[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2026 年 1 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 1 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《股债恒定指数 ETF-被动型固收+利器》 --20251229 《鼎捷转债定价：首日转股溢价率 42%~47%》 --20251221 《天准转债定价：首日转股溢价率 38%~43%》 --20251217 《神宇转债定价：首日转股溢价率 52%~57%》 --20251216 《澳弘转债定价：首日转股溢价率 45%~50%》 --20251215 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin @nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table_Date] 发布时间：2026-1-5 [Table_Invest] [Table_Author] ① 中特转债（AAA，12 月末收盘价 121.25 元，转股溢价率 64.65%， 正股 PE-TTM1 ...

Major Announcements - Daye Co., Ltd. states that its robotic tendon products are not yet in mass production and have not generated substantial revenue [9] - Shandong Road and Bridge's subsidiary won a construction project for the Yiyuan to Zoucheng expressway with a total bid price of approximately 94.02 billion yuan [14][15] - ST Chang Pharmaceutical's stock will be subject to a delisting risk warning starting December 29, 2025, due to negative net assets and false reporting in annual reports from 2021 to 2023 [8] Company Specific Updates - Yongding Co., Ltd. clarifies that it does not directly manufacture controllable nuclear fusion devices but provides materials for the winding of magnetic coils; its revenue from related activities is less than 1% of total revenue and is currently unprofitable [1] - Reascend Technology reports that it has no current orders for high-silicon oxide fiber products, and future order acquisition is highly uncertain; revenue from aerospace-related products is only about 0.5% of total revenue [2] - China Duty Free Group's subsidiary won a bid for the Beijing Capital International Airport duty-free project with a guaranteed operating fee of 480 million yuan for the first year [3] - XWANDA's subsidiary is involved in a lawsuit with a claim amount of approximately 2.314 billion yuan related to quality issues in battery cells delivered between June 2021 and December 2023 [4] - Zhejiang Rongtai plans to establish a joint venture in Thailand with Weichuang Electric to develop mechatronic systems for smart robots [5] - Defu Technology extends the deadline for acquiring shares in a Luxembourg copper foil company to January 9, 2026 [6][7] - Xinke Mobile states that its revenue from satellite internet is minimal and does not significantly impact overall performance [10] - Daya Intelligent received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations [11] Investment and Financial Updates - Guangdong Construction's subsidiary signed a framework agreement for a green methanol project with an estimated total investment of about 6 billion yuan [13] - XCMG Machinery's controlling shareholder plans to increase its stake by no less than 80 million yuan [18] - ST Guohua's major shareholder increased its stake to 26% without triggering mandatory tender offer obligations [19] - ST Zhanggu's stock will resume trading on December 29, 2025, following a capital increase from a restructuring plan [20] - Tianchuang Fashion's controlling shareholder will change to Anhui Xianrui, with stock resuming trading on December 29, 2025 [21]

Key Points - The core message of the news highlights significant corporate announcements, including investments, project contracts, share buybacks, and equity transfers across various companies in the industry. Group 1: Corporate Announcements - Zhuoran Co., Ltd. and its actual controller received a notice of case filing [1] - Huati Technology clarified that it is not involved in commercial aerospace-related businesses [1] Group 2: Project Investments - Qingdao Port plans to invest CNY 90.97 billion in the construction of the first phase of the Dongjiakou Container Terminal project [1] - Qingdao Port also intends to invest CNY 66.15 billion in the construction of the Dongjiakou General Terminal project [1] - Jinggong Technology's subsidiary plans to invest in the construction of an intelligent manufacturing base for advanced composite materials [1] Group 3: Contract Awards - Shandong Road and Bridge's subsidiary is expected to win a construction project for the Weifang to Yiyuan Expressway with a bid price of CNY 3.4 billion [1] - Tianjin Port won a procurement project for gantry cranes worth CNY 89.7655 million [1] - Tianjin Port also secured a procurement project for door machines valued at CNY 185 million [1] - Dayu Water-saving is part of a consortium that is expected to win a drainage remediation project in Hainan Province [1] Group 4: Equity Transfers - Sanyuan Co., Ltd. plans to transfer 10% of Sanyuan Dehong's equity to Nanjiao Farm for CNY 26.8515 million [1] - Huayuan Holdings' subsidiary intends to acquire 51% of Warm Core Technology [1] - Qiyiyi plans to acquire 52.4596% of Fangzhou Technology and provide additional capital [1] Group 5: Share Buybacks - Baiao Chemical has repurchased a total of 11.3876 million shares of the company [2] Group 6: Shareholding Changes - Sanwei Communication's chairman and general manager Li Yuelun plans to reduce his holdings by up to 1.4906% [3] - Aikedi's Hong Kong Lingtuo intends to reduce its holdings by up to 2.9882% [3] Group 7: Other Financial Activities - Chongqing Steel plans to raise no more than CNY 1 billion through a private placement to Huabao Investment [3] - Bolivi plans to raise no more than CNY 650 million through a private placement [3] - Jinggu Co., Ltd. received a notification for the Avatar low-carbon wheel project [3]

