1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Maintain a relatively neutral attitude towards convertible bonds as a whole, considering the high valuation, potential institutional profit - taking in Q4, external risks, and possible credit risks near the performance period. Wait for opportunities when the market further corrects and the cost - performance improves. Also, pay attention to the Fourth Plenary Session of the Central Committee and uncertainties like Trump's tariff events [2][16] - Focus on three types of convertible bond structural opportunities: high - rated and large - cap style convertible bonds, opportunities for improved cost - performance in the technology growth direction after correction, and high - quality new bonds [3][17][18] 3. Summary According to Relevant Catalogs 3.1.转债周度专题与展望 3.1.1. 风格切换，往后怎么看？ - This week, the A - share equity and convertible bond markets declined overall, with a style shift. Large - cap value industries such as banking and coal outperformed technology growth sectors. The possible reasons for the style shift include the over - prominent structural market of technology sectors in Q3, leading to high valuations and crowding, year - end portfolio adjustment and defensive needs in Q4, and external risks and market sentiment disturbances [1][10][11] - For convertible bonds, maintain a neutral view. High - rated and large - cap convertible bonds showed better resilience, and investors can focus on high - rated and large - cap style convertible bonds, opportunities in the technology growth direction after correction, and high - quality new bonds [15][16][18] 3.1.2. 周度回顾与市场展望 - This week, the A - share market declined, with the ChiNext and STAR Market leading the fall. The risk - return ratio indicates that the A - share market still has good allocation value, and the weak resonance between the economic fundamentals and capital flows is expected to gradually start [19] - In the convertible bond market, considering the impact of refinancing policies, there is some support on the demand side under the background of shrinking supply. Given the low long - term yield of pure bonds, the opportunity cost of convertible bonds is relatively low, but be vigilant against correction risks. Pay attention to the game space of downward revisions, beware of forced redemptions, and appropriately focus on short - term game opportunities of near - maturity convertible bonds [20] - Industries to focus on include popular themes, domestic demand - oriented sectors, and high - dividend sectors under the China - specific valuation system [23] 3.2. 转债市场周度跟踪 3.2.1. 权益市场收跌 - This week, major equity market indices declined. The Wind All - A Index fell 3.45%, the Shanghai Composite Index fell 1.47%, and the Shenzhen Component Index fell 4.99%. The market style favored large - cap growth stocks. Among small - cap indices, the CSI 1000 fell 4.62% and the STAR 50 fell 6.16% [24] - Four Shenwan industry indices rose, and 27 declined. Banking, coal, and food and beverage industries led the gains, while electronics, media, and automobiles led the losses [28] 3.2.2. 转债市场收跌，全市场转股溢价率上行 - This week, the convertible bond market declined. The CSI Convertible Bond Index fell 2.35%, the Shanghai Convertible Bond Index fell 2.17%, and the Shenzhen Convertible Bond Index fell 2.63%. The average daily trading volume increased, with an average daily trading volume of 68.844 billion yuan, an increase of 0.961 billion yuan from last week, and a total weekly trading volume of 344.218 billion yuan [3][30] - At the industry level, one industry rose and 28 declined. The banking industry rose 1.09%, while electronics, non - ferrous metals, and communication industries led the decline. Most individual convertible bonds fell (367 out of 413). The median convertible bond price decreased [34][36][39] - The weighted conversion value of the whole market decreased, and the premium rate increased. The weighted conversion premium rate of the whole market was 40.23%, an increase of 1.18 pct from last weekend. The 100 - par premium rate decreased. The median implied volatility of the whole market decreased, and the pure - bond premium rate of debt - biased convertible bonds increased [4][41] 3.2.3. 不同类型转债高频跟踪 3.2.3.1. 分类估值变化 - This week, the valuations of convertible bonds in all categories increased, including those of different par values, ratings, and scales. Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom. As of Friday, the conversion premium rate of equity - biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is above the 50th percentile since 2017 [52] 3.2.3.2. 