1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - In the recent week, the A - share market showed signs of recovery, with most major broad - based ETFs rising, and the commodity ETFs led by the non - ferrous metals sector also performed well. The issuance and application of index products were active, with a focus on the "Sci - tech innovation, entrepreneurship, and artificial intelligence" theme [1][2][10]. 3. Summary by Directory 3.1 Index Product Establishment, Raising, and Application - **Product Establishment and Listing**: In the recent week, 2 ETF products, including Penghua Hang Seng Technology ETF and E Fund CSI A500 Dividend Low - Volatility ETF, were listed, and 17 products such as China Merchants Shanghai Science and Technology Innovation Board Comprehensive Price Index Enhancement A were established [1][4]. - **Product Issuance Information**: In the coming week, 13 index products will end their fundraising, including GF Shanghai Science and Technology Innovation Board Chip Design Theme ETF, and 14 index products will start fundraising, such as Penghua CSI General Aviation Theme ETF [1][6]. - **Product Application Information**: In the recent week, a total of 29 index products were applied for, with the application of fund products picking up. The issuance market focused on the "Sci - tech innovation, entrepreneurship, and artificial intelligence" theme, including 2 artificial - intelligence - themed funds [8]. 3.2 ETF Market Review - **Broad - based ETFs**: Most major A - share broad - based ETFs rose in the recent week, with ChiNext 50ETF and MSCI China A50ETF leading the gains at 2.57% and 1.83% respectively. The gains of major broad - based ETFs in Hong Kong and the US were relatively low. Among commodity ETFs, non - ferrous ETFs rose 4.30%, and gold ETFs rose 0.87% [2][10]. - **Industry ETFs**: The performance of major industry ETFs varied. The cyclical sector generally rose, with the non - ferrous metals ETF having the highest increase of 5.11%. The technology sector showed significant differences, with the communication ETF rising 4.38% and the media ETF falling 3.23% [12]. - **Cross - border ETFs**: Most major cross - border broad - based ETFs rose in the recent week, with the China - South Korea Semiconductor ETF having the highest increase of 2.60% [14]. 3.3 ETF Fund Flows - **Total Market Scale**: As of December 5, 2025, there were 1,373 ETFs in the whole market, with a total scale of 5,755.251 billion yuan, an increase of 65.288 billion yuan from the previous week. The A - share and cross - border ETFs ranked first and second in scale, with the A - share ETF scale increasing by 41.821 billion yuan in the recent week [2][21]. - **Fund Inflows**: In the recent week, the ChinaAMC CSI AAA Science and Technology Innovation Corporate Bond ETF and Huatai - Peregrine CSI A500ETF had high fund inflows, with 3.115 billion yuan and 2.220 billion yuan respectively [2][24]. - **Liquidity**: The Haitong CSI Short - Term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 20.704 billion yuan. The Huaxia Shanghai Benchmark Market - Making Treasury Bond ETF also had high liquidity, with an average daily trading volume of 9.361 billion yuan [24].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][6] Core Insights - The company has a stable revenue growth trajectory, with total revenue increasing from 312 million yuan in 2017 to 585 million yuan in 2024, representing a CAGR of 9.38% [31][6] - The acquisition of the German company SMS is expected to enhance the company's capabilities in high-precision grinding machines and facilitate the mass production of screw rods, addressing existing technical bottlenecks [6][10] - The company is actively expanding its rolling functional components business, with revenue from linear guide products projected to grow significantly from 4.44 million yuan in 2022 to 34.91 million yuan in 2024 [6][9] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 653 million yuan, with a year-on-year growth rate of 11.7% [5] - The net profit attributable to the parent company is expected to be 61 million yuan in 2025, reflecting a decrease of 30.6% compared to the previous year [5] - The company’s earnings per share (EPS) is projected to be 0.39 yuan in 2025, with a gross margin of 28.9% [5] Business Development and Strategy - The company has diversified its business from metal cutting tools to include intelligent CNC equipment and rolling functional components, enhancing its product matrix [6][17] - The strategic acquisition of SMS is aimed at strengthening the company's equipment capabilities and facilitating the mass production of screw rods, thereby improving operational efficiency [6][10] - The company is focusing on expanding its market presence