信用债：信用债到期收益率上行：2025 年 12 月 01 日-2025 年 12 月 07 日期间，信用债一级发行 802 只（包含同业存单），共计 9,310.04 亿元，环比减少 2,360.83 亿元，净融资 2,116.47 亿元。按发行种类分， 资产支持证券发行只数占比最大。按评级分，AAA 级发行 2,954.88 亿 元，占 67.79%。期限方面，主要以 3-5 年为主。按行业分，建筑业发 行只数最多。2025 年 11 月 28 日-2025 年 12 月 05 日期间，城投债到 期收益率上行。其中 AA+、AA 和 AA-评级的 10 年期上行幅度最大， 为 7.79BP。中短期票据到期收益率上行。其中 AA+评级的 5 年期上行 幅度最大，为 4.74BP。 固定收益/固收周报 大类资产周观察：2025 年 11 月 28 日-2025 年 12 月 05 日期间，美三 大股指上涨。道指周涨 0.50%，标普 500 指数周涨 0.31%，纳指周涨 0.91%。欧洲三大股指分化。德国 DAX 指数周涨 0.80%，法国 CAC40 指数周跌 0.10%，英国富时 100 指数周跌 0. ...

汽车 行业研究/行业周报 多家车企发布购置税补贴方案，曹操出行发布 Robotaxi 十年百城千亿目标 ——汽车行业周报（2025/12/01~2025/12/05） ◼ 行情回顾 ◼ 行业新闻及公司公告 行业新闻：鸿蒙智行发布问界 M9/M8/M7、2026 款/M5 购置税补贴 方案。零跑推出 12 月购车权益，至高 17000 元现金优惠。广汽推出 跨年购置税补贴方案，至高补贴 15000 元。曹操出行发布 Robotaxi 十年百城千亿目标。 公司公告： 立中集团拟成立上海立中机器人科技有限公司。华安鑫 创收到客户定点。 ◼ 投资建议 过去一周(2025/12/01~2025/12/05），申万汽车行业上涨 1.38%，表现 强于同花顺全 A，所有一级行业中涨跌幅排名第 10。细分板块涨跌 幅：过去一周(2025/12/01~2025/12/05），汽车零部件涨幅最大，乘用 车涨幅最小。汽车零部件上涨 1.83%，商用车上涨 1.78%，摩托车及 其他上涨 1.06%，汽车服务上涨 0.35%，乘用车上涨 0.21%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2025 年 10 月汽车销 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4]. Core Insights - The company's ADAS (Advanced Driver Assistance Systems) laser radar products continue to grow, with sales reaching 185,600 units in Q3 2025, a year-on-year increase of 34%. Specifically, laser radar products for ADAS applications saw a 14.3% increase, with 150,000 units sold [1]. - The Robotaxi business is advancing, with significant partnerships established, including a collaboration with Didi Autonomous Driving for L4 Robotaxi equipped with RoboSense laser radar. The company has also signed mass production agreements with several leading Robotaxi and Robotruck firms [2]. - The company is expected to turn a profit in Q4 2025, with a record monthly delivery of over 120,000 laser radar units in October 2025, marking a key point for improving operational efficiency [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.19 billion yuan, a year-on-year growth of 1.24%, but incurred a net loss of 252 million yuan [1]. - The adjusted net profit forecast for 2025-2027 is projected at -176 million yuan, 207 million yuan, and 573 million yuan respectively, with corresponding P/E ratios of -138.82, 29.86 [4][11]. Revenue Growth Projections - Revenue is expected to grow significantly from 1.649 billion yuan in 2024 to 5.417 billion yuan in 2027, with annual growth rates of 47%, 37%, 59%, and 51% respectively [6][13]. Product Development and Market Expansion - The company has successfully secured production orders from 31 automotive manufacturers and suppliers, with a total of 134 models, and has achieved SOP (Start of Production) for 47 models from 15 manufacturers [1]. - The sales of laser radar products for robotics and other applications surged by 393.1% year-on-year, with 35,500 units sold in Q3 2025 [2].

