1. Report Industry Investment Rating - No industry investment rating is provided in the content 2. Core View of the Report - From December 8 to December 12, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. Compared with other mainstream asset classes, REITs ranked fourth in terms of return [1][11]. - The price trends of equity - based and concession - based REITs diverged this week, with equity - based REITs rising and concession - based REITs falling. Among different underlying asset types, municipal facilities REITs had the largest increase [1][16]. - The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The overall market trading enthusiasm decreased compared with last week [2][24]. - There were no new REIT products listed on the primary market this week, but the project status of 2 REIT products was updated [4] 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 797.54 and 1028.5 respectively, with weekly returns of - 0.45% and - 0.29%. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. The return ranking from high to low was: gold > A - shares > pure bonds > REITs > convertible bonds > US stocks > crude oil [11]. - **At the underlying asset level**: The price trends of equity - based and concession - based REITs diverged. Equity - based REITs rose with a weighted index of 153.42 and a return of 0.03%, while concession - based REITs fell with a weighted index of 127.01 and a return of - 0.76%. Among different underlying asset types, municipal facilities REITs had the largest increase, followed by water conservancy facilities and new infrastructure - type REITs, with returns of 2.09%, 1.09% and 0.94% respectively [16][17]. - **At the single - REIT level**: Among the 77 REITs, 34 rose, 2 were flat, and 41 fell. The top three in terms of increase were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with increases of 7.33%, 5.07% and 5.06% respectively. The top three in terms of decline were Huaxia Nanjing Traffic Expressway REIT, Zheshang HuHangYong REIT, and CICC Liandong Kechuang REIT, with declines of 5.44%, 4.71% and 2.08% respectively [1][23]. Transaction Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The average daily turnover rate of all listed REITs during the week was 0.45%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, park infrastructure, and consumer infrastructure, with trading volumes of 555 million, 368 million, and 350 million yuan respectively. In terms of turnover rate, the top three were new infrastructure, ecological and environmental protection, and municipal facilities, with turnover rates of 0.87%, 0.52% and 0.49% respectively [24]. - **At the single - REIT level**: The performance of single - REIT trading volume and turnover rate continued to diverge. In terms of trading volume, the top three were Huaxia China Expressway REIT, CICC Puluosi REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 19 million, 19 million, and 16 million shares respectively. In terms of transaction amount, the top three were Huaxia China Resources Commercial REIT, Huaxia China Expressway REIT, and Zheshang HuHangYong REIT, with transaction amounts of 123 million, 104 million, and 92 million yuan respectively. In terms of turnover rate, the top three were CICC Chongqing Liangjiang REIT, CITIC Construction Shenyang International Software Park REIT, and China Merchants Science and Technology REIT, with turnover rates of 7.76%, 7.36% and 4.88% respectively [27]. Main Force Net Inflow and Block Trade Situation - **Main force net inflow situation**: The total net inflow of the main force this week was 3.06 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow during the week were new infrastructure, transportation infrastructure, and warehousing and logistics, with net inflows of 6.09 million, 3.95 million, and 3.09 million yuan respectively. Among single - REITs, the top three in terms of net inflow were Southern Runze Technology Data Center REIT, China Merchants Fund Shekou Rental Housing REIT, and Huaxia China Expressway REIT, with net inflows of 8.32 million, 5.7 million, and 3.91 million yuan respectively [30]. - **Block trade situation**: The total block - trade amount this week reached 23.5 million yuan, a decrease compared with last week. There were block - trade transactions on 3 trading days, with a total block - trade amount of 23.5 million yuan. The block - trade transaction amount on Monday (December 8, 2025) was the highest during the period, at 9.99 million yuan. Among single - REITs, the top three in terms of block - trade transaction amount were GF Chengdu Gaotou Industrial Park REIT, Huaxia China Resources Commercial REIT, and Southern SF Logistics REIT, with transaction amounts of 9.99 million, 7.15 million, and 6.36 million