Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - The copper price is expected to continue rising in 2025 due to tightening supply and improving demand [4]. - The report highlights that the short-term copper price remains volatile, with SHFE copper closing at 79,060 CNY/ton and LME copper at 9,760 USD/ton as of August 15, 2025 [1][17]. - The report indicates that the inventory dynamics are shifting, with domestic copper social inventory decreasing by 4.8% and LME copper inventory increasing by 0.1% [2][25]. Summary by Sections 1. Weekly Update - The copper stocks mostly increased, with SHFE copper price up by 0.73% and LME copper price down by 0.08% compared to the previous week [1][16]. - The report notes a decrease in domestic cable operating rates by 0.6 percentage points [3][79]. 2. Supply - Domestic copper concentrate inventory at major ports decreased by 10% to 558,000 tons as of August 15, 2025 [2][48]. - The report states that the production of old scrap copper in July increased by 3% month-on-month and 1% year-on-year [2][60]. - The report mentions that the copper concentrate production in China for May was 158,000 tons, up 22.7% month-on-month and 11.2% year-on-year [2][53]. 3. Demand - The cable industry accounts for approximately 31% of domestic copper demand, with the operating rate reported at 69.3% [3][79]. - The report indicates that air conditioning production is expected to decline by 2.8% to 12.1% year-on-year from August to October 2025 [3][96]. - The report highlights that the production of copper pipes decreased by 6.4% month-on-month and 4.1% year-on-year in July [3][96]. 4. Futures - SHFE copper active contract positions decreased by 5% week-on-week, while COMEX non-commercial net long positions increased by 36% [4][32]. - The report notes that the COMEX non-commercial net long position reached 28,000 contracts, which is at the 63rd percentile since 1990 [4][32]. 5. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4].

Investment Rating - The report maintains an "Accumulate" rating for Jiangyin Bank (002807.SZ) with a current price of 4.63 CNY [1] Core Views - Jiangyin Bank's revenue and profit have shown significant growth, with a revenue of 2.4 billion CNY for the first half of 2025, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 850 million CNY, up 16.6% year-on-year [4][5] - The bank's non-interest income has accelerated, contributing significantly to revenue growth, while the net interest margin (NIM) has improved against the trend, reaching 1.54% [5][8] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.86% and a robust provision coverage ratio of 381.2% [10][11] Summary by Sections Financial Performance - Jiangyin Bank achieved a year-on-year revenue growth of 10.5% and a net profit growth of 16.6% in the first half of 2025, with a return on average equity (ROAE) of 8.98%, up 0.5 percentage points year-on-year [4][5] - The bank's net interest income and non-interest income growth rates were -0.2% and 30.3%, respectively, with significant improvements from the first quarter [5] Loan and Deposit Growth - As of the end of the second quarter of 2025, the bank's interest-earning assets and loans grew by 3.2% and 7% year-on-year, with a total loan addition of 7.3 billion CNY in the first half [6] - Deposits increased by 10.4 billion CNY in the first half, with a year-on-year growth of 16% [7] Interest Margin and Non-Interest Income - The bank's NIM improved by 3 basis points to 1.54% in the first half of 2025, despite a decline in asset yields and loan pricing pressure [8] - Non-interest income reached 1 billion CNY, growing by 30% year-on-year, with investment income being the primary contributor [9] Asset Quality and Capital Adequacy - The NPL ratio remained low at 0.86%, with a provision coverage ratio of 381.2%, indicating strong risk mitigation capabilities [10][11] - The bank's capital adequacy ratios are robust, with a core Tier 1 capital ratio of 13.7% as of the end of the second quarter of 2025 [11] Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.91, 0.98, and 1.05 CNY, with corresponding price-to-book (PB) and price-to-earnings (PE) ratios indicating attractive valuations [12][24]

- The report tracks quantitative sentiment indicators, including volume timing signals, which show optimistic views for major broad-based indices except for the Beixin 50 index, which is cautious[24][25] - The "HS300 Upward Stock Count Ratio" sentiment indicator is calculated as the proportion of HS300 constituent stocks with positive returns over the past N days. This indicator captures market sentiment and is effective in identifying upward opportunities but has limitations in predicting downward risks[25][26] - The "Momentum Sentiment Indicator" uses two smoothed lines (short-term and long-term) to track sentiment changes. When the short-term line exceeds the long-term line, it signals optimism in the market. Parameters include N=230, N1=50, and N2=35[28][29][32] - The "Moving Average Sentiment Indicator" evaluates the HS300 index's trend using eight moving averages (8, 13, 21, 34, 55, 89, 144, 233). When the closing price exceeds the values of more than five moving averages, it signals