证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券研究报告·固定收益·固收周报 固收周报 20251221 转债建议把握泛主线催化真空窗口 2025 年 12 月 21 日 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《绿色债券周度数据跟踪（20251215- 20251219）》 2025-12-20 《二级资本债周度数据跟踪 （20251215-20251219）》 2025-12-20 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 本周（1215－1219）海外方面受地缘等方面影响，虽然货币政策错位持 续存在，在中长期将根本性重塑各国—无论是私人部门还是公共部门— 购买力，但在公共部门支出扩大必要性被公众及市场持续理解的大背景 下，货币政策的主基调我们预计仍将倾向维持相对宽松，利多黄金。其 中日本的情况相对特殊，长期的超宽松政策正在"成功"让日本走出"通 缩陷阱"，日元伴随的持续贬值也大幅 ...

Group 1 - ST Huzhong (SZ 300477) announced the convening of its seventh board meeting on December 18, 2025, to discuss the appointment of an accounting firm and other documents [1] - For the first half of 2025, ST Huzhong's revenue composition is as follows: lithium battery materials accounted for 54.58%, power distribution equipment manufacturing 33.18%, power engineering design services 11.82%, and electrolytic nickel 0.43% [1] - As of the report date, ST Huzhong's market capitalization is 3.1 billion yuan [1]

长江商报记者注意到，思源电气是民营电力设备龙头，其出口业务已遍布100多个国家和地区。近年 来，公司海外业务高速增长并保持较高的毛利率，2025年上半年，公司来自海外市场的收入为28.62亿 元，同比增长88.95%，占比升至33.68%。 思源电气颇受北向资金及外资青睐，一度被外资买到"限购"。位居第一大股东的香港中央结算有限公司 已连续四季度加仓，摩根士丹利连续三季度加仓。 截至12月16日收盘，思源电气总市值达到1165亿元。年内，公司股价最高涨幅达到138.29%。 海外收入占比突破30% 12月15日晚间，思源电气宣布拟赴港上市，上市募集资金将用于研发、供应链建设、管理及数字化提 升、海外扩张及营运资金需求在内的一般企业用途等。 长江商报消息 ●长江商报记者 汪静 思源电气（002028.SZ）也加入了赴港上市的大军。 12月15日晚间，思源电气宣布拟申请首次公开发行境外上市外资股（H股），并计划在香港联合交易所 主板挂牌上市。 思源电气表示，此次发行旨在拓宽公司国际融资渠道，提升全球市场竞争力。具体发行规模及时间将根 据监管审批和市场情况确定。 股价大涨市值达1165亿 亮眼的业绩和股价表现是思源 ...

丨 2025年12月16日 星期二 丨 NO.1天赐材料：LiFSI年产能约3万吨，预计添加比例将升至3%至4% NO.2洛阳钼业：子公司拟以10.15亿美元收购金矿项目 12月15日，洛阳钼业公告称，控股子公司CMOCLimited拟以10.15亿美元通过收购加拿大上市公司EQX 持有的LatAm和LGC100%股权，获得Aurizona金矿、RDM金矿、Bahia综合矿区100%权益。 12月15日，天赐材料在互动平台表示，目前公司LiFSI年产能约为3万吨。随着快充电池的逐渐普及，预 计LiFSI在电解液中的添加比例会逐渐提升到3%至4%。 点评：此举顺应输配电设备行业出海趋势，有助于公司拓宽国际融资渠道、提升全球品牌影响力与市场 竞争力，加速海外业务布局。短期事件提振市场情绪，中长期若成功上市，将强化资本实力，支撑技术 创新与产业链升级，优化资本结构并增强抗风险能力。 点评：LiFSI因高导电性和热稳定性，是快充电池核心添加剂，其添加比例提升将显著扩大市场空间。 天赐作为电解液龙头，产能优势突出，有望优先受益于需求增长，强化行业话语权和盈利弹性。短期事 件提振板块情绪，中长期需关注快充渗透率、LiFS ...

