Investment Rating - The report maintains a "Positive" investment rating for the autoimmune dual-antibody sector [1]. Core Insights - The dual-antibody technology platform in the autoimmune disease field shows significant potential, with real-world clinical data validating its effectiveness. The focus should be on target selection and preclinical optimization, which are critical for determining clinical efficacy [3]. - The TCE (T-cell engagers) field is recommended to focus on combinations of CD3 with CD19/BCMA targets, while also being cautious of infection and low immunoglobulin levels as potential risks [3]. - There is a growing market for autoimmune diseases, with the global treatment market expected to exceed $220 billion by 2035, driven by increasing patient numbers in conditions like rheumatoid arthritis and psoriasis [19][21]. Summary by Sections 1. Autoimmune Disease Market Overview - There are over 150 types of autoimmune diseases, categorized into organ-specific and systemic types, with a significant patient population globally [13][15]. - The market for autoimmune disease treatments is projected to grow from $40 billion in 2023 to $263 billion by 2032 in China, reflecting a compound annual growth rate (CAGR) of 23.3% [21][19]. 2. Rise of Bispecific and Multispecific Antibodies - Bispecific antibodies (BsAbs) are emerging as a future direction for antibody drugs, with a market size expected to reach $484.8 billion by 2034, growing at a CAGR of 44.2% [31]. - The report highlights the rapid growth in sales of approved bispecific antibody drugs, with 19 products currently on the market [31]. 3. TCE Clinical Potential in Autoimmune Diseases - TCE therapies have shown significant clinical effects in various autoimmune diseases, with products like Teclistamab demonstrating strong B-cell clearance capabilities [3][19]. - The report emphasizes the need for careful clinical pre-screening for immunogenicity in dual-antibody products targeting multiple inflammatory pathways [3]. 4. Company Recommendations - For unlisted companies, the report recommends focusing on Huasheng Zhiyuan, Yikesite, and Huao Tai Biological, all of which have products with BD potential [3]. - For listed companies, it suggests paying attention to Weili Zhibo, Kangnuo Ya, and Quanxin Biological, particularly regarding their pipeline products and clinical data [3].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [2]. Core Viewpoints - The company is a global leader in mica products, with a robust performance in the market, particularly benefiting from the rising demand in the new energy vehicle sector [8]. - The company has a strong focus on innovation and has established significant partnerships with leading automotive brands, including Tesla, Volkswagen, and BMW [8][30]. - The report anticipates substantial revenue growth driven by the increasing penetration of mica materials in the new energy vehicle market, alongside the company's strategic investments in embodied intelligence and humanoid robotics [8]. Summary by Sections Company Overview - The company has been a leader in mica products for over 20 years, focusing on the research and development of high-temperature insulation materials [14]. - It has expanded its product applications from home appliances to new energy vehicles, maintaining a strong market position [14][17]. Mica Materials - Mica materials are widely used across various industries, including new energy vehicles, where they serve as critical components for battery thermal runaway protection [49]. - The global mica product market is expected to grow significantly, with a projected CAGR of 37.60% for mica materials in the new energy vehicle sector from 2023 to 2027 [18]. Financial Performance - The company has shown steady revenue growth, with a CAGR of 32.79% from 2020 to 2024, and a significant increase in net profit during the same period [40]. - The report forecasts revenues of 1.619 billion yuan in 2025, with net profits reaching 327 million yuan, reflecting a strong growth trajectory [7][8]. Strategic Initiatives - The company is actively investing in the humanoid robotics sector, acquiring precision components manufacturers and forming strategic partnerships to enhance its technological capabilities [8][30]. - It has established a stable shareholding structure and is expanding its production capacity both domestically and internationally, including new facilities in Singapore and Vietnam [33][39]. Market Position - The company has a diverse product matrix and has built strong relationships with numerous well-known brands, ensuring a competitive edge in the market [28][30]. - The report highlights the company's commitment to R&D, with a significant increase in research investment from 23.24 million yuan in 2020 to 61.31 million yuan in 2024 [46].