Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View The report regularly tracks the latest private exchangeable bond (Private EB) project information from public channels, including basic elements such as issuance scale, underlying stocks, and project status. It emphasizes that the issuance terms and processes may change, and the final prospectus should be referred to. The latest update shows that the private exchangeable bond project of Hangzhou Iron & Steel Group Co., Ltd. in 2025 has been approved by the exchange [1]. 3. Summary by Related Catalog - **New Project Information**: Last week (20251103 - 20251107), the private exchangeable bond project of Hangzhou Iron & Steel Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 1 billion yuan, and the underlying stock is Hangzhou Steel Co., Ltd. (600126.SH), and the lead underwriter is Zheshang Securities. The exchange updated the information on November 7, 2025 [1]. - **Project Status Table**: The table lists the status of multiple private exchangeable bond projects, including approved projects such as those of Yingfeng Group Co., Ltd. and Guangdong Guangxin Holdings Group Co., Ltd., and projects in the feedback stage such as those of Guangdong Shengyi Technology Co., Ltd. and New Hope Group Co., Ltd., as well as an accepted project of Strait Innovation Internet Co., Ltd. [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report is optimistic about the small - cap style, with equity - biased convertible bonds being dominant. In the short - term, the market may still present mainly structural opportunities. Attention should be paid to high - growth sectors such as energy storage, semiconductor equipment and materials, and innovative drugs; sectors with improved supply - demand like photovoltaic and chemical industries; as well as high - dividend sectors such as banks and power, and look for layout opportunities in individual stocks with high volatility of the underlying stocks or low - premium equity - biased convertible bonds [1][2][17]. 3. Summary by Relevant Catalogs Market Trends (2025/11/3 - 2025/11/7) Stock Market - The equity market continued its volatile upward trend last week, with rapid sector rotation among trading days. Due to increased power grid investment and the rapid development of AI driving higher power demand, the power equipment sector performed well. Overall, the value style was dominant, and the technology sector was weak. Among the daily performances, on Monday, the three major A - share indexes rose collectively; on Tuesday, they all declined; on Wednesday, they rose again; on Thursday, they continued to rise; and on Friday, they adjusted [1][7]. - In terms of industries, most Shenwan primary industries closed higher. The power equipment (4.98%), coal (4.52%), petroleum and petrochemical (4.47%), steel (4.39%), and basic chemical (3.54%) sectors led the gains, while the beauty care (-3.10%), computer (-2.54%), pharmaceutical biology (-2.40%), and automobile (-1.24%) sectors lagged [8]. Bond Market - In the first half of the week, the bond market was relatively flat under a generally balanced capital situation. However, in the second half of the week, with the implementation of the central bank's bond trading, the resurgence of the equity market, and the expiration of 700 billion yuan of outright reverse repurchases leading to a marginal tightening of funds, the bond market weakened. The 10 - year treasury bond yield closed at 1.81% on Friday, up 1.88bp from the previous week [1][8]. Convertible Bond Market - Most convertible bond issues closed higher last week. The CSI Convertible Bond Index rose 0.86% for the week, the median price increased by 0.21%, the calculated arithmetic average parity rose 0.48% for the week, and the overall market conversion premium rate decreased by 0.09% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in the ranges of [90,100), [100,110), and [110,120) changed by +1.18%, +0.33%, and +1.39% respectively, and were at the 89%, 96%, and 93% quantiles since 2023 [1][8]. - In terms of industries, most convertible bond industries closed higher. The steel (+3.18%), power equipment (+2.66%), coal (+2.53%), and commercial retail (+2.05%) sectors led the gains, while the computer (-1.68%), automobile (-1.54%), media (-1.34%), and electronics (-0.91%) sectors lagged [9]. - At the individual bond level, Zhongneng (power grid equipment), Zhenhua (chromium salt), Dazhong (lithium mine), Hangyu (aerospace), and Jize (green alcohol) convertible bonds led the gains, while Titan (solid - state battery), Hengshuai (robot), Jizhi (robot), Yuguang (precious metals), and Yinlun (robot & liquid cooling) convertible bonds led the losses [1][11]. - The total trading volume of the convertible