Report Summary 1. Core View - Due to the narrowing of long - bond spreads to the lowest level since 2024, institutional investors have different views on the allocation of ultra - long credit bonds. With insufficient spread protection and uncertainty about the inflection point, if there are floating profits in ultra - long credit bonds, it is recommended to focus on the profit - taking strategy in the short term [5]. 2. Summary by Directory 2.1 Stock Market Characteristics - Ultra - long credit bond yields have marginally adjusted back. Due to the compression of long - bond spreads to the lowest level since 2024, institutional investors' attitudes towards the allocation of ultra - long credit bonds have diverged, and profit - taking behavior has led to a slight adjustment in yields. The number of outstanding ultra - long credit bonds with a yield of 2.4% - 2.5% has increased to 299 [2][12]. 2.2 Primary Issuance Situation - The supply of ultra - long credit bonds has reached the bottom. This week, the total issuance scale of new ultra - long credit bonds was 2.3 billion, and only two urban investment entities, Beijing Infrastructure Investment and Anhui Investment Group, issued long - term bonds with a term of 7 years or more (preferred exercise). Although the trading sentiment in the cash bond market has weakened, investors' enthusiasm for participating in the primary market allocation of ultra - long urban investment bonds remains high [3][21]. 2.3 Secondary Transaction Performance - The upward trend of the ultra - long credit bond index has significantly slowed down. This week, the general credit bond index above 7 years has slightly increased. The 7 - 10 - year AA+ credit bond index has increased by 0.03%, and the AA+ credit bond index above 10 years has only increased by 0.11%, performing weaker than long - term interest - rate bonds [29]. - The trading volume of ultra - long credit bonds has significantly decreased. After three consecutive weeks of increase, the spread of general credit bonds above 7 years has been compressed to a low level. The spread between 7 - 10 - year industrial bonds and 20 - 30 - year treasury bonds has narrowed to 21bp. Concerned about the insufficient protection space of long - term credit spreads, the number of trading transactions of ultra - long general credit bonds has dropped to 315 this week, a decrease of 35.7% compared with the previous week [32]. - The intensity of buying ultra - long credit bonds at a low valuation has weakened significantly compared with the previous two weeks, and some urban investment long - term bond varieties have even shifted to high - valuation transactions. The proportion of TKN transactions in credit bonds above 10 years has dropped to 54.2% [37]. 3. Industry Investment Rating The document does not mention the industry investment rating.

