Investment Rating - The industry rating is "Recommended" [5] Core Insights - The average daily trading volume of A-shares for the week (September 21-27, 2025) was 23,132 million yuan, a decrease of 8.1% week-on-week but an increase of 17.5% year-on-year. The average trading volume for the third quarter of 2025 to date is 21,062 million yuan, up 212.2% compared to the same period in 2024. Year-to-date average trading volume in 2025 is 16,423 million yuan, an increase of 89.0% compared to 2024 [1][16] - The People's Bank of China held its monetary policy committee meeting on September 23, 2025, emphasizing the need to maintain stability in the capital market and exploring regular institutional arrangements for stock repurchase and increase loans [3][14] - The insurance sector saw a significant increase in premium income, with life insurance premiums rising by 47.25% year-on-year in August 2025, driven by strong market demand and a reduction in the preset interest rate [4][15] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index decreased by 0.09%, underperforming the CSI 300 index by 1.16 percentage points, ranking 9th among all primary industries. The securities sector fell by 0.18%, while the insurance sector rose by 0.46% [2][13] Securities - The average daily trading volume of A-shares was 23,132 million yuan, with a total of 2 new stock issuances raising 370 million yuan during the week. Year-to-date, there have been 76 IPOs in A-shares, raising 749.58 billion yuan [1][16] Insurance - The insurance industry reported original premium income of 4.8 trillion yuan for the first eight months of 2025, with life insurance premiums at 3.8 trillion yuan, reflecting a year-on-year growth of 11.32% [4][15] Industry News - Major state-owned banks announced they would no longer establish supervisory boards, which is expected to enhance governance efficiency [38] - The total scale of public funds in China has surpassed 36 trillion yuan for the first time, marking a significant milestone in the industry [39]

Group 1: TOPTOY IPO and Financial Performance - TOP TOY submitted an IPO application, with self-developed products accounting for nearly 50% of GMV[1] - TOP TOY's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 679 million, RMB 1.461 billion, RMB 1.909 billion, and RMB 1.360 billion respectively, with corresponding net profits of RMB -38 million, RMB 212 million, RMB 294 million, and RMB 180 million[1] - In 2024, TOP TOY achieved a GMV of RMB 2.4 billion in mainland China, with self-developed product revenue close to 50%[1] Group 2: Jihong Co. Q3 Performance Forecast - Jihong Co. expects net profit for the first three quarters of 2025 to be between RMB 256.74 million and RMB 270.21 million, a year-on-year increase of 95.07% to 105.31%[2] - The net profit attributable to shareholders is projected to be between RMB 208.74 million and RMB 222.21 million, with a year-on-year growth of 55.00% to 65.00%[2] - For Q3 2025, net profit is expected to be between RMB 120.11 million and RMB 133.58 million, a year-on-year increase of 83.03% to 103.55%[2] Group 3: Investment Recommendations - Focus on AI technology upgrades, with beneficiaries including Keri International, Jiao Dian Technology, and Lan Sheng Co.[3] - New retail sector expected to perform beyond expectations, with beneficiaries including Miniso and Pop Mart[3] - Consumption recovery and cyclical sectors are anticipated to rebound, benefiting companies like Misu Group and Haidilao[3]

