Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Policy support has significantly boosted the equity and convertible bond markets. The Shanghai Composite Index and the Wind Micro - cap Stock Index have reached new phased highs, but the style rotation is fast, with the technology and dividend sectors taking turns. Amid the intertwining of Sino - US tariff issues and domestic policy expectations, the equity market is highly volatile, but its downside risk is generally controllable. The convertible bond market is trending optimistically. In the short term, the impetus for the convertible bond market comes from the liability side, with the return of net inflows into convertible bond ETFs and the potential increased demand from the upcoming stock - bond constant ETFs. After a period of retracement and consolidation, a new round of market upswing is expected to start. [3][5] Section Summaries 1. Weekly Outlook - Policy support has strongly influenced the equity and convertible bond markets. The Shanghai Composite Index and the Wind Micro - cap Stock Index have hit new phased highs. The equity market is highly volatile due to Sino - US tariff and domestic policy expectations, but its downside risk is controllable. The convertible bond market is optimistic, and its short - term momentum comes from the liability side, such as the return of net inflows into convertible bond ETFs and potential demand from stock - bond constant ETFs. [3][5] 2. Convertible Bond Valuation - During the Fourth Plenary Session of the 20th CPC Central Committee, risk appetite was resilient, and the 100 - yuan valuation rose to around 36%. High - rated large - cap convertible bonds showed stronger valuation performance. The overall market's 100 - yuan premium rate was 35.7%, up 0.6% from the previous week, and its percentile since 2017 was 93.9%. High - rated convertible bonds had a larger increase in valuation than low - rated ones. - The conversion premium rate and the bottom - line premium rate increased across most parity ranges. The low - parity range below 80 yuan and the 110 - 120 yuan parity range showed relatively strong valuation performance, while the high - parity range above 140 yuan saw a slight decline. - The median price of convertible bonds was 131.80 yuan, up 2.07 yuan from the previous week, and the yield to maturity was - 6.47%, down 0.01%. Their percentile levels since 2017 were 99.20 and 0.60 respectively. [4][6][10] 3. Clause Statistics 3.1 Redemption - This week, Tongcheng Convertible Bond announced redemption, while Fuchun, Youfa, and Zhonghuan Zhuan 2 Convertible Bonds announced non - redemption, with a forced - redemption rate of 25%. There are currently 18 convertible bonds that have announced forced or maturity redemptions but have not yet delisted, with a potential conversion or maturity balance of 4.9 billion yuan. There are 34 convertible bonds currently in the redemption process, and 12 are expected to meet the redemption conditions next week. [4][13][16] 3.2 Downward Revision - This week, Lanfan Convertible Bond proposed a downward revision. As of now, 107 convertible bonds are in the non - downward - revision period, 23 cannot be downward - revised due to net - asset constraints, 2 have triggered the downward - revision condition but the stock price is still below the trigger price and no announcement has been made, 32 are accumulating days for downward revision, and 1 has issued a board - meeting proposal for downward revision but has not yet held a shareholders' meeting. [4][18] 3.3 Put Option - This week, Baocai Convertible Bond issued a conditional put - option announcement. As of now, 2 convertible bonds have issued put - option announcements, and 5 are accumulating days to trigger the put - option. Among them, 1 proposed a downward revision, 1 has triggered the downward - revision condition, 1 is accumulating days for downward revision, and 2 are in the non - downward - revision period. [4][22] 4. Primary Market Issuance - There were no new convertible bond issuances this week. Jin 25, Funeng, and Jinlang Zhuan 02 Convertible Bonds have been issued but not yet listed. Jin 25 Convertible Bond is scheduled to list on October 27, 2025. As of now, there are 7 convertible bonds awaiting registration, with a total issuance scale of 6.7 billion yuan, and 6 awaiting listing - committee approval, with a total issuance scale of 3.6 billion yuan. [4][26] 5. Appendix - The CSI Convertible Bond Index rose 1.47% this week. The technology and advanced manufacturing sectors showed significant recovery. Most industries saw gains, with the national defense and military industry, electronics, and computer sectors leading the way. [28][33]