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported total revenue of 231 billion yuan for Q3 2025, a year-on-year increase of 2.1%, while adjusted net profit was 12.86 billion yuan, down 12.8% year-on-year [7] - The total transaction volume remained stable at 736.7 billion yuan, but the decline in profit margins led to a decrease in net profit, with gross margin dropping to 21.4% from 22.7% in the same period last year [7] - The home decoration and rental services segments achieved profitability at the city level for two consecutive quarters, with home decoration revenue of 4.3 billion yuan and a profit margin of 32.0%, up 0.8 percentage points year-on-year [7] - The company has increased shareholder returns, spending approximately 280 million USD on share buybacks in Q3, a 38.3% increase year-on-year, marking a two-year high [7] - The company is actively expanding its diversified businesses, including home decoration and rental services, despite facing short-term performance pressure due to a sluggish real estate market [7] Financial Performance Summary - Revenue projections for the company are as follows: 77.777 billion yuan in 2023, 93.457 billion yuan in 2024, 97.986 billion yuan in 2025, 106.438 billion yuan in 2026, and 110.849 billion yuan in 2027, with a revenue growth rate of 28.20% in 2023 and declining to 4.14% by 2027 [6] - Adjusted net profit is forecasted to be 9.798 billion yuan in 2023, decreasing to 5.790 billion yuan in 2025, before recovering to 8.308 billion yuan in 2027 [6] - The company's price-to-earnings (PE) ratio is projected to be 14.08 in 2023, increasing to 23.82 in 2025, and then decreasing to 16.60 by 2027 [6]

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Core Viewpoints - After the release of October inflation data, the month-on-month PPI unexpectedly turned positive, with non-ferrous metals performing prominently. However, the month-on-month PPI is not expected to continuously exceed expectations, and the rise in non-ferrous metal prices alone is insufficient to drive a significant increase in PPI. The year-on-year recovery of PPI next year is mainly due to the base effect, and the recovery of non-ferrous metal prices alone cannot support the year-on-year PPI to significantly exceed 0 [2]. - The reasons for the unexpected positive month-on-month PPI in October include the continuous deviation of the prediction results of PMI ex-factory prices and purchase prices since August, the lag effect of the recovery of upstream prices in the third quarter due to poor demand, and the support of coal and non-ferrous metals at the industry level. It is also expected that the year-on-year PPI may remain volatile within the year [2]. - Although the weight of non-ferrous related industries in PPI has increased, oil, black metals, and coal still dominate. A 10% increase in the month-on-month price of the non-ferrous metal industry will drive a 0.6 percentage point increase in the month-on-month PPI, and a 10% increase in the 3-month moving average of copper prices will lead to a 0.135 percentage point recovery in the month-on-month PPI [2]. - Regarding the conditions for the year-on-year PPI to turn positive next year, only in scenarios where the month-on-month PPI remains at 0.1% or follows the seasonal pattern will the year-on-year PPI turn positive in the middle of next year. Based on the assumption of commodity price trends, the year-on-year PPI will turn positive in August next year [2]. Summary by Directory 1. Why did the month-on-month PPI exceed expectations? - Since August, the prediction results of PMI ex-factory prices and purchase prices have continuously deviated, and the performance of purchase prices is significantly better than that of ex-factory prices, which led to the deviation of the October prediction results [5]. - Poor demand caused a lag effect in the recovery of upstream prices in the third quarter. From July to September, the month-on-month PPI of production materials showed an obvious recovery trend [5]. - At the industry level, coal and non-ferrous metals supported the unexpected positive month-on-month PPI in October. The coal price increase was driven by anti-involution policies, and the sharp rise in copper prices was due to global supply disruptions and increased demand from AI enterprise capital expenditures [5]. 