Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company has launched the world's first humanoid intelligent logistics robot, marking a new era in smart logistics [1] - The humanoid robot integrates efficient wheeled movement with dexterous human-like operations, capable of various tasks such as box transfer and stacking [1] - The company has a strong market position as a leading forklift manufacturer in China, with significant growth potential in humanoid robots and autonomous vehicles [3] Summary by Sections Product Launch - The humanoid intelligent logistics robot was showcased at the CeMAT ASIA 2025 exhibition, featuring 22 degrees of freedom and advanced perception technologies [1] - The robot can operate in unstructured environments and handle various types of boxes, addressing the limitations of traditional automation equipment [1] Technical and Market Advantages - The company acquired a 99.23% stake in Zhejiang Guozi Robot, enhancing its technological capabilities for humanoid robots and smart logistics [2] - The extensive sales network includes over 80 direct sales companies and 600 authorized dealers, providing comprehensive services globally [2] - The company has over 50 years of manufacturing experience and is implementing smart manufacturing to reduce costs [2] Financial Projections - Expected net profits for 2025-2027 are projected at 2.22 billion, 2.56 billion, and 3.01 billion yuan, with year-on-year growth rates of 10%, 15%, and 18% respectively [4] - Revenue forecasts for the same period are 16.49 billion, 18.15 billion, and 20.39 billion yuan, reflecting growth rates of 1%, 10%, and 12% [5] Industry Context - Global forklift sales increased from 990,000 units in 2013 to 2.14 million units in 2023, with a CAGR of 8.0% [3] - The market for autonomous forklifts is expected to grow significantly, with sales reaching approximately 30,700 units in 2023, reflecting a CAGR of 52% from 2019 to 2023 [3]

Economic Indicators - The GDP weekly high-frequency prosperity index as of November 8 is 4.7%, slightly down from the revised value of 5.0% last week, indicating a slowdown in economic growth[10] - The service and industrial high-frequency indicators have both declined compared to last week[12] Production Sector - The industrial weekly prosperity index has decreased to 8.0% from 8.2%[11] - The service sector's weekly prosperity index has dropped to 2.9% from 3.4%[11] Demand Sector - Overall consumption and fixed asset investment have weakened, while exports have shown resilience, with container throughput rising to 671.8 thousand TEUs from 590.3 thousand TEUs last week, marking a significant increase[55] - The real estate market has seen a significant decline, with new home sales in 30 major cities dropping to 120.2 million square meters, a 43% decrease week-on-week and a 49% year-on-year decline[48] Price Trends - Consumer prices for agricultural products have shown a marginal increase, with the agricultural wholesale price index rising by 0.76% week-on-week[61] - The average price of pork has increased by 0.78% week-on-week, while the prices of key vegetables have risen by 2.16%[61]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The recommended core allocation order for November is A-shares > US stocks > Gold > Convertible bonds > Chinese bonds > US bonds [1]. - Event shocks are the core clues for global large - scale asset trading. The Sino - US trade friction has temporarily ended, but the game between expected and actual negotiation results may continue. The Fed cut interest rates by 25BP in October, but internal differences among Fed officials on the subsequent monetary policy path exceed market expectations. The lack of economic data due to the US government shutdown and the dilemma of balancing inflation and the labor market pose a decision - making dilemma for the Fed. The market's continuous pre - emptive trading on interest rate cuts since August has led to a divergence in interest rate cut expectations, which may trigger adjustments in interest - rate - sensitive assets such as US bonds and gold, and these adjustments may mean more cost - effective allocation opportunities [1]. 3. Summary by Relevant Catalogs 3.1 Monthly Macro Trading Main Line - **Sino - US Trade Friction Repeated**: The Sino - US trade friction heated up due to disputes over ship charging policies and rare earth export control policies. After a series of confrontations, both sides released signals of easing. The Sino - US leaders' meeting on October 30 led to the suspension of relevant export control and investigation measures for one year, and the cancellation of a 10% fentanyl tariff. The global risk - aversion sentiment first rose and then fell, affecting large - scale asset prices. Understanding market expectations is the key to grasping event - shock market trends [11][12][13]. - **Fed's Interest Rate Cut Expectation Changes**: The Fed cut interest rates by 25BP as expected on October 30, but there was a rare three - way divergence in voting. Powell indicated that a December interest rate cut is not certain. The lack of major economic data due to the US government shutdown makes the Fed's decision - making difficult. The market's relatively consistent expectation of interest rate cuts has begun to show divergence, which is reflected in the reversal of the US bond yield and the adjustment of gold prices. The end time of the US government shutdown is a key factor affecting the December interest rate cut decision, and the divergence may mean better trading opportunities [24][25][28]. 