1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report updates the high - frequency data of national economic fundamentals from September 19 to September 26, 2025, showing that the overall economic situation is stable with some fluctuations in different sectors [1][9]. 3. Summary by Related Catalogs 3.1 Total Index: Fundamental High - Frequency Index Stable - The current Guosheng fundamental high - frequency index is 127.9 points (previous value: 127.8 points), with a week - on - week increase of 0.1 point and a year - on - year increase of 5.8 points (previous value: 5.7 points), and the year - on - year growth rate has expanded [1][9]. - The long - short signal of interest - rate bonds remains unchanged, with a signal factor of 5.0% (previous value: 5.0%) [1][9]. 3.2 Production: PTA Operating Rate Drops Slightly - The industrial production high - frequency index is 127.1 (previous value: 127.0), with a week - on - week increase of 0.1 point and a year - on - year increase of 5.4 points (previous value: 5.3 points), and the year - on - year growth rate has expanded [1][9]. - The PTA operating rate is 76.5% (previous value: 77.3%), a decrease of 0.8 percentage points [11][16]. 3.3 Real Estate Sales: Commodity Housing Transaction Area Rises Slightly - The commodity housing sales high - frequency index is 42.5 (previous value: 42.6), with a week - on - week decrease of 0.1 point and a year - on - year decrease of 6.2 points (previous value: 6.3 points), and the year - on - year decline has narrowed [1][9]. - The transaction area of commercial housing in 30 large and medium - sized cities is 26.7 million square meters (previous value: 21.3 million square meters) [11][27]. 3.4 Infrastructure Investment: Petroleum Asphalt Operating Rate Rises - The infrastructure investment high - frequency index is 121.3 (previous value: 121.2), with a week - on - week increase of 0.1 point and a year - on - year increase of 7.3 points (previous value: 6.9 points), and the year - on - year growth rate has expanded [1][9]. - The operating rate of petroleum asphalt plants is 40.1% (previous value: 34.4%), an increase of 5.7 percentage points [11][42]. 3.5 Exports: Export Container Freight Rate Index Continues to Decline - The export high - frequency index is 143.7 (previous value: 143.7), with no week - on - week change and a year - on - year increase of 1.8 points (previous value: 2.0 points), and the year - on - year growth rate has narrowed [1][9]. - The CCFI index is 1087 points (previous value: 1120 points), a decrease of 33 points [11][44]. 3.6 Consumption: Average Daily Box Office of Movies Rises Significantly - The consumption high - frequency index is 120.4 (previous value: 120.4), with no week - on - week change and a year - on - year increase of 3.5 points (previous value: 3.4 points), and the year - on - year growth rate has expanded [1][9]. - The average daily box office of movies is 138.85 million yuan (previous value: 118.67 million yuan), an increase of 20.18 million yuan [11]. 3.7 CPI: Wholesale Price of Pork Drops Slightly - The CPI monthly - on - monthly forecast is 0.2% (previous value: 0.2%) [1][9]. - The average wholesale price of pork is 19.5 yuan/kg (previous value: 19.7 yuan/kg) [62]. 3.8 PPI: Copper and Coal Prices Continue to Rise - The PPI monthly - on - monthly forecast is - 0.1% (previous value: 0.0%) [1][9]. - The spot settlement price of LME copper is $10024/ton (previous value: $9950/ton), and the spot settlement price of LME aluminum is $2648/ton (previous value: $2701/ton) [68]. 3.9 Transportation: Passenger Volume Drops Slightly - The transportation high - frequency index is 131.0 (previous value: 130.8), with a week - on - week increase of 0.2 point and a year - on - year increase of 9.8 points (previous value: 9.7 points), and the year - on - year growth rate has expanded [2][10]. - The passenger volume of the subway in first - tier cities is 35.19 million person - times (previous value: 38.71 million person - times) [79]. 3.10 Inventory: Electrolytic Aluminum Inventory Drops - The inventory high - frequency index is 162.2 (previous value: 162.0), with a week - on - week increase of 0.1 point and a year - on - year increase of 8.6 points (previous value: 8.7 points), and the year - on - year growth rate has narrowed [1][10]. - The electrolytic aluminum inventory is 188,000 tons (previous value: 206,000 tons) [86]. 3.11 Financing: Net Financing of Local Bonds Rises Significantly - The financing high - frequency index is 238.0 (previous value: 237.4), with a week - on - week increase of 0.6 point and a year - on - year increase of 30.1 points (previous value: 30.0 points), and the year - on - year growth rate has expanded [2][10]. - The net financing of local bonds is 122.5 billion yuan (previous value: 30.9 billion yuan) [95].

