1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The target price of Jinlang Convertible Bond 02 on the first - day of listing is expected to be between 117 - 121 yuan, and investors are advised to actively subscribe. The estimated first - day conversion premium rate is in the range of 37% - 42% [3][18]. - The estimated first - day new bond lottery winning rate is around 0.0094% - 0.0134% [4][19]. 3. Summary According to the Directory 3.1 Jinlang Convertible Bond 02 New Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Jinlang Convertible Bond 02 is priority placement and online issuance. The bond and issuer ratings are both AA. The issuance scale is 1.677 billion yuan, the initial conversion price is 89.82 yuan, the conversion parity on October 20, 2025, is 85.04 yuan, the pure bond value is 97.94 yuan. The game terms are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond floor protection [2][14]. 3.1.2 New Bond Initial Listing Price Analysis - The company focuses on the distributed photovoltaic power generation field, with two core businesses: photovoltaic inverters and distributed photovoltaic power generation. The funds raised from this issuance will be used for multiple projects such as distributed photovoltaic power station projects, high - voltage high - power grid - connected inverter new construction projects, etc., which can optimize the company's capital structure and enhance its competitiveness [3][17]. - The target price of Jinlang Convertible Bond 02 on the first - day of listing is expected to be between 117 - 121 yuan, with an estimated conversion premium rate of 37% - 42% [3][18]. 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - The estimated first - day new bond lottery winning rate is around 0.0094% - 0.0134%. Assuming the old shareholder placement ratio is 33% - 53%, the scale available for the market is 788 million - 1.123 billion yuan. Based on the assumption of 8.38 million online valid subscriptions, the lottery winning rate is calculated [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and - Downstream Situation - The company focuses on the distributed photovoltaic power generation field, with photovoltaic inverters and distributed photovoltaic power generation as its two core businesses. The raw materials mainly include electronic components, structural parts, and auxiliary materials. The procurement cost of raw materials is affected by factors such as commodity prices. The company's main customers are photovoltaic power generation system integrators, EPC contractors, etc. The downstream market demand is affected by policies, energy goals, etc. [20][21]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a growth trend, with year - on - year growth rates of 77.8%, 3.59%, 7.23%, and 13.09% respectively. The main income sources are inverter product sales and distributed photovoltaic power generation business income. The comprehensive gross profit margin remained stable, and the net profit margin fluctuated. The company's R & D expenses showed an upward trend, and the period expenses also increased. The accounts receivable remained stable, and the accounts receivable turnover rate was relatively high. The net profit attributable to the parent company changed significantly, and the profitability declined [24][27][29]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively dispersed. The top two shareholders held a combined 32.86% of the shares, and the top ten shareholders held a combined 53.72%. The controlling shareholder is Wang Yiming, and the actual controllers are Wang Yiming, Wang Junshi, and Lin Yibei. The company has 9 domestic first - level subsidiaries, 1 overseas first - level subsidiary, and 6 other enterprises directly or indirectly controlled by the controlling shareholders and actual controllers [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has brand advantages, having won many awards and having its products applied in many landmark projects. It has technology R & D advantages, with a strong R & D team and multiple R & D platforms. It also has industry - leading advantages, being recognized as a national manufacturing single - champion enterprise and having its products play important roles in the photovoltaic power generation system [46][47]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise up to 1.677 billion yuan. The funds will be used for six projects: a distributed photovoltaic power station project (354 million yuan), a high - voltage high - power grid - connected inverter new construction project (333 million yuan), a medium - and large - power hybrid energy storage inverter new construction project (291 million yuan), a Shanghai R & D center construction project (248 million yuan), a digital and intelligent improvement project (99 million yuan), and supplementing working capital (351 million yuan) [12][48].

