Group 1: Report Overview - The report is a fixed - income report released on November 24, 2025, written by analyst Liang Weichao and research assistant Wang Yi [1][2] Group 2: 2025 Government Bond Supply Review - In 2025, the deficit - to - GDP ratio was increased to 4%, resulting in a significant increase in government bond supply. As of the end of November, the cumulative government bond issuance was about 24.08 trillion yuan, with a net financing of about 13.23 trillion yuan. It is estimated that the full - year issuance will reach 26.31 trillion yuan, with a net financing of 13.85 trillion yuan [3][11][12] - The issuance of government bonds in 2025 was generally fast. The issuance of national debt from January to November was at a relatively fast pace compared to the same period in the past five years. The issuance of local government bonds was more balanced, and the progress accelerated again in the fourth quarter [12] Group 3: 2026 Government Bond Supply Outlook 3.1 Fiscal Policy and Overall Supply - In 2026, the fiscal policy will remain proactive, with a stable total bond - issuance volume and a focus on quality and efficiency improvement. The deficit - to - GDP ratio is expected to remain at around 4%, the deficit scale is about 5.95 trillion yuan, and the special bond quota is expected to increase to 4.8 trillion yuan. The scale of ultra - long - term special treasury bonds is expected to increase to about 1.8 trillion yuan, and the annual debt - resolution arrangement is expected to remain at 2 trillion yuan. The estimated general deficit scale in 2026 is about 14.55 trillion yuan, corresponding to a general deficit - to - GDP ratio of about 9.8% [4][14] - The total government bond supply in 2026 is about 25 trillion yuan, and the net financing target is 14.42 trillion yuan, remaining at a historically high level but with limited impact [5] 3.2 National Debt - The total national debt issuance in 2026 is expected to be 13.9 trillion yuan, a decrease from the previous year due to reduced maturity pressure. The net financing target is about 6.9 trillion yuan, a slight increase from 2025. The maturity pressure is expected to be about 7 trillion yuan [4][17][18] - The issuance progress of national debt in 2026 is expected to be more gradual than in 2025. The supply shock in the first quarter will ease year - on - year. The net financing peak may be concentrated in the third and fourth quarters [20] 3.3 Local Government Bonds - The total issuance of local government bonds in 2026 is expected to be 11.12 trillion yuan, slightly higher than the previous year. The new local government bond scale is expected to be about 5.72 trillion yuan. The ordinary refinancing bond issuance is expected to be 3.12 trillion yuan, and the special refinancing bond issuance is expected to be 2.29 trillion yuan [23] - June and August 2026 are the peak repayment months for local government bonds. The issuance rhythm may be more front - loaded, with supply peaks in the first and second quarters [24][27] Group 4: Policy Coordination and Uncertainties - In 2026, the coordination between fiscal and monetary policies will be more effective. The central bank will continue to release medium - and long - term liquidity to ease the supply shock, and the fiscal side will pay more attention to structural investment and debt - resolution rhythm [5] - Uncertainties in government bond supply in 2026 mainly include the demand for special treasury bonds and new arrangements after the debt - resolution quota is used up. The special treasury bonds may have new uses, and the debt - resolution pressure in some local areas remains high, especially the problem of enterprise accounts receivable [32]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the launch of Huawei's AI container technology Flex:ai, which addresses the low utilization efficiency of computing power in the industry, currently averaging only 30% to 40%. Flex:ai enhances utilization by 30% through precise segmentation of GPU/NPU resources [4][5] - The report emphasizes the unique advantages of Flex:ai over Nvidia's Run:ai, particularly in virtualization and intelligent scheduling, which can optimize resource allocation for AI workloads [5][6] - The development of Flex:ai is seen as a significant step in strengthening domestic computing power capabilities, promoting a complete open-source ecosystem for AI tools [6][7] Summary by Sections Industry Overview - The closing index is at 5068.36, with a 52-week high of 5841.52 and a low of 3963.29 [1] Performance Analysis - The relative performance of the computer industry compared to the CSI 300 index shows fluctuations, with a notable decline of 13% from November 2024 to November 2025 [3] Key Developments - Huawei's Flex:ai is positioned to significantly improve AI cluster computing efficiency and reduce migration barriers for AI models, reinforcing the software capabilities in the domestic computing landscape [6][7] - The report suggests monitoring companies involved in AI containers and domestic computing power, including BoRui Data, Haohan Deep, and others [7]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The report emphasizes Google's recent advancements in AI models, particularly the Gemini 3.0 Pro, which showcases significant improvements in model capabilities, user experience, and