Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints The report focuses on the issuance of local government bonds, including the actual and forecasted issuance amounts, the progress of special refinancing bonds and special new special - purpose bonds, and the comparison between planned and actual issuance. It also presents data on local government bond net supply, investment, and trading, as well as the investment directions of new special - purpose bonds [1][5][6]. 3. Summary by Directory 3.1 Local Bond Actual and Forecasted Issuance - **Actual and Pre - issuance Disclosure**: From October 20th to October 26th, the planned issuance of local bonds is 2472.28 billion yuan, including 1136.52 billion yuan of new bonds (12.91 billion yuan of new general bonds and 1123.61 billion yuan of new special - purpose bonds) and 1335.76 billion yuan of refinancing bonds (651.36 billion yuan of refinancing general bonds and 684.40 billion yuan of refinancing special - purpose bonds). From October 13th to October 19th, the actual issuance of local bonds is 323.01 billion yuan, including 200.91 billion yuan of new bonds (0.00 billion yuan of new general bonds and 200.91 billion yuan of new special - purpose bonds) and 122.10 billion yuan of refinancing bonds (24.96 billion yuan of refinancing general bonds and 97.14 billion yuan of refinancing special - purpose bonds) [1][5][6]. - **Comparison of Planned and Actual Issuance**: Comparisons are made between the planned and actual issuance of local bonds in September and October 2025, and for different regions and bond types [15][20][21]. 3.2 Local Bond Net Supply - **New Bond Issuance Progress**: As of October 19th, the issuance progress of new general bonds is 83.53%, and that of new special - purpose bonds is 84.55% [26]. - **Refinancing Bond Net Supply**: The report shows the cumulative scale of refinancing bonds minus local bond maturities as of October 19th [27]. 3.3 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of October 19th, the fifth - round second - batch special refinancing bonds total 20235.13 billion yuan, with an additional 214.00 billion yuan to be added next week. The top three regions in terms of disclosure scale are Jiangsu (2511.00 billion yuan), Guizhou (1324.32 billion yuan), and Hunan (1290.00 billion yuan) [7]. - **Special New Special - Purpose Bond Issuance Statistics**: As of October 19th, 2025 special new special - purpose bonds total 12029.16 billion yuan, and since 2023, a total of 23907.80 billion yuan has been disclosed. The top three regions in terms of disclosure scale are Jiangsu (2340.35 billion yuan), Xinjiang (1311.70 billion yuan), and Hubei (1287.69 billion yuan). In 2025, the top three regions are Jiangsu (1189.00 billion yuan), Guangdong (1027.48 billion yuan), and Yunnan (729.97 billion yuan) [7]. 3.4 Local Bond Investment and Trading - **Primary - Secondary Spread**: The report presents the primary and secondary spreads of local bonds, as well as the regional secondary spreads [40][41]. 3.5 New Special - Purpose Bond Investment Directions - **Monthly Project Investment Statistics**: The investment directions of new special - purpose bonds are presented, with the latest month's statistics considering only issued new bonds [42].

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 市场策略丨点评报告 [Table_Title] 1020 港股日评：中美释放贸易缓和信号，港股 修复 报告要点 [Table_Summary] 2025 年 10 月 20 日，港股市场大市成交额达到 2391.6 亿港元，南向资金净卖出 26.70 亿港 元。港股主要指数普遍上涨，从宏观来看主要是因为：10 月 18 日上午，中美经贸中方牵头人、 国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行视频通话，双 方就双边经贸关系中的重要问题进行了坦诚、深入、建设性的交流，同意尽快举行新一轮中美 经贸磋商。市场预期中美经贸关系将缓和，这有效缓解了市场对贸易摩擦升级的担忧叠加市场 押注美联储 10 月议息会议将降息 25bp，外部流动性宽松预期增强，带动港股市场上涨。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 [Table_Title 1020 港股日评：中美释放贸易缓和信号，港股 2] 修复 [Table_Su ...

