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 - The company is implementing differentiated pricing adjustments across various product groups to optimize its business structure and enhance operational quality and value creation [2][3]. - The issuance of HKD 1 billion convertible bonds at a coupon rate of 4.25% aims to strengthen the company's capital structure and support global market expansion and product development [4]. - The integration of SUSONITY is showing initial synergies, with improvements in organizational governance and cross-regional collaboration, enhancing operational efficiency [3]. Financial Projections - Revenue is projected to grow significantly, with estimates of HKD 1,056 million in 2023, increasing to HKD 6,702 million by 2027, reflecting a compound annual growth rate (CAGR) of 73.36% from 2025 to 2026 [10]. - Net profit is expected to rise from HKD 182 million in 2023 to HKD 864 million in 2027, with a notable growth rate of 161.40% in 2026 [10]. - The report adjusts the net profit forecasts for 2026 and 2027 to HKD 661 million and HKD 864 million, respectively, reflecting the positive impact of acquisitions and operational synergies [5]. Market Position and Strategy - The differentiated pricing strategy is designed to align product value with market demand, focusing on high-value-added businesses, with price adjustments ranging from 3% to 30% based on product characteristics [3]. - The company is actively pursuing global expansion through acquisitions, specifically targeting the surface materials business of Merck in Germany, to establish itself as a leader in the pearlescent pigment market [5].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - As of December 15, 2025, private enterprise real estate bonds and industrial bonds in the outstanding credit bonds have higher overall valuation yields and spreads compared to other varieties. The yields of most non - financial and non - real estate industrial bonds have increased, and real estate bond yields have generally risen. In the financial bond sector, the yields of financial bonds have declined slightly more than those of general credit bonds, but there is differentiation among bond types [2][3][8]. Group 3: Summary by Relevant Catalogs 3.1 Overall Outstanding Credit Bonds - **Valuation Yields and Spreads**: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads. Non - financial non - real estate industrial bonds have more than half of their yields increasing, with most real estate bond yields rising. In financial bonds, the yields of urban and rural commercial bank capital supplementary tools and leasing company bonds have higher valuation yields and spreads [2][3][8]. - **Yield Changes Compared to Last Week**: Non - financial non - real estate industrial bonds have more than half of their yields increasing, except for private enterprise private - placement bonds within one year, with the yield adjustment of other varieties being less than 4BP. Real estate bond yields have generally increased, with the yields of non - perpetual bonds within one year rising by more than 5BP, and 3 - 5 - year private enterprise public non - perpetual bonds also having a significant adjustment. Financial bond yields have a slightly higher proportion of decline than general credit bonds, with differentiation among bond types. For example, the 1 - 2 - year public perpetual bonds of leasing bonds have a 5.5BP increase in yield [3][4][8]. 3.2 Urban Investment Bonds 3.2.1 Public Urban Investment Bonds - **Valuation Yields and Spreads**: The weighted average valuation yields of Jiangsu and Zhejiang provinces are below 2.6%. Bonds with yields exceeding 4.5% are in Guizhou's county - level areas, and regions such as Guangxi, Yunnan, and Gansu also have higher spreads [2][17]. - **Yield Changes Compared to Last Week**: Most yields have declined. The average decline of 2 - 3 - year varieties is 1.4BP, but most varieties within one year have continued to adjust. The varieties with a large decline in yield include 3 - 5 - year non - perpetual bonds of Guizhou prefecture - level cities, 1 - 2 - year non - perpetual bonds of Yunnan county - level areas, etc. [2][17]. 3.2.2 Private Urban Investment Bonds - **Valuation Yields and Spreads**: The weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.95%. Bonds with yields higher than 4% are in Guizhou's prefecture - level cities, and regions such as Yunnan, Gansu, and Liaoning also have higher spreads [27]. - **Yield Changes Compared to Last Week**: More than half of the bond varieties have yield adjustments, with the average yield of varieties within one year increasing by 2BP. The varieties with a large decline in yield include 2 - 3 - year non - perpetual bonds of Guizhou county - level areas, 1 - 2 - year non - perpetual bonds of Yunnan county - level areas, etc. [27]. 