3.2 Monthly Asset Performance Review - **Equity**: In October, Japanese stocks were the strongest, and Hong Kong stocks were the weakest, with the overall performance being Japanese stocks > US stocks > A - shares > Hong Kong stocks. A - shares: The Shanghai Composite Index broke through 4000 points in October but faced difficulties in further short - term breakthroughs. The small - cap stocks performed well, and the market embraced dividend - low - volatility sectors while technology - growth sectors faced pressure. US stocks: They were mixed, but technology stocks showed strong momentum, with a short - term inflection point after the release of technology stocks' third - quarter reports and the Fed's FOMC meeting. Japanese stocks: The Nikkei 225 index rose 16.64% in October, driven by factors such as postponed interest rate hikes, "Takamachi Sanae trading" expectations, and the depreciation of the yen. Hong Kong stocks: They rose and then retreated, and the Hang Seng Technology Index significantly underperformed A - share technology stocks [35][40][43]. - **Bonds**: Except for Japanese bonds, the yields of major national government bonds in the world declined to varying degrees in October. Chinese bonds: The yield fluctuated and strengthened, mainly affected by stock market adjustments, Sino - US tariff games, and the central bank's resumption of buying and selling government bonds. US bonds: The yield first declined and then rose, with the US government's credit crisis, Sino - US friction, and the game on the December interest rate cut expectation as key variables. Japanese bonds: They weakened slightly after the "Takamachi Sanae trading" in October, with the expectations of loose fiscal and monetary policies offsetting each other, and the government bond curve first steepened and then flattened [56][63][73]. - **Commodities**: Precious metals such as gold and silver first rose and then significantly adjusted in October, driven by factors such as cooling sentiment, over - valuation, and the rebound of the US dollar index. The prices of black - series commodities and new - energy materials showed limited upward momentum. Black - series commodities: Rebar prices remained low due to weak real estate and infrastructure, while coking coal and coke rose slightly due to anti - involution policies. New - energy materials: The prices of lithium carbonate and polysilicon fluctuated significantly with changes in expectations of anti - involution policies [75][86]. - **Exchange Rates**: The US dollar index strengthened in October, and the US dollar and US bonds continued to deviate. The strengthening of the US dollar index was mainly due to the weakening of overseas currencies such as the euro and the yen. The RMB continued to appreciate slightly in October, affected by factors such as the narrowing of the Sino - US interest rate spread, better - than - expected export data, and strong stock index performance [89][93]. 3.3 Monthly Macro Events Overview - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was successfully held from October 20 to 23, 2025, and the "Proposal of the Central Committee of the Communist Party of China on Formulating the 15th Five - Year Plan for National Economic and Social Development" was officially announced on October 28, providing a direction for future five - year development [101]. - Takamachi Sanae was elected as the Prime Minister of Japan on October 21. The "Takamachi Sanae trading" heated up, driving the Japanese stock market to rise continuously in October, with the Nikkei 225 index rising 16.64% in a single month, while the yen exchange rate was significantly under pressure [102]. - Global major central banks held interest rate meetings in the last week of October. The Fed cut interest rates by 25BP as expected, but there was a large divergence among officials on the December interest rate cut decision. The Bank of Japan maintained the benchmark interest rate at 0.5% for the sixth consecutive time, and two policy committee members opposed it. The European Central Bank also remained on hold for the third consecutive time, maintaining the deposit facility rate, main refinancing rate, and lending facility rate unchanged [104][106][107].

