Investment Rating - The report maintains a positive outlook on the Hong Kong pharmaceutical industry, particularly on innovative drugs, indicating that the sector has entered a profitability phase [1]. Core Insights - The report highlights that the total revenue of 149 Hong Kong-listed pharmaceutical companies reached CNY 896.12 billion in the first half of 2025, reflecting a 1% increase, while net profit attributable to shareholders was CNY 61.99 billion, up 29.7% [3][11]. - The innovative drug sector has shown significant growth, with 36 companies reporting a revenue of CNY 28.5 billion, a 15.8% increase, and a net profit of CNY 1.8 billion, marking a turnaround to profitability [4][12]. - The report emphasizes the importance of differentiated products and strong commercialization capabilities for companies in the innovative drug sector, suggesting that these factors will drive future growth [3][4]. Summary by Sections Overall Performance - The total revenue for the Hong Kong pharmaceutical industry in H1 2025 was CNY 896.12 billion, with a net profit of CNY 61.99 billion, indicating a positive trend in profitability [3][11]. - 57% of the companies reported positive net profit growth, while 50% achieved revenue growth [11][6]. Sector Breakdown - **Innovative Drugs**: Revenue of CNY 28.5 billion (+15.8%), net profit of CNY 1.8 billion, indicating a shift to profitability [4][12]. - **Chemical Preparations**: Revenue of CNY 90.8 billion (-7.1%), net profit of CNY 20.8 billion (+52.9%), suggesting a potential industry turning point [4][5]. - **Medical Devices**: Revenue of CNY 22.2 billion (+3.5%), net profit of CNY 1.9 billion, with varied trends across sub-sectors [4][5]. - **CXO**: Revenue of CNY 49.8 billion (+11.2%), net profit of CNY 12.8 billion (+93.7%), showing strong growth [4][5]. - **Traditional Chinese Medicine**: Revenue of CNY 58.5 billion (-1.8%), net profit of CNY 4.3 billion (-11.5%), indicating challenges in the sector [5][6]. R&D and Expenses - R&D expenses totaled CNY 31.4 billion, down 7.8%, with a decreasing trend in R&D expense ratios [16][24]. - Sales expenses reached CNY 77.7 billion, down 1.5%, and management expenses were CNY 58.7 billion, down 7.3% [16][24]. 18A Companies Performance - The report analyzed 50 Hong Kong 18A pharmaceutical companies, which generated CNY 44.9 billion in revenue, a 31.48% increase, and a net profit of CNY 2.727 billion, marking a significant turnaround with a 128.4% growth [29][34]. - Cash and cash equivalents for these companies reached CNY 84.4 billion, up 26.99% year-on-year [34][35]. International Expansion - The report notes that the international recognition of domestic innovative drugs is increasing, with over 20 licensing out projects totaling over USD 2 billion, indicating a growing trend in global market engagement [35][36].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Credit - bond ETFs' share significantly rebounded, while convertible - bond ETFs' popularity weakened. The overall share of credit - bond ETFs remained stable, with slight outflows from some. The share of science - innovation bond ETFs generally increased, and their net value continued to rise. The net value of major bond ETFs all increased, with convertible - bond ETFs leading the gain. Among partial bond ETFs, the urban investment bond ETF had the highest cumulative net inflow this week and this month [2][5][8][9][14][16][20][22][25]. Summary by Directory 1.1 各类债券 ETF 份额走势 - As of September 5, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs were 675.94 million, 467.14 million, 79.98 million, 3208.58 million, and 5719.55 million respectively, with a total of 10151.19 million for bond - type ETFs. Compared with the closing on August 29, 2025, they changed by 25.72 million, 0.23 million, 0.20 million, 109.92 million, and 36.30 million respectively, and the total change of bond - type ETFs was 172.38 million [2][5]. 1.2 主要债券 ETF 份额及净值走势 - As of September 5, 2025, the shares of selected major bond ETFs (30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF) changed by 7.86 million, - 0.42 million, no change, 55.70 million, and 23.40 million respectively compared with the previous week's closing. Their net values increased by 0.02%, 0.08%, 0.13%, 0.07%, and 0.57% respectively [8][9]. 