Report Industry Investment Rating No information provided in the text Core Viewpoints - The divergence in the convertible bond market has intensified, and it is expected that the Sharpe ratio of assets will decline. The main sectors will "separate the wheat from the chaff", and attention should be paid to the sub - directions that have lagged behind in the early stage and have performance support [3][18] Summary by Relevant Catalogs Market Focus (2026/2/24 - 2026/2/27) Stock Market - After the Spring Festival, the market showed a warming trend, with major indices oscillating upwards and trading volume steadily increasing to about 2.5 trillion yuan. The market sentiment was generally positive. Upstream resource products became the main line of the market, with sectors such as non - ferrous metals, oil and gas, chemicals, and coal taking turns to perform, while the media sector adjusted significantly due to the adjustment of the film and entertainment and AI application sectors [1][8] - By industry, most Shenwan primary industries rose last week. Steel (12.27%), non - ferrous metals (9.77%), basic chemicals (7.15%), environmental protection (6.96%), and coal (5.92%) led the gains; media (-5.10%), commercial retail (-1.64%), food and beverage (-1.54%), and non - bank finance (-1.18%) performed poorly [9] Bond Market - At the beginning of the week, the bond market adjusted continuously under the suppression of factors such as the unexpected implementation of the Shanghai real - estate new policy and the strong linkage between stocks and commodities. On Friday, the capital market loosened, and the tone of the Politburo meeting was stable. Market sentiment gradually stabilized, and the yields of various maturities declined slightly. The whole week showed a pattern of gradually stabilizing during the adjustment. The 10 - year Treasury bond rate closed at 1.7877% on Friday, down 0.51bp from the last trading day before the Spring Festival [1][9] Convertible Bond Market - Last week, most convertible bond issues fell. The CSI Convertible Bond Index fell 0.23% for the whole week, the median price rose 1.22%, the calculated arithmetic average parity rose 3.46% for the whole week, and the market conversion premium rate decreased by 4.65% compared with the previous week. In terms of individual bonds, Youcai (polyester staple fiber), Shuangliang (space photovoltaic), Guanglian (commercial aerospace), Dazhong (lithium mine), and Guanzhong (environmental protection) convertible bonds led the gains; Huicheng (advanced packaging), Weidao (semiconductor equipment), Ruichuang (military industry), Xinfu (software), and Hengshuai (automotive motor) convertible bonds led the losses [2][9][13] - Most industries in the convertible bond market fell last week. Steel (4.73%), non - ferrous metals (1.99%), public utilities (1.90%), and building decoration (1.87%) performed well, while media (-4.45%), social services (-2.47%), commercial retail (-2.33%), and non - bank finance (-2.23%) performed poorly [12] - The total trading volume of the convertible bond market last week was 27.2551 billion yuan, with an average daily trading volume of 681.38 million yuan, a slight decrease from the previous week [15] Views and Strategies (2026/3/2 - 2026/3/6) Stock Market - After the new year, the introduction of structural monetary policies and the relaxation of real - estate control in Shanghai are better than the previous stable and moderate policy expectations, which is beneficial for maintaining a relatively high risk preference in the equity market. From the perspective of past seasonal effects, the winning rate of small - cap stocks is extremely high between the Spring Festival and the Two Sessions, and after the Two Sessions, the correlation between the stock market trend and performance gradually increases. During the spring rally, the price - increase chain in the technology + resource product sectors has obvious excess returns. As the economic data for January - February are gradually released, it is expected that March - April will be an important window for the market to further verify price increases and performance. The main sectors will face "separating the wheat from the chaff", and sectors that have lagged behind in the early stage and have current performance are more advantageous [3][18] Convertible Bond Market - After the Spring Festival, the divergence in the convertible bond market has increased. On the 25th and 26th, the premium rates of high - price and high - premium targets were significantly compressed. Some investors are worried that the spring market will gradually come to an end in terms of duration. According to the previous judgment (the sustainability of the polarized valuation of convertible bonds depends on the stock market expectations), it is expected that the volatility of convertible bonds in March (especially the volatility of the premium rate) will further increase. It should be recognized that there are obvious differences between selecting