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].

Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, "Yongxi Convertible Bonds," despite meeting the conditions for early redemption, in order to protect investor interests and demonstrate confidence in the company's long-term development and intrinsic value [2][8]. Group 1: Convertible Bond Basic Information - The company issued convertible bonds worth 1.165 billion yuan on June 26, 2025, with a maturity of six years and a face value of 100 yuan per bond [3]. - The bonds were listed for trading on the Shanghai Stock Exchange starting July 16, 2025, under the name "Yongxi Convertible Bonds" and code "118057" [4]. - The initial conversion price for the bonds was set at 28.39 yuan per share, which was later adjusted to 28.36 yuan per share due to a stock incentive plan [5][6]. Group 2: Redemption Terms and Trigger Conditions - The bonds have a conditional redemption clause that allows the company to redeem them if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days [7]. - The company’s stock price met this condition from January 7 to January 27, 2026, triggering the conditional redemption clause [2][7]. Group 3: Decision on Early Redemption - On January 27, 2026, the company's board of directors decided not to exercise the early redemption rights for the "Yongxi Convertible Bonds," citing confidence in the company's long-term growth and current market conditions [2][8]. - The company will not exercise the early redemption rights for the next three months, and if the redemption conditions are met again after April 28, 2026, the board will convene to decide on the matter [2][8].

Group 1 - Company Weili expects a full-year loss of 350 million to 250 million in 2025 [1] - Company Shanshi Network Technology anticipates a full-year loss of 220 million to 180 million in 2025 [1] - Company Qiangli New Materials projects a full-year loss of 142 million to 100 million in 2025 [1] - Company Nongda Technology has newly listed shares on the Beijing Stock Exchange [1] Group 2 - Convertible bond code 118057 (Jiaoxi Convertible Bond) is not subject to forced redemption [2] - Convertible bond code 127062 (Lezhi Convertible Bond) will not undergo adjustment [2] - Convertible bond code 110089 (Xingfa Convertible Bond) is subject to forced redemption [2] Group 3 - Convertible bond code 113045 (Huanxu Convertible Bond) has a current price of 163.745, with a redemption price of 101.632 and a remaining scale of 0.182 billion [4] - Convertible bond code 113672 (Furong Convertible Bond) has a current price of 136.554, with a redemption price of 100.534 and a remaining scale of 0.024 billion [4] - Convertible bond code 118009 (Huarui Convertible Bond) has a current price of 159.074, with a redemption price of 101.105 and a remaining scale of 0.534 billion [4] - Convertible bond code 123159 (Songsheng Convertible Bond) has a current price of 168.297, with a redemption price of 100.540 and a remaining scale of 0.863 billion [4] - Convertible bond code 118029 (Fumiao Convertible Bond) has a current price of 138.132, with a redemption price of 100.218 and a remaining scale of 1.024 billion [4] - Convertible bond code 127042 (Jiawei Convertible Bond) has a current price of 508.000, with a redemption price of 100.893 and a remaining scale of 1.011 billion [4] - Convertible bond code 118043 (Fuli Convertible Bond) has a current price of 160.044, with a redemption price of 100.397 and a remaining scale of 2.364 billion [4] - Convertible bond code 127039 (Beigang Convertible Bond) has a current price of 135.000, with a redemption price of 101.130 and a remaining scale of 6.203 billion [4] - Convertible bond code 123242 (Sailong Convertible Bond) has a current price of 133.250, with a redemption price of 100.330 and a remaining scale of 1.536 billion [4] - Convertible bond code 127071 (Tianjian Convertible Bond) has a current price of 134.900, with a redemption price of 100.810 and a remaining scale of 4.917 billion [4] - Convertible bond code 123182 (Guanglian Convertible Bond) has a current price of 156.595, with a redemption price of 100.960 and a remaining scale of 6.552 billion [4] - Convertible bond code 111016 (Shentong Convertible Bond) has a current price of 132.137, with a remaining scale of 4.154 billion [4] - Convertible bond code 113639 (Huazheng Convertible Bond) has a current price of 183.222, with a remaining scale of 4.878 billion [4] Group 4 - Convertible bond code 128097 (Aojia Convertible Bond) has a current price of 109.912, with a redemption price of 110.000 and a remaining scale of 4.580 billion [6] - Convertible bond code 128101 (Lianchuang Convertible Bond) has a current price of 122.888, with a redemption price of 110.000 and a remaining scale of 2.978 billion [6] Group 5 - Xingfa Convertible Bond is subject to forced redemption [7] - Yongxi Convertible Bond is not subject to forced redemption [7] - Lezhi Convertible Bond will not undergo adjustment [7] - Convertible bond code 127042 (Naipu Convertible Bond) is set to be listed on January 30 [7]

Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The equity bull market expectation combined with the rigid demand for convertible bonds has led to persistently high valuations in the convertible bond market. Attention should be paid to the risks of forced redemptions and the double - kill of the underlying stocks and valuations during the earnings disclosure period. [4] Summary by Directory 1. Market Performance - Last week, the median convertible bond price continued to rise to 142 yuan. The average daily trading volume of the entire convertible bond market was 78.6 billion yuan, a 15% decrease from the previous week. The 100 - yuan premium rate continued to rise to 35% at its historical high level. The implied volatility fluctuated around the historical extreme of 45%, and the implied volatility spread dropped from around 13% to around 11%. The trading sentiment of convertible bonds cooled marginally, the trading popularity of low - rated convertible bonds was adjusted, but the turnover rate of small - balance convertible bonds remained high. [1] - Among sub - new bonds, the median price of the underlying stocks rose 2.9%, the median price of convertible bonds rose 3.9%, and the conversion premium rate increased by 2.6%. High - parity convertible bonds rose 2.4%, outperforming the underlying stocks by 0.8%. [1] - In a high - level environment, each industry is mainly composed of equity - like convertible bonds and double - high convertible bonds. Industries with more than 50% of double - high convertible bonds include agriculture, forestry, animal husbandry, and fishery, automotive, computer, and pharmaceutical and biological sectors, with relatively high deviations in convertible bond valuations; industries with more than 50% of equity - like convertible bonds include non - ferrous metals, non - bank finance, military, and machinery and equipment, with high elasticity and strong offensive capabilities. [2] 2. Capital Sentiment - Comparing the share fluctuations of various broad - based indices, bond - type, and major commodity (gold) ETFs, last week, the main ETFs represented by the SSE 50 and CSI 1000 had capital outflows, while the CSI 2000 had an inflow of 25% and the gold ETF's share increased by 12%. [3] - The convertible bond ETF has been sought after by funds recently, with its fund shares increasing significantly for three consecutive weeks, and last week, the shares continued to grow by 6%. The share of interest - rate bonds continued to shrink significantly. [3] 3. Investment Strategy - When selecting bonds, emphasis should be placed on the performance support of the underlying stocks. For the latest earnings forecasts, pay attention to Bojun Convertible Bond and Guoli Convertible Bond. [4] - For new bonds, it is recommended to focus on: Weidao Convertible Bond and Yongxi Convertible Bond in the field of domestic substitution of semiconductors; Ruike Convertible Bond in the field of AI server connectors; Jin 05 Convertible Bond for power grid equipment; Yingliu Convertible Bond for gas turbines; Bo 25 Convertible Bond for automotive parts' wire - controlled braking suppliers; and Jin 25 Convertible Bond. [4]

