Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market continued to oscillate upward last week, with most industries closing higher. Some previously high - flying sectors such as TMT, military, and automotive significantly declined. The valuation of balanced and equity - biased convertible bonds in most parity ranges increased, and the median market price further rose to 133 yuan. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of convertible bond assets was generally positive. It's difficult to decide on adding or reducing positions, and a trading - band mindset should be adopted. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] - Last week, the equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. The TMT sector adjusted overall, while the consumer sector performed well due to the moderate recovery of price data. The bond market generally maintained an oscillation. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Summary by Related Catalogs Market Focus (November 10 - 14, 2025) Stock Market - The equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. Affected by factors such as CoreWeave's downward revision of its annual revenue guidance and Kioxia's under - expected performance, the TMT sector adjusted, while the consumer sector performed well due to the moderate recovery of price data. Most Shenwan primary industries closed higher, with comprehensive (6.99%), textile and apparel (4.41%), commercial and retail (4.06%), beauty care (3.75%), and pharmaceutical biology (3.29%) leading the gains; communication (-4.77%), electronics (-4.77%), computer (-3.03%), and machinery and equipment (-2.22%) lagging behind [1][7][8] Bond Market - With the central bank's consecutive net injections, the liquidity situation eased marginally. The central bank's monetary policy implementation report on Tuesday stated that it would continue to implement a "moderately loose monetary policy". The slowdown in economic growth in October did not have a significant impact on the bond market. Although the "stock - bond seesaw" effect was obvious during the day, the bond market generally maintained an oscillation throughout the week. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index rose 0.52% for the whole week, the median price increased by 0.64%, the calculated arithmetic average parity increased by 0.25% for the whole week, and the market conversion premium rate decreased by 0.24% compared with the previous week. In terms of individual bonds, Guocheng (lithium mine), Dazhong (lithium mine), Shouhua (natural gas supply), Kaisheng (thionyl chloride), and Tianci (electrolyte) convertible bonds led the gains; Hangyu (aerospace), Cehui (strong redemption announced), Haomei (aluminum profiles), Outong (data center power supply), and Liugong Zhuan 2 (construction machinery) convertible bonds led the losses. The total trading volume of the convertible bond market last week was 349.353 billion yuan, with an average daily trading volume of 69.871 billion yuan, an increase from the previous week [2][12][15] Views and Strategies (November 17 - 21, 2025) - The convertible bond market continued to oscillate upward last week. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of the convertible bond market was positive. The median market price has risen to the 99th percentile of historical levels, and the premium rates in each parity range are basically above the 90th percentile of historical levels. However, since the bullish equity market atmosphere and the factors favorable to convertible bonds have not changed significantly, it's difficult to decide on adding or reducing positions. A trading - band mindset should be adopted for convertible bond assets. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] Valuation Overview - As of last Friday (November 14, 2025), in equity - biased convertible bonds, the average conversion premium rates of bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 48.74%, 34.95%, 28.38%, 20.3%, 13.66%, and 9.79% respectively, located at the 98%/99%, 94%/95%, 95%/97%, 91%/92%, 86%/81%, and 86%/74% percentiles since 2010/2021. In bond - biased convertible bonds, the average YTM of bonds with parities below 70 yuan was -7.24%, located at the 0%/0% percentiles since 2010/2021. The average implied volatility of all convertible bonds was 42.24%, located at the 83%/79% percentiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 0.62%, located at the 80%/81% percentiles since 2010/2021 [18] Primary Market Tracking - This week (November 10 - 14, 2025), Ruike Convertible Bond announced its issuance, and there was no convertible bond listing. The issuing scale of this convertible bond is 1 billion yuan, with a credit rating of AA-. After deducting the issuance fees, it plans to invest 500 million yuan in the high - frequency and high - speed connection system reconstruction and upgrade project, 200 million yuan in the smart energy connection system reconstruction and upgrade project, and 300 million yuan in supplementary working capital. As of the announcement on November 14, there will be no convertible bond issuance or listing announcements in the next week (November 17 - 21, 2025). Last week, one company (Maolai Optics) was approved for registration, one company (Huafeng Measurement and Control) passed the listing committee review, two companies (Keboda and Suzhou Tianmai) passed the general meeting of shareholders, and one company (Laite Optoelectronics) had a board of directors' plan. There were no new companies accepted by the exchange. As of now, there are a total of 95 convertible bonds to be issued, with a total scale of 144.22 billion yuan, including 5 approved for registration with a total scale of 3.76 billion yuan and 7 passing the listing committee review with a total scale of 6.47 billion yuan [26][27]

