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 [5]. Core Insights - In 2025, the company achieved a revenue of 6.17 billion RMB, a year-on-year increase of 63.3%, and a net profit attributable to shareholders of 1.10 billion RMB, up 132.8% [2]. - The revenue structure has improved significantly, with overseas revenue reaching 4.60 billion RMB, a 165.3% increase, and export business accounting for 74.5% of total revenue, up 28.6 percentage points [3]. - The company is transitioning from a "product supplier" to a "system service provider," with significant breakthroughs in shipping, terminal storage, and floating foundations [4]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2026-2028 is 1.66 billion RMB, 2.76 billion RMB, and 4.18 billion RMB, respectively, with corresponding P/E ratios of 27, 16, and 11 times [5]. - The company is expected to maintain a high growth trajectory, with projected revenue growth rates of 34.61%, 48.21%, and 39.38% for the years 2026, 2027, and 2028, respectively [9]. Operational Performance - The gross profit margin for 2025 was 31.2%, an increase of 1.4 percentage points year-on-year, reflecting enhanced profitability [3]. - The company has over 10 billion RMB in overseas orders, primarily for offshore wind projects in Europe, indicating strong future demand [3]. Strategic Development - The company has made significant progress in expanding its business lines, including the launch of its first self-developed high-end deck transport vessel and establishing local assembly and service capabilities in key European regions [4]. - The successful production phase of the Caofeidian base is expected to enhance the company's capacity for large-scale fixed and floating foundation structures [4].

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Insights - The government work report indicates a positive signal, benefiting multiple business lines of brokerages [1] - The monetary policy remains moderately loose, with the government emphasizing the use of various policy tools to maintain ample liquidity, aligning social financing scale and money supply growth with economic growth and price level expectations [2] - Continued deepening of capital market reforms is highlighted, with a focus on enhancing mechanisms for long-term capital entering the market. As of the end of 2025, various long-term funds held approximately 23 trillion yuan of A-share circulating market value, a 36% increase from the beginning of 2025 [2] - Increased support for technological innovation is noted, with measures to provide financial services throughout the lifecycle of technology enterprises, including regular implementation of green channel mechanisms for listing financing and mergers and acquisitions [3] - The report anticipates that the brokerage sector's profits in Q1 2026 will exceed expectations due to rapid growth in stock fund transaction volume and margin financing balance, driven by government signals that enhance market activity and brokerage business development [4] Summary by Sections Monetary Policy - The government aims to maintain sufficient liquidity and match social financing and money supply growth with economic growth targets [2] Capital Market Reforms - The report emphasizes the importance of long-term funds in stabilizing the capital market, with a significant increase in their holdings of A-shares [2] Support for Technological Innovation - The government is committed to enhancing financial services for technology enterprises, which is expected to boost brokerage investment banking revenues and profits from private equity subsidiaries [3] Investment Recommendations - The report suggests that the current valuation of the brokerage sector is attractive, with PB and PE ratios at the 26% and 8% percentiles respectively, indicating a good opportunity for left-side positioning [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported FY26Q1 revenue of $19.311 billion, a year-over-year increase of 29%. The GAAP and Non-GAAP gross margins were 68.1% and 77.0%, respectively. GAAP and Non-GAAP net profits were $7.349 billion and $10.185 billion, reflecting year-over-year growth of 34% and 30% [2]. - The company anticipates FY26Q2 revenue to reach $22 billion, with an adjusted EBITDA margin of approximately 68% [2]. - AI revenue for FY26Q1 reached $8.4 billion, a significant year-over-year increase of 106%, with expectations to grow to $10.7 billion in Q2, representing a 140% increase [2][3]. - The company is projected to achieve over $100 billion in AI chip revenue by 2027, driven by strong demand for AI products [2][3]. Financial Projections - The company is expected to generate Non-GAAP net profits of $52.1 billion, $89 billion, and $118.4 billion for FY26, FY27, and FY28, respectively [4]. - Revenue projections for FY24 to FY28 show a growth trajectory from $35.819 billion in FY24 to $195.029 billion in FY28, with significant annual growth rates [9]. - The adjusted net profit is forecasted to increase from $18.378 billion in FY24 to $118.369 billion in FY28, indicating robust growth potential [11].