Group 1 - The "high-cut low" style switch is currently unfolding, but there are differences in offense and defense. The market has shown that cyclical and value trends cannot lead the overall index higher, and the market continues its adjustment phase since early September. The key catalyst for cyclical trends has not yet arrived, and the trend of technology growth industries remains concentrated. A-shares will ultimately need to wait for technology to lead for effective breakthroughs [1][3][4] - Discussions about style switching in the fourth quarter have increased significantly. The current "high-cut low" market is defensive in nature, with intensified competition among offensive assets (such as non-ferrous metals and chemicals) within cyclical and value sectors, while defensive assets show absolute returns. The overall profit effect is declining, and technology rebounds show better profit effects [4][5][11] Group 2 - The overseas environment has become more stable. Recent credit risks in U.S. regional banks have created short-term disturbances in risk appetite. However, these risks are still considered isolated events, and the VIX index has peaked and started to decline. A potential turning point in overseas pressures may have passed [8] - The mid-term market judgment remains unchanged: before spring 2026, the catalytic effect of technology industries will significantly exceed that of cyclical industries. Although the long-term cost-effectiveness of technology is currently low, short-term cost-effectiveness issues have been sufficiently digested, allowing for the emergence of a new round of technology trends [8][9] Group 3 - Spring 2026 may represent a structural high point for the A-share market, but it is unlikely to be the peak for the entire year or the current bull market. The conditions for a comprehensive bull market will become increasingly sufficient over time [11] - In the short term, cyclical products (such as non-ferrous metals and chemicals) are not performing well, with a preference for defensive and hedging assets (such as banks and food and beverage). The outlook for 2026 is better than for 2025, with opportunities still available in Q4 2025, particularly in areas like overseas computing power, advanced manufacturing represented by new energy, and national defense and military industries [11][12]

Investment Rating - The report indicates a positive outlook for the EDA industry, emphasizing its essential role in the semiconductor supply chain and the ongoing trend of mergers and acquisitions [3][11]. Core Insights - The EDA industry is experiencing significant activity in mergers and acquisitions, driven by product innovation and the need for comprehensive tool integration across the semiconductor design and manufacturing processes [3][11]. - Key companies such as Huada Jiutian and Daotong Technology are highlighted for their advancements and market leadership in their respective fields [12][4]. - The report identifies several investment targets within the EDA sector, including Huada Jiutian, Gai Lun Electronics, and Guangli Micro, which are positioned to benefit from the industry's growth and consolidation trends [3][11]. Summary by Sections EDA Industry Highlights - Recent developments in the EDA sector include the launch of two new board-level EDA tools by Xinkailai, which significantly enhance design efficiency and have already achieved commercial validation [5][6]. - Huada Jiutian is set to unveil new products at an upcoming conference, reinforcing its competitive edge in providing a full-process EDA platform [6][7]. - The acquisition of a 16% stake in Sierxin by a private equity fund under China Electronics indicates ongoing consolidation efforts within the EDA industry [9][11]. Company Updates - Daotong Technology has surpassed Tesla in the U.S. L2 charging market for multi-family residences, capturing over 30% market share [12][13]. - Hehe Information's TextIn DocFlow is facilitating the automation of shipping documents for major logistics companies, enhancing operational efficiency [15][16]. - Tax Friend Co. has begun reporting tax-related information on e-commerce platforms, expanding its business opportunities in compliance services [20][22]. Investment Targets - The report lists several key investment targets across various sectors, including AIGC applications, digital economy leaders, and data-related companies, highlighting their potential for growth and innovation [23]. - Specific companies mentioned include Kingsoft Office, Hikvision, and Huada Jiutian, which are positioned as leaders in their respective fields [23].

