Core Viewpoint - The chief fixed income analyst at Guosheng Securities, Yang Yewei, indicated that as the economy transitions, the equity market will see more rapidly growing companies that can provide substantial returns [1] Group 1: Economic Transition and Equity Market - The transition of the economy is expected to lead to the emergence of more companies capable of rapid growth [1] - This growth in the equity market is anticipated to offer significant returns for investors [1] Group 2: Current Investment Trends - Currently, household savings are predominantly concentrated in traditional broad fixed income products [1] - There is a need to guide more funds into the equity market through "fixed income +" products [1] Group 3: Benefits of Investment Shift - Redirecting funds into the equity market can allow a broader range of investors to share in the returns of high-growth companies [1] - This shift in investment strategy is also expected to promote the rapid development of the new economy [1]

1. Report Industry Investment Rating - The report does not mention the industry investment rating [27][28][29] 2. Core View of the Report - Last week, convertible bonds rose slightly, and the valuation continued to decline as previously predicted, but then rebounded significantly after reaching the previous average. The anti - decline attribute of convertible bonds remained strong. The valuation rebound was mainly driven by equity - biased convertible bonds, while debt - biased ones were still weak. There is a clear valuation bottom, and the valuation top has loosened [6][9] - There is still strong support from the supply and demand sides, and the equity market is optimistic due to various policies. Although the current cost - performance of convertible bonds is low, there are still structural opportunities. Attention can be appropriately given to oversold bottom - position and defensive varieties. Be vigilant against the unexpected forced redemption risk of high - premium individual bonds. In December, short - term allocation can be made if there is a correction, and trading opportunities are greater than trend opportunities [6][9] - Last week, the equity market continued to rise driven by various positive factors. However, there was a strong wait - and - see sentiment at the end of the year. Overseas, the market was waiting for the result of the Fed's December interest - rate cut, and domestically, it was waiting for the tone of the Central Economic Work Conference. Institutional funds were under pressure from performance assessment and position adjustment, showing a cautious and optimistic attitude overall [6][9] 3. Summary According to the Directory 3.1 Convertible Bond Views: Valuation Rebounds after Decline, and Style Continues to Differentiate - Convertible bonds rose slightly last week. The valuation continued to decline as predicted, then rebounded significantly after reaching the previous average. The anti - decline attribute was strong. The rebound was mainly driven by equity - biased convertible bonds, and debt - biased ones were weak. The valuation bottom is clear, and the top has loosened [9] - There is strong support from supply and demand, and the equity market is optimistic due to policies. Despite the low cost - performance of convertible bonds, there are structural opportunities. Pay attention to oversold bottom - position and defensive varieties, guard against forced redemption risks of high - premium bonds. In December, short - term allocation can be considered for corrections, with more trading opportunities [9] - The equity market rose last week due to positive factors. But there was wait - and - see sentiment at year - end. Overseas awaited Fed's decision, and domestically awaited the Central Economic Work Conference. Institutional funds faced assessment and adjustment pressure, showing cautious optimism [9] 3.2 Convertible Bond Review: Convertible Bonds Rise Slightly, and Valuation Rebounds after Decline 3.2.1 Market Overall Performance: Most Equity Indexes Close Higher, and Trading Volume Continues to Decline - The equity market was weak first and then strong last week, continuing to rebound. Most indexes rose, such as the ChiNext Index (1.86%), the BeiZheng 50 (1.49%), and the CSI 300 (1.28%), while only the Science and Technology Innovation 50 fell slightly (0.08%) [13] - In terms of industries, non - ferrous metals, communication, and national defense and military industry led the gains, while media, real estate, and beauty care led the losses. The average daily trading volume decreased by 44.115 billion yuan to 1.69 trillion yuan [13] - The top ten rising convertible bonds last week were Yakelai Convertible Bond, Weidao Convertible Bond, etc. The more active ones in trading were Furong Convertible Bond, Dongshi Convertible Bond, etc [13] 3.2.2 Significant Trading Volume Contraction, and High - price, Medium - and High - rated Convertible Bonds Perform Well - Convertible bonds rose slightly last week. The valuation rebounded significantly after reaching the previous average, and the average daily trading volume dropped significantly to 50.91 billion yuan. The CSI Convertible Bond Index rose 0.08%, the parity center decreased 0.3% to 110.7 yuan, and the conversion premium rate center increased 0.3% to 20.6% [20] - In terms of style, high - price, medium - and high - rated convertible bonds performed well last week, while large - cap and double - low convertible bonds performed weakly [20]

