1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market yield tends to decline at the end of the year. This year, there are both similarities and structural differences compared with previous years. Although the supply and liquidity levels still provide a certain probability of decline for the bond market, the weakening of demand momentum and the limited easing strength jointly restrict the space for interest rate decline, resulting in insufficient odds. It is recommended that investors seize phased trading opportunities [4][35]. 3. Summary by Relevant Catalogs 3.1. Review of History: What are the Laws of the Bond Market at the End of the Year? - The bond market yield tends to decline at the end of the year, mainly due to four factors: the decline in supply pressure, institutions' early layout, relatively stable policy expectations, and the central bank's active care for cross - year liquidity, which together form a phased support for the bond market [4][13][15]. - Since 2020, bond market yields have generally declined from November to December, with a significant "calendar effect". The yield of 10Y Treasury bonds has declined significantly during this period, deviating from this rule only in 2020 (Yongmei incident) and 2022 (wealth management redemption wave) due to extreme risk events [10]. 3.2. How will the Bond Market Perform at the End of this Year? - Supply side: The supply pressure is relatively controllable. As of November 21, 2025, the annual net financing scale of Treasury bonds has reached 6.1 trillion yuan, with an issuance progress of 93%, significantly faster than the same period in previous years (except 2024), and the remaining issuance quota is only 0.5 trillion yuan [23]. - Demand side: It may be relatively weak. Affected by the positive stock market sentiment and the potential redemption new rules, the demand of insurance and funds may be weaker than in previous years. Insurance has a slowdown in liability - side growth and a shift to equity in asset allocation, while funds face potential redemption pressure from the new rules [26][27]. - Policy side: There are still some variables. The policy tone is expected to continue the general principle of "seeking progress while maintaining stability", and the risk of policy tightening is small. However, the specific policy intensity, introduction rhythm, and structural focus are still uncertain [30]. - Liquidity: The central bank's bond - buying intensity is not weak. The central bank has a clear orientation to maintain reasonable and sufficient liquidity, and recent operations show the intention to stabilize the capital market through structural tools. However, the implementation of total - volume easing tools such as reserve requirement ratio cuts and interest rate cuts may still need to wait [31][34].

Group 1 - The core concept of "Fixed Income +" is to combine fixed income assets with a small portion of higher-risk assets like stocks and convertible bonds to enhance returns while maintaining stability [2][10][15] - "Fixed Income +" typically consists of two parts: the fixed income portion, which includes low-risk bond assets for defensive purposes, and the "+" portion, which includes stocks and convertible bonds for offensive growth [2][15] - The performance of "Fixed Income +" products is influenced by the negative correlation between stocks and bonds, which helps to reduce volatility risk [3][15] Group 2 - Different stock-bond ratios significantly impact the returns and risks of "Fixed Income +" products, with higher stock allocations leading to greater long-term returns but also increased volatility risk [5][6] - Classic "Fixed Income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most representative [10][15] - Broader definitions of "Fixed Income +" also encompass hedge funds and all-weather strategy funds, which may not have a high proportion of bonds but use strategies to control volatility risk [12][15] Group 3 - The increasing attention on "Fixed Income +" products is attributed to the decline in deposit interest rates, leading to rapid growth in this investment category [15] - For investors seeking a more convenient way to invest in "Fixed Income +", products like "Monthly Salary Treasure" are recommended, with a low initial investment threshold of 200 yuan [15]

