Market Sentiment - The market is experiencing a contraction, with major players having exited, leaving weaker participants struggling to recover losses [1] - Today's trading volume is lower than last Friday, indicating a cautious sentiment ahead of the holiday [1][4] Sector Performance - Technology stocks are rising, but other sectors such as liquor, agriculture, pharmaceuticals, banking, and insurance are declining, suggesting a shift in capital from consumer and dividend stocks to technology [1][6] - The main focus for investment should be on technology sectors, particularly robotics and semiconductors, rather than consumer or dividend stocks [6] Trading Dynamics - Buy-side strength is at 1990+, with limited selling pressure at 360+, indicating a manageable outflow of funds [4] - The majority of fund outflows occurred on Thursday and Friday, suggesting that any further selling pressure before the holiday may be minimal [4] Stock Trends - A total of 70 stocks hit the daily limit up, with 57 being genuine limit ups, indicating some bullish activity in the market [5] - There are 1434 stocks that have declined for three consecutive days, which is considered normal, while 208 stocks have declined for five days, indicating a lack of strong support [10] Investment Strategy - Investors are advised to focus on technology stocks as the main line of investment, while avoiding sectors that are experiencing consistent declines [6][10] - It is suggested that maintaining a well-structured portfolio before the holiday is a prudent strategy, as significant market movements are not expected until after the holiday [1][4]

Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Views - In October 2025, the intensity of convertible bond clause games may rise again. There are 47 convertible bonds whose non - downward - revision cooling periods end in October, significantly higher than August - September. And 18 convertible bonds' non - call cooling periods end, the second - highest this year [2][6]. - In terms of downward revision, among the convertible bonds whose downward - revision cooling periods end before October 2025, 6 convertible bonds worth over 2 billion yuan will start downward - revision counting. The proportion of convertible bonds proposing downward - revision announcements in 2025 is 12.5%. As the remaining term shortens and the equity market reaches a historical high, the probability of downward revision may increase. Since late August, the valuation of convertible bonds has declined, opening up price space for some games [2][8]. - Regarding call provisions, 21 convertible bonds end their call cooling periods before October 2025. Excluding Jingyuan Convertible Bond and Jinlun Convertible Bond, the parities of the rest are above 130 yuan as of September 19. With the continued prosperity of the equity market, the call pressure on individual bonds is not low. The convertible bond market scale is about to fall below 60 billion yuan, and the supply - demand contradiction persists, so the valuation may be strongly supported [2][13]. - As the equity market's rise slows down and the convertible bond valuation remains high, alpha returns from convertible bonds become more important. Investors may pay more attention to clause games. It is recommended to cherish the window period and select relevant targets from the clause + theme dimensions, especially those with certain demands and price space [2][14]. Summary by Directory 1. Attention to the upcoming wave of convertible bond clause games - In October 2025, there are 47 convertible bonds whose non - downward - revision cooling periods end, and 18 whose non - call cooling periods end, providing more clause - game opportunities compared to the same period in the past five years [2][6]. - In the downward - revision aspect, 6 large - scale convertible bonds will start downward - revision counting. The probability of downward revision may increase due to factors such as the short remaining term and high equity market position. Since late August, the valuation decline has created game space [2][8]. - For call provisions, 21 convertible bonds end their call cooling periods before October 2025. After exclusions, most have parities above 130 yuan. The call pressure is not low, and the valuation may be supported by the supply - demand contradiction [2][13]. 2. Market trends in a week - As of Friday's close, the Shanghai Composite Index closed at 3820.09, down 1.30% for the week, and the CSI Convertible Bond Index closed at 473.61, down 1.55%. The top - rising industries in the stock market are power equipment and new energy (+3.61%), coal (+3.59%), and consumer services (+3.52%), while the declining industries are comprehensive (-4.09%), banking (-4.09%), and non - ferrous metals (-3.93%) [15]. - No new convertible bonds were listed this week. 79 convertible bonds rose, accounting for 18%. The top - five gainers are Jingxing Convertible Bond (26.23%), Hengshuai Convertible Bond (21.84%), etc. 193 convertible bonds' conversion premium ratios increased, accounting for 45%. The top - five in valuation change are Jiete Convertible Bond (16.86%), Jingke Convertible Bond (14.61%), etc. [17]. 3. Important shareholders' convertible bond reduction - Companies that issued convertible bond reduction announcements this week are Jieneng Fengdian, Tianhao Energy, Jianfan Biology, and Nanjing Medicine [24]. - Many companies' major shareholders have reduced their holdings of convertible bonds, such as Zhejiang Yuesheng Group's reduction of Xingang Convertible Bond [25]. 4. Convertible bond issuance progress - The approval rhythm in the primary market has accelerated. Huichuangda (650 million yuan), Huaxiang Co., Ltd. (1.308 billion yuan), etc. are at the board - of - directors' proposal stage. Tonghe Technology (522 million yuan), Weike Precision (630 million yuan), etc. have passed the general meeting of shareholders. Shenyu Co., Ltd. (500 million yuan), Ruike Da (1 billion yuan) have passed the issuance review committee [26][27]. 5. Private EB project update - There is no progress update on private EB projects this week [28]. 6. Style & Strategy: The convertible bond market style was flat this week - All styles in the convertible bond market were not prominent. As of the last trading day of this week, the excess return of high - rated convertible bonds over low - rated ones was 0.10pct, that of large - amount convertible bonds over small - amount ones was - 0.22pct, and that of equity - biased convertible bonds over debt - biased ones was 0.03pct [30]. 7. One - week convertible bond valuation performance: Convertible bond valuation declined - The convertible bond market's 100 - yuan premium ratio fell to 28.66%, down 0.34% from the previous week, at the 84% historical percentile in the past six months and 92.4% in the past year. The median conversion premium ratio of all - caliber convertible bonds decreased by 1.4pct to 25.91%, and the market - value - weighted conversion premium ratio (excluding banks) decreased by 0.62pct to 39.45% [39]. - For equity - biased convertible bonds, the median conversion premium ratio was 9.71%, down 1.75pct from the previous week, at the 77.3% historical percentile in the past six months. For debt - biased convertible bonds, the median pure - debt premium ratio was 10.1%, down 1.91pct from the previous week, at the 73.9% historical percentile in the past six months [39]. - In terms of extreme pricing, as of the last trading day of this week, there was 1 convertible bond below par value, 0 below the debt floor, and 4 with a YTM greater than 3, at the 9.1%, 0%, and 10% historical percentiles since 2016 respectively [41]. - The median YTM of bank convertible bonds was - 2.68%, 4.56pct lower than the 3 - year AAA corporate bond yield. The median YTM of AA - to AA + debt - biased convertible bonds was - 1.24%, 3.36pct lower than the 3 - year AA corporate bond yield [45]. - The adjusted 100 - yuan premium ratio decreased. The adjusted 100 - yuan premium ratio considering various factors was 14.37%, at the 82.6% historical percentile in the past six months and 66.1% since 2018. The adjusted 100 - yuan premium ratio considering only the debt floor was at the 81.7% historical percentile in the past six months and 29.7% since 2018 [52].

