Group 1 - The core viewpoint of the article highlights the slight improvement in CPI and the continuous rise in core CPI, indicating a mixed economic outlook [4][5]. - In September 2025, the CPI decreased by 0.3% year-on-year, showing a 0.1 percentage point improvement from August, while the core CPI increased by 1.0% year-on-year [4][5]. - The PPI also showed a narrowing decline, with a year-on-year decrease of 2.3% in September, compared to a 2.9% decline in August, indicating potential stabilization in industrial prices [4][6]. Group 2 - The bond market is experiencing a divergence in yield trends, with short-term yields remaining stable while long-term yields have increased significantly, leading to a steeper yield curve [7]. - The current market conditions are viewed as optimistic for the bond market, with a recommendation to gradually shift from short to long duration investments, maintaining a 10Y government bond yield central fluctuation point at 1.7% [7]. - In the convertible bond market, the China Securities Convertible Bond Index has seen a year-to-date increase of 15.7% as of October 14, 2025, but current valuations are near historical highs, suggesting potential volatility ahead [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The CPI showed a slight improvement in September 2025, with limited improvement in both year - on - year and month - on - month growth rates. The core CPI's year - on - year increase has been expanding for five consecutive months. The PPI's month - on - month growth rate remained flat for two consecutive months, and the processing industry's prices decreased month - on - month. The PPI's year - on - year growth rate may be at the bottom and on the rise, but there is obvious structural differentiation [2][7]. - Regarding interest - rate bonds, since August 2025, the yield curve of treasury bonds has steepened, with short - term yields being stable and long - term yields rising significantly. The current bond market should be viewed more optimistically, and the duration selection can be from short to long, maintaining the view that the fluctuation center of the 10Y treasury bond yield is 1.7%. For convertible bonds, although they are relatively high - quality assets in the long run, they are currently in a high - level valuation compression stage and require more attention to structure [3][19][28]. 3. Summary According to Relevant Catalogs 3.1 Event - On October 15, 2025, the National Bureau of Statistics released the CPI and PPI data for September 2025. The CPI decreased by 0.3% year - on - year (previous value: - 0.4%), the core CPI increased by 1.0% year - on - year (previous value: 0.9%), and the PPI decreased by 2.3% year - on - year (previous value: - 2.9%) [1][6]. 3.2 Comment 3.2.1 CPI - In September 2025, the CPI's year - on - year and month - on - month growth rates improved to some extent compared with the previous month, but the improvement was limited. The month - on - month growth rate was within the seasonal fluctuation range [7]. - Structurally, food prices improved month - on - month (with a month - on - month growth rate of 0.7%, up from 0.5% last month), energy and service prices decreased month - on - month (energy prices decreased by 0.8% month - on - month, and service prices decreased by 0.3% month - on - month), and the core CPI's year - on - year increase continued to expand [8]. 3.2.2 PPI - In September 2025, the PPI's year - on - year decline narrowed, and the month - on - month growth rate remained flat for two consecutive months. Among the production materials, the year - on - year decline of the mining, raw materials, and processing industries all narrowed, but the processing industry's prices decreased month - on - month [13][14]. - Looking forward, with the continuous implementation of the "anti - involution" policy, the PPI's year - on - year growth rate may be at the bottom and on the rise, but there is obvious structural differentiation, and the price increase of upstream mining has not been effectively transmitted to the mid - and downstream industrial products [17]. 3.3 Bond Market Viewpoint 3.3.1 Interest - rate Bonds - Since August 2025, the yield of treasury bonds has shown obvious differentiation, with short - term yields being stable and long - term yields rising significantly. Since the end of September, the yield spread between 10Y and 1Y treasury bonds has narrowed, while the spread between 30Y and 10Y treasury bonds has widened. Currently, the capital market is relatively loose, and the bond market should be viewed more optimistically, with the duration selection from short to long, and the fluctuation center of the 10Y treasury bond yield is maintained at 1.7% [19][22]. 3.3.2 Convertible Bonds - As of October 14, 2025, the CSI Convertible Bond Index had a return of + 15.7% since the beginning of the year. Currently, the valuation quantiles of convertible bonds are close to or exceed historical highs, so an oscillatory pattern is inevitable. In the long run, convertible bonds are relatively high - quality assets, but at present, more attention should be paid to the structure [28].

