Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The short - term trading of inflation expectations may have come to a temporary end. Before the next round of price data is released, the market's motivation for re - pricing inflation is limited, and the trading focus is expected to shift from fundamental expectations to the marginal changes in the capital and liquidity environment. The central bank is likely to continue to support liquidity and hedge through other monetary policy tools at key points, but there may still be a "frictional" liquidity shock due to the staggered rhythm of liquidity withdrawal and injection and the end - of - quarter factors. It is recommended to moderately reduce the allocation weight of highly crowded ultra - short - term assets and focus on 3 - 5 - year bonds [2][88]. Summary by Directory 1. Important Matters - In January - February 2026, the cumulative year - on - year growth rate of national fixed asset investment was 1.8%, showing a mild recovery. Manufacturing investment was resilient, and state - owned investment accelerated, while private investment was still in a cautious range [5]. - In March 2026, the 1 - year LPR was 3.00% and the 5 - year - plus LPR was 3.50%, remaining unchanged from the previous month. The reason may be that the comprehensive social financing cost has decreased, and the net interest margin of banks is still under pressure [9]. - On March 20, 2026, the draft of the Financial Law of the People's Republic of China was publicly solicited for opinions. The central bank focuses on the dual - pillar framework of monetary policy and macro - prudential policy, the National Financial Regulatory Administration focuses on micro - prudential and conduct supervision, and the China Securities Regulatory Commission focuses on capital market construction [10][11]. - In March 2026, the Fed maintained the policy interest rate, but the expectation of interest rate hikes increased. The market's pricing of the interest rate cut path in 2026 has converged, and the probability of not cutting interest rates is over 50% by December [12]. 2. Money Market 2.1 Open Market Operations and Fund Interest Rate Trends - From March 16 to 20, 2026, the central bank injected 2423 billion yuan through 7 - day reverse repurchase operations, with 1765 billion yuan due, resulting in a net injection of 658 billion yuan. From March 23 to 27, 2026, the expected maturity and withdrawal of base money is 6923 billion yuan [17]. - Last week, liquidity was still relatively loose, with DR001 fluctuating around 1.32%. As of March 20, 2026, R001, R007, DR001, and DR007 were 1.396%, 1.477%, 1.321%, and 1.421% respectively, with changes of 0.45BP, - 2.64BP, - 0.09BP, and - 4.07BP compared to March 16 [20]. 2.2 Certificate of Deposit Interest Rate Trends and Repurchase Transaction Conditions - Last week, the issuance scale of inter - bank certificates of deposit was 758.69 billion yuan, a decrease of 87.19 billion yuan from the previous week. The maturity scale was 1162.86 billion yuan, an increase of 154.66 billion yuan from the previous week, and the net financing scale was - 404.17 billion yuan [27]. - The issuance interest rates of inter - bank certificates of deposit decreased last week. The average issuance interest rates of 3 - month and 1 - year inter - bank certificates of deposit for state - owned banks were 1.48% and 1.53% respectively, with changes of - 2.00BP and - 2.83BP from the previous week [31]. - In the secondary market, the demand for liquid assets was still strong. The yields of inter - bank certificates of deposit decreased significantly, and the term spread widened to some extent [33]. 3. Bond Market - In the primary market, last week, 98 interest - rate bonds were issued, with an actual issuance amount of 1071.234 billion yuan, a maturity amount of 253.192 billion yuan, and a net financing amount of 818.042 billion yuan. The issuance rhythm of national bonds in 2026 was slightly behind that of local bonds [35]. - In the secondary market, long - term bonds were still weak, while medium - and short - term bonds continued to perform well. The yield curve became steeper. The active bonds of 10 - year national bonds and 10 - year policy financial bonds changed, and the average spread between the active and secondary - active bonds of 10 - year national bonds and 10 - year policy financial bonds widened [35][45]. 