Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The adjustment of the 14D OMO reverse - repurchase tender method can better stabilize the short - end fluctuations of the yield curve and maintain the abundance of bank system liquidity [2]. - It is expected that 14D OMO operations will be more frequent than before, and the first 14D OMO operation after the change of the tender method may be carried out on September 22, 2025 [2]. - Attention should be paid to real - time DR and CD interest rates rather than privately inquired winning bid rates of 14D OMO, as the latter contains limited monetary policy information and is often lagging [3]. - Moderately narrowing the interest rate corridor can reduce DR fluctuations and improve the efficiency of interest rate regulation, and currently, there are basic conditions to narrow the interest rate corridor by moderately reducing the SLF interest rate [3][4]. 3) Summary by Relevant Catalogs Event - On September 19, 2025, the People's Bank of China announced that, starting from that day, the 14 - day reverse - repurchase operation in the open market would be adjusted to fixed - quantity, interest - rate tender, and multi - price winning bids [1]. Comment - The 7D OMO interest rate is the main policy interest rate in China. The new combination of 7D OMO (fixed - interest, quantity tender) and 14D OMO (fixed - quantity, interest - rate tender, multi - price winning bids) can better stabilize the short - end fluctuations of the yield curve and maintain the abundance of bank system liquidity [2]. - It is expected that 14D OMO operations will be more frequent than in previous years, not limited to before the Spring Festival and National Day. The first 14D OMO operation after the change of the tender method may be carried out on September 22, 2025. In the future, some investors may be interested in privately inquiring about the winning bid rate of 14D OMO, but these rates contain limited monetary policy information, and attention should be paid to real - time DR and CD interest rates [2][3]. - 7D and 14D OMO are the "new partners" for maintaining liquidity abundance, and the interest rate corridor is the "old assistant" for suppressing short - end fluctuations. Moderately narrowing the interest rate corridor can reduce DR fluctuations and improve the efficiency of interest rate regulation. There are two ways to narrow the interest rate corridor: the natural compression when the 7D OMO interest rate and SLF decline together, and the reduction of the spread of the SLF interest rate above the OMO interest rate [3]. - Currently, there are basic conditions to narrow the interest rate corridor by moderately reducing the SLF interest rate. From May to August 2025, the SLF operation volume was much smaller than the inter - bank pledged repurchase trading volume. The minimum value and 10% quantile of the spread between the 7D SLF and DR007 from early 2024 to September 19, 2025, were at a moderate and relatively large level [4].

2025 年 9 月 21 日 行业研究 8 月国内空调产量同比增长 9%，好于此前预计的同比下跌 2.8% ——铜行业周报（20250915-20250919） 要点 本周小结：继续看好铜价上行。截至 2025 年 9 月 19 日，SHFE 铜收盘价 79910 元/吨，环比 9 月 12 日-1.42%；LME 铜收盘价 9997 美元/吨，环比 9 月 12 日 -0.71%。（1）宏观：美国 9 月降息 25bp 落地后，美元指数短期反弹，铜价回 落；但降息周期仍未结束，后续美元指数或继续走弱。（2）供需：此前美国铜 关税导致的库存搬运已进入尾声，LME 和 COMEX 累库有望逐步结束。矿端、废 铜后续仍维持紧张，8 月电解铜产量环比微降，8 月空调实际产量好于此前预期， 随着电网、空调需求 Q4 环比回升以及贸易冲突逐步消化，铜价后续有望上行。 库存：国内铜社库环比+3.2%，LME 铜库存环比-3.2%。（1）国内港口铜精矿 库存：截至 2025 年 9 月 19 日，国内主流港口铜精矿库存 72.5 万吨，环比上周 +4.6%。（2）全球电解铜库存：截至 2025 年 9 月 15 日，全球 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 8.5 billion yuan for H1 2025, representing a year-on-year increase of 6.5%, with a net profit attributable to shareholders of 2.03 billion yuan, up 7.4% year-on-year [1] - The shopping center operations showed strong performance, with a gross profit margin increase to 78.7%, up 6.2 percentage points year-on-year, driven by a retail sales growth of 21.1% [2] - The property management segment experienced stable growth, with property management revenue increasing by 8.8% to 3.5 billion yuan, despite a decline in value-added services [3] - The company declared an interim and special dividend totaling 