[Table_StockInfo] 2025 年 08 月 28 日 证券研究报告•2025 年半年报点评 当前价：11.05 元 苏 美 达（600710）商贸零售 目标价：——元（6 个月） 船舶建造持续发力，柴油发电紧跟市场 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 117174.41 | 117320.32 | 121767.30 | 127985.90 | | 增长率 | -4.72% | 0.12% | 3.79% | 5.11% | | 归属母公司净利润（百万元） | 1148.35 | 1283.62 | 1417.64 | 1603.47 | | 增长率 | 11.53% | 11.78% | 10.44% | 13.11% | | 每股收益 EPS（元） | 0.88 | 0.98 | 1.08 | 1.23 | | 净资产收益率 ROE | 22.43% | 21.58% | 19.62% | 18.58% | | P ...

[Table_ReportInfo] 2025 年 08 月 25 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（8.18-8.22） 整体受压于利率上行，可转债 ETF 表现占优 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 各类债券 ETF 份额走势：上周国债类、可转债类 ETF 份额激增，信用债类 ETF份额转跌。截至 2025年 8月 22日收盘，国债类、政金债类、地方债类、 信用债类和可转债类份额较 2025 年 8 月 15 日收盘分别变化 61.29 百万份、 -23.71 百万份、无变化、-24.81百万份、520.30百万份，债券类 ETF合计变 化 533.07百万份；较上月底收盘分别变化 88.02百万份、-37.90百万份、-0.40 百万份、169.83百万份、10 ...

Investment Rating - The investment rating for Changhong Meiling is "Buy" (maintained) with a current price of 7.67 CNY and a target price not specified for the next 6 months [1]. Core Views - The report highlights that the company has experienced rapid growth in export revenue, although impairment losses have impacted profits. The air conditioning business has been a key driver of revenue growth, supported by deepening ODM collaborations with clients like Xiaomi and expansion into emerging markets [5][6]. - The company reported a revenue of 18.07 billion CNY for the first half of 2025, a year-on-year increase of 20.8%, while the net profit attributable to the parent company was 420 million CNY, up 0.3% year-on-year [5]. - The report anticipates that the company's earnings per share (EPS) will be 0.74 CNY, 0.86 CNY, and 1.00 CNY for the years 2025, 2026, and 2027 respectively, maintaining the "Buy" rating [5][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 18.07 billion CNY, with a year-on-year growth of 20.8%. The net profit attributable to the parent company was 420 million CNY, reflecting a slight increase of 0.3% year-on-year. However, the net profit excluding non-recurring items decreased by 9.8% [5]. - For Q2 2025, the company reported a revenue of 10.71 billion CNY, a year-on-year increase of 18.8%, while the net profit attributable to the parent company was 240 million CNY, down 9.7% year-on-year [5]. Business Segments - The air conditioning segment continued to show strong growth, with revenues of 11.58 billion CNY, representing a year-on-year increase of 36.2%. The refrigerator and washing machine segments reported revenues of 4.55 billion CNY and 1.04 billion CNY, with year-on-year changes of -4.2% and +32.7% respectively [5]. - The company’s domestic and international sales achieved revenues of 11.7 billion CNY and 6.36 billion CNY, with year-on-year growth rates of 15.4% and 32.2% respectively [5]. Profitability and Margins - The gross margin for the home appliance business was 10.2%, a decrease of 0.36 percentage points year-on-year, primarily due to changes in product mix and a higher proportion of lower-margin overseas sales [5]. - The report indicates that various expenses and losses, including financial expenses and credit impairment losses, have eroded profits, with significant increases in asset impairment losses [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Economic and financial data weakness does not change the high - low switching trend between stocks and bonds, with stocks strong and bonds weak. The continuous net -回笼 of funds by the central bank from Monday to Thursday last week did not change the loose liquidity, and the central bank switched to net - injection on Friday. The loose funds support short - end interest rates, while long - end interest rates are rising due to the strong performance of the equity market [2][92]. - The Q2 2025 monetary policy report shows an attitude of liquidity care and emphasizes "preventing capital idling". The central bank may focus more on micro - level changes, improve the transmission efficiency of policy interest rates to market interest rates, and prevent capital idling in the next stage [2][11][93]. - Given the loose funds and strong stock market, the yield curve may become steeper. In the short term, short - term bonds perform well due to loose funds, while long - term bonds are at a disadvantage. In the long term, the interest rate center will decline, and the rigid demand of institutional investors will support bonds. The investment strategy is to "shorten portfolio duration + prioritize old bonds" [2][95]. Summary by Directory 1. Important Matters - On August 15, 2025, the central bank will conduct a 5000 - billion - yuan 6 - month买断式逆回购 operation, resulting in a net injection of 3000 billion yuan after the operation, as the August maturity scale is 9000 billion yuan [5]. - The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration jointly issued a personal consumption loan fiscal subsidy policy from September 1, 2025, to August 31, 2026, with detailed subsidy rules and a list of first - batch loan - handling institutions [7]. - The credit data in July 2025 was relatively weak. The cumulative social financing scale from January to July was 23.99 trillion yuan, with specific changes in various components compared to the previous year [8]. - The Q2 2025 monetary policy report was released on August 15, with changes in the next - stage monetary policy direction compared to the Q1 report, mainly focusing on implementing policies more precisely, improving interest rate transmission, and preventing capital idling [11]. 2. Money Market 2.1 Open Market Operations and Fund Interest Rate Trends - From August 11 to 15, 2025, the central bank's 7 - day open - market operations had a net -回笼 of 4149 billion yuan. It is expected that 9318 billion yuan of base currency will be matured and withdrawn from August 18 to 22 [15][16]. - The funds were relatively loose last week, and the policy interest rate of the 7 - day open - market reverse repurchase was 1.40%. As of August 15, R001, R007, DR001, and DR007 had specific changes compared to August 8, and their interest rate centers also changed [21]. 2.2 Certificate of Deposit Interest Rate Trends and Repurchase Transaction Situations - In the primary market, commercial bank certificates of deposit were in a net - financing - out state last week, with a net financing scale of - 1311.1 billion yuan. The state - owned banks had the largest issuance scale, and the 1 - year CD issuance rate of national and joint - stock banks dropped to around 1.62% - 1.63% [27][30]. - In the secondary market, due to the overall market weakness, the yields of CDs of all maturities were on the rise, and the 1Y - 3M term spread widened [34]. 3. Bond Market - In the primary market, on August 14, the marginal interest rate of the 3 - year treasury bond (250015) was 1.4600%, and the net - financing rhythm of local government bonds from January to August was faster than that of treasury bonds. The supply of local bonds from August to September may have a relatively long average maturity. Last week, the issuance and net - financing scale of interest - rate bonds decreased [38][45]. - As of August 15, the issuance scale of special refinancing bonds in 2025 reached 1.89 trillion yuan, mainly in long - and ultra - long - term maturities, with certain regional differences in issuance [47]. - In the secondary market, the strong performance of the equity market last week led to a weak bond market. The short - end interest rates were supported by low - level running funds, and the curve steepened further. The trading volume and turnover rate of 10 - year treasury and CDB active bonds increased, and the term spread and the spread between national and local bonds had specific changes [50][54][57]. 4. Institutional Behavior Tracking - In July, the institutional leverage ratio decreased seasonally and was at a relatively low level compared to the same period due to the upward - fluctuating bond market. The trading volume of inter - bank pledged repurchase was relatively high last week [66][71]. - In the cash - bond market, state - owned banks increased their holdings of treasury bonds with maturities within 5 years, rural commercial banks increased their holdings of treasury bonds with maturities over 5 years and CDB bonds with maturities of 5 - 10 years, while securities firms and funds were net sellers, and funds mainly reduced their holdings of long - term bonds [66][76]. - The current average cost of major trading desks for adding positions in 10 - year treasury bonds is above 1.70%, with rural commercial banks' cost decreasing due to large - scale position - adding [79]. 5. High - Frequency Data Tracking - Last week, the settlement prices of rebar futures decreased by 1.47% week - on - week, wire rod futures remained flat, cathode copper futures increased by 1.01%, the cement price index decreased by 1.05%, and the Nanhua Glass Index decreased by 1.58%. The CCFI index decreased by 0.62%, and the BDI index increased by 2.26%. The wholesale price of pork decreased by 3.00%, and the wholesale price of vegetables increased by 3.94%. Brent crude oil futures increased by 8.88%, and WTI crude oil futures decreased by 0.61%. The central parity rate of the US dollar against the RMB was 7.14 [90]. 