Core Viewpoint - Zhongbei Communication has signed a strategic cooperation agreement with Inner Mongolia Unicom, focusing on key areas such as government and enterprise informationization, cloud computing, artificial intelligence, and new energy [1] Group 1: Strategic Developments - The company is in-depth discussions regarding cooperation plans in critical fields [1] - The company has indicated stable development in its intelligent computing business and plans to advance the construction of the second phase of the Hefei Intelligent Computing Center [1] Group 2: Business Performance - The intelligent computing business has made breakthroughs, completing the national business layout of intelligent computing clusters and continuing to increase investments [1] - The construction of AI infrastructure is entering a new peak, with the company expected to benefit significantly from the industry's high prosperity due to its strong foundation in 5G new infrastructure and precise strategic positioning in intelligent computing [1] Group 3: Financial Projections - Due to increased capital expenditures from investments in computing equipment and fixed assets, the company has adjusted its profit expectations [1] - Revenue projections for 2025-2027 are estimated at 3.4 billion, 4 billion, and 4.5 billion yuan, with net profit attributable to the parent company at 220 million, 320 million, and 440 million yuan, corresponding to PE ratios of 45, 32, and 23 times [1] - The company maintains a "buy" rating [1]

Group 1: Macro Insights - The "14th Five-Year" plan may set a GDP growth target, with a high probability of establishing a target around 5% initially, potentially adjusting to 4.5-5% in the later years [3] - The average GDP growth rate during the "14th Five-Year" period is expected to be around 4.8%, based on medium to long-term growth goals and potential growth rates [3] - Macro policies need to remain relatively expansionary to achieve these targets, particularly focusing on increasing leverage, expanding consumer demand, and stabilizing property prices [3] Group 2: Beverage Industry - Dongpeng Beverage - Dongpeng Beverage is a leading energy drink company, with a strong growth trajectory, achieving a revenue of 15.839 billion yuan in 2024, a year-on-year increase of 40.63% [4] - The company has diversified its product line, launching successful products like Dongpeng Water and Fruit Tea, and plans to initiate an H-share listing in 2025 to expand into overseas markets [4] - The company is expected to achieve net profits of 4.45 billion, 5.77 billion, and 7.14 billion yuan from 2025 to 2027, reflecting growth rates of 33.6%, 29.7%, and 23.8% respectively [4] Group 3: Real Estate Sector - Real estate development investment has seen a significant decline, with a 13.9% year-on-year drop in the first nine months of 2025, marking the largest decline in the current cycle [6] - The investment amount has decreased by nearly 40% compared to the same period in 2021, indicating a prolonged impact on the economy [6] - The report suggests that policy measures will likely continue to be proactive to restore market confidence, especially in light of the upcoming central meetings [7] Group 4: Coal Industry - Coal prices have shown a notable increase due to supply constraints from production checks and extreme weather conditions, with coal production down 1.8% year-on-year in September [8] - The report highlights that the tightening of supply is expected to continue, leading to a probable upward trend in coal prices [8] - The coal sector is anticipated to experience improved operational capabilities as prices recover, with recommendations for companies like Yancoal Energy and Jinkong Coal [12] Group 5: Communication Sector - Zhongbei Communication - Zhongbei Communication is expanding from 5G infrastructure to intelligent computing, leveraging its established customer relationships and project experience to drive revenue growth [14] - The company is expected to benefit significantly from the AI development wave, with projected revenues of 3.4 billion, 4 billion, and 4.5 billion yuan from 2025 to 2027 [14] Group 6: Non-ferrous Metals - Shenhuo Co. - Shenhuo Co. reported a revenue of 31 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.5%, although net profit decreased by 1.4% due to lower coal prices [15] - The company is expected to see enhanced profitability in the aluminum segment due to rising aluminum prices and decreasing electricity costs [15]