Group 1: Macroeconomic Outlook - The report anticipates a positive macroeconomic environment for 2026, with a GDP growth target of around 5%, supported by consumption and investment recovery, and resilient exports [3] - The policy stance is expected to be proactive and expansionary, with measures to boost consumption, infrastructure, and stabilize the real estate sector [3] - A strategic focus on A-shares is recommended, particularly in sectors related to AI, new productivity, self-sufficiency, and international expansion [3] Group 2: Fixed Income and Real Estate - The real estate sales index has shown a decline, with a current index of 41.7, indicating a year-on-year decrease of 6.2 points [5] - The overall demand for real estate remains weak, with the high-frequency index reflecting ongoing challenges in the sector [5] - The bond market is expected to experience fluctuations, with the 10-year government bond yield projected to range between 1.5% and 1.9% [3] Group 3: Light Industry Manufacturing - The report highlights Han Gao Group's strong position in the home hardware sector, with a comprehensive product matrix and diversified sales system [9] - The company is expected to achieve net profits of 709 million, 883 million, and 1.073 billion yuan from 2025 to 2027, reflecting growth rates of 33.4%, 24.5%, and 21.6% respectively [9] Group 4: Building Materials - Yao Pi Glass is positioned as a leader in the automotive glass market, with significant growth expected in TCO glass technology due to the industrialization of perovskite batteries [10] - Revenue projections for Yao Pi Glass are 5.56 billion, 5.90 billion, and 6.34 billion yuan for 2025 to 2027, with net profits of 160 million, 190 million, and 250 million yuan respectively, indicating a growth rate of 26.2% [10] Group 5: Retail and Duty-Free Industry - The duty-free industry is experiencing improvements due to the implementation of favorable policies, with expectations for stable performance in Q4 2025 [11] - Key players in this sector include China Duty Free Group, Meilan Airport, and Hainan Development, which are anticipated to benefit from the policy changes [11] Group 6: Pharmaceutical and Biotechnology - Frontier Biotech reported record quarterly sales, with a 47.6% increase from the previous quarter, driven by its innovative HIV drug and other products [13] - The company is focusing on expanding its market presence in grassroots medical institutions and enhancing its R&D pipeline for small nucleic acid drugs [15][16] Group 7: Semiconductor Industry - AMD's Q3 2025 revenue reached $9.2 billion, a 35.6% year-on-year increase, exceeding previous guidance [17] - The company is expected to launch new data center CPU/GPU products in 2026, with significant growth projected in revenue from 2025 to 2027 [19] Group 8: Power Equipment - Daikin Heavy Industries reported a 99.25% year-on-year increase in revenue for the first three quarters of 2025, with net profits growing by 214.63% [20] - The company is expected to benefit from its leadership in offshore wind tower production, with projected net profits of 1.09 billion, 1.66 billion, and 2.48 billion yuan from 2025 to 2027 [20]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The price of live hog futures rebounded on November 5, 2025, with the 2601 contract closing at 11,945 yuan/ton, up 1.57% from the previous day's settlement price. This rebound is due to policy guidance, supply - demand relationship, and market sentiment. However, the "strong supply and weak demand" pattern in the hog market remains unchanged, and supply pressure still needs attention [1]. - In the short term, there may be marginal improvement in hog prices, but considering the high level of breeding sows inventory, the supply pressure persists [2]. 3. Summary by Directory Demand - Real estate: This week, the transaction area of commercial housing in 20 cities decreased both month - on - month and year - on - year, with first - tier cities also showing a year - on - year decline. The transaction area of second - hand housing in key cities decreased month - on - month. For example, the second - hand housing transaction areas in Shanghai and Hangzhou decreased week - on - week [2][12]. - Consumption: Automobile consumption recovered, while movie - going consumption decreased year - on - year. The national migration scale index continued to decline, and subway ridership decreased [2]. As of the week ending October 31, the average daily retail sales of passenger cars increased by 77.4% week - on - week and 3.9% year - on - year. As of the week ending November 7, the national box office decreased by 22.2% week - on - week and 59.4% year - on - year. The national migration scale index decreased by 8.7% week - on - week, and the subway ridership in first - tier cities decreased by 2.6% week - on - week [36]. Production - Mid - upstream: The operating rate of Tangshan blast furnaces increased rapidly week - on - week by 16.3 percentage points. The operating rate of rebar decreased by 2.0 percentage points to 41.3%. The PTA operating rate decreased by 0.4 percentage points, and the operating rate of polyester filament in Jiangsu and Zhejiang increased by 0.1 percentage points. The operating rate of petroleum asphalt plants decreased by 1.8 percentage points to 29.7% [45]. - Downstream: The operating rates of automobile tires increased slightly. The operating rate of all - steel tires increased by 0.1 percentage points, stronger than the same period last year, and the operating rate of semi - steel tires increased by 0.3 percentage points, weaker than the same period last year [45]. Investment - Rebar: The