Core Viewpoint - The article discusses the current state of the A-share market, highlighting its unique behavior compared to the US stock market, and suggests investment strategies suitable for a cautious market environment [4][5][6][12]. Market Analysis - The US government shutdown news led to a rise in US stocks, while the A-share market remained relatively calm, with the Shanghai Composite Index experiencing slight declines [4][5][6]. - Since the Shanghai Composite Index reached 4000 points, the market has been in a state of consolidation, indicating a short-term pressure point at this level [7][8]. - Nearing year-end, many investors are adopting a cautious approach, resulting in limited new capital entering the market [9]. - Although the trading volume remains around 2 trillion, it has decreased compared to the third quarter, reflecting a cooling market sentiment [10]. - The AI technology sector, which previously supported market growth, now requires time to digest emotions and valuations, leading to concerns about potential bubbles [12]. Investment Strategies - For investors seeking stability, the article recommends focusing on macro low-volatility strategies, which involve diversifying across stocks, bonds, and commodities to achieve a balanced performance independent of economic cycles [14]. - The low-correlation among various asset classes allows for complementary effects, enhancing returns while smoothing portfolio volatility, making it suitable for conservative investors [15]. - The article also introduces two additional strategies for stable investments: 1. **ABS Strategy**: This involves analyzing and purchasing Asset-Backed Securities (ABS) to achieve higher yields than traditional bonds, focusing on the quality of underlying assets [17]. 2. **Brokerage Fixed Income Asset Management Plans**: These plans offer better security and returns due to their backing by brokerages, strict internal controls, and high liquidity, making them suitable for short-term cash management [18]. Conclusion - The article emphasizes the importance of adopting a cautious investment approach, either through diversified strategies or maintaining high liquidity to seize market opportunities as they arise [19][20].

Core Insights - The 2023 Double 11 shopping festival highlighted a significant trend towards rational consumption, with brands focusing on product quality and user experience [1][3] Group 1: Company Performance - Haier achieved its 14th consecutive year of being the top seller across all platforms during Double 11, excelling in multiple categories including high-end appliances and live-streaming sales [1][3] - Key product categories such as refrigerators, washing machines, and water heaters saw Haier securing the highest retail sales, with 12 products exceeding 100 million in sales [3][4] - Haier's suite of AI-driven products, including the AI Fresh-keeping Refrigerator and the Leader Lazy Washing Machine, contributed significantly to its sales performance, with various products ranking first in their respective categories [5][4] Group 2: Market Strategy - The company utilized innovative marketing strategies, including a collaboration with CCTV for the "Challenge New Possibilities" campaign, achieving over 710 million total exposures and trending on social media [7][9] - Haier's approach to user experience included a "crowd-testing" initiative, engaging over 500 influencers to provide feedback directly to engineers and developers, enhancing product development [9][7] - The sales of appliance sets exceeded 4 billion yuan during Double 11, with significant growth in brand asset value and high demand for high-end and youth-oriented product lines [5][9]