optimism[32][33][35] - Cross-sectional volatility analysis shows that the Alpha environment has improved in the short term for HS300, CSI500, and CSI1000 indices. However, over the past quarter, the Alpha environment remains average to poor based on historical volatility levels[37][41] - Time-series volatility analysis indicates an improvement in Alpha environment in the short term for HS300, CSI500, and CSI1000 indices. However, over the past quarter, the Alpha environment remains below average based on historical volatility levels[37][42]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 237.1 HKD, up from the current price of 200.2 HKD [3]. Core Views - The company reported a net revenue of 27.9 billion RMB for Q2 2025, representing a year-over-year increase of 9.4%, although slightly below the Bloomberg consensus estimate of 28.4 billion RMB [1]. - The gaming segment continues to show strong growth, with net revenue of 22.8 billion RMB, a year-over-year increase of 13.7%, but also below market expectations [1]. - Deferred revenue at the end of the period reached 17 billion RMB, up 24.6% year-over-year, indicating strong future revenue support [1]. - The company has adjusted its profit forecasts for 2025 and 2026, increasing them by 9.9% and 8.2% respectively, and introduced a new profit forecast for 2027 [1]. Summary by Sections Financial Performance - Q2 2025 operating profit was 9.06 billion RMB, with an operating margin of 32.5%, slightly below the expected 9.35 billion RMB [1]. - Adjusted net profit for Q2 2025 was 9.5 billion RMB, a year-over-year increase of 21.9%, also slightly below the expected 9.6 billion RMB [1]. - The company's gross margin improved to 64.7%, up 1.8 percentage points year-over-year, exceeding expectations [1]. Business Segments - The gaming segment's online game revenue was 22.1 billion RMB, with a year-over-year growth of 14.9%, driven by new releases [1]. - Youdao's net revenue was 1.4 billion RMB, a year-over-year increase of 7.3%, surpassing expectations [1]. - Cloud music revenue reached 2 billion RMB, also up 7.3% year-over-year, exceeding expectations [1]. - Innovative and other businesses saw a decline in revenue, down 17.8% year-over-year [1]. Profitability and Cost Management - Marketing expenses were 3.6 billion RMB, with a marketing expense ratio of 12.8%, indicating a recovery to historical levels [1]. - The company continues to optimize its management and R&D expenses, with management expense ratio at 3.8% and R&D expense ratio at 15.6% [1]. Valuation and Future Outlook - The report projects a 2025-2026 adjusted net profit of 39.02 billion RMB and 41.43 billion RMB respectively, with a new forecast for 2027 at 44.48 billion RMB [2]. - The company is expected to benefit from the high growth potential in the domestic gaming industry and improvements in profitability for its cloud music segment [1].

Report Investment Rating - The document does not mention the industry investment rating. Core Viewpoints - In the week from August 11 to August 15, 2025, the issuance of credit bonds decreased month - on - month, and the total trading volume also declined month - on - month. The credit spreads showed different trends in various industries, regions, and enterprise types [1][4]. Summary by Directory 1. Primary Market 1.1 Issuance Statistics - A total of 409 credit bonds were issued, with a total issuance scale of 335.034 billion yuan, a month - on - month decrease of 23.50%. Among them, 185 industrial bonds were issued, with a scale of 167.545 billion yuan (down 4.78% month - on - month, accounting for 50.01%); 188 urban investment bonds were issued, with a scale of 107.989 billion yuan (down 9.87% month - on - month, accounting for 32.23%); 36 financial bonds were issued, with a scale of 59.5 billion yuan (down 58.16% month - on - month, accounting for 17.76%) [1][11]. - The average issuance term of credit bonds was 2.92 years. The average issuance term of industrial bonds was 2.55 years, urban investment bonds was 3.36 years, and financial bonds was 2.31 years [1][14]. - The average issuance coupon rate of credit bonds was 2.13%. The average issuance coupon rate of industrial bonds was 2.08%, urban investment bonds was 2.24%, and financial bonds was 1.88% [2][20]. 1.2 Cancellation of Issuance Statistics - Nine credit bonds cancelled their issuance this week [3][24]. 2. Secondary Market 2.1 Credit Spread Tracking - The overall industry credit spreads increased this week. Different industries, enterprise types, and regions showed different trends in credit spread changes. For example, among the Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in the public utilities sector (up 4.8BP), and the largest decrease was in the non - ferrous metals sector (down 0.9BP) [3][26]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 110.8575 billion yuan, a month - on - month decrease of 12.25%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][29]. 2.3 Actively Traded Bonds This Week - The report lists the top 20 actively traded urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week, including information such as security codes, security names, trading volumes, yields, and issuers [33][36].