6. Market Outlook - The high - low switching trend between stocks and bonds will continue. The central bank's liquidity operations maintain loose funds, supporting short - end interest rates and causing long - end interest rates to rise due to the strong equity market [2][92]. - The central bank may focus on micro - level changes and improve the transmission efficiency of interest rates in the next - stage monetary policy, while preventing capital idling [2][93]. - The yield curve may become steeper in the short term. In the long term, the interest rate center will decline, and the investment strategy is to "shorten portfolio duration + prioritize old bonds" [2][95].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - Last week, the share of treasury bond ETFs significantly rebounded, while the growth momentum of credit bond and convertible bond ETFs continued. Convertible bond ETFs showed outstanding performance with an increase in share and net value, as well as the highest cumulative net inflow [2][5]. Summary by Directory 1.1 各类债券 ETF 份额走势 - As of August 15, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 555.45 million, 491.75 million, 79.78 million, 3101.15 million, and 4675.35 million respectively, with a total of 8903.48 million for bond - type ETFs. Compared with August 8, 2025, the changes were 37.52 million, - 9.28 million, - 1.60 million, 40.77 million, and 241.90 million respectively, and the total change for bond - type ETFs was 309.32 million. Compared with the end of last month, the changes were 26.72 million, - 14.39 million, - 0.40 million, 194.64 million, and 490.20 million respectively, and the total change for bond - type ETFs was 696.78 million [2][5]. 1.2 主要债券 ETF 份额走势 - The share changes of major bond ETFs were consistent with those of various bond ETFs. As of August 15, 2025, the shares of selected major bond ETFs changed by 24.50 million, - 8.58 million, - 1.00 million, 25.20 million, and 236.30 million respectively compared with the previous week's closing [2][7]. - The share trend of credit bond ETFs was gentle. As of August 15, 2025, among the 8 existing credit bond ETFs, most showed no change compared with the previous week's closing, except for one with a 0.30 - million increase [2][10]. - The share performance of individual science - innovation bond ETFs was differentiated, but the overall growth was maintained. As of August 15, 2025, among the 10 existing science - innovation bond ETFs, the share changes compared with the previous week's closing were - 1.25 million, 0.44 million, 40.15 million, - 0.25 million, no change, no change, 0.10 million, 3.40 million, 0.05 million, and no change respectively [2][13]. 1.3 主要债券 ETF 净值走势 - Last week, the net values of major bond ETFs turned down, while convertible bond ETFs rose against the trend. As of August 15, 2025, the net values of selected major bond ETFs changed by - 1.75%, - 0.48%, - 0.12%, - 0.08%, and 1.56% respectively compared with the previous week's closing [2][15]. - The net values of credit bond ETFs declined across the board. As of August 15, 2025, the net values of 8 credit bond ETFs changed by - 0.14%, - 0.14%, - 0.13%, - 0.12%, - 0.18%, - 0.18%, - 0.19%, and - 0.18% respectively compared with the previous week's closing [2][17]. - The net values of science - innovation bond ETFs slightly declined. As of August 15, 2025, the net values of 10 science - innovation bond ETFs changed by - 0.16%, - 0.13%, - 0.16%, - 0.17%, - 0.15%, - 0.18%, - 0.17%, - 0.12%, - 0.16%, and - 0.15% respectively compared with the previous week's closing [2][21]. 1.4 部分债券 ETF 净流入情况 - Convertible bond ETFs had the highest cumulative net inflow last week and this month. Weekly, the top three bond ETFs with cumulative net inflows were convertible bond ETFs, urban investment bond ETFs, and 30 - year treasury bond ETFs, with net inflow amounts of 313.03 million yuan, 36.12 million yuan, and 31.13 million yuan respectively. Monthly, the top three were convertible bond ETFs, urban investment bond ETFs, and Shanghai Stock Exchange convertible bond ETFs, with net inflow amounts of 556.90 million yuan, 197.80 million yuan, and 86.56 million yuan respectively. In terms of cumulative trading days, the top three in the past 10 trading days were convertible bond ETFs (481.93 million yuan), urban investment bond ETFs (186.62 million yuan), and Shanghai Stock Exchange convertible bond ETFs (92.76 million yuan); and in the past 20 trading days, they were convertible bond ETFs (1096.32 million yuan), urban investment bond ETFs (242.94 million yuan), and Shanghai Stock Exchange convertible bond ETFs (152.66 million yuan) [2][24].

