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%。 ...

Group 1 - The company held its 24th meeting of the fifth board of directors on February 2, 2026, to discuss urgent matters, with all five directors present and in compliance with relevant laws and regulations [2][3][4] - The board approved a proposal to lower the conversion price of the "Meinuo Convertible Bonds" from 25.68 yuan per share to 21.28 yuan per share, effective from February 4, 2026 [3][11][18] Group 2 - The "Meinuo Convertible Bonds" will be suspended from conversion on February 3, 2026, and will resume on February 4, 2026 [8][11] - The company issued 520 million yuan worth of convertible bonds in January 2021, with an initial conversion price of 37.47 yuan per share [8][11] - The conversion price has been adjusted multiple times since issuance, with the most recent adjustment being from 25.68 yuan to 21.28 yuan due to stock price performance [9][10][15][18] Group 3 - The adjustment to the conversion price was triggered by the stock price being below 90% of the current conversion price for at least 15 out of 30 consecutive trading days [15][16] - The board's decision to lower the conversion price was aimed at supporting the company's long-term development and optimizing its capital structure [16][18]

Core Viewpoint - The article discusses various convertible bonds, including their current prices, redemption prices, last trading dates, and conversion values, highlighting the potential investment opportunities and market dynamics in the convertible bond sector [1][3][5]. Group 1: Convertible Bonds Overview - Meino Convertible Bond (Code: 113618) announced a price adjustment on February 3, 2026 [1]. - Baichuan Changyin's controlling shareholder and its concerted parties plan to transfer 10% of their shares [1]. - Shangtai Convertible Bond is set to be listed on February 5, 2026 [1]. Group 2: Convertible Bond Market Data - Huari Convertible Bond (Code: 118009) has a current price of 159.442, with a strong redemption price of 101.105, and a last trading date of January 28, 2026 [3]. - Z Song Convertible Bond (Code: 123159) is priced at 156.110, with a strong redemption price of 100.540, and a last trading date of February 2, 2026 [3]. - Z Fumia Convertible Bond (Code: 118029) has a current price of 145.966, with a strong redemption price of 100.218, and a last trading date of February 2, 2026 [3]. - Z Me Convertible Bond (Code: 127042) is priced at 496.200, with a strong redemption price of 100.893, and a last trading date of February 2, 2026 [3]. - Fuli Convertible Bond (Code: 118043) has a current price of 151.649, with a strong redemption price of 100.397, and a last trading date of February 5, 2026 [3]. - Shentong Convertible Bond (Code: 111016) is priced at 119.486, with a strong redemption price of 100.445, and a last trading date of February 9, 2026 [3]. - Beigang Convertible Bond (Code: 127039) has a current price of 129.770, with a strong redemption price of 101.130, and a last trading date of February 9, 2026 [3]. - Huazheng Convertible Bond (Code: 113639) is priced at 167.040, with a strong redemption price of 100.153, and a last trading date of February 10, 2026 [3]. - Sailong Convertible Bond (Code: 123242) has a current price of 129.015, with a strong redemption price of 100.330, and a last trading date of February 27, 2026 [3]. - Tianjian Convertible Bond (Code: 127071) is priced at 133.318, with a strong redemption price of 100.810, and a last trading date of March 2, 2026 [3]. - Guanglian Convertible Bond (Code: 123182) has a current price of 168.600, with a strong redemption price of 100.960, and a last trading date of March 3, 2026 [3]. - Xingfa Convertible Bond (Code: 110089) is priced at 129.209, with a last trading date pending announcement [3]. Group 3: Additional Convertible Bonds Data - Aojia Convertible Bond (Code: 128097) has a current price of 109.837, with a redemption price of 110.000, and a last trading date of February 12, 2026 [5]. - Huazheng Convertible Bond (Code: 110067) is priced at 125.926, with a redemption price of 107.000, and a last trading date of March 6, 2026 [5]. - Lianchuang Convertible Bond (Code: 128101) has a redemption price of 113.500 and 110.000, with a last trading date of March 11, 2026 [5].

