Investment Rating - The report maintains a "Recommendation" rating for Chongqing Bank, with a target price of 13.17 CNY / 9.90 HKD [2][4]. Core Insights - Chongqing Bank reported a revenue of 11.74 billion CNY for the first three quarters of 2025, reflecting a year-on-year growth of 10.4%. The net profit attributable to shareholders reached 4.879 billion CNY, up 10.19% year-on-year. The non-performing loan (NPL) ratio decreased by 4 basis points to 1.13%, while the provision coverage ratio remained stable at 248% [2][4]. - The bank's net interest income exceeded expectations, with a quarterly revenue of 4.081 billion CNY in Q3 2025, a year-on-year increase of 17.38% [7]. - The asset quality improved, with the NPL ratio declining and the net profit growth outpacing revenue growth due to improved revenue streams [7]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's revenue growth is supported by strong demand for corporate loans in the Sichuan-Chongqing region, with a significant increase in net interest income [7]. - **Loan Performance**: Corporate loans saw a substantial increase, with new corporate loans amounting to 21.38 billion CNY in Q3 2025, while retail loan demand weakened [7]. - **Net Interest Margin**: The net interest margin stabilized and increased by 17 basis points to 1.40% in Q3 2025, driven by stable asset pricing and reduced funding costs [7]. - **Asset Quality**: The NPL ratio improved, with a decrease in the net generation rate of non-performing loans, indicating a reduction in credit risk [7]. Financial Projections - **Revenue Forecast**: Projected total revenue for 2025 is 14.758 billion CNY, with a year-on-year growth rate of 7.9% [8]. - **Net Profit Forecast**: The net profit attributable to shareholders is expected to reach 5.555 billion CNY in 2025, reflecting an 8.6% increase [8]. - **Key Ratios**: The projected price-to-earnings (P/E) ratio for 2025 is 6.36, and the price-to-book (P/B) ratio is expected to be 0.63 [8].

- The short-term trading volume model is neutral for A-shares[2][12] - The low volatility model is neutral for A-shares[2][12] - The characteristic institutional model is bearish for A-shares[2][12] - The characteristic trading volume model is bearish for A-shares[2][12] - The intelligent algorithm model for the CSI 300 is bearish for A-shares[2][12] - The intelligent algorithm model for the CSI 500 is bearish for A-shares[2][12] - The mid-term limit-up and limit-down model is neutral for A-shares[2][13] - The mid-term calendar effect model is neutral for A-shares[2][13] - The long-term momentum model is bullish for A-shares[2][14] - The comprehensive A-share model V3 is bearish[2][15] - The comprehensive A-share model for the CSI 2000 is bearish[2][15] - The mid-term trading volume to volatility model is bearish for Hong Kong stocks[2][16]

Investment Rating - The report maintains a "Recommendation" rating for the transportation and public utilities industry, indicating an expected outperformance of the industry index by over 5% in the next 3-6 months [19]. Core Insights - The report highlights the clear direction of the "14th Five-Year Plan" focusing on emerging pillar industries, particularly low-altitude economy and nuclear fusion energy, which are expected to create trillion-level markets [5]. - The emphasis on low-altitude economy development is reiterated through various government reports and initiatives, showcasing its strategic importance [5]. - The report identifies two major highlights: the cluster development of low-altitude economy and the potential for a trillion-level market, which is seen as a strong encouragement for industry participants [5]. - The report outlines four key application scenarios for low-altitude economy over the next 3-5 years, including tourism, passenger transport, logistics, and production operations [5]. - The report also discusses the expected acceleration in capital expenditure for nuclear fusion projects, predicting a peak in project tenders over the next 3-5 years with an estimated investment of 146 billion yuan [5]. Industry Overview - The transportation and public utilities industry consists of 121 listed companies with a total market capitalization of approximately 3368.47 billion yuan [2]. - The industry has shown absolute performance of 1.8% over the past month and 7.5% over the past six months, while relative performance has been -0.3% and -15.7% respectively [3][4]. - The report emphasizes the importance of low-altitude digitalization and infrastructure construction as foundational elements for the healthy development of the low-altitude economy [5]. Key Companies and Valuation - The report provides a detailed analysis of 12 key companies across five segments of the low-altitude economy, including manufacturers, supply chain, digitalization, infrastructure, and operations [8]. - Notable companies mentioned include WanFeng AoWei, Xirui, and YiHang Intelligent, with projected significant changes in their market valuations and profit margins over the next few years [8].