Domestic Policies - The US-China trade talks resulted in a 90-day suspension of a 24% tariff on each other's goods, effective August 12, 2025[6] - A personal consumption loan subsidy policy was introduced, offering a 1% annual interest subsidy for loans used for consumption from September 1, 2025, to August 31, 2026[8] - A service industry loan subsidy policy was also announced, providing a 1% annual interest subsidy for loans to eight specified service sectors, with a maximum loan amount of 1 million yuan per entity[11] Economic Indicators - China's final consumption expenditure contributed 52.0% to economic growth in the first half of 2025, up 0.3 percentage points from the first quarter[10] - In July, the US Consumer Price Index (CPI) rose by 2.7% year-on-year, slightly below the expected 2.8%, while the core CPI increased by 3.1%, exceeding expectations[19] - The Producer Price Index (PPI) in the US for July recorded a year-on-year increase of 3.3%, surpassing market expectations of 2.9%[19] Market Trends - Brent crude oil prices fell by 2.05% week-on-week, while iron ore prices rose by 0.11% and copper prices increased by 0.95%[23] - Real estate sales in 30 major cities increased by 2.12% week-on-week, with first-tier cities seeing a 2.82% rise[33] - The average daily retail sales of passenger cars in the first week of August decreased by 4% year-on-year, despite a 6% increase compared to the previous month[33] Future Outlook - The upcoming focus includes the US NAHB housing market index and new housing starts data, as well as the Jackson Hole global central bank conference later in August[2] - The market anticipates a 50 basis point rate cut by the Federal Reserve in September, driven by recent economic data and inflation trends[21]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The overall revenue of the four major overseas technology companies reached $388.1 billion in Q2 2025, with a year-on-year growth rate of 15% [5][11]. - The combined net profit for these companies was $91.9 billion, resulting in an overall net profit margin of approximately 24% [14][16]. - Capital expenditures reached a record high of approximately $95 billion, with a year-on-year increase of 67% [5][6]. - Cloud business revenue accelerated, with a combined revenue of $74.4 billion for the three major cloud providers, reflecting a year-on-year growth of 23% [5][6]. - The digital advertising sector showed strong performance, with total advertising revenue of $137.2 billion, up 15% year-on-year [5][6]. Summary by Sections Performance Overview - In Q2 2025, all four companies exceeded market expectations in total revenue, with Meta showing the highest stock price increase of 11.3% following earnings announcements [5][10][11]. Capital Expenditure - The capital expenditure for Q2 2025 reached approximately $95 billion, marking a 67% increase year-on-year and a 24% increase quarter-on-quarter [5][6]. Operating Expenses - Operating profit margins improved year-on-year, with significant optimization in marketing expense ratios across the companies [5][6]. Cloud Computing - The cloud business revenue growth accelerated, with demand continuing to outstrip supply. The three major cloud providers reported a combined revenue of $74.4 billion, with Amazon leading at $30.9 billion, followed closely by Microsoft at $29.9 billion and Google at $13.6 billion [5][6]. Digital Advertising - The advertising business performed well, with a total revenue of $137.2 billion, reflecting a year-on-year increase of 15%. AI technologies are enhancing advertising experiences across platforms [5][6]. Related Companies - The report highlights Microsoft (MSFT.O), Google (GOOGL.O), Amazon (AMZN.O), and Meta (META.O) as key players in the industry [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue performance with a significant increase in sales driven by a new vehicle cycle, leading to a projected rapid growth in sales [1][7] - The company has adjusted its annual sales target from 2.71 million units to 3 million units due to strong sales momentum [7] Financial Summary - For the first half of 2025, the company achieved a revenue of 150.28 billion RMB, a year-on-year increase of 39%, while net profit was 9.29 billion RMB, a decrease of 14% [7] - The second quarter of 2025 saw revenues of 77.79 billion RMB, up 41.6% year-on-year and 7.3% quarter-on-quarter, with net profit at 3.62 billion RMB, down 60% year-on-year [7] - The company plans to launch 10 new models in 2025, focusing on mid-sized sedans and SUVs to capture market trends [7] - The company’s