机构观点机构舆情偏中性，截至2026年2月13日，评级以中性为主，盈利预测显示2025年净利润同比可 能下降2.05%。基金持股比例较低，市场关注度一般。 以上内容基于公开资料整理，不构成投资建议。 经济观察网2026年2月12日，龙建股份（600853）发行的可转债"龙建转债"上市首日开盘涨30%，并触 发盘中临时停牌，显示市场对新券关注度较高。此外，公司于2026年2月9日召开董事会会议，审议调整 审计机构负责人等常规议案。 股票近期走势近期股价呈现波动，截至2026年2月13日收盘，龙建股份报4.24元，当日下跌2.75%，近5 日累计跌幅2.97%；资金流向方面，2月12日主力资金净流入1494.07万元，但2月13日转为净流出 3263.08万元，占成交额23.29%，反映短期资金分歧。换手率从2月12日的2.11%升至2月13日的3.21%， 成交额放大至1.4亿元。 财报分析根据2025年三季报，公司前三季度主营收入107.71亿元，同比下降3.57%，但归母净利润2.57 亿元，同比上升9.51%；第三季度单季净利润同比增幅达13.02%，显示盈利韧性。负债率81.38%，财务 费用2.4亿元 ...

岱美转债涨8.34%，东时转债涨4.11%，风语转债涨2.94%，百川转债涨2.69%；双良转债跌6.09%，振华 转债跌1.60%，龙建转债跌1.46%。 ...

每经AI快讯，2月12日，龙建转债今日上市。 （文章来源：每日经济新闻） ...

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。 ...

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]

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]

Macro Strategy - The economic growth target of 5% for the year was successfully achieved, with Q4 GDP growth at 4.5% and nominal GDP growth at 3.8%, indicating a narrowing decline in the GDP deflator index from -1.1% to -0.7% [1][15] - Economic growth was primarily driven by exports and services, with service sector GDP growth at 5.4% and industrial GDP growth at 4.5%. Exports increased by 6.1%, while fixed asset investment decreased by 3.8% [1][15] - Q4 price recovery was noted, but remained weak, with actual GDP growth at 4.5% and nominal GDP growth at 3.8% [1][15] Industry Insights - The aerospace sector is highlighted as a long-term strategic focus under the 15th Five-Year Plan, with continued attention on semiconductor equipment, particularly in advanced processes and domestic replacements [5] - The semiconductor equipment ETF is recommended as a key investment target due to policy and performance dimensions [5] - The commercial aerospace sector is expected to maintain its momentum, despite recent adjustments [21] Company Analysis - Zhongrong Electric (301031) is projected to exceed profit expectations for 2025, with net profits revised to 420 million, 600 million, and 800 million for 2025-2027, reflecting growth rates of 122%, 44%, and 34% respectively, maintaining a "buy" rating [11] - Junda Co., Ltd. (002865) is experiencing phase losses but is accelerating its layout for new growth points, with net profit forecasts adjusted to -1.27 billion, 470 million, and 1.04 billion for 2025-2027, maintaining a "buy" rating [12] - Tonghuashun (300033) has its profit forecast raised to 3 billion, 3.8 billion, and 4.8 billion for 2025-2027, with growth rates of 67%, 26%, and 26% respectively, maintaining a "buy" rating [13] - Putailai (603659) is expected to see net profits of 2.39 billion, 3.1 billion, and 4.02 billion for 2025-2027, with growth rates of 101%, 30%, and 30%, maintaining a "buy" rating [14]

证券研究报告·固定收益·固收点评 固收点评 20260121 龙建转债：东北基建领军者 2026 年 01 月 21 日 [Table_Tag] [Table_Summary] 事件 观点 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 2026-01-20 《 转债建议把握泛主线轮替、扩散行 情》 2026-01-20 东吴证券研究所 1 / 11 请务必阅读正文之后的免责声明部分 ◼ 龙建转债（110100.SH）于 2026 年 1 月 22 日开始网上申购：总发行规 模为 10.00 亿元，扣除发行费用后的募集资金净额用于施工总承包、偿 还银行贷款等项目。 ◼ 当前债底估值为 98.08 元，YTM 为 2.16%。龙建转债存续期为 6 年,中 诚信国际信用评级有限责任公司资信评级为 AA/AA,票面面值为 100 元，票面利率第一年至第六年分别为：0.10%、0.30%、0.60%、1.00%、 1.50%、2.00%，公司到期赎回价格为票面面值的 110.00%（含最后一期 利息），以 6 年 AA 中债企业债到期收益率 2 ...

Summary of Key Points Core Viewpoint - The article discusses various companies' stock performance and financial forecasts, highlighting significant expected losses for several firms in 2025 and planned share buybacks or reductions by major shareholders. Group 1: Company Actions - Hongya CNC's controlling shareholder plans to increase holdings by 30 million to 60 million yuan [1] - Wuhan Tianyuan's shareholders intend to reduce their holdings by no more than 2% of the company's shares [1] Group 2: Financial Forecasts - Sanfangxiang expects a total loss of 840 million to 760 million yuan for the year 2025 [1] - Haiyou New Materials anticipates a total loss of 520 million to 440 million yuan for 2025 [1] - Hebang Bio forecasts a total loss of 570 million to 470 million yuan for 2025 [1] - Trina Solar predicts a total loss of 7.5 billion to 6.5 billion yuan for 2025 [1] Group 3: Convertible Bonds - Strong redemption announcements for Fuli Convertible Bond, Sailong Convertible Bond, and Tianjian Convertible Bond [1] - Dragon Construction Convertible Bond and Aiwei Convertible Bond are set for subscription on January 22 [1] - Various convertible bonds listed with their current prices, redemption prices, last trading dates, and conversion values [4][6]