Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [59]. Core Insights - The automotive parts sector saw a weekly decline of 6.20%, ranking 5th among the SW automotive indices, while the robot sector declined by 5.82%, with a year-to-date performance of -9.93% [2][15]. - The latest trading day PE (TTM) for the automotive parts sector is at the 70.62% historical percentile, and the PB (LF) is at the 64.82% historical percentile [24]. - The humanoid robot sector's trading heat has dropped to a historical low, with the latest PE (TTM) at the 22.34% percentile since 2025 [34]. Summary by Sections Automotive Parts Weekly Review - The automotive parts sector's performance this week was -6.20%, with a year-to-date performance of -7.28% [20][21]. - The sector's valuation metrics have decreased, with PE and PB ratios both declining since the beginning of 2026 [24]. - Key companies in the sector reported varied performance, with Fuyao Glass showing a revenue increase of 16.65% and a net profit increase of 24.20% for 2025 [52]. Humanoid Robot Weekly Review - The humanoid robot index declined by 5.82% this week, with a year-to-date decline of 9.93% [26]. - The trading volume and turnover rate for humanoid robots have reached historical lows, indicating reduced market activity [30]. - The latest PE (TTM) for the humanoid robot sector is at the 22.34% percentile, reflecting a significant drop in valuation [34]. Key Company Tracking - Notable companies include Fuyao Glass, which reported a revenue of 457.87 billion yuan and a net profit of 93.12 billion yuan for 2025, and Xinyuan Co., which reported a revenue increase of 17.04% but a net profit decrease of 16.54% [52]. - The top-performing stocks this week included Shuanghuan Transmission (+0.71%) and Songyuan Safety (+0.55%) [46]. Investment Recommendations - For the automotive parts sector, the report suggests focusing on product-oriented companies and those entering high-value segments to enhance ASP [54]. - In the robot sector, the report highlights the importance of technological synergies and manufacturing collaboration, recommending companies like Top Group and Junsheng Electronics [54].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in total revenue and net profit for 2025, with total revenue rising by 56% year-on-year to $612 million and net profit increasing by 181% to $171 million [1] - The fourth quarter of 2025 saw a total revenue increase of 42% year-on-year to $176 million, with net profit up by 61% to $45 million [1] - The company is expanding its international strategy, resulting in a notable increase in user numbers and asset scale [1] Revenue Summary - The company experienced a 67.8% year-on-year increase in commission income to $267 million, driven by a rebound in Hong Kong stocks and active U.S. markets, leading to a rise in the number of funded clients to 1.25 million (up 14.8% year-on-year) and total account balances reaching a historical high of $60.8 billion (up 45.7% year-on-year) [1] - Interest income grew by 34% year-on-year to $257 million, primarily due to increased margin activities among comprehensive account clients, with margin financing balances rising by 21.5% to $5.4 billion [1] - Other income surged by 163.4% year-on-year to $7.8 million, mainly from wealth management services, exchange income, and IPO distribution income [1] Cost Summary - Total operating costs and expenses increased by 30.9% year-on-year to $330.3 million, driven by increased trading volumes and business expansion [1] - Settlement and execution costs rose by 40.2% year-on-year to $20.5 million due to higher trading volumes [1] - Compensation and benefits expenses increased by 36.6% year-on-year to $167.2 million, reflecting the company's global expansion and growth in employee numbers [1] Business Expansion - The company launched new overseas services, including cryptocurrency deposit services and local stock trading in New Zealand, enhancing investment scenarios [1] - New features were introduced to expand the user base, such as CPF and SRS account trading in Singapore [1] - The company also launched its first Japanese market derivative product, Nikkei Futures, in Hong Kong, further diversifying its global multi-asset trading offerings [1] Earnings Forecast and Valuation - The earnings forecast for the company has been adjusted upwards, with expected net profits of $230 million, $310 million, and $405 million for 2026, 2027, and 2028 respectively [1] - Corresponding P/E ratios are projected to be 0.34, 0.25, and 0.19 [1] - The company is expected to continue expanding its overseas market and accelerating user growth, indicating substantial medium to long-term growth potential [1]

