截至 2025 年 11 月 17 日，存量信用债估值及利差分布特征如下： 城投债： 公募城投债中，江浙两省加权平均估值收益率均在 2.5%以下；收益率超过 4.5%的城投债出现在贵州区县级；其余区 域中，云南、甘肃等地的利差也较高。与上周相比，公募城投债收益率超过半数下行，其中，3-5 年品种收益率平均 下行幅度达到 1.2BP。具体来看，收益下行幅度较大的品种的包括 3-5 年河南区县级非永续、3-5 年贵州区县级非永 续、1 年内及 2-3 年广西区县级永续债。 私募城投债中，上海、浙江、广东、福建等沿海省份的加权平均估值收益率在 2.85%以下；收益率高于 3.5%的品种出 现在云南、贵州地级市及区县级、以及甘肃区县级；其余的广西、青海等地的利差也较高。与上周相比，私募城投债 收益率普遍下行，3-5 年品种收益平均下行 2.6BP。具体来看，收益下行幅度较大的有 1 年内福建地级市永续、2-3 年 河北地级市永续、2-3 年山西区县级非永续及 1-2 年宁夏地级市非永续债，分别对应下行 8.6BP、9.3BP、12.6BP 和 22.7BP。 产业债： 民企地产债和产业债估值收益率及利差整体高于其他品 ...

11 月 17 日，零跑汽车发布 25Q3 财报，其中： 1、营收：Q3 公司共计销售新车 17.4 万辆，同/环比+101.8%/+29.6%； 总计营收 194.5 亿元，同/环比+97.3%/+36.7%；我们计算 Q3 单车 ASP 11.19 万元，同/环比-2.2%/+5.4%；25Q1-Q3 公司共计销售新车 39.6 万辆，同比+128.8%，营收 437 亿元，同比+133.6%，单车 ASP 11.05 万元，同比+2.1%； 2、费用：25Q3 销售/行政/研发费用率分别为 4.9%/3.2%/6.2%，环 比-0.7pct/+0.4pct/-1.4pct； 3、利润：25Q3 毛利率 14.5%，同/环比+6.4pct/+0.9pct；归母净利 润 1.5 亿元，同比扭亏，环比-6.3%；我们计算公司 Q3 单车净利 0.09 万元。25Q1-Q3 公司毛利率 14.3%，同比+9.4pct，实际净利润 1.8 亿 元，我们计算单车净利 0.05 万元。 我们重申，公司的核心优势是优秀的产品打造能力和较低的制造成 本，这一点依旧在延续。但需要注意的是：26 年中低端市场预计厮 杀激烈， ...

2025 年 11 月 18 日 买入（维持评级） 港股公司点评 证券研究报告 11 月 17 日，吉利汽车发布 25Q3 财报，其中： 1、营收：Q3 公司共计销售新车 76.1 万辆，同/环比+42.5%/+8.1%； 总计营收 891.9 亿元，同/环比+47.7%/+14.7%；我们计算 Q3 单车 ASP 11.7 万元，同/环比+3.7%/+6.1%；25Q1Q3 公司共计销售新车 216.9 万辆，同比+45.6%，营收 2394.8 亿元，同比+26.4%，单车 ASP 11 万元，同比-13.2%； 2、费用：经重制后公司 25Q2 销售/行政/研发费用率分别为 6.0%/1.5%/4.9%，环比-0.1pct/-0.4pct/-0.2pct； 3、利润：公司 25Q3 毛利率 16.6%，同/环比+1.0pct/-0.5pct；扣除 异常汇兑收益及非金融资产损益后，得公司 Q2 实际归母净利润 39.6 亿元，同/环比+61.3%/+20%，我们计算公司 Q3 单车净利 0.52 万元， 同/环比+13.2%/+11%；25Q1-Q3，公司毛利率 16.5%，同比+0.3pct， 实际净利 ...

上周（11/10-11/14）债券型 ETF 资金净流出 5.5 亿元，信用债 ETF、利率债 ETF、可转债 ETF 分别净流出 3.7 亿元、 净流入 12.1 亿元、净流出 13.9 亿元。业绩表现来看，相较于上周，信用债 ETF、利率债 ETF、可转债 ETF 累计单位 净值周度涨跌幅分别为-0.01%、+0.06%、+0.43%，可转债 ETF 净值持续修复。 发行进度跟踪： 上周无新发行债券 ETF。 存量产品跟踪： 截止 2025 年 11 月 14 日，利率债 ETF、信用债 ETF、可转债 ETF 流通市值分别为 1469 亿元、3769 亿元、657 亿元， 信用债 ETF 规模占比为 63.9%。相较于上周，利率债 ETF、信用债 ETF、可转债 ETF 流通市值分别增加 13.5 亿元、减 少 1.3 亿元、减少 9.8 亿元。 ETF 业绩跟踪： 上周利率债 ETF、信用债 ETF 累计单位净值分别收于 1.19、1.03。从截止 11 月 14 日的累计收益率情况来看，以 2 月 7 日作为基日，基准做市信用债 ETF 累计收益率均值上行至 0.81%；以 7 月 17 日作为基日 ...

