1. Report Industry Investment Rating - No information provided in the report about the industry investment rating 2. Core Viewpoints - This week (March 9 - March 13), most funding rates increased, large banks' average daily lending increased slightly, funds slightly de - leveraged; CD maturities increased, and most CD yields decreased; in the cash bond market, small and medium - sized banks were the main buyers, increasing holdings of 7 - 10Y and 20 - 30Y interest - rate bonds, large banks increased CD holdings, funds net - sold 7 - 10Y interest - rate bonds and net - bought credit bonds within 3Y, securities firms sold bonds, and insurance companies increased holdings of 20 - 30Y interest - rate bonds [4] 3. Summary by Directory 3.1 Monetary and Liquidity Conditions - This week, there were 277.6 billion yuan of reverse repurchase maturities, with a cumulative reverse repurchase injection of 176.5 billion yuan, resulting in a net liquidity withdrawal of 101.1 billion yuan. Next Monday, there will be 500 billion yuan of outright reverse repurchases injected and 600 billion yuan of outright reverse repurchases maturing [8][11] - As of March 13, R001, R007, DR001, and DR007 were 1.39%, 1.5%, 1.32%, and 1.46% respectively, with changes of 0.34BP, 1.13BP, 0.22BP, and 4.67BP compared to March 6 [8][13] - From March 9 - March 13, large banks' total lending scale was 29.68 trillion yuan, with a daily maximum of 6.2 trillion yuan and an average daily lending of 5.9 trillion yuan, a 0.01 - trillion - yuan increase from the previous week's average [8][18] - The average daily trading volume of pledged repurchase was 8.57 trillion yuan, with a daily maximum of 8.75 trillion yuan, a 0.79% decrease from the previous week's average. The average daily overnight repurchase trading volume accounted for 91.1%, with a daily maximum of 92.4%, a 0.05 - percentage - point decrease from the previous week's average [8][19] 3.2 Inter - bank Certificates of Deposit and Bills - This week, the issuance scale of inter - bank CDs increased, with a negative net financing amount. The total issuance was 845.89 billion yuan, an increase of 129.49 billion yuan from last week; the total maturity was 1008.2 billion yuan, an increase of 420.21 billion yuan from the previous week. The net financing was - 162.3 billion yuan, a decrease of 290.72 billion yuan from last week [8][24] - By bank type, joint - stock banks had the highest CD issuance scale. By maturity type, 1Y CDs had the highest issuance scale [24] - As of March 13, most CD issuance rates of various banks decreased, and CD issuance rates of different maturities showed differentiation [31] - As of March 13, most Shibor rates decreased [33] - As of March 13, most yields of AAA - rated inter - bank CDs at maturity decreased [37] - As of March 13, most bill rates increased [39] 3.3 Institutional Behavior Tracking - As of March 13, the inter - bank bond market leverage ratio decreased by 0.13 percentage points to 105.28% compared to March 6, at the 23.20% historical quantile level since 2021 [42] - As of March 13, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.6%, 210.7%, 130.5%, and 104% respectively, with changes of 0.08BP, - 20.93BP, 0.75BP, and - 0.23BP compared to March 6, at the 32%, 35%, 78%, and 1% historical quantile levels respectively [8][44] - As of March 13, the weighted average net - buying duration of funds slightly increased, and insurance companies continued to increase duration [8][46] - As of March 13, the duration of medium - and long - term pure - bond funds increased by 0.27 years to 3.02 years compared to March 6, at the 10% historical quantile level since 2025; the duration of short - term pure - bond funds increased by 0.21 years to 1.31 years, at the 16% historical quantile level since 2025 [50]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report tracks bond ETFs, showing that there is a differentiation between short - and long - end bonds, and credit - bond ETFs continue to experience outflows. It also presents data on the net inflows and outflows, net value performance, and duration of different types of bond ETFs [1][4] 3. Summary by Relevant Catalogs 3.1 Fund Flows - As of March 13, 2026, bond - type ETFs had a total net outflow of 11.575 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 3.67 billion yuan, 5.141 billion yuan, and 2.764 billion yuan respectively. In credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 2.212 billion yuan, 0.199 billion yuan, and 0.721 billion yuan respectively, while market - making credit bonds and science - innovation bonds had net outflows of 3.206 billion yuan and 5.066 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 52.486 billion yuan, 464.916 billion yuan, and 34.751 billion yuan respectively, with a total of 552.152 billion yuan [4] 3.2 Net Value Performance - Throughout the week, the net value trends of various types of bond ETF products were differentiated. As of March 13, 2026, the 30 - year Treasury bond ETF performed weakly, falling 1.49% for the week, while the China Development Bank bond ETF and the China Development ETF rose 0.05% and 0.04% respectively. The convertible - bond ETF and the Shanghai Stock Exchange convertible - bond ETF fell 1.09% and 1.13% respectively last week [5] 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of March 13, 2026, the median unit net values of