0.881 yuan per share, representing a generous payout ratio of 100% of core net profit attributable to shareholders [3] Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 8.5 billion yuan, with a gross profit of 3.17 billion yuan and a gross margin of 37.1%, which is an increase of 3.1 percentage points year-on-year [1] - The company’s operating profit grew by 20.2% to 2.63 billion yuan [3] Business Segments - The commercial segment generated revenue of 3.27 billion yuan, up 14.6% year-on-year, while the property segment's revenue was 5.16 billion yuan, a modest increase of 1.1% [1] - The shopping center business achieved a revenue of 2.26 billion yuan, reflecting a growth of 19.8% year-on-year, with a gross profit of 1.78 billion yuan, up 30.0% [2] Future Outlook - The company forecasts net profits attributable to shareholders of 3.99 billion yuan, 4.46 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 22, 19, and 17 [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a year-on-year revenue growth of 17.98% in the first half of 2025, reaching 29.078 billion yuan, and a net profit growth of 9.88%, amounting to 2.768 billion yuan [1] - The mid-term dividend payout ratio is set at approximately 40.10%, with a cash dividend of 3.20 yuan per 10 shares [1] - The growth in performance is attributed to an increase in both volume and price of aluminum products, with production rising by 15.59% to 1.6132 million tons and an average price increase of 2.6% to 20,317.4 yuan per ton [1] - The decline in alumina prices, which fell by 44.7% to 3,170 yuan per ton, has also positively impacted the company's performance [1] - The domestic aluminum consumption is expected to grow by 1.46% in 2025, with significant contributions from sectors like new energy vehicles and air conditioning [2] - The company is actively expanding its resource acquisition and project development, including successful bids for exploration rights and the commissioning of new production lines [2] - The inclusion of electrolytic aluminum in the national carbon market is anticipated to create cost pressures for coal-fired aluminum production, potentially benefiting companies utilizing hydropower [2] Summary by Sections Financial Performance - The company reported a revenue of 29.078 billion yuan and a net profit of 2.768 billion yuan for the first half of 2025, with respective growth rates of 17.98% and 9.88% [1] - The projected net profits for 2025 and 2026 are 6.188 billion yuan and 6.919 billion yuan, with a new forecast for 2027 at 7.590 billion yuan [3][10] Profitability and Valuation - The report forecasts a PE ratio of 11 for 2025, decreasing to 9 by 2027, indicating an attractive valuation [3][12] - The company’s gross profit margin is expected to improve to 15.2% in 2025, with a net profit margin of 9.4% [12] Market Outlook - The domestic aluminum consumption is projected to reach 54.3549 million tons in 2025, with a growth rate of 3.06% when excluding exports [2] - The report highlights the resilience of aluminum prices despite potential market fluctuations, driven by ongoing demand in key sectors [2]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Viewpoints - The development of modern coal chemical industry in China is expected to thrive due to strong policy support and technological breakthroughs, focusing on clean and efficient coal utilization [2][3][4] - The coal chemical industry is projected to achieve significant growth in revenue and profit, with a total revenue of approximately 202.66 billion yuan in 2024, representing a year-on-year increase of 4.2%, and a profit of about 11.93 billion yuan, up 178.1% [3][4][30] Summary by Sections Industry Dynamics - The State Council emphasizes the importance of modern coal chemical development, aiming to establish a clean and efficient coal utilization system by 2030, enhancing coal conversion efficiency and pollutant control [2][23] - The Xinjiang region is highlighted for its potential in modern coal chemical development, focusing on renewable energy, clean coal utilization, and advanced technologies [1][21] Policy and Technological Support - The report outlines various government