integration with developer tools [5][9] - The report highlights the importance of Google's integrated approach, combining hardware, research, and product development to maintain a competitive edge in the generative AI landscape [8][9] Summary by Sections Industry Overview - The closing index for the industry is 5068.36, with a 52-week high of 5841.52 and a low of 3963.29 [2] Performance Analysis - The relative performance of the industry shows a fluctuating trend, with a notable decline of 13% from November 2024 to November 2025 [4] Recent Developments - Google's Gemini 3.0 Pro model has achieved state-of-the-art (SOTA) results in various benchmarks, demonstrating advanced reasoning capabilities and multi-modal understanding [6][7] - The introduction of a new AI Integrated Development Environment (IDE) called Google Antigravity aims to enhance developer productivity by integrating various tools [7][9] Investment Recommendations - The report suggests focusing on several sectors, including Hong Kong internet companies, multi-modal technology firms, agent technology companies, and both domestic and overseas computing power providers [9][10]

Report Information - Report Type: Fixed Income Report - Release Date: November 24, 2025 - Analysts: Liang Weichao, Cui Chao [2] Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - The production side's heat continues to decline, with significant decreases in the operating rates of blast furnaces, asphalt, PX, PTA, all-steel tires, and semi-steel tires. - The commercial housing transaction area has marginally rebounded but remains lower than the same period in previous years. The land supply area is on a seasonal upward trend, and a peak in land supply is expected at the end of the month. - Prices have generally declined, including those of crude oil, coking coal, copper, aluminum, zinc, and four key monitored agricultural products: pork, eggs, vegetables, and fruits. - In terms of shipping prices, the SCFI has declined for three consecutive weeks, while the BDI has risen significantly. Short-term focus should be on the implementation of incremental policies on the consumption and investment sides and the recovery of the real estate market [2][32]. Summary by Directory Production - Steel: The coke oven capacity utilization rate remained flat, the blast furnace operating rate decreased by 0.62 pct, and the rebar production increased by 7.96 tons [3][9]. - Petroleum Asphalt: The operating rate decreased by 4.2 pct [3][9]. - Chemicals: The PX operating rate decreased by 0.36 pct, and the PTA operating rate decreased by 4.25 pct [3][9]. - Automobile Tires: The all-steel tire operating rate decreased by 3.19 pct, and the semi-steel tire operating rate decreased by 2.61 pct [3][10]. Demand - Real Estate: The commercial housing transaction area marginally rebounded, the inventory-to-sales ratio increased, the land supply area grew, and the residential land transaction premium rate decreased [3][15]. - Movie Box Office: It increased by 444 million yuan compared to the previous week [3][15]. - Automobiles: The daily average retail sales of automobile manufacturers increased by 21,000 vehicles, and the daily average wholesale sales increased by 27,000 vehicles [3][17]. - Shipping Freight Rates: The SCFI index decreased by 3.98%, the CCFI index increased by 2.63%, and the BDI index increased by 7.06% [3][20]. Prices - Energy: The Brent crude oil price decreased by 2.84% to $62.56 per barrel, and the coking coal futures price decreased by 7.33% to 1,113 yuan per ton [4][22]. - Metals: The LME copper, aluminum, and zinc futures prices changed by -0.63%, -1.77%, and -0.75% respectively, while the domestic rebar futures price increased by 0.43% [4][23]. - Agricultural Products: The overall price slightly declined, with the Agricultural Product Wholesale Price 200 Index decreasing by 0.10%. The prices of pork, eggs, vegetables, and fruits changed by -0.83%, -3.46%, -0.70%, and -0.14% respectively compared to the previous week [4][25]. Logistics - Subway Passenger Volume: In Beijing, it decreased, while in Shanghai, it increased [4][28]. - Flight Operations: Both domestic and international flight volumes rebounded [4][29]. - Urban Traffic: The peak congestion index in first-tier cities stabilized and rebounded [4][29]. Summary - The production continues to decline, and prices are generally decreasing. Short-term focus should be on the implementation of incremental policies on the consumption and investment sides and the recovery of the real estate market [32].