3.3 Industrial Bonds - **Valuation Yields and Spreads**: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads compared to other varieties [2][3][8]. - **Yield Changes Compared to Last Week**: More than half of the yields of non - financial non - real estate industrial bonds have increased. Except for private enterprise private - placement bonds within one year, the yield adjustment of other varieties is less than 4BP. Real estate bond yields have generally increased, with the yields of non - perpetual bonds within one year rising by more than 5BP, and 3 - 5 - year private enterprise public non - perpetual bonds also having a significant adjustment [3][8]. 3.4 Financial Bonds - **Valuation Yields and Spreads**: The valuation yields and spreads of urban and rural commercial bank capital supplementary tools and leasing company bonds are relatively high [4][8]. - **Yield Changes Compared to Last Week**: The proportion of yield decline is slightly higher than that of general credit bonds, but there is differentiation among bond types. Leasing bonds have the largest adjustment, with the 1 - 2 - year public perpetual bond yield increasing by 5.5BP. The yields of commercial financial bonds within 3 years are mainly increasing, with an increase of generally less than 2BP, and the adjustment of varieties within one year is greater than that of 1 - 3 - year varieties. The valuation of bank sub - bonds has generally recovered, with the yields of 3 - 5 - year secondary capital bonds and 2 - 5 - year perpetual bonds of different banks generally decreasing. The performance of securities company sub - bonds is better than that of ordinary bonds, with the yields of 1 - 2 - year public perpetual and private non - perpetual bonds of the same period decreasing by about 3BP [4][8].

Macro Liquidity - The US dollar index continued to decline, and the degree of "inversion" in the China-US interest rate spread has deepened. The nominal and real interest rates of 10Y US Treasury bonds have both rebounded, with inflation expectations remaining unchanged [1][14]. - Offshore dollar liquidity has marginally tightened, while the domestic interbank funding environment remains balanced and relatively loose. The yield spread between 10Y and 1Y bonds continues to widen [1][19]. Market Trading Activity - Overall market trading activity has increased, with trading heat in sectors such as light industry, retail, military, textiles, communications, and real estate all above the 80th percentile [2][25]. - The volatility of major indices has generally increased, with the volatility of sectors like communications, electric power, and electronics remaining above the 80th historical percentile [2][31]. Institutional Research - Research activity is concentrated in sectors such as electronics, pharmaceuticals, electric power, machinery, and non-ferrous metals, with an upward trend in research heat for non-ferrous metals, computers, and textiles [3][42]. Analyst Forecasts - Analysts have adjusted the net profit forecasts for the entire A-share market for 2025/2026, with increases in forecasts for sectors including pharmaceuticals, coal, automobiles, food and beverage, and oil and petrochemicals [4][21]. - The proportion of stocks with upward revisions in net profit forecasts for 2025/2026 has increased across the A-share market [4][17]. Northbound Trading Activity - Northbound trading activity has rebounded, continuing to net sell A-shares. The ratio of buy/sell amounts in sectors like communications, electronics, and finance has increased, while it has decreased in electric power, chemicals, and automobiles [5][31]. - Northbound trading primarily net bought sectors such as communications, machinery, and home appliances, while net selling occurred in pharmaceuticals, computers, and electronics [5][33]. Margin Financing Activity - The activity of margin financing has slightly increased but remains at a relatively low level since late July 2025. The main net purchases were in sectors like electronics, communications, and military [6][39]. - The proportion of financing purchases in sectors such as oil and petrochemicals, retail, and electronics has increased [6][38]. Hot Stocks Trading - The trading volume on the "Dragon and Tiger List" has increased, with sectors like retail, light industry, and electric power showing relatively high and rising trading volumes [7][41]. Active Equity Fund Positioning - The positions of actively managed equity funds have continued to decline, with significant increases in positions in sectors like pharmaceuticals, agriculture, and retail [8][45]. - The correlation of actively managed equity funds with mid/small-cap growth and mid-cap value has increased, while the correlation with large-cap growth and large/small-cap value has decreased [8][48]. - The scale of newly established equity funds has continued to decline, with both active and passive fund sizes decreasing [8][50].