apparent consumption of rebar decreased, and its price continued to decline. The apparent consumption of rebar decreased by 5.9% week - on - week to 218.5 tons, and the price decreased by 0.8% week - on - week to 3,227.8 yuan/ton. The price of asphalt decreased by 3.2% week - on - week to 3,168.6 yuan/ton [63]. - Cement: The cement shipping rate decreased by 0.3 percentage points to 37.2% week - on - week, the cement inventory ratio increased by 3.2 percentage points to 67.7%, and the cement price index increased by 0.3% week - on - week to 102.7 points [63]. Trade - Export: As of the week ending November 7, the container throughput of ports increased by 13.8% week - on - week, higher than the same period last year. The CCFI composite index continued to rise, increasing by 3.6% week - on - week. The freight rates of European, West - American, and East - American routes increased week - on - week by 3.25%, 5.37%, and 6.23% respectively. The BDI index increased by 2.4% week - on - week [76]. - Import: The CICFI composite index was 639.5 points, decreasing by 1.7% week - on - week [76]. Price - CPI: As of the week ending November 7, the 200 - index of agricultural product wholesale prices increased by 1.0% week - on - week. The price of pork increased by 0.8% week - on - week, the price of vegetables increased by 2.2% week - on - week, while the price of eggs decreased by 1.2% week - on - week and the price of fruits decreased by 0.4% week - on - week [88]. - PPI: The Nanhua industrial product price index decreased by 1.1% week - on - week. The spot price of Brent crude oil decreased by 1.2% week - on - week, the WTI crude oil futures price decreased by 1.0% week - on - week, the settlement price of IPE UK natural gas futures increased by 3.3% week - on - week, the COMEX gold futures price decreased by 0.1% week - on - week, and the LME copper spot price decreased by 2.4% week - on - week [94]. - Commodity Futures: As of the week ending November 7, the settlement price of live hog futures increased by 3.1% week - on - week, the settlement price of urea futures increased by 2.7% week - on - week, and the settlement price of glass futures increased by 2.2% week - on - week. The settlement price of asphalt futures decreased by 6.8% week - on - week, the settlement price of polysilicon futures decreased by 4.3% week - on - week, and the settlement price of rebar futures decreased by 3.4% week - on - week [107]. Interest - Bearing Bond Tracking - Next week (November 10 - 14), the disclosed issuance of interest - bearing bonds is 53.11 billion yuan, with a net financing of 22.95 billion yuan. Among them, the issuance of national bonds is 20.6 billion yuan, with a net financing of 17.6 billion yuan; the issuance of local bonds is 28.51 billion yuan, with a net financing of 24.28 billion yuan; the issuance of policy - financial bonds is 4 billion yuan, with a net financing of - 18.93 billion yuan [111]. - As of November 7, the total issuance and disclosed issuance scale of this year's replacement bonds is 2.0024 trillion yuan, and the 2 - trillion - yuan debt - resolution quota has been basically issued. The cumulative issuance progress of new general bonds is 86.3%, and the cumulative issuance progress of new special bonds is 91.1% [113][115]. Policy Weekly Observation - On November 4, the central bank resumed open - market national bond trading, with a net investment of 20 billion yuan in October, which helped stabilize the bond market, expectations, and confidence. In addition, the central bank had a net withdrawal of 595.3 billion yuan through short - term reverse repurchase and a net investment of 400 billion yuan through outright reverse repurchase, and a net investment of 200 billion yuan through medium - term lending facilities in October [122]. - Other policies include the State Council's deployment of new scenarios for large - scale application, adjustment of tariffs on US - imported goods, and real - estate policies in Hubei and Sichuan [122].

Core Insights - The equity market is experiencing a positive reaction following the Federal Reserve's second rate cut, indicating a bullish sentiment among investors [1] - In contrast, the fixed income market is showing a more mixed response, suggesting potential concerns or uncertainties among bond investors [1] Equity Market - The equity arena is booming with cheers, reflecting strong investor confidence and optimism in the stock market following the Fed's decision [1] Fixed Income Market - The reaction from the fixed income crowd is described as mixed, highlighting a divergence in sentiment compared to the equity market [1]

Core Insights - The average daily trading volume of Hong Kong stocks has exceeded 250 billion HKD since the beginning of this year [1] - Over 60 companies have listed on the Hong Kong Stock Exchange (HKEX) from January to September, raising a total of 182.9 billion HKD, ranking first globally [1] - There are approximately 300 companies waiting for listing approval, with half from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [1] - The main challenge for HKEX is to establish a more diversified ecosystem with multiple asset classes, as it has traditionally been strong in equities but relatively weak in fixed income [1]

