1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high, with the increment mainly coming from secondary bond funds, possibly due to institutional funds such as insurance funds and wealth management [2][7]. - The concentration of leading institutions has increased. The proportion of the top ten fund companies in the fixed - income + fund scale has risen from 43.0% in Q2 2025 to 46.0% in Q3 2025 [2]. - The equity position of fixed - income + funds has risen to the highest level since Q1 24, with obvious increased allocation to equities. The funds mainly increased their holdings in the manufacturing sector while also considering finance, technology, and basic industries [2]. - Fixed - income + funds' top ten heavy - position stocks are relatively stable overall, and the ten stocks with the most increased holdings are mainly concentrated in the technology field [2]. - In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds. Fixed - income + funds continued to prefer convertible bonds in the banking sector, but the proportion of bank - sector convertible bonds decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [2][3]. - There is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic, and in Q3 2025, the proportion of products with positive income is 83.49%, with an average yield of about 3.16% [3][66]. 3. Summaries According to Relevant Catalogs 3.1 Overall Scale: Secondary Bond Funds Become the Main Force for Expansion - Fixed - income + funds are a hybrid investment strategy that uses fixed - income assets as the core allocation and enhances returns through a small amount of equity - asset allocation. Their scale increased rapidly in Q2 and Q3 25, reaching over 2.5 trillion yuan again in Q3 25 [7]. - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high. The total net asset value of fixed - income + funds was about 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from Q2 25, with a month - on - month increase of 23.2%. The increment mainly came from secondary bond funds, whose scale exceeded that of primary bond funds and became the largest type of fixed - income + funds [2][7]. - The number of fixed - income + funds increased slightly in Q3 2025, also reaching a record high. The proportion of secondary bond funds in the total market's net asset value increased significantly, while the proportions of primary bond funds and partial - debt hybrid funds decreased slightly [10][13]. - The significant increase in the scale of secondary bond funds in Q3 may be mainly due to institutional funds such as insurance funds and wealth management. For example, the proportion of secondary bond funds in bank wealth - management bond - fund investments increased by 6.3 pct month - on - month to 8.9%, and the investment scale increased by 0.06 trillion yuan to 0.09 trillion yuan [2][14]. 3.2 Institutional Scale: Concentration of Leading Institutions Increases 3.2.1 Stock Scale Ranking - In Q3 2025, the proportion of the top ten public - offering fund companies in the fixed - income + fund scale increased month - on - month, and the industry concentration increased. The proportion of the top five fund companies increased from 26.2% in Q2 2025 to 28.9% in Q3 2025, and the proportion of the top ten increased from 43.0% to 46.0% [20]. - As of the end of September 2025, the top ten fund companies in the fixed - income + fund scale were E Fund, Invesco Great Wall Fund, Fullgoal Fund, Huatai - PineBridge Fund, Bosera Fund, China Merchants Fund, GF Fund, China Europe Fund, China Asset Management, and Penghua Fund [20]. 3.2.2 Stock Scale Changes - In Q3 2025, the scale changes of different - scale fund companies in the fixed - income + fund field showed significant differentiation. Large - scale public - offering fund companies had a scale increase far exceeding the industry average, while small - and medium - sized fund companies had little scale change, and some even shrank [26]. - Different types of fund companies also showed significant differentiation in the scale growth of fixed - income + funds in Q3 2025. Private - equity - affiliated fund companies led with an increase of 85.89 billion yuan, followed by securities - affiliated and bank - affiliated fund companies, while insurance - affiliated fund companies had a contraction of 3.6 billion yuan [29]. - In Q3 2025, leading institutions became the main force for growth. The top ten public - offering fund companies in the scale growth of fixed - income + funds were Invesco Great Wall Fund, Fullgoal Fund, Bosera Fund, Huatai - PineBridge Fund, China Europe Fund, E Fund, Yongying Fund, Penghua Fund, GF Fund, and Huashang Fund [30]. 3.3 Asset Allocation Changes: Increase in Equity Position 3.3.1 Changes in the Allocation of Major Asset Classes of Fixed - Income + Funds - According to Q3 2025 data, the asset - allocation structure of fixed - income + funds was adjusted, and the stock position rose to the highest level since Q1 24. The market - wide market - value proportions of stocks, bonds, and cash in fixed - income + funds in Q3 25 were 8.9%, 87.1%, and 1.4% respectively, with corresponding scale increases of 1020.9 billion yuan, 3759.6 billion yuan, and 35.8 billion yuan compared to Q2 25 [35]. - Except for convertible bond funds, the stock - holding proportions of other types of bond funds increased to varying degrees compared to the previous quarter, while the bond - holding proportions decreased to varying degrees [39]. 3.3.2 Changes in Stock - Asset Investment - Fixed - income + funds' equity assets are mainly invested in the manufacturing sector. In Q3 2025, the manufacturing sector accounted for about 63% of the investment scale, followed by the mining, finance, and information transmission, software, and information technology services industries, with a total proportion of about 24% [47]. - In Q3 2025, the manufacturing industry was the most significantly increased industry, with a scale increase of 634 billion yuan and a proportion increase of 6.03 percentage points. The mining and information transmission, software, and information technology services industries also had increased investment, while the power, construction, real estate, and education industries had reduced investment [49]. - In Q3 2025, the top ten heavy - position stocks of fixed - income + funds were relatively stable overall. Zijin Mining, CATL, and Tencent Holdings remained in the top three, and technology stocks such as Alibaba - W, Zhongji Innolight, Luxshare Precision, and SMIC entered the top ten. The overall allocation direction of the top ten heavy - position stocks continued to hold the growth sector [50]. - The ten stocks with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the technology field, and 8 of them also entered the top ten heavy - position stocks of public - offering funds in the same quarter [52]. 3.3.3 Changes in Convertible - Bond Asset Investment - Among fixed - income + funds, convertible bond funds and secondary bond funds are the main holders of convertible bonds. In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds, while primary bond funds and partial - debt hybrid funds reduced their holdings [53][55]. - Overall, about 11.19% of fixed - income + funds' assets were allocated to convertible bonds in Q3 2025. Only the convertible - bond position of convertible bond funds increased month - on - month, while the positions of other fixed - income + funds decreased [55]. - Among the top five heavy - position bonds of fixed - income + funds, financial bonds and treasury bonds dominated in Q3 2025, with a total proportion of about 80%, and convertible bonds accounted for 7.5% [56]. - Among the top five heavy - position bonds of fixed - income + funds in Q3 2025, bank - sector convertible bonds still dominated, but the proportion decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [61]. - The top ten convertible bonds with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the banking, non - bank finance, and power equipment sectors, and 8 of them also entered the top ten in the convertible - bond holding scale of fixed - income + funds in the same quarter [65]. 3.4 Performance - According to Q3 2025 data, there is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic. In Q3 2025, the proportion of products with positive income was 83.49%, and the average yield was about 3.16% [66]. - The top ten fixed - income + funds with outstanding performance in Q3 2025 included Huaan Zhilian Hybrid (LOF), Southern Changyuan Convertible Bond, etc. These funds achieved excess returns through flexible allocation of equity positions such as technology and convertible - bond assets [67]. - Among the top ten heavy - position stocks of fixed - income + funds with a quarterly yield of over 18% in Q3 2025, the technology - growth sector dominated, and the holdings were relatively decentralized, reflecting the differentiated positioning of different fixed - income + products' investment strategies [68].