固定收益/固收点评 PMI 数据对债市的影响中性偏多 ——11 月 PMI 数据点评 地缘政治风险；美联储货币政策超预期；海外经济增速不及预期；国 内通胀超市场预期；上市公司业绩不及预期；市场波动超预期。 ◼ 核心观点 制造业需求带动、生产回升，PMI 小幅回升。11 月制造业 PMI 为 49.20%，较前值回升 0.2 个百分点，但仍低于枯荣线。其中，需求端 新订单指数回升 0.40 个百分点至 49.20%；供给端生产指数回升 0.3 个百分点至 50.00%。我们认为在中美经贸磋商达成主要成果共识带 动下我国外贸环境有所改善，需求整体回升，同时带动生产端也有所 加快。 国际贸易环境改善，外需回升带动需求阶段性修复。11 月新出口订 单指数录得 47.60%，较前值回升 1.70 个百分点，进口指数录得 47.00%，较前值回升 0.20 个百分点。十一月份外部贸易环境有所改 善，反映在 BDI 指数上显示为其月增幅达 31.28%，我们认为当前短 期外部环境面临缓和，但也要注意到未来不确定难预料因素带来的非 线性影响，出口受扰动概率仍存，或持续影响四季度经济走势。 制造业价格端延续积极变化。制造业原材 ...

汽车 行业研究/行业周报 阿维塔向港交所提交上市申请，零跑汽车宣布 2026 年销量目标 100 万台 ——汽车行业周报（2025/11/24~2025/11/28） ◼ 行情回顾 过去一周(2025/11/24~2025/11/28），申万汽车行业上涨 3.24%，表现 强于同花顺全 A，所有一级行业中涨跌幅排名第 11。细分板块涨跌 幅：过去一周(2025/11/24~2025/11/28），汽车服务涨幅最大，商用车 涨幅最小。汽车服务上涨 3.90%，汽车零部件上涨 3.66%，摩托车及 其他上涨 3.18%，乘用车上涨 2.61%，商用车上涨 1.95%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2025 年 10 月汽车销量约 332.2 万辆， 环比约+3%，同比约+8.8%。据中汽协，2025 年 10 月新能源汽车市 占率约 51.6%。 2）车企端：据乘联分会数据，2025 年 10 月，比亚迪、吉利和一汽 大众零售销量位列前三，分别约 29.6 万辆、26.6 万辆和 13.6 万辆， 份额分别约为 13.2%、11.8%和 6.1%。其中吉利汽车、长城汽车分别 同比约+36 ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - **Interest - rate bonds**: From November 7 to November 14, 2025, the central bank conducted a total of 126.37 billion yuan in reverse repurchase operations, with 85.09 billion yuan in reverse repurchases maturing, resulting in a net injection of 41.28 billion yuan. Bank - to - bank funding prices rose. During November 10 - 16, 2025, the primary issuance of interest - rate bonds was 72.6866 billion yuan, and the net financing amount was 39.0322 billion yuan. Most treasury bond yields declined, and the 10Y - 1Y term spread narrowed from 40.97BP to 40.36BP [1]. - **Credit bonds**: From November 10 to November 16, 2025, 935 credit bonds (including inter - bank certificates of deposit) were issued in the primary market, with a total issuance scale of 120.1412 billion yuan, a month - on - month increase of 16.8766 billion yuan; the net financing amount was 2.0711 billion yuan. Most credit bond yields declined [2]. - **Large - scale asset weekly observation**: From November 7 to November 14, 2025, most of the three major US stock indexes rose; European three major stock indexes increased; US bond yields went up; the US dollar index weakened, and non - US currencies were differentiated; crude oil and gold prices rose [3]. 3. Summary by Directory 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From November 7 to November 14, 2025, the central bank's full - scale net injection was 41.28 billion yuan. Bank - to - bank funding prices rose, and most exchange - based funds also increased [15]. 3.1.2 Primary Market Issuance - From November 10 to November 16, 2025, the primary market issuance of interest - rate bonds was 72.6866 billion yuan, with a net financing amount of 39.0322 billion yuan. The issuance of local government bonds increased compared to the previous period [25]. 3.1.3 Secondary Market Trading - Most treasury bond and state - owned development bond yields declined, and the 10Y - 1Y term spreads of both narrowed [32]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From November 10 to November 16, 2025, 935 credit bonds were newly issued in the primary market, with a total issuance scale of 120.1412 billion yuan, a month - on - month increase of 16.8766 billion yuan; the net financing amount was 2.0711 billion yuan. Asset - backed securities had the largest proportion in terms of the number of issuances, and financial bonds had the highest proportion in terms of issuance amount. Most of the issuances were AAA - rated, and the issuance was mainly for 3 - 5 - year terms. The financial industry had the largest number of issuances [43]. 3.2.2 Secondary Market Trading - Most credit bond yields declined. For urban investment bonds, the 1 - year AA - rated yield declined the most, and the 5 - year AAA - rated yield increased the most. For medium - and short - term notes, the 5 - year AA - rated yield declined the most, and the 10 - year AAA - rated yield increased the most [50]. 3.2.3 One - week Credit Default Event Review - From November 10 to November 16, 2025, the credit bonds of 3 enterprises defaulted [54]. 3.3 Large - scale Asset Weekly Observation 3.3.1 Most European and American Stock Indexes Rose - Most of the three major US stock indexes, European three major stock indexes, and most Asia - Pacific stock indexes rose [55]. 3.3.2 US Bond Yields Rose - From November 7 to November 14, 2025, US bond yields increased, and the 10Y - 1Y term spread changed to 44.00BP [58]. 3.3.3 The US Dollar Index Weakened, and Non - US Currencies Were Differentiated - The US dollar index declined by 0.26% weekly, and non - US currencies showed different trends [60]. 3.3.4 Crude Oil and Gold Prices Rose Weekly - From November 7 to November 14, 2025, gold and crude oil prices increased [66]. 3.4 Investment Recommendations - The macro - economic data in October verified the economic recovery path of "downplaying the aggregate and optimizing the structure". The bond market may remain volatile. Investors are advised to pay attention to the impact of the new fund regulations on the bond market. In the short term, institutional investors may reduce their allocation of pure bond funds and turn to bond ETFs or money market funds. In the long term, the new regulations are conducive to the stability of the liability side of bond funds. It is recommended to seize the band opportunities of interest - rate bonds, focus on high - rated and short - duration credit bonds, and pay attention to the Central Economic Work Conference in December [4].

