海天股份：公司与通威太阳能签署的战略合作协议为框架性、意向性约定，不具强制约束力 长高转债：3月30日上市 华体转债：【最后交易日】 晨光电机：北交所新股【申购】 | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 127022 | 恒逸转债 | 114.500 | 100.880 | 2026-03-19 | 2026-03-24 | 115.43 | 0.069 | 0.01% | | 113676 | 荣23转债 | 133.601 | 100.480 | 2026-03-19 | 2026-03-24 | 134.12 | 0.010 | 0.02% | | 118021 | 新致转债 | 135.504 | 100.883 | 2026-03-19 | 2026-03-24 | 137.04 | 0.031 | 0.08% | | 118054 | ...

延续调整，转债估值明显压缩 ——可转债周报（2026.3.9-2026.3.15） 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，工信部发布《关于启动工业数据筑基行动 开展面向 人工智能赋能的高质量行业数据集建设先行先试的通知》， 聚焦关键环节关键场景"小切口"开展先行先试，明确到 2026 年底，赋能一批行业大模型、工业智能体等应用落地， 赋能行业提质降本增效，探索工业领域高质量数据集建设和 数据开发利用模式。 时间 2026 年 3 月 16 日 二级市场方面：上周，权益市场小盘风格走弱，转债市场回 调明显，转债估值较大压缩，大盘风格相对占优，细分类别 中万得可转债大盘指数以 0.24%跌幅领跑。转债 ETF 上周在 避险情绪下出现明显净赎回倾向，合计净赎回转债 25.67 亿 元，可转债 ETF 净赎回 21.11 亿元，可转债 ETF 海富通净赎 回 4.56 亿元。 展望后市，若美以伊战事继续外溢并向长期化演化，油价居 高不下抬升全球通胀预期，预计转债将跟随正股较大波动， 市场防御性高切低需求之下，双低转债将迎来阶段性占优。 ...

Macro Strategy - The core viewpoint is that the February CPI data in the US met expectations, indicating an overall improvement in inflation after seasonal disturbances in January, alleviating concerns about core inflation stickiness [1][6][7] - The sustainability of rising oil prices is crucial for the US inflation outlook and the Federal Reserve's policy rate path in the coming months [1][6] - Short-term impacts of oil price surges are expected to be minimal on the March-April FOMC decisions, but if oil prices become uncontrollable, there may be a risk of a more hawkish stance from Powell [1][6][7] Fixed Income - The Longgao Convertible Bond (127113.SZ) is expected to list at a price between 121.24 and 135.07 CNY, with a subscription rate of 0.0035% [2][8] - The bond has a total issuance scale of 759 million CNY, with net proceeds allocated to various projects, including production base upgrades [2][8] Industry Insights Laopu Gold (06181.HK) - The company forecasts a net profit increase of 233% to 240% year-on-year for 2025, driven by brand influence, product optimization, and store expansion [3][10] - Revenue is expected to reach 27 to 28 billion CNY, with a significant increase in terminal sales due to multiple price hikes in 2025 [3][10] - The company maintains a "buy" rating with adjusted net profit forecasts for 2025-2027 increased to 48.9, 87.0, and 113.7 billion CNY, respectively [3][12] Chongqing Beer (600132) - The company reported a revenue of 14.72 billion CNY for 2025, a year-on-year increase of 0.53%, with a net profit of 1.23 billion CNY, up 10.43% [4][12] - The company maintains a high dividend policy with a payout ratio of 98.3% despite a challenging external environment [4][12] - Profitability remains stable, with a sales net profit margin of 16.83% for 2025 [4][12] Baicheng Pharmaceutical (301096) - The company is entering a harvest period for innovative drugs, with stable cash flow from generic drug CRO services [5][13] - The company holds over 100 product rights, with more than 30 approved, which are expected to contribute to a "second growth curve" [5][13] - The projected revenue for 2025-2027 is 707 million, 821 million, and 973 million CNY, with net profits of -79 million, 121 million, and 203 million CNY, respectively [5][14]

Group 1 - The article discusses the stock subscription details for Zuxing New Materials (stock code: 920078), including an issuance price of 6.98 yuan and a maximum subscription limit of 1.035 million shares [1] - The industry price-to-earnings ratio is noted to be 14.99/34.76, indicating the valuation context for potential investors [1] - The convertible bond for Changgao Electric New (bond code: 072452) has a conversion price of 11.01 yuan and is rated AA- [1]

Group 1: Fundraising and Project Details - The total amount raised from the convertible bonds is RMB 758.60 million, with an issuance of 7,586,007 bonds at a face value of RMB 100 each [3] - The funds will be allocated to three main projects: "Changgao Electric New Jinzhou Production Base Phase III," "Changgao Electric New Wangcheng Production Base Upgrade and Expansion," and "Changgao Green Smart Distribution Industry Park" [2][3] - The estimated payback periods for the projects are as follows: 9.02 years for the Jinzhou project, 8.83 years for the Wangcheng project, and 11.10 years for the Smart Distribution Park project [2] Group 2: Convertible Bond Terms - The coupon rates for the convertible bonds are structured as follows: 0.2% for the first year, 0.4% for the second year, 0.6% for the third year, 1.0% for the fourth year, 1.5% for the fifth year, and 2.0% for the sixth year [3] - The conversion period for the bonds starts six months after the issuance date (March 13, 2026) and lasts until March 8, 2032 [4] - The initial conversion price is set at RMB 11.01 per share, which is based on the average stock price over the 20 trading days prior to the announcement [4] Group 3: Company Strategy and Market Position - The company is focused on maintaining a stable and sustainable dividend policy while actively rewarding long-term shareholders [3] - The company has no current business or orders related to the Middle East, and the regional situation has not impacted its operations or financial status [3] - The company aims to enhance operational quality and maintain gross margin stability through automation, digital upgrades, and cost control measures [7] Group 4: Industry Opportunities and Challenges - The State Grid's investment plan during the 14th Five-Year Plan period is approximately RMB 4 trillion, focusing on ultra-high voltage and distribution networks, which presents significant opportunities for the company [6][8] - The company is exploring overseas market opportunities but currently has no direct international business [5][8] - The company is committed to continuous product innovation and expanding its product line to enhance competitiveness in the transmission and transformation equipment sector [8]

Group 1 - Haineng Industrial's shareholders plan to reduce their holdings by no more than 1% of shares [1] - Changgao Convertible Bond will be available for subscription on March 9 [1] - Tongling Technology's new shares will be listed on the Beijing Stock Exchange [1] Group 2 - Convertible bond data includes various bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [3] - Notable convertible bonds include Huazhong Convertible Bond with a current price of 107.055 and a remaining scale of 1.7508 billion [3] - Other convertible bonds listed show varying premium rates and remaining scales, indicating potential investment opportunities [5]