Group 1: A-Share Market Valuation - The current PE (TTM) of the A-share market is 16.33, with a median value of 13.52 and a maximum of 30.60[9] - The PE (TTM) excluding financial and oil sectors is 25.66, indicating a higher valuation compared to the overall market[6] - The risk premium for the A-share market has fluctuated, with a current ERP (万得全A) of approximately 1.5%[16] Group 2: Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 12.02, with a median of 10.29 and a maximum of 22.67[56] - The Hang Seng Technology Index shows a current PE of 23.65, reflecting a significant valuation compared to other sectors[61] - The median PE for the Hong Kong financial sector is 7.45, indicating a relatively low valuation compared to historical averages[66] Group 3: U.S. Market Valuation - The S&P 500 index has a current PE (TTM) of 29.38, with a median of 21.14 and a maximum of 41.99[80] - The NASDAQ index shows a current PE of 42.14, indicating a high valuation compared to historical data[88] - The Dow Jones Industrial Average has a current PE of 30.58, with a median of 18.64[92] Group 4: Sector-Specific Valuation Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors have low PE ratios, indicating potential undervaluation[23] - The technology sector, particularly computing and electronics, shows high PE ratios, suggesting overvaluation risks[37] - The consumer sector, including liquor and pharmaceuticals, has a median PE of 19.25 and 37.48 respectively, indicating strong market interest[30]

证券研究报告|固收研究报告 [Table_Date] 2025 年 12 月 5 日 [Table_Title] 2026，2200+亿 C-REITs 怎么配？ [Table_Title2] 2026 年投资展望系列之三 [Table_Summary] 截至 2025 年 11 月末，我国基础设施公募 REITs 已经发行 78只，共 发售基金 2095 亿元，资产类型涉及园区、消费、交通、能源、生态环 保、水利、仓储物流、租赁住房、市政设施和新型设施十大类，总市值约 2223 亿元，已突破 2200 亿元大关。 ►一级市场：继续常态化发行，新资产类型将逐步上线 2025 年，C-REITs 进入常态化申报、常态化发行的新阶段，相关部 门持续推动市场扩围扩容，拟推出商业综合体、商业零售、写字楼、酒店 等商业不动产 REITs。基础设施 REITs 项目行业范围清单（2025 年版） 也新增了商业办公设施、城市更新设施、体育场馆项目等，新资产类型 REITs 将陆续上市。 从发行节奏来看，2025 年 1-11 月共发行 20 只，规模 408 亿元，较 2024 年有所回落。从打新情绪来看，2025 年一级 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report In 2026, the investment strategy for bank Tier 2 and perpetual bonds should focus on trading, with limited value in credit quality downgrading. The demand side of bank Tier 2 and perpetual bonds may face pressure, mainly with structural impacts, while the net supply is likely to remain at a low level, and small and medium - sized banks may continue to increase issuance. The credit spread of medium - and long - term AAA - rated Tier 2 and perpetual bonds still has an upper limit and a lower limit, but trading difficulties have increased, and short - term downgrading of these bonds may not yield significant excess returns [2][7][68]. 3. Summary by Relevant Catalogs 3.1 2025, Bank Tier 2 and Perpetual Bonds: Primary Market Contraction and Secondary Market Differentiation - **Net financing contraction**: In 2025, the net financing of bank Tier 2 and perpetual bonds decreased year - on - year. The total issuance was 1.58 trillion yuan, with a net financing of 432.7 billion yuan, a year - on - year decrease of 86.4 billion yuan. The decrease was mainly due to the reduced supply from joint - stock and small and medium - sized banks [12]. - **Differentiated performance**: The yield of bank Tier 2 and perpetual bonds showed an "M" - shaped oscillatory trend in 2025. Short - term and low - grade bonds performed strongly, with significant narrowing of credit spreads, while long - term bonds underperformed [31]. 3.2 2025, Changes in Institutional Behavior - **More active trading**: In 2025, the trading of bank Tier 2 and perpetual bonds became more active. The average daily trading volume increased significantly compared to the previous year, and the proportion of trading volume in all credit bonds rose from 31% in 2024 to 39% [1]. - **Increased allocation by major non - bank institutions**: In 2025, funds, wealth management products, insurance, and other asset management products all net - bought other types of bonds (mainly bank Tier 2 and perpetual bonds) in the secondary market. Among them, funds, wealth management products, and insurance increased their allocation efforts year - on - year [39]. 