债券研究 /[Table_Date] 2026.01.06 2026 年 1 月转债策略展望 本报告导读： 2026 年 1 月的十大转债组合，在行业与价格分布上偏重进攻和弹性，并辅以部分相 对低价和低估值行业平衡组合风格。 投资要点： | | | | 共识凝聚，抢跑开局 | | [Table_Authors] | 顾一格(分析师) | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 021-38038201 | |  | 2026 | 年 | 月转债策略展望 | 1 | | | | | | | | | | guyige@gtht.com | | | | | | | 登记编号 | S0880522120006 | [Table_Report] 相关报告 | 年近岁除，以守为攻 2025.12.05 | | --- | | 冬藏待春，顺势而为 2025.11.03 | | 乘胜追击，超额增厚 2025.10.08 | | 催化延续，转债强韧 2025.10.07 | | 休整蓄势，把握良机 2025.09.01 | 证 券 研 究 报 告 请 ...

Group 1 - The core view of the report emphasizes that the market is in a phase of stabilization, with expectations for market stability strengthening, but this does not determine the height of the market, indicating a continuation of the oscillating pattern [2][38] - The report notes that the A-share index remains near the levels before the significant drop on November 21, suggesting that there is a buildup of profit-taking pressure at this point [2][38] - The report highlights that the recent market fluctuations have led to a significant net inflow into broad-based ETFs, particularly those tracking the CSI A500, which indicates a positive response to stabilization policies [17][19] Group 2 - The report identifies potential investment opportunities in sectors such as new energy, consumer goods, and dividend stocks, with new energy being a strong sector this year, although it has not fully recovered since the drop on November 21 [3][40] - The technology sector is noted to have a foundation for rebound, as structural risks have eased significantly, with indicators showing a decrease in concentration and high-priced stocks [44][46] - The report discusses the challenges faced by convertible bonds, particularly those nearing maturity, which are experiencing pressure due to time value decay and market aging, suggesting a need for cautious investment strategies [50][54][65]

Group 1 - The China Convertible Bond Index rose by 0.05% on December 18, reaching 483.39 points [1] - Notable gainers included Jia Mei Convertible Bond, Sai Li Convertible Bond, Hu Gong Convertible Bond, Jin Zhong Convertible Bond, and Hang Yu Convertible Bond, with increases of 20.00%, 12.92%, 11.18%, 9.14%, and 5.21% respectively [1] - Major decliners included Da Zhong Convertible Bond, Huan Xu Convertible Bond, Yun Ji Convertible Bond, Rui Da Convertible Bond, and Hua An Convertible Bond, with decreases of 4.80%, 4.10%, 3.64%, 3.64%, and 3.55% respectively [1]

Core Viewpoint - The China Convertible Bond Index rose by 0.28% on December 17, reaching 479.97 points, indicating a positive market sentiment in the convertible bond sector [1][2]. Summary by Categories Market Performance - The index's increase was driven by notable gains in several convertible bonds, with Jia Mei Convertible Bond leading the rise at 20.00%, followed by Da Zhong Convertible Bond at 7.23%, Huan Xu Convertible Bond at 7.06%, Li Qun Convertible Bond at 3.87%, and Tian Run Convertible Bond at 3.22% [1][2]. Declining Bonds - Conversely, several convertible bonds experienced declines, with Neng Hui Convertible Bond dropping by 7.68%, Hua An Convertible Bond by 4.00%, Zai 22 Convertible Bond by 3.02%, Hong Tu Convertible Bond by 1.76%, and Meng Sheng Convertible Bond by 1.58% [1][2].

