Core Viewpoint - The recent escalation in the China-U.S. economic and trade conflict is expected to have a weaker impact on the A-share market compared to the situation in early April, due to prior market adjustments and effective responses from China [1] Group 1: Market Impact - The current situation may affect risk appetite, potentially extending the market adjustment that began at the end of August [1] - The overall assessment indicates that the impact on A-shares will be less severe than in April, as the market had already priced in significant adjustments at that time [1] Group 2: Long-term Outlook - The restructuring of the global monetary order is accelerating, leading to a decline in the safety of U.S. dollar assets, which will continue to favor the revaluation of RMB assets [1] - Upcoming policy plans, such as the "14th Five-Year Plan," and the positive fundamentals in sectors like technology suggest that the foundation for market growth remains intact [1] - A-share valuations are considered relatively reasonable, indicating that the current market conditions may support a more stable and long-term growth trajectory [1] Group 3: Investment Opportunities - If irrational market sentiment leads to excessive adjustments in the short term, it may present favorable opportunities for reallocation into A-shares [1]

Core Insights - The Chinese public REITs market has maintained a robust supply and demand dynamic since 2025, with increasing market attention and a total of 127 valid questionnaires collected during the annual market survey conducted from September 25 to September 30 [2] Group 1: Market Participants and Investment Strategies - Securities firms and insurance institutions are the main participants in the market, with over 30% of insurance and over 40% of securities firms having cumulative investments exceeding 1 billion yuan [4][11] - Institutions are diversifying their investment strategies, with a high interest in new issuance strategies, while over 30% of institutions are exploring private REITs investment opportunities [4][16] - The majority of institutions still rely on offline/public subscription and secondary market participation as their main investment methods, with a notable increase in the use of entrusted accounts for REITs investments [4][16] Group 2: Market Size and Liquidity Concerns - Market size and liquidity remain significant concerns, with many investors indicating that the market is still too small and lacks sufficient liquidity, similar to last year's survey results [5][29] - Nearly 70% of sample institutions plan to increase their REITs allocation in 2026, focusing on sectors such as consumption, data centers, and affordable rental housing [5][33] - Institutions have a cautious outlook on returns, with about 60% expecting REITs market returns to be in the high single-digit range (5-10%) for 2026 [5][33] Group 3: Private REITs and Future Outlook - Over 30% of institutions are paying attention to private REITs, which have seen a faster issuance pace this year, with 14 listed holding-type real estate ABS totaling 21.4 billion yuan as of September 30, 2025 [23] - Institutions perceive private REITs as having advantages such as stronger valuation stability, flexibility, and higher distribution rates compared to public REITs, although concerns about liquidity and transparency remain [23][29] - The market is expected to see a gradual increase in private REITs issuance, which could become an important part of a multi-tiered REITs market [23] Group 4: Institutional Confidence and Sector Focus - Institutions exhibit a neutral to optimistic attitude towards the recovery of underlying asset fundamentals in 2026, with a focus on stable sectors such as consumption infrastructure, data centers, and affordable rental housing [41] - The top three sectors of interest for insurance and securities firms differ slightly, with insurance firms favoring consumption, affordable housing, and water and electricity, while securities firms prefer consumption, data centers, and affordable housing [41][44]

Core Views - The article emphasizes the importance of maintaining a delicate balance in China-US relations while encouraging companies to pursue overseas expansion despite external disturbances [1][5] - It highlights the potential investment opportunities in the Chinese bond market due to the global shift towards monetary easing [18] Section Summaries Government Policies - The Ministry of Transport announced a special port fee for American vessels starting October 14, 2023, as a countermeasure against US restrictions on Chinese shipbuilding [3] Equity Market - CITIC Securities suggests that resource security, overseas expansion, and technological competition are key structural trends, with a focus on mitigating external disturbances [5] - Hua'an Fund notes that the trend of de-dollarization and unresolved political risks in Europe and the US continue to support gold, recommending a long-term allocation of 5% to 15% in investment portfolios [6] - CITIC Jiantou Securities identifies four main macro trading themes for October, including US government shutdown and RMB internationalization, predicting an upward trend in gold prices and a weakening dollar index [7] Industry Research - Huaxia Fund anticipates that Hong Kong tech stocks will continue to rise, driven by AI catalysts and attractive valuations [12] - Morgan Stanley Fund expects a rebound in financial stock valuations due to improved profitability in the Chinese financial sector [13] - Huatai Securities predicts that copper prices may strengthen due to production cuts at the Grasberg copper mine [14] Bond Market - CICC's fixed income team believes that the global trend of declining interest rates will create favorable conditions for the Chinese bond market [18] - Xinda Securities suggests maintaining a moderate leverage strategy in high-grade credit bonds while focusing on opportunities in the bond market [19] - Huayuan Securities advises against overly aggressive credit allocation strategies in the current low-interest-rate environment [20] Asset Allocation - Guolian Minsheng Investment advises focusing on high-growth sectors like batteries and semiconductors while considering low-position opportunities in resource stocks [22]

