- The report does not contain any quantitative models or factors for analysis[1][3][8] - The report primarily focuses on convertible bond market performance, individual bond performance, valuation analysis, and clause tracking[1][3][8] - No quantitative models or factors are mentioned for construction, testing, or evaluation[1][3][8]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - The military industry is entering a medium to long-term layout turning point, with significant investment opportunities emerging due to international political turbulence and domestic military modernization efforts [4][5] - The recent unveiling of the J-35 aircraft production line indicates a continuous enhancement of national military strength, which is expected to lead to a rapid development phase in military trade [7] - The acceleration of satellite launches suggests that the commercial aerospace industry is poised for a new phase of rapid growth, benefiting related enterprises in the supply chain [7] Summary by Relevant Sections Recent Industry Performance - Over the past 12 months, the absolute return of the industry is 21.1%, while the relative return compared to the CSI 300 is 4.39% [3] Key Events - The "Peace and Friendship - 2025" joint military exercise between China and Malaysia is set to take place from October 15 to 23, involving over 1,000 personnel and more than 500 pieces of equipment [5] Investment Highlights - The military industry is expected to see a rebound after previous adjustments, with increasing investment value highlighted by the upcoming "14th Five-Year Plan" conclusion and ongoing geopolitical tensions [8] - The report suggests focusing on specific stocks such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others within the military sector [8]

- The report provides a detailed analysis of the convertible bond market performance over the week from September 28, 2025, to September 30, 2025, highlighting the weekly price changes of various convertible bonds and their underlying stocks[1][7][17] - The report includes a comprehensive valuation analysis of convertible bonds, detailing the number of bonds within different price ranges and their respective median conversion premium rates[32][38][39] - The report tracks the terms of convertible bonds, noting the number of bonds that have triggered downward revision clauses and those that may trigger conditional redemption clauses in the upcoming week[42]

- The report provides a snapshot of the A-share market performance, highlighting that all broad-based indices experienced a decline on September 26, 2025, with the largest drops seen in the ChiNext Index (-2.6%) and CSI 2000 (-1.55%) [1][2][10] - The report notes that most indices, except SSE 50, fell below their 5-day moving averages, with CSI 1000 and CSI All Share Index also falling below their 10-day moving averages, and SSE 50 and CSI 2000 dropping below their 20-day moving averages [2][13][15] - The turnover rate of the indices on September 26, 2025, is highlighted, with CSI 2000 having the highest turnover rate (3.69), followed by ChiNext Index (3.02) and CSI 1000 (2.67) [2][18] - The daily return distribution of the indices is analyzed, showing that CSI All Share Index has the largest negative kurtosis deviation, while CSI 1000 has the smallest negative kurtosis deviation. CSI All Share Index also has the largest negative skewness, whereas SSE 50 and CSI 300 have the smallest negative skewness [2][23][25] - The risk premium of the indices relative to the 10-year government bond yield is discussed, with SSE 50 (33.65%) and CSI 300 (14.92%) having relatively high 5-year percentile values, while CSI 500 (10.63%) and ChiNext Index (4.68%) have lower values [2][30][32] - The PE-TTM values and percentiles of the indices are analyzed, showing that CSI 500 (99.75%) and CSI All Share Index (96.45%) have high 5-year percentile values, while SSE 50 (82.48%) and ChiNext Index (60.5%) have lower values [3][40][42] - The stock-bond valuation ratio is calculated using the reciprocal of PE-TTM and the difference with the 10-year government bond yield. None of the indices exceed their 80% percentile, and CSI 500 is below its 20% percentile [45][46] - Dividend yield trends are analyzed, showing that ChiNext Index (63.39%) and CSI 1000 (47.19%) are at relatively high 5-year historical percentiles, while CSI 2000 (18.6%) and CSI 500 (15.12%) are at lower percentiles [3][50][53] - The report highlights the current net asset value discount rates of the indices, with SSE 50 having the highest rate (26.0%), followed by CSI 300 (17.33%) and CSI 500 (12.0%), while ChiNext Index has the lowest rate (1.0%) [3][54]