2. Has the weight of non-ferrous metals in PPI increased? 2.1 From an industry perspective, the proportion of non-ferrous metals has increased, but oil and black metals are still the main contributors - The weight of non-ferrous related industries has increased. Compared with 2020, the revenue share of the non-ferrous metal smelting and processing industry in 2024 increased by 1.24 percentage points to 6.24%. However, since 2020, the industries with the largest contributions have still been oil, black metals, coal, non-ferrous metals, and chemicals [2][11]. - The revenue share of each industry in 2024 did not show obvious structural changes compared with 2020. The top ten industries remained the same, only with slight changes in the ranking order [12]. - The industry concentration has increased, and the industries with a significant increase in proportion are those with high weights. The top five industries with an increase in proportion are the electrical machinery and equipment manufacturing industry, non-ferrous metal smelting and rolling processing industry, power and heat production and supply industry, chemical raw materials and chemical products manufacturing industry, and gas production and supply industry [13]. - A 10 percentage point month-on-month increase in the non-ferrous metal industry will drive a 0.6 percentage point increase in the month-on-month PPI. Assuming the prices of other industries remain unchanged, a moderate recovery in non-ferrous metal prices will drive the year-on-year PPI to turn positive in June next year [16]. 2.2 From the perspective of underlying commodities, the predictive role of copper prices has increased - Using the combination of oil and steel for prediction had good results before 2020, but the prediction effect weakened significantly after 2020 [18]. - Adding copper improved the prediction effect for the period after 2022, and replacing copper with aluminum also improved the prediction effect, but not as effectively as copper [18]. - Adding coal improved the overall prediction effect, and the combination of oil, steel, copper, and coal had the best prediction effect [19]. - A 10% increase in the 3-month moving average of copper prices will drive a 0.135 percentage point increase in the month-on-month PPI. Assuming the prices of oil, steel, and coal remain unchanged, a moderate month-on-month increase in copper prices can support the year-on-year PPI to turn positive in July next year [20]. 3. Conditions for the year-on-year PPI to turn positive 3.1 Even if prices remain unchanged, the year-on-year PPI will be around 0 next year - Assuming the month-on-month PPI remains around 0%, the year-on-year PPI will be difficult to turn positive next year [26]. - Assuming the month-on-month PPI remains at 0.1%, the year-on-year PPI will turn positive in June next year [27]. - Assuming the month-on-month PPI follows the seasonal pattern, the year-on-year PPI will turn positive in July next year, and by the end of 2026, the year-on-year PPI will recover to around 0.9% [29]. 3.2 From the perspective of anti-involution - One method is to predict each major industry category based on the understanding of anti-involution policies and then estimate the overall month-on-month PPI based on weights. However, this method has two problems: anti-involution does not necessarily lead to price increases, and it only focuses on the supply side while ignoring the demand side [31]. - Another method is to estimate the recovery trend of PPI based on historical experience. Referring to the previous round of supply-side reforms, it took 9 months for the year-on-year PPI to turn positive. Based on this, the year-on-year PPI is expected to turn positive around mid-2026 [32]. 3.3 Based on the price prediction model of oil, steel, copper, and coal - It is expected that the Brent crude oil price will decline slightly to $60 per barrel, the price of rebar will first decline and then rise slightly to 3,400 yuan per ton, the LME copper price will rise moderately to around $11,000 per ton, and the coking coal price will recover moderately to 1,300 yuan per ton. Based on this, the year-on-year PPI will turn positive in August next year [33].

