证券研究报告·固定收益·固收周报 固收周报 20260201 转债踏空欠配资金配置窗口渐近 2026 年 02 月 01 日 [关键词： Table_Tag#稀缺资产 ] 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《债市窄幅震荡中等待新催化》 2026-02-01 《绿色债券周度数据跟踪（20260126- 20260130）》 2026-01-31 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 [Table_Summary] ◼ 本周（0126－0130）大类资产出现显著波动，美股、贵金属、美 债收益率短端显著调整，美元小幅修复，这来自于围绕美联储下 一任主席人选前期过度"悲观"预期的一种反向修正，沃什拥有 偏鹰的历史，市场由此认为联储 26 年降息路径或维持克制。整 体我们仍维持前期观点，在宏观大叙事的交集方向上，低利率的 环境既是必要的也将是有效的，但正如我们前期所述，联储货币 政策的任何预期调整都将 ...

本钢板材股份有限公司投资者关系活动记录表 编号：2026-01 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | 类别 | 新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | | 太保资产-张雪婷 | | | | 国信自营-张萌 | | | | 睿郡资产-刘国星 | | | | 摩根华鑫-曾格凯茜、张毅 | | | | 银华基金-华强强、李宛达、张玲 | | | | 中银基金-柴一鸣 | | | | 安信基金-宋珊珊 | | | | 交银基金-庄彤芸 | | | | 工银瑞信-周桐 | | | | 华兴资管-刘金羽 | | | | 融通基金-樊鑫 | | | 参与活动单位及 人员 | 华泰资管-夏嘉璐 | | | | 弘康人寿-孙婷 | | | | 海通资管-焦杰 | | | | 中金资管-胡迪 | | | | 兴全基金-杨宇辰 | | | | 平安养老-金浩枫 | | | | 泰康资产-陈潇 | | | | 国寿安保-曲朗宁 | | | | 汇添富-何彪 | | | | 汇华理财-张烙僮 ...

Group 1 - The company held its second extraordinary general meeting of shareholders on December 25, 2025, with no proposals being rejected [1][2] - The meeting was conducted in compliance with relevant laws and regulations, and the chairman of the board, Mr. Huang, presided over the meeting [8][17] - The shareholders approved the proposal to lower the conversion price of the "Ben Gang Convertible Bonds" [11] Group 2 - The board of directors convened on December 25, 2025, with all eight directors present, and the meeting was also compliant with legal requirements [18][16] - The board approved several proposals, including the adjustment of the conversion price for the "Ben Gang Convertible Bonds" and the annual salary for senior management for 2024 [19][21] - The conversion price was adjusted from 3.95 yuan per share to 3.29 yuan per share, effective December 26, 2025 [30][31] Group 3 - The company expects to engage in daily related transactions with Ansteel Group and its subsidiaries amounting to approximately 4,124.61 million yuan in 2026, which is 347% of the company's audited net assets [44] - The board approved the expected daily related transactions, which are essential for the company's normal production and operations [50] - Independent directors confirmed that the expected transactions are fair and will not harm the interests of non-related shareholders [51]

Group 1 - The article expresses a pessimistic view on silver LOF due to excessive arbitrage positions and consecutive trading halts, leading to a decline in buying interest and a drop to net asset value levels [1] - BoShi Co., Ltd. plans to reduce its shareholding by no more than 2.93% [1] - Jinpu Garden plans to reduce its shareholding by no more than 0.8% [1] - ShenYu Convertible Bond is set to be listed on December 30 [1] - Xiangyuan Convertible Bond is approaching its last trading day [1] - Shuangle Convertible Bond is currently open for subscription [1] - Hong Kong stock market is on holiday [1] Group 2 - The table lists various convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][4][6] - Notable convertible bonds include XinHua Convertible Bond with a current price of 127.178 and a last trading date of December 22, 2025 [4] - KaiRun Convertible Bond has a current price of 114.936 and a last trading date of December 22, 2025 [6] - The article mentions specific bonds like BenGang Convertible Bond with an announcement of down adjustment and Hengshuai Convertible Bond which will not be forcibly redeemed [8]