4. Institutional Behavior Tracking - In February 2026, the leverage ratio of inter - bank institutions decreased seasonally, and the leverage ratio of securities companies decreased from a high level. Last week, the scale of leveraged trading remained high due to the relatively loose liquidity environment [61]. - In the cash bond market, large banks bought a large amount of national bonds with a maturity of less than 5 years, small and medium - sized banks continued to increase their holdings of national bonds with a maturity of more than 10 years, insurance companies increased their buying efforts, securities companies continued to sell, and funds continued to prefer policy financial bonds [70]. 5. High - Frequency Data Tracking - Last week, the settlement price of rebar futures increased by 5.97% week - on - week, the settlement price of wire rod futures decreased by 5.71% week - on - week, the settlement price of cathode copper futures increased by 2.04% week - on - week, the cement price index decreased by 0.37% week - on - week, and the Nanhua Glass Index increased by 2.02% week - on - week [86]. - The CCFI index decreased by 4.00% week - on - week, and the BDI index increased by 4.75% week - on - week. The wholesale price of pork decreased by 2.53% week - on - week, and the wholesale price of vegetables decreased by 5.02% week - on - week. The settlement prices of Brent crude oil futures and WTI crude oil futures decreased by 1.41% and 1.78% respectively week - on - week. The central parity rate of the US dollar against the RMB was 6.92 [86]. 6. Market Outlook - In the short term, the trading of inflation expectations may have ended. The trading focus will shift to the capital and liquidity environment. The central bank is likely to maintain the overall stability of the capital market, but there may be a "frictional" liquidity shock. It is recommended to reduce the allocation of ultra - short - term assets and focus on 3 - 5 - year bonds [88].

Investment Rating - The report suggests a positive outlook on the real estate industry, indicating a preference for stable and high-quality real estate companies [39]. Core Insights - The real estate sector has shown signs of stabilization, with expectations for continued release of accommodative policies [39]. - The report highlights a significant rebound in both new and second-hand property transactions, with a notable decrease in year-on-year declines [6][11]. - The report emphasizes the importance of monitoring the performance of specific companies within the sector, recommending several for investment consideration [39]. Summary by Sections Market Review - During the week of March 16-20, the Shenwan real estate sector declined by 4.2%, underperforming the CSI 300 index by 2 percentage points [11]. - The trading volume was 91.41 billion yuan, reflecting a week-on-week decrease of 2.7% [11]. - Notable individual stock performances included significant gains for companies like Jingtou Development and City North High-tech, while companies like Tibet Urban Investment and Zhongtian Service faced substantial declines [11]. Basic Data - The total market capitalization of the real estate industry is approximately 1,129.53 billion yuan, with a circulating market value of about 1,096.91 billion yuan [4]. - The industry’s price-to-earnings (P/E) ratio stands at 68.0, compared to the CSI 300's P/E ratio of 14.0 [4]. Industry and Company Dynamics - New housing transaction area in 43 cities decreased by 10.7% year-on-year but increased by 57.5% month-on-month [16]. - The second-hand housing transaction area in 14 cities saw a year-on-year decline of 17.6% but a month-on-month increase of 61% [19]. - Inventory levels in 17 key cities showed a slight decrease of 0.1% week-on-week, with a depletion cycle of 180.5 weeks [22]. - Land supply in 100 major cities decreased by 11% year-on-year, with transaction area down by 26.3% [26]. Investment Recommendations - The report recommends focusing on companies with strong operational stability, including: 1. Development: China Resources Land, Longfor Group 2. Commercial: China International Trade, New City Holdings, China Resources Mixc Life 3. Property Management: Poly Property, China Overseas Property, Wanwu Cloud, Xinda Zheng 4. Brokerage: Beike-W [39]. Company Dynamics - Nanjing High-Tech issued a short-term financing bond totaling 200 million yuan at an interest rate of 1.70% [35]. - Electronic City issued medium-term notes totaling 220 million yuan at an interest rate of 2.04% [35]. - Yunnan City Investment reported significant progress in asset restructuring, recovering approximately 5.202 billion yuan from various asset sales [36].