1. Report Industry Investment Rating No specific industry investment rating is provided in the given content. 2. Core Viewpoints - On November 13, 2025, the central bank announced the financial statistics for October 2025. M2 increased by 8.2% year - on - year, M1 increased by 6.2% year - on - year. The stock of social financing scale at the end of October 2025 increased by 8.5% year - on - year, and the cumulative increase in social financing scale in the first ten months of 2025 was 30.9 trillion yuan, 3.83 trillion yuan more than the same period last year [1][12]. - The year - on - year growth rate of social financing in October was 8.50%, with the growth rate falling for three consecutive months. New social financing was 81.5 billion yuan, 58.08 billion yuan less than the same period last year. Government bond financing slowed down, and credit demand was weak [2][13]. - M1 declined, and the gap between M1 and M2 widened slightly. However, the M1 - M2 gap has been narrowing overall this year, which is an important signal of capital activation and can boost the sentiment of the equity market in the short term [3][25]. 3. Summary by Relevant Catalogs 3.1 Social Financing Data Validates Bond Market Space - **Social Financing Growth Rate and Composition**: The year - on - year growth rate of social financing in October was 8.50%, with the growth rate falling for three consecutive months. New social financing was 81.5 billion yuan, 58.08 billion yuan less than the same period last year. Government bond net financing was 48.93 billion yuan, 56.02 billion yuan less than the same period last year. New RMB loans decreased by 2.01 billion yuan, 31.66 billion yuan more than the same period last year. In direct financing, corporate bond net financing was 24.69 billion yuan, 14.82 billion yuan more than the same period last year, and non - financial enterprise domestic stock financing was 6.96 billion yuan, 4.12 billion yuan more than the same period last year. The new non - standard financing decreased by 10.85 billion yuan, 3.58 billion yuan less than the same period last year [2][13]. - **Credit Demand**: New RMB loans by financial institutions in October were 22 billion yuan, 28 billion yuan less than the same period last year. Corporate loans increased by 35 billion yuan, 22 billion yuan more than the same period last year, with obvious bill impulse, and corporate medium - and long - term loans increased by 3 billion yuan, 14 billion yuan less than the same period last year. Resident loans decreased by 36.04 billion yuan, 52.04 billion yuan more than the same period last year, indicating weak demand in the real estate market [2][14]. 3.2 M1 - M2 Spread and Capital Activation - **M1 and M2 Trends**: In October, M2 increased by 8.20% year - on - year, down 0.2 percentage points, and M1 increased by 6.20% year - on - year, with the growth rate down 1.0 percentage point compared with the previous value. The absolute value of the M1 - M2 gap widened slightly to 2.00pct, but it has been narrowing overall this year, which is a signal of capital activation and can boost the equity market sentiment in the short term. The growth rate difference between social financing and M2 in October was 0.30pct [3][25]. - **Deposit Changes**: In October, household deposits decreased by 134 billion yuan, 77 billion yuan more than the same period last year; non - financial enterprise deposits decreased by 108.53 billion yuan, 35.53 billion yuan more than the same period last year; fiscal deposits increased by 72 billion yuan, 12.48 billion yuan more than the same period last year; non - banking financial institution deposits increased by 185 billion yuan, 77 billion yuan more than the same period last year, which may promote further capital activation [3][25]. 3.3 Investment Advice - **Equity Market**: The recent narrowing of the M1 - M2 gap is an important signal of capital activation, which can boost the equity market sentiment in the short term, but the sustainability of the rebound depends on fundamental improvement and policy coordination [4][35]. - **Bond Market**: The social financing data in October shows that the growth rate of social financing has declined. The data verifies the uncertainty of the economic recovery. The bond yield has declined recently, and there is still some room for further decline. In 2026, the central bank's monetary policy will continue the "moderately loose" tone. For the bond market, investors are advised to mainly conduct band operations on interest - rate bonds, pay attention to the structural opportunities of green bonds and technology bonds in credit bonds, dynamically adjust the stock - bond ratio, and pay attention to elastic assets such as pro - cyclical convertible bonds [4][38].