1. Report Title and Date - The report is titled "Convertible Bond Industry Chain Big Map - February 2026" and was issued on February 3, 2026 [1] 2. Analysts and Contact Information - Analysts are Yang Yewei and Wang Sufang, with their respective license numbers S0680520050001 and S0680524060002, and email addresses yangyewei@gszq.com and wangsufang@gszq.com [2][3] 3. Hot Topics and Related Convertible Bonds 3.1 "Brain - Machine Interface" - Convertible bonds related to this topic include Lepu Convertible Bond 2, Yiwei Convertible Bond, Kelan Convertible Bond, Jiahe Convertible Bond, and Seli Convertible Bond, with details such as their prices, premiums, balances, and associations with the brain - machine interface provided [5] 3.2 "Commercial Spaceflight" (Part 1) - Convertible bonds include Qifan Convertible Bond, Lion Convertible Bond, Ruike Convertible Bond, etc., with information about their industries, prices, and associations with the commercial spaceflight field [7] 3.3 "Commercial Spaceflight" (Part 2) - Convertible bonds like Tian23 Convertible Bond, Guoli Convertible Bond, and Mengsheng Convertible Bond are related, and their details are presented [10] 4. Industry Chains and Related Convertible Bonds 4.1 Power, Electrical Equipment Industry Chain - It includes segments such as power generation, power equipment, and energy storage, with a list of related convertible bonds like Jieneng Convertible Bond, Jinke Convertible Bond, etc. The top 10 convertible bonds by trading volume in January are also provided, including details like trading volume, price, and premiums [13][15] 4.2 Mining, Non - ferrous Metals, and Chemical Industry Chain - Covers various segments such as basic chemicals, chemical fibers, and coal. Related convertible bonds are listed, and the top 10 convertible bonds by January trading volume are presented, including their trading volumes, prices, and other indicators [17][19] 4.3 Machinery, Transportation, and Automobile Industry Chain - Comprises machinery, automobile parts, and logistics segments. Related convertible bonds are listed, and the top 10 convertible bonds by January trading volume are shown, including trading volumes, prices, and premiums [22][24] 4.4 Electronics Industry Chain - Includes semiconductor materials, electronic chemicals, etc. Related convertible bonds are listed, and the top 10 convertible bonds by January trading volume are provided, with details like trading volume, price, and premiums [27][32] 4.5 Military and TMT Industry Chain - Involves communication equipment, military, computer, and media segments. Related convertible bonds are listed, and information about some convertible bonds' trading volume, price, and other aspects in January is presented [35][38] 4.6 Real Estate Industry Chain - Covers building materials, construction engineering, and household appliances segments. Related convertible bonds are listed, and the top 10 convertible bonds by January trading volume are shown, including trading volumes, prices, and premiums [41][46] 4.7 Financial Industry Chain - Divided into non - banking finance and banking segments. All related convertible bonds are listed, and information about their trading volume, price, and other indicators in January is provided [49][52] 4.8 Light Industry and Downstream Consumption Industry Chain - Encompasses papermaking, agriculture, forestry, animal husbandry, and fishery, and other segments. Related convertible bonds are listed, and the top 10 convertible bonds by January trading volume are presented, including trading volumes, prices, and premiums [55][57] 4.9 Pharmaceutical and Biological Industry Chain - Includes pharmaceutical product production, medical devices, and pharmaceutical circulation. Related convertible bonds are listed, and the top 10 convertible bonds by January trading volume are provided, with details like trading volume, price, and premiums [60][64] 4.10 Environmental Protection Industry Chain - Covers environmental monitoring, comprehensive treatment, and waste treatment. Related convertible bonds are listed, and the top 10 convertible bonds by January trading volume are shown, including trading volumes, prices, and premiums [67][69]

Market Overview - All three major indices closed lower, with the Shanghai Composite Index down 2.48% to 4015 points and the ChiNext Index down 2.46%. The Hang Seng Index also saw a significant decline, closing down 2.92% [1][8] - Trading volume in the two markets decreased, remaining around 2.6 trillion [1][8] - Among the 31 primary industries, all except food and beverage and banking sectors experienced declines, with 4647 out of over 5300 stocks falling, indicating poor profitability [1][8] External Factors - The precious metals market experienced a sharp decline, impacting market sentiment and contributing to the A-share market's pullback. This was influenced by the nomination of Kevin Warsh as the next Federal Reserve Chairman, who advocates for a "balance sheet reduction + interest rate cut" policy [2][9] - Following Warsh's announcement, the US dollar index rose while gold and silver prices plummeted, with silver dropping 26%, marking its largest historical decline, and gold falling 9%, the worst single-day performance in nearly a decade [2][9] Internal Dynamics - Since mid-December, the index has risen rapidly due to improved liquidity and risk appetite, moving from around 3800 points to near 4200 points. This led to structural opportunities and accelerated sector rotation [3][10] - As uncertainty increased, market sensitivity heightened, prompting a shift from "increasing positions" to "realizing profits and reducing exposure," resulting in a net outflow of funds and overall market pressure [3][11] Future Outlook - The market is expected to focus on signs of economic recovery and the unfolding of the spring market, with a potential "second wave" of spring activity anticipated in February [4][11] - Historical data suggests a higher success rate for A-shares in February, particularly for small-cap growth stocks, which typically perform well in the week leading up to the Spring Festival [4][11] Sector Allocation - A balanced approach is recommended to navigate rapid rotations, with a focus on technology sectors supported by performance, such as AI applications, overseas computing power, storage, and wind energy storage [5][12] - For value investments, attention should be given to upstream commodities, which may benefit from geopolitical adjustments and potential mid-term recovery in manufacturing and real estate sectors [6][12]

Company Overview - Xinyada closed at 19.68 yuan on August 22, marking a 0.66% increase from the previous trading day [1] - The stock opened at 19.54 yuan, reached a high of 20.05 yuan, and a low of 19.39 yuan during the day [1] - The total trading volume for the day was 8.25 billion yuan, with a turnover rate of 9.13% [1] Industry Context - The company operates in the internet services sector, with business areas including financial IT and environmental technology [1] - As a publicly listed company in Zhejiang, its operations span venture capital and mobile payment sectors [1] Capital Flow Analysis - On August 22, there was a net outflow of 40.50 million yuan from main funds, accounting for 0.45% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 243 million yuan, representing 2.7% of the circulating market value [1] - There was a notable price surge during the day, with a more than 2% increase within five minutes at 9:35 AM, peaking at 19.88 yuan [1]