Core Viewpoint - The article provides a detailed overview of various convertible bonds, including their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion in the underlying stocks, highlighting potential investment opportunities in the convertible bond market [1][4][6]. Group 1: Convertible Bond Listings - The article lists several convertible bonds with their respective details, such as: - Anji Convertible Bond (Code: 118054) has a current price of 169.919, a strong redemption price of 100.291, and a conversion value of 170.52 [1]. - Z Gong Convertible Bond (Code: 123239) is priced at 112.400 with a conversion value of 113.39 and a remaining scale of 1.444 billion [1]. - Wei Ce Convertible Bond (Code: 118055) shows a current price of 200.263 and a conversion value of 201.72, with a remaining scale of 4.304 billion [1]. Group 2: Redemption and Conversion Details - The article provides insights into the redemption and conversion details of various bonds: - Le Pu Convertible Bond (Code: 123108) has a current price of 107.620 and a redemption price of 107.800, with a conversion value of 57.00 and a remaining scale of 16.371 billion [4]. - Li Qun Convertible Bond (Code: 113033) is priced at 109.736, with a redemption price of 110.000 and a conversion value of 86.36, having a remaining scale of 7.216 billion [4]. Group 3: Premium Rates and Remaining Scales - The article highlights the premium rates and remaining scales of certain convertible bonds: - Hua Mao Convertible Bond (Code: 113677) has a premium rate of 25.66% with a remaining scale of 10.490 billion [6]. - Yi Wei Convertible Bond (Code: 123254) shows a premium rate of 23.61% and a remaining scale of 49.982 billion [6]. - Zhen Hua Convertible Bond (Code: 113687) has a current price of 436.286 with a premium rate of 4.76% and a remaining scale of 4.039 billion [6].

Macro Strategy - The government work report aligns with market expectations on total policy but emphasizes details in investment, consumption, green initiatives, fiscal policy, and livelihood, indicating a strategic layout from subtle details [1][9] - A policy financial tool of 800 billion, an increase of 300 billion from last year, aims to explore investment potential [1][9] - A special fund of 100 billion for fiscal-financial collaboration is established to promote consumption and expand domestic demand [1][9] - The energy consumption target is replaced with a carbon emission target, aiming for a 3.8% reduction in carbon emissions per unit of GDP [1][9] - Housing security for newly married and childbearing families is strengthened, encouraging marriage and childbirth while aiding real estate inventory reduction and cost reduction [1][9] Fixed Income - Xianghe Convertible Bond (113701) has a total issuance scale of 400 million, with net proceeds allocated for smart equipment production and a new plastic modification material production line [2][12] - Tonglian Convertible Bond (118066) has a total issuance scale of 576 million, with net proceeds directed towards a new smart home appliance manufacturing base [3][14] - The expected listing price for Xianghe Convertible Bond is between 125.96 and 139.97, with a subscription rate of 0.0015% [12] - The expected listing price for Tonglian Convertible Bond is between 139.70 and 155.09, with a subscription rate of 0.0023% [14] Industry Insights - Ctrip Group's international business continues to grow rapidly, with a focus on inbound tourism strategies [7][8] - The forecast for Ctrip's non-GAAP net profit for 2026-2028 is 20 billion, 22 billion, and 23.9 billion respectively, with corresponding PE ratios of 12, 11, and 10 times [8]