Investment Rating - Industry rating: "Accumulate" (maintained) [7] Core Viewpoints - The home appliance industry is expected to see a boost in domestic demand due to the implementation of the 2025 appliance replacement policy [4] - The production data for major home appliances in October 2025 shows a total production of 29.24 million units, a year-on-year decrease of 9.9% [7] - The domestic sales of air conditioners, refrigerators, and washing machines have all experienced declines compared to the same period last year, with air conditioners down 18%, refrigerators down 5.8%, and washing machines down 1.6% [7] - The international consumer electronics fair (IFA) in Berlin showcased new products from domestic cleaning appliance companies, including multi-floor cleaning robots, indicating a shift towards more advanced technology in the industry [7] Summary by Sections Recent Industry Performance - The relative returns over the past month, three months, and twelve months are -4.18%, -7.25%, and -13.16% respectively, while absolute returns are -1.99%, 8.06%, and 15.18% [3] Production and Sales Data - In August 2025, the production of home air conditioners reached 12.881 million units, a year-on-year increase of 9.4%, while total sales were 13.023 million units, a slight decline of 1.0% [7] - Domestic sales of air conditioners increased by 1.2%, while exports decreased by 4.2% [7] Market Dynamics - The home appliance market faced pressures from high base effects and the exhaustion of national subsidy funds in certain regions, leading to a temporary adjustment in demand [7] - Major home appliance companies are responding to the subsidy cessation by promoting high-end models, pushing for a shift towards premium products [7] Investment Recommendations - The report suggests focusing on white goods companies such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [7]

- The report provides a snapshot of the A-share market, focusing on the performance of broad-based indices as of September 25, 2025[1][2] - The indices with the highest daily gains were the ChiNext Index (1.58%) and the CSI 300 Index (0.6%), while the CSI 2000 Index (-0.61%) and the CSI 1000 Index (-0.37%) experienced the largest declines[2][10] - The ChiNext Index showed the highest year-to-date gain (51.09%), followed by the CSI 2000 Index (32.27%) and the CSI 500 Index (28.22%)[2][10] - The report includes a comparison of indices with their moving averages and their positions relative to the highest and lowest points over the past 250 trading days[13] - The CSI 300 Index had the highest trading volume share (28.66%), followed by the CSI 500 Index (21.1%) and the CSI 2000 Index (20.61%)[15] - The turnover rates for the indices were as follows: CSI 2000 (3.95), ChiNext Index (3.72), CSI 1000 (2.73), CSI 500 (2.09), CSI All Share Index (1.86), CSI 300 (0.7), and SSE 50 (0.32)[15] - The ChiNext Index had the highest kurtosis and positive skewness, indicating a more concentrated distribution of daily returns and a higher likelihood of extreme positive returns[21][23] - The risk premiums for the indices, relative to the 10-year government bond yield, were highest for the ChiNext Index (84.13%) and the CSI 300 Index (74.6%), and lowest for the CSI 1000 Index (35.24%) and the CSI 2000 Index (28.97%)[27][28] - The PE-TTM ratios for the indices showed that the CSI 500 Index (100.0%) and the CSI All Share Index (98.02%) had the highest historical percentiles, while the SSE 50 (82.64%) and the ChiNext Index (61.4%) had the lowest[39][40] - The dividend yields for the indices were highest for the SSE 50 (3.34%) and the CSI 300 (2.68%), and lowest for the CSI 2000 (0.76%) and the ChiNext Index (0.92%)[49][50] - The current net asset value break rates for the indices were as follows: SSE 50 (24.0%), CSI 300 (17.0%), CSI 500 (12.0%), CSI 1000 (7.8%), CSI 2000 (3.7%), ChiNext Index (1.0%), and CSI All Share Index (6.48%)[51]

- The report tracks the performance of broad-based indices, highlighting that all indices rose on September 24, 2025, with the highest daily gains seen in the ChiNext Index (2.28%) and CSI 500 (1.99%) [12][13][16] - The ChiNext Index showed the largest year-to-date increase (48.75%), followed by CSI 2000 (33.08%) and CSI 500 (27.91%), while the SSE 50 had the smallest gain (9.49%) [12][13] - All tracked indices surpassed their 5-day moving averages, with CSI 1000, CSI 2000, and CSI All Share Index breaking above their 10-day moving averages. CSI 2000 also exceeded its 20-day moving average, while SSE 50 remained below its 10-day and 20-day moving averages despite three consecutive days of gains [16] - The turnover rate of indices on September 24, 2025, was led by CSI 2000 (3.93), followed by ChiNext Index (3.7), CSI 1000 (2.88), CSI 500 (2.12), CSI All Share Index (1.86), CSI 300 (0.67), and SSE 50 (0.3) [18][19] - The ChiNext Index exhibited the highest kurtosis and positive skewness, indicating concentrated returns and increased extreme positive returns, while CSI 2000 showed the lowest values for both metrics [25][26] - Risk premium analysis revealed that CSI 500 (96.67%) and ChiNext Index (91.19%) had the highest 5-year percentile values, while CSI 2000 (84.29%) and SSE 50 (79.37%) were relatively lower [30][32] - PE-TTM values showed CSI 500 (100.0%) and CSI All Share Index (98.02%) at high 5-year percentiles, while SSE 50 (82.48%) and ChiNext Index (60.83%) were lower. CSI 500 reached its historical peak for both 1-year and 5-year percentiles [44][45] - Dividend yield analysis indicated that ChiNext Index (63.31%) and CSI 1000 (39.92%) were at high 5-year percentiles, while CSI 500 (13.97%) and CSI 2000 (13.06%) were at lower percentiles [48][54][55] - Current net-breaking rates showed SSE 50 (24.0%) leading, followed by CSI 300 (16.33%), CSI 500 (11.6%), CSI 1000 (7.6%), CSI 2000 (3.5%), ChiNext Index (1.0%), and CSI All Share Index (6.27%) [56]