Group 1: Overall Situation of Credit Bonds - As of November 17, 2025, private enterprise real estate bonds and industrial bonds in the stock credit bonds have higher overall valuation yields and spreads than other varieties [2][8]. - Compared with last week, the yields of most non - financial and non - real estate industrial bonds have declined. In particular, the yields of 1 - year - within public perpetual and 3 - 5 - year private non - perpetual bonds of private enterprise varieties have decreased by 11.2BP and 5.4BP respectively; more than half of the real estate bond varieties have seen a decline in yields, with the 2 - year - within state - owned private non - perpetual bonds declining by more than 2.5BP, while the public non - perpetual bonds of the same term have adjusted [2][3][8]. Group 2: Urban Investment Bonds Public Urban Investment Bonds - In public urban investment bonds, the weighted average valuation yields of Jiangsu and Zhejiang provinces are both below 2.5%; urban investment bonds with yields exceeding 4.5% are found in district - level areas of Guizhou; in other regions, the spreads in Yunnan, Gansu and other places are also relatively high [2][15]. - Compared with last week, the yields of more than half of the public urban investment bonds have declined, with the average decline of 3 - 5 - year varieties reaching 1.2BP. Specifically, the varieties with relatively large declines in yields include 3 - 5 - year non - perpetual bonds in district - level areas of Henan, 3 - 5 - year non - perpetual bonds in district - level areas of Guizhou, and 1 - year - within and 2 - 3 - year perpetual bonds in district - level areas of Guangxi [2][15]. Private Urban Investment Bonds - In private urban investment bonds, the weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.85%; varieties with yields higher than 3.5% are found in prefecture - level and district - level areas of Yunnan and Guizhou, as well as district - level areas of Gansu; the spreads in other regions such as Guangxi and Qinghai are also relatively high [2][23]. - Compared with last week, the yields of private urban investment bonds have generally declined, with the average decline of 3 - 5 - year varieties reaching 2.6BP. Specifically, the varieties with relatively large declines in yields include 1 - year - within perpetual bonds in prefecture - level areas of Fujian, 2 - 3 - year perpetual bonds in prefecture - level areas of Hebei, 2 - 3 - year non - perpetual bonds in district - level areas of Shanxi, and 1 - 2 - year non - perpetual bonds in prefecture - level areas of Ningxia, with corresponding declines of 8.6BP, 9.3BP, 12.6BP, and 22.7BP respectively [2][23]. Group 3: Financial Bonds - In financial bonds, the varieties with relatively high valuation yields and spreads include capital replenishment tools of urban and rural commercial banks and leasing company bonds [4][8]. - Compared with last week, the overall yields of financial bonds have declined, but there are differences among terms. Specifically, the yields of 2 - 3 - year and 3 - 5 - year private non - perpetual leasing bonds have decreased by more than 3.5BP, while the yields of 2 - year - within private and 1 - year - within public non - perpetual varieties have increased slightly; the trading sentiment of bank sub - bonds has improved, especially the yields of 1 - 2 - year rural commercial bank and 1 - year - within urban commercial bank perpetual bonds have decreased by 8.2BP and 6.6BP respectively; the yields of commercial financial bonds have also mainly declined, among which the 1 - 2 - year varieties of joint - stock banks and urban commercial banks have yield declines of 3.4BP and 2.9BP respectively; in addition, the performance of ordinary bonds of securities companies is stronger than that of sub - bonds, and the yields of private non - perpetual bonds over 1 year have all declined significantly [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company's Q3 2025 financial results show significant growth in vehicle sales and revenue, with a total of 174,000 new cars sold, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 29.6%. Total revenue reached 19.45 billion yuan, up 97.3% year-on-year and 36.7% quarter-on-quarter [1]. - The gross margin for Q3 2025 was 14.5%, an increase of 6.4 percentage points year-on-year, while the net profit for the quarter was 150 million yuan, marking a turnaround from losses in the previous year [2][3]. - The company is expected to continue its strong operational performance, driven by a robust new car cycle and strong overseas market expansion. The report highlights the company's competitive advantages in product development and low manufacturing costs [2][4]. Summary by Sections Financial Performance - Q3 2025 saw the company sell 174,000 vehicles, with revenue of 19.45 billion yuan, reflecting a year-on-year growth of 101.8% and a quarter-on-quarter growth of 29.6%. The average selling price (ASP) per vehicle was 111,900 yuan, showing a slight decrease of 2.2% quarter-on-quarter but an increase of 5.4% year-on-year [1]. - The company reported a gross margin of 14.5% for Q3 2025, up 6.4 percentage points year-on-year, while the net profit was 150 million yuan, a significant improvement compared to the previous year [2][3]. Cost and Expenses - The report indicates that the sales, administrative, and R&D expense ratios for Q3 2025 were 4.9%, 3.2%, and 6.2%, respectively, with a mixed trend in expenses. Although the expense ratios showed some improvement, total expenses continued to rise, particularly in R&D [2]. Future Outlook - The company is projected to maintain strong sales momentum into Q4 2025, with expectations of continued growth in monthly sales. The report anticipates that 2026 will be a significant year for new car launches, with several models expected to perform well in the market [2][4]. - The long-term strategy of self-research and self-supply is expected to continue to yield cost advantages, enhancing the company's competitive position in the market [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Insights - The company's Q3 performance is robust, with new car sales reaching 761,000 units, representing a year-on-year increase of 42.5% and a quarter-on-quarter increase of 8.1%. Total revenue for Q3 is 89.19 billion yuan, up 47.7% year-on-year and 14.7% quarter-on-quarter [1]. - The company has shown a strong ability to improve its product mix, driven by the growth in the new energy vehicle segment and a recovery in exports. However, the gross margin has slightly declined due to the increased proportion of new energy vehicles, which typically have lower margins compared to traditional fuel vehicles [2]. - The company is expected to maintain strong operational performance in Q4, with continued growth in the new energy segment and stable performance in traditional business lines [2][3]. Summary by Sections Financial Performance - In Q3, the company achieved a gross margin of 16.6%, with a year-on-year increase of 1.0 percentage points. The actual net profit attributable to the parent company for Q2 was 3.96 billion yuan, reflecting a year-on-year increase of 61.3% [1]. - For the first three quarters of 2025, the company sold 2.169 million new cars, a year-on-year increase of 45.6%, with total revenue of 239.48 billion yuan, up 26.4% year-on-year [1]. Cost and Expenses - The company’s sales, administrative, and R&D expense ratios for Q2 were 6.0%, 1.5%, and 4.9%, respectively, showing a slight decrease from the previous quarter [1]. - The report highlights that the company has maintained a stable expense structure, with expense ratios decreasing quarter-on-quarter [2]. Future Outlook - The company is expected to continue its upward trajectory, with new models like the Zeekr 9X and Galaxy M9 set to enhance the product lineup and improve profitability [2][4]. - The report projects net profits for 2025, 2026, and 2027 to be 16.6 billion, 19.68 billion, and 24 billion yuan, respectively, corresponding to PE ratios of 10.45, 8.81, and 7.24 [4].

