Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the importance of developing a robust financial market and promoting direct financing through equity and bond markets to optimize financing structures and reduce corporate financing costs, which is crucial for stimulating market vitality and supporting high-quality economic development [3][13] - The A-share market has shown significant growth in trading volume, with the average daily trading volume reaching 20,438 billion yuan, a 1.6% increase from the previous period and a 1.0% increase year-on-year [1][17] - The insurance sector is experiencing a structural differentiation, with life insurance premiums showing a temporary slowdown while property insurance premiums are growing steadily [14] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index increased by 0.16%, outperforming the CSI 300 index by 1.24 percentage points, ranking 20th among all primary industries [2][12] - The securities sector declined by 1.01%, while the insurance sector rose by 2.63%, and internet finance increased by 1.83% [2][12] Securities: Development of Direct Financing - The People's Bank of China emphasizes the need for a well-functioning financial market that caters to various investment and financing needs, advocating for the development of direct financing through equity and bond markets [3][13] Insurance: Premium Trends - In September, life insurance premiums decreased to 1,962 billion yuan, a year-on-year decline of 4.6%, while property insurance premiums rose to 1,511 billion yuan, a year-on-year increase of 7.2% [14] Market Indicators - As of November 13, 2025, the margin balance in the two markets reached 25,065.19 billion yuan, a 0.31% increase from the previous period and a 59.95% increase compared to the average level in 2024 [1][17]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

Group 1 - The article provides an overview of recent data updates across various industries, highlighting key metrics and trends [2][3] - The industry prosperity tracking covers over 28 key industries and 100 core indicators, updated weekly to identify industry signals [4] - The heavy-duty truck monthly database indicates a continuous expansion of new energy heavy-duty trucks, with increasing penetration rates and focuses on sales, registration volumes, and market shares [5][6] Group 2 - The real estate weekly overview updates data on the housing market, covering new homes, second-hand homes, land markets, and real estate finance and policies [7][8] - The chemical monthly report analyzes the price index trends of chemical products and monitors demand across downstream industries [9][10] - The article encourages access to more specialized data through the company's digital research platform [11][12]

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aiming to provide efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 stocks globally [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform features daily updates on research focuses and timely article selections, enhancing the accessibility of market insights [4]. - CICC provides over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. Group 2: Data and Frameworks - The platform includes more than 160 industry research frameworks and over 40 premium databases, facilitating comprehensive industry analysis [10]. - CICC Insight incorporates advanced AI search capabilities, allowing users to filter key points and engage in intelligent Q&A [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The REITs market rebounded this week, with transportation and affordable housing leading the gains. The National Development and Reform Commission (NDRC) has recommended 105 REITs projects to the China Securities Regulatory Commission (CSRC), of which 83 have been successfully listed. Although the issuance scale this year has decreased compared to 2024, the market supply will still be supported next year [2]. - The subscription enthusiasm for the public offering of the Anbo Warehouse REIT has significantly declined this week, with the subscription multiple dropping to the lowest level this year and the allocation ratio significantly increasing to 5.8% [2]. - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. 3. Summary by Relevant Catalogs 3.1 Primary Market: One Newly Issued Public Offering REITs Made Progress - As of November 14, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 387.9 billion yuan, a year-on-year decrease of 20.8%. This week, the Huaxia Anbo Warehouse Logistics REIT completed its fundraising, with offline and public effective subscription multiples of 147 and 17 times respectively [2]. - Currently, there are 8 newly issued REITs in the approval process, 1 has been questioned and responded to, 1 has passed the review, and 1 has been registered and is awaiting listing. There are 5 REITs applying for expansion, 3 have been questioned and responded to, and 3 have passed the review [2]. 3.2 Secondary Market: Index Rebounded This Week 3.2.1 Market Review: CSI REITs Total Return Index Rose 0.86% - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. - By project attribute, equity REITs rose 0.81% this week, and concession - based REITs rose 1.11%. By asset type, transportation (+1.55%), affordable housing (+1.50%), consumption (+1.17%), and warehousing logistics (+0.85%) sectors performed well [2]. 3.2.2 Liquidity: Liquidity in the Environmental Protection and Water Services and Data Center Sectors Increased Significantly - The average daily turnover rates of equity and concession - based REITs this week were 0.59% and 0.47% respectively, a decrease of 1.53 basis points and an increase of 2.26 basis points compared to last week. The trading volumes were 573 million shares and 138 million shares respectively, a week - on - week decrease of 1.66% and an increase of 6.62% [2]. - The data center sector was the most active [2]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity and concession - based REITs were 3.85% and 3.92% respectively. The warehousing logistics (5.45%), transportation (4.74%), and park (4.64%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - **News**: On November 11, the deputy director of the Investment Department of the NDRC stated that the NDRC has recommended 105 REITs projects to the CSRC, of which 83 have been successfully listed. The total issuance scale this year is 41.5 billion yuan, including 19 newly issued REITs (38.8 billion yuan) and 2 expansion offerings (2.67 billion yuan), showing a decrease compared to 2024 [2]. - **Announcements**: Multiple REITs announced dividends this week, and the strategic placement shares of the China Merchants Expressway REIT will be lifted on November 21, 2025 [30].

