转债周策略 20260228 3 月十大转债 glmszqdatemark 2026 年 02 月 28 日 3 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 江苏华辰/华辰转债：变压器海外销售有望迎来新突破 友发集团/友发转债：新一轮供给侧改革中，公司预计加快完善焊接钢管全国布局和海 外布局 宇邦新材/宇邦转债：切入工业热管理赛道打造第二增长曲线 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 颀中科技/颀中转债：境内少数掌握多类凸块制造技术并实现规模化量产的集成电路封 测厂商 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备龙头，具有成熟的海外销售渠道 岱美股份/岱美转债：切入智能机器人领域 2026 年增量资金入市的进程仍将持续，年初大概率会演绎"春季躁动"行情，主要关 注科技、高端制造方向的投资线索。 周度转债策略 本周各股票指数普涨，转债相对承压，中证转债指数涨跌幅为-0.23%。 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - In 2026, the process of incremental funds entering the market will continue, and the "Spring Rally" market is likely to occur at the beginning of the year, with the main focus on investment opportunities in the technology and high - end manufacturing sectors [3][54]. - As the proportion of institutional investors in the convertible bond market increases, the impact of stock market expectations on convertible bond valuation deepens. Given investors' optimism about the medium - to - long - term stock market, institutional investors' demand for equity assets remains strong, and the stable capital situation supports convertible bond valuation, with limited short - to - medium - term downside [3][54]. - When the valuation is stable, convertible bonds show the characteristics of "strong in rising and weak in falling" compared to underlying stocks, and still have high allocation value [3][54]. - Recommended convertible bond tracks and targets: (1) In the technology growth sector, pay attention to Ruike, Qizhong and other convertible bonds due to rising overseas computing power demand and the acceleration of AI industrialization; (2) In the high - end manufacturing field, focus on convertible bonds such as Yake, Daimei, Huachen, and Yubang; (3) Due to the optimization of the supply - demand pattern in some industries, pay attention to Youfa convertible bond [3][54]. 3. Summary According to the Directory 3.1 Strategy Analysis 3.1.1 February's Top Ten Convertible Bonds - Meinuohua/Meinuo Convertible Bond: A comprehensive international pharmaceutical technology manufacturing company. The JH389 project in its innovation pipeline is in continuous progress, with positive results in product development, patent application, and commercialization planning [2][10]. - Yatai Technology/Yaoke Convertible Bond: Focuses on R & D and production of aluminum materials and components for automobile thermal management and lightweight systems. It is an important global supplier in these fields and is actively expanding into emerging areas such as new - energy vehicles, aerospace, industrial thermal management, and robotics [2][11]. - Youfa Group/Youfa Convertible Bond: The largest domestic welded steel pipe R & D, production, and sales enterprise. With the improvement of downstream demand and the upcoming new round of supply - side reform, the company plans to improve its national and overseas layout [2][17]. - Jiangsu Huachen/Huachen Convertible Bond: Engaged in the R & D, production, and sales of power transmission and control equipment. With the growth of global energy investment, the company is optimizing its overseas market strategy and aiming for new breakthroughs in overseas markets [2][20]. - Hongya CNC/Hongya Convertible Bond: A leading domestic furniture equipment enterprise. Its subsidiaries are developing in the fields of furniture manufacturing automation solutions and high - precision gears, with good industrial synergy [24]. - Qizhong Technology/Qizhong Convertible Bond: Specializes in advanced packaging and testing of integrated circuits. It is a leading domestic company in bumping manufacturing technology. The global and Chinese display driver chip markets are growing, providing development opportunities [2][28]. - Seiko Steel Structure/Seiko Convertible Bond: A comprehensive steel structure enterprise with complete industrial chain services. It has traditional and innovative business models and has successfully undertaken many overseas landmark projects [2][33]. - Daimei Co., Ltd./Daimei Convertible Bond: A leading global automotive interior parts manufacturer. It has established a new subsidiary focusing on intelligent robotics, marking a step forward in its intelligent business layout [2][37]. - Yubang New Materials/Yubang Convertible Bond: A global supplier of tin - coated welding tapes for photovoltaic modules. It is entering the industrial thermal management track by investing in a technology company, and the data center thermal management market has broad prospects [2][44]. - Ruike Da/Ruike Convertible Bond: A national specialized and sophisticated "little giant" enterprise in connector products. It has a wide range of products in new - energy vehicles, data centers, and other fields, and the demand for its high - speed cable products in data centers is strong [2][48]. 3.1.2 Weekly Convertible Bond Strategy - This week, the stock indices showed a differentiated trend. The CSI Convertible Bond Index fell by 2.61%. The petrochemical, communication, and coal industries ranked high in terms of price changes. The median prices of convertible bonds in each parity range decreased, and the convertible bond valuation is still relatively high compared to historical levels [2][54]. 3.2 Market Tracking - The report provides multiple charts to track the market, including the price changes of broad - based indices and industry indices, the median prices of convertible bonds in different conversion value ranges, the changes in convertible bond valuation, and the back - testing results of various strategy indices. However, specific data analysis is not elaborated in the text [58][60][63].