市场指数表现 - This week, AAA - rated convertible bonds rose, while other rated convertible bonds fell. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker resilience and greater rebound strength [66] - This week, convertible bonds of all scales declined. Since 2023, small - cap convertible bonds have recorded a 26.82% return, medium - small - cap convertible bonds 25.64%, medium - cap convertible bonds 22.32%, and large - cap convertible bonds 17.81% [69] 3.3. 转债供给与条款跟踪 3.3.1. 本周一级预案发行 - This week, there were no newly listed convertible bonds, and 4 convertible bonds were issued but not yet listed. The number of first - level approvals was 7. Since the beginning of 2023 to October 17, 2025, there have been 103 convertible bond plans in total, with a total scale of 159.263 billion yuan [73][74] 3.3.2. 下修&赎回条款 - This week, 7 convertible bonds announced that they were expected to trigger downward revisions, 9 announced no downward revisions, and Zhengchuan Convertible Bond announced the result of a downward revision. Six convertible bonds announced that they were expected to trigger redemptions, 5 announced no early redemptions, and 5 announced early redemptions. As of the end of this week, 2 convertible bonds were still in the put - option declaration period, and 12 were in the company's capital - reduction settlement declaration period [5][77][84]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported a significant year-on-year growth in net profit attributable to shareholders of 94% in Q3, driven by a substantial increase in new orders and the conversion of overseas projects [1] - The company’s revenue for the first three quarters of 2025 reached 2.116 billion, a year-on-year increase of 46.3%, with a net profit of 96 million, up 29.1% [1] - The company is expected to benefit from the high demand in the semiconductor industry and the growth of overseas markets, leading to an upward revision of profit forecasts for 2025-2027 [1] Summary by Sections Financial Performance - For the first three quarters of 2025, the gross profit margin was 9.4%, a decrease of 2.94 percentage points year-on-year, while the net profit margin was 4.74%, down 0.47 percentage points [3] - The company’s cash flow from operations for the first three quarters was 121 million, an increase of 99 million year-on-year [3] Order Backlog and Industry Demand - As of September 30, 2025, the company had an order backlog of 2.214 billion, a year-on-year increase of 21.21% [2] - The semiconductor industry, precision manufacturing, and optoelectronics are key areas for the company, with significant growth in orders for semiconductor-related projects [2] Financial Data - The company’s total market capitalization is 4.325 billion, with a total share capital of 100 million shares [5] - The earnings per share (EPS) for 2025 is projected to be 1.34, with a price-to-earnings (P/E) ratio of 32.29 [10]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The overall sales of liquor during the Mid-Autumn Festival and National Day are expected to decline by 20%-30%, aligning with pre-festival expectations due to the impact of the "ban on alcohol" in May [2] - High-end liquor brands are showing resilience, while the mass market is under pressure, with a notable shift towards lower-priced products in certain regions [3] - The market is characterized by "overall pressure with regional differentiation," where high-end and regional leading brands perform better compared to mass-market products [3] - The price of high-end liquor is stabilizing after a decline, with notable brands like Moutai and Wuliangye showing recovery in prices [4] Summary by Sections Sales Performance - Sales during the double festival period are under pressure, with a slight recovery in terminal sales observed in September, but overall sales remain constrained [2] - Inventory levels among distributors are high due to sluggish sales, leading to cautious payment collection [2] Regional Analysis - Jiangsu: Stable sales in urban areas, but rural markets are struggling [3] - Henan: Lower-priced products are becoming the main sales drivers due to changing consumer perceptions [3] - Sichuan: Differentiated performance in urban and rural markets, with rural areas showing resilience [3] - Shandong: Sales are influenced by promotional activities, but overall market sentiment is weak [3] Pricing Trends - High-end liquor prices are stabilizing after a decline, with Moutai's price around 1760 yuan [4] - Strong brand power is crucial for performance, with brands like Jiu Gui and Jian Nan Chun showing better resilience [4] Investment Recommendations - The report suggests that with the upcoming Q3 earnings disclosures, risks may