* [10] M. C. ETF 市场回顾 从一级市场资金流动情况来看，上周（2025.11.10-2025.11.14）已上市 ETF 资金净流入合计 237.41 亿元，其中股票 型 ETF 资金净流入 100.40 亿元，跨境 ETF 资金净流入 86.35 亿元，商品型 ETF 资金净流入 56.18 亿元，债券型 ETF 资金净流出 5.52 亿元。 在股票型 ETF 中，宽基 ETF 上周资金净流入-23.27 亿元，上周科创 50ETF 资金净流入 35.05 亿元，中证 500ETF 资金 净流入 4.64 亿元，而中证 A500ETF 资金净流出约 29.64 亿元，沪深 300ETF 资金净流出约 24.80 亿元。 主题行业 ETF 上周资金净流入 100.52 亿元。上周科技、高端制造、金融地产、消费、医药生物、周期板块 ETF 资金 净流入额分别为 66.40 亿元、17.16 亿元、9.36 亿元、7.73 亿元、2.34 亿元、0.74 亿元。 上周共有 15 只 ETF 产品申报，港股通行业 ETF 持续发行，细分化工行业 ETF 继续申报，电网设备 ETF 有两只产品申 报。 ...

Core Viewpoints - The issuance of new convertible bonds has been relatively low this year, with less than 50 bonds issued and a total scale of less than 500 billion, leading to a scarcity that has attracted market attention [12][14] - New bonds listed since July have closed above 140, indicating strong market demand, and the pricing strategy for new bonds is crucial for obtaining returns [2][12] - Two main strategies for institutions to gain returns from new bonds include buying on the second day after listing and participating in rights offerings [2][27] Market Review - The stock market has been experiencing fluctuations, with the Shanghai Composite Index and ChiNext Index showing declines of 0.18% and 3.01% respectively, indicating a technical pressure around the 4000-point mark [34] - The consumer sector has shown strength, while technology stocks have faced significant pullbacks, influenced by CPI/PPI data and external market conditions [34][55] - The convertible bond market has seen a rise in the index, with the average transaction volume increasing, reflecting a high valuation environment [44][47] Convertible Bond Investment Strategy - The current valuation of convertible bonds is at a high level, with the average premium rate for bonds priced between 90-110 at approximately 30.06%, indicating limited upward momentum [47][55] - A neutral overall view is suggested, with a focus on trading opportunities as the premium rate approaches around 26% [55] - Specific sectors to watch include high-growth areas such as non-ferrous metals, electronics, battery storage, and military industries, as well as themes like AI computing and solid-state batteries [55] Primary Market Tracking - Recently, one new bond was issued, and several companies have received approvals for bond issuance, indicating ongoing activity in the convertible bond market [56][58]

ETF业绩跟踪及资金流动周报 报告日期:2025年10月20日 宽基ETF周度平均收益及资金流情况 宽基ETF资金流入/出(亿元) 蛋蛋ETF平均围涨跌幅 -2.0% -3.0% -4.0% -25.0 -29.8 -5.0% -6.0% -70 -7.0% -81.4 资金流入排名前十宽基 资金流出排名前十宽基 | 基金代码 | 基金名称 | 最新规模 | 资金流入规 | 周涨跌幅 | 周成交额 | 基金代码 | 基金名称 | 最新规模 | 资金流入规 | 周涨跌幅 | 周成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | 模(亿元) | | (亿元) | | | (亿元) | 模(亿元) | | (亿元) | | 510310. OF | 易方达沪深300ETF | 2982. 70 | 14.95 | -2. 15% | 54. 05 | 159915. OF | 易方达创业板ETF | 989. 70 | -30.28 | -5.65% | 287. 71 | | 58 ...

