Core Points - CITIC Bank's stock price increased by 2.04% on November 4, reaching 8.02 CNY per share, with a total market capitalization of 446.27 billion CNY [1] - The bank's stock has risen 17.80% year-to-date, with a 2.82% increase over the last five trading days and a 9.86% increase over the last 20 days [1] - As of September 30, 2025, CITIC Bank reported a net profit of 53.39 billion CNY, a year-on-year increase of 3.02% [2] Financial Performance - CITIC Bank's main business revenue composition includes corporate banking (46.40%), retail banking (38.28%), and financial market business (14.37%) [1] - The bank has distributed a total of 173.84 billion CNY in dividends since its A-share listing, with 52.99 billion CNY distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of CITIC Bank shareholders increased by 6.11% to 125,800, while the average number of circulating shares per person decreased by 7.52% to 403,402 shares [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 1.02 billion shares, and Hong Kong Central Clearing Limited, holding 340 million shares, which decreased by 32.21 million shares from the previous period [3]

Market Overview - The Shanghai Composite Index rose by 0.55% to 3976.52 points, while the Shenzhen Component Index initially fell over 200 points but ended up 0.19% at 13404.06 points, with total trading volume exceeding 2.1 trillion [1] - The STAR Market experienced a decline of 1.04%, indicating a mixed performance across different market segments [1] Coal Industry Insights - The coal sector saw an increase of 2.52%, reaching a new high for this round, driven by rising prices of thermal coal and coking coal since June [3] - A seasonal decline in inventory at northern ports has led to increased demand for replenishment, pushing coal prices higher [3] - Supply constraints due to strict safety and environmental regulations, along with accidents and maintenance in key production areas, suggest limited growth in national coal output in Q4 [3] - The upcoming winter heating season is expected to boost demand as large power plants and downstream users increase stockpiling, resulting in a significant decrease in port and on-site inventories [3] - The coal market is anticipated to shift from a supply surplus to a more balanced state, potentially leading to a recovery in the coal sector [3] Investment Strategy - The coal sector is characterized by strong valuation certainty and significant dividend advantages, making it an attractive investment option with low positions and high dividends [5] - The fourth quarter is expected to see coal prices stabilize, with a potential dual recovery in performance and valuation for the sector [5] - Long-term support for the coal sector may come from themes of reducing competition and loose fiscal policies, alongside state-owned enterprises' market value management initiatives [5] Hong Kong Market Dynamics - The Hong Kong stock market rose by 0.97%, with the Hang Seng Index trading at a PE ratio of approximately 12.1, indicating a historical percentile of about 63% [5] - The Hang Seng Tech Index has a PE ratio of about 24.6, significantly lower than comparable indices in A-shares, suggesting potential for valuation recovery [5][6] - Southbound capital has seen a net inflow of 1.2 trillion HKD this year, marking a record high since the launch of the Stock Connect program [6] - The market is expected to maintain a slow upward trend, supported by improved liquidity and a favorable external environment [6] Solar Industry Developments - The photovoltaic sector, represented by the Solar 50 ETF, rose by 3.73%, continuing its upward trend [7] - Recent reports indicate a narrowing of losses for major companies in the solar supply chain, with significant profit growth for leading firms like Sungrow Power [7] - The government's focus on breaking local protectionism and promoting a unified market is expected to create a conducive environment for the solar industry [8] Dividend Stocks and Long-term Outlook - The Dividend State-Owned Enterprises ETF increased by 1.60%, reflecting a shift in investor sentiment towards defensive strategies amid market volatility [9] - The new policies encouraging cash dividends and market value management for state-owned enterprises are expected to enhance long-term valuation recovery [9] - The current environment presents a high configuration value for dividend assets, with recommendations to monitor dividend-focused ETFs [9]

Core Viewpoint - China Life Insurance's stock price has experienced fluctuations, with a recent decline of 2.02%, while the company shows a significant year-on-year profit increase of 60.54% [1][2]. Group 1: Stock Performance - As of November 3, China Life's stock price is reported at 43.08 CNY per share, with a market capitalization of 1,217.643 billion CNY [1]. - The stock has increased by 4.48% year-to-date, but has seen a decline of 4.39% over the last five trading days [1]. - The trading volume indicates a net outflow of 61.3516 million CNY from main funds, with significant selling pressure observed [1]. Group 2: Financial Performance - For the period from January to September 2025, China Life reported a net profit of 167.804 billion CNY, marking a year-on-year growth of 60.54% [2]. - The company has distributed a total of 226.344 billion CNY in dividends since its A-share listing, with 51.103 billion CNY in dividends over the past three years [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders has increased to 119,700, reflecting a growth of 15.32% [2]. - The top shareholder, China Securities Finance Corporation, holds 708 million shares, remaining unchanged from the previous period [2]. - Other significant shareholders have seen reductions in their holdings, indicating potential shifts in investor sentiment [2].