1.3 信用债 ETF 份额及净值走势 - As of September 5, 2025, the overall share of 8 existing credit - bond ETFs remained stable, with slight outflows from the E Fund Corporate Bond ETF and Credit Bond ETF. Their net values continued to increase, with changes ranging from 0.06% to 0.11% compared with the previous week's closing. Last week, the PCF list of credit - bond ETFs re - included 4 bonds. The top three bonds in the product of excess return change and corresponding duration were 24 Yuezu G2, 25 Runzu G2, and 23 Jigao 02; the last three were 25 Dongguan K1, 24 Jiaomei K2, and 24 Jigao 02 [14][16][18]. 1.4 科创债 ETF 份额及净值走势 - As of September 5, 2025, the shares of 10 existing science - innovation bond ETFs generally increased. Their net values continued to rise, with changes ranging from 0.08% to 0.11% compared with the previous week's closing. Last week, the PCF list of science - innovation bond ETFs re - included 7 bonds. The top three bonds in the product of excess return change and corresponding duration were 25 Lvji K1, 25 Beikong K4, and 25 Zhezi K2; the last three were 25 Bingqi K2, 25 Tiegong K1, and 25 Bingqi K1 [20][22][25]. 1.5 部分债券 ETF 净流入情况 - In terms of weekly and monthly cumulative net inflows, the top three bond ETFs were the urban investment bond ETF, short - term financing ETF, and convertible - bond ETF, with net inflows of 79.81 million yuan, 56.20 million yuan, and 31.21 million yuan respectively. In the past 10 trading days, the top three were the convertible - bond ETF (660.10 million yuan), short - term financing ETF (80.82 million yuan), and urban investment bond ETF (79.81 million yuan); in the past 20 trading days, the top three were the convertible - bond ETF (1488.65 million yuan), Shanghai - Stock - Exchange Convertible - Bond ETF (212.33 million yuan), and urban investment bond ETF (116.34 million yuan) [2][28].

Investment Rating - The report gives a "Buy" rating for Nobon Co., Ltd. (603238) with a target price of 27.00 CNY over the next six months, compared to the current price of 19.86 CNY [1]. Core Views - Nobon Co., Ltd. is expected to benefit from continuous optimization of customer and product structure, with promising growth for its proprietary brands [1]. - The company has shown strong revenue growth, with a 33.3% year-on-year increase in revenue for the first half of 2025, driven by increased orders from downstream customers [7][32]. - The report highlights the company's robust performance in both domestic and international markets, despite facing temporary challenges due to tariffs [53][44]. Summary by Sections Financial Performance - In the first half of 2025, Nobon achieved revenue of 1.34 billion CNY, a 33.3% increase year-on-year, and a net profit attributable to the parent company of 65.3 million CNY, up 48.3% year-on-year [7][32]. - The company's gross margin for the first half of 2025 was 15.7%, an increase of 0.9 percentage points year-on-year, with net profit margin at 4.9%, up 0.5 percentage points [35][32]. Business Segments - The product segments include non-woven materials (rolls) and non-woven products, with the product segment showing a revenue increase of 39.4% year-on-year in the first half of 2025 [42][32]. - The company has established stable partnerships with well-known domestic supermarkets and is expanding its overseas market presence, particularly in countries along the Belt and Road Initiative [44][53]. Market Outlook - The report anticipates that Nobon will continue to grow its proprietary brand, "Xiaozhijia," which has seen a revenue increase of 70.0% year-on-year in the first half of 2025 [54][32]. - The global market for wet wipes is projected to grow, with a compound annual growth rate of 4.6% from 2025 to 2029, benefiting companies like Nobon that are positioned in this sector [27][32]. Valuation and Forecast - The earnings per share (EPS) for Nobon is projected to be 0.74 CNY in 2025, 0.90 CNY in 2026, and 1.08 CNY in 2027, with corresponding price-to-earnings (PE) ratios of 27, 22, and 18 respectively [2][62]. - The report assigns a 30x valuation for 2026, leading to a target price of 27.0 CNY, reflecting the company's strong growth potential in the non-woven materials sector [62][64].