Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - The report regularly tracks the latest private exchangeable bond (private EB) projects available from public channels, providing basic element tracking of private exchangeable bond projects. It emphasizes that the private issuance terms and processes may change, and the final prospectus should be referred to. For the issuance progress, inquiries should be made with the relevant lead underwriters [1]. 3. Summary by Related Content New Project Information This Week - Huabang Life - Health Co., Ltd.'s 2026 private placement of science - and - technology innovation exchangeable corporate bonds for professional investors has received feedback from the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Kaisheng New Materials (301069.SZ), the lead underwriters are Huatai United and Southwest Securities, and the exchange update date is January 23, 2026 [1]. - Shenzhen Huaqiang Group Co., Ltd.'s 2026 private placement of exchangeable corporate bonds for professional investors has been accepted by the exchange. The proposed issuance scale is 2.4 billion yuan, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is January 22, 2026 [1]. Table of Private EB Weekly Tracking (2026 - 1 - 23) - Multiple private exchangeable bond projects are listed, including those of Shanxi Transportation Development and Investment Group Co., Ltd., Fuda Holdings Group Co., Ltd., etc. The statuses of these projects include "Passed", "Feedback Received", and "Accepted", with different issuance scales, underlying stocks, lead underwriters, and update dates [3].

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium battery industry is experiencing a price increase in lithium salts, with carbonate lithium prices reaching 171,000 yuan per ton, up by 31,000 yuan compared to two weeks ago [2] - Major companies in the lithium battery sector are recommended for investment, including CATL, Yiwei Lithium Energy, and others, due to favorable demand and low valuations [2] - Solid-state battery technology is advancing, with various companies announcing projects and collaborations to enhance production capabilities and applications [4][10] Industry Dynamics - Lithium battery prices are on the rise, with significant increases in the prices of ternary cathodes and lithium iron phosphate cathodes, while other components remain stable [2] - The domestic sales of new energy vehicles reached 1,649.1 million units in 2025, a year-on-year increase of 28% [4] - In Europe, new energy vehicle sales in December 2025 reached 324,000 units, a 39% increase year-on-year [4] Company Developments - CATL has launched a sodium battery solution for light commercial vehicles, capable of operating in extreme temperatures [10] - Yiwei Lithium Energy has begun supplying battery products for commercial aerospace applications, indicating a diversification into high-reliability sectors [13] - A strategic cooperation agreement was signed between Enli Power and Enjie, focusing on solid-state battery materials [10] Market Trends - The lithium battery sector saw a 4.4% decline in stock prices over the past two weeks, while battery chemical and specialized equipment sectors experienced increases of 4.1% and 8.3%, respectively [8] - The market is witnessing significant fluctuations in stock prices among key players, with notable increases for companies like Hunan Youneng and Purtai [8] Material Prices - The price of lithium carbonate has increased by 22.1% in the last two weeks, reflecting a broader trend of rising raw material costs in the lithium battery supply chain [16] - The price of lithium iron phosphate has also seen a significant increase of 15.5% recently, indicating strong demand for this material [16]