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [2][13]. Core Insights - The company reported a significant revenue increase of 44.2% year-on-year for the first three quarters of 2025, with total revenue reaching 276.0 billion yuan. The net profit attributable to shareholders was 11.4 billion yuan, a turnaround from a loss of 36.9 billion yuan in the same period last year [5][6]. - The global revenue for the drug Zebutinib surpassed 1 billion USD, with a notable growth of 53.2% in the first three quarters of 2025. The revenue breakdown shows strong performance in various regions, particularly in China, where it grew by 359% [6][9]. - The company has adjusted its full-year revenue guidance from 50-53 billion USD to 51-53 billion USD, while maintaining its guidance for positive GAAP operating profit [5][6]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 100.8 billion yuan, representing a 41.1% increase year-on-year. The gross margin for Q3 was reported at 85.9%, an increase of 3.1 percentage points compared to previous quarters [6][7]. - The projected revenues for 2025, 2026, and 2027 are 371.0 billion yuan, 471.5 billion yuan, and 581.8 billion yuan, respectively, with year-on-year growth rates of 36.3%, 27.1%, and 23.4% [9][11]. - The net profit attributable to shareholders is expected to reach 8.2 billion yuan in 2025, with a staggering growth of 116.5% compared to the previous year [9][11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the current situation of the cooperation between wealth management and trusts and the impact of the new asset management trust regulations. Wealth management's external investment has been increasing, with trusts being one of the most important cooperation institutions. However, the new regulations may bring certain impacts to the cooperation between wealth management and trusts, including challenges to traditional trust investment paths and potential difficulties in non - standard investment [3][4][5]. 3. Summary by Directory 1. Historical Status Quo: Scale and Mechanism of Wealth Management's Trust Holdings - **Scale and Proportion**: Since the implementation of the new asset management regulations in 2022, wealth management subsidiaries have significantly increased their external investment. By the end of Q2 2025, the proportion of external investment in wealth management exceeded 50%. In the top ten holdings of wealth management, the scale of trust holdings has risen rapidly, reaching 2.65 trillion yuan by the end of Q3 2025, accounting for over 70% [3][12][15]. - **Smoothing Mechanism**: Trusts can provide five typical models to achieve income smoothing, including increasing the proportion of non - market - value - fluctuating assets, self - built valuation models, net - value smoothing services, closing - price valuation, and T - 1 valuation, meeting the low - volatility and stable requirements of wealth management institutions [16]. - **Income Enhancement**: Trusts are important partners for wealth management in non - standard investment due to their rich experience and resources in non - standard investment in real estate, industrial and commercial enterprises, and urban investment. In 2024, the number of collective trusts issued by trust companies and invested in basic industries, industrial and commercial enterprises, and real estate exceeded those invested in the securities market. The average yields of these fields are also higher than that of the securities market. Additionally, wealth management can leverage the human and intellectual resources of trust companies to improve their product management and operation levels [24][26]. 2. New Asset Management Trust Regulations: Impact on Traditional Trust Investment Paths and the Cooperation Model between Wealth Management and Trusts - **New Regulation Review**: The new regulations reform trust business rules through measures such as penetration verification, limiting customization, reducing nesting, and enhancing net - value management. Key points include clear penetration review principles, concentration requirements, restrictions on the investment direction of nested products, and higher net - value management requirements [4][28]. - **Concentration Limit**: The 80% concentration limit in the new regulations has sparked much debate. The core controversy lies in whether different wealth management products managed by the same wealth management company are considered affiliated parties. If the regulations are strictly enforced, it may reshape the current mainstream cooperation model of wealth management investing in trusts. Referring to the insurance industry, strict implementation of similar regulations led to a continuous decline in insurance funds' investment in trusts. Similarly, strict implementation of the new asset management trust regulations may also have a significant impact on the cooperation between wealth management and trusts [34][37][38]. - **Non - Standard Investment**: Wealth management's investment in non - standard assets through trusts is facing a trade - off between income and risk. On one hand, wealth management institutions' product yields are under downward pressure, and they have a demand for non - standard investment to increase income. On the other hand, the risk of non - standard trust products has been increasing in recent years. After the implementation of the new regulations, the continuation of existing non - standard products and the issuance of new non - standard trusts may become more difficult. If the regulations are strictly enforced, it may also impact medium - and low - grade bonds, and wealth management may increase the allocation of cash and high - grade credit bonds [39][43][45].