Investment Rating - Investment rating: None [4] Core Views - The report highlights significant growth in AI-driven computing demand, as evidenced by Oracle's FY1Q26 earnings report, which raised revenue guidance for its cloud infrastructure business (OCI) [4][15] - Oracle's RPO increased by 359% year-on-year, reaching $455 billion, driven by long-term contracts with major clients like OpenAI, with expectations of signing new contracts worth billions [4][15] - The report indicates a bullish sentiment in the tech sector, with major indices like the Nasdaq reaching new highs, driven by Oracle's strong performance [4][7] Summary by Sections 1. Overseas AI - The tech sector saw a rise, with the Nasdaq hitting new highs during the week of September 8 to September 12, 2025, and the Hang Seng Tech Index increasing by 5.3% [7] - Oracle's earnings exceeded expectations, leading to significant stock price increases for key companies, including a 26% rise for Oracle and 20% for Micron Technology [4][7][15] 2. Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies rose to $4 trillion as of September 12, 2025, up from $3.8 trillion the previous week [17] - The report notes a positive trend in cryptocurrency prices, driven by expectations of interest rate cuts and favorable SEC policies [32] - Key cryptocurrency assets saw net inflows totaling $2.324 billion during the week, indicating strong market interest [26][32] 3. Recent Important Events - Oracle's significant capital expenditure increase of 269% year-on-year to $8.5 billion in FY2026Q1 is aimed at enhancing energy efficiency and computing capacity [15] - The report anticipates upcoming earnings reports from Micron Technology and Uranium Energy on September 23 and September 25, respectively [16]

Investment Rating - The report indicates a focus on the service consumption sector, with potential investment opportunities in companies listed on the Beijing Stock Exchange related to this industry [1]. Core Insights - The report highlights that several policy measures aimed at expanding service consumption are expected to be introduced in September 2025, which could significantly enhance the supply of high-quality services and stimulate new consumption scenarios [2][5][12]. - In 2024, China's service retail sales are projected to grow by 6.2% year-on-year, outpacing the growth of goods retail sales by 3 percentage points, indicating a robust demand for service consumption [6][8]. - The report identifies a substantial growth potential in service consumption in China, particularly in areas such as culture, leisure, tourism, and healthcare, as the country transitions towards a service-oriented economy [6][12]. Summary by Sections Policy Measures - The Ministry of Commerce plans to introduce new policies to boost service consumption, focusing on enhancing service supply and promoting investment in sectors like internet services, culture, and healthcare [2][5][12]. - Specific measures include encouraging foreign investment in sectors such as camping, homestays, and "Internet + healthcare" [2][5]. Market Performance - The median price change for companies in the service consumption sector on the Beijing Stock Exchange was -3.12% from September 8 to September 12, 2025, with 9 companies (23%) experiencing gains [15][16]. - The total market capitalization of the service consumption sector decreased from 132.17 billion to 128.91 billion yuan, with the median market capitalization dropping from 2.35 billion to 2.29 billion yuan [22][24]. Valuation Metrics - The median price-to-earnings (P/E) ratio for companies in the service consumption sector decreased from 57.9X to 52.5X [18][19]. - The broader consumer sector's median P/E ratio fell from 66.9X to 61.3X, indicating a general decline in valuations across the sector [28][29]. Company Analysis - The report lists several companies in the service consumption sector, including those in sports, tourism, healthcare, and education, highlighting their revenue and profit metrics for 2024 [13][14]. - Notable companies include Meizhigao, Guoyi Tendering, and Jinbo Biological, which showed significant price increases during the reporting period [25][26].