Group 1: Market Overview - In September 2025, 11 new stocks were listed, raising a total of 11.69 billion yuan, with a month-on-month increase in issuance scale [2] - The average first-day increase for new stocks was high, with the main board at 131.33% and the ChiNext at 251.9% [2] - The number of offline inquiry accounts in the new stock market is steadily increasing, although the bid-winning rate has slightly decreased [2] Group 2: Bond Market Insights - As of September 30, 2025, the total number of public REITs in China reached 75, with a total issuance scale of 196.62 billion yuan [3] - The secondary market prices of public REITs showed a downward trend, with returns ranked as follows: gold > US stocks > A-shares > convertible bonds > pure bonds > crude oil > REITs [3] - The balance of credit bonds in China was 30.49 trillion yuan as of the end of September 2025, with a month-on-month issuance of 1,235.54 billion yuan, reflecting a growth of 10.27% [4] Group 3: Industry Research - The BEST Dewar base has been successfully installed, indicating positive progress in the controllable nuclear fusion industry, which is expected to enter a period of intensive bidding [5] - The controllable nuclear fusion industry has long-term growth potential, particularly in high-value segments such as magnet systems, vacuum chambers, and power systems [5] - Recommended companies to watch include: for vacuum chambers and internal components: Hezhong Intelligent, Guoguang Electric, Antai Technology, and Parker New Materials; for magnet systems: Lianchuang Optoelectronics and Yongding Co.; for power systems: Sichuang Electronics, Wangzi New Materials, and Xuguang Electronics [5]

Investment Rating - The report maintains a "Buy" rating for the controlled nuclear fusion industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [7]. Core Insights - The successful installation of the BEST Dewar base marks a significant milestone in the controlled nuclear fusion industry, signaling the commencement of a concentrated bidding period for various projects [1][2]. - The domestic fusion industry is progressing positively, with multiple projects advancing and new initiatives being announced, suggesting an upcoming phase of intensive bidding [3]. - The strategic value of fusion energy is highlighted by increasing electricity demands driven by AI and cloud computing, with major tech companies entering the fusion energy market [4]. Summary by Sections Project Developments - The BEST project has accelerated its timeline, with the main assembly starting two months ahead of schedule. Recent announcements indicate multiple tenders related to the project components [2][3]. - Other projects, such as "Xinghuo No. 1" and "China Circulation No. 4," are also progressing, with significant milestones achieved in environmental assessments and approvals [3]. Technological Advancements - Key technological breakthroughs have been reported, including the introduction of new superconducting materials and advancements in plasma control systems, which are crucial for the development of fusion energy [3][4]. Market Potential - The report emphasizes the long-term growth potential of the controlled nuclear fusion industry, particularly in high-value segments such as magnet systems, vacuum chambers, and power systems, which are expected to benefit from ongoing industry advancements [4][5].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The secondary - market prices of publicly - offered REITs in China showed a fluctuating downward trend in September 2025, with relatively poor performance compared to other mainstream asset classes. However, the total net inflow of main funds increased, indicating a rise in market trading enthusiasm. Meanwhile, relevant policies in September 2025 are expected to further expand the asset types of REITs [2][17][44] 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of September 30, 2025, there were 75 publicly - offered REITs in China, with a total issuance scale of 196.62 billion yuan (excluding expansion). Among them, transportation infrastructure REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs with 31.835 billion yuan. In September 2025, two new REITs were listed: CICC Vipshop Outlet Mall REIT on September 12 with an issuance scale of 3.48 billion yuan, and Huaxia CapitaLand Commercial REIT on September 29 with an issuance scale of 2.287 billion yuan, both being of the consumption infrastructure type [11] 3.1.2 Pending - Listing Projects - As of September 30, 2025, there were 17 REITs pending listing, including 11 initial - offering REITs and 6 REITs pending expansion. In September, the project status of several REITs was updated, such as CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund being updated to "Approved" [14][15] 3.2 Secondary - Market Performance 3.2.1 Price Trends - **At the major - asset level**: From September 1 to September 30, 2025, the secondary - market prices of publicly - offered REITs in China showed a fluctuating downward trend. The returns of REITs were - 1.08%, ranking behind other major asset classes. The order of returns from high to low was: gold > US stocks > A - shares > convertible bonds > pure bonds > crude oil > REITs [17] - **At the underlying - asset level**: In terms of project attributes, the secondary - market price trends of equity - type REITs and franchise - type REITs diverged in September. Equity - type REITs rose, with a return of 0.54%, while franchise - type REITs fell, with a return of - 0.77%. Among different underlying - asset types, energy - type REITs had the largest increase, and the underlying - asset categories with better returns were energy, new infrastructure, and ecological and environmental protection, with returns of 1.09%, 0.05%, and - 0.52% respectively [21][22] - **At the single - REIT level**: In September, 15 REITs rose and 60 REITs fell. The top three in terms of increase were CICC Liandong Science and Technology Innovation REIT, Hongtu Innovation Yantian Port REIT, and GF Chengdu High - tech Investment Industrial Park REIT, with increases of 3.87%, 2.33%, and 1.73% respectively. The top three in terms of decline were Huatai Jiangsu Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and E Fund Guangzhou Development Zone High - tech Industrial Park REIT, with declines of 8.16%, 7%, and 6.69% respectively [25] 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: In September, the trading volume of publicly - offered REITs decreased compared to the previous month. New infrastructure - type REITs led in the average daily turnover rate. The total trading volume of 75 listed REITs in September was 10.95 billion yuan, and the average daily turnover rate was 0.58%. The top three in terms of trading volume were consumption infrastructure, transportation infrastructure, and park infrastructure, with trading volumes of 2.36 billion, 2.16 billion, and 1.61 billion yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, ecological and environmental protection, and consumption infrastructure, with rates of 1.09%, 0.87%, and 0.73% respectively [28] - **At the single - REIT level**: In terms of trading volume, the top three in September were CICC Vipshop Outlet Mall REIT, Bosera Shekou Industrial Park REIT, and Huaxia CapitaLand Commercial REIT, with trading volumes of 166 million, 84 million, and 78 million shares respectively. In terms of trading amount, the top three were CICC Vipshop Outlet Mall REIT, Huaxia CapitaLand Commercial REIT, and Southern Runze Technology Data Center REIT, with trading amounts of 729 million, 509 million, and 415 million yuan respectively. In terms of turnover rate, the top three were CICC Vipshop Outlet Mall REIT, Huaxia CapitaLand Commercial REIT, and Huatai Jiangsu Expressway REIT, with turnover rates of 55.41%, 48.89%, and 30.07% respectively [30] 3.2.3 Main - Fund Inflow and Block - Trading Situation - **Main - fund inflow situation**: In September, the total net inflow of main funds reached 87.51 million yuan, and the market trading enthusiasm increased compared to the previous month. At the underlying - asset level, the top three underlying - asset types in terms of net inflow of main funds were consumption infrastructure, new infrastructure, and park infrastructure, with net inflows of 56.13 million, 49.8 million, and 18.58 million yuan respectively. At the single - REIT level, the top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT, CICC Vipshop Outlet Mall REIT, and Huaxia Capital Outlets REIT, with net inflows of 51.33 million, 27.05 million, and 20.03 million yuan respectively [33] - **Block - trading situation**: In September, the total block - trading volume was 1.31 billion yuan, a decrease compared to the previous month. There were block trades on 20 trading days in September. The block - trading volume on September 8 was the highest in the month, reaching 233.35 million yuan. At the single - REIT level, the top three in terms of block - trading volume were Huaxia Shenzhen International REIT, Huaxia Capital Outlets REIT, and CICC Yinli Consumption REIT, with trading volumes of 242.86 million, 168.81 million, and 104.31 million yuan respectively, and corresponding average discount/premium rates of - 0.52%, + 0.12%, and + 0.20% respectively [39] 3.3 Relevant Policies - In September 2025, nine departments including the Ministry of Commerce jointly issued the "Notice on Strengthening and