Liquidity Trends - From September 22-26, the liquidity environment experienced significant fluctuations, with overnight rates (R001) rising from 1.46% to 1.52% and 7-day rates (R007) increasing from 1.52% to 1.80%[1][10][11] - On September 26, the central bank injected 600 billion CNY through 14-day reverse repos and continued with 165.8 billion CNY in 7-day reverse repos, leading to a rapid decline in rates, with R001 falling 18 basis points to 1.33% and R007 dropping 24 basis points to 1.55%[1][11] Future Outlook - The liquidity is expected to return to a more accommodative state in the week following the holiday (September 29-30), with R007 likely to remain below 2.0%[2][23] - The upcoming week will see a significant amount of reverse repos maturing, totaling approximately 1.95 trillion CNY, which may exert pressure on liquidity if the central bank does not continue its support[2][24] Market Operations - The central bank's net injection in the open market from September 22-26 was 940.6 billion CNY, with 7-day reverse repos totaling 1.5674 trillion CNY and 14-day reverse repos at 900 billion CNY[3][30] - The total amount of reverse repos maturing on October 9-10 is projected to be 1.9508 trillion CNY, indicating a substantial liquidity event post-holiday[3][30] Credit Market Insights - In the last week of September, the average 1-month bill rate increased by 4 basis points compared to the previous week, indicating a potential rise in bank credit issuance[4][33] - Despite the increase in rates, the overall credit issuance remains weaker than seasonal trends, with major banks showing a net purchase of 123.8 billion CNY in bills, slightly higher than the previous year's 113.2 billion CNY[4][33] Government Debt Activity - From September 29 to October 10, the net payment for government bonds is expected to be 188.2 billion CNY, with a notable decrease in issuance compared to the previous week[5][37] - The net payment before the holiday is projected at 192.7 billion CNY, while post-holiday payments are expected to be negative at -44 million CNY[5][37] Interbank Certificate of Deposit Trends - The weighted issuance rate for interbank certificates of deposit rose to 1.66%, reflecting a 1.6 basis point increase from the previous week[6][43] - The upcoming maturity pressure for certificates of deposit is relatively low, with 175.7 billion CNY maturing on September 29-30 and 132 billion CNY on October 9-10[6][49]

证券研究报告|行业研究周报 [Table_Date] 2025 年 09 月 27 日 [Table_Title] 周专题：10 月白电排产数据发布，空调排产小幅上调 [Table_Title2] 家电行业周报（2025W39） [Table_Summary] ► 周专题：10 月白电排产数据发布 据产业在线最新发布的三大白电排产报告，2025 年 10 月空 冰洗排产合计总量 2924 万台，较去年同期生产实绩下降 9.9%。分品类看： 空调排产较前期小幅上调。10-12 月家用空调内销排产较去 年同期实绩分别-12%/-8%/-10%，前值 10-11 月为-23%/- 18%，主要受到低库存区域的补库需求以及双十一备货需求 拉动。10-12 月出口排产较去年同期实绩分别-9.4%/-7%/- 1%，前值 10-11 月为-8%/-9%，四季度出口仍处在下滑区 间，但下滑幅度已逐步收窄。 冰箱内销排产逐步下行，出口排产延续震荡趋势。受多地补 贴政策频繁调整叠加四季度国补政策下的内销高基数影响， 10-12 月冰箱内销排产较去年同期实绩分别-1%/-1%/-5%。 海外市场需求分化加剧，10-12 月出口排 ...

