Report's Investment Rating for the Industry No relevant content provided. Core Viewpoints of the Report - Last week, the net inflow of funds into the bond ETF market shrank again, likely due to the suppression of the rising stock market. The net inflow of funds into interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. The scale of bond ETF funds increased by 0.02% compared to the previous week's closing, mainly due to the downward oscillation of bond market yields in a loose - money environment, which led to a slight increase in the overall net value of the bond ETF market [2][5]. - The net inflow of treasury bond ETFs led again. The net inflow amounts of treasury bond ETFs (+1.101 billion yuan), short - term financing ETFs (+0.682 billion yuan), and corporate bond ETFs (+0.417 billion yuan) ranked in the top three [2][5]. - The share redemption of convertible bond ETFs may be related to the conversion of underlying assets. The continuous large - scale outflow of convertible bond ETF shares for many weeks may be due to the strong motivation of funds to convert shares when the stock market is strong, and the underlying convertible bonds are redeemed and converted into shares [2][16]. - In a loose - money environment, the net value of bond ETFs increased slightly. The recent restart of treasury bond trading by the central bank and the positive net investment of reverse repurchase funds last week provided short - term support for the bond market, driving a slight increase in the net value of bond ETFs [2][23]. Summary According to the Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of funds into the bond ETF market shrank again last week, affected by the rising stock market. The net inflow of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. As of November 14, 2025, the scale of bond ETF funds was 70.629 billion yuan, up 0.02% from the previous week's closing and 292.88% from the beginning of the year, accounting for 12.32% of the total market ETF scale, with a 4bp increase from the previous weekend [5]. - Treasury bond ETFs had the highest net inflow again. The net inflow amounts of treasury bond ETFs, short - term financing ETFs, and corporate bond ETFs ranked in the top three, while the net inflows of benchmark market - making credit bond ETFs, convertible bond ETFs, and science and technology innovation bond ETFs were negative [5]. 1.2 各类债券 ETF 份额走势 - As of November 14, 2025, the shares of treasury bond, policy - financial bond, local government bond, credit bond, and convertible bond ETFs changed by 8.94 million shares, - 0.22 million shares, 1.11 million shares, 21.39 million shares, and - 102.70 million shares respectively compared to November 7, 2025, with a total change of - 71.48 million shares in bond - type ETFs. The continuous large - scale outflow of convertible bond ETF shares may be related to the conversion of underlying convertible bonds [16]. 1.3 主要债券 ETF 份额及净值走势 - The share net inflows of 30 - year treasury bond ETF and urban investment bond ETF led. As of November 14, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 8.66 million shares, 0.39 million shares, no change, 28.90 million shares, and - 89.70 million shares respectively compared to November 7, 2025 [19]. - In a loose - money environment, the net value of bond ETFs increased slightly. As of November 14, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 0.11%, 0.08%, 0.06%, 0.02%, and 0.53% respectively compared to November 7, 2025 [23]. 1.4 基准做市信用债 ETF 份额及净值走势 - Some products had a significant increase in redeemed shares. As of November 14, 2025, the shares of 8 existing benchmark market - making credit bond ETFs changed by no change, no change, no change, no change, - 4.82 million shares, - 1.80 million shares, - 2.07 million shares, and - 7.08 million shares respectively compared to November 7, 2025 [26]. - The net value performance was differentiated, and most products declined. As of November 14, 2025, the net values of 8 credit bond ETFs changed by 0.02%, 0.01%, no change, no change, - 0.02%, - 0.04%, - 0.03%, and - 0.04% respectively compared to November 7, 2025 [27]. 1.5 科创债 ETF 份额及净值走势 - The overall shares of science and technology innovation bond ETFs were basically the same as the previous week. The net inflow of shares last week was - 1.70 million shares, a decrease of 0.07% from the previous week. The shares of science and technology innovation bond ETFs of Harvest, Penghua, and China Merchants ranked in the top three. The net inflow of shares of science and technology innovation bond ETFs of China Merchants, Guotai, and Penghua ranked in the top three, while those of GF, Boshi, and Tianhong had the largest net outflows [31]. - The net value trend was flat. As of November 14, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.01% compared to the previous week's closing, basically the same as the previous week [31]. 1.6 单只债券 ETF 市场表现情况 - The 30 - year treasury bond ETF had the highest net inflow again, and convertible bond - type ETFs led in net value growth. Last week, the net values of convertible bond ETF and Shanghai Stock Exchange convertible bond ETF increased by 0.53% and 0.33% respectively, ranking in the top. In terms of premium/discount rates, the 30 - year treasury bond ETF, urban investment bond ETF, and corporate bond ETF had the highest premium rates [35]. - In terms of scale changes, the 30 - year treasury bond ETF (+1.037 billion yuan), short - term financing ETF (+0.682 billion yuan), and science and technology innovation bond ETF of Harvest (+0.419 billion yuan) had the top - three net inflow amounts, while the convertible bond ETF had a significantly higher net outflow amount than other products, reaching - 1.228 billion yuan [35].