Report Industry Investment Rating No information provided in the report regarding industry investment rating. Core Viewpoints of the Report - The US ETF market has seen the issuance of multiple asset - allocation products. The inflow of gold ETFs is significant, and precious - metal stock ETFs have performed significantly better than precious - metal ETFs. - In the US ordinary public - offering fund market, the outflow of domestic stock funds remains around $20 billion, while the inflow of bond products is stable, slightly exceeding $10 billion [3]. Summary by Relevant Catalog 1. US ETF Innovation Products: Multiple Asset - Allocation Products Issued - Last week, 22 new products were issued in the US, including various types such as downside protection, leverage, theme, allocation, and rotation products [6]. - There were 7 new downside protection products, including Calamos' laddered downside protection products linked to Bitcoin. Arrow Funds also issued a Bitcoin strategy product [6]. - 4 single - stock leverage products were issued, linked to Figma, Futu, JD.com, and Lemonade [7]. - GMO issued a dynamic asset - allocation ETF, with 40 - 80% invested in stocks and the rest in fixed - income and liquid alternative assets, based on GMO's 7 - year asset return forecast [7]. - AlphaDroid issued two strategy products, a momentum strategy and an industry rotation product [8]. - American Century issued 2 fundamental active ETFs, for small - cap value and small - cap growth [8]. - Pictet issued 3 stock ETFs, entering the US ETF market, with one using an AI strategy and two being theme products [8]. 2. US ETF Dynamics 2.1 US ETF Funds: Significant Inflow into Gold ETFs - In the past week, US ETFs maintained a high - speed inflow of nearly $50 billion, with domestic stocks inflowing over $25 billion and commodity ETFs mainly composed of gold also having a large inflow [9]. - The inflow of US broad - based stock products was stable last week, and the gold ETF GLD ranked second in the inflow of all products. Among bond products, comprehensive products had relatively more inflows, while high - yield bonds and alternative bond products had outflows [9]. 2.2 US ETF Performance: Precious - Metal Stock ETFs Significantly Outperform Precious - Metal ETFs - Due to frequent global situation changes this year, precious - metal ETFs led by gold have continuously risen significantly, and precious - metal - related stock ETFs such as gold - mining stocks have had significantly higher increases, with many products rising around 150% [3]. 3. Recent Capital Flows of US Ordinary Public - Offering Funds - In August 2025, the total amount of non - money public - offering funds in the US was $22.98 trillion, an increase of $0.41 trillion compared to July 2025. The S&P 500 rose 1.91% in August, and the scale of domestic stock products increased by 1.62%, with the redemption pressure easing [14]. - According to weekly ICI statistics, the outflow of US domestic stock funds last week remained around $20 billion, while the inflow of bond products was stable, slightly exceeding $10 billion [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

Investment Rating - The report rates the express delivery industry as "Overweight" [8] Core Insights - The express delivery industry continues to show growth, with September business volume increasing by approximately 12% year-on-year, and revenue expected to grow by around 7% [3] - The average revenue per package in September was 7.58 yuan, reflecting a month-on-month increase of 3% [3] - The report highlights a significant upward trend in pricing due to the ongoing "anti-involution" efforts within the industry, leading to improved profitability for express companies [3] Summary by Sections Business Volume and Revenue - YTO Express reported a business volume of 2.627 billion packages in September, a year-on-year increase of 13.64%, with an average revenue per package of 2.21 yuan, up 1.4% [1] - Shentong Express completed 2.187 billion packages, a 9.46% increase year-on-year, with an average revenue per package of 2.12 yuan, up 4.95% [1] - Yunda reported a business volume of 2.110 billion packages, a 3.63% increase year-on-year, with an average revenue per package of 2.02 yuan, up 0.50% [1] Pricing Trends - The report notes that the average package price has increased significantly, with Yunda seeing a month-on-month increase of 0.10 yuan, YTO and Shentong both increasing by 0.06 yuan [3] - The report anticipates that the third quarter will see express companies begin to realize profits from price increases, with a focus on the profit elasticity in the fourth quarter [3] Market Outlook - The report suggests three potential scenarios for the future of the express delivery industry: 1. Continued price recovery leading to significant dividends while ensuring the rights of delivery personnel 2. Ongoing competitive dynamics in various regions, resulting in increased industry differentiation 3. Potential for higher-level consolidation and supply-side optimization [3] - Companies recommended for investment include Shentong Express, YTO Express, and Jitu Express, with a focus on Zhongtong Express and Yunda [3]

