Group 1: Report Summary - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels and provides basic element tracking. There were no new project information this week (from 20260309 - 20260313) [1] Group 2: Project Information - **Approved Projects**: There are 13 approved projects, including those from Huabang Life - Health Co., Ltd., Fuda Holdings Group Co., Ltd., etc. The scales range from 2 to 50, with corresponding target stocks such as Kaisheng New Materials, Fuda Co., Ltd., etc. [2] - **Projects with Feedback**: There are 8 projects that have received feedback, including those from Hubei Angel Biotechnology Group Co., Ltd., Shanghai Qichen Enterprise Management Co., Ltd., etc. The scales range from 3 to 24, with corresponding target stocks such as Angel Yeast, Shenzhen Huaqiang Co., Ltd., etc. [2] - **Projects Accepted**: There are 2 projects that have been accepted, namely those from Liaoning Chengda Co., Ltd. and Zhejiang Zhongbei Jiuzhou Group Co., Ltd., with scales of 40 and 8 respectively, and target stocks of GF Securities and Jiuzhou Pharmaceutical Co., Ltd. [2]

Report Summary 1. 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 from public channels, providing basic element tracking for 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. Weekly New Project Information - **HuaBang Life Science Co., Ltd.**: In 2026, the project of privately issuing science - and - technology innovation exchangeable corporate bonds to professional investors was approved by 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 March 3, 2026 [1]. - **Liaoning Chengda Co., Ltd.**: In 2026, the project of privately issuing exchangeable corporate bonds to professional investors was accepted by the exchange. The proposed issuance scale is 4 billion yuan, the underlying stock is GF Securities (000776.SZ), the lead underwriter is CITIC Construction Securities, and the exchange update date is March 4, 2026 [1]. 4. Table of Private EB Weekly Tracking (2026 - 3 - 6) The table lists information on multiple private exchangeable bond projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3].

1. Report Industry Investment Rating - Not provided in the given 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 bond names, underwriters, scales, underlying stocks, project statuses, and update dates. It also provides information on new projects added this week [1] 3. Summary by Related Catalog New Project Information This Week - Hubei Angel Biotechnology Group Co., Ltd.'s 2026 private exchangeable corporate bond project for professional investors received feedback from the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Angel Yeast (600298.SH), the lead underwriter is Huatai United Securities, and the exchange update date is February 27, 2026 [1] List of Private EB Projects - A list of private EB projects from 2024 - 2026 is provided, including details such as bond names, underwriters, scales, underlying stocks, project statuses (e.g., passed, feedback received, accepted), and update dates. Projects involve companies like Fuda Holdings Group Co., Ltd., Nanshan Group Co., Ltd., and many others [2]

Core Insights - The report highlights the anticipated upward trend in convertible bonds following the Spring Festival, with a significant probability of price increases due to favorable market conditions and investor sentiment [9][10]. - The insurance industry is expected to see an increase in equity investments, with the proportion of equity assets reaching a four-year high, indicating a shift towards riskier assets amid a stable regulatory environment [12][13]. - The company "遇见小面" (Meet Noodle) is positioned as a leader in the standardized operation of Chinese noodle restaurants, with ambitious expansion plans and a projected revenue growth of 44.2% in 2024 [14][15]. Market Overview - The report provides a snapshot of major market indices, showing a mixed performance across different regions, with the Shanghai Composite Index closing at 4117.40 points, up by 0.86% [2]. - The fixed income market is experiencing a stable environment, with the 10-year government bond yield at 1.79%, reflecting a slight decrease, indicating a favorable climate for bond investments [8]. Company and Industry Analysis - "遇见小面" aims to expand its store count to 503 by 2025, representing a 39.7% increase, with a focus on both direct and franchise models [14][15]. - The Chinese noodle restaurant market is projected to grow to 326 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 11.0%, highlighting the sector's growth potential [15]. - The insurance sector's total investment income is expected to improve, driven by a higher allocation to equity assets, with the overall investment return rate anticipated to remain favorable [12][13]. Investment Strategy - The report suggests that investors should focus on sectors such as battery production and semiconductor equipment, which are expected to benefit from increased production and demand in the coming months [9]. - The company "遇见小面" is projected to achieve adjusted net profits of approximately 1.25 to 1.4 billion yuan in 2025, reflecting a significant increase compared to previous years [14][15].