Investment Rating - The report maintains an "Accumulate" rating for the media industry [6] Core Insights - The media sector saw a slight increase of 0.16% during the week of September 22-26, driven by performance in gaming and film [11][12] - The report expresses optimism for the gaming sector in the second half of 2025, while also highlighting potential recovery in the film and television sector due to new policy drivers [1][11] - AI applications and IP monetization are identified as key areas of focus, with specific attention on companies that can leverage data and traditional cultural IP [1][11] Summary by Sections Market Overview - The media sector's performance was influenced by gaming and film, with a 0.16% increase noted [11] - The top-performing sectors included electronics and non-ferrous metals, while consumer services saw the largest decline [11][12] Key Events Review - A total of 156 games were approved for release in September, with 145 being domestic and 11 imported, indicating a stable rhythm in game approvals [2][18] - The launch of DeepSeek-V3.1-Terminus has improved reasoning and agent capabilities significantly, enhancing its competitive position in the AI space [3][18] - Tencent introduced the Hunyuan 3D Studio, a professional AI workstation aimed at streamlining the 3D design process [4][18] Subsector Data Tracking - The gaming sector is highlighted with specific companies to watch, including ST Huatuo, Giant Network, and Perfect World [1][19] - The film sector's box office for the week was approximately 225 million yuan, with "731" leading the charts [20][22] - The report tracks viewership for popular series and variety shows, with "赴山海" and "披荆斩棘 2025" being top performers [24][23]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment sector [5] Core Insights - The report highlights the ambitious target set by President Xi Jinping for China's wind and solar power capacity to reach 3.6 billion kilowatts by 2035, which is over six times the capacity in 2020. This target is based on a solid energy transition, with installed capacity exceeding 1.69 billion kilowatts by August 2025, ahead of the 2030 goal [15][16] - The report identifies three key areas of focus for investment opportunities: 1) Price increase opportunities in the supply chain due to reforms, with a focus on companies like GCL-Poly, JA Solar, Tongwei, and others [15] 2) Long-term growth opportunities driven by new technologies, focusing on companies like Maiwei, Aiko Solar, and others [15] 3) Industrialization opportunities from perovskite technology, with a focus on companies like Jinjing Technology [15] Summary by Sections New Energy Generation - **Solar Power**: The report emphasizes the high-quality development of the solar industry, driven by the new installation targets announced by the government. It highlights the rapid growth in installed capacity and the confidence it brings to the sector [15] - **Wind Power & Grid**: The report discusses recent offshore wind power tenders and the delivery of projects, along with supportive policies that aim to significantly increase installed capacity over the next decade [16] - **Hydrogen & Energy Storage**: The report notes a significant order for hydrogen equipment from Longi Hydrogen Energy for a project in Namibia, and it provides insights into the energy storage market, including recent bidding and pricing trends [17][19] New Energy Vehicles - The report covers Tianqi Materials' recent announcements regarding its IPO in Hong Kong and long-term supply agreements for electrolyte products, which are expected to stabilize future production and performance [28][29] Price Dynamics - The report includes price dynamics for the photovoltaic industry, indicating fluctuations in the prices of polysilicon and solar cells, which are critical for the overall cost structure of solar projects [33] Important News - The report summarizes significant industry news, including partnerships and project announcements that reflect ongoing developments in the new energy sector, such as collaborations between companies and government initiatives to boost renewable energy projects [35][36]