Group 1 - The report indicates that the A-share market is likely to experience a critical investment period in the upcoming week, with potential for either a rebound or continued adjustment due to recent overselling [2][25]. - The macro monthly timing model for March 2026 scored -2, historically correlating with a 30.77% probability of the Wande All A Index rising in the following month, with an average decline of -1.58% [23][29]. - The report highlights that the market sentiment is currently weak, as indicated by the negative scores in the macro high-frequency timing model, suggesting a challenging environment for investors [23][32]. Group 2 - The report provides a detailed analysis of ETF fund size changes, noting that the top three performing equity ETFs in terms of size increase were the Strategy Index ETF (3.098 billion), Cross-border Industry Index ETF (0.1 billion), and Style Index ETF (-0.121 billion) [9][11]. - Conversely, the report identifies significant declines in fund sizes for the Cross-border Theme Index ETF (-30.34 billion), Scale Index ETF (-31.177 billion), and Theme Index ETF (-66.487 billion), indicating a shift in investor preferences [9][10]. - The report suggests a balanced ETF allocation strategy for investors, considering the current market conditions and potential for short-term volatility [61][63]. Group 3 - The report emphasizes the importance of monitoring geopolitical developments, particularly the U.S. military presence in the Middle East, which could impact global markets, including equities, precious metals, and oil [25][23]. - The report notes that the A-share market has shown some resilience, with the ChiNext Index rising by 1.26% during the week, indicating pockets of profitability despite overall market adjustments [23][32]. - The report concludes that the market may remain in a short-term oscillation phase, advising investors to wait for clearer signals before making further investment decisions [62][63].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - This week (20260316 - 20260320), 28 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 1.7129 billion yuan, a decrease of 1.1476 billion yuan from last week. The issuance period is mainly short - to medium - term (less than 5 years). The issuers include local state - owned enterprises, central enterprise subsidiaries, central financial enterprises, Sino - foreign joint - ventures, and private enterprises. The issuer regions are in multiple provinces in China and overseas. The bond types are diverse [1]. - This week, the total turnover of green bonds was 7.04 billion yuan, an increase of 1.06 billion yuan from last week. Non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the highest trading volumes. Green bonds with a maturity of less than 3 years had the highest trading volume, accounting for about 86.70%. The top three industries in terms of trading volume are finance, public utilities, and transportation equipment. The top three regions in terms of trading volume are Beijing, Guangdong, and Shanghai [2]. - This week, the overall deviation of the weekly average trading price valuation of green bonds was not large. The discount trading amplitude was greater than the premium trading, and the discount trading ratio was less than the premium trading. The top three discount bonds and premium bonds are listed, along with their subject industries, implicit ratings, and regional distributions [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - 28 new green bonds were issued, with a total scale of about 1.7129 billion yuan, a decrease of 1.1476 billion yuan from last week [1]. - The issuance period is mainly short - to medium - term (less than 5 years) [1]. - Issuers include local state - owned enterprises, central enterprise subsidiaries, central financial enterprises, Sino - foreign joint - ventures, and private enterprises [1]. - The issuer regions are Anhui, Beijing, Guangdong, Tianjin, Henan, Hubei, Jiangsu, Jiangxi, Shandong, Zhejiang, Sichuan, and overseas [1]. - Bond types include ultra - short - term financing bills, directional instruments, short - term financing bills, ABNs of the NAFMII, enterprise ABS, general corporate bonds, China Agricultural Development Bank bonds, and medium - term notes [1]. 