八年磨一剑，公募FOF迎来重获口碑的历史性时刻！ 在市场风格日趋赛道化的背景下，敏锐布局资源、科技等行业主题基金，正成为FOF产品业绩和规模突围的 关键，公募FOF首只业绩翻倍产品在近期出现，也意味着这一产品类别已进入快速成长的新阶段，随着投资 者认可度提升，FOF市场规模已突破1800亿元大关。 展望未来，部分明星基金经理对明年一季度权益市场持乐观态度，FOF产品在行业主题基金中的掘金故事或 将继续上演。 公募FOF赚钱效应释放 自2017年9月国内首批产品获批至今，公募FOF已走过8年历程，随着FOF投研的日渐成熟与精细化，此类产 品投资回报潜力得以持续挖掘，选基技巧持续提升后，首只收益率翻倍的FOF也在近期诞生。 Wind数据显示，截至2025年12月7日，全市场首只收益率翻倍的FOF花落前海开源基金。前海开源裕源FOF 成立于2018年5月，截至今年三季度末的资产规模为1.68亿元，该产品今年以来收益率为38%，当前产品净 值为2.29元，成立以来的收益率为129%。 紧随其后的一批公募也展现出较好的长期回报能力，包括兴全安泰平衡持有、中欧预见养老、鹏华养老2045 混合、嘉实养老2050混合、南方养 ...

八年磨一剑，公募FOF迎来重获口碑的历史性时刻！ 在市场风格日趋赛道化的背景下，敏锐布局资源、科技等行业主题基金，正成为FOF产品业绩和规模突 围的关键，公募FOF首只业绩翻倍产品在近期出现，也意味着这一产品类别已进入快速成长的新阶段， 随着投资者认可度提升，FOF市场规模已突破1800亿元大关。 展望未来，部分明星基金经理对明年一季度权益市场持乐观态度，FOF产品在行业主题基金中的掘金故 事或将继续上演。 公募FOF赚钱效应释放 自2017年9月国内首批产品获批至今，公募FOF已走过8年历程，随着FOF投研的日渐成熟与精细化，此 类产品投资回报潜力得以持续挖掘，选基技巧持续提升后，首只收益率翻倍的FOF也在近期诞生。 Wind数据显示，截至2025年12月7日，全市场首只收益率翻倍的FOF花落前海开源基金。前海开源裕源 FOF成立于2018年5月，截至今年三季度末的资产规模为1.68亿元，该产品今年以来收益率为38%，当前 产品净值为2.29元，成立以来的收益率为129%。 紧随其后的一批公募也展现出较好的长期回报能力，包括兴全安泰平衡持有、中欧预见养老、鹏华养老 2045混合、嘉实养老2050混合、南方养 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The convertible bond market rose slightly this week, and the equity market also had a small increase. Given the current volatility in the equity market, high - price and high - valuation convertible bonds may face adjustment pressure, and trading convertible bonds is difficult. It is recommended to comprehensively consider convertible bond terms and underlying stock conditions, select bonds carefully, and focus on structural opportunities and new bonds in high - prosperity industries [4]. 3. Summary by Relevant Catalogs Market行情 - From December 1, 2025, to December 5, 2025 (5 trading days), the CSI Convertible Bond Index rose by +0.08% (last week's change was -0.27%), and the CSI All - Share Index changed by +0.77% (last week's change was +2.82%). Since 2025, the CSI Convertible Bond Index has risen by +16.27%, and the CSI All - Share Index has risen by +21.60% [1]. - By rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) had weekly changes of +0.09%, -0.26%, -0.89%, -1.17%, and -1.31% respectively, with all but high - rated bonds declining [1]. - By convertible bond size, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) had weekly changes of -0.93%, -0.57%, +0.46%, -0.90%, and -1.37% respectively, with all but medium - scale convertible bonds declining [2]. - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) had weekly changes of -2.74%, -1.23%, -1.67%, +0.11%, -0.89%, -1.31%, and -0.30% respectively, with all but medium - parity bonds declining [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of December 5, 2025, there were 407 outstanding convertible bonds (410 at the end of last week), with a balance of 556.996 billion yuan (561.091 billion yuan at the end of last week). The average convertible bond price was 129.56 yuan (130.12 yuan at the end of last week), with a percentile of 90.38% (from the beginning of 2023 to December 5, 2025). The average convertible bond parity was 100.82 yuan (100.90 yuan at the end of last week), with a percentile of 87.69%. The average convertible bond conversion premium rate was 30.76% (30.39% at the end of last week), with a percentile of 34.51% [3]. Convertible Bond Performance and Allocation Direction - Given the current situation, it is recommended to comprehensively judge based on convertible bond terms and underlying stock conditions, select bonds carefully, and focus on structural opportunities and new bonds in high - prosperity industries [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of weekly increase are listed, including YaKe Convertible Bond, WeiDao Convertible Bond, etc., along with their underlying stocks, industries, latest closing prices, convertible bond increases, and underlying stock increases [20].