Core Viewpoint - The consensus among brokerages is that the impact of the current trade tensions will be significantly less than that experienced in April, with many viewing the situation as an opportunity rather than a cause for panic [1][4][5][10]. Group 1: Market Reactions and Strategies - Multiple brokerages emphasize the "TACO" trading strategy, suggesting that short-term market declines due to tariff threats often present buying opportunities [1][7][11]. - Analysts from various firms, including Guangfa Securities and Huaxi Securities, predict that the current market environment is different from April, with a more robust monetary and fiscal policy backdrop supporting the market [7][10]. - The potential for a minor risk-reward rebalancing is noted, with expectations of a short-term reduction in leveraged funds against the backdrop of strong market fundamentals [4]. Group 2: Economic and Policy Insights - The ongoing trade tensions are viewed as a tactical maneuver by the U.S. to gain leverage in negotiations, with the likelihood of a resolution being high [6][11]. - Analysts highlight that the long-term trend for A-shares remains bullish, supported by structural improvements in earnings and credit recovery [13]. - The upcoming APEC summit is identified as a critical event that may influence future negotiations and market sentiment [6]. Group 3: Investment Opportunities - Specific sectors such as technology, AI, and semiconductor industries are recommended for investment, particularly in the context of potential market volatility [7][10]. - The focus on domestic policies aimed at stabilizing growth and addressing internal demand is seen as a key driver for future market performance [9][13]. - Analysts suggest that the current market conditions may provide favorable entry points for investors, particularly in light of historical patterns observed during similar market conditions [7][8].

Core Insights - The establishment of the Zhongjin Hegang Fund with a total investment of 32 billion yuan aims to support industrial sub-funds, primarily focusing on the steel industry chain [1][4][8] Group 1: Fund Establishment Details - The Zhongjin Hegang Fund was officially established on September 30, with a total contribution of 32 billion yuan, where Hegang Group contributed approximately 31.9 billion yuan, accounting for 99.68% of the total [3] - The fund's managing partner is Zhongjin Capital, which is a subsidiary of China International Capital Corporation [5][7] - The fund's operational scope includes private equity investment, investment management, and asset management [3] Group 2: Investment Strategy and Market Context - 80% of the fund will be allocated as a mother fund to invest in sub-funds, mainly targeting the industrial sector [2][4] - The establishment of the Zhongjin Hegang Fund comes at a time when the overall enthusiasm for new mother funds is declining, with a reported 62% decrease in scale compared to the same period last year [4][8] Group 3: Zhongjin Capital's Activity - Zhongjin Capital has been actively involved in setting up multiple industrial funds this year, including the establishment of the Mulan Zhongjin Fund and the Hengqin Guangdong-Macao Deep Cooperation Zone Fund, both managed by Zhongjin Capital [2][5] - The company has also participated in the establishment of the Hubei Gaolu Development Fund, which has a total scale of 30 billion yuan, focusing on various sectors including transportation and technology [7][8]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4][55]. Core Insights - The report highlights strong growth in the brokerage sector, with a significant increase in new A-share accounts and trading volumes, indicating a robust market environment. The net profit for the brokerage sector is expected to show high year-on-year growth for the first nine months of 2025 [4]. - The insurance sector is undergoing regulatory changes aimed at improving profitability, particularly in non-auto insurance, which is expected to benefit leading companies in the industry [4]. - The report identifies three main investment themes in the brokerage sector: 1) Stronger institutions benefiting from improved competition, 2) Brokerages with high earnings elasticity, and 3) Companies with strong international business capabilities [4]. Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage sector saw a rise of 4.42%, while the insurance sector increased by 0.89% [7]. - The average daily trading volume for the Shanghai and Shenzhen stock exchanges reached 26,034.09 billion yuan, reflecting a year-on-year increase of 56.08% [15][31]. Non-Bank Industry Data - As of October 10, 2025, the financing balance in the margin trading market was 24,455.47 billion yuan, showing a year-on-year increase of 31.2% [15]. - The report notes that the average daily trading volume for the first nine months of 2025 was 26,034.09 billion yuan, indicating a vibrant trading environment [31]. Regulatory Developments - The Financial Regulatory Bureau has implemented a new framework for non-auto insurance, focusing on improving underwriting profitability and establishing stricter fee management and compliance measures [4][17]. - The report mentions the central bank's liquidity measures, including significant net injections through various monetary policy tools, which aim to maintain market liquidity [16][19].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector [1] Core Views - The report highlights a continuation of strong growth in the brokerage sector, with a significant increase in net profits expected for the first nine months of 2025. Key metrics include a 61% year-on-year increase in new A-share accounts and a 203% increase in average daily stock trading volume in September 2025 [2][5] - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.48, placing it in the 47.8th percentile over the past decade [2] - The report notes a favorable market environment supporting continued high growth in brokerage performance, with specific recommendations for leading firms and those with strong international business capabilities [2][7] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage, insurance, and diversified financial sectors reported gains of 4.42%, 0.89%, and 0.52%, respectively [5][6] Non-Bank Sector Insights - The report indicates that the insurance sector is benefiting from the implementation of a "de-involution" policy framework for non-auto insurance, which is expected to improve underwriting profitability for leading firms [2][16] - Specific investment recommendations include firms that are expected to benefit from improved competitive dynamics and those with strong earnings elasticity [2][7] Key Data Tracking - As of October 10, 2025, the average daily trading volume in the stock market was 26,034.09 billion yuan, reflecting an 18.99% increase from the previous period [14][32] - The report also tracks significant metrics such as the balance of margin financing and securities lending, which stood at 24,455.47 billion yuan as of October 9, 2025, marking a 31.2% increase from the end of 2024 [14][39]