Group 1: Market Dynamics - As of September 28, 2025, there were 17 new private placement projects added, a 1 project increase from the previous period, with 10 projects terminated, marking a 4 project increase[4] - The approval rate for projects was 100%, with 3 projects approved by the review committee, a decrease of 8 projects from the previous period[19] - There are currently 628 projects under normal review, with 65 projects having received approval, a decrease of 8 projects[7] Group 2: Fundraising Overview - In the last two weeks, 5 competitive projects raised a total of 6.9 billion yuan, a decrease of 38.84% from the previous period[34] - The average base discount rate for these projects was 11.16%, down 2.10 percentage points from the previous period[36] - The average market price discount rate was 16.23%, with a slight decrease of 0.02 percentage points[36] Group 3: Unlocking Gains - Among the 6 competitive projects that were unlocked, 83.33% had positive returns, a decrease of 16.67 percentage points from the previous period[50] - The average absolute return on the unlocking day was 47.36%, with an excess return of 34.54%, both showing increases from the previous period[50] - The average market price discount rate for these projects was 10.77%, down 4.65 percentage points from the previous period[50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 9th, the liquidity tightened, major repo rates rose, the bond market remained weak, convertible bond market indices declined, and yields of US and major European 10-year government bonds generally increased [1]. - The significant downward revision of US non-farm annual data may lay the foundation for the Fed to cut interest rates, indicating a slowdown in the US labor market [6]. 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - At the press conference on the "14th Five-Year Plan", the MIIT announced that during the "14th Five-Year Plan", China's manufacturing added - value is expected to increase by 8 trillion yuan, accounting for nearly 30% of the global total, and China has built a large - scale network infrastructure [3]. - The SAMR issued a document to improve the exit mechanism for business entities, and the new regulations will take effect on October 10th [3]. - In August, national enterprise sales revenue grew rapidly, with manufacturing sales growing faster than the overall level, and high - end and digital manufacturing showing good growth [4]. 3.1.2 International News - The US non - farm employment data for the year ending March was revised down by 911,000, the largest downward revision since 2000, which may prompt the Fed to cut interest rates [6]. 3.1.3 Commodities - On September 9th, international crude oil futures prices rose, and natural gas prices slightly increased, while COMEX gold futures prices fell [7]. 3.2 Liquidity 3.2.1 Open Market Operations - On September 9th, the central bank conducted 247 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 870 million yuan due to the maturity of 255.7 billion yuan of reverse repurchases [9]. 3.2.2 Funding Rates - On September 9th, the liquidity tightened, and major repo rates increased. For example, DR001 rose 5.93bp to 1.416%, and DR007 rose 2.66bp to 1.479% [10]. 3.3 Bond Market Dynamics 3.3.1 Interest - Bearing Bonds - **Spot Bond Yield Trends**: On September 9th, affected by concerns about redemption fees and tightening liquidity, the bond market was weak. Yields of 10 - year treasury and CDB bonds increased [13]. - **Bond Tendering**: Several bonds were tendered on September 9th, with details such as issuance scale, winning yields, and multiples provided [15]. 3.3.2 Credit Bonds - **Secondary Market Transaction Abnormalities**: On September 9th, 4 industrial bonds had transaction price deviations of over 10%, including significant drops and rises [15]. - **Credit Bond Events**: Companies such as Orient Fashion, Nanyang Transportation Construction Investment Group, Oceanwide Holdings, and Shandong Hengbang Smelting announced relevant events [16]. 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On September 9th, A - share indices and convertible bond market indices all declined, with most stocks and convertible bonds falling [17]. - **Convertible Bond Tracking**: There were announcements regarding creditor's meetings, litigation disputes, new bond listings, and regulatory approvals for convertible bonds [19][20]. 3.3.4 Overseas Bond Markets - **US Bond Market**: On September 9th, yields of US bonds across all maturities generally increased, and yield spreads narrowed. The inflation - protected treasury bond's break - even inflation rate rose [21][22][23]. - **European Bond Market**: On September 9th, 10 - year government bond yields of major European economies generally increased [24]. - **Price Changes of Chinese - funded US Dollar Bonds**: As of the close on September 9th, there were price changes in Chinese - funded US dollar bonds, with details of daily and monthly changes provided [26].