Core Viewpoint - The report highlights the growth of equity investments in sectors such as electronics, communications, innovative pharmaceuticals, and military industries, while emphasizing the importance of a balanced growth investment strategy in the current market environment [1][2]. Group 1: Investment Strategy - The newly launched fund, 景顺长城衡益, is managed by Guo Lin, who adopts a balanced growth investment approach, focusing on TMT (Technology, Media, Telecommunications) and other growth sectors like military, pharmaceuticals, manufacturing, and new consumption [1]. - Guo Lin's investment philosophy is centered on identifying companies with long-term growth potential within sub-sectors that exhibit favorable industry conditions, avoiding bets on single sectors or industry rotations [1][2]. Group 2: Market Analysis - The Hong Kong stock market, despite its volatility, presents solid long-term investment logic, supported by the Federal Reserve's recent interest rate cuts, which may enhance liquidity in the market [2]. - The Hang Seng Index currently has a price-to-earnings ratio of 11.94, which is lower than that of other major indices like the Nikkei 225 (22.53) and S&P 500 (29.57), indicating significant potential for price recovery [2]. Group 3: Performance Metrics - Under Guo Lin's management, the 景顺长城科技创新三年定开 fund has achieved a net value growth rate of 40.57% this year, outperforming its benchmark (26.49%) and the mixed equity fund index (30.97%) [2]. - The fund's portfolio has consistently included significant holdings in growth sectors such as electronics, media, pharmaceuticals, and military, with over 30% of its net value in Hong Kong stocks across the last four reporting periods, showcasing Guo Lin's extensive experience in the Hong Kong market [2]. Group 4: Future Outlook - Guo Lin maintains a relatively optimistic outlook for the equity market, anticipating a potential rebound in risk appetite driven by developments in US-China negotiations and economic data influencing policy expectations [2]. - The new fund will continue to focus on a balanced growth strategy to navigate structural market conditions, with particular attention to sectors like gaming, media, consumer electronics, domestic computing power, pharmaceuticals, military, energy storage, and resources, while favoring technology consumption leaders represented by the Hang Seng Tech Index [2]. Group 5: Fund Structure - The 景顺长城衡益 fund is an initiated fund, requiring the fund manager to invest at least 10 million yuan of their own capital and maintain this investment for no less than three years, reflecting confidence in their strategy and management capabilities [3].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views of the Report - The convertible bond market had a poor profit - making effect last week. Although the underlying stocks fell sharply, there was no panic selling in convertible bonds. The valuation declined, and it is likely to remain at the current level or slightly compress. [7][10] - In an environment where pure bonds are weak and the demand for convertible bonds exceeds the supply, convertible bonds are still relatively high - quality assets. The short - term structural opportunities are greater than the trend opportunities, and the instrumental attribute of convertible bonds has become stronger. The cashing pressure continues, and the key to the subsequent trend lies in the equity market. One should seize structural opportunities and buy on dips to bet on rebounds. [7][10] - This week, the market was significantly pressured by events such as Sino - US tariffs. The main stock indices closed down, and the capital style switched in the short term. The A - share market is expected to maintain an oscillating upward trend, and the slow - bull pattern remains unchanged. [7][10] - This week, convertible bonds followed the decline of the equity market. The average daily trading volume decreased significantly to 68.844 billion yuan. The CSI Convertible Bond Index fell 2.35%, the parity center decreased by 3.0% to 109.3 yuan, and the conversion premium rate center increased by 1.7% to 21.2%. AAA - rated convertible bonds performed well this week, while high - price and low - rated convertible bonds performed weakly. [7][18] 3. Summary According to the Directory 3.1 Convertible Bond Views: Cashing Pressure Remains, but the Correction is Still Controllable - The convertible bond market's current information is neutral. The subsequent trend depends on the equity market. One should grasp structural opportunities and buy on dips to bet on rebounds. The cashing pressure continues, but the correction is controllable. [7][10] 3.2 Convertible Bond Review: Convertible Bonds Followed the Equity Market Downward, and the Valuation Retracement was Limited 3.2.1 Market Overall Performance: Affected by Both Domestic and Foreign Factors, All Indices Closed Down - From October 13th to 17th, affected by both domestic and foreign factors, the main indices closed down. The Shanghai Composite Index fell 1.47%, the Shenzhen Component Index fell 4.99%, the CSI 300 fell 2.22%, the CSI 1000 fell 4.62%, the ChiNext Index fell 5.71%, the STAR 50 fell 6.16%, and the Beijing Stock Exchange 50 fell 4.91%. [15] - In terms of industries, banking, coal, and food and beverage led the gains, while electronics, media, and automobiles led the losses. The average daily trading volume decreased by 407.953 billion yuan to 2.19 trillion yuan. [15] - The top ten convertible bonds in terms of gains last week were Tongguang, Liugong, Yanpai, etc. In terms of trading volume, Guanchong, Yuguang, Huicheng, etc. were relatively active. [15] 3.2.2 Trading Volume Shrunk Significantly, and High - Rated Convertible Bonds Performed Well - This week, convertible bonds followed the equity market down. The average daily trading volume decreased significantly to 68.844 billion yuan. The CSI Convertible Bond Index fell 2.35%, the parity center decreased by 3.0% to 109.3 yuan, and the conversion premium rate center increased by 1.7% to 21.2%. [18] - In terms of style, AAA - rated convertible bonds performed well this week, while high - price and low - rated convertible bonds performed weakly. [18]

Core Insights - The performance of public FOFs (funds of funds) has significantly improved in the first three quarters of this year, driven by a recovery in the equity market, with all FOFs achieving positive returns for the year [1][2] - The top-performing FOF, Guotai Youxuan Lihang One Year, recorded a net value return of 77.13%, highlighting the strong performance of equity-type FOFs [2][3] Group 1: Performance Metrics - The Shanghai Composite Index rose by 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by 51.20% in the first three quarters, contributing to the valuation uplift of public FOFs [3] - A total of 49 new public FOFs were launched in the first three quarters, compared to only 23 in the same period last year, indicating a significant increase in new fund issuance [4] Group 2: Market Trends - The number of new A-share accounts opened reached 20.15 million, a year-on-year increase of 49.64%, reflecting growing investor participation in the equity market [3] - The issuance of public FOFs has been characterized by strong demand, with some funds selling out within a day, such as Morgan Fund's Yingyuan Stable Three-Month Holding A, which raised 2.752 billion yuan in just one day [4] Group 3: Investment Strategies - Key drivers of FOF performance include technology and resource-themed ETFs, which have been prominent in the portfolios of top-performing funds [2] - Analysts suggest focusing on sectors like non-ferrous metals and traditional industries such as liquor and home appliances, which are seen as undervalued with stable earnings potential [5]

Core Insights - The convertible bond market is expected to experience short-term volatility due to external risks, but medium-term growth is anticipated, particularly in structural opportunities within the market [3][4][19] - The current valuation of convertible bonds is considered reasonable, driven by underlying stocks, with a potential decrease in supply due to an increase in new issuances [3][4][57] - The market is shifting towards a more passive investment approach, with a notable increase in ETF holdings, which may amplify short-term market fluctuations [80][82] Group 1: Market Performance - In September, convertible bonds underperformed compared to underlying stocks, with high-priced and small-cap convertible bonds leading the market [3][6][13] - The technology sector continued to outperform, while bank and non-bank convertible bonds recorded the worst performance of the year [13][19] - The overall market for convertible bonds is characterized by a strong stock nature, with high-priced and small-cap bonds performing better during the recent volatility [14][19] Group 2: Valuation and Supply Dynamics - The current median price of convertible bonds is at a historical high of 132 yuan, with a significant number of high-priced bonds in the market [45][44] - The supply of convertible bonds is expected to increase, with a notable rise in issuance proposals since July, indicating a potential easing of the tight supply situation [60][64] - The market is witnessing a decline in the number of low-priced bonds, with only two bonds priced below their debt floor [45][57] Group 3: Institutional Behavior - In September, insurance institutions and securities asset management firms significantly reduced their holdings in convertible bonds, returning to historical low levels [21][24][70] - Public funds have increased their holdings in convertible bonds, now accounting for approximately 39% of the total market, reflecting a significant rise since the beginning of the year [71][77] - The overall market size of convertible bonds has decreased, but the market value to face value ratio has increased, influenced by concentrated conversions of specific bonds [66][70]