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for H1 2025 reached 28.17 billion yuan, a year-on-year increase of 30.06%, while the net profit attributable to the parent company was 1.6 billion yuan, a decrease of 24.9% [7] - The company experienced a significant increase in battery shipments, with a 59% year-on-year growth in power battery shipments, totaling 21.48 GWh in H1 2025 [7] - The gross margin for the power battery business improved to 17.6% in H1 2025, an increase of 6.2 percentage points compared to the previous year [7] - The company is actively expanding its overseas production capacity, with the Malaysian factory already in operation and plans for additional production lines for energy storage batteries expected to be operational by early 2026 [7] Summary by Sections Financial Performance - Revenue for 2024 is projected at 48.61 billion yuan, with a growth rate of -0.35%, and is expected to increase to 65.6 billion yuan in 2025, reflecting a growth rate of 34.94% [2] - The net profit attributable to the parent company is forecasted to be 4.08 billion yuan in 2024, with a slight increase to 4.38 billion yuan in 2025, representing a growth rate of 7.46% [2] - Earnings per share (EPS) is expected to rise from 1.99 yuan in 2024 to 2.14 yuan in 2025 [2] Business Segments - The power battery segment is the largest contributor to revenue, with H1 2025 revenue of 12.75 billion yuan [22] - The energy storage battery segment is also growing, with a year-on-year increase of 37% in shipments [7] - The company is introducing new products, including large cylindrical batteries and solid-state batteries, which are expected to drive future growth [7] Market Position and Strategy - The company has established itself as a leader in the lithium battery industry, with a comprehensive R&D platform covering materials, cells, and BMS systems [13] - The report highlights the company's strategic acquisitions and expansions that have solidified its market position [13] - The company is expected to benefit from a strong demand in the second half of 2025, with continued improvements in profitability [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.83 CNY over the next six months, while the current price is 19.37 CNY [1][8]. Core Views - The company's performance is under short-term pressure, but sales are expected to improve in the second half of the year [1]. - The report highlights that the company's revenue for the first half of 2025 was 4.119 billion CNY, a slight increase of 0.24% year-on-year, while the net profit attributable to the parent company was 672 million CNY, down 37.64% year-on-year [5]. - The increase in raw material costs has put pressure on the profit margins, with a gross margin of 24.6% in the first half of 2025, down 8.64 percentage points year-on-year [5]. - The company is expected to benefit from stable growth in tire production and exports, with a projected increase in sales due to the ramp-up of the Morocco factory and a recovery in the full-steel product cycle [5][6]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 1.52, 1.91, and 2.20 CNY respectively, with a projected revenue growth rate of 11.7%, 14.4%, and 10.2% for the same period [2][7]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 4.119 billion CNY and a net profit of 672 million CNY, reflecting a year-on-year decline in net profit [5]. - The gross margin for the first half of 2025 was 24.6%, down from the previous year, indicating pressure from rising raw material costs [5]. Sales and Production Outlook - The company completed a tire production of 15.5695 million units in the first half of 2025, a decrease of 3.21% year-on-year, but the sales volume is expected to improve with the new factory in Morocco coming online [5][6]. - The report notes that the production and export of rubber tires in China have shown stable growth, with a 2.0% increase in production and a 5.5% increase in exports in the first half of 2025 [5]. Valuation and Investment Recommendation - The report suggests a target price of 24.83 CNY based on a 13x PE ratio for 2026, reflecting the company's strong earnings potential compared to peers [8]. - The company is positioned well with its global production capacity and is expected to continue expanding its market share [5][8].