1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Views of the Report - Secondary bond funds have diverse strategies and significant differences in risk - return indicators. Higher -仓位 products generally perform better in 2025, with products having an excessively high convertible bond position achieving an average return of 14.43%, while low -仓位 products only have an average return of 3.88% [3][4]. - There are four strategies to select offensive secondary bond funds: high -仓位 convertible bond strategy, growth - style strategy, Hong Kong stock strategy, and tool - type product strategy [3][10]. 3. Summary by Related Catalogs 3.1 Strategy 1: High -仓位 Convertible Bond Funds - High -仓位 convertible bond funds vary in style. There are currently 64 secondary bond funds with an average convertible bond position exceeding 30%, including conservative, aggressive, and extreme - style products [20]. - A three - dimensional selection system is used to evaluate high - elasticity products based on three core indicators and five sub - indicators, focusing on high elasticity, good holding experience, and high cost - effectiveness [19][20]. - Some high - performance high -仓位 convertible bond funds are recommended, such as Huabao Enhanced Income A, with a 924 - since return of 50.44%, and Guangda Tianyi A, with a 924 - since return of 55.05% [22]. 3.2 Strategy 2: Growth - Style Funds - Growth - style funds are identified by a weighted average stock PE above 30 times. Fund evaluation focuses on holding experience (number of new high days, maximum drawdown recovery speed) and risk - return cost - effectiveness (Sharpe ratio) [52]. - Many growth - style secondary bond funds are listed, such as Invesco Great Wall Jinyi Yuli A, with a 924 - since return of 8.53%, and Penghua Enjoy A, with a 924 - since return of 11.92% [51]. - Different investment strategies of growth - style funds are analyzed, including industry rotation (e.g., Yongying Steady Enhancement, Huashang Credit Enhancement), industry concentration and stock dispersion (e.g., Huashang Credit Enhancement, Huashang Anheng), and the balance between booming growth and quality growth (e.g., Invesco Great Wall Jinyi Fengli, Penghua Double Debt Plus) [55][58]. - Some growth - style funds' investment in popular technology tracks is studied. For example, Yongying Steady Enhancement invests more in the cloud - computing theme, and Xingye Income Enhancement invests more in the semiconductor theme [64][65]. 3.3 Strategy 3: Hong Kong Stock Strategy Funds - The proportion of Hong Kong stock investment in secondary bond funds has been increasing continuously, reaching 11.21% in Q3 2025. Secondary bond funds invest in Hong Kong stocks through the Hong Kong Stock Connect, with an investment limit of up to 50% of the stock assets [98][99]. - Some secondary bond funds with relatively stable Hong Kong stock positions are mentioned, such as Huatai - PineBridge Double - Xin Tianli, Invesco Great Wall Jinyi Zunli, and China - Europe Fengli [99]. - The investment style of Hong Kong - stock secondary bond funds focuses on scarce, low - valuation, high - dividend, and high - quality growth stocks. They do not only invest in scarce Hong Kong - listed assets but also in stocks listed in both Hong Kong and A - shares, and prefer sectors such as technology innovation, finance, and medicine [100][103]. 3.4 Strategy 4: Tool - Type Products - Some secondary bond funds have clear track/style characteristics, such as the dual - innovation strategy (e.g., Fuguo Xingli Enhancement, Penghua Enjoy (Science and Technology Innovation 100 Enhancement)) and the micro - cap strategy (e.g., CITIC Prudential Anxin Return) [3]

Group 1: Report Overview - The report focuses on the construction methods and performance of various ETF portfolios in November 2025, including macro-based, macro + momentum, core - satellite, and trinity style rotation portfolios [2] Group 2: ETF Portfolio Construction Methods Based on Macro Approach - Calculate macro - sensitivity of indices tracked by broad - based, industry - themed, and Smart Beta ETFs according to economic, liquidity, and credit variables, and select ETFs monthly. Also consider adding momentum indicators. Traditional cyclical industries are suitable for economic up - periods, TMT for weak - economic but liquid - abundant times, and consumption benefits from credit expansion. Three ETF portfolios are constructed and