1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report selects 7 core indicators from four dimensions: operation, valuation, liquidity, and transaction price, to construct a value analysis framework for public REITs products. Through the linkage analysis of these indicators, it can provide a quantitative basis for judging the investment value and price trend of urban investment public REITs [1][9][20]. - Different types of underlying assets of public REITs have structured differences in various indicators. The report classifies and compares urban investment REITs products based on the type of underlying assets, and recommends some products with good comprehensive performance for investors' attention [1][21]. 3. Summary According to Relevant Catalogs 3.1. Urban Investment Public REITs Value Judgement Indicators 3.1.1. Operation Indicators - Current operating income reflects the operating results of the underlying assets of REITs products during the reporting period, and its stability and growth determine the sustainability of future distributable cash flows and support the reasonableness of the current valuation level [10]. - Current distributable amount represents the net cash flow available for dividends after deducting various operating expenses, interest expenses, and taxes from the net profit of the REITs project, which measures the dividend - paying ability and cash - flow safety of public REITs products [11]. 3.1.2. Valuation Indicators - Expected REITs dividend rate indicates the annual cash dividend income that investors can obtain based on the current price. A higher dividend rate means stronger cash - return ability [12]. - ChinaBond valuation yield is calculated by the ChinaBond valuation center. A higher yield may indicate that the market price of the REITs is underestimated, while a lower yield may suggest a high price or high - quality assets with low risk [14]. - P/FFO multiple measures the market price level corresponding to each unit of distributable funds. A higher multiple may mean over - valuation, while a lower one may imply undervaluation [15]. 3.1.3. Liquidity Indicator - Daily turnover rate reflects the trading activity of REITs products in the secondary market. A higher turnover rate means better liquidity, high market attention, and frequent capital inflows and outflows [16]. 3.1.4. Transaction Price Indicator - Daily price change measures the change ratio of the market price of REITs products compared with the previous trading day. A price increase reflects market recognition of the project's fundamentals or expected dividends, while a decrease may be due to valuation adjustment or liquidity contraction [17][18][19]. 3.2. Deconstruction of Allocation Value of Urban Investment Public REITs by Indicators 3.2.1. Transportation Infrastructure Category - **Operation Indicators**: As of Q3 2025, the operating income of transportation infrastructure REITs was generally stable, ranging from 1.33 - 5.35 billion yuan, and the distributable amount showed a differentiated pattern. Leading projects such as CICC Anhui Expressway REIT, Ping An Guangzhou - Heyuan Expressway REIT, and Zheshang Shanghai - Hangzhou - Ningbo Expressway REIT had leading dividend - paying abilities [23][24][25]. - **Valuation Indicators**: As of October 31, 2025, the overall valuation yield of transportation infrastructure REITs remained low, and the dividend rate was generally high. The P/FFO multiple ranged from 6.61 - 12.15 times, showing a trend of convergence [29][30][31]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the market liquidity of transportation infrastructure REITs was generally at a medium - low level, with a daily turnover rate ranging from 0.07% - 0.57%. The daily price change mostly remained within ±2%, and the overall price fluctuation in the secondary market had converged [36][37]. - **Recommended Targets**: Zheshang Shanghai - Hangzhou - Ningbo Expressway REIT and CICC Anhui Expressway REIT are recommended for their good comprehensive performance [44]. 3.2.2. Park Infrastructure Category - **Operation Indicators**: As of Q3 2025, the operating income of park infrastructure REITs was generally low, ranging from 0.19 - 0.26 billion yuan, and the distributable amount was also at a low level, lacking growth momentum [49][50]. - **Valuation Indicators**: As of October 31, 2025, the overall dividend rate of park infrastructure REITs slightly rebounded, ranging from 4.35% - 7.46%. The valuation yield ranged from 1.13% - 8.00%, and the P/FFO multiple ranged from 17.88 - 24.09 times, with a high valuation center [54][55][59]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the secondary - market liquidity of park infrastructure REITs showed a differentiated trend, with a daily turnover rate ranging from 0.10% - 4.57%. The daily price change was between - 5.47% and - 0.08%, and the price adjustment amplitude was relatively large in the short term [66][67]. - **Recommended Targets**: CICC Hubei KeTou Optics Valley REIT and E Fund Guangzhou Development Industrial Park REIT are recommended for their good comprehensive performance [74]. 3.2.3. Affordable Rental Housing Category - **Operation Indicators**: As of Q3 2025, the operating income and distributable amount of affordable rental housing REITs showed a similar differentiated pattern. Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT ranked first in both indicators, and China Asset Management Beijing Affordable Housing REIT had a strong growth momentum [77]. - **Valuation Indicators**: As of October 31, 2025, the expected dividend rate of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 3.32%, higher than other similar products. The valuation yield of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 4.61%, the highest among similar products. The P/FFO multiple of China Asset Management Beijing Affordable Housing REIT was as high as 53.37 times, while that of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 30.17 times, relatively undervalued [83][85]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the daily turnover rate of CICC Xiamen Affordable Housing REIT was 1.48%, ranking first in the same category. The price of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT and CICC Xiamen Affordable Housing REIT was relatively stable, while the daily price change of China Asset Management Beijing Affordable Housing REIT was - 0.98%, but the price fluctuation was still controllable [91]. - **Recommended Targets**: Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT and CICC Xiamen Affordable Housing REIT are recommended for their good comprehensive performance [1]. 3.2.4. Energy Infrastructure Category - Huaxia Huadian Clean Energy REIT has been listed for a short time, and there was a valuation premium at the initial stage of listing. All indicators are still in the process of adjustment and approaching those of other public REITs products. It is recommended to continue to pay attention to the operating capacity of its underlying assets. If the operating income and distributable amount improve simultaneously, it is suitable for allocation - type funds to pay attention [1]. 3.2.5. Water Conservancy Facilities Category - Yin Hua Shaoxing Raw Water Water Conservancy REIT has advantages in operation and expected dividend rate indicators, and performs well in liquidity and price - fluctuation indicators. It is recommended that allocation - type funds pay attention, while the cost - performance for trading - type funds is average [1]. 3.2.6. Municipal Facilities Category - Guotai Junan Jinan Energy Heating REIT's performance in valuation, liquidity, and price - fluctuation indicators is similar to that of other urban investment public REITs products. Since it has been listed for a short time, it is necessary to observe whether the operating data in the fourth quarter of 2025 can support the long - term dividend - paying ability of its underlying assets [3]. 3.2.7. Warehouse Logistics Category - Hua An Waigaoqiao REIT has a stable operating foundation, strong cash - flow generation ability, high dividend - return expectations, and good liquidity. However, due to its high valuation and large price - fluctuation range, it is recommended that trading - type funds wait for the valuation adjustment stage to seek capital gains, while allocation - type funds can pay attention and obtain medium - and long - term dividend income [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a quarterly revenue of 19.45 billion yuan in Q3 2025, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [7] - The company reported a net profit attributable to equity holders of 150 million yuan in Q3 2025, a significant improvement from a loss of 690 million yuan in Q3 2024 and a profit of 160 million yuan in Q2 2025 [7] - The company’s Q3 sales volume reached 174,000 units, with a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [7] - The average selling price (ASP) for the company was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [7] - The gross margin for Q3 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [7] - The company’s sales, management, and R&D expense ratios improved to 4.9%, 3.2%, and 6.2% respectively, compared to the previous year [7] - The company has expanded its sales service network to cover 292 cities with 866 sales outlets as of the end of September 2025 [7] - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36% [7] - The company plans to launch its Lafa5 model overseas in Q2 2026 and is actively pursuing local production capabilities in Malaysia and Europe [7] Financial Projections - The total revenue forecast for the company is projected to reach 65.8 billion yuan in 2025, with a year-on-year growth of 104.58% [1] - The net profit attributable to the parent company is expected to be 693.83 million yuan in 2025, with a significant year-on-year increase of 124.60% [1] - The earnings per share (EPS) is projected to be 0.49 yuan in 2025, with a P/E ratio of 103.14 [1] - The company’s gross margin is expected to improve to 15% in 2025 [8] - The company’s asset-liability ratio is projected to be 77.45% in 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The acquisition of a 19% stake in Baicai Bang by the company's wholly-owned subsidiary Mingcheng Jinkong is aimed at expanding into the advanced communication sector [1][8] - The company is expected to benefit from resource synergy and open a second growth curve through this acquisition, especially as the real estate sector begins to stabilize [24] Summary by Sections 1. Baicai Bang as an Emerging Communication Network Equipment Provider - Baicai Bang focuses