中信股份(00267)发布公告，中信泰富特钢集团股份有限公司于2022年2月25日公开发行了5000万张可转 换公司债券(债券简称：中特转债，债券代码：127056)。"中特转债"将于2026年2月25日按面值支付第 四年利息，每10张"中特转债"(面值1000元)利息为13.00元(含税)。 ...

债券代码：127056 债券简称：中特转债 证券代码：000708 证券简称：中信特钢 公告编号：2026-004 中信泰富特钢集团股份有限公司（以下简称"公司"）于2022年2月 25日公开发行了5,000万张可转换公司债券（债券简称：中特转债，债券 中信泰富特钢集团股份有限公司 关于可转换公司债券 2026 年付息的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1."中特转债"将于2026年2月25日按面值支付第四年利息，每10张 "中特转债"（面值1,000元）利息为13.00元（含税）。 2.债权登记日：2026年2月24日。 3.除息日：2026年2月25日。 4.付息日：2026年2月25日。 5."中特转债"票面利率：第一年0.20%、第二年0.40%、第三年 0.90%、第四年1.30%、第五年1.60%、第六年2.00%。 6."中特转债"本次付息的债权登记日为2026年2月24日，凡在2026 年2月24日（含）前买入并持有本期债券的投资者享有本次派发的利息。 2026年2月24日卖出本期债券的投资者不享有本次派发的利息 ...

Market Performance - The steel sector declined by 3.02% this week, underperforming the broader market, with sub-sectors such as special steel down 2.10%, long products down 1.88%, and flat products down 3.84% [2][5] - Iron ore and steel consumables sectors also saw declines of 1.74% and 3.02% respectively, while the trade circulation sector fell by 4.006% [2][5] Supply Situation - As of February 6, the capacity utilization rate of blast furnaces in sample steel enterprises was 85.7%, an increase of 0.22 percentage points week-on-week [2] - Electric furnace capacity utilization was at 48.1%, a decrease of 7.59 percentage points week-on-week [2] - The production of five major steel products was 7.208 million tons, a week-on-week decrease of 15,500 tons [2] - Daily average pig iron production was 2.2858 million tons, an increase of 6,000 tons week-on-week and 1,400 tons year-on-year [5] Demand Situation - The consumption of five major steel products was 7.607 million tons, a week-on-week decrease of 410,800 tons, or 5.12% [2] - Mainstream traders' sales volume of construction steel was 35,000 tons, down 32,500 tons week-on-week, representing a 48.24% decline [2] Inventory Situation - As of February 6, social inventory of five major steel products was 9.404 million tons, an increase of 496,800 tons week-on-week, or 5.58%, but down 18.04% year-on-year [3][5] - Factory inventory of five major steel products was 3.973 million tons, an increase of 95,600 tons week-on-week, or 2.47%, and down 24.13% year-on-year [3][5] Steel Prices & Profits - As of February 6, the comprehensive index for ordinary steel was 3,414.2 yuan/ton, a week-on-week decrease of 13.31 yuan/ton, or 0.39%, and down 5.51% year-on-year [3] - The comprehensive index for special steel was 6,582.0 yuan/ton, a week-on-week decrease of 2.28 yuan/ton, or 0.03%, and down 2.88% year-on-year [3] - The profit for rebar from blast furnaces was 65 yuan/ton, an increase of 14.0 yuan/ton week-on-week, or 27.45% [3] - The profit for construction steel from electric furnaces was -76 yuan/ton, an increase of 4.0 yuan/ton week-on-week, or 5.00% [3] Raw Material Situation - As of February 6, the spot price index for Australian powder ore (62% Fe) at Rizhao Port was 764 yuan/ton, a week-on-week decrease of 29.0 yuan/ton, or 3.66% [4] - The price for main coking coal at Jingtang Port was 1,700 yuan/ton, a week-on-week decrease of 80.0 yuan/ton [4] - The average available days of iron ore for sample steel enterprises was 31.29 days, an increase of 2.6 days week-on-week [4] Investment Recommendations - The steel sector is expected to have strong "anti-involution" characteristics and significant profit recovery potential, with high-quality steel companies likely to see performance improvements [6][7] - Key companies to focus on include regional leaders with advanced equipment and environmental standards, as well as those benefiting from the new energy cycle [7]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [2]. Core Views - Demand is expected to gradually bottom out, and supply-side adjustments are beginning to show, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction in supply may accelerate, leading to a quicker industry upturn [4]. - The report highlights that approximately 60% of steel companies are currently operating at a loss, but market-driven supply adjustments are starting to