3.2 Secondary Market Transaction - The total turnover of green bonds was 7.04 billion yuan, an increase of 1.06 billion yuan from last week [2]. - By bond type, non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the highest trading volumes, which were 3.25 billion yuan, 2.95 billion yuan, and 0.62 billion yuan respectively [2]. - By issuance period, green bonds with a maturity of less than 3 years had the highest trading volume, accounting for about 86.70% [2]. - By issuer industry, the top three industries in terms of trading volume are finance (3.26 billion yuan), public utilities (1.2 billion yuan), and transportation equipment (0.24 billion yuan) [2]. - By issuer region, the top three regions in terms of trading volume are Beijing (2.37 billion yuan), Guangdong (0.76 billion yuan), and Shanghai (0.57 billion yuan) [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds are 25 Jishui 1B (- 1.0091%), 25 Puzhi G3 (- 0.8010%), and 26LXGK1 (- 0.7724%). The subject industries are mainly construction, real estate, and finance. The implicit ratings are mainly AA +, AA, and AA-. The regions are mainly Guangdong, Henan, and Shandong [3]. - **Premium Bonds**: The top three premium bonds are 23 Bank of Communications Green Bond 01 (0.5717%), 23 Industrial and Commercial Bank of China Green Bond 03 (0.5589%), and 23 Industrial and Commercial Bank of China Green Financial Bond 02 (0.5584%). The subject industries are mainly finance, energy, and public utilities. The implicit ratings are mainly AAA, AAA-, and AA +. The regions are mainly Beijing, Shanghai, and Jiangsu [3].

- The CSI Cloud Computing 50 Index selects 50 listed companies involved in providing IaaS, PaaS, SaaS services, and hardware for cloud computing as index samples to reflect the overall performance of the cloud computing industry[3][27][28] - The index is based on December 31, 2014, with a base point of 1000 and was officially released on June 12, 2020[27][28] - The sample selection process includes filtering securities based on daily average trading volume, revenue growth rate, and market capitalization over specific periods, ensuring the top 50 securities are included[28] - The index is adjusted semi-annually, with changes implemented on the next trading day after the second Friday of June and December each year[28] - The index has demonstrated superior long-term and short-term performance compared to similar cloud computing indices and broad-based indices like CSI 500, with an annualized return of 13.44% since inception and a Sharpe ratio of 0.36[29][32] - From March 6, 2023, to March 6, 2026, the index achieved a return of 138.94%, significantly outperforming the CSI 500 index's return of 30.83% during the same period[29][32] - The index exhibits high liquidity, with a daily average trading volume of 29 billion shares and a daily average trading value of 1176 billion yuan as of March 6, 2026[32][34] - The index covers large, medium, and small-cap stocks with balanced weight distribution, with the weighted average free float market capitalization of its components being approximately 975 billion yuan[35][36] - The index is heavily weighted in industries such as data centers, application software, and communication system equipment, which collectively account for over 50% of the index's weight[38][39] - The index demonstrates strong profitability, with ROE at 8.83%, sales net profit margin at 7.07%, and revenue growth rate at 25.35% as of Q3 2025, outperforming similar indices[41][43][45] - The index's PE ratio (TTM) is 69.30, and its PB ratio (LF) is 8.14, indicating moderate valuation levels relative to its historical range[47][49][50] - The top 10 constituents of the index include companies from sectors such as communication equipment, electronic components, data centers, and software development, with weights ranging from 3.51% to 8.40%[51][52]