Core Viewpoint - The recent announcement by the central bank, the CSRC, and the State Administration of Foreign Exchange supports foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, enhancing the openness and investment mechanisms of RMB assets [1][2]. Group 1: Announcement Details - The announcement allows various foreign institutional investors to participate in bond repurchase transactions in the interbank bond market, significantly increasing market activity [3][4]. - Cross-border repurchase refers to foreign institutions using RMB bonds as collateral for financing through repurchase transactions, which is a crucial path for foreign entities to finance in China and offshore RMB markets [2][3]. Group 2: Market Participation - Major securities firms like CITIC Securities and CICC, along with several banks including ICBC, ABC, and CCB, have actively participated in the initial cross-border repurchase transactions [3]. - Agricultural Bank of China successfully executed the first cross-border repurchase transaction under the Bond Connect program, amounting to 1 billion RMB [3]. Group 3: Benefits of the New Mechanism - The new repurchase business provides an efficient and convenient short-term financing channel for foreign investors, helping to reduce transaction costs and enhance capital utilization [3]. - The innovative trading mechanism allows foreign investors to conduct repurchase transactions using mainstream international bond transfer models, significantly improving transaction convenience and risk management capabilities [3].

Core Insights - The 2025 Fortune Sustainable Development Summit was successfully held in Fuzhou, focusing on the theme "Intelligent Era, Intelligent Coexistence" and gathering nearly 200 global business leaders, policymakers, and academic experts to explore sustainable development paths empowered by technology [1] Group 1: Key Themes and Discussions - The summit featured 40 speakers from various sectors including AI, internet, manufacturing, new energy, finance, and health, discussing how smart technologies can accelerate growth while avoiding excessive environmental consumption [1] - Key topics included the social responsibilities of multinational companies in a fragmented geopolitical landscape and the protection of human creativity and development rights in an algorithm-driven era [1] Group 2: ESG Practices and Globalization - Companies are encouraged to ensure that suppliers meeting ESG standards will gain more orders and global opportunities, highlighting the competitive edge of Chinese suppliers in quality, cost, and delivery [6] - The urgency for green and low-carbon transformation in the chemical industry is emphasized, aligning with national dual carbon goals and the increasing demand for green materials from international brand clients [6] Group 3: Sustainable Consumption and Corporate Responsibility - The importance of circular economy practices is highlighted, where manufacturers must innovate in product design and lifecycle management, while consumers are also encouraged to participate in sustainable practices [30] - The wine industry is recognized as a participant in environmental practices, emphasizing the necessity of establishing a good ecological environment as a fundamental requirement [33] Group 4: Financial Instruments and ESG Integration - Green financial products like green bonds are seen as a driving force for companies to integrate international ESG concepts into their development, effectively addressing regulatory challenges and attracting international capital [41] - Companies are advised to balance production activities with ecological diversity protection, ensuring that sustainable financial tools align with their sustainability goals [45] Group 5: Technological Innovations in ESG - The application of cutting-edge technologies such as AI and big data is crucial for enhancing ESG management, transitioning from compliance to data-driven value creation [62] - Companies are encouraged to leverage technology to improve operational efficiency and sustainability, with a focus on accurate and transparent data for ESG disclosures [68]

