Investment Rating - The report indicates a positive outlook for the home appliance sector, highlighting the resilience and growth potential driven by AI technology and consumption upgrades [2][5][12] Core Insights - The 2025 "Double Eleven" shopping festival saw a robust e-commerce sales growth of 14.2%, with home appliances leading the category at a total sales of 266.8 billion yuan, representing a year-on-year increase of 38.2% [2][6][11] - The home appliance industry is experiencing a structural upgrade, with nearly 60% of consumers in first- and second-tier markets opting for AI-integrated products, reflecting a shift towards smart, scenario-based, and service-oriented appliances [2][14] - Companies like Haidar, Xinhuike, and Hefei Gaoke are positioned to benefit from the growth in the home appliance sector, with Haidar recognized as a "little giant" enterprise in Jiangsu province [2][17][19] Summary by Sections Section 1: E-commerce Sales Performance - The overall e-commerce sales during the "Double Eleven" event reached 1.695 trillion yuan, with a 14.2% year-on-year increase, while comprehensive e-commerce sales totaled 1.619 trillion yuan, up 12.3% [2][6] - Instant retail sales surged by 138.4% to 67 billion yuan, indicating a significant shift in consumer purchasing behavior [2][6] Section 2: Market Trends and Consumer Behavior - The home appliance category accounted for 16.5% of total sales during the event, showcasing its dominance in the market [2][11] - Major brands such as Haier, Midea, and TCL reported significant sales growth, with over 2,000 home appliance brands on JD.com achieving sales increases exceeding 100% [12][14] Section 3: Stock Performance and Valuation - The median stock price change for consumer service stocks on the North Exchange was +1.68%, with 80% of companies experiencing an increase [26][29] - The median price-to-earnings (P/E) ratio for the consumer sector rose from 49.7X to 52.1X, indicating a positive market sentiment [27][28] Section 4: Company Announcements - Wuxi Crystal Sea has completed the registration of its wholly-owned subsidiary in the United States to expand its overseas market presence [44][46]

1. Report Industry Investment Rating - The report is bullish on the bond market, predicting that the 10Y Treasury yield will return to around 1.65%, the 30Y Treasury yield to reach 1.9%, and the 5Y major bank Tier 2 capital bonds to reach 1.9% (all referring to bonds without VAT) [4][68][71]. 2. Core View of the Report - In October, major economic indicators weakened, and there are expectations for reserve requirement ratio cuts and interest rate cuts. The "troika" supporting the economy is under pressure. Policy rate cuts and the implementation of incremental tools may be the key means to support the economy. The bond market has prominent allocation value, and bond yields may decline in a volatile manner [2][68]. 3. Summary by Related Catalogs 3.1 Macro News - In October, the total retail sales of consumer goods were 4.6 trillion yuan, a year-on-year increase of 2.9%, 0.1 percentage points lower than the previous month, and have been falling for five consecutive months. From January to October, fixed - asset investment decreased by 1.7% year - on - year, 1.2 percentage points lower than the first nine months. In October, the added value of industrial enterprises above the designated size increased by 4.9% year - on - year, 1.6 percentage points lower than September [4][10]. - In the first 10 months of 2025, the cumulative increase in social financing scale was 30.9 trillion yuan, 3.83 trillion yuan more than the same period last year. At the end of October 2025, the stock of social financing scale was 437.72 trillion yuan, a year - on - year increase of 8.5%. At the end of October, the balance of broad money (M2) was 335.13 trillion yuan, a year - on - year increase of 8.2% [12]. - The central bank's "2025 Q3 China Monetary Policy Implementation Report" shows a more pessimistic view of the world and domestic economic environment compared to the Q2 report. The next - stage monetary policy emphasizes "counter - cyclical and cross - cyclical adjustment" [16]. 3.2 Meso - level High - frequency Data - **Consumption**: As of November 9, the average daily retail volume of passenger car manufacturers decreased by 18.8% year - on - year, and the average daily wholesale volume decreased by 22.1% year - on - year. As of November 7, the total retail volume of three major household appliances decreased by 21.8% year - on - year, and the total retail sales decreased by 34.6% year - on - year [18][22]. - **Transportation**: As of November 9, the weekly container throughput of ports increased by 6.5% year - on - year. The weekly postal express pick - up volume increased by 6.2% year - on - year, and the delivery volume increased by 3.3% year - on - year. The weekly railway freight volume decreased by 0.1% year - on - year, and the highway truck traffic