证券研究报告 2026 年 01 月 05 日 湘财证券研究所 债券研究 可转债研究 把握行业轮动，精选弹性个券 相关研究： 核心要点： ❑ 12 月权益市场持续回暖，大幅跑赢中证转债指数 根据 Wind 数据，12 月中证转债指数上涨 2.13%，中证全指上涨 3.25%；全 年来看，2025 年中证转债指数、中证全指分别上涨 18.66%、24.6%。12 月 中证转债指数跑输沪深 300 指数 0.15pct，跑输中证 500 指数 4pct。按价格 分类看，12 月万得高价转债指数大幅上涨 5.14%，中价、低价转债指数分 别上涨 1.92%、0.34%。在权益市场上涨背景下，高价转债表现强势，具有 债性的低价转债明显跑输。全年来看，2025 年高价、中价、低价转债指数 累计涨幅分别为 28%、16%、17%，可以看出高价转债在牛市中更具弹性， 而低价转债在大盘调整的月份中更加抗跌。 ❑ 12 月能源转债指数大幅调整，材料、可选消费及工业转债指数显著上涨 根据 Wind 一级行业分类，12 月仅有能源（-2.05%）、金融（-0.39%）转债 指数下跌，但相对应的正股指数分别上涨 1.6%、2.37% ...

Group 1: Global Economic Impact - The ongoing geopolitical influences and misalignment of monetary policies are expected to fundamentally reshape purchasing power across both private and public sectors in the medium to long term [1] - Japan's prolonged ultra-loose monetary policy is reportedly helping the country emerge from a "deflation trap," with the yen's depreciation significantly boosting overall demand [1] - Despite a 40% increase in the average price of second-hand homes in Tokyo over five years and a nearly 20% rise in major stock indices, the actual purchasing power of residents has declined due to high input inflation [1] Group 2: Domestic Market Overview - The domestic equity market has shown continued volatility, with a notable focus on the fourth quarter as a critical period for industry information and monetary policy direction [2][34] - The uncertainty in policy is expected to decrease marginally, while the sustainability of the computing power sector will face ongoing scrutiny from the market [34] - Smaller stocks are anticipated to benefit more from the market's expansion trends compared to larger stocks [34] Group 3: Convertible Bond Market - The convertible bond market has seen an overall increase of 0.48% during the week, with 20 out of 29 sectors experiencing gains [47] - The average daily trading volume in the convertible bond market reached 636.11 billion yuan, reflecting a significant increase of 29.75 billion yuan from the previous week [47][48] - Approximately 63.48% of convertible bonds recorded an increase in value, with 15.37% of bonds rising more than 2% [48] Group 4: Sector Performance - Among the 31 sectors, 19 experienced gains, with retail, non-bank financials, and beauty care leading the way with increases of 6.66%, 2.90%, and 2.87% respectively [45] - Conversely, sectors such as electronics and power equipment faced declines, with drops of -3.28% and -3.12% respectively [45]

证券日报网讯 12月12日晚间，国投资本发布公告称，截至2025年12月12日，公司股价已出现任意连续 三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的80%之情形，触及"国投转债"转股价 格向下修正条款。经公司九届三十二次董事会审议通过，公司董事会决议本次不行使"国投转债"的转股 价格向下修正的权利，且在未来三个月内（2025年12月13日至2026年3月12日），如再次触及可转债的 转股价格向下修正条款，亦不提出向下修正方案。从2026年3月13日开始重新起算，若再次触发"国投转 债"的转股价格向下修正条款，届时公司董事会将再次召开会议决定是否行使"国投转债"的转股价格向 下修正权利。 （文章来源：证券日报） ...

每经AI快讯，国投资本（SH 600061，收盘价：7.5元）12月12日晚间发布公告称，公司九届三十二次董 事会会议于2025年12月12日以通讯方式召开。会议审议了《国投资本股份有限公司关于不向下修正"国 投转债"转股价格的议案》等文件。 （记者 贾运可） 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 2024年1至12月份，国投资本的营业收入构成为：证券行业占比71.62%，其他业务占比9.9%，信托行业 占比9.33%，基金行业占比9.16%。 截至发稿，国投资本市值为480亿元。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600061 证券简称：国投资本 公告编号：2025-080 转债代码：110073 转债简称：国投转债 国投资本股份有限公司 关于"国投转债"预计触发转股价格向下修正条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 转股价格：9.42元/股 ● 转股时间：2021年2月1日至2026年7月23日 ● 2025年11月21日至2025年12月4日，国投资本股份有限公司（以下简称"公司"）股票已有十个交易日 的收盘价低于当期转股价格的80%（7.54元/股），预计将触发转股价格向下修正条件。若触发条件，公 司将召开董事会审议决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者关注公司后续 公告，注意投资风险。 一、可转换公司债券发行上市情况 经中国证券监督管理委员会《关于核准国投资本股份有限公司公开发行可转换公司债券的批复》（证监 许可[2020]1070号）核准，公司于2020年7月24日公开发行了8,000万张可转换公司债 ...