rebalanced monthly [5] Trinity Style Rotation - Build a mid - to long - term style rotation model centered on macro - liquidity, compared with the CSI 300 index. Combine three models (growth/value, market - cap, and quality) to get 8 style preference results, then screen target - style - exposed ETFs with controlled industry exposure and set allocation limits [6] Group 3: Macro Industry Portfolio - Select industry - themed ETFs with over 1 - year establishment and over 200 million current scale. Calculate sensitivity scores, adjust according to economic, liquidity, and credit indicators, and select the top 6 industry - themed indices. Currently, with economic indicators rising and liquidity/credit tightening, the portfolio turns to value with high bank and cyclical proportions. November holdings are mainly bank and energy - related ETFs, each with a 16.67% weight. The portfolio has large fluctuations and was close to the CSI 300 in October [7][9][11] Group 4: Macro + Momentum Industry Portfolio - Combine macro and momentum methods to address the left - side bias of macro - based strategies. Use clustering to select one product with the highest 6 - month gain from each of 6 industry - themed groups. The portfolio includes many pro - cyclical industries. November holdings have multiple ETFs, with weights like 16.67% for some and 8.33% for others. The portfolio performed well this year and was close to the CSI 300 in October [12][14][15] Group 5: Core - Satellite Portfolio - Designed to address the high volatility and fast industry rotation of industry - themed ETFs. Use the CSI 300 as the core. Construct three sub - portfolios (broad - based, industry, and Smart Beta) and combine them at 50%, 30%, and 20% respectively. November holdings are mainly mid - to large - cap biased. The portfolio performed steadily this year, outperforming the index almost every month, including in October [16][17][21] Group 6: Trinity Style Rotation ETF Portfolio - The model favors small - cap growth + high - quality segments this period. The portfolio's factor exposure and historical performance are provided. November holdings include ETFs such as Southern CSI 500 ETF and Southern CSI 1000 ETF. The portfolio had significant fluctuations in monthly returns and outperformed the index in most months this year, including in October [22][23][26]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that exceeds the market by more than 20% [7]. Core Insights - The company reported a revenue of 5.366 billion yuan for the first three quarters of 2025, reflecting a year-over-year decline of 13.7%. However, excluding the impact of a specific business segment, revenue showed a year-over-year increase of 7.32% [5][6]. - The company is focusing on the integration of AI and robotics, with strategic partnerships aimed at enhancing its product offerings in these areas. A notable collaboration with XREAL aims to provide ODM solutions for AR glasses, enhancing local processing capabilities for AI tasks [7]. - The company has established an AIC product line to deliver AI algorithms and hardware solutions for the robotics industry, with plans for mass production of intelligent robotic solutions in 2024 [7]. Financial Data and Earnings Forecast - The company is projected to achieve total revenue of 7.537 billion yuan in 2025, with a year-over-year decline of 8%. However, growth is expected to rebound in subsequent years, with forecasts of 9.391 billion yuan in 2026 and 11.803 billion yuan in 2027, reflecting growth rates of 24.6% and 25.7% respectively [6][9]. - The net profit for 2025 is estimated at 493 million yuan, down 26.1% from the previous year, but is expected to recover to 641 million yuan in 2026 and 841 million yuan in 2027 [6][9]. - The report highlights a recovery in gross margin, which increased to 18.73% in Q3 2025, up 2.9 percentage points quarter-over-quarter [7]. Market Position and Strategic Outlook - The company is positioned as a core player in the global IoT module market, with expectations that its AI and robotics initiatives will drive performance growth. The report notes that concerns regarding tariffs on modules are manageable due to the company's limited exposure to certain markets [7]. - The company is also expanding its offerings in the FWA (Fixed Wireless Access) sector, with the introduction of a new 5G R17 module series, anticipating increased demand and market penetration [7].