volume decreased by 0.7% year - on - year [25][27]. - **Capacity Utilization**: As of November 12, the blast furnace capacity utilization rate of major steel enterprises was 76.7%, a year - on - year increase of 0.6 percentage points. As of November 13, the average asphalt capacity utilization rate was 21.0%, a year - on - year decrease of 3.0 percentage points. The soda ash capacity utilization rate was 84.5%, a year - on - year increase of 0.7 percentage points, and the PVC capacity utilization rate was 77.7%, a year - on - year increase of 0.6 percentage points [29][32]. - **Real Estate**: As of November 14, the total commercial housing transaction area of 30 large - and medium - sized cities in the past 7 days decreased by 28.5% year - on - year. As of November 7, the second - hand housing transaction area of 9 sample cities decreased by 28.5% year - on - year [34][37]. - **Prices**: As of November 14, the average wholesale price of pork decreased by 25.0% year - on - year and 1.0% compared to four weeks ago. The average wholesale price of vegetables increased by 13.5% year - on - year and 15.3% compared to four weeks ago. The average wholesale price of 6 key fruits decreased by 0.7% year - on - year and increased by 0.8% compared to four weeks ago [41]. 3.3 Bond and Foreign Exchange Markets - On November 14, overnight Shibor and various short - term interest rates such as R001, R007, DR001, DR007, IBO001, and IBO007 all declined compared to November 10. Most Treasury yields declined. On November 14, the 1 - year/5 - year/10 - year/30 - year Treasury yields were 1.41%/1.58%/1.81%/2.15% respectively, with changes of +0.8BP/ - 0.6BP/ - 0.1BP/ - 1.1BP compared to November 7 [47][51]. - As of November 14, 2025, the 10 - year Treasury yields of the United States, Japan, the United Kingdom, and Germany were 4.1%, 1.7%, 4.5%, and 2.8% respectively, with increases of 3BP, 2BP, 7BP, and 4BP compared to November 7. On November 14, the central parity rate and spot exchange rate of the US dollar against the Chinese yuan were 7.08/7.10, down 11/218 pips compared to November 7 [60][63]. 3.4 Institutional Behavior - Since the beginning of 2025, the duration of medium - and long - term pure bond funds for interest - rate bonds has shown a trend of first decreasing, then increasing, and then decreasing. In recent months, it has continued to decline. On November 14, 2025, the estimated average duration was around 4.9 years, and the median duration was around 4.2 years, a decrease of about 0.15 years compared to November 7. The duration of medium - and long - term pure bond funds for credit bonds has shown a volatile trend. In recent months, it has increased and then rapidly decreased. On November 14, the estimated average and median durations were around 2.1 years, a decrease of about 0.01 years compared to November 7 [66][67]. 3.5 Investment Recommendations - The bond market has prominent allocation value, and bond yields may decline in a volatile manner. Due to the weakening of economic indicators and the opening of the Fed's interest - rate cut cycle, the policy rate may be cut by 20BP in the next six months. The bond market in the fourth quarter may turn favorable. It is predicted that the 10Y Treasury yield will return to around 1.65%, the 30Y Treasury yield to reach 1.9%, and the 5Y major bank Tier 2 capital bonds to reach 1.9% (all referring to bonds without VAT) [4][68][71].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year revenue growth of 62% in Q3 2025, focusing on the mass production rhythm of CVD silicon-carbon anodes and capacity construction in Indonesia and Morocco [5][7] - The company demonstrates a significant technological lead in solid-state battery materials, with CVD silicon-carbon anodes expected to enter mass production in 2025 [7] - The company has established a comprehensive production capacity matrix, with 575,000 tons/year of anode capacity and 73,000 tons/year of cathode capacity already in operation [7] - The company is well-positioned to capitalize on the growing demand for high energy density in new applications such as low-altitude economy and drones, potentially establishing a leading position in the next generation of battery materials [7] Financial Summary - Revenue forecast for 2023 is 25,119 million yuan, with a year-on-year growth rate of -2.18% [6] - The projected net profit attributable to shareholders for 2025 is 1,167 million yuan, with a year-on-year growth rate of 25.42% [6] - The company expects to achieve a net profit of 1,796 million yuan by 2027, corresponding to a P/E ratio of 23.30 [6][8] - The company has a total market capitalization of 41,846.81 million yuan and a circulating market capitalization of 41,172.50 million yuan [3]

