1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Last week, the stock market continued to adjust, with a significant style shift. The previously leading precious metals, communication, and electronics sectors had deep pullbacks, while funds flowed to relatively undervalued sectors such as liquor, beauty care, and coal. The bond market was generally volatile, with yields rising initially due to liquidity pressure and then sentiment gradually improving. The convertible bond market had more than half of the individual bonds rising, with the CSI Convertible Bond Index up 0.05% for the week, the median price up 0.69%, the arithmetic average parity down 1.74%, and the overall market conversion premium rate up 0.92% compared to the previous week [1][7][8]. - From February 9 - 13, the convertible bond market continued to deeply adjust with compressed valuations on Monday but quickly recovered on Tuesday. There were unexpected redemptions of some convertible bonds during the week, and institutions showed a strong demand for convertible bonds. After short - term liquidity disturbances, the spring rally is expected to continue. It is recommended to focus on convertible bonds with appropriate performance and valuation levels, especially in the growth technology sector, and avoid high - redemption - risk targets [2][19][20]. 3. Summary According to Relevant Catalogs Market Trends (2026/2/2 - 2026/2/6) - **Stock Market**: The market continued to adjust with shrinking trading volume and a significant style shift. Different sectors showed different performances each day. Most Shenwan primary industries rose, with food and beverage (4.31%), beauty care (3.69%), and power equipment (2.20%) leading the gains, while non - ferrous metals (-8.51%), communication (-6.95%), and electronics (-5.23%) lagged [7][8]. - **Bond Market**: It was generally volatile. Yields rose initially due to weak PMI data, commodity and equity market fluctuations, and liquidity pressure. Later, sentiment improved supported by factors such as the central bank's larger - than - expected bond purchases in January and stable local bond issuance. The 10 - year Treasury bond rate closed at 1.81% on Friday, down 0.1bp from the previous week [8]. - **Convertible Bond Market**: More than half of the individual convertible bonds rose. The CSI Convertible Bond Index was up 0.05% for the week, the median price was up 0.69%, the arithmetic average parity was down 1.74%, and the overall market conversion premium rate was up 0.92% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in the [90,100), [100,110), and [110,120) parity ranges changed by +4.58%, -0.30%, and +1.86% respectively, and were at the 99%, 100%, and 99% percentile values since 2023. Most industries in the convertible bond market rose, with social services (11.45%), national defense and military industry (2.23%), and environmental protection (2.06%) leading, while computer (-3.91%), electronics (-3.30%), and non - bank finance (-3.14%) lagged. The total trading volume of the convertible bond market last week was 4058.40 billion yuan, with an average daily trading volume of 811.68 billion yuan, slightly lower than the previous week [8][12][17]. Valuation Overview As of February 6, 2026, for equity - biased convertible bonds, the average conversion premium rates in the 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and over 130 yuan parity ranges were 59.42%, 45.57%, 36.37%, 28.64%, 19.99%, and 20.43% respectively, at high percentile values since 2010 and 2021. For bond - biased convertible bonds with a parity below 70 yuan, the average YTM was -5.24%, at the 1%/2% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 52.09%, at the 97%/100% percentile values since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 10.43%, at the 97%/100% percentile values since 2010/2021 [21]. Primary Market Tracking - **Last Week (2026/2/2 - 2026/2/6)**: Haitian Convertible Bond announced its issuance, and Shangtai Convertible Bond was listed. Haitian Convertible Bond has a scale of 801 million yuan, and the funds will be used for water supply and sewage treatment projects and to supplement working capital. Shangtai Convertible Bond has a scale of 1.734 billion yuan, and the funds will be used for a lithium - battery anode material project [28][29]. - **Future Outlook**: As of February 6, there are no announcements of convertible bond issuance and listing in the coming week. Last week, 4 companies passed the listing committee review, 2 were accepted by the exchange, and 1 passed the shareholders' meeting. Currently, there are 99 convertible bonds to be issued, with a total scale of 154.85 billion yuan, including 7 that have been approved for registration with a total scale of 5.36 billion yuan and 4 that have passed the listing committee review with a total scale of 4.52 billion yuan [30].

