1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given text 3. Summary by Related Catalogs Secondary Market Price and Volume Performance - Report provides detailed data on multiple REITs, including listing date, issue price, listing - day return, return since listing, trading volume, turnover rate, and weekly and yearly returns [12][13] - Different REITs in various sectors such as warehousing logistics, industrial parks, affordable rental housing, etc., show significant differences in performance [12][13] Secondary Market Valuation Situation - The P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate of multiple REITs are presented [24][27] - The data shows that different REITs vary in valuation indicators, and there are also differences between different industry types [24][27] Market Correlation Statistics - The correlation coefficients between REITs, different types of REITs (property - right, franchise, etc.), and various asset classes (stocks, convertibles, bonds, commodities) are provided [30] - REITs generally have low correlation coefficients with other asset classes, and different types of REITs also show different correlation characteristics [30] Primary Market Tracking - Information on multiple REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holder, underlying project, and project valuation [33] - There are many REITs in different stages such as pending listing, feedback - received, and application - accepted [33]

Report on Local Government Bond Supply and Trading Tracking 1. Investment Rating - Not provided in the report. 2. Core View - The report analyzes the supply and trading characteristics of local government bonds, including the issuance rhythm, pricing, and secondary - market trading performance, to help investors understand the current situation of the local government bond market [3][4]. 3. Summary by Directory 3.1 First - level Supply Rhythm - **Issuance Scale**: From September 15 - 19, 2025, local government bonds issued a total of 188.52 billion yuan, with new special bonds at 97.82 billion yuan and refinancing special bonds at 46.09 billion yuan. As of September 19, 2025, the issuance of special refinancing special bonds in September reached 52.8 billion yuan, accounting for 6.7% of the monthly local bond issuance scale [3][10]. - **Funding Allocation**: "Special new special bonds" and "ordinary/project revenue" are the main areas for special bond fund allocation [3][10]. - **Issuance Pricing**: The issuance interest rate of 30 - year local bonds reached a new high this year. The spreads between the issuance interest rates of 30 - year and 10 - year local bonds and the same - maturity treasury bonds widened to 20.8BP and 23.1BP respectively, while the issuance spread of 20 - year local bonds narrowed slightly to 20.6BP [3][16]. - **Regional Distribution**: In September, Guizhou, Guangdong, Henan and other regions were the main areas for local bond issuance. The issuance scale of local bonds over 20 years in Guangdong and Hunan reached 59.61 billion yuan and 30.25 billion yuan respectively. The number of regions with an average coupon rate higher than 2.3% increased, and the local government bonds in Hunan even rose above 2.4% [3][18]. 3.2 Second - level Trading Characteristics - **Anti - decline Ability**: Local government bonds over 10 years are more resistant to decline than the same - maturity treasury bonds and credit bonds. Last week, the indexes of 7 - 10 - year and over 10 - year local bonds fell by 0.07% and 0.28% respectively. The 7 - 10 - year variety performed worse than the same - maturity treasury bonds, while the over 10 - year variety had better anti - volatility ability than the same - maturity treasury bonds and credit bonds [4][23]. - **Trading Activity**: Government bonds in Guangdong, Hunan and other provinces were relatively actively traded, with the average trading term in both provinces above 26 years. The trading volume in Hunan and Guangxi increased month - on - month [4][23]. - **Trading Yield**: The average yield of local government bonds in mainstream regions is basically above 2%. The yields in regions with increased trading volume all exceed 2.25%, especially the local bonds in Guangxi, which reached 2.34% [4][23].