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 格隆汇12月19日丨山东路桥(000498.SZ)公布，第十届董事会第二十二次会议、2025年第三次临时股东 会审议通过了《关于参与潍坊至沂源高速施工一标段投标的议案》《关于参与潍邹高速昌乐联络线工程 投标的议案》，具体内容详见公司于2025年11月28日披露的《关于参与潍坊至沂源高速施工一标段投标 的关联交易公告》及《关于参与潍邹高速昌乐联络线工程投标的关联交易公告》。近日，招标人山东高 速基础设施建设有限公司（简称"山高基建公司"）公示了评标结果。 公司子公司获得潍坊至沂源高速施工一标段施工项目预期中标价为3,399,825,633.00元，占公司2024年度 经审计营业收入的4.77%；获得潍邹高速昌乐联络线施工一标段施工项目预期中标价为1,436,376,749.00 元，占公司2024年度经审计营业收入的2.01%。若项目顺利实施，将对公司经营业绩产生积极影响。 ...

一、停牌 1、中微公司：正在筹划通过发行股份的方式购买杭州众硅电子科技控股权并募集配套资金，股票停 牌；后者是一家专注于集成电路高端化学机械平坦化（CMP）设备研发与生产的高科技企业。 2、南都电源：控股股东终止筹划控制权变更事项，股票复牌。 二、举牌、回购 4、天风证券：与控股股东宏泰集团签订《次级债务借入合同补充协议》，将原40亿元次级债务期限展 期一年。 5、旗滨集团：控股子公司拟6亿元设立深圳新能源公司。 6、江苏国信：控股子公司拟增资扩股18亿元推进其三期2×100万千瓦扩建项目。 7、复星医药：控股子公司复星医药产业与合作方ClavisBio签订《合作及选择权协议》，可获得至多 3.63亿美元付款。 8、百奥泰：维拉西塔单抗注射液（BAT5906）上市许可申请获得受理。 1、四川路桥：获中邮保险举牌，持股比例达5%。 2、西藏药业：拟以1.7亿元-2亿元回购股份，回购股份价格不超过55元/股。 三、对外投资、日常经营 1、维信诺：拟签署《投资合作协议二》推进合肥第8.6代AMOLED生产线项目，二期资本金94.43亿 元。 2、江南新材：拟在鹰潭高新技术产业开发区投资建设高端铜基核心材料研发及产业 ...

Core Insights - Shandong Road and Bridge successfully completed a capital increase project of 4 billion yuan through its wholly-owned subsidiary, Road and Bridge Group, which demonstrates the company's ability to leverage quality assets for equity financing and injects strong momentum for high-quality development [1] Group 1: Company Overview - Road and Bridge Group, a major subsidiary of Shandong Road and Bridge, possesses dual first-class qualifications in highway and municipal industries, and is recognized as a AAA-rated credit enterprise in China [1] - The company has extensive construction experience in various fields, including comprehensive road and bridge projects, municipal engineering, industrial parks, and high-speed rail [1] Group 2: Financial and Market Impact - The capital increase successfully attracted five leading domestic financial institutions, including ICBC Financial Asset Investment Co., China Galaxy Asset Management Co., and others, reflecting the capital market's recognition of Shandong Road and Bridge's industry position, asset quality, and development potential [1] - This capital increase will further optimize the capital structure of Shandong Road and Bridge, enhance profitability and risk resistance, and expand its influence in domestic and international infrastructure markets [1] Group 3: Strategic Vision - Shandong Road and Bridge aims to leverage this project to seize opportunities, serve national strategies and regional economic development, and strengthen its core business, aspiring to become a respected, internationally leading engineering construction service provider [2]

Group 1: Company Overview - Xinjiang Beixin Road and Bridge Group Co., Ltd. is located in Urumqi, Xinjiang, and was established on August 7, 2001, with its listing date on November 11, 2009 [2] - The company's main business involves construction of public transportation infrastructure, including highway engineering, bridge engineering, tunnel engineering, and municipal traffic engineering [2] - The revenue composition includes: engineering income 90.25%, highway toll income 5.80%, other income 1.13%, labor subcontracting income 1.10%, leasing income 0.56%, real estate sales 0.50%, merchandise sales income 0.32%, testing income 0.17%, and property management fee income 0.17% [2] Group 2: Financial Performance - For the period from January to June 2025, the company achieved operating revenue of 4.956 billion yuan, representing a year-on-year growth of 20.66% [2] - The net profit attributable to the parent company was -80.9127 million yuan, a decrease of 8.6868 million yuan year-on-year [2] Group 3: Stock and Financing Information - On September 17, the company's stock price fell by 1.46%, with a trading volume of 161 million yuan [1] - The financing buy-in amount on that day was 20.9879 million yuan, while the financing repayment was 32.5617 million yuan, resulting in a net financing buy-in of -11.5738 million yuan [1] - As of September 17, the total margin trading balance was 227 million yuan, accounting for 3.79% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low level [1] Group 4: Shareholder Information - As of June 30, the number of shareholders was 60,600, a decrease of 6.81% compared to the previous period, with an average of 17,999 circulating shares per person, an increase of 7.30% [2] Group 5: Dividend Information - Since its A-share listing, the company has cumulatively distributed cash dividends of 74.3196 million yuan, with a total of 12.6829 million yuan distributed over the past three years [3]