Group 1: Company Overview - The company, established in 2001 and listed in 2011, has total assets of 8.023 billion RMB as of mid-2025 [2] - It is a key supplier in the automotive thermal management and lightweight system components sector, focusing on high-end aluminum alloy materials [2] - The company aims to leverage its technological advantages in various emerging fields, including new energy vehicles and aerospace [2] Group 2: Product Development and Capabilities - High-end aluminum alloys are crucial for aerospace applications, with the company having a mature development system for lightweight, high-strength aluminum materials [3] - The company participates in the development of specialized aluminum materials for space vehicles and has established a strong technical foundation [3] Group 3: Future Production Capacity - The company is advancing several projects, including an annual production capacity of 2 million sets of high-strength aluminum components for new energy vehicles and 12 million lightweight aluminum parts for automobiles [4] - Additional projects include a 14,000-ton high-efficiency aluminum tube project and a 100,000-ton green electricity high-end aluminum material project [4] Group 4: Project Progress - The green electricity high-end aluminum material project is progressing well, with factory construction and equipment installation underway [5] - The Northeast headquarters production base project for lightweight aluminum materials has received necessary permits and is progressing as planned, with a total investment of 600 million RMB [6] Group 5: Raw Material Price Management - The company maintains a production model based on customer orders and uses a pricing principle linked to aluminum ingot prices to mitigate price fluctuations [7] - Strategies include conducting aluminum futures hedging and optimizing procurement timing to align with customer order pricing [7] Group 6: Future Development Outlook - The company anticipates new opportunities from global sustainable development policies and industrial upgrades, particularly in the automotive sector [9] - The transition towards energy-efficient and low-consumption vehicles presents significant growth potential for the company in various industrial fields [9]

Core Viewpoint - The China Convertible Bond Index experienced a slight decline of 0.07%, closing at 482.61 points on December 15, indicating a mixed performance in the convertible bond market [1]. Group 1: Market Performance - The China Convertible Bond Index fell by 0.07% to 482.61 points [1]. - Notable gainers included Guanzhong Convertible Bond, which rose by 13.39%, Bojun Convertible Bond with a 4.48% increase, and Yake Convertible Bond, which increased by 4.22% [1]. - Conversely, Jiaze Convertible Bond decreased by 5.40%, Yingbo Convertible Bond fell by 3.86%, and Borui Convertible Bond dropped by 3.47% [1].

Group 1 - The core idea of the report is to construct a strategy for convertible bonds based on the premium rate, focusing on identifying bonds with a premium rate that is "easy to rise and hard to fall" [1][9] - The report suggests that convertible bonds with a premium rate below 2% are more likely to experience a rebound to above 10%, indicating potential investment opportunities [1][9] - Factors influencing the rise in premium rates include the probability of strong redemption announcements and the overall market sentiment towards equities, which can affect individual bond premium levels [1][10] Group 2 - The report highlights specific sectors and companies to focus on, including technology and high-end manufacturing, driven by increasing overseas computing power demand and domestic AI industrialization [2][17] - Recommendations for convertible bonds include those from companies like Ruike, Huanyu, and Xinfeng in the technology sector, and Tianneng, Yake, and Daimai in the high-end manufacturing sector [2][17] - The report notes that the overall market sentiment remains optimistic, which supports the valuation of convertible bonds and suggests a potential "spring rally" in early 2026 [17]

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting those that are subject to strong redemption and those that are not, along with their respective trading and conversion details [1][3][5]. Group 1: Strong Redemption Bonds - The following convertible bonds are subject to strong redemption: - Limin Convertible Bond (利民转债) with a strong redemption price of 100.222 and a last trading date of December 5, 2025 [1]. - Xinhua Convertible Bond (新化转债) with the same strong redemption conditions [1]. Group 2: Non-Strong Redemption Bonds - The following convertible bonds are not subject to strong redemption: - Yake Convertible Bond (亚科转债) [1]. - Aima Convertible Bond (爱玛转债) which will not undergo adjustment [1]. - Shenglan Convertible Bond (胜蓝转02) also will not undergo adjustment [1]. Group 3: Upcoming Subscription Opportunities - New stock subscriptions are available for: - Muxi Co., Ltd. (沐曦股份) and Angrui Microelectronics (昂瑞微) [1]. Group 4: Convertible Bond Pricing and Trading Details - Key pricing and trading details for selected convertible bonds include: - Hongfa Convertible Bond (宏发转债) priced at 122.939 with a conversion value of 122.93 and a remaining scale of 3.066 billion [3]. - Guocheng Convertible Bond (国城转债) priced at 176.268 with a conversion value of 176.23 and a remaining scale of 1.720 billion [3]. - Mingdian Convertible Bond (明电转02) priced at 137.779 with a conversion value of 137.50 and a remaining scale of 0.608 billion [3]. - Various other convertible bonds are listed with their respective prices, redemption values, last trading dates, and conversion values [3][5].