Investment Rating - Industry Rating: Recommended [3] Core Views - The report highlights the tightening supply expectations for nickel due to the Indonesian government's suspension of 39 nickel mining companies, which may lead to increased market prices [24][26] - Cobalt supply is expected to tighten further as the Democratic Republic of Congo extends its export ban and shifts to a quota system starting October 16, which is likely to support cobalt prices [31][30] - The report indicates a long-term tight supply situation for antimony, which is expected to support prices, especially as domestic prices remain lower than international levels [36][34] - Lithium market shows signs of supply tightness, with domestic prices slightly down but still supported by overall demand growth [16][8] - The rare earth sector is experiencing strong export demand, and stricter controls may support future prices [9][16] - Tin prices are supported by ongoing supply tightness, particularly in the Yunnan region, with limited recovery in Indonesian exports [17][10] - Tungsten prices are expected to remain supported due to resilient demand in hard alloys and special steels, despite recent price declines [12][18] - The uranium market is facing a tightening supply outlook, which is likely to support prices in the medium to long term [13][18] Summary by Sections Nickel and Cobalt - Indonesian government has suspended 39 nickel mining companies, impacting supply expectations [24] - Cobalt prices are rising due to supply constraints from the Democratic Republic of Congo [31][30] Antimony - Long-term supply tightness is expected to support antimony prices, with domestic prices lagging behind international levels [36][34] Lithium - The lithium market is experiencing supply tightness, with prices slightly down but supported by demand growth [16][8] Rare Earths - Strong export demand and stricter controls are expected to support rare earth prices [9][16] Tin - Tin prices are supported by supply tightness, particularly in Yunnan, with limited recovery in Indonesian exports [17][10] Tungsten - Resilient demand in hard alloys and special steels is expected to support tungsten prices despite recent declines [12][18] Uranium - The uranium market is facing a tightening supply outlook, likely supporting prices in the medium to long term [13][18]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing decline in pork prices, with the average price of live pigs at 12.64 CNY/kg, down 3.05% week-on-week, indicating a supply surplus in the market. However, upcoming festivals are expected to boost consumption and potentially stabilize prices [2][13] - The report emphasizes the importance of improving grain yield through advanced agricultural practices and technology, particularly in the context of food security and the promotion of genetically modified crops [1][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is focusing on enhancing grain yields through a comprehensive approach tailored to specific crops and regions. This includes promoting high-performance agricultural machinery and addressing storage issues in different regions [1][12] - Companies like Beidahuang and Suqian Agricultural Development are expected to benefit from these initiatives, along with seed companies such as Dabeinong and Longping High-Tech [1][12] Swine Farming - The current average price of live pigs is 12.64 CNY/kg, reflecting a significant decrease due to oversupply. A meeting was held to discuss reducing the breeding sow population by approximately 1 million to stabilize prices [2][13] - The report suggests that the swine industry will focus on quality improvement and efficiency, with a gradual elimination of outdated production capacity. Companies like Muyuan Foods and Wen's Foodstuffs are highlighted as key players to watch [2][5][13] Key Agricultural Product Data Tracking - Corn: The average price is 2360.47 CNY/ton, down 0.10% week-on-week [26] - Wheat: The average price is 2434.39 CNY/ton, up 0.23% week-on-week [29] - Soybeans: The average price is 4050.42 CNY/ton, up 0.17% week-on-week [38] - Cotton: The average price is 15090.00 CNY/ton, down 0.89% week-on-week [46] Feed and Vitamin Prices - The average price of pig feed is 2.68 CNY/kg, with no change week-on-week. Vitamin E prices have decreased by 7.84% to 51.70 CNY/kg [52][63]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The property market continued a mild recovery this week, with second - hand housing outperforming new housing. However, the recovery momentum weakened on a weekly basis, and there was a significant divergence in transaction heat among cities at different tiers [1][3]. - The "Golden September" effect was initially shown at the aggregate level, but the policy focus may shift to second - tier cities to boost market confidence [3]. 3. Summary by Relevant Catalogs 3.1 Market Overview - This week (September 19 - 25), the second - hand housing market in 15 cities had a transaction area of 2.18 million square meters, a 1% week - on - week decline but with six consecutive weeks of year - on - year growth. The new housing market in 38 cities had a transaction area of 2.56 million square meters, a 7% week - on - week increase, but only one week of year - on - year growth in the past 16 weeks [1]. - From September 1 - 25, the second - hand housing transactions in 15 cities increased by 26% year - on - year, and the new housing transactions in 38 cities increased by 9% year - on - year, reversing the decline in August [3]. 3.2 Market Performance by City Tiers Second - hand housing market - First - tier cities had stable growth overall, with Beijing and Shanghai performing well (7% and 5% week - on - week growth, 15% and 29% year - on - year growth respectively), while Shenzhen showed a decline (31% week - on - week and 6% year - on - year) [2]. - Second - tier cities had a 3% week - on - week and 15% year - on - year growth, but the sustainability of the recovery needed further observation [2]. - Third - tier cities experienced a significant cooling, with a 21% week - on - week decline and a year - on - year change from 14% to - 8% [2]. New housing market - First - tier cities were the only ones with year - on - year growth, with a 23% year - on - year increase this week. Shanghai and Beijing were strong performers (74% and 26% year - on - year growth respectively) [2]. - Second - and third - tier cities faced significant year - on - year declines, 13% and 31% respectively [2]. 3.3 Key City Observations First - tier cities - For second - hand housing from September 19 - 25, Beijing and Shanghai increased by 7% and 5% week - on - week, while Shenzhen decreased by 31%. Year - on - year, Shanghai and Beijing increased by 29% and 15%, while Shenzhen decreased by 6% [20]. - For new housing from September 19 - 25, Shanghai, Beijing, and Shenzhen increased by 17%, 10%, and 5% week - on - week respectively, while Guangzhou decreased by 21%. Year - on - year, Shanghai and Beijing increased by 74% and 26%, while Shenzhen and Guangzhou decreased by 26% and 22% respectively [21]. Other key cities - In Hangzhou, second - hand housing increased by 8% and new housing decreased by 1% week - on - week, equivalent to 45% and 22% of the annual high respectively [21]. - In Chengdu, second - hand housing increased by 22% and new housing increased by 5% week - on - week, equivalent to 86% and 60% of the annual high respectively [21]. 3.4 Housing Price Observation - From September 15 - 21, the weekly listed prices of second - hand housing in Shanghai, Beijing, and Shenzhen decreased by 0.33%, 0.03%, and 0.61% week - on - week respectively. Compared with the week before the "924" policy last year, they still decreased by 2.1%, 8.5%, and 8.0% respectively [46].

