Investment Rating - The report suggests a focus on lithium hexafluorophosphate and phosphorus chemical sectors due to their positive outlook [1][5]. Core Insights - The chemical sector saw a 3.54% increase in the first week of November, underperforming the Shanghai A-share index by 2.45 percentage points [2][11]. - Key stocks that performed well include Qing Shui Yuan (+47.78%), Fo Si Technology (+33.38%), and Chengxing Co. (+24.63%) [2][11]. - The report highlights the benefits of rising prices in lithium hexafluorophosphate for companies like Duofu and Shenzhen New Star, and the high demand in the phosphorus chemical sector for Yuntianhua [5]. Industry Performance - The chemical industry had 25 sub-sectors increase in value, with the top five being phosphate fertilizers (+18.15%), phosphorus chemicals and phosphates (+13.61%), and inorganic salts (+12.12%) [3][15]. - The dynamic PE for the chemical sector is reported at 22.57 times, significantly higher than the average PE of 11.23 times since 2015 [2][11]. Price and Margin Trends - The top five products with the highest weekly price increases include folic acid (+20%), nitric acid (+10.43%), and sulfur (+9.95%) [4][18]. - The report also notes significant price drops for liquid chlorine (-34%) and butadiene (-7.69%) [4][18]. - The price margin for sodium tripolyphosphate increased by 27.63%, while the margin for propylene (methanol-based) saw a drastic decrease of 826% [4][38]. Inventory Changes - Significant inventory changes were noted, with polyester filament showing a decrease of 26.81% and epoxy propane increasing by 8.53% [5][60]. Recommendations - The report maintains a recommendation for companies benefiting from the price increase of lithium hexafluorophosphate and those in the phosphorus chemical sector [5].

Quantitative Models and Construction Methods 1. Model Name: CRR Pricing Model - **Model Construction Idea**: The CRR pricing model is used to calculate the theoretical value of convertible bonds by considering embedded options, credit spreads, and other factors, providing a more accurate pricing compared to traditional methods like BSM[14][15] - **Model Construction Process**: - **Sample Screening**: Bonds with AA- rating or above, balance of 200 million or more, non-ST stocks, no historical rating downgrades or negative outlooks, major shareholder pledge ratio less than 90%, traded in the last 10 days, redemption progress less than 5 days, and not below the bond floor[42] - **Bond Selection**: Bonds are categorized into debt-like, balanced, and equity-like based on parity levels. The top 10 bonds with the highest CRR pricing to market price ratio in each category are selected, totaling 30 bonds[42] - **Weighting and Rebalancing**: Equal weighting and monthly rebalancing[41] - **Model Evaluation**: The CRR pricing model is more accurate due to its consideration of embedded options and credit spreads, making it superior to traditional methods like BSM[14][15] 2. Model Name: Low Valuation Momentum Combination - **Model Construction Idea**: This model combines low valuation strategy with price-volume indicators to select bonds with low conversion premium and positive stock momentum[46][47] - **Model Construction Process**: - **Sample Screening**: Bonds with AA- rating or above, balance of 200 million or more, non-ST stocks, no historical rating downgrades or negative outlooks, major shareholder pledge ratio less than 90%, traded in the last 10 days, redemption progress less than 5 days, and not below the bond floor[48] - **Bond Selection**: Bonds are categorized into debt-like, balanced, and equity-like based on parity levels. The top 10 bonds with the highest combined score of valuation and stock momentum in each category are selected, totaling 30 bonds[48] - **Weighting and Rebalancing**: Equal weighting and monthly rebalancing[48] - **Model Evaluation**: The low valuation momentum combination effectively captures bonds with low valuation and positive stock momentum, providing a robust selection strategy[46][47] Model Backtesting Results CRR Pricing Model - **October Return**: 0.13%[41] - **Annualized Return Since 2017**: 15.71%[41] - **Maximum Drawdown**: 12.08%[41] - **Return to Drawdown Ratio**: 1.30[41] - **Monthly Win Rate**: 63.83%[41] Low Valuation Momentum Combination - **October Return**: 1.50%[47] - **Annualized Return Since 2017**: 16.33%[47] - **Maximum Drawdown**: 11.26%[47] - **Return to Drawdown Ratio**: 1.45[47] - **Monthly Win Rate**: 67.02%[47]

