转债周策略 20260228 3 月十大转债 glmszqdatemark 2026 年 02 月 28 日 3 月十大转债 美诺华/美诺转债: 创新管线 JH389 项目商业化持续推进 泰瑞机器/泰瑞转债: 国内中高端注塑机龙头之一，高端市场领域正追赶国外注塑机高 端企业 江苏华辰/华辰转债：变压器海外销售有望迎来新突破 友发集团/友发转债：新一轮供给侧改革中，公司预计加快完善焊接钢管全国布局和海 外布局 宇邦新材/宇邦转债：切入工业热管理赛道打造第二增长曲线 亚太科技/亚科转债：积极布局新能源汽车、航空航天、工业热管理、机器人等新兴领 域的产能储备与业务发展 颀中科技/颀中转债：境内少数掌握多类凸块制造技术并实现规模化量产的集成电路封 测厂商 瑞可达/瑞可转债：公司应用于数据中心的各类高速线缆产品市场需求旺盛 弘亚数控/弘亚转债：国内家具装备龙头，具有成熟的海外销售渠道 岱美股份/岱美转债：切入智能机器人领域 2026 年增量资金入市的进程仍将持续，年初大概率会演绎"春季躁动"行情，主要关 注科技、高端制造方向的投资线索。 周度转债策略 本周各股票指数普涨，转债相对承压，中证转债指数涨跌幅为-0.23%。 ...

Investment Rating - The report suggests focusing on investment opportunities in the photovoltaic industry, particularly those benefiting from supply-side reforms, technological advancements, and changes in demand expectations [3]. Core Insights - The photovoltaic equipment sector index increased by 3.36% during the week of February 2 to February 6, 2026, outperforming the broader market index by 3.53 percentage points [11][14]. - Key companies in the photovoltaic equipment sector that showed significant gains include GCL-Poly Energy, JinkoSolar, and Jinglong Technology, while companies like Sungrow Power and Jinbo Technology experienced notable declines [18][20]. - The report highlights the importance of monitoring policy implementation and technological order fulfillment in the short term, while emphasizing long-term investments in high-efficiency technologies and leading companies [3]. Summary by Sections 1. Market Performance Review - The Shanghai Composite Index decreased by 1.13%, while the power equipment sector index rose by 2.20%, ranking third among 31 industry indices [11]. - The photovoltaic equipment sector index's performance was notably strong, with a 3.36% increase [14]. 2. Industry Chain Price Trends - As of February 4, 2026, the prices for key materials in the photovoltaic industry were as follows: silicon material at 56 CNY/kg (unchanged), silicon wafers at 1.35 CNY/piece (down 0.1 CNY), battery cells at 0.45 CNY/W (unchanged), and modules at 0.82 CNY/W (unchanged) [22]. 3. Industry News - Shanxi Province aims to establish a new energy base in the coal mining subsidence area, with plans for large-scale wind and solar projects [30]. - The utilization rates for wind and solar energy in 2025 were reported at 94.3% and 94.8%, respectively, indicating strong integration of renewable energy [31]. - Concerns were raised about potential negative growth in photovoltaic installations in 2026 due to policy adjustments and market conditions [32].

Core Viewpoint - The company is currently focused on producing photovoltaic soldering strips suitable for ground-based solar modules, but it acknowledges the higher material requirements for space photovoltaic components and plans to enhance research efforts to develop products for this sector in the future [2]. Group 1 - The company's current mass-produced photovoltaic soldering strip products are primarily designed for ground solar modules [2]. - The company recognizes that space photovoltaic components have more stringent material requirements [2]. - The company intends to increase research efforts to develop products that meet the higher standards required for space photovoltaic applications [2].

Core Viewpoint - Company is currently mass-producing photovoltaic tin solder ribbon products primarily suitable for ground photovoltaic modules and is committed to enhancing research efforts to develop products that meet the higher requirements for space photovoltaic applications [1] Group 1 - The current mass-produced products are specifically designed for ground photovoltaic components [1] - The company acknowledges that space photovoltaic components have higher material requirements [1] - There is a commitment to increase research efforts to develop suitable products for space photovoltaic applications [1]

格隆汇2月6日丨宇邦新材(301266.SZ)在互动平台表示，钙钛矿电池是一种新型薄膜太阳能电池，光伏 焊带在钙钛矿电池上没有应用。钙钛矿电池内部电流传输依靠特殊工艺，并非靠实体焊带进行串联导 电。 ...