Domestic Developments - The "14th Five-Year Plan" focuses on modern marine industries, with significant fiscal measures boosting domestic demand, as highlighted in a key article published on March 16[8] - The State Council identified six key areas for economic recovery, with early economic data confirming the effectiveness of these decisions, including a 4.5% year-on-year increase in interprovincial trade sales in 2025[11] - Financial regulatory authorities emphasized risk prevention and high-quality development, with four main tasks outlined for the year, including a focus on real estate financing reforms[12] International Developments - Ongoing geopolitical tensions in the Middle East have escalated, with U.S. and Israeli military actions against Iran leading to significant disruptions in the Strait of Hormuz, affecting global oil supply[16] - The U.S. Federal Reserve maintained interest rates in the 3.5%-3.75% range, with inflation concerns delaying any potential rate cuts, as February PPI rose 3.4% year-on-year, exceeding expectations[20] - The European Central Bank also kept rates unchanged but indicated readiness to act if inflation risks from the Middle East conflict escalate further[18] Market Data - Brent crude oil prices increased by 13.73% week-on-week, reaching an average of $111.01 per barrel, while iron ore prices rose by 2.25%[24] - Real estate sales saw a significant week-on-week increase of 17.01%, indicating a rebound in the sector[4] - The DXI index for storage DRAM prices rose by 3.33% week-on-week, reflecting upward trends in the midstream sector[33]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [14]. Core Insights - The company has returned to a growth trajectory, with a significant increase in revenue and profit margins. The revenue for 2025 is projected at 82.1 billion CNY, reflecting a growth rate of 9.95% [8][10]. - The company has successfully diversified its product portfolio, with a notable increase in sales from its skin health line, which grew by 73.2% in 2025 [8]. - The company plans to spin off its skin health business, Demy Pharmaceuticals, for independent listing on the Hong Kong Stock Exchange, which is expected to enhance its market position [8]. Financial Projections - Revenue projections for 2026, 2027, and 2028 are 94.9 billion CNY, 114.1 billion CNY, and 137.3 billion CNY, respectively, with growth rates of 15.59%, 20.20%, and 20.30% [3][10]. - The net profit attributable to the parent company is expected to reach 1.97 billion CNY in 2026, with a growth rate of 32.20% [3][10]. - Earnings per share (EPS) is projected to increase from 0.61 CNY in 2025 to 1.16 CNY by 2028 [3][10]. Revenue Breakdown - The revenue from the cardiovascular segment is expected to grow significantly, reaching 40.4 billion CNY in 2026, with a growth rate of 35% [9][10]. - The digestive and autoimmune segment is also projected to grow by 35% in 2026, reaching 40.1 billion CNY [9][10]. - The ophthalmology segment is expected to see a growth rate of 30%, reaching 9.2 billion CNY in 2026 [9][10]. Product Development - The company has launched two innovative drugs in 2025 and has six more in the NDA review stage, indicating a strong pipeline for future growth [8]. - The proportion of exclusive and innovative products in the revenue mix has increased to 59.8%, highlighting the company's focus on high-growth areas [8].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The robotics index underperformed the market, with a decline of 2.3%, lagging behind the Shanghai Composite Index by 1.6 percentage points and the CSI 300 Index by 2.5 percentage points during the week of March 9 to March 15, 2026 [5][12]. - The AWE2026 showcased numerous robotics manufacturers, including Tesla's humanoid robot, highlighting advancements in robotics technology and product launches [5][16]. - Figure's new robot, Figure 03, demonstrated full autonomy in cleaning tasks, showcasing significant advancements in robotics capabilities without the need for new algorithms [5][18][23]. - Guanglun Intelligent announced a successful financing round of 1 billion yuan, becoming the first unicorn in the field of embodied data, with plans to enhance its physical AI data and simulation infrastructure [5][25]. Summary by Sections Market Review - The robotics index experienced a 2.3% decline, underperforming compared to major indices [5][12]. - Specific robotics companies showcased new products at AWE2026, indicating a vibrant market with innovative solutions [5][16]. Industry Dynamics - The AWE2026 event highlighted the presence of key robotics manufacturers and the introduction of new products aimed at various applications, including elder care and home assistance [5][16]. - Figure 03's capabilities in autonomous cleaning tasks represent a significant leap in robotics technology, emphasizing the potential for household applications [5][18][23]. - Guanglun Intelligent's financing success positions it as a leader in the physical AI data sector, with a focus on research and development [5][25].