on 5G/4G/2G mobile communication and future integrated communication solutions (6G), covering both terrestrial and aerial communication sectors [13] - The founding team has strong expertise and a solid shareholder background, including support from notable investment institutions [13][20] 2. Acquisition Achieves Resource Synergy and Expands into Emerging Communication Fields - Baicai Bang possesses end-to-end network solution capabilities, breaking the technical monopoly of traditional communication giants [21] - The market for Baicai Bang is characterized by vast space and rapid growth, particularly in emerging markets and vertical industries [22] - The company has established a global marketing network, serving over 1,400 clients across more than 100 countries [20] 3. Investment Recommendations - The report revises the net profit forecast for 2025-2026 to RMB 280 million (previously RMB 143 million) and RMB 249 million (previously RMB 129 million) respectively, with a 2027 forecast of RMB 268 million [24]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is experiencing accelerated growth in semiconductor equipment, with a significant advantage in perovskite technology [1] - The forecast for net profit attributable to the parent company for 2025-2027 is 7.6 billion, 8.8 billion, and 11.0 billion RMB respectively, with corresponding P/E ratios of 39, 34, and 27 times [1] Financial Performance Summary - Total revenue for 2023 is projected at 8,089 million RMB, with a year-on-year growth of 94.99%. However, a decline of 23.09% is expected in 2025 [1][8] - Net profit attributable to the parent company for 2023 is estimated at 913.90 million RMB, with a growth of 6.03%. A decrease of 17.39% is anticipated in 2025 [1][8] - The latest diluted EPS for 2023 is 3.27 RMB, expected to drop to 2.74 RMB in 2025 before rising to 3.93 RMB by 2027 [1][8] Market Position and Product Development - The company has made significant advancements in semiconductor wafer etching and advanced packaging equipment, achieving key breakthroughs with differentiated technology [7] - The company has successfully launched several core devices in the semiconductor packaging sector and has a leading market share in laser grooving equipment [7] - The company is expanding its product matrix in 2024, introducing new equipment such as temporary bonding machines and laser debonding machines [7] - The company is also rapidly advancing in perovskite technology, adding a full suite of equipment necessary for perovskite tandem solar cells [7]

Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [1] Core Views - The Q3 performance of Geely Automobile met expectations, with total revenue of 89.19 billion yuan, representing a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%. The net profit attributable to the parent company was 3.82 billion yuan, showing a year-on-year increase of 59.3% and a quarter-on-quarter increase of 5.6% [2] - The company achieved total sales of 761,000 units in Q3, with a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9%. The average selling price (ASP) per vehicle was 117,000 yuan, reflecting a year-on-year decline of 11.2% but a quarter-on-quarter increase of 6.3% [2] - The gross margin for Q3 was 16.6%, showing a year-on-year improvement due to scale effects and product mix enhancement, despite a quarter-on-quarter decline [2] - The company has adjusted its net profit forecast for 2025 to 18.1 billion yuan (previously 15 billion yuan) due to strong sales performance in the first three quarters and the successful launch of new models [2] Summary by Sections Revenue and Profitability - Total revenue for 2023 is projected at 179.204 billion yuan, with a year-on-year growth of 21.11%. For 2024, revenue is expected to reach 240.194 billion yuan, growing by 34.03% [1] - The net profit attributable to the parent company for 2023 is estimated at 5.308 billion yuan, with a year-on-year increase of 0.91%. The forecast for 2024 is 16.632 billion yuan, reflecting a significant growth of 213.32% [1] Earnings Per Share (EPS) and Valuation - The latest diluted EPS for 2023 is projected at 0.52 yuan per share, with a forecast of 1.64 yuan for 2024 and 1.79 yuan for 2025 [1] - The price-to-earnings (P/E) ratio is expected to be 29.84 for 2023, decreasing to 9.52 for 2024 and further to 8.76 for 2025 [1] Financial Metrics - The company’s total assets are projected to reach 325.928 billion yuan by 2025, with a debt-to-asset ratio of 66.04% [9] - The cash flow from operating activities for 2025 is expected to be 29.426 billion yuan, indicating a healthy cash generation capability [9]

