Investment Rating - The report maintains a HOLD rating for NIO Inc. with a target price of US$6.00 for the US shares and HK$47.00 for the HK shares, reflecting a potential upside of 5.3% and 23.2% respectively from current prices [3][7]. Core Insights - Despite a strong performance in 4Q25, with revenue rising 76% YoY to RMB34.7 billion and achieving a gross margin of 17.5%, the sustainability of NIO's R&D and SG&A expenses is questioned [7][8]. - The report expresses concerns about NIO's future profitability, indicating that it still lags behind its peers in the competitive Chinese EV market [1][7]. - The Onvo L90 model's sales performance is viewed as potentially unsustainable, raising doubts about the introduction of new models in a highly competitive environment [1][7]. Financial Summary - Revenue projections for NIO are as follows: FY23A at RMB55.6 billion, FY24A at RMB65.7 billion, FY25A at RMB87.5 billion, FY26E at RMB128.7 billion, and FY27E at RMB147.3 billion, with YoY growth rates of 12.9%, 18.2%, 33.1%, 47.1%, and 14.5% respectively [2][11]. - The gross margin is expected to improve from 5.5% in FY23A to 16.1% in FY26E, before slightly declining to 15.0% in FY27E [2][11]. - NIO is projected to incur a net loss of RMB3.8 billion in FY26E, despite a forecasted sales volume of 460,000 units [7][9]. Earnings Performance - NIO recorded its first-ever net profit of RMB122 million in 4Q25, driven by lower-than-expected R&D and SG&A expenses [7][8]. - The report highlights a significant reduction in R&D expenses by 44.3% YoY and SG&A expenses by 27.5% YoY in 4Q25, contributing to the earnings beat [7][8]. - The operating profit for FY25A is projected at RMB(14.0) billion, improving to RMB(3.8) billion in FY26E [9][11]. Market Position - NIO's market capitalization is reported at approximately US$14.3 billion for the US shares and HK$95.7 billion for the HK shares [6]. - The average trading volume over the past three months is 198.63 million for NIO US and 221.99 million for 9866 HK [6]. - The stock has shown a 12-month price performance with a 1-month increase of 12.4% for NIO US, while 9866 HK has decreased by 3.9% [6].

1. Report's Investment Rating for the Industry - No information provided on the report's industry investment rating 2. Core Viewpoints of the Report - Asia IG space recovered and tightened 5bps, though there were still profit - taking flows on JP FRNs [4] - China appears to be edging out of deflation, but breaking the deflation spiral durably would require sustained fiscal expansion and demand - side stimulus. The PBOC is expected to utilize its structural monetary tools in the near term and lower the interest rate and RRR by 10bps and 50 bps by the end of 2Q26 as the real estate market continues to soften [4][20][25] 3. Summary by Relevant Catalogs 3.1 Market Performance 3.1.1 Bond Price Movements - Yesterday, benchmark POE corporate and financial names across CN/HK/JP/KR traded 5 - 7bps wider, higher betas like FRESHK/ZHOSHK widened 20 - 30bps, and 4 - 6yr FRNs issued recently like HSBC/SUMIBK/SUMITR saw selling flows [2] - Various quasi - sovereign bonds in KR and LINREI/HKE in HK widened only 1 - 5bps, NWDEVL/VDNWDL complex were 0.1 - 1.3pts lower, FAEACO 12.814 Perp rose 1.1pts [2] - In Chinese properties, FUTLAN 28/FTLNHD 26 - 29 were down by 0.1 - 0.5pt, LNGFOR 27 - 32 dropped 1.9 - 2.6pts after profit warning [2] - In SE Asian space, PTTGC Perps were down 1.3 - 1.8pts, TOPTB 6.1 Perp lost 1.3pts, GLPSPs dived 1.8 - 2.8pts [2] - In JP space, long - end SOFTBKs leaked 1.2 - 1.4pts, Japanese and Yankee AT1s and insurance subs dropped by 1.0 - 2.0pts [2] - In the Middle East, FABUH/BSFR/ARAMCO were 0.2 - 0.7pt lower [2] - This morning, the new ICBCAS Float 29 tightened 1bp from RO at SOFR+38, Asia IG space recovered and tightened 5bps, GLPSP 4.25/4.6 Perps recovered 1.3 - 1.4pts, NWDEVL 10.131 Perp/FAEACO 12.814 Perp/LNGFOR 32 were 0.6 - 0.7pt lower [4] 3.1.2 Top Performers and Underperformers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | TTMTIN 