in the rolling functional components sector, with significant growth expected in the coming years [9][6] Market Position and Competitive Landscape - The global cutting tool market is valued at over 260 billion yuan, with the company positioned to capitalize on the domestic market's growth potential [46][49] - The company has established a strong foothold in the domestic market, with its cutting tools accounting for over 80% of total revenue [33][37] - The company’s overseas revenue reached 47.61 million yuan in the first half of 2025, indicating a 20.62% year-on-year increase, showcasing its expanding international market presence [41][44]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - A-share major broad-based ETFs mostly rose in the recent week, with ChiNext 50 ETF and MSCI China A50 ETF leading the gains, up 2.57% and 1.83% respectively; the recent-week gains of major broad-based ETFs in Hong Kong and US stocks were relatively low. Commodity ETFs saw the non-ferrous ETF up 4.30% and the gold ETF up 0.87%. Each major industry ETF showed mixed performance. The cyclical category mostly rose, with the non-ferrous metal ETF having the highest increase of 5.11%. In the technology category, the communication ETF rose 4.38%, while the media ETF had a relatively high decline of -3.23% [2][11]. - As of December 5, 2025, there were 1,373 ETFs in the entire market, with a latest total scale of 575.5251 billion yuan, an increase of 6.5288 billion yuan from the previous week. In the recent week, the inflows of ChinaAMC CSI AAA Sci-tech Innovation Corporate Bond ETF and Huatai-PineBridge CSI A500 ETF were relatively high, with inflows of 3.115 billion yuan and 2.22 billion yuan respectively [2]. 3. Summary According to the Directory 3.1 Index Product Establishment, Raising, and Declaration - **Product Establishment and Listing**: In the recent week, 2 ETF products, including Penghua Hang Seng Tech ETF and E Fund CSI A500 Dividend Low Volatility ETF, were listed; 17 products, such as China Merchants Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price Index Enhanced A, Dacheng CSI 800 Index Enhanced A, and Taixin CSI All - Free Cash Flow Index A, were established [1][5]. - **Product Issuance Information**: In the coming week, 13 index products will end their fundraising, including GF Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme ETF and Dongxing China Bond 1 - 3 Year Policy Financial Bond Index A; 14 index products will start their fundraising, including Penghua CSI General Aviation Theme ETF and E Fund CSI Hong Kong Stock Connect High Dividend Investment ETF [1][7]. - **Product Declaration Information**: A total of 29 index products were declared in the recent week, and the declaration of fund products has recovered. The issuance market focuses on the "Sci - tech Innovation and Entrepreneurship Artificial Intelligence" theme, including 2 artificial intelligence theme funds, Tianhong CSI Artificial Intelligence Theme ETF and Orient Securities Asset Management CSI Shanghai - Hong Kong - Shenzhen Artificial Intelligence 50 Index Fund [1][9]. 3.2 ETF Market Review - A - share major broad - based ETFs mostly rose, with ChiNext 50 ETF and MSCI China A50 ETF leading the gains, up 2.57% and 1.83% respectively; the recent - week gains of major broad - based ETFs in Hong Kong and US stocks were relatively low. Commodity ETFs saw the non - ferrous ETF up 4.30% and the gold ETF up 0.87%. Each major industry ETF showed mixed performance. The cyclical category mostly rose, with the non - ferrous metal ETF having the highest increase of 5.11%. In the technology category, the communication ETF rose 4.38%, while the media ETF had a relatively high decline of - 3.23%. Among cross - border ETFs, most major broad - based indexes in cross - border markets rose in the recent week, with the China - South Korea Semiconductor having the highest increase of 2.60%. In the global market, Huaxia Hang Seng Tech ETF rose 1.20%, and E Fund Hang Seng H - share ETF rose 1.02%. Among non - monetary ETFs, Wanjia CSI Industrial Non - ferrous Metal Theme ETF led the gains with a yield of 7.91%, while Penghua Shanghai Stock Exchange Science and Technology Innovation Board New Energy ETF lagged behind with a yield of - 3.79% [2][11][15]. 3.3 ETF Fund Flow - As of December 5, 2025, there were 1,373 ETFs in the entire market, with a latest total scale of 575.5251 billion yuan, an increase of 6.5288 billion yuan from the previous week. Among them, A - share ETFs and cross - border ETFs ranked first and second in scale, at 364.7542 billion yuan and 95.2548 billion yuan respectively. The scale of A - share ETFs increased by 41.821 billion yuan in the recent week. In the recent week, the inflows of ChinaAMC CSI AAA Sci - tech Innovation Corporate Bond ETF and Huatai - PineBridge CSI A500 ETF were relatively high, with inflows of 3.115 billion yuan and 2.22 billion yuan respectively. Haifutong CSI Short - term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 20.704 billion yuan. Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF had relatively high liquidity, with an average daily trading volume of 9.361 billion yuan [2][22][25].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas experience shows that a low - interest - rate environment is not a "safe haven" for low bond - market volatility. Bond market adjustments in low - interest - rate environments are often rapid and significant, and bond convexity amplifies market volatility [4][82]. - The "homogeneous strategies" and crowded trading behaviors of institutions in a low - interest - rate environment are the micro - foundations of bond - market vulnerability. Reversals in macro - fundamental expectations can trigger sharp bond - market declines, and the "stock - bond seesaw" due to rising risk appetite exacerbates market adjustments [82]. - In 2026, the economy is expected to shift from "confidence building" to an "atypical" recovery. The process of capital "rebalancing" during nominal GDP repair may increase bond - market volatility [6][82]. Summary by Relevant Catalogs Overseas Experience "Mirror"? "Low - Interest - Rate" Environment, May Not Be a "Safe Haven" for Volatility - Low - interest - rate environments are not synonymous with low bond - market volatility. For example, after 1990, the rule that "lower interest rates lead to narrower volatility" in US Treasuries failed. In other developed economies, bond - market volatility did not converge as interest rates declined from 2% to 1% [4][12]. - Bond - market adjustments in low - interest - rate environments are large in amplitude, fast in speed, and often accompanied by rising term premiums. The average adjustment amplitudes in the US, Germany, France, and Japan are 81bp, 53bp, 59bp, and 74bp respectively. The adjustment usually occurs within 1 - 2 months [4][20]. - Bond convexity magnifies market volatility in low - interest - rate environments. As interest rates fall, bond duration lengthens non - linearly, increasing price sensitivity. A 50bp yield increase in 30 - year Treasuries at a 1% interest rate leads to a price decline 1.7 times that at a 5% interest rate [4][25]. Behind the "High - Volatility" Trap? Extreme Deduction of Consensus Expectations, Backlash under Changing Macro - Environments - In low - interest - rate environments, institutional "homogeneous strategies" and crowded trading are the micro - foundations of bond - market vulnerability. For example, US life - insurance institutions increased their allocation of bonds with a duration of over 10 years by 6.3% from 2008 - 2015, and trading institutions tend to increase leverage [30][82]. - Reversals in macro - fundamental expectations are the direct cause of high bond - market volatility. High bond - market volatility in low - interest - rate eras does not require actual tightening of monetary policy; "less - than - expected rate cuts" or "slightly increased rate - hike expectations" can trigger rapid bond - market adjustments. Nominal GDP repair is an important inducement for high volatility [38][82]. - Capital "rebalancing" under changing macro - environments is an important catalyst for increased bond - market volatility. During low - interest - rate periods, 9 times when US Treasury yields rebounded by over 50bp, the S&P 500 rose, and 7 times when Japanese Treasury yields rebounded, the Nikkei 225 rose by an average of 9.7% [46][82]. Current "Reflection"? In the "Atypical" Recovery of 2026, Be Wary of the Bond - Market's "High - Volatility" Trap - In 2026, the economy is expected to experience an "atypical" recovery. Domestically, expanding domestic demand policies and debt reduction will boost consumption and investment. Externally, export resilience will remain strong. Inflation will improve, and monetary policy will be more cautious about rate cuts [6][60]. - Historical experience shows that nominal GDP repair often leads to capital "rebalancing" and a "strong - stock, weak - bond" pattern. Currently, the difference between the 10 - year Treasury yield and the all - A dividend yield is still below 0%, and the proportion of public - fund stock allocation is relatively low [6][65]. - The domestic bond market may have insufficient awareness of the "high - volatility" trap in low - interest - rate environments. With the record - high wealth - management scale and large - scale excess savings, the capital "rebalancing" process when large - scale deposits mature may increase bond - market volatility [70][82].