Credit and Financing Data - New social financing (社融新增) is expected to be around 1 trillion RMB in October, with a growth rate of 8.6%[6] - New credit (信贷新增) is projected to be approximately 370 billion RMB, maintaining a growth rate of 6.6%[1] - M2 growth rate is anticipated to be about 8.2%[9] Loan Breakdown - Residential loans are estimated to increase by around 40 billion RMB, significantly lower than the previous year's 160 billion RMB[4] - Corporate loans are expected to rise by approximately 230 billion RMB, with a notable improvement in the financing environment index[4] - Non-bank financial loans are projected to total around 370 billion RMB, down from 500 billion RMB in the same month last year[4] Market Trends - The real estate market continues to face pressure, with new home sales in 30 major cities down by 5.7% year-on-year[4] - The automotive market shows growth, with retail sales of passenger vehicles reaching 2.387 million units, a year-on-year increase of 6%[4] - Government bond net financing is expected to be about 528.1 billion RMB, down from 925 billion RMB in the same month last year[8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the net financing of local government bonds decreased, and the weighted - average issuance spread widened. The secondary spreads of local government bonds narrowed, and the trading volume and turnover rate increased [1][5]. 3. Summary by Directory 3.1 Primary Market Issuance Situation - **Net financing**: This week, local government bonds issued a total of 916 billion yuan, with a net financing decrease of 213.9 billion yuan. The net repayment was 36 billion yuan. There was no new general - purpose bond, 45.2 billion yuan of new special - purpose bonds, 33.7 billion yuan of refinancing general - purpose bonds, and 12.7 billion yuan of refinancing special - purpose bonds [1][9]. - **Issuance term**: This week, the 7 - year local government bonds had the highest issuance proportion (28%), and the proportion of 10 - year and above bonds increased to 72%. The proportion of 20 - year bonds increased significantly, while the proportion of 5 - year bonds decreased by about 15 percentage points [1][12]. - **Debt - resolution - related local government bonds**: This week, 5.7 billion yuan of special refinancing bonds were issued. In 2025, 34 regions have disclosed plans to issue 2.1074 trillion yuan of special bonds to replace hidden debts. Jiangsu, Guizhou, Hunan, and Henan plan to issue 274.6 billion yuan, 132.4 billion yuan, 128.8 billion yuan, and 118.9 billion yuan respectively. This week, 1 billion yuan of special special - purpose bonds were issued. As of the end of this week, 1.2918 trillion yuan of special special - purpose bonds have been disclosed for issuance in 2025, with Jiangsu, Guangdong, Yunnan, and Hebei issuing 128.9 billion yuan, 102.7 billion yuan, 73 billion yuan, and 70.2 billion yuan respectively [2][13][18]. - **Issuance spread**: This week, the weighted - average issuance spread of local government bonds was 19.5bp, wider than last week. The 3 - year bonds had the highest spread at 27.2bp. Except for 5 - year and 10 - year bonds, the spreads of other - term bonds widened. Inner Mongolia, Hubei, and Yunnan had spreads over 20bp [1][23]. - **Fund - raising direction**: As of the end of this week, the main investment directions of new special - purpose bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (18%), land reserve (16%), affordable housing projects (12%), and social undertakings (11%). Compared with 2024, the proportion of land reserve increased by 16.0%, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.9% [2][26]. - **Issuance plan**: As of the end of this week, 33 regions have disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance in October, the total planned issuance for the fourth quarter is about 1.3 trillion yuan, with 701.6 billion yuan in November. New bonds and refinancing bonds are planned to issue 693.1 billion yuan and 580.7 billion yuan respectively. Next week, 285.1 billion yuan of local government bonds are planned to be issued, with a repayment of 42.3 billion yuan and a net financing of 242.8 billion yuan, a week - on - week increase of 278.8 billion yuan [3][29][30]. 3.2 Secondary Market Situation - **Secondary spread**: This week, the secondary spreads of 3 - year and 15 - year local government bonds were relatively high. Except for 1 - year bonds, the secondary spreads of other - term bonds narrowed. The spreads of 3 - year, 15 - year, and 20 - year bonds were 16.7bp, 17.5bp, and 16.2bp respectively. In terms of historical quantiles in the past three years, the 3 - year and 30 - year bonds had relatively high quantiles, reaching 65% and 59% respectively. Regionally, the 3 - 5 - year bonds in each region had relatively high spreads, all between 15 - 17bp, and the bonds over 10 - year in medium - level regions also had relatively high spreads [5][32]. - **Trading situation**: This week, the trading volume and turnover rate of local government bonds increased compared with last week. The trading volume reached 477 billion yuan, and the turnover rate was 0.89%. Guangdong had a large trading volume of 77.4 billion yuan, and Jiangxi and Guangdong had relatively high turnover rates of 2.7% and 2.1% respectively [5][37].