occur, suggesting a gradual recovery in the steel sector [5]. Summary by Sections Steel Market Overview - Last week, the apparent consumption of five major steel products was 7.607 million tons, a decrease of 5.12% week-on-week but an increase of 32.12% year-on-year. Rebar consumption was 1.476 million tons, down 16.3% week-on-week, but up 143.03% year-on-year [16]. - The total steel inventory reached 13.3775 million tons, an increase of 4.63% week-on-week, maintaining a low level [5]. - The average gross profit for rebar was 159.5 CNY/ton, down 37.4 CNY/ton from the previous week, while hot-rolled coil profit was 19.5 CNY/ton, down 27.4 CNY/ton [5][33]. Raw Materials - Iron ore spot prices decreased, with the price for PB powder (61.5% iron content) at 766 CNY/ton, down 26 CNY/ton week-on-week. The main iron ore futures price fell by 31 CNY/ton to 760.5 CNY/ton, a decline of 3.92% [42]. - Iron ore port inventory rose to 171.41 million tons, an increase of 0.7% week-on-week, with the average available days of imported iron ore for domestic steel companies increasing to 31 days, up 14.81% [45][48]. Production and Capacity Utilization - The operating rate of blast furnaces among 247 steel mills increased to 79.53%, up 0.53 percentage points week-on-week, while the capacity utilization rate was 85.69%, up 0.22 percentage points [24]. - The total steel production last week was 8.199 million tons, a decrease of 3.27 million tons week-on-week [31]. Investment Recommendations - The report recommends focusing on companies with leading technology and product structures, such as Baosteel, Hualing Steel, and Shougang, as well as low-cost and flexible steel companies like Fangda Special Steel and New Steel [5].

Report Industry Investment Rating - The investment rating for the steel industry is "Bullish" [2]. Report's Core View - The current inventory accumulation pressure of the five major steel products is relatively limited, with the overall inventory at a relatively low level in history and the inventory accumulation speed slower than in previous years. Coupled with the supply support formed by the potential slight contraction of local production capacity due to recent safety inspections, the steel inventory pressure is limited. Currently, the profit per ton of general steel is considerable. Against the backdrop of the industry's "anti - involution," the performance improvement space of general steel companies is large, and they are expected to experience value restoration. The steel sector is also expected to present an opportunity for allocation. Based on the judgment of the steel industry cycle, the steel sector has strong "anti - involution" attributes and a large profit restoration space. High - quality steel enterprises have excellent upward elasticity brought about by the gradual restoration of performance and the room for the sector's valuation to rise due to the improvement of the supply pattern. The sector still has medium - to - long - term strategic investment opportunities, so the "Bullish" rating for the industry is maintained [2][3]. Summary According to the Table of Contents 1. This Week's Performance of the Steel Sector and Individual Stocks - The steel sector fell 3.02% this week, underperforming the broader market. The CSI 300 fell 1.33% to 4643.60. The top three sectors in terms of gains and losses were food and beverage (4.44%), textile and apparel (2.23%), and banking (2.09%) [10]. - The special steel sector fell 2.10%, the long - product sector fell 1.88%, the plate sector fell 3.84%, the iron ore sector fell 1.74%, the steel consumables sector fell 3.02%, and the trade and distribution sector fell 4.006% [2][13][17]. - The top three stocks in the steel sector in terms of gains and losses were Boyun New Materials (9.79%), Dazhong Mining (5.92%), and Shengde Xintai (4.72%) [15]. 