Group 1 - The report indicates a style switch towards "high cut low," but with different offensive and defensive characteristics. The current market has shown that cyclical and value stocks cannot lead the overall index higher, and the market has continued its adjustment phase since early September. A breakthrough in A-shares is expected to ultimately rely on technology leadership [3][6][7] - Discussions about style switching in the fourth quarter have increased. The current "high cut low" market is defensive in nature, with a decline in overall profitability. The report emphasizes that the key catalytic moment for cyclical stocks has not yet arrived, while the trend in technology growth industries remains promising [6][7][11] - The report highlights three mid-term positive factors for technology growth: 1. Continued upward trend in overseas AI capital expenditure beta 2. Ongoing progress in domestic AI industry trends 3. 2025 is expected to be an upward turning point for the linkage between primary and secondary markets, with emerging industry highlights increasing over time [7][11][12] Group 2 - The overseas environment has become more stable, with recent credit risks in U.S. regional banks being categorized as individual events. The VIX index has peaked and started to decline, indicating that the most intense phase of overseas pressure may have passed [11][12] - The mid-term market judgment remains unchanged, with technology industry catalysts expected to significantly outpace cyclical catalysts before spring 2026. Although the long-term value of technology is currently low, short-term value issues have been sufficiently digested, allowing for a new round of technology market performance [11][12] - The report anticipates that spring 2026 may be a structural high point for the A-share market, facing challenges such as demand-side verification and potential delays in the supply-demand turning point. The report suggests that the improvement in supply-demand dynamics will not be "disproven" but may be "delayed" [12][15] Group 3 - The report suggests that after a short-term adjustment, there will still be technology-led market performance in Q4 2025. While spring 2026 may represent a phase high point, it is unlikely to be the peak for the entire year or the current bull market [15][16] - The report emphasizes that cyclical products with offensive logic (such as non-ferrous metals and chemicals) are currently underperforming, while defensive and hedging assets (like banks and food and beverage) are favored. The outlook for 2026 is more promising than for 2025, with opportunities in sectors like advanced manufacturing represented by new energy and national defense [15][16][23] - The report highlights the importance of the anti-involution trend as a key structural factor in transitioning from a mid-term bull market to a full bull market, focusing on industries with high global market share such as photovoltaics and chemicals [16][23]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Under the disturbance of Sino - US tariffs, risk appetite declined, and the convertible bond market was significantly suppressed. The high - priced technology sector, which performed strongly in the early stage, had a large decline, while low - priced convertible bonds showed strong resilience. The net outflow trend of two convertible bond ETFs has eased. The median convertible bond price is still around 130 yuan, lacking cost - effectiveness. Short - duration may suppress convertible bond valuations, and external risks make the convertible bond structure fragile, with potential short - term correction risks. However, from a "slow - bull" perspective, corrections present opportunities, and attention should be paid to the opportunities of equity - biased convertible bonds with large pullbacks [2][5]. 3. Summary According to Relevant Catalogs 3.1 Weekly View and Outlook - Sino - US tariff disturbances led to a decline in risk appetite, suppressing the convertible bond market. The high - priced technology sector fell significantly, and low - priced convertible bonds were more resistant. The net outflow of two convertible bond ETFs slowed down. The median convertible bond price around 130 yuan lacks cost - effectiveness. Short - duration suppression on valuations is yet to be seen, and external risks make the structure fragile, with short - term correction risks. But corrections are opportunities for equity - biased convertible bonds [2][5]. 3.2 Convertible Bond Valuation - Due to tariff disturbances, the convertible bond market retreated, and the 100 - yuan valuation dropped to around 35%. High - rated convertible bonds saw a larger decline in valuations. The overall market's 100 - yuan premium rate was 35.1%, down 0.6% week - on - week, at the 92.8% percentile since 2017. High - rated convertible bonds had weaker valuation performance and a larger decline than low - rated ones [6]. - Compared with last week, the conversion premium rate and bottom - support premium rate in each parity range decreased overall. The 60 - 70 yuan, 100 - 110 yuan, and 120 - 130 yuan parity ranges had larger valuation declines, and the historical quantiles of the conversion premium rate in the 120 - 130 yuan and 130 - 140 yuan parity ranges were significantly low [4][10]. - The median convertible bond price was 129.73 yuan, down 2.64 yuan from last week, and the yield to maturity was - 5.81%, up 0.01%. They are at the 97.50 and 1.70 percentiles since 2017 respectively [4][12]. 3.3 Clause Tracking 3.3.1 Redemption - Five convertible bonds, including New Tai Convertible Bond, Chenfeng Convertible Bond, etc., issued early redemption announcements this week. There are 22 convertible bonds that have issued forced redemption or maturity redemption announcements but have not delisted, with a potential conversion or maturity balance of 14.7 billion yuan. Five convertible bonds announced non - redemption, and the forced redemption ratio this week was 50%. There are currently 34 convertible bonds in the redemption process, and 6 are expected to meet the redemption conditions next week [4][15][18]. 3.3.2 Downward Revision - One convertible bond announced a downward revision result, reaching the bottom. As of now, 112 convertible bonds are in the non - downward - revision range, 23 cannot be downward - revised due to net asset constraints, 1 has triggered the condition but the stock price is still below the trigger price without an announcement, and 33 are accumulating downward - revision days. No convertible bond has issued a downward - revision board plan but not held a general meeting of shareholders [21]. 3.3.3 Put Option - Taiping Convertible Bond issued a conditional put option announcement this week. As of now, 5 convertible bonds are accumulating put - option trigger days, including 1 that has triggered the downward - revision condition, 2 are accumulating downward - revision days, and 2 are in the non - downward - revision range [24]. 3.4 Primary Issuance - Jinlang Convertible Bond 02 was issued this week. Jin 25 Convertible Bond, Yingliu Convertible Bond, Funeng Convertible Bond, and Jinlang Convertible Bond 02 have been issued but not listed. Yingliu Convertible Bond will be listed on October 22, 2025. As of now, there are 5 convertible bonds at the approval - registration stage with a to - be - issued scale of 5 billion yuan, and 6 at the listing - committee - approved stage with a to - be - issued scale of 4 billion yuan [4][27].