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The monetary policy will maintain its supportive stance and continue to safeguard liquidity. The central bank may shift its focus from "preventing capital idling" to "stabilizing financing" and "promoting demand," and continue to protect inter - bank liquidity. The new mention of "strengthening interest rate policy implementation and supervision to reduce bank liability costs" in the third - quarter monetary policy report may create more room for the overall decline of the bond market [4][94]. - From November to December, the market may show a narrow - range oscillatory downward trend before the loose expectation significantly boosts the bond market. Short - term liquidity disturbances have passed, and liquidity is expected to be loose within the year. The market's expectation of overall loosening may gradually rise, but it is difficult to form a "synergy" to drive the bond market down before it significantly increases. The lower limits of the yields of 30 - year and 10 - year (old bonds) treasury bonds are conservatively estimated to be around 1.9% and 1.7% respectively [2][95]. 3. Summary According to the Directory 3.1 Important Matters - The central bank aims to restrict "involution - style competition" in the financial industry and maintain a reasonable profit margin. It will conduct an 800 - billion - yuan 6 - month (182 - day) buy - back repurchase operation on November 17, 2025, with a net investment of 50 billion yuan [7]. - In October 2025, the year - on - year decline in credit data was significant. From January to October, the cumulative increase in social financing scale was 30.9 trillion yuan, 3.83 trillion yuan more than the same period last year. However, the increase in RMB loans to the real economy was 1.16 trillion yuan less year - on - year [10]. - The third - quarter monetary policy report was released on November 11, 2025. Compared with the second - quarter report, it removed the statement about "preventing capital idling" and emphasized "maintaining relatively loose social financing conditions." It also added the mention of "strengthening interest rate policy implementation and supervision to reduce bank liability costs" [4][14]. 3.2 Money Market 3.2.1 Open Market Operations and Fund Rate Trends - From November 10 to 14, 2025, the central bank injected 112.2 billion yuan through 7 - day reverse repurchase operations, with 49.58 billion yuan due, resulting in a net injection of 62.62 billion yuan. From November 17 to 21, it is expected that 124.2 billion yuan of base currency will be withdrawn, including 112.2 billion yuan from reverse repurchase and 12 billion yuan from treasury cash deposits [19]. - Due to the tax period, the fund rate fluctuated last week. As of November 14, R001, R007, DR001, and DR007 were 1.430%, 1.495%, 1.373%, and 1.467% respectively, with changes of 3.80BP, 2.68BP, 4.08BP, and 5.43BP compared to November 7 [25]. 3.2.2 Certificate of Deposit (CD) Rate Trends and Repurchase Transaction Volume - In the primary market, the issuance scale of inter - bank CDs last week was 710.22 billion yuan, with a maturity scale of 751.84 billion yuan and a net financing scale of - 41.62 billion yuan. As of the 46th week of 2025, the cumulative issuance scale of inter - bank CDs for the year reached 29.74 trillion yuan [30]. - The issuance rate of inter - bank CDs increased last week. The average issuance rates of 3 - month and 1 - year CDs of state - owned banks were 1.59% and 1.64% respectively, with changes of 1.75BP and 0.58BP compared to the previous week [34]. - In the secondary market, the yields of inter - bank CDs of all maturities continued to rise. The yield of 1 - month AAA - rated CDs rose 2.28BP to 1.49%, and the 1Y - 3M spread was at the 52.95% quantile level [36]. 3.3 Bond Market 3.3.1 Primary Market - Last week, the supply of discount treasury bonds and long - term and ultra - long - term treasury bonds increased. The number of interest - rate bond issuances was 96, with an actual issuance amount of 726.866 billion yuan and a net financing amount of 403.531 billion yuan. From January to November, the net financing rhythm of local government bonds was faster than that of treasury bonds. As of November 14, the cumulative net financing scale of various treasury bonds in 2025 was about 6.09 trillion yuan, and that of local bonds was about 6.67 trillion yuan [38]. - Last week, the supply scale of local bonds increased significantly. The number of treasury bond issuances was 6, with an actual issuance amount of 309.32 billion yuan and a net financing amount of 244.32 billion yuan; the number of local bond issuances was 73, with an actual issuance amount of 285.066 billion yuan and a net financing amount of 256.001 billion yuan; the number of policy - bank bond issuances was 17, with an actual issuance amount of 132.48 billion yuan and a net financing amount of - 96.79 billion yuan [45]. 3.3.2 Secondary Market - Affected by the tax period, the volatility of the fund market increased, and interest rates showed an oscillatory trend. The liquidity premium of active bonds was generally stable. The average spread between the active and sub - active bonds of 10 - year China Development Bank bonds was about - 6BP [38]. - The 10 - year - 1 - year treasury bond term spread narrowed slightly to 40.36BP, at the 30.17% quantile level since 2022; the 30 - year - 1 - year treasury bond term spread narrowed 1.59BP to 73.77BP, at the 36.60% quantile level since 2022 [61]. - The long - term local - treasury spread narrowed, while the ultra - long - term local - treasury spread widened. As of November 14, the spread between 10 - year local bonds and 10 - year treasury bonds was 15.60BP, narrowing 4.98BP compared to the previous week and at the 30.64% quantile level since 2022; the spread between 30 - year local bonds and 30 - year treasury bonds was 22.19BP, widening 2.00BP compared to the previous week and at the 73.53% quantile level since 2022 [63]. 