Core Insights - The equity market experienced a significant rebound on September 29, with the CSI 300 index rising by 1.54% and the Shanghai Composite Index increasing by 0.90% [1] - Key sectors leading the rally included solid-state batteries, energy storage, industrial metals, and brokerage firms, indicating a shift towards cyclical stocks alongside technology narratives [1][2] - The bond market continued to adjust, with pressures from fund redemptions and a hot equity market suppressing sentiment, leading to an increase in yields for 10-year and 30-year government bonds [1][5] Sector Summaries New Energy - Solid-state batteries and energy storage saw respective increases of 4.25% and 3.09% in the Wind index, driven by production expectations and strong demand [2] - Notable developments included research advancements from Tsinghua University in high-safety, high-energy-density solid-state lithium batteries and reports of strong domestic demand for energy storage cells [2] Cyclical Sectors - The cyclical sector showed improvement, with industrial enterprises' profits rising by 20.4% year-on-year in August, catalyzing expectations for fundamental recovery [2] - The Wind industrial metal index, engineering machinery, and chemical indices rose by 4.21%, 3.05%, and 2.30%, respectively, with copper being a focal point due to supply shortages from the Grasberg mine in Indonesia [2] Brokerage Firms - The Wind brokerage index increased by 4.89%, benefiting from average daily trading volumes exceeding 2 trillion yuan from July to September and optimistic third-quarter earnings expectations for brokerages [3] - Despite a recent pullback in the securities market, ETF funds continued to flow into brokerage ETFs, indicating a potential for a rebound in this sector [3] Hong Kong Market - The Hang Seng Index and Hang Seng Tech Index rose by 1.89% and 2.08%, respectively, with Chinese brokerages leading the gains [4] - Notable inflows included Alibaba with 5.172 billion HKD, reflecting investor confidence in its AI narrative, while other tech stocks showed mixed results [4] Bond Market Dynamics - The bond market faced renewed downward pressure, primarily due to ongoing redemption pressures from funds, with significant net redemptions observed in bond funds since September [5][6] - The performance of 7-year and 10-year government bonds improved, potentially linked to increased allocations from major banks [7] Commodity Market Trends - The commodity market showed signs of cooling, with a notable decline in black metals and a general risk-off sentiment leading to net outflows of 12.7 billion yuan across the market [10][12] - Policy signals aimed at stabilizing growth were released, with the government focusing on key industries such as petrochemicals and non-ferrous metals to boost industrial confidence [13]

Group 1 - The first domestic cultural tourism animation IP "Adventure in Nalati" was launched on September 22, 2025, utilizing a combination of CG technology and real-life shooting, bringing new vitality and perspective to the cultural tourism sector [1][10][11] - The Nalati scenic area has introduced over 100 IP-themed cultural and creative products, including figurines, plush toys, clothing, and accessories, allowing visitors to take home memories of Nalati [1][11] - The scenic area has partnered with major platforms like Baidu, Sina Weibo, and Douyin to launch a travel photography activity, attracting numerous KOLs with millions of followers, resulting in over ten million interactions [1][11] Group 2 - The Shenbai High-Speed Railway officially commenced operations on September 28, 2025, significantly reducing travel times to Long White Mountain Station, with the shortest travel times from Beijing Chaoyang Station and Shenyang North Station being 4 hours 33 minutes and 1 hour 53 minutes respectively [2][12] - This railway line is a crucial part of China's Northeast high-speed rail network, facilitating regional economic circulation and promoting tourism resource development along the route [2][12] Group 3 - The Ministry of Culture and Tourism predicts that over 12,000 cultural activities will be held nationwide during the National Day and Mid-Autumn Festival holidays, including more than 300 large-scale light shows and over 500 intangible cultural heritage exhibitions [3][13] - The holiday period is expected to extend from 12 to 16 days due to various