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 Combination - **Model Construction Idea**: This model aims to capture excess returns by selecting stocks based on their Price-to-Book (PB) ratio and Return on Equity (ROE), focusing on stocks with favorable valuation and profitability metrics[24][25] - **Model Construction Process**: - Stocks are filtered based on their PB and ROE metrics - The portfolio is rebalanced periodically to maintain alignment with the PB-ROE strategy - The model is applied across different stock pools, including CSI 500, CSI 800, and the entire market[24][25] - **Model Evaluation**: The model demonstrates significant excess returns in the CSI 800 and full-market stock pools, indicating its effectiveness in capturing valuation and profitability-driven opportunities[24][25] 2. Model Name: Block Trade Combination - **Model Construction Idea**: This model leverages the "high transaction, low volatility" principle to identify stocks with favorable post-trade performance based on block trade characteristics[31] - **Model Construction Process**: - Stocks are selected based on two key metrics: "block trade transaction amount ratio" and "6-day transaction amount volatility" - Stocks with higher transaction ratios and lower volatility are included in the portfolio - The portfolio is rebalanced monthly to reflect updated metrics[31] - **Model Evaluation**: The model effectively captures the information embedded in block trades, delivering consistent excess returns relative to the benchmark[31] 3. Model Name: Private Placement Combination - **Model Construction Idea**: This model focuses on the event-driven opportunities surrounding private placements, considering factors such as market value, rebalancing cycles, and position control[37] - **Model Construction Process**: - Stocks involved in private placements are identified using the shareholder meeting announcement date as the event trigger - The portfolio is constructed by integrating market value considerations and rebalancing strategies - Position control mechanisms are applied to manage risk exposure[37] - **Model Evaluation**: The model's performance is sensitive to market conditions, with occasional drawdowns observed during adverse market phases[37] --- Model Backtesting Results 1. PB-ROE-50 Combination - CSI 500: Weekly excess return of -0.44%, absolute return of 3.42%[25] - CSI 800: Weekly excess return of 1.12%, absolute return of 3.92%[25] - Full Market: Weekly excess return of 1.23%, absolute return of 4.18%[25] 2. Block Trade Combination - Weekly excess return of 1.69%, absolute return of 4.65%[32] 3. Private Placement Combination - Weekly excess return of -3.21%, absolute return of -0.39%[38] --- Quantitative Factors and Construction Methods 1. Factor Name: Beta Factor - **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market movements, capturing systematic risk exposure[20] - **Factor Construction Process**: - Beta is calculated using regression analysis of stock returns against market returns over a specified period - Stocks with higher beta values are expected to exhibit greater volatility relative to the market[20] - **Factor Evaluation**: The beta factor delivered a weekly return of 1.35%, indicating a positive contribution to portfolio performance during the observed period[20] 2. Factor Name: Scale Factor - **Factor Construction Idea**: Focuses on the size effect, where smaller-cap stocks tend to outperform larger-cap stocks over time[20] - **Factor Construction Process**: - Stocks are ranked based on their market capitalization - Smaller-cap stocks are given higher weights in the portfolio[20] - **Factor Evaluation**: The scale factor achieved a weekly return of 1.34%, reflecting the market's preference for larger-cap stocks during the observed period[20] 3. Factor Name: BP Factor (Book-to-Price) - **Factor Construction Idea**: Captures valuation opportunities by focusing on stocks with high book-to-price ratios[20] - **Factor Construction Process**: - The book-to-price ratio is calculated as the book value per share divided by the stock price - Stocks with higher BP ratios are included in the portfolio[20] - **Factor Evaluation**: The BP factor recorded a weekly return of -0.16%, indicating underperformance during the observed period[20] 4. Factor Name: Leverage Factor - **Factor Construction Idea**: Measures the financial leverage of a company, with higher leverage potentially indicating higher risk and return[20] - **Factor Construction Process**: - Leverage is calculated as the ratio of total debt to equity - Stocks with higher leverage ratios are included in the portfolio[20] - **Factor Evaluation**: The