2. This Week's Core Data Supply - As of February 6, the daily average hot metal output was 228.58 million tons, a week - on - week increase of 0.60 million tons (0.26%) and a year - on - year increase of 0.06% [25]. - As of February 6, the blast furnace capacity utilization rate of sample steel enterprises was 85.7%, a week - on - week increase of 0.22 percentage points [25]. - As of February 6, the electric furnace capacity utilization rate of sample steel enterprises was 48.1%, a week - on - week decrease of 7.59 percentage points [25]. - As of February 6, the output of the five major steel products was 720.8 million tons, a week - on - week decrease of 1.55 million tons (0.21%) [25]. Demand - As of February 6, the consumption of the five major steel products was 760.7 million tons, a week - on - week decrease of 41.08 million tons (5.12%) [35]. - As of February 6, the trading volume of construction steel by mainstream trading companies was 3.5 million tons, a week - on - week decrease of 3.25 million tons (48.24%) [35]. - As of February 1, 2026, the commercial housing transaction area in 30 large and medium - sized cities was 1.655 million square meters, a week - on - week increase of 226,000 square meters [35]. - As of February 8, the net financing amount of local government special bonds was 1.0851 trillion yuan, a cumulative year - on - year increase of 121.74% [35]. Inventory - As of February 6, the social inventory of the five major steel products was 940.4 million tons, a week - on - week increase of 49.68 million tons (5.58%) and a year - on - year decrease of 18.04% [43]. - As of February 6, the in - plant inventory of the five major steel products was 397.3 million tons, a week - on - week increase of 9.56 million tons (2.47%) and a year - on - year decrease of 24.13% [43]. Steel Prices - As of February 6, the general steel composite index was 3414.2 yuan/ton, a week - on - week decrease of 13.31 yuan/ton (0.39%) and a year - on - year decrease of 5.51% [49]. - As of February 6, the special steel composite index was 6582.0 yuan/ton, a week - on - week decrease of 2.28 yuan/ton (0.03%) and a year - on - year decrease of 2.88% [49]. Steel Mill Profits - As of January 30, the national average hot metal cost was 2396 yuan/ton, a week - on - week increase of 12.0 yuan/ton [57]. - As of February 6, the profit per ton of construction steel electric furnace at normal electricity price was - 76 yuan/ton, a week - on - week increase of 4.0 yuan/ton (5.00%) [57]. - As of February 6, the profit per ton of blast furnace for rebar was 65 yuan/ton, a week - on - week increase of 14.0 yuan/ton (27.45%) [57]. - As of February 6, the profitability rate of 247 steel enterprises was 39.39%, unchanged from the previous week [57]. Futures - Spot Basis - As of February 6, the spot basis of hot - rolled coils was - 1 yuan/ton, a week - on - week increase of 17.0 yuan/ton [65]. - As of February 6, the spot basis of rebar was 143 yuan/ton, a week - on - week increase of 21.0 yuan/ton [65]. - As of February 6, the spot basis of coke was - 117 yuan/ton, a week - on - week increase of 18.0 yuan/ton [65]. - As of February 6, the spot basis of coking coal was 73.5 yuan/ton, a week - on - week increase of 21.5 yuan/ton [65]. - As of February 6, the spot basis of iron ore was 4.5 yuan/ton, a week - on - week increase of 2.0 yuan/ton [65]. Raw Materials: Price & Profit - As of February 6, the spot price index of Australian powder ore in Rizhao Port (62% Fe) was 764 yuan/ton, a week - on - week decrease of 29.0 yuan/ton [74]. - As of February 5, the ex - warehouse price of main coking coal in Jingtang Port was 1700 yuan/ton, a week - on - week decrease of 80.0 yuan/ton [74]. - As of February 6, the ex - factory price of first - grade metallurgical coke was 1770 yuan/ton, unchanged from the previous week [74]. - As of February 6, the average profit per ton of coke for independent coking enterprises was - 10 yuan/ton, a week - on - week increase of 45.0 yuan/ton [74]. - As of February 6, the price difference between hot metal and scrap steel was 66.3 yuan/ton, a week - on - week decrease of 51.9 yuan/ton [74]. 