Core Viewpoint - Jiangsu Nanrui Power Electric Co., Ltd. has been recognized as the only company in Nanjing to be included in the 2025 Jiangsu Province Zero Carbon Factory list, highlighting its commitment to advanced manufacturing and sustainability [1] Group 1: Zero Carbon Factory Concept - A zero carbon factory is defined as a manufacturing model that achieves self-neutralization of carbon dioxide emissions through energy substitution, efficiency improvements, and carbon capture technologies [1] - The goal is to reach "net zero emissions" rather than absolute "zero emissions" by implementing precise carbon accounting systems and utilizing renewable energy sources [1] Group 2: Company Profile - Jiangsu Nanrui Power Electric Co., Ltd. specializes in high, medium, and low voltage power distribution equipment and has supported key national projects such as the Beijing Winter Olympics and Xiong'an New Area [1] - The company focuses on green development, driven by technology upgrades, management optimization, and energy transformation, establishing a comprehensive zero carbon system covering information, energy, material, and financial flows [1] Group 3: Industry Implications - The successful inclusion of Jiangsu Nanrui in the zero carbon factory list serves as a strong proof of its high-standard zero carbon strategy being translated into comprehensive actions [1] - This achievement provides a replicable "Jiangning model" for other companies in Nanjing and Jiangsu, promoting industry-wide adoption of sustainable practices [1]

Core Viewpoint - The company, Zhongneng Electric (300062.SZ), clarifies that it does not engage in transformer manufacturing, focusing instead on the photovoltaic sector, including the operation of solar power plants and EPC services [1] Group 1: Business Operations - The company operates in the photovoltaic field, providing services such as feasibility studies, design, material procurement, equipment installation, engineering construction, grid connection, and operation and maintenance [1] - The subsidiary, Zhongneng Xiangrui, serves as the operational entity for the company's photovoltaic EPC business, showcasing a comprehensive service offering throughout the project lifecycle [1] Group 2: Industry Expertise - With over 20 years of experience in the power distribution and transmission equipment industry, the company has established a solid customer base in sectors such as power grids, power generation enterprises, rail transit, and mining [1] - Zhongneng Xiangrui possesses complete qualifications for implementing photovoltaic EPC projects, demonstrating advantages in design, procurement, engineering construction, and project management [1]

Core Viewpoint - SiYuan Electric experienced a 5.09% increase in stock price, reaching 151.23 CNY per share, with a trading volume of 1.817 billion CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 118.124 billion CNY [1] Company Overview - SiYuan Electric Co., Ltd. is located at 3399 Huaning Road, Minhang District, Shanghai, established on December 2, 1993, and listed on August 5, 2004. The company specializes in the research, development, production, sales, and service of power transmission and transformation equipment [1] - The main business revenue composition is as follows: 99.47% from the power distribution and transmission equipment industry and 0.53% from automotive electronics and electrical appliances [1] Fund Holdings - According to data from the top ten holdings of funds, Jiahe Fund has one fund heavily invested in SiYuan Electric. Jiahe Jinpeng Tianli Mixed A (008905) reduced its holdings by 50,000 shares in the third quarter, holding a total of 100,000 shares, which accounts for 2.76% of the fund's net value, ranking as the fifth-largest holding [2] - The estimated floating profit from this investment is approximately 732,000 CNY [2] - Jiahe Jinpeng Tianli Mixed A was established on April 29, 2020, with a current scale of 173 million CNY. Year-to-date returns are 17.16%, ranking 4829 out of 8145 in its category; the one-year return is 13.58%, ranking 4675 out of 8059; and since inception, the return is 31.29% [2] Fund Manager Performance - The fund manager, Yu Qiming, has a cumulative tenure of 13 years and 134 days, with the current total fund assets amounting to 18.132 billion CNY. The best fund return during his tenure is 48.33%, while the worst is 0.79% [2] - The co-manager, Ji Huijuan, has a cumulative tenure of 10 years and 132 days, with current total fund assets of 19.043 billion CNY. The best fund return during her tenure is 38.43%, with the worst also at 0.79% [2]