leverage factor delivered a weekly return of -0.34%, reflecting its sensitivity to market conditions[20] --- Factor Backtesting Results 1. Beta Factor - Weekly return: 1.35%[20] 2. Scale Factor - Weekly return: 1.34%[20] 3. BP Factor - Weekly return: -0.16%[20] 4. Leverage Factor - Weekly return: -0.34%[20]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From August 11 to August 15, 2025, the secondary - market prices of China's listed public REITs showed a downward trend, with a general performance compared to other mainstream asset classes. The trading enthusiasm in the market decreased, and there were no new REITs listed in the primary market this week, but the status of some projects was updated [1][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.44%, ranking behind A - shares, convertible bonds, US stocks, crude oil, and pure bonds, but ahead of gold. The return ranking from high to low was: A - shares > convertible bonds > US stocks > crude oil > pure bonds > REITs > gold [11]. - **At the underlying - asset level**: Both equity - type and franchise - type REITs' secondary - market prices adjusted downward, with equity - type REITs having a larger decline. Among different underlying - asset types, consumer - type REITs had the smallest decline this week, and the top three in terms of returns were consumer - type, ecological - environmental - protection - type, and energy - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 7 rising and 66 falling. The top three in terms of increase were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Huaxia China Resources Commercial REIT; the top three in terms of decline were ICBC Mengneng Clean Energy REIT, China Merchants Expressway REIT, and CICC Xiamen Anju REIT [23]. 3.1.2 Transaction Scale and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 3.27 billion yuan. New - infrastructure - type REITs led in the average daily turnover rate during the period. The top three in terms of trading volume were new - infrastructure - type, transportation - infrastructure - type, and park - infrastructure - type REITs; the top three in terms of the average daily turnover rate during the period were new - infrastructure, municipal - facilities - type, and energy - infrastructure REITs [24]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Boshi Shekou Industrial Park REIT; the top three in terms of trading amount were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Chuangjin Hexin Shounong REIT; the top three in terms of turnover rate were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and ICBC Mengneng Clean Energy REIT [27]. 3.1.3 Main - Force Net Inflow and Block - Trade Situation - **Main - force net inflow situation**: The total net inflow of the main force this week was 50.69 million yuan, and the trading enthusiasm in the market decreased. From the perspective of different underlying - asset REITs, the top three in terms of net inflow during the week were new - infrastructure - type, energy - infrastructure - type, and municipal - type; from the perspective of single REITs, the top three in terms of net inflow during the week were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and CITIC Construction Investment State Power Investment New Energy REIT [30]. - **Block - trade situation**: There were block - trade transactions on 5 trading days this week, with a total block - trade turnover of 327.75 million yuan, a decrease compared to last week. The block - trade turnover on Tuesday (August 12, 2025) was the highest in the week, reaching 101.05 million yuan. The top three in terms of block - trade turnover of single REITs were Huaxia Capital Outlet Mall REIT, E Fund Shenzhen Expressway REIT, and Southern Runze Technology Data Center REIT [31]. 3.2 Primary Market 3.2.1 Listed Projects As of August 15, 2025, the number of China's public REITs products reached 73, with a total issuance scale of 190.852 billion yuan. Among them, transportation - infrastructure - type REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park - infrastructure - type REITs with an issuance scale of 31.835 billion yuan. No new REITs were listed this week [35][36]. 3.2.2 Projects to be Listed According to the project - status disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 11 initial - offering REITs and 6 to - be - expanded - offering REITs. This week, the status of the initial - offering project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund", the initial - offering project of "Citic Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund", and the expanded - offering project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Provided" [41].