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][54]. Core Views - The company is a leading global ODM manufacturer in smart hardware, leveraging AI to drive multi-business collaboration and growth [5][7]. - The company has shown significant revenue growth, with a projected increase in operating income from 85.34 billion RMB in 2023 to 160.62 billion RMB in 2025, representing a CAGR of 25.5% from 2019 to 2024 [7][14]. - The demand for AI computing power is surging, leading to strong growth in the server business, with a projected revenue increase of 178.8% in the data center segment for 2024 [7][21]. - The company is expanding its presence in emerging markets such as automotive electronics, with the automotive electronics market in China expected to grow to 1.28 trillion RMB by 2025 [48]. Summary by Sections Market Performance - The company's closing price is 84.24 RMB, with a total market capitalization of 85.57 billion RMB and a circulating market value of 48.14 billion RMB [3]. Financial Forecast and Valuation - The company is expected to achieve a net profit of 3.97 billion RMB in 2025, with a year-on-year growth rate of 35.56% [6][54]. - The projected P/E ratios for 2025, 2026, and 2027 are 21.57, 17.97, and 14.77, respectively [8][54]. Business Growth Drivers - The company is focusing on three core business areas: smartphones, laptops, and data centers, while also exploring new fields such as robotics and automotive electronics [7][10]. - The server business is expected to benefit from the increasing demand for AI servers, with global shipments projected to rise from 500,000 units in 2020 to 2 million units in 2024 [24][27]. - The laptop segment is also experiencing growth, with expected shipments reaching 15 million units in 2024 [7][32]. Emerging Business Opportunities - The automotive electronics market is projected to reach 1.28 trillion RMB in 2025, providing significant growth opportunities for ODM manufacturers [48]. - The company is enhancing its capabilities in automotive electronics, focusing on cockpit, display, and intelligent driving technologies [48]. Competitive Positioning - The company maintains a leading position in the smartphone ODM market, with a market share of 27% in 2024 [42]. - The ODM penetration rate for smartphones is expected to continue rising, driven by the increasing demand for AI-integrated devices [42][43].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The swine industry is undergoing significant policy transformation, focusing on capacity regulation and protecting farmers' rights while promoting innovation [5][6] - The latest pig price is 13.52 CNY/kg, with a slight decrease of 0.35 CNY/kg from the previous period, indicating potential short-term price declines due to policy-driven weight reductions [5][15] - The report suggests that if pig prices continue to fall, further market support and capacity control measures may be implemented [5][15] - The overall profitability of listed pig companies has shown significant growth, and with the expected recovery in pig prices and declining costs, profitability is anticipated to remain strong [6][15] Summary by Sections 1. Swine Industry - The latest pig price is 13.52 CNY/kg, with an average weight of 128.32 kg and a 15 kg piglet price of 394 CNY/head [5][15] - The Ministry of Agriculture will hold a meeting with 25 major pig companies to discuss capacity regulation measures [6][15] - Future growth stocks will focus on technological innovation and farmer interests, with companies like DeKang Agriculture and leading pig farming companies such as Muyuan and Wens recommended for investment [6][15] 2. Poultry Industry - The chicken industry faces a "high capacity, weak consumption" contradiction, with the latest chick price at 3.15 CNY/bird and broiler price at 3.43 CNY/kg [7][16] - The report highlights the importance of integrated enterprises and contract farming to increase market share [7][16] - Key investment targets include high-quality imported breeding stock leaders and full-chain leaders like Yisheng and Shengnong Development [7][16] 3. Feed Industry - The report recommends Haida Group due to improved management and increased capacity utilization, expecting significant growth [8][17] - The prices of various fish species have shown mixed trends, with some experiencing declines [8][17] 4. Pet Industry - The pet industry shows a significant increase in sales growth compared to July, with leading brands maintaining strong positions [9][20] - The competitive landscape is characterized by four leading brands, with potential risks for those unable to keep pace with growth [10][22] - The report emphasizes the importance of domestic brands like Guibao and Zhongchong, which are expected to perform well in the future [10][22] 5. Agricultural Products - The USDA's September report is bearish, with an increase in soybean planting area and a decrease in yield expectations [11][23] - The report highlights the importance of monitoring US-China trade negotiations and their impact on agricultural prices [11][23] - The agricultural sector is viewed as undervalued, with potential for significant returns as the industry transitions through various stages of recovery [11][23] 6. Market and Price Situation - The agricultural index increased by 4.81% over the past week, with the livestock sector performing particularly well [24][29] - The report notes that the CPI has been affected by food prices, which have seen a significant decline [50]