1. Report's Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The interest rate curve may still have room to steepen. The bond market remains in a pattern where the short - end is supported by loose liquidity and the long - end lacks a clear downward driver. The probability of the interest rate curve continuing to steepen is relatively high, and the performance of the medium - short end may be better than that of the long - end. The strategy is to maintain the portfolio duration in the range of 3 - 5 years and pay attention to trading opportunities brought by the phased fluctuations of long - end interest rates [2][87] - The implementation of the inter - bank self - regulatory "patch" is expected to reduce the bank's liability cost by about 1 - 2BP, which is a marginal positive for short - term liquid assets in terms of asset allocation and fund flow. It also helps to ease the pressure on the bank's liabilities and create space for the subsequent easing of monetary policy [1][85] 3. Summary According to the Directory 3.1 Important Matters - On March 16, 2026, the central bank carried out 5000 billion yuan of 6 - month (182 - day) outright reverse repurchase operations, with a net withdrawal of 1000 billion yuan. As of March 16, the outstanding scale of 6 - month outright reverse repurchase was 4.4 trillion yuan [7] - Starting from March 12, some member banks were required to strengthen self - management, and the proportion of inter - bank demand deposits higher than the 7 - day OMO policy rate at the end of the quarter should not exceed 10% - 20%. This is an upgrade of the self - regulatory management in late 2024 [10] - From January to February 2026, the cumulative increase in social financing scale was 9.6 trillion yuan, 316.2 billion yuan more than the same period of the previous year. The increase in RMB loans to the real economy was 5.75 trillion yuan, 124.8 billion yuan less than the same period of the previous year [11] 3.2 Money Market 3.2.1 Open Market Operations and Fund Rate Trends - From March 9 to March 13, 2026, the central bank's 7 - day reverse repurchase operations had a net withdrawal of 101.1 billion yuan. From March 16 to March 20, the central bank is expected to withdraw 176.5 billion yuan of base currency [15] - In the second week of March, the central bank continued to withdraw base currency through short - term reverse repurchases, and market interest rates rose. DR001 remained above 1.3% during the week. As of March 13, R001, R007, DR001, and DR007 were 1.392%, 1.503%, 1.322%, and 1.462% respectively [21] 3.2.2 Certificate of Deposit (CD) Rate Trends and Repurchase Transaction Volume - Last week, the issuance scale of inter - bank CDs was 846.34 billion yuan, with a net financing scale of - 161.86 billion yuan. The institution with the largest CD issuance scale was joint - stock banks, with a net financing scale of 37.47 billion yuan [23][27] - The issuance interest rates of inter - bank CDs decreased last week. The average issuance interest rates of 3 - month and 1 - year CDs of state - owned banks decreased by 1.88BP and 0.67BP respectively. The average issuance interest rates of 3 - month and 1 - year CDs of joint - stock banks decreased by 3.06BP and 0.97BP respectively [29] - Affected by the implementation of the inter - bank demand deposit self - regulatory 2.0 version, the yields of inter - bank CDs with a term of more than 6 months declined significantly, and the term spread of CDs further narrowed [30] 3.3 Bond Market 3.3.1 Primary Market - Last week, the number of interest - rate bond issuances was 58, with an actual issuance amount of 681.545 billion yuan, a maturity amount of 426.318 billion yuan, and a net financing amount of 255.227 billion yuan. In 2026, the issuance rhythm of national bonds was slightly behind that of local bonds [33] - As of March 13, 2026, the cumulative net financing scale of national bonds was about 0.83 trillion yuan, and that of local bonds was about 2.13 trillion yuan. The