Core Points - Asia Pacific Technology announced that its stock price has met the conditions for the conditional redemption of "Yake Convertible Bonds" [2] - The company decided not to exercise the early redemption rights for "Yake Convertible Bonds" during the next six months [2] - The board meeting held on December 4, 2025, approved the proposal to not redeem the bonds early [2]

Core Viewpoint - The convertible bond market showed mixed performance with the Zhongzheng Convertible Bond Index rising by 0.1% to 482.09, and a total trading volume of 53.624 billion yuan [1] Convertible Bonds Performance - A total of 395 convertible bonds were traded today, with 215 rising, 0 unchanged, and 180 declining [1] - 21 convertible bonds saw gains exceeding 2%, with notable performers including: - Furong Convertible Bond (113672) up 7.71% - Fuxin Convertible Bond (111012) up 7.14% - Guanzhong Convertible Bond (123207) up 6.54% [2] - Conversely, 12 convertible bonds experienced declines over 2%, with: - Huicheng Convertible Bond (123118) down 9.78% - Yingbo Convertible Bond (123249) down 6.45% - Dazhong Convertible Bond (127070) down 4.73% [2] Corresponding Stocks Performance - Among the stocks corresponding to the traded convertible bonds, 241 rose, 12 remained unchanged, and 142 fell [1] - 12 stocks had gains exceeding 5%, including: - Asia Pacific Technology (002540) up 10.06% - Hebang Bio (603077) up 10.05% - Furong Technology (603327) up 10.01% [1] - 2 stocks saw declines over 5%, with: - Huitong Group (603176) down 9.94% - Corresponding Huicheng Convertible Bond (113665) down 3.46% [1]

Core Viewpoint - The company announced that its stock price has met the conditions for the conditional redemption of the "Yake Convertible Bonds" based on specific trading price thresholds [1] Summary by Relevant Sections - **Stock Performance**: From November 6 to November 19, 2025, the company's stock has closed at or above 130% of the current conversion price for 10 trading days [1] - **Redemption Conditions**: If the stock price remains at or above 130% of the conversion price for at least 15 out of any 30 consecutive trading days during the conversion period, it will trigger the conditional redemption clause of the "Yake Convertible Bonds" [1] - **Redemption Process**: Upon triggering the redemption clause, the company has the right to redeem all or part of the unconverted "Yake Convertible Bonds" at face value plus accrued interest, following the relevant regulations [1] - **Board Meeting Requirement**: The company will convene a board meeting on the day the conditions are met to decide whether to exercise the redemption right and will fulfill its information disclosure obligations [1]

Core Viewpoint - Jiangsu Apac Lightweight Alloy Technology Co., Ltd. has issued convertible bonds totaling RMB 1,159 million, with a focus on funding projects related to automotive and aerospace components [3][12]. Group 1: Bond Issuance Details - The total amount of the convertible bonds issued is RMB 115,900,000, with 11,590,000 bonds at a face value of RMB 100 each [3][5]. - The net amount raised after deducting underwriting and other issuance costs is RMB 1,150,674,168.81 [3]. - The bonds have a maturity period of six years, from March 9, 2023, to March 8, 2029 [4]. Group 2: Interest and Payment Terms - The coupon rates for the bonds are structured as follows: 0.30% for the first year, 0.50% for the second year, 1.00% for the third year, 1.50% for the fourth year, 1.80% for the fifth year, and 2.00% for the sixth year [5]. - Interest payments will be made annually, and the principal will be repaid at maturity [5]. Group 3: Conversion and Redemption Terms - The initial conversion price is set at RMB 6.46 per share, subject to adjustments based on corporate actions such as stock dividends and capital increases [6][14]. - The conversion period starts six months after the issuance and lasts until the maturity date [6]. - The company has the right to redeem the bonds at 112% of the face value plus the last interest payment if certain conditions are met [9]. Group 4: Use of Proceeds - The funds raised will be allocated to several projects, including the production of high-strength aluminum components for new energy vehicles and high-performance aluminum profiles for automotive applications, with total investments of RMB 148 million [12][23]. - Specific projects include a production capacity of 200,000 sets of automotive components and 1,200 million lightweight aluminum parts [12]. Group 5: Corporate Governance and Compliance - The issuance and management of the bonds comply with relevant regulations and have been approved by the company's board and shareholders [2][3]. - The company has established a clear framework for adjusting the conversion price in response to changes in share capital and other corporate actions [13][14].