policies aimed at promoting the modern coal chemical industry, including the promotion of green and low-carbon technologies [24][25] - Technological advancements, such as the DMTO-III technology, have improved efficiency in coal-to-olefins production, reducing methanol consumption [29] Market Performance - The coal chemical industry is expected to see a structural adjustment and upgrade, with a focus on high-end, diversified, and low-carbon development [26][30] - The report suggests monitoring specific companies such as Baofeng Energy, Hualu Hengsheng, and others for potential investment opportunities [4][30]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue for 2025H1 increased by 3.7% year-on-year to 7.1 billion HKD, with a net profit attributable to shareholders of 770 million HKD, reflecting a 4.3% year-on-year growth [1] - The property management growth remains resilient, supported by the expansion of management scale, despite a short-term adjustment in developer-related businesses [2][3] - The company has improved its profitability, with an overall gross margin of 17.0% in 2025H1, up by 0.2 percentage points year-on-year [3] Summary by Sections Financial Performance - For 2025H1, the company achieved a revenue of 7.1 billion HKD, a gross profit of 1.2 billion HKD, and a net profit of 770 million HKD, with respective year-on-year growth rates of 3.7%, 4.7%, and 4.3% [1] - The company declared an interim and special dividend of 0.1 HKD per share, with a payout ratio of 39%, an increase of 4.8 percentage points year-on-year [3] Business Segments - The revenue from core property management, owner-added value, and non-owner-added value businesses for 2025H1 was 5.6 billion HKD, 610 million HKD, and 860 million HKD, with growth rates of +8.3%, -11.6%, and -5.9% respectively [2] - The company has a managed area of 440 million square meters, with residential properties accounting for 72.6% [2] Profitability and Efficiency - The gross margins for core property management, owner-added value, and non-owner-added value services were 15.5%, 35.2%, and 13.4% respectively, with year-on-year changes of +0.1 percentage points, +5.0 percentage points, and -0.7 percentage points [3] - The company has effectively controlled accounts receivable, with a total of 3.5 billion HKD in trade receivables, representing 45.4% of revenue [3] Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted to 1.61 billion HKD, 1.77 billion HKD, and 1.91 billion HKD, reflecting downward revisions of 4%, 5%, and 6% respectively [3] - The valuation remains attractive, supported by stable performance and growth prospects in property management [3]

Quantitative Factors and Models Summary Quantitative Factors and Construction - **Factor Name**: Beta Factor **Construction Idea**: Measures the sensitivity of a stock's returns to market movements, capturing systematic risk **Performance**: Achieved a positive return of 0.73% this week, indicating a preference for high-beta stocks in the market [18] - **Factor Name**: Market Capitalization Factor **Construction Idea**: Captures the size effect, favoring large-cap stocks **Performance**: Delivered a positive return of 0.58%, reflecting a large-cap style in the market this week [18] - **Factor Name**: Growth Factor **Construction Idea**: Identifies stocks with high growth potential based on financial metrics **Performance**: Generated a positive return of 0.21% this week [18] - **Factor Name**: Non-linear Market Capitalization Factor **Construction Idea**: Aims to capture non-linear effects of market capitalization on stock returns **Performance**: Achieved a positive return of 0.21% this week [18] - **Factor Name**: Leverage Factor **Construction Idea**: Measures the financial leverage of a company, often linked to risk and return trade-offs **Performance**: Recorded a negative return of -0.25% this week [18] - **Factor Name**: Total Asset Growth Rate **Construction Idea**: Measures the growth in total assets, indicating expansion and investment **Performance**: Positive returns across multiple stock pools: - 2.41% in CSI 300 [12][13] - 2.12% in CSI 500 [14][15] - 1.09% in Liquidity 1500 [16][17] - **Factor Name**: Total Asset Gross Profit Margin (TTM) **Construction Idea**: Evaluates profitability relative to total assets over a trailing twelve-month period **Performance**: Positive returns across stock pools: - 2.02% in CSI 300 [12][13] - -0.54% in CSI 500 [14][15] - -0.02% in Liquidity 1500 [16][17] - **Factor Name**: ROE Stability **Construction Idea**: Measures the consistency of return on equity over time **Performance**: Positive returns across stock pools: - 1.53% in CSI 500 [14][15] - 1.22% in Liquidity 1500 [16][17] - **Factor Name**: ROA Stability **Construction Idea**: Measures the consistency of return on assets over time **Performance**: Positive returns across stock pools: - 0.76% in CSI 500 [14][15] - 1.89% in Liquidity 1500 [16][17] Quantitative Models and Construction - **Model Name**: PB-ROE-50 Portfolio **Construction Idea**: Combines price-to-book (PB) and return on equity (ROE) metrics to select stocks with strong valuation and profitability characteristics **Construction Process**: - Stocks are ranked based on PB and ROE metrics - Top 50 stocks are selected to form the portfolio - Portfolio is rebalanced periodically [23][24] **Performance**: - 1.04% excess return in CSI 500 - -0.28% excess return in CSI 800 - -0.03% excess return in the overall market [23][24] - **Model Name**: Institutional Research Portfolio **Construction Idea**: Tracks stocks frequently researched by public and private institutions, assuming their research signals potential outperformance **Performance**: - Public research strategy: 2.22% excess return relative to CSI 800 - Private research strategy: 1.51% excess return relative to CSI 800 [25][26] - **Model Name**: Block Trade Portfolio **Construction Idea**: Focuses on stocks with high block trade ratios and low short-term volatility, assuming these characteristics indicate informed trading **Construction Process**: - Stocks are ranked based on block trade ratios and 6-day trading volume volatility - Portfolio is rebalanced monthly [29][30] **Performance**: -0.98% excess return relative to CSI All Share Index [29][30] - **Model Name**: Private Placement Portfolio **Construction Idea**: Leverages event-driven strategies around private placements, considering factors like market capitalization and timing **Construction Process**: - Stocks involved in private placements are selected based on shareholder meeting announcements - Portfolio is adjusted for market capitalization and rebalanced periodically [34][35] **Performance**: -0.21% excess return relative to CSI All Share Index [34][35] Factor Backtesting Results - **Beta Factor**: Weekly return of 0.73% [18] - **Market Capitalization Factor**: Weekly return of 0.58% [18] - **Growth Factor**: Weekly return of 0.21% [18] - **Non-linear Market Capitalization Factor**: Weekly return of 0.21% [18] - **Leverage Factor**: Weekly return of -0.25% [18] - **Total Asset Growth Rate**: - CSI 300: 2.41% [12][13] - CSI 500: 2.12% [14][15] - Liquidity 1500: 1.09% [16][17] - **Total Asset Gross Profit Margin (TTM)**: - CSI 300: 2.02% [12][13] - CSI 500: -0.54% [14][15] - Liquidity 1500: -0.02% [16][17] - **ROE Stability**: - CSI 500: 1.53% [14][15] - Liquidity 1500: 1.22% [16][17] - **ROA Stability**: - CSI 500: 0.76% [14][15] - Liquidity 1500: 1.89% [16][17] Model Backtesting Results - **PB-ROE-50 Portfolio**: - CSI 500: 1.04% excess return - CSI 800: -0.28% excess return - Overall market: -0.03% excess return [23][24] - **Institutional Research Portfolio**: - Public strategy: 2.22% excess return relative to CSI 800 - Private strategy: 1.51% excess return relative to CSI 800 [25][26] - **Block Trade Portfolio**: -0.98% excess return relative to CSI All Share Index [29][30] - **Private Placement Portfolio**: -0.21% excess return relative to CSI All Share Index [34][35]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From September 15th to September 19th, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends[1]. - The total trading volume of credit bonds increased, and the trading volumes of commercial bank bonds, corporate bonds, and medium - term notes ranked top three[4]. Summary by Directory 