holiday combinations, enhancing travel opportunities [3][13] Group 4 - There is a notable increase in long-distance outdoor consumption demand, with spending on domestic long-distance products rising over 20% year-on-year and bookings for domestic charter tours increasing by over 115% [5][16] - Hotel and scenic area package bookings have also seen a growth of over 20% year-on-year, indicating a trend towards integrated travel experiences [5][16] - The popularity of immersive consumption scenarios is on the rise, with cultural, historical, leisure, and entertainment activities driving new consumer demands [7][17] Group 5 - The report highlights a significant increase in outbound travel bookings, with a year-on-year growth of over 30% due to visa-free policies, and a nearly twofold increase in bookings for travel to Russia following the mutual visa exemption [7][17] - The top ten popular outbound travel destinations during the holiday period include Japan, Thailand, Hong Kong, Macau, Singapore, South Korea, Malaysia, the United States, Vietnam, and Indonesia [7][17]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The REITs market remained weak this week, with the CSI REITs Total Return Index down 0.65% week - on - week. It is expected to record losses for three consecutive months from July to September. Since the second half of 2025, REITs have underperformed, with an overall correction of about 5%. In contrast, gold, silver, and some stock indices have shown good performance [1][8]. - In the secondary market, except for energy facilities, other seven types of REITs assets closed in the red. The trading activity of REITs continued to decline, and attention should be paid to the potential trading pressure of upcoming解禁 projects. In the primary market, the CSRC approved three new REITs offerings on September 22 [1][3]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price: Almost all declined, with few rising securities - This week, REITs weakened. Except for energy facilities, other seven types of assets closed in the red, with sector declines ranging from 0.4% to 1.3%. Consumer facilities and rental housing, which were popular in the first half of the year, led the decline. Rental housing has had the largest correction of 8.32% since July [13]. - The highway sector's August operating data showed differentiation, with better performance in the eastern economically active regions. The park sector was relatively resilient, and some projects had income distribution adjustment mechanisms [15][16]. - In the consumer infrastructure sector, only CICC China Greentown Commercial Assets closed up, while others averaged a 1.39% decline. Jiashi Wumart, despite a 2.70% decline, is worthy of attention due to its location in Beijing and performance compensation mechanism [18]. 3.1.2 Liquidity: Trading sentiment continued to weaken - The trading activity of REITs continued to decline this week. The average daily trading volume, turnover, and turnover rate decreased by 13.24%, 19.96%, and 0.09 percentage points respectively compared with the previous week [21]. - By sector, the new - type facilities, municipal environmental protection, and energy facilities had relatively high average daily turnover rates, while consumer facilities had the lowest. The trading activity of all sectors declined [24]. 3.1.3 Valuation: In a weak market, continue to focus on individual securities with high distribution rates and guarantee clauses - In terms of ChinaBond valuation yields, warehousing and logistics (4.96%), transportation facilities (4.80%), and industrial parks (4.68%) had higher valuation yields. From the perspective of cash distribution rates, industrial parks (4.40%), consumer facilities (4.29%), and warehousing and logistics (4.09%) had relatively high distribution rates in the property - type projects [30]. 3.2 Primary Market - On September 22, the CSRC approved the initial offerings of three REITs: CITIC Construction Investment Shenyang International Software Park, Huaxia Anbo Warehouse Logistics, and Huaxia CNOOC Commercial Assets. Huaxia CNOOC Commercial Assets completed the price inquiry on September 26 and is expected to start fundraising on October 13. CITIC Construction Investment Shenyang International Software Park plans to conduct price inquiry on September 29 and start fundraising on October 13, which is the first public REIT in Northeast China [3].