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Views of the Report - In the fourth quarter of 2025, the performance of short - term pure bond funds recovered in the volatile market, and the scale increased against the trend. The average net value growth rate of short - term pure bonds in the fourth quarter was 0.48%, and the growth rate recovered compared with the previous quarter [1][22]. - The bond assets of short - term pure bond funds accounted for the highest proportion, but the proportion decreased slightly compared with the previous quarter. The proportion of interest - rate bonds, financial bonds, and policy - based financial bonds in bond assets increased [2][27]. - The fund with the highest return rate was fully allocated to policy - based financial bonds, adopted a defensive strategy, reduced leverage, and maintained a low duration, achieving a net value return of 1.06% in the fourth quarter [2]. 3. Summary According to the Directory 2025 Fourth - Quarter Basic Situation of Short - Term Pure Bond Funds 1. Number of Bond Funds - As of the end of the fourth quarter of 2025, there were 368 short - term pure bond funds issued, accounting for 2.70% of the entire fund market. The issuance in the fourth quarter decreased compared with the same period last year [1][9]. 2. Bond Fund Scale - As of the end of the fourth quarter of 2025, 342 short - term pure bond funds disclosed their quarterly reports. The total assets and net assets were 10,821 billion yuan and 9,668 billion yuan respectively, increasing by 915 billion yuan and 767 billion yuan compared with the previous quarter. The average total assets and net assets were 32 billion yuan and 28 billion yuan respectively, rising by 2 billion yuan compared with the previous quarter [10]. 3. Leverage Ratio - At the end of the fourth quarter of 2025, the average leverage ratio of short - term pure bond funds was 1.12 under the overall method, slightly increasing by 0.01 compared with the previous quarter. Under the average method, it was basically the same as the previous quarter [16]. 4. Net Value Growth Rate - In the fourth quarter of 2025, the single - quarter average net value growth rate of short - term pure bonds was 0.48%, and the growth rate recovered compared with the previous quarter. Among the 342 funds that disclosed performance, 308 had a positive net value growth rate, accounting for 90.1% [22]. 2025 Fourth - Quarter Asset Allocation of Short - Term Pure Bond Funds 1. Large - Category Asset Allocation - As of the end of the fourth quarter of 2025, bond assets accounted for 95.6% of the total assets, with a 0.1% decrease compared with the previous quarter. The proportion of repurchase assets was 2.6%, basically unchanged from the previous quarter. Bank deposits and other assets accounted for 1.3% and 0.5% respectively, with a 0.1% increase and no change respectively compared with the previous quarter [27]. 2. Bond Type Allocation - As of the end of the fourth quarter of 2025, the main bond types held by short - term pure bond funds were interest - rate bonds, financial bonds (excluding policy - based financial bonds), and corporate - issued bonds, accounting for 16.8%, 18.4%, and 61.2% of the total bond assets respectively. Compared with the end of the previous quarter, the proportions of interest - rate bonds, financial bonds, and policy - based financial bonds increased [30]. Analysis of High - Performing Funds in the Fourth Quarter of 2025 - Fund A, which had the highest net value return in the fourth quarter, adopted a low - duration and low - leverage strategy. It reduced the portfolio leverage from about 120% in the third quarter to 104% in the fourth quarter and maintained the duration at about 1.4 years. It was fully allocated to policy - based financial bonds, participated in the band trading of mid - term interest - rate bonds, and achieved a net value growth rate of 1.06% in the fourth quarter [40][45].

证券研究报告 | 2026年01月25日 天然橡胶专题二 优于大市 （1）一年维度来看，Q1 全球主要产区陆续将进入停割期，而春节后是国内 轮胎关键开工季，因此短期节奏预计由工化属性主导，价格受宏观因素影响 大，核心关注春节后的下游开工表现和石化链景气催化。 （2）长期维度来看，天然橡胶价格每轮周期 20 年左右，主要受胶树 10 年 龄左右进入旺产期决定。从具体走势来看，天然橡胶是强顺周期品种，产能 限制作为慢变量更多决定中枢和牛市持续时间，而行情的爆发力需要与大时 代背景下的宏观叙事结合，大周期往往发生于全球或主要经济体的景气上行 阶段。当前全球供应受前期缩种和当下树龄老化影响，天花板已经开始显现， 天然橡胶价格自 2023 年 5 月新开割季以来已经基本确认长期拐点，同时下 游正处 AI 技术革命爆发前夕，新周期蓄势待发。 石化链涨价带动，产能瓶颈明确，2026 年价格预计易涨难跌 天然橡胶：兼具农工化三重属性，短期节奏预计由工化属性主导。天然橡胶 产量长期调节滞后，短期易受天气扰动，下游消费七成来自轮胎，景气和汽 车工业高度绑定。另外合成橡胶部分替代天然橡胶，石化链景气也会影响天 然橡胶估值。综合来看 ...