Group 1 - The company, Benxi Steel Plate, announced that it will hold the second extraordinary general meeting of shareholders on December 25, 2025 [2] - The agenda includes a proposal from the board of directors to lower the conversion price of the "Benxi Convertible Bonds" [2]

Group 1: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase the proportion of related sales and impact its independent operational capabilities [2] - The feasibility and compliance of the restructuring plan are under further careful evaluation, with uncertainties remaining [2] Group 2: Convertible Bond Arrangements - The company is preparing for the maturity of its convertible bonds by enhancing its market value management and improving profitability through cost reduction and efficiency [2] - Plans to expand financing channels are in place to ensure the smooth repayment of the convertible bonds [2] Group 3: Price Adjustment Considerations - The company will adhere to the terms outlined in the prospectus for adjusting the conversion price of the convertible bonds, ensuring it does not fall below the higher of the average trading price over the last twenty trading days or the latest audited net asset value per share [3] Group 4: Industry Policy Response - The company is committed to responding to the "anti-involution" policy by optimizing production based on market trends and focusing on stable operations, risk prevention, quality improvement, structural optimization, transformation promotion, and efficiency enhancement [3]

Group 1: Asset Replacement and Financial Performance - The company is currently evaluating the feasibility and compliance of a major asset replacement plan disclosed in June 2023, which may significantly increase the proportion of related sales and impact the company's independent operational capabilities [2] - The company has faced losses due to higher sales and procurement costs compared to industry standards, exacerbated by long cold periods in Northeast China, but has seen improvements in performance year-on-year [2][3] Group 2: Profitability Improvement Measures - The company is focusing on developing high value-added products to narrow the competitive gap with leading steel enterprises, aiming to increase prices and gross margins through differentiated products [3] - Efforts to reduce procurement costs include strategic purchasing, product substitution, and optimizing inventory management to enhance operational efficiency and capacity utilization [3] Group 3: Convertible Bond and Financing Strategies - The company is preparing for the upcoming maturity of its convertible bonds by enhancing its market value management and exploring financing channels to ensure timely repayment [3] - Strategies include cost reduction, efficiency improvement, and professional integration to elevate the company's overall quality and valuation [3] Group 4: Industry Response and Operational Strategy - The company is committed to responding to the "anti-involution" policy by optimizing production based on market trends and ensuring stable operations while enhancing quality and efficiency [3]

Group 1: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase the proportion of related party sales, potentially impacting its independent operational capabilities [2] - The feasibility and compliance of the restructuring plan are under further careful evaluation, with ongoing discussions and negotiations [2] Group 2: Convertible Bond Adjustments - The company is adjusting the conversion price of its convertible bonds to protect the interests of bondholders and optimize its capital structure [2] - The company is preparing for the maturity of its convertible bonds by enhancing its market value management and implementing cost reduction and efficiency improvement strategies [3] Group 3: Financing and Future Plans - The company aims to expand financing channels and ensure readiness for the repayment of maturing convertible bonds [3] - Strategies include professional integration and significant asset restructuring to enhance company valuation in compliance with legal and regulatory standards [2]

Group 1 - The core viewpoint of the article is that multiple shareholders of Jiukang Bio plan to transfer a total of 5% of their shares to China National Pharmaceutical Group [1] Group 2 - The article mentions that the controlling shareholder of Zai Sheng Technology intends to transfer 6.04% of the company's shares to Zhongrong Huaxin [5] - It also notes that Jiamei Packaging is planning a change of control, leading to a suspension of its stock [5] - Additionally, Shanshi Network Technology's shareholders plan to reduce their holdings by no more than 1% of the company's shares [5]

Core Viewpoint - The company announced a downward adjustment of the conversion price for its convertible bonds due to a significant decline in stock prices over a specified period [2] Group 1: Company Announcement - Benxi Steel Plate announced that from November 25, 2025, to December 9, 2025, its A-share stock price closed below 85% of the current conversion price on ten out of twenty consecutive trading days, triggering the downward adjustment clause for "Benxi Steel Convertible Bonds" [2] - On December 9, 2025, the company held its sixth meeting of the tenth board of directors, where it approved a proposal to adjust the conversion price of "Benxi Steel Convertible Bonds," which will be submitted for shareholder approval [2]