Core Viewpoint - Longjian Co., Ltd. (600853) has seen significant market interest with its convertible bond "Longjian Convertible Bond" opening at a 30% increase on its first trading day, indicating high investor attention [1] Stock Performance - As of February 13, 2026, Longjian Co., Ltd. shares closed at 4.24 yuan, down 2.75% on that day, with a cumulative decline of 2.97% over the past five days [1] - On February 12, 2026, there was a net inflow of 14.94 million yuan in main funds, which shifted to a net outflow of 32.63 million yuan on February 13, accounting for 23.29% of the trading volume, reflecting short-term capital divergence [1] - The turnover rate increased from 2.11% on February 12 to 3.21% on February 13, with trading volume expanding to 140 million yuan [1] Financial Report Analysis - For the first three quarters of 2025, the company reported a main revenue of 10.771 billion yuan, a year-on-year decrease of 3.57%, while the net profit attributable to shareholders was 257 million yuan, an increase of 9.51% year-on-year [1] - The net profit for the third quarter alone saw a year-on-year growth of 13.02%, indicating strong profitability resilience [1] - The company's debt ratio stands at 81.38%, with financial expenses amounting to 240 million yuan and a gross profit margin of 13.37% [1] Institutional Perspectives - As of February 13, 2026, institutional sentiment is generally neutral, with most ratings being neutral [1] - Profit forecasts suggest a potential decline of 2.05% in net profit for 2025 [1] - The proportion of fund holdings is relatively low, and market attention is considered average [1]

Group 1 - The convertible bonds of Daimai increased by 8.34% [1] - The convertible bonds of Dongshi rose by 4.11% [1] - The convertible bonds of Fengyu grew by 2.94% [1] - The convertible bonds of Baichuan increased by 2.69% [1] Group 2 - The convertible bonds of Shuangliang decreased by 6.09% [1] - The convertible bonds of Zhenhua fell by 1.60% [1] - The convertible bonds of Longjian declined by 1.46% [1]

Group 1 - The company Longjian's convertible bonds were listed on February 12 [1]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In the short - term, the market risk appetite is expected to continue to decline marginally, and the market may shift from a liquidity - driven small - cap market to a performance - driven mid - and large - cap market. Convertible bonds will also follow the underlying stocks with increased volatility. Low - risk - preference funds have started to be conservative. If the equity market volatility amplifies, the impact of profit - taking and risk - aversion needs to be noted. However, the recent increase in the number of newly issued convertible bonds makes convertible bond subscription opportunities worth attention [3][11]. 3. Summary by Relevant Catalogs Policy Tracking - On January 20, the Ministry of Finance and other five departments issued the "Notice on Implementing the Loan Interest Subsidy Policy for Small and Medium - Sized Enterprises", providing an annualized 1.5 - percentage - point interest subsidy for up to 2 years for eligible small and medium - sized private enterprises, with a single - household subsidy loan limit of 50 million yuan. The policy supports multiple fields including emerging fields represented by artificial intelligence [4][5]. - On January 23, the China Securities Regulatory Commission issued the "Guidelines for the Performance Comparison Benchmark of Publicly Offered Securities Investment Funds", emphasizing the representativeness, seriousness, and stability of the performance comparison benchmark, strengthening the internal control and management of fund managers, and strictly regulating relevant behaviors [4][5]. Secondary Market - The major equity market indices showed mixed performance last week. The Shanghai Composite Index and Shenzhen Component Index rose by 0.84% and 1.11% respectively, while the ChiNext Index fell by 0.34%. Overseas, there was a triple - kill in the US stock, bond, and foreign exchange markets, and precious metals hit new highs. Domestically, the central bank increased the re - loan quota for scientific and technological innovation and technological transformation and relaxed the requirements for credit entities [6]. - The convertible bond market indices all rose last week. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose by 2.92%, 2.79%, and 3.18% respectively, with an average daily trading volume of 9.3296 billion yuan, a marginal decrease of 1.1224 billion yuan from the previous week. The CSI Convertible Bond Index outperformed the Shanghai Composite Index by 4.36 pcts, and mid - cap convertible bonds outperformed small - cap convertible bonds by 0.27 pcts. Convertible bond ETFs had a net subscription of 4.289 billion yuan, with Bosera Convertible Bond ETF significantly increasing its holdings by 4.148 billion yuan and Haitong SSE Convertible Bond ETF only slightly increasing its holdings by 0.141 billion yuan [8]. - Structurally, the small - cap style in the convertible bond market continued to dominate. The Wind Convertible Bond AA Index led the sub - indices with a 4.46% increase. Mid - and high - priced, mid - and small - cap convertible bonds also performed strongly. The conversion value reached the 97.8% quantile since 2020, and the conversion premium rate decreased by 2.25 pcts to the 59.1% quantile. In terms of trading sentiment, the activity in both the equity and convertible bond markets continued to increase marginally [10]. - By industry, all industries' convertible bonds rose last week. Steel and textile and apparel convertible bonds led the market with an average increase of over 5% and 4% respectively, while electronic industry convertible bonds had an average increase of less than 1% [10]. Primary Market - Last week, Longjian Convertible Bond and Aiwei Convertible Bond were issued, and no convertible bonds were listed. Zai 22 Convertible Bond, Bo 23 Convertible Bond, and Hugong Convertible Bond were redeemed early and delisted. As of last Friday, the convertible bond market's outstanding scale was 556.27 billion yuan, a decrease of 914 million yuan from the beginning of the year and an increase of 1.272 billion yuan from the previous week. Eight convertible bonds were approved by the CSRC to be issued, with a total of 6.164 billion yuan [3][33]. - Nine convertible bonds had a conversion ratio of over 5% last week, 2 more than the previous week. Some convertible bonds such as Huarui Convertible Bond and Furong Convertible Bond have announced early redemption [34]. - In terms of clause tracking, 1 convertible bond announced a downward revision of the conversion price, and 5 convertible bonds announced early redemption. Some convertible bonds are expected to trigger the conditions for downward revision of the conversion price or early redemption [37].

