证券代码：603759 证券简称：海天股份 公告编号：2026-017 海天水务集团股份公司 第五届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）海天水务集团股份公司（下称"公司"）第五届董事会第三次会议的召 集、召开符合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、董事会会议审议情况 审议通过了《关于新增募集资金专户并签订监管协议的议案》 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避。 为进一步提高募集资金的使用和管理效率，根据《上市公司募集资金监管规 则》等有关法律法规及公司《募集资金管理制度》的规定，公司董事会同意全资 子公司海天智造（上海）新材料有限公司在中信银行股份有限公司成都天府新区 支行新增开立一个募集资金专用账户，用于"补充流动资金"募投项目部分募集 资金的存放和使用，并与商业银行及保荐机构签署相关的募集资金监管协议，对 募集资金的存放和使用情况进行监管。 1 董事会授权公司经营管理层具体办理与本次新增募集 ...

证券代码：603759 证券简称：海天股份 公告编号：2026-016 海天水务集团股份公司 关于开设募集资金专户并签署募集资金专户存储三 方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 海天水务集团股份公司（以下简称"海天股份"、"发行人"或"公司"）向不特 定对象发行可转换公司债券（以下简称"可转债"或"海天转债"）已获得中国证券 监督管理委员会证监许可〔2026〕83 号文同意注册，海天转债期限为 6 年，每 张面值为人民币 100 元，发行数量 801,000 手（8,010,000 张）。本次发行可转 债募集资金总额为人民币 801,000,000.00 元，扣除不含税的发行费用人民币 7,586,839.63 元，实际募集资金净额为 793,413,160.37 元。上述募集资金已于 2026 年 2 月 11 日全部到账，经信永中和会计师事务所（特殊普通合伙）审验并于 2026 年 2 月 11 日出具了《海天水务集团股份公司向不特定对象发行可转换公司债券 验资报告》（XY ...

Market Review - The equity market has shown strong performance, with the Shanghai Composite Index rising by 4.60% in January, while the CSI 1000 and Shenzhen Component Index performed even better. The convertible bond index increased by 8.45%, outperforming the broader market by 3.85 percentage points [8][12] - The average price of convertible bonds reached 169.06 yuan, a month-on-month increase of 10.97%. The average conversion premium rate for the market was 46.07%, indicating a low valuation range since January 2023 [12][14] - Public funds have increased their holdings in convertible bonds, with a total market value of 3340.4 billion yuan, up by 405.7 billion yuan from the previous month. However, the proportion of holdings by public funds decreased by 3.2 percentage points [21][22] Strategy Layout - The previous recommended convertible bond portfolio achieved an average return of 29.22%, significantly outperforming the CSI convertible bond index, which rose by 9.88%. The strategy focused on technology and cyclical sectors to navigate the ongoing equity market trends [33][34] - The report suggests maintaining a non-typical barbell strategy, emphasizing technology growth sectors supported by policy and innovation, while also including low-position cyclical varieties to mitigate potential market pullbacks [34][35] - The current recommended portfolio includes new additions such as Aladdin Convertible Bond and Hebang Convertible Bond, while removing two bonds that faced forced redemption [34][35] Primary Market Dynamics & Clause Monitoring - As of January 28, 2026, there were 18 convertible bonds that announced early redemption, with a strong redemption ratio of 60%. Additionally, 10 convertible bonds announced potential downward adjustments, while 16 did not, indicating a downward adjustment ratio of 38.5% [30][31] - The issuance of new convertible bonds is progressing, with several companies receiving approval from the CSRC for upcoming issuances, including significant amounts from Changgao Electric and Haitan Co., indicating a positive outlook for new bond listings [25][27]

证券代码：603759 证券简称：海天股份 公告编号：2026-015 海天水务集团股份公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（主承销商）：中信建投证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 海天水务集团股份公司（以下简称"海天股份"、"发行人"或"公司"）向不特 定对象发行可转换公司债券（以下简称"可转债"或"海天转债"）已获得中国证券监 督管理委员会证监许可〔2026〕83 号文同意注册。公司聘请中信建投证券股份有 限公司（以下简称"中信建投证券"、"保荐人（主承销商）"或"主承销商"） 担任本次发行的保荐人（主承销商）。本次发行的可转债简称为"海天转债"，债券 代码为"113700"。 | 类别 | 认购数量（手） 放弃认购数量（手） | | | --- | --- | --- | | 原股东 | 718,950 | 0 | | 网上社会公众投资者 | 80,516 | 1,534 | | 网下机构投资者 | - | - | | 主承销商包销数量（放弃 | | 1, ...