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt prices have risen, with lithium carbonate priced at 171,000 yuan/ton, an increase of 31,000 yuan/ton compared to two weeks ago [2] - The report highlights the acceleration of solid-state battery industrialization, with various companies announcing significant projects and collaborations [4] - Demand for lithium batteries is expected to remain strong, with several leading companies identified as potential investment opportunities [2] Industry Dynamics - Lithium salt prices have increased, with the current price of lithium carbonate at 171,000 yuan/ton, up 31,000 yuan/ton from two weeks ago [2] - The prices of ternary cathodes and lithium iron phosphate cathodes have also risen, while the prices of anodes, separators, and electrolytes remain stable [2] - The report notes that the price of square ternary power cells has increased by 0.057 yuan/Wh compared to two weeks ago [2] Investment Recommendations - The report suggests focusing on leading companies in the lithium battery industry with low valuations amid strong demand, including CATL, Yiwei Lithium Energy, and others [2] - It also highlights companies leading in the low-altitude economy and robotics sectors, as well as those involved in solid-state and sodium battery materials [2] Solid-State Battery Developments - The solid-state battery industry is advancing, with several companies announcing new projects and collaborations [4] - CATL has released a sodium battery solution for light commercial vehicles, capable of operating at -30°C [4] - Various companies are entering partnerships to enhance solid-state battery technology and production capabilities [10] Market Performance - The lithium battery sector has seen a decline of 4.4% in the past two weeks, while the battery chemicals sector increased by 4.1% [8] - Key individual stocks have shown varied performance, with CATL down 1.5% and Hunan Youneng up 11.2% [8] New Energy Vehicle Data - In December 2025, domestic new energy vehicle sales reached 1.71 million units, a year-on-year increase of 7% [4] - The penetration rate of new energy vehicles in the domestic market reached 52.3%, up 6.5 percentage points year-on-year [4] Charging Infrastructure - As of December 2025, the total number of public charging piles in China reached 4.717 million, with a total power of approximately 17,967 MW [24] - The utilization rate of public charging piles was approximately 6.96%, showing a slight decrease year-on-year [24]

Group 1: Market Impact - The 40-year Japanese government bond yield surpassed 4% on January 20, marking a historical high, with a single-day increase exceeding 25 basis points[1] - Japan's fiscal policy changes, including a supplementary budget expected to increase annual deficits by approximately 5 trillion yen, have raised concerns about sovereign credit risk[13] - The rise in Japanese bond yields has led to a significant capital repatriation effect, decreasing the attractiveness of U.S. Treasuries for Japanese investors[14] Group 2: Asset Performance - From January 17 to January 24, the CSI 300 index fell by 0.63%, the Hang Seng index decreased by 0.36%, and the S&P 500 also dropped by 0.36%[15] - The U.S. dollar index declined by 1.88%, while the offshore yuan appreciated by 0.27% during the same period[15] - Gold prices increased by 7.27%, and silver prices rose by 9.04%, indicating a shift towards precious metals amidst market volatility[15] Group 3: Inventory and Positioning - The latest oil inventory stood at 44,684 million tons, an increase of 44,935 million tons from the previous week[26] - The latest week saw a decrease in long positions in the U.S. dollar by 1,926 contracts, while short positions increased by 762 contracts[31] - The gold ETF size rose to 34.93 million ounces, up by 30,000 ounces from the previous week[31]

证券研究报告 | 2026年01月24日 杭州银行（600926.SH）2025 年业绩快报点评 优于大市 高成长延续，资产质量优质 净利润实现延续两位数高增。公司披露 2025 年业绩快报，2025 年全年实现 营收 387.99 亿元，同比增长 1.1%，较前三季度增速小幅回落 0.3 个百分点。 实现归母净利润 190.30 亿元，同比增长 12.1%，较前三季度增速回落 2.5 个 百分点。 净利息收入增速亮眼，其他非息收入下降拖累营收。2025 年净利息收入同比 增长 12.8%，较前三季度增速提升 2.9 个百分点，表现亮眼，一是公司规模 维持高增，二是净息差企稳。全年非息收入同比下降 19.5%，较前三季度降 幅扩大了 5.5 个百分点，主要受其他非息收入同比大幅下降拖累。其中，手 续费及佣金净收入同比增长 13.1%，较前三季度增速提升了 0.5 个百分点； 其他非息收入同比下降 31%，较前三季度降幅扩大了 6 个百分点。我们判断 主要是今年债市波动较大导致交易账户公允价值出现明显亏损，另外，公司 在净利息收入实现较好增长下兑付存量债券收益的动力下降，因此在 2024 年高基数下出现大幅下降 ...