1. Primary Market 1.1 Issuance Statistics - During September 15 - 19, 2025, 455 credit bonds were issued, with a total issuance scale of 579.911 billion yuan, a month - on - month increase of 55.61%. Among them, 182 industrial bonds were issued, amounting to 202.499 billion yuan (up 63.71% month - on - month, accounting for 34.92% of the total); 217 urban investment bonds were issued, totaling 141.282 billion yuan (up 52.61% month - on - month, accounting for 24.36%); and 56 financial bonds were issued, reaching 236.13 billion yuan (up 50.98% month - on - month, accounting for 40.72%)[1][11]. - The average issuance term of credit bonds was 2.94 years. The average issuance terms of industrial bonds, urban investment bonds, and financial bonds were 2.42 years, 3.52 years, and 2.31 years respectively[1][13]. - The average issuance coupon rate of credit bonds was 2.28%. The average issuance coupon rates of industrial bonds, urban investment bonds, and financial bonds were 2.13%, 2.48%, and 1.97% respectively[2][18]. 1.2 Cancellation of Issuance Statistics - Four credit bonds were cancelled for issuance during the week, including "25 Xianggaosu CP003", "25 Datong D1", "25 Suzhou Energy MTN002", and "25 Tongzhouwan PPN003"[3][23]. 2. Secondary Market 2.1 Credit Spread Tracking - By industry, among Shenwan primary industries, for AAA - rated industries, the largest increase in credit spread was in the electronics industry (up 6.7BP), and the largest decrease was in the textile and apparel industry (down 6.8BP); for AA + - rated industries, the largest increase was in the electronics industry (up 1.2BP), and the largest decrease was in the mining industry (down 7BP); for AA - rated industries, the largest increase was in the real estate industry (up 14.3BP), and the largest decrease was in the agriculture, forestry, animal husbandry, and fishery industry (down 4.3BP)[3][25]. - By region for urban investment bonds, for AAA - rated bonds, the largest increase in credit spread was in Shanghai (up 3.3BP), and the largest decrease was in Shaanxi (down 10.2BP); for AA + - rated bonds, the largest increase was in Yunnan (up 4.7BP), and the largest decrease was in Hubei (down 5.9BP); for AA - rated bonds, the largest increase was in Fujian (up 6.5BP), and the largest decrease was in Jiangxi (down 5.8BP)[3][27]. - The credit spreads of coal and steel both showed mixed trends. The credit spreads of AAA and AA + - rated coal decreased by 1.2BP and 5.3BP respectively, and the credit spreads of AAA and AA + - rated steel decreased by 3.3BP and increased by 0.5BP respectively[25]. - The credit spreads of urban investment and non - urban investment bonds at all levels decreased. The credit spreads of three - level urban investment bonds decreased by 0.5BP, 3.1BP, and 1.8BP respectively, and the credit spreads of three - level non - urban investment bonds decreased by 1.5BP, 2.3BP, and 0.4BP respectively[25]. - The credit spreads of state - owned enterprises and private enterprises both showed mixed trends. The credit spreads of three - level central state - owned enterprises decreased by 1BP, 5.6BP, and increased by 0.2BP respectively; the credit spreads of three - level local state - owned enterprises decreased by 1.4BP, 1.8BP, and 2.1BP respectively; the credit spreads of three - level private enterprises decreased by 2BP, 2.3BP, and increased by 1BP respectively[26]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.462306 trillion yuan, a month - on - month increase of 21.90%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. The trading volume of commercial bank bonds was 479.739 billion yuan (up 26.26% month - on - month, accounting for 32.81% of the total trading volume); the trading volume of corporate bonds was 432.035 billion yuan (up 29.94% month - on - month, accounting for 29.54%); the trading volume of medium - term notes was 311.265 billion yuan (up 14.08% month - on - month, accounting for 21.29%)[4][28]. 2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume during the week are provided for investors' reference, including details such as bond codes, names, trading volumes, yields, and issuers[30][31][33].