Promoting the Expansion and Upgrading of the 15 - Minute Convenient Living Circle in Cities", proposing to give priority to supporting the issuance of infrastructure - related real - estate investment trusts (REITs) for consumption infrastructure projects such as community commercial complexes, neighborhood centers, department stores, and vegetable markets. The General Office of the National Development and Reform Commission issued the "Notice on Further Improving the Regular Declaration and Recommendation of Real - Estate Investment Trusts (REITs) in the Infrastructure Sector", which proposed to accelerate the declaration of projects with mature asset types, increase the organization of projects with large potential issuance space, actively promote the issuance of projects with new asset types, and optimize the expansion mechanism [44][45]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - As of the end of September 2025, the balance of outstanding credit bonds in China was 30.49 trillion yuan. In September 2025, the issuance of credit bonds increased month - on - month, with a net financing of 1398.89 billion yuan. The issuance of industrial bonds showed significant growth, while the net financing of urban investment bonds was negative [1][9]. - In September 2025, the trading volume of urban investment bonds increased month - on - month but decreased year - on - year, and the trading volume of industrial bonds decreased both month - on - month and year - on - year. The credit spreads of both urban investment bonds and industrial bonds widened compared to the previous month [2][41]. 3. Summary According to the Directory 3.1 Credit Bond Issuance and Maturity 3.1.1 Credit Bond Issuance - As of the end of September 2025, the balance of outstanding credit bonds was 30.49 trillion yuan. From September 1 to 30, 2025, the issuance of credit bonds was 12355.38 billion yuan, a month - on - month increase of 10.27%, with a total repayment of 10956.49 billion yuan and a net financing of 1398.89 billion yuan [1][9]. - **Urban Investment Bonds**: As of the end of September 2025, the balance of outstanding urban investment bonds was 15.31 trillion yuan. In September 2025, the issuance was 5039.05 billion yuan, a month - on - month increase of 0.84% and a year - on - year increase of 9.78%. The net financing of urban investment entities was - 105.01 billion yuan. In terms of regions, Jiangsu had the highest issuance, and in terms of ratings, AA + and AAA - rated bonds accounted for a relatively high proportion [10][13][20]. - **Industrial Bonds**: As of the end of September 2025, the balance of outstanding industrial bonds was 15.18 trillion yuan. In September 2025, the issuance was 7316.33 billion yuan, a month - on - month increase of 17.85% and a year - on - year increase of 15.04%. The net financing of industrial entities was 1503.9 billion yuan. In terms of industries, the public utilities sector had the highest issuance, and in terms of ratings, AAA - rated bonds accounted for 90.52% [22][24][29]. 3.1.2 Credit Bond Maturity - **Urban Investment Bonds**: From October to December 2025, Jiangsu, Shandong, and Zhejiang had relatively large maturity scales of urban investment bonds, all exceeding 100 billion yuan [29]. - **Industrial Bonds**: From October to December 2025, the public utilities, non - banking finance, building decoration, transportation, and real estate industries had relatively large maturity scales of credit bonds, all exceeding 100 billion yuan [33]. 3.2 Credit Bond Trading and Spreads 3.2.1 Credit Bond Trading - **Urban Investment Bonds**: In September 2025, the trading volume of urban investment bonds was 10210.31 billion yuan, with a month - on - month increase and a year - on - year decrease. The turnover rate was 6.67% [37]. - **Industrial Bonds**: In September 2025, the trading volume of industrial bonds was 12677.1 billion yuan, with both month - on - month and year - on - year decreases. The turnover rate was 8.35% [41]. 3.2.2 Credit Bond Spreads - **Urban Investment Bonds**: In September 2025, the credit spreads of urban investment bonds of all levels widened compared to the previous month. For example, the average credit spread of AAA - rated urban investment bonds was 57bp, 6bp wider than in August 2025. Regionally, different regions showed different spread levels and changes [41][44]. - **Industrial Bonds**: In September 2025, the credit spreads of credit bonds of all levels of industrial entities widened compared to the previous month. For example, the average credit spread of AAA - rated industrial entities was 53bp, 3bp wider than in August 2025. By industry, different industries had different spread levels and changes [47][49].