Report Summary 1. Hot News - During the "14th Five - Year Plan" period, China's manufacturing added - value is expected to increase by 8 trillion yuan, accounting for nearly 30% of the global total, with the overall scale ranking first globally for 15 consecutive years. China has built the world's largest and most extensive network infrastructure, with 4.598 million 5G base stations and over 100 million devices connected to key industrial Internet platforms, and 35,000 basic - level and 230 excellent - level smart factories have been built [1] - The US government's preliminary benchmark revision data shows that the non - farm employment in the US was revised down by 911,000 in the year ending March this year, an average monthly reduction of nearly 76,000, the largest downward revision since 2000, which may lead to a series of interest rate cuts by the Fed starting next week [1] - The Shanghai Futures Exchange announced that the listing benchmark price for the OP2601 - OP2608 contracts of offset printing paper futures is 4,218 yuan/ton [1] - Hamas strongly condemned Israel's attempted assassination of the leader of the Hamas negotiation delegation in Doha, Qatar, but the chief negotiator Khalil al - Hayya was not assassinated [2] - As of the end of the 36th week of 2025, China's domestic soybean oil inventory was 1.443 million tons, a week - on - week increase of 23,000 tons (1.60%); domestic soybean meal inventory was 1.16 million tons, a week - on - week increase of 97,000 tons (9.09%); domestic imported rapeseed oil inventory was 708,000 tons, a week - on - week decrease of 29,000 tons (4.01%) [2] 2. Key Focus - The commodities to focus on are urea, Shanghai copper, apples, asphalt, and PP [3] 3. Night - session Performance - The night - session performance of different commodity sectors: Non - metallic building materials 2.79%, precious metals 30.03%, oilseeds and oils 10.92%, non - ferrous and soft commodities 2.38% and 20.65%, coal, coke, steel and minerals 14.41%, energy 2.72%, chemicals 12.04%, grains 1.08%, and agricultural and sideline products 2.98% [3] 4. Performance of Major Asset Classes | Category | Name | Daily Return (%) | Monthly Return (%) | Annual Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.51 | - 1.31 | 13.59 | | | SSE 50 | - 0.38 | - 1.61 | 9.08 | | | CSI 300 | - 0.70 | - 1.35 | 12.74 | | | CSI 500 | - 0.90 | - 1.63 | 21.01 | | | S&P 500 | 0.27 | 0.81 | 10.73 | | | Hang Seng Index | 1.19 | 3.43 | 29.30 | | | German DAX | - 0.37 | - 0.77 | 19.13 | | | Nikkei 225 | - 0.42 | 1.73 | 8.94 | | | FTSE 100 | 0.23 | 0.60 | 13.09 | | Fixed - income | 10 - year Treasury Bond Futures | - 0.06 | - 0.03 | - 1.06 | | | 5 - year Treasury Bond Futures | - 0.01 | 0.05 | - 0.91 | | | 2 - year Treasury Bond Futures | - 0.02 | - 0.04 | - 0.58 | | Commodity | CRB Commodity Index | 0.00 | - 0.98 | 0.90 | | | WTI Crude Oil | 0.84 | - 1.98 | - 12.71 | | | London Spot Gold | - 0.33 | 5.15 | 38.11 | | | LME Copper | - 0.01 | 0.12 | 12.90 | | | Wind Commodity Index | 1.17 | 6.69 | 23.36 | | Other | US Dollar Index | 0.33 | - 0.08 | - 9.88 | | | CBOE Volatility Index | 0.00 | - 1.63 | - 12.91 | [5]

Report Industry Investment Rating - Not provided Core View of the Report - On Wednesday, the freight index (European Line) futures prices showed mixed trends. The main contract EC2510 closed down 0.42%, and the far - month contracts declined between 1%. The spot indicators continued to fall with a wider decline, weakening the support for futures prices. The "price war" in the shipping market has put continuous pressure on the fundamentals. The US labor market is weakening, increasing the market's expectation of an interest rate cut this month. The internal demand in the eurozone remains weak. Overall, due to the uncertainty of the trade war and weak demand expectations for the freight index (European Line), the futures prices fluctuate greatly. Investors are advised to be cautious and control risks, and track geopolitical, shipping capacity, and cargo volume data [1] Summary by Relevant Content Futures Market Data - EC main contract closing price: 1267.400, down 5.4; EC second - main contract closing price: 1674, down 0.40 - EC2510 - EC2512 spread: - 406.60, up 7.60; EC2510 - EC2602 spread: - 256.60, up 2.10 - EC contract basis: 299.06, up 1.30 - EC main contract open interest: 47320, up 114 [1] Spot Market Data - SCFIS (European Line) (weekly): 1566.46, down 207.14; SCFIS (US West Coast Line) (weekly): 980.48, down 33.42 - SCFI (composite index) (weekly): 1444.44, down 0.62; container ship capacity: 1227.97 (ten thousand TEUs), up 0.04 - CCFI (composite index) (weekly): 1149.14, down 7.18; CCFI (European Line) (weekly): 1638.77, down 47.03 - Baltic Dry Index (daily): 2079.00, down 60.00; Panamax Freight Index (daily): 1923.00, down 77.00 - Average charter price (Panamax): 13741.00, up 493.00; Average charter price (Capesize): 27780.00, up 980.00 [1] Industry News - The State Council Information Office held a press conference on the high - quality completion of the "14th Five - Year Plan" series of themes. The Ministry of Industry and Information Technology released the achievements of the industry and