3. Valuation Table and Key Announcements of Listed Companies Valuation Table of Listed Companies - The table shows the closing prices, net profits attributable to parent companies, EPS, and P/E ratios of multiple listed steel companies from 2024 to 2027 [75]. Key Announcements of Listed Companies - Youfa Group plans to invest in establishing a wholly - owned subsidiary, Guangdong Youfa Pipe Industry Technology Co., Ltd., with a registered capital of 500 million yuan [76]. - Hainan Mining is planning to acquire the control rights of Luoyang Fengrui Fluorine Industry Co., Ltd. through the issuance of shares and payment of cash and raise supporting funds. The company's stock has been suspended since January 29, 2026, with an expected suspension time of no more than 10 trading days [76]. - Hualing Steel has repurchased 56,023,339 shares as of January 31, 2026, accounting for 0.8109% of the total share capital, with a total transaction amount of 278,597,423.90 yuan [78]. - Anyang Iron and Steel expects a loss of about 460 million yuan in 2025, with a year - on - year reduction of about 85.94% in the loss amount. The net profit after deducting non - recurring gains and losses is expected to be about - 748 million yuan, with a year - on - year reduction of about 77.44% in the loss amount [78]. 4. This Week's Important Industry News - The new - home transactions in 10 major cities increased by 26.8% week - on - week, indicating a warming of real estate demand and having a marginal boost to the demand for construction steel [79]. - Indonesia has suspended the spot coal export due to the government's production cut plan, which may affect China's coal supply and be negative for steel prices [79]. - As of February 2, 23 listed steel companies have released their 2025 performance forecasts, with 12 in profit and 11 in loss [79]. - In January 2026, the sales volume of excavators in China was 18,708 units, a year - on - year increase of 49.5%, with domestic sales increasing by 61.4% and exports increasing by 40.5% [79].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others [2][3]. Core Insights - The iron ore market is experiencing downward price trends due to high overseas shipments and increasing port inventories, which have surpassed 170 million tons. This has led to a structural easing of inventory issues as steel mills complete their restocking [6][28]. - Short-term expectations for real estate policy relaxation may improve raw material cost pressures, potentially leading to a recovery in steel mill profits. Long-term, the industry is expected to shift from scale expansion to quality and efficiency improvements, benefiting leading enterprises [6][28]. Summary by Sections Domestic Steel Market - As of February 6, 2026, steel prices have decreased, with HRB400 rebar priced at 3,210 CNY/ton, down 30 CNY/ton from the previous week. Other products like high-line and hot-rolled steel also saw price declines [12][13]. International Steel Market - In the U.S., hot-rolled steel prices increased to 1,066 USD/ton, while in Europe, prices fluctuated with hot-rolled steel at 782 USD/ton, reflecting a mixed market response [23][25]. Raw Materials and Shipping Market - Domestic iron ore prices are stable with slight declines, while scrap steel prices have risen to 2,090 CNY/ton. The coal market is influenced by production quota adjustments in Indonesia, affecting prices [28][29]. Production and Inventory - As of February 6, 2026, total steel production decreased to 8.2 million tons, with an increase in total inventory to 939.28 million tons, indicating a rise in stock levels despite production cuts [6][12]. Profitability Analysis - The report indicates a decline in steel margins, with average gross profits for rebar, hot-rolled, and cold-rolled steel decreasing by 27 CNY/ton, 19 CNY/ton, and 21 CNY/ton respectively [6][28]. Key Company Valuations and Stock Performance - The report provides earnings per share (EPS) forecasts for various companies, with Hualing Steel projected to have an EPS of 0.50 CNY in 2025, and a price-to-earnings (PE) ratio of 12x, indicating a favorable investment outlook [2][3].