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" rating for the sector, suggesting it is expected to outperform the overall market in the coming months [34]. Core Insights - The report highlights a significant increase in domestic thermal coal prices, with prices for various grades rising substantially. For instance, the price for Q4500 thermal coal at Qinhuangdao port increased by 36 RMB/ton to 578 RMB/ton as of October 17 [3]. - Supply constraints are noted due to ongoing maintenance on the Daqin Railway and stricter safety inspections, which are expected to continue impacting coal supply negatively [3]. - Demand for thermal coal is expected to rise due to seasonal heating needs, particularly in northern regions, which is likely to support price increases [3]. - The report recommends several undervalued stocks in the coal sector, including Shanxi Coking Coal, Huabei Mining, and Yanzhou Coal Mining, while also highlighting stable dividend-paying companies like China Shenhua and Shaanxi Coal and Chemical Industry [3]. Recent Industry Policies and Developments - On October 10, a new coal mining and washing project commenced in Shaanxi, with a designed production capacity of 5 million tons per year [7]. - A significant coal-to-natural gas project in Northeast China has made progress, expected to convert 7.5 million tons of low-quality coal into 1.33 billion cubic meters of natural gas annually [7]. - A new coal import reserve base is being developed in Qiqihar, aiming for a storage capacity of 4 million tons [7]. Price Movements - Domestic thermal coal prices have seen substantial increases, with specific grades reporting rises of up to 40 RMB/ton [8]. - The report notes that international coal prices have shown mixed trends, with Indonesian coal prices slightly increasing while Australian and South African prices have decreased [9]. Inventory and Shipping Costs - The report indicates a decrease in coal inventory at the Bohai Rim ports, with a total of 23.82 million tons as of October 17, down 6.86% from the previous week [17]. - Domestic shipping costs have risen significantly, with average coastal shipping rates increasing by 28.96% to 43.05 RMB/ton [23]. Company Valuation - The report provides a detailed valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and projected earnings ratios for the coming years [29].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Multiple asset - allocation products were issued in the US last week, and gold ETFs had significant inflows. Precious - metal stock ETFs outperformed precious - metal ETFs, and in August 2025, the total amount of non - money public funds in the US increased [3]. 3. Summary by Related Catalogs 3.1 US ETF Innovation Products: Multiple Asset - Allocation Products Issued - Last week, 22 new products were issued in the US, including various types such as downside protection, leverage, theme, allocation, and rotation products [3][8]. - Seven new downside protection products were issued, including Calamos' laddered downside protection products linked to Bitcoin and Arrow Funds' Bitcoin strategy product [8]. - Four single - stock leverage products were issued, linked to Figma, Futu, JD, and Lemonade [9]. - GMO issued a dynamic asset - allocation ETF, with 40 - 80% invested in stocks and the rest in fixed - income and liquid alternative assets [9]. - AlphaDroid issued two strategy products: a momentum strategy and an industry rotation strategy [10]. - American Century issued 2 fundamental active ETFs for small - cap value and growth [10]. - Pictet issued 3 stock ETFs, entering the US ETF market [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Fund Flows: Significant Inflows into Gold ETFs - In the past week, US ETFs maintained a high - speed inflow of nearly $50 billion, with over $25 billion flowing into domestic stocks and significant inflows into commodity ETFs, especially gold ETFs. Small - cap and high - yield bond products had relatively high outflows [3][11]. - Gold ETFs had obvious inflows even during sharp price fluctuations last Thursday and Friday, indicating high market attention to gold assets [3][14]. 3.2.2 US ETF Performance: Precious - Metal Stock ETFs Significantly Outperformed Precious - Metal ETFs - Due to frequent global situation changes this year, precious - metal ETFs led by gold have continuously risen, and precious - metal - related stock ETFs such as those for gold mining have significantly higher gains, with many products rising around 150% [3][16]. 3.3 Recent Fund Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The S&P 500 rose 1.91% in August, and the scale of US domestic stock products increased by 1.62%, with reduced redemption pressure [3][17]. - Last week, outflows from US domestic stock funds remained around $20 billion, while inflows into bond products were stable, slightly exceeding $10 billion [3][17].