Economic Growth Outlook - The actual GDP growth in Q3 was 4.8% year-on-year, with a probability of achieving the 5% annual growth target still intact[2] - To meet the 5% target, Q4 GDP needs to reach a seasonally adjusted quarter-on-quarter growth of approximately 1.11%[10] - The industrial added value in September increased by 6.5% year-on-year, while fixed asset investment decreased by 6.8%[7] Demand and Supply Dynamics - Production has outperformed demand, with exports, consumption, and investment showing varying degrees of decline[2] - The nominal GDP growth rate for Q3 was 3.7%, with the GDP deflator index improving slightly to -1.02%[10] - The industrial capacity utilization rate rose to 74.6%, indicating a more balanced production and sales environment[10] Short-term Challenges - October's growth faces challenges due to high base effects from the previous year, with significant declines in both investment and consumption expected[10] - Fixed asset investment has turned negative at -0.5% year-to-date, marking the weakest performance since August 2020[10] - Retail sales growth in September dropped to 3%, with declines in durable goods sales and restaurant revenues[10] Policy Recommendations - There is a necessity for counter-cyclical policies to stabilize the economy, especially if demand continues to decline[10] - The government has preemptively allocated 500 billion yuan for local bond issuance, reflecting a commitment to macroeconomic support[2] - Monitoring the marginal changes in monetary and demand-side policies will be crucial as demand trends evolve[2]

Overview - The non-woven fabric industry in China is experiencing a recovery, with production expected to reach 8.56 million tons in 2024, a year-on-year increase of 5.1%, marking the largest growth since 2020 [9][25] - The industry is seeing a shift towards high-end and sustainable materials, with the penetration rates of viscose, cotton, and blended materials increasing significantly [30][32] - The industry’s prosperity index has improved from 57.3 at the end of 2022 to 68.4 in the first eleven months of 2024, indicating a positive trend in revenue and profit growth for major companies [9][34] Product Segmentation - The main production processes for non-woven fabrics in 2024 are spunbond (45.3%), needle-punched (21.6%), and spunlace (19.4%), which together account for 86% of the market [26][28] - Spunlace non-woven fabrics are expected to grow by 8.1% year-on-year in 2024, primarily used for wet wipes and toilet paper, while thermal bonded non-woven fabrics are projected to grow by 7.9% [9][28] Market Dynamics - The domestic market is the core consumption area, with a projected increase in domestic sales of non-woven fabrics by 3% in 2024, surpassing 7.14 million tons [52] - Exports are expected to outperform domestic sales, driven by the recovery of the disposable cleaning products market and increasing demand from Southeast Asia [52] Competitive Landscape - The industry is characterized by low concentration, with over 85% of companies being small to medium-sized enterprises, while major players like Nobon, Yanjing, and Jinchun hold less than 1% market share each [10][41] - The competition is intensifying, particularly in the high-end product segments, as consumer demand shifts towards higher quality and sustainable options [41][44] Policy and Brand Strategies - Recent policies in the UK and EU are pushing for a transition to plastic-free products, which may benefit companies capable of producing compliant materials [12] - Major brands are adopting procurement strategies that favor suppliers with strong capabilities in non-plastic materials, enhancing China's competitive edge in the Asia-Pacific and emerging markets [12][51]