telecommunications industry in the past five years and responded to topics such as irrational competition in the industry, AI - empowered new industrialization, 5G new infrastructure progress, and optimizing the development environment for small and medium - sized enterprises - The State Council Information Office held a policy briefing. Relevant officials from the General Administration of Sport, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Commerce introduced the "Opinions on Releasing the Potential of Sports Consumption and Further Promoting the High - quality Development of the Sports Industry". The opinions put forward 20 measures with three prominent features: clear overall development goals (by 2030, the total scale of the sports industry will exceed 7 trillion yuan and a number of world - influential sports enterprises and events will be cultivated), a determination to strengthen the sports consumption market, and a solid foundation for industrial development - The US government released preliminary benchmark revision data. In the year ending March this year, the number of non - farm payrolls in the US was revised down by 911,000, equivalent to an average monthly decrease of nearly 76,000. This is the largest downward revision since 2000, worse than market expectations. More signs of a weakening labor market may lay the foundation for a series of interest rate cuts by the Federal Reserve starting as early as next week - Japan's Minister of Economic Revitalization, Akazawa Ryosei, said that the special measures of the Trump administration to lower auto tariffs on Japan and reduce the "reciprocal tariff" burden are expected to be implemented before the 16th [1] Key Data to Watch - September 11, 20:15: Eurozone ECB deposit facility rate as of September 11 - September 11, 20:30: US unadjusted CPI annual rate in August - September 11, 20:30: US initial jobless claims (in ten thousand) for the week ending September 6 - September 11, 20:30: US unadjusted core CPI annual rate in August [1]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.13%, the Shenzhen Component Index by 0.38%, and the ChiNext Index by 1.27% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.9781 trillion yuan [1] ETF Performance - The 5G50ETF (159811) led the gains with an increase of 4.58%, followed closely by the Communication ETF (515880) at 4.52% and the ChiNext AI ETF (159382) at 4.14% [1] - Other notable ETFs that rose over 4% include the Game Media ETF (517770) and the 5GETF (159994) [1] - The top ten ETFs by decline were led by the Photovoltaic Leader ETF (516290) with a drop of 1.97% [4] Industry Insights - The Ministry of Industry and Information Technology reported significant achievements in the industrial and communication sectors during the 14th Five-Year Plan, with manufacturing value added expected to reach 8 trillion yuan, accounting for nearly 30% of the global total [2] - China has established the world's largest and most comprehensive network infrastructure, with 4.598 million 5G base stations and over 1 million connected devices on key industrial internet platforms [2] - Companies in the communication sector, such as Zhongji Xuchuang, Xinyi Sheng, and Yinvike, are highlighted for their core competitiveness and potential benefits from OCS technology [2] Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 22.7 billion yuan, followed by the Hong Kong Securities ETF (213090) at 17.81 billion yuan [5] - The top ETF by turnover rate was the China-Korea Semiconductor ETF (213310) at 303.36% [6] Upcoming Products - The Financial Technology ETF by E Fund (159299) is set to launch, targeting investors interested in the long-term growth opportunities in the financial technology sector [8]

Core Viewpoint - The former chairman of China Tower, Tong Jilu, and his family have been reported missing since late May 2023, raising concerns about potential investigations involving his son at China International Capital Corporation (CICC) [1][4]. Group 1: Company Background - China Tower was established in July 2014 as a state-owned enterprise to enhance telecommunications infrastructure and promote shared resources among major telecom operators [2]. - The company primarily focuses on the construction, maintenance, and operation of communication towers and related facilities, playing a crucial role in China's 5G infrastructure development [2]. - Tong Jilu served as both chairman and general manager of China Tower, consolidating significant power within the company until he stepped down as general manager in June 2019 [2][3]. Group 2: Financial Performance - In the first half of 2025, China Tower reported a revenue of 49.601 billion yuan, reflecting a year-on-year growth of 2.8% [5][6]. - For the fiscal year 2024, the company achieved a revenue of 97.772 billion yuan, marking a 4.0% increase compared to the previous year, with major contributions from the three state-owned telecom operators [6]. - As of the end of 2024, China Tower's total assets exceeded 330 billion yuan, with a net asset value surpassing 200 billion yuan, solidifying its position as the largest telecommunications infrastructure service provider globally [6].

