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]