core net profit for the first half of 2025, excluding one-off gains, was 6.66 billion RMB, reflecting a 102% year-on-year increase [7] Sales Performance - The company sold 1.409 million vehicles in the first half of 2025, a 47% increase year-on-year, with a market share exceeding 10% [7] - New energy vehicle sales reached 725,000 units, representing a 126% year-on-year increase, with a penetration rate of 51.5% [7] Profit Forecast and Investment Recommendation - The company is expected to have a compound annual growth rate (CAGR) of 11.4% in net profit from 2025 to 2027 [7] - The report maintains a "Buy" rating based on the company's leading position in the domestic automotive market and the anticipated continuous growth in performance due to new product launches [7]

Core Insights - The real estate market is stabilizing, with operational assets being revalued first [1][3] - The market remains volatile, with both transaction volume and prices declining [4][5] - Policy measures are focused on land acquisition and old housing renovation [48][50] - Recovery is expected to take time, with adjustments nearing the bottom [4][5] Market Overview - In H1 2025, the sales area of commercial housing decreased by 3.5% year-on-year, showing a narrowing decline of 15.5 percentage points [4][15] - The sales area in 43 monitored cities reached 68.545 million square meters, with a year-on-year decline of 9.1%, a significant improvement from previous periods [4][29] - The second-hand housing market showed a positive trend, with a sales area of 48.465 million square meters, reflecting a year-on-year increase of 11.0% [4][29] Policy Measures - The government is implementing dual strategies of land acquisition and old housing renovation to stabilize the market [48][50] - As of mid-July 2025, the scale of land acquisition exceeded 480 billion yuan, with a steady increase in the issuance of special bonds [56][58] - Policies are aimed at reducing purchase barriers, including lowering down payment ratios and interest rates [64] Market Outlook - The annual incremental housing demand is estimated at approximately 950 million square meters, with expected sales area in 2025 projected at 900 million square meters [4][5] - The rental yield and risk-free return rates have normalized, providing a foundation for price stabilization [4][5] - Sales area, sales amount, new starts, completions, and investment are expected to decline year-on-year by 7.8%, 7.2%, 11.8%, 10.5%, and 9.8% respectively [4][5] Investment Recommendations - The report recommends focusing on financially stable and high-quality real estate companies, including China Resources Land (1109.HK) and Longfor Group (0960.HK) for development, and Poly Property (6049.HK) for property management [4][5]

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - Liquidity abundance drives a dual - bull market in stocks and bonds, but export data interferes with the bond market. The 7 - day OMO of the central bank was in a net - withdrawal state last week, yet the capital market remained loose. The short - term asset yields declined due to loose funds, and the mid - and long - term yields also had downward support after the weak bond market sentiment recovered. However, the July export data and the establishment of the Xinzang Railway Company triggered the stock - bond "seesaw" effect, restricting the downward space of ultra - long - term interest rates [2][87]. - The pricing focus of taxation is more inclined to new bonds, and the curve valuation may face upward pressure. The ChinaBond Valuation Center will gradually transition the yield curve and prioritize using new bonds to compile it. The winning bid rate of new local bonds on August 8 was higher than the valuation of the same - term old bonds, indicating that the pricing focus has shifted to new bonds. Potential tax policy changes may also push up the valuation center [2][88]. - Ample funds are beneficial for short - term interest rates to maintain good performance, and the curve shape may continue to steepen. The previous negative sentiment in the bond market has weakened, and the bond market pricing may become more neutral. Short - term interest rates are expected to perform well, while the downward space of long - term interest rates may be restricted. The strategy of "shortening portfolio duration + preferentially allocating old bonds" is recommended, and steepening the interest rate curve is also a cost - effective option [2][89]. 