issuance scales of both were higher than the average levels of the same period from 2022 - 2025 [33] - As of last week, the issuance scale of special refinancing bonds was 0.88 trillion yuan, and the issuance terms were mainly long - term and ultra - long - term. The regions with relatively large issuance scales were Jiangsu, Inner Mongolia, Zhejiang, Hunan, and Henan [42] 3.3.2 Secondary Market - Last week, the bond market showed a volatile upward trend. On the day when the inter - bank demand deposit self - regulatory 2.0 version was implemented, the bond market rose across the board, but gave back the gains the next day. The curve shape steepened [33] - The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year national bonds changed by - 0.50BP, 0.75BP, 2.78BP, 3.71BP, 3.33BP, and 8.53BP respectively. The 10Y - 1Y national bond maturity yield spread widened from 49.52BP to 53.75BP [44] - The average trading volume of the 10 - year national bond active bond (250016) increased by about 20.18% last week, and the average turnover rate increased by about 0.94 percentage points. The average trading volume of the 10 - year CDB active bond (250220) decreased by about 10.67%, and the average turnover rate decreased by about 15.39 percentage points [46] 3.4 Institutional Behavior Tracking - Supported by abundant liquidity, the scale of leveraged trading remained high last week. Large banks began to replenish 5 - 10 - year national bonds, small and medium - sized banks began to increase their holdings of national bonds over 10 years and 5 - 10 - year policy - financial bonds, insurance companies increased their buying efforts, securities companies sold large - scale, and funds still preferred policy - financial bonds with a term of less than 5 years [60][68] - In January 2026, the leverage ratio of all institutions in the inter - bank market was about 119.30%, a decrease of about 0.07 percentage points compared with December 2025. The leverage ratios of commercial banks, securities companies, and other institutions were about 111.11%, 191.81%, and 132.51% respectively [60] 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures increased by 5.97% week - on - week, the settlement price of wire rod futures decreased by 5.71% week - on - week, the settlement price of cathode copper futures increased by 2.04% week - on - week, the cement price index decreased by 0.37% week - on - week, and the Nanhua Glass Index increased by 2.02% week - on - week [83] - The CCFI index decreased by 4.00% week - on - week, and the BDI index increased by 4.75% week - on - week. The wholesale price of pork decreased by 2.53% week - on - week, and the wholesale price of vegetables decreased by 5.02% week - on - week [83] - The settlement prices of Brent crude oil futures and WTI crude oil futures decreased by 1.41% and 1.78% respectively week - on - week. The central parity rate of the US dollar against the RMB was 6.92 last week [83] 3.6 Market Outlook - The implementation of the inter - bank self - regulatory "patch" will further reduce the high - interest inter - bank liabilities of banks, and banks may face the need to replenish liabilities in the short term. Non - bank institutions may increase their allocation of alternative assets and increase repurchase investments, which is positive for the short - term capital market. It also helps to ease the pressure on bank liabilities and create space for the subsequent easing of monetary policy [1][85] - The interest rate curve may still have room to steepen. The bond market remains in a pattern where the short - end is supported by loose liquidity and the long - end lacks a clear downward driver. The strategy is to maintain the portfolio duration in the range of 3 - 5 years and pay attention to trading opportunities brought by the phased fluctuations of long - end interest rates [2][87]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week, the bond market showed weak oscillations, and the scale of the bond ETF market