Investment Rating - The report suggests a "Focus" on the company, indicating potential investment interest due to its strong market position and growth prospects [2][4]. Core Viewpoints - The company, Jingchuang Electric, is a leading enterprise in cold chain temperature control products, with a projected compound annual growth rate (CAGR) of 27% for net profit attributable to shareholders from 2021 to 2024 [12][37]. - The company plans to raise approximately 175 million yuan through its public offering to enhance production capacity and invest in smart manufacturing and R&D projects [10][11]. - The cold chain temperature control market is expected to grow steadily, with a global market size of 556 million USD in 2023, projected to reach 836 million USD by 2030, reflecting a CAGR of 6.01% [31][37]. Summary by Sections 1. Issuance Information - The issuance price is set at 12.1 yuan per share, with a price-to-earnings (P/E) ratio of 11.88X. The subscription date is November 18, 2025 [5][6]. - A total of 14.46 million shares will be publicly issued, accounting for 25% of the total share capital post-issuance [5][6]. 2. Company Overview - Jingchuang Electric is recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors, focusing on the R&D, production, and sales of cold chain equipment and monitoring devices [12][17]. - The company has a diversified product portfolio, including smart controllers for cold chain equipment, monitoring devices for pharmaceuticals and food, and environmental quality detection instruments [17][25]. 3. Financial Performance - The company is expected to achieve revenues of 499 million yuan and a net profit of 58.91 million yuan in 2024, reflecting a year-on-year growth of 14.80% and 6.42%, respectively [37][12]. - The revenue from cold chain smart control and monitoring products is projected to reach 441 million yuan in 2024, with a gross margin of 43.76% [31][35]. 4. Industry Position - In 2023, the company held the largest market share in China's cold chain temperature control market, with a domestic market share of 13.13% and a global market share of 4.64% [31][37]. - The cold chain temperature control market is supported by macro policies promoting industry upgrades, leading to increased demand for smart controllers [31][37]. 5. Subscription Recommendation - The report recommends attention to the company due to its extensive experience in the cold chain sector, strong production capabilities, and competitive advantages in product quality and customer service [2][4].

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The importance of renewable energy in the power system is increasingly prominent, with renewable energy installed capacity exceeding 1.7 billion kilowatts, accounting for 46% of the total installed capacity as of September 2025 [3][11][13] - The power market framework is gradually improving, with provincial-level electricity spot markets achieving basic coverage and some entering formal operation [3][18] - The report highlights the significant growth in photovoltaic installations, particularly distributed solar power, which has outpaced centralized installations in the first three quarters of 2025 [4][19] Summary by Sections Power Sector - As of September 2025, China's total installed power capacity reached 3.7 billion kilowatts, with renewable energy surpassing 1.7 billion kilowatts [3][11] - The average annual increase in peak electricity load is approximately 10 million kilowatts, indicating a widening gap between renewable energy capacity and peak load [13] - The "1360 Document" provides a pathway for the development and consumption of renewable energy [13][14] Photovoltaic Installations - In the first three quarters of 2025, a total of 240 GW of new photovoltaic capacity was added, with distributed solar power accounting for 128 GW, surpassing centralized installations [4][19] - The report anticipates that the fourth quarter will see continued growth driven by large-scale project commissioning [4][19] Energy Storage - In October 2025, new energy storage bidding projects totaled 12.7 GW/38.7 GWh, representing an 85% year-on-year increase [5][24] - The average price of lithium iron phosphate battery storage systems increased by 10% to 0.5248 yuan/Wh in October 2025 [5][30] - The report suggests that the energy storage industry remains robust, supported by favorable policies and evolving business models [5][33] Investment Recommendations - The report recommends focusing on companies with strong business models in hydropower and undervalued wind power, as well as those with potential capacity increases and dividend yields [4][22][23] - Specific companies to watch include Yangtze Power, Guotou Power, and Ningde Times in the energy storage sector [6][33]