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - Yum China reported Q3 2025 revenue of $3.2 billion, a year-on-year increase of 4%, and core operating profit of $399 million, up 8%, aligning with expectations [1][4] - The net new store openings for KFC and Pizza Hut reached a record high in Q3, with a total of 536 new stores, bringing the total to 17,514 [2][4] - Same-store sales for KFC increased by 2% year-on-year, while Pizza Hut saw a 1% increase, marking the 12th consecutive quarter of positive same-store sales growth [5] Summary by Sections Overseas Catering - Yum China achieved Q3 2025 revenue of $3.2 billion, a 4% increase year-on-year, and core operating profit of $399 million, an 8% increase, meeting expectations [1][4] - KFC and Pizza Hut net new store openings reached a record high in Q3, with 536 new stores added, totaling 17,514 stores [2][4] - KFC's same-store sales increased by 2% year-on-year, with transaction volume up 3% and average ticket price down 1% to 38 yuan [5] Overseas Pharmaceuticals - Rongchang Biologics reported a 42.3% year-on-year revenue increase in the first three quarters of 2025, reaching 1.72 billion yuan, with a net loss of 551 million yuan, narrowing by 48.6% [8] - In Q3, revenue grew by 33.1% year-on-year and 8.7% quarter-on-quarter, reaching 622 million yuan, with a net loss of 101 million yuan, narrowing by 65.2% year-on-year [8] - The company’s R&D expenses decreased by 22.8% year-on-year to 891 million yuan in the first three quarters [8] Overseas Education - The education sector's growth rate has bottomed out, with New Oriental's revenue growth accelerating due to its strong reputation [3] - The education index fell by 6.0% in the week of October 31 to November 6, underperforming the Hang Seng Index by 6.1 percentage points [15] - New Oriental's GMV on Douyin was approximately 170 million yuan for the week, with a daily average of 24.2 million yuan, reflecting a 2.7% week-on-week decline [16]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 615 million yuan for the first three quarters of 2025, a year-on-year decrease of 5%, while the net profit attributable to the parent company was 160 million yuan, an increase of 73% year-on-year [4] - The growth in net profit is primarily attributed to increased government subsidies and investment income [4] - The company has a stable traditional road transport business with significant barriers to entry due to its control over 29 passenger transport stations and over 6,000 operating vehicles [6] - The company is strategically positioning itself in the low-altitude logistics sector, leveraging natural demand in the Sichuan tourism scene [6] - A recent agreement for relocation compensation is expected to add approximately 55.3 million yuan to the company's net profit [6] - The profit forecast has been adjusted upwards, with expected net profits of 180 million yuan, 226 million yuan, and 277 million yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 851 million yuan, with a year-on-year decrease of 0.5% [5] - The net profit for 2025 is projected to be 180 million yuan, reflecting a year-on-year increase of 47.3% [5] - The company’s gross margin is expected to improve from 18.6% in 2025 to 25.5% by 2027 [5] - The return on equity (ROE) is forecasted to increase from 9.0% in 2025 to 13.0% in 2027 [5]

Investment Rating - The report maintains an "Overweight" rating for the overseas consumer services sector, indicating a positive outlook for the industry [1]. Core Insights - Yum China reported a revenue of $3.2 billion for Q3 2025, a year-on-year increase of 4%, with core operating profit rising by 8% to $399 million, aligning with expectations [1][4]. - The company achieved a record net store opening of 536 locations in Q3, bringing the total to 17,514 stores, with KFC and Pizza Hut expanding into over 310 and 170 new cities respectively [2][4]. - Same-store sales for KFC grew by 2% year-on-year, driven by a 3% increase in transaction volume, while Pizza Hut's same-store sales increased by 1% with a significant 17% rise in transaction volume [5]. Summary by Sections Overseas Consumer Services - Yum China accelerated its store opening pace in Q3 2025, achieving a total of 536 new stores, with KFC at 12,640 and Pizza Hut at 4,022 [2][4]. - The company has entered over 310 new cities for KFC and 170 for Pizza Hut in the past 12 months, with a total of approximately 2,500 and 1,000 cities served respectively [2][4]. - New store formats, such as KFC Coffee and KPRO, are expanding consumer engagement and market presence [2][4]. Overseas Pharmaceuticals - Rongchang Bio reported a 42.3% year-on-year revenue growth for the first three quarters of 2025, reaching 1.72 billion yuan, with a net loss of 551 million yuan, narrowing by 48.6% [9]. - The third quarter saw a revenue increase of 33.1% year-on-year, amounting to 622 million yuan, with a net loss of 101 million yuan, a significant reduction of 65.2% year-on-year [9]. - The company’s R&D expenses decreased by 22.8% year-on-year to 891 million yuan, while sales expenses increased by 32.1% to 823 million yuan, with a sales expense ratio decline of 3.7 percentage points to 47.8% [9]. Overseas Education - The education sector's growth has stabilized, with New Oriental experiencing a revenue acceleration driven by its strong brand reputation [16]. - The education index fell by 6.0% in the week of October 31 to November 6, underperforming the Hang Seng Index by 6.1 percentage points [16]. - New Oriental's GMV on Douyin was approximately 170 million yuan, with a daily average of 24.2 million yuan, reflecting a 2.7% week-on-week decline [17].