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company is actively repurchasing shares, with a total of 27.82 million shares repurchased, representing 1.01% of the total share capital, at an average price between 4.78 and 5.83 CNY per share, totaling approximately 142 million CNY [1]. - Sales have accelerated, with a focus on inventory reduction, achieving sales of 50.22 billion CNY in the first half of 2025, a year-on-year increase of 11%, and a sales area of 1.899 million square meters, up 14% year-on-year [2]. - The company is cautiously managing new investments and optimizing financing costs, with a comprehensive financing cost of 4.76%, down 46 basis points from the end of 2024 [3]. - The company has adjusted its profit forecasts for 2025-2027, now projecting net profits of 350 million, 580 million, and 770 million CNY respectively, with corresponding P/E ratios of 45, 27, and 20 times [4]. Summary by Sections Share Repurchase - As of September 12, 2025, the company has repurchased 27.82 million shares, accounting for 1.01% of total shares, with a total transaction amount of approximately 142 million CNY [1]. Sales Performance - In the first half of 2025, the company focused on sales reduction, achieving a sales amount of 50.22 billion CNY, a year-on-year growth of 11%, and a sales area of 1.899 million square meters, a 14% increase year-on-year [2]. Investment and Financing - The company has been cautious with new project investments, with new construction area of 90,400 square meters and completion area of 1.1058 million square meters in the first half of 2025. The comprehensive financing cost has been optimized to 4.76% [3]. Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 350 million, 580 million, and 770 million CNY, with P/E ratios of 45, 27, and 20 times respectively, reflecting a cautious outlook on the real estate market [4].

Report Industry Investment Rating - No relevant content provided Core View of the Report - From the beginning of 2025 to September 19, the convertible bond market performed slightly worse than the equity market. The current valuation of convertible bonds is relatively high, and adjustments are ongoing. In the long - term, convertible bonds are still relatively high - quality assets, but one needs to focus on the structure [1][3] Summary by Related Catalogs Market行情 - From September 15 to 19, 2025, the CSI Convertible Bond Index decreased by 1.5% (last week it was +0.4%), and the CSI All - Share Index changed by -0.2% (last week it was +2.1%). Since the beginning of 2025, the CSI Convertible Bond Index has increased by 14.2%, and the CSI All - Share Index has increased by 21.0% [1] - By rating, high - rated bonds (AA+ and above), medium - rated bonds (AA), and low - rated bonds (AA - and below) decreased by 1.68%, 1.06%, and 1.22% respectively this week, with high - rated bonds having the largest decline [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) decreased by 1.98%, 1.33%, and 1.20% respectively this week, with large - scale convertible bonds having the largest decline [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) decreased by 0.20%, 2.03%, 1.36%, 1.54%, and 1.57% respectively this week, with ultra - high - parity bonds having the smallest decline [2] Current Convertible Bond Valuation Levels - As of September 19, 2025, there were 432 outstanding convertible bonds (437 at the end of last week), with a balance of 599.191 billion yuan (607.826 billion yuan at the end of last week) [2] - The average convertible bond price was 130.41 yuan (132.0 yuan last week), with a percentile of 98.3% - The average convertible bond parity was 105.51 yuan (105.10 yuan last week), with a percentile of 95.5% - The average conversion premium rate of convertible bonds was 25.2% (26.0% last week), with a percentile of 47.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.1% (28.8% last week), higher than the median of the conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [2] Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index is still in the adjustment phase. In the long - term, convertible bonds are relatively high - quality assets, but the current overall valuation level is high, so one needs to focus on the structure [3] Convertible Bond Gain Situation - The top 15 convertible bonds in terms of gains this week include Jingxing Convertible Bond, Hengshuai Convertible Bond, etc. Each bond has different positive stock gains and corresponding convertible bond gains [21]