Report Industry Investment Rating No relevant content provided. Core View of the Report From November 10 - 14, bond - type ETFs had a net capital outflow of 550 million yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 370 million yuan, net inflows of 1.21 billion yuan, and net outflows of 1.39 billion yuan respectively. In terms of performance, compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, + 0.06%, and + 0.43% respectively, with the net value of convertible - bond ETFs continuously recovering [2][13]. Summary by Directory 1. Issuance Progress Tracking - Last week, there were no newly issued bond ETFs [3][17]. - A list of bond ETFs issued this year was provided, including details such as fund names, issuance shares, issuance scales, issuance announcement dates, fund establishment dates, and performance comparison benchmarks [18]. 2. Existing Product Tracking - As of November 14, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 146.9 billion yuan, 376.9 billion yuan, and 65.7 billion yuan respectively, with credit - bond ETFs accounting for 63.9% of the total scale. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values [19]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.35 billion yuan, decreased by 130 million yuan, and decreased by 980 million yuan respectively. Products with obvious scale growth last week included Pengyang ChinaBond - 30 - year Treasury Bond ETF and Haifutong CSI Short - term Financing ETF [21]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 120 billion yuan and 251.7 billion yuan respectively, decreasing by 1.58 billion yuan and 70 million yuan compared with the previous week [23]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [26]. - As of November 14, taking February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.81%; taking July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.09% [5][30]. 4. Premium/Discount Rate Tracking - The average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs last week were - 0.18%, + 0.01%, and - 0.04% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.30% and - 0.16% respectively [6][36]. 5. Turnover Rate Tracking - Last week, the turnover rates of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of all three types of products declined, falling to 125%, 121%, and 87% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, and Guotai CSI AAA Science - Innovation Corporate Bond ETF had relatively high turnover rates [7][41]. - A detailed list of 53 bond ETFs' existing details and weekly performance was provided, including circulating market values, weekly changes, weekly net - value changes, cumulative returns this year, weekly average premium/discount rates, and weekly turnover rates [45].

- The report tracks the performance of enhanced index funds, highlighting the best-performing funds across different indices such as CSI 500, CSI 1000, and CSI 2000. For example, the Ping An CSI 500 Enhanced Index Fund achieved an excess return of 2.03% last week, while the Taiping CSI 1000 Enhanced Index Fund recorded an excess return of 1.84%[5][38][41] - Over the past year, the best-performing enhanced index funds include the E Fund CSI 300 Enhanced Fund with a 12.83% excess return, the Penghua CSI 500 Enhanced Fund with an 18.90% excess return, and the Huaxia CSI 1000 Enhanced Fund with a 28.67% excess return[39][42] - The report also provides detailed performance metrics for various enhanced strategy ETFs, such as the China Merchants CSI 2000 Enhanced Strategy ETF, which achieved a 31.60% excess return over the past year and 22.17% since 2025[27][28][39]

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]

- The report tracks the weekly performance and fund flows of broad-based ETFs, including average returns and fund inflows/outflows[1][2] - The top ten broad-based ETFs by fund inflows and outflows are listed, with specific details on fund size, weekly returns, and trading volume[3][4] - The report also covers the weekly performance and fund flows of sector-themed ETFs, Smart Beta ETFs, and Hong Kong Stock Connect ETFs[5][6] - The report provides a detailed breakdown of the number, size, and trading statistics of equity ETFs, categorized by index and sector[9][10] - Overseas ETFs experienced a net outflow of 34.23 billion yuan over the past week, with significant outflows from large-cap value styles and specific sectors like banking[11][12][13] - The report lists the top ten individual stocks by net fund outflows, including companies like Kweichow Moutai and CATL[15][16][17]

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].