Group 1 - The report highlights the significant role of quantitative stock selection funds in the public fund market, with a total of 277 funds managing a combined scale of 90.32 billion yuan as of the end of Q2 2025, offering broader investment scope and higher style exposure flexibility compared to standard index-enhanced funds [3][12][13] - The report focuses on five fund managers with distinctive investment frameworks in quantitative stock selection, including Feng Xixiang from Xinda Australia Fund, Gao Chongnan from Guotai Fund, Lin Jingyi from Xinda Australia Fund, Shi Yunchao from Penghua Fund, and Zhai Zijian from Western Li De Fund, providing insights into their strategies and product positioning [3][12][13] Group 2 - Feng Xixiang employs a unified framework emphasizing the effectiveness of factors and the universality of alpha models, integrating static multi-factor linear models with machine learning dynamic weighting models since 2023, achieving balanced allocation in his representative products [4][16][23] - Gao Chongnan focuses on the Calmar ratio, selecting high dividend, quality, and growth styles to enhance the stability of risk-return profiles, with a product positioning aimed at low volatility value style [4][35][36] - Lin Jingyi implements a "HI+AI" approach using an integrated research platform, employing a three-step method to replicate successful peer consensus and enhance index tracking through multiple alpha models [5][22] - Shi Yunchao's strategy combines multi-factor linear models with a higher proportion of non-linear models, focusing on short prediction cycles and higher turnover rates, while maintaining a diversified portfolio to mitigate risks [6][24] - Zhai Zijian adopts an AI quantitative investment strategy with a "core + satellite" multi-strategy balanced configuration, utilizing machine learning for long-term predictions and high-frequency data analysis [6][24] Group 3 - The report indicates that as of the end of Q2 2025, Feng Xixiang manages a total of 4.54 billion yuan across seven quantitative stock selection products, with representative products achieving cumulative returns of 40.66% and 74.91% since inception, significantly outperforming their benchmark indices [17][21] - Gao Chongnan's strategy iteration has led to improved performance, with the National Strategy Yield Fund achieving an annualized return of 28.72% in 2024, reflecting a notable enhancement in risk-adjusted returns [36][37] - The quantitative team at Xinda Australia Fund consists of experienced professionals, with a comprehensive product line that includes 11 quantitative stock selection products and 2 quantitative fixed income + strategy products, aiming to reduce volatility while seeking absolute returns [32][33]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Economic growth shows a deep decline in the container shipping freight index at a low level, with power plant daily consumption experiencing a seasonal decline, and inflation marked by a further drop in pork prices [1][2]. 3. Summary by Related Catalogs 3.1 Economic Growth: Deep Decline in Container Shipping Freight Index at a Low Level 3.1.1 Production: Seasonal Decline in Power Plant Daily Consumption - Power plant daily consumption has declined seasonally. On September 23, the average daily consumption of 6 major power - generating groups was 864,000 tons, a 4.0% decrease from September 16. On September 17, the daily consumption of power plants in eight southern provinces was 2.262 million tons, a 0.4% decrease from September 10 [4]. - The blast furnace operating rate has continued to rise. On September 19, the national blast furnace operating rate was 84.0%, a 0.2 - percentage - point increase from September 12, and the capacity utilization rate was 90.4%, also a 0.2 - percentage - point increase. In Tangshan, the blast furnace operating rate of steel mills was 93.0% on September 19, a 2.4 - percentage - point increase from September 12 [4]. - The tire operating rate has rebounded moderately. On September 18, the operating rate of truck all - steel tires was 65.7%, a 0.1 - percentage - point increase from September 11, and that of passenger car semi - steel tires was 73.7%, a 0.2 - percentage - point increase [4]. - The operating rate of looms in the Jiangsu and Zhejiang regions has slightly declined. On September 18, the operating rate of polyester filament in the Jiangsu and Zhejiang regions was 91.5%, a 0.1 - percentage - point increase from September 11, while the operating rate of downstream looms was 62.2%, a 0.2 - percentage - point decrease [4]. 3.1.2 Demand: New Home Sales in 30 Cities Exceeded the Same Period Last Year - From September 1 - 23, the average daily sales area of commercial housing in 30 large and medium - sized cities was 210,000 square meters, an 8.8% increase from the same period in August, a 13.7% increase from September last year, and a 30.6% decrease from September 2023 [4]. - The retail trend in the auto market has been stable. In September, retail sales increased by 1% year - on - year, and wholesale sales increased by 0% year - on - year [4]. - Steel prices have been weak. On September 23, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil decreased by 0.9%, 1.1%, 2.0%, and increased by 0.03% respectively compared to September 16 [4]. - Cement prices have weakly rebounded. On September 23, the national cement price index increased by 2.3% compared to September 16, with prices in the East China and Yangtze River regions rising by 3.5% and 4.8% respectively [4]. - Glass prices have fluctuated widely. On September 23, the active futures contract price of glass was 1,181 yuan/ton, a 4.4% decrease from September 16 [4]. - The container shipping freight index has deeply declined at a low level. On September 19, the CCFI index decreased by 0.5% compared to September 12, and the SCFI index dropped by 14.3% [4]. 