Investment Rating - The report maintains a "Buy" rating for the steel industry, recommending several key companies [2][3]. Core Insights - The iron ore market is experiencing downward price trends due to high overseas shipments and increasing port inventories, which have surpassed 170 million tons. This has led to a structural easing of inventory issues as steel mills complete their restocking [6][28]. - Short-term expectations for real estate policy relaxation may improve raw material cost pressures, potentially leading to a recovery in steel mill profits. Long-term, the industry is expected to shift from scale expansion to quality and efficiency improvements, benefiting leading enterprises [6][28]. Summary by Sections 1. Domestic Steel Market - As of February 6, 2026, the price of 20mm HRB400 rebar in Shanghai is 3,210 CNY/ton, down 30 CNY/ton from the previous week. Other steel products also saw price declines, with hot-rolled and cold-rolled prices decreasing by 20 CNY/ton [12][13]. 2. International Steel Market - In the U.S., the hot-rolled steel price is 1,066 USD/ton, up 16 USD/ton from last week. In Europe, hot-rolled prices are at 782 USD/ton, increasing by 12 USD/ton [23][25]. 3. Raw Materials and Shipping Market - Domestic iron ore prices are stable with slight declines, while scrap steel prices have increased to 2,090 CNY/ton, up 20 CNY/ton from last week. The coal market is stable, with main coking coal prices in North China dropping to 1,320 CNY/ton [28][29]. 4. Production and Inventory - As of February 6, 2026, total steel production is 8.2 million tons, a decrease of 32,700 tons week-on-week. Total inventory has increased by 496,100 tons to 9.3928 million tons [6][12]. 5. Profitability Analysis - The report indicates a decrease in steel profits, with average gross margins for rebar, hot-rolled, and cold-rolled steel declining by 27 CNY/ton, 19 CNY/ton, and 21 CNY/ton respectively compared to the previous week [6][28]. 6. Key Company Valuations and Stock Performance - Recommended companies include Hualing Steel, Baosteel, and Nanjing Steel, all rated as "Buy" with projected earnings per share (EPS) growth over the next few years [2][6].

Group 1 - The core point of the article highlights that despite the large scale of Chinese steel companies, their profit margins remain weak, with significant revenue but low net profits per ton of steel produced [2][3][4] - In 2024, major Chinese steel companies reported revenues and net profits as follows: Baowu Group with 322.1 billion yuan and 7.362 billion yuan; CITIC Special Steel with 109.2 billion yuan and 5.126 billion yuan; Nanjing Steel with 61.8 billion yuan and 2.261 billion yuan; and Huazhong Steel with 14.46 billion yuan and 2.032 billion yuan, totaling over 16.7 billion yuan in net profit [2] - The article emphasizes that the product structure of Chinese steel, heavily reliant on low-margin ordinary products like rebar and wire rods, leads to lower profitability compared to Japanese steel companies that focus on high-end products [3][4] Group 2 - Japanese steel companies, such as Nippon Steel, have shifted their focus to high-value products, allowing them to sell steel at significantly higher prices, averaging over 1,500 USD per ton compared to China's 755 USD per ton [4][6] - The article notes that while Chinese companies are making efforts to develop high-end products, their overall proportion of high-end offerings still lags behind that of Japanese competitors, which impacts their profitability [8][9] - Strategic moves by Japanese companies, such as Nippon Steel's acquisition of U.S. Steel for 14.1 billion USD, are aimed at securing a stable market and capitalizing on low-carbon steel production advantages [11] Group 3 - Chinese steel companies are also taking steps towards modernization and sustainability, with projects like Baowu's hydrogen metallurgy and Nanjing Steel's focus on raw material stability, indicating a shift towards lower carbon emissions [13] - The article suggests that the future competitive landscape will be defined by low-carbon and intelligent manufacturing, with the potential for Chinese companies to leverage their scale and market advantages if they can effectively transition to higher-margin products [15] - The current disparity in profitability is framed as a reflection of different development stages and paths, with Chinese companies needing to convert their production advantages into profits more effectively [15]