3.4 Institutional Behavior Tracking - Last week, the scale of leveraged trading declined, with an average of about 7.44 trillion yuan. In the cash - bond market, the buying intensity of state - owned banks continued to weaken, with a buying scale of 46.28 billion yuan for treasury bonds within 5 years. Rural commercial banks were at the buying - selling critical point, preferring to increase holdings of treasury bonds over 5 years and 5 - 10 - year policy - bank bonds. The承接 forces of insurance and funds weakened, and their preferences for duration became more differentiated. Insurance increased its net buying of local bonds over 10 years, accounting for 92% of the net buying of interest - rate bonds, while funds mainly increased holdings of policy - bank bonds within 5 years [65][77]. - The current average position - adding cost of major trading desks is generally below 1.825% (except for funds). The position - adding costs of rural commercial banks, securities firms, funds, and other products are about 1.823%, 1.822%, 1.831%, and 1.824% respectively [65][78]. 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures decreased 0.55% week - on - week, the settlement price of wire rod futures remained unchanged, the settlement price of cathode copper futures increased 1.27%, the cement price index increased 0.03%, and the Nanhua Glass Index decreased 5.41%. The CCFI index increased 3.39%, and the BDI index decreased 1.28%. The wholesale price of pork decreased 0.93%, and the wholesale price of vegetables decreased 0.35%. The settlement prices of Brent crude oil futures and WTI crude oil futures decreased 0.97% and 1.77% respectively. The central parity rate of the US dollar against the RMB was 7.08 [88]. 3.6 Future Outlook - The monetary policy will maintain its supportive stance and continue to safeguard liquidity. The central bank may shift its focus to "stabilizing financing" and "promoting demand," and continue to protect inter - bank liquidity. The new mention of reducing bank liability costs may create more room for the bond market to decline. The weakening financial data in October also indicates the necessity of maintaining a supportive monetary policy [94]. - From November to December, the market may show a narrow - range oscillatory downward trend before the loose expectation significantly boosts the bond market. Short - term liquidity disturbances have passed, and liquidity is expected to be loose within the year. The market's expectation of overall loosening may gradually rise, but it is difficult to form a "synergy" to drive the bond market down before it significantly increases. The lower limits of the yields of 30 - year and 10 - year (old bonds) treasury bonds are conservatively estimated to be around 1.9% and 1.7% respectively [2][95].

Investment Rating - The report does not explicitly state an investment rating for the antidepressant drug industry Core Insights - Depression disorders are the most common mental disorders, characterized by persistent low mood, loss of pleasure, and decreased energy. The etiology remains unclear, with various hypotheses including the monoamine hypothesis and glutamatergic system abnormalities [5][23] - There are unmet clinical needs in depression treatment, including limited efficacy of current first-line antidepressants, slow onset of action, and the need for precision treatment for different subtypes and special populations [5][27] - The current market for antidepressants in China is substantial, with over 8 billion yuan in hospital sales, where SSRIs and SNRIs account for approximately 60% of the market share [5][6] - New drug development is focusing on deepening monoamine research, exploring amino acid classes, and other mechanisms, with a gradual entry into a harvest period for innovative drugs [5][6] Summary by Sections Unmet Clinical Needs - Current first-line antidepressants like SSRIs have limited efficacy, with about one-third of patients not achieving remission after multiple treatment steps [27] - The onset of current antidepressants is slow, typically requiring 1-4 weeks for initial improvement and 4-8 weeks to reach treatment goals, posing risks for patients during acute phases [27][28] - There is a need for precision treatment for different subtypes of depression and special populations such as children and the elderly [27] Market Overview - The antidepressant market in China saw over 8 billion yuan in sales, with SSRIs leading at 3.58 billion yuan (43.44% market share) and SNRIs at 1.42 billion yuan (17.18% market share) [5][6] - The top-selling antidepressants include escitalopram oxalate, agomelatine, and sertraline [5] Drug Development Trends - The report highlights ongoing research into monoamine neurotransmitter drugs, with 128 clinical-stage products targeting various mechanisms [5][6] - Innovative drugs are gradually entering the market, with one local innovative drug already launched and over twenty in clinical trials [5][6]

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" (maintained) with a target price not specified for the next 6 months [1]. Core Insights - The company reported steady performance in the first three quarters of 2025, with a focus on green differentiated fiber projects [1][7]. - In the first three quarters of 2025, the company achieved operating revenue of 67.397 billion yuan, a year-on-year decrease of 11.38%, while net profit attributable to the parent company was 1.549 billion yuan, a year-on-year increase of 53.83% [7]. - The company is investing 5.6 billion yuan to build a green differentiated fiber project with an annual production capacity of 1.2 million tons, which will enhance its product structure [7]. Financial Performance Summary - **Revenue Forecast**: Expected operating revenue for 2024A is 101.307 billion yuan, increasing to 106.476 billion yuan in 2025E, with a growth rate of 22.59% in 2024A and 5.10% in 2025E [3][8]. - **Net Profit**: The net profit attributable to the parent company is projected to be 1.202 billion yuan in 2024A, increasing to 2.032 billion yuan in 2025E, reflecting a growth rate of 50.80% in 2024A and 69.10% in 2025E [3][8]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.50 yuan in 2024A to 0.85 yuan in 2025E [3][8]. - **Return on Equity (ROE)**: ROE is projected to improve from 3.29% in 2024A to 5.33% in 2025E [3][8]. Market Position and Strategy - Tongkun Co., Ltd. is a leading enterprise in the polyester filament industry, with a diversified product range and a strong integration advantage [7]. - The company is focusing on upstream integration and enhancing its product offerings to maintain its competitive edge in the market [7].

Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly for major cloud service providers and digital advertising companies [2]. Core Insights - The combined revenue of the four major overseas technology companies reached $411.4 billion in Q3 2025, marking a year-on-year increase of 16%, the highest growth rate since Q1 2022 [4][12]. - Net profit for these companies totaled $86.6 billion, with an overall net profit margin of approximately 21% [15][17]. - Capital expenditure expectations for 2026 have been significantly raised, with projections indicating a potential doubling of capacity over the next two years [4][6]. - Cloud revenue growth has reached historical highs, with a year-on-year increase of 26% in Q3 2025, reflecting strong demand signals [4][7]. - Digital advertising revenue also exceeded market expectations, with a year-on-year growth of 18% [4][7]. Performance Overview - The four major technology companies reported a combined revenue of $411.4 billion in Q3 2025, with a year-on-year growth rate of 16% [12][14]. - Net profit for Q3 2025 was $86.6 billion, with a net profit margin of about 21% [15][17]. - Microsoft, Google, Amazon, and Meta all reported revenues that exceeded market expectations, with specific figures of $77.7 billion, $102.3 billion, $180.2 billion, and $51.2 billion respectively [9][22][27]. Capital Expenditure - Capital expenditure guidance has been revised upwards, with Microsoft indicating a growth rate for FY2026 that will exceed FY2025 [4][6]. - Amazon projected a cash capital expenditure of approximately $125 billion for 2025, with expectations for continued increases in 2026 [4][6]. Cloud Computing - The combined cloud revenue of the three major cloud providers reached $79.1 billion in Q3 2025, with year-on-year growth rates of 28% for Microsoft, 34% for Google, and 20% for Amazon [4][7]. - Backlog orders for cloud services showed strong demand, with year-on-year growth rates of 51% for Microsoft, 82% for Google, and 22% for Amazon [4][7]. Digital Advertising - The total advertising revenue for the four major companies was $145.7 billion in Q3 2025, reflecting a year-on-year increase of 18% [4][7]. - Each company reported growth in advertising revenue, with Microsoft at 15%, Google at 13%, Amazon at 24%, and Meta at 26% [4][7].

Report Information - The report is a weekly fixed - income regular report on bond ETFs from November 3rd to November 7th, 2025, titled "Bond ETF Weekly Tracking (11.3 - 11.7): Market Net Inflow Growth Marginal Narrowing" [1] Core Viewpoint - The overall net inflow growth of the bond ETF market has narrowed marginally, with the increment mainly coming from interest - rate bond ETFs. The net inflow of convertible bond ETFs is negative [4][7] Industry Investment Rating - No industry investment rating information is provided in the report Summary by Directory 1.1 各类债券 ETF 资金净流入情况 - The overall net inflow growth of bond ETFs has narrowed marginally, and the increment mainly comes from interest - rate bond ETFs. Last week, the net inflow funds of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs were 4.914 billion yuan, 1.394 billion yuan, and - 1.574 billion yuan respectively, with a total net inflow of 4.734 billion yuan in the bond ETF market. As of November 7, 2025, the bond ETF fund scale was 70.6121 billion yuan, up 0.87% from the previous week's close and 292.79% from the beginning of the year, accounting for 12.28% of the total market ETF scale, up 1bp from the previous weekend [4][7] - Treasury bond ETFs led the net inflow, and the growth of short - term financing and local bond ETFs continued. Last week, treasury bond ETFs (+ 2.698 billion yuan), short - term financing ETFs (+ 2.553 billion yuan), and local bond ETFs (+ 2.223 billion yuan) ranked top three in net inflow amount. Convertible bond ETFs, science and technology innovation bond ETFs, and benchmark market - making credit bond ETFs had negative net inflows, with - 1.574 billion yuan, - 1.390 billion yuan, and - 0.515 billion yuan respectively [7] 1.2 各类债券 ETF 份额走势 - The share inflows of interest - rate bond and credit bond ETFs improved marginally, and the local bond ETFs had a steep growth. As of the close on November 7, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 683.88 million shares, 442.47 million shares, 127.08 million shares, 7185.08 million shares, and 4954.95 million shares respectively, with a total of 13393.45 million shares for bond - type ETFs. Compared with the close on October 31, 2025, they changed by 22.53 million shares, - 0.08 million shares, 19.41 million shares, 35.81 million shares, and - 116.90 million shares respectively, with a total change of - 39.22 million shares [21] 1.3 主要债券 ETF 份额及净值走势 - Convertible bond ETFs had a large - scale share outflow. As of the close on November 7, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 279.89 million shares, 379.37 million shares, 31.73 million shares, 2635.48 million shares, and 4241.99 million shares respectively. Compared with the close on October 31, 2025, they changed by 11.78 million shares, - 0.06 million shares, no change, 27.80 million shares, and - 99.70 million shares respectively [24] - The net value performance was differentiated, and some interest - rate bond ETFs turned down. As of the close on November 7, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 1.2549, 1.1502, 1.2577, 1.4377, and 1.3610 respectively, changing by - 0.37%, - 0.10%, 0.06%, 0.06%, and 0.85% respectively compared with the close on October 31, 2025 [27] 1.4 基准做市信用债 ETF 份额及净值走势 - The share change was not obvious, and some products had a small - scale outflow. As of the close on November 7, 2025, among the 8 existing benchmark market - making credit bond ETFs, the shares of some products changed by no change, no change, no change, no change, - 2.11 million shares, - 1.00 million shares, no change, - 2.00 million shares respectively compared with the close on October 31, 2025 [30] - The upward momentum of the net value weakened. As of the close on November 7, 2025, the net values of the 