证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2026 年 01 月 11 日 动量波动策略应对春季躁动 过去一周流动性风格表现最好，该风格下强势转债过去一周收益率均值+4.57%， 显著高于其他风格。春季躁动行情已进入主升阶段，可转债市场的核心矛盾从长 期的"估值性价比"转向短期的"资金与情绪博弈"，流动性改善成为贯穿当前行 情的绝对主线。在市场交投活跃、风险偏好上行的阶段，流动性风格往往能提供 显著且稳健的超额收益：1）增量资金入场：新入场资金多带有交易属性，天然偏 好成交活跃、进出便捷的高流动性标的，以快速实现建仓与调仓；2）情绪传导机 制：市场热点快速轮动，高流动性个券能更高效地汇聚市场关注，形成"流动性 溢价到资金流入"的正反馈循环；3）规模效应：在整体成交量能上台阶后，大中 盘转债的流动性优势被放大，其定价效率提升，波动特性更贴近正股。因此，流 动性改善不仅是市场现象，更是当前阶段获取超额收益的关键风格来源。 ❑ 春季躁动下淡化择时，以交易思维应对高价高估新环境。 策略维度，投资者应从过去侧重防御、挖掘"双低"价值的配置思维，转向更具 进攻性的交易思维。核心在于把握 ...

Group 1: Macro Overview - The main theme for the 2026 overseas market is "weak recovery + rebalancing," driven by factors such as "balance sheet repair + loose monetary policy + fiscal stimulus + AI investment wave," with a gradual economic recovery expected, albeit with weak momentum due to high interest rates and tariff impacts [2] - Different countries and industries are expected to transition from divergence to convergence, with economic, policy, and asset prices influenced by multiple factors reaching a balance point [2] Group 2: Fixed Income Strategy - The report emphasizes that the industrial wave of AI computing power and robotics is gradually being realized, supporting a high level of performance in equity markets, which underpins the high valuation of convertible bonds [3] - The supply-demand dynamics for convertible bonds are tightening, with continuous inflows into fixed income, further supporting their valuation; "pan-technology" is identified as a strategic allocation focus for equities and convertible bonds [3] - Recommended convertible bond targets include Guowei Convertible Bond, Xinfeng Convertible Bond, Weier Convertible Bond, Lianang Convertible Bond, Yiwai Convertible Bond, and Jianfan Convertible Bond [3] Group 3: Real Estate Sector - From January to November, the cumulative sales amount of new homes decreased by 11.1% year-on-year, with a total sales amount of 751.3 billion yuan, and the sales area decreased by 7.8% [6] - The report indicates that the new housing market is expected to remain under pressure in 2026, with a low performance due to the lack of significant policy changes [7] - The report suggests maintaining an "overweight" rating on real estate-related stocks, highlighting the importance of policy-driven dynamics and the potential benefits for quality real estate companies in a changing competitive landscape [7] Group 4: Steel Industry Insights - The quality of steel production statistics has declined since May, affecting the assessment of steel demand due to discrepancies between reported and actual production data [10] - The report notes that the weak reality continues to unfold against strong expectations in the steel sector, indicating challenges in demand and production regulation [10] Group 5: Company-Specific Analysis - Sutonju Chuang reported a Q3 2025 shipment of 186,000 laser radars, a year-on-year increase of 34%, with significant growth in the robotics sector [11] - The company's revenue for Q3 2025 reached 410 million yuan, a slight decrease of 0.2% year-on-year, with a gross margin of approximately 23.9% [11] - The report maintains a "buy" rating for Sutonju Chuang, projecting total revenues of 2.3 billion, 3.5 billion, and 4.4 billion yuan for 2025-2027, with a target market value of approximately 21.14 billion yuan [14]

Core Viewpoint - Hangzhou Lian Microelectronics Co., Ltd. announced the interest payment details for its convertible bonds, which will begin on November 14, 2025, covering the period from November 14, 2024, to November 13, 2025 [2][11]. Summary by Sections Convertible Bond Issuance Overview - The company issued convertible bonds on November 14, 2022, with a total issuance scale of 3.39 billion yuan (339 million) [2]. - The bonds have a face value of 100 yuan each and will be valid for six years, maturing on November 13, 2028 [2][3]. Interest Rate and Payment Details - The interest rates for the bonds are structured as follows: 0.3% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, 1.8% for the fifth year, and 2.0% for the sixth year [3]. - The interest payment method is annual, with the first payment scheduled for November 14, 2025, amounting to 1.00 yuan per bond (including tax) for the third year [11][12]. Important Dates - The bondholders' registration date for interest payment is November 13, 2025, with the interest payment and ex-dividend date both set for November 14, 2025 [5][12]. Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 0.80 yuan per bond after tax [15]. - Non-resident enterprises are exempt from corporate income tax on interest income until December 31, 2025 [16]. Contact Information - The issuer is Hangzhou Lian Microelectronics Co., Ltd., with contact details provided for the legal department and the underwriter, Dongfang Securities Co., Ltd. [17].

Group 1 - The chairman of Diou Home has announced plans to increase his stake in the company after the stock price rose from around 3 to over 6 [1] - Shareholders of Fumiao Technology plan to transfer 5% of their shares to Shanghai Gengrui and have signed a strategic cooperation agreement with Xinhu Maofang [2] - Red Wall Co.'s controlling shareholder intends to reduce their stake by no more than 3% [2] - ST Shengxun's shareholders plan to collectively reduce their stake by no more than 5.08% [2] - Li Bo Convertible Bond will be listed on July 22, and there will be no adjustment to the Lian Ang Convertible Bond [2]

Group 1 - The company, Hangzhou Lion Microelectronics Co., Ltd, has issued convertible bonds totaling 339 million RMB, with 3.39 million bonds at a face value of 100 RMB each [3][4][15] - The bonds have a maturity period of up to 6 years, with an interest rate that increases from 0.3% in the first year to 2.0% in the sixth year [4][6] - The initial conversion price for the bonds is set at 45.38 RMB per share, subject to adjustments based on various corporate actions [6][8] Group 2 - The company reported a significant decline in net profit for 2024, with a loss of 26.58 million RMB, a decrease of 504.18% compared to the previous year [18] - The total revenue for 2024 was 309.23 million RMB, reflecting a 14.97% increase from 2023 [18] - The company's total assets increased by 5.73% year-on-year, reaching 1.93 billion RMB by the end of 2024 [18] Group 3 - The company is engaged in the semiconductor industry, focusing on the research, production, and sales of semiconductor silicon wafers and power device chips [18] - The main applications of the company's products include 5G communication, automotive electronics, and artificial intelligence [18] - The company has faced challenges in project timelines due to external economic conditions, leading to delays in the construction of certain projects [21][22]