衍生品研究 卓镁转债投资价值分析 汽车轻量化，镁合金替代铝合金明确且加速 2025 年 12 月 8 日 衍生品研究/转债分析报告 投资要点： 卓镁转债（123260.SZ）： A+，债券余额 4.50 亿元，新债，剩余期限 5.93 年。12 月 3 日收盘价 168.55 元，转股溢价率 81.76%。 正股：星源卓镁（301398.SZ）： 相关报告 2003 年成立，深耕汽车轻量化领域，致力于镁合金压铸件在车身结构件、内 饰件的应用，产品包括车灯散热架、座椅扶手骨架等。2025.1-3Q 营收 2.92 亿元，同比+1.48%；归母净利 0.45 亿元，同比-19.63%。实控人邱卓雄、陆 满芬，合计持股 70.13%。最新总市值 54.32 亿元，2025E PE 67.8x。 卓镁转债主要看点： 山证衍生品团队 汽车零部件领域，镁合金替代铝合金明确且加速。 2025 年 5 月赛力 斯完成一体化压铸镁合金车体的实车验证 ，较铝合金方案减重 21.8%。镁 合金替代铝合金成为汽车轻量化的重要构成，主要基于：1）镁锭价格持续 低于铝锭，2025 年 1–11 月均价分别 1.80 万元/吨与 2.06 ...

Core Viewpoint - The China Convertible Bond Index rose by 0.59% to 486.85 points on November 25, indicating a positive trend in the convertible bond market [1]. Group 1: Market Performance - The top gainers in the convertible bond market included: - Outoon Convertible Bond, up by 15.15% to 592.86 [2] - Zhuomei Convertible Bond, up by 10.52% to 173.854 [2] - Spring 23 Convertible Bond, up by 7.18% to 180.939 [2] - The top losers in the market were: - Huachen Convertible Bond, down by 7.84% to 160.878 [2] - Dongshi Convertible Bond, down by 3.12% to 249.85 [2] - Jianfan Convertible Bond, down by 1.66% to 118.552 [2]

每经AI快讯，11月24日，深交所公告，"卓镁转债"(123260)盘中成交价较发行价首次上涨达到或超过 30%，根据《深圳证券交易所可转换公司债券交易实施细则》等有关规定，本所自今日09时30分00秒起 对该债券实施临时停牌，于14时57分00秒复牌。 ...

