转债周策略 20260228 3 月十大转债 glmszqdatemark 2026 年 02 月 28 日 3 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 江苏华辰/华辰转债：变压器海外销售有望迎来新突破 友发集团/友发转债：新一轮供给侧改革中，公司预计加快完善焊接钢管全国布局和海 外布局 宇邦新材/宇邦转债：切入工业热管理赛道打造第二增长曲线 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 颀中科技/颀中转债：境内少数掌握多类凸块制造技术并实现规模化量产的集成电路封 测厂商 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备龙头，具有成熟的海外销售渠道 岱美股份/岱美转债：切入智能机器人领域 2026 年增量资金入市的进程仍将持续，年初大概率会演绎"春季躁动"行情，主要关 注科技、高端制造方向的投资线索。 周度转债策略 本周各股票指数普涨，转债相对承压，中证转债指数涨跌幅为-0.23%。 ...

证券简称：弘亚数控 证券代码：002833 转债简称：弘亚转债 转债代码：127041 广州弘亚数控机械集团股份有限公司 投资者关系活动记录表 编号：20260203 投资者关系活 动类别 特定对象调研 媒体采访 新闻发布会 现场参观 分析师会议 业绩说明会 路演活动 其他 电话会议 参与单位名称 及人员姓名 兴业证券、华创证券、天风证券、博时基金、融通基金、瑞天 基金、珠江人寿、磐泽资产、第一创业证券、华能贵诚信托有 限公司、博普资产、国联民生证券 时间 2026 年 2 月 2 日 10:00 | 2026 年 2 月 3 日 14:00 地点 德弘重工产业基地、弘亚数控总部会议室 上市公司 接待人员姓名 李茂洪 董事长、总经理 莫晨晓 副总经理、董事会秘书 马 涵 证券部副总监 投资者关系活 动主要内容介 绍 一、参观环节 公司副总经理、董事会秘书莫晨晓先生带投资者参观佛山 顺德基地，了解德弘重工前端结构件加工制造及家具机械装 配、星石机器人项目等公司新产品及新生产基地情况。 二、交流环节 公司董事长李茂洪先生及副总经理、董事会秘书莫晨晓先 生与投资者进行了深入的交流。 Q：公司近期推出股票期权激励计划 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - In 2026, the process of incremental funds entering the market will continue, and the "Spring Rally" market is likely to occur at the beginning of the year, with the main focus on investment opportunities in the technology and high - end manufacturing sectors [3][54]. - As the proportion of institutional investors in the convertible bond market increases, the impact of stock market expectations on convertible bond valuation deepens. Given investors' optimism about the medium - to - long - term stock market, institutional investors' demand for equity assets remains strong, and the stable capital situation supports convertible bond valuation, with limited short - to - medium - term downside [3][54]. - When the valuation is stable, convertible bonds show the characteristics of "strong in rising and weak in falling" compared to underlying stocks, and still have high allocation value [3][54]. - Recommended convertible bond tracks and targets: (1) In the technology growth sector, pay attention to Ruike, Qizhong and other convertible bonds due to rising overseas computing power demand and the acceleration of AI industrialization; (2) In the high - end manufacturing field, focus on convertible bonds such as Yake, Daimei, Huachen, and Yubang; (3) Due to the optimization of the supply - demand pattern in some industries, pay attention to Youfa convertible bond [3][54]. 3. Summary According to the Directory 3.1 Strategy Analysis 3.1.1 February's Top Ten Convertible Bonds - Meinuohua/Meinuo Convertible Bond: A comprehensive international pharmaceutical technology manufacturing company. The JH389 project in its innovation pipeline is in continuous progress, with positive results in product development, patent application, and commercialization planning [2][10]. - Yatai Technology/Yaoke Convertible Bond: Focuses on R & D and production of aluminum materials and components for automobile thermal management and lightweight systems. It is an important global supplier in these fields and is actively expanding into emerging areas such as new - energy vehicles, aerospace, industrial thermal management, and robotics [2][11]. - Youfa Group/Youfa Convertible Bond: The largest domestic welded steel pipe R & D, production, and sales enterprise. With the improvement of downstream demand and the upcoming new round of supply - side reform, the company plans to improve its national and overseas layout [2][17]. - Jiangsu Huachen/Huachen Convertible Bond: Engaged in the R & D, production, and sales of power transmission and control equipment. With the growth of global energy investment, the company is optimizing its overseas market strategy and aiming for new breakthroughs in overseas markets [2][20]. - Hongya CNC/Hongya Convertible Bond: A leading domestic furniture equipment enterprise. Its subsidiaries are developing in the fields of furniture manufacturing automation solutions and high - precision gears, with good industrial synergy [24]. - Qizhong Technology/Qizhong Convertible Bond: Specializes in advanced packaging and testing of integrated circuits. It is a leading domestic company in bumping manufacturing technology. The global and Chinese display driver chip markets are growing, providing development opportunities [2][28]. - Seiko Steel Structure/Seiko Convertible Bond: A comprehensive steel structure enterprise with complete industrial chain services. It has traditional and innovative business models and has successfully undertaken many overseas landmark projects [2][33]. - Daimei Co., Ltd./Daimei Convertible Bond: A leading global automotive interior parts manufacturer. It has established a new subsidiary focusing on intelligent robotics, marking a step forward in its intelligent business layout [2][37]. - Yubang New Materials/Yubang Convertible Bond: A global supplier of tin - coated welding tapes for photovoltaic modules. It is entering the industrial thermal management track by investing in a technology company, and the data center thermal management market has broad prospects [2][44]. - Ruike Da/Ruike Convertible Bond: A national specialized and sophisticated "little giant" enterprise in connector products. It has a wide range of products in new - energy vehicles, data centers, and other fields, and the demand for its high - speed cable products in data centers is strong [2][48]. 3.1.2 Weekly Convertible Bond Strategy - This week, the stock indices showed a differentiated trend. The CSI Convertible Bond Index fell by 2.61%. The petrochemical, communication, and coal industries ranked high in terms of price changes. The median prices of convertible bonds in each parity range decreased, and the convertible bond valuation is still relatively high compared to historical levels [2][54]. 3.2 Market Tracking - The report provides multiple charts to track the market, including the price changes of broad - based indices and industry indices, the median prices of convertible bonds in different conversion value ranges, the changes in convertible bond valuation, and the back - testing results of various strategy indices. However, specific data analysis is not elaborated in the text [58][60][63].

