Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 29.87 CNY [5] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 55.8 billion CNY, up 32.7% year-on-year, and net profit attributable to shareholders at 23.2 billion CNY, up 37.9% year-on-year [1] - The company is expected to continue benefiting from a favorable equity market and increasing margin trading balances, solidifying its leading position in brokerage, asset management, and investment banking [7] Revenue Structure - The revenue from the three main fee-based businesses accelerated, while net interest income saw a significant reduction in its decline. The revenue from proprietary trading, brokerage, asset management, investment banking, and credit businesses for the first three quarters of 2025 was 31.6 billion, 10.9 billion, 8.7 billion, 3.7 billion, and 0.8 billion CNY respectively, with year-on-year growth rates of 46%, 53%, 16%, 31%, and -17% [2][3] - The brokerage business saw a near doubling of revenue compared to the same period last year, with net income from brokerage fees reaching 4.5 billion CNY, a 99.5% increase year-on-year [4] - The asset management business also experienced a significant increase in revenue, with net income of 3.3 billion CNY, up 27.1% year-on-year [5] - Investment banking revenue grew significantly, with total income of 1.6 billion CNY, a 46.8% increase year-on-year [6] Business Segments - In proprietary trading, the company reported a quarterly income of 12.6 billion CNY, with a year-on-year growth of 26.3% [3] - The brokerage segment's revenue reached a new high since Q2 2025, driven by increased trading activity in the stock market [4] - The asset management segment's AUM for 华夏基金 reached 2.12 trillion CNY, a year-on-year increase of 21.9% [5] - The investment banking segment saw a substantial increase in IPO and refinancing underwriting, with total underwriting scale reaching 78.7 billion CNY, a 79.3% increase year-on-year [6] Financial Performance - The company's total assets reached 2.03 trillion CNY, a 17.0% increase year-on-year, with a return on equity (ROE) of 8.15% [7] - The report forecasts revenue for 2025-2027 to be 74.7 billion, 80.6 billion, and 86.9 billion CNY, with net profits of 25.2 billion, 27.3 billion, and 29.6 billion CNY respectively [8]

Quantitative Models and Construction - **Model Name**: Three-dimensional Timing Framework **Construction Idea**: The model integrates liquidity, divergence, and prosperity indicators to assess market timing and trends[7][12][14] **Construction Process**: 1. Liquidity indicator measures market liquidity trends[17] 2. Divergence indicator tracks market disagreement levels[16] 3. Prosperity indicator evaluates market sentiment and economic activity[19] 4. Combine these three dimensions into a unified framework to predict market movements[12][14] **Evaluation**: The model shows historical effectiveness in identifying market support levels and timing trends[7][14] - **Model Name**: ETF Hotspot Trend Strategy **Construction Idea**: Select ETFs based on price movement patterns and market attention to construct a risk-parity portfolio[25][26] **Construction Process**: 1. Identify ETFs with simultaneous upward trends in highest and lowest prices[25] 2. Calculate regression coefficients of price movements over the past 20 days to construct support-resistance factors[25] 3. Select top 10 ETFs with the highest turnover ratio (5-day/20-day) for portfolio construction[25] **Evaluation**: The strategy demonstrates cumulative excess returns over the CSI 300 index[26] - **Model Name**: Capital Flow Resonance Strategy **Construction Idea**: Combine financing and large-order capital flows to identify industries with strong capital resonance[29][33] **Construction Process**: 1. Define financing factor as the net financing buy minus net financing sell, neutralized by Barra market capitalization[33] 2. Define large-order factor as net inflow sorted by industry and neutralized by one-year trading volume[33] 3. Combine the two factors, excluding extreme industries and large financial sectors, to enhance strategy stability[33][36] **Evaluation**: The strategy achieves annualized excess returns of 13.5% since 2018, with an IR of 1.7[33] Model Backtesting Results - **Three-dimensional Timing Framework**: Historical performance indicates effective identification of market support levels and timing trends[14] - **ETF Hotspot Trend Strategy**: Cumulative excess return over CSI 300 index observed since the beginning of the year[26] - **Capital Flow Resonance Strategy**: - Annualized