证券代码：603759 证券简称：海天股份 公告编号：2026-014 海天水务集团股份公司 关于控股股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至本公告日，海天水务集团股份公司（以下简称"公司"）控股股东 四川海天投资有限责任公司（以下简称"海天投资"）持有公司股份总数为 267,768,008 股，占公司总股本的 57.99%，本次股份解除质押完成后，海天投 资累计质押公司股份数量为 108,270,000 股，占其持有公司股份的 40.43%，占 公司总股本的 23.45%。 截至本公告日，海天投资及其一致行动人费功全、费伟、成都大昭添澄 企业管理中心（有限合伙）（以下简称"大昭添澄"）合计持有公司股份总数为 286,435,616 股，占公司总股本的 62.03%。本次股份解除质押完成后，海天投资 及其一致行动人控制的股份累计质押 108,270,000 股，占其持有公司股份的 37.80%，占公司总股本的 23.45%。 一、本次股份解除质押情况 近日，公司接到控股股 ...

Macro Strategy - The report discusses the impact of liquidity shocks on commodity markets, highlighting that certain commodities, which are fundamentally sound, have been "misjudged" during these shocks and may present better entry points as the market stabilizes [1][6]. - The report indicates that after the liquidity shock, the core logic of commodity markets remains unchanged, with a focus on supply-demand dynamics and the potential for recovery in mispriced commodities [6]. Financial Products - The report reviews the performance of gold ETFs, noting that macroeconomic data and policy expectations have fluctuated, with interest rate cut expectations providing temporary support for gold [2][9]. - It emphasizes the importance of geopolitical risks and central bank gold purchases in supporting gold prices, while also indicating that the market may experience high volatility in February 2026 [2][9]. Fixed Income - The report provides an analysis of the Hai Tian convertible bond, predicting a listing price between 125.75 and 139.83 CNY, with a conversion premium of approximately 30% [3][10]. - It highlights the company's stable revenue growth and the strategic use of raised funds for infrastructure projects, indicating a solid credit rating and good debt protection [10][11]. Industry Analysis - The report identifies a shift in the semiconductor and storage industry driven by AI demand, suggesting that storage capacity is becoming a critical bottleneck for AI performance [4][12]. - It recommends focusing on companies like SanDisk, SK Hynix, Samsung Electronics, and Micron Technology, as they are positioned to benefit from the increasing demand for high-capacity storage solutions [4][12]. - The report notes that the chemical sector is expected to see continued improvement in market conditions due to structural changes in demand, particularly from emerging industries [7][12]. Company Recommendations - The report maintains a positive outlook on Yum China, highlighting its robust dividend yield and steady revenue growth, with projections for continued expansion in store numbers and profitability [5][13][14]. - It notes that the company has successfully improved operational efficiency and cost management, contributing to its strong financial performance [13][14].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Last week, the stock market continued to adjust, with a significant style shift. The previously leading precious metals, communication, and electronics sectors had deep pullbacks, while funds flowed to relatively undervalued sectors such as liquor, beauty care, and coal. The bond market was generally volatile, with yields rising initially due to liquidity pressure and then sentiment gradually improving. The convertible bond market had more than half of the individual bonds rising, with the CSI Convertible Bond Index up 0.05% for the week, the median price up 0.69%, the arithmetic average parity down 1.74%, and the overall market conversion premium rate up 0.92% compared to the previous week [1][7][8]. - From February 9 - 13, the convertible bond market continued to deeply adjust with compressed valuations on Monday but quickly recovered on Tuesday. There were unexpected redemptions of some convertible bonds during the week, and institutions showed a strong demand for convertible bonds. After short - term liquidity disturbances, the spring rally is expected to continue. It is recommended to focus on convertible bonds with appropriate performance and valuation levels, especially in the growth technology sector, and avoid high - redemption - risk targets [2][19][20]. 