Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report regularly tracks the latest private exchangeable bond (Private EB) projects from public channels, focusing on basic elements. It reminds that private issuance terms and processes may change, and the final prospectus should be referred to. The issuance progress should be consulted with relevant lead underwriters. [1] 3. Summary by Directory Newly Added Project Information - From November 17 - 21, 2025, the private exchangeable bond project of Guangdong Shengyi Technology Co., Ltd. for private placement to professional investors in 2025 was approved by the exchange, with an intended issuance scale of 2 billion yuan. The underlying stock is Shengyi Electronics (688183.SH), and the lead underwriter is CITIC Securities. The exchange update date is November 17, 2025. [1] Project Status Table - Multiple private exchangeable bond projects are listed in the table, including their bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in either "Passed" or "Feedback Received" status. For example, the project of Hangzhou Iron & Steel Group Co., Ltd. has a scale of 1 billion yuan, and the underlying stock is Hangzhou Iron & Steel Co., Ltd., with a passed status as of November 7, 2025. [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the week from November 17 - 21, 2025, the stock market oscillated downward due to factors like geopolitical tensions, concerns about overseas AI bubbles, and weakening interest - rate cut expectations. The bond market had a narrow - range oscillation. The convertible bond market mostly declined, with the CSI Convertible Bond Index down 1.78% for the week, the price median down 1.89%, and the arithmetic average parity down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week [1][8][9]. - During the period from November 24 - 28, 2025, the convertible bond market showed strong resilience during the A - share adjustment. Fed officials' dovish signals may improve market sentiment, and the convertible bond asset prices have strong bottom support. Attention should be paid to sectors such as energy storage, power, semiconductor equipment and materials, photovoltaic, and chemical industries, and high - volatility underlying stocks in balanced convertible bonds or low - premium equity - biased individual bonds should be selected [2][18]. Summary by Relevant Catalogs Market Trends - **Stock Market**: In the week from November 17 - 21, 2025, the market oscillated downward. All Shenwan primary industries closed down. Banks (-0.89%), media (-1.25%), food and beverage (-1.44%), national defense and military industry (-1.72%), and household appliances (-2.30%) performed relatively well, while power equipment (-10.54%), comprehensive (-9.18%), basic chemicals (-7.47%), and commercial retail (-7.24%) performed poorly [8][9]. - **Bond Market**: At the beginning of the week, the capital was tight, and it became balanced and loose in the second half of the week. The bond market had a narrow - range oscillation, and the 10 - year Treasury bond rate closed at 1.82% on Friday, up 0.26bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond individual bonds declined. The CSI Convertible Bond Index was down 1.78% for the week, the price median was down 1.89%, and the arithmetic average parity was down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week. The total trading volume of the convertible bond market last week was 318.036 billion yuan, with an average daily trading volume of 63.607 billion yuan, a decrease from the previous week [1][9][16]. Valuation Overview - As of November 21, 2025, for equity - biased convertible bonds, the average conversion premium rates in different price ranges are at relatively high percentile values. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan is -4.27%, at the 1%/4% percentile since 2010/2021. The average implied volatility of all convertible bonds is 46.1%, at the 93%/99% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (November 17 - 21, 2025)**: Maolai Convertible Bond was announced for issuance, and Qizhong Convertible Bond was listed. Maolai Convertible Bond has a scale of 563 million yuan, and Qizhong Convertible Bond has a scale of 850 million yuan [27][28]. - **Next Week (November 24 - 28, 2025)**: Zhuomei Convertible Bond is expected to be listed, with a scale of 450 million yuan [29][30]. - **Approval Progress**: Last week, 2 companies including Aohong Electronics and Pulian Software got registration approval, 1 company including Chunfeng Power passed the listing committee review, 4 companies including Haoneng Co., Ltd. passed the general meeting of shareholders, and 1 company including Zhaomin Technology had a board of directors' plan. As of now, there are 95 convertible bonds to be issued, with a total scale of 143.93 billion yuan [31].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33] Core Insights - The company's revenue for Q3 2025 reached 35.6 billion RMB, representing a year-on-year growth of 14% and a quarter-on-quarter increase of 1%. Adjusted net profit was 4.99 billion RMB, up 26% year-on-year [10][4] - The company is focusing on AI to drive growth in its core business, with significant advancements in its AI video product, Keling, which achieved quarterly revenue exceeding 300 million RMB [4][32] - The company has improved its gross margin to 55.1%, primarily due to enhanced server efficiency and reduced content costs [10][4] Financial Performance - Q3 2025 revenue breakdown: Domestic revenue was 34.4 billion RMB (up 15% YoY), while overseas revenue was 1.15 billion RMB (down 13% YoY) [10][4] - The adjusted profit margin for Q3 2025 was 14.0%, reflecting a year-on-year increase of 1.3 percentage points [10][4] - Research and development expenses for Q3 2025 were 3.7 billion RMB, an 18% increase year-on-year [10][4] User Engagement Metrics - The total monthly active users (MAU) for Q3 2025 was 731 million, a 2% increase year-on-year, while daily active users (DAU) reached 416 million, also up 2% year-on-year [2][17] - The average daily usage time per user was 134 minutes, reflecting a 1% increase year-on-year [2][17] Commercialization Efforts - E-commerce gross merchandise volume (GMV) grew by 15% year-on-year, with revenue from live e-commerce increasing by 41% [3][23] - Advertising revenue for Q3 2025 was 20.1 billion RMB, up 14% year-on-year, driven by advancements in AI technology [3][28] - Live streaming revenue reached 9.6 billion RMB, showing a 3% year-on-year increase [3][28] Future Outlook - The company has raised its revenue forecast for Keling to 1 billion RMB for the year, driven by successful AI advancements [4][32] - The adjusted profit projections for 2025-2027 are 20.7 billion RMB, 23.5 billion RMB, and 26.6 billion RMB respectively [4][33]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [49]. Core Insights - NVIDIA reported a record revenue of $57.006 billion for FY2026 Q3, with a year-on-year growth of 62% and a quarter-on-quarter growth of 22%, driven by strong demand in the AI sector [11][12]. - Google's Gemini 3.0 series was launched, showcasing advancements in deep reasoning and agent capabilities, outperforming previous models in various benchmarks [13][16]. - The optical cable export data for October 2025 showed a significant month-on-month growth of 26.14%, reflecting a sustained high demand in the industry [24]. Summary by Sections Industry News Tracking - NVIDIA's FY2026 Q3 revenue reached $57.006 billion, with data center revenue at $51.2 billion, marking a 62% year-on-year increase and a 22% quarter-on-quarter increase [11][12]. - Google's Gemini 3.0 series introduces a "Deep Think" mode, enhancing its ability to handle complex reasoning tasks, achieving notable scores in various benchmarks [13][16]. - Optical cable exports from China to the U.S. in October 2025 totaled 520 million yuan, with a year-on-year increase of 61.02% and a month-on-month increase of 26.14% [24]. Investment Recommendations - Continuous focus on AI computing infrastructure development is advised, with recommendations to monitor companies involved in optical devices, communication equipment, and liquid cooling technologies [46]. - The three major telecom operators are highlighted as important assets for dividend allocation, with stable operations and increasing dividend payouts [46]. Market Performance Review - The communication sector index decreased by 2.51%, while the Shanghai and Shenzhen 300 index fell by 3.77%, resulting in a relative return of 1.26% [36]. - Among sub-sectors, optical devices/chips and operators showed relatively better performance, with specific stocks like Tengjing Technology and Dekeli leading in gains [39].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the REITs index fell 1.0% for the whole week and performed steadily relative to equity assets. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The performance order of major indices in terms of weekly price - change was CSI All - Bond > CSI REITs > CSI Convertible Bonds > CSI 300 [1]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP 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 bond yield was 244 BP [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of November 21, 2025, the closing price of the CSI REITs (closing) index was 810.21 points, with a weekly price - change rate of - 1.0%, outperforming the CSI Convertible Bonds index (- 1.8%) and the CSI 300 index (- 3.8%), but underperforming the CSI All - Bond index (+ 0.03%). The year - to - date price - change order of major indices was CSI Convertible Bonds (+ 16.5%) > CSI 300 (+ 13.2%) > CSI REITs (+ 2.6%) > CSI All - Bond (+ 0.9%) [2][6]. - In the past year, the return rate of the CSI REITs index was 5.3%, and the volatility was 7.5%. The return rate was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index; the volatility was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index [2][8]. - On November 21, the total market value of REITs was 222.5 billion yuan, remaining the same as last week; the average daily turnover rate for the whole week was 0.47%, a decrease of 0.09 percentage points from the previous week [2][8]. - Except for water conservancy facilities, other types of REITs declined. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The top three REITs in terms of weekly gains were CICC Yizhuang Industrial Park REIT (+ 0.96%), Ping An Ningbo Jiaotou REIT (+ 0.92%), and Huaxia Nanjing Transportation Expressway REIT (+ 0.60%) [3][14]. - New infrastructure REITs had the highest trading activity. The new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.9%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 20.5% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds were Huatai Jiangsu Expressway REIT (12.16 million yuan), China Merchants Shekou Rental Housing REIT (10.83 million yuan), and Southern Runze Technology Data Center REIT (8.61 million yuan) [3][20]. 3.2 Primary Market Issuance - From the beginning of the year to November 21, 2025, there was 1 REITs product at the "accepted" stage, 1 at the "declared" stage, 2 at the "inquired" stage, 5 at the "feedback" stage, 6 products that had passed and were waiting to be listed, and 14 first - issued products that had passed and were listed on the exchange [22]. 3.3 Valuation Tracking - From the perspective of bond nature, as of November 21, the average annualized cash distribution rate of public - offering REITs was 6.30%. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [24]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP 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 bond yield was 244 BP [1][27].