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report rates the coal industry as "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The report highlights that stricter safety regulations and supply constraints are expected to drive coal prices higher, particularly in the context of the upcoming winter heating season [3]. - It notes significant increases in spot prices for thermal coal, with prices for Q4500, Q5000, and Q5500 thermal coal at Qinhuangdao port rising by 36, 41, and 39 RMB/ton respectively [3]. - The report emphasizes the expected continued upward momentum in thermal coal prices due to seasonal demand and tightening supply [3]. Summary by Sections Recent Industry Policies and Developments - The report discusses various projects, including a major energy logistics project in Xinjiang with a total investment of 2.56 billion RMB, aimed at enhancing energy security [4]. - It mentions the construction of a coal-to-natural gas project in Northeast China, which is expected to convert 7.5 million tons of low-quality coal into 1.33 billion cubic meters of natural gas annually [8]. Price Movements - Thermal coal prices have seen significant increases, with various regions reporting price hikes, such as a 20 RMB/ton increase in Datong and a 40 RMB/ton increase in Yulin [9]. - Coking coal prices remained stable, with prices reported at 1485 RMB/ton in Shanxi [12]. Supply and Demand Dynamics - The report indicates a decrease in daily coal inflow to the Bohai Rim ports, with an average of 1.4914 million tons, down 15.46% week-on-week [20]. - Conversely, coal outflow from the same ports increased by 24.93%, indicating a shift in supply-demand dynamics [20]. Shipping Costs - Domestic coastal shipping costs have risen significantly, with average freight rates reported at 43.05 RMB/ton, an increase of 28.96% [27]. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts [32]. - For instance, China Shenhua's stock price is reported at 41.90 RMB with a market cap of 832.5 billion RMB and an EPS forecast of 2.95 RMB for 2024 [32].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, highlighting potential recovery in polyester profitability and favorable conditions for leading refining companies [15]. Core Views - IEA has raised its crude oil production forecast, while OPEC's production has significantly increased, indicating a continued oversupply in the market despite low demand [3][12]. - The upstream sector is experiencing a decline in oil prices, but day rates for self-elevating drilling rigs are on the rise, suggesting a potential for increased profitability in oil services [18]. - The refining sector is facing mixed results, with overseas refined oil crack spreads declining, while olefin price spreads show variability [49]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $61.29 per barrel, a decrease of 2.30% week-on-week, while WTI prices also saw a similar decline [18]. - As of October 10, U.S. commercial crude oil inventories increased by 3.524 million barrels, indicating a growing supply [20]. - The number of U.S. drilling rigs remained stable at 548, with a slight increase of 1 rig from the previous week [31]. Refining Sector - The Singapore refining margin for major products decreased to $19.58 per barrel, down by $0.47 from the previous week [51]. - The U.S. gasoline RBOB-WTI spread increased to $17.19 per barrel, reflecting a slight upward trend despite historical averages being higher [56]. Investment Recommendations - The report suggests focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials due to expected recovery in profitability [15]. - It also recommends high-quality refining companies like Hengli Petrochemical and Sinopec, anticipating improved competitive dynamics in the refining sector [15]. - For upstream exploration and development, companies like CNOOC and China National Petroleum are highlighted for their resilience against declining oil prices [15].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has announced a price increase for gypsum boards, which is expected to enhance Q4 performance. This is the second price increase in the second half of the year, indicating a shift away from previous price wars in the industry [6] - The company holds over 60% market share in the gypsum board sector, giving it significant pricing power. The price hikes may gradually take effect [6] - The company is also implementing price increases in its waterproofing segment, which may lead to improved profit margins in Q3 [6] - The company is expanding globally with projects in various countries, including a new gypsum fiberboard project and an industrial coatings production base [6] - A stock incentive plan has been completed, aiming for significant growth in net profit and return on equity from 2025 to 2027 [6] - The company expects net profits of 40 billion, 48 billion, and 55 billion for the years 2025 to 2027, corresponding to valuation multiples of 10, 9, and 7 times [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 25,821 million in 2024 to 31,373 million by 2027, with a compound annual growth rate of approximately 8.8% [5] - The net profit attributable to the parent company is expected to increase from 3,647 million in 2024 to 5,518 million by 2027, reflecting a strong growth trajectory [5] - The company’s gross margin is forecasted to remain stable, with slight improvements expected in the coming years [5]