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI industry is experiencing a surge in demand while upstream supply remains tight, leading to price increases across various segments [7][9] - OpenAI has secured $110 billion in new investments, with a valuation of $730 billion, indicating strong financial backing and strategic partnerships [18][19] - For the first time, the usage of Chinese AI models has surpassed that of American models, highlighting a significant shift in the global AI landscape [20][21] Industry Frontiers - The U.S. Stargate AI data center project is progressing slowly, with a severe shortage of high-end GPUs impacting supply [7][13] - Apple has accepted a 100% price increase for DRAM from Samsung, indicating a critical shortage in the NAND and DRAM markets [17] - Chinese chip manufacturers are aiming to quintuple their production of advanced chips within two years to meet domestic AI demand [17][31] Capital Trends - NVIDIA reported strong Q4 2025 earnings with a revenue of $68 billion, a 73% year-over-year increase, driven by robust data center performance [24][25] - Meta has signed a multi-year agreement with AMD to provide up to 6GW of AI computing power, reflecting the growing demand for AI infrastructure [28][29] - Google has launched the Nano Banana2 model, enhancing its AI capabilities, while Alibaba's Qwen model leads the Chinese enterprise AI market with a 32% share [33][34] Weekly Perspective - The report suggests that 2026 may be a pivotal year for the domestic AI computing chain, with significant advancements expected [9][35] - The upcoming NVIDIA GTC 2026 conference is anticipated to unveil groundbreaking technologies, including the Feynman chip, which utilizes a 1.6nm process [27] - The report emphasizes the importance of monitoring capital expenditure plans of major cloud service providers, as their financial health directly impacts NVIDIA's growth prospects [26]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - Despite the month-on-month decline in February's manufacturing PMI, the actual performance was slightly better than the seasonal average, indicating an improvement in economic sentiment [10][13] - The decline in the export order index in February may be due to the Spring Festival holiday, and export data may still maintain resilience [17] - The price index remained strong, and the rise in oil prices may accelerate the recovery of PPI, with the possibility of turning positive earlier [20][21] - During the holiday, the non-manufacturing sector showed a mixed performance, and the construction industry's resumption of work after the holiday was better than the same period last year [23] - The economic performance in the first quarter faces certain pressure, but the early issuance of special bonds and the positive performance of resumption of work create favorable conditions for a stable start [24] Group 3: Summary by Directory 1. This month's economic sentiment seems weak but is actually strong - February's manufacturing PMI fell 0.3 points to 49.0, but was slightly better than the seasonal average [10][11] - Most sub - indices weakened, but the demand side declined less than the supply side, and the finished product inventory index dropped significantly [10] - The "PMI (new orders - production - inventory) trend value" ended its downward trend and rebounded [13] - The decline in the export order index may be due to the Spring Festival, and actual export performance was not weak [17] 2. Soaring oil prices support the earlier return of PPI to positive - Although the raw material price index declined and the ex - factory price index did not rise further, both were in the expansion range [20] - The rise in oil prices may accelerate the recovery of PPI, with the possibility of turning positive as early as March in an optimistic scenario, and in May - June in neutral or pessimistic scenarios [21] 3. The construction industry's resumption of work after the holiday is stronger than the same period last year - During the holiday, the non - manufacturing sector showed a mixed performance, with high sentiment in consumer - related industries and low sentiment in some industries such as capital markets and real estate [23] - The business activity index of the construction industry declined, but the business activity expectation index returned above the critical point [23] - As of February 25, the construction site resumption rate, labor employment rate, and fund availability rate were all higher than the same period last year [23]