Core Viewpoint - The appointment of Sun Chaoliang as the Vice President of China XD Electric Co., Ltd. is a strategic move to enhance the company's leadership and operational capabilities [1]. Group 1: Appointment Announcement - On November 8, China XD Electric announced the board's approval of Sun Chaoliang's appointment as Vice President, with a term aligned with the current board's tenure [1]. - The decision was made after a review by the independent directors and was submitted for board approval [4]. Group 2: Company Background - China XD Electric Co., Ltd. was established in April 2008 through a joint initiative involving several investment entities, including Shaanxi Investment Group and China Huarong Asset Management [6]. - The company operates 20 wholly-owned, controlled, and joint venture subsidiaries, along with over 10 secondary subsidiaries, making it a significant player in the high, ultra-high, and extra-high voltage power transmission and distribution equipment sector in China [6]. - It is recognized as the largest manufacturer of high voltage equipment in China, with the highest voltage levels and the most diverse product offerings in the industry [6].

Group 1 - The core viewpoint of the news is that Siyuan Electric has seen a significant increase in its stock price, rising by 5.21% to reach 147.30 CNY per share, with a trading volume of 1.63 billion CNY and a turnover rate of 1.85%, resulting in a total market capitalization of 115.05 billion CNY [1] - Siyuan Electric, established on December 2, 1993, and listed on August 5, 2004, is primarily engaged in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector and 0.53% from automotive electronics [1] Group 2 - From the perspective of major fund holdings, the Jin Ying Fund has a significant position in Siyuan Electric, with the Jin Ying New Energy Mixed A Fund holding 108,000 shares, accounting for 3.86% of the fund's net value, making it the fourth-largest holding [2] - The Jin Ying New Energy Mixed A Fund, established on March 23, 2021, has a current size of 165 million CNY and has achieved a year-to-date return of 34.56%, ranking 2267 out of 8149 in its category, with a one-year return of 25.07%, ranking 2832 out of 8053 [2] - The fund manager, Li Heng, has been in charge for 3 years and 239 days, with the fund's total asset size at 471 million CNY, achieving a best return of 25.77% and a worst return of -3.75% during his tenure [2]

Economic Growth - Shanghai's GDP growth rate for the first three quarters is 5.5%, exceeding the national average and market expectations, with a growth rate of 5.1% in the first half of the year [1] - The economic structure adjustment and upgrading results are being realized, reflecting the proactive layout of key industries during the "14th Five-Year Plan" [1] Industrial Development - The industrial sector in Shanghai has shown significant improvement, with the total industrial output value increasing by 5.7% year-on-year in the first three quarters, driven by the three leading industries: artificial intelligence, integrated circuits, and biomedicine, which grew by 8.5% [2] - Strategic emerging industries now account for 44.1% of Shanghai's total industrial output value, indicating a shift towards new growth engines in the industrial sector [2] Cost Reduction Initiatives - Shanghai has implemented measures to reduce costs for industrial enterprises, resulting in a reduction of over 52 billion yuan in costs through the "17 measures for cost reduction and efficiency improvement" [3] - Industrial profits in Shanghai increased by 16.3% from January to August, with a profit margin of 6.3%, indicating improved efficiency [3] Financial Sector Performance - The financial sector has seen robust growth, with the Shanghai Stock Exchange's trading volume increasing by 38.4% in the first three quarters, and the securities business turnover growing by 95.2% [4][5] - The financial industry's added value reached 696.53 billion yuan, growing by 9.8%, while the information transmission, software, and IT services sector grew by 15.5% to 527.74 billion yuan [6] Export Growth - Shanghai's exports increased by 11.3% year-on-year in the first three quarters, with the export of the three leading industries reaching 193.67 billion yuan, growing by 10.3% [8][9] - High-end manufacturing exports also showed strong growth, with industrial robots and aerospace equipment exports increasing by 41.6% and 39%, respectively [9][10] Consumer Market Recovery - The retail sales of consumer goods in Shanghai grew by 4.3% year-on-year in the first three quarters, with significant increases in July to September [11] - The tourism sector has rebounded, with 25.49 million visitors during the recent holiday period, reflecting a 19.7% increase [11] Investment Trends - Fixed asset investment in Shanghai increased by 6% year-on-year in the first three quarters, surpassing the national average, contributing to the overall economic resilience [12]