Macro Strategy - The report indicates that structural "targeted interest rate cuts" have been implemented, and there is still room for "reserve requirement ratio (RRR) cuts and interest rate cuts" in 2026, especially if the RMB exchange rate and bank net interest margins remain stable [1][2][9] - It is expected that monetary policy in 2026 will be adjusted based on economic and financial conditions, with specific timing to be determined through comprehensive assessment [2][9] Fixed Income and Industry Analysis Industry Overview: Spandex - As of January 15, 2026, the price of spandex in China is 23,000 yuan/ton, with a price difference of 10,864 yuan/ton, indicating a high price percentile since 2018 [3][5] - The spandex industry is nearing the end of capacity expansion, and the elimination of outdated capacity is expected to improve industry conditions [3] - By the end of 2025, China's spandex capacity is projected to be 1.44 million tons/year, with an industry operating rate of 85% [3] - The industry concentration is high, with the top five companies holding 84% of the market share, indicating a significant head effect [3] - Demand for spandex is expected to grow rapidly, with a CAGR of 11% from 2017 to 2024, driven by its applications in textiles and hygiene products [5] Company Analysis: Huafeng Chemical - Huafeng Chemical is expected to maintain a spandex capacity of 400,000 tons/year by the end of 2025, with an additional 75,000 tons/year capacity expected to be gradually put into production by the end of 2026 [5] - The company is positioned to benefit from the anticipated improvement in industry conditions due to capacity elimination and increasing demand [5] Company Analysis: Xinxing Chemical Fiber - Xinxing Chemical Fiber is projected to have a spandex capacity of 220,000 tons/year by the end of 2025, with plans for an additional 100,000 tons/year capacity, with the first phase expected to start construction in Q1 2026 [5] - The company is also expected to benefit from the industry's recovery as outdated capacities are phased out [5] Company Analysis: Taihe New Materials - Taihe New Materials is expected to have a spandex capacity of 100,000 tons/year by the end of 2025, contributing to the overall industry capacity and benefiting from the anticipated demand growth [5]

耐普矿机公告称，本次向不特定对象发行4.50亿元可转换公司债券"耐普转02"，原股东优先配售和网上 申购于2026年1月16日结束。原股东优先配售392,297,500元，占比87.18%，控股股东郑昊获配约占 46.48%；网上向社会公众投资者发行57,702,000元，占比12.82%，网上中签率为0.0006092601%。发行 人和主承销商将在1月19日组织摇号抽签，结果1月20日公告，上市时间另行公布。 ...

每经AI快讯，1月16日，耐普转02、尚太转债今日申购，申购代码分别为370818、071301，均可顶格申 购10000张。此外，N澳弘转、N双乐转今日上市。 ...

富淼转债，嘉美转债：强赎 韦尔转债：不下修 双乐转债，澳弘转债：【上市】 尚太转债，耐普转02：【申购】 科马材料：北交所新股【上市】 恒运昌：沪深新股【申购】 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 127042 | 嘉美转债 | 強赎 | 2026-01-16 | 公告 | | 118029 | 富淼转债 | 强度 | 2026-01-16 | 公告 | | 113616 | 韦尔转债 | 不下修 | 2026-01-16 | 公告 | 宏川智慧：股东拟减持不超2%公司股份 美锦能源：2025年预计亏损8.5亿-12.5亿元 立讯精密：拟以10亿元-20亿元回购公司股份 | 转债代码 | 转债名称 | 现价 | 赎回价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (税前) | | | | (亿元) | 流通市值比 | | 113563 | 柳药转债 | | ...