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The real estate market in September showed weak performance, with cumulative sales area down 5.5% year-on-year and sales revenue down 7.9% year-on-year for the first nine months of 2025 [2][3] - Investment in real estate development decreased by 13.9% year-on-year, with residential investment down 12.9% [3] - The funding for real estate projects saw a decline of 8.4% year-on-year, with domestic loans turning negative for the first time [3] - Housing prices in 70 major cities continued to decline, with second-hand housing prices down 0.6% month-on-month [4] - The report suggests that policy measures are urgently needed to stabilize the market, with a focus on demolition and renovation projects as potential areas for policy support [5] Summary by Sections Sales Data - In the first nine months of 2025, the total sales area of commercial housing reached 660 million square meters, with a year-on-year decrease of 5.5% [2] - The sales revenue for commercial housing was 6.3 trillion yuan, down 7.9% year-on-year [2] Investment Data - Real estate development investment totaled 6.8 trillion yuan, reflecting a year-on-year decline of 13.9% [3] - New housing starts amounted to 450 million square meters, down 18.9% year-on-year [3] Funding Data - Total funding for real estate projects was 7.2 trillion yuan, down 8.4% year-on-year [3] - Domestic loans accounted for 1.1 trillion yuan, showing a year-on-year decrease of 0.4% [3] Price Trends - New housing prices in 70 cities fell by 0.4% month-on-month and 2.7% year-on-year [4] - Second-hand housing prices in 70 cities decreased by 0.6% month-on-month and 5.2% year-on-year [4] Policy Outlook - The report emphasizes the need for policy measures to stabilize the market, with a focus on demolition and renovation as key areas for future policy initiatives [5] - The expectation is for a new round of policy easing to support the real estate market [5]

Report Summary 1. Investment Rating of the Industry No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The progress of the new policy - based financial instruments' release may exceed 60%, and it is expected to be fully released by the end of October. The investment leverage ratio has increased, but the high - frequency data reaction is not obvious, and subsequent key data verification nodes should be focused on [1][3][4]. 3. Summary by Relevant Catalogs 3.1 New Policy - based Financial Instruments Release Progress - As of October 17, the two policy banks (CDB and ADBC) have released approximately 290 billion yuan of new policy - based financial instruments, with a release progress close to 70%. The CDB has released 189.35 billion yuan, with a progress of about 75.74%, and the ADBC has completed 100.111 billion yuan of fund release, with a progress close to 66.74%. By linear extrapolation, about 356.2 billion yuan of the 500 - billion - yuan new policy - based financial instruments established since the end of September may have been released. It is expected to be fully released by the end of October [1]. 3.2 Fund Allocation - More funds are allocated to major economic provinces. The CDB has released 146.58 billion yuan to 12 major economic provinces, accounting for 77.41%, and the ADBC has invested 67.136 billion yuan in 407 projects in these provinces, accounting for 67.06%. - The new policy - based financial instruments also support private investment and new infrastructure. Private investment has received 63.879 billion yuan of support from the two policy banks, and the new infrastructure field, mainly invested by the CDB, has received 71.05 billion yuan in projects related to digital economy, artificial intelligence, and consumption [2]. 3.3 Investment Leverage Ratio - The investment leverage ratio of the new policy - based financial instruments is between 12.59 - 14.79 times, slightly stronger than the previous round (10 - 13.2 times in 2022) [3]. 3.4 High - Frequency Data and Follow - up Monitoring - High - frequency data shows that the operating rates of petroleum asphalt plants and major steel mills' rebar production have signs of bottoming out and rebounding, while other indicators are still weak. It is recommended to continuously track high - frequency indicators to judge the implementation of physical work volume and its support for Q4 GDP. The next important data verification time points are the October credit data (sub - items such as medium - and long - term corporate loans/entrusted loans) and economic data (infrastructure investment, etc.) to be released in early November [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The solid-state battery significantly enhances the market potential for carbon nanotubes, with demand for conductive agents in semi-solid batteries expected to increase 2.5 times compared to liquid batteries. The demand for carbon nanotube conductive agents in solid-state batteries is projected to exceed that of semi-solid batteries [1]. - The company is expected to see a rebound in carbon nanotube prices starting in 2024, following