Core Viewpoint - The convertible bond market is experiencing a notable surge, particularly highlighted by the recent issuance of Shangtai Technology's convertible bond, which has a large issuance scale and a high credit rating [1][4]. Group 1: Convertible Bond Market Overview - Shangtai Technology's convertible bond, Shangtai Convertible Bond, was listed for trading on February 5, with an issuance scale of 1.734 billion yuan, which is considered relatively large in recent times [1]. - The bond has an AA+ rating, indicating a high level of creditworthiness [1]. - The current stock price of the underlying asset is 75.90 yuan, while the conversion price is set at 84.71 yuan, resulting in a conversion value of only 89.60 yuan [1][2]. Group 2: Market Trends and Investor Behavior - The convertible bond market is currently experiencing a "small but beautiful" bull market, driven by the strong performance of small and mid-cap stocks, which have gained traction since the market style shifted post-September 24 [4]. - Despite the overall market sentiment improving and the convertible bond index rising, many ordinary investors have not felt the benefits of this bull market due to their heavy investments in "core assets," which have been underperforming [4][6]. - Investor behavior shows a tendency to buy more during price declines while hesitating to purchase during price increases, indicating a potential misalignment with market trends [6].

Group 1 - The company Haitian is launching its convertible bond for subscription on February 5, with the subscription code 754759, allowing a maximum subscription of 10,000 lots [1] - Additionally, the Shangtai convertible bond is set to be listed today [1]

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting which bonds are subject to strong redemption and which are not, along with details on shareholder reduction plans for specific companies [1][2]. Group 1: Convertible Bonds Status - Shouhua Convertible Bond is subject to strong redemption with a redemption price of 100.616 and a current price of 130.495 [2][4]. - Libai Convertible Bond and Huachen Convertible Bond are not subject to strong redemption [1][2]. - Other convertible bonds listed include Congsheng, Fumiao, and Jiamei, with their respective current prices and redemption details [4][6]. Group 2: Shareholder Reduction Plans - Jiangshan Oupai's shareholders plan to reduce their holdings by no more than 3% [1]. - Jinpu Garden's shareholders plan to reduce their holdings by no more than 2% [1].

Core Viewpoint - The article discusses various convertible bonds, including their current prices, redemption prices, last trading dates, and conversion values, highlighting the potential investment opportunities and market dynamics in the convertible bond sector [1][3][5]. Group 1: Convertible Bonds Overview - Meino Convertible Bond (Code: 113618) announced a price adjustment on February 3, 2026 [1]. - Baichuan Changyin's controlling shareholder and its concerted parties plan to transfer 10% of their shares [1]. - Shangtai Convertible Bond is set to be listed on February 5, 2026 [1]. Group 2: Convertible Bond Market Data - Huari Convertible Bond (Code: 118009) has a current price of 159.442, with a strong redemption price of 101.105, and a last trading date of January 28, 2026 [3]. - Z Song Convertible Bond (Code: 123159) is priced at 156.110, with a strong redemption price of 100.540, and a last trading date of February 2, 2026 [3]. - Z Fumia Convertible Bond (Code: 118029) has a current price of 145.966, with a strong redemption price of 100.218, and a last trading date of February 2, 2026 [3]. - Z Me Convertible Bond (Code: 127042) is priced at 496.200, with a strong redemption price of 100.893, and a last trading date of February 2, 2026 [3]. - Fuli Convertible Bond (Code: 118043) has a current price of 151.649, with a strong redemption price of 100.397, and a last trading date of February 5, 2026 [3]. - Shentong Convertible Bond (Code: 111016) is priced at 119.486, with a strong redemption price of 100.445, and a last trading date of February 9, 2026 [3]. - Beigang Convertible Bond (Code: 127039) has a current price of 129.770, with a strong redemption price of 101.130, and a last trading date of February 9, 2026 [3]. - Huazheng Convertible Bond (Code: 113639) is priced at 167.040, with a strong redemption price of 100.153, and a last trading date of February 10, 2026 [3]. - Sailong Convertible Bond (Code: 123242) has a current price of 129.015, with a strong redemption price of 100.330, and a last trading date of February 27, 2026 [3]. - Tianjian Convertible Bond (Code: 127071) is priced at 133.318, with a strong redemption price of 100.810, and a last trading date of March 2, 2026 [3]. - Guanglian Convertible Bond (Code: 123182) has a current price of 168.600, with a strong redemption price of 100.960, and a last trading date of March 3, 2026 [3]. - Xingfa Convertible Bond (Code: 110089) is priced at 129.209, with a last trading date pending announcement [3]. Group 3: Additional Convertible Bonds Data - Aojia Convertible Bond (Code: 128097) has a current price of 109.837, with a redemption price of 110.000, and a last trading date of February 12, 2026 [5]. - Huazheng Convertible Bond (Code: 110067) is priced at 125.926, with a redemption price of 107.000, and a last trading date of March 6, 2026 [5]. - Lianchuang Convertible Bond (Code: 128101) has a redemption price of 113.500 and 110.000, with a last trading date of March 11, 2026 [5].

