（文章来源：每日经济新闻） 每经AI快讯，1月27日，中证转债指数开盘跌0.02%。其中，2只可转债跌幅超2%，运机转债、浙矿转 债、瑞科转债、汇成转债、双良转债跌幅居前，分别跌4.05%、3.91%、1.87%、1.82%、1.75%。涨幅方 面，5只可转债涨幅超2%，鼎龙转债、龙大转债、奥飞转债、神通转债、天创转债涨幅居前，分别涨 4.23%、2.95%、2.04%、2.04%、2.02%。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月23日，中证转债指数午盘上涨1.17%，报533.92点。其中，双良的转债、睿创转债、浙 矿转债、瑞科转债、嘉美转债涨幅居前，分别涨16.21%、13.12%、9.52%、8.72%和7.97%。天创转债、 华锐转债、Z环旭转、嘉美转债、运机转债跌幅居前。 ...

天创时尚公告称，公司股票于2026年1月20 - 22日连续三个交易日内收盘价格涨幅偏离值累计超 20%，"天创转债"同期涨幅偏离值累计超30%，均属交易异常波动。截至1月22日，公司股票市净率 4.78，收盘价较1月16日涨超30%，高于上证指数涨幅；"天创转债"收盘溢价240.90%，转股溢价率 247.68%，溢价率过高。2025年公司曾披露控制权拟变更，泉州禾天等拟转让19.95%股份给安徽先睿， 事项尚待批准，提醒投资者注意风险。 ...

每经AI快讯，1月21日，中证转债指数午盘上涨0.68%，报521.83点。其中，天创转债、大中转债、浙矿 转债、微芯转债、红墙转债涨幅居前，分别涨20.00%、10.55%、10.33%、9.69%、6.63%。环旭转债、 神通转债、利柏转债、福新转债、合顺转债跌幅居前，分别跌2.77%、2.22%、1.81%、1.14%、1.13%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The China Convertible Bond Index rose by 1.55% to 523.04 points on January 14, indicating a positive trend in the convertible bond market [1]. Group 1: Market Performance - The Haohan Convertible Bond increased by 15.85%, showing significant growth [1]. - The Xinzhi Convertible Bond rose by 14.60%, reflecting strong investor interest [1]. - The Jiamei Convertible Bond experienced a rise of 14.07%, contributing to the overall positive performance [1]. - Conversely, the Tianchuang Convertible Bond fell by 1.95%, indicating some downward pressure [1]. - The Honglu Convertible Bond decreased by 1.87%, suggesting a decline in market confidence [1]. - The Dazhong Convertible Bond dropped by 0.74%, highlighting mixed performance within the sector [1].

Group 1 - The core point of the news is that the China Convertible Bond Index has reached a new high not seen in over 10 years, driven by strong performance in the equity market and specific stocks like Seli Medical [2][3][4] - The China Convertible Bond Index rose by 1.35% to 505.77 points on January 6, marking the highest level since June 2015 [3] - Seli Convertible Bond has seen a significant increase, with a 20% rise over two consecutive trading days, benefiting from the strong performance of its underlying stock, Seli Medical, which is focused on AI and medical big data [3][4] Group 2 - The catalyst for this market trend is the commercialization breakthrough in the brain-computer interface industry, with Neuralink planning to start large-scale production in 2026 [4] - Domestic policy support for the brain-computer interface sector is increasing, with the National Medical Products Administration accelerating the review process for related products [4] - Other convertible bonds like Jiamei and Lianchuang have also performed well, indicating a structural rally in the convertible bond market [4] Group 3 - The strong performance of the convertible bond market is closely linked to the performance of underlying stocks, with the China Convertible Bond Index showing a rise of 18.66% in 2025, closely following the 18.41% increase in the Shanghai Composite Index [6][7] - The valuation recovery in the convertible bond market has been a significant driver, especially after a period of low valuations due to risks like defaults and delistings [7] - The current market sentiment is characterized by a preference for high-growth sectors such as AI healthcare and advanced manufacturing, which are driving the performance of specific convertible bonds [4][8] Group 4 - Analysts suggest that the current market conditions may lead to a "spring rally," driven by seasonal capital inflows and policy expectations [9] - Institutional investors may have a renewed interest in convertible bonds as they adjust their equity asset risk factors, potentially leading to increased demand [9] - The performance of convertible bonds may also depend on the specific terms of the bonds and the strategies employed by investors [9]