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company achieved a year-on-year revenue growth of 38% in Q3, with a focus on the low-altitude economy industry planning outlined in the "14th Five-Year Plan" [1][6]. - The report highlights the company's dual strategy of general aviation and eVTOL (electric Vertical Take-Off and Landing) as a key driver for future growth [6][8]. Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 11.416 billion yuan, a slight increase of 0.4% year-on-year, while the net profit attributable to shareholders was 729 million yuan, up 29.4% year-on-year [6][8]. - In Q3 2025, the company generated revenue of 3.922 billion yuan, a decrease of 1.93% year-on-year, but the net profit attributable to shareholders rose by 38.1% to 229 million yuan [6][8]. - The company’s revenue from the automotive metal parts lightweight business was 9.385 billion yuan, showing a marginal increase of 0.02% year-on-year, while the general aviation aircraft manufacturing business generated 2.031 billion yuan, up 2.20% year-on-year [6][8]. Market Outlook - The report emphasizes the significant potential of the low-altitude economy, with the "14th Five-Year Plan" indicating a clear direction for the development of strategic emerging industries, potentially creating a market worth trillions [6][8]. - The acquisition of Volocopter is seen as a strategic move to enhance the company's eVTOL product matrix and accelerate commercialization, with expectations for organic synergy between Diamond Aircraft and Volocopter [6][8]. Financial Projections - The report forecasts the company's net profit for 2025 to be approximately 1.07 billion yuan, with earnings per share (EPS) projected at 0.50 yuan, corresponding to a price-to-earnings (P/E) ratio of 34 times [6][11].

Report Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - In the fourth week of October, the operating rate remained stable, and investment products showed mixed performance. Food prices increased, mainly driven by rising vegetable prices, while pork prices continued to decline. Export freight rates continued to rise, with North American routes showing continuous monthly growth. Port freight volume increased month-on-month and maintained high year-on-year growth since October. The industrial operating rate remained stable, and the Nanhua Industrial Products Index increased month-on-month. In terms of investment, the inventory reduction of rebar accelerated, indicating the impact of the "two 500 billion" tools on physical work volume. In the real estate market, the transactions of new and second-hand houses decreased slightly month-on-month after rising the previous week, but the year-on-year negative growth narrowed, with second-hand houses showing better resilience [4][29]. - For the bond market, a large amount of macro news will be released next week. The impact on bond yields is expected to be controllable, but attention should be paid to the disturbance of the stock-bond seesaw effect on bond market sentiment. Externally, China and the US will hold economic and trade consultations in Malaysia from October 24th to 27th. Domestically, the demand for investment products improved marginally in October, and the influence of new tools on fixed asset investment data is expected to be reflected from October to November. Next week, attention should be paid to the results of the China-US negotiations, the release of the "15th Five-Year Plan" suggestions, and the APEC meeting [4][30]. Summary by Directory Inflation-related: Vegetable Price Increase Widened - Food prices increased, with the average wholesale price of pork in China decreasing by 3.0% week-on-week. The increase in vegetable prices continued to widen, boosting the Agricultural Product Wholesale Price 200 Index and the Vegetable Basket Product Wholesale Price Index by 1.4% and 1.7% week-on-week respectively [8]. Import and Export-related: Export Freight Rates Accelerated - The month-on-month increase in export container shipping prices widened. The CCFI index increased by 2.0% week-on-week, and the SCFI increased by 7.1%. The market sentiment of the China Export Container Transport Market continued to rebound, with stable transport demand and rising freight rates on most routes. In the North American market, the supply-demand fundamentals were stable, and market freight rates continued to rise [9]. - In terms of port freight volume, from October 13th to 19th, the container throughput and cargo throughput of ports increased by 3.6% and 2.5% week-on-week respectively, with year-on-year increases of 9.1% and 1.0% respectively. Since October, the monthly average year-on-year increases have been 8.8% and 2.5%, indicating strong export volume [9]. - The increase in the BDI index narrowed, and the CDFI index decreased. The international dry bulk shipping market was generally stable, with slight increases in freight rates for various ship types [9]. Industry-related: Rebar Inventory Reduction Accelerated - The increase in coal prices continued to widen. Due to the decrease in temperature in the South, the daily consumption of power plants decreased, and procurement willingness declined. However, due to stricter safety inspections