yuan respectively, and corresponding average discount - premium rates of - 1.04%, - 0.71% and - 0.33% respectively [32]. Primary Market Listed Projects - As of December 12, 2025, the number of China's public REIT products reached 77, with a total issuance scale of 199.301 billion yuan. Among them, the transportation infrastructure - type REITs had the largest issuance scale, at 68.771 billion yuan, followed by park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan [36]. - No new REIT products were listed this week [38]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 21 REITs in the to - be - listed state, including 14 initial - offering REITs and 7 to - be - expanded REITs. This week, the project status of Boshi Shandong TieTou Road and Bridge Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared", and the project status of Huaxia Zhonghe Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "approved" [41].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - From December 8 to December 12, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed changes. The primary market issuance was active, and the secondary market trading volume increased significantly [1][24][3] 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Issuance Statistics - During the week, 369 credit bonds were issued, with a total issuance scale of 459.512 billion yuan, a month - on - month increase of 35.34%. Among them, 174 industrial bonds were issued, amounting to 186.503 billion yuan (a 62.28% month - on - month increase, accounting for 40.59%); 149 urban investment bonds were issued, totaling 88.809 billion yuan (a 7.82% month - on - month decrease, accounting for 19.33%); and 46 financial bonds were issued, reaching 184.2 billion yuan (a 43.60% month - on - month increase, accounting for 40.09%) [11] - The average issuance term of credit bonds was 2.80 years. The average issuance terms of industrial bonds, urban investment bonds, and financial bonds were 2.36 years, 3.34 years, and 2.48 years respectively [12] - The average issuance coupon rate of credit bonds was 2.24%. The average issuance coupon rates of industrial bonds, urban investment bonds, and financial bonds were 2.19%, 2.39%, and 1.96% respectively [17] 3.1.2 Cancellation of Issuance Statistics - Four credit bonds were cancelled for issuance during the week [22] 3.2 Secondary Market 3.2.1 Credit Spread Tracking - In the Shenwan primary industries, for AAA - rated industries, the largest upward movement in credit spread was in agriculture, forestry, animal husbandry, and fishery (up 3.1BP), and the largest downward movement was in medicine and biology (down 4.2BP). For AA + - rated industries, the largest upward movement was in electrical equipment (up 2.7BP), and the largest downward movement was in building materials (down 12.7BP). For AA - rated industries, the largest upward movement was in machinery (up 4.9BP), and the largest downward movement was in public utilities (down 2.8BP) [3] - For urban investment bonds by region, among AAA - rated bonds, the largest upward movement in credit spread was in Yunnan (up 4.7BP), and the largest downward movement was in Guangdong (down 3.7BP). Among AA + - rated bonds, the largest upward movement was in Beijing (up 13BP), and the largest downward movement was in Shaanxi (down 4.8BP). Among AA - rated bonds, the largest upward movement was in Yunnan (up 4.9BP), and the largest downward movement was in Shaanxi (down 9.8BP) [26] 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1625.428 billion yuan, a month - on - month increase of 36.58%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, commercial bank bonds had a trading volume of 628.038 billion yuan (a 60.23% month - on - month increase, accounting for 38.64%); corporate bonds had a trading volume of 402.758 billion yuan (a 10.55% month - on - month increase, accounting for 24.78%); and medium - term notes had a trading volume of 294.033 billion yuan (a 23.12% month - on - month increase, accounting for 18.09%) [4] 3.2.3 Actively Traded Bonds This Week - The report selected the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference, including details such as security code, security abbreviation, trading volume, average trading yield, ChinaBond valuation yield, ChinaBond implied rating, remaining term, and issuer [30][32][33]