Group 1: Business Performance - In the first half of 2025, the company secured a total order amount of approximately 94.34 billion CNY, with "urban expansion" projects accounting for about 48.54% of the business [2] - The company has diversified its project portfolio, covering 13 sub-sectors, with comprehensive road and bridge projects making up approximately 31.2% [2] - Emerging sectors, including new energy, ecological protection, and high-speed rail, collectively won contracts worth 50.91 billion CNY [3] Group 2: Cash Flow Management - The net cash flow from operating activities increased by 33.79% year-on-year in the first half of 2025, indicating an improvement in cash flow [3] - The company plans to enhance cash flow by establishing a collection task force and optimizing payment models to reduce fund mismatches [3] - The company has a rich financing channel with low interest rates, ensuring sufficient funding for operations and cash flow security [3] Group 3: Shareholder Returns - Since meeting dividend conditions, the total dividend amount has consistently increased, with plans to enhance dividend levels and frequency [4] - In 2024-2025, the company conducted two share buybacks, demonstrating a commitment to maintaining company value and shareholder rights [4] - The company aims to actively reward shareholders through improved performance and increased dividends [4] Group 4: Competitive Landscape - The company has initiated the process for the injection of Shandong Port Construction Co., Ltd., with related audit and evaluation work currently underway [3] - The timeline for resolving competition issues has exceeded the 36-month commitment made by Shandong High-Speed Group [3]

Core Viewpoint - Hubei Road and Bridge Group Co., Ltd. has been fined for multiple violations, including a fine of 200,000 yuan for breaching the Pollution Permit Management Regulations [1] Group 1: Administrative Penalties - On August 27, Hubei Road and Bridge was fined 200,000 yuan by the Ecological Environment Bureau of Xianning City for violating Article 2, Paragraph 1 of the Pollution Permit Management Regulations [1] - On June 30, the company was fined 10,000 yuan by the Yichang Transportation Bureau for failing to address quality issues during construction [3] - On June 3, the company was fined 22,000 yuan by the Jinshan District Construction and Management Committee in Shanghai for not timely adjusting safety protection facilities according to construction progress [3][4] Group 2: Company Background - Hubei Road and Bridge was established on July 23, 1993, and is a wholly-owned subsidiary of Hubei Lian Investment Group Co., Ltd. since 2010 [6][7] - The company has a registered capital of 2 billion yuan and possesses over 2,000 large construction machinery and equipment, with an investment scale of 30 billion yuan and an annual construction capacity of 20 billion yuan [3][6]

Core Viewpoint - Xinjiang Beixin Road and Bridge Group Co., Ltd. maintains a long-term credit rating of AA with a stable outlook, reflecting its strong regional competitive advantage and solid project reserves despite facing challenges such as increased debt pressure and project profitability uncertainties [1][3][4]. Company Overview - The company is a state-controlled A-share listed road and bridge construction enterprise in Xinjiang, with comprehensive and high-level construction qualifications [3][4]. - As of the end of 2024, the company had total assets of 563.93 billion yuan and equity of 51.90 billion yuan, with a total revenue of 102.15 billion yuan and a net loss of 3.98 billion yuan [10][19]. Financial Performance - The company's total debt reached 378.02 billion yuan by the end of 2024, reflecting a 7.34% increase from the previous year, with a debt-to-asset ratio of 90.80% [6][10]. - The company reported a significant decline in profit, with a total profit of -3.98 billion yuan in 2024, primarily due to losses from the Guangyuan to Pingwu Expressway project [6][10][19]. Project and Contract Status - The company has a substantial project reserve, with an uncompleted contract amount of 362.71 billion yuan as of the end of 2024, primarily from government and state-owned enterprises [4][14]. - New contract amounts signed in 2024 were 201.95 billion yuan, with a notable decrease in contracts within Xinjiang but an increase in contracts outside the region [27] [14]. Debt and Financing - The company relies heavily on external financing, with its controlling shareholder providing guarantees amounting to 159.87 billion yuan, and has a total bank credit line of 580.90 billion yuan [19][20]. - The company faces risks related to the recovery of financing lease payments, with overdue amounts reaching 2.93 billion yuan by the end of 2024 [6][7]. Industry Context - The construction industry in Xinjiang is experiencing a downturn, with increased competition and a shift towards state-owned enterprises gaining market share [13]. - The company is positioned to benefit from government support and strategic initiatives like the Belt and Road Initiative, which may stabilize its operations [4][19].