Core Points - The company announced a cash dividend distribution of 0.04 CNY per share for the first half of 2025, approved at the shareholders' meeting on September 15, 2025 [2][4][16] - The total cash dividend to be distributed amounts to approximately 187.14 million CNY, based on a total share capital of 4,678,400,417 shares [4][16] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4] Distribution Details - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation's clearing system to shareholders who have completed designated transactions [5] - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository until they complete the necessary transactions [5] - The company will not implement differentiated dividend distribution policies [7] Taxation Information - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividend, while those holding for one year or less will have tax withheld upon sale of the shares [9] - For qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII), a 10% withholding tax will apply, resulting in a net dividend of 0.036 CNY per share [10][11] - Other investors will receive the full dividend of 0.04 CNY per share without tax withholding by the company [11] Convertible Bond Adjustment - Following the dividend distribution, the conversion price of the company's convertible bonds will be adjusted from 5.82 CNY to 5.78 CNY per share, effective November 6, 2025 [12][15][17] - The adjustment is based on the formula that accounts for the cash dividend distributed [16][17] - The convertible bond trading will be suspended from October 30, 2025, until the registration date of the dividend distribution [17]

Summary of Key Points Core Viewpoint - As of October 10, 2025, Huazhong Securities (600909) closed at 6.41 yuan, reflecting a 0.31% increase with a turnover rate of 1.15% and a trading volume of 539,800 shares, amounting to a transaction value of 347 million yuan [1]. Trading Information - On October 10, 2025, the net inflow of main funds was 3.98 million yuan, accounting for 1.15% of the total transaction value - Retail investors contributed a net inflow of 1.44 million yuan, representing 4.16% of the total transaction value - Speculative funds experienced a net outflow of 18.42 million yuan, which is 5.31% of the total transaction value [1][3]. Company Announcements - The convertible bond conversion results and share changes were announced, indicating that from September 18, 2020, to September 30, 2025, a total of 825,000 yuan worth of convertible bonds were converted into A-shares, resulting in 116,112 shares, which is 0.0032% of the total shares before conversion - As of September 30, 2025, the remaining unconverted convertible bond amount was 2.799 billion yuan, making up 99.9705% of the total issuance - From January 1, 2025, to September 30, 2025, 13,000 yuan worth of convertible bonds were converted into 2,215 shares, with the total number of unrestricted circulating shares increasing from 4,678,398,535 to 4,678,400,246 shares, resulting in an increase of 1,711 shares [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the scale of fixed - income plus funds continued to grow, and the inflow of funds was expected to continue due to the bond market under - allocation and the upward movement of equities. Convertible bond funds and fixed - income plus funds still had strong support [4][6]. - Brokers significantly increased their positions in convertible bonds, while public funds and insurance funds actively reduced their positions on the whole. The behavior of brokers was different from that of public funds and insurance funds, with brokers more likely to increase positions in a bull market and the latter reducing positions when the convertible bond valuation was high [10][12]. - Public funds continued to reduce their positions in bank convertible bonds and sought bottom - position substitutes. Other convertible bonds in the financial sector and those in the public utilities sector received certain increases in positions [19]. 3. Summary According to Relevant Catalogs 3.1. Growth of Fixed - Income Plus Fund Shares with Market Support - In Q2 2025, fixed - income plus funds had a net subscription of 56.41 billion shares. Among them, first - tier bond funds had a net subscription of 52.548 billion shares, second - tier bond funds had a net subscription of 7.774 billion shares, and partial - debt hybrid funds had a net redemption of 3.68 billion shares, with the net redemption volume further decreasing compared to Q1 2025. Convertible bond funds had a net redemption of 2.164 billion shares, slightly higher than that in Q1 2025 but with relatively low net redemption pressure compared to Q4 2024 [4][6]. - In Q2 2025, the positions of convertible bond funds and fixed - income plus funds in equity - related assets decreased slightly. The reasons might include the tariff event in early April, profit - taking in May and June, and the reduction in the scope of investable targets in the convertible bond market [8]. 3.2. Public Funds and Insurance Funds Reduce Positions Marginally, while Brokers Increase Positions in Convertible Bonds - Brokers significantly increased their positions in convertible bonds in February, March, May, and June 2025, while public funds and insurance funds actively reduced their positions when the convertible bond valuation was high. With the convertible bond market hitting a new high and the equity market at a relatively high level, there was a need to be cautious about possible valuation drops [10][12]. - From January to June 2025, the positions of funds, insurance, and social security in convertible bonds decreased, while those of brokers' self - operation and asset management increased. The positions of convertible bond ETFs had net outflows in April and May and recovered significantly after late June [12][13][15]. 3.3. Analysis of Public Fund Holdings - In terms of industry distribution, public funds continued to reduce their positions in bank convertible bonds in Q2 2025 due to the forced redemption of Nanyin Convertible Bond, Hangyin Convertible Bond, Qilu Convertible Bond, and the approaching maturity of Pufa Convertible Bond. Other convertible bonds in the financial sector and those in the public utilities sector received certain increases in positions [19]. - Public funds increased their positions in some high - elasticity varieties such as those in the electronics, computer, communication, pharmaceutical, and food and beverage sectors, which might benefit from the structural market of technology, medicine, and consumption sectors. The positions in convertible bonds of the basic chemical and building materials industries also increased [21]. - In addition to financial bottom - position convertible bonds such as bank convertible bonds, public funds increased their positions in high - prosperity and high - elasticity targets such as Outong Convertible Bond, Wentai Convertible Bond, Shenma Convertible Bond, and Hengbang Convertible Bond [26].