Group 1 - The company responded to an investor inquiry regarding the application of its photovoltaic solder ribbon in perovskite solar cells, stating that there is currently no application for this technology in such cells [2] - Perovskite solar cells are identified as a new type of thin-film solar cell, which rely on a special process for internal current transmission rather than using physical solder ribbons for series conduction [2]

Investment Rating - The report suggests focusing on companies benefiting from supply-side reforms, technological iterations, and marginal changes in demand expectations, with a long-term view on efficient technologies and leading companies in the industry [4] Core Insights - The photovoltaic equipment industry index decreased by 6.19% during the week of January 26 to January 30, 2026, underperforming the broader market index by 5.18 percentage points [12][14] - Key companies in the photovoltaic equipment sector showed varied performance, with notable gains from Yamaton, Jincheng Co., and others, while significant losses were observed in Mingguan New Materials and others [17] - The report highlights the stability in prices of key materials such as silicon, wafers, and batteries, with slight increases in component prices [19] Summary by Sections Market Performance - The Shanghai Composite Index increased by 0.08%, while the photovoltaic equipment industry index fell by 6.19%, indicating a challenging week for the sector [12][14] Industry Chain Price Trends - As of January 21, 2026, the prices for key materials were as follows: silicon at 59 CNY/kg, wafers at 1.50 CNY/piece, batteries at 0.42 CNY/W, and components at 0.81 CNY/W, with a slight increase in component prices [19] Industry News - Guangdong province is advancing offshore photovoltaic construction as part of its action plan for high-quality marine economic development, promoting the integration of offshore wind and photovoltaic projects [26] - The National Energy Administration announced that by 2025, the country expects to add over 430 million kW of wind and solar capacity, with significant investments in renewable energy projects [27][28]

Group 1 - Zairun New Energy focuses on the research and development of perovskite battery core materials and equipment, with a strong emphasis on high-purity and high-stability products suitable for large-scale production [1] - The company has completed multiple pilot tests and its product performance has been validated by third-party authorities [1] - Zairun's high-radiation-resistant perovskite precursor materials enhance battery stability in extreme space environments, positioning the company to become a core supplier in the space photovoltaic supply chain [1] Group 2 - Aotwei is a leading domestic photovoltaic equipment enterprise, with early layouts in perovskite production line equipment and technology covering key processes such as laser etching and thin film deposition [2] - The company's self-developed laser repair equipment significantly improves battery yield and is at the forefront of industry standards [2] - Aotwei's equipment optimizes battery manufacturing processes to meet the stringent requirements of space photovoltaic applications, potentially making it a core supplier in this sector [2] Group 3 - Haiyou New Materials is a core supplier of photovoltaic packaging materials, focusing on the development of POE films and back sheets for perovskite batteries [3] - The company has developed radiation-resistant packaging films that ensure long-term stable operation of perovskite batteries in space environments [3] - As the space photovoltaic market scales, Haiyou is positioned to become a key supplier of packaging materials for perovskite batteries [3] Group 4 - Gaoce Co., Ltd. is a leading domestic company in photovoltaic cutting equipment and silicon wafer processing, actively developing ultra-thin silicon cutting technology for perovskite batteries [4] - The company's ultra-thin silicon wafers, with thicknesses as low as 50μm, meet the lightweight requirements of perovskite batteries [4] - Gaoce's technology supports the stringent demands of space photovoltaic applications, positioning it to become a core supplier of silicon wafers for perovskite batteries [4]

Core Viewpoint - The photovoltaic equipment sector experienced a significant increase, with a 6.68% rise on February 3, led by Zairun New Energy, amidst a broader market uptrend in major indices [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1]. - The photovoltaic equipment sector saw notable individual stock performances, with Zairun New Energy leading with a closing price of 74.56, reflecting a 20.01% increase [1]. Group 2: Stock Performance - Key stocks in the photovoltaic equipment sector included: - Zairun New Energy: 74.56, +20.01%, volume 64,100, turnover 440 million [1] - Jingke Co., Ltd.: 123.97, +20.00%, volume 228,900, turnover 2.685 billion [1] - Aotwei: 116.24, +20.00%, volume 139,200, turnover 1.570 billion [1] - Haiyou New Materials: 67.64, +19.99%, volume 73,200, turnover 466 million [1] - Liancheng CNC: 68.90, +18.18%, volume 254,400, turnover 1.634 billion [1] - Jingcheng Machinery: 55.07, +17.34%, volume 904,900, turnover 4.806 billion [1]. Group 3: Capital Flow - The photovoltaic equipment sector saw a net inflow of 2.173 billion in main funds, while retail funds experienced a net outflow of 209 million [2]. - The capital flow for key stocks indicated: - Longi Green Energy: 429 million net inflow from main funds, with a 8.29% share [3]. - Junda Co.: 416 million net inflow from main funds, with a 12.03% share [3]. - Foster: 323 million net inflow from main funds, with a 17.51% share [3].

Group 1 - The core viewpoint of the news is that Yubang New Materials has experienced fluctuations in its stock performance and financing activities, indicating a high level of investor interest and market activity [1] - On January 26, Yubang New Materials' stock price fell by 1.71%, with a trading volume of 321 million yuan. The financing buy-in amount for the day was 49.72 million yuan, while the financing repayment was 23.89 million yuan, resulting in a net financing buy-in of 25.83 million yuan [1] - As of January 26, the total balance of margin trading for Yubang New Materials was 250 million yuan, with the financing balance accounting for 5.18% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, the number of shareholders for Yubang New Materials was 12,800, a decrease of 4.22% from the previous period, while the average circulating shares per person increased by 4.41% to 8,171 shares [2] - For the period from January to September 2025, Yubang New Materials reported operating revenue of 2.26 billion yuan, a year-on-year decrease of 8.75%, while the net profit attributable to shareholders increased by 13.63% to 52.75 million yuan [2] - Since its A-share listing, Yubang New Materials has distributed a total of 57.79 million yuan in dividends [3]