2025 年 11 月 27 日 固定收益深度研究 在择时层面，我们重点介绍了两种方法论： 股债差择时：通过构建中证 500 指数收益率与十年期国债收益率之 差这一关键指标，量化界定转债资产的股性与债性区间，为仓位调 整提供客观阈值。该因子在尾部市场中表现出较强的趋势捕捉能力， 回测准确率达 68.64%，尤其适合作为"股性抓手"。 [Table_Title] 转债择时择券策略宝典 固定收益深度研究 最近一年走势 相关报告 《债券研究周报：债市情绪处于分歧之中*颜子琦》 ——2025-11-24 《债券研究周报：30 年国债切券的来龙去脉*颜子 琦，洪子彦》——2025-11-23 《固定收益点评：年末"日历效应"，这次有何不 同？*颜子琦，刘畅》——2025-11-22 《债券研究周报：债市卖方情绪回归谨慎*颜子琦》 ——2025-11-17 《债券研究周报：债市低波横盘的几条线索*颜子 1. 构建"先择时、后择券"的系统性可转债投资框架，应对市场波动， 优化风险收益比 本报告围绕可转债投资中"何时买"与"买什么"两大核心问题， 系统性构建了"先择时、后择券"的分析框架。可转债兼具债券的 防御属性与股票的弹 ...

资金流向方面，主力资金净流入1840.25万元，特大单买入5145.38万元，占比8.27%，卖出4569.84万 元，占比7.34%；大单买入1.45亿元，占比23.24%，卖出1.32亿元，占比21.20%。 分红方面，大金重工A股上市后累计派现3.25亿元。近三年，累计派现2.40亿元。 机构持仓方面，截止2025年9月30日，大金重工十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2208.23万股，相比上期增加267.02万股。南方中证1000ETF（512100）位居第八大流通股 东，持股349.83万股，为新进股东。东方红启元三年持有混合A（910007）位居第九大流通股东，持股 335.04万股，为新进股东。易方达品质动能三年持有混合A（014562）、易方达新经济混合 （001018）、易方达科翔混合（110013）退出十大流通股东之列。 11月27日，大金重工盘中上涨2.24%，截至13:05，报50.69元/股，成交6.22亿元，换手率1.98%，总市值 323.28亿元。 大金重工今年以来股价涨149.41%，近5个交易日涨8.59%，近20日涨2.42%，近60日涨46 ...

振江股份今年以来股价跌3.98%，近5个交易日跌2.56%，近20日跌4.44%，近60日跌22.05%。 今年以来振江股份已经5次登上龙虎榜，最近一次登上龙虎榜为9月30日，当日龙虎榜净买入-680.10万 元；买入总计8484.21万元 ，占总成交额比15.18%；卖出总计9164.31万元 ，占总成交额比16.40%。 资料显示，江苏振江新能源装备股份有限公司位于江苏省江阴市镇澄路2608号，成立日期2004年3月1 日，上市日期2017年11月6日，公司主营业务涉及风电设备、光伏设备零部件及紧固件的设计、加工与 销售，海上风电安装及运维服务。主营业务收入构成为：新能源产品分部86.86%，其他12.48%，紧固 件产品分部11.68%，船舶租赁分部0.46%。 振江股份所属申万行业为：电力设备-风电设备-风电零部件。所属概念板块包括：光热发电、光伏玻 璃、太阳能、一带一路、参股新三板等。 11月27日，振江股份盘中上涨2.01%，截至10:41，报22.80元/股，成交4460.14万元，换手率1.09%，总 市值42.02亿元。 资金流向方面，主力资金净流入75.20万元，特大单买入406.29万元 ...