Group 1 - The report suggests that the Hong Kong stock market is expected to experience short-term fluctuations, with a potential slowdown in upward momentum, but the current positioning is attractive for medium to long-term allocation [1] - There are no significant positive macro policy signals expected in the short term, and the market may refocus on policy ahead of the Central Economic Work Conference in December [1] - The Hong Kong technology sector is still undergoing adjustments, with insufficient upward momentum for AI technology stocks, particularly as the market awaits signals from Nvidia's upcoming earnings report [1][2] Group 2 - Historical data indicates that dividend stocks tend to perform relatively well in November and December, and the current market is following this trend [1] - In the U.S. stock market, the Dow Jones increased by 0.3%, while the S&P 500 rose by 0.1%, and the Nasdaq fell by 0.5%, with telecommunications and energy sectors leading gains [1] - The report highlights that the Federal Reserve continues to send hawkish signals, reducing the likelihood of rate cuts in December, with expectations dropping from 98% to 53% [1][3] Group 3 - The report notes that the U.S. government has ended its longest shutdown in history, which may alleviate liquidity concerns in the market [2] - Upcoming earnings reports from key companies like Nvidia and Walmart are expected to influence market sentiment, particularly in the technology and consumer sectors [2] - The report emphasizes that while macroeconomic conditions remain uncertain, the reopening of the government is expected to release liquidity and ease tensions in the U.S. market [2] Group 4 - The report indicates that the impact of tariffs on inflation is more of a one-time effect, and the risk of a downturn in U.S. employment should not be overlooked [3] - It is anticipated that the Federal Reserve will still consider a rate cut in December, especially with upcoming economic data releases [3]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [3][39] Core Views - The company continues to release strong performance and possesses significant business barriers. The integration of AI is enhancing the company's gaming and advertising business, leading to continuous breakthroughs in models and applications [3][39] - The overall ecosystem of the company remains robust, with revenue growth in online gaming, social platforms, advertising, and fintech [3][39] Summary by Sections 1. Revenue and Profit Performance - In Q3 2025, the company achieved total revenue of 192.9 billion yuan, a year-on-year increase of 15%, exceeding Bloomberg's consensus estimate of 188.8 billion yuan. Non-IFRS net profit reached 70.6 billion yuan, up 18% year-on-year, also surpassing expectations [9][14] - The overall gross margin for Q3 was 56%, an increase of 2.6 percentage points year-on-year [36] 1.1 Online Gaming Revenue - Q3 2025 online gaming revenue was 63.6 billion yuan, a year-on-year increase of 22.8%. Domestic gaming revenue was 42.8 billion yuan, up 15%, exceeding expectations [19][20] 1.2 Social Network Revenue - Q3 2025 social network revenue was 32.3 billion yuan, a year-on-year increase of 4.5%, driven by growth in mini-game platform service fees and paid membership revenues [23] 1.3 Advertising Revenue - Q3 2025 advertising revenue was 36.2 billion yuan, a year-on-year increase of 21%, benefiting from increased ad exposure and AI-driven improvements in ad effectiveness [25] 1.4 Fintech and Enterprise Services Revenue - Q3 2025 fintech and enterprise services revenue was 58.2 billion yuan, a year-on-year increase of 9.6%, supported by growth in consumer loan services and business payment activities [27] 2. User Engagement Metrics - The combined monthly active users (MAU) of WeChat reached 400 million, a year-on-year increase of 2%. QQ's mobile MAU was 517 million, down 8% year-on-year [30] 3. Margin Improvements - All business segments saw improvements in gross margins, with the advertising business achieving a gross margin of 57%, up 4.0 percentage points year-on-year [36] 4. AI Investment Impact - Increased investment in AI has led to higher sales and management expenses, with sales expenses rising to 11.5 billion yuan, up 22% year-on-year [37] 5. Earnings Forecast and Valuation - The report forecasts adjusted net profits of 255.5 billion yuan, 285.8 billion yuan, and 318.2 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 21, 19, and 17 times [39]

Macro Strategy - The report forecasts that China's exports will maintain strong resilience in 2026, with an annual growth rate expected to be around 3%-4% [1] - The Federal Reserve's cautious stance on interest rate cuts in December is influenced by potential data quality issues and the recent appointment of a new chair by Trump, which may lead to a prolonged period of low interest rates [1] Financial Products - The Hang Seng Innovation Drug Index has triggered a local bottom signal, indicating potential opportunities in the pharmaceutical sector, particularly in innovative drugs [2] - The overall market is expected to experience a short-term adjustment in November, with limited space for decline, while small-cap stocks may perform relatively better [2] Fixed Income - The report discusses the recent issuance of green bonds, with a total issuance of approximately 69.11 billion yuan, indicating a growing trend in sustainable finance [5] - The report emphasizes a defensive strategy in convertible bonds, suggesting a cautious approach while waiting for market opportunities [5] Industry Insights - The electric vehicle sector is experiencing strong demand for lithium batteries, with leading companies exceeding market expectations for production and sales in 2026 [6] - The defense industry is highlighted for its growth potential, driven by military trade and technological advancements, with four main investment themes identified [7] - The report on the lithium battery equipment sector indicates that manufacturers are benefiting from high