4.35 06/09/26 | 99.6 | 1.7 | GARUDA 6 1/2 12/28/31 | 89.8 | - 2.9 | | CNOOC 5 3/4 01/26/41 | 109.7 | 1.2 | GLPSP 4 1/2 PERP | 64.6 | - 2.8 | | FAEACO 12.814 PERP | 82.3 | 1.1 | LNGFOR 3.85 01/13/32 | 72.9 | - 2.6 | | CHIOLI 5.35 11/15/42 | 96.0 | 0.9 | FOSUNI 6.8 09/09/29 | 96.5 | - 2.4 | | YANTZE 3.2 10/16/49 | 77.4 | 0.9 | GLPSP 4.6 PERP | 61.7 | - 2.4 | [5] 3.2 Macro News - S&P (+0.83%), Dow (+0.50%) and Nasdaq (+1.38%) were higher on Monday, Brent and West Texas Intermediate both plunged 10% to less than USD90 a barrel, Japan's 4Q25 GDP increased by +0.3% qoq, higher than the market expectation of +0.1% qoq, UST yield bull flattened on Monday with 2/5/10/30 year yield at 3.56%/3.71%/4.12%/4.72% [7] 3.3 Bond Issuance 3.3.1 Asia Pacific - Asia Pacific Gross USD bonds issuance increased 24.6% yoy in 2M26. In Feb'26, it increased by 29.3% yoy to USD21.7bn. Japan (USD10.0bn), South Korea (USD4.7bn) and China (USD3.8bn) were top issuers. 65.5% of the gross issuance amount were IGs. By sector, financials (59.5%), sovereigns (16.1%) and materials (6.9%) were top issuers. Cumulatively in 2M26, it rose 24.6% yoy to USD72.1bn, with Japan (USD20.9bn), South Korea (USD15.1bn) and China (USD9.4bn) as top issuers, and 81.4% of the amount were IGs. By sector, financials (64.7%), sovereigns (12.4%) and utilities (5.5%) were top issuers [8] 3.3.2 Asia ex - JP, AU & NZ - Gross USD issuance of Asia ex - JP, AU & NZ rose 22.1% yoy to USD42.2bn in 2M26. In Feb'26, it increased by 47.4% yoy to USD11.2bn. South Korea (USD4.7bn), China (USD3.8bn) and Thailand (USD1.0bn) were top issuers. 46.2% of the gross issuance amount were IGs. By sector, financials (44.0%), sovereigns (31.2%) and communications (8.9%) were top issuers. Cumulatively, South Korea (USD15.1bn), China (USD9.4bn) and Indonesia (USD4.2bn) were top issuers, and 73.0% of the amount were IGs. By sector, financials (47.5%), sovereigns (21.2%) and utilities (8.3%) were top issuers [9] 3.3.3 China - Gross USD issuance of China increased 2.7% yoy in 2M26 to USD9.4bn. In Feb'26, it totaled USD3.8bn, decreased 12.1% yoy. IGs, HYs, and unrated contributed 65.9%, 20.9% and 13.2% of the amount respectively. By sector, financials (64.5%), metals & mining (13.2%) and LGFVs (12.8%) were top issuers. Cumulatively, IGs, HYs, and unrated contributed 65.5%, 16.5% and 18.0% of the amount respectively. By sector, financials (58.6%), communications (15.9%) and real estate (10.8%) were top issuers [10] 3.3.4 Middle East - Gross USD issuance of the Middle East increased 33.9% yoy to USD67.4bn in 2M26. In Feb'26, it decreased by 53.7% yoy to USD10.9bn. The UAE (USD4.9bn), Turkey (USD3.8bn) and Qatar (USD1.6bn) were top issuers. 14.9% of the amount were IGs, 20.2% were HYs, and 64.9% were NR. By sector, sovereigns (48.5%), financials (30.4%), and real estate (10.1%) were top issuers. Cumulatively, Saudi Arabia (USD27.1bn), the UAE (USD11.6bn) and Turkey (USD10.9bn) were top issuers, 65.6% of the amount were IGs, 18.7% were HYs, and 15.6% were NR. By sector, sovereigns (43.6%), financials (32.2%) and energy (8.4%) were top issuers [13] 3.3.5 Dim Sum Bonds - Dim Sum bonds issuance dropped 30.3% yoy to RMB157.8bn in 2M26. In Feb'26, it was RMB94.3bn, decreased 32.4% yoy. China (RMB67.0bn), US (RMB10.7bn) and Indonesia (RMB9.3bn) were top issuers. 10.5% of the amount were IGs. By sector, sovereigns (77.7%), financials (20.5%) and real estate (0.7%) were top issuers. Cumulatively, China (RMB95.6bn), US (RMB25.3bn) and UK (RMB9.8bn) were top issuers, 9.7% of the amount were IGs. By sector, sovereigns (46.4%), financials (43.2%) and LGFV (4.3%) were top issuers. Asia ex - JP, AU & NZ Dim Sum bonds totaled RMB77.6bn in Feb'26 and RMB108.8bn in 2M26, decreased 43.1% and 48.5% yoy respectively [14] 3.3.6 LGFV Bonds - In Feb'26, the gross USD bonds issuance of LGFVs decreased by 82.0% yoy to USD485.5mn, and Dim Sum LGFV bonds issuance decreased by 93.9% yoy to RMB500mn. Cumulatively, the gross USD