Investment Rating - The report maintains a strong buy rating for the photovoltaic industry [1] Core Insights - The demand for the photovoltaic industry is not as pessimistic as perceived, driven by the Nationally Determined Contributions (NDC) with an expected 250 GW of new installations in China by 2026 [2] - Market reforms in the electricity sector are beneficial for photovoltaics, as they will enhance the integration of solar power with other system components and improve the pricing signals for green energy [2] - The ultimate market clearing will depend on technological iterations, with silicon-perovskite tandem cells being a promising direction [2] Summary by Sections Section 1: Growth Potential from NDC - The growth of the photovoltaic industry is closely linked to global climate cooperation, with significant contributions from NDC 3.0 submissions by countries like China and the EU [10][14] - The report anticipates that China will achieve 250 GW of new photovoltaic installations in 2026, contrary to industry pessimism [21] - The relationship between NDC submissions and photovoltaic growth is strong, indicating a positive outlook for the industry [19] Section 2: Marketization and System Integration - The report emphasizes that marketization is essential for the photovoltaic sector to adopt a systems engineering approach and achieve integrated development [39] - The core framework of electricity market reform focuses on pricing mechanisms and the integration of green electricity [42] - The establishment of a global carbon market is expected to enhance the pricing of green energy and improve the operational conditions for photovoltaic assets [45] Section 3: Technological Iteration for Market Clearing - The report highlights that the current surplus in advanced production capacity necessitates a shift towards technological differentiation for market clearing [51] - The photovoltaic industry is undergoing significant technological advancements, with a focus on improving efficiency and reducing costs [63] - The report discusses the efficiency limits of various photovoltaic technologies, indicating a trend towards higher efficiency through innovations like tandem cells [58][70]

Quantitative Models and Construction Methods - **Model Name**: Diffusion Index Model **Model Construction Idea**: Based on price momentum principles, the model identifies upward trends in industries to optimize allocation decisions[23][24][27] **Model Construction Process**: 1. Calculate the diffusion index for each industry based on price momentum 2. Rank industries by their diffusion index values 3. Allocate to industries with the highest diffusion index values **Evaluation**: The model performs well in capturing upward trends but struggles during market reversals or when trends shift to oversold rebounds[23][27] - **Model Name**: GRU Factor Model **Model Construction Idea**: Utilizes GRU (Gated Recurrent Unit) deep learning networks to analyze minute-level volume and price data for industry rotation[31][32][36] **Model Construction Process**: 1. Input minute-level volume and price data into the GRU network 2. Train the model on historical data to identify industry rotation signals 3. Rank industries based on GRU factor scores and allocate accordingly **Evaluation**: The model adapts well to short-term market dynamics but faces challenges in long-term performance and extreme market conditions[31][38] Model Backtesting Results - **Diffusion Index Model**: - Weekly average return: -1.26% - Excess return over equal-weighted industry index: -1.99% - November excess return: -0.74% - Year-to-date excess return: 1.84%[22][27] - **GRU Factor Model**: - Weekly average return: 1.72% - Excess return over equal-weighted industry index: 1.00% - November excess return: 2.69% - Year-to-date excess return: -3.34%[31][36] Quantitative Factors and Construction Methods - **Factor Name**: Diffusion Index **Factor Construction Idea**: Measures industry momentum by tracking price trends and ranking industries accordingly[24][25][26] **Factor Construction Process**: 1. Calculate the diffusion index for each industry using price trend data 2. Rank industries based on diffusion index values 3. Identify industries with the highest and lowest diffusion index values for allocation decisions **Evaluation**: Effective in identifying upward trends but sensitive to market reversals[23][24] - **Factor Name**: GRU Factor **Factor Construction Idea**: Derived from GRU deep learning networks, the factor captures industry rotation signals based on volume and price dynamics[31][32][36] **Factor Construction Process**: 1. Train GRU networks on historical minute-level data 2. Generate GRU factor scores for industries 3. Rank industries by GRU factor scores for allocation decisions **Evaluation**: Strong adaptability to short-term market changes but limited robustness in long-term scenarios[31][38] Factor Backtesting Results - **Diffusion Index Factor**: - Top industries by diffusion