1. Report's Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The ultra - long credit bond market ended its pre - holiday strong performance this week, facing pressure and a callback. The future trend of the ultra - long credit bond market depends on the tightness of the capital market, the change of risk appetite, and the stability of policy expectations during the Two Sessions [2][5]. 3. Summary of Each Section 3.1 Stock Market Characteristics - The yield of ultra - long credit bonds has undergone a callback. From February 24 to 27, 2026, the ultra - long credit bond market ended its pre - holiday strong performance and showed a pressured and callback trend. The number of outstanding ultra - long credit bonds with a yield of 2.5% - 2.6% increased to 152 compared with last week [2][13]. 3.2 Primary Issuance Situation - The supply of new ultra - long credit bonds is at a low level. In the past two weeks, the supply of new ultra - long credit bonds has remained low, with only the ultra - Great Wall Investment Bonds having incremental issuance. The interest rate of new ultra - Great Wall Investment Bonds fluctuated down to 2.57% in the latest week, and the subscription sentiment increased marginally. According to historical patterns, March to April will be the peak period for credit bond issuance, and attention can be paid to the selection space brought by the increased supply of long - term bonds [3][23]. 3.3 Secondary Transaction Performance - The price of ultra - long bonds fluctuated slightly. This week, the ultra - long credit bond market experienced a callback due to multiple pressures on the basis of the vulnerability accumulated in the previous extreme market. The full - price indices of ChinaBond AA + credit bonds with maturities of 7 - 10 years and over 10 years both declined by more than 0.06%, but the amplitude was generally smaller than that of government bonds and secondary capital bonds of the same maturity [4][31]. - The trading sentiment of ultra - long credit bonds remained weak. In the first week after the holiday, the trading activity of ultra - long credit bonds significantly declined. The number of transactions of general credit bonds with maturities over 7 years dropped to 226, and the number of transactions of the most active 7 - 10 - year industrial bonds fell to the bottom 30% in the past two years. Since the spread of ultra - long credit bonds has been compressed to a relatively low level (the spread between 7 - 10 - year industrial bonds and 20 - 30 - year government bonds is only 11bp), the price protection is insufficient, making the market extremely sensitive to marginal negative news and leading to a decline in trading activity after the holiday [4][33]. - The low - valuation transaction amplitude of ultra - long credit bonds significantly converged this week. The proportion of TKN (Take - No - Offer) in 7 - 10 - year general credit bonds dropped sharply from 83.8% before the holiday to 53.5%, indicating a significant decline in the market's willingness to chase long - term bonds [4][39]. - In terms of investor structure, the concentrated profit - taking of trading desks such as public funds was the direct cause of the callback of ultra - long credit bonds. The unexpected implementation of the "Shanghai Seven - Point" real - estate new policy and the increasing policy uncertainty before the Two Sessions suppressed their bullish sentiment. Insurance funds, traditionally the main investors in ultra - long bonds, did not show a strong willingness to take over during this adjustment [4][43]. - From a more microscopic perspective, the spread between active ultra - long credit bonds and government bonds of similar maturities widened this week. The net price of Chengtong Holdings' ultra - long bonds with maturities over 10 years basically returned to the level at the end of January [5][47].