Global Landscape - The strategic interaction and policy choices between China and the US significantly impact global trade, industrial chain layout, and capital flows [4] - China is estimated to account for over 40% of global manufacturing capacity, reinforcing its influence in trade and industry [4] - The debt-driven growth model poses challenges but also reflects China's substantial policy resources and market development potential [4] Chinese Economy - The current economic situation is characterized as "high at the front and low at the back," with a GDP growth rate of 5.2% in the first three quarters, making the annual target achievable [6] - Consumption grew by 4.5%, supported by policies like "old-for-new" exchanges, while investment saw a decline of 0.5% [6] - Exports were a highlight, increasing by 6.1%, particularly strong in emerging markets like Africa and ASEAN [6] "14th Five-Year" Plan Highlights - The plan emphasizes accelerating "technological self-reliance," aiming to build a modern industrial system with advanced manufacturing as its backbone [8] - There is a strong push for consumption and increased social welfare spending, particularly in response to an aging population [8] - The establishment of a nationwide unified market is prioritized, optimizing resource allocation in energy, public services, and data [8] Asset Allocation Strategies - In a low-interest-rate environment, high-dividend assets are highlighted as scarce and valuable, with Hong Kong stocks offering a dividend rate 30% higher than A-shares [11] - Sectors like military, gold, and rare earths are recommended as strategic allocations in response to global geopolitical tensions [11] - Focus on AI technology sectors, including computing power and robotics, is essential as they represent a significant investment opportunity [11] - New consumption trends driven by younger demographics and single-person economies present emerging investment opportunities [11]

Core Insights - The 2023 Double 11 shopping festival highlighted a significant trend towards rational consumption, with brands focusing on product quality and user experience [1][3] - Haier achieved its 14th consecutive year of being the top performer across multiple categories, channels, and platforms, showcasing its competitive strength in the home appliance sector [1][3] Performance Highlights - Haier secured the top retail sales position in key categories such as refrigerators, washing machines, water heaters, and freezers, with 12 products exceeding 100 million in sales [3][4] - The high-end market saw Haier excel, particularly in the over 10,000 yuan segment, while also leading in sales across major platforms like JD, Taobao, Douyin, Kuaishou, and Xiaohongshu [3][4] Product Innovation - Haier introduced a range of AI-powered products that resonated with consumer needs, including the AI full-space preservation technology in the Mailang refrigerator, which achieved the highest sales in its category [4][6] - The Leader brand's washing machine and the Mailang air conditioner also topped their respective categories, demonstrating Haier's commitment to innovation and user satisfaction [4][6] Marketing and User Engagement - Haier's marketing strategies included collaborations with CCTV and sports IPs, resulting in over 7.1 billion total exposures and significant engagement through innovative campaigns [6][8] - The company implemented a "crowd-testing" approach, involving over 500 influencers to provide feedback directly to engineers, enhancing user interaction and product development [8] Overall Impact - Haier's success during Double 11 reflects its ability to adapt and innovate in response to changing consumer preferences, emphasizing the importance of user trust and ongoing engagement [8]

Summary of Key Points from the Conference Call Company: Xiaopeng Motors (小鹏汽车) Industry Overview - Xiaopeng Motors is transitioning its valuation model from a traditional electric vehicle (EV) company to an AI technology company, drawing parallels with Tesla's valuation structure [1][2][3]. Core Insights and Arguments - **Valuation Comparison with Tesla**: - Tesla's market cap is approximately $1.5 trillion, with 40% ($600 billion) attributed to hardware (C-end vehicle sales and energy storage), 40% to software, and 20% ($300 billion) to robotics [3][5]. - Xiaopeng's current market cap is projected to exceed $200 billion by 2025, with a potential target of $3.5 trillion by 2026 and possibly reaching $2-3 trillion by 2030 [2][3][8]. - **Future Growth Drivers**: - Key growth areas for Xiaopeng include B-end Robotaxi services, C-end Full Self-Driving (FSD) subscriptions, and robotics, with expectations of significant revenue contributions from these segments [6][8][10]. - The company aims to sell 750,000 vehicles in 2026, generating approximately $1,300 billion in revenue, with a potential market cap of around $1,900 billion [9][13]. - **Robotaxi and Software Revenue**: - By 2035, Xiaopeng anticipates operating 1 million Robotaxis, capturing 30% of the domestic market share, with a projected market cap of $2 trillion from this segment alone [9][10]. - Collaborations with Volkswagen are expected to contribute an annual profit of $4 billion, translating to a market cap of $800 billion [9]. - **Robotics Business Potential**: - The robotics segment is expected to reach a production scale of at least 100,000 units within three to five years, with each unit priced at approximately $10,000 and a net profit margin of 20% [10][11]. - The long-term market cap for the robotics business could exceed $1 trillion, with current estimates around $500 billion [11]. Other Important Insights - **Market Positioning**: - Xiaopeng is positioning itself as the "Chinese version of Tesla," showcasing advanced robotics technology and shifting its market focus towards AI and software services [1][7]. - **Product Launches and Sales Expectations**: - Upcoming vehicle models, including the X9, are set to launch soon, with fourth-quarter deliveries expected to be between 130,000 and 140,000 units [12]. - The company plans to introduce multiple new models in 2026, including several SUVs and extended-range vehicles, which are anticipated to boost sales significantly [12][13]. - **Long-term Strategic Vision**: - Xiaopeng's strategic focus includes innovations in smart robotics and flying cars, enhancing its competitive edge and growth potential [14]. This summary encapsulates the key points discussed in the conference call regarding Xiaopeng Motors, highlighting its strategic shift, growth potential, and market positioning in the evolving automotive and technology landscape.