Core Viewpoint - The A-share market continues to strengthen, reaching a 10-year high, while the China Convertible Bond Index has also risen, hitting its highest point since June 2015 [1][3]. Group 1: Market Performance - The China Convertible Bond Index has shown a strong performance since 2025, highlighting its unique value in the equity market's volatility, characterized by "offensive and defensive" capabilities [2]. - On January 6, the China Convertible Bond Index surged by 1.35% to 505.77 points, marking a high not seen since June 2015 [4]. - The recent strong performance of convertible bonds is driven by the underlying stocks, with notable examples including the Seer Medical bond, which saw a 20% increase due to the stock's performance [5]. Group 2: Key Catalysts - The core catalyst for the current market rally is the commercialization breakthrough in the brain-computer interface industry, with significant announcements from companies like Neuralink [4]. - Domestic policy support for the brain-computer interface sector is also increasing, with initiatives aimed at expediting the approval processes for related medical devices [4]. Group 3: Structural Trends - The recent rally in convertible bonds is characterized by two main features: strong performance of underlying stocks and concentrated thematic interest in sectors like brain-computer interfaces and AI healthcare [5]. - Despite some convertible bonds experiencing declines due to falling stock prices, the overall market sentiment remains positive, driven by high-growth sectors [6]. Group 4: Historical Context - The last time the China Convertible Bond Index reached a historical high was in June 2015, during a peak in the A-share bull market [8]. - Since 2019, the convertible bond market has gradually recovered, with a notable resurgence in 2025, reflecting a strong correlation with the performance of underlying stocks [9]. Group 5: Future Outlook - Analysts suggest that the upcoming "spring rally" in the A-share and convertible bond markets may be influenced by seasonal capital inflows and policy expectations [12]. - The performance of convertible bonds in the near term will depend on institutional investment behavior and the release of annual performance forecasts for A-shares [12].

Core Viewpoint - The China Convertible Bond Index has reached a new high not seen in over a decade, reflecting its unique value in the volatile equity market, characterized by both offensive and defensive capabilities [1][2]. Group 1: Market Performance - On January 6, the China Convertible Bond Index surged by 1.35% to 505.77 points, marking the highest level since June 2015 [2]. - The recent performance of the index has been strong since 2025, highlighting its resilience amid fluctuations in the equity market [1][2]. - The strong performance of convertible bonds is closely linked to the performance of underlying stocks, with the index showing a rise of 18.66% in 2025, slightly outperforming the Shanghai Composite Index's 18.41% increase [5]. Group 2: Key Drivers - The core catalyst for the current market rally is the commercialization breakthrough in the brain-computer interface industry, with significant announcements from companies like Neuralink [3]. - Domestic policy support has intensified, with regulatory bodies accelerating the approval processes for related medical devices [3]. - Notable convertible bonds such as the Seli Convertible Bond have seen substantial gains, driven by the strong performance of their underlying stock, Seli Medical, which has been favored due to its advancements in AI and medical data [2][3]. Group 3: Market Trends and Analysis - Analysts have identified two main characteristics of the current convertible bond rally: the clear influence of underlying stock performance and the concentration of investment in high-growth sectors such as brain-computer interfaces and AI healthcare [3]. - The convertible bond market is experiencing a structural rally, with several bonds showing gains exceeding 10% [3]. - The market sentiment is expected to improve further due to seasonal capital inflows and policy expectations, potentially leading to a "spring rally" in the A-share and convertible bond markets [7].

Core Viewpoint - The China Convertible Bond Index remained flat at 491.85 points on December 31, with notable fluctuations in individual convertible bonds [1]. Group 1: Performance Highlights - Tianzhun Convertible Bond, Tianchuang Convertible Bond, Maolai Convertible Bond, Guanglian Convertible Bond, and Zai22 Convertible Bond had the highest gains, increasing by 30.00%, 20.00%, 8.04%, 7.71%, and 7.50% respectively [1]. - Conversely, Jiamei Convertible Bond, Ruida Convertible Bond, Shenyu Convertible Bond, Fuli Convertible Bond, and Yingtai Convertible Bond experienced the largest declines, with decreases of 10.50%, 4.67%, 3.50%, 3.36%, and 3.16% respectively [1].

Core Viewpoint - Tian Chuang Fashion Co., Ltd. ("the Company") announced that its convertible bond "Tian Chuang Convertible Bond" experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 30% over two consecutive trading days [2][5]. Group 1: Convertible Bond Trading Fluctuations - The closing price of "Tian Chuang Convertible Bond" on December 30, 2025, was 285.151 CNY per bond, representing a premium of 185.15% over the face value and a conversion premium rate of 274.41% [2][7]. - The bond's trading abnormality is classified under the Shanghai Stock Exchange's regulations for convertible bonds due to the significant price deviation [5]. Group 2: Company Operations and Major Events - The Company confirmed that its production and operational activities are normal, with no significant changes in market conditions or industry policies affecting production and sales [6]. - A thorough investigation revealed no undisclosed major events that could impact the trading price of the convertible bond, and no significant media reports or market rumors were found [6]. Group 3: Convertible Bond Issuance Overview - The Company issued 6 million convertible bonds on June 24, 2020, with a total value of 60 million CNY and a maturity period of 6 years [3]. - The initial conversion price was set at 12.64 CNY per share, later adjusted to 12.29 CNY per share due to profit distribution [3]. Group 4: Redemption and Buyback Information - The Company conducted a buyback of "Tian Chuang Convertible Bond" from August 12 to August 16, 2024, with valid buyback applications totaling 5,327,750 bonds, amounting to 532,775,000 CNY [4]. - No valid buyback applications were received during subsequent buyback periods in December 2024 and August 2025 [4].