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - The transformation effect of market - oriented business entities remains to be seen, and it is difficult to expect significant incremental bond supply. The supply - demand relationship of traditional credit bonds remains tight, and the pricing of outstanding bonds among market - oriented entities may become more differentiated in the future [3][35] - The concentrated opening of amortized open - end bond funds may directly benefit general credit bonds (such as urban investment bonds and industrial bonds), especially 3 - 5Y medium - and long - term credit bonds. High - rated (AAA - and above) medium - term notes are recommended as key trading targets in the future [7][75][76] 3. Summary by Directory 3.1 Platform Market - Oriented Transformation - **Local Bond Issuance for Debt Resolution** - Special Refinancing Bonds: As of 2025/11/9, 19,934 billion yuan of the 2 - trillion - yuan debt quota allocated in 2025 has been issued, almost fully utilized. Except for Henan, all other regions have completed the issuance of special refinancing special bonds within the annual quota [14] - Special New Special Bonds: As of 2025/11/9, 12,818 billion yuan of special new special bonds have been issued in 2025, exceeding the annual limit of 80 billion yuan. The excess may be used to repay non - implicit debt corporate arrears [20] - **Progress of Bond - Issuing Urban Investment Entities Exiting the Platform** - From 2025/1/1 - 11/9, 179 bond - issuing urban investment entities announced exiting the platform. Most provinces have a progress of over 50%, while Liaoning and Guizhou are relatively lagging, and future debt - resolution resources may be tilted towards them [24][27] - **Effect of Platform Market - Oriented Transformation** - The number of market - oriented business entities is increasing, but it has not led to a significant increase in bond financing scale. The reasons may be weak asset quality, cautious regulatory review, and limited investor recognition. The transformation effect remains to be observed [3][34] 3.2 Primary Market - **Net Financing Scale** - This week, the net financing of credit bonds (excluding asset - backed securities) was 154.9 billion yuan, a decrease of 30.5 billion yuan from last week. The net financing of asset - backed securities was 35.9 billion yuan, an increase of 18.5 billion yuan from last week [36] - **Issuance Cost** - The issuance rate of AA industrial bonds increased by 30BP to over 3%. The issuance rates of other different - rated and different - type bonds fluctuated within 15BP compared to last week [45] 3.3 Secondary Market - **Trading Volume** - This week, the trading volume of credit bonds (excluding asset - backed securities) decreased by 51.8 billion yuan compared to last week. The trading volume of asset - backed securities increased by 1.4 billion yuan [46] - **Yield** - The yields of different - rated and different - term credit bonds fluctuated within 3BP compared to last week [49] - **Credit Spreads** - Except for the slight compression of credit spreads in AA+ electrical equipment, light manufacturing, and automobile industries, the credit spreads of other industries and ratings slightly widened. The credit spreads of urban investment bonds, industrial bonds, and bank capital bonds also had small - scale fluctuations [54] 3.4 This Week's Bond Market News - The implied ratings of 20 bond issues of Lionbridge Financial Leasing (China) Co., Ltd. were downgraded; the implied rating of "Yuanhe 4B" issued by China Power Construction Group Hubei Engineering Co., Ltd. was downgraded; the entity rating of Beijing Aerospace宏图 Information Technology Co., Ltd. was downgraded, and the bond rating of "Hongtu Convertible Bond" was also downgraded [72] 3.5 Investment Recommendations - The central bank achieved a net injection of 626.2 billion yuan this week. Except for a few industries, the credit spreads of most industries and ratings slightly widened. The credit spreads of urban investment bonds, industrial bonds, and bank secondary and perpetual bonds had small - scale fluctuations [74] - The concentrated opening of amortized open - end bond funds may benefit general credit bonds and 3 - 5Y medium - and long - term credit bonds. High - rated medium - term notes are recommended as key trading targets [75][76]

Group 1 - The report highlights the steady expansion of the Beijing Stock Exchange (BSE) market, with the number of listed companies increasing to 282 and total market capitalization approaching 1 trillion yuan, with over 50% being national-level "little giant" enterprises in specialized and innovative sectors [2][5][22] - Daily trading volume has surged from 2 billion yuan to nearly 30 billion yuan, indicating improved pricing efficiency and liquidity [2][5][22] - The number of qualified investors has reached nearly 9.5 million, with institutional funds such as public funds and social security funds accelerating their investments, marking a significant shift towards long-term capital in the market [2][5][22] Group 2 - The BSE has entered a new phase with the simultaneous operation of the North Certificate 50 and specialized and innovative indices, with expectations for the early issuance of specialized and innovative index funds [2][5][22] - The report suggests continued focus on the construction