Report Industry Investment Rating No information provided in the content. Core Views of the Report - Low - interest environment is not a "safe haven" for low bond - market volatility. Overseas bond markets in low - interest environments often experience rapid and significant adjustments, and bond "convexity" amplifies market volatility [3][80]. - The "homogeneous strategies" and crowded trading behaviors of institutions in a low - interest environment are the micro - foundation of bond - market vulnerability. Reversals in macro - fundamental expectations can trigger rapid bond - market adjustments, and the "rebalancing" of funds exacerbates market volatility [4][80]. - In 2026, the economy is expected to move from "confidence building" to an "atypical" recovery. Nominal GDP repair may lead to fund "rebalancing", and the process of large - scale deposit maturity may intensify bond - market volatility [5][80]. Summary According to the Table of Contents 1. Overseas Experience as a Mirror? "Low - interest" Environment May Not Be a "Safe Haven" for Volatility - Low - interest is not a guarantee of low bond - market volatility. After 1990, the rule that "lower interest rates lead to narrower volatility" in US Treasuries failed, and the volatility of government bonds in other developed economies did not converge as their interest rates dropped from 2% to 1% [3][12]. - Bond - market adjustments in low - interest overseas environments are large - scale, fast, and often accompanied by rising term premiums. The average adjustment amplitudes of the US, Germany, France, and Japan are 81bp, 53bp, 59bp, and 74bp respectively, usually occurring within 1 - 2 months [3][21]. - Bond "convexity" magnifies market volatility in low - interest environments. A 30Y Treasury bond's price decline in a low - interest reversal is about 1.7 times that in a high - interest environment [3][26]. 2. Behind the "High - volatility" Trap? Extreme Deduction of Consensus Expectations and Backlash under Macro - environment Changes - In a low - interest environment, the "homogeneous strategies" of institutions are the micro - foundation of bond - market vulnerability. Allocation - type institutions extend durations, and trading - type institutions increase leverage [4][31]. - Reversals in macro - fundamental expectations are the direct cause of high bond - market volatility. High bond - market volatility in the low - interest era often occurs during interest - rate cuts, and nominal GDP repair is an important trigger [4][38]. - The "rebalancing" of funds due to macro - environment changes exacerbates bond - market volatility. During bond - market adjustments, equity markets usually rise, diverting funds from the bond market [4][45]. 3. Current Reflection? In the "Atypical" Recovery of 2026, Be Wary of the "High - volatility" Trap in the Bond Market - In 2026, the economy is expected to recover atypically. Domestic demand will improve with the easing of the "crowding - out effect" of debt resolution and the deepening of domestic - demand expansion policies. External demand will remain strong, and inflation will improve, while monetary policy will be cautious about interest - rate cuts [5][59]. - Nominal GDP repair often leads to fund "rebalancing" and a "strong - stock, weak - bond" pattern. Currently, the market still has room to return to normal, and the difference between the 10Y Treasury yield and the all - A dividend yield is still below 0% [5][64]. - The domestic bond market has insufficient awareness of the "high - volatility" trap in a low - interest environment. With the record - high wealth - management scale and large - scale resident excess savings, the process of large - scale deposit maturity may intensify bond - market volatility [5][69].