Summary of the Conference Call on Convertible Bond Strategy for 2026 Industry Overview - The conference call focuses on the convertible bond market in China, particularly the performance and outlook for 2026, influenced by macroeconomic factors and policy changes [1][3][8]. Key Points and Arguments Market Performance and Characteristics - The convertible bond market showed strong performance in 2025, with a cumulative increase of approximately 16.5% by the end of November [3]. - High-rated large-cap convertible bonds saw a rapid decline in scale due to tightened refinancing policies since 2024, particularly affecting bank convertible bonds [3][6]. - The rapid increase in ETF scale, reaching 620.682 billion, accounted for 12.5% of the convertible bond market, growing over 50% since the beginning of the year [1][5]. - The valuation of convertible bonds is increasingly aligned with the stock market, indicating a shift towards equity-like characteristics [1][3]. Future Supply and Demand Dynamics - Supply pressure in the convertible bond market is expected to persist into 2026, with a significant reduction in issuance anticipated due to strong redemption and delisting pressures [1][6][10]. - Despite the anticipated supply challenges, there is a strong willingness among major shareholders to issue new bonds due to lower financing costs [6][10]. - The demand for fixed-income products is expected to support valuations, preventing significant declines despite the shrinking supply [7][10]. Economic Outlook - The outlook for the A-share market in 2026 is optimistic, driven by expectations of economic recovery, structural adjustments, and policy reforms [8][9]. - Low-risk interest rates are likely to encourage a shift of savings and long-term capital into the equity market, enhancing the attractiveness of equity assets [9]. Investment Strategies for 2026 - Investment strategies should focus on two main opportunities: low-priced convertible bonds as a stabilizing asset and flexible equity-linked convertible bonds [11][14]. - Specific sectors to watch include technology growth (AI, humanoid robots), green energy (energy storage, hydrogen), and defensive positions in banking and public utilities [3][18]. - The strategy should involve active selection of bonds that are less likely to trigger strong redemption and those with a solid underlying stock logic [12][20]. Risks and Considerations - The potential for strong redemption events remains high, necessitating caution with high-priced and high-premium bonds that may trigger such actions [12][20]. - The shrinking scale of the convertible bond market may lead to capital inflows into the stock market, which could compress time value [2][10]. Conclusion - The convertible bond market in 2026 is expected to maintain high valuations supported by favorable policies and low-interest rates, despite challenges in supply and potential strong redemption pressures [10][14]. - A balanced approach with a focus on both defensive and flexible investment strategies will be crucial for navigating the market dynamics in the coming year [11][14].

