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%。 ...

冠中转债涨4.36%，艾为转债涨4.23%，嘉泽转债涨3.27%，严牌转债涨2.94%；佳力转债跌3.40%，瑞可 转债跌2.45%，大中转债跌1.95%，鼎龙转债跌1.94%。 ...

南财智讯2月24日电，盘后数据显示，债市方面，中证转债指数收涨0.82%，报530.76，成交额为615.23亿元。可转债方面，今日共成交370只可转债，其中 287只收涨，0只收平，83只收跌。具体来看，59只可转债涨幅超过2%。其中山玻转债(111001)涨18.11%，双良转债(110095)涨17.86%，聚隆转债(123209)涨 14.04%。今日有13只可转债跌幅超2%，信服转债(123210)跌13.86%，永02转债(113654)跌6.36%，鼎捷转债(123263)跌6.36%。存在交易量的可转债所对应的 正股中，270只收涨，5只收平，95只收跌。具体来看，24只可转债对应正股涨幅超过5%，其中，和邦生物(603077)涨停，收涨10.08%。同时所对应的可转 债：和邦转债(113691)同涨6.33%。今日有3只可转债对应正股跌幅超过5%，没有正股跌停。 | 可转债简称 | 可转债涨幅前五 | 正股简称 | | --- | --- | --- | | 山玻转债 | 18.11% | 山东玻纤 | | 双良转债 | 17.86% | 双良节能 | | 聚隆转债 | 14.04% | 南 ...

Group 1 - The company has announced a change in the continuous supervision representative for its convertible bond project, with Mr. Wang Bo being replaced by Mr. Sun Ping due to work changes [1][2][3] - The continuous supervision period for the convertible bond project is from December 12, 2025, to December 31, 2027, with Ms. Xu Zhenzhen continuing in her role alongside Mr. Sun Ping [1][2] - The board expressed gratitude for Mr. Wang Bo's contributions during the supervision period [3] Group 2 - The company plans to issue convertible bonds totaling RMB 1 billion, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in 10 million bonds being issued [7] - The net proceeds from the bond issuance, after deducting issuance costs of RMB 11,152,760.76, amount to RMB 988,847,239.24 [7] - The bonds will be listed on the Shanghai Stock Exchange starting December 12, 2025, under the name "Rui Ke Convertible Bonds" and code "118060" [7] Group 3 - The conversion period for the bonds will begin on May 20, 2026, and will last until the maturity date on November 13, 2031 [7] - Investors must meet the suitability requirements for Sci-Tech Innovation Board stock investors to convert their bonds into shares; otherwise, they will not be able to convert their holdings [8] - The company has provided contact information for investors seeking more details about the convertible bonds [9]