index: Nonferrous metals (0.991), Banking (0.968), Steel (0.949), Communication (0.918), Electric equipment & new energy (0.914), Comprehensive (0.885)[24][25][26] - Weekly average return: -1.26% - Excess return over equal-weighted industry index: -1.99% - November excess return: -0.74% - Year-to-date excess return: 1.84%[22][27] - **GRU Factor**: - Top industries by GRU factor: Comprehensive (3.41), Real estate (2.63), Petroleum & petrochemical (2.13), Light manufacturing (1.67), Steel (0.53), Comprehensive finance (0.52)[32][35][36] - Weekly average return: 1.72% - Excess return over equal-weighted industry index: 1.00% - November excess return: 2.69% - Year-to-date excess return: -3.34%[31][36]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights significant clinical advancements in the dual-antibody sector, particularly focusing on the TSLP/IL-13 dual antibody Lunsekimig by Sanofi, which has entered Phase III clinical trials for COPD, with the first patient dosed on September 24 [4][5] - The report emphasizes the potential of dual antibodies in autoimmune diseases, particularly in respiratory conditions like asthma and COPD, indicating a substantial market opportunity [7] Summary by Relevant Sections Industry Basic Situation - The closing index level is 8665.0, with a 52-week high of 9323.49 and a low of 6764.34 [1] Clinical Progress Updates - Sanofi's Lunsekimig is in Phase II/III trials for COPD, aiming to enroll 1884 patients to evaluate its efficacy and safety compared to a placebo [4] - The CM512 dual antibody by Connoa shows promising results in atopic dermatitis, with EASI-75 and EASI-90 response rates of 58.3% and 41.7% respectively, compared to 21.4% and 0% in the placebo group [5] Market Activity and Collaborations - The report notes ongoing collaborations, such as the agreement between Qianxin Biotech and Roche for QX031N, which targets both TSLP and IL-33, with an upfront payment of $75 million and potential milestone payments up to $995 million [6] - The report also mentions the presentation of the CS2015 dual-specific antibody by Basestone Pharmaceuticals at the ACAAI conference, showcasing its therapeutic potential [6] Investment Recommendations - The report suggests focusing on companies like Connoa, Innovent Biologics, Qianxin Biotech, and Basestone Pharmaceuticals, as dual antibodies are expected to reshape treatment paradigms in autoimmune diseases [7][9]

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1]. Core Viewpoints - The report highlights the geopolitical factors affecting crude oil pricing and emphasizes the importance of OPEC+ future policies. It also focuses on the progress of PTA's anti-involution efforts and the ongoing elimination and upgrading of outdated facilities in the petrochemical industry [2]. - The petrochemical index performed well this week, increasing by 2.29% compared to the previous week, with oilfield services showing the best performance within the sector, rising by 5.23% [3][2]. Summary by Sections Crude Oil - Crude oil prices increased, with Brent crude futures closing at $64.49 per barrel, up by 1.4% from the previous week. U.S. crude oil inventories rose, along with gasoline inventories [7][9]. - The latest data indicates that U.S. crude oil and petroleum product inventories (excluding strategic reserves) increased by 2,524 thousand barrels, while total inventories (including strategic reserves) rose by 3,322 thousand barrels [13]. Polyester - The prices of polyester filament yarn increased, with POY, DTY, and FDY prices reported at 6,600, 7,850, and 6,830 yuan per ton, respectively, showing price differences that increased by 135, 85, and 165 yuan per ton compared to last week [16]. - Inventory days for polyester filament yarn in Jiangsu and Zhejiang varied, with FDY, DTY, and POY at 18.9, 23.8, and 12.2 days, respectively. The operating rate for filament yarn and downstream weaving machines decreased by 1.5% [19]. Olefins - The report notes that sample prices for polyolefins showed a slight decline, with current prices for PE and PP at 7,590 and 8,050 yuan per ton, respectively, reflecting a decrease of 1.43% for PE [25]. - The total petrochemical inventory for polyolefins was reported at 640,000 tons, down by 25,000 tons from the previous week [25].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The demand for GPU computing power continues to rise, with a recovery in packaging and testing equipment demand leading to significant revenue growth. In Q3 2025, the company achieved revenue of 174 million yuan, a year-on-year increase of 137.97%, and a net profit attributable to shareholders of 48.98 million yuan, up 832.58% year-on-year. For the first three quarters of 2025, revenue reached 482 million yuan, a year-on-year increase of 87.88%, with a net profit of 125 million yuan, up 178.18% year-on-year [4][5] Company Overview - The latest closing price is 125.01 yuan, with a total share capital of 60 million shares and a circulating share capital of 42 million shares. The total market value is 7.5 billion yuan, and the circulating market value is 5.2 billion yuan. The 52-week high and low prices are 146.15 yuan and 68.68 yuan, respectively. The asset-liability ratio stands at 17.7%, and the price-to-earnings ratio is 92.60 [3] Financial Forecast - The company is expected to achieve revenues of 660 million yuan, 890 million yuan, and 1.15 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 180 million yuan, 270 million yuan, and 380 million yuan for the same years. The "Buy" rating is maintained based on these forecasts [6][10]