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend due to demand recovery. As of November 14, 2025, SHFE copper closed at 86,900 CNY/ton, up 1.12% from November 7, and LME copper closed at 10,846 USD/ton, up 1.41% [1]. - Supply remains tight as Freeport has reduced copper production for 2025-2026, while cable companies are seeing a recovery in operating rates amid rising copper prices. The demand-supply balance is expected to remain tight, supporting further price increases [1][4]. Summary by Sections Inventory - Domestic copper social inventory decreased by 1.1%, while LME copper inventory fell by 0.4%. As of November 14, 2025, domestic port copper concentrate inventory was 648,000 tons, up 2.9% from the previous week [2][26]. - Global electrolytic copper inventory totaled 621,000 tons as of November 10, 2025, up 2.5% from November 3. LME copper global inventory was 136,000 tons, down 0.4% [2][26]. Supply - The price difference between refined and scrap copper increased by 500 CNY/ton this week, reaching 3,488 CNY/ton as of November 14, 2025 [2][55]. - China's copper concentrate production in July 2025 was 138,000 tons, down 6.3% month-on-month and 1.6% year-on-year [2][47]. Smelting - The TC spot price decreased by 0.5 USD/ton this week, with the current TC spot price at -41.82 USD/ton, the lowest since September 2007 [3][62]. - China's electrolytic copper production in October 2025 was 1.0916 million tons, down 2.6% month-on-month but up 9.6% year-on-year [3][67]. Demand - Cable companies' operating rates increased by 0.9 percentage points this week, reaching 64.36% as of November 13, 2025 [3][76]. - Air conditioning production is expected to decline year-on-year by 23.7% in November, 12.8% in December, but improve by 16.1% in January 2026 [3][94]. Futures - SHFE copper active contract positions decreased by 6% this week, with a total position of 192,000 lots as of November 14, 2025 [4][33]. Investment Recommendations - The report suggests that with tightening supply and improving demand, copper prices are likely to continue rising. Recommended stocks include Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, with a focus on Tongling Nonferrous Metals [4][5].

