Core Viewpoint - The article provides a detailed overview of various convertible bonds, including their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion in the underlying stocks, highlighting potential investment opportunities in the convertible bond market [1][4][6]. Group 1: Convertible Bond Listings - The article lists several convertible bonds with their respective details, such as: - Anji Convertible Bond (Code: 118054) has a current price of 169.919, a strong redemption price of 100.291, and a conversion value of 170.52 [1]. - Z Gong Convertible Bond (Code: 123239) is priced at 112.400 with a conversion value of 113.39 and a remaining scale of 1.444 billion [1]. - Wei Ce Convertible Bond (Code: 118055) shows a current price of 200.263 and a conversion value of 201.72, with a remaining scale of 4.304 billion [1]. Group 2: Redemption and Conversion Details - The article provides insights into the redemption and conversion details of various bonds: - Le Pu Convertible Bond (Code: 123108) has a current price of 107.620 and a redemption price of 107.800, with a conversion value of 57.00 and a remaining scale of 16.371 billion [4]. - Li Qun Convertible Bond (Code: 113033) is priced at 109.736, with a redemption price of 110.000 and a conversion value of 86.36, having a remaining scale of 7.216 billion [4]. Group 3: Premium Rates and Remaining Scales - The article highlights the premium rates and remaining scales of certain convertible bonds: - Hua Mao Convertible Bond (Code: 113677) has a premium rate of 25.66% with a remaining scale of 10.490 billion [6]. - Yi Wei Convertible Bond (Code: 123254) shows a premium rate of 23.61% and a remaining scale of 49.982 billion [6]. - Zhen Hua Convertible Bond (Code: 113687) has a current price of 436.286 with a premium rate of 4.76% and a remaining scale of 4.039 billion [6].

Group 1: Report Investment Rating - No investment rating is provided in the report. Group 2: Core Views - In the context of continued external uncertainties and high absolute valuations, the redemption negative feedback may still be in the early stage of fermentation. In terms of configuration, it is advisable to focus on defense, prioritize the layout of targets with solid bond - floor support and relatively low valuations, and avoid high - premium varieties [1][3]. - The convertible bond market accelerated its decline last week, with the core driving factors being the escalation of the Middle East geopolitical conflict and the hawkish stance of the Federal Reserve's policy, which led to a continuous weakening of global market risk appetite. The convertible bond market was pressured downwards along with the equity market. The small - cap and mid - cap convertible bond indexes had higher declines than the large - cap index, and the low - price index had a significantly lower decline than the high - price and mid - price indexes, indicating that the risk appetite for high - valuation and high - price varieties was still converging [1][10]. - The convertible bond market experienced a wide - range adjustment last week, with significant retracements in high - valuation varieties. Most style factors continued to be weak, and high - position targets with strong previous momentum faced concentrated adjustment pressure. It is recommended that investors be cautious in the current weak and volatile environment, prioritize the defensive attributes of assets, strictly control portfolio exposure, avoid high - deviation and downward - trending varieties, and moderately track and observe targets with low ZL deviation and potential pricing repair space [2][14]. - Looking ahead, the current redemption negative feedback may still be in the early stage of fermentation. The strategy should still focus on defense, and it is advisable to prioritize the layout of low - valuation targets. Overseas uncertainties have significantly increased, and the overall valuation of the convertible bond market is still in a relatively high range after the correction. It is recommended to maintain a cautious and defensive tone, focus on low - valuation varieties with solid bond - floor support, reasonable conversion premiums, and high cost - effectiveness, and strictly control portfolio risk exposure [3][21]. Group 3: Summary by Directory 1. Convertible Bond Weekly Thinking - Last week (from March 16 to March 20, 2026), the convertible bond market accelerated its decline. The core driving factors were the escalation of the Middle East geopolitical conflict and the hawkish stance of the Federal Reserve's policy, which led to a continuous weakening of global market risk appetite. The convertible bond market was pressured downwards along with the equity market. Style factors were generally under pressure, especially the momentum style. The small - cap and mid - cap convertible bond indexes had higher declines than the large - cap index, and the low - price index had a significantly lower decline than the high - price and mid - price indexes. The decline of the convertible bond market further expanded, mainly due to the double impact of the escalation of the Middle East geopolitical conflict and the hawkish signals from the Federal Reserve's March interest - rate meeting, which intensified market panic. Some fixed - income + products faced redemption pressure, leading to a "redemption - selling" negative feedback cycle. The convertible bond index showed a trend of simultaneous decline in volume and price, with significant adjustments in high - valuation and technology - themed individual bonds [10]. - The convertible bond market had a wide - range adjustment last week, with significant retracements in high - valuation varieties. Most style factors continued to be weak, and high - position targets with strong previous momentum faced concentrated adjustment pressure. Only "Aima Convertible Bond" in the liquidity style had a slight gain (+0.04%), and "Wanqing Convertible Bond" in the valuation style remained flat (0.00%). From an industry perspective, pro - cyclical sectors such as chemical raw materials and construction machinery faced obvious capital outflows. The copper and aluminum sectors related to non - ferrous metals were also weak. In contrast, "Aima Convertible Bond" in the motorcycle sector and "Wanqing Convertible Bond" in the cement sector showed certain defensive characteristics in the weak market. It is recommended that investors be cautious, prioritize the defensive attributes of assets, and track targets with low ZL deviation [14]. - Currently, convertible bonds are still in an over - valued range. It is recommended to focus on low - valuation and high - cost - effectiveness varieties. After the rapid decline, the convertible bond market is still about 10% over - valued compared to the reasonable level according to the BS and ZL models. The pressure of valuation regression is still being released. It is advisable to maintain a cautious and defensive strategy, prioritize targets with solid bond - floor support, strong underlying stock performance certainty, and relatively low valuations, and avoid high - premium varieties [17]. 2. Convertible Bond Market Aspect 2.1 Convertible Bond Market Aspect - No specific content is provided other than data sources. 2.2 Convertible Bond Individual Bond Aspect - Tables and figures show the performance of convertible bond indexes and the top - ten and bottom - ten individual bond price changes in the past week, but no detailed analysis is provided. 2.3 Convertible Bond Valuation Aspect - Figures show the valuation trends of bond - type, balanced, and stock - type convertible bonds, as well as the conversion premium rate valuation trends of convertible bonds with different parities, but no detailed analysis is provided. 2.4 Convertible Bond Price Aspect - Figures show the proportion trend of high - price bonds and the median price of convertible bonds, but no detailed analysis is provided.