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 41.54 CNY over the next six months, based on a current price of 33.58 CNY [1][31]. Core Insights - The company is actively expanding into high-growth sectors, achieving steady growth in the first half of 2025, with revenue of 9.3 billion CNY, up 6.4% year-on-year, and a net profit of 2.4 billion CNY, up 8.0% year-on-year [7][14]. - The report highlights a recovery in downstream demand, with a significant improvement in inventory structure and a focus on automotive electronics and AI computing as key growth areas [7][12]. - The company has a strong competitive position in the power semiconductor industry, with a comprehensive product lineup and a focus on R&D investment [12][31]. Financial Performance Summary - Revenue and profit forecasts for the company are as follows: - 2024A: Revenue of 1,828.42 million CNY, net profit of 434.58 million CNY - 2025E: Revenue of 2,238.92 million CNY, net profit of 558.53 million CNY - 2026E: Revenue of 2,571.05 million CNY, net profit of 659.39 million CNY - 2027E: Revenue of 2,952.69 million CNY, net profit of 771.11 million CNY - The compound annual growth rate (CAGR) for net profit is projected to be 21.1% over the next three years [3][26][31]. Product and Market Positioning - The company specializes in power semiconductor products, including SGT-MOSFET, SJ-MOSFET, Trench-MOSFET, and IGBT, with applications across various sectors such as consumer electronics, automotive electronics, and renewable energy [9][10][12]. - The SGT-MOSFET product line is noted for its strong competitive edge and significant sales volume, while the IGBT products are expected to benefit from a recovering photovoltaic storage market [7][12][26]. - The company has introduced nearly 4,000 product variants, making it one of the most comprehensive design firms in the domestic MOSFET category [12][13]. Investment Valuation - The report estimates the company's price-to-earnings (PE) ratio at 31 times for 2025, leading to a target price of 41.54 CNY, reflecting the company's strong growth potential in high-demand sectors [1][31].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 37.00 CNY over the next six months, based on a current price of 27.23 CNY [1]. Core Views - The report highlights the positive outlook for glyphosate and phosphate fertilizer markets, anticipating strong performance in the third quarter [1]. - The company is recognized as a leading player in the phosphate chemical industry, with a focus on integrating upstream and downstream operations [11][12]. - The report projects a compound annual growth rate (CAGR) of 21.53% for net profit over the next three years, supported by the growth in specialty chemicals and stable phosphate prices [28][32]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 146.20 billion CNY, a year-on-year increase of 9.07%, while net profit attributable to the parent company was 7.27 billion CNY, down 9.72% year-on-year [24][21]. - The second quarter saw a revenue of 73.91 billion CNY, reflecting a 13.44% year-on-year increase, and a net profit of 4.16 billion CNY, which was a slight decline of 1.72% year-on-year [24][21]. Product Performance - The report notes that the prices of major products remained stable, with phosphate rock and fertilizers contributing positively to performance [24]. - Glyphosate prices are expected to rise due to increased overseas demand and domestic production cuts, while phosphate fertilizers are entering an export peak season [24][21]. Resource and Project Development - The company is actively expanding its phosphate mining resources, with a planned acquisition of a 50% stake in Qiaogou Mining, which has proven phosphate reserves of 185.186 million tons [17][20]. - As of the first half of 2025, the company holds approximately 395 million tons of phosphate mining rights, with a designed production capacity of 5.85 million tons per year [17][20]. Profitability and Valuation - The report anticipates that the company's specialty chemicals segment will continue to grow, contributing to improved profitability [28][32]. - The projected earnings per share (EPS) for 2025 is 1.85 CNY, with a price-to-earnings (PE) ratio of 20 times, leading to a target price of 37.00 CNY [28][32].