Economic Trends - Industrial production is expected to slow down, with recent supply-side indicators showing signs of weakening, particularly in capacity utilization rates which have declined across various sectors[1] - October's industrial added value growth rate is likely to decelerate, correlating with a drop in exports and port cargo throughput[1] Price Dynamics - October inflation data exceeded expectations, with CPI turning positive year-on-year and PPI showing its first positive growth of the year, indicating a stabilization in prices[1] - However, CPI is expected to remain low due to a significant year-on-year decline in pork prices, which have dropped over 25%[1] Investment and Consumption - Investment demand remains weak, with real estate sales data returning to levels seen before last year's peak, suggesting further slowdown in real estate investment growth[1] - Despite weak investment, consumer spending shows potential for improvement, driven by seasonal increases in service and food prices, alongside e-commerce promotions and consumption subsidies[1] Risks and Challenges - Risks include geopolitical tensions, domestic policy implementation falling short of expectations, and potential global recession impacts[1]

Investment Rating - The report maintains a positive outlook on the humanoid robotics industry, highlighting significant developments and investment opportunities in the sector [3][4]. Core Insights - The approval of Elon Musk's compensation plan on November 6 will lead to a full push for Tesla's robotics business, with a target of delivering over 1 million units of the Optimus robot in the next decade [4][6]. - Xiaopeng Motors unveiled its seventh-generation IRON humanoid robot, which boasts advanced features and aims for mass production by the end of 2026, showcasing the competitiveness of domestic robots against global standards [4][7]. - Several domestic robotics manufacturers are preparing for IPOs, indicating a trend towards capitalizing on the growing market [4][12]. Industry Overview - The humanoid robotics sector is experiencing rapid growth, with significant orders and partnerships being established, such as the strategic collaboration between Lens Technology and Yuejiang Robotics, which includes orders for 1,000 robots and 10,000 robotic dogs [4][8]. - UBTECH has secured a 160 million yuan order for its Walker S2 humanoid robot, bringing its total orders for the year to 790 million yuan, reflecting strong market demand [4][9]. - The introduction of the NavFoM navigation foundation model by Galaxy General and several universities marks a technological advancement in the field, enabling robots to operate in diverse environments [4][10]. Related Companies - Key companies to watch in the logistics equipment sector include Hangcha Group, Zhongli Co., Anhui Heli, and Jingsong Intelligent [3]. - In the T-chain related sector, notable companies include Sanhua Intelligent Control, Top Group, and Junsheng Electronics [3]. - The report highlights several leading companies in the humanoid robotics space, such as UBTECH, Yuejiang, and Zhongjian Technology, which are pivotal in driving innovation and market growth [5].

The provided content does not include any specific quantitative models or factors, nor does it provide any detailed construction processes, formulas, or backtesting results related to quantitative models or factors. The report primarily focuses on ESG (Environmental, Social, and Governance) market trends, policy updates, and industry developments. Key points from the content: - The report highlights the performance of ESG-related indices, such as the 300ESG Index, SEEE Carbon Neutral Index, and others, in both domestic and international markets, showcasing their recent performance trends and comparisons with benchmark indices like the Shanghai Composite Index and S&P 500 Index[19][20][21] - The report discusses the dynamics of the carbon market, including the weekly closing price of the national carbon market's carbon emission allowances (CEA) and the European Union Allowance (EUA), as well as the price differences between the two markets[27][28][29] - The report categorizes green and transition-related industries into three groups: low-carbon core, low-carbon support, and transition main body, analyzing their capital flow and market activity trends[33][35][38] No quantitative models or factors are explicitly mentioned or analyzed in the report