excess return: 13.5% since 2018 - IR: 1.7 - Weekly absolute return: 2.86% - Weekly excess return: 0.19%[33] Quantitative Factors and Construction - **Factor Name**: Beta **Construction Idea**: Measure stock sensitivity to market movements[39] **Construction Process**: Calculate stock beta using historical price data and market index movements[39] **Evaluation**: High-beta stocks outperform low-beta stocks, achieving 3.05% weekly return[39] - **Factor Name**: Momentum **Construction Idea**: Capture the continuation of stock price trends[39] **Construction Process**: Calculate momentum based on past price performance over a defined period[39] **Evaluation**: Momentum factor records 1.28% weekly return, indicating strong performance of previously high-performing stocks[39] - **Factor Name**: Liquidity **Construction Idea**: Assess market preference for high-liquidity stocks[39] **Construction Process**: Measure liquidity using trading volume and turnover ratios[39] **Evaluation**: Liquidity factor achieves 2.06% weekly return, reflecting market favorability for liquid stocks[39] - **Factor Name**: Illiquidity (Illia) **Construction Idea**: Evaluate stock price impact driven by large trading volumes[44][45] **Construction Process**: Measure daily price changes driven by trading volumes exceeding one billion[45] **Evaluation**: Illiquidity factor achieves 1.48% weekly excess return and 2.11% monthly excess return[45] - **Factor Name**: Volume Mean and Standard Deviation **Construction Idea**: Analyze trading volume trends over different time windows[44][45] **Construction Process**: 1. Calculate mean and standard deviation of trading volumes over 1-month, 3-month, 6-month, and 12-month windows[45] 2. Normalize and rank stocks based on these metrics[45] **Evaluation**: Volume-related factors show consistent positive excess returns across different time windows, with weekly returns ranging from 0.64% to 0.99%[45] - **Factor Name**: R&D Intensity **Construction Idea**: Measure the proportion of R&D expenditure relative to sales revenue[45] **Construction Process**: Calculate R&D expenses divided by total sales revenue[45] **Evaluation**: R&D intensity factor records 0.59% weekly excess return and 0.67% monthly excess return[45] Factor Backtesting Results - **Beta Factor**: Weekly return: 3.05%[39] - **Momentum Factor**: Weekly return: 1.28%[39] - **Liquidity Factor**: Weekly return: 2.06%[39] - **Illiquidity Factor**: Weekly excess return: 1.48%, Monthly excess return: 2.11%[45] - **Volume Mean and Standard Deviation Factors**: Weekly returns range from 0.64% to 0.99%, Monthly returns range from 1.49% to 2.29%[45] - **R&D Intensity Factor**: Weekly excess return: 0.59%, Monthly excess return: 0.67%[45]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 24.20 yuan [6]. Core Insights - The company reported a revenue of 48.442 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.90%. The net profit attributable to shareholders was 2.945 billion yuan, up 7.80% year-on-year [1]. - The company achieved significant breakthroughs in resource reserves by acquiring exploration rights for the Chating copper polymetallic mine for 8.6 billion yuan, with substantial copper and gold metal reserves identified [3]. - The company is expected to see continued growth in net profit, with projections of 3.717 billion yuan, 4.079 billion yuan, and 4.781 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 16x, 14x, and 12x [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 16.823 billion yuan, a year-on-year increase of 43.2% and a quarter-on-quarter increase of 11.58%. However, the net profit for the quarter was 1.076 billion yuan, down 3.2% year-on-year [1][2]. - The company’s lead and zinc production showed significant growth in the first three quarters, with zinc production increasing by 20% and lead production by 21% year-on-year [2]. Resource Development - The acquisition of the Chating copper polymetallic mine exploration rights marks a major advancement in resource reserves, with identified copper reserves of 1.65 million tons and gold reserves of nearly 250 tons [3]. - The company is actively expanding its mining projects, with ongoing expansions at Yulong Copper and other mines, which are expected to enhance production capacity [3]. Profit Forecast and Valuation - The company is projected to achieve a revenue of 57.019 billion yuan in 2025, with a growth rate of 14% [5]. - The earnings per share are expected to increase from 1.23 yuan in 2024 to 2.01 yuan in 2027, reflecting a positive growth trajectory [5][10].