bond market last week was 342.631 billion yuan, with an average daily trading volume of 68.526 billion yuan, higher than the previous week [15]. Views and Strategies (2025/11/10 - 2025/11/14) - The equity market continued to drive convertible bonds upward last week. The market median remained at a high level around 132 yuan. The valuations of most convertible bonds in different parity ranges increased slightly, but the valuations of convertible bonds with parities above 130 were compressed, indicating that the follow - up ability of high - priced equity - biased varieties was generally limited at the current valuation level. The convertible bond ETF continued the net outflow trend since the end of last month [2][17]. - Looking ahead, the market has recently entered a relative vacuum period for listed company performance and important policies. Historically, the small - cap growth style has been relatively dominant, which is somewhat in line with the convertible bond style. However, the convertible bond holder structure data from the exchange in the past two months shows that institutions with absolute - return preferences such as insurance companies have shown obvious profit - taking behavior after the previous high increases in convertible bonds. Therefore, the short - term market may still present mainly structural opportunities. Attention should be paid to high - growth sectors such as energy storage, semiconductor equipment and materials, and innovative drugs; sectors with improved supply - demand like photovoltaic and chemical industries; as well as high - dividend sectors such as banks and power, and look for layout opportunities in individual stocks with high volatility of the underlying stocks or low - premium equity - biased convertible bonds [2][17]. Valuation Overview - As of last Friday (2025/11/07), for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 49.03%, 33.61%, 27.43%, 20.6%, 12.68%, and 10.31% respectively, at the 99%/100%, 92%/91%, 94%/95%, 92%/94%, 81%/72%, and 88%/79% quantiles since 2010/2021 [18]. - For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 5.5%, at the 0%/1% quantiles since 2010/2021 [18]. - The average implied volatility of all convertible bonds was 41.2%, at the 80%/72% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 0.72%, at the 75%/76% quantiles since 2010/2021 [18]. Primary Market Tracking - Last week (2025/11/3 - 2025/11/7), Zhuomei Convertible Bond announced its issuance, and Jinlang Zhuan 02 was listed [26][27]. - Zhuomei Convertible Bond (123260.SZ): The underlying stock is Xingyuan Zhuomei (301398.SZ), belonging to the automobile industry. As of November 7, its market value was 5.937 billion yuan. The company is a professional manufacturer of large - and medium - sized aluminum and magnesium alloy die - casting molds. The issued convertible bond has a scale of 450 million yuan, a credit rating of A+, and was announced for issuance on November 5. After deducting issuance fees, the funds will be fully invested in the project of an annual production of 3 million sets of high - strength large - scale magnesium alloy precision - formed parts for automobiles [26]. - Jinlang Zhuan 02 (123259.SZ): The underlying stock is Jinlang Technology (300763.SZ), belonging to the power equipment industry. As of November 7, its market value was 34.114 billion yuan. The company is a high - tech enterprise focusing on the R & D, production, sales, and service of string inverters for photovoltaic power generation systems. The issued convertible bond has a scale of 1.677 billion yuan, a credit rating of AA, and was listed on November 6. After deducting issuance fees, the funds will be invested in multiple projects including distributed photovoltaic power stations, high - voltage high - power grid - connected inverters, medium - and high - power hybrid energy - storage inverters, R & D centers, digital and intelligent upgrading, and working capital replenishment [27]. - As of the announcements on November 7, there are no convertible bonds scheduled for issuance or listing in the coming week (2025/11/10 - 2025/11/14). Last week, the listing committees approved two companies (Jinpankej and Shangtaikeji), the general meetings of shareholders approved two companies (Huatongxianlan and Zhongqigufen), and the board of directors proposed plans for two companies (Haonenggufen and Fengmaogufen). There were no new companies approved for registration or accepted by the exchanges. Currently, there are 98 convertible bonds waiting to be issued, with a total scale of 146.58 billion yuan, including 5 approved for registration with a total scale of 4.2 billion yuan and 7 approved by the listing committee with a total scale of 6.29 billion yuan [28].