Core Insights - The defense and military industry is experiencing a release of fundamental pressures, with revenue and profit realization expected to accelerate [3][11][12] - Overall revenue and net profit for the military industry showed a year-on-year decline, indicating a need for recovery [12] - The report highlights the importance of various segments within the military industry, showing differentiated performance across equipment categories [12][4] Revenue and Profit Performance - For Q1-Q3 2025, the military industry reported a revenue growth rate of -1.68% and a net profit growth rate of -10.95% year-on-year [12][4] - Performance varied by equipment segment: ground armaments (+18.2%), naval equipment (-8.4%), aviation equipment (-1.7%), aerospace equipment (+9.3%), and military electronics (+7.1%) [12][4] - Revenue growth rates for different supply chain segments were also varied, with upstream materials (+4.8%) and components (+6.6%) performing better than midstream and downstream segments, which saw declines [12][4] Profitability Analysis - The overall gross margin and net margin for the military industry were reported at 18.04% and 5.07%, respectively, with expectations for improvement as scale effects materialize [4][12] - The military electronics segment maintained a high level of profitability, while other segments experienced slight fluctuations [4][12] - Profitability across the supply chain showed divergence, with upstream and midstream segments maintaining stronger profitability but on a declining trend [4][12] Operational Indicators - Operational indicators demonstrated stable growth, with inventory, accounts payable, and contract liabilities increasing by 13.19%, 30.96%, and 12.10% year-on-year, respectively [4][12] - All equipment segments reported growth in prepayments and contract liabilities, with significant increases in inventory and accounts payable in the aviation equipment sector [4][12] - The report indicates that the military industry is experiencing a sustained level of activity and demand, supporting overall industry health [4][12] Investment Recommendations - The report suggests increasing attention to the military sector, particularly focusing on next-generation equipment and unmanned systems, which are expected to see rapid realization starting in 2025 [12][11] - Key companies to watch include those involved in high-end combat capabilities and new quality combat forces, indicating a broad spectrum of investment opportunities within the sector [12][11]

指数 名称 收盘 涨跌（％） （点） 1 日 5 日 1 月 上证指数 4008 0.97 3.22 0.52 深证综指 2527 1.16 0.3 0.36 风格指数 昨日 近 1 个月 近 6 个月 | (％) | | | | | --- | --- | --- | --- | | 大盘指数 | 1.51 | 1.15 | 23.66 | | 中盘指数 | 1.67 | -1.37 | 29.75 | | 小盘指数 | 1.31 | -0.19 | 24.48 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | 跌幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | 今日重点推荐 2025 年 11 月 07 日 国防军工行业深度报告：国防军工行业 2025 三季报总结—— 基本面压力释放，确收和利润兑现将提速 ◼ 我们从业绩表现、盈利能力、营运指标等方面对军工行业 2025 年三季报进 行了分析总结，考虑了如中航成飞等个股报表回溯调整的影响，并通过横 向、纵向、静态和动态等视角阐明了军工行业在边际上仍在发生重要的变 化。 申万宏源晨会报告 ◼ 从收入利润表 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company experienced a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 4.33 billion yuan, down 11.2% year-on-year, and a net profit of 177 million yuan, down 58.31% year-on-year [4][6]. - Despite the revenue decline, the company showed strong cash flow performance, with operating cash flow net amounting to 348 million yuan, a significant increase of 129.75% year-on-year [6]. - The company is transitioning from traditional equipment sales to high-value comprehensive solutions, with