in coal-producing areas, supply was limited, and prices continued to rise [12]. - The decline in rebar prices slowed down, with the spot price of rebar (HRB400 20mm) decreasing by 0.01% week-on-week. The inventory of rebar decreased by 4.2% week-on-week, with continuous inventory reduction for four weeks and an expanding reduction range, indicating the acceleration of physical work volume [2][12]. - Copper prices turned from decline to increase, with the average prices of Yangtze River Nonferrous Copper and LME Copper increasing by 0.45% and 1.0% week-on-week respectively. The slowdown of US inflation data strengthened the expectation of two interest rate cuts this year, and the convening of important domestic meetings boosted macro sentiment, supporting the pricing of risk assets [2][15]. - The glass futures continued to decline. The spot market was weak, with increasing inventory in many places. The purchasing enthusiasm of downstream buyers was low, and manufacturers actively reduced prices to maintain sales. There was no positive news in the supply-demand fundamentals, and the weakness of the spot market was difficult to change in the short term [15]. Investment-related: Decline in Cement Prices Narrowed - Cement prices mostly decreased, with intensified regional differentiation. The weekly average of the cement price index decreased by 0.3% week-on-week, compared with a 2.0% decrease the previous week. Demand was weak in North China, Northeast China, and East China, and the implementation of price increases was poor. In Central South China, demand was limited due to capital and project completion [17]. - New house sales decreased marginally. From October 17th to 23rd, the transaction area of new houses in 30 cities was 203.8 million square meters, a 4.8% decrease week-on-week and a 20% decrease year-on-year, with a slight narrowing compared to the previous week [3][20]. - Second-hand house sales continued to decline year-on-year. From last Friday to this Thursday, second-hand house sales decreased by 1.4% week-on-week and 11.7% year-on-year, with a slower decline rate than in previous years, indicating better resilience [3][20]. Consumption: Passenger Car Retail Sales Remained Negative in Mid-October - Passenger car retail sales remained negative. From October 1st to 19th, passenger car retail sales decreased by 6% year-on-year and increased by 7% month-on-month. The weak start of the car market in October was affected by the increase in holidays and the overdraft of demand after the quarterly sprint in September [21]. - Crude oil prices stopped falling and rebounded. As of October 24th, Brent crude oil and WTI crude oil prices increased by 7.6% and 6.9% respectively compared to last Friday. The postponement of the US-Russia meeting, US sanctions on Russian oil companies, and the upcoming China-US negotiations boosted crude oil prices [21].

Investment Rating - The report assigns a neutral investment rating to STMicroelectronics (STM) based on its performance and future guidance [5]. Core Insights - In Q3 2025, STM reported revenue of $3.19 billion, exceeding the midpoint of its guidance by $17 million, with a quarter-over-quarter increase of 15.2% but a year-over-year decrease of 2.0% [1][2]. - The gross margin for Q3 2025 was 33.2%, slightly below the guidance midpoint, primarily impacted by the automotive and industrial product mix [2][3]. - The company has lowered its capital expenditure plan for 2025 to slightly below $2 billion, down from a previous expectation of $2 billion to $2.3 billion [3][20]. Revenue Performance - Q3 2025 revenue breakdown shows growth in personal electronics, while automotive revenue declined by approximately 17% year-over-year but increased by 10% quarter-over-quarter [2][20]. - The industrial segment saw an 8% quarter-over-quarter increase and a 13% year-over-year increase, marking its first year-over-year growth since Q3 2023 [17][20]. - Personal electronics revenue exceeded expectations with a 40% quarter-over-quarter increase [20]. Inventory and Capital Expenditure - As of the end of Q3 2025, inventory stood at $3.17 billion, down by $100 million from the previous quarter, with inventory turnover days decreasing from 166 days in Q2 to 135 days in Q3 [3][20]. - The company anticipates a low single-digit quarter-over-quarter revenue growth in Q4 2025 due to continued inventory reduction [17][20]. Q4 2025 Guidance - The revenue guidance for Q4 2025 is set at $3.28 billion, reflecting a quarter-over-quarter increase of 2.9% and a year-over-year decrease of 1.23% [3][19]. - The gross margin guidance for Q4 2025 is projected at 35%, with a quarter-over-quarter increase of 1.77 percentage points [3][19]. Strategic Focus Areas - STM is focusing on key strategic areas including industrial, automotive, personal electronics, and communication devices, with ongoing efforts in electric vehicle applications and AI data centers [17][20]. - The company is actively working on enhancing its MEMS and optical sensor solutions, collaborating with partners like NVIDIA to develop advanced architectures for AI data centers [20].