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [4]. Core Views - The report is optimistic about the reversal of the large cycle in animal husbandry by 2025, with domestic beef and raw milk markets expected to experience upward momentum [2]. - The pig farming sector is supported by anti-involution measures, which are likely to stabilize long-term prices [2]. - The pet consumption market is identified as a growing sector benefiting from demographic changes [2]. - The feed industry, particularly Haida Group, is expected to benefit from the recovery in aquaculture [2]. - The poultry sector is projected to see a long-term increase in consumption, with yellow chicken likely to benefit first from improved domestic demand [2]. Summary by Sections Livestock - Pig prices as of November 7 are 11.91 CNY/kg, down 5% week-on-week; 15kg piglet prices are approximately 314 CNY/head, up 4% week-on-week [1]. - Beef prices are on the rise, with the market price at 66.80 CNY/kg, up 0.85% week-on-week and 22% year-on-year [1][2]. Dairy - The average price of raw milk in major production areas is 3.03 CNY/kg, with a slight week-on-week decrease of 0.01 CNY/kg and a year-on-year decline of 3.2% [2]. Feed - Domestic soybean prices are at 4012 CNY/ton, up 0.37% week-on-week, while soybean meal prices are at 3072 CNY/ton, up 0.85% week-on-week [2]. Poultry - White chicken prices are 6.95 CNY/kg, down 2% week-on-week, while yellow chicken prices are expected to benefit from improved domestic demand [1][2]. Investment Recommendations - Recommended stocks include: - Livestock: Youran Agriculture, Modern Farming, and Guangming Meat [3]. - Pig farming: Dekang Agriculture, Muyuan Foods, and others [3]. - Pet industry: Guibao Pet and Reap Bio [3]. - Feed: Haida Group [3]. - Poultry: Lihua Co., Yisheng Co., and others [3].

证券研究报告 | 2025年11月09日 ETF 周报 上周光伏 ETF 领涨，收益中位数近 9% 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 11 月 03 日至 2025 年 11 月 07 日，下同）股票型 ETF 周度 收益率中位数为 0.43%。宽基 ETF 中，上证 50ETF 涨跌幅中位数为 0.89%， 收益最高。按板块划分，周期 ETF 涨跌幅中位数为 2.30%，收益最高。按 主题进行分类，光伏 ETF 涨跌幅中位数为 8.71%，收益最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 95.70 亿元，总体规模增加 75.49 亿元。在宽基 ETF 中，上周 A500ETF 净申购最多，为 5.26 亿元；按板块来看，大金融 ETF 净申购最多，为 55.61 亿元；按热点主题来看，证券 ETF 净申购最多，为 43.11 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看，消费、 大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒、光伏 ETF 的 估值分位数相对较低。 021-60933159 ...

