债券研究 /[Table_Date] 2026.01.06 2026 年 1 月转债策略展望 本报告导读： 2026 年 1 月的十大转债组合，在行业与价格分布上偏重进攻和弹性，并辅以部分相 对低价和低估值行业平衡组合风格。 投资要点： | | | | 共识凝聚，抢跑开局 | | [Table_Authors] | 顾一格(分析师) | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 021-38038201 | |  | 2026 | 年 | 月转债策略展望 | 1 | | | | | | | | | | guyige@gtht.com | | | | | | | 登记编号 | S0880522120006 | [Table_Report] 相关报告 | 年近岁除，以守为攻 2025.12.05 | | --- | | 冬藏待春，顺势而为 2025.11.03 | | 乘胜追击，超额增厚 2025.10.08 | | 催化延续，转债强韧 2025.10.07 | | 休整蓄势，把握良机 2025.09.01 | 证 券 研 究 报 告 请 ...

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].

证券代码：603067 证券简称：振华股份 公告编号：2025-056 债券代码：113687 债券简称：振华转债 一、产业投资基金情况概述 湖北振华化学股份有限公司（以下简称"公司"）于2019年2月21日召开第三届董事会第四次（临时）会 议、第三届监事会第四次会议，审议通过了《关于全资子公司旌珵投资参与设立产业投资基金的议 案》，同意公司全资子公司深圳旌珵投资发展有限公司与武汉鼎石汇泽投资管理有限公司、青海省循环 经济发展基金中心（有限合伙）（以下简称"青海循环经济基金"）通过有限合伙企业形式共同投资设立 青海华泽循环经济产业投资基金（有限合伙）（以下简称"本基金"或"基金"）。旌珵投资作为有限合伙 人认缴出资 3,000 万元人民币，认缴比例为 50%，具体内容详见《振华股份关于全资子公司参与设立产 业投资基金暨关联交易的公告》（公告编号：2019-003）。 2019年3月，基金在中国证券投资基金业协会完成了私募投资基金备案手续。具体内容详见《振华股份 关于全资子公司参与设立产业投资基金进展情况的公告》（公告编号：2019-005）。 2021年7月，经基金全体合伙人一致同意，青海循环经济基金出资从2 ...

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]

Core Viewpoint - The China Convertible Bond Index rose by 0.59% to 486.85 points on November 25, indicating a positive trend in the convertible bond market [1]. Group 1: Market Performance - The top gainers in the convertible bond market included: - Outoon Convertible Bond, up by 15.15% to 592.86 [2] - Zhuomei Convertible Bond, up by 10.52% to 173.854 [2] - Spring 23 Convertible Bond, up by 7.18% to 180.939 [2] - The top losers in the market were: - Huachen Convertible Bond, down by 7.84% to 160.878 [2] - Dongshi Convertible Bond, down by 3.12% to 249.85 [2] - Jianfan Convertible Bond, down by 1.66% to 118.552 [2]

Core Viewpoint - The Zhongzheng Convertible Bond Index opened lower by 0.07% on November 12, indicating a slight decline in the overall market sentiment for convertible bonds [1] Group 1: Market Performance - Dongshi Convertible Bond rose nearly 10%, showing strong investor interest and positive market sentiment [1] - Yonggui Convertible Bond increased by 8.8%, reflecting a favorable performance among certain convertible bonds [1] - Zhenhua Convertible Bond fell by 4.7%, indicating a negative trend for this specific bond [1] - Tianci Convertible Bond decreased by 3.8%, suggesting a decline in investor confidence for this bond [1]

Group 1 - The willingness to adjust convertible bonds is decreasing, with only 10% of proposed adjustments in October compared to 21% in September, indicating a shrinking adjustment space [1][13][19] - The proportion of convertible bonds with a price in the (0,80] range has decreased from 40.7% at the beginning of the year to 20.0%, reflecting a continuous reduction in potential adjustment space [1][19] - The market is seeing a shift from adjustment strategies to focusing on the underlying stocks, with an emphasis on opportunities related to undervalued stocks in the context of optimistic market expectations [2][22] Group 2 - The convertible bond market has shown positive performance, with the China Securities Convertible Bond Index rising by 0.86% this week, alongside an increase in average daily trading volume to 685.26 billion [3][31] - A total of 17 industries saw gains, with the retail, coal, and steel sectors leading the market, while the computer, media, and electronics sectors experienced declines [3][30][38] - The weighted average conversion value of the market has increased to 104.67 yuan, with a corresponding decrease in the premium rate to 37.68% [4][48] Group 3 - The supply of convertible bonds is tightening, with two new bonds issued this week and several announcements regarding potential adjustments and redemptions [5][24] - The market is advised to focus on convertible bonds nearing their adjustment periods, considering factors such as remaining term and financial pressure to identify potential adjustment candidates [1][19][24] - The report highlights the importance of monitoring structural opportunities in sectors like technology, consumer goods, and cyclical industries, particularly in the context of economic recovery [2][22][24]

Group 1 - The domestic commodity futures market showed mixed results, with the shipping index (European line) rising over 3% and lithium carbonate dropping over 4% [1] - The China convertible bond index closed down 0.67%, with notable gainers including Zhongneng Convertible Bond and Zhenhua Convertible Bond, which rose 13.15% and 9.57% respectively [1] - The ETF market had varied performances, with the Asia-Pacific Selected ETF leading gains at 2.35%, while the Nikkei 225 ETF fell by 5.76% [1] Group 2 - UBS Securities expressed a positive mid-term outlook for the A-share market, suggesting that growth style remains the main investment theme, with the ChiNext board showing a favorable risk-reward ratio [2] - In the context of AI investments, Invesco's Chief Global Market Strategist noted that the potential of AI is undeniable, but the ultimate winners in the sector will take time to identify, recommending a diversified investment approach [2] - CICC highlighted that the market's upward trend is likely to continue, with structural highlights in sectors such as AI computing power, machinery, automotive, and innovative pharmaceuticals [2] Group 3 - The Chief Economist of AVIC Securities indicated that external risks are easing, leading to improved market risk appetite, and suggested a balanced investment approach focusing on themes like smart technology and aerospace [3] - The recent announcement regarding gold tax policies aims to encourage on-site gold trading by clarifying distinctions between investment and non-investment uses [2]

Group 1 - The convertible bond market experienced a decline, with the Zhongzheng Convertible Bond Index falling by 0.86% to 484.44, and a total trading volume of 599.24 billion yuan [1] - A total of 403 convertible bonds were traded, with 45 increasing in value, 1 remaining flat, and 357 decreasing [1] - Notably, 12 convertible bonds saw an increase of over 2%, with Funi Convertible Bond (110099) rising by 40.63%, Dazhong Convertible Bond (127070) increasing by 18.76%, and Titan Convertible Bond (127096) up by 12.05% [1] Group 2 - Conversely, 64 convertible bonds experienced a decline of over 2%, with Shuiyang Convertible Bond (123188) dropping by 11.66%, Fuli Convertible Bond (118043) down by 5.72%, and Huanxu Convertible Bond (113045) falling by 4.9% [1] - Among the underlying stocks corresponding to the traded convertible bonds, 95 increased, 6 remained flat, and 302 decreased [1] - Specifically, 8 convertible bonds had underlying stocks that rose by over 5%, including Titan Co. (003036) hitting the daily limit with a 10.02% increase, Zhenhua Co. (603067) also reaching the limit with a 10.0% rise, and Dazhong Mining (001203) up by 9.99% [1]