shrank. The net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were -3.276 billion yuan, -4.829 billion yuan, and -1.699 billion yuan respectively, with a total net inflow of -9.804 billion yuan in the bond ETF market. The release of February CPI and foreign trade data, along with geopolitical conflicts, led to inflation concerns and a weak bond market [2][5]. - In the short term, short - term assets are expected to remain dominant due to strengthened inter - bank deposit self - regulation and quarter - end disturbances. If the inter - bank demand deposit rate is reduced, non - bank institutions may accelerate "deposit substitution", boosting the short - term allocation value of short - duration products like short - term financing ETFs. For long - term products, the macro - economic fundamentals are in a "weak recovery" state, and the long - term interest - rate bond ETFs may face difficulties in yield decline. At the quarter - end, there is a marginal tightening of funds, and some bond ETFs may face redemption tests [2][7]. - It is recommended to be cautious about extending the duration and pay attention to credit - bond ETFs with stable coupons and liquidity advantages. There may be arbitrage opportunities in some benchmark - making and science - innovation bond ETFs with significant secondary - market discounts. For convertible - bond ETFs, although the share decreased slightly last week, there is still expansion potential after the "Two Sessions" policies are implemented [2][7]. 3. Summary According to the Directory 3.1 各类债券 ETF 资金净流入情况 - The bond ETF market scale shrank last week. The net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were -3.276 billion yuan, -4.829 billion yuan, and -1.699 billion yuan respectively, with a total net inflow of -9.804 billion yuan. As of March 13, 2026, the bond ETF fund scale was 726.096 billion yuan, down 1.54% from the previous week and 12.44% from the beginning of the year, accounting for 13.82% of the total ETF scale, a decrease of 9 basis points from the previous weekend [5]. - Short - term financing ETFs had a large net inflow of 2.183 billion yuan last week, followed by urban investment bond ETFs and corporate bond ETFs with net inflows of 727 million yuan and 192 million yuan respectively. Science - innovation bond ETFs and benchmark - making credit - bond ETFs had large net outflows, mainly due to deep discounts in the secondary market. Treasury - bond ETFs also had a large net outflow [6]. 3.2 各类债券 ETF 份额走势 - As of March 13, 2026, the shares of treasury - bond, policy - financial - bond, local - bond, benchmark - making credit - bond, science - innovation bond, corporate - bond, short - term financing, urban - investment - bond, and convertible - bond ETFs were 608.04 million shares, 353.12 million shares, 160.66 million shares, 993.44 million shares, 2646.27 million shares, 338.41 million shares, 723.05 million shares, 3294.68 million shares, and 5598.95 million shares respectively, with changes of -3.8%, -1.1%, 0.4%, -3.1%, -1.9%, 0.5%, 2.7%, 2.2%, and -2.1% compared to March 6, 2026, and the total change of bond - type ETF shares was -0.9% [18]. 3.3 各基准做市信用债 ETF 份额及净值走势 - The shares of existing credit - bond ETFs generally declined. As of March 13, 2026, the shares of 8 credit - bond ETFs were 99.46 million shares, 85.41 million shares, 103.54 million shares, 96.47 million shares, 174.83 million shares, 203.50 million shares, 93.00 million shares, and 141.32 million shares respectively, with changes of -3.87%, -3.39%, no change, no change, no change, -7.58%, -0.96%, and -2.08% compared to March 6, 2026 [19]. - The net - value growth of credit - bond ETFs slowed down. As of March 13, 2026, the net values of 8 credit - bond ETFs were 1.0207, 1.0198, 1.0182, 1.0185, 1.0134, 1.0164, 1.0174, and 1.0164 respectively, with changes of 0.02%, 0.01%, 0.01%, 0.01%, no change, no change, -0.01%, and -0.01% compared to March 6, 2026, and changes of 0.14%, 0.13%, 0.12%, 0.12%, 0.11%, 0.11%, 0.11%, and 0.11% compared to the end of last month [21]. 