1. Report Industry Investment Rating - The report does not explicitly state the industry investment rating. 2. Report's Core View - The bond market adjusted significantly this week. The narrowing year - on - year decline in August's CPI and the four - month consecutive rise in core CPI indicate marginal improvement in domestic demand, but food prices still drag. The narrowing year - on - year decline in PPI and the end of eight - month consecutive decline in the month - on - month data are mainly supported by policy - driven industrial product price repairs. The export growth rate in the first eight months dropped to 6.9%, and the import decline narrowed to - 1.2%, reflecting the resilience of external demand but uneven domestic demand repair. The main reasons for the bond market adjustment this week may include policy expectation disturbances and the continuous disturbance of the stock - bond seesaw effect. The short - term bond market may be suppressed by sentiment, but the report is bullish on the bond market in the long run, expecting the 10Y Treasury yield to be between 1.6% - 1.8% in the second half of the year [2][10][82]. 3. Summary by Related Catalogs 3.1 Macro News - In August, CPI decreased by 0.4% year - on - year, with the same month - on - month figure as last month, and core CPI rose to 0.9%. PPI's year - on - year decline narrowed to - 2.9%, the first narrowing since February this year, and the month - on - month change turned flat, ending eight - month consecutive decline. - In the first eight months, the total value of China's goods trade imports and exports was 29.6 trillion yuan, a year - on - year increase of 3.5%. The export growth rate dropped by 0.4 pct to 6.9%, and the import decline narrowed by 0.4 pct to - 1.2%. - At the end of August, M2 balance was 332.0 trillion yuan, a year - on - year increase of 8.8%; M1 balance was 111.2 trillion yuan, a year - on - year increase of 6%. The cumulative increase in social financing scale in the first eight months was 26.6 trillion yuan, 4.7 trillion yuan more than the same period last year. - The US CPI in August increased by 2.9% year - on - year, a new high since January, and 0.4% month - on - month, higher than expected. Core CPI increased by 3.1% year - on - year and 0.3% month - on - month in August, both in line with market expectations [12][17][19][21]. 3.2 Medium - term High - frequency Data 3.2.1 Consumption - As of September 7, the daily average retail volume of passenger car manufacturers was 4.3 million vehicles, a year - on - year decrease of 10.3%, and the daily average wholesale volume was 4.4 million vehicles, a year - on - year decrease of 5.1%. - As of September 12, the total box office revenue of national movies in the past 7 days was 35782.6 million yuan, a year - on - year increase of 41.0%. - As of August 29, the total retail volume of three major household appliances was 1.337 million units, a year - on - year decrease of 9.9%, and the total retail sales were 2.13 billion yuan, a year - on - year decrease of 33.5% [24][28]. 3.2.2 Transportation - As of September 7, the weekly container throughput of ports was 6.646 million twenty - foot equivalent units, a year - on - year increase of 13.4%. - As of September 11, the average daily subway passenger volume in first - tier cities in the past 7 days was 37.473 million person - times, a year - on - year increase of 2.0%. - As of September 7, the weekly postal express pick - up volume was 3.86 billion pieces, a year - on - year increase of 9.2%. - As of September 7, the weekly railway freight volume was 79.043 million tons, a year - on - year increase of 4.1%, and the weekly highway truck traffic volume was 5.436 million vehicles, a year - on - year decrease of 0.6% [34][36][39]. 3.2.3 Industrial Operating Rates - As of September 10, the blast furnace operating rate of major steel enterprises nationwide was 77.3%, a year - on - year increase of 1.8 pct. - As of September 11, the average asphalt operating rate was 26.0%, a year - on - year increase of 5.0 pct. - As of September 11, the soda ash operating rate was 87.5%, a year - on - year increase of 12.9 pct, and the PVC operating rate was 79.8%, a year - on - year increase of 3.8 pct. - As of September 12, the average PX operating rate was 87.0%, and the average PTA operating rate was 74.7% [42][44]. 