Group 1 - The upcoming press conference on September 22, focusing on the "high-quality completion of the 14th Five-Year Plan," is expected to provide significant information that could impact the market [1] - The market is currently centered around technology, with various sectors such as finance, artificial intelligence, chips, and new energy being highlighted as potential areas of opportunity [1] - The key market level to watch is 3888, which is seen as a critical resistance point that, if surpassed, could lead to new market dynamics [1] Group 2 - The sentiment suggests that investors should be patient and avoid chasing high prices, as there will be more opportunities in the market [1] - The upcoming events, including the Hongmeng Zhixing autumn product launch and the Global Digital Trade Expo, are anticipated to influence market trends and investment directions [1]

Core Viewpoint - The recent fluctuations in indices are primarily attributed to the Federal Reserve's latest dot plot, which indicates fewer rate cuts than previously anticipated, leading to a short-term impact on A-shares [1] Market Outlook - A slowdown in the market is expected to be more beneficial for the mid-term trend of A-shares, with potential profit-taking pressures and a need for re-evaluation of leading sectors [2] - The Shanghai Composite Index has surpassed its previous high of 3731 points from 2021, indicating a bullish trend, while other indices like CSI 300 and ChiNext still have room for catch-up [2] Hot Sectors - The technology sector may experience internal differentiation in September, with lagging sectors such as robotics, new energy, and military industries poised for a rebound [3] - Key trends include: 1. The ongoing domestic production and integration of robots into daily life, with potential catalysts from updates in Tesla's humanoid robot [3] 2. The trend towards semiconductor localization, focusing on equipment, wafer manufacturing, materials, and IC design [3] 3. Expectations of order recovery in the military sector by 2025, with signs of bottoming out in mid-term performance [3] 4. The innovative pharmaceutical sector is anticipated to reach a turning point in fundamentals by 2025 after a prolonged adjustment period [3] 5. The banking sector is seeing a recovery in mid-term performance growth, attracting interest from long-term institutional investors due to appealing dividend yields [3] Market Review - The market experienced a volatile pullback, with most sectors declining, yet the technology sector still showed some excess returns [4] - A significant number of stocks fell, with over 4300 stocks declining, while only a few sectors like electronics and communication showed gains [4]