Core Viewpoint - The article discusses the financial situation of a 40-year-old divorced woman living in a northern county-level city, her investment options, and the concerns of her brother regarding her financial management and investment strategies [1][2]. Group 1: Financial Situation - The woman has a monthly salary of 3,800 yuan, approximately 300,000 yuan in bank savings, and 28 grams of gold. She is currently renting after selling her only house due to marital changes [1]. - She plans to buy 100 grams of gold and invest the remaining 200,000 yuan in fixed deposits, despite her brother's concerns about the lack of flexibility and low returns of such investments [1][2]. Group 2: Investment Strategies - The brother suggests using half of the 200,000 yuan to invest in low-volatility dividend index funds and the other half in cash flow index funds, estimating a 5% annual return through compounding [2]. - He believes that managing the investments himself would help stabilize his sister's emotions regarding market fluctuations, as she has little experience with investing [2][4]. Group 3: Concerns and Risks - There are concerns about the sister's ability to handle market volatility and the potential risks of investing all her savings, especially given her current life circumstances [3][5]. - The brother is advised to ensure that he can handle the financial implications of any potential losses, as the investments could lead to significant fluctuations in value [5][6]. Group 4: Alternative Suggestions - Some suggestions include keeping a portion of the funds in fixed deposits for safety and liquidity, while also considering a diversified investment approach that includes gold, fixed deposits, and stock funds [4][10]. - It is recommended that the sister manage her own investments with guidance from her brother, rather than having him control her funds entirely, to maintain her sense of autonomy and security [9][10].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints The report focuses on the issuance of local government bonds, including the actual and forecasted issuance amounts, the progress of special refinancing bonds and special new special - purpose bonds, and the comparison between planned and actual issuance. It also presents data on local government bond net supply, investment, and trading, as well as the investment directions of new special - purpose bonds [1][5][6]. 3. Summary by Directory 3.1 Local Bond Actual and Forecasted Issuance - **Actual and Pre - issuance Disclosure**: From October 20th to October 26th, the planned issuance of local bonds is 2472.28 billion yuan, including 1136.52 billion yuan of new bonds (12.91 billion yuan of new general bonds and 1123.61 billion yuan of new special - purpose bonds) and 1335.76 billion yuan of refinancing bonds (651.36 billion yuan of refinancing general bonds and 684.40 billion yuan of refinancing special - purpose bonds). From October 13th to October 19th, the actual issuance of local bonds is 323.01 billion yuan, including 200.91 billion yuan of new bonds (0.00 billion yuan of new general bonds and 200.91 billion yuan of new special - purpose bonds) and 122.10 billion yuan of refinancing bonds (24.96 billion yuan of refinancing general bonds and 97.14 billion yuan of refinancing special - purpose bonds) [1][5][6]. - **Comparison of Planned and Actual Issuance**: Comparisons are made between the planned and actual issuance of local bonds in September and October 2025, and for different regions and bond types [15][20][21]. 3.2 Local Bond Net Supply - **New Bond Issuance Progress**: As of October 19th, the issuance progress of new general bonds is 83.53%, and that of new special - purpose bonds is 84.55% [26]. - **Refinancing Bond Net Supply**: The report shows the cumulative scale of refinancing bonds minus local bond maturities as of October 19th [27]. 3.3 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of October 19th, the fifth - round second - batch special refinancing bonds total 20235.13 billion yuan, with an additional 214.00 billion yuan to be added next week. The top three regions in terms of disclosure scale are Jiangsu (2511.00 billion yuan), Guizhou (1324.32 billion yuan), and Hunan (1290.00 billion yuan) [7]. - **Special New Special - Purpose Bond Issuance Statistics**: As of October 19th, 2025 special new special - purpose bonds total 12029.16 billion yuan, and since 2023, a total of 23907.80 billion yuan has been disclosed. The top three regions in terms of disclosure scale are Jiangsu (2340.35 billion yuan), Xinjiang (1311.70 billion yuan), and Hubei (1287.69 billion yuan). In 2025, the top three regions are Jiangsu (1189.00 billion yuan), Guangdong (1027.48 billion yuan), and Yunnan (729.97 billion yuan) [7]. 