be fully released, and the sector could see a recovery in sentiment [5] - Key investment lines include: 1. High elasticity stocks under policy expectations: Jiu Gui, She De, Shui Jing Fang, Lao Jiao, Hua Zhi [5] 2. Stocks benefiting from consumer recovery: Gu Jing Gong Jiu, Ying Jia, Jin Si Yuan [5] 3. Strong alpha stocks: Moutai, Fen Jiu [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][16]. Core Insights - The company has achieved approximately 10% year-on-year growth in offline retail sales for its main brand and children's clothing brand in Q3 2025, with e-commerce platform revenue increasing by about 20% [1]. - Strategic partnership with Stand Robot (Wuxi) Co., Ltd. aims to enhance brand intelligence and innovation [1]. - Continuous innovation in product matrix with new technology products launched in running, basketball, and outdoor categories, including the "Rain Shield 9" and the lightest basketball shoe "Kuangbiao 2PRO" [2]. - Significant brand building efforts as the official partner of the 20th Asian Games, providing professional gear for over 32,000 volunteers, enhancing international brand influence [3]. - Innovative channel strategies include collaboration with Meituan for online and offline integration, and the opening of the first women's sports concept store, increasing the number of premium stores to 93 [4]. - The ONEWAY brand, established in Finland, is undergoing a complete brand renewal, with new stores opening in various cities, showcasing strong market potential [5]. - The report maintains profit forecasts for 2025-2027, projecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively, and corresponding EPS of 0.61 RMB, 0.69 RMB, and 0.79 RMB [6].

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [2][7] Core Insights - The report highlights the significant advancements in humanoid robotics, particularly with the launch of Figure AI's third-generation humanoid robot, Figure03, which is designed for home applications and mass production. The robot features enhanced sensory capabilities and a specialized manufacturing facility to support production [3] - The Shenyang Robot Conference showcased a robust growth in China's robotics industry, with 59 projects signed, amounting to approximately 4.346 billion RMB. This indicates a shift towards an integrated development phase in the domestic robotics sector, with increasing sales of autonomous brand robots from about 22,000 units in 2015 to 177,000 units projected for 2024 [4] - The report suggests focusing on key players in the industry, such as Aobo Zhongguang, a leader in 3D visual perception technology, and Keli Sensor, a leader in strain sensors, both of which are well-positioned to benefit from the growing demand in the robotics market [5] Summary by Sections Investment Rating - The industry maintains a rating of "Outperform the Market" [2][7] Humanoid Robotics Developments - Figure AI's Figure03 robot features upgraded sensory systems and is aimed at home use, marking a transition from demonstration to practical application [3] Robotics Industry Growth - The Shenyang Robot Conference reported 59 signed projects with a total value of approximately 4.346 billion RMB, indicating a maturing robotics ecosystem in China [4] Key Companies to Watch - Aobo Zhongguang dominates the domestic 3D visual sensor market with over 70% market share, while Keli Sensor has developed a comprehensive product line for humanoid and collaborative robots [5]

Group 1 - The report highlights that the performance forecasts for Q3 2025 in the electronics and basic chemicals sectors are promising, with over 10 companies expected to achieve a profit growth rate exceeding 30% year-on-year [3][29] - In the electronics sector, the AI wave is driving high growth, with AI inference creating new demand, suggesting that the sector is likely to maintain a high prosperity level [3][29] - The basic chemicals sector is experiencing structural improvement due to supply constraints and demand support, with an overall balance of supply and demand expected to improve as capacity adjustments take place [3][29] Group 2 - The report indicates that as of October 15, 2025, 154 companies in the A-share market have disclosed their Q3 2025 performance forecasts or reports, with a disclosure rate of approximately 2.83% and a pre-positive forecast rate of about 83.06% [3][30] - The median net profit growth rate for the sample companies disclosing their performance forecasts is 71.2% under the median method and 65.6% under the overall method [3][30] - The report identifies that the sectors with the highest pre-positive forecast rates include comprehensive, non-bank