3.2.4 Real Estate - As of September 12, the total commercial housing transaction area in 30 large and medium - sized cities in the past 7 days was 1.488 million square meters, a year - on - year increase of 6.2%. - As of September 5, the second - hand housing transaction area in 9 sample cities was 1.234 million square meters, a year - on - year decrease of 5.5% [47]. 3.2.5 Prices - As of September 12, the average weekly pork wholesale price was 19.9 yuan/kg, a year - on - year decrease of 26.3% and a 1.3% decrease compared to four weeks ago; the average vegetable wholesale price was 5.1 yuan/kg, a year - on - year decrease of 16.0% and an 8.7% increase compared to four weeks ago; the average wholesale price of 6 key fruits was 6.9 yuan/kg, a year - on - year decrease of 4.4% and a 1.0% decrease compared to four weeks ago. - As of September 12, the average weekly price of thermal coal at northern ports was 682.0 yuan/ton, a year - on - year decrease of 19.8% and a 1.0% decrease compared to four weeks ago; the average weekly WTI crude oil spot price was 62.6 US dollars/barrel, a year - on - year decrease of 7.6% and a 1.5% decrease compared to four weeks ago. - As of September 12, the average weekly spot price of rebar was 3138.0 yuan/ton, a year - on - year decrease of 1.7% and a 5.5% decrease compared to four weeks ago; the average weekly spot price of iron ore was 804.9 yuan/ton, a year - on - year increase of 14.2% and a 1.5% increase compared to four weeks ago [48][53][55]. 3.3 Bond and Foreign Exchange Markets - On September 12, overnight Shibor was 1.37%, up 1.40 BP from September 8. R001 was 1.40%, down 1.01 BP from September 8; R007 was 1.47%, down 0.53 BP from September 8. DR001 was 1.36%, up 0.76 BP from September 8; DR007 was 1.46%, up 0.52 BP from September 8. IBO001 was 1.40%, up 0.84 BP from September 8; IBO007 was 1.50%, up 0.37 BP from September 8. - Most Treasury yields rose. On September 12, the 1 - year/5 - year/10 - year/30 - year Treasury yields were 1.40%/1.61%/1.87%/2.18%, up 0.2 BP/0.3 BP/4.1 BP/7.3 BP respectively from September 5. The 1 - year/5 - year/10 - year/30 - year yields of China Development Bank bonds were 1.58%/1.82%/2.03%/2.26%, up 4.1 BP/6.3 BP/15.8 BP/6.8 BP respectively from September 5. - On September 12, the 1 - year/5 - year/10 - year yields of local government bonds were 1.54%/1.84%/2.03%, up 8.7 BP/0.5 BP/2.1 BP respectively from September 5. The yields of AAA 1 - month/1 - year and AA+ 1 - month/1 - year inter - bank certificates of deposit were 1.55%/1.68%/1.57%/1.71%, up 12.1 BP/1.1 BP/12.1 BP/0.1 BP respectively from September 5. - As of September 12, 2025, the 10 - year Treasury yields of the US, Japan, the UK, and Germany were 4.1%, 1.6%, 4.7%, and 2.8%, down 4 BP/up 3 BP/up 3 BP/down 2 BP respectively from September 5. - On September 12, the central parity rate and spot exchange rate of the US dollar against the Chinese yuan were 7.10/7.12, down 45/154 pips respectively from September 5 [58][63][65][71][74]. 3.4 Institutional Behavior - Since the beginning of 2025, the duration of medium - and long - term pure bond funds investing in interest - rate bonds has shown a trend of first decreasing, then increasing, and then decreasing. As of September 12, 2025, the estimated median duration was about 4.7 years, a decrease of about 0.1 years compared to last week (September 5). - Since the beginning of 2025, the duration of medium - and long - term pure bond funds investing in credit bonds has shown a volatile trend. In the past month, the duration has risen rapidly and then fluctuated. As of September 12, 2025, the estimated average duration was about 3.1 years, and the estimated median duration was about 3.0 years, an increase of about 0.2 years compared to last week (September 5) [77][79]. 