3.4 Local Bond Investment and Trading - **Primary - Secondary Spread**: The report presents the primary and secondary spreads of local bonds, as well as the regional secondary spreads [40][41]. 3.5 New Special - Purpose Bond Investment Directions - **Monthly Project Investment Statistics**: The investment directions of new special - purpose bonds are presented, with the latest month's statistics considering only issued new bonds [42].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The Chinese property market shows signs of slight improvement, with the decline in contracted sales in 9M25 narrowing compared to 8M25, and more developers reporting year - on - year increases in September 2025. However, overall sales are still down significantly year - on - year [8][9][10]. - China's social financing flow beat market expectations, but its growth remained weak, and government bond issuance slowed down. Credit demand in the real economy was subdued, and the central bank is likely to maintain ample liquidity and support credit growth with expected cuts in LPR and RRR in 4Q25 [4][12][13]. - China's CPI marginally recovered due to a rebound in food prices, core CPI rose, and PPI narrowed its contraction. Demand - side stimulus and supply - side restructuring are needed to support economic recovery, and a policy easing window is expected in 4Q25 [17][18][19]. Summary by Directory Trading Desk Comments - Yesterday, spreads of some bonds tightened or widened, such as KEBHNB Float 28/KEBHNB 30 tightening 3 - 5bps, KOROIL/HYUELE/HYNMTR belly bonds tightening 1 - 3bps, and PKX widening 1 - 2bps. Japanese AT1s and insurance hybrids firmed, while UBS bonds faced selling [2]. - In Greater China, higher - beta credits like NWDEVLs rose, MTRC perps increased, and some names in Macau gaming also went up. However, LASUDE 26 lost points, and some Chinese property bonds had price changes [2]. - This morning, Asia IG names were 1 - 2bps wider overall, and some bonds like VNKRLE 29/IHFLIN 28/FAEACO 12.814 Perp increased in price, while others decreased [4]. Chinese Properties - In 9M25, the contracted sales of 31 developers dropped 18.5% year - on - year to RMB1,285.6bn. Only 2 state - owned developers reported year - on - year increases, while several others had significant declines [9]. - In September 2025, 31 developers reported contracted sales of RMB136.3bn, a 9.9% year - on - year decrease from RMB151.3bn in September 2024. Nine out of 31 developers reported year - on - year increases in contracted sales, up from 4 in August 2025 [8]. China Economy Credit Weakness with Liquidity Easing - Social financing flows beat market expectations, but outstanding social financing growth edged down to 8.7% in September from 8.8% in August. Government bond issuance contracted, and corporate bond issuance continued to recover [13]. - New RMB loans remained subdued, with growth of outstanding RMB loans edging down to 6.6% in September. Credit demand in the household and corporate sectors was weak [14]. - The central bank is likely to maintain ample liquidity and support credit growth, with expected 10 bps LPR cut and 50 bps RRR cut in 4Q25 [16]. Mild Reflation in Upstream Sectors - China's CPI YoY recovered to - 0.3% in September from - 0.4% in August, and core CPI rose to 1% YoY, the highest since early 2024, indicating a gradual recovery in consumer demand [19][20]. - PPI's year - on - year contraction narrowed to - 2.3% in September from - 2.9%, mainly driven by the rebound in the mining sector, while downstream consumer goods remained subdued [21]. - Policy easing is expected in 4Q25, including a 10bps LPR cut, 50bps RRR cut, and expanding fiscal stimulus towards consumption and the property market [18][23]. Offshore Asia New Issues - Newly priced issues include BOSC International Investment Ltd (USD60mn, 3M, 4.12% coupon), China Water Affairs (USD150mn, 5NC3, 5.875% coupon), and Chengdu Sino French Ecological (USD100mn, 3yr, 4.3% coupon) [25]. - There are no offshore Asia new issues in the pipeline today [26]. News and Market Color - There were 107 credit bonds issued onshore yesterday with an amount of RMB88bn, and month - to - date, 395 credit bonds were issued with a total amount of RMB457bn, a 35.8% year - on - year increase [27]. - Various corporate news, such as BHP considering reviving copper mines, BOCOM redeeming bonds, and CIFIHG unveiling debt restructuring terms [27].

最近香港的"资产上链"悄悄火了，朗新、协鑫这些企业把充电桩、光伏电站的收益权做成数字凭证，找 全球投资者融资。 现在官方给RWA划了重点：固定收益、绿色金融等四大类资产最吃香。手头有稳定收租的房子、发电 的光伏站？先看看符不符合这四个方向。 RWA热 深圳南山的老茶馆里，做充电桩的陈哥拍着桌子跟朋友唠："我那300个桩，每个月电费稳赚20万，听说 能拿到香港做RWA？能换钱不？" "RWA是啥？"做餐饮的李总夹着茶杯凑过来。 "就是把充电桩的未来收益，用区块链做成数字凭证卖出去啊！"陈哥翻出手机里的新闻，"你看朗新集 团，充电桩收益权上链，拿了1800万；协鑫的光伏电站，也搞了这个，股价都翻倍了！" 其实不止他们，最近半年，从光伏老板到文旅公司老总，都在琢磨"RWA"，这玩意儿能把手里"死资 产"变成"活钱"？ 先掰扯清楚：RWA就是"真实资产变数字token"。 比如你有房子收租、电站发电、充电桩收费，把这些未来能赚钱的权益，放到区块链上变成可交易的凭 证。好处是不用抵押、不用等银行审批，全球投资者都能买，钱来得快。 香港现在成了RWA的"试验田"。华夏基金把债券收益上链，太平洋保险做保单通证，连光伏、充电 ...