人民财讯11月15日电，中金公司（601995）研报认为，银行股投资方面，三季度银行息差边际继续企 稳，债券投资业务对营收构成一定扰动，但整体经营表现稳健。资本补充落地后能够支撑银行实现更稳 定的资产增长和分红，高股息投资价值仍然突出。 ...

Core Viewpoint - The economic data for October shows a decline in growth rates compared to September, driven by weak demand and the fading effects of seasonal factors, indicating an increasing necessity for policy support [2][3]. Macroeconomic Analysis - The industrial value-added growth rate fell to 4.9% year-on-year in October, down from 6.5% in September, reflecting both the end of seasonal effects and a drop in demand [4]. - The export delivery value turned negative with a year-on-year decline of 2.1% in October, influenced by weak domestic demand and competitive pressures in certain industries [4]. - Fixed asset investment saw an expanded decline, with a cumulative year-on-year drop of 1.7% from January to October, worsening from a 0.5% decline in the first nine months [5][7]. Consumer Behavior - Retail sales in October grew by 2.9% year-on-year, a slight decrease from the previous month, with the "trade-in" consumption segment experiencing a significant slowdown, particularly in appliances and automobiles [5][13]. - The restaurant sector showed signs of recovery, with a growth rate of 3.8% in October, likely boosted by holiday spending [5][13]. - The overall consumer sentiment remains cautious, with high base effects from last year impacting growth rates [13][45]. Real Estate Market - The real estate market exhibited a simultaneous decline in both volume and price, with new housing sales dropping by 18.8% and sales revenue decreasing by 24.3% year-on-year in October [6][15]. - The funding sources for real estate development also weakened, with a year-on-year decline of 22.0% in October, reflecting reduced sales returns [15]. - The investment in real estate development further declined, with a year-on-year drop of 23.0% in October, indicating a lack of recovery momentum in the sector [15][17]. Infrastructure and Manufacturing Investment - Infrastructure investment growth slowed to 1.5% year-on-year from January to October, with a significant drop of 12.1% in October alone [7]. - Manufacturing investment growth also decreased, with a cumulative year-on-year increase of only 2.7% from January to October, down from 4.0% in the previous period [7][8]. - The overall fixed asset investment saw a monthly decline of 11% in October, exacerbated by weak demand and slow funding support [11][17]. Financial Sector Insights - The financial data for October indicated a continued decline in credit growth, with new loans decreasing by 0.2 trillion yuan year-on-year [27]. - The M1 and M2 money supply growth rates showed signs of slowing, reflecting a trend of deposit migration and reduced lending activity [27][28]. - The banking sector remains stable, with expectations for policy measures to support credit demand in the coming months [28].

Core Viewpoint - The article discusses the 2025 CICC Annual Investment Strategy Conference, emphasizing the themes of new supply, new technology, new consumption, and new finance, reflecting the evolving landscape of China's economy and capital markets [4][5]. Group 1: Economic Outlook - The global landscape is undergoing significant changes due to a new round of technological revolutions and industrial transformations, reshaping global competition [5][7]. - China's economy is in a critical phase of transitioning from old to new growth drivers, with technology innovation and green development becoming core engines for economic growth [7]. - The development of artificial intelligence (AI) is highlighted as a unique competitive advantage for China, driven by its large population and market scale [7]. Group 2: Capital Market Dynamics - CICC aims to support technological innovation and economic transformation through its integrated services in investment banking, research, and asset management [7]. - The capital market is expected to play a crucial role in supporting technology innovation and facilitating economic transformation [7][9]. Group 3: Geopolitical and Economic Relations - The U.S.-China economic relationship is entering a new phase characterized by a "fragile balance," with both countries needing to achieve economic rebalancing [12]. - The internal and external economic cycles in China are expected to promote mutual reinforcement, focusing on innovation and boosting domestic demand [11]. Group 4: Market Strategies and Recommendations - The A-share market is anticipated to continue its upward trend, with a focus on sectors benefiting from AI technology and innovation [17]. - Investment strategies should consider three main lines: growth in AI technology, opportunities in overseas markets, and sectors poised for cyclical recovery [17][20]. Group 5: Research and Digital Innovation - CICC is committed to enhancing its research capabilities and providing comprehensive, forward-looking research services to investors [24]. - The CICC digital research platform aims to offer a one-stop service for institutional investors, facilitating access to research reports, databases, and event information [23].

Group 1 - The core point of the article is that China International Capital Corporation (CICC) has successfully completed the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of 3 billion yuan and a coupon rate of 2.23% [1] - The bond issuance was well-received, achieving a subscription multiple of 3.22 times, indicating strong demand from investors [1]

Core Viewpoint - China International Capital Corporation (CICC) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of up to 3 billion yuan [1] Group 1: Issuance Details - The issuance scale of the perpetual subordinated bonds is set at no more than 3 billion yuan, including 3 billion yuan [1] - The bonds were issued at a price of 100 yuan per bond, following the inquiry and allocation method for professional investors as per relevant regulations [1] - The issuance process was completed on November 14, 2025, with a final issuance scale of 3 billion yuan and a coupon rate of 2.23% [1] Group 2: Subscription Metrics - The subscription multiple for the bonds was recorded at 3.22 times, indicating strong demand from investors [1]