Group 1: Market Trends - The net issuance of Sci-Tech bonds peaked in July 2025 and has since declined, with a net issuance of only 14.1 billion yuan from September 22-28, down 28.2 billion yuan week-on-week[1] - The total scale of Sci-Tech bond ETFs reached 247.4 billion yuan by September 26, 2025, with a weekly increase of 80.7 billion yuan, primarily driven by the second batch of ETFs[1][2] Group 2: Trading Activity - During the first week of the Sci-Tech bond ETF launch (July 14-18), trading volume reached a peak, with transaction counts for Sci-Tech bonds and their ETFs accounting for 18% and 14% of credit bonds, respectively[1] - Recent trading activity has stabilized, with transaction counts for Sci-Tech bonds and their ETFs fluctuating around 10% and 6% over the past five weeks[1][2] Group 3: Bond Composition Changes - The first batch of 10 Sci-Tech bond ETFs saw a growth of 9.8 billion yuan this week, with significant increases in the bonds issued by central enterprises in sectors like brokerage, electricity, and energy[2] - The bonds that were reduced in holdings are primarily from the coal, building materials, and electricity sectors, with a more dispersed maturity distribution[2] Group 4: Yield Spread Analysis - The "non-component bond - component bond" yield spread was at 10.8 basis points on September 26, 2025, reflecting a slight increase of 0.7 basis points from the previous week[3] - The yield spread has shown variations based on maturity, with lower spreads for bonds maturing in 0-1 year and over 5 years, averaging around 8 basis points, while 1-5 year bonds have higher spreads of 10-13 basis points[3] Group 5: Investment Strategy Insights - Investors should focus on bonds with significant yield spread differences, as a higher spread indicates that component bonds may be overbought, while non-component bonds offer better value[4] - As of September 26, 2025, seven entities had yield spreads exceeding 20 basis points, suggesting their component bonds are overbought, while four entities had spreads below 8 basis points, indicating potential for further compression in component bond valuations[4]

Market Review - The A-share market experienced overall fluctuations this week, with major indices showing mixed performance. The semiconductor industry chain strengthened significantly, with the Sci-Tech 50 Index rising by 6.47%, driven by increased capital expenditure in the AI sector and breakthroughs in domestic lithography technology. Conversely, the consumer sector weakened, with indices in social services, retail, light industry, and textiles showing the largest declines. Market turnover decreased marginally, with net inflows of financing funds maintained, and stock ETFs saw a net subscription of 231 billion yuan this week. In the commodity market, internationally priced commodities strengthened, while domestically priced black commodities declined. The dollar index rose, with the 10-year U.S. Treasury yield returning to around 4.2%, and the RMB depreciated against the dollar [1][2]. Market Outlook - The A-share and Hong Kong stock markets are expected to experience temporary fluctuations, with a "slow bull" market continuing. After a trend-driven rise in July and August, funding divergence has increased since September. With the upcoming long holiday, external funds entering the market may slow down, leading to potential short-term adjustments in both markets. However, the current bull market is still in play, supported by ample micro liquidity, policies aimed at stabilizing the stock market, and long-term capital inflows. Despite weak economic data, the effects of "anti-involution" policies are beginning to show, leading to marginal improvements in long-term profit expectations for A-shares. Key areas of focus include: - The technology sector remains the main focus, with both "prosperity investment" and "thematic investment" expected to coexist in October. Internal rotation within growth sectors is anticipated to accelerate, particularly in AI downstream applications, solid-state batteries, energy storage, computing power, and innovative pharmaceuticals. Attention should also be given to non-tech sectors showing positive trends, such as chemicals, non-ferrous metals, and engineering machinery [2][3]. International Perspective - On the international front, the Federal Reserve's "preventive" interest rate cuts have been implemented, but there is increasing divergence regarding future rate cut paths. In September, the Fed cut rates by 25 basis points as expected, with projections indicating a potential further reduction of 50 basis points within the year. However, there is significant disagreement among Fed officials regarding future cuts, with 9 out of 19 officials expecting two more cuts in 2025, while others