Group 1 - The core point of the article highlights a decline in the Zhongzheng Convertible Bond Index by 0.64%, reaching 522.58 points on February 27 [1] - The largest declines were observed in Anji Convertible Bond, Hengshuai Convertible Bond, Zhenhua Convertible Bond, Huicheng Convertible Bond, and Yingliu Convertible Bond, with respective drops of 9.31%, 8.91%, 8.71%, 8.33%, and 6.97% [1] - Conversely, the top gainers included Yitian Convertible Bond, Guanglian Convertible Bond, Aiwei Convertible Bond, Guanzhong Convertible Bond, and Shuangliang Convertible Bond, with increases of 12.06%, 5.92%, 5.86%, 5.35%, and 4.95% respectively [1]

Group 1 - The convertible bonds of Daimai increased by 8.34% [1] - The convertible bonds of Dongshi rose by 4.11% [1] - The convertible bonds of Fengyu grew by 2.94% [1] - The convertible bonds of Baichuan increased by 2.69% [1] Group 2 - The convertible bonds of Shuangliang decreased by 6.09% [1] - The convertible bonds of Zhenhua fell by 1.60% [1] - The convertible bonds of Longjian declined by 1.46% [1]

Group 1 - The core index of convertible bonds, the Zhongzheng Convertible Bond Index, rose by 0.46% to 528.80 points on February 12 [1] - Notable gainers included N Longjian Convertible Bond, Yubang Convertible Bond, Yingliu Convertible Bond, Zhenhua Convertible Bond, and Aofei Convertible Bond, with increases of 30.00%, 10.85%, 7.80%, 6.40%, and 6.30% respectively [1] - Conversely, Baichuan Convertible Bond 2, Linuo Convertible Bond, Huayang Convertible Bond, Huicheng Convertible Bond, and Tianchuang Convertible Bond experienced significant declines, with drops of 7.94%, 5.23%, 3.75%, 3.22%, and 3.19% respectively [1]

