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%。 ...

Group 1 - The China Convertible Bond Index rose by 0.80% to 521.01 points on February 6 [1] - The top gainers included Baichuan Convertible Bond 2, Fuxin Convertible Bond, Yongji Convertible Bond, Shouhua Convertible Bond, and Tairui Convertible Bond, with increases of 11.58%, 11.06%, 8.88%, 8.12%, and 7.92% respectively [1] - The largest decliners were Xinzhi Convertible Bond, Titan Convertible Bond, Liyang Convertible Bond, Guanglian Convertible Bond, and Weidao Convertible Bond, with decreases of 10.94%, 7.44%, 4.88%, 1.98%, and 1.72% respectively [1]

Summary of Key Points Core Viewpoint - The article discusses recent corporate actions regarding share repurchases and shareholder stake reductions, highlighting specific companies and their financial instruments. Group 1: Shareholder Actions - Zhonghuan Hailu plans to reduce its shareholding by no more than 3% [1] - Jiaze New Energy intends to repurchase shares worth between 220 million to 440 million [7] - Yitian Intelligent's controlling shareholder has terminated the agreement to transfer 5.99% of the company's shares [7] Group 2: Convertible Bonds - New Zhi Convertible Bond is subject to forced redemption [7] - Huicheng Convertible Bond, Yongji Convertible Bond, and Tairui Convertible Bond are not subject to forced redemption [7] - Juxing Convertible Bond and Yifeng Convertible Bond will not undergo adjustments [7] Group 3: Convertible Bond Market Data - Various convertible bonds are listed with their current prices, redemption prices, last trading dates, and conversion values, indicating market activity and investor interest [4][6]

Core Viewpoint - The company, Tai Rui Machinery (603289.SH), has triggered the conditional redemption clause of its convertible bonds due to the stock price exceeding 130% of the conversion price for fifteen trading days, but the board has decided not to exercise the early redemption option [1] Group 1 - The stock price of Tai Rui Machinery has been above the conversion price of the "Tai Rui Convertible Bonds" at 10.595 yuan per share for fifteen trading days from January 16, 2026, to February 5, 2026 [1] - The board of directors held a meeting on February 5, 2026, and approved the proposal not to redeem the "Tai Rui Convertible Bonds" early [1] - The company will not exercise the early redemption right for the next three months, from February 6, 2026, to May 5, 2026, even if the redemption clause is triggered again [1] Group 2 - After May 5, 2026, if the conditional redemption clause is triggered again, the board will convene to decide whether to exercise the early redemption right [1]

Core Viewpoint - The announcement provides an update on the conversion results of the company's convertible bonds, indicating limited conversion activity and a significant amount of unconverted bonds remaining. Group 1: Convertible Bond Issuance Overview - The company issued 3,378,000 convertible bonds with a total value of RMB 33,780 million, each with a face value of RMB 100, approved by the China Securities Regulatory Commission [3] - The bonds were listed on the Shanghai Stock Exchange on July 24, 2024, under the name "泰瑞转债" and code "113686" [3] Group 2: Conversion Status - As of December 31, 2025, a total of RMB 1,390,000 of "泰瑞转债" has been converted into 167,842 shares, representing 0.06% of the company's total shares before conversion [2][5] - The amount of unconverted "泰瑞转债" as of December 31, 2025, is RMB 336,410,000, accounting for 99.59% of the total issuance [2][6] - During the fourth quarter of 2025, RMB 36,000 of "泰瑞转债" was converted into 4,411 shares [2][5] Group 3: Share Capital Changes - The announcement includes details on the changes in the company's share capital structure for the fourth quarter of 2025 [7] - It notes changes in shareholder equity before and after the conversion of bonds [8]

Group 1: Coal Industry Analysis - The report discusses the credit risk outlook for the coal industry in 2026, highlighting that the "anti-involution" policy may lead to a rebound in coal prices, although the credit market remains relatively insensitive to these price changes [6] - It is expected that the domestic supply of thermal coal will contract due to the anti-involution policy, leading to a tight balance in supply and demand for 2026, with a price forecast around 750 RMB/ton [6] - Coking coal demand is anticipated to slightly decrease, but the price is expected to stabilize between 1500-1600 RMB/ton due to strong downstream demand from steel production [6] Group 2: Derivative Research on Tai Rui Convertible Bonds - Tai Rui's convertible bonds are rated AA- with a balance of 336 million RMB, and the company has seen a significant increase in overseas revenue, which now constitutes 55.74% of total income [8][9] - The company has a strong financial structure with a debt ratio of 49.93% and a cash balance of 758 million RMB, indicating good liquidity and potential for continued profitability [9] - The report suggests that the reasonable valuation for Tai Rui's convertible bonds is between 148-162 RMB, based on the current market conditions and the company's strategic positioning [9] Group 3: Derivative Research on Xineng Convertible Bonds - Xineng's convertible bonds are also rated AA- with a balance of 880 million RMB, focusing on distributed photovoltaic power generation, which has shown stable revenue and a high gross margin of 60.17% [14][16] - The company has a strong cash flow with a net cash flow from operating activities of 185 million RMB in Q3 2025, reflecting excellent collection capabilities [17] - The reasonable valuation for Xineng's convertible bonds is estimated to be between 123-129 RMB, making it an attractive low-risk investment option [17] Group 4: Fixed Income Market Outlook - The report emphasizes the importance of maintaining reasonable interest rate relationships for macroeconomic balance and resource allocation, indicating that the central bank's policy rates will increasingly influence market rates [10][12] - It highlights the relationship between short-term and long-term interest rates, suggesting that the yield curve may steepen due to ongoing anti-involution policies and inflation expectations [15] - The overall outlook for the bond market in 2026 suggests that while policy rates will have a stronger influence, the long-end of the yield curve may remain crowded, limiting the downward potential for long-term rates [15]

Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 1.3%, 0.5%, and 0.7% respectively during the last period, outperforming the benchmark return of 0.3% [1] - Year-to-date, these strategies have achieved returns of 17.4%, 28.2%, and 52.2%, with cumulative excess returns of 0.3%, 11.2%, and 35.2% compared to the benchmark return of 17.0% [1] - The equity market experienced fluctuations, with the Wind All A and CSI Convertible Bonds rising by 1.5% and 0.3% respectively, indicating a resurgence of low volatility strategies [1] Low Price Enhancement Strategy - The latest holdings include new entries such as Jinggong Convertible Bond (Construction Decoration), Shangyin Convertible Bond (Bank), and Yangfeng Convertible Bond (Basic Chemicals) among others [2] - The adjustment rationale is based on the strong performance of the low price index (1.4%) and the resurgence of low volatility strategies, with a focus on stable or improving performance and reasonable premium rates [3] Improved Dual Low Strategy - The latest holdings feature new entries like Shangyin Convertible Bond (Bank) and Zhonghuan Convertible Bond (Environmental Protection) [4] - Adjustments were made due to the upward movement of the dual low index (0.4%), with a focus on stocks with improved performance or stable operations while avoiding those with high redemption progress [5] High Price High Elasticity Strategy - The latest holdings include new entries such as Wankai Convertible Bond (Basic Chemicals) and Shuiyang Convertible Bond (Beauty Care) [6] - The strategy's adjustments were influenced by the decline in high price index returns (-1.5%) and the need to manage redemption risks while maintaining a balanced industry allocation [7]

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.22% on October 16, closing at 481.12 points, indicating a mixed performance in the convertible bond market [1] Summary by Category Market Performance - The index showed a decline, with notable losers including Wujin Convertible Bond, Sheng24 Convertible Bond, Jingxing Convertible Bond, Zhenhua Convertible Bond, and Songlin Convertible Bond, which fell by 6.17%, 5.86%, 5.61%, 5.57%, and 5.10% respectively [1] - Conversely, the top gainers were Tairui Convertible Bond, Fengshan Convertible Bond, Guanzhong Convertible Bond, Hongfa Convertible Bond, and Chenfeng Convertible Bond, which increased by 6.99%, 4.90%, 4.34%, 3.77%, and 3.43% respectively [1]

Core Viewpoint - The company has decided not to exercise the early redemption option for its convertible bonds, "Tai Rui Convertible Bonds," despite meeting the conditions for potential redemption due to confidence in its future development and to protect investor interests [2][10]. Group 1: Convertible Bond Issuance and Terms - The company issued 3,378,000 convertible bonds with a total value of 337.8 million yuan, with a maturity of six years and a tiered interest rate starting from 0.30% in the first year to 2.50% in the sixth year [3][4]. - The initial conversion price was set at 8.29 yuan per share, later adjusted to 8.15 yuan per share due to corporate actions [4][5]. Group 2: Redemption Conditions and Trigger Events - The redemption clause can be triggered if the company's stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [6][9]. - From September 1 to October 15, 2025, the company's stock price met the criteria for triggering the redemption clause [9]. Group 3: Board Decision on Redemption - The board of directors unanimously agreed not to redeem the convertible bonds early, citing confidence in the company's future and current market conditions [10]. - The decision will be reassessed if the redemption conditions are met again after January 15, 2026 [10]. Group 4: Shareholder Actions - There have been no transactions of the convertible bonds by major shareholders or executives in the six months leading up to the redemption conditions being met [11]. - The company will ensure compliance with legal regulations if any future reductions in holdings are planned by these stakeholders [11]. Group 5: Sponsor Institution's Opinion - The sponsor institution confirmed that the decision not to redeem the bonds early followed proper procedures and complies with relevant regulations [13].

Group 1 - The company announced that it will not exercise the early redemption rights for the "Tai Rui Convertible Bonds" [2] - The decision was made during the eighth meeting of the fifth board of directors held on October 15, 2025 [2]