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFlytek, AI hardware companies like Hikvision, Hongsoft Technology, and Hesai, and companies like Maifushi that can enhance paid rates and ARPU values [3]. Core Insights - The report highlights the release of Baidu's new model Wenxin 5.0, which features a total parameter scale of 2.4 trillion and utilizes a super-sparse mixed expert architecture for unified understanding and generation across multiple modalities [5][12]. - OpenAI has released the GPT-5 series, including GPT-5.1 Instant and GPT-5.1 Thinking, which enhance model intelligence and instruction-following capabilities [5][12]. - The AI programming startup Cursor has completed a $2.3 billion D round financing, achieving a post-investment valuation of approximately $29.3 billion to $30 billion (around 200 billion RMB) [5][12]. - The report anticipates a recovery in the computer sector, driven by improved operational quality and the acceleration of AI application implementation [12]. Summary by Sections Computer Industry Insights - The report indicates that the AI industry chain, particularly AI computing power, is expected to maintain high prosperity, while AI applications are on an upward trajectory [11][12]. Market Review - From November 10 to November 14, 2025, the computer industry index (Shenwan) decreased by 3.03%, underperforming the CSI 300 index by 1.95 percentage points [14]. Key Events Outlook - Upcoming events include the 2025 World Intelligent Manufacturing Conference and the 2025 "Artificial Intelligence +" Industry Ecosystem Conference, which are expected to present opportunities within the relevant industry chains [27].

Investment Rating - The report maintains a positive outlook on the copper, aluminum, and precious metals sectors, indicating a high level of market activity and potential for growth [2][3][4][5]. Core Insights - Copper prices have shown a weekly increase of 1.53% to $10,859.00 per ton on the LME, with domestic prices rising by 1.12% to 86,900 yuan per ton, reflecting a recovery in demand as the market approaches the traditional peak season [2][14]. - Aluminum prices also increased, with LME aluminum up 0.52% to $2,877.00 per ton, supported by low inventory levels and stable demand from downstream processing industries [3][15]. - Gold prices surged by 4.16% to $4,174.5 per ounce, driven by geopolitical risks and economic uncertainties in the U.S., indicating strong investor interest in safe-haven assets [4][16]. - The rare earth sector is experiencing upward momentum due to increased demand and the suspension of export control measures, leading to a bullish outlook for companies involved in rare earth production [5][32]. Summary by Sections Copper - LME copper price increased by 1.53% to $10,859.00 per ton, with domestic prices at 86,900 yuan per ton [2][14]. - The processing fee index for imported copper concentrate dropped to -$42.21 per ton, indicating supply chain pressures [2][14]. - Domestic copper inventory rose by 0.52 million tons to 20.11 million tons, reflecting a cautious market sentiment [2][14]. Aluminum - LME aluminum price rose by 0.52% to $2,877.00 per ton, with domestic prices at 21,800 yuan per ton [3][15]. - Domestic aluminum ingot inventory decreased by 0.6 million tons, indicating a tightening supply [3][15]. - The operating rate of downstream aluminum processing enterprises increased slightly to 62%, suggesting stable demand [3][15]. Precious Metals - COMEX gold price increased by 4.16% to $4,174.5 per ounce, with SPDR gold holdings rising by 6.87 tons to 1,048.93 tons [4][16]. - The market is influenced by U.S. political instability and geopolitical tensions, leading to a strong demand for gold [4][16]. Rare Earths - The price of praseodymium and neodymium oxide decreased by 1.40%, but overall demand is expected to rise due to the suspension of export controls [5][32]. - The rare earth sector is projected to benefit from increased strategic importance and price appreciation [5][32]. Other Metals - Antimony prices increased by 15.5%, driven by a suspension of export controls and a tightening supply situation [5][34]. - Tin prices rose by 3.11%, supported by reduced illegal mining activities in Indonesia [5][35]. - Lithium carbonate prices increased by 3.14% to 83,200 yuan per ton, reflecting strong demand in the energy storage sector [5][61].

一、组合策略收益跟踪 本周模拟组合收益普遍回升，且多数信用风格组合优于对应利率风格。利率风格组合中，二级债子弹型、二级超长型 策略收益靠前，其周度收益分别为 0.05%、0.05%；信用风格组合中，永续债久期、永续债下沉策略收益领先，读数 分别达到 0.13%、0.12%。 分重仓券种看，二级资本债重仓策略收益反弹，但短期内累计收益遭平滑。信用风格存单重仓组合周度收益均值上行 4bp 至 0.04%，仍处于 10 月以来偏低水平；城投重仓组合周度平均收益小幅升至 0.03%，整体不及存单策略，城投 久期策略结束连续六周的正收益，本周表现较弱，哑铃型策略也相对乏力，短端下沉策略收益反而达到 0.07%；二级 资本债重仓组合收益均值回升至 0.08%，环比涨幅高达 14.6bp，特别是二级债子弹型、久期策略分别跑出 0.1%、 0.09%的收益，但是连续两周累计值多在盈亏平衡线附近，不及城投重仓组合；超长债重仓策略收益均值仅升高 6.8bp， 其中，城投、产业及二级超长型策略周度收益分别为 0.04%、0.08%和 0.09%。 收益来源方面，本周各类策略组合票息多上行，投资收益由票息主导。主流信用风格策略中，城 ...