3.2 Inflation: Further Drop in Pork Prices 3.2.1 CPI: Further Drop in Pork Prices - Pork prices have further declined. On September 23, the average wholesale price of pork was 19.6 yuan/kg, a 1.6% decrease from September 16 [4]. - The agricultural product price index has moderately rebounded. On September 23, the agricultural product wholesale price index increased by 0.2% compared to September 16. By variety, eggs (up 4.4%) > fruits (up 1.3%) > mutton (up 0.6%) > chicken (up 0.5%) > beef (up 0.4%) > vegetables (up 0.2%) > pork (down 1.6%) [4]. 3.2.2 PPI: Weak Oscillation in Oil Prices - Oil prices have shown a weak oscillation. On September 23, the spot prices of Brent and WTI crude oil were $68.6 and $63.4 per barrel respectively, a 0.03% and 1.7% decrease from September 16 [4]. - Copper and aluminum prices have turned down. On September 23, the prices of LME 3 - month copper and aluminum decreased by 1.7% and 2.9% respectively compared to September 16 [4]. - The decline in the domestic commodity index has widened on a month - on - month basis. On September 23, the Nanhua Industrial Products Index decreased by 2.1% compared to September 16, and the CRB index decreased by 1.3% [4].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 6.83 CNY per share based on a projected PE of 30x for 2026 [5]. Core Insights - The company is positioned as a representative of the commercialization of Eastern aesthetic brands, focusing on diverse consumer sectors, with a significant emphasis on jewelry and cultural dining [2][15]. - The expansion of the commercial area, particularly the second and third phases of the Yuyuan project, is expected to significantly enhance the company's rental and management income [3][29]. - The company is actively pursuing international expansion of its dining brands, with the first overseas store of Songhe Lou set to open in London, which is anticipated to exceed growth expectations [3][41]. Summary by Sections Company Overview - The company operates primarily in three business segments: consumption industry operations (76.1% of revenue), commercial comprehensive operations and property services (17.2%), and real estate development and sales (6.7%) [2][15]. - Jewelry accounts for 88% of the consumption industry operations revenue, with additional segments including dining, health, and alcohol [2][19]. Investment Logic - The company is undergoing significant changes in its commercial area, with the second and third phases of the Yuyuan project expected to double the area of the first phase, enhancing rental income [3][34]. - The dining business is expanding internationally, with a focus on traditional brands, which is expected to create new growth opportunities [3][41]. Financial Performance - The jewelry segment has faced challenges but is expected to recover due to store adjustments and product innovation, with a revenue of 12.79 billion CNY in the first half of 2025 [4][22]. - The real estate segment is gradually improving as inventory is cleared, with a revenue increase of 4.84% year-on-year in the first half of 2025 [4][22]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 467.21 billion CNY, 489.30 billion CNY, and 508.30 billion CNY, respectively, with net profits expected to rise significantly [5][9]. - The company is expected to benefit from a cultural export boom, leveraging its rich IP resources [5][54]. Brand and Cultural Assets - The company has a robust portfolio of traditional brands and cultural heritage, which supports its commercial activities and enhances brand visibility [54][56]. - The introduction of new brands like "Dongjia Gold" aims to tap into the high-end market, further diversifying the company's offerings [52][54].

Investment Rating - The report provides a positive investment outlook for the AI sector, highlighting significant growth potential and commercial viability of AI applications and products. Core Insights - The AI industry is experiencing rapid growth, with domestic AI product access rates outpacing global counterparts. Notably, the revenue share of AI in some listed companies has increased to 10-30% by mid-2025 [3][42]. - Major players in the AI market are focusing on commercializing their products, with a notable increase in bidding for large AI models, indicating a strong demand for AI technology in various sectors [3][42]. - The report emphasizes the importance of user engagement and product stickiness, suggesting that products with strong user bases and integration into daily workflows are less likely to be replaced by emerging AI models [3][42]. Summary by Sections 1. Investment Logic - The report discusses the ongoing recruitment of AI talent by major domestic companies, which is expected to enhance the commercialization of AI products. The growth in AI product access rates is significant, with domestic AI products showing a month-on-month increase of 11.9% compared to a global increase of 3.5% [3][8]. - By mid-2025, some computer companies have seen their AI revenue share rise to between 10-30% [3][42]. 