Economic Indicators - Non-farm employment increased by 119,000, significantly exceeding the expected 50,000, reversing the previous month's decline of 4,000[1] - Unemployment rate unexpectedly rose to 4.4%, above the expected 4.3%, complicating Federal Reserve policy decisions[1] - Fixed asset investment cumulative year-on-year change is -1.70%[5] - Retail sales year-on-year change for the month is 2.90%[5] - Monthly export year-on-year change is -1.10%[5] - M2 money supply growth is 8.20%[5] Market Performance - Shanghai Composite Index fell by 3.78%, Hang Seng Index down by 5.09%, and S&P 500 decreased by 1.95% during the week of November 15 to November 22[2] - 10-year Chinese bonds rose by 0.26 basis points, while 10-year U.S. bonds fell by 8 basis points[2] - U.S. dollar index increased by 0.88%, and offshore RMB depreciated by 0.08%[2] - Brent crude oil price is seeking support around $60 per barrel, reflecting cautious global demand expectations[12] Commodity and Inventory Trends - Latest crude oil inventory stands at 44,355 million tons, up by 2.78 million tons from the previous week[3] - Rebar inventory increased to 4.67 million tons, up by 40,000 tons[3] - Copper inventory rose to 109,690 tons, an increase of 14,656 tons[3] - Aluminum inventory increased to 620,000 tons, up by 20,000 tons[3] Investment Behavior - Latest week saw a rise in long positions for the U.S. dollar to 12,456 contracts, up by 2,730 contracts[3] - Short positions for the U.S. dollar increased to 25,601 contracts, up by 2,239 contracts[3] - Gold ETF holdings decreased to 33.45 million ounces, down by 110,000 ounces[3] Risk Factors - Risks include overseas market volatility and uncertainties in domestic policy execution[4]

Core Conclusions - The Asia-Pacific market experienced a "Black Friday" with significant declines primarily due to two factors: global liquidity expectations fluctuating and a sharp drop in sentiment observed through leveraged funds [1] - Historically, in bull markets, instances of breaking below the 60-day moving average are rare, and it typically takes about 10 days to recover. If a "time for space" strategy is needed, a maximum drawdown of around 15% can be tolerated, although current conditions differ from historical contexts [2][3] - Analyzing the recent bull market with over 2.5 times gains in specific sectors, a deviation of -1.5% from the logarithmic moving average is identified as a favorable entry point, with a success rate of nearly 70% and an average gain exceeding 5% in the following month. Currently, the Science and Technology Innovation 50 and the ChiNext Index have not reached the -1.5% entry threshold, suggesting that the Science and Technology Innovation 50 may stabilize first during the pullback [1][3][4] Market Performance - The Asia-Pacific market faced widespread declines, with the A-share market's North China 50 and ChiNext Index dropping 9.04% and 6.15% respectively, significantly outpacing declines in developed markets. This reflects a heightened selling pressure on emerging markets and high-beta attributes during a global risk-off sentiment [2][10] - The overall performance of growth sectors, including electrolytes, lithium batteries, storage, photovoltaics, and rare earths, has shown considerable pressure, with the number of gainers and median stock returns converging to the second-lowest point of the year [12][10] Liquidity and Sentiment - The core driver of market adjustments is the significant volatility in global liquidity expectations. Recent hawkish signals from multiple Federal Reserve officials have shifted market expectations for interest rate cuts, leading to a drop in the probability of a December rate cut to below 30% [20] - The tightening of liquidity has been exacerbated by rising Japanese government bond yields, which have led to a cycle of selling off dollar assets and further tightening liquidity conditions [20][21] Bull Market Dynamics - Historical data indicates that in the past 30 years, during bull markets, breaking below the 60-day moving average has occurred 59 times, with an