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [5][7]. Core Views - The company's revenue for the first three quarters of 2025 reached 22.32 billion yuan, a year-on-year increase of 7.3%, with a net profit attributable to shareholders of 3.34 billion yuan, up 8.3% year-on-year [1]. - The increase in aluminum prices has driven profitability, with the average aluminum price for the first three quarters of 2025 at 20,447 yuan per ton, a 3.7% increase year-on-year [2]. - The company is expected to release an additional 200,000 tons of electrolytic aluminum capacity in 2026, enhancing its integrated layout and resource security [4]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 6.99 billion yuan, a slight decrease of 0.3% year-on-year, but a net profit of 1.26 billion yuan, reflecting a significant year-on-year increase of 24.3% [1][2]. - The gross profit margin for Q3 2025 was 27.2%, up 4.7 percentage points year-on-year, primarily due to rising aluminum prices [2][3]. Production Capacity and Cost Advantages - The company currently has an electrolytic aluminum capacity of 1.2 million tons, with an actual annual output of approximately 1.16 million tons [2]. - The company benefits from low energy costs due to its operations in Xinjiang, where coal resources are abundant, contributing to a strong sustainability of high profitability [4]. Future Outlook - The strategic acquisition of three bauxite mines in Indonesia and plans to invest 1.556 billion USD to build a 2 million ton alumina production line are expected to further expand the company's production capabilities [4]. - The company has also secured a 50% stake in Elite Mining Guinea S.A. and plans to produce 5-6 million tons of bauxite annually, enhancing its raw material supply [4]. Earnings Forecast - The projected net profit for 2025-2027 is 4.70 billion yuan, 5.74 billion yuan, and 6.33 billion yuan, respectively, with corresponding PE ratios of 13, 11, and 10 times [5][6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Inflation is lower than expected, and the trading of overseas interest rate cut expectations continues. The lower-than-expected CPI further strengthens the market's expectation of an interest rate cut next week, but the growth of non-sticky CPI also prompts the market to readjust its expectation of an interest rate cut in December [3][12]. - The overall performance of major overseas markets shows different trends. US Treasury yields generally decline over time as the FOMC meeting approaches, Japanese government bonds rise slightly overall, and German government bond yields have the largest single - week increase in six weeks [3][4][19]. - Global major stock markets generally strengthen, energy in commodities leads the rise while precious metals fall from high levels, and the US dollar is stable while non - US currencies are generally under pressure [5][20][21]. Summary According to Relevant Catalogs 1. This Week's Overseas Macroeconomic and Interest Rate Review 1.1 Macroeconomic Indicator Comments - **Inflation**: In September, the CPI data was lower than expected. The unadjusted CPI year - on - year was 3.0%, lower than the forecast of 3.1% and higher than the previous value of 2.9%; the core CPI year - on - year was 3.0%, lower than the forecast of 3.1% and the previous value of 3.1%. The market responded positively, with the Dow Jones Industrial Average closing above 47,000 for the first time, rising 472 points or 1%. The Nasdaq and S&P 500 also reached new highs, providing room for an interest rate cut [1][10]. - **Real Estate**: In September, the annualized total of existing home sales in the US reached a seven - month high, with 4.06 million units, in line with the forecast. Although the decline in mortgage rates may boost home sales, affordability remains a challenge for many potential homebuyers, especially low - and middle - income families, due to unclear economic prospects and reduced employer recruitment under the background of import tariffs [1][10]. - **Business Index**: As of the week of October 17, US crude oil inventories decreased due to strong refining demand. The EIA crude oil inventory decreased by 961,000 barrels, significantly lower than the expected increase of 2.2 million barrels and the previous value of 3.524 million barrels. Affected by factors such as increased US sanctions on Russia and rising refining demand, crude oil prices soared. The October Markit manufacturing (preliminary) and services PMI (preliminary) were both higher than expected and previous values, with the new order flow growth rate reaching a new high this year. However, due to factors such as tariff concerns, weak export demand, and increased unsold inventory, business confidence has fallen to a three - year low [2][11]. 