of the BSE index system and the launch of the North Certificate 50 ETF, which is anticipated to attract incremental capital [2][5][22] - The report identifies several key investment themes, including the promotion of public fund products targeting small and medium-sized stocks, and sectors with strong policy support and growth certainty, such as lithium batteries, energy storage, and AI power [2][5][22] Group 3 - The overall price-to-earnings (PE) ratio for BSE A-shares remains at 49X, with a slight decline in PE ratios across various boards, indicating a cooling market sentiment [10][11][22] - The average PE ratio for newly listed companies from January 1, 2024, to November 14, 2025, is 13.76X, with an average first-day price fluctuation of 264% [21][24][22] - The report notes that two companies passed the review and one company registered during the week, indicating a normalization in the IPO process on the BSE [22][16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high, with the increment mainly coming from secondary bond funds, possibly due to institutional funds such as insurance funds and wealth management [2][7]. - The concentration of leading institutions has increased. The proportion of the top ten fund companies in the fixed - income + fund scale has risen from 43.0% in Q2 2025 to 46.0% in Q3 2025 [2]. - The equity position of fixed - income + funds has risen to the highest level since Q1 24, with obvious increased allocation to equities. The funds mainly increased their holdings in the manufacturing sector while also considering finance, technology, and basic industries [2]. - Fixed - income + funds' top ten heavy - position stocks are relatively stable overall, and the ten stocks with the most increased holdings are mainly concentrated in the technology field [2]. - In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds. Fixed - income + funds continued to prefer convertible bonds in the banking sector, but the proportion of bank - sector convertible bonds decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [2][3]. - There is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic, and in Q3 2025, the proportion of products with positive income is 83.49%, with an average yield of about 3.16% [3][66]. 3. Summaries According to Relevant Catalogs 3.1 Overall Scale: Secondary Bond Funds Become the Main Force for Expansion - Fixed - income + funds are a hybrid investment strategy that uses fixed - income assets as the core allocation and enhances returns through a small amount of equity - asset allocation. Their scale increased rapidly in Q2 and Q3 25, reaching over 2.5 trillion yuan again in Q3 25 [7]. - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high. The total net asset value of fixed - income + funds was about 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from Q2 25, with a month - on - month increase of 23.2%. The increment mainly came from secondary bond funds, whose scale exceeded that of primary bond funds and became the largest type of fixed - income + funds [2][7]. - The number of fixed - income + funds increased slightly in Q3 2025, also reaching a record high. The proportion of secondary bond funds in the total market's net asset value increased significantly, while the proportions of primary bond funds and partial - debt hybrid funds decreased slightly [10][13]. - The significant increase in the scale of secondary bond funds in Q3 may be mainly due to institutional funds such as insurance funds and wealth management. For example, the proportion of secondary bond funds in bank wealth - management bond - fund investments increased by 6.3 pct month - on - month to 8.9%, and the investment scale increased by 0.06 trillion yuan to 0.09 trillion yuan [2][14]. 3.2 Institutional Scale: Concentration of Leading Institutions Increases 3.2.1 Stock Scale Ranking - In Q3 2025, the proportion of the top ten public - offering fund companies in the fixed - income + fund scale increased month - on - month, and the industry concentration increased. The proportion of the top five fund companies increased from 26.2% in Q2 2025 to 28.9% in Q3 2025, and the proportion of the top ten increased from 43.0% to 46.0% [20]. - As of the end of September 2025, the top ten fund companies in the fixed - income + fund scale were E Fund, Invesco Great Wall Fund, Fullgoal Fund, Huatai - PineBridge Fund, Bosera Fund, China Merchants Fund, GF Fund, China Europe Fund, China Asset Management, and Penghua Fund [20]. 