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [6][7]. Core Views - The report emphasizes that the end of the U.S. government shutdown and improving liquidity will support price performance in the metals market. It notes that macroeconomic factors, including weak economic data and interest rate cut expectations, will continue to influence metal prices positively [2][4]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index fell by 0.18%, while the SW Nonferrous Index rose by 0.20% during the week [3]. - Precious metals like gold and silver saw significant increases, with gold up by 1.91% and silver by 4.51% [3]. 2. Base Metals 2.1 Industrial Metals - Copper prices are supported by a decline in the U.S. consumer confidence index and expectations of interest rate cuts, despite a decrease in import volumes due to operational inefficiencies at Tanzanian ports [4][48]. - Aluminum production capacity remained stable, with domestic supply holding firm. However, demand is expected to weaken as the market transitions from peak to off-peak seasons [4][27]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum for investment [4]. 2.2 Energy Metals - The report is optimistic about energy metals, particularly lithium and cobalt, due to sustained demand from the energy storage sector and electric vehicles. Cobalt prices are expected to rise due to supply shortages [5]. - Key companies recommended include Huayou Cobalt and Tianqi Lithium [5]. 2.3 Precious Metals - The report anticipates continued upward movement in gold and silver prices, driven by central bank purchases and weakening U.S. dollar credit. It highlights geopolitical tensions as a significant factor influencing precious metal prices [5][80]. - Recommended companies in this sector include Western Gold and Shandong Gold [5]. 3. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that aluminum prices are expected to range between 21,700 and 22,400 CNY/ton, while copper is projected to fluctuate between 86,000 and 89,000 CNY/ton [28][49]. - Inventory levels for aluminum and copper have shown mixed trends, with some increases in LME stocks for zinc and lead [14][50]. 4. Company Earnings Forecasts - The report includes earnings per share (EPS) forecasts for several companies, with Zijin Mining projected to have an EPS of 1.21 CNY in 2024, and Huayou Cobalt expected to reach 2.50 CNY [6].

