Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The generative AI wave is reshaping the growth logic of cloud computing, leading the industry into a new high-growth cycle. The global cloud services market is expected to see a year-on-year growth of over 20% for four consecutive quarters from Q3 2024 to Q2 2025 [1][30] - The market concentration is likely to increase further, with the three major players—Amazon AWS, Microsoft Azure, and Google Cloud—controlling over two-thirds of the global market share. Their competitive focus is shifting from basic infrastructure services to AI platform services [2][31] Summary by Sections 1. Generative AI's Impact on Cloud Computing - The explosion of generative AI is injecting new momentum into the cloud computing industry, transitioning the focus from IT cost optimization to enabling enterprise innovation [1][28] - The global cloud infrastructure service spending is projected to exceed $95.3 billion in Q2 2025, with a year-on-year growth of 22% [30] 2. Market Concentration and Competitive Landscape - Amazon AWS, Microsoft Azure, and Google Cloud together hold approximately 66% of the global cloud infrastructure market share, with AWS maintaining a stable market share of 31-33% since 2018 [2][31] - Microsoft Azure has increased its market share from 14% in 2018 to 22% in Q2 2025, while Google Cloud has grown from 4.2% to 11% in the same period [31][34] 3. Amazon's Strategic Positioning - Amazon AWS is the global leader in cloud services, leveraging its first-mover advantage and a strong ecosystem to maintain a market share of 31-33% [2][43] - The company is investing up to $8 billion in AI startup Anthropic, creating a comprehensive solution from underlying chips to top-level applications [3][39] - AWS's revenue growth is primarily driven by the demand for AI capabilities, with projected revenue growth rates of 13.31%, 18.51%, and 17.19% for 2023, 2024, and H1 2025, respectively [45][47]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Funeng Convertible Bonds on the first - day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. The bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and there is no objection to primary participation [3][4][19][20] 3. Summary According to Related Catalogs 3.1. Funeng Convertible Bonds New - Bond Analysis and Investment Recommendations 3.1.1. Convertible Bond Basic Terms Analysis - The issuance methods of Funeng Convertible Bonds are priority placement and online issuance. The bond and the issuer's ratings are both AA+. The issuance scale is 3.802 billion yuan, the initial conversion price is 9.84 yuan. As of October 10, 2025, the convertible bond parity is 103.46 yuan, the calculated pure bond value is 94.95 yuan. The game terms (down - revision, redemption, and put - back clauses) are normal. Overall, the bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and it is not difficult for institutions to include it in their portfolios [2][15] 3.1.2. New - Bond Initial Listing Price Analysis - The target price of Funeng Convertible Bonds on the first - day of listing is 131 - 137 yuan. Considering the current market environment and parity level, the conversion premium rate on the first - day of listing is expected to be in the range of [27%, 32%] [3][19] 3.1.3. Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. Assuming the old shareholders' placement ratio is 65% - 71%, the scale available for the market is 1.095 - 1.326 billion yuan. Assuming the number of effective online subscriptions is 8.13 million households, the winning rate is calculated based on full subscription [4][20] 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Up - and Down - Stream Industry Situations - The company is mainly engaged in the production and sales of electricity, heat, and industrial textiles, with electricity products as the mainstay. The power generation industry's upstream includes power design, power equipment manufacturing, and engineering construction. The downstream is mainly power grid companies. The raw materials for industrial textiles are market - oriented, and its downstream industries are diverse and expanding [21][22] 3.2.2. Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 14.318 billion yuan, 14.695 billion yuan, 14.563 billion yuan, and 6.369 billion yuan respectively, with year - on - year growth rates of 17.79%, 2.63%, - 0.90%, and - 4.44%. The comprehensive gross margin increased steadily from 23.93% in 2022 to 28.31% in H1 2025, and the net profit margin also showed an upward trend. The company's period expenses remained stable, and R & D expenses were relatively stable. The accounts receivable increased due to slow subsidy payments, and the accounts receivable turnover rate decreased. The net profit attributable to the parent company increased steadily [25][28][30] 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, Fujian Energy Group Co., Ltd. was the largest shareholder, holding 1.536 billion shares (55.25% of the total shares). The top two shareholders' combined shareholding ratio was 65.13%, and the top ten shareholders' combined shareholding ratio was 71.19%. The actual controller of the company is the State - owned Assets Supervision and Administration Commission of Fujian Provincial People's Government [43] 3.2.4. Company's Business Characteristics and Advantages - The company has market position and scale advantages, as it is a leading wind - power company in Fujian, with its power generation business installation scale ranking among the top in Fujian. It has unit quality advantages, with a diversified energy structure mainly composed of thermal power, wind power, and photovoltaic power. It also has project reserve advantages, with many under - construction and reserve projects [50] 3.2.5. Allocation of Current Fund - Raising - After deducting issuance fees, 2.5 billion yuan of the raised funds is planned to be used for the 2×660MW ultra - supercritical cogeneration project in Quanhuixin Petrochemical Industrial Zone (total investment: 6.986 billion yuan), and 1.302 billion yuan for the Fujian Xianyou Mulan Pumped - storage Power Station Project (total investment: 8.383 billion yuan) [13][49]

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook amidst current market conditions [9]. Core Insights - The real estate market is expected to stabilize and recover, driven by policy support and a focus on internal demand as a core driver [14]. - The report highlights the defensive characteristics of quality state-owned developers during market disruptions, particularly in response to tariff impacts [15]. - Commercial real estate is identified as having strong recovery potential, with specific companies like New Town Holdings and China Resources Mixc showing significant alpha during market sentiment recovery [16][17]. Summary by Sections Market Overview - The A-share real estate sector experienced a decline of 0.82%, underperforming the broader market by 0.30 percentage points, ranking 23rd among 31 sectors [21]. - The Hong Kong real estate sector outperformed the market with a gain of 1.25%, exceeding the Hang Seng Index by 4.39 percentage points, ranking 4th among 12 sectors [36]. Credit Market - The issuance of real estate credit bonds totaled 940 million yuan this week, with a net financing amount of 939 million yuan. Cumulative issuance reached 337.01 billion yuan, with a net financing deficit of 38.57 billion yuan year-on-year [20][42]. Housing Market - New housing transaction volumes decreased by 11.69% year-on-year, while second-hand housing transactions increased by 4.33% year-on-year, indicating a mixed recovery in the housing market [6]. Land Market - The supply and transaction area of land in 100 cities increased by 7.07% and 18.60% respectively, with a rise in premium rates by 4.83% [5]. REITs Market - The REITs index saw a slight decline of 0.31%, with the property-type REITs index down by 0.51% and the franchise-type REITs index down by 0.07% [44].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is experiencing significant growth in its ultra-pure metal sputtering target and semiconductor precision component products, with a robust demand from semiconductor equipment manufacturers and chip manufacturers [1]. - The net profit margin has improved significantly, reaching 11.12% in H1 2025, up by 3.29 percentage points year-on-year, while the gross profit margin is expected to recover as production capacity increases [2]. - The company is well-positioned in the ultra-pure metal sputtering target market, achieving a revenue of 1.325 billion yuan in H1 2025, a year-on-year increase of 23.91%, and a gross profit margin of 33.26% [3]. Financial Summary - The company forecasts revenue growth from 2.602 billion yuan in 2023 to 7.479 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.44% [5]. - The net profit attributable to the parent company is projected to grow from 255 million yuan in 2023 to 863 million yuan in 2027, reflecting a CAGR of about 26.11% [5]. - Earnings per share (EPS) are expected to increase from 0.96 yuan in 2023 to 3.25 yuan in 2027, indicating strong profitability growth [5]. Business Development - The company plans to raise 1.948 billion yuan