Quantitative Models and Construction Methods - **Model Name**: Dividend-adjusted futures basis model **Model Construction Idea**: The model adjusts the futures basis by incorporating the impact of expected dividends during the contract's lifespan[8][17] **Model Construction Process**: 1. The futures basis is defined as the difference between the futures contract closing price and the underlying index closing price[17]. 2. The adjustment formula is: $ \text{Adjusted Basis} = \text{Actual Basis} + \text{Expected Dividends during Contract's Lifespan} $[18] 3. Annualized basis calculation: $ \text{Annualized Basis} = (\text{Actual Basis} + \text{Expected Dividend Points}) / \text{Index Price} \times 360 / \text{Days Remaining in Contract} $[19] **Model Evaluation**: The model effectively accounts for dividend impacts, providing a more accurate representation of futures pricing dynamics[8][17] - **Model Name**: Continuous hedging strategy **Model Construction Idea**: This strategy leverages the convergence of futures basis over time by continuously rolling over contracts[40] **Model Construction Process**: 1. Backtesting period: July 22, 2022, to March 20, 2026[41] 2. Portfolio allocation: 70% of funds in the spot index and 30% in short futures contracts[41] 3. Rebalancing rule: Roll over contracts when fewer than two days remain until expiration, using the closing price to open new positions in the next contract[41] **Model Evaluation**: The strategy provides stable returns but is sensitive to transaction costs and market liquidity[40][41] - **Model Name**: Minimum basis strategy **Model Construction Idea**: This strategy selects futures contracts with the smallest annualized basis for hedging[42] **Model Construction Process**: 1. Backtesting period: July 22, 2022, to March 20, 2026[42] 2. Portfolio allocation: 70% of funds in the spot index and 30% in short futures contracts[42] 3. Selection rule: Calculate the annualized basis for all available contracts and choose the one with the smallest basis[42] 4. Holding period: Hold the selected contract for eight trading days or until fewer than two days remain until expiration[42] **Model Evaluation**: The strategy reduces basis risk but requires frequent rebalancing, increasing operational complexity[42] Model Backtesting Results - **Dividend-adjusted futures basis model**: - IC contract: Current basis -7.30%, weekly high -5.81%[20] - IF contract: Current basis -4.51%, weekly high -4.23%[25] - IH contract: Current basis -0.54%, weekly high 0.26%[30] - IM contract: Current basis -8.91%, weekly low -9.69%[35] - **Continuous hedging strategy**: - IC: Annualized return -3.27%, volatility 3.82%, max drawdown -12.10%, net value 0.8862[44] - IF: Annualized return 0.25%, volatility 2.85%, max drawdown -3.95%, net value 1.0093[49] - IH: Annualized return 0.99%, volatility 2.89%, max drawdown -4.22%, net value 1.0364[53] - IM: Annualized return -6.17%, volatility 4.30%, max drawdown -21.04%, net value 0.7936[55] - **Minimum basis strategy**: - IC: Annualized return -1.66%, volatility 4.55%, max drawdown -8.56%, net value 0.9412[44] - IF: Annualized return 1.16%, volatility 2.99%, max drawdown -4.06%, net value 1.0428[49] - IH: Annualized return 1.62%, volatility 2.94%, max drawdown -3.91%, net value 1.0599[53] - IM: Annualized return -3.95%, volatility 5.13%, max drawdown -14.41%, net value 0.8638[55] Quantitative Factors and Construction Methods - **Factor Name**: VIX (Volatility Index) **Factor Construction Idea**: Reflects market expectations of future volatility based on option prices[58] **Factor Construction Process**: 1. Adjusted methodology based on international practices and domestic market characteristics[58] 2. Incorporates term structure to show volatility expectations across different time horizons[58] **Factor Evaluation**: Provides valuable insights into market sentiment and risk levels[57][58] - **Factor Name**: SKEW (Skewness Index) **Factor Construction Idea**: Measures the asymmetry in implied volatility across different strike prices, indicating market sentiment towards extreme events[62] **Factor Construction Process**: 1. Tracks the slope of implied volatility curves for options with varying strike prices[62] 2. Higher