【外交部：#反华势力炮制新疆强迫劳动谎言#】#外交部回应美方机构抹黑中国#11月14日，外交部发言 人林剑主持例行记者会。彭博社记者提问，摩根士丹利正面临美国众议院中国特设委的调查，调查该银 行在承销紫金黄金国际公司公开募股时是否进行了尽职调查，争议在于这笔交易可能帮助了中国企业紫 金矿业。而紫金矿业因涉嫌在新疆使用"强迫劳工"而被美国列入黑名单。外交部对该调查有何评 论？"我不了解你提到的商业行为。"林剑对此表示，所谓新疆存在"强迫劳动"，完全是反华势力炮制的 谎言。我想说的是，一个惯于无中生有、抹黑中国的美方机构，反复翻炒一个早已被事实揭穿的虚假叙 事，无理打压中国企业，只会让世人进一步看清这个机构毫无信誉、大搞政治操弄的本质，最终伤及美 方自身的利益和信誉。（@北京日报 记者 刘晓琰 视频来源：环球时报） ...

Group 1 - Foreign capital in A-shares decreased by 166 million shares in Q3, totaling 1.161 billion shares, but the total market value increased by 12.4% to 2.73 trillion yuan [4][5] - The electronic, chemical, and automotive sectors saw significant increases in foreign holdings, with increases of 19.6 million shares, 5.04 million shares, and 3.62 million shares respectively [8][10] - Major foreign institutions such as Morgan Stanley and Goldman Sachs increased their holdings by over 15%, with Morgan Stanley's holdings increasing by 33.1% [22][24] Group 2 - The electronic industry had the highest increase in foreign holdings, with a market value increase of 161.35 billion yuan, ranking first among all sectors [10][12] - Traditional sectors like banking, construction decoration, and non-bank financials faced significant reductions in foreign holdings, with declines of 67.68 million shares, 22.54 million shares, and 18.75 million shares respectively [12][21] - QFII/RQFII increased their holdings in the real estate sector by 361.1% compared to the previous quarter [15][18] Group 3 - The overall trend shows foreign capital is shifting from traditional consumer and financial sectors to technology and manufacturing sectors, reflecting confidence in China's economic transformation [25][32] - Foreign capital's interest in sectors like new energy and semiconductors continues to grow, while traditional blue-chip stocks are experiencing phase-out reductions [29][33] - The top foreign institutions are increasingly favoring high-end manufacturing and energy technology stocks, indicating a strategic shift in investment focus [22][25]

Core Viewpoint - Morgan Stanley is under investigation by the U.S. House of Representatives' China Select Committee regarding its due diligence in underwriting the IPO of Zijin Mining Group, which is alleged to have benefited Chinese enterprises despite being sanctioned for using "forced labor" in Xinjiang [1] Group 1: Company Investigation - The investigation focuses on whether Morgan Stanley conducted adequate due diligence during the underwriting process for Zijin Mining's IPO [1] - The controversy arises from allegations that Zijin Mining is involved in forced labor practices in Xinjiang, leading to its inclusion on a U.S. sanctions list [1] Group 2: Diplomatic Response - The Chinese Foreign Ministry spokesperson, Lin Jian, dismissed the allegations of forced labor as a fabrication by anti-China forces [1] - Lin emphasized that the repeated promotion of discredited narratives by U.S. institutions undermines their credibility and ultimately harms U.S. interests and reputation [1]

Core Viewpoint - Morgan Stanley is under investigation by the U.S. House of Representatives' China Select Committee regarding its due diligence in underwriting the IPO of Zijin Mining Group, which is linked to allegations of forced labor in Xinjiang [1] Group 1: Company Investigation - The investigation focuses on whether Morgan Stanley conducted adequate due diligence during the underwriting process for Zijin Mining Group's IPO [1] - The controversy arises from Zijin Mining's association with allegations of forced labor in Xinjiang, leading to its blacklisting by the U.S. [1] Group 2: Government Response - The Chinese Foreign Ministry spokesperson dismissed the allegations of forced labor in Xinjiang as fabrications by anti-China forces [1] - The spokesperson criticized the U.S. institution for its lack of credibility and accused it of political manipulation that ultimately harms U.S. interests and reputation [1]

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].