through a private placement to enhance its production capabilities in static suction cups and ultra-pure metal sputtering targets, addressing supply-demand imbalances in the semiconductor industry [4]. - The construction of new production bases for semiconductor precision components is underway, which is expected to enhance profitability as production capacity ramps up [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is positioned as a leader in the copper processing industry, with a focus on high-end product development and international expansion, which is expected to drive profit margins higher [4][16]. - The company's single-ton gross profit for copper products is anticipated to continue its upward trend, benefiting from structural optimization and a shift towards high-margin products [1][3]. - The company is expected to see significant growth in gross profit from copper processing products, projected to increase from 2.5 billion yuan in 2024 to 5.3 billion yuan by 2030 [1]. Summary by Sections Company Overview - The company has been a leader in the copper processing industry for 39 years, providing essential materials to various sectors, including new energy vehicles and semiconductor industries [16][21]. - It has established a comprehensive product matrix, including copper and copper alloy materials, and has a strong international presence with subsidiaries in over 100 countries [16][24]. Traditional Business - The company has shown resilience in its copper processing business, with single-ton gross profit rebounding after hitting a low in 2022, indicating strong performance despite industry challenges [1][46]. - The company has successfully expanded its international operations, achieving a 21.86% year-on-year increase in overseas revenue in the first half of 2025 [2][46]. Emerging Business - The company is strategically investing in high-end sectors such as new energy vehicles, data centers, and robotics, which are expected to enhance its long-term growth potential [3][4]. - The demand for high-end copper materials is increasing due to the rising penetration of new energy vehicles and the shift towards high-voltage architectures [3][4]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 716 million yuan, 868 million yuan, and 968 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 29.91X, 24.68X, and 22.12X [4][5]. - The report emphasizes the company's strong market position and growth prospects, reinforcing the "Buy" rating [4][6].

Report Summary - The report presents the top ten convertible bonds for October 2025, along with an analysis of the issuing companies, including their business profiles, financial performance, and key attractions [13][23][35] Top Ten Convertible Bonds in October 2025 1. Zhongte Convertible Bond - Rating: AAA; 9 - month - end closing price: 112.896 yuan; Conversion premium rate: 85.92%; PE - TTM of the underlying stock: 13.22 [7][13] - Company: A globally leading specialized special - steel material manufacturer with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw - material bases, forming a strategic layout along the coast and rivers [13] - Financials: In 2024, revenue was 109.203 billion yuan (YoY - 4.22%), net profit attributable to shareholders was 5.126 billion yuan (YoY - 10.41%). In H1 2025, revenue was 54.715 billion yuan (YoY - 4.02%), net profit attributable to shareholders was 2.798 billion yuan (YoY + 2.67%) [13] - Key attractions: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with leading cost - control ability and potential for external expansion [14] 2. Shanlu Convertible Bond - Rating: AAA; 9 - month - end closing price: 119.346 yuan; Conversion premium rate: 48.74%; PE - TTM of the underlying stock: 4.08 [7][23] - Company: Mainly engaged in road and bridge construction and maintenance, and also expanding into other fields. It can provide one - stop comprehensive services [23] - Financials: In 2024, revenue was 71.348 billion yuan (YoY - 2.3%), net profit attributable to shareholders was 2.322 billion yuan (YoY + 1.47%). In H1 2025, revenue was 28.575 billion yuan (YoY + 0.26%), net profit attributable to shareholders was 1.029 billion yuan (YoY + 0.89%) [23] - Key attractions: It has the concept of "China - specific valuation", potential for improvement in various aspects under the debt - resolution background, and opportunities from regional infrastructure construction and the Belt and Road Initiative [24] 3. Hebang Convertible Bond - Rating: AA; 9 - month - end closing price: 126.41 yuan; Conversion premium rate: 21.55%; PE - TTM of the underlying stock: - 168.47 [7][35] - Company: With advantages in mineral resources and gas supply, it has completed a basic layout in the chemical, agricultural, and photovoltaic fields [35] - Financials: In 2024, revenue was 8.547 billion yuan (YoY - 3.13%), net profit attributable to shareholders was 31 million yuan (YoY - 97.55%). In H1 2025, revenue was 3.921 billion yuan (YoY - 19.13%), net profit attributable to shareholders was 52 million yuan (YoY - 73.07%) [35] - Key attractions: Its phosphate mines and salt mines have good profit - making potential, and the liquid methionine business is a major profit contributor [36] 4. Aima Convertible Bond - Rating: AA; 9 - month - end closing price: 128.513 yuan; Conversion premium rate: 38.62%; PE - TTM of the underlying stock: 13.41 [7][45] - Company: The leading enterprise in the electric two - wheeled vehicle industry, mainly engaged in R & D, production, and sales of electric two - wheeled vehicles [45] - Financials: In 2024, revenue was 21.606 billion yuan (YoY + 2.71%), net profit attributable to shareholders was 1.988 billion yuan (YoY + 5.68%). In H1 2025, revenue was 13.031 billion yuan (YoY + 23.04%), net profit attributable to shareholders was 1.213 billion yuan (YoY + 27.56%) [45] - Key attractions: It may benefit from government subsidies, new national standards, and potential improvement in gross margin [46] 5. Xingye Convertible Bond - Rating: AAA; 9 - month - end closing price: 120.859 yuan; Conversion premium rate: 29.02%; PE - TTM of the underlying stock: 5.43 [7][54] - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [54] - Financials: In 2024, revenue was 212.226 billion yuan (YoY + 0.66%), net profit attributable to shareholders was 77.205 billion yuan (YoY + 0.12%). In H1 2025, revenue was 110.458 billion yuan (YoY - 2.29%), net profit attributable to shareholders was 43.141 billion yuan (YoY + 0.21%) [54] - Key attractions: It has stable asset quality and scale growth [55] 6. Wentai Convertible Bond - Rating: AA -; 9 - month - end closing price: 128.918 yuan; Conversion premium rate: 20.93%; PE - TTM of the underlying stock: - 23.14 [7][66] - Company: A globally leading semiconductor enterprise adopting the IDM model, providing R & D, manufacturing, and testing services [66] - Financials: In 2024, revenue was 73.598 billion yuan (YoY + 20.23%), net profit attributable to shareholders was - 2.833 billion yuan (YoY - 339.83%). In H1 2025, revenue was 25.341 billion yuan (YoY - 24.56%), net profit attributable to shareholders was 474 million yuan (YoY + 237.36%) [66] - Key attractions: After focusing on the semiconductor business, it benefits from market recovery and has growth potential in the automotive and consumer electronics fields [67] 7. Chongyin Convertible Bond - Rating: AAA; 9 - month - end closing price: 121.778 yuan; Conversion premium rate: 31.87%; PE - TTM of the underlying stock: 5.88 [7][77] - Company: An early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [77] - Financials: In 2024, revenue was 13.679 billion yuan (YoY + 3.54%), net profit attributable to shareholders was 5.117 billion yuan (YoY + 3.8%). In H1 2025, revenue was 7.659 billion yuan (YoY + 7%), net profit attributable to shareholders was 3.19 billion yuan (YoY + 5.39%) [77] - Key attractions: It can benefit from the development of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and effective risk - control strategies [78] 8. Tianye Convertible Bond - Rating: AA +; 9 - month - end closing price: 120.562 yuan; Conversion premium rate: 48.06%; PE - TTM of the underlying stock: 146.42 [7][89] - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [89] - Financials: In 2024, revenue was 11.156 billion yuan (YoY - 2.7%), net profit attributable to shareholders was 68 million yuan (YoY + 108.83%). In H1 2025, revenue was 5.16 billion yuan (YoY - 0.98%), net profit attributable to shareholders was - 9 million yuan (YoY - 228.22%) [89] - Key attractions: It may benefit from the price change of caustic soda and has plans for dividend increase and coal - mine projects [90] 9. Aorui Convertible Bond - Rating: AA -; 9 - month - end closing price: 126.412 yuan; Conversion premium rate: 40.56%; PE - TTM of the underlying stock: 22.72 [7][100] - Company: A company focusing on the R & D, production, and sales of complex APIs and preparations, with leading positions in multiple fields [100] - Financials: In 2024, revenue was 1.476 billion yuan (YoY + 16.89%), net profit attributable to shareholders was 355 million yuan (YoY + 22.59%). In H1 2025, revenue was 822 million yuan (YoY + 12.5%), net profit attributable to shareholders