Core Viewpoint - New Strong Union's stock has shown significant growth this year, with a year-to-date increase of 148.03%, despite a slight decline in recent trading days [1][2]. Group 1: Stock Performance - As of November 25, New Strong Union's stock price is 47.17 CNY per share, with a market capitalization of 19.532 billion CNY [1]. - The stock has experienced a net inflow of 14.3191 million CNY from main funds, with large orders accounting for 21.67% of purchases and 22.51% of sales [1]. - Over the past 60 days, the stock has increased by 27.35%, while it has decreased by 5.22% over the last 20 days [1]. Group 2: Company Overview - New Strong Union, established on August 3, 2005, and listed on July 13, 2020, specializes in the research, production, and sales of large slewing bearings and industrial forgings [1]. - The company's revenue composition includes wind power products (75.84%), locking plates (7.26%), and other categories such as forgings (6.05%) and shield machine products (1.49%) [1]. Group 3: Financial Performance - For the period from January to September 2025, New Strong Union reported a revenue of 3.618 billion CNY, representing a year-on-year growth of 84.10%, and a net profit attributable to shareholders of 664 million CNY, reflecting a staggering increase of 1939.50% [2]. - Since its A-share listing, the company has distributed a total of 199 million CNY in dividends, with 104 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, New Strong Union has 43,400 shareholders, an increase of 40.32% from the previous period, with an average of 6,937 shares held per shareholder, down by 19.90% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.8771 million shares, and new entrants like China Europe Economic Selection Mixed A [3].

11月19日，中船科技盘中上涨2.08%，截至10:42，报12.29元/股，成交7719.93万元，换手率0.59%，总 市值184.67亿元。 截至9月30日，中船科技股东户数12.58万，较上期减少2.28%；人均流通股8610股，较上期增加2.34%。 2025年1月-9月，中船科技实现营业收入64.01亿元，同比增长26.30%；归母净利润-14.34亿元，同比减 少1931.02%。 资金流向方面，主力资金净流出103.31万元，特大单买入112.60万元，占比1.46%，卖出0.00元，占比 0.00%；大单买入809.78万元，占比10.49%，卖出1025.69万元，占比13.29%。 中船科技今年以来股价跌12.34%，近5个交易日涨2.08%，近20日涨1.40%，近60日跌7.25%。 资料显示，中船科技股份有限公司位于上海市鲁班路600号江南造船大厦13楼，成立日期1997年5月28 日，上市日期1997年6月3日，公司主营业务涉及大型钢结构、成套机械和船舶配件。工程设计、勘察、 咨询、监理、工程总承包及土地整理服务等;风力发电设备的制造、风电场和光伏电站的开发与运营、 新能源工程建 ...

Core Viewpoint - Hezhong Electric's stock price has shown volatility, with a year-to-date increase of 54.44%, but recent trends indicate a decline over the past 60 days [1][2]. Financial Performance - For the period from January to September 2025, Hezhong Electric reported revenue of 2.778 billion yuan, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 334 million yuan, up 31.99% year-on-year [2][3]. Stock Market Activity - As of November 19, Hezhong Electric's stock price was 30.64 yuan per share, with a market capitalization of 14.025 billion yuan. The stock experienced a net outflow of 18.1537 million yuan in principal funds [1]. - The company has appeared on the trading leaderboard seven times this year, with the most recent instance on August 12, where it recorded a net buy of -274 million yuan [1]. Shareholder Information - As of October 31, 2025, Hezhong Electric had 72,000 shareholders, an increase of 2.09% from the previous period. The average number of circulating shares per shareholder decreased by 2.05% to 6,358 shares [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 10.5675 million shares, a decrease of 2.9177 million shares from the previous period [3].

Core Viewpoint - Jinlei Co., Ltd. has experienced a stock price increase of 33.27% year-to-date, but has seen a decline of 7.81% in the last five trading days, indicating volatility in its stock performance [2]. Company Overview - Jinlei Co., Ltd. is located in Jinan, Shandong Province, established on March 24, 2006, and listed on April 22, 2015. The company specializes in the research, production, and sales of wind turbine main shafts and various large castings and forgings [2]. - The main revenue composition includes: wind power shafts (forged and cast) 67.80%, other precision shafts 14.19%, assembly business 10.71%, and others 7.30% [2]. Financial Performance - For the period from January to September 2025, Jinlei Co., Ltd. achieved operating revenue of 2.119 billion yuan, representing a year-on-year growth of 61.35%. The net profit attributable to shareholders was 305 million yuan, reflecting a year-on-year increase of 104.59% [2]. - Since its A-share listing, Jinlei Co., Ltd. has distributed a total of 506 million yuan in dividends, with 210 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinlei Co., Ltd. was 27,900, a decrease of 7.27% from the previous period. The average circulating shares per person increased by 7.84% to 8,701 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 4.2502 million shares, an increase of 1.0937 million shares from the previous period. The Southern CSI 1000 ETF is a new entrant in the top ten, holding 2.0467 million shares [3].