- The report does not contain any specific quantitative models or factors for analysis[4][6][9] - The content primarily focuses on market reviews, fund performance, and fund issuance dynamics without detailing quantitative models or factor construction[4][6][9] - No quantitative model or factor testing results are provided in the report[4][6][9]

Report Industry Investment Rating No relevant content provided. Core View - The probability of a bond market rebound is high. For 30 - year Treasury bonds, the 30 - 10 spread is expected to compress periodically with the bond market rebound. For 20 - year CDB bonds, the variety spread is expected to compress again in the short term [2][3][11][12] Summary by Directory Weekly Review Ultra - long Bond Review - Last week, the central bank announced 20 billion yuan of Treasury bond transactions in October. The A - share market reached 4000 points again, the bond market had a slight correction, and ultra - long bonds declined slightly. The trading activity of ultra - long bonds increased slightly and was very active. The term spread and variety spread of ultra - long bonds narrowed [1][4][10] Ultra - long Bond Investment Outlook - **30 - year Treasury Bonds**: As of November 7, the spread between 30 - year and 10 - year Treasury bonds was 34BP, at a historically low level. With economic downward pressure increasing in September, Q3 GDP at 4.8% year - on - year (down 0.4% from Q2), and deflation risks existing (September CPI at - 0.3% and PPI at - 2.3%), the bond market is likely to rebound. The 30 - 10 spread is expected to compress periodically [2][11] - **20 - year CDB Bonds**: As of November 7, the spread between 20 - year CDB bonds and 20 - year Treasury bonds was 15BP, at a historically extremely low level. Considering the economic situation and central bank's actions, the bond market is likely to rebound, and the variety spread of 20 - year CDB bonds is expected to compress again in the short term [3][12] Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds is 23.9 trillion yuan. As of October 31, the ultra - long bonds with a remaining term over 14 years totaled 23.9836 trillion yuan, accounting for 15.0% of all bonds. Local government bonds and Treasury bonds are the main varieties. By remaining term, the 30 - year variety has the highest proportion [13] Primary Market Weekly Issuance - Last week, the issuance volume of ultra - long bonds was small. From November 3 to 7, 2025, 6.29 billion yuan of ultra - long bonds were issued, a significant decrease compared with the previous week. By variety, Treasury bonds were 2 billion yuan, local government bonds were 4.14 billion yuan, etc. By term, 15 - year bonds were 0.86 billion yuan, 20 - year bonds were 2.01 billion yuan, etc. [19] This Week's Planned Issuance - The announced issuance plan for this week is 13.22 billion yuan, including 2.7 billion yuan of ultra - long Treasury bonds, 10.42 billion yuan of ultra - long local government bonds, and 0.1 billion yuan of ultra - long medium - term notes [25] Secondary Market Trading Volume - Last week, the trading of ultra - long bonds was very active. The trading volume was 1.0951 trillion yuan, accounting for 12.1% of all bonds. The trading activity increased slightly compared with the previous week. By variety, the trading volume of ultra - long Treasury bonds was 790.6 billion yuan, etc. [28] Yield - Last week, due to the central bank's announcement of Treasury bond transactions and the A - share market reaching 4000 points, the bond market had a slight correction and ultra - long bonds declined slightly. The yields of 15 - year, 20 - year, 30 - year, and 50 - year Treasury bonds changed by 3BP, 2BP, 2BP, and 3BP to 2.05%, 2.15%, 2.16%, and 2.23% respectively. Similar changes occurred in CDB bonds, local bonds, and railway bonds [34] Spread Analysis - **Term Spread**: Last week, the term spread of ultra - long bonds narrowed, and the absolute level was low. The spread between 30 - year and 10 - year Treasury bonds was 34BP, down 1BP from the previous week, at the 14% percentile since 2010 [41] - **Variety Spread**: Last week, the variety spread of ultra - long bonds narrowed, and the absolute level was low. The spread between 20 - year CDB bonds and Treasury bonds was 15BP, and the spread between 20 - year railway bonds and Treasury bonds was 17BP, with changes of 0BP and - 2BP respectively from the previous week, at the 12% percentile since 2010 [47] 30 - year Treasury Bond Futures - Last week, the main contract TL2512 of 30 - year Treasury bond futures closed at 115.95 yuan, a decrease of 0.63%. The total trading volume was 573,900 lots (down 104,798 lots), and the open interest was 180,600 lots (down 2,293 lots), with a significant decrease in trading volume and a slight decrease in open interest compared with the previous week [49]