financial, and social services, all at 100% [3][30] Group 3 - The medical device sector saw a decline in revenue and net profit in H1 2025, with overall revenue down 7.3% and net profit down 27.0% year-on-year [8] - However, the bidding process is recovering, with the total amount of domestic medical device bids in H1 2025 reaching 83.8 billion yuan, a year-on-year increase of 64% [8] - Companies like United Imaging and Mindray are experiencing growth in overseas revenues, indicating a trend towards globalization in the medical device market [8] Group 4 - The report emphasizes the importance of AI hardware and domestic computing power as key investment areas, suggesting that the market may continue to see structural slow growth with technology remaining a core focus [10] - The electronics sector is expected to see significant advancements in AI terminal ecosystems, with hardware innovation and computing power working in synergy, potentially leading to a boom in 2026 [12] - The report also notes that major companies like Apple are enhancing their collaboration in the AI space, which could lead to a reevaluation of industry valuations [12]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [2] Core Viewpoints - The semiconductor industry is experiencing a structural shift driven by AI technology, leading to a significant increase in demand for large-capacity storage in data centers, as well as in smart devices like smartphones and smart cars [4][8] - NAND and DRAM prices are on the rise, with a forecasted increase in prices for various storage products in the fourth quarter, driven by supply constraints and rising production costs [9][10] - Domestic storage manufacturers are expected to benefit from a combination of price recovery and domestic substitution, leading to a robust recovery in demand and production in the fourth quarter [11][12] Summary by Sections Industry Overview - The semiconductor industry is transitioning from a cyclical to a structural growth phase, primarily due to the AI-driven demand for storage solutions [4][8] - The current "super cycle" in storage is characterized by a significant increase in data storage needs, influenced by the proliferation of AI technologies [8] Price Trends - Flash wafer prices have surged, with a 15% increase for 1Tb Flash Wafer and over 20% for 512Gb Flash Wafer in just a month and a half [9] - The prices of server memory modules have also seen substantial increases, with DDR4 RDIMM 16GB 3200 rising by 66.67% to $150.00 [9][10] Domestic Market Dynamics - International giants are shifting focus to high-end products, creating opportunities for domestic storage manufacturers to gain market share [5][11] - Companies like Yangtze Memory Technologies are expanding production capacity significantly, aiming for a 15% share of the global NAND market by 2028 [6][12] Technological Innovations - The "storage as computation" paradigm is emerging, which allows for the migration of AI inference data from expensive DRAM to more cost-effective SSDs, enhancing performance and reducing costs [13] - This innovation is expected to drive SSD demand growth beyond traditional trends [13] Investment Opportunities - Recommended companies to watch include storage module and controller manufacturers like Jiangbolong and Demingli, as well as storage chip companies like Zhaoyi Innovation and Puran [14]

Group 1: Market Insights on US-China Trade Relations - The report discusses the evolving dynamics of the US-China trade relationship, particularly in light of recent trade restrictions imposed by the US and corresponding countermeasures from China. The report highlights that despite tensions, both countries maintain significant economic cooperation, indicating that a complete decoupling is not feasible at this time [1][10][14] - The upcoming events, including the Fourth Plenary Session and the APEC summit, are expected to clarify domestic policies in China and their implications for US relations. The report notes that the market's reaction has been more rational, with diminishing marginal effects from tariff impacts [1][14] Group 2: Domestic Economic Indicators - In September, the Consumer Price Index (CPI) and Producer Price Index (PPI) showed a narrowing decline, with CPI at -0.3% year-on-year and PPI at -2.3%. The PPI-CPI gap has also narrowed from -2.5% in August to -2% in September [2][23][24] - Exports and imports in September rebounded, with exports increasing by 8.3% year-on-year and imports by 7.4%. The trade surplus was reported at $90.45 billion [2][31][32] - The report indicates a slight decline in social financing, with a total increase of 3.53 trillion yuan in