2. AI Product User Engagement - The top 20 AI products globally are dominated by leading internet companies and AI model developers, with ChatGPT consistently ranking first in user access [8][10]. - The report highlights that the competitive landscape for AI products is intensifying, particularly among mid-tier applications, while top-tier products maintain a stable market position [10][19]. 3. AI Product Monetization - The report identifies that the top AI products by annual recurring revenue (ARR) are primarily from leading tech companies, with ChatGPT leading at $14.279 billion, followed by Claude at $5 billion [35][38]. - In the domestic market, the top AI products also show strong revenue performance, with PictureThis leading at $143 million [38][39]. 4. Domestic AI Model Bidding Demand - The report notes a significant increase in the number of domestic AI model bidding projects, with a year-on-year growth rate of 1190% in January 2025, indicating a rapid acceptance and implementation of AI technologies in the market [42][43].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - As of September 22, 2025, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of most varieties in non - financial and non - real estate industrial bonds have increased, while the adjustment range of real estate bond yields is relatively small. In financial bonds, the yields of medium - term varieties from 1 - 3 years have mostly declined [2][3][8] - In public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang are below 2.7%, and the yields of urban investment bonds in prefecture - level and district - county levels in Guizhou exceed 4.5%. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3%, and the yields of varieties in prefecture - level cities in Guizhou and Yunnan are higher than 4% [2][14][22] Summary by Directory Chart 1: Outstanding Credit Bond Weighted Average Valuation Yield - Displays the weighted average valuation yields of various types of outstanding credit bonds as of September 22, including urban investment bonds, non - financial non - real estate industrial bonds (state - owned and private enterprises), real estate bonds (state - owned and private enterprises), financial bonds, etc. [10] Chart 2: Outstanding Credit Bond Weighted Average Spread - Presents the weighted average spreads of various types of outstanding credit bonds as of September 22, with the calculation benchmark being the same - term China Development Bank bonds [11] Chart 3: Change in Outstanding Credit Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the yields of September 22 and September 15 [12] Chart 4: Change in Outstanding Credit Bond Weighted Average Spread Compared to Last Week - Illustrates the changes in the weighted average spreads of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the spreads of September 22 and September 15 [13] Chart 5: Public Urban Investment Bond Weighted Average Valuation Yield - Details the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22, such as provincial, prefecture - level, and district - county levels in various provinces [15] Chart 6: Public Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of public urban investment bonds in different administrative levels and regions as of September 22 [17] Chart 7: Change in Public Urban Investment Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22 compared to last week [19] Chart 8: Private Urban Investment Bond Weighted Average Valuation Yield - Presents the weighted average valuation yields of private urban investment bonds in different administrative levels and regions as of September 22 [23] Chart 9: Private Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of private urban investment bonds in different administrative levels and regions as of September 22 [25]

- The report discusses the construction of forward and reverse arbitrage strategies in stock index futures markets. Forward arbitrage involves selling futures contracts and buying spot when the spot is undervalued and futures are overvalued, while reverse arbitrage involves buying futures contracts and selling spot when the spot is overvalued and futures are undervalued[45][46] - The formulas for calculating the arbitrage returns are provided. For forward arbitrage, the formula is: $$ P = \frac{(F_t - S_t) - (S_t + F_t M_t)(1 + r_t)^{\frac{T-t}{360}} - S_t C_s - F_t C_f}{S_t + F_t M_t} $$ For reverse arbitrage, the formula is: $$ P = \frac{(S_t - F_t) - (S_t M_l + F_t M_f)(1 + r_f)^{\frac{T-t}{360}} - S_t C_s - F_t C_f - S_t r^{\frac{T-t}{360}}}{S_t M_l + F_t M_f} $$[46] - The report evaluates the risks associated with the arbitrage process, including margin call risk, basis non-convergence risk, dividend risk, tracking error risk, and liquidity risk[46] - The report also discusses the method for predicting dividend points, which can affect the basis rate. The prediction is based on historical dividend patterns and uses the formula: $$ \text{Dividend Points} = \sum \left( \frac{\text{Per Share Dividend} \times \text{Index Closing Price} \times \text{Component Stock Weight}}{\text{Component Stock Closing Price}} \right) $$[47][50] - The report provides specific values for the annualized basis rates of the main contracts for IF, IC, IM, and IH, which are -4.66%, -12.51%, -14.77%, and -0.06% respectively[11] - The cross-period spread rates for the main contracts of IF, IC, IM, and IH are at the 78.30%, 73.30%, 84.20%, and 63.90% percentiles respectively since 2019[11] - The report includes a summary of market and industry investment consensus and differences from sell-side strategy teams, highlighting that 8 brokerages believe in enhanced policy easing expectations, 7 believe in active market liquidity, and 6 believe in a significant increase in market risk appetite[38][40]