convertible bonds and selecting underlying stocks at this stage. Most of the core targets related to the main equity lines are expected to have a poor Sharpe ratio for convertible bonds at a conversion premium rate of over 30%, and they are not the best choice for the current portfolio allocation. Bond selection needs to sort out the upward logic one by one and screen by considering both the price and premium rate of the available convertible bond targets [3][18] - In the context of power shortages in North America, most convertible bonds related to main lines such as high - volume orders for gas turbines, price increases in the upstream and downstream of the electronic industry chain such as power semiconductors/silicon wafers/carrier tapes, and the increasing prosperity of liquid cooling are all high - price and high - premium, and many targets are close to triggering redemption. At present, when the divergence in the convertible bond market has emerged, the volatility of convertible bonds may be greater than that of the underlying stocks in the short term, and the odds are limited. Some targets are about to enter the conversion period. If the major shareholders reduce their holdings and the market corrects, and the convertible bond valuation is significantly compressed, then additional allocation can be considered [18] - For the AI main line, consider allocating to the divergent fields that have relatively lagged behind in the early stage and have performance support, such as computing power leasing, energy storage, embodied intelligence, and autonomous driving [18] - Against the background of the global increase in strategic reserves of resource products and the downward trend of the US dollar, pay attention to the polyester industry chain, engineering machinery, resource products and mining services. In addition, pay attention to the innovative drug industry chain, two - wheeled vehicles, and the post - cycle of the real - estate chain [18] - If the equity market turns down, funds will replenish the defensive sectors that have fallen significantly in the early stage. Referring to past experience, at the beginning of the equity market decline, the parity and valuation of the entire convertible bond market will fall together. Then, the low - price bottom - position varieties with high ratings will stabilize first. It is recommended to reduce positions as a response. After that, pay attention to the defensive sectors such as banks and power that have adjusted more in the early stage [18] Valuation Overview - As of last Friday (2026/02/27), for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 54.87%, 46.47%, 35.03%, 26.27%, 23.02%, and 15.61% respectively, which were at the 99%/99%, 98%/99%, 99%/99%, 98%/98%, 98%/100%, and 98%/97% percentile values since 2010/2021 [19] - For bond - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was -5.14%, which was at the 1%/3% percentile values since 2010/2021 [19] - The average implied volatility of all convertible bonds was 49.88%, which was at the 95%/98% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 8.63%, which was at the 96%/98% percentile values since 2010/2021 [19] Primary Market Tracking - Last week (2026/2/24 - 2026/2/27), Xianghe and Tonglian convertible bonds announced their issuance, and Aiwei convertible bonds were listed [26] - As of the announcements on February 27, there are no convertible bonds announced for issuance and listing next week (2026/3/2 - 2026/3/6). Last week, the exchanges accepted applications from 2 companies (Zuoli Pharmaceutical and Zhenyu Technology), and the general meetings of shareholders passed the applications of 3 companies (Shenghui Integration, Aopute, and Shenling Environment). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board proposals. As of now, there are a total of 102 convertible bonds to be issued, with a total scale of 166.28 billion yuan, including 5 that have been approved for registration with a total scale of 4.39 billion yuan and 7 that have passed the listing committee with a total scale of 6.97 billion yuan [29]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including basic elements such as bond names, underwriters, scales, underlying stocks, project statuses, and update dates. It also provides information on new projects added this week [1] 3. Summary by Related Catalog New Project Information This Week - Hubei Angel Biotechnology Group Co., Ltd.'s 2026 private exchangeable corporate bond project for professional investors received feedback from the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Angel Yeast (600298.SH), the lead underwriter is Huatai United Securities, and the exchange update date is February 27, 2026 [1] List of Private EB Projects - A list of private EB projects from 2024 - 2026 is provided, including details such as bond names, underwriters, scales, underlying stocks, project statuses (e.g., passed, feedback received, accepted), and update dates. Projects involve companies like Fuda Holdings