1.2 Review of Major Overseas Market Interest Rates - **US**: This week (October 17 - 24, 2025), the yields of US Treasury bonds showed different changes. The overall yield of US Treasury bonds declined as the FOMC meeting approached. Before the release of inflation data, the 10 - year yield rose, and after the CPI was lower than expected, the yield fell and fluctuated around 4.0%. The lower - than - expected CPI strengthens the market's expectation of an interest rate cut next week, but also makes the market readjust its expectation of an interest rate cut in December. As of now, the proportion of the expected target interest rate in December remaining at 375 - 400 has increased from 0% to 8.77%. The price data also reflects the inflation dilemma, and corporate profits continue to be under pressure, making it difficult to reverse the low - growth situation of price growth by the end of the year [3][12][13]. - **Auction**: On October 22, a $13 billion 20 - year US Treasury bond auction was held. The winning bid rate was 4.506%, the bid - to - cover ratio was 2.73 times, basically the same as the previous value. The tail spread was - 1.150, lower than the previous value. Indirects were allocated 63.6%, Directs 26.3%, and Primary 10.0% [4][14]. - **Europe and Japan**: Japanese government bond yields rose slightly overall this week, with short - and medium - term yields generally rising and ultra - long - term yields (15 - year and 20 - year) slightly falling. German government bond yields had the largest single - week increase in six weeks [4][19]. 2. Comments on Other Major Asset Classes - **Equity**: Global major stock markets generally strengthened. South Korea's KOSPI led the rise with + 5.14%, followed by the Hong Kong Hang Seng Index with a 3.62% rebound, the Japanese Nikkei 225 with a 3.61% increase, the UK FTSE 100 with a 3.11% increase, the Chinese Shanghai Composite Index with a 2.88% increase, the US Nasdaq with a 2.31% increase, the German DAX with a 1.72% increase, the French CAC40 with a 0.63% increase, and India's Sensex with a 0.31% increase. Vietnam's VN30 fell 1.65%, and Russia's MOEX had a - 6.49% decline [5][20]. - **Commodities**: Energy led the rise, while precious metals fell from high levels. Brent crude oil rose 7.59%, coking coal 5.58%, coke 4.74%, Bitcoin 4.29%, US live hogs 2.84%, LME copper 2.65%, LME aluminum 2.28%, CBOT soybeans 2.18%, CBOT wheat 1.74%, CBOT corn 0.18%, soda ash 1.82%, Zhengzhou cotton 1.61%, and rebar 0.43%. London gold fell 2.85% and London silver fell 11.27% [5][21]. - **Foreign Exchange**: The US dollar was stable, and non - US currencies were generally under pressure. The Indian rupee rose 0.22%, the Vietnamese dong appreciated 0.04%, the US dollar against the Chinese yuan rose slightly by 0.02%, the Hong Kong dollar fell 0.04%, the euro fell 0.84%, the Swiss franc fell 0.85%, the British pound fell 1.00%, the South Korean won fell 1.03%, the Russian ruble fell 1.52%, and the Japanese yen fell 1.63% [5][22][23]. 3. Market Tracking - The report provides multiple charts to show the changes in various indicators this week, including the yield changes of major economies' government bonds, the rise and fall of major global stock indices, the rise and fall of major commodities, the rise and fall of major global foreign exchange rates, and the latest economic data panels of the US, Japan, and the eurozone [28][32][35].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies such as Geely, Xpeng, Li Auto, BYD, and Xiaomi Group as core recommendations [5][10]. Core Insights - The report emphasizes the anticipated release of Tesla's third-generation Optimus robot in Q1 2026, with a production line planned to manufacture one million units annually, indicating strong growth potential in the robotics sector [2][11]. - The automotive sector is experiencing a shift towards smart and electric vehicles, with a focus on domestic brands that are expected to gain market share, particularly in the context of new government policies supporting vehicle upgrades and replacements [13][16]. - The report identifies significant growth in the motorcycle market, particularly in the mid to large displacement segment, driven by consumer upgrades and new product launches from leading manufacturers [24][25]. - The heavy truck market is also showing robust growth, with sales surpassing 100,000 units in September 2025, supported by expanded government subsidies for vehicle replacements [27][28]. - The tire industry is benefiting from globalization and technological advancements, with a focus on high-performance products and increased production capacity in overseas markets [29][30]. Summary by Sections Weekly Insights - The automotive sector underperformed the market, with a 0.6% decline in the A-share automotive sector during the week of October 20-26, 2025, compared to a 1.7% increase in the CSI 300 index [33]. - Key recommendations for the month include companies like BYD, Geely, Xpeng, and Xiaomi Group, which are positioned to benefit from the ongoing transformation in the automotive industry [10][11]. Passenger Vehicles - The report highlights the continuation of vehicle replacement policies, which are expected to stimulate demand for new vehicles, particularly electric and low-emission models [13][14]. - Recommended companies in the passenger vehicle segment include Geely, Xpeng, Li Auto, BYD, and Xiaomi Group, focusing on their potential for growth in smart and electric vehicle markets [15][16]. Robotics - The report notes the acceleration of smart driving technology, with significant investments in R&D for advanced driver-assistance systems (ADAS) and the upcoming IPOs of key players in the robotics sector [3][12]. - Companies like Tesla and Xpeng