Core Insights - The overseas markets experienced a decline during the week of November 3 to November 7, 2025, with most indices falling, except for Singapore and Hong Kong which saw gains. The Nikkei 225 and the Korean Composite Index dropped by 4.07% and 3.74% respectively, while the Nasdaq 100 had the largest decline at -3.09% [2][9] - A-shares showed a broad increase with a moderate expansion in valuations. All major indices except for the CSI 500 saw mild increases, with value stocks outperforming growth stocks. The PE ratios for major indices were mostly in the 93%-99% percentile range for the past year [2][27][28] - The energy sector performed notably well, with significant gains in the digital energy (+8.79%), photovoltaic (+8.01%), and charging pile (+7.47%) sectors, while the smart car sector faced declines [2][27] Global Valuation Tracking - The report highlights that the global equity markets mostly declined, with valuation levels contracting alongside stock prices. The Korean Composite Index and the FTSE Singapore Straits Index showed significant divergence in PE changes, reflecting adjustments in earnings expectations [9][16] - The report provides a comparative analysis of various global indices, indicating that most are above the 75th percentile in terms of valuation metrics, while the Indian SENSEX30 is below the median level since 2010 [16][19] A-share Valuation Tracking - A-shares showed a broad increase with a moderate expansion in valuations. The report notes that the CSI 500 was the only index to see a slight decline of -0.04%, while other indices experienced mild increases [27][31] - The valuation metrics for A-shares, including PE, PB, PS, and PCF, are mostly positioned in the 93%-99% percentile range for the past year, indicating a favorable valuation environment for large-cap value stocks [28][34] Industry and Sector Valuation Tracking - The report indicates that the upstream resource and support services sectors saw overall gains, while the downstream consumer sectors, particularly beauty care and pharmaceuticals, experienced notable declines [2][27] - The energy industry chain stood out with significant performance, particularly in the renewable energy and green productivity sectors, while biotechnology faced downturns [2][27] Valuation Comparisons - The report provides detailed comparisons of PE, PB, PS, and PCF ratios across various indices, indicating that most A-share indices are above the 75th percentile level, with the exception of the CSI 500 which is slightly below this threshold [31][39][41] - The valuation metrics suggest that growth stocks generally have higher PE ratios compared to value stocks, with small-cap stocks showing higher valuations than large-cap stocks [34][39]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the REITs sector showed a volatile and weak trend with a narrowing year - to - date index increase. There was significant differentiation in performance among different asset types. The municipal facilities, consumer infrastructure, and transportation infrastructure sectors performed relatively well. The average weekly price changes of equity - type REITs and franchise - type REITs were - 0.8% and + 0.4% respectively. In terms of the weekly price changes of major indices, CSI Convertible Bond Index > CSI 300 Index > CSI All - Bond Index > CSI REITs Index. As of November 7, 2025, the dividend yield of equity REITs was 10BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 240BP [1]. Summary by Related Catalogs Secondary Market Trends - The CSI REITs Index had a weekly price change of - 0.4% and a year - to - date price change of + 2.8%. As of November 7, 2025, it closed at 811.48 points. The index's performance was weaker than that of the CSI Convertible Bond