Core Viewpoint - The company announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of RMB 3.00 per 10 shares for all shareholders, subject to certain conditions [1][4][9]. Summary by Sections Profit Distribution Plan - The company will distribute a cash dividend of RMB 3.00 per 10 shares (including tax) to all shareholders based on the total share capital as of the record date [1][4]. - The distribution will not involve capital reserve transfers or stock bonuses [1][4]. Adjustment of Distribution Amount - The total distribution amount will be adjusted based on changes in total share capital due to the conversion of convertible bonds, maintaining the distribution ratio [2]. Record and Ex-Dividend Dates - The record date for the distribution is set for October 21, 2025, and the ex-dividend date is October 22, 2025 [5]. Distribution Recipients - The recipients of the distribution will be all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [6]. Distribution Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies on the ex-dividend date [7]. Convertible Bond Adjustment - Following the distribution, the conversion price of the company's convertible bonds will be adjusted from RMB 17.30 per share to RMB 17.00 per share, effective from October 22, 2025 [9][15].

Core Points - The company announced the conversion situation of its convertible bonds for the third quarter of 2025, ensuring the accuracy and completeness of the information disclosed [1] - The initial conversion price of the bonds was set at RMB 38.09 per share, which has been adjusted multiple times due to equity distribution plans [2][3][5][7][11] - As of September 30, 2025, the remaining number of convertible bonds is 5,999,082, amounting to RMB 599,908,200, with a total of 635 shares converted during the third quarter [11][12] Convertible Bond Issuance and Adjustment - The company issued 6 million convertible bonds with a total value of RMB 60 million, approved by the China Securities Regulatory Commission [1][2] - The bonds were listed on the Shenzhen Stock Exchange on August 10, 2021, and the conversion period is from January 17, 2022, to July 11, 2026 [2] - The conversion price was adjusted from RMB 38.09 to RMB 26.84 on June 23, 2022, and further adjustments occurred on June 1, 2023, and October 11, 2023, bringing it down to RMB 25.84 [3][5][7] Board Decisions on Conversion Price - The board has repeatedly decided not to lower the conversion price during specified periods, with the latest decision made on October 9, 2023 [4][6] - The conversion price was adjusted to RMB 18.00 on September 12, 2024, and subsequently to RMB 17.70 on October 18, 2024 [10][11] - The most recent adjustment brought the conversion price to RMB 17.30 on June 13, 2025 [11] Share Changes and Other Matters - The company experienced a reduction of 110 bonds due to conversion, resulting in a total of 635 shares converted in the third quarter of 2025 [11] - Changes in shareholding were also noted due to the cancellation of the supervisory board, affecting the number of shares held by departing supervisors [12] - Investors seeking further information can refer to the company's bond issuance prospectus published on July 8, 2021 [13]

Core Viewpoint - 弘亚数控 (002833) is set to pay the fourth-year interest on its convertible bonds on July 14, 2025, with a coupon rate of 1.50% and a payment of RMB 15.00 for every 10 bonds [1][2][3]. Trading Information Summary - On July 4, 2025, 弘亚数控's stock closed at RMB 16.02, down 1.23%, with a turnover rate of 1.36% and a trading volume of 39,300 shares, resulting in a transaction value of RMB 63.19 million [1]. - The fund flow on July 4 showed a net outflow of RMB 637,600 from institutional investors, a net inflow of RMB 5.64 million from retail investors, and a net outflow of RMB 5.01 million from individual investors [1][3]. Company Announcement Summary - The company announced that the interest payment for "弘亚转债" will be made on July 14, 2025, with the interest amounting to RMB 15.00 for every 10 bonds held [1][3]. - The bond's coupon rates are structured as follows: 0.50% for the first year, 0.75% for the second year, 1.00% for the third year, 1.50% for the fourth year, and 2.50% for the fifth year [1]. - The total issuance of the convertible bonds was 6 million, with a total value of RMB 600 million, and they are listed on the Shenzhen Stock Exchange [1].