分红方面，天顺风能A股上市后累计派现14.26亿元。近三年，累计派现1.71亿元。 机构持仓方面，截止2025年9月30日，天顺风能十大流通股东中，广发多因子混合（002943）位居第三 大流通股东，持股1819.93万股，为新进股东。香港中央结算有限公司位居第四大流通股东，持股 1625.13万股，相比上期减少127.91万股。汇丰晋信中小盘股票（540007）位居第五大流通股东，持股 1401.93万股，为新进股东。华夏复兴混合A（000031）位居第六大流通股东，持股1042.89万股，持股 数量较上期不变。南方宝元债券A（202101）位居第八大流通股东，持股901.30万股，持股数量较上期 不变。南方转型增长灵活配置混合A（001667）位居第十大流通股东，持股850.00万股，相比上期减少 150.00万股。兴全合丰三年持有混合（009556）、南方中证1000ETF（512100）退出十大流通股东之 列。 责任编辑：小浪快报 资料显示，天顺风能(苏州)股份有限公司位于上海市长宁区长宁路1193号来福士广场T3座1203，成立日 期2005年1月18日，上市日期2010年12月31日，公司主营业务 ...

禾望电气所属申万行业为：电力设备-风电设备-风电零部件。所属概念板块包括：半导体、中盘、基金 重仓、增持回购、融资融券等。 今年以来禾望电气已经7次登上龙虎榜，最近一次登上龙虎榜为8月12日，当日龙虎榜净买入-2.74亿 元；买入总计4.85亿元 ，占总成交额比13.04%；卖出总计7.58亿元 ，占总成交额比20.41%。 资料显示，深圳市禾望电气股份有限公司位于广东省深圳市南山区西丽官龙村第二工业区11栋，成立日 期2007年4月20日，上市日期2017年7月28日，公司主营业务涉及专注于电能变换领域,帮助客户实现高 效、可靠、高品质的发电、用电和电能传输。主营业务收入构成为：新能源电控业务83.88%，工程传 动业务11.45%，其他4.67%。 11月17日，禾望电气盘中下跌2.01%，截至09:48，报31.69元/股，成交1.89亿元，换手率1.29%，总市值 145.06亿元。 截至10月31日，禾望电气股东户数7.20万，较上期增加2.09%；人均流通股6358股，较上期减少2.05%。 2025年1月-9月，禾望电气实现营业收入27.78亿元，同比增长20.19%；归母净利润3.34亿元，同 ...

Core Insights - The stock price of Dajin Heavy Industry increased by 2.19% on November 14, reaching 47.05 CNY per share, with a total market capitalization of 30.006 billion CNY [1] - The company has seen a significant stock price increase of 131.50% year-to-date, with a recent decline of 0.84% over the last five trading days [1] - Dajin Heavy Industry's main business includes the production and sales of wind power tower frames and thermal power boiler steel structures, with wind power equipment accounting for 94.54% of its revenue [1] Financial Performance - For the period from January to September 2025, Dajin Heavy Industry reported a revenue of 4.595 billion CNY, representing a year-on-year growth of 99.25%, and a net profit attributable to shareholders of 888 million CNY, up 214.63% year-on-year [2] - The company has distributed a total of 325 million CNY in dividends since its A-share listing, with 240 million CNY distributed over the past three years [3] Shareholder Structure - As of October 31, 2025, the number of shareholders for Dajin Heavy Industry increased to 67,300, a rise of 15.29%, while the average number of tradable shares per shareholder decreased by 13.26% to 9,381 shares [2] - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 22.0823 million shares, an increase of 2.6702 million shares from the previous period [3] - New institutional shareholders include Southern CSI 1000 ETF and Dongfanghong Qiyuan Three-Year Holding Mixed A, which have entered the top ten circulating shareholders list [3]