证券日报网讯 12月4日晚间，国投资本发布公告称，2025年11月21日至2025年12月4日，公司股票已有 十个交易日的收盘价低于当期转股价格的80%（7.54元/股），预计将触发转股价格向下修正条件。若触 发条件，公司将召开董事会审议决定是否修正转股价格，并及时履行信息披露义务。 （编辑 袁冠琳） ...

Group 1 - The board of directors of Guotou Capital held its 28th meeting on October 9, 2025, via telecommunication voting, with all 7 directors present, including one proxy [3][4] - The board approved the nomination of Liu Qingliang as an independent director candidate, pending shareholder approval [4][7] - Liu Qingliang has extensive experience in auditing and risk management, currently serving as an independent director for other companies [8] Group 2 - Guotou Capital will hold a half-year performance briefing on October 16, 2025, from 16:00 to 17:00, at the Shanghai Stock Exchange Roadshow Center [10][12] - Investors can submit questions for the briefing from October 9 to October 15, 2025, and the company will address common concerns during the session [10][14] - Key personnel attending the briefing include the chairman, independent directors, and the chief financial officer [13] Group 3 - As of September 30, 2025, Guotou Capital's convertible bonds had a total conversion amount of RMB 844,000, resulting in 85,033 shares converted, which is 0.0031% of the total shares before conversion [18][20] - The total amount of unconverted convertible bonds is RMB 7,999,156,000, representing 99.9895% of the total issuance [20] - The current conversion price for the bonds is RMB 9.42 per share [19] Group 4 - The company initiated a share buyback program on April 9, 2025, with a budget between RMB 200 million and RMB 400 million, and a maximum buyback price of RMB 8.90 per share [24] - As of September 2025, the company had repurchased 456,100 shares at an average price between RMB 7.58 and RMB 7.71, totaling RMB 3,499,344 [25][26] - The buyback program is set to continue for 12 months from the approval date [24]

Core Viewpoint - The article discusses the emotional and psychological challenges faced by investors during a bull market, highlighting the disparity between individual performance and market trends, as well as the importance of maintaining a balanced mindset in investment strategies. Group 1: Investor Sentiment and Performance - Many investors express frustration over low returns despite a booming market, with some reporting only a 10% gain while others see much higher returns [1] - A significant portion of investors, approximately 60%, have experienced losses over the past decade, even as indices reach new highs [3] - The emotional toll of missing out on gains can lead to anxiety and poor decision-making, as seen in the case of those holding underperforming assets like convertible bonds [8][10] Group 2: Investment Strategies and Mindset - Investors are encouraged to adopt a long-term perspective, treating investment as a marathon rather than a sprint, which can lead to more satisfying outcomes [3] - The importance of risk management is emphasized, with some investors maintaining low exposure to high-risk assets, resulting in modest but stable returns [5] - Adapting strategies based on market conditions, such as shifting from one asset class to another, can help mitigate feelings of loss and improve overall sentiment [10][14] Group 3: Market Dynamics and Asset Performance - The performance of specific assets, such as the浦发转债, has been disappointing, with a significant drop in premium rates despite the underlying stock's rise [8][9] - Investors are advised to remain flexible and consider alternative investments if current holdings do not perform as expected, highlighting the need for adaptability in investment approaches [10][14] - The article suggests that understanding market cycles and adjusting positions accordingly is crucial for long-term success [12][14]

New Stock Listings - Huadian New Energy (600930) listed at an issue price of 3.18 on July 16, 2025[1] - Zhongcheng Tui (300208) has 2 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 2 trading days remaining until the last trading day[1] Abnormal Fluctuations - Huayin Power (600744) reported severe abnormal fluctuations on July 15, 2025[1] - Changcheng Military Industry (601606) announced abnormal fluctuations on July 15, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on July 16, 2025[1] Other Notable Announcements - ST Ya Zhen (000627) reported significant fluctuations with a value of 7189 on July 16, 2025[3] - Guosheng Technology (603778) reported fluctuations with a value of 3370 on July 15, 2025[3] - ST Xin Chao (600777) reported fluctuations with a value of 1008 on July 11, 2025[3]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 annual profit distribution plan, with the new conversion price set at 9.42 CNY per share, down from the previous 9.55 CNY per share [1][2][4] Summary by Sections Announcement of Suspension and Resumption of Trading - The company's securities will be suspended and resumed trading due to the implementation of the 2024 annual profit distribution [1] - The suspension period for the convertible bond conversion is from July 10, 2025, to July 16, 2025 [4] Adjustment of Conversion Price - The conversion price of the convertible bonds will be adjusted from 9.55 CNY per share to 9.42 CNY per share, effective from July 17, 2025 [1][4] - The adjustment is based on the company's 2024 annual shareholder meeting resolution regarding profit distribution [1][2] Basis for Adjustment - The adjustment follows the company's profit distribution plan, maintaining the per-share distribution ratio while adjusting the total distribution amount due to changes in total share capital from convertible bond conversions [1][2] - The total number of shares for the profit distribution is 6,393,981,723 shares, with a cash dividend of 1.27 CNY per share (including tax) [1]