credit - bond ETFs and science - innovation bond ETFs were 1.0178 and 1.0054 respectively. The credit - bond ETFs remained flat for the week, while the science - innovation bond ETFs fell 0.01%. Among credit - bond ETFs, GF Credit - Bond ETF performed relatively well, rising 0.01% for the week. Among science - innovation bond ETFs, Invesco Science - Innovation Bond ETF and Yongying Science - Innovation Bond ETF performed relatively well. As of March 13, 2026, the median discount rate of credit - bond ETFs was 9 basis points, and that of science - innovation bond ETFs was 11 basis points [6] 3.4 Duration Tracking of Credit - Type ETFs - As of March 13, 2026, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.30 years, 1.99 years, and 2.02 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond Index and the Shenzhen Market - Making Corporate Bond Index were 3.40 years and 2.81 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science - Innovation Bond Index, the Shanghai AAA Science - Innovation Bond Index, and the Shenzhen AAA Science - Innovation Bond Index were 3.24 years, 3.23 years, and 3.12 years respectively [9] 3.5 Report Summary - Last week, the ChinaBond New Composite Index fell 0.08% for the week. Short - term pure - bond and medium - and long - term pure - bond funds rose 0.03% and fell 0.01% respectively. The ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.02% and 0.03% respectively [8]

Core Insights - The report highlights that the policies from the Two Sessions are continuously being implemented, leading to a warming market in the real estate sector [3][5] - The overall performance of the real estate sector is currently lagging behind the broader market, with the Shenwan Real Estate Index declining by 0.53% while the CSI 300 Index increased by 0.19% [3] Market Overview - In the week of March 6 to March 12, the total transaction of new homes in 38 key cities tracked by the report reached 22,453 units, showing a year-on-year growth of 5.2% and a month-on-month increase of 20.7%. However, the total transaction area was 2.214 million square meters, reflecting a year-on-year decline of 7.6% and a month-on-month decrease of 6.1% [3] - For the same week, the total transaction of second-hand homes in 16 key cities was 19,500 units, with a year-on-year decline of 14.1% but a month-on-month increase of 18.3%. The total transaction area was 1.763 million square meters, showing a year-on-year decrease of 22.3% and a month-on-month increase of 9.8% [3] - The inventory of commercial housing in 17 key cities was 186.351 million square meters, with a month-on-month increase of 0.1% and a depletion cycle of 179.2 weeks [3] Land Supply and Transactions - In the week of March 2 to March 8, land supply reached 2,101.5 million square meters, marking a year-on-year growth of 64.5%. The average supply price was 1,412 yuan per square meter, reflecting a year-on-year decrease of 18.5% [4] - The total land transaction area was 2,656.5 million square meters, with a year-on-year increase of 17.3%. The total transaction amount was 29.92 billion yuan, showing a year-on-year decline of 12.9% [4] - The floor price for land transactions was 1,126 yuan per square meter, with a premium rate of 4.5% [4] Corporate Financing - In the week of March 6 to March 12, real estate companies issued a total of 12.52 billion yuan in credit bonds, reflecting a year-on-year growth of 29.35% and a month-on-month increase of 14.55% [4] - For the month to date, real estate companies have issued a total of 23.45 billion yuan in credit bonds, showing a year-on-year decline of 3.78% and a month-on-month decrease of 0.44% [4] Investment Recommendations - The report suggests focusing on financially stable and well-performing leading real estate companies such as Yuexiu Property, China Vanke, Poly Developments, China Merchants Shekou, and Greentown China, which are expected to effectively respond to market fluctuations under the current policy environment [4] - As market demand recovers, property management companies are also anticipated to see performance and valuation recovery, with recommendations to pay attention to China Resources Mixc Lifestyle, China Overseas Property, China Merchants Jinling, Poly Property, Wanwu Cloud, and Greentown Services [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The duration of the current US-Iran conflict may exceed market expectations, and the conflict may enter a "war of attrition." If the conflict unfolds beyond market expectations, the crude oil market may show a pattern of upward central tendency, increased volatility, and high-level oscillations. The pricing environment for global risk assets will face a systemic tightening, and high oil prices will suppress the valuation of technology stocks. It is recommended to balance positions and prioritize the allocation of energy security-related sectors. [5] - For the technology track, it is advisable to prioritize the export chain segments related to global energy shortages, countries' military build - up, and manufacturing expansion. Domestic logic - driven technology segments are superior to overseas mapping directions. [5][8] - For Hong Kong stocks, the resource and high - dividend sectors may benefit, while the Hang Seng Technology Index may be impacted, but its downside space is limited. [8] Summary by Directory Market Review - **Market