Market Performance - The S&P 500 decreased by 0.4% this week, while the Nasdaq fell by 0.1%[1] - Small-cap value (Russell 2000 Value) outperformed with a gain of 0.2%, compared to large-cap value (Russell 1000 Value) which declined by 0.2%[1] - The energy sector saw a notable increase of 3.1%, while the banking sector experienced a decline of 2.8%[1] Fund Flows - Estimated fund flow for S&P 500 constituents was +$5.6 billion this week, up from -$1.7 billion last week[2] - Key sectors with inflows included automotive and auto parts (+$9.2 million) and semiconductor products (+$9.2 million)[2] - Significant outflows were observed in the financial sector, particularly in diversified financials (-$13.6 million) and capital goods (-$7.4 million)[2] Earnings Forecast - The forward 12-month EPS expectation for S&P 500 constituents increased by 0.2% this week, slightly down from 0.3% last week[3] - Notable upward revisions were seen in real estate (+2.0%) and semiconductor products (+0.7%), while the energy sector was revised down by 2.0%[3] - Risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies[3]

证券研究报告 | 2026年01月25日 2026年01月24日 港股市场速览 优于大市 中小盘与多数行业表现较优 股价表现：市场整体持平，权重股略有回撤 本周，恒生指数-0.4%，恒生综指-0.1%。风格方面，小盘（恒生小型股+1.6%） ＞中盘（恒生中型股+1.0%）＞大盘（恒生大型股-0.4%）。 主要概念指数分化。上涨的主要有恒生消费（+2.7%）；下跌的主要有恒生 生物科技（-2.8%）。 国信海外选股策略多数上涨。上涨的主要有 ROE 策略防御型（+3.4%）；下 跌的主要有红利贵族 50（-2.0%）。 22 个行业上涨，8 个行业下跌。上涨的主要有：建材（+6.3%）、钢铁（+5.3%）、 电力设备及新能源（+5.1%）、有色金属（+4.9%）、综合（+4.6%）；下跌 的主要有：医药（-2.6%）、计算机（-2.4%）、纺织服装（-2.0%）、非银 行金融（-1.6%）、传媒（-1.5%）。 估值水平：整体小幅下降，多数行业提升 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-0.8%至 11.8x； 恒生综指估值-0.1%至 11.9x。 主要概念指数估值分化。上升幅度较大的是 ...

证券研究报告 | 2026年01月24日 多资产周报 日债巨浪冲击全球市场 日债巨浪冲击全球市场。日本 40 年期国债收益率在 1 月 20 日突破 4%的 历史高位：（1）从原因上，日本财政货币政策变动是引发本轮日债抛 售的直接诱因。高市早苗政府计划推出远超预期的补充预算，几乎成为 "特拉斯"第二。同时，日本央行自 2024 年 3 月结束负利率以来，持 续推进缩表计划并减少国债购买。（2）从影响上看，日本长期以来是 全球最大的海外债主。当 40 年期日债利率回到 4%以上，叠加日元套息 交易的反转压力，产生了强烈的资金回流效应。随着日债利率大幅上行， 经汇率对冲后的美债吸引力对日本投资者而言显著下降。日本寿险公司 和养老金开始减少美债配置，甚至回流头寸以填补国内债市抛售带来的 流动性缺口，从而诱发美债跟随波动，并进而冲击全球金融市场稳定。 （3）往后看，益率的急剧上升促使日本加大口头干预,但日本央行增加 购买国债的可能性仍然很低。中期看，目前日元与利差背离，是因财政 担忧盖过了加息预期。一旦日本政府出面稳定赤字预期，日元可能瞬间 暴涨，引发比 2024 年 8 月更大规模的套息交易平仓，届时美债可能遭 遇 ...