average recovery time of 11.1 days. Approximately one-third of these instances saw immediate recovery the next day [30][31] - The success rates for recovery at various time intervals (T+5, T+20, T+60, T+120) are reported at 67.8%, 59.3%, 84.7%, and 83.1% respectively, indicating a generally favorable outlook for recovery in bull market conditions [30][31] Entry Points for Investment - The report emphasizes the importance of monitoring the logarithmic moving average deviation, with a threshold of -1.5% identified as a high-probability entry point. During the 2019-2021 bull market, this strategy yielded a 68.15% success rate and an average return of 5.71% [4][41] - Currently, the Science and Technology Innovation 50 and ChiNext Index are close to breaking the EXPMA60 but have not yet reached the -1.5% entry point, indicating potential for stabilization in the near term [47]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - Last week, due to tight liquidity during the tax - payment period and a sharp decline in the A - share market, the bond market fluctuated narrowly with slightly rising yields, and ultra - long bonds declined slightly. The trading activity of ultra - long bonds increased slightly and was very active. The term spread of ultra - long bonds remained flat, and the variety spread narrowed [1][10]. - For the 30 - year treasury bond, as of November 21, the spread between the 30 - year and 10 - year treasury bonds was 34BP, at a relatively low historical level. Considering the economic pressure in Q4 and positive investor sentiment, the bond market is more likely to rebound, and the 30 - 10 spread is expected to compress periodically [2][11]. - For the 20 - year CDB bond, as of November 21, the spread between the 20 - year CDB bond and the 20 - year treasury bond was 13BP, at a historically extremely low level. With economic pressure in Q4 and positive investor sentiment, the bond market is likely to rebound, and the variety spread of the 20 - year CDB bond is expected to continue to compress in the short term [3][12]. Summary by Directory Weekly Review Ultra - long Bond Review - Last week, tight tax - period liquidity and a sharp A - share decline led to a narrow - range bond market oscillation with slightly rising yields, and ultra - long bonds fell slightly. Trading activity increased slightly and was very active. The term spread remained flat, and the variety spread narrowed [1][10]. Ultra - long Bond Investment Outlook - **30 - year Treasury Bond**: As of November 21, the 30 - 10 spread was 34BP. In October, economic downward pressure increased, with GDP growth at about 4.2% (down 1.1% from September), and deflation risks persisted. The bond market is more likely to rebound, and the 30 - 10 spread is expected to compress periodically [2][11]. - **20 - year CDB Bond**: As of November 21, the 20 - year CDB - treasury spread was 13BP. In October, economic downward pressure increased, with GDP growth at about 4.2% (down 1.1% from September), and deflation risks persisted. The bond market is likely to rebound, and the 20 - year CDB bond variety spread is expected to continue to compress in the short term [3][12]. Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds is 23.9 trillion. As of October 31, ultra - long bonds with a remaining maturity of over 14 years totaled 239,836 billion, accounting for 15.0% of all bonds. Local government bonds and treasury bonds are the main varieties. By remaining maturity, the 25 - 35 - year variety accounts for the highest proportion [13]. Primary Market Weekly Issuance - Last week (November 17 - 21, 2025), the issuance of ultra - long bonds decreased. A total of 886 billion yuan of ultra - long bonds were issued, a significant drop from the week before. By variety, local government bonds accounted for 811 billion, and company bonds and bank sub - bonds also had issuances. By term, 15 - year, 20 - year, and 30 - year bonds were issued [18]. This Week's Planned Issuance - The announced ultra - long bond issuance plan for this week totals 1,550 billion yuan, mainly local government