3. Summary According to Relevant Catalogs Market Trends (2026/2/2 - 2026/2/6) - **Stock Market**: The market continued to adjust with shrinking trading volume and a significant style shift. Different sectors showed different performances each day. Most Shenwan primary industries rose, with food and beverage (4.31%), beauty care (3.69%), and power equipment (2.20%) leading the gains, while non - ferrous metals (-8.51%), communication (-6.95%), and electronics (-5.23%) lagged [7][8]. - **Bond Market**: It was generally volatile. Yields rose initially due to weak PMI data, commodity and equity market fluctuations, and liquidity pressure. Later, sentiment improved supported by factors such as the central bank's larger - than - expected bond purchases in January and stable local bond issuance. The 10 - year Treasury bond rate closed at 1.81% on Friday, down 0.1bp from the previous week [8]. - **Convertible Bond Market**: More than half of the individual convertible bonds rose. The CSI Convertible Bond Index was up 0.05% for the week, the median price was up 0.69%, the arithmetic average parity was down 1.74%, and the overall market conversion premium rate was up 0.92% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in the [90,100), [100,110), and [110,120) parity ranges changed by +4.58%, -0.30%, and +1.86% respectively, and were at the 99%, 100%, and 99% percentile values since 2023. Most industries in the convertible bond market rose, with social services (11.45%), national defense and military industry (2.23%), and environmental protection (2.06%) leading, while computer (-3.91%), electronics (-3.30%), and non - bank finance (-3.14%) lagged. The total trading volume of the convertible bond market last week was 4058.40 billion yuan, with an average daily trading volume of 811.68 billion yuan, slightly lower than the previous week [8][12][17]. Valuation Overview As of February 6, 2026, for equity - biased convertible bonds, the average conversion premium rates in the 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and over 130 yuan parity ranges were 59.42%, 45.57%, 36.37%, 28.64%, 19.99%, and 20.43% respectively, at high percentile values since 2010 and 2021. For bond - biased convertible bonds with a parity below 70 yuan, the average YTM was -5.24%, at the 1%/2% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 52.09%, at the 97%/100% percentile values since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 10.43%, at the 97%/100% percentile values since 2010/2021 [21]. Primary Market Tracking - **Last Week (2026/2/2 - 2026/2/6)**: Haitian Convertible Bond announced its issuance, and Shangtai Convertible Bond was listed. Haitian Convertible Bond has a scale of 801 million yuan, and the funds will be used for water supply and sewage treatment projects and to supplement working capital. Shangtai Convertible Bond has a scale of 1.734 billion yuan, and the funds will be used for a lithium - battery anode material project [28][29]. - **Future Outlook**: As of February 6, there are no announcements of convertible bond issuance and listing in the coming week. Last week, 4 companies passed the listing committee review, 2 were accepted by the exchange, and 1 passed the shareholders' meeting. Currently, there are 99 convertible bonds to be issued, with a total scale of 154.85 billion yuan, including 7 that have been approved for registration with a total scale of 5.36 billion yuan and 4 that have passed the listing committee review with a total scale of 4.52 billion yuan [30].