Core Viewpoint - The recent salary cuts at Peak, a former leading Chinese sports brand, have drawn significant media attention, highlighting the company's struggles in a competitive market and the challenges it faces in the basketball category [1][2]. Company Performance - Peak's chairman acknowledged salary reductions of up to 50% for high-salary positions and loss-making departments, indicating financial pressure [1]. - The company has not publicly disclosed its operational status since going private in 2016, making it difficult to assess its current performance accurately [1]. - In 2015, Peak's revenue was 3.11 billion yuan, significantly lower than competitors like Anta, Li Ning, and Xtep, which reported revenues exceeding 5 billion yuan [2]. Market Challenges - The disappearance of channel profits has led to intense competition across both online and offline sales channels, with no clear advantages remaining [1][3]. - Peak's CEO admitted that the company is facing substantial pressure due to a downturn in the basketball segment and the overall competitive landscape [1][3]. Strategic Initiatives - Since 2018, Peak has attempted to embrace e-commerce, including live streaming on platforms like Douyin and Tmall [3]. - The company is focusing on enhancing its direct retail management and distribution systems to tap into the potential of first- and second-tier markets [3]. Product Development - Peak has introduced innovative technologies, such as the "Taiji" midsole, which has received positive market feedback and has become a significant product line, surpassing basketball shoes in sales [4][5]. - The company is expanding into various product categories, including outdoor gear, badminton rackets, and sports watches, with the latter achieving significant sales [6]. Long-term Vision - Peak aims to establish a strong foothold through competitive pricing while investing time in technological advancements [8]. - The company is exploring opportunities for international expansion, with overseas revenue consistently accounting for about 20% of total income [6]. Industry Context - The domestic sports brand market has seen substantial growth, with competitors like Anta and Xtep achieving significant revenue milestones [9]. - Despite setting a target of over 10 billion yuan in revenue, Peak has yet to publicly report progress towards this goal, indicating a lack of a clear growth strategy [9]. Philosophical Approach - The CEO emphasizes a "long-termism" and "deep cultivation" strategy, advocating for sustained investment in specific areas to build brand recognition over time [10].

Core Viewpoint - The article emphasizes that Chief Executive John Lee's fourth policy address reflects a proactive and responsible approach, showcasing a united effort in Hong Kong society to create a better future [1][2]. Summary by Relevant Sections Government Initiatives - The Hong Kong government has made significant progress in various construction projects over the past year, driven by extensive consultations to gather public opinions [1]. - The new policy address highlights a clearer and more robust approach to reform, development, and improving people's livelihoods, with innovative measures and a commitment to governance efficiency [2]. Economic Development - The report outlines a clear direction for industrial development, promoting advanced manufacturing, health technology, new energy, AI, and data science through flexible land grants, tax incentives, funding support, and talent cultivation [2]. - The establishment of the "Northern Metropolis Development Committee" and the introduction of dedicated legislation aim to accelerate the development of the Northern Metropolis area, demonstrating a strong will for reform [2]. Social Welfare - Improving the quality of life is emphasized as the ultimate goal of governance, with a focus on policies related to housing, transportation, healthcare, social welfare, labor protection, and community care [2]. - The report articulates a vision for better housing for citizens, higher incomes for workers, improved care for the elderly, and better development opportunities for youth [2]. Future Outlook - There is a strong belief that under John Lee's leadership, the government and various sectors of Hong Kong society will continue to adapt and strive for progress, turning ambitious plans into reality [3].

Core Viewpoint - Emerging markets have outperformed US stocks this year primarily due to strong domestic retail investor participation rather than significant foreign capital inflows [1] Group 1: Market Performance - The performance of emerging markets is driven by local retail investors, despite downward adjustments in corporate profit expectations and concerns over potential US tariffs [1] - Investor focus has shifted towards popular sectors such as AI and technology, contributing to an overall optimistic market sentiment [1] Group 2: Future Outlook - Attention should be paid to potential risks such as a slowdown in the US economy and global growth deceleration, alongside the positive effects of easing inflation and monetary policy outside the US [1] - If multiple cyclical factors align, including a faster US economic slowdown compared to other countries, declining real interest rates in the US, and a significant depreciation of the dollar, emerging markets are expected to outperform US stocks within the next 6 to 12 months [1] - This anticipated outperformance is viewed as cyclical rather than structural [1]

Core Insights - The public fund issuance market continued its recovery trend, with 39 new funds established last week, totaling an issuance scale of 21.794 billion yuan, averaging 559 million yuan per fund [1] - Equity funds accounted for a significant portion of the new issuance, with a total issuance scale of 13.752 billion yuan, representing 63.1% of the total, marking the fourth consecutive week of issuance exceeding 10 billion yuan, indicating a restoration of confidence in the equity market [1] - The new fund issuance market exhibited a dual driving force of "thematic and index-based" strategies, with strong demand for technology and manufacturing themes, particularly in ETFs related to robotics, artificial intelligence, new energy, and semiconductors, which accounted for over 40% of the issuance scale, reflecting long-term confidence in industrial upgrades [1] - There was also robust demand for tool-based products, with passive index funds dominating the market, indicating that investors prefer to participate in structural market trends through transparent tools [1]

Group 1 - The article discusses the emergence of robotic technology designed for child care, specifically focusing on a product referred to as "Niu Ma Robot" [2] - The technology aims to assist parents in managing their children’s activities, providing a solution to the increasing demand for child supervision [2] - The market for child care robotics is expected to grow significantly, driven by advancements in AI and robotics [2]

Core Insights - The article discusses the feasibility of ultra-thin technology in various applications, questioning its practicality and effectiveness [2] Group 1 - The article raises concerns about the durability and performance of ultra-thin materials in real-world scenarios [2] - It highlights potential applications in consumer electronics and other industries, emphasizing the need for further research and development [2]