Group 1: CPI Analysis - October CPI shows a positive marginal change, with a year-on-year increase of 0.2%, compared to a market expectation of -0.1% and a previous value of -0.3%[5] - The month-on-month CPI increased by 0.2%, surpassing the previous month's increase of 0.1% and the five-year historical average of 0.02%[7] - The improvement in CPI is primarily driven by food, services, and non-energy industrial consumer goods, influenced by holiday-related consumption and external factors[8] Group 2: PPI Insights - October PPI increased by 0.1% month-on-month, marking the first increase of the year, while the year-on-year decline was 2.1%, narrowing by 0.2 percentage points from the previous month[29] - The recovery in PPI is attributed to easing supply-demand pressures and external input factors, particularly in the coal and non-ferrous sectors[34] - Production material prices rose by 0.1%, contributing approximately 0.08 percentage points to the PPI increase, with significant increases in coal mining and non-ferrous metal prices[32] Group 3: Price Trends and Risks - Service prices showed notable recovery in October, with a month-on-month increase of 0.2%, influenced by holiday effects, particularly in travel-related categories[17] - Despite overall improvements, certain categories like pork and tobacco prices remain weak, with pork prices down 2.5% month-on-month, impacting CPI negatively by approximately 0.03 percentage points[25] - Risks include geopolitical uncertainties, slower-than-expected recovery in domestic employment and income, and potential underperformance of policy effects[44]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The weekly technical analysis of treasury bond futures shows that they have fallen to a key position, and attention should be paid to whether effective support can be formed. The 10-year treasury bond futures opened high and closed low on Wednesday this week and entered a short-term adjustment. Attention should be paid to the support of TL2512 around 115.8 - 115.9. It is currently possibly in the fourth wave of the uptrend since the end of September. Next week, the 5-week and 20-week moving averages will also move up and approach this area. [2] - The data tracking of treasury bond futures indicates that the roll - over process is gradually unfolding, and attention should be paid to the participation opportunities of the cash - and - carry arbitrage strategy for the 2603 contract. This week, treasury bond futures fell across the board, trading activity declined, the CTD net basis of the 2512 contract generally increased (except for T), and the IRR decreased (except for T). As the delivery month of the 2512 contract approaches, more attention can be paid to the 2603 contract. [3] Group 3: Summary by Relevant Catalog 1. Weekly Technical Analysis 1.1 Previous Trend Review - This week's market declined, and the bulls failed to maintain their upward momentum, entering a short - term adjustment. TL2512 adjusted after being pressured by the 20 - week moving average, and both T2512 and TL2512 on the daily chart fell below the 5 - day moving average, entering a short - term adjustment. [6] 1.2 Future Market Outlook - Attention should be paid to the support of TL2512 around 115.8 - 115.9, which is the neckline of the bottom head - and - shoulders pattern. Also, pay attention to the support of the 5 - week and 20 - week moving averages. TL2512 may be in the fourth wave of the uptrend since the end of September. Next week, the 5 - week and 20 - week moving averages will approach this area, and attention should be paid to whether effective support can be formed to maintain the bottom reversal pattern. [8] 2. Weekly Tracking of Treasury Bond Futures - This week, treasury bond futures fell across the board. As of November 7, the closing prices of the 2512 contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures were 102.470, 105.910, 108.445, and 115.95 yuan respectively, down 0.074, 0.155, 0.235, and 0.73 yuan from the previous week. [14] - Trading activity of treasury bond futures declined overall this week. The average daily trading volume of the 2512 contracts of each maturity decreased compared with last week, and the trading volume/holding volume ratio decreased for each maturity. [14] - As of November 7, the holding volume of the 2512 contracts of treasury bond futures decreased across the board, while that of the 2603 contracts increased, indicating that participants are gradually rolling over their positions. [14] - The CTD net basis of the 2512 contracts of each maturity generally increased (except for T), with the CTD net basis of the 2 - year, 5 - year, 10 - year, and 30 - year 2512 contracts being - 0.02, - 0.03, - 0.02, and 0.00 yuan respectively. The IRR decreased (except for T), with the IRR of the CTD of the 2 - year, 5 - year, 10 - year, and 30 - year 2512 contracts being 1.62%, 1.65%, 1.58%, and 1.43% respectively. As the roll - over progresses, the cash - and - carry arbitrage strategy of the 2603 contract can be considered. The 2512 - 2603 contract spread generally decreased (except for TS). [17]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in pig farming, despite ongoing supply pressures and potential acceleration in capacity reduction [1][5][6]. Group 1: Pig Farming - Supply pressures continue to be significant, with a reported decrease in the number of breeding sows by 0.77% month-on-month in October [5][17]. - The average price of market pigs has declined to 12.16 CNY/kg as of November 6, reflecting a week-on-week decrease of 0.49% [5][26]. - The profitability of pig farming remains negative, with losses reported at -89.21 CNY per head for self-bred pigs and -175.54 CNY per head for purchased piglets as of November 7 [5][37]. Group 2: Poultry Farming - The average price of white feather broilers remained stable at 7.09 CNY/kg as of November 7, with a reported loss of -1.25 CNY per bird [5][38]. - The number of breeding chickens has increased significantly, with a 143.18% month-on-month rise in the number of grandparent stock updated in October [5][38]. Group 3: Animal Health - The demand for animal health products is expected to rebound, driven by a recovery in breeding cycles and an increase in inventory levels [5][47]. - The report highlights the ongoing development of vaccines, including progress in African swine fever vaccine trials, which may enhance the sector's growth potential [5][47]. Group 4: Seed Industry - The average prices for wheat, soybean meal, and corn have shown slight declines, with wheat at 2487 CNY/ton, soybean meal at 3098 CNY/ton, and corn at 2239 CNY/ton as of November 7 [5][51]. - The report emphasizes the importance of food security and the promotion of biotechnology in the seed industry [5][51]. Group 5: Pet Industry - Pet food exports amounted to 823 million CNY in September, reflecting a year-on-year decrease of 6.8%, while domestic sales continue to grow, with a 3% increase across major e-commerce platforms [5][56][59]. - The report suggests that companies with a lower proportion of export business may be less affected by tariff disruptions, while those focusing on domestic growth are likely to enhance their market share [5][56][59].