证券代码：603759 证券简称：海天股份 公告编号：2026-013 海天水务集团股份公司 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：中信建投证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《海天水务集团股份公司向不特定对象发行可转换公司债券发行公告》， 本次发行的发行人海天水务集团股份公司（以下简称"海天股份"）及本次发行的 保荐人（主承销商）中信建投证券股份有限公司于 2026 年 2 月 6 日（T+1 日）主 持了海天股份向不特定对象发行可转换公司债券（以下简称"海天转债"）网上发 行中签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监督下 进行，摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | | 中签号码 | | --- | --- | --- | | 末"6"位数 | 906944，781944，656944，531944，406944，281944，156944，031944， | | | | 868382 | | | 末 ...

Investment Rating - The report provides a positive investment rating for Haitan Convertible Bonds, with an expected listing price range of 125.75 to 139.83 yuan, indicating a favorable outlook for investors [14][15]. Core Insights - Haitan Water Group is recognized as a leading enterprise in the environmental protection industry in China, with a focus on digital transformation and the establishment of a smart water management platform [17][32]. - The company has shown steady revenue growth since 2020, with a compound annual growth rate (CAGR) of 15.60% projected from 2020 to 2024, and an expected revenue of 1.519 billion yuan in 2024, reflecting an 18.95% year-on-year increase [17][23]. - The net profit attributable to shareholders is projected to reach 305 million yuan in 2024, representing a 25.97% increase year-on-year, despite a slight decline in the overall net profit margin [17][20]. Summary by Sections 1. Convertible Bond Basic Information - Haitan Convertible Bonds (113700.SH) have a total issuance scale of 801 million yuan, with net proceeds allocated to various water supply and wastewater treatment projects [10][11]. - The bond has a maturity of 6 years, with a credit rating of AA/AA, and a face value of 100 yuan, featuring a tiered coupon rate from 0.10% to 2.00% over its lifespan [12][10]. 2. Investment Subscription Recommendations - The expected first-day trading price for Haitan Convertible Bonds is projected to be between 125.75 and 139.83 yuan, with an estimated conversion premium of around 30% [14][15]. - The bond's conversion price is set at 12.52 yuan per share, with the underlying stock closing at 12.78 yuan on February 4, 2026, leading to a conversion parity of 102.08 yuan [12][14]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Haitan Water Group has established a modern and diversified industrial system in water supply, wastewater treatment, and solid waste management, with a focus on operational efficiency and digitalization [17][32]. - The company has maintained a stable sales net profit margin, with figures ranging from 18.14% to 21.75% from 2020 to 2024, while the gross profit margin has shown slight fluctuations [20][27]. 3.2 Company Highlights - As one of the early entrants in the urban water supply and environmental management sector, Haitan Water Group has developed a competitive edge in project acquisition and operational management, contributing to its stable revenue growth and strong market position [32][17].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The Haitian Convertible Bond (113700.SH) was available for online subscription on February 5, 2026, with a total issuance scale of 801 million yuan. After deducting issuance fees, the net proceeds will be used for several projects and to supplement working capital [2][3]. - The current bond floor valuation is 113.5 yuan, with a YTM of 2.16%. The conversion parity is 102 yuan, and the parity premium rate is -2.03%. The bond floor provides good protection [2][12]. - The terms of the convertible bond are standard, and the total equity dilution rate is 12.17%, exerting a certain dilution pressure on the equity [2][13]. - It is estimated that the listing price of the Haitian Convertible Bond on the first trading day will range from 125.75 to 139.83 yuan, with a conversion premium rate of around 30% [2][15]. - Since 2020, the revenue of Haitian Water Group Co., Ltd. has been growing steadily, with a compound growth rate of 15.60% from 2020 - 2024. In 2024, the company achieved an operating revenue of 1.519 billion yuan, a year - on - year increase of 18.95%. Meanwhile, the net profit attributable to the parent company slightly decreased, with a compound growth rate of 14.92% from 2020 - 2024. In 2024, it reached 305 million yuan, a year - on - year increase of 25.97% [2][17]. - The company's sales net profit margin and gross profit margin slightly declined, while the sales expense ratio, financial expense ratio, and management expense ratio decreased [2][20]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - The issuance and subscription schedule of the Haitian Convertible Bond is from February 3 to February 9, 2026, including steps such as publishing announcements, online roadshows, and determining the allotment results [9]. - The convertible bond has a code of 113700.SH, a face value of 100 yuan, a term of 6 years, and a rating of AA/AA. The initial conversion price is 12.52 yuan per share, and the conversion period is from August 11, 2026, to February 4, 2032 [10]. - The proceeds from the issuance will be used for projects like the digital water supply and efficiency improvement project in Jianyang and the expansion project of Jiajiang Urban Domestic Sewage Treatment Plant, with a total of 801 million yuan [11]. - The bond - related indicators show a pure bond value of 113.5 yuan, a pure bond premium rate of -11.89%, and a pure bond YTM of 2.16%. The equity - related indicators show a conversion parity of 102.08 yuan and a parity premium rate of -2.03% [11][12]. 3.2 Investment Subscription Suggestion - By referring to comparable targets and the empirical model of the conversion premium rate on the first listing day, considering the good bond floor protection, rating, and scale of the Haitian Convertible Bond, it is expected that the conversion premium rate on the first listing day will be around 30%, and the corresponding listing price will range from 125.75 to 139.83 yuan [14][15]. - The original shareholders' priority allotment ratio is 100.00%, and the online winning rate is 0.0009% [16]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - The company has a diversified industrial system in the environmental protection industry. Since 2020, its revenue has grown steadily, and the net profit attributable to the parent company has also increased [16][17]. - The company's sales net profit margin and gross profit margin have fluctuated, and the sales expense ratio, financial expense ratio, and management expense ratio have decreased. The overall profitability remains at a high level but fluctuates periodically [20][27]. - The company's operating revenue mainly comes from the sewage treatment business, and the product structure changes annually. The revenue from the waste - to - energy business has been increasing year by year [23]. 3.3.2 Company Highlights - The company is an early private water service enterprise in the field of urban water supply and drainage and water environment comprehensive treatment. It has a mature "investment - construction - operation integration" model and certain competitive advantages in project acquisition, operation management, and cost control [32].