values indicate increased concern about downside risks, while lower values suggest reduced tail risk[62] **Factor Evaluation**: Useful for assessing market expectations of tail risks and extreme events[62] Factor Backtesting Results - **VIX**: - 30-day VIX levels: - SSE 50: 21.61 (74% percentile since 2024)[58] - CSI 300: 20.97 (69% percentile since 2024)[58] - CSI 500: 34.19 (91% percentile since 2024)[58] - CSI 1000: 28.52 (65% percentile since 2024)[58] - **SKEW**: - 30-day SKEW levels: - SSE 50: 100.79 (72.2% percentile since 2024)[63] - CSI 300: 103.11 (73.1% percentile since 2024)[63] - CSI 500: 99.94 (44.0% percentile since 2024)[63] - CSI 1000: 98.68 (13.1% percentile since 2024)[63]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - There was no new issuance of secondary capital bonds in the inter - bank market and the exchange market from March 16 to March 20, 2026 [1]. - From March 16 to March 20, 2026, the total weekly trading volume of secondary capital bonds was approximately 188.4 billion yuan, a decrease of 29.9 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC, 25 Agricultural Bank of China Secondary Capital Bond 02A(BC), and 25 Bank of China Secondary Capital Bond 03A(BC) [2]. - By the region of the issuer, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with approximately 141.4 billion yuan, 11.7 billion yuan, and 10.3 billion yuan respectively. - As of March 20, the changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to the previous week were - 1.71BP, - 0.64BP, - 1.64BP; - 1.07BP, - 1.07BP, - 1.07BP; and - 1.89BP, - 2.79BP, - 2.79BP respectively [2]. - From March 16 to March 20, 2026, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large. The proportion and amplitude of discount transactions were greater than those of premium transactions. The top three discount - rate bonds were 24 Jining Bank Secondary Capital Bond 01, 25 Shanghai Pufa Bank Secondary Capital Bond 01B, and 22 Shengjing Bank Secondary Capital Bond 01. The top three premium - rate bonds were 21 Huishang Bank Secondary Bond 01, 22 Industrial and Commercial Bank of China Secondary Capital Bond 05B, and 24 Industrial and Commercial Bank of China Secondary Capital Bond 01B(BC) [3]. 3. Summary by Relevant Catalog 3.1 Primary Market Issuance - From March 16 to March 20, 2026, there was no new issuance of secondary capital bonds in the inter - bank market and the exchange market [1]. 3.2 Secondary Market Transactions - **Trading Volume**: The total weekly trading volume was approximately 188.4 billion yuan, a decrease of 29.9 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC (13.203 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 02A(BC) (11.921 billion yuan), and 25 Bank of China Secondary Capital Bond 03A(BC) (10.865 billion yuan) [2]. - **Regional Distribution**: By the region of the issuer, the top three regions in terms of trading volume were Guangdong Province (approximately 141.4 billion yuan), Guizhou Province (approximately 11.7 billion yuan), and Heilongjiang Province (approximately 10.3 billion yuan) [2]. - **Yield to Maturity**: As of March 20, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to the previous week were - 1.71BP, - 0.64BP, - 1.64BP respectively. For 7Y secondary capital bonds, the changes were - 1.07BP for all three ratings. For 10Y secondary capital bonds, the changes were - 1.89BP, - 2.79BP, - 2.79BP respectively [2][8]. 3.3 Top Thirty Bonds in Terms of Valuation Deviation - **Discount Bonds**: The top three discount - rate bonds were 24 Jining Bank Secondary Capital Bond 01 (- 1.3469%), 25 Shanghai Pufa Bank Secondary Capital Bond 01B (- 0.4665%), and 22 Shengjing Bank Secondary Capital Bond 01 (- 0.3742%). The Zhongzhai implicit ratings were mainly AAA -, AA -, and AA +, and the bonds were mostly distributed in Beijing, Shanghai, and Guangdong [3]. - **Premium Bonds**: The top three premium - rate bonds were 21 Huishang Bank Secondary Bond 01 (0.1403%), 22 Industrial and Commercial Bank of China Secondary Capital Bond 05B (0.1244%), and 24 Industrial and Commercial Bank of China Secondary Capital Bond 01B(BC) (0.1104%). The Zhongzhai implicit ratings were mainly AAA -, AA +, and AA, and the bonds were mostly distributed in Beijing, Fujian, and Shanghai [3].