a significant decline in previous years. The price of carbon nanotube powder has dropped nearly 70% from 364,300 CNY/ton to 110,200 CNY/ton, with a forecasted increase to approximately 137,700 CNY/ton in Q1 2025 [2][35]. - The company is actively constructing a 450-ton annual production capacity for single-walled carbon nanotubes, with expected shipments of 80-100 tons in 2025 [2][53]. Financial Summary - The company's projected revenues for 2025, 2026, and 2027 are 1.882 billion CNY, 2.541 billion CNY, and 3.050 billion CNY, respectively. The net profit attributable to the parent company is expected to be 352 million CNY, 527 million CNY, and 713 million CNY for the same years [3][4]. - The company experienced a revenue decline of 23.75% in 2023, with a slight recovery of 3.13% in 2024. The net profit attributable to the parent company also saw a decline of 29.96% in 2023, with a forecasted increase of 40.63% in 2025 [4][25]. Company Overview - Jiangsu Tiannai Technology Co., Ltd. was established in 2007 and has become a leading enterprise in carbon nanotube conductive materials, with products widely used in high-end fields such as new energy vehicles and energy storage systems [16]. - The company has a clear strategic layout, with production capacity for carbon nanotube powder increasing from 605.57 tons in 2020 to 3,619.08 tons in 2024, supporting the continuous growth of its main products [28][48]. Industry Analysis - The carbon nanotube industry is experiencing rapid growth, driven by the increasing demand for new energy vehicles and advancements in battery technology. The global market for lithium batteries is expected to reach 1,545.1 GWh in 2024, with a year-on-year growth of 28.5% [56]. - The penetration rate of carbon nanotube conductive agents in lithium batteries has exceeded 70% in China, with a projected market for carbon nanotube slurry expected to reach 680,000 tons by 2030 [66].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for stock price appreciation in the next six months [5]. Core Insights - The company reported Q3 results that exceeded expectations, with revenue of 5.348 billion yuan, a year-on-year increase of 39.02%, and a net profit of 1.766 billion yuan, up 100.52% [1][2]. - The growth in revenue and profit is attributed to successful leasing strategies and the strong performance of emerging businesses, particularly Chinagoods and cross-border payment services [1][2]. - The company has seen significant cash inflow and contract liabilities, with operating net cash inflow reaching 9.605 billion yuan in the first three quarters of 2025, a year-on-year increase of over 20 times [2]. Financial Summary - For the first three quarters of 2025, the company achieved total revenue of 13.061 billion yuan, a 23.07% increase, and a net profit of 3.457 billion yuan, up 48.45% [1]. - The projected revenue for 2025-2027 is 23.146 billion yuan, 28.965 billion yuan, and 34.766 billion yuan, respectively, with net profits of 4.792 billion yuan, 6.053 billion yuan, and 6.955 billion yuan [3][4]. - The company’s net profit margin improved to 26.47%, reflecting a 4.53 percentage point increase year-on-year [1]. Emerging Business Growth - The emerging business segment, particularly the Chinagoods platform and cross-border payment services, is expected to continue its high growth trajectory, with transaction volume exceeding 27 billion yuan, a year-on-year increase of over 35% [2]. - The integration of AI capabilities and the establishment of a closed-loop ecosystem for trade and payment services are anticipated to enhance service offerings and market competitiveness [2].

Investment Rating - The report assigns a "Buy" rating to the company [4]. Core Insights - The company has rapidly developed into a leading enterprise in the high-end medical imaging equipment sector in China, with a comprehensive product line covering CT, MR, MI, XR, and RT [1][2]. - The shift towards centralized procurement in various provinces is expected to significantly accelerate the domestic replacement rate of medical imaging equipment, particularly in high-end devices, leading to sustained industry prosperity [1][2]. - The company's global expansion strategy aims to establish benchmarks in high-end markets, build barriers in mature markets, and create ecosystems in emerging markets, with strong growth anticipated in overseas business [1][2]. Summary by Sections Company Overview - Founded in 2011, the company focuses on high-performance medical imaging diagnostic and treatment equipment, providing innovative solutions across the entire chain from basic research to clinical application [15][18]. Financial Performance - The company achieved total revenue of 10.3 billion yuan in 2024, a decrease of 9.73% year-on-year, with a net profit attributable to the parent company of 1.262 billion yuan, down 36.08% [3][28]. - For the first half of 2025, the company reported revenue of 60.16 billion yuan, a year-on-year increase of 12.79%, and a net profit of 9.98 billion yuan, up 5.03% [28]. Product Lines and Market Position - The company has established five major product lines: CT, MR, MI, XR, and RT, with steady development across all lines [41]. - In the CT segment, the company launched the first domestic photon counting CT device, uCT Ultima, which received NMPA approval, marking a significant innovation milestone [2][41]. - The MR segment saw a revenue increase of 16.80% in the first half of 2025, with the ultra-high-end MR device uMR Jupiter 5T gaining traction globally [41]. - The MI segment maintained its leadership in the PET/CT market, with continuous growth in installations [41]. Global Expansion - The company has expanded its overseas revenue significantly, with 22.20 billion yuan in overseas income in 2024, representing a year-on-year increase of 33.81% [37]. - The establishment of regional headquarters and R&D centers in various global locations supports the company's international growth strategy [19][20].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [5]. Core Insights - The company has launched the HOSON-Robot, a humanoid robot that leverages its expertise in semiconductor high-end equipment manufacturing and motion control technology, marking a significant step towards a second growth curve in embodied intelligence [1][3]. - The HOSON-Robot features a hybrid intelligent architecture that balances learning efficiency with safety and control, allowing it to switch between end-to-end and layered models based on the operational context [3]. - The company is expected to achieve net profits of 0.41 billion, 1.43 billion, and 2.37 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 175, 50, and 30 times [3]. Financial Summary - The company's projected revenue for 2025 is 1.01 billion yuan, with a growth rate of 8.52% compared to the previous year [4]. - The net profit for 2025 is estimated at 0.41 billion yuan, reflecting a slight increase of 1.47% from 2024 [4]. - The earnings per share (EPS) is forecasted to be 0.40 yuan in 2025, with a significant increase to 1.40 yuan by 2026 [4]. - The company’s total market capitalization is approximately 7.16 billion yuan, with a closing price of 70.15 yuan as of October 13, 2025 [5].

Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - The generative AI wave is reshaping the growth logic of cloud computing, leading the industry into a new high-growth cycle. The global cloud services market is expected to see a year-on-year growth of over 20% for four consecutive quarters from Q3 2024 to Q2 2025 [1][30] - The market concentration is likely to increase further, with the three major players—Amazon AWS, Microsoft Azure, and Google Cloud—controlling over two-thirds of the global market share. Their competitive focus is shifting from basic infrastructure services to AI platform services [2][31] Summary by Sections 1. Generative AI's Impact on Cloud Computing - The explosion of generative AI is injecting new momentum into the cloud computing industry, transitioning the focus from IT cost optimization to enabling enterprise innovation [1][28] - The global cloud infrastructure service spending is projected to exceed $95.3 billion in Q2 2025, with a year-on-year growth of 22% [30] 2. Market Concentration and Competitive Landscape - Amazon AWS, Microsoft Azure, and Google Cloud together hold approximately 66% of the global cloud infrastructure market share, with AWS maintaining a stable market share of 31-33% since 2018 [2][31] - Microsoft Azure has increased its market share from 14% in 2018 to 22% in Q2 2025, while Google Cloud has grown from 4.2% to 11% in the same period [31][34] 3. Amazon's Strategic Positioning - Amazon AWS is the global leader in cloud services, leveraging its first-mover advantage and a strong ecosystem to maintain a market share of 31-33% [2][43] - The company is investing up to $8 billion in AI startup Anthropic, creating a comprehensive solution from underlying chips to top-level applications [3][39] - AWS's revenue growth is primarily driven by the demand for AI capabilities, with projected revenue growth rates of 13.31%, 18.51%, and 17.19% for 2023, 2024, and H1 2025, respectively [45][47]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Funeng Convertible Bonds on the first - day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. The bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and there is no objection to primary participation [3][4][19][20] 3. Summary According to Related Catalogs 3.1. Funeng Convertible Bonds New - Bond Analysis and Investment Recommendations 3.1.1. Convertible Bond Basic Terms Analysis - The issuance methods of Funeng Convertible Bonds are priority placement and online issuance. The bond and the issuer's ratings are both AA+. The issuance scale is 3.802 billion yuan, the initial conversion price is 9.84 yuan. As of October 10, 2025, the convertible bond parity is 103.46 yuan, the calculated pure bond value is 94.95 yuan. The game terms (down - revision, redemption, and put - back clauses) are normal. Overall, the bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and it is not difficult for institutions to include it in their portfolios [2][15] 3.1.2. New - Bond Initial Listing Price Analysis - The target price of Funeng Convertible Bonds on the first - day of listing is 131 - 137 yuan. Considering the current market environment and parity level, the conversion premium rate on the first - day of listing is expected to be in the range of [27%, 32%] [3][19] 3.1.3. Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. Assuming the old shareholders' placement ratio is 65% - 71%, the scale available for the market is 1.095 - 1.326 billion yuan. Assuming the number of effective online subscriptions is 8.13 million households, the winning rate is calculated based on full subscription [4][20] 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Up - and Down - Stream Industry Situations - The company is mainly engaged in the production and sales of electricity, heat, and industrial textiles, with electricity products as the mainstay. The power generation industry's upstream includes power design, power equipment manufacturing, and engineering construction. The downstream is mainly power grid companies. The raw materials for industrial textiles are market - oriented, and its downstream industries are diverse and expanding [21][22] 3.2.2. Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 14.318 billion yuan, 14.695 billion yuan, 14.563 billion yuan, and 6.369 billion yuan respectively, with year - on - year growth rates of 17.79%, 2.63%, - 0.90%, and - 4.44%. The comprehensive gross margin increased steadily from 23.93% in 2022 to 28.31% in H1 2025, and the net profit margin also showed an upward trend. The company's period expenses remained stable, and R & D expenses were relatively stable. The accounts receivable increased due to slow subsidy payments, and the accounts receivable turnover rate decreased. The net profit attributable to the parent company increased steadily [25][28][30] 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, Fujian Energy Group Co., Ltd. was the largest shareholder, holding 1.536 billion shares (55.25% of the total shares). The top two shareholders' combined shareholding ratio was 65.13%, and the top ten shareholders' combined shareholding ratio was 71.19%. The actual controller of the company is the State - owned Assets Supervision and Administration Commission of Fujian Provincial People's Government [43] 3.2.4. Company's Business Characteristics and Advantages - The company has market position and scale advantages, as it is a leading wind - power company in Fujian, with its power generation business installation scale ranking among the top in Fujian. It has unit quality advantages, with a diversified energy structure mainly composed of thermal power, wind power, and photovoltaic power. It also has project reserve advantages, with many under - construction and reserve projects [50] 3.2.5. Allocation of Current Fund - Raising - After deducting issuance fees, 2.5 billion yuan of the raised funds is planned to be used for the 2×660MW ultra - supercritical cogeneration project in Quanhuixin Petrochemical Industrial Zone (total investment: 6.986 billion yuan), and 1.302 billion yuan for the Fujian Xianyou Mulan Pumped - storage Power Station Project (total investment: 8.383 billion yuan) [13][49]

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook amidst current market conditions [9]. Core Insights - The real estate market is expected to stabilize and recover, driven by policy support and a focus on internal demand as a core driver [14]. - The report highlights the defensive characteristics of quality state-owned developers during market disruptions, particularly in response to tariff impacts [15]. - Commercial real estate is identified as having strong recovery potential, with specific companies like New Town Holdings and China Resources Mixc showing significant alpha during market sentiment recovery [16][17]. Summary by Sections Market Overview - The A-share real estate sector experienced a decline of 0.82%, underperforming the broader market by 0.30 percentage points, ranking 23rd among 31 sectors [21]. - The Hong Kong real estate sector outperformed the market with a gain of 1.25%, exceeding the Hang Seng Index by 4.39 percentage points, ranking 4th among 12 sectors [36]. Credit Market - The issuance of real estate credit bonds totaled 940 million yuan this week, with a net financing amount of 939 million yuan. Cumulative issuance reached 337.01 billion yuan, with a net financing deficit of 38.57 billion yuan year-on-year [20][42]. Housing Market - New housing transaction volumes decreased by 11.69% year-on-year, while second-hand housing transactions increased by 4.33% year-on-year, indicating a mixed recovery in the housing market [6]. Land Market - The supply and transaction area of land in 100 cities increased by 7.07% and 18.60% respectively, with a rise in premium rates by 4.83% [5]. REITs Market - The REITs index saw a slight decline of 0.31%, with the property-type REITs index down by 0.51% and the franchise-type REITs index down by 0.07% [44].