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that commodity prices align with seasonal expectations, and equity trends reflect positive market sentiment [1] Price Performance - The Shanghai Composite Index is at 3,998 with a weekly increase of 1.1% and a year-to-date increase of 19.3% [3] - The SW Steel Index is at 2,737 with a weekly increase of 4.4% and a year-to-date increase of 30.2% [3] - Rebar (HRB400 20mm) price is at 3,200 CNY/ton, showing a weekly decrease of 0.3% and a year-to-date decrease of 6.2% [3] - Iron ore price index is at 105 USD/ton, reflecting a weekly decrease of 2.5% and a year-to-date decrease of 4.7% [3] Inventory - Total social inventory of five major steel products is 1,074,000 tons, with a weekly increase of 0% and a year-to-date increase of 41.7% [6] - Total inventory at steel mills is 429,600 tons, with a weekly increase of 0% and a year-to-date increase of 22.4% [6] - Port inventory of iron ore is 14,895,000 tons, with a weekly increase of 2.4% [6] Supply and Demand - The report highlights the weekly production of five major steel products and daily average molten iron output, indicating ongoing production levels [9][12] - The report also discusses the operational rates of blast furnaces and electric furnaces across the country, reflecting the industry's capacity utilization [11][12]

Inflation Data - October CPI increased by 0.2% year-on-year, up from -0.3% in the previous month, exceeding market expectations of -0.1% and prior forecasts of 0.1%[1] - October PPI recorded a year-on-year decline of -2.1%, an improvement from -2.3% in the previous month, also above market expectations of -2.3%[7] Price Movements - Food prices decreased by 2.9%, with the decline narrowing by 1.5 percentage points compared to the previous month, impacting CPI by approximately -0.54 percentage points[3] - Core CPI rose by 1.2%, marking the highest increase since March 2024, with service prices increasing by 0.8%[3] Sector Analysis - Significant price increases were observed in gold jewelry, with prices rising by 50.3% for gold and 46.1% for platinum, driven by sustained demand and new tax policies[4] - The manufacturing sector showed signs of slowing, with the production index at 49.7%, down 2.2 percentage points from the previous month[8] Market Outlook - The fourth quarter is expected to see a shift in asset performance, with a transition from technology growth stocks to low-volatility dividend stocks as risk appetite declines[1] - Bond yields are anticipated to decrease in Q4 due to weakening fundamentals and potential monetary easing as risk preferences shift[1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][12]. Core Insights - The company is a global leader in wide-body trucks, with steady growth expected in its performance due to the ongoing penetration of new energy and autonomous driving models [1]. - The revenue CAGR from 2018 to 2024 is projected to be 21%, while the net profit CAGR for the same period is expected to be 31% [1][29]. Summary by Sections Company Overview - The company, established in 2005, is a pioneer in non-road wide-body trucks and aims to be a leading supplier of engineering transportation solutions [19]. - The company has diversified its product offerings, including fuel, electric, and hybrid models, with a market share of approximately 30% in the non-road wide-body truck segment [19][26]. Market Analysis - The domestic market for fuel wide-body trucks is stabilizing, while overseas markets present new growth opportunities [2]. - The market for new energy wide-body trucks is expected to grow significantly, with a projected market size of 25 billion yuan in 2024, increasing to 149 billion yuan by 2029, reflecting a CAGR of 43% [3][66]. - The autonomous driving market for wide-body trucks is also expanding, with a forecasted market size of 20 billion yuan in 2024, expected to reach 301 billion yuan by 2030, representing a CAGR of 57.4% [4][66]. Financial Forecasts - Revenue forecasts for 2025-2027 are 67.8 billion yuan, 76.4 billion yuan, and 86.2 billion yuan, with a CAGR of 12.8% [5][12]. - Net profit forecasts for the same period are 8.9 billion yuan, 9.9 billion yuan, and 11.4 billion yuan, with a CAGR of 13.1% [5][12]. Competitive Landscape - The competitive landscape for new energy wide-body trucks is concentrated, with the top three companies holding a combined market share of 68% [3]. - The company is positioned as the second-largest player in the autonomous driving segment, benefiting from partnerships with leading technology firms [4][66].

Group 1 - Report Industry Investment Rating - No investment rating information provided in the report [1][2] Group 2 - Core Views of the Report - Convertible bond high valuation and limited bond selection space weaken the elasticity of convertible bonds, showing weak Sharpe characteristics. In a strong bullish atmosphere in the equity market, it is recommended to maintain convertible bond positions, balance style allocation, and use a trading mindset for individual bonds. Select balanced convertible bonds with strong underlying stock logic, where high stock price volatility can quickly digest the high premium of convertible bonds, and high - quality convertible bonds in non - callable equity - biased varieties with low premium rates [1][2] - The convertible bond index has been oscillating upwards recently but is weaker than equities. The convertible bond elasticity is weak, and it shows weak Sharpe characteristics. The high valuation of convertible bonds and limited bond selection space have weakened