- The report tracks the performance of new stock issuances in September 2025, noting that 11 new stocks were listed, raising a total of 11.689 billion yuan, a 185.58% increase from the previous month[1][12][13] - Among these, 8 stocks were issued offline, raising 10.628 billion yuan, a 314.65% increase from the previous month[1][12][13] - The number of accounts participating in initial inquiries has steadily increased, with 9194 accounts for the main board and 8306 for the dual innovation board (comprising the ChiNext and STAR Market)[2][24][25] - The average first-day increase for main board stocks was 131.33%, while for the dual innovation board, it was 251.91%[2][24][25] - The offline subscription rates for A and C class investors were 0.11‰ and 0.11‰ for the main board, and 0.22‰ and 0.20‰ for the dual innovation board, respectively[2][24][25] - The report provides a detailed calculation method for new stock issuance returns, using the formula: $$ \text{Single account stock issuance return} = \min(\text{account size}, \text{subscription limit}) \times \text{winning rate} \times \text{return rate} $$ $$ \text{A/B/C class investors' full return} = \text{subscription limit} \times \text{A/B/C class offline winning rate} \times \text{return rate} $$[41] - For September 2025, the return rates for a 5 billion yuan account were 0.026% for A class and 0.025% for C class on the main board, and 0.125% for A class and 0.103% for C class on the ChiNext board[42][43][44][45][46][47] - The cumulative return rates for 2025 were 1.285% for A class and 1.164% for C class accounts[48][49][50] - In a full subscription scenario, the returns for A class accounts were 133,000 yuan on the main board and 877,000 yuan on the ChiNext board, while for C class accounts, the returns were 127,000 yuan on the main board and 727,000 yuan on the ChiNext board[51][52][54] - The report also evaluates the performance of fund products and institutions in new stock issuances, listing the top-performing funds and institutions based on their participation and winning rates[57][58][60][61][62][64][65][66][67]

Group 1: Macro Insights - The report highlights three new variables driving the strong rise in gold prices during the National Day holiday in 2025, including concerns over U.S. fiscal credit due to government shutdown, political changes in Japan and France affecting currency credibility, and significant inflows into gold ETFs indicating a shift in risk appetite from central banks to private investors [2]. - The manufacturing PMI has shown a continuous recovery for two months, primarily due to the end of high-temperature disruptions, leading to increased production activities and rising indices for procurement, inventory, and employment [3]. - The report indicates that while some sectors show improvement, such as industrial profits and PPI narrowing declines, overall corporate earnings remain unstable, with a potential slight recovery in Q4 driven by policy support [4]. Group 2: Industry Research - OpenAI's launch of Sora2 and its Apps SDK is expected to reshape the AI application landscape, emphasizing that AI enhances traditional SaaS rather than replacing it, which may alleviate market pessimism [8]. - In the real estate sector, the top 100 property companies reported a 21% month-on-month increase in sales for September, with notable performers including China Jinmao and China Merchants Shekou, suggesting a positive outlook for the market [9]. - The report on non-ferrous metals indicates that profitability in the processing and smelting sector is expected to recover, with a focus on high-end product innovation and resource utilization, particularly in copper and lithium [10]. Group 3: Company Research - The report on Jiufeng Energy discusses its investment in a coal-to-gas project in Xinjiang, highlighting the company's integrated industry chain and strong growth potential, with projected net profits for 2025-2027 of 1.732 billion, 1.979 billion, and 2.245 billion yuan respectively [11]. - China National Petroleum Corporation is noted for its commitment to long-term growth and reform, with expected net profits for 2025-2027 of 166.1 billion, 171.2 billion, and 175.7 billion yuan, maintaining a buy rating for both A and H shares [12][13].

Group 1: Gold Price Trends - Since January 2025, gold has experienced two rounds of price increases, driven by different factors[2] - The first round (January to April) was initiated by fears of "gold tariffs" and accelerated by the impact of Trump's policies on USD credit[4] - The second round (since August) began with a dovish shift from the Federal Reserve and was further accelerated by the European debt crisis and Trump's interference with Fed independence[6] Group 2: Key Variables Supporting Gold Price Increase - Variable 1: The U.S. government shutdown has raised concerns about fiscal sustainability and debt credit, potentially extending beyond historical averages[16] - Variable 2: Political changes in Japan and France have weakened confidence in sovereign currencies, increasing demand for gold[26] - Variable 3: Significant inflows into gold ETFs from the U.S. and Europe indicate a shift in risk appetite from central banks to private investors[36] Group 3: Market Reactions and Predictions - During the National Day holiday, gold prices surged, with COMEX futures exceeding $4000 per ounce, reflecting heightened risk perceptions[13] - Market expectations for a 25 basis point rate cut by the Fed in October reached 92.5%, further driving gold demand[22] - The average gold return during past government shutdowns exceeding 10 days has been positive, indicating a historical pattern that may repeat[21]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to market benchmarks [6]. Core Insights - OpenAI's launch of Sora2 and the Apps SDK is reshaping the AI application landscape, with a clear strategy to dominate the consumer AI traffic entry point [4]. - The rapid growth of ChatGPT, with 800 million weekly active users and a 10% month-over-month increase, highlights the platform's expanding influence [1]. - The introduction of new models like