8 credit bond ETFs changed by 0.06%, 0.05%, 0.06%, 0.03%, 0.05%, 0.04%, 0.04%, 0.05% respectively compared with the close on October 31, 2025. Looking at each single day, the net value showed a turning trend at the end of last week, and the growth momentum showed signs of weakening after continuous upward movement for many weeks [33] 1.5 科创债 ETF 份额及净值走势 - Last week, the shares of science and technology innovation bond ETFs decreased more than they increased. The net inflow of shares of the 24 existing science and technology innovation bond ETFs was - 10.56 million shares, a decrease of 0.42% compared with the previous week. The top three products in terms of share net inflow were Science and Technology Innovation Bond ETF China Merchants (+ 2.00 million shares), Science and Technology Innovation Bond ETF Penghua (+ 1.39 million shares), and Science and Technology Innovation Bond ETF Huaxia (+ 1.25 million shares). The top three products in terms of share net outflow were Science and Technology Innovation Bond ETF Boshi (- 7.00 million shares), Science and Technology Innovation Bond ETF Fuguo (- 3.85 million shares), and Science and Technology Innovation Bond ETF Southern (- 2.12 million shares) [36] - The net value was higher than the previous week's closing price, but showed an "inverted U" trend during the week. As of the close on November 7, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.05% and 0.03% respectively compared with the previous week's close, but the net value of each science and technology innovation bond ETF showed a decline at the weekend [37] 1.6 单只债券 ETF 市场表现情况 - The 0 - 4 local bond ETF led the net inflow for two consecutive weeks, and the convertible bond - type ETF led the net value increase. Last week, the net values of 30 - year treasury bond ETF Boshi and 30 - year treasury bond ETF turned down after leading the increase for several consecutive weeks, with - 0.41% and - 0.39% respectively. Convertible bond ETF and Shanghai - Stock - Exchange Convertible Bond ETF benefited from the excellent performance of the equity market, with their net value increases ranking among the top, at + 0.85% and + 0.83% respectively [40] - In terms of the premium - discount rate, 30 - year treasury bond ETF, 30 - year treasury bond ETF Boshi, and benchmark treasury bond ETF led with 0.08%, 0.07%, and 0.02% respectively, reflecting the market capital preference. In terms of scale change, short - term financing ETF (+ 2.553 billion yuan), 0 - 4 local bond ETF (+ 2.100 billion yuan), and 30 - year treasury bond ETF (+ 1.413 billion yuan) ranked top three in net inflow amount, while the convertible bond ETF had a significantly higher net outflow amount than other products, at - 1.353 billion yuan [40]

Report Industry Investment Rating No relevant content provided. Report's Core View - The bond market has shown a volatile downward trend recently due to a mix of bullish and bearish factors. The central bank's restart of open - market Treasury bond trading and the marginal weakening of macro - data have strengthened the expectation of policy easing, providing core support for the bond market. However, the strengthening of the equity market and the approaching implementation of the "Sales New Rules" have caused short - term disturbances to market sentiment. Despite short - term disturbances, the core logic supporting the bond market's improvement at the end of the year remains solid. As the suppression from the equity market eases and market forces undergo structural changes, bond market sentiment is expected to continue to recover, and short - term fluctuations may present good allocation opportunities [2][87][88]. - The central bank's open - market Treasury bond trading in October was relatively restrained. It is a regular operation to enrich the liquidity - injection toolbox, bringing longer - term and cheaper funds to the market, which is expected to maintain overall market liquidity and ease the fund - stratification phenomenon. The weakening of October's economic data may lead to a marginal increase in the market's expectation of reserve - requirement ratio cuts and interest - rate cuts, which could boost the year - end "long" sentiment in the bond market. The independent strength of the A - share market has temporarily boosted risk appetite and suppressed the bond market, but this suppression may be only temporary at the end of the year. The approaching implementation of the "Sales New Rules" has recently increased short - term market disturbances, but there is a possibility of a "sell - the - rumor, buy - the - news" market trend after the policy is officially implemented. Market forces are undergoing structural changes, with the active trading forces retreating, while rural commercial banks, which were previously conservative, have started to replenish their positions significantly, which is important for warming market sentiment and restoring confidence [2][88]. - If there is no increase in the expectation of interest - rate cuts to catalyze the bond - market rally, the market may show a narrow - range downward oscillation from November to December. Considering the weakening economic data, the market's expectation of reserve - requirement ratio cuts and interest - rate cuts may increase marginally, boosting the year - end "long" sentiment in the bond market. It is conservatively estimated that the lower limits of the yields of 30 - year and 10 - year Treasury bonds (old bonds) may be around 1.9% and 1.7% respectively. In terms of investment strategy, it is recommended to set the portfolio duration in the medium - to - long range. For allocation, it is advisable to select high - quality coupon - bearing assets as the bottom - position, adopting the "coupon + carry - trade" income approach, and exploring the allocation opportunities of 2 - year AA -/AA - rated credit bonds and 10 - year local government bonds. For trading, it is recommended to pay attention to the trading opportunities of medium - duration varieties such as secondary perpetual bonds that have experienced