Group 1 - The simulated portfolio's returns have continued to rebound, with the exception of some secondary bond-heavy portfolios, while other credit style strategies have not outperformed their corresponding interest rate styles [3][17][22] - In the interest rate style portfolio, the secondary ultra-long and mixed barbell strategies showed significant rebounds, with weekly returns of 0.16% and 0.13% respectively [3][19] - In the credit style portfolio, the secondary ultra-long and mixed barbell strategies led with returns of 0.29% and 0.17% respectively [3][19] Group 2 - The average weekly return of the credit style time deposit heavy portfolio increased by 9.7 basis points to 0.06%, while the cumulative return since the fourth quarter has been lower than the corresponding interest rate style [3][22] - The city investment heavy portfolio's average return rose by 21 basis points to 0.07%, with bullet strategies achieving a return of 0.11%, outperforming short-end and barbell strategies [3][22] - The average return of the secondary capital bond heavy portfolio increased to 0.14%, with rebounds in secondary sinking and mixed barbell strategies at 0.15% and 0.17% respectively, but these rebounds were insufficient to offset previous losses [3][22] Group 3 - The credit style portfolio's coupon rates have shown signs of recovery, particularly in the bank subordinated bond heavy portfolio, which has a competitive yield in absolute terms [4][29] - The annualized yields for the secondary perpetual bond duration strategy are 2.19% and 2.23%, approximately 39 basis points away from the year's low [4][29] - The contribution from coupon income ranges from 20% to 90%, with most of the week's returns coming from capital gains [4][29] Group 4 - In the past four weeks, controlling drawdown has become the main strategy objective, with short-end sinking and commercial bank bond portfolios still showing positive cumulative excess returns [5][33] - The cumulative excess returns for city investment short-end sinking, commercial bank bullet, and broker bond sinking portfolios are 5 basis points, 4.4 basis points, and 1.5 basis points respectively, while other medium to long-term strategies have accumulated less than 5 basis points [5][33] - The city investment barbell strategy, which performed well in the previous two months, has seen its cumulative excess return drop to -25.7 basis points over the past four weeks [5][33] Group 5 - The trading direction for 4 to 5-year long-term credit bonds may show divergence, with some medium to long-term duration strategies lacking excess returns [6][36] - The short-end time deposit strategy's excess return turned negative this week, while the city investment sinking strategy showed a slight positive deviation from the benchmark [6][36] - The excess returns for ultra-long strategies have risen to their highest level since late October, with city investment, industry, and secondary ultra-long strategies recording 9.4 basis points, 11.1 basis points, and 29.7 basis points respectively [6][36]

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [2][13]. Core Insights - The agricultural sector is currently experiencing a mixed performance, with the agricultural index underperforming compared to the Shanghai Composite Index [2][13]. - The pig farming industry is facing a downward price trend, with the average pig price at 11.48 yuan/kg, indicating a continued loss across the sector [21][22]. - Poultry farming shows signs of stabilization, with white feather chicken prices at 7.33 yuan/kg, reflecting a slight increase, while yellow feather chicken prices are improving due to better demand [28][31]. - The beef market is expected to see price increases as it enters the consumption peak season, with live cattle prices at 26.68 yuan/kg [33]. - The planting sector is experiencing tight supply conditions, with corn prices rising to 2238.57 yuan/ton, indicating potential for price increases if crop yields decline [37][38]. - Feed prices are stabilizing, with pig feed prices at 3.32 yuan/kg, while aquatic product prices are showing upward trends [51][55]. Summary by Sections 1. Swine Farming - The average weight of pigs at market is 129.63 kg, with prices expected to continue declining due to excess supply and ongoing losses in the industry [22][21]. - The report suggests focusing on low-cost, high-quality enterprises such as Muyuan Foods and Wens Foodstuffs [22][24]. 2. Poultry Farming - The white feather chicken market is under pressure, but yellow feather chicken prices are improving due to better demand and reduced supply [28][31]. - The overall profitability in poultry farming is expected to improve if consumer demand recovers [28][31]. 3. Livestock - The beef market is anticipated to rise as it enters the peak consumption season, with live cattle prices showing a year-on-year increase [33]. - The dairy sector is experiencing a reduction in stock, with raw milk prices expected to stabilize in the coming year [33]. 4. Planting Chain - Corn prices are on the rise, with a current price of 2238.57 yuan/ton, indicating a tightening supply situation [37][38]. - The planting sector is expected to improve if there are significant reductions in crop yields due to adverse weather conditions [37][38]. 5. Feed & Aquatic Products - Feed prices are stabilizing, with pig feed prices at 3.32 yuan/kg, while aquatic product prices are showing positive trends [51][55]. - The report highlights the importance of monitoring price movements in the feed and aquatic sectors for investment opportunities [51][55].

Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating a high level of market activity and potential for price increases [12][34][61]. Core Insights - Copper prices have shown a mixed trend with LME copper down by 0.96% to $11,552.5 per ton, while Shanghai copper increased by 1.40% to ¥94,100 per ton, indicating a divergence in market performance [13]. - Aluminum prices have decreased slightly, with LME aluminum down by 0.88% to $2,875.00 per ton, reflecting ongoing supply surplus issues in the domestic market [14]. - Gold prices have risen by 2.60% to $4,329.8 per ounce, driven by geopolitical risks and Federal Reserve interest rate cuts, suggesting a strong market response to external factors [15]. - The rare earth sector is expected to see price increases due to supply constraints and favorable export conditions, with a focus on companies like China Rare Earth and Northern Rare Earth [35]. - Tin prices have surged by 5.48% due to geopolitical tensions affecting supply, indicating a strong upward trend in the market [37]. Summary by Sections Copper - LME copper price decreased by 0.96% to $11,552.5 per ton, while Shanghai copper increased by 1.40% to ¥94,100 per ton [13]. - Domestic copper inventory increased by 0.41 million tons compared to last week, ending a four-week decline [13]. - The operating rate of domestic copper wire and cable enterprises decreased to 66.31%, indicating a slowdown in production [13]. Aluminum - LME aluminum price decreased by 0.88% to $2,875.00 per ton, with domestic inventory down by 1.1 million tons [14]. - The overall operating rate of downstream aluminum processing enterprises fell to 61.8%, reflecting weak demand [14]. - The supply of metallurgical-grade alumina remains high, contributing to ongoing inventory accumulation [14]. Precious Metals - Gold prices increased by 2.60% to $4,329.8 per ounce, influenced by geopolitical risks and Federal Reserve rate cuts [15]. - SPDR gold holdings increased by 4.01 tons to 1,053.12 tons, indicating strong investor interest [15]. Rare Earths - Prices for praseodymium and neodymium oxide decreased by 0.68%, with expectations of reduced production due to environmental inspections [35]. - The rare earth sector is anticipated to benefit from favorable export conditions and supply constraints, with a bullish outlook on prices [35]. Tin - Tin prices increased by 5.48% due to heightened market expectations of supply disruptions from geopolitical tensions [37]. - The overall supply-demand balance for tin is expected to remain favorable, supporting price increases [37].