1. Report's Industry Investment Rating - Not specified in the provided content 2. Core Viewpoints of the Report - In the short term, there is a high certainty that the liability growth rate of the real - sector will rise in February, and the financial sector (funding situation) is okay. Overall, the macro - liquidity is improving, with a positive view on equities, and the value and growth styles are tending to balance. Convertible bonds still have the advantage of asymmetric gains and losses in a volatile environment, and the demand for convertible bonds, especially convertible bond ETFs, may remain rigid. The valuation of the convertible bond market is expected to stay at a high level [23]. 3. Summary According to Relevant Catalogs Market Performance - Last week, due to the confirmation of the new candidate for the Fed Chairman, market risk appetite declined, and various assets fluctuated. Convertible bond prices followed the decline of the underlying stocks, but the valuation of convertible bonds remained at a historical high, and supported by the valuation, convertible bonds performed better than the underlying stocks. The average daily trading volume of the entire convertible bond market was 77.3 billion yuan, with basically no change compared to the previous week. The 100 - yuan premium rate remained at 34%, and the implied volatility fluctuated around the historical extreme point of 45%. The trading sentiment of convertible bonds continued to cool down slightly, and the trading popularity of traditional speculative bonds returned to a historical low. The trends of each sector were consistent with the underlying stocks, and the valuations changed passively. High - price, large - cap, low - rated, and newly - listed bonds had relatively large adjustment ranges [11]. - In a high - valuation environment, most industries are dominated by equity - like convertible bonds and high - price - high - premium convertible bonds. Industries with high - price - high - premium convertible bonds accounting for over 50% include the automotive and computer industries, where the valuation of convertible bonds deviates significantly. Industries with equity - like convertible bonds accounting for over 50% include the military, non - ferrous metals, non - bank finance, machinery, and chemical industries, where convertible bonds have high elasticity and strong offensiveness [11]. Funding Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the shares of the Shanghai Stock Exchange 50 and CSI 1000 continued to decline significantly, the CSI 500 was newly added as a major reduction target, and the capital inflow trend of the CSI 2000 stopped. The share of gold ETFs continued to increase significantly, with a growth rate of 12%, the same as the previous week. Convertible bond ETFs have maintained a stable net inflow recently, with the fund shares increasing significantly for four consecutive weeks, and the shares continued to grow by 3.5% last week. The share of interest - rate bonds continued to shrink [21]. Investment Strategy - Short - term investment strategy: Be optimistic about equities, with value and growth styles tending to balance. The valuation of the convertible bond market is expected to stay high, but be aware of the call risk and the risk of double - kill of the underlying stocks and valuation during the earnings disclosure period [23]. - Bond - selection suggestions: Emphasize the performance support of the underlying stocks. Pay attention to Jintian Convertible Bond and Guoli Convertible Bond in the UHV sector; Liugong Convertible Bond 2 and Yunji Convertible Bond in the pro - cyclical and engineering overseas sectors; Lixun Convertible Bond in AI applications; Ruichuang Convertible Bond in the military industry. For newly - listed bonds, recommend paying attention to Weidao Convertible Bond, Yongxi Convertible Bond, Weice Convertible Bond, and Dinglong Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond (Jinpan Technology) in power grid equipment; Yingliu Convertible Bond for gas turbines; and Jin 25 Convertible Bond (Jinchangxin) [23].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - In 2026, the process of incremental funds entering the market will continue, and the "Spring Rally" market is likely to occur at the beginning of the year, with the main focus on investment opportunities in the technology and high - end manufacturing sectors [3][54]. - As the proportion of institutional investors in the convertible bond market increases, the impact of stock market expectations on convertible bond valuation deepens. Given investors' optimism about the medium - to - long - term stock market, institutional investors' demand for equity assets remains strong, and the stable capital situation supports convertible bond valuation, with limited short - to - medium - term downside [3][54]. - When the valuation is stable, convertible bonds show the characteristics of "strong in rising and weak in falling" compared to underlying stocks, and still have high allocation value [3][54]. - Recommended convertible bond tracks and targets: (1) In the technology growth sector, pay attention to Ruike, Qizhong and other convertible bonds due to rising overseas computing power demand and the acceleration of AI industrialization; (2) In the high - end manufacturing field, focus on convertible bonds such as Yake, Daimei, Huachen, and Yubang; (3) Due to the optimization of the supply - demand pattern in some industries, pay attention to Youfa convertible bond [3][54]. 3. Summary According to the Directory 3.1 Strategy Analysis 3.1.1 February's Top Ten Convertible Bonds - Meinuohua/Meinuo Convertible Bond: A comprehensive international pharmaceutical technology manufacturing company. The JH389 project in its innovation pipeline is in continuous progress, with positive results in product development, patent application, and commercialization planning [2][10]. - Yatai Technology/Yaoke Convertible Bond: Focuses on R & D and production of aluminum materials and components for automobile thermal management and lightweight systems. It is an important global supplier in these fields and is actively expanding into emerging areas such as new - energy vehicles, aerospace, industrial thermal management, and robotics [2][11]. - Youfa Group/Youfa Convertible Bond: The largest domestic welded steel pipe R & D, production, and sales enterprise. With the improvement of downstream demand and the upcoming new round of supply - side reform, the company plans to improve its national and overseas layout [2][17]. - Jiangsu Huachen/Huachen Convertible Bond: Engaged in the R & D, production, and sales of power transmission and control equipment. With the growth of global energy investment, the company is optimizing its overseas market strategy and aiming for new breakthroughs in overseas markets [2][20]. - Hongya CNC/Hongya Convertible Bond: A leading domestic furniture equipment enterprise. Its subsidiaries are developing in the fields of furniture manufacturing automation solutions and high - precision gears, with good industrial synergy [24]. - Qizhong Technology/Qizhong Convertible Bond: Specializes in advanced packaging and testing of integrated circuits. It is a leading domestic company in bumping manufacturing technology. The global and Chinese display driver chip markets are growing, providing development opportunities [2][28]. - Seiko Steel Structure/Seiko Convertible Bond: A comprehensive steel structure enterprise with complete industrial chain services. It has traditional and innovative business models and has successfully undertaken many overseas landmark projects [2][33]. - Daimei Co., Ltd./Daimei Convertible Bond: A leading global automotive interior parts manufacturer. It has established a new subsidiary focusing on intelligent robotics, marking a step forward in its intelligent business layout [2][37]. - Yubang New Materials/Yubang Convertible Bond: A global supplier of tin - coated welding tapes for photovoltaic modules. It is entering the industrial thermal management track by investing in a technology company, and the data center thermal management market has broad prospects [2][44]. - Ruike Da/Ruike Convertible Bond: A national specialized and sophisticated "little giant" enterprise in connector products. It has a wide range of products in new - energy vehicles, data centers, and other fields, and the demand for its high - speed cable products in data centers is strong [2][48]. 3.1.2 Weekly Convertible Bond Strategy - This week, the stock indices showed a differentiated trend. The CSI Convertible Bond Index fell by 2.61%. The petrochemical, communication, and coal industries ranked high in terms of price changes. The median prices of convertible bonds in each parity range decreased, and the convertible bond valuation is still relatively high compared to historical levels [2][54]. 3.2 Market Tracking - The report provides multiple charts to track the market, including the price changes of broad - based indices and industry indices, the median prices of convertible bonds in different conversion value ranges, the changes in convertible bond valuation, and the back - testing results of various strategy indices. However, specific data analysis is not elaborated in the text [58][60][63].