3.2.2 Stock Scale Changes - In Q3 2025, the scale changes of different - scale fund companies in the fixed - income + fund field showed significant differentiation. Large - scale public - offering fund companies had a scale increase far exceeding the industry average, while small - and medium - sized fund companies had little scale change, and some even shrank [26]. - Different types of fund companies also showed significant differentiation in the scale growth of fixed - income + funds in Q3 2025. Private - equity - affiliated fund companies led with an increase of 85.89 billion yuan, followed by securities - affiliated and bank - affiliated fund companies, while insurance - affiliated fund companies had a contraction of 3.6 billion yuan [29]. - In Q3 2025, leading institutions became the main force for growth. The top ten public - offering fund companies in the scale growth of fixed - income + funds were Invesco Great Wall Fund, Fullgoal Fund, Bosera Fund, Huatai - PineBridge Fund, China Europe Fund, E Fund, Yongying Fund, Penghua Fund, GF Fund, and Huashang Fund [30]. 3.3 Asset Allocation Changes: Increase in Equity Position 3.3.1 Changes in the Allocation of Major Asset Classes of Fixed - Income + Funds - According to Q3 2025 data, the asset - allocation structure of fixed - income + funds was adjusted, and the stock position rose to the highest level since Q1 24. The market - wide market - value proportions of stocks, bonds, and cash in fixed - income + funds in Q3 25 were 8.9%, 87.1%, and 1.4% respectively, with corresponding scale increases of 1020.9 billion yuan, 3759.6 billion yuan, and 35.8 billion yuan compared to Q2 25 [35]. - Except for convertible bond funds, the stock - holding proportions of other types of bond funds increased to varying degrees compared to the previous quarter, while the bond - holding proportions decreased to varying degrees [39]. 3.3.2 Changes in Stock - Asset Investment - Fixed - income + funds' equity assets are mainly invested in the manufacturing sector. In Q3 2025, the manufacturing sector accounted for about 63% of the investment scale, followed by the mining, finance, and information transmission, software, and information technology services industries, with a total proportion of about 24% [47]. - In Q3 2025, the manufacturing industry was the most significantly increased industry, with a scale increase of 634 billion yuan and a proportion increase of 6.03 percentage points. The mining and information transmission, software, and information technology services industries also had increased investment, while the power, construction, real estate, and education industries had reduced investment [49]. - In Q3 2025, the top ten heavy - position stocks of fixed - income + funds were relatively stable overall. Zijin Mining, CATL, and Tencent Holdings remained in the top three, and technology stocks such as Alibaba - W, Zhongji Innolight, Luxshare Precision, and SMIC entered the top ten. The overall allocation direction of the top ten heavy - position stocks continued to hold the growth sector [50]. - The ten stocks with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the technology field, and 8 of them also entered the top ten heavy - position stocks of public - offering funds in the same quarter [52]. 3.3.3 Changes in Convertible - Bond Asset Investment - Among fixed - income + funds, convertible bond funds and secondary bond funds are the main holders of convertible bonds. In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds, while primary bond funds and partial - debt hybrid funds reduced their holdings [53][55]. - Overall, about 11.19% of fixed - income + funds' assets were allocated to convertible bonds in Q3 2025. Only the convertible - bond position of convertible bond funds increased month - on - month, while the positions of other fixed - income + funds decreased [55]. - Among the top five heavy - position bonds of fixed - income + funds, financial bonds and treasury bonds dominated in Q3 2025, with a total proportion of about 80%, and convertible bonds accounted for 7.5% [56]. - Among the top five heavy - position bonds of fixed - income + funds in Q3 2025, bank - sector convertible bonds still dominated, but the proportion decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [61]. - The top ten convertible bonds with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the banking, non - bank finance, and power equipment sectors, and 8 of them also entered the top ten in the convertible - bond holding scale of fixed - income + funds in the same quarter [65]. 3.4 Performance - According to Q3 2025 data, there is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic. In Q3 2025, the proportion of products with positive income was 83.49%, and the average yield was about 3.16% [66]. - The top ten fixed - income + funds with outstanding performance in Q3 2025 included Huaan Zhilian Hybrid (LOF), Southern Changyuan Convertible Bond, etc. These funds achieved excess returns through flexible allocation of equity positions such as technology and convertible - bond assets [67]. - Among the top ten heavy - position stocks of fixed - income + funds with a quarterly yield of over 18% in Q3 2025, the technology - growth sector dominated, and the holdings were relatively decentralized, reflecting the differentiated positioning of different fixed - income + products' investment strategies [68].