2025 年 12 月 13 日 行业研究 信贷投放较早呈现年末收官特征 ——2025 年 11 月份金融数据点评 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 贷款增长再现"小月"，社融与货币降速——2025 年 10 月份金融数据点评 贷款熨平波动，货币持续活化——2025 年 9 月份 金融数据点评 社融遇拐点，货币见活化——2025 年 8 月份金融 数据点评 信贷扩张季节性回落，存款资金入市节奏提速 —— 2025 年 7 月份金融数据点评 信用活动季节性走强——2025 年 6 月份金融数据 点评 信用扩张走向量价平衡——2025 年 5 月份金融数 据点评 如何看待 4 月社融与信贷"大劈叉"？——2025 年 4 月份金融数据点评 贷款投放超预期，关注需求修复持续性——2025 年 3 月份金融数据点评 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, both the convertible bond market and the equity market rose. Currently, some individual bonds fluctuate greatly, and their future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] 3. Summary by Relevant Catalogs Market行情 - From December 8 to December 12, 2025 (a total of 5 trading days), the CSI Convertible Bond Index rose by +0.20% (last week's increase was +0.08%), and the CSI All - Share Index changed by +0.19% (last week's increase was +0.77%). Since 2025, the CSI Convertible Bond Index has risen by +16.50%, and the CSI All - Share Index has risen by +21.83% [1] - By bond rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) rose by - 0.13%, - 0.61%, +0.17%, +0.25%, and - 0.42% respectively this week. Medium - rated and medium - low - rated bonds rose [1] - By convertible bond scale, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) rose by - 0.51%, - 0.45%, +1.04%, - 0.29%, and - 0.24% respectively this week. Except for medium - scale convertible bonds, all others declined [2] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) rose by +5.15%, - 1.39%, - 1.03%, +0.57%, - 2.16%, +2.22%, and - 0.60% respectively this week, showing divergent trends [2] Convertible Bond Price, Parity, and Conversion Premium Rate - As of December 12, 2025, there were 408 outstanding convertible bonds (407 at the end of last week), with a balance of 556.12 billion yuan (556.996 billion yuan at the end of last week) [3] - The average convertible bond price was 130.13 yuan (129.94 yuan at the end of last week), with a percentile of 91.57% (from the beginning of 2023 to December 12, 2025) [3] - The average convertible bond parity was 99.99 yuan (100.82 yuan at the end of last week), with a percentile of 86.66% [3] - The average convertible bond conversion premium rate was 31.41% (30.76% at the end of last week), with a percentile of 37.36% [3] Convertible Bond Performance and Allocation Direction - This week, both the convertible bond market and the equity market rose. Some individual bonds fluctuate greatly, and future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include "Zai22 Convertible Bond" with an increase of 50.01%, "Huamao Convertible Bond" with an increase of 22.56%, "Weidao Convertible Bond" with an increase of 21.09%, etc. [21]

Report Summary Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints - The financial data in 2025 shows that the growth rates of social financing and M2 are higher than the expected GDP and CPI growth rates, indicating effective financial support for the real - economy and a moderately loose monetary policy [1]. - The focus on quantity targets in the central economic work conference is being gradually淡化, which is an important measure for building a scientific and sound monetary policy system [2]. - Investors are advised to "look down, look comprehensively, and understand clearly" when analyzing financial aggregate data [3]. Section Summaries Financial Data Analysis - **Policy Background**: The 2024 Central Economic Work Conference proposed to match the growth of social financing scale and money supply with economic growth and price level targets. The expected GDP growth in 2025 is about 5% and CPI growth is about 2%. In November 2025, the year - on - year growth rates of social financing and M2 were 8.5% and 8% respectively, higher than the above targets and the nominal GDP growth rate in the first three quarters of 2025, reflecting the effectiveness of financial support for the real economy and the moderately loose monetary policy [1]. - **Change in Policy Focus**: Similar statements about quantity targets in previous central economic work conferences did not appear in the 2025 conference news release, indicating a gradual淡化 of the focus on quantity targets [2]. Suggestions for Analyzing Financial Aggregate Data - **Look Down**: In the process of economic structural transformation and with the reduction of real - economy financing demand, the decline in the growth rate of financial aggregate indicators is normal, and there is no need to overly worry [3]. - **Look Comprehensively**: While RMB loan increment is an important indicator, banks support the real economy in multiple ways, and non - bank financial institutions also serve the real economy. It is advisable to use more comprehensive indicators such as social financing and broad money [3]. - **Understand Clearly**: When analyzing financial data, one should not only focus on the apparent readings but also consider the underlying logic, such as base effects and seasonal effects, and fully restore the impacts of local government debt resolution and small - and - medium - sized financial institution risk mitigation [4].

Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector [6]. Core Insights - The glass industry is characterized by heavy asset attributes and continuous production, leading to rigid supply dynamics. The report highlights the structural differentiation between float glass and photovoltaic glass, indicating that the float glass sector is experiencing a downward cycle while photovoltaic glass is entering a growth phase [8][10]. Supply and Production Characteristics - The float glass production process is the mainstream method, accounting for 80%-90% of total production. The industry is heavily reliant on raw materials such as silica sand and soda ash, with fixed assets and construction in progress representing approximately 60% and 40% of total revenue for float and photovoltaic glass leaders, respectively [1][2]. - The glass production lines have a design lifespan of 8-10 years, necessitating continuous operation once ignited, which creates supply rigidity. The report notes that the supply side is influenced by policies that restrict new capacity and require capacity replacement [2][42]. Demand Analysis - Demand for float glass is primarily driven by the real estate sector and automotive industry, with real estate construction area being the leading factor. The report predicts a contraction in float glass demand over the next two to three years, although the decline will narrow [2][3]. - Photovoltaic glass demand is driven by the growth in photovoltaic installations and the penetration rate of double-glass modules, with expectations for continued growth in global and Chinese photovoltaic installations until 2030 [2][3]. Cost Structure and Profitability - The cost structure of the glass industry is dominated by raw materials and energy, accounting for over 80% of total costs. Float glass is sensitive to raw material prices, while photovoltaic glass is more sensitive to energy prices [3]. - The report indicates that the gross margin gap between leading and lagging companies in the float glass sector has widened from 14 percentage points to 20 percentage points from 2015 to 2024, reflecting increased profitability for leading firms [3]. Competitive Advantage Analysis - Scale advantages and vertical integration are key factors for leading companies to maintain low-cost advantages. The report highlights that leading firms like Xinyi Glass and Qibin Group have significantly outperformed their peers in revenue scale, further widening the gap [4]. - Leading companies are increasing their self-supply ratio of raw materials to reduce production costs, with Qibin Group's self-supply ratio of silica sand increasing from 48% in 2019 to 70% in 2024 [4]. Investment Recommendations - For the float glass sector, the report suggests focusing on leading companies such as Xinyi Glass and Qibin Group, as the trend of increasing concentration among leading firms is expected to continue [4][10]. - In the photovoltaic glass sector, the report anticipates a wave of small and medium-sized enterprises exiting the market, leading to increased concentration among leading firms like Xinyi Solar and Flat Glass [4][10].