从它的日K线图上看，它近期的股价走势连续多日下跌，因此导致卓镁转债的转股价值大幅下调。而正 股出现这样的走势与市场中的大多数个股都是类似，因为就连大盘也出现了幅度较大的回调。 在近期市场剧烈震荡的背景下，不少股民心头蒙上了一层阴霾。眼看着账户里的浮盈忽高忽低，有人不 禁忧心忡忡：这轮好不容易点燃的行情，难道刚冒个头就要熄火？更有悲观者断言，行情或将重回"阴 跌不止"的老路，再度陷入漫漫熊市的泥潭。 这种情绪，完全可以理解——毕竟面对真金白银的起伏，谁都会心跳加速。但若我们跳出短期波动的迷 雾，把目光投向更宏观的政策风向，或许会发现另一番景象。 11月24日，可转债打新市场迎来星源卓镁（301398）发行的可转债——卓镁转债上市交易。它的发行规 模仅为4.50亿元，规模偏小。 卓镁转债对应的正股当前股价为45.27元，转股价为52.30元，转股价值为86.56，转股价值偏低。不过， 鉴于现在新可转债在上市之初的高溢价率，预估它还是一只打新收益为300元左右的铂金级肉签一枚， 股民中到即赚到！ 星源卓镁当前的股票总市值为50.70亿元，动态市盈率为84.36倍，市净率为4.52倍。 回溯过去，中国资本市场的每一次 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the week from November 17 - 21, 2025, the stock market oscillated downward due to factors like geopolitical tensions, concerns about overseas AI bubbles, and weakening interest - rate cut expectations. The bond market had a narrow - range oscillation. The convertible bond market mostly declined, with the CSI Convertible Bond Index down 1.78% for the week, the price median down 1.89%, and the arithmetic average parity down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week [1][8][9]. - During the period from November 24 - 28, 2025, the convertible bond market showed strong resilience during the A - share adjustment. Fed officials' dovish signals may improve market sentiment, and the convertible bond asset prices have strong bottom support. Attention should be paid to sectors such as energy storage, power, semiconductor equipment and materials, photovoltaic, and chemical industries, and high - volatility underlying stocks in balanced convertible bonds or low - premium equity - biased individual bonds should be selected [2][18]. Summary by Relevant Catalogs Market Trends - **Stock Market**: In the week from November 17 - 21, 2025, the market oscillated downward. All Shenwan primary industries closed down. Banks (-0.89%), media (-1.25%), food and beverage (-1.44%), national defense and military industry (-1.72%), and household appliances (-2.30%) performed relatively well, while power equipment (-10.54%), comprehensive (-9.18%), basic chemicals (-7.47%), and commercial retail (-7.24%) performed poorly [8][9]. - **Bond Market**: At the beginning of the week, the capital was tight, and it became balanced and loose in the second half of the week. The bond market had a narrow - range oscillation, and the 10 - year Treasury bond rate closed at 1.82% on Friday, up 0.26bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond individual bonds declined. The CSI Convertible Bond Index was down 1.78% for the week, the price median was down 1.89%, and the arithmetic average parity was down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week. The total trading volume of the convertible bond market last week was 318.036 billion yuan, with an average daily trading volume of 63.607 billion yuan, a decrease from the previous week [1][9][16]. Valuation Overview - As of November 21, 2025, for equity - biased convertible bonds, the average conversion premium rates in different price ranges are at relatively high percentile values. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan is -4.27%, at the 1%/4% percentile since 2010/2021. The average implied volatility of all convertible bonds is 46.1%, at the 93%/99% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (November 17 - 21, 2025)**: Maolai Convertible Bond was announced for issuance, and Qizhong Convertible Bond was listed. Maolai Convertible Bond has a scale of 563 million yuan, and Qizhong Convertible Bond has a scale of 850 million yuan [27][28]. - **Next Week (November 24 - 28, 2025)**: Zhuomei Convertible Bond is expected to be listed, with a scale of 450 million yuan [29][30]. - **Approval Progress**: Last week, 2 companies including Aohong Electronics and Pulian Software got registration approval, 1 company including Chunfeng Power passed the listing committee review, 4 companies including Haoneng Co., Ltd. passed the general meeting of shareholders, and 1 company including Zhaomin Technology had a board of directors' plan. As of now, there are 95 convertible bonds to be issued, with a total scale of 143.93 billion yuan [31].

Core Viewpoint - The company, Xingyuan Zhuomei, announced the issuance of convertible bonds, indicating a strategic move to raise capital through the bond market [1] Group 1 - The total amount of the issued convertible bonds is 450 million yuan [1] - The total issuance volume is 4.5 million bonds [1] - The bonds will be listed on the Shenzhen Stock Exchange, with a listing date set for November 24, 2025 [1]

Group 1: Macro Strategy - The current A-share market resembles the early stages of the 2020-2021 bull market, indicating a slow bull phase driven by strategic funds, similar to the role of foreign capital in early 2020 [1][11] - The market is expected to follow a structural "innovation bull" trend in 2026, as new funds and improved performance from domestic institutions emerge [1][11] - The macroeconomic environment in 2025 shows a mild recovery driven by policy support, with significant similarities to the early 2020 recovery phase [1][11] Group 2: Fixed Income Market - The bond market remains in a box range, with the central bank maintaining liquidity through reverse repos and net purchases of government bonds [2][12] - The introduction of new redemption fee regulations is anticipated to cause volatility in the bond market, but a cautious optimism is advised as the impact will be spread over time [2][12] - The 10-year government bond yield is expected to continue a narrow range of fluctuations, with potential entry points if rates rise sharply due to new regulations [2][12] Group 3: Industry Insights - Aojie Technology is a rare domestic wireless communication baseband chip manufacturer, focusing on four main product categories, including baseband chips and ASICs [6][22] - The company is in a technology accumulation phase, with expectations of turning profitable as technology matures and product lines expand [6][22] - The market for cellular IoT is projected to enter a rapid expansion phase over the next six years, driven by advancements in 5G technology [6][22] Group 4: Company Performance - Baiji Shenzhou's core product, Zebutinib, is experiencing significant growth, with revenue projections for 2025-2027 revised upwards, indicating strong profit potential [7][9] - The company is expected to achieve rapid profit release in the coming years due to scale effects and improved cost management [7][9] - Baiji Shenzhou is positioned as a leading domestic innovative drug company, with a strong global commercialization capability [7][9]