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]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The report recommends actively subscribing to Longjian Convertible Bonds. It is estimated that the listing price on the first day will be between 130.37 and 144.98 yuan, and the subscription rate is expected to be 0.0038%. The bond has good debt bottom protection, but its rating and scale have average attractiveness [3]. - Longjian Co., Ltd. is one of the most powerful and large - scale comprehensive service providers for large - scale infrastructure construction in Northeast China. Its revenue has been growing steadily since 2019, and its net profit attributable to the parent has also been fluctuating. The company's main business income comes from construction projects, with relatively stable product structure [3]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance of Longjian Convertible Bonds starts on January 22, 2026. The detailed schedule includes steps from T - 2 (January 20, 2026) to T + 4 (January 28, 2026), such as publishing prospectuses, conducting roadshows, and determining subscription results [8]. - **Basic Terms**: The convertible bond has a total issuance scale of 1 billion yuan, a 6 - year term, an AA/AA credit rating, a face value of 100 yuan, and specific coupon rates from the first to the sixth year. The conversion price is 4.63 yuan per share, and the conversion period is from July 28, 2026, to January 21, 2032. The down - revision, redemption, and put - back clauses are also specified [9]. - **Use of Raised Funds**: The raised funds are mainly used for construction projects such as the G1111 Hegang - Taiqing section of the Heha Expressway project and the reconstruction project of the Sunwu - Heihe section of the National Highway Dan - A, as well as repaying bank loans [10]. - **Bond and Stock Indicators**: The pure bond value is 98.08 yuan, with a YTM of 2.16%. The conversion parity is 105.83 yuan, and the parity premium rate is - 5.51%. The total share capital dilution rate is 17.56% [10][11][12]. 3.2. Investment Subscription Suggestions - **Estimated Listing Price**: Based on comparable targets and empirical results, considering the good debt bottom protection of Longjian Convertible Bonds and the average attractiveness of its rating and scale, the expected listing price on the first day is between 130.37 and 144.98 yuan, with an expected conversion premium rate of about 30% [13][14]. - **Estimated Subscription Rate**: It is estimated that the priority subscription ratio of original shareholders is 64.23%, and the online subscription rate is 0.0038% [15]. 3.3. Analysis of the Underlying Stock's Fundamental Aspects 3.3.1. Financial Data Analysis - **Business Scope**: The company is mainly engaged in highway engineering, municipal road and bridge construction, consulting and design, as well as infrastructure investment, operation, maintenance, and management. It has won more than 100 honors and has been promoting market development at home and abroad [16]. - **Revenue and Profit Growth**: Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 10.49% from 2019 - 2024. In 2024, the revenue was 18.29 billion yuan, a year - on - year increase of 4.95%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 12.59% from 2019 - 2024. In 2025, the net profit attributable to the parent in the first three quarters was 257 million yuan, a year - on - year increase of 9.51% [17]. - **Business Income Structure**: The company's main business income comes from construction projects, highway tolls, and design consulting. Since 2021, the income from construction projects has been increasing year by year, accounting for 99.48%, 99.53%, 99.28%, and 99.37% of the main business income from 2021 - 2024 respectively, and the product structure is adjusted annually [19]. - **Profitability and Cost Ratios**: The company's sales net profit margin and gross profit margin fluctuate slightly, the sales expense ratio rises, while the financial expense ratio and management expense ratio remain stable. The changes in the comprehensive gross profit margin of the main business are mainly affected by the gross profit margin of construction projects [23]. 3.3.2. Company Highlights - **Industry Status and Reputation**: As a state - owned holding listed company affiliated with Heilongjiang Construction Investment Group, it is a leading infrastructure construction service provider in Northeast China. It has won many authoritative honors and has a high - profile in the industry [30]. - **Market Layout**: The company has a diversified business network covering both domestic and international markets through the "1 + N+8" domestic development system and the "1 + 7+N" overseas layout. It also promotes strategic upgrading by extending to emerging fields such as new energy infrastructure and green building materials [30].

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]