Performance**: Last week, most major market indices rose, with the ChiNext 50 having the largest increase of 2.62%. Among the major industries, the utility index and the daily consumption index performed relatively well, with weekly changes of 3.01% and 0.42% respectively, while the telecommunications service index and the information technology index performed weakly, with weekly changes of - 2.59% and - 1.17% respectively. Among the 30 Shenwan primary industries, 10 industries rose. The industries with larger increases were coal, power equipment, and building decoration, with increases of 5.03%, 4.55%, and 4.12% respectively. The industries with larger declines were national defense and military industry, petroleum and petrochemicals, and non - ferrous metals, with declines of 6.64%, 4.33%, and 3.69% respectively. [9][15][17] - **Trading Heat**: Last week, the average daily trading volume of the Wind All - A was 24987.07 billion yuan (the previous value was 26446.19 billion yuan), which was at a relatively high historical level (92.10% of the three - year historical quantile). [9][20] - **Valuation Tracking**: As of March 13, 2026, the valuation (PE_TTM) of the Wind All - A was 23.33, a decrease of - 0.10 from the previous week, and it was at the 97.80% quantile of the historical level (in the past 5 years). Among the 30 Shenwan primary industries, 10 industries' valuations (PE_TTM) showed improvement. [9][26] Market Observation - **How Geopolitical Conflicts May Affect Major Asset Classes** - **Asset Allocation in Case of Prolonged Geopolitical Conflict**: The current US - Iran conflict may last longer than expected. If the conflict unfolds beyond market expectations, the crude oil market will show upward trends, and the pricing environment for global risk assets will tighten. It is recommended to balance positions and prioritize the allocation of energy security - related sectors. For the technology track, prioritize export chain segments related to energy shortages, military build - up, and manufacturing expansion. Domestic logic - driven technology segments are better than overseas mapping directions. For Hong Kong stocks, resource and high - dividend sectors may benefit, while the Hang Seng Technology Index may be impacted but with limited downside. [5][8] - **Investment Recommendations** - **Main Line 1**: Focus on "conflict - beneficiary" sectors such as energy, resources, and public utilities and add positions on dips. [8] - **Main Line 2**: Pay attention to the technology export chain driven by energy transformation and military expansion, such as photovoltaic, energy storage, wind power, non - ferrous metals, rare earths, nuclear power equipment, electronic components, and basic chemicals with dual - use properties. [8] - **Two Types of Risks to Watch**: First, small - and medium - cap and concept stocks with a relatively high proportion of leveraged funds are vulnerable to liquidity shocks and enhanced financial supervision. Second, overseas technology mapping sectors may be affected by both valuation and earnings expectations due to geopolitical disturbances. [8] Economic Calendar - **Domestic Economic Data**: On March 16, 2026, data on February's fixed - asset investment, social retail sales, industrial added value, real estate, and other economic data will be released. [28] - **Overseas Economic Data**: On March 16, 2026, the year - on - year growth rate of US retail sales in February will be released; on March 18, the year - on - year growth rates of US PPI and core PPI in February will be released; on March 19, the US federal funds target rate will be announced, and the Federal Reserve will release its interest rate decision. [28]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [5] Core Insights - The report highlights significant growth in the lithium battery sector, with a production increase of 41.3% year-on-year in February, reaching 141.6 GWh, and sales growth of 25.7%, totaling 113.2 GWh [7][13] - The report emphasizes the strong performance of major companies like CATL, which achieved a revenue of 423.7 billion yuan in 2025, a 17.04% increase year-on-year, and a net profit of 72.2 billion yuan, up 42.28% [15] - The European clean energy investment strategy and the UK's removal of tariffs on wind turbine components are expected to boost the wind power sector, particularly offshore wind [7] Summary by Sections Lithium Battery Sector - In February, the total production of power and energy storage batteries reached 141.6 GWh, with a year-on-year growth of 41.3% [7] - The sales of energy storage batteries surged by 67.3%, indicating a strong market demand [7] - Major companies like CATL and Yiwei Lithium are recommended for investment due to their robust growth and market position [7] Energy Storage Sector - The report notes that China has signed over 15 orders in the European market, with a total capacity nearing 30 GWh, indicating a booming energy storage market [23] - The first batch of independent energy storage projects in Inner Mongolia includes 31 projects totaling 33 GWh, showcasing significant growth potential in the sector [22] Electric Power Equipment Sector - The report suggests focusing on companies involved in ultra-high voltage projects and those exporting electric power equipment, as these areas are expected to see increased demand [26] - The "14th Five-Year