Investment Rating - The report maintains an "Overweight" rating for the computer industry, indicating a positive outlook compared to the overall market performance [37]. Core Insights - The report highlights recent trends in the domestic EDA (Electronic Design Automation) sector, focusing on mergers and acquisitions alongside product innovations. Key developments include the launch of new EDA tools by Xinkailai, upcoming product releases from Huada Jiutian, and significant equity transactions involving Sierxin and Hongxin Weina [4][5][12]. - The EDA industry is emphasized as essential within the semiconductor supply chain, with ongoing consolidation and optimization of competitive dynamics. The report suggests that full-process EDA platforms will hold significant competitive advantages [12]. - Notable company updates include Daotong Technology surpassing Tesla in the U.S. L2 charging market, Hehe Information automating shipping document processes, and Tax Friend expanding its business scope in tax information reporting [4][5][14]. Summary by Sections Section 1: Domestic EDA Trends - Recent highlights include the launch of two board-level EDA tools by Xinkailai, which significantly enhance design efficiency and have achieved commercial validation. These tools support collaborative work among multiple engineers, improving performance by 30% and reducing development cycles by 40% [6][7]. - Huada Jiutian is set to unveil new EDA products at an upcoming conference, reinforcing its comprehensive design capabilities across various electronic circuit types [8]. - The report notes the acquisition of a 16% stake in Sierxin by a private equity fund under China Electronics, indicating a trend towards resource integration within the EDA sector [10]. - The National Integrated Circuit Industry Investment Fund is transferring a 38.74% stake in Hongxin Weina, with a valuation of approximately 34 billion yuan, highlighting the importance of layout and routing tools in digital IC design [11]. Section 2: Company Updates - Daotong Technology has achieved over 30% market share in the U.S. L2 charging market, leveraging AI capabilities in its products to enhance operational efficiency and user experience [14][15]. - Hehe Information's TextIn DocFlow is facilitating the automation of shipping documents for major logistics companies, addressing challenges in international logistics documentation [18][19]. - Tax Friend is adapting to new tax reporting regulations for e-commerce platforms, expanding its service offerings to assist businesses in compliance [23][25]. Section 3: Investment Targets - The report identifies several key investment targets across various sectors, including AIGC applications, digital economy leaders, and data-related companies, suggesting a diversified approach to investment opportunities [27].