Investment Rating - The report maintains a "Recommended" rating for the companies involved in the chromatography industry, particularly focusing on domestic innovation and market potential [57]. Core Insights - The chromatography industry is experiencing significant growth, driven by the increasing demand in the biopharmaceutical sector, which accounts for 80% of the chromatography medium applications [22][37]. - The global biopharmaceutical market is projected to grow from approximately $503 billion in 2023 to $892 billion by 2028, with a compound annual growth rate (CAGR) of 9.5%-12.5% [30]. - Domestic biopharmaceutical market growth is robust, with projections indicating an increase from ¥262.2 billion in 2018 to ¥534.8 billion in 2024, reflecting a CAGR of 12.61% [37]. Market Overview - The chromatography industry includes core consumables, instruments, and software services, with a complete product system that plays a crucial role in drug purification and analysis [15][16]. - The chromatography equipment market is expected to see significant growth, with the small molecule liquid chromatography system market projected to grow from $3.6 billion in 2021 to $7.7 billion by 2026, representing a CAGR of 16.7% [40]. - The chromatography medium market in China is expected to grow from ¥112 billion in 2023 to over ¥203 billion by 2026, with a CAGR of 21.92% [47]. Key Segments - **Innovative Drugs**: The report highlights the transition from generic to innovative drugs in China, with a focus on companies like BeiGene and Innovent Biologics, which are expected to lead in product pipelines and market share [9][57]. - **Medical Devices**: The report notes a recovery in the bidding for imaging devices and a growing market for home medical devices, driven by government subsidies [61]. - **IVD (In Vitro Diagnostics)**: The report emphasizes the acceleration of domestic replacement in the luminescence sector, with companies like Mindray and New Industries leading the charge [59][60]. Industry Trends - The report identifies a shift towards domestic production and innovation in the chromatography sector, with local companies making significant strides in filling the gaps left by international firms [53][56]. - The biopharmaceutical sector's increasing reliance on chromatography technology for drug development and production is expected to drive demand for high-quality chromatography products [22][37]. - The report also discusses the impact of national policies aimed at promoting domestic high-end scientific instruments, which are expected to further enhance the growth of the chromatography industry [53].

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - In Q3 2025, convertible bonds first rose and then fluctuated under the influence of multiple internal and external factors. The CSI Convertible Bond Index increased by 9.43% in Q3, with its valuation rising by 5.72 pct to 30.44% compared to the end of June. However, it underperformed major stock indices. The market can be divided into two stages: a fast - bull market catalyzed by the "anti - involution" and technology themes in July, and a high - level oscillation after September due to factors such as the redemption of secondary bond funds and the weakening of the equity market [2][9]. - Looking ahead to Q4, the support on the demand side of convertible bonds may weaken. Insurance funds and general institutions may reduce their convertible bond assets, which may bring pressure on the clearance of high - rated convertible bonds. Opportunities may lie in low - priced and bond - biased convertible bonds with cost - effectiveness [6]. 3. Summary According to the Directory 3.1 2025Q3 Convertible Bond Market: From Theme Craze to High - Level Oscillation - **Overall Performance**: The CSI Convertible Bond Index increased by 9.43% in Q3 2025, outpacing the cumulative increase in the first half of the year. However, it underperformed major stock indices. The convertible bond market first rose rapidly and then oscillated. The valuation of convertible bonds first increased and then decreased, and the proportion of low - parity bonds continued to shrink. The TMT and advanced manufacturing sectors performed strongly [2][9][15]. - **Convertible Bond Terms**: In Q3 2025, 112 convertible bonds triggered the call - back clause, with 61 announced for redemption, and the call - back probability was 54.46%. The number of times the downward - revision clause was triggered decreased, but the downward - revision probability increased to 14.55%. The risk of put - back was relatively controllable [3][22][23]. - **Supply and Demand Structure**: - **Supply**: As of September 30, 2025, 28 convertible bonds were issued in the year, with a scale of 36.948 billion yuan. The number decreased by 3.45% and the scale increased by 56.34% compared to the same period in 2024. The scale of new issuance plans in Q3 was 35.5 billion yuan, a year - on - year increase of 166.32%. High - rated and large - cap convertible bonds had weak issuance. The stock of convertible bonds continued to shrink, and it was expected to continue to decline in Q4 [4][26][37]. - **Demand**: Most major holders reduced their positions, while public funds increased their holdings. As of the end of September, public funds held 233.561 billion yuan of convertible bonds, a 7.68% increase from the end of June. Enterprise annuities and insurance institutions significantly reduced their holdings of convertible bonds [38][45][48]. 3.2 Stage Review: From Theme Craze to High - Level Oscillation - **July 1 - August 26**: The equity market continued to rise after the market started at the end of June, breaking through the upper limit of the oscillation. The "anti - involution" policy and the Yajiang Hydropower Station project drove the equity market, and the TMT sector's performance in August further magnified the market. Public funds were the main force in increasing convertible bond holdings, and the share of convertible bond ETFs increased significantly. The premium rate of convertible bonds rose to 32.55% [5][58][63]. - **August 27 - September 30**: The equity market entered an oscillation phase. The TMT sector was still the main line, but external disturbances weakened market risk appetite. The redemption of bond funds at the end of August led to a short - term weakness in the demand side of convertible bonds. The share of convertible bond ETFs peaked and declined, and the premium rate of convertible bonds fell to 30.44% [66][68][71].