Core Points - The stock price of Industrial and Commercial Bank of China (ICBC) increased by 2.06% on November 3, reaching 7.94 CNY per share, with a total market capitalization of 2829.87 billion CNY [1] - Year-to-date, ICBC's stock price has risen by 20.08%, with a 0.38% increase over the last five trading days, 7.15% over the last twenty days, and 4.20% over the last sixty days [1] - As of September 30, 2025, ICBC reported a net profit of 269.91 billion CNY, reflecting a year-on-year growth of 0.33% [2] Financial Performance - For the period from January to September 2025, ICBC achieved an operating revenue of 0.00 CNY, while the net profit attributable to shareholders was 2699.08 million CNY [2] - The bank has distributed a total of 1525.29 billion CNY in dividends since its A-share listing, with 327.15 billion CNY distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of ICBC shareholders increased to 759,600, up by 12.74% from the previous period [2] - The average number of circulating shares per shareholder decreased by 13.25% to 409,802 shares [2] - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Core Viewpoint - COSCO Shipping Energy Transportation Co., Ltd. has experienced a decline in stock price and a mixed performance in financial metrics, indicating potential challenges in the shipping and energy transportation sector [1][2]. Financial Performance - As of September 30, 2025, COSCO Shipping Energy reported a revenue of 17.108 billion yuan, a year-on-year decrease of 0.21%, and a net profit attributable to shareholders of 2.723 billion yuan, down 20.27% year-on-year [2]. - The company has distributed a total of 14.462 billion yuan in dividends since its A-share listing, with 4.437 billion yuan distributed over the past three years [3]. Stock Market Activity - On November 3, the stock price of COSCO Shipping Energy fell by 2.00%, trading at 13.22 yuan per share, with a total market capitalization of 72.25 billion yuan [1]. - The stock has seen a year-to-date increase of 16.07%, with a 9.44% rise over the last five trading days and a 31.28% increase over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 29.24% to 82,400, with an average of 0 circulating shares per shareholder [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings [3]. Business Overview - COSCO Shipping Energy specializes in the transportation of crude oil and refined oil, as well as liquefied natural gas (LNG), with its revenue composition being 44.88% from foreign trade crude oil, 13.64% from domestic crude oil, and 10.69% from LNG transportation [1]. - The company operates within the transportation sector, specifically in shipping and port operations, and is involved in various related concepts such as ocean transportation and oil and gas storage [2].

Core Viewpoint - China Aluminum's stock price has shown significant growth this year, with a year-to-date increase of 38.04% and a recent 20-day increase of 30.59% [2] Financial Performance - For the period from January to September 2025, China Aluminum achieved a revenue of 176.516 billion yuan, representing a year-on-year growth of 1.58%. The net profit attributable to shareholders was 10.872 billion yuan, reflecting a year-on-year increase of 20.58% [2] - Cumulative cash dividends since the A-share listing amount to 13.358 billion yuan, with 7.823 billion yuan distributed over the last three years [3] Stock Market Activity - On November 3, China Aluminum's stock price fell by 2.00%, trading at 9.79 yuan per share with a total transaction volume of 1.441 billion yuan and a turnover rate of 1.09% [1] - As of September 30, 2025, the number of shareholders was 356,300, a decrease of 2.91% from the previous period [2] Shareholder Composition - As of September 30, 2025, the largest circulating shareholder was China Securities Finance Corporation, holding 448 million shares, unchanged from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, which saw a decrease in their holdings [3]

Core Viewpoint - 中信重工 is a leading enterprise in the mining machinery sector, focusing on heavy equipment, engineering solutions, and intelligent equipment, with a strong capability in providing comprehensive solutions across various fields [1] Group 1: Business Performance - In Q3 2025, 中信重工 achieved a revenue of 5.906 billion yuan, ranking 10th in the industry out of 58 companies, with the industry leader achieving 30.745 billion yuan [2] - The net profit for the same period was 277 million yuan, also ranking 10th in the industry, with the industry leader's net profit at 3.705 billion yuan [2] - The company reported a year-on-year revenue growth of 0.49% and a net profit growth of 0.27% for the first three quarters of 2025 [6] Group 2: Financial Ratios - As of Q3 2025, 中信重工's asset-liability ratio was 52.51%, higher than the industry average of 46.18% [3] - The gross profit margin for the same period was 20.14%, lower than the industry average of 26.77% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 19.13% to 109,100, while the average number of shares held per shareholder increased by 23.66% to 41,700 [5] - Notable shareholders include 易方达国证机器人产业ETF and 华夏中证机器人ETF, with significant holdings [5] Group 4: Executive Compensation - The chairman, 武汉琦, received a salary of 3.2307 million yuan in 2024, an increase of 1.6593 million yuan from 2023 [4] - The general manager, 张志勇, received a salary of 2.9324 million yuan in 2024, an increase of 590,800 yuan from 2023 [4] Group 5: Market Outlook - The company is expected to benefit from the high demand in the non-ferrous metals sector, with a forecasted recovery in performance [6] - Adjustments to profit forecasts for 2025-2027 indicate expected net profits of 381 million, 450 million, and 537 million yuan, respectively [6]