Report Information - Report Title: High - frequency Economic Weekly (2025.10.12 - 2025.10.18) [3] - Date: October 18, 2025 [1] - Analysts: Huang Weiping, Lv Qiang, Wang Zheyi [1] 1. Industry Investment Rating No information provided in the report. 2. Core View The report presents an analysis of the economic situation from multiple aspects during the period of 2025.10.12 - 2025.10.18, indicating that the industrial production shows a seasonal rebound, personnel flow increases while freight prices decline slightly, consumption has mixed performance, construction investment is weak but the real - estate market rebounds seasonally, and export port throughput decreases with differentiated shipping indices. Also, various major policy events have occurred during this period [3]. 3. Summary by Directory 3.1. Large - Scale Assets - This week, bond indices generally rose, stock indices generally fell, most commodities declined, and foreign currencies generally appreciated. The ChinaBond 7 - 10 - year China Development Bank Bond Index had the largest weekly increase of 0.33%. The STAR 50 Index had the largest weekly decline of 6.16%. The Nanhua Precious Metals Index had the largest increase of 10.76%, and the Nanhua Energy and Chemicals Index had the largest decline of 3.43%. The Japanese yen had the largest increase against the RMB with a weekly increase of 1.22%, and the US dollar appreciated against the RMB with a weekly increase of 0.05% [3]. 3.2. Industrial Production - Production showed a seasonal rebound. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week. The petroleum asphalt plant operation rate increased by 1.30 percentage points to 35.80% week - on - week, the blast furnace operation rate remained the same as last week at 84.25%, and the crude steel output increased by 7.57% week - on - week. In the real - estate chain, the rebar operation rate increased by 1.35 percentage points to 41.33% week - on - week, the float glass operation rate increased by 0.34 percentage points to 76.65%, and the mill operation rate decreased by 0.49 percentage points to 37.89% week - on - week. In the consumer goods chain, the polyester filament operation rate decreased by 0.03 percentage points to 91.06% week - on - week, the PTA operation rate decreased by 1.92 percentage points to 75.56%, and the methanol operation rate increased by 4.00 percentage points to 84.38% week - on - week. In the automobile chain, the automobile semi - steel tire operation rate increased by 26.21 percentage points to 72.72% week - on - week, and the automobile all - steel tire operation rate increased by 20.56 percentage points to 64.52% week - on - week [3]. 3.3. People and Goods Flow - Personnel flow increased, and freight prices declined slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 3.25% week - on - week. The 7DMA of the number of domestic flights decreased by 0.66% week - on - week, and the 7DMA of the number of international flights decreased by 0.11% week - on - week. The subway passenger volumes in Beijing, Shanghai, Shenzhen, and Guangzhou all decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.02% week - on - week, and the total volume was higher than the same period in previous years [3]. 3.4. Consumption - Automobile retail sales declined, and prices showed a mixed performance. The previous - period automobile wholesale decreased by 1.00% year - on - year, and retail increased by 7.00% year - on - year. Both the 4WMA of the wholesale year - on - year growth rate and the 4WMA of the retail year - on - year growth rate declined. The weekly box office of movies decreased by 73% week - on - week, and the 7DMA of the number of movie - goers decreased by 73% week - on - week. Agricultural product prices showed a mixed performance. The pork price decreased by 2.38% week - on - week, and the vegetable price increased by 0.13% week - on - week [3]. 3.5. Investment - Construction showed weak performance, and the real - estate market rebounded seasonally. The cement storage capacity ratio increased by 1.6 percentage points week - on - week, the cement price index increased by 0.01% week - on - week, and the cement shipment rate decreased by 2.1 percentage points week - on - week. The rebar inventory decreased by 2.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 percentage points week - on - week, and the apparent demand for rebar decreased by 39.4% week - on - week. Overall, the terminal demand for construction was weak. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 171.0% week - on - week. By city - tier, the commercial housing transaction areas in first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 165.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate decreased week - on - week [3]. 3.6. Export - Port throughput decreased, and shipping indices showed a mixed performance. The weekly port cargo throughput decreased by 8.4% week - on - week, and the container throughput decreased by 6.1% week - on - week. The Baltic Dry Index (BDI) increased by 6.87% week - on - week, the Shanghai Containerized Freight Index (SCFI) increased by 12.92% week - on - week, and the China Containerized Freight Index (CCFI) decreased by 4.11% week - on - week [3]. 3.7. Major Policies/Events - On October 13, the year - on - year export in September 2025 was 8.3%, exceeding expectations. On October 14, China imposed countermeasures on 5 US subsidiaries of South Korea's Hwa Ocean Co., Ltd. On October 14, the central bank announced a 6 - month repurchase of 600 billion yuan on October 15. On October 15, the year - on - year growth rates of CPI and PPI improved moderately. On October 15, the year - on - year growth rate of the stock of social financing decreased. On October 17, the central government allocated 500 billion yuan from the local government debt balance limit to local governments [3].