Investment Rating - Investment rating: Positive (maintained) [4] Core Views - The aluminum price is on an upward trend, and the profitability of electrolytic aluminum continues to expand [3] - Copper prices are expected to remain volatile in the short term due to macroeconomic factors, with a potential upward cycle anticipated as supply-demand dynamics shift towards a shortage [5][25] - Lithium demand is exceeding expectations, leading to a reduction in lithium salt inventory and a rebound in lithium prices [5][77] - Cobalt prices are expected to continue rising due to a tight supply situation [5][86] Summary by Sections 1. Industry Overview - China's retail sales in October grew by 2.9%, exceeding expectations [9] - The U.S. government ended its longest shutdown, which is expected to influence market dynamics positively [9] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 1.07% [11][12] - The sector's PE_TTM is 25.81, indicating a premium over the broader market [20][23] 3. Industrial Metals - Copper: Prices increased by 0.99% in London and 1.12% in Shanghai, with inventories decreasing [25] - Aluminum: Prices rose by 1.48% in Shanghai, with profitability for aluminum producers increasing by 5.40% [38] - Lead and Zinc: Lead prices increased, while zinc prices saw a slight decline [47] 4. Energy Metals - Lithium: Prices for lithium carbonate rose by 5.91% to 85,150 yuan/ton, with lithium demand remaining strong [77] - Cobalt: Prices for cobalt increased, with domestic prices reaching 397,000 yuan/ton [86]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The coal sector showed positive revenue growth in Q3 2025, with the net profit growth rate of thermal coal companies outperforming that of coking coal companies [4] - The price of Qinhuangdao 5500 kcal thermal coal increased from 621 RMB/ton on June 30, 2025, to 699 RMB/ton on September 30, 2025, reflecting a cumulative increase of 12.6% in Q3 [4] - The overall performance of coal companies in Q3 was supported by rising coal prices, inventory reduction, and increased electricity sales during peak summer demand [4] - The production of leading thermal coal companies remained stable, while coking coal production faced pressure, leading to more aggressive inventory reduction [4] - The improvement in long-term contracts for thermal coal helped boost coal prices, although some companies still recorded a decline in unit sales revenue due to delayed price transmission [4] - The cost control strategies adopted by thermal coal companies helped maintain profitability despite rising costs in some coking coal companies [4] - The winter season is expected to see strong coal prices due to supply constraints and increased demand for heating [5] Summary by Sections Section: Q3 Performance - The coal sector's Q3 revenue showed a positive trend, with thermal coal companies experiencing a net profit growth rate that was better than that of coking coal companies [4] - The overall revenue for coal companies in Q3 was positively impacted by rising coal prices and increased electricity sales [4] Section: Price Trends - The price of thermal coal saw a significant increase in Q3, with a 12.6% rise in Qinhuangdao 5500 kcal thermal coal prices [4] - Despite the increase in market prices, some companies experienced a lag in price transmission, affecting their unit sales revenue [4] Section: Production and Inventory - Leading thermal coal companies maintained stable production levels, while coking coal production faced challenges [4] - Most listed coal companies did not significantly reduce their sales volumes, with some companies achieving higher sales in Q3 [4] Section: Cost Management - Thermal coal companies continued to focus on cost control, resulting in a decrease in unit costs [4] - Some coking coal companies faced rising costs, which negatively impacted their performance [4] Section: Future Outlook - The report suggests a positive outlook for Q4 2025, with expectations of continued improvement in coal company performance due to favorable market conditions [5] - The winter season is anticipated to bring strong coal prices driven by supply constraints and increased heating demand [5]