foresee no further reductions. Current U.S. economic data remains resilient, and Fed Chair Powell's cautious signals regarding rate cuts suggest a potentially complicated path ahead [3]. Supply-Side Policies - The impact of supply-side "anti-involution" policies is gradually becoming evident, with industrial profits rebounding in August. Year-on-year growth in industrial profits for August was 20.4%, improving from a -1.7% decline in July to a cumulative growth of 0.9%. The Producer Price Index (PPI) saw a narrowing decline of -2.9% year-on-year, marking the first contraction since March. This improvement is attributed to a low base effect and the gradual impact of supply-side policies, which have led to price increases in upstream commodities. The central bank has emphasized the challenges of insufficient domestic demand and low price levels, with recent policies aimed at boosting prices being implemented [3]. Structural Trends - In terms of structure, the technology sector is experiencing numerous catalysts, with high growth expectations for TMT (Technology, Media, and Telecommunications) sectors. The new wave of technological advancements driven by AI is accelerating across various fields. Key factors include the increasing clarity of domestic and international AI industry trends, rapid growth in the performance of leading companies, and a focus on hard technology and new production capabilities in upcoming policy meetings. Market consensus on profit expectations indicates high growth for growth sectors in 2025, including military electronics, software development, IT services, optical electronics, gaming, new energy, semiconductors, and communication equipment [3]. Liquidity Conditions - The liquidity situation in the A-share market remains ample. In August, non-bank deposits increased by 550 billion yuan year-on-year, and the M1-M2 negative differential continues to narrow, reflecting a positive impact on residents' risk appetite. Unlike the previous "structural bull" market from 2019 to 2021, where residents favored active funds, this bull market sees a preference for passive investment products. Since the fourth quarter of 2024, the net asset value of stock ETFs has rapidly expanded, with index funds consistently outpacing active equity funds for three consecutive quarters, further promoting the trend towards indexation in the industry. The central bank's monetary policy remains moderately accommodative, with funding rates trending downward and bank wealth management products yielding historically low returns, suggesting that micro liquidity in the A-share market is likely to remain ample in the fourth quarter [3].

Investment Rating - Industry rating: Recommended [4] Core Insights - The report emphasizes the potential growth of the Beidou satellite navigation system and its applications in various sectors, including telecommunications, smart grid, and emergency response, indicating a multi-faceted development landscape [1][6] - The report highlights the increasing focus on domestic AI computing power, driven by significant growth in companies like Alibaba Cloud and Huawei, suggesting a robust acceleration in the scale and application of domestic AI computing [2][11] - The telecommunications operators are positioned to leverage their natural advantages in network operations and customer integration to promote satellite technology penetration, with a stable profit outlook supported by AI empowerment and cost reduction [8][9] Summary by Sections Beidou and Satellite Applications - The Beidou system is expected to upgrade significantly, with a projected annual growth rate of over 3% in applications, leading to an estimated 420 million new devices by 2028 [6] - The report notes that the telecommunications operators are crucial in expanding satellite applications, with traditional mobile business revenues under pressure but new opportunities arising from AI and satellite communications [7][8] AI Computing Power - The report recommends focusing on domestic AI computing power, with key beneficiaries including Cambrian, Moer Thread, and SMIC, as the industry anticipates accelerated growth in AI applications [2][11] - The demand for optical modules and components is expected to rise due to AI computing needs, with companies like LightSpeed Technology and Huagong Technology positioned to benefit [12][13] Telecommunications Sector - The report identifies telecommunications operators as key players in the AI and computing infrastructure space, with a focus on cloud and smart upgrades, benefiting from the "East Data West Computing" strategy [9][18] - The report suggests that the telecommunications sector is at a turning point, with traditional revenue streams under pressure but new growth areas emerging in satellite and IoT applications [8][18] Edge Computing and Security - The edge computing sector is anticipated to see renewed growth opportunities, with companies like Wangsu Technology and Yuke Technology highlighted as beneficiaries [20][21] - The report also emphasizes the importance of information security, recommending companies like Unisplendour and Qihoo 360 as key players in this space [21]