Report Summary - The report presents the top ten convertible bonds in February 2026, along with detailed information about the issuing companies, including their business scope, financial data, and key attractions [1][6]. Top Ten Convertible Bonds in February 2026 1. Zhongte Convertible Bond - Rating: AAA; 1 - end closing price: 128.153 yuan; conversion premium rate: 73.5%; PE - TTM of the underlying stock: 14.75 [1][8]. - Company: A global leader in special - steel manufacturing with an annual production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [13]. - Financials: In 2024, revenue was 109.203 billion yuan (-4.22% yoy), net profit attributable to shareholders was 5.126 billion yuan (-10.41% yoy). In the first three quarters of 2025, revenue was 81.206 billion yuan (-2.75% yoy), net profit attributable to shareholders was 4.33 billion yuan (+12.88% yoy) [13]. - Highlights: It is one of the world's most comprehensive special - steel enterprises, with high market shares in core products. It has strong cost - control and is seeking external expansion [14]. 2. Shanlu Convertible Bond - Rating: AAA; 1 - end closing price: 128.472 yuan; conversion premium rate: 54.45%; PE - TTM of the underlying stock: 4.32 [6][8]. - Company: Focused on road and bridge construction and maintenance, and expanding into other fields. It has a complete business system [31]. - Financials: In 2024, revenue was 71.348 billion yuan (-2.3% yoy), net profit attributable to shareholders was 2.322 billion yuan (+1.47% yoy). In the first three quarters of 2025, revenue was 41.354 billion yuan (-3.11% yoy), net profit attributable to shareholders was 1.41 billion yuan (-3.27% yoy) [31]. - Highlights: It has the "China Special Valuation" concept, and its balance sheet and potential orders may improve. It may benefit from infrastructure plans in Shandong and the Belt and Road Initiative [32]. 3. Hebang Convertible Bond - Rating: AA; 1 - end closing price: 153.399 yuan; conversion premium rate: 21.26%; PE - TTM of the underlying stock: -230.95 [6][8]. - Company: With a diversified business layout in chemicals, agriculture, and photovoltaics, it has expanded from a single - product business [44]. - Financials: In 2024, revenue was 8.547 billion yuan (-3.13% yoy), net profit attributable to shareholders was 31 million yuan (-97.55% yoy). In the first three quarters of 2025, revenue was 5.927 billion yuan (-13.02% yoy), net profit attributable to shareholders was 93 million yuan (-57.93% yoy) [44]. - Highlights: Its liquid methionine production has high profitability and is a major profit contributor [47]. 4. Huayuan Convertible Bond - Rating: AA -; 1 - end closing price: 145.282 yuan; conversion premium rate: 9.47%; PE - TTM of the underlying stock: 32.14 [6][8]. - Company: Focused on building a complete vitamin D3 industrial chain, with products in the vitamin and pharmaceutical sectors [58]. - Financials: In 2024, revenue was 1.243 billion yuan (+13.58% yoy), net profit attributable to shareholders was 309 million yuan (+60.76% yoy). In the first three quarters of 2025, revenue was 936 million yuan (-0.2% yoy), net profit attributable to shareholders was 234 million yuan (-3.07% yoy) [58]. - Highlights: It is a leader in certain products, and is expanding its product portfolio and has achievements in pharmaceutical R & D [59]. 5. Xingye Convertible Bond - Rating: AAA; 1 - end closing price: 123.691 yuan; conversion premium rate: 40.16%; PE - TTM of the underlying stock: 5.11 [6][8]. - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [72]. - Financials: In 2024, revenue was 212.226 billion yuan (+0.66% yoy), net profit attributable to shareholders was 77.205 billion yuan (+0.12% yoy). In the first three quarters of 2025, revenue was 161.234 billion yuan (-1.82% yoy), net profit attributable to shareholders was 63.083 billion yuan (+0.12% yoy) [72]. - Highlights: It has stable asset quality and scale growth, with a large customer base [73]. 6. Aima Convertible Bond - Rating: AA; 1 - end closing price: 126.979 yuan; conversion premium rate: 60.87%; PE - TTM of the underlying stock: 10.97 [6][8]. - Company: The leading enterprise in the electric two - wheeler industry, with self - developed and produced products [82]. - Financials: In 2024, revenue was 21.606 billion yuan (+2.71% yoy), net profit attributable to shareholders was 1.988 billion yuan (+5.68% yoy). In the first three quarters of 2025, revenue was 21.093 billion yuan (+20.78% yoy), net profit attributable to shareholders was 1.907 billion yuan (+22.78% yoy) [82]. - Highlights: It may benefit from government subsidies and the implementation of new national standards, and has potential for improving gross margin [83]. 