Economic Outlook - The difficulty of achieving the annual economic growth target has decreased, reducing the necessity for macro policy intensification within the year[1] - Expanding domestic demand remains crucial for stabilizing the economy, with service consumption expected to be a core driver of consumption growth[1] Consumption Trends - In October, the weighted year-on-year growth rate of investment, retail, and exports was -4.29%, indicating a decline in demand momentum[10] - Retail sales growth continued to weaken, with a year-on-year increase of 2.9% in October, down 0.1 percentage points from the previous month[13] - Service consumption is outpacing goods consumption, with education, culture, and entertainment services growing by 10.4% and transportation and communication services by 7.73% in September[22] Investment Insights - Fixed asset investment showed a cumulative year-on-year decline of 1.7% from January to October, with real estate investment down by 14.7%[25] - Infrastructure investment has turned negative for the first time this year, with a cumulative year-on-year decline of 0.1%[25] - New infrastructure investment opportunities are highlighted, particularly in information communication networks and major technological infrastructure[26] Policy Recommendations - The central bank is expected to maintain a loose monetary policy to support credit growth for the upcoming year[35] - Policies should focus on stabilizing the real estate market to facilitate a smooth industry transition, which is critical for short-term economic growth[34]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report indicates that the precious metals market is experiencing volatility, with a recommendation to hold positions and wait for the next upward wave. Gold is suggested to be bought around $3950 per ounce, with expectations of a 2-3 month consolidation period due to previous rapid price increases [4] - Copper prices are expected to stabilize due to supply disruptions, with a recommendation to buy on dips. The anticipated supply-demand tightness in 2026 is highlighted, driven by production cuts from major suppliers [5] - Aluminum prices are supported by rigid supply despite the end of the peak season, with downstream processing rates slightly increasing. However, a structural divergence in demand is expected [5] - Tin prices are projected to remain high due to ongoing supply tightness, with a decline in domestic refined tin production noted. The demand from AI and semiconductor sectors is expected to drive growth [6] - The lithium market is experiencing strong demand driven by the energy storage sector, with optimistic projections for future growth in storage capacity [6][8] Summary by Sections Section 1: Market Performance - The non-ferrous metals sector saw a weekly increase of 0.8%, ranking 18th among sectors [15] Section 2: Prices - LME copper increased by 1.41%, aluminum decreased by 0.12%, zinc decreased by 1.70%, lead increased by 1.03%, and tin increased by 2.90% this week. Precious metals saw COMEX gold rise by 1.91% and silver by 4.51% [21] Section 3: Inventory - Global visible inventories showed an increase in copper by 18,188 tons, aluminum by 4,122 tons, zinc by 6,560 tons, lead by 27,899 tons, tin by 159 tons, and nickel by 1,379 tons [33][35] Section 4: Investment Recommendations - The report suggests focusing on companies such as Dazhong Mining, Guocheng Mining, Zhongkuang Resources, and others for potential investment opportunities [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the fourth quarter, the bond market may move in a volatile manner. The short - end has high allocation and trading value, and the inter - bank certificate of deposit rate is in a high - allocation - value range with the possibility of an unexpected decline at the end of the year. The long - end has some room for repair due to the previous expansion of the term spread. With the increasing expectation of easing, a more optimistic view on the subsequent bond market can be taken [2][9]. - To maintain relatively loose social financing conditions, it is necessary to maintain the growth rates of social financing and money supply, and pay attention to the red - line level around 8%. If the growth rates fall below this level, it may trigger monetary easing [2][4][10]. - The current interest - rate comparison relationships concerned by the central bank are relatively reasonable, which is a prerequisite for further reducing policy rates. After the large - scale repurchase in November, the necessity for the central bank to increase bond purchases and cut the reserve requirement ratio is low. The conditions for another reduction of policy rates are mature. For the bond market, the yield may maintain a narrow - range oscillation. A reduction in policy rates will bring an opportunity for the yield curve to shift downward, but the short - end has a more solid foundation for decline, while the long - end still faces strong cashing - out pressure [3][4][15]. 