Group Co., Ltd., Nanshan Group Co., Ltd., and many others [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, the REITs market experienced a correction, with the CSI REITs Index falling 0.6% for the week. Only data center, ecological environment protection, and transportation REITs closed in the positive territory. In terms of the weekly price changes of major indices, the ranking is: CSI 300 > CSI Aggregate Bond > CSI Convertible Bond > CSI REITs. As of February 27, 2026, the dividend yield of equity REITs is 65 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 318 basis points. This week, the China Construction Bank Tianjin Lingang Port REIT was officially declared, marking an important breakthrough in the securitization of China's port industry assets [1]. Summary by Relevant Catalogs Secondary Market Trends - As of February 27, 2026, the closing price of the CSI REITs Index was 796.08 points, with a weekly price change of - 0.6%, performing worse than the CSI 300 Index (1.1%), the CSI Aggregate Bond Index (- 0.4%), and the CSI Convertible Bond Index (- 0.2%). Year - to - date, the ranking of price changes of major indices is: CSI Convertible Bond (+ 6.8%) > CSI REITs (+ 2.7%) > CSI 300 (+ 1.7%) > CSI Aggregate Bond (+ 0.6%). In the past year, the return of the CSI REITs Index was - 6.5%, and the volatility was 6.9%. The return was lower than that of the CSI Convertible Bond Index, the CSI 300 Index, and the CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index. The total market capitalization of REITs on February 27 was 227.4 billion yuan, a decrease of 1.4 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.35%, an increase of 0.02 percentage points from the previous week [2][6][8]. - In terms of different project attributes, the average weekly price changes of equity - type REITs and concession - type REITs were - 1.5% and - 0.1% respectively. In terms of different project types, there was a divergence in price changes among sectors, with data center, ecological environment protection, and transportation REITs closing in the positive territory. The top three REITs in terms of weekly price increase were Southern Runze Technology Data Center REIT (+ 2.68%), Huatai Jiangsu Expressway REIT (+ 2.33%), and Hua'an Waigaoqiao REIT (+ 1.70%) [3][15][18]. - Among different project types, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.5%; transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 18.5% of the total trading volume of REITs. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (8.97 million yuan), Huatai Jiangsu Expressway REIT (8.18 million yuan), and China AMC Anbo Warehouse REIT (7.60 million yuan) [3][20][21]. Primary Market Issuance - From January 1 to February 27, 2026, there were 3 REIT products in the in - query stage, 10 products with feedback, 9 products declared, and 13 commercial real - estate REITs officially declared on the exchange [23]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is of concern. As of January 23, the average annualized cash distribution rate of public - offering REITs was 6.3%. From the equity perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash - flow method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, evaluating the secondary - market valuation level from the valuation of underlying assets; P/FFO is a short - term indicator, estimating the distributable cash flow from the recent operation of assets to judge the current investment return [25]. - As of February 27, 2026, the dividend yield of equity REITs was 65 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 318 basis points [1][26]. Industry News - On February 25, the Jianxin Tianjin Lingang Development Group Port Closed - end Infrastructure Securities Investment Fund was officially declared. The project was initiated by Tianjin Lingang Development Group, with Tianjin Lingang Port Group as the original equity holder and China Construction Bank Fund as the fund manager. Its underlying assets are 14 various types of terminal berths in the Dagukou Port Area, involving grain and oil terminals, general cargo terminals, and liquefied terminals, etc., with rich asset reserves and solid continuous operation capabilities. It is the first port real - estate investment trust fund (REITs) in China, marking an important breakthrough in the securitization of China's port industry assets [4][32]. - On February 27, the GF Xincheng Wuyue Closed - end Commercial Real - Estate Securities Investment Fund was officially declared. The initiator of this public - offering REITs is Wuyue Shunrui (Shanghai) Commercial Operation and Management Co., Ltd., the manager is GF Fund Management Co., Ltd., and Ruiyuan Capital Management Co., Ltd. is the special plan manager. The underlying assets are high - quality commercial complexes of Wuyue Plaza under New Town Holdings, which is one of the landmark projects promoted by private real - estate enterprises since the pilot implementation of commercial real - estate REITs [4][32].