Investment Rating - The report maintains a "Recommended" rating for Supor (002032) with a target price of 54.1 CNY [2][8]. Core Insights - Supor's Q3 2025 revenue reached 5.42 billion CNY, showing a year-over-year decline of 2.3%, primarily due to pressure on overseas sales, while domestic sales remained stable [8]. - The company's gross margin for Q3 2025 was 23.9%, unchanged from the previous year, indicating resilience in maintaining profitability despite competitive pressures [8]. - The net profit margin decreased to 7.9%, down 1.0 percentage points year-over-year, mainly due to increased marketing expenses [8]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 22,427 million CNY - 2025E: 23,127 million CNY (growth of 3.1%) - 2026E: 24,275 million CNY (growth of 5.0%) - 2027E: 26,181 million CNY (growth of 7.9%) [4][9] - **Net Profit Forecasts**: - 2024A: 2,244 million CNY - 2025E: 2,239 million CNY (decline of 0.3%) - 2026E: 2,389 million CNY (growth of 6.7%) - 2027E: 2,637 million CNY (growth of 10.4%) [4][9] - **Earnings Per Share (EPS)**: - 2024A: 2.80 CNY - 2025E: 2.79 CNY - 2026E: 2.98 CNY - 2027E: 3.29 CNY [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 17 times - Price-to-Book (P/B) ratio for 2025E: 6.0 times [4][9] Market Performance - The report highlights that Supor's domestic sales of key products such as woks and pressure cookers showed positive growth, with sales increasing by 11.1% and 0.5% respectively in Q3 2025 [8]. - The company is positioned as a leading player in the small home appliance sector, benefiting from effective channel transformations and continuous product innovation [8].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 14.60 yuan [2][9]. Core Insights - The company's Q3 2025 performance shows significant improvement, with revenue reaching 220 million yuan, a year-over-year increase of 19.0%, and a net profit of 30 million yuan, up 289.0% year-over-year. This growth is attributed to a focus on core self-owned brands and a low base effect [2][9]. - The increase in revenue is primarily driven by the domestic sales of the company's self-owned brands, which amounted to 140 million yuan in Q3 2025, reflecting a 31.7% year-over-year growth. The national subsidy policy continues to positively impact revenue growth [9]. - The gross margin improved to 46.4%, up 3.5 percentage points year-over-year, due to a higher proportion of revenue from self-owned brands. The share of self-owned brand revenue increased from 77.0% in H1 2024 to 82.5% in H1 2025 [9]. - The net profit margin also increased to 12.4%, up 8.6 percentage points year-over-year, supported by both the rise in gross margin and effective cost control measures [9]. - Future projections indicate continued growth in net profit, with estimates of 120 million yuan, 140 million yuan, and 160 million yuan for 2025, 2026, and 2027 respectively, reflecting a corresponding PE ratio of 33, 28, and 24 times [9]. Financial Summary - Total revenue is projected to grow from 754 million yuan in 2024 to 1,204 million yuan in 2027, with year-over-year growth rates of 13.3%, 26.5%, 13.9%, and 10.9% respectively [5]. - The net profit is expected to recover from a decline of 2.6% in 2024 to a growth of 71.5% in 2025, followed by 18.4% and 14.2% in 2026 and 2027 respectively [5]. - The company's earnings per share (EPS) is forecasted to increase from 0.21 yuan in 2024 to 0.49 yuan in 2027 [5].