3.5 Investment Advice - The short - term bond market may be suppressed by sentiment, but the report remains bullish on the bond market. The year - on - year growth rate of prices in August was generally lower than expected, and this may be a stage of economic growth momentum transformation and income distribution structure adjustment. The year - on - year growth rates of exports and imports in August both declined. Coupled with the strong performance of consumption policies in the first half of the year, there may be some pressure on consumption and exports in the second half of the year. It is necessary to continuously monitor the continuation of incremental policies and price improvements. The report believes that the economic downward pressure may increase in the second half of the year, the capital market will remain loose, the central bank may restart Treasury bond purchases, and the self - operating allocation demand of banks will support the decline of bond market interest rates. The recent unexpected rise of the stock market has led to a significant adjustment in the bond market, but the bond market will ultimately return to fundamental and capital - based pricing. When the stock market adjusts, bond yields may decline rapidly. The report continues to expect the 10Y Treasury yield to be between 1.6% - 1.8% in the second half of the year, and the current 10Y Treasury yield of about 1.8% is highly cost - effective [80][82].

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The report highlights that China Pacific Insurance (02328.HK) is a leading property insurance company with continuously improving underwriting quality, supported by strong short-term and long-term fundamentals [5] - The company is expected to benefit from a significant decrease in natural disaster economic losses and regulatory changes that enhance the profitability of its auto insurance segment [7][10] - The report anticipates a positive impact on non-auto insurance performance due to upcoming regulatory policies [10] Summary by Sections Market Performance - The closing price is HKD 18.75, with a market capitalization of HKD 417,051.85 million and a circulating market value of HKD 129,361.76 million [3] Financial Performance - For the first half of 2025, the company reported insurance service revenue and net profit growth of 5.6% and 32.3%, reaching RMB 249 billion and RMB 24.5 billion respectively [8] - The combined cost ratio decreased by 1.4 percentage points to 94.8%, and the annualized ROE increased by 1.3 percentage points to 9.0% [8] - The auto insurance segment saw a revenue increase of 3.5% to RMB 150.3 billion, with a combined cost ratio down by 2.2 percentage points to 94.2% [8] - Non-auto insurance revenue grew by 8.9% to RMB 98.8 billion, with a combined cost ratio down by 0.1 percentage points to 95.7% [8] Profit Forecast and Valuation - The forecast for the company's net profit for 2025-2027 is RMB 42.5 billion, RMB 46.8 billion, and RMB 51.0 billion, with year-on-year growth rates of 32.2%, 10.1%, and 9.0% respectively [10] - The current closing price corresponds to a P/E ratio of 8.9 for 2025, 8.1 for 2026, and 7.5 for 2027 [10]

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Report Summary 1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The scale of wealth management products grew steadily in August 2025, reaching 32.92 trillion yuan at the end of August, an increase of 2.97 trillion yuan from the end of the previous year and 0.25 trillion yuan from the end of the previous month [4][7]. - The average annualized yield of pure fixed - income wealth management products of wealth management companies in August was relatively stable. The average upper and lower limits of the performance comparison benchmark of newly issued RMB fixed - income wealth management products in August were 2.81% and 2.23% respectively. The average 7 - day annualized yield of cash management products of wealth management companies was 1.27% as of September 7 [4][13][16]. - The interest - bearing liability cost rate of A - share listed banks has declined rapidly in the past two years. It is expected that the interest - bearing liability cost rate of A - share listed banks in 25Q4 will drop below 1.65%, and the liability cost of commercial banks will decline year by year in the next five years, supporting the downward trend of bond yields [4][20]. - The report is bullish on the bond market in the short term. The 10Y government bond has certain allocation value for bank self - operation. It is recommended that commercial bank self - operation increase the allocation of government bonds during bond market adjustments. The 10Y Treasury yield may return to around 1.65% in the next six months [4][24]. 3. Summary by Relevant Catalogs 3.1 8 - month Wealth Management Scale - As of the end of August 2025, the total wealth management scale was 32.92 trillion yuan, an increase of 2.97 trillion yuan from the end of the previous year and 0.25 trillion yuan from the end of the previous month. The scale is at a historical high [4][7]. - The scale increment in August 2025 was 0.25 trillion yuan, consistent with the seasonal pattern. The combined increment in July and August 2025 was 2.25 trillion yuan, higher than the same period from 2022 - 2024 [4]. 