their elasticity. The convertible bond market lacks incremental capital inflows, and most institutional convertible bond positions have decreased [2] Group 3 - Summary by Relevant Catalogs 1. Convertible Bond Weekly Thinking - The convertible bond index has been oscillating upwards, but it is weaker than equities. The median of convertible bond prices has reached 133 yuan, still some distance from the August high. Convertible bond elasticity is weak, and internal styles lack a clear trend, increasing trading difficulty [7] - High convertible bond valuations and limited bond selection space weaken elasticity. The valuations of convertible bonds are oscillating at a high level. The premium rates of debt - biased, balanced, and equity - biased convertible bonds are about 85%, 24%, and 9.6% respectively. The convertible bond return space has decreased compared to the third quarter [7] - Funds represented by ETFs have been flowing out slightly, and the convertible bond market lacks incremental capital inflows. Except for QFII, the convertible bond positions of institutions have decreased, with public funds reducing their holdings by 3.65 billion yuan [8] - In a strong bullish atmosphere in the equity market, it is recommended to maintain convertible bond positions, balance style allocation, and use a trading mindset for individual bonds. Select balanced convertible bonds with strong underlying stock logic and low - premium targets among non - callable equity - biased varieties [8][9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - The report provides the performance data of various convertible bond indexes such as the Wind Convertible Bond Energy Index, Wind Convertible Bond Materials Index, etc. in different time periods including the recent week, two weeks, since September, etc. [12] 2.2 Individual Convertible Bonds - The report shows the top ten and bottom ten individual convertible bonds in terms of price increase and decrease in the recent week [13][15] 2.3 Convertible Bond Valuations - The report presents the valuation trends of debt - biased, balanced, and equity - biased convertible bonds, as well as the valuation trends of convertible bonds with different parities [19][21][26] 2.4 Convertible Bond Prices - The report shows the proportion trend of high - priced bonds and the median trend of convertible bond prices [23][30] 3. November Convertible Bond Recommendations - It is recommended to pay attention to convertible bonds such as Shangyin Convertible Bond, Shouhua Convertible Bond, etc. [11]

- The report highlights the reversal of the momentum style factor observed after the US-China summit, indicating a shift in market narrative and the end of the previous technology-driven bull market [14] - The leverage factor has shown significant upward movement since late September, reflecting market pricing of earnings recovery expectations [14] - The BARRA style factor analysis reveals that fundamental factors remain mixed, with value-oriented assets outperforming growth-oriented ones. High BP value stocks and those with strong investment quality and profitability are expected to deliver higher excess returns [23] - Transaction-related factors show that short-term momentum stocks performed well this week, while high volatility and high turnover stocks faced potential pullbacks. High beta stocks have recovered strongly from recent corrections [23] - Market capitalization factors, including size and non-linear size, experienced synchronized pullbacks, with non-linear size showing larger declines. The market may exhibit a barbell allocation pattern, favoring small-cap stocks in the short term [23]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - Currently, the spread between 1 - 2 year "China Development Bank bonds - Treasury bonds" remains stable, while the spread between 3 - 5 year "China Development Bank bonds - Treasury bonds" has widened rapidly, and the 5 - year spread has exceeded the level during the central bank's bond - buying period last year, indicating that the central bank's main bond - buying tenor is currently 3 - 5 years [1][4][13]. - The widening spread of 7 - 10 year "China Development Bank bonds - Treasury bonds" more reflects the impact of the new regulations on the redemption of public bond funds and the change in the allocation power of China Development Bank bonds and Treasury bonds [1][4][19]. 3. Summary by Directory 3.1 Current Key Information Implied by Spreads between China Development Bank Bonds and Treasury Bonds of Different Tenors - Before 2024, the spread (or implicit tax rate) between China Development Bank bonds and Treasury bonds mainly reflected the changes in the bond - buying power of configuration - type investors such as bank self - operations and trading - type investors such as bond funds under the tax difference, with obvious characteristics of "narrowing in bull markets and widening in bear markets" [2][11]. - Currently, using the "China Development Bank bonds - Treasury bonds" spread can better reflect the change in the demand structure. After August 8, 2024, the "continuity" of the implicit tax rate is worse than the spread due to the resumption of value - added tax on the interest income of financial bonds [3][12]. - From August to December 2024, the central bank continuously net - bought Treasury bonds worth 1 trillion yuan, during which the spreads of 1 - year and 2 - year "China Development Bank bonds - Treasury bonds" widened significantly. The "claims on the government" item in the central bank's balance sheet decreased by about 660 billion yuan in 2025, indicating that the tenors of Treasury bonds purchased by the central bank in 2024 were relatively short [3][12]. 