Investment Rating - The report assigns a "Buy" rating for Hubei Yihua with a target price of 17.51 CNY over the next six months, compared to the current price of 14.28 CNY [1]. Core Views - Hubei Yihua is a diversified large-scale phosphate chemical enterprise with a strong presence in fertilizers, chlor-alkali chemicals, fine chemicals, and coal sectors. The company has a complete industrial chain layout and rich resource reserves, having evolved from a local small factory to a major enterprise since its establishment in 1977 [7][13]. - The integration of quality assets has broadened growth paths, particularly through the acquisition of Xinjiang Yihua, which significantly enhances the company's production capacity in urea and chlor-alkali products, thereby strengthening its competitive advantages [18][36]. - The fertilizer segment remains a major revenue contributor, with coal business margins remaining high, indicating a solid profit source for the future [22][36]. Summary by Sections Financial Performance - In the first half of 2025, Hubei Yihua reported revenues of 120.05 billion CNY, a year-on-year decrease of 8.98%, and a net profit attributable to shareholders of 3.99 billion CNY, down 43.92% year-on-year [19][22]. - The company expects a compound annual growth rate (CAGR) of 28.15% for net profit over the next three years, with projected revenues of 169.64 billion CNY in 2024, increasing to 238.86 billion CNY in 2025 [2][36]. Product Capacity and Margins - The company has significant production capacities, including 2.16 million tons/year of urea and 1.65 million tons/year of ammonium phosphate. The coal business contributes to high margins, with coal gross margins at 43.90% [16][22]. - The gross margins for various products in the first half of 2025 were as follows: ammonium phosphate at 18.42%, urea at 12.90%, PVC at -8.65%, and coal at 43.90% [22]. Valuation and Estimates - The report anticipates a price-to-earnings (PE) ratio of 17 for 2025, with a target price of 17.51 CNY based on this valuation [36]. - The report also provides a comparative analysis with other companies in the phosphate chemical industry, indicating an average PE of 12 for 2024 and 13 for 2025 [34].

Investment Rating - The investment rating for Weichai Power is "Buy" (maintained) with a current price of 14.81 CNY and a target price not specified for the next 6 months [1]. Core Views - The company has increased its dividend payout ratio to 57%, indicating strong cash flow management and shareholder returns [1]. - Weichai Power's overseas business is showing robust growth, particularly in engine exports and new energy vehicle sales [7]. Financial Performance Summary - For the first half of 2025, Weichai Power achieved a revenue of 1131.5 billion CNY, a year-on-year increase of 0.6%, and a net profit attributable to the parent company of 56.4 billion CNY, down 4.4% year-on-year [7]. - The gross margin for the first half of 2025 was 22.2%, an increase of 0.4 percentage points year-on-year, while the net margin was 5.8%, a decrease of 0.8 percentage points year-on-year [7]. - The company sold 362,000 engines in the first half of 2025, a decrease of 9.5% year-on-year, with heavy truck engine sales down 22.4% [7]. - Engine exports increased by 14% year-on-year, generating revenue of 4.14 billion CNY, a 54% increase [7]. - The company expects net profits for 2025, 2026, and 2027 to be 127.2 billion CNY, 150.8 billion CNY, and 169.6 billion CNY respectively, corresponding to PE ratios of 10, 9, and 8 [7][8]. Market Position and Growth - Weichai Power's heavy truck market share increased to 13.5% with a 14.6% year-on-year increase in sales [7]. - The company has accelerated its transition to new energy vehicles, with sales exceeding 10,000 units, a year-on-year increase of 255% [7]. - The revenue from the new energy power industry increased by 37% year-on-year to 1.21 billion CNY [7]. Subsidiary Performance - The subsidiary, Lovol, reported revenue of 9.86 billion CNY, a year-on-year increase of 0.6%, and a net profit of 570 million CNY, up 2.3% [7]. - Kion's revenue for the first half of 2025 was 43.21 billion CNY, down 2.3% year-on-year, with a significant drop in net profit due to efficiency-related expenses [7]. Conclusion - Weichai Power is positioned for growth with strong overseas performance and a focus on new energy vehicles, supported by solid financial metrics and a commitment to shareholder returns [7][8].