GPT-5 Pro and Sora2 enhances developers' capabilities, indicating a robust pipeline for AI application development [3]. Summary by Sections OpenAI Developments - OpenAI introduced Sora2, a next-generation video generation model, and the Apps SDK, which allows seamless integration of third-party applications within ChatGPT [1][2]. - The Apps SDK enables developers to access their data sources and create complex user interfaces directly in ChatGPT, enhancing user experience [2]. AgentKit and Codex - AgentKit simplifies AI agent development with components like Agent Builder, Connector Registry, and ChatKit, making it easier for developers to create AI workflows [3]. - Codex allows for no-code software development, expanding accessibility for users without programming skills [3]. Market Implications - The report suggests that OpenAI's strategy to integrate third-party applications will strengthen its position in the competitive AI landscape, particularly against tech giants like Google, Meta, and Microsoft [4]. - The advancements in AI video generation are expected to transition from amateur content creation to commercial applications, indicating significant potential for growth in related sectors [4]. Stock Recommendations - The report recommends focusing on specific stocks in the US market, including AppLovin, Salesforce, HubSpot, and Shopify, as well as Hong Kong stocks like Kuaishou-W and Meitu [5].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Insights - The Ministry of Industry and Information Technology and other departments have issued a plan for stable growth in the non-ferrous metals industry, projecting an average annual growth of around 5% in value-added output from 2025 to 2026, with a 1.5% annual growth in the production of ten non-ferrous metals [3] - The report emphasizes the importance of scientifically rational capacity layout to restore profitability in the processing and smelting sector, which will promote the continuous innovation and development of high-end products [3] - The focus on new generation information technology and new energy vehicles will drive breakthroughs in high-quality raw materials and integrated materials, enhancing the overall performance of products in the non-ferrous metals industry [3] Summary by Sections Copper - The report highlights the need for exploration and comprehensive utilization of scrap copper, promoting a scientifically rational layout for copper smelting projects [4] - It emphasizes the importance of resource exploration and efficient utilization to enhance resource security [4] Aluminum - A new round of exploration actions will improve resource security, and the green industry upgrade will support the development of green electricity aluminum and recycled aluminum [4] - The report mentions the construction of digital carbon management centers to promote low-carbon product evaluations [4] Lithium - The profitability of lithium carbonate smelting is expected to recover, with new applications like solid-state batteries likely to boost demand [4] - The report notes that as of September 26, 2025, the domestic operating rate for lithium carbonate is only 49.72%, indicating potential for recovery [4] Tin - The plan aims to strengthen tin resource exploration and utilization, consolidating China's position in the global tin industry [5] - In 2024, China's tin production is projected to be 69,000 tons, accounting for 23% of global production [5] Rare Earths & Tungsten - The development of the recycling industry for rare metals will receive strong policy support, ensuring raw material sources and market order [5] - The report notes that the high-end applications of rare earth materials will focus on humanoid robots and low-altitude economies [5] Investment Recommendations - The report suggests focusing on companies with strong exploration capabilities in copper, such as Zijin Mining, and those optimizing scrap copper utilization like Jintian Copper [6] - For aluminum, high-dividend stocks like China Hongqiao and Zhongfu Industrial are recommended [6] - In lithium, companies involved in solid-state battery layouts such as Ganfeng Lithium and Tianqi Lithium are highlighted [6]

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090.SH) [1] Core Views - Jiufeng Energy plans to invest in a coal-to-gas project in Xinjiang, seeking new growth opportunities. The total investment for the project is estimated at RMB 230.33 billion, with Jiufeng's contribution not exceeding RMB 34.55 billion, which will provide the company with a 50% stake in the project, corresponding to an annual production of 2 billion cubic meters of natural gas [5][6] - The coal-to-gas project is part of a larger initiative to enhance Jiufeng's upstream resource pool, which will include a diversified mix of equity gas, long-term contract gas, and spot gas, thereby expanding the company's business landscape and development potential [6] - The coal-to-gas industry in China is entering a new phase of large-scale development, supported by abundant coal reserves and ongoing infrastructure improvements, which are expected to enhance the supply capacity of natural gas resources [7] Summary by Sections Investment Overview - Jiufeng Energy is collaborating with Xinjiang Qinghua Energy Group and Henan Future Silk Road Clean Energy Partnership to develop the second phase of the Xinjiang Qinghua coal-to-gas project, with a construction period of 24 to 36 months [6] Financial Projections - The projected annual sales revenue from the project upon completion is RMB 7.3 billion, with an estimated annual profit of RMB 1.477 billion [6] - Jiufeng Energy's net profit forecasts for 2025-2027 are RMB 1.732 billion, RMB 1.979 billion, and RMB 2.245 billion, respectively, with corresponding EPS of 2.55, 2.91, and 3.31 yuan [9][10] Industry Outlook - The coal-to-gas sector is expected to grow significantly, with ongoing projects and infrastructure developments enhancing the supply chain and resource availability [7] - The establishment of major pipelines and projects in Xinjiang is anticipated to further strengthen the natural gas supply system in China [7]