significant declines [2][89]. Summary by Relevant Catalog 1. Important Matters - In October, the central bank's open - market Treasury bond trading net - injected 20 billion yuan of liquidity. Through various central - bank loans, a total of 174.8 billion yuan of liquidity was injected, and through various open - market operations, a total of - 205.3 billion yuan of liquidity was injected. Among them, the net - injection scale of open - market Treasury bond trading reached 20 billion yuan [5]. - In November, the 3 - month term buy - back repurchase was carried out at the same volume. On November 5, 2025, the central bank conducted a 700 - billion - yuan buy - back repurchase operation with a 3 - month (91 - day) term, and the maturity scale of the 3 - month term buy - back repurchase in November was also 700 billion yuan [6]. - From January to October 2025, China's total import and export value was 37.31 trillion yuan, a year - on - year increase of 3.6%. In October, China's export value in US dollars decreased by 1.1% year - on - year, and the import value increased by 1.0% year - on - year [8]. 2. Money Market 2.1 Open - Market Operations and Fund - Rate Trends - From November 3 to November 7, 2025, the central bank injected 495.8 billion yuan through 7 - day reverse - repurchase operations, with 2068 billion yuan maturing, resulting in a net - injection of - 1572.2 billion yuan. From November 10 to November 14, 2025, it is expected that 495.8 billion yuan of base money will be matured and withdrawn. The policy rate of the 7 - day open - market reverse - repurchase was 1.40% from November 3 to November 7. As of November 7, R001, R007, DR001, and DR007 were 1.392%, 1.468%, 1.332%, and 1.413% respectively, with changes of - 1.53BP, - 2.46BP, 1.37BP, and - 4.21BP compared to October 31. The interest - rate centers also changed to some extent [11][12][15]. 2.2 Certificate of Deposit (CD) Rate Trends and Repurchase Transaction Situations - In the primary market of CDs, last week, the total CD issuance scale was 527.86 billion yuan, a decrease of 206.66 billion yuan from the previous week. The maturity scale was 376.87 billion yuan, a decrease of 187.44 billion yuan from the previous week, and the net - financing scale was 150.99 billion yuan, a decrease of 19.22 billion yuan from the previous week. As of the 45th week of 2025, the cumulative annual CD issuance scale had reached 29.04 trillion yuan. The institution with the largest CD issuance scale last week was city commercial banks, with a net - financing scale of 182.16 billion yuan. The CD issuance scales of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 118.15 billion yuan, 127.78 billion yuan, 237.78 billion yuan, and 48.69 billion yuan respectively, accounting for 22.2%, 24.0%, 44.7%, and 9.1% of the total issuance. The CD issuance rates of various types of banks decreased to some extent compared to the previous week [18][21][24]. - In the secondary market of CDs, the yields of CDs of all maturities increased overall. The yields of AAA - rated 1 - month, 3 - month, 6 - month, 9 - month, and 1 - year CDs increased by 6.05BP, 1.13BP, 0.73BP, 0.37BP, and 0.50BP respectively, and the 1Y - 3M spread was at the 54.41% quantile level [28]. 3. Bond Market - In the primary market, last week, the supply of discounted Treasury bonds and short - term Treasury bonds increased. A total of 54 interest - rate bonds were issued, with an actual issuance amount of 513.997 billion yuan and a net - financing amount of 318.843 billion yuan. From January to November, the net - financing pace of local government bonds was generally faster than that of Treasury bonds. As of November 7, 2025, the cumulative net - financing scale of various Treasury bonds was about 5.85 trillion yuan, and that of various local bonds was about 6.44 trillion yuan, with a more obvious increase in the supply scale of central - government finances compared to the 2021 - 2024 average [31]. - In the secondary market, the bullish market of the restarted Treasury bond trading has temporarily ended. As the implementation of the "Sales New Rules" approaches, interest rates have generally shown a volatile upward trend. The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds and the corresponding yields of China Development Bank bonds have all changed to some extent. The implied tax rate of 10 - year China Development Bank bonds increased slightly. The liquidity premium of active bonds has generally increased. The average spread between the active and sub - active bonds of 10 - year China Development Bank bonds was about - 6BP [31][45]. - The supply of Treasury bonds increased significantly last week. Among them, 5 Treasury bonds were issued, with an actual issuance amount of 295.89 billion yuan and a net - financing amount of 225.8 billion yuan; 32 local government bonds were issued, with an actual issuance amount of 91.607 billion yuan and a net - financing amount of - 5.457 billion yuan; 17 policy - financial bonds were issued, with an actual issuance amount of 126.5 billion yuan and a net - financing amount of 98.5 billion yuan. As of last week, the issuance scale of special refinancing bonds had reached 2.06 trillion yuan, mainly with long - and ultra - long - term maturities, and the issuance scale of bonds with maturities of 10 years and above was about 1.81 trillion yuan, accounting for about 88.02%. Regions with relatively large issuance scales include Jiangsu, Sichuan, Shandong, Guizhou, and Henan, accounting for about 35.67% of the total issuance scale [40][42]. 