Group 1: Macro and Strategy - The macroeconomic report indicates a mixed economic performance in January, with emerging industries showing strength while manufacturing PMI declined, reflecting a structural optimization trend in the economy [9][10] - February has shown signs of improvement across various economic activities, with production and consumption rebounding, supported by increased logistics and consumer traffic [10] - The real estate market is stabilizing, with new home transactions recovering from lows and a decrease in second-hand home listings indicating changing market expectations [10] Group 2: Fixed Income and REITs - The convertible bond market experienced a rapid recovery after valuation compression, with over half of the convertible bonds rising in price [12][13] - The public REITs market saw a decline of 0.9% in the index, with commercial real estate REITs continuing to expand despite overall market downturns [15][16] - The average weekly return for different types of REITs varied, with transportation and ecological REITs showing smaller declines compared to others [16] Group 3: Industry Insights - The fluorochemical industry reported significant growth in January 2026, with prices for fluorinated polymers continuing to rise [3] - The oil and gas sector saw a substantial increase in prices due to geopolitical tensions, impacting overall market dynamics [3] - The lithium battery supply chain is advancing rapidly, with companies like CATL accelerating sodium battery applications in passenger vehicles [3] Group 4: Overseas Market Analysis - The U.S. stock market experienced a pullback, particularly in the software and semiconductor sectors, with significant capital outflows [29][32] - The Hong Kong market also faced a downturn, with consumer and industrial sectors performing relatively better amidst overall market declines [29][32] - The strategy indices in the Hong Kong market are becoming essential tools for asset allocation and risk management, particularly in volatile environments [29][30]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The report regularly sorts out the latest information on private exchangeable bond (private EB) projects obtained from public channels and conducts basic element tracking on private exchangeable bond projects. It also lists the new project information for the week from February 2, 2026, to February 6, 2026 [1]. 3. Summary by Related Catalogs New Project Information This Week - The project of North China Lingyun Industry Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has been approved 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 January 30, 2026 [1]. - The project of Shenzhen Huaqiang Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has received feedback from 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 February 4, 2026 [1]. - The project of Hubei Angel Biotechnology Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has been accepted by the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Angel Yeast Co., Ltd. (600298.SH), the lead underwriter is Huatai United Securities, and the exchange update date is February 5, 2026 [1]. Overall Project Status Table The table shows the status of multiple private exchangeable bond projects, including the bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3].

