Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - The report regularly tracks the latest private exchangeable bond (private EB) projects available from public channels, providing basic element tracking of private exchangeable bond projects. It emphasizes that the private issuance terms and processes may change, and the final prospectus should be referred to. For the issuance progress, inquiries should be made with the relevant lead underwriters [1]. 3. Summary by Related Content New Project Information This Week - Huabang Life - Health Co., Ltd.'s 2026 private placement of science - and - technology innovation exchangeable corporate bonds for professional investors has received feedback from the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Kaisheng New Materials (301069.SZ), the lead underwriters are Huatai United and Southwest Securities, and the exchange update date is January 23, 2026 [1]. - Shenzhen Huaqiang Group Co., Ltd.'s 2026 private placement of exchangeable corporate bonds for professional investors has been accepted by the exchange. The proposed issuance scale is 2.4 billion yuan, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is January 22, 2026 [1]. Table of Private EB Weekly Tracking (2026 - 1 - 23) - Multiple private exchangeable bond projects are listed, including those of Shanxi Transportation Development and Investment Group Co., Ltd., Fuda Holdings Group Co., Ltd., etc. The statuses of these projects include "Passed", "Feedback Received", and "Accepted", with different issuance scales, underlying stocks, lead underwriters, and update dates [3].

Group 1: Report Core Information - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels and focuses on basic elements, reminding that the issuance terms and progress may change, with the final prospectus and inquiries to the lead underwriters being the basis [1] Group 2: New Project Information This Week - Huabang Life - Health Co., Ltd.'s 2026 private placement of innovative technology - exchangeable corporate bonds for professional investors has been accepted by the exchange, with an intended issuance scale of 1 billion yuan, the underlying stock being Kaisheng New Materials (301069.SZ), and the lead underwriters being Huatai United and Southwest Securities, updated on January 16, 2026 [1] Group 3: Project Status Summary - There are multiple private EB projects in different statuses, including "Passed", "Received Feedback", and "Accepted". For example, projects of Shanxi Transportation Development and Investment Group Co., Ltd., Fuda Holdings Group Co., Ltd. etc. have passed; projects of Hainan农垦 Investment and Holding Group Co., Ltd., Strait Innovation Internet Co., Ltd. etc. have received feedback; projects of Huabang Life - Health Co., Ltd., Northern Lingyun Industry Group Co., Ltd. etc. have been accepted [3]

Group 1: Report Core Information - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, focusing on basic elements, with the caveat that issuance terms and progress may change, and the final prospectus and relevant underwriters should be referred to [1] - From January 12 - 16, 2026, the project of Huabang Life - Science Co., Ltd.'s 2026 private offering of science - innovation exchangeable corporate bonds to professional investors was accepted by the exchange, with an intended issuance scale of 1 billion yuan, and the underlying stock being Kaisheng New Materials (301069.SZ), and the lead underwriters being Huatai United and Southwest Securities, updated on January 16, 2026 [1] Group 2: Project Status Summary - As of January 16, 2026, multiple private exchangeable bond projects have different statuses: many projects such as those of Shanxi Transportation Development and Investment Group Co., Ltd. have passed; projects of Hainan农垦 Investment Holdings Group Co., Ltd. and others have received feedback; projects of Huabang Life - Science Co., Ltd. and Northern Lingyun Industrial Group Co., Ltd. have been accepted [3] - The scale of these projects ranges from 200 million yuan to 5 billion yuan, and the underlying stocks cover various companies like Huaxiang Co., Ltd., Fuda Co., Ltd., and Nanshan Aluminum Co., Ltd. [3]

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, covering basic elements and updates on project progress. It emphasizes that private issuance terms may change, and the final prospectus should be referred to, and the issuance progress should be consulted with the relevant lead underwriters [1] Group 3: Summary by Relevant Content New Project Information This Week - The 2025 non - publicly issued exchangeable corporate bond project of Shanxi Transportation Development and Investment Group Co., Ltd. for professional investors was approved by the exchange, with an intended issuance scale of 200 million yuan, the underlying stock being Huaxiang Co., Ltd. (603112.SH), the lead underwriter being Zhongde Securities, and the exchange update date being January 9, 2026 [1] - The 2025 non - publicly issued exchangeable corporate bond project of Fuda Holding Group Co., Ltd. for professional investors was approved by the exchange, with an intended issuance scale of 1.2 billion yuan, the underlying stock being Fuda Co., Ltd. (603166.SH), the lead underwriter being Zhongde Securities, and the exchange update date being January 5, 2026 [1] Overall Project Status (Table 1) - Multiple projects have passed the exchange review, including those of Nanshan Group Co., Ltd., Jiangsu Guotai International Group Co., Ltd., etc., with different issuance scales, underlying stocks, lead underwriters, and update dates [3] - Some projects are in the "already feedback" status, such as those of Hainan农垦 Investment Holdings Group Co., Ltd., Haixia Innovation Internet Co., Ltd., etc. [3] - One project of Northern Lingyun Industry Group Co., Ltd. is in the "already accepted" status [3]