Core Viewpoint - Huazhong Securities announced a cash dividend distribution of 0.1 RMB per share, totaling approximately 467.84 million RMB, approved at the annual shareholders' meeting on May 6, 2025 [1][2]. Distribution Plan - The cash dividend will be distributed based on a total share capital of 4,678,398,535 shares, with a record date of June 27, 2025, and an ex-dividend date of June 30, 2025 [1][2]. - Shareholders who have completed designated transactions can receive their cash dividends on the payment date, while those who have not will have their dividends held by China Securities Depository and Clearing Corporation until they complete the necessary transactions [1]. Taxation Policies - Individual shareholders holding shares for over one year will not be subject to personal income tax on dividends, receiving the full 0.1 RMB per share [3]. - For shares held for one year or less, tax will be calculated upon sale, with a maximum effective tax rate of 20% for shares held for one month or less [3]. - Qualified Foreign Institutional Investors (QFII) will receive a net dividend of 0.09 RMB per share after a 10% withholding tax [4][5]. Adjustments to Convertible Bonds - Following the dividend distribution, the conversion price of Huazhong Securities' convertible bonds will be adjusted from 5.92 RMB to 5.82 RMB per share, effective on June 30, 2025 [5]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office of Huazhong Securities at 0551-65161539 [6].

Group 1 - The core point of the announcement is the adjustment of the conversion price for Huazhong Securities' convertible bonds due to the 2024 annual profit distribution plan [1][2] - The conversion price has been adjusted from RMB 5.92 per share to RMB 5.82 per share, effective from June 30, 2025 [2] - The company will distribute a cash dividend of RMB 0.1 per share, totaling RMB 467,839,853.5, based on the total share capital of 4,678,398,535 shares [1][2] Group 2 - The adjustment of the conversion price is based on the formula P1 = P0 - D, where P1 is the adjusted conversion price, P0 is the previous conversion price, and D is the cash dividend per share [1] - The convertible bonds will be suspended from conversion from June 20, 2025, until the record date of the profit distribution on June 27, 2025, and will resume conversion on June 30, 2025 [2]

Group 1 - The company will distribute a cash dividend of 1 yuan (including tax) for every 10 shares to shareholders registered on the equity distribution date [1][2] - The annual profit distribution plan for 2024 was approved at the company's annual general meeting on May 6, 2025 [2] - The convertible bonds ("华安转债") will suspend conversion from June 20, 2025, until the equity distribution registration date, resuming on the first trading day after the registration [1][2] Group 2 - The company will publicly disclose the implementation announcement of the equity distribution and the adjustment of the convertible bond conversion price on June 21, 2025 [2] - The contact information for inquiries is provided, including the office address and phone numbers [2][3]