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the stock bull market, convertible bond ETFs continue to drive a significant increase in the share of bond ETFs. As of the close on August 29, 2025, compared with the close on August 22, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs changed by 33.48 million shares, - 1.37 million shares, no change, 22.31 million shares, and 487.60 million shares respectively, with a total change of 542.02 million shares in bond - type ETFs; compared with the end - of - last - month close, they changed by 121.50 million shares, - 39.28 million shares, - 0.40 million shares, 192.15 million shares, and 1498.10 million shares respectively, with a total change of 1772.07 million shares in bond - type ETFs [2][5]. - Core bond ETFs generally saw an increase in shares, convertible bond ETFs received substantial net inflows, and long - term interest - rate bonds were also allocated. The net value of long - term interest - rate bond ETFs stabilized and rose slightly, while convertible bond ETFs showed a significant correction [2][7]. Summary by Directory 1.1 Various Bond ETF Share Trends - In the stock bull market, convertible bond - type ETFs continue to drive a significant increase in the share of bond ETFs. As of August 29, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 650.23 million shares, 466.86 million shares, 79.78 million shares, 3098.66 million shares, and 5683.25 million shares respectively, with a total of 9978.77 million shares in bond - type ETFs [5]. 1.2 Main Bond ETF Share and Net Value Trends - Core bond ETFs generally saw an increase in shares, convertible bond ETFs received substantial net inflows, and long - term interest - rate bonds were also allocated. As of August 29, 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 248.07 million shares, 406.16 million shares, 31.73 million shares, 2381.68 million shares, and 4825.79 million shares respectively, with changes of 9.69 million shares, - 0.21 million shares, no change, no change, and 471.50 million shares respectively compared with August 22, 2025 [7]. - The net value of long - term interest - rate bond ETFs stabilized and rose slightly, while convertible bond ETFs showed a significant correction. As of August 29, 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 changed by 0.26%, - 0.01%, 0.05%, 0.03%, and - 2.54% respectively compared with August 22, 2025; compared with the end - of - last - month close, they changed by - 2.21%, - 0.66%, - 0.19%, - 0.06%, and 4.17% respectively [10]. 1.3 Credit Bond ETF Share and Net Value Trends - The overall share of credit bond ETFs was stable, with only a slight outflow of 3.00 million shares from Boshi Credit Bond ETF. As of August 29, 2025, among the 8 existing credit bond ETFs, only Boshi Credit Bond ETF had a change of - 3.00 million shares, and the others remained unchanged [14]. - The net value of credit bond ETFs rebounded slightly. As of August 29, 2025, compared with August 22, 2025, the net values of the 8 credit bond ETFs changed with some showing no change and others having increases such as 0.01%, 0.04% etc. [16]. 1.4 Science and Technology Innovation Bond ETF Share and Net Value Trends - The shares of science and technology innovation bond ETFs were slightly differentiated. As of August 29, 2025, among the 10 existing science and technology innovation bond ETFs, some had share decreases such as - 1.16 million shares, - 2.80 million shares, - 0.73 million shares, while others had increases such as 3.00 million shares, 1.05 million shares, 1.00 million shares [19]. - The net value of science and technology innovation bond ETFs generally stopped falling and rose slightly. As of August 29, 2025, compared with August 22, 2025, most of the 10 science and technology innovation bond ETFs had net value increases such as 0.01%, 0.02%, 0.03%, 0.04%, with only one showing a - 0.02% change [21]. - Last week, the PCF list repeatedly included 6 bonds such as 25 Postal K2. The top three bonds in the ranking of the product of the excess return change and the corresponding duration of each expanded bond were 25 Yuanrong K5, 25 Yuanrong K2, and 25 Yuehuan GK1, and the last three were 25 Shenneng K1, 25 Postal K2, and Jingzi K12 [22]. 1.5 Net Inflow of Some Bond ETFs - Convertible bond ETFs had the highest cumulative net inflow this week and this month. Weekly, the top three bond ETFs with cumulative net inflows were convertible bond ETF, short - term financing ETF, and benchmark treasury bond ETF; monthly, the top three were convertible bond ETF, Shanghai - Stock - Exchange convertible bond ETF, and urban investment bond ETF. In terms of cumulative trading days, the top three bond ETFs with cumulative net inflows in the past 10 trading days were convertible bond ETF (1135.76 million yuan), Shanghai - Stock - Exchange convertible bond ETF (188.22 million yuan), and 30 - year treasury bond ETF (48.71 million yuan); in the past 20 trading days, they were convertible bond ETF (1618.23 million yuan), Shanghai - Stock - Exchange convertible bond ETF (281.16 million yuan), and urban investment bond ETF (186.85 million yuan) [2][24].