- The non-bank sector confirmed a daily-level decline this week, with the Shanghai Composite Index rising by 0.21% for the week[1][7] - The A-share prosperity index was 22.14 as of September 26, 2025, up 15.83 from the end of 2023, indicating an upward cycle[2][28] - The A-share sentiment index signals were empty for both bottom and top signals, with a comprehensive signal of empty[2][35] - The CSI 500 enhanced portfolio outperformed the benchmark by 0.91% this week, with a cumulative excess return of 50.71% since 2020 and a maximum drawdown of -5.73%[2][44] - The CSI 500 enhanced portfolio's holdings include stocks such as Guojin Securities, Nanjing Iron & Steel, and Perfect World, among others[2][47] - The CSI 300 enhanced portfolio underperformed the benchmark by 0.81% this week, with a cumulative excess return of 37.70% since 2020 and a maximum drawdown of -5.86%[2][51] - The CSI 300 enhanced portfolio's holdings include stocks such as Huaneng International, Founder Securities, and Wuxi AppTec, among others[2][53] - The market style analysis shows that the size factor had a high excess return this week, while the residual volatility factor had a significant negative excess return[5][56] - The style factor performance indicates that high Beta and high growth stocks performed well recently, while residual volatility and value factors performed poorly[5][56] - The main indices' performance attribution shows that the Shanghai Composite Index, SSE 50, and CSI 300 had large exposures to the size factor, while the CSI 500 and Wind All A had smaller exposures[5][61]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The bond market is expected to continue its short - term volatile trend, but the adjustment space is limited. The long - term bond interest rate is expected to decline smoothly in the second half of the fourth quarter, and the 10 - year Treasury bond is expected to recover to around 1.6% - 1.65% by the end of the year. A neutral position across the holiday is recommended, along with leveraging and a dumbbell - shaped strategy [6][23]. Summary by Related Contents Bond Market Current Situation - This week, the bond market continued its weak and volatile trend. The yields of 10 - year and 30 - year Treasury bonds were 1.80% and 2.12% respectively, with changes of - 0.5bps and + 1.9bps from last week. The yields of 1 - year AAA certificates of deposit rose slightly by 1.0bps to 1.69%. The yields of 3 - year and 5 - year AAA - second - tier capital bonds rose significantly by 11.6bps and 17.9bps to 2.11% and 2.31% respectively [1][9]. Seasonal Characteristics of the Bond Market - There is no obvious seasonality in long - term bonds around the National Day. After the holiday, funds tend to be seasonally loose. In the past four years, the 10 - year Treasury bond yield decreased by an average of 0.9bp in the first week after the National Day and 0.2bp in October compared with the end of September. The funds in October were not significantly tightened. Considering the current insufficient financing demand and the central bank's care for liquidity, the overall funds are expected to remain loose, and R007 is expected to run around 1.4% - 1.5% [2][10]. Fundamental Analysis - In recent months, the financing demand has been weak, credit has increased less year - on - year, and the growth rate of social financing has slowed down. Even if 1 trillion of refinancing bonds are issued in advance in the fourth quarter, the supply of government bonds will still be about 0.7 trillion less than last year. The funds are expected to remain loose, and the asset shortage is expected to intensify. The recent weakening of fundamental data also means that economic stabilization requires low - interest rate support [2][13]. Analysis of Industrial Enterprise Profits - In August, the total profit of industrial enterprises increased by 21.5% year - on - year, a significant increase from - 0.7% in the previous month. Part of the improvement is due to the low base last year (a year - on - year decline of 22.2% in August last year), and the other part may be due to the increase in investment income from the good performance of the stock market. The year - on - year growth rate of the monthly operating income of industrial enterprises in August increased by 1.4 percentage points to 3.4% compared with July. The increase in profit may be more from investment income, and its sustainability needs further observation [3][14]. Stabilizing Forces in the Bond Market - As bond yields continued to rise in the third quarter, allocation - type institutions began to continuously buy bonds, which played a role in stabilizing the market. On the one hand, the current interest rate level is attractive compared with the liability cost of allocation - type institutions. On the other hand, large banks and other institutions are responsible for stabilizing the market, as the new revised evaluation indicators for primary dealers in open - market