [3]. - "Outlook for US Inflation in 2026: High at first, then low, overall controllable", released on January 12, 2026 [3].

Group 1 - Chengdu Road and Bridge experienced a stock price increase of 0.22% on January 30, with a trading volume of 124 million yuan [1] - The company had a financing buy-in amount of 8.05 million yuan and a financing repayment of 11.40 million yuan on the same day, resulting in a net financing outflow of 3.35 million yuan [1] - As of January 30, the total balance of margin trading for Chengdu Road and Bridge was 143 million yuan, with a financing balance of 142 million yuan, accounting for 4.05% of the circulating market value [1] Group 2 - As of September 30, the number of shareholders for Chengdu Road and Bridge was 63,100, a decrease of 5.47% from the previous period [2] - The company reported a revenue of 541 million yuan for the period from January to September 2025, representing a year-on-year growth of 0.88% [2] - The net profit attributable to the parent company was -28.36 million yuan, a decrease of 36.96% year-on-year [2]

Group 1 - Guangdong's GDP is projected to grow by 3.9% in 2025, maintaining its position as the top province in China for 37 consecutive years [1] - The total import and export volume in Guangdong is expected to reach 9.5 trillion yuan, an increase of 4.4%, contributing 24.1% to the national growth [1] - The production of drones in Guangdong is anticipated to grow by 39%, accounting for 90% of the national output [1] Group 2 - The average price for the 95 sheep being transferred by a state-owned real estate enterprise in Ningxia is approximately 525 yuan per sheep [4] - The project for transferring the sheep is part of a formal process for disposing of state assets, ensuring compliance with regulations [4] Group 3 - The Lingyin Scenic Area in Hangzhou will implement stricter measures against no-shows for its reservation system, with a 30-day suspension for those who miss their appointments [5] - Since the introduction of the free reservation system, approximately 38 million people have failed to show up, representing nearly 20% of the total reservations [5]

Core Insights - The investigation report on the "3·17" major collapse accident by the Shanxi Provincial Yangquan Emergency Management Bureau indicates that the direct cause of the accident was the illegal operation of a loader parked in the backfill area of the foundation wall, leading to increased lateral pressure on the backfill soil and subsequent collapse of the wall [1] Group 1 - The accident occurred on March 17, 2025, at 17:50, during the construction of the Tai-Jiu Expressway expansion project, resulting in the death of 5 workers and direct economic losses of approximately 8.23 million yuan [1] - The investigation recommends legal action against 2 responsible personnel, while suggesting no accountability for 1 individual, and disciplinary actions for 10 individuals, along with administrative penalties for 6 others [1]

Group 1 - The company held its second board meeting of the eighth session on January 22, 2026, with all nine directors participating in the voting [2][4] - The board approved the establishment of a new compensation management system for directors and senior management, replacing the previous systems [3][5] - The board also approved the establishment of a management system for the departure of directors and senior management [6][7] Group 2 - The company announced the first temporary shareholders' meeting of 2026, scheduled for February 10, 2026, with a record date of February 4, 2026 [8][12] - The meeting will allow for both on-site and online voting, with specific time slots for each [12][19] - Shareholders must register for the meeting by February 9, 2026, and can do so through various methods [18] Group 3 - The company reported a preliminary earnings forecast for 2025, indicating a net loss due to ongoing pressures in construction operations despite a slight increase in revenue [29][30] - The loss is attributed to high financial costs and delayed payments for completed projects, leading to expected credit loss provisions [30][31]

Group 1 - Jiangsu Zhenjiang Road and Bridge Engineering Co., Ltd. and Zhenjiang Huashe Engineering Consulting Co., Ltd. have been recognized as "National High-tech Enterprises," marking a significant achievement in their development history [1][2] - The recognition is a prestigious acknowledgment of the companies' capabilities in independent research and development, technology transformation, and innovation potential [1] - This honor indicates advancements in technology research and development, intellectual property accumulation, and talent development for the companies [1] Group 2 - The companies view this recognition as a new starting point for leading high-quality development through technological innovation [2] - The group plans to increase investment in technological innovation and deepen collaborative innovation between industry, academia, and research [2] - The focus will be on integrating technological innovation with industrial development to drive further high-quality growth [2]

Core Viewpoint - The S302 Pinghu to Anji Highway project, constructed by Zhenjiang Transportation Industry Group, has successfully passed acceptance inspection and achieved full line connectivity, marking a significant milestone in the regional transportation network [1][3]. Group 1: Project Overview - The project is a key component of the Jiaxing city's "One Ring and Eleven Rays" rapid road network system, starting from the north side of the new Provincial Road 07 in Zhenjiang and ending at the intersection of Provincial Road 07 and Sanhuan East Road [3]. - The first contract section (TJ01) of the project spans 8.65 kilometers with a contract price of 1,470.946968 million yuan, and the construction began in July 2022, taking 38.6 months to complete [3]. Group 2: Technological Innovations - The project team overcame several critical nodes using advanced technologies such as laser paving and intelligent tensioning, supported by a smart monitoring system to ensure high-quality construction [3][4]. - The project has been recognized for its innovative practices, including the development of practical results from the "Five Small Micro Innovations" initiative, leading to the publication of three papers and the acquisition of two patents [4]. Group 3: Impact on Regional Development - The completion of the Pinghu Ray will significantly improve regional traffic conditions, creating a "half-hour traffic circle" between Jiaxing and Pinghu, effectively alleviating traffic pressure and enhancing rapid connectivity between Pinghu and Nanhu [4]. - The project is positioned as an important support for the integrated development of Jiaxing's transportation system, with the company committed to contributing to the construction of a strong transportation nation [4].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Chengdu Road and Bridge Engineering Co., Ltd. as of December 29, with a focus on its financing and stock performance [1][2] - On December 29, Chengdu Road and Bridge's stock price remained unchanged at 0.00%, with a trading volume of 41 million yuan. The financing buy-in amount was 1.63 million yuan, while the financing repayment was 1.30 million yuan, resulting in a net financing buy of 335,800 yuan [1] - As of December 29, the total balance of margin trading for Chengdu Road and Bridge was 134 million yuan, with a financing balance of 133 million yuan, accounting for 4.22% of the circulating market value, indicating a low level compared to the past year [1] - The company had no short selling activity on December 29, with a short selling balance of 302,600 yuan, which is above the 90th percentile of the past year, indicating a high level of short selling [1] Group 2 - As of September 30, the number of shareholders for Chengdu Road and Bridge was 63,100, a decrease of 5.47% from the previous period, while the average circulating shares per person increased by 5.79% to 11,937 shares [2] - For the period from January to September 2025, Chengdu Road and Bridge reported an operating income of 541 million yuan, a year-on-year increase of 0.88%, but a net profit attributable to shareholders of the parent company was -28.36 million yuan, a decrease of 36.96% year-on-year [2] - The company has cumulatively distributed dividends of 249 million yuan since its A-share listing, with a total of 17.41 million yuan distributed over the past three years [3]