Investment Rating - The report rates the space photovoltaic industry as "outperforming the market" [2]. Core Insights - The space photovoltaic technology involves deploying photovoltaic systems in space environments, primarily for powering spacecraft, with potential future applications. The interest in space photovoltaics has surged since 2025 due to the rapid development of commercial space and space computing, with a significant increase in low Earth orbit satellite constellations [3][6]. - The main technology currently used in space photovoltaics is gallium arsenide (GaAs) multi-junction solar cells, which are highly reliable and stable but face cost and resource limitations for large-scale applications. Future technology routes include heterojunction (HJT) silicon and perovskite solar cells, which show potential for lightweight applications [3][6]. - The estimated market value for GaAs solar cells in 2025 is over 8 billion yuan, with projections for the market to grow significantly over the next 20 years, reaching close to 100 billion yuan in the mature phase [3][79]. Summary by Sections Market Outlook - The space photovoltaic market is expected to see a significant increase in demand due to the rapid growth of commercial space and satellite deployments, with a projected market size growth from approximately 10 billion yuan to nearly 100 billion yuan in the mature phase [3][79]. - The report highlights the need for low-cost, large-scale solutions in various application scenarios, including satellite power, space station infrastructure, and deep space exploration [9]. Technology Analysis - The report identifies three main technology routes for space photovoltaics: GaAs multi-junction cells, HJT silicon cells, and perovskite cells. GaAs cells are currently dominant but expensive, while HJT and perovskite cells offer potential for cost reduction and lightweight applications [3][41]. - Perovskite cells are noted for their high efficiency and lightweight potential, making them suitable for future space applications [3][40]. Application Scenarios - The report categorizes space photovoltaic applications into five main areas: spacecraft power supply, large in-orbit infrastructure, deep space exploration, planetary surface power systems, and new space energy infrastructure [9]. - Each application scenario has specific power requirements and emphasizes the need for reliable, long-lasting, and cost-effective solutions [9].

证券研究报告 | 2026年2月29日 AI周报： AI快速发展，AI HALO资产价值彰显 行业研究 · 行业专题 计算机&通信 投资评级：优于大市（维持评级） 证券分析师：熊莉 021-61761067 xiongli1@guosen.com.cn S0980519030002 证券分析师：艾宪 0755-22941051 aixian@guosen.com.cn S0980524090001 请务必阅读正文之后的免责声明及其项下所有内容 AI HALO：AI领域的重资产、低淘汰率 图1：美国基建股指数价格波动（25年1月-26年2月） 资料来源：Wind，国信证券经济研究所整理 n AI HALO：AI领域的重资产、低淘汰率。 Ø 定义：HALO = Heavy Assets（重资产）+ Low Obsolescence（低淘汰率）。其中，重资产是指其商业模式建立在庞大的实物资本基础之上，具有很高 复制壁垒（例如成本、监管、建设时间、工程复杂性、网络整合难度等）的资产；低淘汰率是指资产的经济相关性能够穿越技术周期而持久存在（即 商业模式、资产是刚需，不会因AI革命而被取代）。 Ø 代表资产：HALO代表 ...

证券研究报告 | 2026年2月29日 AI周报： AI快速发展，AI HALO资产价值彰显 行业研究 · 行业专题 计算机&通信 投资评级：优于大市（维持评级） 证券分析师：熊莉 021-61761067 xiongli1@guosen.com.cn S0980519030002 证券分析师：艾宪 0755-22941051 aixian@guosen.com.cn S0980524090001 请务必阅读正文之后的免责声明及其项下所有内容 AI HALO：AI领域的重资产、低淘汰率 图1：美国基建股指数价格波动（25年1月-26年2月） 资料来源：Wind，国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 图2：美国SaaS指数价格波动（25年1月-26年2月） n AI HALO：AI领域的重资产、低淘汰率。 Ø 定义：HALO = Heavy Assets（重资产）+ Low Obsolescence（低淘汰率）。其中，重资产是指其商业模式建立在庞大的实物资本基础之上，具有很高 复制壁垒（例如成本、监管、建设时间、工程复杂性、网络整合难度 ...

Investment Rating - The report maintains a rating of "Underperform" for the U.S. stock market [4]. Core Views - The market continues to experience volatility, with a focus on semiconductor and media sectors [2]. - The S&P 500 index decreased by 0.4% this week, while the Nasdaq Composite fell by 1.0% [1]. - Among 15 sectors, 6 sectors showed positive performance, with Household & Personal Products and Commercial & Professional Services both increasing by 3.3% [1]. Summary by Sections 1. Investment Returns - The weighted average price return for various sectors shows significant variation, with Energy at 2.1% and Materials at 1.4% for the week [13]. - The Household & Personal Products sector had a return of 3.3%, while the Banking sector saw a decline of 5.4% [13]. 2. Fund Flows - The estimated fund flow for S&P 500 constituents was -31.9 billion USD this week, indicating a net outflow [2]. - Key sectors with inflows included Media & Entertainment (+28.3 million USD) and Pharmaceuticals, Biotechnology & Life Sciences (+7.2 million USD) [2]. - The Semiconductor Products & Equipment sector experienced the largest outflow at -57.0 million USD [2]. 3. Earnings Forecast - The S&P 500 constituents' dynamic EPS expectations increased by 0.7% this week, with 20 sectors seeing upward revisions [3]. - The Semiconductor Products & Equipment sector had a notable upward revision of 3.6% in earnings expectations [3]. - The Materials sector saw a downward revision of -0.5% in earnings expectations [3]. 4. Valuation Levels - Valuation levels across sectors vary, with the report indicating a focus on the semiconductor and media sectors for potential investment opportunities [4].