Group 1: Macro Strategy - The current A-share market resembles the early stages of the 2020-2021 bull market, indicating a slow bull phase driven by strategic funds, similar to the role of foreign capital in early 2020 [1][8] - The market is expected to follow a structural "innovation bull" trend in 2026, as new funds and improved performance from domestic institutions emerge [1][8] Group 2: Fixed Income Market - The bond market remains in a box range, with the central bank maintaining liquidity through reverse repos and net purchases of government bonds, while new redemption fee regulations may cause volatility [2][9] - The 10-year government bond yield is expected to continue a narrow fluctuation pattern, with potential opportunities arising from rapid interest rate increases due to new redemption fee regulations [2][9] Group 3: Company Analysis - Fuxiang Pharmaceutical - Fuxiang Pharmaceutical is set to benefit from a significant increase in the price of vinyl carbonate (VC), which has risen 63% from 4.75 million CNY/ton to 7.75 million CNY/ton due to increased demand in the energy storage sector [6][20] - The company has invested in projects to produce 6,000 tons of lithium battery additives annually, positioning itself as a leader in the industry [6][20] - The decline in the price of 6-APA, a key raw material, is expected to enhance the company's gross margin as high-cost inventory is consumed [6][20] Group 4: Company Analysis - Xiaogoods City - Xiaogoods City has acquired land to develop an integrated cultural and commercial complex, which is expected to expand its market presence and increase revenue and profit [7] - The projected net profit for 2025-2027 is 49.0 billion CNY, 61.6 billion CNY, and 72.8 billion CNY, reflecting growth rates of 59%, 26%, and 18% respectively [7]

Group 1 - The stock price of Xingyuan Zhuomai (301398) closed at 56.77 yuan on November 12, 2025, with an increase of 1.74% and a turnover rate of 20.4% [1] - The trading volume was 68,300 shares, with a total transaction amount of 382 million yuan [1] - On November 12, the net inflow of main funds was 27.801 million yuan, indicating a high level of interest from institutional investors [2] Group 2 - Xingyuan Zhuomai has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds totaling 450 million yuan [1] - The bonds will be issued at a face value of 100 yuan each, totaling 4.5 million bonds, with the bond code "123260" [1] - Original A-share shareholders have a priority subscription that accounts for 91% of the total issuance, reflecting high subscription enthusiasm [2]

Macro Strategy - The current A-share market resembles the period from August to October 2020, indicating the early stage of a slow bull market driven by strategic funds [1][8] - The market is expected to follow a structural "innovation bull" trend in 2026, similar to the market dynamics observed in early 2021 [1][8] Fixed Income Market - The bond market remains in a box range of fluctuations, with the central bank maintaining liquidity stability through reverse repos and net purchases of government bonds [2][12] - The anticipated new redemption fee regulations may cause volatility in the bond market, but a cautious optimism is advised as the impact will be spread over time [2][12] - The issuance of green bonds has increased significantly, with 17 new issues totaling approximately 41.22 billion yuan, reflecting a growing interest in sustainable finance [3][12] Industry Insights - The rise of "service industry IP" is becoming a major driver of consumption growth, replacing traditional "commodity IP" [9][10] - The transformation in the service industry reflects deep changes in consumer behavior and local competition, with successful cases emerging in various sectors such as food and cultural tourism [10][11] - Government initiatives are supporting the development of service industry IP, enhancing public service accessibility and improving government image [11][12] Company Analysis - For Hengdian East Magnetic (002056), the forecasted net profit for 2025-2027 is 1.91 billion, 2.21 billion, and 2.50 billion yuan respectively, with a "buy" rating maintained [6] - Trina Solar (688599) has adjusted its profit forecast for 2025 and 2027 due to increased competition, but maintains a "buy" rating based on growth in new business contributions [6] - Yum China (09987.HK) reported a significant increase in store openings and same-store sales growth in Q3, driven by innovation and efficiency improvements [7]