Report Summary 1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report regularly tracks the latest private exchangeable bond (Private EB) projects from public channels, including basic elements such as issuance scale, underlying stocks, and project status. It also reminds that private issuance terms and processes may change, and the final prospectus should be referred to. The issuance progress should be consulted with the relevant lead underwriters [1]. 3. Summary by Relevant Catalog Newly Added Project Information This Week - The 2026 private exchangeable corporate bond project of North Lingyun Industry Group Co., Ltd. for professional investors has been accepted by the exchange. The proposed issuance scale is 500 million yuan, the underlying stock is Lingyun Co., Ltd. (600480.SH), the lead underwriter is CITIC Construction Securities, and the exchange update date is December 30, 2025 [1]. Table of Private EB Weekly Tracking (2025 - 12 - 31) - Multiple private exchangeable bond projects have passed the review, including those of Nanshan Group Co., Ltd., Jiangsu Guotai International Group Co., Ltd., etc. Some projects are in the "feedback received" status, such as those of Shanxi Transportation Development Investment Group Co., Ltd., Fuda Holdings Group Co., Ltd., etc. And the North Lingyun Industry Group Co., Ltd. project is in the "accepted" status [2].

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content [1][2] 2. Core Viewpoints of the Report - The report regularly reviews the latest private exchangeable bond (private EB) project information available from public channels and tracks the basic elements of private exchangeable bond projects. It is noted that the issuance terms and processes may change, and the final prospectus should be referred to. The issuance progress should be consulted with the relevant lead underwriters [1] 3. Summary by Related Catalog New Project Information This Week - The 2025 private placement of exchangeable corporate bonds for professional investors by Nanshan Group Co., Ltd. was approved by the exchange. The proposed issuance scale is 3 billion yuan, with the underlying stock being Nanshan Aluminum (600219.SH). The lead underwriter is Jinyuan United Securities, and the exchange update date is December 25, 2025 [1] List of Private EB Projects - Multiple private EB projects are listed, including details such as the bond name, lead underwriter, scale, underlying stock, project status, and update date. For example, the 2025 private placement of exchangeable corporate bonds for professional investors by Jiangsu Guotai International Group Co., Ltd. has a scale of 1.2 billion yuan, with the underlying stock being Ruitaixin Materials, and it was approved on December 8, 2025 [2]

1. Report Industry Investment Rating - No information about the report's industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The report regularly sorts out the latest information on private exchangeable bond (private EB) projects from public channels and tracks the basic elements of private exchangeable bond projects. It should be noted that the issuance terms and processes of private placements may be subject to change, and the final prospectus should be referred to. For the issuance progress, inquiries should be made with the relevant lead underwriters [1]. 3. Summary by Relevant Content New Projects This Week - The project of Nanshan Group Co., Ltd. to issue privately - placed exchangeable corporate bonds to professional investors in 2025 has been accepted by the exchange. The proposed issuance scale is 3 billion yuan, the underlying stock is Nanshan Aluminum Co., Ltd. (600219.SH), the lead underwriter is Jinyuan United Securities, and the exchange update date is December 17, 2025 [1]. Project Status Table - Multiple private exchangeable bond projects have different statuses. For example, the projects of Jiangsu Guotai International Group Co., Ltd., Sichuan Jiuzhou Investment Holding Group Co., Ltd., etc., have passed; the projects of Fuda Holding Group Co., Ltd., Shanxi Transportation Development and Investment Group Co., Ltd., etc., are in the "feedback received" status; and the project of Nanshan Group Co., Ltd. is in the "accepted" status. The table also shows the lead underwriters, scales, underlying stocks, and update dates of these projects [2].