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - According to Wind data, among the bonds traded at a discount, "23 Development 01" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "H3 Vanke 01" had a relatively high degree of deviation in valuation price. Among the secondary and perpetual bonds with rising net prices, "25 Changsha Bank Secondary Capital Bond 01" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Jiangsu Bank Bond 04BC" had a relatively high degree of deviation in valuation price. Among the bonds with a trading yield higher than 5%, real estate bonds ranked high. The changes in credit bond valuation yields were mainly distributed in the [-5,0) range. The trading terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted transactions; the trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, with the 4 - 5 year term variety having the highest proportion of discounted transactions. By industry, the bonds in the building decoration industry had the largest average deviation in valuation price [3]. 3. Summary According to Relevant Catalogs 3.1 Discounted Transaction Tracking - The report listed 30 bonds with discounted transactions, including "23 Development 01", "23 Industrial Finance 09", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. The building decoration and non - bank finance industries had more bonds in this list [5]. 3.2 Tracking of Bonds with Rising Net Prices - The report listed 38 bonds with rising net prices, including "H3 Vanke 01", "H1 Vanke 04", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. Real estate, non - bank finance, and urban investment industries had more bonds in this list [6]. 3.3 Tracking of Secondary and Perpetual Bond Transactions - The report listed 40 secondary and perpetual bonds, including "25 Changsha Bank Secondary Capital Bond 01", "25 Tangshan Bank Secondary Capital Bond 01", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. The bonds were mainly from city commercial banks, rural commercial banks, and state - owned banks [7]. 3.4 Tracking of Commercial Financial Bond Transactions - The report listed 29 commercial financial bonds, including "25 Jiangsu Bank Bond 04BC", "25 Everbright Bank Science and Technology Innovation Bond 01", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. The bonds were mainly from city commercial banks, joint - stock banks, and rural commercial banks [8]. 3.5 Bonds with a Trading Yield Higher than 5% - The report listed 15 bonds with a trading yield higher than 5%, including "H3 Vanke 01", "H1 Vanke 04", etc., and provided information such as their remaining term, valuation price deviation, valuation net price, valuation yield deviation, etc. Real estate and non - bank finance industries had more bonds in this list [9]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range [3]. 3.7 Distribution of Trading Terms of Non - Financial Credit Bonds on the Day - The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted transactions [3]. 3.8 Distribution of Trading Terms of Secondary and Perpetual Bonds on the Day - The trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, with the 4 - 5 year term variety having the highest proportion of discounted transactions [3]. 3.9 Discounted Transaction Proportion and Trading Volume of Non - Financial Credit Bonds in Each Industry - By industry, the bonds in the building decoration industry had the largest average deviation in valuation price [3].

Group 1: Geopolitical Risks and Oil Prices - The geopolitical conflict in the Middle East has escalated, leading to significant disruptions in oil transportation and a sharp increase in global oil prices, with Brent crude rising over 9% to exceed $82 per barrel [2] - The conflict between the US, Israel, and Iran is unlikely to trigger the same level of inflation and interest rate increases as the 2022 Russia-Ukraine conflict, due to differences in the current economic environment, including a cooling labor market and easing tariff measures [3] Group 2: Industrial Metals and Strategic Resources - The decline in the CITIC non-ferrous metals index by 5.46% is attributed to concerns over inflation from rising oil prices and the historical learning effect from the Russia-Ukraine conflict, which did not sustain long-term price increases for precious metals [4] - Despite short-term pressures on non-ferrous metals due to rising energy prices, the demand for industrial metals is expected to recover as geopolitical risks increase the need for resource reserves [4] Group 3: Embracing Physical Assets and Chinese Investments - In the face of technological challenges and regional conflicts, physical assets are gaining systemic importance, with Chinese assets being highlighted for their strong physical attributes and potential for revaluation [5] - Recommended investments include strategic resource assets such as crude oil, copper, aluminum, rare earths, and