联合研究丨行业点评 [Table_Title] 如何看 2025 年 9 月消费数据？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 9 月份，社会消费品零售总额 41971 亿元，同比增长 3.0%。其中，除汽车以外的消费品零售 额 37260 亿元，增长 3.2%。1—9 月份，社会消费品零售总额 365877 亿元，增长 4.5%。其 中，除汽车以外的消费品零售额 329954 亿元，增长 4.9%。 分析师及联系人 [Table_Author] 李锦 赵刚 高伊楠 SAC：S0490514080004 SAC：S0490517020001 SAC：S0490517060001 SFC：BUV258 SFC：BUX176 SFC：BUW101 于旭辉 蔡方羿 董思远 SAC：S0490518020002 SAC：S0490516060001 SAC：S0490517070016 SFC：BUU942 SFC：BUV463 SFC：BQK487 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - On October 16, 2023, China successfully launched 12 low Earth orbit satellites for satellite internet, marking the restart of the large-scale networking work for the Qianfan constellation, which is expected to drive the comprehensive development of the related industry chain [2][7]. - The satellite internet industry chain has begun to take shape, with upstream satellite manufacturing and launch segments likely to benefit first, while communication network construction equipment and application terminals will gradually materialize [2][7]. - The report suggests focusing on core suppliers across various segments of the industry chain, particularly those related to satellite applications [2][7]. Summary by Sections Event Description - The successful launch of 12 low Earth orbit satellites on October 16, 2023, using the Long March 8 rocket, signifies a significant milestone for the satellite internet sector [5]. Industry Development - The Qianfan constellation aims to deploy a total of 15,000 satellites by 2030, with plans to have 1,296 satellites in orbit by 2027 [12]. - Recent supportive policies from the government are expected to accelerate the commercialization of satellite internet services [12]. Technological Advancements - The Long March 6A rocket, used for the recent launch, showcases advancements in rocket technology, which may lead to reduced launch costs and increased demand for satellite deployment [12].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9] Core Insights - The 2025 China International Digital Economy Expo, themed "Empowering Industrial Development with Trusted Data," highlights the transition of China's data industry into a practical phase, with the potential for a reassessment of data element value benefiting the entire industrial chain [2][12] - The establishment of trusted data spaces is crucial for addressing data circulation challenges and promoting market-oriented reforms in data elements [12] - The government is accelerating the construction of trusted data spaces, with plans to establish over 100 such spaces by 2028, supported by various pilot projects across different sectors [12] Summary by Sections Event Description - The expo commenced on October 17, focusing on the theme of "Empowering Industrial Development with Trusted Data" [6] Event Commentary - The expo showcased practical cases from companies like 360 Group, iFlytek, China Unicom, and Kingsoft Office, demonstrating the significant value of data in enabling industrial upgrades across various sectors [12] - Local governments are expected to expedite the implementation of data industries, exemplified by the collaboration between Hebei Province and Tsinghua University to establish a public data authorization operation system [12] Policy Environment - The National Data Bureau has initiated the "Trusted Data Space Development Action Plan (2024-2028)," aiming for breakthroughs in operation, technology, ecology, standards, and security by 2028 [12] - The pilot projects launched in July 2025 include trusted data spaces for urban, industrial, and enterprise categories, indicating a robust policy framework to support data space development [12]

Core Insights - The A-share market opened high and maintained a high-level fluctuation, with a slight increase in trading volume. The communication sector led the gains, while technology sectors such as batteries, robotics, and circuit boards experienced a general rebound [6][10]. Market Performance - The Shanghai Composite Index rose by 0.63%, the Shenzhen Component Index increased by 0.98%, the ChiNext Index surged by 1.98%, the SSE 50 Index gained 0.24%, the CSI 300 Index rose by 0.53%, the STAR 50 Index increased by 0.35%, and the CSI 1000 Index rose by 0.75%. The total market turnover was 1.75 trillion yuan, with 4,064 stocks rising [10][10]. Sector Performance - On October 20, 2025, within the primary sectors of A-shares, the telecommunications sector led with a gain of 3.15%, followed by coal (+2.96%), power and new energy equipment (+1.53%), and transportation (+1.40%). Conversely, sectors such as metal materials and mining (-0.99%), agricultural products (-0.87%), and banking (-0.13%) saw declines. Notably, concepts like cultivated diamonds (+13.43%), superhard materials (+9.59%), optical modules (+5.07%), and lithium battery electrolytes (+4.75%) led the gains, while gold jewelry, rare earths, nickel ore, and feed concepts declined [10][10]. Market Drivers - The market's upward movement was attributed to a temporary alleviation of overseas uncertainties, with a rebound in hard technology sectors. Notable gains were seen in computing hardware stocks such as optical modules and optical communications. A leading humanoid robot company secured a significant order exceeding 100 million yuan, boosting the robotics sector. Additionally, coal entered its seasonal peak, attracting capital inflows into defensive sectors like coal and natural gas. The emergence of the world's largest cultivated diamond in Henan also spurred a surge in related stocks [10][10]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, particularly for October, anticipating favorable policies following the 20th Central Committee's Fourth Plenary Session. The report supports the views outlined in previous strategies, emphasizing that the key macroeconomic theme for 2025 is "the liquidity of monetary policy." It expects a gradual recovery in the fundamentals, predicting a bullish market trend, drawing parallels with bull markets in 1999, 2014, and 2019 [10][10]. Investment Strategy - The report suggests focusing on the technology sector and value-oriented sectors that are gradually recovering. Specific areas of interest include: 1. Technology growth sectors, particularly "double innovation" and the Hang Seng Technology Index, with attention to lithium batteries, military industry, and Hong Kong internet stocks. 2. Value sectors, particularly those with consecutive increases in revenue growth and gross margins over the past two quarters, including fiberglass, cement, paper, fine chemicals, oil services, and medical services. 3. In the medium to long term, attention should be given to the non-bank sector within a slow bull market context [10][10].