Group 1 - The Hang Seng Technology Index fell by 1.2% last week, while the Hang Seng Index rose by 1.3%, indicating short-term volatility in the Hong Kong stock market with a potential slowdown in upward momentum [1] - The Hang Seng Index reached a one-month high on Tuesday, closing up 0.2%, as traders focused on the recovery of fundamental data and macroeconomic performance, amidst rising concerns about the sustainability of tech stock investments [1][4] - There is a growing concern among investors regarding the bubble valuations of tech stocks and the sustainability of AI investment spending, leading to a shift towards more defensive positions in the market [4] Group 2 - Analysts from Pacific Securities noted that while the trading congestion in tech stocks has eased, it remains limited, and future performance may diverge significantly, especially for stocks lacking earnings support [4] - According to GF Securities, the foundation of the Hong Kong stock market bull run remains intact, but the evolution is likely to exhibit characteristics of "volatile upward movement" rather than rapid one-sided increases, with a strong fundamental driving effect expected in November [4] - The strategy for asset allocation in the Hong Kong market involves a barbell approach, focusing on stable value assets, particularly H-shares with relatively high AH premiums, while maintaining a solid industrial logic for growth assets amidst market fluctuations [4]

Core Insights - Hisense refrigerators play a crucial role in the "AI-Powered Dream Transformation" event, showcasing customized fresh food solutions for diverse family structures and living scenarios [2][5] - The company demonstrates its ability to address the varied needs of Chinese families through innovative technology and design [5] Group 1: Product Features - The Hisense DBD Ion Active Sterilization technology achieves a sterilization rate of up to 99.9999%, ensuring food safety and preventing odor mixing [2] - The Hisense Vacuum 510 refrigerator utilizes original vacuum freezing technology to maintain food freshness for up to seven days, addressing the issue of flavor mixing with its independent vacuum compartments [3] Group 2: Market Positioning - Hisense refrigerators are designed to meet the evolving demands of modern families, from basic food storage to advanced preservation and nutritional retention [5] - The company emphasizes the integration of technology with emotional and social needs, redefining the standards of fresh food living for contemporary households [5]