Core Viewpoint - Guangzhou Hongya Numerical Control Machinery Co., Ltd. announces the interest payment details for its convertible bonds, indicating a 1.50% interest rate for the fourth year and a 2.50% rate for the fifth year, with specific payment terms outlined for bondholders [1][2][4]. Group 1: Bond Issuance and Terms - The company issued 6 million convertible bonds on July 12, 2021, with a total value of RMB 600 million [2]. - The interest payment for the fourth year is set at RMB 15.00 per 10 bonds (including tax), with the actual amount received by bondholders being RMB 12.00 after tax deductions [4][5]. - The interest payment date is scheduled for July 12, 2025, with the interest calculation based on the bond's face value and the applicable interest rate [3][4]. Group 2: Taxation and Payment Process - Bondholders are responsible for the 20% tax on interest income, which will be withheld by the payment agency at the time of interest distribution [5]. - Foreign institutional investors are exempt from corporate income tax and value-added tax on interest income until December 31, 2025, as per the relevant tax regulations [5]. - The company has appointed China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, to handle the interest payment process [4][6].

Group 1 - The company has approved a cash dividend distribution plan of RMB 4.00 per 10 shares (including tax) at the 2024 annual shareholders' meeting held on June 3, 2025 [1] - The dividend will be distributed based on the total share capital as of the close of trading on June 12, 2025, with no capital reserve conversion or bonus shares issued [1][2] - The dividend distribution will be executed on June 13, 2025, directly credited to shareholders' accounts through their custodial securities companies [2] Group 2 - The record date for the dividend distribution is June 12, 2025, and the ex-dividend date is also June 12, 2025 [2] - The adjusted conversion price for the company's convertible bonds will change from RMB 17.70 to RMB 17.30 per share, effective from June 13, 2025 [2]

Group 1: Company Performance and Strategy - The company has maintained stable performance despite challenges in the real estate and home decoration industries, primarily through technological advancements and market expansion [2][3]. - The company exports to over 70 countries, with a low revenue share from the U.S. market, indicating a strategic focus on international market development [3]. - The company plans to utilize new production capacity over the next 3-5 years, aiming for growth despite current market constraints [3][4]. Group 2: Financial Metrics and Shareholder Returns - The company has distributed over 1.353 billion CNY in cash dividends since its listing, emphasizing a commitment to shareholder returns [4]. - The company is actively managing its 600 million CNY convertible bonds, ensuring timely repayment and compliance with regulations [4]. - The company reported a 34% share of overseas business, with minimal impact from recent tariff policies [4]. Group 3: Product Development and Market Trends - The new composite drilling and milling center has shown good market acceptance, addressing complex production needs in the custom furniture sector [3][5]. - The company is focusing on smart manufacturing solutions to enhance production efficiency and meet the growing demand for customized products [5][6]. - The furniture equipment industry is undergoing a transformation towards intelligent manufacturing, with the company positioned as a leader in this transition [5][6]. Group 4: Market Outlook and Competitive Position - The overall industry is experiencing revenue contraction and profit pressure, yet the company has managed to increase its market share and maintain relatively good performance [6]. - Future growth will be driven by expanding into emerging markets and increasing the proportion of mid-to-high-end products [5][6]. - The company is committed to continuous innovation and product upgrades to support sustainable industry development [5][6].

Core Viewpoint - The announcement details the conversion status of the company's convertible bonds for the first quarter of 2025, indicating no conversions occurred during this period, and outlines the adjustments to the conversion price over time [1][14]. Group 1: Convertible Bond Issuance and Terms - The company issued 6 million convertible bonds with a total value of RMB 60 million, approved by the China Securities Regulatory Commission, and listed on the Shenzhen Stock Exchange on August 10, 2021 [2]. - The initial conversion price was set at RMB 38.09 per share, effective from January 17, 2022, with a conversion period lasting until July 11, 2026 [3]. Group 2: Conversion Price Adjustments - The conversion price was adjusted to RMB 26.84 per share on June 23, 2022, following the implementation of the 2021 annual equity distribution plan [3]. - Subsequent adjustments occurred, with the conversion price set at RMB 26.44 on June 1, 2023, and further reduced to RMB 25.84 on October 11, 2023, after the 2023 semi-annual equity distribution [6][8]. - The most recent adjustment set the conversion price at RMB 17.70 on October 18, 2024, following the 2024 semi-annual equity distribution [12]. Group 3: Conversion Status and Share Changes - In the first quarter of 2025, there were no conversions of the convertible bonds, leaving a total of 5,999,195 bonds outstanding, equivalent to RMB 599,919,500 [14]. - The company has consistently opted not to lower the conversion price during various board meetings, with the next potential adjustment period starting from April 10, 2024 [4][5][7][9].