bonds, with a small amount of company bonds and medium - term notes [24]. Secondary Market Trading Volume - Last week, ultra - long bonds were very actively traded, with a turnover of 9,261 billion yuan, accounting for 11.3% of all bond turnovers. By variety, ultra - long treasury bonds, local bonds, etc. had different turnovers and proportions. Trading activity increased slightly compared to the week before [28]. Yield - Last week, tight tax - period liquidity and a sharp A - share decline led to a narrow - range bond market oscillation with slightly rising yields, and ultra - long bonds fell slightly. Yields of different - term treasury bonds, CDB bonds, etc. had corresponding changes [3][38]. Spread Analysis - **Term Spread**: Last week, the term spread of ultra - long bonds remained flat, with an absolute low level. The 30 - 10 treasury bond spread was 34BP, unchanged from the week before, at the 14% quantile since 2010 [49]. - **Variety Spread**: Last week, the variety spread of ultra - long bonds narrowed, with an absolute low level. The 20 - year CDB - treasury spread was 13BP, and the 20 - year railway bond - treasury spread was 18BP, both down 2BP from the week before, at the 11% and 12% quantiles since 2010 respectively [50]. 30 - year Treasury Bond Futures - Last week, the main 30 - year treasury bond futures contract TL2512 closed at 115.57 yuan, down 0.51%. Total trading volume was 714,600 lots (up 188,951 lots from the week before), and open interest was 176,300 lots (down 3,026 lots from the week before) [54].

10 月美国股票型 ETF 资金净流入超千亿，当前规模已超 10 万亿美元 证券研究报告 | 2025年11月23日 海外资管机构月报 美国公募基金市场月度收益 2025 年 10 月，美国股票型基金业绩中位数强于债券基金，弱于国际股票基 金和资产配置基金。具体来看，10 月美国股票型基金、国际股票型基金、 债券型基金、资产配置型基金收益中位数分别为 0.56%、0.89%、0.51%、 1.20%。 美国非货币公募基金资金流向 按管理方式：2025 年 10 月，主动管理型基金整体净流入 190 亿美元，被动 基金整体净流入 1118 亿美元。 按资产类型：2025 年 10 月，美国市场开放式基金中，债券型基金资金净流 入较多，为 275 亿美元，股票型基金资金净流出较多，为 970 亿美元。 2025 年 10 月，美国市场 ETF 中，股票型、债券型 ETF 资金净流入较多， 分别达 1044 亿、490 亿美元。 值得注意的是，在股票型基金中，开放式基金与 ETF 资金流向相反，表现 为资金流出开放式基金并流入 ETF。 头部资管机构资金净流入 美国开放式基金规模 Top10 资管机构大部分均有资金 ...

Global Market Overview - The global market experienced a decline from November 17 to November 21, 2025, with overall valuation contraction. Only the Indian SENSEX30 saw an increase of 0.79%. Major Asian indices, particularly Hong Kong, fell over 5%, while the German market in the Eurozone saw the most significant drop. The Nasdaq 100 in the US had the largest correction at -3.07% [2][7] - Valuations generally contracted alongside stock prices, with the Nikkei 225 and the Korean Composite Index showing slight PE expansions of 1.58x and 1.80x, respectively, indicating downward revisions in earnings expectations [2][9] A-share Market Analysis - The A-share market saw a comprehensive decline in core broad-based indices, with the National Index 2000 leading the drop at -6.24% and the CSI 1000 at -5.80%. The Shanghai Stock Exchange 50 had the smallest decline at -2.72% [2][28] - All valuation metrics contracted with stock prices, particularly the CSI 2000, which saw a significant PE contraction of 10.75x. As of November 21, 2025, major A-share indices' PE, PB, and PS were positioned between the 74%-82% percentile range for the past year [2][29] Industry Valuation Trends - All primary industries experienced declines, with the power equipment sector leading the drop at -10.54%. The upstream resource sectors, including basic chemicals, steel, and non-ferrous metals, also saw significant corrections [2][53] - The valuation contraction was substantial, with power equipment and comprehensive PE shrinking by over 4x, while sectors like retail, electronics, and real estate saw PE reductions exceeding 3x [2][53] Consumer Sector Valuation - The downstream consumer sector exhibited superior valuation attractiveness. In the short-term view, only the oil and petrochemical sector had a valuation percentile above 90%, currently at 96.9%. In the medium to long-term perspective, sectors like electronics and communications maintained relatively high valuations, with 3-year and 5-year percentile averages above 90% [2][55]