3.4 各科创债 ETF 份额及净值走势 - The science - innovation bond ETFs experienced net redemptions. The total net inflow of shares last week was -46.01 million shares, a decrease of 1.71% from the previous week. The top three products in terms of share size were Science - innovation Bond ETF Jiashi, Science - innovation Bond ETF Yinhua, and Science - innovation Bond ETF Penghua, with 214.54 million shares, 198.49 million shares, and 191.81 million shares respectively. The top three products with net outflows were Science - innovation Bond ETF Jiashi, Science - innovation Bond ETF Yifangda, and Science - innovation Bond ETF Penghua, with net outflows of 12.18 million shares, 12.00 million shares, and 5.00 million shares respectively [26]. - The net - value growth of science - innovation bond ETFs significantly narrowed. As of March 13, 2026, the top - ranked products in terms of net value were Science - innovation Bond ETF Wanjia, Science - innovation ETF Huatai Bairui, and Science - innovation Bond ETF Yongying, with net values of 1.0103, 1.0100, and 1.0099 respectively. The median net values of the first - batch and second - batch science - innovation bond ETFs were 1.0058 and 1.0084 respectively, with no change compared to the previous week. The median net values of products tracking the CSI AAA Science - innovation Bond Index, Shanghai AAA Science - innovation Bond Index, and Shenzhen AAA Science - innovation Bond Index were 1.0079, 1.0063, and 1.0101 respectively, with changes of -0.01%, 0.00%, and +0.01% compared to the previous week [31]. 3.5 上周单只债券 ETF 市场表现情况 - Most bond ETF products had a decline in net value. The 30 - year Treasury Bond ETF, 30 - year ETF Boshi, and Convertible Bond ETF Haifutong led the decline, with decreases of 1.49%, 1.44%, and 1.14% respectively compared to the previous week. In terms of premium/discount rates, the Corporate Bond ETF, Treasury Bond ETF Huaxia, and Urban Investment Bond ETF Haifutong had the highest premium rates, at +0.02%, +0.02%, and +0.02% respectively. In terms of scale changes, the Short - term Financing ETF Haifutong had the largest net inflow of 2.183 billion yuan, while the 30 - year Treasury Bond ETF, Corporate Bond ETF Yifangda, and Convertible Bond ETF Boshi had the largest net outflows, at -1.762 billion yuan, -1.696 billion yuan, and -1.384 billion yuan respectively [32]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 - For benchmark - making credit - bond ETFs, the PCF lists of Corporate Bond ETF Nanfang and Credit - Bond ETF Haifutong added 12 and 15 bonds respectively, with average modified durations of 3.33 years and 3.94 years. The bond "25 Jingtou K2" was repeatedly included in the PCF lists of benchmark - making credit - bond ETFs, with a modified duration of 4.0323 years [35]. - For science - innovation bond ETFs, the newly included bonds of Science - innovation Bond ETF Morgan, Science - innovation Bond ETF Tianhong, and Science - innovation Bond ETF Nanfang had relatively large average durations of 8.85 years, 8.85 years, and 8.50 years respectively. The average modified duration of the bonds removed from the PCF list of Science - innovation Bond ETF Tianhong, which tracks the CSI AAA Science - innovation Bond Index, was significantly longer at 7.30 years. Ten bonds such as "23 Sichuan Investment K1" were repeatedly removed from the PCF lists of science - innovation bond ETFs, and seven bonds such as "24 Sichuan Investment K1" were included in multiple science - innovation bond ETFs [36][39]. 3.7 债券 ETF 基金运营管理规则变更汇总 - On March 12, 2026, Credit - Bond ETF Dacheng changed the cash - substitution flag of the PCF list to "must". On March 13, 2026, Credit - Bond ETF Guangfa and Corporate Bond ETF Yifangda also made the same change. On March 11 and March 13, 2026, Science - innovation Bond ETF China Merchants and Science - innovation Bond ETF Yifangda changed the cash - substitution flag of the PCF list to "must" respectively [41].