3.2 Yield of Fixed - Income Wealth Management Products in August 2025 - Since the beginning of 2022, the average performance comparison benchmark of newly issued RMB fixed - income wealth management products of wealth management companies has been declining. In August 2025, the upper limit was 2.81% and the lower limit was 2.23%. It is expected that the lower limit may reach 2.0% [13]. - The average 7 - day annualized yield of cash management products of wealth management companies decreased slightly in August. As of September 7, it was 1.27%, while the average 7 - day annualized yield of money market funds was 1.11%. The yield of money - like products may further decline [16]. - Despite the bond market adjustment in August, the average monthly annualized yield of pure fixed - income wealth management products was 2.49%, relatively stable [20]. 3.3 Investment Suggestions: Decline in Bank Liability Costs Supports the Bond Market - The interest - bearing liability cost rate of A - share listed banks in 25Q2 was 1.72%, a quarterly decrease of 8BP and a decrease of 45BP from the high point in 23Q4. It is expected to drop below 1.65% in 25Q4 [4][20]. - In the low - interest - rate era, the difficulty of pure - bond investment has increased significantly. It is recommended to lower the return expectations for bond investment. The proportion of bond investment in the bank system may increase in the long term [23]. - As of the end of August, the 10Y Treasury yield was close to 1.8%. Considering the decline in future liability costs, the spread of 10Y government bonds for bank self - operation may expand. It is recommended that commercial bank self - operation increase the allocation of government bonds during bond market adjustments [24].

Investment Rating - The investment rating for the media internet industry is "Positive" (maintained) [4] Core Views - The report highlights the acceleration of AI applications in vertical business scenarios, suggesting a focus on the transformative significance of new scenarios and interaction models. It emphasizes the ongoing high growth trend in the cultural technology industry, particularly in AI applications, gaming, new consumption trends, and policy-driven developments in the television and sports sectors [5][6][8][10]. Summary by Sections Industry Performance - From September 8 to September 12, 2025, the Shanghai Composite Index increased by 1.52%, the Shenzhen Component Index rose by 2.65%, and the CSI 300 Index grew by 1.38%. The media sector ranked fourth among all industries with a growth of 4.27% [14][15]. Gaming Sector - Major companies like Tencent, Gigabit, and Giant Network demonstrated strong performance resilience and new game contributions. The report anticipates continued positive trading based on the performance of quality products, with Q3 expected to show stronger financial validation. The gaming market is characterized by a unique logic of product performance leading to EPS upgrades and valuation recovery, with no strong bubbles currently observed [5][6][10]. Film and Television - The report notes that several high-quality films are set to be released during the upcoming holiday period, which is expected to drive steady growth in the box office market. It recommends focusing on key film producers and cinema/ticketing companies [6][7]. The television sector is expected to enter a new phase of content creation and development, driven by new policies aimed at enhancing content supply [7][8]. Internet Sector - The report advises a rational assessment of platform strategies in food delivery and instant retail, suggesting that market competition will stabilize as low-price competition is regulated. It highlights the resilience of major platforms like Tencent, Alibaba, and Meituan, and emphasizes the importance of AI technology and applications in driving industry development [8][10]. AI Applications - The report suggests focusing on AI applications that have clear revenue structures, particularly in education, e-commerce, marketing, and gaming. It notes significant advancements in AI-driven e-commerce live streaming and the potential for AI-generated video technology to enhance content production processes [10][11]. National Publishing and Media - The report emphasizes the importance of state-owned media companies in driving industry consolidation and the exploration of new business models in education and other emerging sectors [11].