证券研究报告 | 2026年03月01日 2026年02月28日 2026年03月01日 港股市场速览 优于大市 中上游表现强势，全局盈利预测显著上修 股价表现：中上游行业与大盘风格表现较优 本周，恒生指数+0.8%（上周-0.6%），恒生综指+0.4%（上周-0.7%）。风格 方面，大盘（恒生大型股+0.6%）＞小盘（恒生小型股-0.1%）＞中盘（恒生 中型股-0.4%）。 主要概念指数多数下跌。上涨的主要有恒生高股息（+1.5%）；下跌的主要 有恒生生物科技（-4.7%）。 国信海外选股策略组合分化。上涨的主要有红利贵族 50（+0.7%）；下跌的 主要有 ROE 策略进攻型（-1.6%）。 17 个行业上涨，13 个行业下跌。上涨的主要有：钢铁（+6.1%）、有色金属 （+4.6%）、基础化工（+3.9%）、银行（+3.4%）、煤炭（+3.4%）；下跌的 主要有：医药（-4.6%）、家电（-2.4%）、商贸零售（-1.9%）、轻工制造 （-1.8%）、计算机（-1.7%）。 估值水平：整体回落，中上游拉升 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-0.8%至 11.3x； 恒生综指估值 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1]. Core Insights - MiniMax 2.5 has been released, making the operation of complex agents economically viable. The new Expert feature allows users to inject their skills and knowledge into agents, creating specific Standard Operating Procedures (SOPs) [2]. - MiniMax 2.5 shows excellent performance in handling complex tasks economically, with a 37% increase in task completion speed compared to the previous version, M2.1. The cost of running agents is significantly lower than competitors, with a cost of $1 for one hour of continuous operation at 100 tokens per second [3][4]. - The internal implementation of MiniMax 2.5 has led to 30% of overall tasks being autonomously completed by the model, with 80% of new code submissions generated by M2.5 in programming scenarios [4]. - The Expert feature has seen over 16,000 expert agents created by users, covering various professional fields, and future iterations will introduce pricing and revenue-sharing mechanisms for creators [5]. Financial Projections - Revenue projections for 2025-2027 are adjusted to $70 million, $208 million, and $514 million, respectively, with a slight decrease in 2025 expectations but an increase for 2026 and 2027 [7]. - The adjusted net profit estimates for the same period are projected at -$30 million, -$35 million, and -$31 million, with minor adjustments [7]. - The company is expected to maintain a strong growth trajectory, particularly in overseas markets, where 73% of revenue is derived [6].

Monetary Policy Insights - The central economic work conference emphasizes "flexible and efficient" monetary policy to promote stable economic growth and reasonable price recovery in 2026[1] - "Flexible" indicates a responsive approach to monetary tools like reserve requirement ratio (RRR) cuts and interest rate reductions based on economic conditions, rather than a fixed schedule[1] - The current weighted average RRR is at 6.2%, close to the 5% lower limit, indicating limited room for further cuts[2] Expected Policy Actions - A RRR cut of 50 basis points (BP) is anticipated in Q2 2026 to support bond issuance, followed by a potential interest rate cut of 10 BP in the second half of the year depending on economic conditions[2] - The actual lower limit for policy rates may be around 1%, significantly above the theoretical "zero lower bound"[2] Economic Indicators - Fixed asset investment has decreased by 3.80% year-on-year, while retail sales have increased by 0.90% and exports have risen by 6.60%[5] - M2 money supply growth stands at 9.00%, indicating liquidity in the market[5] External Environment - The external environment remains uncertain, particularly with the upcoming change in the U.S. Federal Reserve leadership, which may influence the timing of domestic interest rate cuts[2] - Recent rulings have reduced unilateral trade pressure, suggesting a more stable external trade environment[27] Structural Support - The monetary policy will focus on liquidity support while structural tools will be used to enhance domestic demand, technological innovation, and support for small and medium enterprises[14]