Core Viewpoint - China Coal Energy Company, established in 2006 and listed in 2008, is a large energy enterprise engaged in coal production, trade, coal chemical industry, and mining equipment manufacturing, with rich coal resources and advanced mining technology [1] Financial Performance - In Q3 2025, China Coal Energy reported revenue of 1105.84 billion, ranking third among 18 companies in the industry, with the top two being China Shenhua at 2131.51 billion and Shaanxi Coal at 1180.83 billion [2] - The net profit for the same period was 152.03 billion, also ranking third, with China Shenhua leading at 469.22 billion and Shaanxi Coal at 199.32 billion [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 45.82%, lower than the previous year's 47.08% and below the industry average of 49.56%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 25.95%, up from 25.18% year-on-year and above the industry average of 23.03%, reflecting strong profitability [3] Leadership - The chairman, Wang Shudong, has extensive experience in the coal and electricity industry, holding various leadership roles and possessing a strong background in strategic planning and management [4] - The CEO, Zhao Rongzhe, has a solid background in financial management and capital operations, contributing to the company's financial health [4] Shareholder Information - As of June 30, 2015, the number of A-share shareholders increased by 11.68% to 295,800, with an average holding of 30,900 circulating A-shares, a decrease of 10.46% [5] - By September 30, 2025, major shareholders included China Securities Finance Corporation and Guotai Junan CSI Coal ETF, with notable changes in holdings among the top ten shareholders [5] Business Highlights - The company experienced significant improvement in Q3 performance, with coal production at 101.58 million tons, a slight decrease of 0.7% year-on-year, while self-produced coal sales increased by 1.1% [6] - The cost of coal production was 257.67 yuan per ton, down 10.1% year-on-year, showcasing cost advantages [6] - Non-coal business recovery was noted, with sales of major products like polyolefins and urea showing positive growth [6] - The company is enhancing its smart mining capabilities, with 18 mines passing smart mining assessments, and plans for the Li Bi mine to enter trial operation by the end of 2026 [6] Future Projections - According to Open Source Securities, the company is expected to achieve net profits of 163.7 billion, 181.3 billion, and 186.2 billion from 2025 to 2027 [6] - According to招商证券, projected revenues for the same period are 1630.6 billion, 1722.3 billion, and 1792.5 billion, with net profits of 168.3 billion, 177.7 billion, and 188.3 billion [7]

Core Viewpoint - China Ping An's stock price decreased by 1.40% on October 31, with a trading volume of 3.33 billion yuan and a market capitalization of 1,047.17 billion yuan [1] Group 1: Dividend and Shareholder Information - The dividend yields for China Ping An over the past three years were 5.15%, 6.03%, and 4.84% [2] - As of September 30, 2025, China Ping An has distributed a total of 391.90 billion yuan in dividends since its A-share listing, with 134.54 billion yuan distributed in the last three years [7] - The top ten circulating shareholders include Central Huijin Asset Management and China Securities Finance Corporation [2] Group 2: Business Overview - China Ping An, established on March 21, 1988, and listed on March 1, 2007, is headquartered in Shenzhen, Guangdong Province, and offers diversified financial services including insurance, banking, securities, and trust [6] - The revenue composition of China Ping An is as follows: life and health insurance 45.76%, property insurance 34.46%, banking 13.87%, asset management 5.27%, and financial empowerment 3.85% [6] Group 3: Financial Performance - For the period from January to September 2025, China Ping An reported a net profit attributable to shareholders of 132.86 billion yuan, representing a year-on-year growth of 11.47% [6] - The average trading cost of shares is 51.63 yuan, with the stock price currently near a support level of 57.74 yuan [5] Group 4: Market Activity - The net inflow of funds today was 59.65 million yuan, accounting for 0.02% of the total, with no significant trend in the main capital flow [3] - Over the past 20 days, the main capital inflow has been 415.69 million yuan, indicating a lack of control by major shareholders and a dispersed distribution of shares [4]