Report Investment Rating - No investment rating for the industry is provided in the report. Core Views - To reach the level of moderately developed countries by 2035, the official interpretation corresponds to a nominal GDP growth rate of 3.7% or a real GDP growth rate of 4.16% in the next 10 years. The lower - bound requirements for the real GDP growth rate during the 15th and 16th Five - Year Plans are around 4.5% and 4% respectively. The relationship between economic growth and interest rates is positive, but their relative positions are not fixed. Considering inflation, the nominal GDP growth rate in the next 10 years may range from 3% to 6%, and the 10 - year Treasury bond interest rate during the 15th Five - Year Plan may range from 1.2% to 2.4%. Based on the neutral interest rate theory, the 10 - year Treasury bond interest rate center is 1.5%, and the low point can be lower. The economy may still be in a weak recovery this quarter, and the bond market is in a favorable position. With the upcoming implementation of the new regulations on fund sales, it is recommended to seize the opportunity to go long, and interest rates are expected to hit a new low by the end of the year [2]. - There are two ways to view China's economic growth rate in the next decade: reaching a per - capita GDP of $20,000 and doubling the per - capita GDP compared to 2020 (at 2020 constant prices), corresponding to a nominal growth rate of 3.70% and a real growth rate of 4.16% respectively. By back - calculation, the average annual GDP growth rates during the 15th and 16th Five - Year Plans are about 4.5% and 4.0% [2]. - Comparing with overseas countries, interest rates are positively correlated with nominal GDP growth rates, but there is no consistent conclusion on their relative positions and the spread level, which reflects the strength of endogenous demand and the inflation center. Currently, the quarterly average of China's nominal GDP interest rate minus the 10 - year Treasury bond interest rate is about 2%, which is slightly higher than the overseas level this year but neutral compared to overseas history. Combining the golden rule and the neutral interest rate theory, China's actual situation is "real GDP growth rate - 4+1" [2]. - Assuming different inflation scenarios (negative, slightly positive, and normal), the nominal GDP growth rate may range from 3% to 6%. From the lower - bound perspective, if the nominal GDP decreases by 1 percentage point, the interest rate decline should be less than 1 percentage point, with the interest rate lows during the 15th and 16th Five - Year Plans at 1.2% and 0.7% respectively. From the upper - bound perspective, considering the relative position between the nominal GDP high point in 2021 and the interest rate, the interest rate high point is about 2.4% [2]. Summary by Directory 1. Potential Growth Rate and Appropriate Interest Rate Level 1.1 Future Growth Rates in the Next Two Five - Year Plans - Referring to the 2035 long - term goal, two assumptions are considered: reaching a per - capita GDP of $20,000 by 2035, with a 3.90% annual compound growth rate of per - capita nominal GDP in the next 10 years; doubling the per - capita GDP compared to 2020 (at 2020 constant prices), with a 4.36% annual compound growth rate of per - capita real GDP. Considering the population decline, the average annual GDP growth rate requirements by 2035 are a nominal growth rate of 3.70% and a real growth rate of 4.16%. The lower - bound requirements for the average annual real GDP growth rate during the 15th and 16th Five - Year Plans are about 4.5% and 4.0% respectively [6][7][8] 1.2 Relationship between Economy and Interest Rates - **Overseas Comparison**: Static analysis shows a significant positive correlation between GDP growth rates and broad - spectrum interest rates. Dynamically, the centers of nominal GDP growth rates and interest rates are not completely consistent. The relative position between interest rates and nominal GDP depends on monetary policy goals and central bank attitudes, reflecting the strength of endogenous demand and the inflation center. There is no unified conclusion on the appropriate spread between nominal GDP growth rates and long - term interest rates. Different periods in the US, UK, Germany, and Japan have different spreads. In China, long - term interest rates are always lower than the nominal GDP level, showing financial repression, and the spread has been compressing in the long - term but fluctuates