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Views - The main sectors of the industry continue to show strong demand, particularly in energy storage, lithium batteries, and wind power, with significant catalysts expected in the photovoltaic sector [17]. - The report emphasizes the ongoing price governance in the photovoltaic sector, which is expected to support the industry amid rising costs and demand recovery [20][37]. Summary by Sections Photovoltaic - The report highlights the recent price adjustments by leading companies in the photovoltaic sector, with prices for high-power components increasing to 0.72-0.75 yuan/W [23]. - The industry is experiencing a recovery in demand, supported by government policies aimed at stabilizing prices and reducing competition [29]. - Key companies recommended include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [37]. Energy Storage - The report notes a significant increase in energy storage projects, with Hebei province announcing 97 pilot projects totaling 13.82 GW/47.03 GWh [42]. - The domestic energy storage market is showing strong growth, with a year-on-year increase of 282% in installed capacity for September 2025 [47]. - Recommended companies in this sector include CATL, Sungrow Power Supply, and Aiko Solar [56]. Lithium Batteries - The lithium battery sector is expected to benefit from rising prices and solid demand, with a focus on solid-state battery technologies [18]. - Companies such as CATL and Tianjin Lishen Battery are highlighted for their strong market positions and growth potential [37]. Wind Power - The wind power sector is entering a new growth cycle, with increased activity in offshore wind projects and a recovery in profitability for turbine manufacturers [17]. - Recommended companies include Goldwind and Mingyang Smart Energy, which are well-positioned to capitalize on this growth [37]. Power Equipment - The report indicates a positive outlook for power equipment, driven by new tenders for ultra-high voltage projects and digitalization initiatives [17]. - Key players in this sector include State Grid Corporation and XJ Electric, which are expected to benefit from increased infrastructure investments [37]. New Directions - The report identifies growth opportunities in humanoid robotics and AIDC technologies, with companies like Siasun Robot & Automation and Megmeet Electric highlighted for their potential [17]. - The ongoing technological advancements in these areas are expected to drive demand and investment [37].

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The demand for waste incineration in Southeast Asia and Central Asia is urgent, driven by rapid urbanization and rising consumer spending, leading to a significant increase in municipal solid waste generation [6][17]. - Most Southeast Asian countries have a waste incineration treatment ratio below 10%, while Central Asia is even more lagging, with nearly 100% reliance on landfill disposal as of the end of 2024 [6][19]. - Chinese companies have established a competitive advantage in overseas waste incineration projects due to their technological strength and comprehensive solution capabilities, with over ten new contracts signed in 2023, totaling nearly 27,000 tons/day of capacity [7][28]. - The waste incineration sector is characterized by high certainty and steady growth, making it a premium absolute return sector [8][35]. Summary by Sections Waste Incineration Demand in "Belt and Road" Countries - The increase in waste generation is significant, with cities like Ho Chi Minh City producing about 9,700 tons of waste daily, of which only 33% is treated through incineration and composting [6][21]. - Indonesia faces severe waste management challenges, with over 35% of waste unprocessed and directly entering waterways, prompting government plans for incineration plants in 30 cities [6][21]. Economic Conditions Favoring Incineration Technology - By 2024, the GDP per capita in major Southeast Asian countries is projected to be between $4,000 and $10,000, indicating readiness for the adoption of incineration technology [6][24]. - Countries like Thailand and Malaysia have GDPs of $7,345 and approximately $11,867, respectively, which are comparable to China's GDP levels when it began promoting waste incineration [6][24]. Active Project Bidding and High Participation of Chinese Companies - The trend of regular and large-scale project bidding in Southeast Asia and Central Asia is evident, with Chinese companies dominating the competitive landscape [7][28]. - In 2023, Chinese firms signed contracts for waste incineration projects with a combined capacity of nearly 27,000 tons/day, primarily in Vietnam, Thailand, Indonesia, and Uzbekistan [7][28]. Growth Potential and Investment Strategy - Southeast Asia is expected to remain a core market, with project bidding continuing to increase, while Central Asia is in the early stages of development [8][35]. - The integration of waste incineration with new business models such as energy storage and digital capabilities is anticipated to create additional value-added services in overseas environmental projects [8][35]. Recommended Industry Leaders - Key industry leaders recommended include Huanlan Environment, China Everbright, Weiming Environmental, Yongxing Co., Green Power, Junxin Co., Sanfeng Environment, Xirong Environment, and Hongcheng Environment [8][36].