1. Report Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The REITs market has been under continuous pressure. Before and after the holiday, the overall performance of the REITs market was weak, with four consecutive trading days of decline. Only the data center sector among the eight major sectors closed up. Market liquidity continued to shrink, and the (weekly) average daily turnover rate dropped below 0.3% (excluding the data on the first day of listing), hitting a new low [2]. - As of October 10, 2025, 16 REITs have been successfully issued this year, with a total issuance scale of 33.66 billion yuan, a year-on-year decrease of 27.3%. This week, 3 single - issue public REITs made new progress, and 1 single - expansion REIT made new progress [2]. 3. Summary by Directory 3.1 Primary Market: Three Single - Issue Public REITs Made New Progress - This year, 16 REITs have been successfully issued (6 in Q1 2025, 4 in Q2 2025, 4 in July, 1 in August, and 1 in September), with a total issuance scale of 33.66 billion yuan, a year - on - year decrease of 27.3% [2]. - This week, 3 single - issue REITs made new progress: Huaxia Jiaotou Chutian Expressway REIT was under inquiry, Huaxia Kaide Commercial REIT was listed, and CITIC Construction Investment Shenyang International Software Park REIT was priced after inquiry, with an expected fundraising of 1.098 billion yuan. One single - expansion REIT, Huaxia China Resources Commercial REIT, has submitted an application for expansion [2]. - Currently, in the approval process, there are 9 single - issue REITs that have been submitted, 1 that has been inquired and responded, 1 that has passed the review, and 1 that has been registered and is waiting to be listed; for expansion REITs, 9 have been submitted, 6 have been inquired and responded, and 6 have passed the review [2]. 3.2 Secondary Market: Liquidity Continued to Weaken This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell by 0.54% - The CSI REITs Total Return Index closed at 1058.71 points this week, down 0.54%, underperforming the CSI 300 by 2.00 percentage points and the CSI Dividend by 2.44 percentage points. Since the beginning of the year, the CSI REITs Total Return Index has risen by 9.38%, underperforming the CSI 300 by 7.95 percentage points but outperforming the CSI Dividend by 9.79 percentage points [2]. - By project attribute, equity - type REITs fell 0.55% and franchise - type REITs fell 0.46% this week. By asset type, the data center (+0.36%), environmental protection and water services (-0.18%), park (-0.28%), and warehousing and logistics (-0.34%) sectors performed better [2]. - Among individual bonds, 17 rose and 56 fell this week. Huatai Nanjing Jianye REIT (+3.00%), Hua'an Waigaoqiao REIT (+1.80%), and GF Chengdu Gaotou Industrial Park REIT (+1.01%) were the top three gainers, while Harvest China Power Construction Clean Energy REIT (-3.32%), China Merchants Expressway REIT (-3.19%), and CICC Vipshop Outlet REIT (-2.35%) were the bottom three [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - type and franchise - type REITs this week were 0.30% and 0.29% respectively, with a change of +0.00 and - 10.81BP compared to last week. The weekly trading volumes were 222 million shares and 66 million shares respectively, a week - on - week decrease of 19.31% and 41.44% [2]. - The data center sector had the highest activity level. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - type and franchise - type REITs were 3.83% and 3.98% respectively. The warehousing and logistics (5.31%), transportation (4.86%), and park (4.37%) sectors ranked among the top three [2]. 3.3 This Week's News and Important Announcements - **This Week's News**: On September 23, 2025, the Huashan Scenic Area REIT project is progressing smoothly and is expected to become the first in the cultural and tourism field. On September 30, 2025, the first industrial park REIT in Gansu Province launched a tender [35]. - **Important Announcements**: This week, several REITs announced dividends and share unlockings, including Harvest China Power Construction Clean Energy REIT, Huaxia China Resources Commercial REIT, and others [35].