Group 1: Report Overview - The report conducts a weekly tracking of private exchangeable bonds (private EB) from January 26 to January 30, 2026 [1]. Group 2: New Project Information - Shanghai Qichen Enterprise Management Co., Ltd.'s 2026 private placement of exchangeable corporate bonds for professional investors has been accepted by the exchange, with an intended issuance scale of 500 million yuan and the underlying stock being GCL Integrated Energy Co., Ltd. (002015.SZ). The lead underwriter is Soochow Securities, and the exchange update date is January 28, 2026 [1]. Group 3: Project Status Summary | Bond Name | Lead Underwriter | Scale (100 million yuan) | Underlying Stock | Project Status | Update Date | | --- | --- | --- | --- | --- | --- | | Fuda Holding Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | Zhongde Securities | 12 | Fuda Co., Ltd. | Approved | 2026/1/5 | | Nanshan Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | Jinyuan United Securities | 30 | Nanshan Aluminum Co., Ltd. | Approved | 2025/12/25 | | Sichuan Jiuzhou Investment Holding Group Co., Ltd. 2025 private placement of science - and - technology innovation exchangeable corporate bonds for professional investors | CITIC Securities | 10 | Sichuan Jiuzhou Electric Appliance Co., Ltd. | Approved | 2025/12/5 | | Origen Technology Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | CITIC Construction Securities | 3.5 | Yongxin Co., Ltd. | Approved | 2025/12/5 | | New Hope Group Co., Ltd. 2025 private placement of science - and - technology innovation exchangeable corporate bonds for professional investors | CICC | 45 | New Hope Group Co., Ltd. | Approved | 2025/11/27 | | Hangzhou Iron & Steel Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | Zheshang Securities | 10 | Hangzhou Iron & Steel Co., Ltd. | Approved | 2025/11/7 | | Guangdong Guangxin Holdings Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | CITIC Securities | 30 | Shengyi Technology Co., Ltd. | Approved | 2025/10/30 | | Fujian State - owned Assets Management Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | Guoxin Securities | 2 | Fuzhou Focal Optics Co., Ltd. | Approved | 2025/10/29 | | Beijing Harmony Hengyuan Technology Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | Hongta Securities | 6 | Sichuan Shuangma Cement Co., Ltd. | Approved | 2025/7/18 | | Shudao Investment Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | CITIC Securities, Hongxin Securities | 50 | Sichuan Road & Bridge Co., Ltd. | Approved | 2025/4/30 | | China Pingmei Shenma Group Co., Ltd. 2024 private placement of exchangeable corporate bonds for professional investors | Ping An Securities | 10 | Shenma Industrial Co., Ltd., Pingdingshan Tianan Coal Mining Co., Ltd. | Approved | 2025/4/29 | | Wanan Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | Zheshang Securities | 6 | Wanan Technology Co., Ltd. | Approved | 2025/4/25 | | Inner Mongolia Huolinhe Coal Industry Group Co., Ltd. 2024 private placement of carbon - neutral green exchangeable corporate bonds | Ping An Securities | 5.4 | Inner Mongolia Electric Power Investment Energy Co., Ltd. | Approved | 2025/4/25 | | Huabang Life Science Co., Ltd. 2026 private placement of science - and - technology innovation exchangeable corporate bonds for professional investors | Huatai United Securities, Southwest Securities | 10 | Kaisheng New Materials Co., Ltd. | Feedback received | 2026/1/23 | | Hainan农垦 Investment Holding Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | CITIC Securities | 21 | Hainan Rubber Industry Group Co., Ltd. | Feedback received | 2025/12/8 | | Strait Innovation Internet Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | Dongguan Securities | 3 | Fengzhushou Co., Ltd. | Feedback received | 2025/11/13 | | Guangzhou Intelligent Equipment Industry Group Co., Ltd. 2025 private placement of exchangeable corporate bonds for professional investors | CICC | 10 | Guangri Co., Ltd. | Feedback received | 2025/9/26 | | Shanghai Qichen Enterprise Management Co., Ltd. 2026 private placement of exchangeable corporate bonds for professional investors | Soochow Securities | 5 | GCL Integrated Energy Co., Ltd. | Accepted | 2026/1/28 | | Northern Lingyun Industry Group Co., Ltd. 2026 private placement of exchangeable corporate bonds for professional investors | CITIC Construction Securities | 5 | Lingyun Industry Co., Ltd. | Accepted | 2026/1/28 | | Shenzhen Huaqiang Group Co., Ltd. 2026 private placement of exchangeable corporate bonds for professional investors | Jinyuan United Securities | 24 | Shenzhen Huaqiang Co., Ltd. | Accepted | 2026/1/22 | [3] Group 4: Related Research Reports - "Private Exchangeable Bond Tracking - Private EB Weekly Tracking (20260119 - 20260123)" - 2026 - 01 - 25 - "Private Exchangeable Bond Tracking - Private EB Weekly Tracking (20260112 - 20260116)" - 2026 - 01 - 18 - "Private Exchangeable Bond Tracking - Private EB Weekly Tracking (20260105 - 20260109)" - 2026 - 01 - 11 - "Private Exchangeable Bond Tracking - Private EB Weekly Tracking (20251229 - 20251231)" - 2026 - 01 - 04 - "Private Exchangeable Bond Tracking - Private EB Weekly Tracking (20251222 - 20251226)" - 2025 - 12 - 29 [4]

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]