Macro Strategy - The pricing logic of gold remains influenced by inflation employment data verification, Federal Reserve policy calibration, and geopolitical tensions, particularly the potential escalation of the US-Iran conflict, which could drive up gold prices significantly [1][14] - The market is expected to exhibit high-frequency fluctuations in the short term, while maintaining an upward trend in the medium term, characterized by event-driven and expectation swings [1][14] Financial Products - The Nasdaq 100 index experienced a monthly decline of 2.32% in February 2026, with fluctuations driven by macroeconomic data and industry trends, including the impact of AI on market sentiment [2][15] - The Hang Seng Technology Index saw a decline of 10.15% in February 2026, with external hawkish pressures and geopolitical tensions contributing to valuation suppression [6][21] Industry Analysis - The current surge in commodity prices, driven by geopolitical events, is leading to a significant profit restructuring across industries, with upstream sectors like oil and metals benefiting, while downstream manufacturing faces cost pressures [3][17] - The automotive manufacturing, general equipment, and specialized equipment sectors are particularly vulnerable to profit pressures due to their high cost dependency and low cost transmission coefficients [3][18] Company Insights - Focusing on 佛塑科技 (Foshan Plastics Technology), the company is expected to see significant profit growth driven by the rising prices of its products, with projected net profits of 1.25 billion, 15.02 billion, and 25.05 billion yuan for 2025-2027 [12] - 荣亿精密 (Rongyi Precision) is expanding into high-growth areas such as liquid cooling, with expected net profits of -0.19 billion, 0.39 billion, and 0.88 billion yuan for 2025-2027, indicating a strong growth trajectory [13]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Xianghe Convertible Bond on the first day of listing is expected to be between 165 - 170 yuan, and investors are advised to actively subscribe [3][17] - The expected first - day new bond lottery winning rate is around 0.002% - 0.0028% [4][18] 3. Summary According to Relevant Catalogs 3.1 Xianghe Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Xianghe Convertible Bond is priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 400 million yuan, the initial conversion price is 13.59 yuan, the convertible bond parity is 100.66 yuan, the pure bond value is 92.39 yuan. The game terms (lower - revision, redemption, and put - back terms) are normal. The bond issuance scale is low, liquidity is poor, the rating is weak, but the bond floor protection is good. It is difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][13] 3.1.2 New Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of rail transit - related products and components, electronic component accessories, and polymer modified materials. After deducting issuance fees, the raised funds will be used for the intelligent equipment production base project, the annual production of 18,000 tons of plastic modified new material production line construction project, and supplementing working capital [3][16] - The target price of Xianghe Convertible Bond on the first day of listing is 165 - 170 yuan. Considering the current market environment and parity level, the conversion premium rate on the first day of listing is expected to be in the range of [63%, 68%] [3][17] 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - The expected first - day new bond lottery winning rate is around 0.002% - 0.0028%. Assuming the old shareholders' placement ratio is 34% - 54%, the scale available in the market is 183 million - 263 million yuan. Assuming the online effective subscription number is 9.34 million households, the lottery winning rate is calculated to be in the above - mentioned range [4][18] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company focuses on the R & D, production, and sales of rail transit - related products and components, electronic component accessories, and polymer modified materials. Its rail fastener products cover multiple categories and have CRCC certification. The railway track comprehensive inspection instrument is in the process of industrialization. The electronic component accessories business is a standard - drafting unit, and the polymer modified materials are widely used [19][20] - The upstream of the rail fastener business provides raw materials such as steel and rubber. The upstream of electronic component accessories is nylon and rubber, and the upstream of polymer modified materials is synthetic resin and additives. The downstream of the rail fastener business is rail construction, the downstream of electronic component accessories is the aluminum electrolytic capacitor industry, and the downstream of polymer modified materials is diverse [20] 3.2.2 Company's Operating Conditions - The company's operating income has been on the rise from 2022 to the first half of 2025, with year - on - year growth rates of 24.21%, 5.60%, 4.22%, and 6.49% respectively. The main business income comes from multiple sources, and the rail transit business is the basic business, while the electronic component accessories business is expanding [23] - The company's comprehensive gross profit margin has increased slightly, with values of 25.70%, 28.39%, 27.47%, and 30.92% from 2022 to the first half of 2025. The net profit margin has also shown an upward trend. The changes in gross profit margin are related to raw material prices and production capacity [26] - The company's period expenses are generally stable, with the total of sales, management, and financial expenses being 0.43 billion, 0.51 billion, 0.44 billion, and 0.32 billion yuan from 2022 to the first half of 2025. The R & D expenses have been increasing, and the accounts receivable turnover is generally stable [27][31][33] - The company's归母 net profit from 2022 to the first half of 2025 is 0.67 billion, 0.67 billion, 0.75 billion, and 0.64 billion yuan respectively, with year - on - year growth rates of 6.04%, 0.81%, 12.44%, and 96.56%. The weighted ROE has shown small fluctuations [35][37] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. The first and second major shareholders hold 26.86% and 7.49% of the shares respectively, and the top ten shareholders hold 55.57% in total. The Tang family is the actual controller, controlling 52.56% of the voting rights [40] 3.2.4 Company's Business Characteristics and Advantages - The company has a multi - business coordinated development layout. It has technical advantages with a professional R & D department, a team of 74 R & D personnel, and 107 patents as of June 30, 2025 [44] - It has qualification certification advantages, participating in the formulation of industry standards in multiple fields and having complete industry qualification certifications [45] - It has customer resource advantages, with a 20 - year cooperation history with Zhongyuan Lida. The railway track comprehensive inspection instrument project can reduce market entry costs based on existing customer resources [46] 3.2.5 Current Raised Funds Allocation - The company plans to issue convertible bonds to raise 400 million yuan. After deducting issuance fees, 280 million yuan will be used for the intelligent equipment production base project, 50 million yuan for the annual production of 18,000 tons of plastic modified new material production line construction project, and 70 million yuan for supplementing working capital [11][47] - The intelligent equipment production base project has a post - tax internal rate of return of 12.43% and a post - tax static investment payback period of 9.47 years (including the construction period), with an expected sales revenue of 546.292 million yuan at full production [48][50] - The annual production of 18,000 tons of plastic modified new material production line construction project has a post - tax internal rate of return of 14.52%, a post - tax static investment payback period of 7.11 years (including the construction period), and an expected sales revenue of 215.0211 million yuan at full production [48]

Group 1 - The article mentions the issuance of a convertible bond by Xianghe Industrial, with a conversion price set at 13.59 yuan and an issuance price of 100.00 yuan [1] - The bond has been rated A+, indicating a relatively high credit quality [1] Group 2 - There are no new stock offerings available today, indicating a potential lull in the market for new investments [1] - The document does not provide any additional insights or data regarding market trends or company performance [1]

Core Viewpoint - The article provides an overview of various convertible bonds, including their current prices, redemption prices, last trading dates, conversion values, and remaining scales, highlighting potential investment opportunities in the convertible bond market [1][3][5]. Group 1: Convertible Bonds Overview - The convertible bond "冠中转债" is noted as not subject to forced redemption, with a last trading date of February 26, 2026 [1][7]. - The current prices of several convertible bonds are listed, with "Z兴发转" at 150.411, "赛龙转债" at 133.300, and "首华转债" at 144.973, among others [3]. - The conversion values for these bonds are also provided, with "Z兴发转" having a conversion value of 150.99 and "赛龙转债" at 133.65 [3]. Group 2: Key Metrics of Convertible Bonds - The remaining scale of "凤21转债" is reported at 14.619 billion, while "众和转债" has a remaining scale of 7.338 billion [3]. - The proportion of convertible bonds to their underlying stocks is highlighted, with "赛龙转债" at 5.49% and "首华转债" at 5.45% [3]. - The last trading dates for several bonds are specified, with "华安转债" on March 6, 2026, and "乐普转2" on March 24, 2026 [5][7].