Group 1: Commercial Aerospace - Focus on core targets in satellite manufacturing and launch sectors, which are expected to maintain stable or improving value under cost reduction trends[3] - Key targets include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics for satellite manufacturing, and Hai Ge Communication, Guo Bo Electronics, and Tong Yu Communication for application terminals[3] - Anticipated mergers and acquisitions in Aerospace Technology Group due to its substantial external assets[3] Group 2: Wind Power - Offshore wind power in China is experiencing rapid growth due to abundant resources and proximity to major electricity consumption centers, with significant long-term growth potential[3] - The offshore wind power installation capacity is projected to increase significantly, with various provinces planning substantial projects, such as Zhejiang's 28 GW and Guangdong's 16 GW[38] - European offshore wind construction is expected to accelerate as financing costs decrease, with an anticipated installation of 8.7 GW by 2026[40] Group 3: Hengbo Co., Ltd. - Hengbo is projected to achieve net profits of 1.52/1.77/2.05 billion yuan from 2025 to 2027, with year-on-year growth rates of 16.3%/16.6%/15.4%[3] - The company is positioned as a leading supplier in the intake system sector, leveraging its cost advantages and customer resources to expand into overseas markets[3] - The PEEK business, through joint ventures, is expected to capture significant market share in high-end manufacturing applications, particularly in humanoid robots[3] Group 4: Tool Industry - The tool industry is experiencing a supply expansion due to high profit margins attracting numerous manufacturers, leading to increased competition[3] - Rising tungsten prices are prompting raw material suppliers to demand cash payments, which may lead to the exit of smaller firms and stabilize the industry structure[3] - Major companies are expected to expand production capacity, enhancing their resilience against market fluctuations[3]

Group 1: Market Overview - The Shanghai Composite Index closed at 3924 points, with a daily increase of 0.54% and a monthly increase of 0.26% [1] - The Shenzhen Composite Index closed at 2499 points, with a daily increase of 1.22% and a monthly increase of 0.81% [1] - Large-cap indices showed a daily increase of 0.84%, while mid-cap and small-cap indices increased by 1.13% and 1.22% respectively [1] Group 2: Industry Performance - The telecommunications equipment sector saw a significant daily increase of 5.96%, with a monthly increase of 12.58% and a remarkable 122.51% increase over the past six months [1] - Other electronic sectors and components also experienced positive growth, with increases of 4.77% and 4.08% respectively in the last day [1] - Conversely, the coking coal sector faced a decline of 1.9% yesterday, with a 6.92% decrease over the past month [1] Group 3: Policy Insights - The Central Political Bureau emphasized the need for better coordination between domestic economic work and international trade struggles, highlighting the importance of internal stability amid external uncertainties [10] - The meeting reiterated the focus on domestic demand, stating that policies will prioritize consumer and investment support to foster economic growth [10] - The "14th Five-Year Plan" was discussed, identifying ten key investment opportunities in future industries, including artificial intelligence, robotics, and aerospace [10][12] Group 4: Company-Specific Developments - China Shipbuilding Group announced a significant cooperation agreement worth approximately 500 billion RMB, involving the construction of various types of vessels [18] - The company reported a substantial increase in new orders, with a 144% month-on-month growth in November [18] - The outlook for the shipbuilding sector remains positive, driven by rising shipping rates and a favorable market environment [18] Group 5: Future Industry Trends - The report suggests that the "14th Five-Year Plan" will focus on advancing future manufacturing, information technology, and energy sectors, with specific attention to strategic resources and innovative pharmaceuticals [10][12] - The integration of the entire lithium battery supply chain is highlighted as a key growth area, with companies like Huayou Cobalt expanding their operations in nickel, cobalt, and lithium [23] - The anticipated growth in demand for clean energy and storage solutions is expected to drive profitability in the lithium sector, with projections for significant increases in production capacity [23]