Investment Rating - The investment rating for Chery Automobile is "Buy" (maintained) [1] Core Insights - The Q4 performance of Chery Automobile met expectations, with total revenue of 85.45 billion yuan, showing a year-on-year increase of 17% [8] - The company achieved a total sales volume of 752,000 units in Q4, with an average selling price (ASP) of 114,000 yuan, reflecting a year-on-year increase of 7% [8] - The gross margin for Q4 was 14.0%, with a year-on-year improvement attributed to an increase in export sales [8] - Chery's five brands cater to diverse market needs, with over 52.4% of revenue coming from markets outside China in 2025 [8] - The forecast for net profit for 2026 and 2027 is 21.2 billion yuan and 25.3 billion yuan, respectively, with an expected net profit of 30 billion yuan in 2028 [8] Financial Projections - Total revenue projections for Chery Automobile are as follows: - 2024: 269.9 billion yuan - 2025: 300.3 billion yuan (11.26% YoY growth) - 2026: 335.5 billion yuan (11.73% YoY growth) - 2027: 388.8 billion yuan (15.89% YoY growth) - 2028: 428.3 billion yuan (10.15% YoY growth) [1] - Projected net profit figures are: - 2024: 14.1 billion yuan - 2025: 19.0 billion yuan (34.55% YoY growth) - 2026: 21.2 billion yuan (11.64% YoY growth) - 2027: 25.3 billion yuan (19.37% YoY growth) - 2028: 30.1 billion yuan (18.61% YoY growth) [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q4 2025 met expectations, with continued growth as a leading manufacturer of automotive lighting [8] - The company achieved total revenue of 15.26 billion yuan in 2025, representing a year-on-year growth of 15.12%, and a net profit attributable to shareholders of 1.62 billion yuan, up 15.32% year-on-year [8] - The Q4 2025 revenue was 4.55 billion yuan, showing a year-on-year increase of 12.90% and a quarter-on-quarter increase of 15.03% [8] - The company is expected to benefit from product upgrades and customer expansion, particularly in the LED headlight segment [8] Financial Summary - Revenue projections for 2026-2028 are adjusted to 17.97 billion yuan, 21.13 billion yuan, and 24.04 billion yuan, respectively [8] - Net profit forecasts for 2026-2028 are set at 1.85 billion yuan, 2.22 billion yuan, and 2.54 billion yuan, respectively [8] - The earnings per share (EPS) estimates for 2026-2028 are 6.49 yuan, 7.75 yuan, and 8.89 yuan, with corresponding price-to-earnings (P/E) ratios of 19.55, 16.35, and 14.26 [8]

Investment Rating - The investment rating for Chery Automobile is "Buy" (maintained) [1] Core Views - The Q4 performance of Chery Automobile met expectations, with total revenue of 85.45 billion yuan, showing a year-on-year increase of 17% [8] - The company achieved a total sales volume of 752,000 units in Q4, with an average selling price (ASP) of 114,000 yuan, reflecting a year-on-year increase of 7% [8] - The gross margin for Q4 was 14.0%, with a year-on-year improvement attributed to an increase in export sales [8] - Chery's diversified brand strategy effectively covers various market demands, with over 52.4% of revenue coming from markets outside China [8] - The forecast for net profit for 2026 and 2027 is 21.2 billion yuan and 25.3 billion yuan, respectively, with an expected net profit of 30 billion yuan in 2028 [8] Financial Projections - Total revenue projections for Chery Automobile are as follows: - 2024: 269.9 billion yuan - 2025: 300.3 billion yuan (11.26% YoY growth) - 2026: 335.5 billion yuan (11.73% YoY growth) - 2027: 388.8 billion yuan (15.89% YoY growth) - 2028: 428.3 billion yuan (10.15% YoY growth) [1] - Projected net profit figures are: - 2024: 14.1 billion yuan - 2025: 19.0 billion yuan (34.55% YoY growth) - 2026: 21.2 billion yuan (11.64% YoY growth) - 2027: 25.3 billion yuan (19.37% YoY growth) - 2028: 30.1 billion yuan (18.61% YoY growth) [1] - The latest diluted EPS projections are: - 2024: 2.43 yuan - 2025: 3.27 yuan - 2026: 3.66 yuan - 2027: 4.36 yuan - 2028: 5.18 yuan [1]