3.3 2026, Outlook on the Supply and Demand of Bank Tier 2 and Perpetual Bonds - **Demand side pressure with structural impacts**: Under the new regulations on fund sales fees, short - term and medium - short - term bond funds may face redemption pressure, leading to selling pressure on Tier 2 and perpetual bonds. Wealth management products are undergoing rectification of net - value smoothing methods, reducing their positions in these bonds. The full implementation of the new insurance I9 accounting standard in 2026 may suppress the demand for long - term bonds [2][3]. - **Low net supply, potential increase from small and medium - sized banks**: From 2024 - 2025, the net financing of state - owned banks' Tier 2 and perpetual bonds was significantly reduced and may remain low in the future. Although the capital adequacy ratios of joint - stock, city, and rural commercial banks are above the regulatory requirements, they have shown a downward trend this year. If interest rates remain low next year, small and medium - sized banks may increase issuance [63]. 3.4 2026, Focus on Trading, Limited Value in Downgrading - **Credit spread characteristics**: The credit spread of medium - and long - term AAA - rated Tier 2 and perpetual bonds still has an upper limit and a lower limit. In 2025, the credit spread of 3 - year bonds had a slightly lower central value and a compressed fluctuation range; the central values of 5 - year and 10 - year bonds increased, with the 5 - year bond's fluctuation range narrowing and the 10 - year bond's upper and lower limits rising [68][69][73]. - **Trading difficulties**: The yield of Tier 2 and perpetual bonds has been oscillating in a narrow range at a low level, and the "amplification of interest rate fluctuations" attribute has weakened year - on - year, increasing trading difficulties. In 2026, more precise timing is needed to enhance returns [81][84]. - **Low downgrading value**: The credit risk of Tier 2 and perpetual bonds is controllable, but the cost - effectiveness of short - term and low - grade bonds has decreased significantly. In the future, short - term downgrading may not yield significant excess returns [92][95].

Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q3 2025, Kinross reported a gold production of 520,301 ounces (16.18 tons), a year-on-year decrease of 12.4% but a quarter-on-quarter increase of 1.5% [2] - The average realized gold price in Q3 2025 was $3,460 per ounce, reflecting a year-on-year increase of 39.7% and a quarter-on-quarter increase of 5.3% [2] - The net profit attributable to common shareholders for Q3 2025 was $584.9 million, a year-on-year increase of 64.6% and a quarter-on-quarter increase of 10.2% [4] Production and Sales Performance - Gold sales in Q3 2025 were 520,733 ounces (15.67 tons), down 10.0% year-on-year but up 2.4% quarter-on-quarter [2] - The unit production cost for sold gold in Q3 2025 was $1,150 per ounce, a year-on-year increase of 17.8% and a quarter-on-quarter increase of 6.5% [3] - The all-in sustaining cost per equivalent ounce sold was $1,622, up 20.1% year-on-year and 8.6% quarter-on-quarter [3] Financial Performance - Q3 2025 sales revenue reached $1.8021 billion, a year-on-year increase of 25.8% and a quarter-on-quarter increase of 4.3% [4] - Operating profit for Q3 2025 was $810.1 million, reflecting a year-on-year increase of 47.9% and a quarter-on-quarter increase of 4.6% [4] - The net cash flow from operating activities in Q3 2025 was $1.0241 billion, a year-on-year increase [5] Development Projects - The Great Bear project is advancing with ongoing exploration and permitting activities, with significant progress in infrastructure development [9][10] - The Round Mountain project is also progressing well, with extensive drilling confirming high-grade mineralization [11] - The Bald Mountain Redbird project is on track, with studies and engineering design for potential expansion making good progress [12][13] Company