证券研究报告 | 2026年01月11日 转债市场周报 权益走强及季节效应下，转债市场情绪高涨 核心观点 固定收益周报 上周市场焦点（1 月 5 日-1 月 9 日） 股市方面，A 股在元旦假期后快速上涨，市场情绪持续升温，沪指突破 4000 点，全市场日成交额也达到接近 3 万亿元的高水位，科技成长风格 持续领涨，脑机接口、商业航天、可控核聚变等板块表现亮眼，红利板 块表现相对落后。 债市方面，开年央行公开市场持续净回笼，但资金面总体均衡宽松，或 受权益市场持续上涨、商品市场表现也较强势的影响，债市总体震荡偏 弱；周五 10 年期国债利率收于 1.88%，较前周上行 1.98bp。 转债市场方面，上周转债个券多数收涨，中证转债指数全周+4.45%，价 格中位数+3.60%，我们计算的算术平均平价全周+5.79%，全市场转股溢 价率与上周相比-0.55%；个券层面，塞力（AI 医疗）、鼎捷（AI 应用）、 鼎龙（半导体）、声迅（AI 安防）、博瑞（创新药）转债涨幅靠前；天 创（控制权变更）、电化（固态电池）、华锐（数控刀具&已公告强赎）、 环旭（sip 模组&已公告强赎）、茂莱（精密光学）转债跌幅靠前。 观点 ...

Core Viewpoint - The company has developed ultra-fine silver-coated copper powder with broad application prospects in the photovoltaic and electronics industries, establishing an upstream-downstream relationship with slurry companies [2] Group 1 - Investors inquired about the progress of the company's photovoltaic copper paste and silver-coated copper powder supply chain verification [2] - The company confirmed that its ultra-fine silver-coated copper powder is positioned for extensive applications in the photovoltaic and electronics sectors [2] - The relationship with slurry companies such as 聚合材料 and 帝科股份 is characterized as upstream-downstream rather than competitive [2]

Group 1 - The company's growth in the third quarter was primarily driven by increased production of copper powder, tin powder, 3D printing powder, and slurry products [2] - The company indicated that the growth in these products occurred to varying degrees [2] - There is a question regarding the sustainability of this growth moving forward [2]