Financing Trends - In February 2026, the total social financing (社融) stock grew by 8.2% year-on-year, maintaining the same growth rate as January[1] - The incremental social financing in February 2026 was 23,792 billion RMB, an increase of 1,461 billion RMB year-on-year, marking the second consecutive month of year-on-year growth[1] - The issuance of RMB loans to the real economy increased by 8,484 billion RMB in February 2026, up 1,956 billion RMB year-on-year, indicating a return to year-on-year growth[1] Corporate and Government Financing - Corporate loans increased by 14,900 billion RMB in February 2026, up 4,500 billion RMB year-on-year, reflecting enhanced corporate credit willingness[2] - Government bond financing in February 2026 was 14,036 billion RMB, a decrease of 2,903 billion RMB year-on-year, primarily due to base effects from the previous year[1] - Direct financing saw a new addition of 16,000 billion RMB, down 2,706 billion RMB year-on-year, largely impacted by government bond financing[1] Household Financing and Deposits - Household loans decreased by 6,507 billion RMB in February 2026, down 2,616 billion RMB year-on-year, influenced by the timing of the Spring Festival[2] - RMB deposits increased by 11,700 billion RMB in February 2026, but this represented a decrease of 32,500 billion RMB year-on-year[4] - M1 growth rate rose to 5.9%, an increase of 1 percentage point, attributed to strong foreign exchange settlements by export enterprises[4] Economic Outlook - The government set a GDP growth target of 4.5%-5% for 2026, aiming for better outcomes in practice[1] - The monetary policy remains "moderately loose," consistent with the previous year's economic work conference, with an increased focus on "reasonable price recovery"[1]

Investment Rating - The report assigns a neutral investment rating to the company, indicating that the stock is expected to perform in line with the market over the next six months [17]. Core Insights - The company's performance met expectations, with total revenue for 2025 reaching $548.51 million, a decrease of 12.96% year-over-year. The net profit attributable to the parent company was $456.91 million, reflecting a significant increase of 1111.03% [2][7]. - The ATTC platform has entered the clinical trial phase, representing a potential breakthrough in cancer precision therapy. The first candidate drug, HMPL-A251, is set to begin clinical trials in December 2025, with additional candidates expected to follow [7]. - The oncology/immunology business segment is projected to generate revenues of $3.3 to $4.5 billion in 2026, with significant contributions from various products [7]. Financial Projections - Revenue forecasts for 2026, 2027, and 2028 are estimated at $648.34 million, $728.09 million, and $847.49 million, respectively, with growth rates of 18.20%, 12.30%, and 16.40% [2][10]. - The net profit for 2026 is projected to drop to $4.02 million, followed by a recovery to $5.83 million in 2027 and $6.73 million in 2028 [2][10]. - Earnings per share (EPS) are expected to be $0.00 in 2026, with a slight increase to $0.01 in 2027 and 2028 [2][10]. Product Performance - The oncology product sales reached $520 million in 2025, with specific contributions from various drugs: - Furmonertinib (呋喹替尼) sales in the U.S. were $370 million (+26%), while in China, they were $100 million (-13%) - Other products like Savolitinib (赛沃替尼) and Sunitinib (索凡替尼) contributed $27 million and $28.9 million, respectively [7]. - The company aims to seek collaboration opportunities with multinational pharmaceutical companies for the development of ATTC candidate drugs in 2026 [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [15]. Core Insights - The company is enhancing its universal CAR-T product portfolio, with the in vivo CAR-T expected to initiate clinical trials in 2026. The proprietary platforms, THANK-uCAR® and THANK-u Plus®TM, are being utilized to develop differentiated universal CAR-T cell products [2][3]. - The company reported a revenue of 1.3 billion yuan in 2025, with a net loss of 1 billion yuan, a significant reduction from the previous year's loss of 8 billion yuan. As of December 31, 2025, cash and cash equivalents stood at 1.12 billion yuan [8]. - The company has received 218 orders for its product, Sikeizai®, from East China Pharmaceutical in 2025 and has been included in the "Commercial Health Insurance Innovative Drug Directory" [8]. Financial Projections - Revenue projections for the company are as follows: 2.6 billion yuan in 2026, 4.9 billion yuan in 2027, and 8 billion yuan in 2028, driven by the commercialization of CT053 and CT041 [10][11]. - The company anticipates a significant increase in net profit, projecting a profit of 63.26 million yuan in 2027 and 249.58 million yuan in 2028, following a net loss of 97.86 million yuan in 2025 [3][11]. - Earnings per share (EPS) are expected to improve from -0.17 yuan in 2025 to 0.43 yuan in 2028, reflecting the anticipated growth in profitability [3][11]. Product Development - The company is advancing multiple universal CAR-T products targeting various antigens, including CT0596 (BCMA) and CT1190B (CD19/CD20), with initial data expected to be presented at the ASH conference in December 2025 [2]. - The in vivo CAR-T candidate, KJ-C2529, targeting CD19/CD20 for B-cell lymphoma, is set to begin clinical trials in 2026 [2].