September, which is 233.9 billion yuan less than the previous year. The structure of new loans shows a decrease in corporate medium to long-term loans [2][45][46] - Fiscal revenue showed improvement in September, with a year-on-year increase of 2.58%. Tax revenue rose by 8.66%, marking the highest growth rate for the year [2][54][55] Group 3: Industry Configuration Recommendations - The report suggests focusing on three main investment directions: breakthroughs in technology AI, economic recovery leading to a "stronger gets stronger" market trend, and the continued rise of undervalued assets. It emphasizes the importance of the AI industry trend and its impact on investment opportunities [4][14]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector is expected to benefit from increased funding and policy catalysts, with a focus on undervalued and high-dividend investment opportunities [13][19] - The construction index decreased by 1.06% during the week, underperforming the broader market by 0.74 percentage points, while the construction transformation and M&A sectors showed positive growth [4][30] - The government is accelerating the implementation of 500 billion yuan in new policy financial tools to support major projects, which is expected to enhance infrastructure growth in the fourth quarter [2][13] Summary by Sections Infrastructure Funding and Policy - The Ministry of Finance will continue to advance the 2026 new local government debt limit to ensure funding for key projects, with an increase of 100 billion yuan from the previous year, totaling 500 billion yuan [2][13] - The issuance of special bonds and long-term special government bonds is progressing rapidly, with a total issuance of 1.148 trillion yuan for the year, nearing 90% of the target [15][16] Valuation and Dividend Analysis - Central state-owned enterprises in the construction sector are showing significantly low price-to-earnings (PE) ratios, with China Chemical at a PE of less than 5%, and price-to-book (PB) ratios also low, indicating potential undervaluation [3][24] - China Construction currently has a dividend yield of 4.86%, outperforming other central state-owned enterprises [3][24] Regional Investment Opportunities - The western region's fixed asset investment grew by 6.6% in the first half of the year, with significant projects in Xinjiang and Tibet expected to catalyze further investment opportunities [19][20] - Key projects include the China-Kyrgyzstan-Uzbekistan railway and the Yaxia hydropower station, which are anticipated to drive demand for construction and related services [20][21] Recommended Stocks - Recommended stocks include China Chemical, China Railway Construction, and China Communications Construction, which are expected to benefit from strategic infrastructure projects and regional growth [9][37] - The report highlights the importance of focusing on high-dividend and low-valuation stocks within the construction sector, particularly in the context of ongoing government support for infrastructure development [3][21]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - Precious metals are experiencing strong demand due to geopolitical risks and expectations of interest rate cuts, leading to significant price increases for gold and silver [2][27][30] - Base metals, particularly copper, are facing price volatility with limited fundamental support, as domestic consumption remains weak and supply disruptions are easing [1][13][14] - The tungsten industry is seeing price fluctuations with a divergence in the supply chain, while the molybdenum market is experiencing price increases due to higher output from mines [3][71] Summary by Sections Base Metals & Precious Metals - Copper prices have retreated from highs, with domestic inventories increasing due to limited downstream demand and ongoing maintenance at smelters [1][13] - Aluminum prices have risen slightly, supported by stable supply and improved demand, with a decrease in social inventories [1][21][22][23] - Gold and silver prices have surged, driven by heightened geopolitical tensions and expectations of a 25 basis point rate cut by the Federal Reserve [2][27][29] Minor Metals - The tungsten market is experiencing mixed price movements, with some products increasing while others remain stable or decline due to weak downstream demand [3][66][67] - Molybdenum prices are on the rise, supported by increased output from mines and stable demand from steel manufacturers [71][73] Rare Earths - Recent export control policies are expected to strengthen China's position in the rare earth industry, with price fluctuations observed in various rare earth products [4]