3. Summary According to the Directory 3.1 How to Understand the Relatively Loose Social Financing Conditions? - **Bond Market Outlook**: In the fourth quarter, the bond market may move in a volatile way. The short - end has high value, and the long - end has repair space. With the increasing easing expectation, the subsequent bond market can be viewed more optimistically [2][9]. - **Social Financing and Money Growth Rates**: Credit growth decline is not a major concern, but a further decline in social financing and money growth rates needs attention. The 8% growth - rate range reflects economic growth and price - expectation targets, and a fall below it may trigger monetary easing. The social financing growth is affected by the government bond issuance rhythm, and non - bank deposits maintain high volatility [10]. - **Interest - Rate Relationships and Policy Implications**: The current interest - rate comparison relationships are relatively reasonable. To maintain relatively loose social financing conditions, policy rates and related interest - rate levels can be further reduced to hedge economic pressure from a "cross - cycle" perspective [12]. - **Central Bank Operations**: After the large - scale repurchase in November (the combined scale of 3 - month and 6 - month repurchases reached 500 billion, and the stock scale rose to a new high of 6.3 trillion), the necessity for the central bank to increase bond purchases and cut the reserve requirement ratio is low [14].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights a rapid increase in influenza-like illness (ILI) cases, suggesting that related detection and treatment products are expected to see significant growth. Recent data from the National Influenza Center indicates that the ILI percentage in southern provinces is 5.5%, up from 4.6% the previous week, and higher than the same period in 2022 and 2024 [5][14]. - The report emphasizes the long-term positive trend in the innovative drug sector, supported by China's growing capabilities in global competition and ongoing collaborations with multinational corporations [8][25][26]. - The medical device sector is showing signs of recovery, with leading companies reporting improved performance in Q3, indicating a potential influx of investment into this area [9][32]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market" [2]. Recent Trends - The A-share pharmaceutical sector rose by 3.29% from November 10 to November 14, 2025, outperforming the CSI 300 index by 4.37 percentage points [7][23]. - The report notes that the medical device sector is expected to benefit from a reduction in the pressure from centralized procurement, which has been ongoing for six years [9][32]. Influenza and Related Products - The report indicates a rising trend in flu positivity rates in both southern and northern hospitals, with the southern region currently higher than the previous two years but lower than 2023 [6][16]. - Beneficiary stocks in the detection sector include companies like Innotec and Saint Shine, while traditional Chinese medicine companies such as Yiling Pharmaceutical are also highlighted [21]. Innovative Drugs - The report expresses optimism about the innovative drug sector, noting that domestic companies are expected to accelerate their growth and profitability, supported by favorable policies [25][26]. - Recommended stocks in this sector include Innovent Biologics and Kintor Pharmaceutical [27]. Medical Devices - The report suggests that the medical device sector is becoming attractive for investment, with leading companies like Mindray showing improved performance [9][32]. - Beneficiary stocks include Huadong Medicine and Aohua Endoscopy [33]. Traditional Chinese Medicine - The report indicates that traditional Chinese medicine is under pressure but may benefit from centralized procurement policies and innovation [36][38]. - Recommended stocks include Zhaoke Pharmaceutical and Kangyuan Pharmaceutical [36]. Retail Pharmacy - The report anticipates that the retail pharmacy sector will see increased concentration, with leading companies like Yifeng Pharmacy expected to benefit from market consolidation [39]. Overall Market Valuation - As of November 14, 2025, the overall valuation of the pharmaceutical sector is 30.83, with a premium of 129.30% over the CSI 300 index, indicating a positive market outlook [47].