Investment Rating - Industry Rating: Recommended [3] Core Insights - The 2025 Yunqi Conference showcased advancements in AI technology, with Alibaba's flagship model Qwen3-Max entering the global top tier, achieving significant breakthroughs in multiple core metrics [10][16] - Alibaba is actively investing 380 billion in AI infrastructure, with plans for further investment, anticipating a tenfold increase in global data center energy consumption by 2032 to support the AI industry [21][25] - Domestic photolithography machines are making progress, with SMIC testing its first domestic DUV photolithography machine and other companies like Shanghai Microelectronics showcasing EUV projection exposure devices [11][35] Summary by Sections 1. Yunqi Conference and Domestic Computing Power - The conference emphasized the theme "Cloud Intelligence and Carbon-Silicon Symbiosis," highlighting the latest AI advancements [10] - Qwen3-Max achieved a 300% increase in parameter scale compared to its predecessor, with a coding capability pass rate of 89.7% in HumanEval tests [16] - The AI-native application architecture is emerging, indicating a shift from "cloud-native" to "AI-native" software definitions [13] 2. Breakthroughs in Domestic Photolithography Machines - SMIC is testing its first domestic DUV photolithography machine, which can potentially produce chips at 28nm and may advance to 7nm and 5nm [35] - The domestic photolithography industry is supported by national policies and increasing domestic demand, with significant investments in key technologies [30] 3. Investment Recommendations - Beneficiary stocks include Cambrian, ZTE, Haiguang Information, and Chipone [4][44] - The photolithography supply chain includes companies like Xuguang Electronics, Zhangjiang Hi-Tech, and Fuzhou Crystal Technology [4][44] 4. Market Overview - The computer industry ranked 9th this week, with a slight decline of 0.02%, while the CSI 300 index rose by 1.07% [45][49] - Year-to-date, the computer industry has increased by 24.95%, outperforming the CSI 300 by 9.32 percentage points [49]

Investment Rating - Industry Rating: Recommended [6] Core Insights - The securities market indicators for Q3 2025 are becoming clearer, with a significant increase in trading activity and capital market engagement expected [2][3][4] - The report anticipates that the revenue for 45 listed securities firms will reach approximately 3,987 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of about 44% [5][7] Summary by Sections 1. Securities Market Indicators for Q3 2025 - Trading activity continues to rise, with A-share transaction amounts reaching 132.63 trillion yuan in the first 63 trading days of Q3 2025, showing a year-on-year increase of 212% [2][15] - The average daily trading volume for Q1, Q2, and Q3 (to date) is 15,225 billion, 12,619 billion, and 21,053 billion yuan respectively, indicating significant growth [2][15] - Margin trading balances as of September 25, 2025, are at 24,443 billion yuan, with a year-on-year increase of 48% [2][16] 2. Capital Intermediary Activities - The report highlights a positive trend in capital intermediary activities, with a notable increase in leverage funds entering the market [2][16] - The ratio of self-operated equity securities to fixed-income securities among 45 listed securities firms is approximately 1:11.36, indicating a strong focus on fixed-income investments [3][29] 3. Equity Financing Recovery - There has been a resurgence in equity financing, with a total of 1,232 billion yuan raised through IPOs, placements, and convertible bonds in Q3 2025, marking a year-on-year increase of 145% [4][31][32] - The number of IPOs and placements has also increased significantly compared to the previous year [4][31] 4. Revenue Projections - The report projects that the 45 listed securities firms will achieve an adjusted revenue of 1,581 billion yuan in Q3 2025, representing a year-on-year increase of 50% [7][35] - The anticipated revenue for the first three quarters of 2025 is 3,987 billion yuan, with contributions from brokerage, investment banking, asset management, interest income, and proprietary trading [5][35] 5. Investment Recommendations - The report expresses optimism regarding the securities industry's role in capital market financing and the increasing allocation of residents' assets to equity [8][36] - Key beneficiaries identified include firms like Dongfang Caifu, Zhina Zhen, and Guangfa Securities, among others, due to their active roles in brokerage and investment banking [8][36]