Group 1 - The company, Yongxi Electronics (Ningbo) Co., Ltd., issued convertible bonds totaling RMB 1,165 million with a maturity of 6 years, and the net proceeds after deducting issuance costs were RMB 1,151.3 million [2] - The convertible bonds, named "Yongxi Convertible Bonds" with code "118057," were approved for listing on the Shanghai Stock Exchange starting from July 16, 2025 [2] - The controlling shareholder, Zhejiang Yongshun Chip Electronics Co., Ltd., and related parties collectively subscribed to 3,737,920 bonds, accounting for approximately 32.09% of the total issuance [3] Group 2 - From January 16 to January 21, 2026, the aforementioned shareholders reduced their holdings by 1,229,840 bonds, which represents 10.56% of the total issuance [4]

Group 1 - The core point of the article is that Yongxi Electronics (688362.SH) announced a significant reduction in the holdings of its convertible bonds by five major shareholders [1] - From January 16 to January 21, 2026, these shareholders collectively reduced their holdings of "Yongxi Convertible Bonds" by 1.2298 million units, which represents 10.56% of the total issuance of these bonds [1]

Group 1 - The core point of the article is that Yongxi Electronics announced a reduction in its convertible bonds by its controlling shareholder and actual controller, which may impact the company's capital structure and investor sentiment [1] Group 2 - From January 16 to January 21, 2026, the controlling shareholder Zhejiang Yongshun Semiconductor Co., Ltd., along with actual controller Wang Shunbo and their concerted actions, will reduce their holdings of Yongxi convertible bonds by 1.2298 million bonds, accounting for 10.56% of the total issuance [1] - After the reduction, the controlling shareholder, actual controller, and their concerted actions will hold a total of 2.5081 million Yongxi convertible bonds, representing 21.53% of the total issuance [1]

Core Viewpoint - Yongxi Electronics (688362.SH) announced a significant reduction in the holdings of its convertible bonds by major shareholders, indicating potential shifts in investor sentiment and market dynamics [1] Group 1 - The company received a notification on January 21, 2026, regarding the reduction of holdings by five major shareholders [1] - From January 16 to January 21, 2026, these shareholders collectively reduced their holdings of "Yongxi Convertible Bonds" by 1.2298 million units, which represents 10.56% of the total issuance [1]

Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. has announced that its convertible bond, "Yongxi Convertible Bond," is expected to meet the redemption conditions based on the stock price performance [2][11]. Group 1: Convertible Bond Issuance and Terms - The company issued a total of 1,165,000 hands (11,650,000 bonds) of convertible bonds worth 116,500 million yuan, with a maturity of six years and a face value of 100 yuan per bond [2][3]. - The initial conversion price for the "Yongxi Convertible Bond" is set at 28.39 yuan per share, which was adjusted to 28.36 yuan per share following a stock incentive plan [4][5][6]. Group 2: Redemption Conditions - The bond will be subject to conditional redemption if the company's stock price remains at or above 130% of the conversion price (36.87 yuan per share) for at least five trading days within a future 20-day period [2][11]. - The company has the right to redeem all or part of the unconverted bonds at face value plus accrued interest if the stock price conditions are met or if the unconverted balance falls below 30 million yuan [9][11]. Group 3: Trading and Conversion Period - The trading of the "Yongxi Convertible Bond" commenced on July 16, 2025, and the conversion period is from January 5, 2026, to June 25, 2031 [3][4].

Core Viewpoint - The China Convertible Bond Index opened higher by 0.2% on January 16, reaching 517.94 points, indicating a positive market sentiment in the convertible bond sector [1][2]. Summary by Categories Market Performance - The top gainers in the convertible bond market included Aohong Convertible Bond, Huachen Convertible Bond, Jiazhe Convertible Bond, Yongxi Convertible Bond, and Jingda Convertible Bond, with respective increases of 30.00%, 7.31%, 3.81%, 3.33%, and 3.16% [1][2]. - Conversely, the largest decliners were Xinfeng Convertible Bond, Jiamei Convertible Bond, Shanhe Convertible Bond, Fumiao Convertible Bond, and Saili Convertible Bond, which saw decreases of 3.99%, 2.53%, 2.36%, 2.26%, and 1.59% respectively [1][2].