Core Viewpoint - The China Convertible Bond Index rose by 0.43% to 492.48 points on December 25, indicating a positive trend in the convertible bond market [1] Group 1: Market Performance - The top gainers in the convertible bond market included: - Jia Mei Convertible Bond, up by 17.43% - Guanglian Convertible Bond, up by 11.67% - Zai 22 Convertible Bond, up by 11.51% - Tianjian Convertible Bond, up by 9.63% - Ruike Convertible Bond, up by 7.78% [1] - The top losers in the market were: - Huachen Convertible Bond, down by 3.76% - Lu Wei Convertible Bond, down by 2.04% - Ruida Convertible Bond, down by 1.76% - Yitian Convertible Bond, down by 1.75% - Huamao Convertible Bond, down by 1.61% [1]

Group 1 - The core idea of the report is to construct a strategy for convertible bonds based on the premium rate, focusing on identifying bonds with a premium rate that is "easy to rise and hard to fall" [1][9] - The report suggests that convertible bonds with a premium rate below 2% are more likely to experience a rebound to above 10%, indicating potential investment opportunities [1][9] - Factors influencing the rise in premium rates include the probability of strong redemption announcements and the overall market sentiment towards equities, which can affect individual bond premium levels [1][10] Group 2 - The report highlights specific sectors and companies to focus on, including technology and high-end manufacturing, driven by increasing overseas computing power demand and domestic AI industrialization [2][17] - Recommendations for convertible bonds include those from companies like Ruike, Huanyu, and Xinfeng in the technology sector, and Tianneng, Yake, and Daimai in the high-end manufacturing sector [2][17] - The report notes that the overall market sentiment remains optimistic, which supports the valuation of convertible bonds and suggests a potential "spring rally" in early 2026 [17]

Market Overview - The bond market experienced a "strong then weak" trend on December 12, with yields initially declining after the release of important meeting content, but later weakening as the day progressed [1] - The sentiment in the bond market showed a brief recovery in the morning, but momentum weakened by noon, leading to a decline in bond prices in the afternoon [1] - The central bank conducted a net withdrawal of 19.3 billion yuan in the open market, with most funding rates rising [1] Interest Rates and Yields - The main contracts for government bond futures closed down across the board, with the 30-year contract falling by 0.71% to 112.47, and the 10-year contract down by 0.13% to 107.985 [2] - The yields on major interbank bonds rose by approximately 2 basis points, with the 7-year active bond yield at 1.72% and the 10-year active bond yield at 1.835% [2] - The central government's 2-year and 10-year bond weighted average bidding yields were 1.36% and 1.8090%, respectively, with bid-to-cover ratios of 2.69 and 3.58 [5] Global Bond Market - In North America, U.S. Treasury yields varied, with the 10-year yield rising by 0.78 basis points to 4.155% [3] - In Asia, Japanese bond yields mostly continued to rise, with the 10-year yield increasing by 2.2 basis points to 1.952% [4] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, with the French yield at 3.551% [4] Monetary Policy and Economic Outlook - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy and a moderately loose monetary policy, with a focus on addressing local fiscal difficulties [7][8] - The meeting outlined eight key tasks, including promoting investment stabilization and expanding the scale of central budget investments [7] - Institutions predict that the timing for potential rate cuts may occur sooner than market expectations, possibly by the end of this year or the first quarter of next year [1][9]

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]