Guidance - Kinross expects gold equivalent production in 2025 to be slightly above 2 million ounces, with Q4 production anticipated to be slightly below 500,000 ounces [17] - The company projects attributable capital expenditures to reach $1.15 billion, with an increase in Q4 spending planned [17]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is expected to see stable growth in student enrollment, particularly from the Anyang College Yuanyang Campus, Health College, and Jingzhou College, with the new Tianping College campus anticipated to contribute to enrollment and revenue growth after its establishment [5] - The company has a solid financial performance with FY2025 revenue and net profit showing year-on-year growth of 9.8% and 7.4% respectively, indicating a positive trend in its financial health [2][4] - The company is actively expanding its international education partnerships, which is expected to enhance its growth prospects and create synergies between domestic and foreign institutions [5] Financial Summary - For FY2025, the company's revenue, net profit, and adjusted net profit are projected to be CNY 1.791 billion, CNY 0.836 billion, and CNY 0.837 billion respectively, reflecting a year-on-year growth of 9.8%, 7.4%, and 5.9% [2] - The gross margin for FY2025 is 54.2%, with a net margin of 46.7%, showing a decline from the previous year primarily due to increased employee costs [4] - The company maintains a strong cash position with cash and cash equivalents of CNY 0.832 billion, a 5.2% increase year-on-year [4] Enrollment and Tuition Insights - The total number of enrolled students for FY2025 is 110,000, representing a 6.4% increase year-on-year [3] - Tuition fees across various colleges have shown an upward trend, with average tuition fees for different colleges increasing, indicating potential for further revenue growth [3] Future Projections - Revenue forecasts for FY2026, FY2027, and FY2028 are CNY 2.140 billion, CNY 2.404 billion, and CNY 2.631 billion respectively, with corresponding net profit projections of CNY 1.033 billion, CNY 1.172 billion, and CNY 1.290 billion [6][9] - The company is expected to maintain a strong earnings per share (EPS) growth trajectory, with FY2026 EPS projected at CNY 0.86, increasing to CNY 1.07 by FY2028 [6][9]

Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a significant increase in gold production and sales for Equinox Gold in Q3 2025, with production rising by 35.9% year-over-year and 56.7% quarter-over-quarter to 236,382 ounces (approximately 7.35 tons) [2][3] - The average realized gold price in Q3 2025 was $3,397 per ounce, reflecting a year-over-year increase of 38.0% and a quarter-over-quarter increase of 5.9% [2][3] - The company's net profit for Q3 2025 reached $85.6 million, marking a staggering year-over-year increase of 28,433.3% and a quarter-over-quarter increase of 259.7% [3][5] Production and Operational Summary - Gold production for Q3 2025 was 236,382 ounces, with sales of 239,311 ounces [6] - Cash costs per ounce sold were $1,434, down 16.6% year-over-year and 3.0% quarter-over-quarter [6] - All-in sustaining costs (AISC) per ounce sold were $1,833, down 8.1% year-over-year and 6.4% quarter-over-quarter [6] Financial Performance Summary - Revenue for Q3 2025 was $819 million, representing a year-over-year increase of 91.2% and a quarter-over-quarter increase of 71.1% [3][6] - Adjusted EBITDA for Q3 2025 was $420 million, reflecting a year-over-year increase of 189.7% and a quarter-over-quarter increase of 110.9% [3][6] - As of September 30, 2025, the company held cash and cash equivalents of $348.5 million, a decrease from $406.7 million in the previous quarter [3][6]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In Q3 2025, the gold production decreased by 13.9% to 115,190 ounces (3.58 tons), and sales decreased by 11.4% to 116,529 ounces (3.62 tons) compared to the previous quarter [2] - The average realized gold price increased by 7.9% to $3,527 per ounce, showing a year-on-year increase of 41.5% [2] - Total cash costs rose by 12.3% to $1,195 per ounce, primarily due to increased royalty expenses and rising unit costs [3] - All-in sustaining costs increased by 10.5% to $1,679 per ounce, reflecting higher total cash costs and increased sustaining capital expenditures [3] - Revenue for Q3 2025 was $434.7 million, a decrease of 3.8% quarter-on-quarter but an increase of 31.0% year-on-year, driven by higher average realized gold prices [4] - Net profit for Q3 2025 was $56 million, a significant decrease of 59.7% quarter-on-quarter and 41.1% year-on-year, mainly due to a one-time gain recognized in Q3 2024 [4] - Adjusted net profit for Q3 2025 was $82.3 million, a decrease of 8.7% quarter-on-quarter but an increase of 15.9% year-on-year [4] Production and Financial Performance Summary - Q3 2025 gold production was 115,190 ounces, down from 125,195 ounces in Q3 2024 [12] - Q3 2025 revenue was $434.7 million, compared to $331.8 million in Q3 2024 [12] - Q3 2025 total cash costs were $1,195 per ounce, up from $1,134 per ounce in Q3 2024 [12] - Q3 2025 all-in sustaining costs were $1,679 per ounce, compared to $1,335 per ounce in Q3 2024 [12] - Q3 2025 net earnings were $56 million, down from $95 million in Q3 2024 [12] - Free cash flow for Q3 2025 was -$87.4 million, compared to -$4.8 million in Q3 2024 [12] Project Updates - The Skouries project in Greece is expected to have a mine life of 20 years with an average annual production of 140,000 ounces of gold and 67 million pounds of copper [7] - The capital cost estimate for the Skouries project has been adjusted to $1.06 billion, with an additional $154 million needed for pre-production working capital [8] - The project is fully funded through equity and project financing, with commercial production expected to begin in mid-2026 [8] - The total capital expenditure for Q3 2025 was $137.7 million, with cumulative capital investment reaching $338.6 million as of September 30, 2025 [8][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing a decline in net profit primarily due to increased investments leading to a decrease in gross margin and goodwill impairment of 0.42 billion [2] - The company plans to distribute a final dividend of 7.4 Hong Kong cents per share and an interim dividend of 6.60 Hong Kong cents, resulting in a dividend payout ratio of 30% and a corresponding dividend yield of 9.66% [2] Revenue and Profit Analysis - For FY2025, the total revenue, net profit attributable to the parent company, and adjusted net profit are projected to be 24.89 billion, 5.14 billion, and 5.92 billion respectively, reflecting a year-on-year growth of 7.7%, a decline of 28.1%, and a decline of 20.7% [2] - The revenue from tuition, accommodation, and non-degree vocational education services is 21.56 billion, 2.05 billion, and 1.28 billion respectively, with year-on-year growth of 6.3%, 4.9%, and 46.3% [3] Student Enrollment and Geographic Performance - The total number of enrolled students at the end of FY2025 is 99,800, representing a year-on-year increase of 4.4% [3] - Revenue from China and overseas is 24.65 billion and 0.24 billion respectively, with year-on-year growth of 8.6% and a decline of 43.1% [3] Capital Expenditure and Liabilities - Capital expenditure for FY2025 is 8.65 billion, a year-on-year increase of 122%, primarily for land acquisition and construction of new educational facilities [4] - Contract liabilities for FY2025 are 14.41 billion, showing a year-on-year decrease of 9% [4] Profitability Metrics - The gross margin for FY2025 is 40.7%, a decrease of 8.0 percentage points year-on-year [5] - The net profit margin and adjusted net profit margin are 20.6% and 23.8%, reflecting declines of 10.3 and 8.5 percentage points year-on-year [5] Future Outlook and Earnings Forecast - Short-term projections indicate a decline in student enrollment for FY2026 due to a reduction in enrollment plans for professional upgrades, but a recovery is expected in FY2027 [6] - Revenue forecasts for FY2026 are adjusted to 29.09 billion to 25.41 billion, with net profit forecasts revised to 8.90 billion down to 6.05 billion [6] - The projected earnings per share (EPS) for FY2026 is adjusted from 0.78 to 0.50 [6]