operations include bond - market making and assess their performance in stabilizing the market during bond - market fluctuations [4][17]. Uncertainties in the Bond Market - The reform of public - fund fees may affect the allocation power of non - bank institutions, especially when the consultation period for the draft opinion expires on October 5. Seasonal changes in some data, such as the possible seasonal rebound of the manufacturing PMI in September (an average increase of 0.3 percentage points compared with August in the past four years), may also affect market sentiment [5][18]. Investment Strategy - A neutral position across the holiday is recommended, along with leveraging and a dumbbell - shaped strategy (short - term credit/certificates of deposit + long - term interest rates). High - selling and low - buying band operations can be carried out for long - term interest - rate positions. The 10 - year Treasury bond with a yield above 1.8% still has allocation value [6][23].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [3]. Core Insights - Precious metals, particularly gold and silver, are trading around interest rate cuts, with silver showing potential for a short squeeze due to low inventory levels and continued inflows into ETFs [1][33]. - Industrial metals like copper are supported by production cuts at the Grasberg mine and a reduction in global copper supply, while aluminum prices are expected to fluctuate as the market awaits demand recovery [1][33]. - Energy metals, particularly lithium, are experiencing active trading ahead of the holiday, with expectations of strong supply growth in the fourth quarter [1][33]. Summary by Sections Precious Metals - Gold and silver continue to trade based on interest rate expectations, with silver's strong performance linked to low inventory levels and ETF inflows [1][33]. - The U.S. core PCE price index for August recorded a year-on-year rate of 2.9%, aligning with expectations and reducing concerns about interest rate cuts [1][33]. Industrial Metals - Copper prices are supported by production cuts at the Grasberg mine, with a projected reduction of over 500,000 tons in global copper supply over the next 12 to 15 months [1][33]. - Aluminum supply is increasing as production capacity is restored, but prices are expected to remain stable in the short term [1][33]. Energy Metals - Lithium prices are stable, with active trading as companies prepare for the holiday season, and supply expectations remain strong for the fourth quarter [1][33]. - The report notes a slight increase in lithium carbonate production, with inventory levels decreasing [1][33]. Key Companies to Watch - The report highlights several companies to monitor, including 兴业银锡, 盛达资源, 万国黄金集团, 中金黄金, 紫金矿业, 山东黄金, 赤峰黄金, 银泰黄金, 招金矿业, 洛阳钼业, 明泰铝业, and others [1][3].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The report highlights that leading liquor brands are actively responding to the upcoming peak sales season during the Mid-Autumn Festival and National Day, with signs of marginal improvement in sales after a prolonged bottoming period in Q2 [2]. - In the beer and beverage sector, the departure of the CFO of China Resources Beer is noted, alongside the continuous introduction of new products in the beverage industry, reflecting a competitive landscape [3]. - The report emphasizes the importance of focusing on high-growth companies in the consumer goods sector, particularly those benefiting from policy support or recovery improvements [4]. Summary by Sections Liquor Industry - The report indicates that terminal demand for liquor has shown signs of recovery, with sales in September increasing by 15%-25% month-on-month, although year-on-year figures remain slightly down [2]. - Leading brands like Moutai and Wuliangye are taking proactive measures to stabilize prices and enhance market strategies ahead of the peak sales season [2]. Beer and Beverage Sector - The report notes the resignation of the CFO of China Resources Beer and suggests monitoring the recovery of the restaurant sector and sales structure performance [3]. - New product launches in the beverage sector are highlighted, catering to consumer demand for natural and additive-free drinks [3]. Food Sector - The report mentions that Wanchen Group has submitted an application for listing on the Hong Kong Stock Exchange, with plans to expand its store network and enhance digital capabilities [4]. - The upcoming holiday season is expected to drive demand for dairy products and mooncakes, leading to a temporary surge in sales [4].