- The report does not contain any quantitative models or factors for analysis[1][2][3]

A-share Market Valuation - The current PE (TTM) for the A-share market is 17.33, with a historical average of 25.85[7] - The Shanghai Composite Index has a PE (TTM) of 14.08, while the CSI 300 Index stands at 13.30[10] - The growth in earnings per share (EPS) has contributed significantly to the index performance, with the Shanghai Composite Index showing a current value of 16.41%[14] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.84, with a historical maximum of 22.67[59] - The Hang Seng Technology Index has a PE (TTM) of 23.69, indicating a higher valuation compared to the broader market[63] U.S. Market Valuation - The S&P 500 Index has a current PE (TTM) of 29.36, with a historical maximum of 41.99[82] - The NASDAQ Index shows a PE (TTM) of 42.83, reflecting its growth-oriented nature[90] Sector Valuation Insights - In the A-share market, the food and beverage sector has a low PE, while the technology sector has a high PE, indicating sector-specific valuation disparities[21] - The banking sector in Hong Kong has a current PB (LF) of 1.02, which is relatively low compared to other sectors[71] Key Stock Valuations - Major stocks like Kweichow Moutai and Wuliangye have median PEs of 29.04 and 22.36, respectively, indicating strong market positions[50] - Alibaba's current PE (TTM) is 19.53, reflecting its recovery potential in the market[75]

证券研究报告|行业动态报告 [Table_Date] 2025 年 09 月 26 日 [Table_Title] 保险行业 2025 年三季报前瞻：银保价值提升 与投资端改善共筑韧性 [Table_Title2] 保险 II [Table_Summary] 分析与判断: ► 人身险：量稳价升有望延续 我们预计三季度人身险负债端呈"量稳价升"，预定利率 下调触发短期保费"炒停售"放量，银保渠道价值率提升与分 红险转型将成为 NBV 的主要驱动，个险渠道继续以"提质增 效"为主，行业品质指标延续改善。根据行业在三季度实施的 预定利率动态下调（普通/分红/万能上限分别下调为 2.0%/1.75%/1.0%，切换截至 8 月 31 日），短期"炒停售"将 拉动新单规模；从长期看，预定利率动态调整机制优化了新单 负债成本，分红险"保底+浮动"的产品力在低利率环境中更 具竞争力，将成为价值增长核心抓手。 上半年险企负债端呈现回暖趋势：银保"报行合一"遏制 渠道费用内卷、显著抬升 NBV 与利润率，其中中国平安/中国 太保/新华保险/人保寿险银保渠道 2025H1 NBV 同比增速分别 为+168.5%/+156.0%/ ...