Retail Data Overview - In July 2025, U.S. retail sales increased by 0.5% month-on-month, matching expectations, but down from a revised 0.9% in June[2] - Core retail sales (excluding automobiles and gasoline) rose by 0.3% month-on-month, also below the previous value of 0.8%[2] Economic Implications - The decline in July retail sales indicates a weakening consumer sentiment, with year-on-year growth dropping from 4.4% in June to 3.9% in July, marking the second-lowest value since March 2025[7] - The Producer Price Index (PPI) for July saw a significant increase to 3.3% year-on-year, up from 2.3%, suggesting that businesses are passing on tariff costs to consumers, which may further dampen consumer spending[7] Interest Rate Outlook - The decline in retail sales and weak employment data suggest a continued downward trend in the U.S. economy, increasing the likelihood of the Federal Reserve restarting interest rate cuts in the second half of 2025[8] - Market expectations indicate a 92.1% probability of a 25 basis point rate cut in September 2025, with a total of two cuts anticipated for the year[10] Sector Performance - In July, durable goods such as automobiles (+1.6%) and furniture (+1.4%) showed strong performance, while non-durable goods like groceries (-1.7%) and electronics (-0.6%) declined[9] - Service consumption, particularly in restaurants and bars, decreased by 0.4%, indicating a shift in consumer spending patterns[10]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From January to August 15, 2025, the convertible bond market outperformed the equity market, with the CSI Convertible Bond Index rising 14.6% and the CSI All-Share Index rising 13.9%. Although the current convertible bond valuation quantiles are close to or exceed historical highs, the equity market is booming, and convertible bonds are still worth looking forward to [1][4]. 3. Summary by Relevant Catalogs Market Conditions - From August 11 to August 15, 2025, the CSI Convertible Bond Index rose 1.6% (2.3% last week), and the CSI All-Share Index rose 2.9% (1.9% last week). The convertible bond market continued to rise [1]. - By rating, high-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) rose 1.7%, 2.0%, and 2.7% respectively this week, with low-rated bonds having the largest increase [1]. - By convertible bond size, large-scale convertible bonds (bond balance > 5 billion yuan), medium-scale convertible bonds (balance between 500 million and 5 billion yuan), and small-scale convertible bonds (balance < 500 million yuan) rose 0.7%, 2.0%, and 3.1% respectively this week, with small-scale convertible bonds having the largest increase [1]. - By conversion parity, ultra-high parity bonds (conversion value > 130 yuan), high parity bonds (conversion value between 110 - 130 yuan), medium parity bonds (conversion value between 90 - 110 yuan), low parity bonds (conversion value between 70 - 90 yuan), and ultra-low parity bonds (conversion value < 70 yuan) rose 5.9%, 1.9%, 1.4%, 0.9%, and 0.7% respectively this week, with ultra-high parity bonds having the largest increase [2]. Current Convertible Bond Valuation Levels - As of August 15, 2025, there were 456 outstanding convertible bonds (461 at the end of last week), with a balance of 627.415 billion yuan (631.809 billion yuan at the end of last week) [3]. - The average convertible bond price was 131.58 yuan (130.35 yuan last week), with a quantile of 100%; the average convertible bond parity was 104.19 yuan (103.18 yuan last week), with a quantile of 94.8%; the average convertible bond conversion premium rate was 28.6% (28.1% last week), with a quantile of 57.4%. Among them, the conversion premium rate of medium-parity convertible bonds (conversion value between 90 - 110 yuan) was 30.8% (29.6% last week), higher than the median conversion premium rate of medium-parity convertible bonds since 2018 (20.1%) [3]. Convertible Bond Increase Situation - This week, the top 5 convertible bonds with the largest increases were Outong Convertible Bond (64.48%), Dayuan Convertible Bond (63.01%), Jintong Convertible Bond (39.50%), Weixin Convertible Bond (27.57%), and Youzu Convertible Bond (25.09%) [21].

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (9899.HK) [4] Core Insights - The company reported a slight revenue miss but exceeded profit expectations due to a reduction in sales expenses. Revenue for 1H25 was RMB 38.3 billion, down 6% year-over-year, compared to Bloomberg's consensus estimate of RMB 39.1 billion. Gross profit reached RMB 13.9 billion, with a gross margin of 36.4%, an increase of 1.4 percentage points year-over-year. Operating profit was RMB 8.45 billion, up 40.8% year-over-year, primarily due to reduced sales expenses. Adjusted net profit attributable to shareholders was RMB 19.5 billion, a significant increase of 121% year-over-year, mainly due to the recognition of deferred tax assets amounting to RMB 8.5 billion [1][4] Revenue Breakdown - Online music service revenue for 1H25 was RMB 29.7 billion, reflecting a year-over-year growth of 15.9%. Subscription revenue grew by 15.2% to RMB 24.7 billion, driven by an increase in membership subscriptions, while social entertainment services and other revenues fell by 43.1% to RMB 8.6 billion due to the closure of the live streaming entry after the 2024 year-end version update [2][3] User Engagement and Product Development - The platform continues to enhance user engagement through product innovation and community ecosystem improvements. The NetEase Cloud Music app has introduced features such as personalized recommendations and AI functionalities, maintaining a daily active users to monthly active users ratio (DAU/MAU) above 30% [3] Cost Management - The company has effectively controlled costs, with sales expenses decreasing by 55.8% year-over-year to RMB 1.63 billion, attributed to a cautious promotional strategy. Management expenses increased by 3.6% to RMB 930 million, while R&D expenses decreased by 4.2% to RMB 3.79 billion [3] Profit Forecast and Valuation - The adjusted net profit forecast for 2025 has been raised to RMB 29.4 billion, a 55% increase from previous estimates. The adjusted net profit for 2026 and 2027 is also revised upward to RMB 25.9 billion and RMB 28.6 billion, representing increases of 19% and 17% respectively [4][5]