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Interest rate bonds: Treasury bond yields declined, and the term spread widened. From October 24 to October 31, 2025, the central bank conducted a total of 31,360.00 billion yuan in reverse repurchase operations, with 17,320.00 billion yuan in reverse repurchases maturing, resulting in a net injection of 14,040.00 billion yuan. Most inter - bank funding prices declined. During October 27 - November 02, 2025, the issuance of interest rate bonds was 4,126.82 billion yuan, with a total repayment of 926.90 billion yuan for matured bonds, and a net financing of 3,199.92 billion yuan. Treasury bond yields decreased, and the 10Y - 1Y term spread widened from 37.70BP to 41.28BP [1]. - Credit bonds: Credit bond yields to maturity declined. From October 27 to November 02, 2025, 827 new credit bonds were issued in the primary market, with a total issuance scale of 11,042.87 billion yuan, a decrease of 5,134.02 billion yuan compared to the previous period. The net financing was 1,379.86 billion yuan. The yields to maturity of urban investment bonds and medium - short - term notes decreased [2]. - Big - asset weekly observation: From October 24 to October 31, 2025, the three major US stock indexes rose, while most European stock indexes declined. US Treasury yields increased, the US dollar index strengthened, and non - US currencies weakened. Crude oil and gold prices declined during the week [3]. Summary by Directory 1. Interest Rate Bonds: Treasury Bond Yields Declined, and the Term Spread Widened 1.1 Liquidity Observation: Net Liquidity Injection, Most Funding Prices Declined - From October 24 to October 31, 2025, the central bank's net injection was 14,040.00 billion yuan. Most inter - bank funding prices declined, with DR001 down 0.37BP to 1.3184% and DR007 up 4.41BP to 1.4551%. Most exchange - traded funds also declined [15]. 1.2 Primary Market Issuance: Net Financing Increased, and Local Bond Issuance Rose - From October 27 to November 02, 2025, the primary - market issuance of interest rate bonds was 4,126.82 billion yuan, with a net financing of 3,199.92 billion yuan. There was no treasury bond issuance, policy - based financial bonds raised 1,420.00 billion yuan, and local government bond issuance increased, raising 2,706.82 billion yuan [25]. 1.3 Secondary Market Trading: Treasury Bond Yields Declined, and the Term Spread Widened - From October 24 to October 31, 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year treasury bonds decreased by 8.90BP, 11.48BP, 5.12BP, 9.63BP, and 5.32BP respectively. The 10Y - 1Y term spread widened from 37.70BP to 41.28BP. The yields of China Development Bank bonds also declined, and the 10Y - 1Y term spread narrowed from 35.93BP to 33.84BP [33]. 2. Credit Bonds: Credit Bond Yields to Maturity Declined 2.1 Primary Market Issuance: Issuance Volume Decreased Month - on - Month - From October 27 to November 02, 2025, 827 new credit bonds were issued in the primary market, with a total issuance scale of 11,042.87 billion yuan, a decrease of 5,134.02 billion yuan compared to the previous period. The net financing was 1,379.86 billion yuan. Asset - backed securities had the largest number of issuances, and financial bonds had the highest issuance amount. Newly issued bonds were mainly AAA - rated, and the issuance was mainly in the 5 - 10 - year term. The construction industry had the largest number of issuances [42]. 2.2 Secondary Market Trading: Credit Bond Yields to Maturity Declined - From October 24 to October 31, 2025, the yields to maturity of urban investment bonds and medium - short - term notes declined. The 3 - year AA + and AA - rated urban investment bonds had the largest decline of 10.44BP, and the 5 - year AAA and AA - rated medium - short - term notes had the largest decline of 12.56BP [49]. 2.3 One - Week Credit Default Event Review - From October 27 to November 02, 2025, one enterprise's credit bond defaulted. Rongqiao Group Co., Ltd.'s bond "H0 Rongqiao F1" defaulted on October 31, 2025, with a remaining bond balance of 2.00 billion yuan [53]. 3. Big - Asset Weekly Observation 3.1 Differentiation of European and American Stock Indexes - From October 24 to October 31, 2025, the three major US stock indexes rose, with the Dow up 0.75%, the S&P 500 up 0.71%, and the Nasdaq up 2.24%. Most European stock indexes declined, with the German DAX down 1.16%, the French CAC40 down 1.27%, and the UK FTSE 100 up 0.74%. Most Asian - Pacific stock indexes rose [54]. 