a total order backlog of 5.884 billion yuan as of the end of Q3 2025 [6]. - The chairman's recent stock purchase reflects confidence in the company's long-term development [6]. - The redemption of convertible bonds has improved the company's capital structure, reducing the debt-to-asset ratio from 68.59% to 60.74% [6]. - The company is focusing on nuclear power and solar thermal energy as growth areas, with expected net profits of 442 million yuan, 507 million yuan, and 600 million yuan for 2025, 2026, and 2027, respectively [6]. Financial Summary - For the first three quarters of 2025, the company reported total revenue of 4.33 billion yuan and a net profit of 177 million yuan [4]. - The projected total revenue for 2025 is 6.325 billion yuan, with a year-on-year growth rate of -1.7% [5]. - The projected net profit for 2025 is 442 million yuan, with a year-on-year growth rate of 0.6% [5]. - The company's gross margin is expected to be 15.9% in 2025, with a return on equity (ROE) of 8.2% [5].

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly recommending investments in the white goods sector due to its low valuation, high dividends, and stable growth potential [3][4][5]. Core Insights - The home appliance industry experienced a revenue growth of 4.57% year-on-year in Q3 2025, with total revenue reaching 356.1 billion yuan. Net profit increased by 3.49% to 30.158 billion yuan [3][20]. - The report identifies three main investment themes: 1) White goods benefiting from favorable real estate policies and trade-in incentives; 2) Export-oriented companies like Ousheng Electric and Dechang Co. showing stable profitability; 3) Core components suppliers like Huaxiang Co. and Shun'an Environment poised for growth due to increased demand [3][4][5]. Summary by Sections 1. Industry Performance Overview - The home appliance sector underperformed compared to the broader market, with an 8.3% increase from July to September 2025, lagging behind the 17.9% rise of the CSI 300 index [9][10]. 2. Q3 2025 Revenue and Profit Growth - The home appliance industry saw a total revenue of 356.1 billion yuan in Q3 2025, marking a 4.57% increase year-on-year. The net profit for the same period was 30.158 billion yuan, reflecting a 3.49% growth [3][20]. 3. Subsector Performance 3.1 White Goods - The white goods sector achieved a revenue of 254.924 billion yuan, up 5.64% year-on-year, with a net profit of 25.049 billion yuan, a growth of 3.42% [40][41]. 3.2 Kitchen Appliances - The kitchen appliance sector reported a revenue decline of 6.38% to 7.257 billion yuan and a net profit drop of 18.66% to 548 million yuan [47][48]. 3.3 Small Appliances - Small appliances saw a revenue increase of 11.36% to 36.739 billion yuan, with a net profit rise of 2.13% to 2.201 billion yuan [53][54]. 3.4 Black Goods - The black goods sector experienced a revenue decline of 4.02% to 26.898 billion yuan and a significant net profit drop of 28.12% to 332 million yuan [59][61]. 3.5 Components - The components sector reported a revenue increase of 6.85% to 30.238 billion yuan and a net profit surge of 29.07% to 2.027 billion yuan [64][65]. 4. Key Investment Targets - The report highlights key companies for investment, including Midea, Haier, and Gree in the white goods sector, as well as Ousheng Electric and Shun'an Environment in the components sector [3][4][5]. 5. Investment Analysis - The report emphasizes the potential for growth in the home appliance sector driven by domestic trade-in policies and recovering overseas demand, suggesting a favorable outlook for the industry in 2025 [4][5].