4. Institutional Behavior Tracking - Last week, the scale of leveraged trading fluctuated around a high - level center, with an average of about 7.97 trillion yuan. In the cash - bond market, the buying power of state - owned banks weakened, and they continued to prefer to increase their holdings of Treasury bonds with maturities of less than 5 years, but the buying scale decreased compared to the previous week. Rural commercial banks changed from selling to buying, with a total weekly increase in holdings of less than 5 billion yuan, which was a significant improvement compared to the previous week's net - selling of over 124 billion yuan. The承接 power of funds weakened, and securities companies sold about 31 billion yuan net. In contrast, the insurance industry's willingness to increase its holdings increased marginally, and it increased its holdings of policy - financial bonds with maturities of over 5 years [61][71]. - In September 2025, the overall inter - bank market institutional leverage ratio was about 118.68%, an increase of about 0.06 percentage points from August. The leverage ratios of commercial banks, securities companies, and other institutions in the inter - bank market in September were about 109.85%, 192.23%, and 133.25% respectively [61]. - The 20 - day moving average of the daily trading volume of inter - bank pledged repurchase last week was 7.37 trillion yuan, a change of about 430 billion yuan from the previous week. The average scale of leveraged trading last week was about 7.97 trillion yuan, and the daily leveraged - trading scales from November 3 to November 7 were 7.69 trillion yuan, 7.93 trillion yuan, 8.09 trillion yuan, 8.42 trillion yuan, and 7.72 trillion yuan respectively [67]. - Based on the net - buying data of institutional investors in the past 20 trading days, the recent average cost of adding positions in 10 - year Treasury bonds for major trading players such as rural commercial banks, securities companies, funds, and other products is around 1.830%. Rural commercial banks' behavior of adding positions at high prices was obvious last week, while the position - adding actions of securities companies and funds cooled down [74]. - According to the calculation methods in relevant reports, since the current spread between local government bonds and Treasury bonds is relatively high, both commercial banks and insurance companies can obtain relatively higher returns by investing in local government bonds [81]. 5. High - Frequency Data Tracking - In terms of high - frequency data, last week, the settlement price of rebar futures decreased by 3.42% week - on - week, the settlement price of wire rod futures remained unchanged at 0.00%, the settlement price of cathode - copper futures decreased by 1.54%, the cement - price index increased by 0.06%, and the Nanhua Glass Index increased by 0.74%. The CCFI index increased by 3.60% and the BDI index increased by 7.02% week - on - week. In terms of food prices, the wholesale price of pork increased by 2.42% and the wholesale price of vegetables increased by 1.58% week - on - week. The settlement prices of Brent crude - oil futures and WTI crude - oil futures decreased by 2.60% and 2.54% respectively week - on - week. The central parity rate of the US dollar against the RMB last week was 7.08 [84]. 6. Market Outlook - The bond market is expected to continue to recover as the suppression from the equity market eases and market forces undergo structural changes. Short - term fluctuations may present good allocation opportunities. It is conservatively estimated that the lower limits of the yields of 30 - year and 10 - year Treasury bonds (old bonds) may be around 1.9% and 1.7% respectively. In terms of investment strategy, it is recommended to set the portfolio duration in the medium - to - long range, select high - quality coupon - bearing assets as the bottom - position, and explore the allocation opportunities of 2 - year AA -/AA - rated credit bonds and 10 - year local government bonds. For trading, it is recommended to pay attention to the trading opportunities of medium - duration varieties such as secondary perpetual bonds that have experienced significant declines [87][88][89].

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) with a target price of 32.40 CNY over the next six months, while the current price is 26.60 CNY [1]. Core Views - Haier is focusing on brand premiumization in the domestic market, with its high-end brand Casarte capturing significant market shares in the premium segment of refrigerators, air conditioners, and washing machines [8]. - The company is expanding internationally through continuous acquisitions and brand incubation, establishing a multi-brand ecosystem that effectively mitigates tariff risks [8]. - Profitability pressures that arose from frequent brand acquisitions since 2015 are gradually easing, allowing for improved profit margins [8]. Summary by Sections Company Overview - Haier Smart Home, established in 1984, has evolved into a leading global home appliance brand, achieving a revenue CAGR of 20.9% from 1993 to 2024, with a projected revenue of 285.98 billion CNY in 2024 [20][22]. Domestic Market Strategy - The company is enhancing its brand positioning through high-end product offerings, with Casarte achieving a revenue growth rate consistently above the overall company growth from 2017 to 2024 [53]. In 2024, Casarte holds market shares of 49%, 34%, and 88% in the premium segments of refrigerators, air conditioners, and washing machines, respectively [53]. International Expansion - Haier's international strategy includes acquiring local brands to drive overseas growth, with significant acquisitions such as GE Appliances and Candy, which have substantially increased revenue [28][30]. The company has established a global presence with over 50% of its revenue coming from international markets [30]. Profitability and Financial Projections - The report forecasts Haier's revenue to reach 308.22 billion CNY in 2025, with a growth rate of 7.8%, and net profit to be 21.89 billion CNY, reflecting a 16.8% increase [11]. The expected EPS for 2025 is 2.33 CNY, with a PE ratio of 11 [11]. Competitive Advantages - Haier's competitive edge lies in its strong brand portfolio and global manufacturing capabilities, which have allowed it to maintain a leading position in the global home appliance market, with a market share of approximately 17.4% as of 2024 [35]. The company's focus on high-end product development and innovation continues to drive its market leadership [56].