are leading the charge in robotics, with a focus on the development of humanoid robots and related technologies [18][19]. Motorcycles - The motorcycle market is experiencing rapid growth, particularly in the mid to large displacement categories, with sales increasing significantly year-over-year [24][25]. - Recommended companies in this segment include Chunfeng Power and Longxin General, which are well-positioned to capitalize on the growing demand [26]. Heavy Trucks - The heavy truck market is witnessing a resurgence, with sales driven by government incentives for replacing older vehicles with newer, low-emission models [27][28]. - Key players to watch include China National Heavy Duty Truck Group and Weichai Power, which are expected to benefit from these trends [28]. Tires - The tire industry is seeing a shift towards globalization and smart manufacturing, with leading companies expanding their production capabilities overseas [29][30]. - Recommended companies in the tire sector include Sailun Tire and Senqcia, which are well-positioned to leverage these trends [30][31].

Investment Rating - The report maintains a "Recommended" rating for the company, citing its leading position in the small solid rocket sector and product derivation capabilities [4][6]. Core Insights - The company reported a revenue of 444 million yuan for the first three quarters of 2025, a year-over-year decrease of 30.95%. The net profit attributable to shareholders was -29 million yuan, compared to 17 million yuan in the same period last year [1]. - The decline in revenue is attributed to increased competition affecting its subsidiary, Supercode Technology, and underperformance in sales from Sanwo Electromechanical [1][2]. - Despite the revenue drop, the gross margin improved by 0.18 percentage points to 19.00% for the first three quarters, although the gross margin for Q3 2025 fell by 10.25 percentage points to 10.37% [1][2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 143 million yuan, down 26.55% year-over-year, with a net profit of -33 million yuan [1]. - The increase in expense ratio contributed to the revenue decline, with the total expense ratio rising by 6.12 percentage points to 23.84% [2]. - The company reported an asset impairment loss of 12 million yuan, up from 3 million yuan in the previous year, impacting profits by 13 million yuan [2]. Business Development and Market Position - The company maintains a leading market share in various segments, including rain enhancement and hail suppression rockets, which accounted for 30% of revenue in 2024 [3]. - The company is expanding its product offerings, including guided rockets suitable for different environments and new carbon-based materials, seeking new growth points [3]. Financial Forecast - The company is projected to achieve net profits of 16 million yuan, 69 million yuan, and 140 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 498x, 118x, and 58x [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company has shown significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 111.1 billion yuan, a year-on-year increase of 6.3%, and net profit increasing by 43.3% to 45.0 billion yuan [1]. - The lithium carbonate prices have started to rebound, with production and sales for Q1-Q3 2025 at 31,600 tons and 31,500 tons respectively, reflecting a year-on-year increase of 2.4% and 11.3% [2]. - The potassium chloride segment has also seen growth, with Q3 2025 production and sales increasing by 9.8% and 16.6% year-on-year, supported by a 27% increase in import contract prices [3]. - The company is expanding its low-cost lithium production capacity, which is expected to enhance its market competitiveness and profitability [4]. - China Minmetals has increased its stake in the company, indicating confidence in its long-term investment value [4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved revenue of 111.1 billion yuan, net profit of 45.0 billion yuan, and adjusted net profit of 44.9 billion yuan, with respective year-on-year changes of +6.3%, +43.3%, and +46.4% [1]. - In Q3 2025 alone, revenue was 43.3 billion yuan, net profit was 19.9 billion yuan, and adjusted net profit was 19.8 billion yuan, showing significant quarterly growth [1]. Lithium and Potassium Segments - Lithium carbonate production and sales for Q1-Q3 2025 were 31,600 tons and 31,500 tons, with Q3 showing a slight decrease in production but a significant increase in sales [2]. - The average price of battery-grade lithium carbonate in Q3 2025 was 73,300 yuan per ton, reflecting a year-on-year decrease of 8.7% but a quarter-on-quarter increase of 11.3% [2]. - Potassium chloride production and sales for Q1-Q3 2025 were 3.27 million tons and 2.86 million tons, with Q3 showing strong growth in both production and sales [3]. Strategic Developments - The company is focusing on expanding its low-cost lithium production capacity, which is expected to enhance its competitive edge in the market [4]. - The integration of its supply chain and operational efficiency improvements are expected to bolster its overall competitiveness [4]. - The increase in stake by China Minmetals reflects confidence in the company's long-term prospects and its role in ensuring national food security [4].