was 235 million yuan (YoY + 24.55%) [100] - Key attractions: It has a growing dealer network, expanding preparation products, and high - quality customer resources [101] 10. Yushui Convertible Bond - Rating: AAA; 9 - month - end closing price: 125.081 yuan; Conversion premium rate: 30.74%; PE - TTM of the underlying stock: 26.93 [7][108] - Company: The largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position [108] - Financials: In 2024, revenue was 6.999 billion yuan (YoY - 3.52%), net profit attributable to shareholders was 785 million yuan (YoY - 27.88%). In H1 2025, revenue was 3.519 billion yuan (YoY + 7.16%), net profit attributable to shareholders was 458 million yuan (YoY + 10.06%) [108] - Key attractions: It has a high market share, is expanding business externally, and has effective cost - control measures [109]

Core Insights - The report emphasizes the potential for low-position industries to rebound in the current market environment, which is characterized by structural fluctuations and a focus on risk aversion and value investing [1][6]. Industry Recommendations - The report identifies four key low-position industries with marginal improvement potential: Environmental Protection, Non-Metallic Materials, Biological Products, and Automotive [5][6]. - The storage sector is highlighted as a critical area for investment, with rising prices for storage chips indicating the start of a new upward cycle, supported by demand from the Sora2 release [6]. - Precious metals continue to hold strong investment value, driven by short-term interest rate expectations and long-term geopolitical risks, which are expected to support gold prices [6]. - The innovative pharmaceutical sector is poised for valuation recovery as previous negative factors have diminished, making it a focus for investors [6]. - The environmental protection industry benefits from favorable policies and a rebound in related sectors [6]. - Non-metallic materials are supported by supply-side policies and demand-side initiatives, such as the revitalization of Xinjiang [6]. - The biological products sector is expected to gain from new productivity policies and the recovery of the innovative pharmaceutical sector [6]. - The automotive industry is benefiting from consumer incentives and synergies within the robotics supply chain [6]. Performance Indicators - The report provides detailed performance indicators for the identified low-position industries, showing positive trends in various metrics such as PPI and production volumes [7][10]. - For example, the waste resource utilization industry shows a 5.74% increase in PPI, while the automotive sector has seen a 3.10% increase in cumulative sales [7][10]. Market Outlook - The market is expected to continue its oscillating upward trend with structural differentiation, highlighting the importance of identifying and investing in undervalued sectors [1][6].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14 CNY per share based on a 33X PE for the year 2025 [3][5]. Core Insights - The company has successfully acquired an 18% stake in Ruobo, an innovative enterprise in the medical robotics field, which utilizes a clear core technology framework involving AI algorithms, an industrial operating system, and high-precision servo systems [1]. - The company is strategically transforming from a materials supplier to a comprehensive service provider in the eco-friendly art space, focusing on the assembly-type integrated market opportunities both domestically and internationally [3]. - The automotive interior materials segment has seen a significant revenue increase of 35.96% year-on-year, reaching 305 million CNY in the first half of 2025, despite a declining market for main engine manufacturers [2]. Financial Summary - The company's projected revenues for 2025 are estimated at 3.218 billion CNY, with a year-on-year growth of 3.81% [4]. - The net profit attributable to the parent company is forecasted to be 126 million CNY in 2025, reflecting a growth of 25.22% compared to the previous year [4]. - The earnings per share (EPS) for 2025 is expected to be 0.41 CNY, with a corresponding PE ratio of 23.36 [4][12]. Business Segments - The construction ceramics segment, led by the subsidiary Yingpai, achieved a sales area of 2.03 million square meters in the first half of 2025, marking a 6% increase year-on-year, despite a 6% decline in revenue due to falling terminal sales prices [2]. - The company’s fireproof decorative panel business saw a revenue increase of 23.33% year-on-year, with a gross margin of 33.18% in the first half of 2025 [2].