3.2 Narrow - Sense Liquidity 3.2.1 Central Bank Operations: Restart Treasury Bond Trading to Inject Base Money - Short - term liquidity: In the past week (November 3 - 7), the central bank's net repurchase of pledged reverse repurchase was 1572.2 billion yuan. As of November 7, the central bank's reverse repurchase balance was 495.8 billion yuan, seasonally at a low level at the beginning of the month [20]. - Medium - term liquidity: In November, the maturity amount of outright reverse repurchase was 1000 billion yuan (700 billion yuan for 3 - month and 300 billion yuan for 6 - month), and the maturity of MLF was 900 billion yuan. On November 5, the central bank renewed 700 billion yuan of 3 - month outright reverse repurchase [21][22]. 3.2.2 Institutions' Fund Lending and Borrowing Situation: Sufficient Supply in the Upper and Middle Reaches - Fund supply (lenders): On November 7, the net lending of large - scale banks was 3.9 trillion yuan, an increase of about 730.2 billion yuan compared with October 31. The net lending balance of large - scale banks was 4.4 trillion yuan, an increase of about 280.5 billion yuan compared with October 31. The net lending balance of money market funds was 1.3 trillion yuan, a decrease of about 183.3 billion yuan compared with October 31. The net lending of joint - stock banks was 114.1 billion yuan, an increase of about 116.7 billion yuan compared with October 31 [25]. - Fund demand (borrowers): On November 7, the balance of bonds to be repurchased in the inter - bank pledged repurchase market was about 11.6 trillion yuan, an increase of 202.4 billion yuan compared with October 31. The inter - bank market leverage ratio was 107%, an increase of 0.03 percentage points compared with October 31 [34]. 3.2.3 Repo Market Transaction Situation: Stable in Both Volume and Price - In the past week, the volume and price of the inter - bank pledged repo market were stable. The median daily trading volume was about 7.9 trillion yuan, an increase of 996.8 billion yuan compared with October 27 - 31. The median of R001 was 1.36%, a decrease of 4bp compared with last week [36]. 3.2.4 Interest Rate Swaps: Basically Flat - The 1 - year FR007 IRS rate and the 1 - year SHIBOR 3 - month IRS rate were basically flat compared with last week. The median of the 1 - year FR007 IRS this week was 1.54%, and the median of the 1 - year SHIBOR 3 - month IRS was 1.59% [44]. 3.3 Government Bonds: Rising Net Payment Pressure for Government Bonds in the Coming Week - **Next Week's Net Payment of Government Bonds**: In the past week, the net payment of government bonds was 36.8 billion yuan. In the coming week, it is expected to be 369.2 billion yuan, with relatively high pressure on Monday and Friday [46]. - **Current Issuance Progress of Government Bonds**: As of November 7, the net financing progress of Treasury bonds was 87.8%, with about 810.3 billion yuan of remaining net financing space in 2025. The issuance progress of new local bonds was 90.4%, with 500.2 billion yuan of remaining issuance space [48]. 3.4 Inter - Bank Certificates of Deposit: Decreasing in Volume and Stable in Price - **Absolute Yield**: On November 7, most SHIBOR quotes of different tenors decreased compared with October 31, except for the overnight tenor which increased by 1bp. The yields of AAA - rated inter - bank certificates of deposit of 1 - month and above tenors increased compared with October 31 [52]. - **Issuance and Stock Situation**: In the past week, the total issuance volume of inter - bank certificates of deposit was 527.9 billion yuan, a decrease of 207.1 billion yuan compared with October 27 - 31. In terms of issuance tenors, the proportions of 6 - month and 9 - month increased, while those of 1 - month, 3 - month, and 1 - year decreased [54]. - **Relative Valuation**: On November 7, the spread between the 1 - year AAA - rated inter - bank certificate of deposit yield and R007 was 16bp, at the 35th percentile since 2020; the spread between the 10 - year Treasury bond yield and the 1 - year AAA - rated inter - bank certificate of deposit yield was 18bp, at the 42nd percentile since 2020 [57].

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue growth of 15% year-on-year for Q3 2025 and plans to establish a robotics subsidiary to expand into the robotics business [2][11] - The acquisition of a 70% stake in Anhui Ruiqi Automotive Parts Co., which specializes in automotive seats, is expected to open new growth opportunities [3] - The company aims to leverage its existing customer base, including major automotive manufacturers, to enter the robotics industry [3] Financial Summary - Revenue projections for 2025-2027 are estimated at 163 billion, 197 billion, and 236 billion CNY, with year-on-year growth rates of 23%, 21%, and 20% respectively, resulting in a CAGR of 21% [4] - Net profit forecasts for the same period are 10.3 billion, 13.0 billion, and 17.1 billion CNY, with growth rates of 5%, 27%, and 31% respectively, also achieving a CAGR of 21% [4] - The company’s P/E ratios are projected to be 38X, 30X, and 23X for 2025, 2026, and 2027 respectively [4] Recent Performance - In Q3 2025, the company achieved a revenue of 39.5 billion CNY, a year-on-year increase of 14.9%, while net profit decreased by 27.1% to 2.0 billion CNY due to price reductions and increased management and R&D expenses [11] - The gross margin for Q3 2025 was reported at 15.6%, down 5.7 percentage points year-on-year [11]