Report Industry Investment Rating No industry investment rating is provided in the report. Report's Core View The report analyzes the credit market from September 8 - 12, 2025. It anticipates that the bond market will continue to recover, with the 10Y Treasury yield expected to be between 1.6% - 1.8% in the second half of the year. The interest rate recovery may catalyze a supplementary rally in ultra - long credit bonds. However, currently, the ultra - long credit bonds do not show obvious cost - performance advantages. Conservative investors are advised to wait and see, aiming to capitalize on the potential supplementary rally driven by the subsequent decline in interest rates [3][42]. Summary by Relevant Catalogs 1. Market Overview This Week - **Primary Market**: The issuance volume and net financing of traditional credit bonds increased compared to last week, while the repayment volume decreased. The net financing of asset - backed securities increased by 12.5 billion yuan. The weighted average issuance rates of AA + urban investment bonds and AAA financial bonds rose by over 20BP, and that of AA + industrial bonds increased by 11BP [1][9][17]. - **Secondary Market**: The trading volume of credit bonds increased by 110.6 billion yuan compared to last week. The turnover rate of urban investment bonds decreased, while that of other varieties increased. Affected by factors such as the new fund redemption fee regulations, the yields of credit bonds adjusted along with interest - rate bonds, with the long - end (over 7Y) adjusting by 6 - 9BP. The credit spreads of AA + electronics and steel industries narrowed significantly, while those of other industries and ratings fluctuated within 5BP [2][18][24]. - **Negative News**: The implied ratings of a total of 113 bond issues from 10 entities were downgraded, including 35 issues from China Merchants Shekou Industrial Zone Holdings Co., Ltd., 34 from China Overseas Land & Investment Limited, and 23 from Poly Property Group Co., Ltd. [2][38] 2. This Week's Market Analysis and Investment Suggestions - **Market Analysis**: There were 1.0684 trillion yuan of reverse repurchases due in the open market this week. The central bank conducted 1.2645 trillion yuan of reverse repurchase operations, resulting in a net injection of 196.1 billion yuan. The DR001 rate rose from 1.30% at Monday's close to 1.41% at Friday's close, but the overnight funding rate remained low, and the overall funding situation was loose [6][41]. - **Investment Suggestions**: The credit spreads of AA + electronics and steel industries narrowed significantly this week, while those of other industries and ratings fluctuated within 5BP. For urban investment bonds, the credit spreads within 1Y slightly widened, while those over 1Y compressed to varying degrees. For industrial bonds, the credit spreads widened compared to last week. For bank capital bonds, the credit spreads of bank Tier 2 and perpetual bonds of different terms and ratings widened, with the 3 - 5Y spreads widening by over 10BP in most cases [6][41]. 3. Outlook and Recommendations Considering factors such as the central bank's continuous easing and the decreasing bank liability cost, the bond market is expected to continue to recover. The report maintains the view that the 10Y Treasury yield will be between 1.6% - 1.8% in the second half of the year. The end of the quarter may bring balance - sheet return pressure on wealth management products, and after the quarter, it may be a suitable time to increase the allocation of ultra - long credit bonds. Currently, the cost - performance advantage of ultra - long credit bonds is not obvious, so conservative investors are advised to wait and see [3][42].