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Views - The trend of domestic software and hardware localization is accelerating under the backdrop of major national technology competition, with domestic computing power expected to resonate with domestic software, jointly promoting the construction of a localized ecosystem and achieving high-level technological self-reliance [5][61] Summary by Sections Market Review - During the week of October 20-24, the CSI 300 Index rose by 3.24%, the SME Board Index increased by 4.15%, the ChiNext Index climbed by 8.05%, and the computer sector (CITIC) saw a rise of 4.52% [3] Industry News - The report highlights significant movements in companies such as Chuangyue Huikang and Sanwei Xinan, detailing shareholding changes and stock performance [4] Weekly Insights - The report emphasizes the importance of domestic AI computing power, recommending a focus on key players in chip design, advanced wafer manufacturing, and AI server production, including companies like Cambricon, Haiguang Information, and Inspur [5][62] - It also discusses the rapid growth of domestic software, particularly in core areas such as operating systems and databases, driven by government policies favoring domestic products [35][39][44] Company Dynamics - Cambricon reported a significant revenue increase of 1332.52% year-on-year for Q3 2025, with total revenue reaching 1.727 billion yuan [12] - Haiguang Information achieved a revenue of 9.49 billion yuan in the first three quarters of 2025, marking a 54.65% increase [12] Investment Recommendations - The report suggests focusing on domestic AI computing power, particularly in chip design and advanced manufacturing, as well as key software sectors, including operating systems and databases [61][62]

Group 1: Future Industry Related Convertible Bonds - The report identifies convertible bonds related to future industries such as quantum technology, hydrogen energy, nuclear fusion, brain-computer interfaces, and sixth-generation mobile communication [9][10][12][14]. - Aorite's convertible bond is linked to quantum technology through its investment in Huayi Boao (Beijing) Quantum Technology Co., which focuses on ion trap quantum computing [9]. - Meijin Energy's convertible bond is associated with hydrogen energy, emphasizing its comprehensive layout in the hydrogen fuel cell industry chain, including hydrogen production and refueling stations [10]. - Guoli Electronics' convertible bond is related to nuclear fusion, with its high-power tuning tubes being essential components in particle accelerators and nuclear fusion research [11]. - Zhenhua's convertible bond is also linked to nuclear fusion, as the company specializes in chromium chemicals, which are crucial for high-temperature and radiation-resistant materials used in nuclear reactors [13]. - Lepu Medical's convertible bond is focused on brain-computer interfaces, with developments in both non-invasive and invasive technologies for medical applications [14]. - Bowei Alloy's convertible bond is associated with sixth-generation mobile communication, highlighting collaborations in various high-tech fields [12]. Group 2: Weekly Convertible Bond Strategy - The report notes that the market liquidity remains ample, and investor risk appetite is expected to recover, with a focus on three main areas: accelerated AI industrialization, "anti-involution" trends benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds [15][16]. - The report suggests that if the stock market experiences a V-shaped rebound, there is potential for upward adjustment in convertible bond valuations [16]. - Recommended convertible bonds include those in the semiconductor sector, high-end manufacturing, and industries benefiting from supply-demand optimization due to "anti-involution" trends [16].