节后转债小幅下行，转债 ETF 稳定增持 ——可转债周报（2026.2.23-2026.3.1） 核心观点 关注东方金诚公众号 获取更多研究报告 ·· 作者 东方金诚 研究发展部 分析师 翟恬甜 副总经理 曹源源 上周，上海市住建委等五部门发布《关于进一步优化调整本 市房地产政策的通知》，为服务宜居安居，促进职住平衡， 满足居民合理住房需求，进一步调减住房限购政策，优化住 房公积金贷款政策，完善个人住房房产税政策，促进房地产 市场平稳健康发展。 时间 2026 年 3 月 2 日 二级市场方面：上周，权益市场震荡走高，转债市场缩量下 行，高价转债回调明显，细分类别中万得可转债 AA-及以下 指数以 0.40%涨幅领跑。但转债 ETF 仍在持续引入增量资金， 上周转债 ETF 净申购 7.2 亿元，博时可转债 ETF 已连续 7 周 实现规模增长，上周继续净申购 4.33 亿元，海富通上证可 转债 ETF 也净申购 2.87 亿元，对转债估值形成支撑。 展望后市，两会前，转债市场预计仍将以政策博弈、板块轮 动的结构性行情为主，同时需关注伊朗局势升级带来的扰动。 结构上看，业绩支撑仍将持续作为估值定价核心；高价高 ...

冠中转债涨4.36%，艾为转债涨4.23%，嘉泽转债涨3.27%，严牌转债涨2.94%；佳力转债跌3.40%，瑞可 转债跌2.45%，大中转债跌1.95%，鼎龙转债跌1.94%。 ...

Group 1 - The company Aiwai Electronics (688798.SH) announced the issuance of convertible bonds amounting to 1,901.32 million yuan [1] - The convertible bonds will be listed for trading on the Shanghai Stock Exchange starting from February 26, 2026 [1] - The securities will be referred to as "Aiwai Convertible Bonds" with the code "118065" [1]

智通财经APP讯，艾为电子(688798.SH)发布公告，公司发行的190,132.00万元可转换公司债券将于2026 年2月26日起在上交所挂牌交易，该可转换公司债券证券简称为"艾为转债"，证券代码为"118065"。 ...

艾为电子公告称，公司向不特定对象发行的可转债"艾为转债"已获核准，规模19.01亿元，债券代 码"118065"。原股东优先配售后的余额部分网上向公众投资者发售。原股东认购142.60万手，金额14.26 亿元；网上公众投资者缴款认购46.74万手，金额4.67亿元，放弃认购7888手，金额788.80万元。网上放 弃认购部分由保荐人中信建投证券包销，包销数量7888手，金额788.80万元，包销比例0.41%。 ...

中盘转债开始占优，关注市场风格切换 ——可转债周报（2026.1.19-2026.1.25） 核心观点 关注东方金诚公众号 获取更多研究报告 ·· 作者 东方金诚 研究发展部 分析师 翟恬甜 副总经理 曹源源 上周，财政部等五部门发布《关于实施中小微企业贷款贴息 政策的通知》，对符合条件的中小微民营企业按照贷款本金 给予年化 1.5 个百分点、期限不超过 2 年的贴息支持；证监 会发布《公开募集证券投资基金业绩比较基准指引》，强调 了业绩比较基准的表征作用、运用的严肃性和稳定性，并表 示将强化基金管理人的内部控制和管理，严格监管。 时间 2026 年 1 月 26 日 二级市场方面：上周，权益市场量能维持高位，转债市场在 小盘风格强势拉动下，延续震荡上行，估值有所压降，中证 转债继续跑赢上证指数 4.36pcts。结构上看，万得可转债 AA 级指数以 4.46%涨幅领跑各万得细分指数，中、高价转债， 中、小盘转债也表现较强，中盘转债跑赢小盘转债 0.27pcts。 转债 ETF 继续净申购 42.89 亿元，博时可转债 ETF 大幅增持 41.48 亿元，海富通上证可转债 ETF 小幅增持 1.41 亿元。 ...