Group 1 - Public fund net subscriptions for equity funds reached 2.1 billion yuan in November, with total net subscriptions exceeding 4.5 billion yuan for the year, more than double the amount from the same period last year [1][3] - Fund managers are increasingly purchasing their own funds, demonstrating confidence in the market and aligning their interests with investors [1][2] - The trend of self-purchase by fund companies is rising, with significant amounts being invested in newly launched equity funds, indicating a strategic move to enhance brand exposure and attract external investments [2][3] Group 2 - Three factors contributing to the increase in self-purchase include regulatory changes, strong market performance, and industry dynamics [3][4] - The China Securities Regulatory Commission's new guidelines have encouraged self-purchase behavior among public funds, making it a more normalized practice [3] - The performance of equity funds has been strong, with stock fund indices rising over 25% this year, further motivating fund managers to invest in their own products [3][4]

Group 1 - The net asset value of public funds in China has increased from 33.12 trillion yuan at the end of April to 36.96 trillion yuan by the end of October, setting a new historical record [1] - As of the end of October, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - Open-end funds account for 90% of the total public fund scale, with significant growth in money market funds and QDII funds, while equity funds and mixed funds have seen a decline [2] Group 2 - The scale of money market funds increased by 3.86 trillion yuan and the number of shares increased by 3.85 trillion shares compared to the end of September [2] - Despite a decrease in the scale of equity funds in October, they remain a focus for public fund institutions, with 64 new funds launched in this category during the month [2] - Bond funds experienced a more significant contraction in October, with a decrease of 1.04 trillion yuan in scale and 1.34 trillion shares compared to the end of September [3]

Investment Rating - The industry investment rating is "In line with the market" [52] Core Insights - The brokerage sector index experienced a range-bound fluctuation in October 2025, with a decline of 0.73%, underperforming the CSI 300 index by 0.73 percentage points [4][7] - The average P/B ratio for the brokerage sector fluctuated between 1.510 and 1.580 times, closing at 1.510 times at the end of October [11] - The overall operating performance of listed brokerages is expected to decline in November 2025, with a forecasted drop to mid-low levels for the year [47][48] Summary by Sections 1. October 2025 Brokerage Sector Review - The brokerage index maintained a range-bound fluctuation with a significant reduction in volatility, closing down 0.73% for the month [4][7] - A total of 42 listed brokerages saw 17 increase in stock prices, with notable gains from Dongxing Securities (10.08%) and Changjiang Securities (6.27%) [8] - The average P/B ratio for the sector was 1.510 times, indicating a slight decrease from previous months [11] 2. Key Market Factors Affecting October 2025 Performance - Increased volatility in equity markets and a rebound in fixed income markets led to a decline in proprietary trading performance [6] - The average daily trading volume in October was 21,640 billion, down 10.5% month-on-month [25] - The margin financing balance reached a historical high of 24,864 billion, reflecting a stable outlook among investors [32] 3. November 2025 Performance Outlook - Proprietary trading is expected to face pressure due to a comprehensive market correction, with a forecasted decline in monthly investment returns [40][43] - The brokerage sector is anticipated to see a slight recovery in brokerage business due to an increase in trading days, despite a decrease in average daily trading volume [44] - The investment banking sector is expected to remain stable, with equity financing slightly declining and debt financing rebounding [46] 4. Investment Recommendations - The brokerage sector index has shown signs of further downward adjustment, with a significant gap from the average valuation since 2016 [48] - It is recommended to focus on leading brokerages with strong wealth management capabilities and those with valuations significantly below the sector average [50]

二是纯债市场扰动有限。央行维持支持性货币政策，近期重启国债买卖，资金面宽松，纯债收益率难以 大幅上行。流动性宽松预期叠加资产荒背景下，转债市场估值有望得到支撑。 近期权益市场受局部地缘冲突、12月美联储降息预期降温以及年底收官部分机构止盈等因素扰动，主要 股票指数呈现高位震荡行情。受此影响，11月以来中证转债、上证转债、深证转债分别上涨1.39%、 1.15%、1.64%。相比主要股票指数，转债指数表现更为强势，转债市场情绪再度来到年内高点，期间 深证转债突破8月高点创年内新高。（数据来源：wind，截至2025年11月14日） 转债的全称是"可转换公司债券"，简单理解，它是一种可以在约定时间按照约定价格转换为股票的债 券。转债与普通信用债最大的区别是转债的转股权，它赋予投资者在一定期间内可以按照一定的规则转 换为本公司的股票（通常称为"正股"）。转债的转股权是投资者的一项权利而非义务，投资者既可以选 择行使转股权将手中的转债转换为股票，也可以选择将其作为一只债券持有至到期。 转债主要有四个特征：一是转债仍为债券，它需要定期支付本金和票息；二是在转股期限内转债可以按 照一定规则转换为股票；三是由于转债的转股权 ...