Index (+ 0.90%), CSI 300 Index (+ 0.80%), and CSI All - Bond Index (+ 0.05%) this week. Year - to - date, the price change rankings of major indices were: CSI 300 Index (+ 18.9%) > CSI Convertible Bond Index (+ 18.0%) > CSI REITs Index (+ 2.8%) > CSI All - Bond Index (+ 0.8%). In the past year, the CSI REITs Index had a return rate of 5.3% and a volatility of 7.5%. The total market value of REITs remained at 220.6 billion yuan on November 7, and the average daily turnover rate was 0.59%, a 0.05 - percentage - point decrease from the previous week [2][6][7]. - Most sectors closed up, with the municipal facilities, consumer infrastructure, and transportation infrastructure sectors leading the gains. The top three REITs in terms of weekly price increase were Huaxia JINMAO Commercial REIT (+ 4.42%), Zheshang Hu杭Yong REIT (+ 2.37%), and Guotai Haitong Jinan Energy Heating REIT (+ 2.25%). New infrastructure REITs had the highest trading activity, with an average daily turnover rate of 0.9%. Park infrastructure REITs had the highest trading volume share this week, accounting for 23.8% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Zhonghai Commercial REIT (25 million yuan), Huaxia Huarun Commercial REIT (9.68 million yuan), and Huaxia Fund Huarun Youchao REIT (6.73 million yuan) [3]. Primary Market Issuance - From the beginning of the year to November 7, 2025, there were 2 REITs products in the "accepted" stage, 0 in the "declared" stage, 4 in the "inquired" stage, 7 in the "feedback" stage, 10 in the "passed and pending listing" stage, and 7 newly listed products [22]. Valuation Tracking - REITs have both bond and equity characteristics. As of November 7, the average annualized cash distribution rate of public - offering REITs was 6.08%. Different valuation indicators were used from the bond and equity perspectives. There were significant differences between equity - type and franchise - type REITs. As of November 7, 2025, the dividend yield of equity REITs was 10BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 240BP [24][27]. Industry News - The first public - offering REIT in Northeast China was successfully listed on the Shanghai Stock Exchange. On November 6, CITIC Construction Investment Shenyang International Software Park REIT was listed. The underlying assets of the fund are 13 R & D office buildings in Shenyang International Software Park. The initial offering of fund shares was 300 million, raising a total of 1.098 billion yuan [4][29].

证券研究报告 | 2025年11月09日 洲明科技（300232.SZ） 优于大市 前三季度营收同比增长 3.7%，合资成立智显机器人公司 前三季度营业收入同比增长 3.7%，归母净利润有所下滑。公司发布 2025 年 第三季度报告，前三季度营业收入 56.23 亿元(YoY 3.74%)，归母净利润 1.26 亿元(YoY -1.21%)，扣非归母净利润 1.30 亿元(YoY -3.12%)，毛利率 27.74%(YoY -2.83pct)。此外，公司公允价值变动收益下降，主要由于汇率 变动导致的外汇衍生产品公允价值变动所致；公司信用减值损失增加，主要 由于应收账款减值损失增加所致。 第三季度营业收入同比下降 2.4%，归母净利润降幅较大。公司 3Q25 营业收 入19.66亿元(YoY -2.41%，QoQ -5.54%)，归母净利润0.05亿元(YoY -81.64%， QoQ -92.49%)，扣非归母净利润-0.12 亿元(YoY -123.41%，QoQ -117.71%)， 毛利率 26.66%(YoY -1.35pct，QoQ -0.42pct)。 "LED+AI"战略升级，引领交互新纪元。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][30]. Core Insights - The company reported a 3.6% year-on-year increase in revenue and a 7.7% increase in net profit for the first three quarters, with total revenue of 674 million yuan and net profit of 151 million yuan [1]. - The optical microscope segment is expected to see a recovery in growth, driven by domestic demand for high-end products and the company's successful development of a domestic four-color laser confocal microscope, breaking a 34-year foreign monopoly [2]. - The company is focusing on diversifying its business, with significant growth in the medical optics sector and ongoing projects in semiconductor optics, which are expected to contribute to future revenue growth [3]. Financial Performance Summary - For the first three quarters, the company achieved a gross margin of 40.32%, with a slight increase of 1.25 percentage points year-on-year [1]. - The projected revenue for 2025-2027 is expected to reach 1.057 billion yuan, 1.304 billion yuan, and 1.632 billion yuan respectively, with corresponding net profits of 284 million yuan, 359 million yuan, and 456 million yuan [4][3]. - The company's earnings per share (EPS) is projected to grow from 2.56 yuan in 2025 to 4.11 yuan in 2027, indicating a positive trend in profitability [4].