7. Chongyin Convertible Bond - Rating: AAA; 1 - end closing price: 128.332 yuan; conversion premium rate: 16.22%; PE - TTM of the underlying stock: 6.55 [6][8]. - Company: An early - established local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [92]. - Financials: In 2024, revenue was 13.679 billion yuan (+3.54% yoy), net profit attributable to shareholders was 5.117 billion yuan (+3.8% yoy). In the first three quarters of 2025, revenue was 11.74 billion yuan (+10.4% yoy), net profit attributable to shareholders was 4.879 billion yuan (+10.19% yoy) [92]. - Highlights: It may benefit from the development of the Chengdu - Chongqing economic circle, has stable asset growth, and has a good risk - control strategy [93][96]. 8. Tianye Convertible Bond - Rating: AA+; 1 - end closing price: 141.695 yuan; conversion premium rate: 26.15%; PE - TTM of the underlying stock: 163.89 [6][8]. - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [105]. - Financials: In 2024, revenue was 11.156 billion yuan (-2.7% yoy), net profit attributable to shareholders was 68 million yuan (+108.83% yoy). In the first three quarters of 2025, revenue was 7.97 billion yuan (+2.2% yoy), net profit attributable to shareholders was 7 million yuan (-28.79% yoy) [105]. - Highlights: It benefits from cost - reduction in raw materials and plans to increase dividend frequency, and its group is promoting coal - mine projects [107]. 9. Aorui Convertible Bond - Rating: AA -; 1 - end closing price: 160.557 yuan; conversion premium rate: 39.57%; PE - TTM of the underlying stock: 27.45 [6][8]. - Company: Focused on the R & D, production, and sales of complex APIs and formulations, leading in certain technical fields [120]. - Financials: In 2024, revenue was 1.476 billion yuan (+16.89% yoy), net profit attributable to shareholders was 355 million yuan (+22.59% yoy). In the first three quarters of 2025, revenue was 1.237 billion yuan (+13.67% yoy), net profit attributable to shareholders was 354 million yuan (+24.58% yoy) [120]. - Highlights: It is optimizing its distribution network, expanding the market for its formulation products, and has high - quality customer resources [121]. 10. Yushui Convertible Bond - Rating: AAA; 1 - end closing price: 128.343 yuan; conversion premium rate: 35.36%; PE - TTM of the underlying stock: 26.26 [6][8]. - Company: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [134]. - Financials: In 2024, revenue was 6.999 billion yuan (-3.52% yoy), net profit attributable to shareholders was 785 million yuan (-27.88% yoy). In the first three quarters of 2025, revenue was 5.568 billion yuan (+7.21% yoy), net profit attributable to shareholders was 779 million yuan (+7.1% yoy) [134]. - Highlights: It has a high market share, is expanding its business scope, and has achieved cost - control through intelligent applications [135]. Related Reports - "Pricing of Naipu Convertible Bond 02: First - day conversion premium rate of 28% - 33%", released on January 27, 2026 [3]. - "Pricing of Shangtai Convertible Bond: First - day conversion premium rate of 40% - 45%", released on January 27, 2026 [3]. - "Pricing of Lianrui Convertible Bond: First - day conversion premium rate of 43% - 48%", released on January 15, 2026 [3]. - "Outlook for US Inflation in 2026: High at first, then low, overall controllable", released on January 12, 2026 [3].

Market Overview - The special steel sector experienced a decline of 7.3% on February 2, with CITIC Special Steel leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - CITIC Special Steel (000708) closed at 14.78, down 9.99% with a trading volume of 449,200 shares and a transaction value of 685 million yuan [1] - Fangda Special Steel (600507) closed at 5.93, down 8.49% with a trading volume of 752,300 shares [1] - Taiyuan Iron & Steel (000825) closed at 4.82, down 7.84% with a trading volume of 1,597,700 shares [1] - Other notable declines include Jiuli Special Materials (002318) down 5.80%, Shagang Group (002075) down 5.56%, and Xining Special Steel (600117) down 4.83% [1] Capital Flow - The special steel sector saw a net outflow of 60.03 million yuan from main funds, while retail funds experienced a net outflow of 102 million yuan [1] - However, there was a net inflow of 162 million yuan from speculative funds [1] Individual Stock Capital Flow - Taiyuan Iron & Steel (000825) had a main fund net inflow of 15.79 million yuan, while retail funds saw a net outflow of 37.95 million yuan [2] - Jiuli Special Materials (002318) recorded a main fund net inflow of 10.71 million yuan, with retail funds experiencing a net outflow of 29.56 million yuan [2] - Shagang Group (002075) had a main fund net inflow of 5.83 million yuan, but retail funds saw a significant net outflow of 54.47 million yuan [2] - CITIC Special Steel (000708) reported a main fund net outflow of 643,900 yuan, with a small net inflow from speculative funds [2]