Core Viewpoint - The article provides an overview of recent developments in the convertible bond market, including new issuances and important announcements regarding existing bonds [1][6]. Group 1: New Issuances - Jinlang will be available for subscription on October 17 [1]. - Super Electronics and Taikai Ying are also highlighted as new stock subscriptions on the Shanghai and Shenzhen exchanges and the Beijing Stock Exchange, respectively [1]. Group 2: Important Announcements - The announcement regarding the adjustment of Zhengchuan Convertible Bond was made on October 15, 2025 [1]. Group 3: Convertible Bond Data - A detailed table lists various convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [3][5]. - For example, the current price of Jiuzhou Convertible Bond 2 is 123.799, with a strong redemption price of 102.040, and a conversion value of 125.18 [3]. - The remaining scale of Changji Convertible Bond is 4.964 billion, with a conversion value of 126.41 [3].

Group 1 - The article discusses the strong redemption of certain convertible bonds, specifically the "Chengfeng Convertible Bond" and "Niutai Convertible Bond," both set for strong redemption on October 14, 2025 [1] - The "Yanpai Convertible Bond" is noted as not being subject to strong redemption [1] - The company "Qiaoyin Co., Ltd." is under scrutiny due to its subsidiary being listed as an executed person and a dishonest executed person, with three records of dishonesty as of September 27, 2025 [1] Group 2 - The article provides a table of various convertible bonds, detailing their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6] - For instance, the "Jiuzhou Convertible Bond" has a current price of 123.799, a redemption price of 102.040, and a conversion value of 125.18, with a remaining scale of 0.037 billion [4] - The "浦发转债" (Shanghai Pudong Development Bank Convertible Bond) has a current price of 110.445, a redemption price of 110.000, and a remaining scale of 186.400 billion [6]

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. held an analyst meeting to discuss its operational performance, impairment arrangements, convertible bonds, and equity incentives with 119 institutional investors and analysts [1][2]. Group 1: Operational Performance - The company reported a recovery in gross margin for its loader business, with the T series loaders launched globally on May 28, 2025, receiving market recognition [1]. - The company aims to maintain its competitive edge in electric loaders through high-end product structure, value and combination marketing, and cost reduction via smart manufacturing [1]. - The company expects loader profitability in 2026 to outperform that of 2025, focusing on high-quality development rather than engaging in price wars [1]. Group 2: Impairment Arrangements - The company has generally kept impairment provisions within budget, except for the tower crane business, which has been adversely affected by the downturn in the domestic real estate sector [2]. - Following a special audit of the tower crane business, the company anticipates increasing its impairment provisions due to heightened credit risk [2]. - The company plans to enhance asset management through a focus on quality improvement and a revamped credit management system, expecting impairment rates to gradually return to reasonable levels [2]. Group 3: Convertible Bonds and Equity Incentives - The company is conducting market research regarding its convertible bonds, which may trigger mandatory redemption clauses due to recent stock price movements [2]. - In the event of triggering the redemption clause, the company will consider investor interests, financial conditions, and market situations before making a decision [2]. - The company plans to repurchase 55.23 million shares, representing 2.72% of its capital, for new equity incentive plans or employee stock ownership plans [2]. Group 4: Future Planning Goals - The company aims to develop three growth curves through product lines in earth-moving machinery, mining machinery, and new business ventures [2]. - It seeks to enhance local advantages across the entire value chain by deepening global regional capabilities [2]. - The company plans to improve product strength and overseas operational capabilities while optimizing cost structures and enhancing operational management through organizational and process reforms [2].