bonds issuance of LGFVs decreased by 89.6% yoy to USD590mn in 2M26, and Dim Sum LGFV bonds issuance decreased by 57.2% yoy to RMB6.8bn [17] 3.4 China Economy - CPI in Feb'26 rebounded to 1.3% yoy thanks to the base effect and surging tourism price during holidays. PPI beat market expectation driven by surging prices in upstream sectors including crude oil and non - ferrous metals, while PPI of consumer goods remained subdued. China appears to be edging out of deflation, yet the recovery of price - wage transmission remained fragile as reflation was largely supply - driven, and final consumption demands were still subdued. Energy inflation driven by Middle East tensions would erode real purchasing power. Breaking the deflation spiral durably would require sustained fiscal expansion and demand - side stimulus. The CPI, PPI and GDP deflator are expected to reflate from 0.1%, - 2.6% and - 1% in 2025 to 1.1%, 0.5% and 0.8% in 2026. The PBOC is expected to utilize its structural monetary tools in the near term and lower the interest rate and RRR by 10bps and 50 bps by the end of 2Q26 as the real estate market continues to soften [4][20][25] 3.5 New Issues 3.5.1 Offshore Asia New Issues (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | Industrial and Commercial Bank of China Limited Hong Kong Branch | 1000 | 3yr | SOFR+38 | SOFR+38 | A1/-/- | [27] 3.5.2 Offshore Asia New Issues (Pipeline) | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | Laizhou Finance Investment | USD | - | 3yr | 5.9% | NR | | Science City (Guangzhou) Investment Group Co., Ltd. | USD | - | 2yr | 4.95% | -/-/BBB | [28] 3.6 News and Market Color - There were 91 credit bonds issued yesterday onshore with an amount of RMB94bn. Month - to - date, 511 credit bonds were issued with a total amount of RMB437bn raised, representing a 25.9% yoy increase [29] - Kazakhstan may place Panda bonds as soon as next month and could seek USD500mn [29] - ACEN 2025 EBITDA was up 17% to PHP22.5bn (cUSD380.1mn) [29] - Saudi Aramco cuts output at two oilfields during Strait of Hormuz disruption [29] - China Oilfield Services priced CNH5bn 3 - year Reg S senior unsecured dim sum bond (A3/-/A -) at 1.95%, tightened from IPT at 2.45% [29] - Media reported GLP plans Hong Kong IPO to raise at least USD1bn [29] - Media reported Greenko Energies mulls USD1bn IPO in India [29] - Rio Tinto halts sale of titanium business as the Iran war created greater difficulties in striking a deal with potential Chinese buyers [30]

Macro Analysis - China's February CPI rebounded to 1.3%, the highest in nearly three years, driven by the base effect from the Spring Festival and soaring travel prices during the holiday [2] - PPI exceeded market expectations, primarily due to rising prices in upstream industries like crude oil and non-ferrous metals, while consumer goods PPI remained relatively weak [2] - The report indicates that China is gradually escaping deflation, but the transmission mechanism of prices to wages remains weak, as inflation is mainly supply-driven and final consumption demand is still sluggish [2] - A sustained fiscal expansion is deemed necessary to stimulate demand and break the deflationary spiral, although this year's Two Sessions policies appear weaker than expected [2] - Future projections estimate CPI, PPI, and GDP deflator to rise from 2025 levels of 0.1%, -2.6%, and -1% to 2026 levels of 1.1%, 0.5%, and 0.8% respectively [2] - The People's Bank of China is expected to rely on structural monetary policy tools in the short term, with potential LPR and RRR cuts in Q2 2026 [2] Company Analysis - Futu Holdings (FUTU US) is expected to report 4Q25 earnings on March 12, with core indicators remaining resilient, although sequential growth may slightly slow [6] - The company's stock price has dropped 13% year-to-date, reflecting market downturns, but is seen as having priced in negative factors [6] - The report anticipates a 13% sequential decline in the number of new asset clients for 4Q25, with a total of 220,000 clients expected, representing a 3% year-on-year growth [7] - Total revenue for 4Q25 is projected at HKD 6.3 billion, a 2% sequential decline, with brokerage commissions and interest income also expected to decrease [8] - Operating expenses are expected to decrease by 7% sequentially, with net profit estimates of HKD 3.2 billion (GAAP) and HKD 3.3 billion (non-GAAP), reflecting stable performance [8]