Investment Rating - Industry Rating: Recommended [6] Core Viewpoints - The humanoid robot industry is expected to accelerate towards mass production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic core components [10][11] - The photovoltaic industry is poised for a new upward cycle as prices for silicon materials and wafers have rebounded significantly, creating pricing space in battery and module segments [24][26] - The renewable energy sector, particularly wind and solar power, is projected to continue playing a crucial role in achieving carbon neutrality goals, with significant installed capacity expected to be added from 2025 to 2035 [25][26] Humanoid Robots - Google has launched the Gemini Robotics 1.5 series, indicating a significant step towards the industrialization of humanoid robots, with domestic companies likely to benefit from the strong demand for core components [10][11] - The industry is seeing increased participation from major tech companies, which is expected to create opportunities for the supply chain, particularly for key component suppliers [11][12] - Focus areas include advancements in dexterous hands and lightweight materials, which are critical for improving robot efficiency and performance [12] New Energy Vehicles - The new energy vehicle sector is experiencing rapid growth, driven by the introduction of high-quality models and advancements in battery technology, which enhance performance and reduce costs [14][15] - The lithium battery supply chain is expected to expand due to increasing demand from electric vehicles and energy storage systems, with a focus on solid-state batteries and new materials [17][18] - Companies with strong technological advantages and those expanding into new applications are likely to benefit from the evolving market landscape [15][18] Renewable Energy - The photovoltaic industry is undergoing structural changes aimed at optimizing supply and reducing internal competition, with a focus on enhancing operational efficiency and market competitiveness [23][24] - The total installed capacity of wind and solar power in China has significantly increased, contributing to the majority of new power installations since the start of the 14th Five-Year Plan [26] - The industry is expected to see continued growth driven by technological innovations and the expansion of new applications, including energy storage and distributed generation [25][27] Power Equipment & AIDC - The AIDC industry is benefiting from high demand and technological advancements, particularly in liquid cooling systems, which are expected to see rapid growth [4] - Companies that are actively expanding into overseas markets and have a strong competitive position in core supply segments are likely to experience significant growth [4]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the benefits of the "steady growth plan" released by six departments, focusing on supply optimization in the construction materials industry, with specific recommendations for companies like Huaxin Cement and Conch Cement [1][7] - The report indicates a significant increase in cement prices, with a week-on-week rise of 1.5%, and a positive trend in the glass market, particularly for float glass and photovoltaic glass [2][24][61] - The report notes improvements in housing transactions, with new and second-hand housing sales showing a positive trend in major cities [3][20] Summary by Sections Cement Market - The national cement market price has increased significantly, with a rise of 1.5% week-on-week, driven by demand recovery and price adjustments in various regions [24] - Major regions like Jiangsu, Zhejiang, and Anhui have seen price increases ranging from 10 to 70 yuan/ton, while some areas like Fujian and Guizhou experienced price declines [24][41] - The report anticipates continued price increases as companies aim to meet annual growth targets [24] Glass Market - The average price of float glass has risen to 1224.74 yuan/ton, marking a week-on-week increase of 1.39% [61] - The report notes that the production capacity utilization in the float glass industry is at 82.20%, indicating stable supply conditions [61] Housing Transactions - In the 39th week, new housing transaction area in 30 major cities reached 191.15 million square meters, showing a 27.08% increase week-on-week [3][20] - Second-hand housing transactions in 15 monitored cities also improved, with a 6% increase week-on-week [3][20] Recommended Companies - The report recommends companies with strong pricing power and operational resilience, including Huaxin Cement, Conch Cement, and others in the waterproofing and photovoltaic glass sectors [1][7]