capacity utilization rates, suggesting a positive outlook for equipment suppliers [8] Pharmaceutical Industry - The pharmaceutical sector shows mixed performance, with innovative drug companies experiencing revenue growth, while traditional segments face challenges [10] - The report identifies key players in the innovative drug space, recommending companies like Heng Rui Pharmaceutical and Zai Lab for their growth potential [10] Environmental Industry - The report highlights the strategic move of a leading environmental company to initiate a "back to A-share" process, which is expected to enhance its cash flow and support long-term growth [11] - The company is expanding its overseas projects while maintaining a focus on high-quality growth through careful project selection [11] Construction Materials - The construction materials sector is expected to benefit from improved employment data and potential policy support, with recommendations for companies involved in the export supply chain [13] - The report suggests that the real estate sector may see a gradual recovery, with a focus on companies that can adapt to changing market conditions [13] Gas Industry - The gas sector is projected to see cost optimization and demand growth, with specific recommendations for companies with strong long-term resource advantages [14] - The report emphasizes the importance of energy independence and the potential impact of tariffs on companies with U.S. gas sources [14] Public Utilities - The report outlines a significant goal for renewable energy integration by 2035, with a focus on increasing wind and solar capacity [16] - The emphasis on integrating renewable energy into the economy is expected to enhance competitiveness and drive growth in the sector [16] Financial Technology - The financial technology sector is expected to see continued market activity, with specific recommendations for companies poised to benefit from ongoing reforms and improvements in the financial landscape [17] - The report highlights the potential for growth in financial IT companies as the macro environment stabilizes [17] Non-Ferrous Metals - The non-ferrous metals sector is influenced by U.S. government actions and interest rate expectations, with copper and aluminum prices showing upward trends [18] - The report notes that supply constraints and demand dynamics are critical factors affecting price movements in the metals market [18] Automotive Industry - The automotive sector is entering a new phase with a focus on AI and smart vehicle technologies, with specific investment opportunities identified in the Robotaxi and Robovan segments [19] - The report highlights the importance of supply chain resilience and technological advancements in driving growth in the automotive industry [19] Energy Storage - The energy storage market is expected to see significant growth, driven by demand for large-scale storage solutions and advancements in battery technology [20] - The report emphasizes the importance of supply chain dynamics and pricing trends in the energy storage sector [20]

Core Insights - The report highlights a significant turning point for the defense and military industry in 2025, with a strong recovery in both fundamentals and market performance, indicating a shift from policy expectations to actual performance realization [4][9][11] - The industry is entering a new phase characterized by rigid demand, structural upgrades, and improved financial health, with five core judgments outlined for 2026 [4][6][24] Industry Trends - The defense and military sector saw a cumulative increase of 16.39% in the Shenwan Defense Index by October 31, 2025, closely aligning with the performance of the CSI 300 index but lagging behind the growth-driven ChiNext index [9] - The market experienced a "Q1 bottoming, Q2 recovery, Q3 acceleration, and Q4 consolidation" rhythm, with the driving force shifting from policy expectations to performance realization [9][10] Financial Performance - The industry ended the "increasing revenue without increasing profit" dilemma, with significant improvements in operating cash flow and profitability quality, marking a transition to a new phase of high-quality development [4][24][26] - By November 10, 2025, the PE-TTM (excluding negative values) for the defense sector was approximately 70 times, indicating a structural revaluation rather than a systemic bubble [20][24] Revenue and Profitability - The report indicates a recovery in revenue and profit growth in 2025, with a notable increase in operating cash flow, signaling a turnaround from previous years of negative cash flow [24][31] - The industry experienced a significant rebound in profitability, with a 17.29% year-on-year increase in net profit attributable to shareholders in Q3 2025, reflecting effective cost control and improved operational efficiency [26][31] Investment Focus - The investment strategy focuses on four main lines: the main battle equipment supply chain from a military trade perspective, advanced combat capabilities, military-civilian integration sectors, and reform and asset securitization [4][6][26] - Key companies to watch include AVIC Shenyang Aircraft Corporation, China Aerospace Science and Technology Corporation, and others involved in military trade and advanced combat technologies [4][6][26]