Group 1 - Investment Rating: The report assigns an AHP score of 2.38 to the company, placing it in the 39.2% and 41.4% percentiles of the AHP model, indicating a below-average position in the market [9][10] - Core Viewpoint: The company is a leading global supplier of MRI core components, having broken the overseas monopoly in zero-evaporation superconducting magnets, with over 50% of its revenue coming from superconducting products [4][15] - The company has established a strong presence in the MRI market, with a global market share of 4.2% in superconducting magnets and 61% in permanent magnets, making it the largest independent supplier of MRI permanent magnets [4][21] Group 2 - The company is focusing on the development of helium-free and high-field superconducting products, with plans to increase production capacity through fundraising projects [17][19] - The company has achieved significant sales growth in helium-free superconducting products, with orders reaching 54 units by mid-2025, indicating a strong market demand [18] - The company’s revenue and net profit are expected to grow by over 30% in 2025, with a compound annual growth rate of 26.91% from 2022 to 2025 [25] Group 3 - The company’s gross margin and net margin are relatively low compared to comparable companies, with gross margins ranging from 23% to 27% and net margins between 9% and 13% during the reporting period [29][30] - The company’s R&D expense ratio is increasing but remains lower than that of comparable companies, indicating potential room for improvement in innovation [33] - The company has experienced a decline in inventory turnover, which is attributed to increased raw material procurement and production preparation for anticipated demand [36] Group 4 - The fundraising will be allocated to projects aimed at increasing production capacity for helium-free superconducting magnets and developing new superconducting technologies, which aligns with industry trends [40][41] - The company plans to enhance its core technology in the MRI sector and expand its applications in new fields, indicating a forward-looking growth strategy [40]

Group 1: Export Data Overview - November exports increased by 5.9% year-on-year, exceeding the expected 3% and recovering from a previous decline of -1.1% in October[7] - The rise in exports is attributed to the easing of supply disruptions rather than an improvement in external demand[2] - The number of working days in November increased by 2 days compared to the previous year, contributing to the export rebound[2] Group 2: Import Data Overview - November imports rose by 1.9% year-on-year, slightly below the expected 2.9% but up from 1% in October[7] - Processing trade imports surged by 9.2 percentage points to 13.9%, indicating a recovery in trade activity[26] - Major commodities like crude oil saw a rebound in import growth, with an increase of 8.4 percentage points to 8.1%[26] Group 3: Sector-Specific Insights - Consumer electronics exports grew by 5.1 percentage points to 3.3%, with significant contributions from mobile phones and LCD display modules[37] - Capital goods exports showed mixed results, with general machinery and medical instruments increasing, while shipbuilding exports fell significantly[43] - Exports to emerging markets, particularly Africa and Latin America, saw notable increases of 17.1 and 12.8 percentage points, reaching 27.7% and 15% respectively[14] Group 4: Future Outlook - The easing of supply disruptions and ongoing competitive advantages for Chinese exports are expected to support export growth in the coming months[30] - Potential improvements in exports to the U.S. are anticipated due to reduced tariffs and ongoing inventory replenishment needs[30] - Continued industrialization in emerging economies is likely to drive demand for intermediate and capital goods from China[30]

2025 年 12 月 08 日 亚太新兴市场产品中中国产品表现 出色 ——海外创新产品周报 20251208 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品： Horizon 发行多只主动 ETF。上周美国共 23 只新发产品，数字货 币、单股票产品继续发行。Horizon 上周发行 3 只产品，分别投向国际股票和美国中小 盘股票，另有一只控制风险的国际股票产品，这些产品都使用基于价值、动量、质量的量 化方法，控制风险的产品会根据风控模型适当转向货币降低风险；3 只产品都会通过期权 价差策略来增厚收益。 ⚫ 美国 ETF ...