rubber, as well as sectors with confirmed cyclical bottoms in China, such as electrical equipment and petrochemicals [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Three strategies (sub - low - price, option, and double - low enhanced) have common holdings of 5 convertible bonds: XinFu Convertible Bond, FuHan Convertible Bond, FuLai Convertible Bond, XianLe Convertible Bond, and HuaTe Convertible Bond [1]. - The sub - low - price strategy maintains low turnover, and the price center of the increased - holding targets is between 100 - 150. The option strategy also maintains low turnover [1]. - The double - low strategy's increased - holding targets this week are mainly affected by the convertible bond's relative price change to the underlying stock and the change in the conversion premium rate. The model recommends industries such as national defense and military industry, building materials, steel, media, and coal, with a cyclical industry mainline [6]. 3. Summary by Related Catalogs 3.1 Sub - low - price Convertible Bond Strategy - **Increased - holding Targets**: Include XinFu Convertible Bond, AiDi Convertible Bond, etc. [3] - **Performance**: Rose 0.72% in the past week, with an excess return of 0.33% compared to the Wind Convertible Bond Low - price Index. It has risen 7.31% this year, with an excess return of 2.52% compared to the benchmark. The annualized return in the past year is 23.06%, with a Sharpe ratio of 1.98, a Calmar ratio of 3.46, and a maximum drawdown of 6.66%. The annualized excess return is 3.63% [13][15][27] - **Factor Analysis**: The factor is the average closing price in the past week, with an IC mean of - 7.80%, an IC standard deviation of 22.17%, an ICIR of - 35.18%, and an IC>0 frequency of 17.64% [18] 3.2 Option Convertible Bond Strategy - **Increased - holding Targets**: Include AiWei Convertible Bond and KeHua Convertible Bond [5] - **Performance**: Rose 0.61% in the past week, with an excess return of 0.22% compared to the Wind Convertible Bond Low - price Index. It has risen 8.08% this year, with an excess return of 3.27% compared to the benchmark. The annualized return in the past year is 28.36%, with a Sharpe ratio of 2.59, a Calmar ratio of 6.06, and a maximum drawdown of 4.68%. The annualized excess return is 7.98% [13][15][27] - **Factor Analysis**: The factor is the intraday amplitude difference of the convertible bond relative to the underlying stock, with an IC mean of - 4.41%, an IC standard deviation of 19.00%, an ICIR of - 23.22%, and an IC>0 frequency of 30.16% [18] 3.3 Double - low Enhanced Strategy - **Increased - holding Targets (TOP10)**: Include XinFu Convertible Bond, AiDi Convertible Bond, etc. [8] - **Performance**: Rose 1.03% in the past week, with an excess return of 1.23% compared to the Wind Convertible Bond Double - low Index. It has risen 8.23% this year, with an excess return of 5.59% compared to the benchmark. The annualized return in the past year is 30.03%, with a Sharpe ratio of 2.03, a Calmar ratio of 3.87, and a maximum drawdown of 7.76%. The annualized excess return is 15.53% [13][15][27] - **Factor Analysis**: Multiple factors are involved, such as implied volatility, historical quantile of the double - low factor, relative price change of the convertible bond to the underlying stock, average closing price in the past week, and change in the conversion premium rate [18] 3.4 Convertible Bond Industry Rotation Strategy - **TOP5 and BOTTOM5 Industries**: TOP5 industries include national defense and military industry, building materials, coal, steel, and media; BOTTOM5 industries include automobile, food and beverage, household appliances, agriculture, forestry, animal husbandry and fishery, and banking [10][12] - **Performance**: Fell 1.03% in the past week, with an excess return of - 0.75% compared to the Wind Convertible Bond Double - low Index. It has risen 5.98% this year, with an excess return of 3.30% compared to the benchmark. The annualized return in the past year is 22.40%, with a Sharpe ratio of 1.58, a Calmar ratio of 3.37, and a maximum drawdown of 6.64%. The annualized excess return is 8.80% [13][15][27] - **Factor Analysis**: Factors include return - trading volume ratio, historical quantile of the double - low factor, relative price change of the convertible bond to the underlying stock, and change in the conversion premium rate [18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Among the bonds with discounted transactions, "23 AVIC Finance MTN001 (Sci-tech Innovation Note)" had a relatively large deviation in bond valuation price. In the bonds with