Macro Strategy - The report highlights the investment value of the GF CSI Media ETF (512980.SH), which is closely tracking the CSI Media Index (399971.SZ) and has a management fee of 0.5% per year and a custody fee of 0.1% per year. As of January 16, 2026, the ETF has a circulation scale of 10.759 billion yuan and an annualized return of 29.47% with a volatility ratio of 0.89, indicating reasonable risk control capabilities [1][12] - The underlying index focuses on AI applications, with a significant weight of 31.43% in GEO concept stocks, including key companies like BlueFocus, Yanshan Technology, and Kunlun Wanwei. The top ten weighted stocks account for 51.52% of the index, indicating a high concentration of component stocks [1][12] - The report emphasizes that the current media bull market is driven by AI technology transformation and the assetization of data factors, contrasting with the previous bull market driven by mobile internet traffic. The media sector's valuation is at a historical low, providing a high margin of safety for investors [1][12] Non-Bank Financial Industry - The report indicates that the non-bank financial sector is experiencing an upward trend in market conditions, with public fund holdings in the sector increasing to 2.42% by the end of 2025, up 0.82 percentage points from the previous quarter. However, the sector remains underweight compared to the market [5][16] - The report recommends key stocks such as China Life, Ping An, New China Life, China Pacific Insurance, and CITIC Securities, highlighting their potential to benefit from the improving market environment [5][16] - The average daily trading volume of equity funds reached 34.444 trillion yuan, a year-on-year increase of 155%, indicating a significant improvement in market activity [5][16] Real Estate Industry - The report notes that the real estate market is gradually stabilizing, with a narrowing decline in sales and construction metrics compared to 2024. The total development investment in 2025 was 8.3 trillion yuan, down 17.2% year-on-year, while the new construction area was 5.9 million square meters, down 20.4% [6][18][19] - Sales figures show a cumulative sales area of 8.8 million square meters, down 8.7% year-on-year, with a cumulative sales amount of 8.4 trillion yuan, down 12.6%. The decline in sales is narrowing, particularly in first-tier cities [6][18][19] - Investment recommendations include China Resources Land, China Merchants Shekou, and New City Holdings, with a focus on property management companies like China Resources Mixc Life and Greentown Service [6][18][19] Environmental Industry - The report discusses the growth potential of the waste incineration sector, particularly in Southeast Asia and India, where an estimated 500,000 tons per day of waste incineration capacity is expected, corresponding to an investment scale of approximately 250 billion yuan [7][20] - Companies like Weiming Environmental and Sanfeng Environment are highlighted for their overseas expansion and operational stability, with significant revenue increases driven by high electricity prices and processing fees in international markets [7][20] - The report emphasizes the importance of cost control in overseas projects, with potential for significant profit margins compared to domestic projects, particularly in Indonesia where new projects are expected to yield higher returns [7][20]

Market Overview - The equity-like market experienced a volatile upward trend from January 19 to 23, with the overall market index rising by 1.81% and the convertible bond index increasing by 2.92% during this period [5] - The convertible bond market saw a significant increase in trading activity, with the average daily trading volume dropping from 1045.15 billion to 932.94 billion [25] Convertible Bond Valuation - As of January 23, 2026, the median price of convertible bonds surpassed 140 yuan, indicating a shift in the reference significance of absolute prices [20] - The valuation of convertible bonds has shown a divergence, with debt-type bonds experiencing a slight decline in valuation while equity-type bonds continued to stretch [10][18] - The pricing anchor for convertible bonds has weakened, with a notable decrease in the proportion of low-priced convertible bonds, particularly those priced below 120 yuan [18] Sector Performance - The performance of convertible bonds varied by sector, with notable gains in upstream resources and high-end manufacturing sectors, such as textiles and apparel, which rose by 7.44%, and steel and petrochemicals, which increased by 6.67% and 6.65%, respectively [8] - Conversely, sectors like social services and media showed weaker performance, with declines of 7.53% and 1.93% [8] Investment Strategy - The current market conditions suggest that investors should focus more on equity timing indicators rather than relying solely on convertible bond metrics, as the significance of various convertible bond indicators is diminishing [20] - Despite the high valuation levels, the internal momentum for buying remains strong, and investors seeking relative returns are encouraged to continue participating in the market [20] Supply and Issuance - The total issuance of convertible bonds in 2026 reached 57.80 billion yuan, which is relatively low compared to recent years, with new issuances including Aiwei Convertible Bond at 19.01 billion yuan and Longjian Convertible Bond at 10.00 billion yuan [25]

Investment Rating - The investment rating for the company is suggested to be "actively subscribe" for the convertible bond issuance [14]. Core Views - The report highlights that the company, Aiwei Electronics, is a leading domestic player in the mixed-signal and analog chip design sector, focusing on high-performance integrated circuits [17][34]. - The expected listing price range for the convertible bond is between 133.78 and 148.51 yuan, with an anticipated conversion premium rate of around 35% [15][14]. - The company has shown steady revenue growth since 2020, with a compound annual growth rate (CAGR) of 19.51% projected from 2020 to 2024 [18]. Summary by Sections 1. Convertible Bond Basic Information - The total issuance scale of the Aiwei convertible bond is 1.901 billion yuan, with net proceeds allocated for global R&D center construction and various chip development projects [12][11]. - The bond has a maturity of 6 years, with a credit rating of AA+sti/AA+sti, and a face value of 100 yuan [12][10]. 2. Investment Subscription Suggestions - The report estimates a first-day price for the convertible bond between 133.78 and 148.51 yuan, with a conversion price of 79.83 yuan per share [14][15]. - The expected subscription rate for online investors is projected to be 0.0060% [16]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - The company has maintained a steady revenue growth trajectory, with a projected revenue of 2.933 billion yuan in 2024, reflecting a year-on-year increase of 15.88% [18]. - The net profit margin and gross profit margin have remained stable, with sales net profit margins recorded at 7.07%, 12.39%, -2.55%, 2.02%, and 8.69% from 2020 to 2024 [25]. 3.2 Company Highlights - Aiwei Electronics is recognized as a high-tech enterprise and has developed over 1,500 product models, with sales exceeding 6 billion units in 2024 [34].

Group 1 - The article discusses the issuance of convertible bonds by Aiwei Electronics and Longjian Co., highlighting their respective bond ratings and conversion prices [2] - Aiwei Electronics has a bond rating of AA+sti with a conversion price of 79.83 yuan and an issuance price of 100.00 yuan [2] - Longjian Co. has a bond rating of AA with a conversion price of 4.63 yuan and an issuance price of 100.00 yuan [2]