Investment Rating - The report indicates a positive outlook for the brain-computer interface (BCI) industry, driven by technological advancements and market demand, with specific investment recommendations for various segments [5][46]. Core Insights - The brain-computer interface industry is experiencing rapid innovation across different technological paths, including invasive, semi-invasive, and non-invasive methods, each with distinct performance and risk profiles [2][3]. - The global BCI market is projected to reach approximately $2.6 billion by 2024, with a compound annual growth rate (CAGR) of about 13% from 2023 to 2027, while the domestic market in China is expected to reach around 3.2 billion RMB, with a CAGR of approximately 19% from 2024 to 2027 [3][33]. - Non-invasive methods currently dominate the market, accounting for 82% of the total market share due to their safety, ease of use, and diverse application scenarios [41][43]. Summary by Sections Technology Comparison - Invasive BCIs provide the best signal quality but involve significant surgical risks, while non-invasive BCIs are safer and more widely applicable, albeit with lower signal quality [14][15]. - Semi-invasive methods balance signal quality and surgical risk, showing potential for future medical applications [22][26]. Market Dynamics - The BCI industry is characterized by a complex supply chain where upstream components like electrodes and chips are critical for performance, midstream focuses on system integration, and downstream applications are expanding from healthcare to consumer markets [44][45]. - The report highlights the urgent demand for rehabilitation solutions in the medical field, particularly for stroke and disability recovery, which presents a substantial market opportunity [40][41]. Policy and Regulatory Environment - The Chinese government has issued clear policies to support the BCI industry, including the "Implementation Opinions on Promoting the Innovative Development of the BCI Industry," which outlines development goals for 2027 and 2030 [46][48]. - The establishment of reimbursement policies for BCI projects is expected to alleviate financial barriers and promote industry growth [46][48]. Investment Recommendations - The report suggests focusing on leading companies in the invasive segment, particularly those innovating in flexible electrodes and specific algorithms, such as JieTi Medical and Brain Tiger Technology [5][6]. - For semi-invasive methods, attention should be given to companies that enhance data reading and patient enrollment, such as BoRuiKang and SanBo Neuroscience [5][6]. - In the non-invasive sector, companies that integrate medical and consumer applications, like QiangNai Technology and WeiSi Medical, are recommended for investment [5][6].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company has shown signs of improvement with a marginal recovery in Q3, indicating that deep adjustments are beginning to yield results [8] - Revenue for the first three quarters of 2025 was 760 million yuan, down 36.2% year-on-year, while the net profit attributable to the parent company was a loss of 10 million yuan, down 117.4% year-on-year [8] - The Q3 revenue reached 200 million yuan, reflecting a 0.8% year-on-year increase, and the net profit attributable to the parent company was a loss of 20 million yuan, showing a significant narrowing of losses [8] - The company is focusing on channel innovation and strengthening sales, with a new product launched in collaboration with a retail partner gaining consumer recognition [8] - The company is maintaining rigid expenditure on marketing and promotion despite weak market demand, aiming to boost sales and improve cash flow [8] Financial Summary - Projected revenue for 2024 is 14.23 billion yuan, with a significant decline of 49.7% year-on-year, followed by expected revenues of 10.32 billion yuan in 2025 and 10.66 billion yuan in 2026 [3][11] - The net profit attributable to the parent company is projected to be 0.12 billion yuan in 2024, decreasing to 0.07 billion yuan in 2025, before recovering to 0.32 billion yuan in 2026 and 0.52 billion yuan in 2027 [3][11] - The earnings per share (EPS) are expected to be 0.04 yuan in 2024, dropping to 0.02 yuan in 2025, and then increasing to 0.10 yuan in 2026 and 0.16 yuan in 2027 [3][11] - The return on equity (ROE) is projected to improve from 0.31% in 2024 to 1.28% in 2027 [3][11] Market and Product Strategy - The company is implementing a "two low, one small" product strategy to align with current consumer trends [8] - The company is focusing on its core market in Hunan and enhancing terminal coverage and sales efficiency through refined management practices [8] - The company is leveraging resources from its controlling shareholder to expand cooperation opportunities with state-owned enterprises [8] Cash Flow and Cost Management - The gross margin for the first three quarters of 2025 was approximately 66.7%, down 5.2 percentage points year-on-year [8] - The net cash flow from operating activities for the first three quarters of 2025 was a negative 330 million yuan, although this was an improvement of 90 million yuan year-on-year [8] - The company is experiencing pressure on cash flow due to cautious payment collection from distributors amid weak market demand [8]