rising net price transactions, "23 Vanke MTN001" ranked high in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net price transactions, "24 Bank of Communications Tier 2 Capital Bond 02B" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net price transactions, "25 Zheshang Bank Bond 01B" ranked high in terms of valuation price deviation. Among the bonds with a transaction yield higher than 5%, real estate bonds ranked high [3]. - The changes in the valuation yield of credit bonds were mainly distributed in the [-5,0) range. The transaction terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year term variety having the highest proportion of discounted transactions; the transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and most varieties of each term were transacted at a premium. By industry, the bonds in the power equipment industry had the largest average deviation in valuation price [3]. 3. Summary by Relevant Catalogs 3.1 Discounted Transaction Tracking - "23 AVIC Finance MTN001 (Sci-tech Innovation Note)" had a remaining term of 0.72 years, a valuation price deviation of -0.72%, a valuation net price of 89.86 yuan, a valuation yield deviation of 128.38 bp, a valuation yield of 18.91%, and a transaction scale of 26.88 million yuan. It belonged to the non-bank financial industry [5]. - Other bonds with large discounts included "25 Guoxuan High-tech GN001 (Sci-tech Innovation Bond)", "25 Xishui 02", etc., with different remaining terms, valuation price deviations, and transaction scales [5]. 3.2 Tracking of Bonds with Rising Net Price Transactions - "23 Vanke MTN001" had a remaining term of 0.14 years, a valuation price deviation of 6.23%, a valuation net price of 48.23 yuan, a valuation yield deviation of -4055.35 bp, a valuation yield of 719.99%, and a transaction scale of 5.8 million yuan. It belonged to the real estate industry [6]. - Other bonds with rising net prices included "H2 Vanke 02", "24 Bank of Communications Tier 2 Capital Bond 02B", etc., with different remaining terms, valuation price deviations, and transaction scales [6]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - "24 Bank of Communications Tier 2 Capital Bond 02B" had a remaining term of 8.41 years, a valuation price deviation of 0.35%, a valuation net price of 100.54 yuan, a valuation yield deviation of -4.63 bp, a valuation yield of 2.30%, and a transaction scale of 10.03 million yuan. It was from a state-owned bank [7]. - Other Tier 2 and perpetual bonds included "25 Agricultural Bank of China Tier 2 Capital Bond 01B (BC)", "24 China Construction Bank Tier 2 Capital Bond 01B", etc., with different remaining terms, valuation price deviations, and transaction scales [7]. 3.4 Tracking of Commercial Financial Bond Transactions - "25 Zheshang Bank Bond 01B" had a remaining term of 3.96 years, a valuation price deviation of 0.03%, a valuation net price of 100.06 yuan, a valuation yield deviation of -0.89 bp, a valuation yield of 1.80%, and a transaction scale of 110.02 million yuan. It was from a joint-stock bank [8]. - Other commercial financial bonds included "25 Hangzhou Bank Green Bond 01A", "25 Huishang Bank Small and Micro Enterprise Bond", etc., with different remaining terms, valuation price deviations, and transaction scales [8]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - "23 Vanke MTN001" had a remaining term of 0.14 years, a valuation price deviation of 6.23%, a valuation net price of 48.23 yuan, a valuation yield deviation of -4055.35 bp, a valuation yield of 719.99%, and a transaction scale of 5.8 million yuan. It belonged to the real estate industry [9]. - Other high-yield bonds included "H2 Vanke 02", "23 AVIC Finance MTN001 (Sci-tech Innovation Note)", etc., with different remaining terms, valuation price deviations, and transaction scales [9]. 3.6 Distribution of Valuation Deviations in Credit Bond Transactions - The changes in the valuation yield of credit bonds were mainly distributed in the [-5,0) range [3]. 3.7 Distribution of Transaction Terms of Non-financial Credit Bonds - The transaction terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year term variety having the highest proportion of discounted transactions [3]. 3.8 Distribution of Transaction Terms of Tier 2 and Perpetual Bonds - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and most varieties of each term were transacted at a premium [3]. 3.9 Discounted Transaction Proportion and Transaction Scale of Non-financial Credit Bonds by Industry - The bonds in the power equipment industry had the largest average deviation in valuation price [3].