Macro Commentary - The US economy shows signs of weakness in employment data, with February non-farm payrolls significantly below market expectations, influenced by extreme weather, healthcare strikes, and the overextension of strong January data [2] - Despite a decline in labor participation, the unemployment rate has slightly increased, indicating a softening job market, but wage growth remains robust, supporting consumer resilience [2] - The Federal Reserve is expected to only cut rates once by 25 basis points in June, as rising oil prices complicate the dual mandate of stabilizing employment and reducing inflation [2] Industry Commentary - The capital goods sector saw strong export performance in February, with excavator and loader exports increasing by 37% and 34% year-on-year, respectively, exceeding expectations [5] - Domestic sales of excavators and loaders decreased by 42% and 14% year-on-year, attributed partly to the Spring Festival impact, but overall sales (domestic + exports) for the first two months showed a 13% increase for excavators and 28% for loaders, indicating a positive start to the year [5] - The strong export data supports an optimistic outlook for the earthmoving machinery sector, driven by rising commodity prices and increased capital expenditure in global mining [5] Company Commentary - Yancoal Australia (3668 HK) is rated "Buy" with a target price of HKD 38, as rising natural gas prices are expected to boost thermal coal prices, creating a buying opportunity [5] - The correlation between thermal coal prices and European natural gas prices has been historically strong, suggesting Yancoal will benefit from the current energy market dynamics [5] - ZTE Corporation (763 HK) is rated "Buy" with a target price adjusted to HKD 38.6, despite a projected decline in net profit due to a significant drop in gross margin, primarily from an increased share of enterprise business [6]

Investment Rating - The report maintains a BUY rating on ZTE with a revised target price of HK$38.6, down from HK$42.0, reflecting a potential upside of 51.8% from the current price of HK$25.42 [1][3]. Core Insights - ZTE reported FY25 results showing a revenue increase of 10.4% YoY to RMB134 billion, which was 7.7% below estimates, while net profit fell 33.3% YoY to RMB5.6 billion, significantly missing estimates by 30% [1][2]. - The gross profit margin (GPM) declined sharply to 30.3%, down 7.7 percentage points from 37.9% in FY24, primarily due to a higher mix of Enterprise & Government (E&G) sales [1][2]. - Revenue from the E&G segment more than doubled to RMB37 billion in FY25, with AI compute revenue growing 150% YoY, although margins in this segment also faced pressure [9][1]. - Carrier revenue declined by 10.6% YoY in FY25, attributed to reduced capital expenditures by domestic telcos following the 5G investment cycle, while overseas carrier revenue showed resilience with double-digit growth [9][1]. - The consumer segment remained stable, with revenue growth of 4.4% YoY to RMB34 billion, supported by handset sales [9][1]. Financial Summary - FY25 revenue is projected at RMB133.9 billion for FY26, with expected growth rates of 11.3% in FY26 and 13.0% in FY27 [2][10]. - The net profit for FY26 is estimated to be RMB6.5 billion, reflecting a recovery of 15.6% YoY after a significant drop in FY25 [2][10]. - The gross margin is expected to decline further to approximately 29% in FY26 as the revenue mix evolves [9][1]. - The report forecasts E&G revenue growth of around 30% in FY26, indicating strong demand in the AI server market [9][1].