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 103.2 CNY based on a 65x PE for 2026 [5]. Core Views - The company is positioned as a comprehensive solution provider in environmental regulation, with a strong focus on data services driving performance growth. The data services segment is expected to be a major growth driver from 2025 to 2027, with projected revenues of 27 billion, 46 billion, and 64 billion CNY, reflecting year-on-year growth rates of 77%, 67%, and 39% respectively [3][5]. Summary by Sections Investment Logic - The company has 25 years of experience in environmental regulation equipment, focusing on four main scenarios: data services, industrial processes, specialized applications, and public/commercial use. The data services segment saw a 16.2% year-on-year revenue increase in the first half of 2025, with new orders up 200% from January to August, providing strong support for sustained performance [2]. Data Center Business Growth - The data center business is identified as the company's largest growth point, driven by rapid increases in global data center investments and a shift from air cooling to liquid cooling solutions. The company has established a comprehensive solution covering all aspects of temperature control for data centers, enhancing cooling performance and energy efficiency [3][4][5]. Industrial Demand - The industrial temperature control market is projected to reach 23.6 billion USD by 2025, with the public and power sectors accounting for 43% of this market. The company has extensive experience in thermal management systems across various power projects, positioning it to benefit from the growing demand in specialized industrial fields [4]. Financial Projections - The company is expected to achieve revenues of 43.9 billion, 63.8 billion, and 83.4 billion CNY from 2025 to 2027, with corresponding net profits of 2.9 billion, 4.2 billion, and 6.7 billion CNY, reflecting significant growth rates [5][7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week (9/15 - 9/19), bond - type ETFs had a total net capital outflow of 5.1 billion yuan, with interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs having net outflows of 1.9 billion yuan, 0.7 billion yuan, and 2.5 billion yuan respectively. Convertible - bond ETFs and credit - bond ETFs had significant drawdowns, while the net value of interest - rate bond ETFs changed little [2][11]. - The second batch of sci - tech bond ETFs will be listed on September 24. With the establishment of these 14 new funds, the total scale of sci - tech bond ETFs has exceeded 170 billion yuan, and the overall scale of bond ETFs has exceeded 600 billion yuan for the first time [3][14]. Summary by Directory 1. Issuance Progress Tracking - The second batch of 14 sci - tech bond ETFs from 14 public funds such as ICBC Credit Suisse Fund and Morgan Fund started issuing on September 12. They were submitted on August 20, approved on September 8, and scheduled for issuance on September 12. The total issuance scale of these 14 sci - tech bond ETFs reached 40.786 billion yuan, and 13 of them had an issuance scale of over 2.9 billion yuan [3][14]. 2. Existing Product Tracking - As of September 19, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 140 billion yuan, 355.8 billion yuan, and 70.1 billion yuan respectively, with credit - bond ETFs accounting for 63% of the scale. Compared with last week, their circulating market values decreased by 2.2 billion yuan, 0.02 billion yuan, and 3.6 billion yuan respectively [4][16]. - Among credit - bond ETFs, the circulating market values of benchmark - making credit - bond ETFs and sci - tech bond ETFs were 123.7 billion yuan and 125.9 billion yuan respectively, with a decrease of 0.6 billion yuan and an increase of 2.3 billion yuan compared to last week [19]. 3. ETF Performance Tracking - Recently, the market has shown range - bound fluctuations. In the past two weeks, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.02 respectively [23]. - As of September 19, with February 7 as the base date, the average cumulative yield of benchmark - making credit - bond ETFs dropped to 0.30%; with July 17 as the base date, the cumulative yield of sci - tech bond ETFs dropped to - 0.46% and remained in the negative range [24]. 4. Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.17%, - 0.03%, and - 0.15% respectively, indicating that the average trading price was lower than the fund's unit net value and the allocation sentiment was low. Specifically, the weekly average premium/discount rates of benchmark - making credit - bond ETFs and sci - tech bond ETFs were - 0.23% and - 0.06% respectively [6][30]. 5. Turnover Rate Tracking - Last week, the turnover rate was in the order of interest - rate bond ETFs > convertible - bond ETFs > credit - bond ETFs. The weekly turnover rate of interest - rate bond ETFs rose to 179%, that of credit - bond ETFs remained around 89%, and that of convertible - bond ETFs dropped to 100%. Specifically, products like Huaxia Shanghai Stock Exchange Benchmark - Making Treasury Bond ETF and Haitong Shanghai Stock Exchange 5 - Year Local Government Bond ETF had relatively high turnover rates [6][36].