3. Summary by Relevant Catalogs 3.1 Important Matters - On August 8, the central bank conducted a 7000 - billion - yuan 3 - month (91 - day) fixed - quantity, interest - rate - tender, multiple - price - winning bid buy - back operation. After this operation, the buy - back was still in a net - withdrawal state as the August maturity scale was 9000 billion yuan [5]. - China's export in July 2025 reached 321.784 billion US dollars, a year - on - year increase of 7.2%, the highest growth rate since April. Exports to the EU and ASEAN increased by 9.2% and 16.6% respectively, while exports to the US decreased by 21.7% year - on - year [7]. - The State Council issued an opinion on gradually implementing free pre - school education, covering all kindergarten senior - class children and eligible private kindergarten children [9]. - On August 8, 2025, the Xinzang Railway Co., Ltd. was established with a registered capital of 950 billion yuan, marking the start of the substantial construction of the Xinzang Railway project [12]. - On August 7, the ChinaBond Valuation Center announced that it would gradually transition the yield curve and prioritize using new bonds to compile it [13]. 3.2 Money Market - **Open Market Operations and Capital Interest Rate Trends**: From August 4 to 8, 2025, the central bank's 7 - day reverse repurchase operation had a net withdrawal of 536.5 billion yuan. The policy interest rate for the 7 - day open - market reverse repurchase was 1.40%. As of August 8, R001, R007, DR001, and DR007 were 1.341%, 1.454%, 1.312%, and 1.425% respectively, with changes compared to August 1 [15][20]. - **Certificate of Deposit Interest Rate Trends and Repurchase Transaction Volume**: Commercial bank certificates of deposit had a net financing of 177.31 billion yuan last week, with city commercial banks having the largest issuance scale. The 1 - year issuance rate of national and share - holding banks dropped to around 1.63%. In the secondary market, the yields of certificates of deposit declined, and the 1Y - 3M term spread widened [24][29]. 3.3 Bond Market - **Primary Market**: From January to August, the net financing rhythm of local government bonds was faster than that of national bonds. As of August 8, the cumulative net financing of national bonds and local bonds in 2025 was about 4.37 trillion yuan and 5.27 trillion yuan respectively. The actual issuance of local government bonds in July was lower than expected, which may lead to an increase in the actual supply in August - September. Last week, the issuance and net financing of national bonds increased significantly, while the issuance of local bonds slowed down. The issuance scale of special refinancing bonds has reached 1.84 trillion yuan as of August 8 [34][41][42]. - **Secondary Market**: Last week, the market showed a bull - steepening trend. The short - and medium - term interest rates declined due to loose funds, while the ultra - long - term interest rates increased due to export data and strong risk assets. The trading volume and turnover rate of 10 - year national bond and national development bond active bonds decreased. The term spread and the spread between national and local bonds showed different trends [46][50][59]. 3.4 Institutional Behavior Tracking - The leveraged trading volume recovered last week due to loose funds. The 20 - day moving average of the daily trading volume of inter - bank pledged repurchase was 7.42 trillion yuan, a decrease of about 0.21 trillion yuan from the previous week [67]. - In the cash bond market, state - owned banks mainly bought national bonds with a maturity of less than 5 years, rural commercial banks mainly increased their holdings of national bonds with a maturity of more than 10 years, and securities firms and funds had a stronger buying force for national bonds with a maturity of less than 10 years [70]. - The current加仓 cost of major trading desks for 10 - year national bonds is between 1.69% - 1.70% [74]. 3.5 High - Frequency Data Tracking - Last week, the settlement prices of rebar, cathode copper, and Brent and WTI crude oil futures decreased compared to the previous week, while the BDI index increased. The CCFI index decreased, and the prices of pork and glass also declined, while the price of vegetables increased. The central parity rate of the US dollar against the RMB was 7.14 [84]. 3.6 Market Outlook - The bond market may continue to show a steepening trend. The strategy of "shortening portfolio duration + preferentially allocating old bonds" is recommended, and steepening the interest rate curve is also a cost - effective option. Specific trading varieties can consider 250011 and 2500002 [89].