Group 1: Report Summary - The report tracks the latest private exchangeable bond (Private EB) projects from public channels, with possible changes in terms and progress. Check the final prospectus and consult the lead underwriter [1]. Group 2: New Projects This Week - Jiangsu Guotai International Group Co., Ltd.'s 2025 private exchangeable bond project for professional investors was approved by the exchange, with a proposed issuance scale of 1.2 billion yuan (reduced), underlying stock Ruitai New Materials (301238.SZ), lead underwriter CITIC Securities, and exchange update date of December 8, 2025 [1]. - Sichuan Jiuzhou Investment Holding Group Co., Ltd.'s 2025 private technological innovation exchangeable bond project for professional investors was approved by the exchange, with a proposed issuance scale of 1 billion yuan, underlying stock Sichuan Jiuzhou (000801.SZ), lead underwriter CITIC Securities, and exchange update date of December 5, 2025 [1]. - Oriens Technology Co., Ltd.'s 2025 private exchangeable bond project for professional investors was approved by the exchange, with a proposed issuance scale of 350 million yuan (reduced), underlying stock Yongxin Co., Ltd. (002014.SZ), lead underwriter CITIC Construction Securities, and exchange update date of December 5, 2025 [1]. - Hainan农垦 Investment Holding Group Co., Ltd.'s 2025 private exchangeable bond project for professional investors received feedback from the exchange, with a proposed issuance scale of 2.1 billion yuan, underlying stock Hainan Rubber (601118.SH), lead underwriter CITIC Securities, and exchange update date of December 8, 2025 [1]. Group 3: Project Status Table - The table shows the status of multiple private EB projects as of December 12, 2025, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates [3].

Group 1: Report Summary - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, with the caveat that private issuance terms and processes may change, and the final prospectus should be referred to. For issuance progress, consult the relevant lead underwriters [1] Group 2: New Project Information This Week - Jiangsu Guotai International Group Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors was approved by the exchange, with a proposed issuance size of 1.2 billion yuan (down from the previous plan), underlying stock Ruitai New Materials (301238.SZ), lead underwriter CITIC Securities, and exchange update date of December 8, 2025 [1] - Sichuan Jiuzhou Investment Holding Group Co., Ltd.'s 2025 private placement of science - innovation exchangeable corporate bonds for professional investors was approved by the exchange, with a proposed issuance size of 1 billion yuan, underlying stock Sichuan Jiuzhou (000801.SZ), lead underwriter CITIC Securities, and exchange update date of December 5, 2025 (exchange - related content updated this week) [1] - Oriens Technology Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors was approved by the exchange, with a proposed issuance size of 350 million yuan (down from the previous plan), underlying stock Yongxin Co., Ltd. (002014.SZ), lead underwriter China Securities Co., Ltd., and exchange update date of December 5, 2025 (exchange - related content updated this week) [1] - Hainan农垦 Investment Holdings Group Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors received feedback from the exchange, with a proposed issuance size of 2.1 billion yuan, underlying stock Hainan Rubber (601118.SH), lead underwriter CITIC Securities, and exchange update date of December 8, 2025 [1] Group 3: Private EB Project Tracking Table (2025 - 12 - 12) - Multiple private EB projects are listed in the table, including details such as the bond name, lead underwriter, issuance size, underlying stock, project status, and update date. For example, New Hope Group Co., Ltd.'s project has an issuance size of 4.5 billion yuan, underlying stock New Hope, and passed on November 27, 2025 [3]

1. Report's Industry Investment Rating - No information provided in the report 2. Report's Core View - The report regularly sorts out the latest information on private exchangeable bonds (private EBs) from public channels and tracks the basic elements of private exchangeable bond projects. It lists the new projects in the week from December 8 - 12, 2025 [1] 3. Summary by Related Catalog - **New Projects This Week** - Jiangsu Guotai International Group Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors was approved by the exchange. The proposed issuance scale is 1.2 billion yuan (reduced from before), the underlying stock is Ruitai New Materials (301238.SZ), the lead - underwriter is CITIC Securities, and the exchange update date is December 8, 2025 [1] - Sichuan Jiuzhou Investment Holding Group Co., Ltd.'s 2025 private placement of science and technology innovation exchangeable corporate bonds for professional investors was approved by the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Sichuan Jiuzhou (000801.SZ), the lead - underwriter is CITIC Securities, and the exchange update date is December 5, 2025 [1] - Oriens Technology Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors was approved by the exchange. The proposed issuance scale is 350 million yuan (reduced from before), the underlying stock is Yongxin Co., Ltd. (002014.SZ), the lead - underwriter is CITIC Construction Securities, and the exchange update date is December 5, 2025 [1] - Hainan农垦 Investment Holding Group Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors received feedback from the exchange. The proposed issuance scale is 2.1 billion yuan, the underlying stock is Hainan Rubber (601118.SH), the lead - underwriter is CITIC Securities, and the exchange update date is December 8, 2025 [1] - **List of Private EB Projects** - The report lists the status of multiple private EB projects, including bond names, lead - underwriters, scales, underlying stocks, project statuses, and update dates. For example, New Hope Group Co., Ltd.'s project has a scale of 4.5 billion yuan, and the underlying stock is New Hope; Jiangsu Shenghong Technology Co., Ltd.'s project has a scale of 3 billion yuan, and the underlying stock is Orient Shenghong [3]