annually. In the short - term, the spread is positively correlated with the nominal GDP growth rate [12][13][17] - **Theoretical Level**: Based on the "golden rule" of economic growth theory, the long - term interest rate should be slightly lower than or equal to a country's GDP growth rate. Currently, LPR and general loan interest rates are comparable to the GDP growth rate, while the 10Y Treasury bond interest rate is significantly lower. According to the neutral interest rate theory, emerging market countries' neutral interest rates are about 4 percentage points lower than the GDP growth rate, and nominal interest rates need to add 2% inflation expectations. In China, the long - term interest rate is measured by "real GDP growth rate - 3", indicating that the real GDP growth rate may not reflect the potential growth rate or the inflation expectation is about 1%. Assuming a 4.5% real GDP growth rate in the fourth quarter, the long - term interest rate center can be estimated at 1.5% [22] 1.3 Impact of Declining Economic Growth on Interest Rates - Considering different inflation scenarios (inflation returning to 1 - 2% or higher, 0 - 1%, and remaining negative), the nominal GDP growth rate will change accordingly, and interest rates will fluctuate with the nominal GDP growth rate. In the most optimistic scenario for the bond market during the 15th Five - Year Plan, if the nominal and real GDP growth rate centers decline by 0.5 percentage points, the long - term bond interest rate decline will be less than 0.5 percentage points, and the 10 - year Treasury bond interest rate is unlikely to be lower than 1.2%. In the pessimistic scenario, if the nominal GDP rebounds, and assuming a 6% rebound high point, the 10 - year Treasury bond interest rate high point will be below 2.4%. According to the neutral interest rate theory, if the real GDP growth rate center reaches 4%, the 10 - year Treasury bond interest rate center can gradually decline to 1% [24][25] 2. Central Bank Bond Purchases and Bond Market Interest Rates - From November 3rd to 7th, the yield of the 10Y active Treasury bond fluctuated upward. The 10 - year Treasury bond yield increased by 1.88BP to 1.81%, and the 10 - year national development bond yield increased by 2.35BP to 1.95%. The 1 - year and 10 - year Treasury bond term spread narrowed by 0.31BP to 40.97BP, while the 1 - year and 10 - year national development bond term spread remained at 33.68BP. Various factors such as central bank reverse - repurchase net withdrawal, bond purchase announcements, stock market fluctuations, and policy rumors affected the bond market during the week [27][28][29] 3. Decline in Wealth Management Product Scale - As of November 2nd, the wealth management product scale was 32.52 billion yuan, with a weekly decline of 74.79 million yuan. From October 27th to November 2nd, the new - issue wealth management product scale was 254.44 million yuan. In November, the scale of fixed - income products decreased. By product type, cash - management products decreased by 76 million yuan, fixed - income products decreased by 290 million yuan, and others had different changes. By product risk, low - risk and medium - low - risk products decreased, while medium - risk and medium - high - risk products had small increases. The net - break rate decreased last week. As of November 5th, the 7 - day average annualized yields of money funds and cash - management products were 1.08% and 1.3% respectively [33][34] 4. Decline in Duration and Stable Disagreement Degree - From November 3rd to 7th, the duration of public funds decreased by 0.04 to 2.38 compared to October 31st, with a weekly average of 2.41. The public fund duration disagreement degree on November 7th remained the same as on October 31st at 0.36 [42]

Report Industry Investment Rating - No information provided in the content Core Views - Important news: A database for performance comparison benchmarks of public funds is coming; the scale of bond ETFs has exceeded 70 billion yuan; the MSCI index has been adjusted, with 26 Chinese stocks newly included [3] - Market review: During the week of 20251103 - 20251107, major broad - based A - share indices showed an upward trend, while most overseas indices showed a downward trend [3][17] - Fund market review: Half of the active equity funds achieved positive returns this week, with the median interval return of active equity funds at 0.19%. Cyclical and financial real - estate themed funds performed prominently [3] - ETF fund statistics: The top three ETF categories in terms of performance this week were H - share broad - based, manufacturing, and cyclical themed ETFs. There were 490 ETFs with net capital inflows and 516 with net outflows [3] - Fund market dynamics: 52 public funds had new fund manager appointments, 48 new public funds were established, 44 public funds started their initial issuance, and 56 public funds were waiting to be issued [3] - Equity fund issuance tracking: The issuance scale of equity funds this week was 21.836 billion yuan, a decrease of 1.759 billion yuan from last week. There are still 276 newly issued funds in the position - building period [3] Summary by Relevant Catalogs 1. Important News 1.1 Market Dynamics - A database for performance comparison benchmarks of public funds is coming. The draft for soliciting opinions on the operation of the benchmark element library has been issued. The benchmark library mainly includes stock indices, divided into two categories, with 69 in the first category and 72 in the second [8] - The number of newly issued funds this year has reached a new high in the past three years. As of November 3, more than 1300 new funds have been issued this year, with over 700 new stock - type funds [9] - The ETF product of Jiaoyin Schroeder Fund has been approved and is expected to start issuing in December. It is the first time in 14 years that the company has restarted the layout of the ETF product line [10][11] 1.2 Product Hotspots - The scale of bond ETFs has exceeded 70 billion yuan. As of October 31, the scale reached 70.0044 billion yuan. The scale of single - product and the management scale of some fund companies have also increased significantly [11][12] - The compilation of the China Cheng Tong Brand Value Index has been launched, aiming to guide capital to state - owned central enterprises and benchmark private enterprises with core brand advantages [12] - New pharmaceutical indices have been frequently launched, such as the China Securities Science and Technology Innovation and Entrepreneurship Innovative Drug Index and the China Securities Science and Technology Innovation and Entrepreneurship Medical Device Index [12] 1.3 Overseas/Offshore Markets - The MSCI index has been adjusted, with 69 new inclusions and 64 exclusions in the MSCI Global Standard Index. In the MSCI China Index, 26 Chinese stocks were newly included and 20 were excluded [14] - Two Brazilian ETFs were snapped up by funds. They reached their fundraising scale limits on the first day of issuance, with the confirmed ratio of Huaxia Fund's Brazilian ETF at about 11.5% and that of E Fund at about 11.8% [15][16] - Public QDII funds are gradually replenishing their positions in US stocks, which has reduced the drawdown risk of some funds during the recent adjustment of the Hong Kong stock market [17] 2. Market Review - A - share market: Major broad - based indices showed an upward trend. The Shanghai Composite Index rose 1.08% to 3997.56, the CSI 300 Index rose 0.82% to 4678.79, etc. [17] - Overseas indices: Most showed a downward trend. The Nikkei 225 index fell 4.07%, the South Korean Composite Index fell 3.74%, and the Nasdaq index fell 3.04% [17] - Industry performance: The power equipment and new energy, and steel industries led the gains. The top five industries in the CITIC First - level Industry Index were power equipment and new energy (5.10%), steel (4.57%), etc. [21] 3. Fund Market Review 3.1 Active Equity Fund Performance - In the recent week, cyclical and financial real - estate themed funds performed prominently, with average interval returns of 1.55% and 0.78% respectively. In the recent three months, technology and cyclical themed funds led, with average interval returns of 25.67% and 21.54% respectively [24] - Half of the active equity funds achieved positive returns this week, with the median interval return at 0.19%. Cyclical and financial real - estate themed funds had median interval returns of 1.62% and 1.19% respectively [27] 3.2 High - performing Fund Performance Statistics - The Galaxy Core Advantage A (011629.OF) performed outstandingly this week, with an interval return of 11.65%. The report also listed the top five funds in each industry theme [29][30] 4. ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return this week, the top three ETF categories were H - share broad - based (1.77%), manufacturing (1.62%), and cyclical themed ETFs (1.48%). In the recent month, the top three were international broad - based (7.11%), cyclical (5.51%), and commodity futures themed ETFs (4.49%) [31] 4.2 ETF Fund Capital Flow Statistics - In terms of net capital inflows this week, the top categories were technology (9.242 billion yuan), pharmaceuticals (9.059 billion yuan), and financial real - estate (7.223 billion yuan). The category with the largest net outflows was A - share broad - based (18.939 billion yuan) [34] - There were 490 ETFs with net capital inflows and 516 with net outflows. The top three ETFs with net inflows were Guotai CSI All - Index Securities Company ETF, Haifutong CSI Short - Term Financing ETF, etc. The top three with net outflows were Huatai - Peregrine CSI 300 ETF, Huaxia SSE 50 ETF, etc. [37] 4.3 ETF Fund Premium and Discount Statistics - As of November 7, 2025, the top three ETFs in terms of premium rate were Huatai - Peregrine China Securities Korea Exchange China - South Korea Semiconductor ETF, Huaan Mitsubishi UFJ Nikkei 225 ETF, etc. The top three in terms of discount rate were E Fund CSI Hong Kong Stock Connect China 100 ETF, Huaxia SSE Smart - Selection Science and Technology Innovation Value 50 Strategy ETF, etc. [39] 5. Fund Market Dynamics 5.1 Fund Manager Changes - 52 public funds had new fund manager appointments, involving 46 fund managers from 35 fund management companies. The top three fund management companies in terms of the number of affected funds were Fullgoal Fund, Bosera Fund, etc. [41] - 57 public funds had fund manager departures, involving 35 fund managers from 28 fund management companies. The top three fund management companies in terms of the number of affected funds were Yongying Fund, Dacheng Fund, etc. [42] 5.2 Newly Established Funds This Week - A total of 48 new public funds were established this week, with a combined issuance share of 26.5 billion [3] 5.3 Funds with Initial Issuance This Week - 44 public funds started their initial issuance this week, with the largest number being passive index funds (14) [3] 5.4 Funds Waiting to be Issued - As of November 9, 2025, there were 56 public funds waiting to be issued [3] 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds this week was 21.836 billion yuan, a decrease of 1.759 billion yuan from last week. There are still 276 newly issued funds in the position - building period, with an estimated 29.71% having a position - building ratio of less than 5% and an estimated 82.761 billion yuan of funds yet to be invested [3]

Core Insights - The report emphasizes the importance of positioning for the end of the year, suggesting that bank dividends are a preferred observation strategy if the market experiences a pause in volatility [4] - It highlights the need to wait for a renewed confidence in high-growth sectors over the next 2-3 years, particularly in technology and services [5][10] - The report reviews the market's performance, noting a significant increase in the Shanghai Composite Index, which has risen over 10% to above 3800 points since the mid-year strategy [6][9] Market Overview - The report indicates that the market may experience a phase of consolidation due to external factors such as weakening U.S. economic indicators and concerns over employment, which could lead to a risk-off sentiment affecting A-shares [6][9] - It notes that the market is currently in a wait-and-see mode, with trading volumes not yet activated and sectors undergoing accelerated rotation [9][10] Investment Strategy - The report suggests a proactive approach to market conditions, focusing on sectors with favorable risk-reward ratios, particularly in real estate, resource commodities, and consumer sentiment [11][12] - It recommends monitoring high-growth sectors that are difficult to disprove, such as storage, domestic computing, and innovative pharmaceuticals, while waiting for a consensus on performance [12] Fund Flow Analysis - The report discusses the potential for fund managers to reduce positions as the year-end approaches, indicating a trend towards profit-taking [13] - It highlights that leverage funds are still flowing in but at a slower pace, suggesting a need to watch for a potential slowdown in inflows [13][28] Calendar Effect Insights - The report analyzes the calendar effect, noting that the market generally trends upward in early November but may weaken following economic meetings [14][31] - It provides insights into market performance across different styles and sectors, indicating a shift towards dividend and quality stocks post-meeting [15][16]