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - The company aims to establish leadership in various segments by 2025, with a projected compound annual growth rate (CAGR) of over 10% in revenue from 2021 to 2025, significantly outperforming the industry average of -0.18% during the same period [4][5]. - The company holds the leading market share in liquid milk, milk powder, and ice cream, with continuous growth in these segments, particularly in cheese products [4][5]. - The company plans to enhance its value chain through diversification and international expansion, focusing on markets in Indonesia, Thailand, and New Zealand, while also developing functional nutrition and deep processing products [5][6]. Financial Performance and Projections - The company is projected to achieve revenues of CNY 120.31 billion, CNY 126.17 billion, and CNY 132.41 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.91%, 4.87%, and 4.94% [9][11]. - The net profit attributable to the parent company is expected to reach CNY 11.25 billion, CNY 12.20 billion, and CNY 13.25 billion for the same years, reflecting growth rates of 33.13%, 8.43%, and 8.57% [9][11]. - The company aims to maintain a cash dividend payout ratio of no less than 75% from 2025 to 2027, ensuring a stable dividend yield of approximately 4.92% by 2026 [9][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 2.398 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.63%. The net profit attributable to the parent company was 260 million yuan, up 3.30% year-on-year [4][5] - The gross margin reached a historical high of 54.79% in Q3 2025, with a net profit margin of 10.30%, indicating improved profitability [5] - The company's respiratory machine business is expected to become a major product line, with significant sales growth since June 2025 due to strong consumer recognition and a comprehensive sales strategy [5] - The company is strategically investing in cutting-edge fields such as brain-machine interfaces, which could enhance its capabilities in hearing rehabilitation and intelligent assistive devices [6] Financial Performance - Revenue projections for 2025-2027 are 3.361 billion yuan, 3.846 billion yuan, and 4.377 billion yuan, with year-on-year growth rates of 12.66%, 14.45%, and 13.79% respectively. Net profit attributable to the parent company is expected to be 381 million yuan, 474 million yuan, and 561 million yuan, with growth rates of 22.09%, 24.57%, and 18.34% respectively [7][9] - The company’s PE ratios for 2025-2027 are projected to be 23 times, 19 times, and 16 times [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [8][13]. Core Insights - The company reported a revenue of 1.194 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.28%. However, the net profit attributable to the parent company was 208 million yuan, reflecting a year-on-year decline of 19.25% [3][4]. - The gross margin for the third quarter of 2025 was 42.24%, showing a year-on-year decrease of 0.73 percentage points but a quarter-on-quarter increase of 5.91 percentage points. The net margin was 20.34%, with a year-on-year increase of 0.64 percentage points and a quarter-on-quarter increase of 6.06 percentage points, indicating improved profitability [4]. - The company is actively collaborating with clients in the brain-computer interface (BCI) sector, leveraging its competitive advantages in invasive BCI CDMO. The company is a strategic partner and core supplier for a leading global cochlear implant manufacturer, focusing on the development and production of cochlear implant components [4][5]. - The company has also made strides in the humanoid robotics sector, with plans to develop products utilizing its expertise in PEEK materials and small motor components. Initial products have already been supplied to domestic and international clients in the surgical robotics field [5]. Financial Forecast - Revenue projections for 2025 to 2027 are 1.730 billion yuan, 2.164 billion yuan, and 2.662 billion yuan, with year-on-year growth rates of 8.50%, 25.10%, and 23.03%, respectively. Net profit attributable to the parent company is forecasted to be 370 million yuan, 478 million yuan, and 608 million yuan for the same period, with corresponding growth rates of 1.69%, 29.32%, and 27.14% [6][9]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 32.28, 24.96, and 19.63, respectively [6][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][10] Core Insights - The demand for high-end PCBs is continuously driven by high-speed switches and AI servers, with the company achieving a revenue of 13.512 billion yuan in the first three quarters, a year-on-year increase of 49.96%, and a net profit of 2.718 billion yuan, up 47.03% year-on-year [2] - The introduction of cabinet PCB orthogonal backplanes is expected to open new market opportunities due to their high-density interconnection capabilities, which meet the needs of multi-module data interaction [2] - The company is actively investing in capital expenditures, with cash payments for fixed assets and other long-term assets amounting to approximately 2.104 billion yuan in the first three quarters of 2025, and plans for a new AI chip supporting high-end PCB expansion project [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 18.81 billion yuan, 24.26 billion yuan, and 30.42 billion yuan respectively, with net profits expected to be 3.81 billion yuan, 5.32 billion yuan, and 6.78 billion yuan [4][6] - The company is expected to maintain a strong growth rate, with revenue growth rates of 49.26% in 2024, 40.96% in 2025, and 29.01% in 2026 [6][9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.98 yuan, 2.76 yuan, and 3.52 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 32.11, 23.01, and 18.05 [6][9]