证券研究报告 | 行业定期报告 2025 年 11 月 09 日 10 月样本城市二手带看人数同比转负 表 1：样本城市新房及二手房网签面积同比（截至 11 月 6 日） | 新房（11 | 月 | 1 日-11 月 | 6 日） | 二手房（11 | 月 | 1 日-11 月 | 6 日） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 城市能级 | 同比 | 较 | 10 月 | 城市能级 | 同比 | 较 | 10 月 | | | 样本城市 | | | | 样本城市 | -21% | -收窄 | | +1 PCT | | 城） （39 | -43% | -扩大 | -16 PCT | 城） （16 | | | | | | 一线城市 | -42% | -扩大 | -7 PCT | 一线城市 | -23% | -收窄 | | +4 PCT | | （4 城） | | | | （2 城） | | | | | | 二线城市 | -43% | -扩大 | -26 PCT | 二线城市 | -30% | -收窄 | | +4 PCT | | ...

Investment Rating - The report maintains a positive investment rating for the storage industry, highlighting the ongoing upward cycle driven by AI demand and limited supply capacity [2]. Core Insights - The storage industry has entered an accelerated upward cycle since Q3 2025, primarily driven by explosive demand from the AI era, leading to a significant supply-demand gap and rapid price increases [1][11]. - The profitability of overseas storage manufacturers continues to improve, with domestic storage module companies also experiencing a turnaround in profitability [6][51]. - The report emphasizes the importance of focusing on domestic storage module companies, niche storage chip manufacturers, and supporting supply chain companies as key investment opportunities [7]. Summary by Sections 1. AI Era Driving Storage Demand and Price Increases - The current upward cycle in the storage industry is characterized by sustained price increases due to surging demand from AI applications, with a notable shift from mobile and internet-driven demand to generative AI [6][12]. - Data center storage demand is projected to grow from 600EB in 2020 to 2.4ZB by 2028, indicating a significant increase in storage requirements [13][18]. 2. Profitability of Overseas Manufacturers and Domestic Module Companies - Major overseas manufacturers like Samsung and Micron reported record revenues and profitability in Q3 2025, with Samsung achieving a sales figure of approximately $18.7 billion, marking a 20% year-on-year increase [51]. - Domestic storage module manufacturers have improved their profitability, with many turning losses into profits as they increase inventory levels in anticipation of rising prices [55]. 3. Investment Recommendations - The report suggests focusing on overseas storage companies such as SanDisk, Micron, SK Hynix, and Western Digital, as well as domestic companies like Jiangbolong, Baiwei Storage, and Zhaoyi Innovation [7][56]. - The overall supply-demand gap in the storage industry is expected to widen further in 2026, with prices likely to continue rising, making it a favorable environment for investment [6][7].

证券研究报告 | 金融工程 2025 年 11 月 09 日 交易和基本面维度均维持震荡信号 ——A 股趋势与风格定量观察 20251109 1. 当前市场观察 ❑ 择时观点上，本周继续维持震荡市的判断，核心原因有两点： 2）二是基本面维度有喜有忧。当前 A 股财务基本面和宏观基本面数据均呈 现中上游行业修复速度快于下游需求侧修复速度的情况。从三季报盈利增速 情况来看，维持明显改善趋势的行业包括有色金属、电子、通信、机械、电 新等中上游行业，而食品饮料、商贸零售、消费者服务等传统消费行业的改 善程度仍较为落后。从通胀数据来看，10 月 CPI 与 PPI 同比增速剪刀差为 2.30%，虽然较上月的 2.00%有所改善，但仍位于年内低位，尚未形成显著 改善。因此，基本面维度仅对 A 股形成结构性支撑，短期对整体权益市场走 势的影响偏中性，后续仍需观察下游需求侧数据改善的持续性。 2. 市场最新观点 ❑ 对中长期投资者来讲，当前市场估值水平偏高，中长期配置性价比已较前期 回落。具体来看，万得全 A 的 PE 和 PB 估值中位数的滚动 3 年分位数分别 为 94.21%和 97.66%，滚动 5 年分位数分别为 ...