Revenue and Expenditure Overview - In the first three quarters of 2025, the national general public budget revenue reached 163,876 billion yuan, a year-on-year increase of 0.5%[5] - National general public budget expenditure was 208,064 billion yuan, with a year-on-year growth of 3.1%[5] - By September 2025, the completion rate of general public budget revenue was 68.9%, slightly below the five-year average of 69.9%[6] Fiscal Trends - General fiscal revenue showed a year-on-year increase of 3.2% in September 2025, rebounding by 2.9 percentage points from August[6] - General fiscal expenditure in September 2025 grew by 2.3% year-on-year, a decline of 3.8 percentage points compared to August[6] - The issuance of new special bonds reached approximately 10.3 trillion yuan by September 28, 2025, with an issuance progress of 87%[8] Government Debt and Financing - The net financing of government bonds, including new general and special bonds, totaled 10.3 trillion yuan, which is 2.8 trillion yuan more than the previous year[8] - The issuance of new special bonds was 36,612 billion yuan, with an issuance progress of 83%, lagging behind the same period in 2024 by over 6 percentage points[8] - A new policy-oriented financial tool of 500 billion yuan was established by the end of September 2025, with over 100 billion yuan already allocated to sectors like digital economy and artificial intelligence by mid-October[11] Budget Completion and Spending - The completion rate for general fiscal expenditure in September 2025 was 9.7%, consistent with the five-year average[26] - Government fund expenditure continued to decline, with a year-on-year increase of only 0.4% in September 2025, down over 19 percentage points from August[34] - The completion rate for government fund income in September 2025 was 6.8%, higher than the 5.7% in 2024 but below the five-year average of 7.1%[18]

Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints The report analyzes the economic situation from multiple aspects, including industrial production, people and freight flow, consumption, investment, export, and the performance of major asset classes. It points out that industrial production shows seasonal recovery, people flow increases while freight prices decline slightly, consumption has mixed performance, construction shows weakness while the real - estate market recovers seasonally, port throughput decreases, and shipping indices are differentiated. Also, major asset classes show distinct trends with bond indices rising, stock indices falling, most commodities dropping, and foreign currencies appreciating [1]. Summary by Directory 1. Major Asset Classes - This week, bond indices generally rose, stock indices generally fell, most commodities declined, and foreign currencies generally appreciated. Among them, the ChinaBond 7 - 10 - year China Development Bank Bond Index rose the most, with a weekly increase of 0.33%; the STAR 50 Index fell the most, with a weekly decline of 6.16%. The Nanhua Precious Metals Index rose the most among commodities, with a gain of 10.76%, and the Nanhua Energy and Chemicals Index fell the most, with a decline of 3.43%. Foreign currencies appreciated against the RMB, with the Japanese yen having the largest increase, a weekly gain of 1.22%, and the US dollar appreciating against the RMB, with a weekly gain of 0.05% [1]. 2. Industrial Production - Production shows seasonal recovery. In the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants increased by 1.30 pcts to 35.80% week - on - week, the blast furnace operating rate remained flat at 84.25% compared with last week, and the crude steel output increased by 7.57% week - on - week. In the real - estate chain, the operating rate of rebar production increased by 1.35 pcts to 41.33% week - on - week, the operating rate of float glass increased by 0.34 pcts to 76.65% week - on - week, and the mill operation rate decreased by 0.49 pcts to 37.89% week - on - week. In the consumer goods chain, the operating rate of polyester filament decreased by 0.03 pcts to 91.06% week - on - week, the operating rate of PTA decreased by 1.92 pcts to 75.56% week - on - week, and the operating rate of methanol increased by 4.00 pcts to 84.38% week - on - week. In the automotive chain, the operating rate of automobile semi - steel tires increased by 26.21 pcts to 72.72% week - on - week, and the operating rate of automobile all - steel tires increased by 20.56 pcts to 64.52% week - on - week [1]. 3. People and Freight Flow - People flow increased, while freight prices declined slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 3.25% week - on - week. The 7DMA of the number of domestic flights decreased by 0.66% week - on - week, and the 7DMA of the number of international flights decreased by 0.11% week - on - week. The subway passenger volumes in Beijing, Shanghai, Shenzhen, and Guangzhou all decreased. In terms of freight flow, the 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.02% week - on - week, but the total volume was higher than the same period in previous years [1]. 4. Consumption - Automobile retail sales showed a decline, and prices were differentiated. The previous period's automobile wholesale sales decreased by 1.00% year - on - year, and retail sales increased by 7.00% year - on - year. The 4WMA of the wholesale and retail year - on - year growth rates both declined. This period's movie box office decreased by 73% week - on - week, and the 7DMA of the number of movie - goers decreased by 73% week - on - week. Agricultural product prices were differentiated, with pork prices decreasing by 2.38% week - on - week and vegetable prices increasing by 0.13% week - on - week [1]. 5. Investment - Construction showed weakness, while the real - estate market recovered seasonally. The cement storage capacity ratio increased by 1.6 pcts week - on - week, the cement price index increased by 0.01% week - on - week, and the cement shipping rate decreased by 2.1 pcts week - on - week. The rebar inventory decreased by 2.4% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts week - on - week, and the apparent demand for rebar decreased by 39.4% week - on - week. Overall, the terminal demand for construction was weak. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 171.0% week - on - week. By city - tier, the commercial housing transaction areas in first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 165.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [1]. 6. Export - Port throughput decreased, and shipping indices were differentiated. This period's port cargo throughput decreased by 8.4% week - on - week, and the container throughput decreased by 6.1% week - on - week. The BDI index increased by 6.87% week - on - week, the SCFI index increased by 12.92% week - on - week, and the CCFI index decreased by 4.11% week - on - week [1].