Core Insights - China Tower reported stable revenue growth in the first half of 2025, achieving operating revenue of 49.601 billion yuan, a year-on-year increase of 2.8% [1] - The net profit attributable to shareholders was 5.757 billion yuan, reflecting an 8.0% year-on-year growth [1] - The company emphasized its commitment to optimizing resource allocation and enhancing core competitiveness for high-quality development [1] Revenue Breakdown - The operator business generated revenue of 42.461 billion yuan, a 0.8% increase year-on-year [1] - Tower business revenue was 37.797 billion yuan, remaining stable compared to the same period last year [2] - Indoor distribution business revenue reached 4.664 billion yuan, marking a 12.0% year-on-year growth [2] Business Development - The two-wing business achieved revenue of 6.935 billion yuan, accounting for 14.0% of total operating revenue, an increase of 1.6 percentage points year-on-year [2] - Smart connection business revenue was 4.726 billion yuan, with an 18.7% year-on-year increase, and the Iron Tower Vision business contributed 2.822 billion yuan, representing 59.7% of smart connection revenue [2] - Energy business revenue was 2.209 billion yuan, up 9.2% year-on-year, with the battery swap business generating 1.323 billion yuan, accounting for 59.9% of energy business revenue [2] Infrastructure and Market Position - As of June 30, 2025, the number of tower sites reached 2.119 million, an increase of 25,000 from the end of the previous year [2] - The number of operator tower tenants rose to 3.579 million, an increase of 35,000 from the end of the previous year, with an average of 1.72 tenants per tower site [2] - The company continues to lead in the low-speed electric vehicle battery swap market, with approximately 1.47 million battery swap users, an increase of 166,000 from the end of the previous year [2]

Core Viewpoint - The company is issuing A-shares to specific investors in 2025, which may dilute immediate returns, and has outlined measures to mitigate this impact [1][10]. Financial Impact of the Stock Issuance - The issuance will affect key financial metrics, with assumptions made for net profit scenarios: - If net profit remains flat compared to 2024, diluted earnings per share (EPS) will be approximately 0.3305 yuan [3][4]. - If net profit increases by 10% compared to 2024, diluted EPS will rise to about 0.3636 yuan [4]. - If net profit decreases by 10% compared to 2024, diluted EPS will drop to around 0.2975 yuan [4]. Necessity and Reasonableness of the Stock Issuance - The funds raised will be allocated to projects such as intelligent computing centers and 5G network construction, aligning with the company's core business and national industrial policies [6][8]. Company’s Preparedness for Investment Projects - The company has over 30 years of experience in the telecommunications sector and has established a strong technical team capable of executing complex projects [7][8]. - The company has successfully deployed multiple intelligent computing clusters, with total computing power exceeding 15,000P, indicating readiness to meet growing market demands [8]. Measures to Mitigate Dilution of Immediate Returns - The company plans to accelerate project construction and improve resource allocation to achieve expected outcomes quickly [10]. - It will enhance financial management to reduce costs and improve overall profitability, ensuring that existing business growth complements new projects [10]. - The company aims to strengthen internal controls and governance to safeguard shareholder interests, particularly for minority shareholders [10][11]. Commitment from Management - The board and senior management have committed to ensuring the effectiveness of the measures to mitigate the dilution of immediate returns, emphasizing their responsibility to protect shareholder interests [11][13].