1. Report Industry Investment Ratings - US stocks - Overweight [33] - European stocks - Equal-weight [35] - Chinese A-shares - Equal-weight [36] - Hong Kong stocks - Equal-weight [37] - Japanese stocks - Equal-weight [38] - Indian stocks - Equal-weight [39] 2. Core Views of the Report - In October, the global stock market generally rose, mainly driven by the AI technology boom. The Japanese stock market led the world, with the Nikkei 225 index soaring 16.64% in a single month. A-shares and Hong Kong stocks both corrected to some extent [32]. - The US economy shows mixed signals. The labor market's prosperity is declining, but inflation is under control. The Fed cut interest rates in October and is expected to cut again in December. The US stock market is expected to benefit from the end of the government shutdown, strong Q3 earnings, and AI development [9][11][35]. - The Chinese economy also presents a mixed picture. Consumption growth has slowed, but exports and imports have increased significantly. Industrial production remains resilient, but the real estate market is accelerating its decline [21][24]. - In the bond market, the yields of US, UK, and Chinese government bonds have changed, influenced by factors such as trade disputes, inflation, and central bank policies [58]. - In the foreign exchange market, the US dollar index strengthened in October, the Japanese yen depreciated unilaterally, and the Chinese yuan remained stable against the US dollar but appreciated against a basket of other currencies [62]. - In the commodity market, gold prices fluctuated, oil prices were weak, and copper prices reached a new high for the year [65]. 3. Summary by Relevant Catalogs 3.1 Stock Market 3.1.1 Global Stock Market Performance in October - The global stock market generally rose, with the Japanese stock market leading at 16.64% growth. A-shares and Hong Kong stocks corrected [32]. 3.1.2 US Stock Market - In October, the three major US stock indexes all had positive monthly returns. The Fed's interest rate cut expectations, strong corporate earnings, and the strength of AI-driven technology stocks dominated market sentiment [35]. 3.1.3 European Stock Market - In October, European stocks showed a mild rebound, ending two months of sideways adjustment, supported by energy stocks, tech stocks' performance, and the ECB's loose policy [35]. 3.1.4 Chinese A-share and Hong Kong Stock Markets - A-shares were highly differentiated in October. The Shanghai Composite Index reached a ten-year high, while the STAR 50 Index fell. Hong Kong stocks were under pressure, especially the Hang Seng Tech Index [36][37]. 3.1.5 Japanese and Indian Stock Markets - The Japanese stock market reached a new high in October. However, due to the potential for the Bank of Japan to raise interest rates and the full release of positive factors, the rating was downgraded from overweight to equal-weight. The Indian stock market rebounded strongly, and the rating was upgraded from underweight to equal-weight [38][39]. 3.2 Bond Market 3.2.1 Primary Market of Chinese Offshore Bonds - In October, 46 bonds were issued in the primary market of Chinese offshore bonds, including 26 US dollar bonds worth $5.52 billion and 20 offshore RMB bonds worth 30.09 billion RMB. Issuance volumes decreased significantly compared to September, but are expected to recover in November and December [45]. 3.2.2 Secondary Market of Chinese Offshore Bonds - As of October 31, 2025, the Markit iBoxx Chinese US dollar investment-grade bond index rose 0.64%, and the high-yield bond index rose 0.17%. The real estate bond index fell 0.06%, the urban investment bond index rose 0.51%, and the financial bond index rose 0.36% [48][50]. 3.2.3 Global Bond Market Performance in October - In October, the performance of major global bond markets varied. The US bond market was influenced by "risk aversion," the UK bond market was affected by inflation and interest rate cut expectations, and the Chinese bond market was volatile [58]. 3.3 Foreign Exchange Market - In October, the US dollar index rose 2.08%. The Japanese yen depreciated unilaterally, and the Chinese yuan remained stable against the US dollar but appreciated against a basket of other currencies [61][62]. 3.4 Commodity Market - In October, gold prices showed a "high and then low" trend, oil prices were weak, and copper prices reached a new high for the year [65]. 3.5 Fund Selection - The report selected various types of funds, including money market funds, investment-grade short-term bond funds, investment-grade bond funds, US stock funds, Chinese stock funds, German funds, and Japanese funds, and provided their performance data [67].

Core Insights - The first overseas launch of the 2025 Dianping "Must-Eat List" took place in Dubai, highlighting a collaboration between the Dubai Economic and Tourism Department and Meituan, aiming to enhance the travel experience for Chinese tourists [1] Group 1: Collaboration and Strategy - The partnership will focus on strengthening cooperation in dining, hotels, attractions, and diverse tourism scenarios to create a seamless high-quality travel experience for Chinese visitors [1] - The inclusion of Dubai in the Dianping "Must-Eat List" with 10 restaurants signifies the city's exceptional food quality and reinforces its status as a global culinary hub [1] Group 2: Cultural Exchange and Technology - The arrival of the "Must-Eat List" in Dubai not only extends the list's influence but also initiates a dialogue between food and culture [1] - The initiative leverages AI technology to promote global culinary cultural exchange and encourages collaboration between countries and Chinese tech enterprises [1]