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights a significant increase in gold production and sales for B2Gold in Q3 2025, with total gold production rising by 10.8% quarter-over-quarter to 254,369 ounces (7.91 tons) and total sales increasing by 18.8% to 249,925 ounces (7.77 tons) [2][4] - The adjusted net profit for Q3 2025 reached $180 million, reflecting a 10.4% increase from the previous quarter and a remarkable 520.7% increase year-over-year [4] - The average realized gold price in Q3 2025 was $3,133 per ounce, which is a 4.8% decrease from the previous quarter but a 26.2% increase year-over-year [2] Production and Operational Performance - The cash operating cost per ounce of gold produced in Q3 2025 was $780, which is a 4.7% increase quarter-over-quarter but a 26.5% decrease year-over-year [3] - The all-in sustaining cost (AISC) for Q3 2025 was $1,479 per ounce, down 2.6% from the previous quarter and down 10.4% year-over-year [3] - The company expects Q4 2025 to be the highest production quarter of the year, driven by the performance of the Fekola, Masbate, and Otjikoto mines [2][7] Financial Performance - Total revenue for Q3 2025 was $783 million, representing a 13.2% increase quarter-over-quarter and a 74.7% increase year-over-year [4] - The net income for Q3 2025 was $23.1 million, a significant recovery from a loss of $631 million in the same period last year [4][14] - Cash generated from operating activities in Q3 2025 was $171.4 million, a decrease of 32.9% from the previous quarter but a recovery from a negative cash flow in the same period last year [4] Future Outlook - B2Gold anticipates total gold production for 2025 to reach between 890,000 and 965,000 ounces, with the Goose mine expected to contribute 50,000 to 80,000 ounces [7] - The company is also focusing on optimizing existing operations and exploring new development opportunities, including the Gramalote project in Colombia, which shows promising economic viability [12][9] - The approval of the Antelope underground deposit at the Otjikoto mine is expected to enhance production significantly in the coming years [11]

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q3 2025, the company's gold production increased by 6% quarter-on-quarter to 12.128 tons, while sales also rose by 6% to 11.927 tons. However, production decreased by 8% year-on-year [1] - The total cash cost for gold in Q3 2025 was $1,638 per ounce, up 16% year-on-year and 5% quarter-on-quarter. The all-in sustaining cost (AISC) was $1,954 per ounce, reflecting a 17% year-on-year increase and a 1% quarter-on-quarter increase [2] - The company achieved revenues of $1.23 billion in Q3 2025, representing a 21.90% year-on-year growth and a 13.47% quarter-on-quarter increase, driven by a 34% increase in average gold price received [3] Production and Operational Performance - Q3 2025 gold production was 12.128 tons (389,923 ounces), with a 6% increase from the previous quarter but an 8% decrease from the same quarter last year. The production issues at Doornkop and Moab Khotsong mines were addressed, contributing to the quarter-on-quarter increase [1] - The average gold price received in Q3 2025 was $3,209 per ounce, a 36% increase year-on-year and a 7% increase quarter-on-quarter [2][3] - The company’s total cash costs and AISC increased due to a combination of lower planned production, rising royalties, contractor costs, and annual electricity price hikes [2] Financial Performance - The company reported a production profit of $611 million in Q3 2025, which is a 47.94% increase year-on-year and a 20.51% increase quarter-on-quarter [3] - Capital expenditures in Q3 2025 were $163 million, a decrease of 11.41% quarter-on-quarter but an increase of 33.61% year-on-year, reflecting investments in high-return projects [5] Future Guidance - For FY 2026, the company aims for total production of 1.4 to 1.5 million ounces, with AISC maintained between R1,150,000 and R1,220,000 per kilogram [7]