Investment Rating - The report does not explicitly state an investment rating for the high-end equipment manufacturing industry, particularly in the context of embodied intelligence and humanoid robots. Core Insights - The embodied intelligence sector is recognized as the strongest application of AI, with humanoid robots being a key focus area. The ROBO+ track is expected to reshape the entire automotive supply chain, emerging as a significant industrial trend [5][32]. - The report highlights a shift from policy guidance to commercial implementation, indicating a long-term development trajectory for the embodied intelligence industry [9][10]. - Significant capital inflow into the robotics sector is noted, reflecting growing market confidence and the potential for enhanced industry capabilities [29][30]. Summary by Sections 1. Industry Frontiers - The robotics sector is experiencing a surge in activity, with multiple regions incorporating embodied intelligence and humanoid robots into their "14th Five-Year Plan" as future growth points [3][9]. - Major milestones include the production of the 5,000th humanoid robot by Zhiyuan Robotics and the delivery of the 1,000th robotic dog by Chery Mocha, indicating a clear acceleration in commercialization [9][10][17]. - The report emphasizes the importance of local policies and the establishment of training centers for humanoid robots, which are expected to enhance resource integration and organizational development within the industry [10][11]. 2. Capital Trends - Recent financing activities include A1+ and A2 rounds completed by Zhongqing Robotics, and several other companies securing significant funding, indicating robust investor interest in the sector [4][29]. - Alibaba's investment in Qunche Intelligent and the completion of over 500 million RMB in financing by Yundongchu reflect a trend of major tech companies entering the robotics space [4][29]. - The report notes that capital is flowing into both innovation in core technologies and the application of robotics, which is expected to enhance overall industry capabilities [30]. 3. Weekly Perspectives - The report suggests that companies with established supply chains and technological capabilities, such as Tesla and Huawei, are likely to gain competitive advantages in the humanoid robotics market [33]. - It highlights the importance of supply chain dynamics and technological iterations, particularly in components like tactile sensors and motors, which are critical for the advancement of humanoid robots [34]. - The anticipated production capacity for humanoid robots is projected to increase significantly, with companies like Tesla and Zhiyuan Robotics planning substantial output in the coming years [35][36].

Investment Rating - The report maintains a positive recommendation for the insurance sector, expecting significant growth in new single premium and new business value (NBV) due to favorable market conditions and low-risk preferences among investors [4]. Core Insights - The operating environment for securities companies has significantly improved, with ongoing reforms in capital market financing expected to enhance resilience in both the market and brokerage performance. Key recommendations include focusing on high-quality brokers with valuation mismatches, particularly Guotai Junan and Haitong Securities, as well as companies with strong performance in the technology sector like Sichuan Shuangma [2][4]. - The first version of the commercial health insurance innovative drug directory has been released, including 19 drugs with price reductions of 15%-50%. This marks a significant step in the collaboration between basic medical insurance and commercial insurance, aiming to enhance the attractiveness of commercial insurance and reduce patient costs [3][4]. - The report highlights the importance of the central economic work conference, which emphasizes the need for continued support for key sectors such as technology innovation and small and medium enterprises, alongside deepening reforms in capital market financing [37][43]. Summary by Sections Securities Sector - The central economic work conference has called for continued implementation of moderately loose monetary policies and support for expanding domestic demand and technology innovation. This is expected to enhance the resilience of the capital market and brokerage operations [1][43]. - A series of policies aimed at improving the inclusiveness and adaptability of the capital market have been implemented, which will further support quality enterprises in issuing and listing [1][2]. Insurance Sector - The newly established commercial health insurance innovative drug directory is expected to complement basic medical insurance, potentially increasing the appeal of commercial insurance and alleviating patient financial burdens [3][4]. - The report anticipates a double-digit growth in new single premium and NBV for major insurance companies due to favorable market conditions and the ongoing transformation of dividend insurance [4][30].

