[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2026 年 1 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 1 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《股债恒定指数 ETF-被动型固收+利器》 --20251229 《鼎捷转债定价：首日转股溢价率 42%~47%》 --20251221 《天准转债定价：首日转股溢价率 38%~43%》 --20251217 《神宇转债定价：首日转股溢价率 52%~57%》 --20251216 《澳弘转债定价：首日转股溢价率 45%~50%》 --20251215 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin @nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table_Date] 发布时间：2026-1-5 [Table_Invest] [Table_Author] ① 中特转债（AAA，12 月末收盘价 121.25 元，转股溢价率 64.65%， 正股 PE-TTM1 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].

Core Points - The announcement details the listing of 6,606,000 restricted shares of Aorite Pharmaceutical Co., Ltd. on September 22, 2025, following the expiration of a 60-month lock-up period [2][3][12] - The total share capital of the company after the initial public offering (IPO) is 406,195,234 shares, with 1.63% of this being the newly listed restricted shares [4][6][8] Group 1: Listing Details - The type of stock being listed is the initial public offering (IPO) shares, with a total of 6,606,000 shares available for trading [2] - The listing date for the restricted shares is set for September 22, 2025 [3][13] Group 2: Share Capital Changes - The company initially issued 41,000,000 shares during its IPO, resulting in a total share capital of 401,000,000 shares, which includes 41,000,000 unrestricted shares and 360,000,000 restricted shares [4][5] - The total share capital increased to 406,195,234 shares due to the issuance of 5,195,000 restricted shares under the 2022 incentive plan and the conversion of 234 shares from convertible bonds [6][8] Group 3: Lock-up Commitments - The shareholder, Tiantai Boren Investment Management Partnership, has committed to a lock-up period of 60 months for the shares prior to the IPO and has adhered to this commitment [9][11] - The shareholder's commitment includes conditions for share reduction and penalties for non-compliance, ensuring transparency and accountability [9]

Core Viewpoint - The announcement details a share reduction plan by a senior executive of Aorite Pharmaceutical Co., Ltd. due to personal financial needs, involving a maximum reduction of 62,500 shares, which is 0.02% of the total share capital [2][3]. Group 1: Executive Shareholding Information - As of the announcement date, the total number of shares for Aorite Pharmaceutical is 406,195,234, with the executive Zhao Zhenping holding 250,000 shares, representing 0.06% of the total share capital [2]. Group 2: Reduction Plan Details - The executive plans to reduce shares through centralized bidding within three months after the announcement, starting 15 trading days later, with a maximum of 62,500 shares to be sold [3]. - The reduction will not exceed 25% of the executive's total shareholding, and any changes in share capital due to dividends or other corporate actions will adjust the reduction quantity accordingly [3]. Group 3: Other Relevant Information - The executive has no concerted actions with other shareholders and has made prior commitments regarding shareholding and reduction methods [4][6]. - The company will monitor the reduction plan and comply with relevant regulations, ensuring timely disclosure of any developments [9][17].

Core Viewpoint - As of August 1, 2025, Aorite (605116) closed at 23.96 yuan, down 0.58%, with a turnover rate of 1.19% and a trading volume of 47,500 hands, resulting in a transaction amount of 114 million yuan [1] Trading Information Summary - On August 1, Aorite's capital flow indicated a net outflow of 5.71 million yuan from main funds, accounting for 5.0% of the total transaction amount [2][3] - Retail investors showed a net inflow of 7.87 million yuan, representing 6.88% of the total transaction amount [2] Company Announcement Summary - Aorite Pharmaceutical Co., Ltd. announced the redemption of part of its idle raised funds for cash management, allowing the use of up to 300 million yuan of idle raised funds, with a rolling usage limit valid for 12 months from the approval date of the third board meeting [2] - On June 30, 2025, the company invested 40 million yuan in a structured deposit product from Industrial Bank, which had a term from July 1 to July 31, 2025, and has since been redeemed, yielding a profit of 62,500 yuan [2][3]