3.2 US Treasury Yields Increased - From October 24 to October 31, 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year US Treasury bonds increased by 12.00BP, 11.00BP, 10.00BP, 10.00BP, and 9.00BP respectively [57]. 3.3 The US Dollar Index Strengthened, and Non - US Currencies Weakened - From October 24 to October 31, 2025, the US dollar index rose 0.80%. The British pound against the US dollar fell 1.22%, the euro against the US dollar fell 0.78%, the US dollar against the Japanese yen rose 0.74%, and the US dollar against the Chinese yuan fell 0.07% [59]. 3.4 Crude Oil and Gold Prices Declined During the Week - From October 24 to October 31, 2025, COMEX gold futures prices fell 2.64%, London spot gold prices fell 2.26%, WTI crude oil prices fell 0.85%, and Brent crude oil prices fell 1.32% [65]. 4. Investment Suggestions - Recently, the bond market has strengthened slightly driven by loose policies and risk - aversion sentiment. The central bank's resumption of open - market treasury bond trading on October 27 may stabilize market expectations, supplement liquidity, and optimize the yield curve, which may also catalyze the bullish sentiment in the bond market. With the implementation of new fund sales regulations, the short - term bond market volatility may intensify. It is recommended that investors conduct volatility operations on interest rate bonds to increase returns, the short - duration sinking strategy for urban investment bonds is still cost - effective, and convertible bonds investors can focus on high - elasticity individual bonds and low - premium - rate varieties [67].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 3.653 billion yuan in the first three quarters of 2025, representing a year-over-year increase of 11.57%. The net profit attributable to shareholders reached 332 million yuan, up 30.94% year-over-year [1]. - In Q3 2025, the company reported a revenue of 1.777 billion yuan, with a year-over-year growth of 23.31%. The net profit attributable to shareholders was 170 million yuan, reflecting a year-over-year increase of 7.44% [2]. - The company has established a multi-driver business model focusing on "3C + New Energy + Automotive" sectors, benefiting from the innovation cycle of Apple and strategic partnerships, particularly with CATL [3]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the gross margin was 29.65%, and the net margin was 8.72%, with changes of -5.13 and +1.12 percentage points year-over-year, respectively [2]. - The company effectively controlled expenses, resulting in a decrease in the expense ratio across various categories [2]. Business Segments - The 3C business is expected to benefit from Apple's innovation cycle, while the new energy segment is becoming a significant growth driver through strategic partnerships [3]. - The semiconductor business is anticipated to expand following recent orders from leading domestic optical module companies [3]. Financial Projections - The company forecasts net profits of 515 million yuan, 733 million yuan, and 855 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.15, 1.64, and 1.91 yuan [4][5]. - The projected revenue growth rates for the next few years are 15.5% in 2025, 30.6% in 2026, and 14.9% in 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance in the mobile gaming sector and information services [4]. Core Views - The company's contract liabilities have significantly increased, providing a solid foundation for future growth. As of the first three quarters, contract liabilities amounted to approximately 351 million yuan, a year-on-year increase of 94.78%, primarily due to the rise in deferred revenue [2]. - The company has successfully obtained licenses for three games and launched multiple titles, including "荒野守则," "熊猫大作战," and "黑猫警长：守护," which have performed well in various markets [2]. - Progress in the company's gaming box initiative is promising, with over 25 high-quality games entering the platform, and plans to introduce over 100 more, enhancing the content ecosystem [3]. Financial Performance Summary - For the first three quarters, the company reported a revenue of 4.075 billion yuan, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, up 23.7% [1]. - The third quarter alone saw revenues of 1.497 billion yuan, reflecting a 9.08% year-on-year growth, with net profit reaching 633 million yuan, a 34.51% increase [1]. - The company forecasts net profits for 2025-2027 to be approximately 1.967 billion yuan, 2.362 billion yuan, and 2.725 billion yuan, respectively, with corresponding P/E ratios of 25.58, 21.30, and 18.46 [4][6].