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, which remained stable while the home appliance index fell by 1.5% [2][3]. Core Insights - Haier Group and Alibaba have signed a comprehensive strategic cooperation agreement focusing on AI and cloud technologies, advanced manufacturing, e-commerce, and globalization, aiming to create a new digital industrial ecosystem [7][48]. - JD.com's 11.11 sales event showed impressive results, with home appliances and new trend products experiencing significant growth, including a more than 4-fold increase in sales for over 1,000 brands [8][48]. - The report highlights three main investment themes: 1. White goods sector benefiting from favorable real estate policies and high dividend yields, with a recommendation for leading companies like Hisense, Midea, and Gree [2]. 2. Export opportunities driven by large customer orders, recommending companies like Ousheng Electric and Dechang Shares [2]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment [2]. Industry Dynamics - The home appliance sector has seen a decline in stock performance, with leading companies like Yitian Intelligent and Aupu Technology showing gains, while companies like Biying and Light Peak Technology faced significant losses [4][3]. - The report notes a rise in raw material prices, particularly copper and aluminum, while stainless steel prices have decreased [9]. - Sales data for cleaning appliances in September showed a significant increase, with robotic vacuum sales up 56.56% and washing machine sales up 61.29% year-on-year [24][30]. Company Updates - Yitian Intelligent announced a tax payment of 5.65 million yuan, which will be accounted for in the current year's financials [42]. - Biying Electric completed a non-trading transfer of shares for its employee stock ownership plan [42]. - Haier Group has engaged in a strategic partnership with Alibaba to enhance its digital capabilities [48].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - After the holiday, the REITs market continued to adjust, but the overall liquidity has bottomed out and rebounded this week, with the most obvious improvement in the affordable housing sector [3]. - The enthusiasm for new subscriptions in the primary market of REITs remains high. The net subscription multiples of Huaxia Zhonghai Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have reached new highs [3]. - This week, the CSI REITs Total Return Index fell by 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points [4]. 3. Summary by Directory 3.1 Primary Market - A total of 3 single - issue public REITs made new progress this week. E Fund Guangxi Beitou Expressway REIT has been declared, while Huaxia Zhonghai Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have completed fundraising [4][15]. - As of October 10, 2025, 18 single - issue REITs have been successfully issued this year, with a issuance scale of 36.34 billion yuan, a year - on - year decrease of 21.5% [4]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index closed at 1043.46 points, down 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.81%, underperforming the CSI 300 by 6.91 percentage points and outperforming the CSI Dividend by 7.54 percentage points [4]. - By project attribute, equity - based REITs fell by 2.09% this week, and concession - based REITs fell by 1.64%. By asset type, the data center (+0.62%), transportation (-1.56%), environmental protection and water services (-1.70%), and park (-1.74%) sectors performed better [4]. 3.2.2 Liquidity - The average daily turnover rates of equity - based and concession - based REITs this week were 0.39% and 0.36% respectively, an increase of 8.58 and 4.88 basis points from last week. The weekly trading volumes were 366 million and 102 million shares respectively, a week - on - week increase of 28.35% and 15.87% [4][24]. - The affordable housing sector showed the most obvious improvement in liquidity [3]. 3.2.3 Valuation - The ChinaBond valuation yields of equity - based and concession - based REITs are 3.94% and 4.16% respectively. The affordable housing sector has a relatively high valuation [26][28]. 3.3 This Week's News and Important Announcements - On October 13, 2025, the Ministry of Civil Affairs supported the initial cultivation of elderly - care REITs, and carried out practical exploration work in 11 regions [32]. - On October 16, 2025, 9 departments including the Ministry of Housing and Urban - Rural Development supported eligible new urban infrastructure to issue REITs [32]. - On October 17, 2025, the bid - evaluation result of the financial advisor for Qingcheng Mountain - Dujiangyan Scenic Area REITs was announced, with CICC winning the bid at 5 million yuan [32]. - There were also important announcements such as dividends, operating conditions, and strategic placement share unlocks of some REITs [33].