Core Viewpoint - The company, Shangtai Technology, announced the issuance of convertible bonds, indicating a strategic move to raise capital through the bond market [1] Group 1: Bond Issuance Details - The total amount of the bond issuance is 1.734 billion yuan [1] - The number of bonds issued is 17.34 million [1] - The bonds will be listed on the Shenzhen Stock Exchange, with the listing date set for February 5, 2026 [1]

Core Viewpoint - The company, Shangtai Technology, announced the issuance of 1.734 billion yuan in convertible bonds, indicating a significant capital-raising effort to support its operations and growth [1] Group 1: Issuance Details - The company is issuing a total of 17.34 billion yuan in "Shangtai Convertible Bonds," with a face value of 100 yuan per bond, totaling 17.34 million bonds [1] - Existing shareholders have priority in subscribing to 12.4348 million bonds, amounting to 1.243 billion yuan, which represents 71.71% of the total issuance [1] - Online investors subscribed to 4.8328 million bonds, totaling 483.2 million yuan, while 72,400 bonds were not subscribed, amounting to 7.2385 million yuan [1] Group 2: Underwriting and Subscription - The underwriter (joint lead underwriter) has fully subscribed to the 72,400 bonds that were not taken up, amounting to 7.2389 million yuan, which represents a 0.42% underwriting ratio [1]

Macro Strategy - The economic growth target of 5% for the year was successfully achieved, with Q4 GDP growth at 4.5% and nominal GDP growth at 3.8%, indicating a narrowing decline in the GDP deflator index from -1.1% to -0.7% [1][16] - Economic growth was primarily driven by exports and services, with service sector GDP growth at 5.4% and industrial GDP growth at 4.5%. Exports increased by 6.1%, while fixed asset investment decreased by 3.8% [1][16] - Q4 price recovery was noted, although still weak, with service retail growth at 5.5% and total retail sales growth at 3.7% [1][16] Industry Insights - The aerospace sector is highlighted as a long-term strategic focus under the 15th Five-Year Plan, with continued attention on semiconductor equipment, particularly in advanced processes and domestic replacements [5] - The report recommends focusing on semiconductor equipment ETFs as key investment targets due to favorable policies and performance expectations [5] - The commercial aerospace sector is expected to maintain its growth trajectory, supported by strategic planning and market demand [22] Company Recommendations - Qianli Technology (601777) is projected to achieve revenues of 8.9 billion, 10.6 billion, and 12.8 billion yuan for 2025, 2026, and 2027 respectively, with a "buy" rating based on successful AI transformation and expected growth in smart driving business [14] - IFBH (06603.HK) is expected to see revenues of 188 million, 257 million, and 331 million USD from 2025 to 2027, with a "buy" rating due to improving fundamentals and channel strategies [15] - Hangcha Group (603298) maintains a profit forecast of 2.2 billion, 2.4 billion, and 2.7 billion yuan for 2025 to 2027, with a "hold" rating reflecting stable performance and market position [15]

Group 1 - The core point of the article is that Shijiazhuang Shangtai Technology Co., Ltd. has successfully issued convertible bonds totaling 1.734 billion yuan, with a significant portion allocated for preferential subscription by existing shareholders [1][3] - On January 16, 2026, the company's stock closed at 82.73 yuan, down 4.85%, with a turnover rate of 4.22% and a trading volume of 78,500 shares, resulting in a transaction amount of 655 million yuan [1] - The net inflow of main funds on January 16 was 53.29 million yuan, indicating a clear accumulation trend [3] Group 2 - The issuance of convertible bonds has been approved by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission, with a total of 17.34 billion yuan and a face value of 100 yuan per bond [1] - Existing shareholders were allocated 12,434,796 bonds, accounting for 71.71% of the total issuance, while the public investors' effective subscription reached 94,916,831,430 bonds, resulting in a winning rate of approximately 0.0052% [1][3] - The remaining portion of the bonds will be underwritten by joint lead underwriters, with a maximum underwriting amount of 520.2 million yuan [1]

Group 1 - The core point of the article is the announcement of the subscription for two convertible bonds, namely Nape's 02 and Shangtai's convertible bond, which are available for subscription today [1] - The subscription codes for the bonds are 370818 for Nape and 071301 for Shangtai, with a maximum subscription limit of 10,000 lots for each [1] - Additionally, N Aohong's and N Shuangle's convertible bonds are set to be listed today [1]