Investment Rating - The report initiates coverage with a "Buy" rating for Chery Automobile [6][3]. Core Insights - Chery Automobile is positioned as a leading player among domestic car manufacturers, focusing on the transition to new energy vehicles, high-end market penetration, and international expansion to drive new growth [1][18]. - The company has established a clear brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, which cater to various market segments from mainstream to high-end and from fuel to new energy vehicles [1][18][21]. - Chery's sales are projected to grow significantly, with a compound annual growth rate (CAGR) of 36.7% for its main brand from 2022 to 2024, and a notable increase in export sales [2][3]. Financial Summary - Revenue forecasts for Chery Automobile are as follows: 2025 at 315 billion CNY, 2026 at 394.3 billion CNY, and 2027 at 485.6 billion CNY, with corresponding net profits of 16.22 billion CNY, 21.36 billion CNY, and 27.19 billion CNY [3][4]. - The company is expected to maintain a strong net profit margin, with a projected price-to-earnings (PE) ratio of 10.40 for 2025, decreasing to 6.20 by 2027 [3][4]. Sales and Market Position - In the 5-20W price segment, Chery ranks second in wholesale sales, with a significant increase in sales from 1.75 million units in 2023 to 2.375 million units in 2024, driven by its strong performance in the new energy vehicle sector [2][3]. - The overall penetration rate of new energy vehicles in the market is 44.9%, with Chery's brands showing robust growth across all segments [2][3]. Brand Performance - The main brand Chery is expected to achieve sales of 1.643 million units in 2024, while Jetour, Exeed, iCAR, and Zhijie are also projected to see substantial sales increases, reflecting the effectiveness of the company's diversified brand strategy [2][21]. - The Jetour brand is particularly noteworthy, with a projected CAGR of 77.7% from 2022 to 2024, indicating strong market demand for its offerings [2][3]. Technological Advancements - Chery has made significant investments in technology, focusing on five key areas: Mars architecture, Kunpeng power, Lion smart cockpit, Falcon intelligent driving, and Galaxy ecosystem, which are expected to enhance its competitive edge in the automotive industry [1][64].

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [7] Core Views - The report highlights the acceleration of special bond issuance for the recovery of idle land, with a total proposed amount exceeding 610 billion yuan and a land area of nearly 2.4 million square meters [15][16] - The real estate market is showing signs of stabilization, with policies aimed at boosting confidence and addressing inventory pressures [18] - The report suggests focusing on three areas within the real estate sector: second-hand intermediaries, commercial real estate, and property services [18] Summary by Sections Special Bonds and Land Recovery - As of September 17, 2025, the total proposed amount for special bonds to recover idle land is over 610 billion yuan, covering nearly 2.4 million square meters [15] - Guangdong province leads in the proposed bond scale, with first and second-tier cities accounting for only about 34% of the total proposed amount [16] - Residential land constitutes nearly 70% of the proposed recovery, with local state-owned enterprises holding over 80% of the land [16][17] Market Performance - The A-share real estate sector underperformed the market, with a weekly decline of 0.16%, trailing the broader market by 1.22 percentage points [20][21] - The report notes a significant drop in new housing transactions, with a year-on-year decrease of 53.79%, while second-hand housing transactions increased by 14.80% [5][18] REITs Market - The REITs index experienced a decline of 0.71%, with the total transaction volume for REITs at 974 million yuan, down 18.23% from the previous week [39][54] - The report indicates that the REITs index has underperformed the CSI 300 index by 5.35 percentage points over the past month [50] Credit Bonds - The issuance of real estate credit bonds totaled 14.781 billion yuan this week, with a net financing amount of -368 million yuan [20][38] - Cumulative issuance of real estate credit bonds reached 334 billion yuan, with a net financing amount of -30.275 billion yuan year-on-year [20][38]