Key Points - The company announced the interest payment schedule for its convertible bonds, "Aorite Convertible Bonds," with the interest payment date set for July 28, 2025 [1][6] - The interest accrual period for the bonds is from July 26, 2024, to July 25, 2025, with a coupon rate of 0.3% [3][5] - The bondholders will receive a total interest amount of RMB 0.3 per bond (before tax) for each bond with a face value of RMB 100 [3][5] - The tax on interest income for individual investors is set at 20%, resulting in a net payment of RMB 0.24 per bond after tax [5] - The bond's registration date for interest payment is July 25, 2025, and the ex-dividend date is July 28, 2025 [4][6] - The company has appointed China Securities Depository and Clearing Corporation Limited Shanghai Branch to handle the interest payment process [4][5]

Group 1 - The core viewpoint of the announcement is that the credit rating for the company's convertible bonds and the company itself remains unchanged at AA- with a stable outlook [1][2] - The previous credit rating for the convertible bonds was AA- and the company’s main credit rating was also AA- with a stable outlook [1] - The credit rating was conducted by China Chengxin International Credit Rating Co., Ltd. based on a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 27, 2025, confirming that both the convertible bonds and the company maintain their AA- ratings [2] - The announcement emphasizes that there are no false records, misleading statements, or significant omissions in the content [1]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of a cash dividend distribution for the fiscal year 2024, resulting in a new conversion price of 24.94 CNY per share, effective from June 20, 2025 [1][4][5] Group 1: Bond Information - The company issued convertible bonds amounting to 812,120,000.00 CNY on July 26, 2024, with a maturity of 6 years and an initial conversion price of 25.23 CNY per share [2][3] - The conversion period for the bonds is from February 5, 2025, to July 25, 2030 [2] Group 2: Dividend Distribution - The company plans to distribute a cash dividend of 2.90 CNY per 10 shares (including tax) to all shareholders, excluding treasury stock [2][3] - The cash dividend per share is calculated to be 0.2890 CNY [5] Group 3: Conversion Price Adjustment - The conversion price adjustment formula is based on the distribution of cash dividends and is calculated as follows: P1 = P0 - D, where P0 is the original conversion price and D is the cash dividend per share [3][5] - The adjusted conversion price is calculated to be 24.94 CNY per share, down from the original price of 25.23 CNY per share [4][5] - The bonds will be suspended from conversion from June 12, 2025, to June 19, 2025, and will resume conversion on June 20, 2025 [1][4]

Summary of Key Points Core Viewpoint - The company has announced an adjustment to the total cash dividend distribution for the fiscal year 2024, reducing it from RMB 117,796,550.00 to RMB 117,401,979.77 due to changes in the number of shares eligible for profit distribution resulting from convertible bond conversions and share buybacks [1][3]. Group 1: Dividend Distribution Adjustment - The total cash dividend amount for 2024 is adjusted to RMB 117,401,979.77 (including tax), maintaining a distribution of RMB 2.90 per 10 shares [1][3]. - The adjustment is necessary due to changes in the total number of shares participating in the profit distribution caused by the conversion of convertible bonds and the company's share buyback program [1][2]. Group 2: Convertible Bonds and Share Buyback - The company has issued convertible bonds, with a conversion period from February 5, 2025, to July 25, 2030, and an initial conversion price of RMB 25.23 per share, resulting in an increase of 234 shares due to conversions [2]. - The company has repurchased a total of 1,360,900 shares since January 1, 2025, with 79 shares used for convertible bond conversions, leaving 1,360,821 shares in the repurchase account, which will not participate in the profit distribution [2].

Group 1 - The company will stop the conversion of its convertible bonds "Aorite Convertible Bonds" (bond code: 111021) from June 12, 2025, until the equity distribution registration date due to the 2024 annual equity distribution [1][2] - The company plans to distribute a cash dividend of 2.90 yuan (including tax) for every 10 shares to all shareholders, excluding treasury stock [1][2] - The company will adjust the conversion price of the convertible bonds according to the issuance terms and relevant regulations after the equity distribution [2] Group 2 - The company will announce the implementation of the equity distribution and the adjustment of the convertible bond conversion price on June 13, 2025 [2] - Holders of the convertible bonds can convert their bonds into shares until June 11, 2025, to enjoy the equity distribution [2] - The company will maintain the per-share distribution ratio unchanged, adjusting the total distribution amount if there are changes in the total share capital before the equity distribution registration date [1][2]