Core Viewpoint - Hai'an Group (001233.SZ) is set to be publicly offered on the Shenzhen Main Board, focusing on the research, production, and sales of giant all-steel engineering radial tires and mining tire operation management [1][2]. Company Overview - Hai'an Group is recognized as a national high-tech enterprise and was awarded the title of "specialized and innovative 'little giant'" by the Ministry of Industry and Information Technology in 2021 [1]. - The company has been acknowledged as a "service-oriented manufacturing demonstration enterprise" since 2018 [1]. Financial Information - The offering price is set at 48.00 yuan per share, with an institutional quotation of 48.93 yuan per share, and a market capitalization of 6.695 billion yuan [2]. - The company's earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 13.94, compared to the industry average P/E ratio of 26.38 [2]. - The company plans to allocate raised funds for various projects, including: - Expansion of all-steel giant engineering radial tire production: 1.945 billion yuan (65.90%) - Automation upgrades for production lines: 371 million yuan (12.56%) - R&D center construction: 286 million yuan (9.69%) - Working capital: 350 million yuan (11.86%) [2]. Market Position - Giant engineering tires are defined as tires with a rim diameter of 49 inches or more, primarily used in large mining dump trucks and loaders [3]. - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate (CAGR) of 5.18% [3]. - Hai'an Group has become the third manufacturer globally capable of mass-producing a full range of all-steel giant tires, breaking the domestic market monopoly held by international brands [3]. Production and Sales - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output [4]. - The company has established a significant customer base, including well-known domestic firms such as Zijin Mining and XCMG [4]. - Hai'an Group has a global presence with 12 overseas subsidiaries, selling products to dozens of countries and regions, with over 75% of revenue coming from exports [4]. Revenue Trends - The proportion of overseas sales in the main business revenue is projected to be 65.19% in 2022, increasing to 76.16% in 2023, and stabilizing around 67.18% by mid-2025 [4]. - Revenue from the Russian market has significantly increased, especially following the exit of major international brands from that market [4].

Market Performance - On November 13, the A-share market experienced a significant rally, with the Shanghai Composite Index reaching a ten-year high and the ChiNext Index rising over 2% [2] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index rose 1.78% to 13476.52, and the ChiNext Index increased by 2.55% to 3201.75 [3] - The total trading volume in the Shanghai and Shenzhen markets was 2.04 trillion yuan, an increase of 969 billion yuan compared to the previous trading day [2] Sector Performance - The lithium battery industry chain saw widespread gains, with significant activity in the consumer sector and a notable surge in the Fujian sector [2] - A total of 104 stocks hit the daily limit up, while the oil and gas sector faced declines [2] - Energy metals, battery, and non-ferrous metals sectors led the gains, while sectors like fentanyl and oil and gas experienced the largest declines [2] International Market Overview - On the same day, U.S. stock indices saw significant declines, with the Dow Jones Industrial Average dropping 797.60 points (1.65%) to 47457.22, and the Nasdaq Composite falling 536.10 points (2.29%) to 22870.36 [4] - European markets also closed lower, with the FTSE 100 down 1.05% and the DAX index down 1.39% [4] - International oil prices saw slight increases, with WTI crude oil rising 0.34% to $58.69 per barrel [4] Financial Data - As of the end of October, China's social financing scale stock was 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [6] - The broad money supply (M2) stood at 335.13 trillion yuan, with a year-on-year increase of 8.2% [6] Regulatory Developments - The Chinese government is reinforcing export controls on rare earth materials to maintain national security and stability [7] - The market regulatory authority plans to enhance anti-monopoly and anti-unfair competition enforcement to address "involution" competition issues [8] - A new revised "Commercial Bank M&A Loan Management Measures" is set to be released to support mergers and acquisitions, particularly for tech companies [9] Corporate News - Alibaba has secretly launched the "Qianwen" project, aiming to develop a personal AI assistant to compete with ChatGPT [12] - Semiconductor company SMIC reported a 41.1% year-on-year increase in net profit for the first three quarters [17] - BoRui Pharmaceutical received approval for clinical trials of its BGM1812 injection, which is the first of its kind for weight loss indications [18]