Plan" emphasizes the development of new energy infrastructure and storage systems, which will drive growth in the electric power equipment sector [26] Photovoltaic Sector - The report indicates a decline in silicon material prices, with multi-crystalline silicon averaging 46.5 yuan/kg, reflecting market adjustments [27] - The solar cell and module prices are expected to remain under pressure due to weak demand and high inventory levels [27][30] Wind Power Sector - The European clean energy investment strategy is expected to enhance the demand for wind power, particularly offshore wind projects [7] - Companies involved in wind turbine components and related sectors are highlighted as key investment opportunities [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [10]. Core Views - The company reported a strong performance in 2025, with revenue reaching 902.89 billion yuan, a year-on-year increase of 48.2%, and a net profit of 35.29 billion yuan, up 52.0% year-on-year [6][7]. - The company is expected to continue its growth trajectory, with projected revenues of 1,558.85 billion yuan in 2026, representing a 73% year-on-year growth [4]. - The AI server and switch business is anticipated to drive significant revenue growth, with cloud computing revenue increasing by 88.7% year-on-year in 2025 [7]. - The company is focusing on vertical integration in the cloud computing sector, which is expected to enhance profitability [7]. Financial Summary - For 2024, the company forecasts revenue of 609.14 billion yuan, with a growth rate of 28% year-on-year, and a net profit of 23.22 billion yuan, reflecting a 10% growth rate [4]. - The projected earnings per share (EPS) for 2026 is 3.36 yuan, with a price-to-earnings (P/E) ratio of 15.6 [4]. - The company’s net profit is expected to reach 66.71 billion yuan in 2026, with a year-on-year growth rate of 89% [4][8]. - The gross margin for 2025 was reported at 7.0%, with a slight decrease of 0.3 percentage points year-on-year [6]. Business Segments - The AI server and switch segments are expected to see continued demand, with the company’s 800G switch revenue increasing by 13 times year-on-year [7]. - The company is also benefiting from the sales of precision components to major clients, with a double-digit growth in shipments in 2025 [7]. - The company’s cloud computing business is projected to maintain high growth, supported by the increasing demand for AI infrastructure and data center network upgrades [7].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The Civil Aviation Administration of China has released the flight schedule for the summer-autumn season of 2026, indicating a 2.71% year-on-year decrease in domestic flight schedules, reflecting the intention to control capacity [3][5] - The flight schedule in first-tier cities shows a slight increase of 0.72%, while lower-tier cities experience declines ranging from 1.45% to 9.97% [3] - The overall structure of flight schedules remains stable, with first-tier, new first-tier, second-tier, and third-tier cities accounting for 19%, 28%, 26%, and 12% of total schedules, respectively [3] - Airlines such as Huaxia Airlines and Spring Airlines show significant year-on-year growth in domestic flight schedules, while China Southern Airlines has the highest proportion of schedules in first-tier cities [3] - The report highlights that international flight schedules are recovering, with domestic airlines' international and regional flight schedules reaching 97% and 89% of 2019 levels, respectively [3][31] Summary by Sections Industry Overview - The total market capitalization of the industry is 632.8 billion yuan, with 12 listed companies [1] Flight Schedule Analysis - Domestic airlines' flight schedules for the summer-autumn season of 2026 show a year-on-year decrease of 2.71%, with specific declines in various city tiers [3][5] - The highest number of domestic flight schedules is at Guangzhou Baiyun International Airport, with 8,777 schedules per week [3] Airline Performance - China Southern Airlines, China Eastern Airlines, and Air China show varying growth rates in domestic flight schedules, with Huaxia Airlines and Spring Airlines experiencing notable increases [3] - The report recommends focusing on opportunities in the international flight sector due to favorable policies and trends in cross-border travel [3] Investment Recommendations - The report suggests taking advantage of the current adjustments in the market, recommending key airlines such as the "Big Three" (China Southern, China Eastern, Air China), Hainan Airlines, and Spring Airlines for their performance certainty [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report indicates that the commercialization pipeline is expected to confirm a sales turning point, with renewed emphasis on internationalization of the pipeline [3] - The company anticipates achieving revenue of USD 330-450 million in its oncology/immunology business for 2026, with projected revenues of CNY 46.89 billion, CNY 50.40 billion, and CNY 55.07 billion for 2026, 2027, and 2028 respectively [3][4] - The report highlights that the domestic sales of the drug Fuzuloparib are expected to improve significantly in the second half of 2025, driven by team restructuring and new indications being included in the medical insurance [3] Financial Projections - For 2024, the company is projected to have