Employment Data Summary - In February, the U.S. non-farm payrolls decreased by 92,000, significantly below the market expectation of 55,000[4] - The average monthly job growth over the past three months is 6,000, down from 126,000 in January[4] - Private sector employment fell from 95,000 in January to -61,000 in February[4] Sector-Specific Impacts - The construction industry saw job losses of 11,000, while the leisure and hospitality sector lost 27,000 jobs in February[4] - Healthcare and education services employment dropped from 129,000 in January to -34,000 in February due to a strike involving 31,000 workers in California[4] - Manufacturing jobs decreased by 12,000, contributing to a total goods-producing job loss of 25,000[4] Wage and Unemployment Trends - Despite job losses, wages maintained a month-on-month growth rate of 0.4%, with a year-on-year increase from 3.7% in January to 3.8% in February[4] - The unemployment rate rose from 4.28% to 4.44%, exceeding the market expectation of 4.3%[4] - Labor force participation rate decreased by 0.4 percentage points to 62%[4] Federal Reserve Outlook - Due to the noisy employment data, it is anticipated that the Federal Reserve will not initiate rate cuts in the near term[4] - The Fed is expected to cut rates once by 25 basis points in June as a political gesture under the new chair[4] - The tightening of dollar liquidity is likely to increase as inflation expectations rise due to higher oil prices[4]

Investment Rating - The report maintains a BUY rating for Yancoal Australia with a target price of HK$38, indicating a potential upside of 4.7% from the current price of HK$36.30 [6][27]. Core Insights - The report highlights a near-term catalyst for Yancoal due to the recent 70% surge in gas prices, which is expected to drive a switch from gas to coal, benefiting Yancoal as 84% of its sales are from thermal coal by 2025 [1]. - Historical data shows a strong positive correlation (0.86) between seaborne thermal coal prices and European gas prices over the past decade, suggesting that Yancoal is well-positioned to benefit from rising coal prices [1]. - An estimated 1% increase in thermal coal prices is projected to boost Yancoal's earnings by 5% [1]. Financial Summary - Revenue projections for Yancoal show a decline from AUD 7,778 million in 2023 to AUD 5,949 million in 2025, followed by a slight recovery in subsequent years [29]. - Net profit is expected to decrease significantly from AUD 1,819 million in 2023 to AUD 440 million in 2025, with a forecasted recovery to AUD 664 million by 2028 [29]. - The earnings per share (EPS) is projected to drop from AUD 0.92 in 2023 to AUD 0.33 in 2024, before gradually increasing to AUD 0.50 by 2028 [5]. Valuation Metrics - The report provides a P/E ratio forecast of 7.2x for 2024, increasing to 19.9x in 2025, and then decreasing to 13.2x by 2028 [29]. - The projected dividend yield is expected to decline from 7.9% in 2024 to 4.2% by 2028 [29]. - The report estimates a return on equity (ROE) of 4.8% in 2025, improving to 6.8% by 2028 [29]. Market Performance - Yancoal's stock has shown strong performance, with a 1-month increase of 10.7% and a 3-month increase of 22.6% [9]. - The market capitalization of Yancoal is reported at HK$47,932 million, with an average trading volume of HK$79 million over the past three months [7].

Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - Initiate a buy recommendation on SJMHOL 6 ½ 01/15/31 due to its attractive risk - return profile in the Macau gaming sector, and maintain hold on SJMHOL 4.85 01/27/28 [7][9] - The 2026 China NPC meeting policy stance is investment - led stabilization with targeted demand support and emphasis on price normalization, with a GDP growth target of 4.5 - 5% [16][17] Summary by Directory Trading Desk Comments - Recent financial new issues NORBK/OCBCSP/DAESEC/SUMIBK tightened 4 - 10bps; TW lifers and HK credits LINREI/HKE traded 4 - 6bps tighter; Chinese TMT names BABA/TENCNT/LENOVO closed 2 - 3bps tighter, MEITUAs remained unchanged; ZHOSHK/FRESHK traded 5 - 10bps wider [2] - In greater China higher - yielding space, NWDEVL/VDNWDL complex was 0.1 - 0.9pt higher, SJMHOL 28 - 31 edged 0.1 - 0.2pt higher, rest of Macau gaming space was unchanged to 0.1pt higher; WESCHI 28 - 29 lost 0.6 - 0.9pt [2] - In Chinese properties, VNKRLE 27' and 29' rose 1.9 - 2.1pts, FUTLAN 28/FTLNHD 26 - 29 were unchanged to 0.1pt higher, LNGFOR 27 - 32 leaked 0.1 - 0.4pt [2] - In KR space, POHANG/LGENSO tightened 1 - 3bps, long - end HYNMTR traded 2 - 4bps wider; in JP space, SOFTBKs recovered 0.1 - 1.0pt, Japanese and Yankee AT1s surged up to 0.8pt then