Core Viewpoint - Jiangxi Naipu Mining Machinery Co., Ltd. is responding to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, focusing on its new materials mining wear parts manufacturing project in Peru, which has an annual production capacity of 12,000 tons [1][2]. Group 1: Project Approval and Compliance - The company has obtained all necessary approvals from domestic regulatory authorities and is progressing with the required qualifications for overseas construction, with expectations to secure all operational permits before production starts, indicating low overall uncertainty risk [1]. - The project does not fall under restricted or prohibited categories of overseas investment as per relevant guidelines, and it does not involve any export control issues outlined in the technology export restriction catalog [2]. Group 2: Risk Management and Mitigation - The company believes its sales of mining wear parts are less affected by global economic cycles, and the political stability in the project country and main sales regions helps mitigate risks from international trade tensions [1]. - In response to potential extreme scenarios, the company has implemented measures such as establishing overseas production bases, developing domestic business, enhancing technological research, and adapting to policy changes to improve operational stability and risk resilience [1]. Group 3: Financial Projections and Market Position - The company provided detailed explanations regarding the investment amount estimation, benefit forecasts, production timelines, capacity absorption risks, product advantages, and market share enhancement rationality, all of which were deemed reasonable by intermediary institutions [2]. - The previous changes in the use of raised funds were justified as necessary and reasonable, with no significant change risks identified for the current fundraising project [2].

Core Viewpoint - The article discusses the selection of convertible bond funds that provide downside protection during market declines and capture upside opportunities during rebounds, highlighting four high-performing funds based on updated screening criteria. Group 1: Fund Selection Criteria - The selection criteria for convertible bond funds have evolved, focusing on managers with strong drawdown control capabilities [1] - Only four convertible bond funds meet the updated criteria: Huabao Convertible Bond A, Zhongou Convertible Bond A, Nanfang Xiyuan Convertible Bond A, and Huitianfu Convertible Bond A [1] - The total scale of these funds as of September 30, 2025, is as follows: Huabao Convertible Bond A (2.177 billion), Zhongou Convertible Bond A (7.529 billion), Nanfang Xiyuan Convertible Bond A (1.599 billion), and Huitianfu Convertible Bond A (3.156 billion) [1] Group 2: Performance Comparison - In the past year, Zhongou Convertible Bond A has shown the best performance with a return of 39.65% and an annualized return of 39.52% [2] - The other funds' performance includes: Huabao Convertible Bond A (38.76%, 38.64%), Nanfang Xiyuan Convertible Bond A (33.98%, 33.87%), and Huitianfu Convertible Bond A (29.64%, 29.55%) [2] - The benchmark, CSI 300, had a return of 25.30% [2] Group 3: Fund Managers' Insights - Zhongou Convertible Bond's manager noted that the current valuation of convertible bonds is approaching a bubble, leading to a tightening of risk exposure while aiming for stable returns [4] - Huabao Convertible Bond's manager indicated that the bond market's performance mirrored the stock market, with high valuations prompting a reduction in positions during the second quarter [5] - Nanfang Xiyuan Convertible Bond's manager expressed a balanced growth style, focusing on high-quality individual bonds and maintaining a stable monetary environment [6][7] - Huitianfu Convertible Bond's manager remains optimistic about the market, despite high valuations, and is focusing on sectors like high-end manufacturing and consumer electronics [8]