Investment Rating - The report maintains an "Accumulate" rating for the industry [4] Core Insights - The digital currency has entered a global implementation phase with the official operation of the Digital Renminbi International Operation Center, marking a shift from domestic trials to global financial infrastructure output [1][9] - The establishment of the operation center aims to enhance the internationalization of the Renminbi and strengthen Shanghai's position as an international financial hub [9] - The Federal Reserve's recent interest rate cut is expected to create a turning point for global liquidity, providing more room for monetary policy adjustments in China [2][13] Summary by Sections Digital Currency Development - The Digital Renminbi International Operation Center launched on September 24, 2023, introducing three major platforms: a cross-border digital payment platform, a blockchain service platform, and a digital asset platform [1][10] - These platforms aim to address traditional cross-border payment inefficiencies, enhance blockchain interoperability, and provide standardized services for financial-grade digital assets [10][12] Cross-Border Financial Infrastructure - The cross-border digital payment platform aims to reduce transaction costs by over 60% and shorten settlement times from 3-5 days to minutes through real-time tracking and integration with existing systems [11] - The blockchain service platform has successfully completed rapid settlements for supply chain payments, demonstrating the potential for cross-border digital currency applications [11] - The digital asset platform supports the issuance and trading of over 20 types of assets, enhancing settlement efficiency by 50% [11] Recommended Industry Chain - Key companies in the digital Renminbi IT system include Zhongke Jincai, Jingbeifang, and Hang Seng Electronics, among others [3][14] - Companies involved in cross-border payments include Xiaogoods City, Newland, and Lakala [3][14] - Securities IT firms include Tonghuashun, Great Wisdom, and Zhongxin Securities [3][14]

Investment Rating - The report maintains a "Buy" rating for companies in the computing power sector, particularly recommending leading firms in the optical module industry such as Zhongji Xuchuang and Xinyi Sheng [8][11]. Core Insights - The collaboration between Nvidia and OpenAI marks a significant milestone, indicating that the demand for computing power is a long-term trend rather than a short-term phenomenon [24][25]. - Alibaba's CEO outlined a three-phase roadmap towards Artificial Super Intelligence (ASI), emphasizing the critical role of computing power in this evolution [27][28]. - The report highlights the ongoing arms race in computing infrastructure among major AI players, with unprecedented capital investments aimed at securing resources for future AI developments [30]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication, with specific companies recommended for investment [16]. - Key companies include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [9][16]. Market Overview - The communication sector experienced a decline, with quantum communication performing relatively well [20][21]. - The report notes that the overall market sentiment is influenced by significant investments in AI infrastructure, particularly from Nvidia and OpenAI [19][24]. AI Development and Computing Power - The partnership between Nvidia and OpenAI involves deploying at least 10 GW of AI data centers, with Nvidia planning to invest up to $100 billion [25][26]. - OpenAI's active user base has surpassed 700 million, highlighting the increasing demand for computing resources [26]. Phases of ASI Evolution - The three phases towards ASI include: 1. Emergence of general AI (AGI) 2. Autonomous action phase 3. Self-iterative phase, which demands nearly limitless computing power [29][28]. Future Outlook - The report anticipates a significant increase in capital expenditures (CAPEX) in the domestic market, driven by recent actions from major players like Alibaba [30][7]. - The computing power supply chain is expected to benefit across various segments, including AI chips, servers, and cooling solutions [30].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and others, while recommending "Add" for Chow Tai Fook and Chao Hong Ji [5][11]. Core Insights - Inditex, the parent company of Zara, reported a stable performance for FY2025H1, with revenue growth of 1.6% year-on-year to €18.4 billion, and a net profit increase of 0.8% to €2.8 billion [1][16]. - The report highlights the resilience of the sportswear segment, which is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][22]. - Long-term growth strategies for Inditex include enhancing brand positioning, customer service, and sustainable practices, with a projected 5% increase in total sales area from 2025 to 2026 [2][21]. Summary by Sections Textile and Apparel - Inditex's FY2025H1 revenue reached €18.4 billion, with a 5.1% increase on a currency-neutral basis, and a gross margin of 58.3% [1][16]. - The company reported a healthy inventory level of €3.466 billion, up 3.1% year-on-year, indicating strong inventory management [1][18]. Sportswear Segment - The sportswear sector is expected to show robust growth, with key companies like Anta Sports and Li Ning recommended for their strong performance and growth potential [25][38]. - The report notes that the sportswear segment's revenue for H1 2025 increased by 9.1% to ¥65.9 billion, with a net profit growth of 8.2% to ¥10.54 billion [34]. Jewelry Sector - The jewelry market is facing challenges, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively [37]. - Companies with strong product differentiation and brand power, such as Chow Tai Fook and Chao Hong Ji, are expected to outperform the industry [23][38]. Manufacturing Sector - The textile manufacturing sector is experiencing a shift due to new tariff policies, with companies like Shenzhou International recommended for their stable performance and valuation [24][38]. - The report indicates that the manufacturing segment's revenue grew by 2.7% in H1 2025, while net profit declined by 9.8% [10][36].