retraced, closing 0.3pt higher except SOCGEN 7.125 Perp which was 0.7pt lower, insurance subs edged 0.1 - 0.2pt higher [2] - In SE Asian space, GARUDA 31 gained 0.9pt, MEDCIJ 26 - 30/VEDLN 28 - 33 were unchanged to 0.4pt higher, PCORPM Perps were unchanged to 0.1pt higher, PTTGC/TOPTB Perps leaked 0.3 - 0.7pt; in the Middle East, bonds initially rose 0.3 - 0.8pt then gains were halved, LGFVs remained stable [2] - New INDUBK Float 03/12/29 tightened 3bps from RO at SOFR+41, new HSBC Float 03/10/32 tightened 10bps from RO at SOFR+121, rest of fixed - rate HSBC 30 - 37 tightened 5bps from ROs; LINREI/HKE/OCBCSP/DAESEC tightened 1 - 2bps [3] Macro News Recap - S&P (-0.56%), Dow (-1.61%) and Nasdaq (-0.26%) were lower on Thursday; US Initial Jobless Claims was +213k, lower than the market expectation of +215k; UST yield was higher on Thursday, with 2/5/10/30 year yield at 3.57%/3.72%/4.13%/4.74% [6] Desk Analyst Comments - Initiate buy on SJMHOL 6 ½ 01/15/31 despite weaker FY25 and 4Q25 results due to satellite closures [7] - Provide details of Macau gaming USD bond picks including ISIN, amount outstanding, ask price, YTM, and mod dur [7] China Policy - The 2026 Government Work Report signals a downshift in growth ambition and a marginally softer fiscal impulse, with policy emphasis on investment in emerging sectors like AI, digital, and green industries, and incremental support for consumption and housing [16] - GDP growth target is revised to 4.5 - 5%, fiscal deficit is slightly weaker at 7.9% of GDP; ultra - long special bonds and local special bonds have specific allocations and mandates [18] - Ultra - long special bonds allocate RMB1.0tn to "Two Major" projects and equipment upgrades, central government budgetary investment is up RMB20bn, PBoC will establish RMB800bn of policy - based financial instruments [19] - Support for consumption has limited incremental measures, a new RMB100bn "special fund to boost domestic demand" is introduced; housing policy maintains the existing framework [20] - The report reiterates reflation as a policy objective, with a CPI target of 2%, and expects CPI, PPI, and GDP deflator to rebound in 2026 [21] - Key changes in support for "new quality productive forces" and tech sectors include designating new emerging pillar industries, introducing future industries, and upgrading the AI focus [22] Offshore Asia New Issues - Priced issues include HSBC with different tenors and coupons, and Industrial Bank Co., Ltd. HK Branch [24] - Pipeline issue is Jiangsu Fuxuan Industrial with a 3 - year tenor and 4.2% pricing [25] News and Market Color - 120 credit bonds were issued onshore yesterday with an amount of RMB93bn; month - to - date, 339 credit bonds were issued with a total amount of RMB279bn, a 20.1% yoy increase [26] - China sets 4.5% - 5% 2026 GDP growth target and will work to stabilize the real estate market; more than 82% of Chinese LGFVs phased out as government debt cleanup progresses [26] Company News - ACEN plans to build a USD266mn battery energy storage system in the Philippines [33] - HD Hyundai Heavy won an USD1bn deal to build four LNG carriers [33] - JD.com EBITDA was down 65% yoy in 2025 to RMB18.34bn (cUSD2.66bn) [33] - NIO plans to overhaul its European business, switching from direct sales to a dealership - led model [33] - Nissan might close UK plant amid EU subsidy dispute [33]

Investment Rating - Coverage of Yuexiu Transport (1052 HK) has been terminated, and all previous recommendations are no longer valid as of the termination date [1]. Core Views - The report indicates a reallocation of resources as the reason for the termination of coverage on Yuexiu Transport [1]. Summary by Relevant Sections - The report does not provide any specific investment rating or detailed analysis on Yuexiu Transport due to the termination of coverage [1][2]. - There are no financial metrics or performance indicators discussed in the report as it solely focuses on the termination of coverage [1]. - The report does not include any future outlook or projections for Yuexiu Transport, reflecting the cessation of analysis [1].

Investment Rating - Coverage of Unity Group (1539 HK) has been terminated, and all previous recommendations are no longer valid as of the termination date [1]. Core Insights - The report indicates a reallocation of resources as the reason for the termination of coverage on Unity Group [1]. Summary by Relevant Sections - The report does not provide any specific investment rating for Unity Group as it has been terminated [1]. - There are no detailed financial metrics or performance indicators provided in the report regarding Unity Group [1].