a revenue of CNY 4,530 million, with a year-over-year growth rate of -24% [1] - The net profit attributable to the parent company is expected to be CNY 271 million in 2024, with a significant increase to CNY 3,212 million in 2025, followed by CNY 459 million in 2026 [1] - The earnings per share (EPS) is projected to be CNY 0.31 in 2024, increasing to CNY 3.68 in 2025 and further to CNY 0.53 in 2026 [1] Market Performance - The report notes that the overseas market for Fuzuloparib is expected to continue its mid-to-high-speed growth, with sales projected at USD 370 million in 2025, reflecting a 26% year-over-year growth [3] - The report also mentions that the domestic sales of other drugs, such as Savolitinib and Sunitinib, are expected to see a narrowing decline in sales in the second half of 2025, indicating a potential stabilization in market competition [3] Pipeline Development - The report emphasizes the company's leadership in small molecule drug development, with ongoing internationalization of its pipeline, including the anticipated results from the SAFFRON trial for Savolitinib expected in mid-2026 [3] - The company is also advancing its ATTC projects, with clinical trials for new candidates expected to commence in 2026, indicating a robust pipeline for future growth [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The real estate market is showing signs of recovery, driven by policy implementations from the Two Sessions, with a notable rebound in sales data [2][5] - The report highlights a mixed performance in the housing market, with first-hand housing transactions increasing year-on-year while second-hand housing transactions are declining [19][32] - The report emphasizes the importance of financially stable real estate companies as key investment targets, particularly those with strong performance metrics [5] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index decreased by 0.53%, while the CSI 300 Index increased by 0.19%, indicating underperformance of the real estate sector compared to the broader market [10] - In the week of March 6-12, first-hand housing transactions in 38 key cities totaled 22,453 units, a year-on-year increase of 5.2% and a month-on-month increase of 20.7% [19] - The total transaction area for first-hand housing was 2.214 million square meters, showing a year-on-year decrease of 7.6% and a month-on-month decrease of 6.1% [19] Industry Fundamentals - The report tracks 38 key cities, noting that first-hand housing sales are showing a year-on-year growth in first-tier cities but a decline in second-tier cities [19] - For second-hand housing, transactions in 16 key cities totaled 19,500 units, reflecting a year-on-year decrease of 14.1% but a month-on-month increase of 18.3% [32] - The inventory of commercial housing in 17 key cities was reported at 186.35 million square meters, with a slight month-on-month increase of 0.1% [3] Land Market Supply and Transactions - In the week of March 2-8, land supply reached 2,101.5 million square meters, a year-on-year increase of 64.5%, while the average price per square meter decreased by 18.5% [4] - Land transactions totaled 2,656.5 million square meters, with a transaction value of 29.92 billion yuan, reflecting a year-on-year decrease of 12.9% [4] Real Estate Financing Analysis - Real estate companies issued a total of 12.52 billion yuan in credit bonds during the week, marking a year-on-year increase of 29.35% [4] - Cumulatively, 23.45 billion yuan in credit bonds have been issued this month, showing a slight year-on-year decrease of 3.78% [4]

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The pharmaceutical sector is experiencing a divergence in performance, with price increase logic and structural opportunities during the earnings window being noteworthy [7][11] - The report highlights the strong performance of the medical device sector, particularly in brain-computer interface policies and price increases for gloves, which are catalyzing market activity [11] - The "14th Five-Year Plan" has been released, clarifying the direction for the medical industry and system construction, emphasizing innovation in biomedicine and the integration of AI technologies [11][12] Summary by Sections Industry Overview - The pharmaceutical industry comprises 504 listed companies with a total market value of 69,254.89 billion [2] - The circulating market value stands at 63,426.67 billion [2] Market Dynamics - The Shanghai Composite Index rose by 0.19%, while the pharmaceutical sector fell by 0.22%, ranking 13th among 31 sub-industries [11] - The report notes a mixed performance across various segments, with medical devices and biological products showing positive trends [11] Key Recommendations - The report recommends focusing on sectors likely to see price increases, such as gloves and raw materials, as well as innovative drugs and AI applications [11] - Specific companies to watch include Innovent Biologics, Mindray Medical, and others in the innovative drug and medical device sectors [8][12] Policy and Regulatory Developments - The report discusses the approval of the first invasive brain-computer interface medical device, marking a significant milestone in the industry [16] - The "14th Five-Year Plan" outlines key technological advancements and legislative support for emerging industries, including biomedicine and AI [11][13]