Investment Rating - The report maintains a "Buy" rating for the company, considering its innovative layout and high dividend yield [3][4]. Core Insights - The blood products business is expected to maintain steady growth, with a significant increase in demand for quadrivalent influenza vaccines. By mid-2025, the company will have 34 plasma collection stations, with four stations expected to exceed 100 tons of plasma collection in 2024 [1]. - The company is actively innovating in the blood products sector, upgrading existing processes and developing new products. This includes the completion of on-site verification for a new 10% intravenous immunoglobulin and plans for a subcutaneous immunoglobulin submission [2]. - The company has implemented a cash dividend of 7 yuan per 10 shares for 2025, resulting in a dividend yield of 4.63% based on the closing price on December 11, 2025. The company aims to enhance the stability and predictability of its cash dividends [3]. Summary by Sections Blood Products Business - The blood products segment is projected to grow steadily, supported by an increase in plasma collection and improved utilization rates. The demand for quadrivalent influenza vaccines has surged, leading to faster inventory turnover [1]. Innovation and R&D - The company is increasing its R&D investments in vaccines, innovative drugs, and biosimilars. Key developments include the advancement of a recombinant herpes zoster vaccine and mRNA vaccines for influenza and respiratory syncytial virus [2]. Financial Performance and Forecast - The company has adjusted its net profit forecasts for 2025 and 2026 to 1.252 billion yuan and 1.472 billion yuan, respectively, reflecting a decrease of 20% and 23% from previous estimates. The projected earnings per share (EPS) for 2025 is 0.69 yuan, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 for 2025, 2026, and 2027 [3][8].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Viewpoints - The successful launch of the Daqing Petrochemical 1000 tons/year ultra-fine acrylic fiber project marks a significant technological breakthrough, breaking foreign monopolies and filling a domestic industrial gap [2][3]. - The project, with a total investment of 110 million yuan, utilizes advanced domestic spinning technology and has achieved a high level of production line standardization, enhancing China's textile industry chain's self-sufficiency [2]. - The company is actively expanding into emerging business areas such as unconventional oil and gas, new materials, and digital intelligence, with new contracts in these sectors reaching 20.596 billion yuan in the first half of 2025, accounting for 28.06% of total new contracts, reflecting a year-on-year growth of 16.56% [3]. Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be 738 million, 825 million, and 929 million yuan respectively, with corresponding EPS of 0.13, 0.15, and 0.17 yuan per share [4][10]. - Revenue is projected to grow from 80.343 billion yuan in 2023 to 98.803 billion yuan in 2027, with a compound annual growth rate of approximately 4.74% [10][12]. - The company's return on equity (ROE) is expected to improve from 2.86% in 2023 to 3.29% in 2027, indicating a gradual enhancement in profitability [12].

12 月美联储如期降息，更显"鸽派"。一是鲍威尔成功管控内部分歧，仅 2 票反对 降息。二是启动准备金管理型扩表，自 12 月起每月以 400 亿美元购买短期国债，释 放流动性。三是美联储上修 GDP 预测并下修通胀预测，指向 2026 年美国经济回暖， 通胀可控。展望看，明年一季度美联储或暂缓降息，待二季度新任美联储主席上台后， 自 6 月起至 11 月中选前的 4 次议息会议上择机降息 2-3 次。 2025 年 12 月 12 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】如期降息，扩表在途——2025 年 12 月 FOMC 会议点评 | 外汇市场 | | | | --- | --- | --- | | 中间价 | | 涨跌 | | 美元兑人民币 | 7.0753 | -0.03 | | 欧元兑人民币 | 8.2258 | -0.14 | | 日元兑人民币 | 0.0451 | -0.64 | | 港币兑人民币 | 0.9093 | -0.06 | | 利率市场 | | | | --- | --- | --- | | 回购市场 前加权平均利率% | | 涨跌 BP | | DR001 | 1. ...

2025 年 12 月 11 日 总量研究 降准降息或将较快落地 ——2025 年 12 月 11 日利率债观察 要点 1、降准降息或将较快落地 2025 年 12 月 11-12 日召开的中央经济工作会议要求"灵活高效运用降准降息 等多种政策工具"。我们预计，未来一、两个月内降准或降息落地的概率较高。 降准和降息既有共同的作用，也受到共同的制约。此外，补充银行体系流动性是 降准特有的作用，而降息还受到银行净息差的制约。我们认为，在不同阶段宜根 据经济金融形势和金融市场运行情况选择不同的政策工具。 降准和降息共同的作用：保持社会融资条件相对宽松，促进经济稳定增长。当然， 两个工具的作用机制是不同的。降准主要是通过向银行提供低成本长期资金，降 息主要是通过直接带动 LPR 等利率下行。（注：两者也会通过影响市场主体预 期等渠道促进经济稳定增长。）一般来说，10bp OMO 降息较 0.5 个百分点降准 的作用会更明显一些。 降准和降息共同受到的制约：货币政策的空间。当前 7D OMO 利率为 1.4%，倘 若每次降 10bp 的话，在降 14 次后便会触及零利率。当前大型银行的存款准备 金率为 7.5%，倘若每 ...