Group 1 - The report maintains an optimistic outlook for the convertible bond market in January 2026, driven by policy expectations and seasonal capital inflows, which are expected to create a "good start" for the market [6][17] - The central economic work conference has identified "technological innovation" and "expanding domestic demand" as key policy focuses, with related industry policy benefits expected to continue, directly boosting market risk appetite [6][17] - The convertible bond market is experiencing a tight supply-demand balance, with the total size of publicly traded convertible bonds at approximately 527.1 billion yuan as of December 31, 2025, down 183.6 billion yuan from the beginning of 2025 [19] Group 2 - The report suggests focusing on growth styles in investment strategies, particularly in technology sectors such as aerospace, AI computing, semiconductor equipment, and innovative pharmaceuticals, which are expected to benefit from industry policy support [6][20] - The top ten convertible bond portfolio for January 2026 emphasizes aggressive and elastic sectors, with a focus on technology growth, cyclical recovery, and financial sectors [6][20] - Specific recommendations include increasing holdings in convertible bonds from companies like Yinbang, Zhenhua, and Yingliu in the technology sector, and focusing on cyclical sectors such as precious metals and chemicals [20][22]

Core Viewpoint - The China Convertible Bond Index rose by 0.61% on December 22, reaching 488.22 points, indicating a positive trend in the convertible bond market [1]. Group 1: Market Performance - The Li Bo Convertible Bond increased by 12.64%, showing significant growth [1]. - The Wei Dao Convertible Bond rose by 7.45%, reflecting strong investor interest [1]. - The Zhenhua Convertible Bond experienced a rise of 6.56%, contributing to the overall positive performance of the index [1]. - Conversely, the Hua Ti Convertible Bond fell by 6.20%, indicating some volatility in the market [1]. - The Jin Zhong Convertible Bond decreased by 4.90%, suggesting a decline in investor confidence [1]. - The Hui Cheng Convertible Bond dropped by 4.10%, further highlighting the mixed performance within the sector [1].

Group 1 - The company announced the termination and cancellation of the Qinghai Huaze Circular Economy Industry Investment Fund, which was established in partnership with professional investment institutions [2][4] - The fund was initially set up in February 2019, with the company's wholly-owned subsidiary, Shenzhen Jingchang Investment Development Co., Ltd., contributing 30 million RMB, representing a 50% stake [2] - In July 2021, the fund's total scale was reduced from 60 million RMB to 50 million RMB, resulting in an increase in the company's stake to 60% [3] Group 2 - The fund has completed its investment projects and the partners decided to terminate and deregister the fund, with the cancellation registration completed as per the notice from the Xining City Market Supervision Administration [4] - The liquidation and cancellation of the fund will not have a substantial impact on the company's financial status or daily operations, and it does not harm the interests of the company or its shareholders, particularly minority shareholders [5]

Core Viewpoint - The China Convertible Bond Index rose by 0.43% on December 12, reaching 483.36 points, indicating a positive trend in the convertible bond market [1] Summary by Category Market Performance - The China Convertible Bond Index increased by 0.43% to 483.36 points [1] - Notable gainers included: - Ruike Convertible Bond: +30.00% - Jingzhuang Convertible Bond: +11.31% - Jingda Convertible Bond: +7.24% - Huicheng Convertible Bond: +6.28% - Zhenhua Convertible Bond: +5.10% [1] - Significant decliners included: - Longda Convertible Bond: -3.25% - Huarui Convertible Bond: -3.24% - Furong Convertible Bond: -3.01% - Chaosheng Convertible Bond: -2.51% - Yong02 Convertible Bond: -2.28% [1]

Group 1 - The China Convertible Bond Index opened up 0.04% on December 4, reaching 478.74 points [1][2] - The top gainers in convertible bonds included Yong02, Hongwei, Fuxin, Hengshuai, and Jincheng, with increases of 8.14%, 6.02%, 5.95%, 2.83%, and 2.13% respectively [1][2] - The largest decliners were Furong, Dongshi, Weidao, Zhenhua, and Shouhua, with decreases of 4.66%, 2.86%, 1.30%, 1.25%, and 1.05% respectively [1][2]