Core Viewpoint - The article discusses the recent performance of the Sci-Tech Innovation 50 Index, highlighting its significant rise and high price-to-earnings ratio of 180, raising questions about sustainability and future expectations in the investment landscape [1]. Group 1 - The Sci-Tech Innovation 50 Index has experienced continuous growth, leading to a price-to-earnings ratio of 180, which is notably high compared to historical averages [1]. - There is a growing concern among investors regarding the sustainability of such high valuations and the potential impact on future investment returns [1]. - The article prompts readers to reflect on their investment expectations and strategies in light of the current market conditions [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of the slow - bull expectation in the equity market and the pattern where the demand in the convertible bond market is stronger than the supply and is difficult to change, convertible bonds remain relatively high - quality assets in the long run. Currently, the overall valuation level is relatively high, and more efforts need to be made in the structure [4]. 3. Summary by Related Catalogs Market行情 - From September 22 to September 26, 2025 (5 trading days), the CSI Convertible Bond Index rose by +0.9% (last week's change was - 1.5%), turning positive this week; the CSI All - Share Index changed by +0.2% (last week's change was - 0.2%). The convertible bonds outperformed equities this week, for the first time in a month. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +15.3%, and the CSI All - Share Index has risen by +21.3%. The convertible bond market has underperformed the equity market [1]. - By rating, high - rated bonds (rated AA + and above), medium - rated bonds (rated AA), and low - rated bonds (rated AA - and below) rose by +0.69%, +0.86%, and +0.51% respectively this week, with low - rated bonds having the smallest increase [1]. - By convertible bond scale, large - scale convertible bonds (bond balance greater than 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance less than 500 million yuan) rose by +0.73%, +1.01%, and +0.01% respectively this week, with small - scale convertible bonds having the smallest increase [1]. - By conversion parity, ultra - high - parity bonds (conversion value greater than 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value less than 70 yuan) rose by +1.15%, +0.69%, +0.38%, +0.36%, and +0.36% respectively this week, with ultra - high - parity bonds having the largest increase [2]. Convertible Bond Price, Parity, and Conversion Premium Rate - As of September 26, 2025, there were 427 outstanding convertible bonds (432 at the end of last week), with a balance of 593.378 billion yuan (599.191 billion yuan at the end of last week). The average convertible bond price was 130.44 yuan (130.41 yuan last week), with a quantile of 98.4%; the average convertible bond parity was 104.27 yuan (105.51 yuan last week), with a quantile of 94.3%; the average conversion premium rate was 26.0% (25.2% last week), with a quantile of 49.6%. Among them, the conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.8% (28.1% last week), higher than the median conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [3]. Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index rose by +0.9% this week, and convertible bonds outperformed equities for the first time in a month. Since the beginning of 2025, the convertible bond market has underperformed the equity market. In the long run, convertible bonds are still relatively high - quality assets, but the current valuation is high, and more attention should be paid to the structure [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Jize Convertible Bond, Huicheng Convertible Bond, etc. For example, Jize Convertible Bond rose by 25.83%, and its underlying stock, Jize New Energy, rose by 18.22% [23].

Group 1: Core Insights - The report analyzes the fund flow of exchange-traded index funds from September 15 to September 19, 2025, highlighting significant trends in various categories [1][2]. - The overall fund flow indicates a mixed performance across different index categories, with notable outflows in major indices like the Shanghai Composite and CSI 300 [6][7]. Group 2: Fund Flow by Category - The Shanghai 50 index had a fund size of 159.46 billion yuan, with a weekly decline of 1.71% and a net outflow of 5.98 billion yuan [6]. - The CSI 300 index, with a fund size of 983.45 billion yuan, experienced a slight decline of 0.39% and a significant net outflow of 33.92 billion yuan [6]. - The ChiNext index showed a positive trend with a weekly increase of 2.17% and a net inflow of 5.76 billion yuan, indicating investor interest in growth sectors [6]. - In the technology sector, the large technology category saw a fund size of 216.69 billion yuan, with a weekly increase of 2.20% and a substantial net inflow of 58.01 billion yuan [7]. - The large financial category faced a decline of 3.20% with a net inflow of 140.61 billion yuan, suggesting a shift in investor sentiment [7]. Group 3: Sector Performance - The healthcare sector had a fund size of 100.16 billion yuan, with a weekly decline of 2.11% and a modest net inflow of 5.94 billion yuan, reflecting cautious investor behavior [7]. - The manufacturing sector reported a fund size of 72.82 billion yuan, with a weekly increase of 2.19% and a net inflow of 64.79 billion yuan, indicating resilience in this area [7]. - The consumer sector showed a slight decline of 0.24% with a net inflow of 32.55 billion yuan, suggesting mixed investor confidence [7]. Group 4: International Indices - The Nasdaq 100 index had a fund size of 78.42 billion yuan, with a weekly increase of 1.84% and a net outflow of 0.67 billion yuan, indicating fluctuating investor interest [11]. - The S&P 500 index reported a fund size of 20.84 billion yuan, with a slight increase of 0.50% and a net inflow of 0.77 billion yuan, reflecting stable performance [11]. - The Hang Seng index had a fund size of 19.17 billion yuan, with a weekly increase of 0.40% and a net outflow of 3.72 billion yuan, suggesting challenges in the Hong Kong market [11].