1. Industry Investment Rating No information provided. 2. Core Viewpoints - The reading of the bond market's micro - trading thermometer this period has rebounded to 43%, up 6 percentage points from the previous period [15]. - The proportion of indicators in the over - heated range remains at 15%. Among the 20 micro - indicators, the number of over - heated indicators has decreased to 3 (15%), the number in the neutral range has increased to 7 (35%), and the number in the cold range has decreased to 10 (50%) [20]. - The average percentile of various types of indicators has increased, but the overall average percentile of all indicators has decreased by 9 percentage points to 37% [20][16]. 3. Summary by Relevant Catalogs 3.1. This period's micro - trading thermometer reading rebounds to 43% - The TL/T long - short ratio, 1/10Y Treasury bond turnover ratio, and the percentile of the expected monetary tightness and looseness have increased by 55, 19, and 11 percentage points respectively. Most other indicators have slightly rebounded. Only the 30/10Y Treasury bond turnover ratio, fund duration, allocation disk strength, listed company wealth management purchase volume, and the percentile of the commodity price ratio indicator have slightly declined [3][15]. - Currently, indicators with high congestion include the 30/10Y Treasury bond turnover ratio, 1/10Y Treasury bond turnover ratio, and institutional leverage [15]. 3.2. The proportion of indicators in the over - heated range remains at 15% 3.2.1. The 1/10Y Treasury bond turnover ratio increases - In trading heat indicators, the proportion of over - heated indicators remains at 50%, the proportion in the neutral range rises to 33%, and the proportion in the cold range drops to 17%. The TL/T long - short ratio percentile rebounds significantly by 55 percentage points to 69%, rising from the cold to the neutral range. The 1/10Y Treasury bond turnover ratio, full - market turnover ratio, and institutional leverage percentile increase by 19, 2, and 7 percentage points respectively [21]. - Specifically, the 30/10Y Treasury bond turnover ratio slightly drops to 4.10, with its past - year percentile decreasing by 3 percentage points to 97%, still in the over - heated range. The 1/10Y Treasury bond turnover ratio rises to 0.97, with its past - year percentile rising by 19 percentage points to 98% [23][24]. 3.2.2. The expectation of monetary easing slightly increases - In institutional behavior indicators, the proportion of over - heated indicators drops to 0%, the proportion in the neutral range rises to 38%, and the proportion in the cold range drops to 63%. The percentile of the expected monetary tightness and looseness increases by 11 percentage points, rising from the cold to the neutral range. The percentiles of the fund - rural commercial bank purchase volume and fund divergence increase by 20 percentage points, while the percentiles of other indicators slightly decline [29]. - Specifically, the TL/T long - short ratio rises to 0.99, with its past - year percentile rising by 55 percentage points to 69%, moving from the cold to the neutral range. The full - market turnover ratio rebounds to 16.85%, with its past - year percentile rising by 2 percentage points to 8%. The institutional leverage rises to 88.62%, with its past - year percentile rising by 7 percentage points to 96%. The long - term Treasury bond trading volume ratio drops to 65.89%, with its past - year percentile decreasing by 18 percentage points to 55%. The fund duration remains at 2.88, with its past - year percentile dropping by 2 percentage points to 16%. The fund divergence remains at 0.56, with its past - year percentile rising by 2 percentage points to 37%. The bond fund profit - taking pressure drops to 17.08%, with its past - year percentile dropping by 46 percentage points to 27%, moving from the over - heated to the cold range. The expected monetary tightness and looseness index remains at 0.93, with its past - year percentile rising by 11 percentage points to 44%, moving from the cold to the neutral range. The allocation disk strength drops to 0.09%, with its past - year percentile dropping by 4 percentage points to 53%. The listed company wealth management purchase volume drops to 30.1 billion, with its past - year percentile dropping by 2 percentage points to 10% [29][30]. 3.2.3. The percentiles of policy and market interest rate spreads both rebound by 2 percentage points - The policy interest rate spread remains at 2bp, with its percentile slightly rising by 2 percentage points to 57%, still in the neutral range. The credit spread and IRS - SHIBOR 3M spread narrow by 3bp and 1bp to 57bp and 0bp respectively, the agricultural development - state development bank spread remains at 1bp, and the average spread of the three narrows by 1bp to 19bp, with its percentile rebounding by 2 percentage points to 52%, still in the neutral range [33]. 3.2.4. The percentile of the real - estate price ratio rises by 6 percentage points - The proportion of price - ratio indicators in the cold range remains at 100%. The percentile of the commodity price ratio drops by 5 percentage points to 22%, and the percentile of the real - estate price ratio rises by 6 percentage points to 6%, while the percentiles of other indicators change little [36]. - Specifically, the market interest rate spread's percentile rebounds to 52%, still in the neutral range. The policy interest rate spread's percentile rises to 57%, still in the neutral range. The stock - bond price ratio drops to - 22.5%, with its past - year percentile remaining at 0%. The commodity price ratio drops to - 40.6%, with its past - year percentile dropping by 5 percentage points to 22%. The real - estate price ratio rebounds to - 81.6%, with its past - year percentile rising by 6 percentage points to 6%. The consumer goods price ratio remains at - 81.8%, with its past - year percentile remaining at 0% [36][37][39].