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The collaboration between Maiwei Biotech, Yingsi Intelligent, and Haoyuan Pharmaceutical aims to create a novel ADC (Antibody-Drug Conjugate) compound library covering hundreds of targets, accelerating the industrialization of next-generation ADC drugs, which are considered a promising direction in cancer treatment [5][6] - This partnership highlights a shift in China's pharmaceutical innovation model from a singular "independent R&D" approach to a more collaborative ecosystem that integrates strategic alliances and shared research platforms, which helps mitigate early-stage R&D risks and optimizes resource allocation [7] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of 5.97% compared to the CSI 300 index, with an absolute return of 42.2% [3] Investment Highlights - The collaboration combines strengths from various fields: Maiwei Biotech's experience in antibody drug development, Yingsi Intelligent's AI technology for target discovery and molecular design, and Haoyuan Pharmaceutical's expertise in high-end chemical raw materials [7] - The ADC drugs are positioned in a rapidly growing global market, with the collaboration aiming to systematically lay out core resources for future ADC drug development [7] - The report suggests monitoring the capital market movements of the collaborating companies, as their progress may act as a catalyst for stock price changes [7] Recommendations - The report recommends focusing on the entire ADC industry chain, including upstream CXO companies with advanced toxin-Linker technology, midstream innovative pharmaceutical companies with leading ADC platforms, and downstream large pharmaceutical companies with strong commercialization capabilities in oncology [7] - Specific companies to watch include Maiwei Biotech, Haoyuan Pharmaceutical, Rongchang Biotech, WuXi AppTec, Kailaiying, Nanfeng Technology, and Dongfulong [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Views - The recent optimization of the national drug procurement rules marks a significant improvement in the industry ecosystem, with a focus on balancing supply assurance and industry health development [5][6] - The new procurement rules include a comprehensive evaluation mechanism, a "revival" mechanism for non-selected companies, and increased qualification requirements for bidding enterprises, which collectively enhance the quality and stability of drug supply [5][6] - The report emphasizes the importance of quality control and innovation in the pharmaceutical industry, suggesting that companies with strong quality management systems and innovative capabilities will be better positioned in the new procurement environment [6] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown an absolute return of 46.85% and a relative return of 6.21% compared to the CSI 300 index [3] Investment Highlights - The new procurement rules will significantly improve the matching of drug supply with clinical demand, ensuring continuity and stability in clinical medication [6] - The introduction of a "revival" mechanism reduces the risk of quality enterprises being unexpectedly eliminated from the procurement process [6] - Enhanced quality supervision requirements favor leading companies with stable production processes and strict quality control, promoting overall industry quality improvement [6] - The report advises focusing on leading companies with quality control advantages, those capable of producing pediatric medications, and R&D-driven innovative pharmaceutical companies [6]

证券研究报告·黑龙江省资本市场跟踪报告 2025 年 9 月 23 日 江海证券研究发展部 执业证书编号：S1410524040001 1. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— (2025.8.24-2025.9.6) – 2025.09.08 2. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— (2025.8.10-2025.8.23) – 2025.08.26 3. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— (2025.7.27-2025.8.9) – 2025.08.11 4. 江海证券-黑龙江省资本市场跟踪-黑 龙江省资本市场跟踪双周报— (2025.7.14-2025.7.26) – 2025.07.29 5. 江海证券-黑龙江省资本市场跟踪报告- 黑龙江省资本市场跟踪双周报—— （2025.7.1-2025.7.13） – 2025.07.17 机械军工行业研究组 黑龙江省资本市场跟踪双周报 — — 分析师：张诗瑶 (2025.9.7-2025.9.20) 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在 ...