Core Viewpoint - The company announced a downward adjustment of the conversion price for its convertible bonds, effective from February 4, 2026, following shareholder approval on February 2, 2026 [1] Group 1 - The conversion price of the "Meinuo Convertible Bonds" has been revised from 25.68 CNY per share to 21.28 CNY per share [1] - The conversion of the "Meinuo Convertible Bonds" was suspended on February 3, 2026, and will resume on February 4, 2026 [1]

Core Viewpoint - The company Minohua (603538) announced a downward adjustment of the conversion price for its convertible bonds, effective from February 4, 2026, following shareholder approval on February 2, 2023 [1] Group 1 - The conversion price for "Minohua Convertible Bonds" has been revised from 25.68 yuan per share to 21.28 yuan per share [1] - The adjustment will take effect from February 4, 2026, after the bonds were suspended from conversion on February 3, 2023 [1]

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 - Ningbo Menohua Pharmaceutical Co., Ltd. is relocating its office due to business development and management needs, with the new address provided in the announcement [1]. Group 1: Office Relocation - The company is moving its office from Ningbo High-tech Zone to a new location at 777 Jinghua Road, Building 1, Meixu Street, Ningbo High-tech Zone [1]. - The postal code for the new office is 315000, and the investor contact number remains unchanged [1]. Group 2: Convertible Bonds Information - The company issued 520 million yuan of convertible bonds on January 14, 2021, with a maturity of six years and an initial conversion price of 37.47 yuan per share [3]. - The bond's conversion price has been adjusted multiple times, with the latest adjustment bringing it down to 25.68 yuan per share as of June 24, 2025 [5][6]. Group 3: Downward Adjustment Conditions - The company has outlined conditions under which the conversion price of the bonds may be adjusted downward, specifically if the stock price falls below 90% of the current conversion price for at least 15 out of 30 consecutive trading days [7]. - As of January 30, 2026, the stock price has been below the threshold of 23.11 yuan, indicating a potential trigger for the downward adjustment of the conversion price [9].

Group 1 - Meino Convertible Bond proposes a down adjustment [1][2] - Guanglian Convertible Bond is subject to strong redemption [1][2] - Longi Green Energy expects a net loss attributable to shareholders of 6 billion to 6.5 billion yuan for the fiscal year 2025 [1] Group 2 - New shares from Zhengshi Co. and Agricultural University Technology are available for subscription on the Shanghai and Beijing stock exchanges respectively [1] - The US stock market is closed [1]

Group 1 - The company will hold its first extraordinary general meeting of 2026 on February 2, 2026, at 14:00 [2][4] - Shareholders can vote through the Shanghai Stock Exchange's online voting system during specified time slots on the meeting day [2][4] - The meeting will include both on-site and online voting methods, with the location being in Ningbo, Zhejiang Province [4][10] Group 2 - The board of directors has proposed to adjust the conversion price of the "Meinuo Convertible Bonds" downwards due to the stock price being below 90% of the current conversion price for at least 15 trading days within a 30-day period [33][41] - The proposed adjustment will be submitted for shareholder approval, requiring a two-thirds majority of the voting rights present at the meeting [33][41] - The current conversion price is set at 25.68 yuan per share, and the adjusted price must not be lower than the higher of the average trading price over the last 20 trading days prior to the meeting and the previous trading day's average [41][39] Group 3 - The company has approved daily related transactions for 2026, with an estimated amount not exceeding 60 million yuan, which has been reviewed and approved by independent directors [20][48] - The related party involved is Ningbo Kelkang Meinuo Pharmaceutical Co., Ltd., in which the company holds a 40% stake [24][25] - The transactions are deemed necessary for the company's normal operations and will not adversely affect the company's financial status or independence [20][29]

Core Viewpoint - Meinuo's stock has triggered a downward adjustment of its convertible bond conversion price due to its closing price being below the conversion price for at least 15 out of the last 30 trading days [2] Group 1 - Meinuo announced that its stock price has been below the current conversion price of 25.68 yuan per share by 90%, specifically below 23.11 yuan per share [2] - The company convened the 23rd meeting of its fifth board of directors to review and approve the proposal for the downward adjustment of the "Meinuo Convertible Bond" conversion price [2] - The board of directors has proposed to adjust the conversion price of the "Meinuo Convertible Bond" downward [2]