Report Information - Report Title: Fixed Income Report - Release Date: November 17, 2025 - Analysts: Liang Weichao, Cui Chao [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The overall production heat has declined, with decreases in the capacity utilization rates of coke ovens, blast furnaces, asphalt, PTA, and all-steel tires, as well as a reduction in rebar production. PX and semi-steel tire capacity utilization rates remained relatively stable [2][31]. - The demand side shows a decline in commercial housing transaction area, an increase in the inventory-to-sales ratio, a decrease in land supply area, and a decline in the residential land transaction premium rate. Movie box office, automobile retail, and wholesale volumes have also decreased. However, the BDI index has risen slightly [2][3]. - Prices have improved marginally compared to the previous week. Crude oil and copper prices have rebounded, while coking coal prices have dropped significantly. Agricultural product prices continue their seasonal upward trend [2][4]. - In terms of shipping prices, the SCFI has declined for two consecutive weeks, while the BDI has increased slightly. Short-term focus should be on the implementation of incremental policies on the consumption and investment fronts and the recovery of the real estate market [2][31]. Section Summaries Production - Steel: Coke oven capacity utilization decreased by 0.74 pct, blast furnace operating rate decreased by 0.32 pct, and rebar production decreased by 8.54 tons [2][10]. - Petroleum Asphalt: The operating rate decreased by 0.7 pct [2][10]. - Chemicals: The PX operating rate remained flat, while the PTA operating rate decreased by 1.77 pct [2][10]. - Automobile Tires: The all-steel tire operating rate decreased by 0.96 pct, and the semi-steel tire operating rate increased by 0.01 pct [2][11]. Demand - Real Estate: Commercial housing transaction area decreased, inventory-to-sales ratio increased, land supply area decreased, and residential land transaction premium rate declined [3][14]. - Movie Box Office: Decreased by 3 million yuan compared to the previous week [3][14]. - Automobile: Daily retail sales decreased by 109,000 vehicles, and daily wholesale sales decreased by 158,000 vehicles [3][16]. - Shipping Freight: The SCFI index decreased by 2.92%, the CCFI index increased by 3.39%, and the BDI index increased by 1% [3][19]. Prices - Energy: Brent crude oil price increased by 1.19% to $64.39 per barrel, while coking coal futures price decreased by 6.06% to 1,201 yuan per ton [4][21]. - Metals: LME copper, aluminum, and zinc futures prices changed by +1.41%, -0.12%, and -1.70% respectively, and domestic rebar futures price increased by 0.36% [4][22]. - Agricultural Products: The overall price continued to rise, with the Agricultural Product Wholesale Price 200 Index increasing by 0.20%. Pork, egg, vegetable, and fruit prices changed by -0.93%, +2.31%, -1.04%, and +0.85% respectively compared to the previous week [4][24]. Logistics - Subway Passenger Volume: Beijing's subway passenger volume decreased slightly, while Shanghai's increased slightly [27]. - Flight Operations: Domestic flight operations increased, while international flight operations continued to decrease [29]. - Urban Traffic: The peak congestion index in first-tier cities declined at an accelerating rate [29]. Summary - The production heat continued to decline, with decreases in the operating rates of coke ovens, blast furnaces, asphalt, PTA, and all-steel tires, as well as a reduction in rebar production. PX and semi-steel tire operating rates remained relatively stable [31]. - The commercial housing transaction area declined, significantly lower than the same period in previous years. Land supply area decreased marginally, with a expected peak in land supply at the end of the month [31]. - Prices improved marginally compared to the previous week, with crude oil and copper prices rebounding, coking coal prices dropping significantly, and agricultural product prices continuing their seasonal upward trend [31]. - Shipping prices saw the SCFI decline for two consecutive weeks and the BDI increase slightly. Short-term focus should be on the implementation of incremental policies on the consumption and investment fronts and the recovery of the real estate market [31].