关税政策变化显著影响资产价格，中国出口至美国综合税率约为 30%， 虽有关税壁垒，但中美经济互补性强，预计高额关税不会完全落实，双 方将寻求新的利益平衡点。 四季度债市环境预计优于三季度，短期内贸易战担忧或支撑债市偏强走 势，10 年期国债收益率或修复至 1.7%左右，突破后有望下探至 1.65%，但央行干预或限制进一步下行。 过去三个季度债市对基本面反应不敏感，实则反映经济边际变化不大， 绝对位置较低，需深入理解经济指标与市场行为的复杂关系，不能仅依 赖表面数据。 当前中国 5%的经济增速处于历史较低水平，债市已对此做出反应，10 年期国债收益率低于 2%，未来债市进一步下行需基本面持续走弱。 四季度货币政策预计维持稳健，降息降准概率较低，但国债买卖落地将 利好债市，若贸易摩擦加剧或股市不佳，央行可能采取宽松政策救市。 政策性金融工具由中央层面主导，倾向于支持民营企业项目，但配套资 金不足限制了社融扩张，对整体经济刺激作用有限。 固收 交易贸易摩擦，债市三步走 20251011 摘要 四季度整体经济环境预计好于三季度，贸易摩擦、财政与货币政策共同 作用下，看好债市修复机会，活跃券收益率或达 1.7%，股票市 ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Standing at the end of September and looking forward to October, investors' judgments on the bond market in the next stage are quite divided. There is a consensus on maintaining a preference for medium - short - term and long - term interest - rate bonds, and the proportion of bullish sentiment has increased. The funding situation, the equity market, and institutional behavior have become the core concerns of investors, and their preference for convertible bonds and low - grade urban investment bonds has marginally weakened [1]. - According to the bond market survey questionnaire results released at the end of September, there are four mainstream expectations for the bond market in October: 1) The expected range of the upper and lower limits of long - term treasury bond yields is relatively concentrated, and long - term treasury bond yields still show a state of "capped on the upper end and floored on the lower end"; 2) The bullish sentiment in the bond market has slightly increased, and the proportion of those who think it's time to increase positions has significantly risen, while expectations for reserve requirement ratio cuts and interest rate cuts are divided; 3) Investors' overall expectations for the economy in September have changed. Monetary policy, the funding situation, and the performance of the equity market are the core issues that investors focus on, and the game of institutional behavior has returned to the focus of investors; 4) Looking forward to October, investors unanimously expect to maintain their positions in medium - short - term interest - rate bonds and increase their preference for long - term interest - rate bonds, while their preference for convertible bonds has declined [2][10]. Group 3: Summary by Relevant Catalog 3.1 Investor Bullish Sentiment Rises - A bond market survey questionnaire "What to Expect from the Bond Market in October?" was released on September 25, 2025. By 00:00 on September 28, 204 valid questionnaires were received, covering various institutional investors and individual investors such as bank self - operations, securities firm self - operations, and public funds/special accounts [9]. 3.2 Expectations for Treasury Bond Yields 10 - year Treasury Bond Yields - Regarding the lower limit, 44% of investors think it will likely fall in the range of 1.70% - 1.75% (inclusive), 30% think it will be in the range of 1.75% - 1.80% (inclusive), 14% think it will fall below 1.70%, and about 12% think it will exceed 1.80%. Regarding the upper limit, 49% of investors think it will likely fall in the range of 1.85% - 1.90% (inclusive), about 29% think it will be below 1.85%, and 11% each think it will be in the range of 1.90% - 1.95% (inclusive) and above 1.95%. Current investors' expectations for the rise of 10 - year treasury bond interest rates have gradually increased compared with the August survey results, but they remain cautious about the judgment of breaking through key points [11]. 30 - year Treasury Bond Yields - Regarding the lower limit, 34% of investors each think it will fall in the ranges of 1.95% - 2.00% (inclusive) and 2.00% - 2.05% (inclusive), about 19% think it will be above 2.05%, and only 13% think it will be below 1.95%. Regarding the upper limit, about 35% of investors think it will fall in the range of 2.10% - 2.15% (inclusive), 33% think it will be in the range of 2.15% - 2.20% (inclusive), and about 19% think it will break through 2.20%. Since September, the 30 - year treasury bond yield has continued to rise, and investors are quite cautious about the expectation that it may further increase [13]. 3.3 Expectations for the Economic Situation in September - 54% of investors think the economy in September will show a situation of "both supply and demand weakening", 29% think it will be "demand weakening, supply strengthening", 9% think it will be "both supply and demand strengthening", and 8% think it will be "demand strengthening, supply weakening". In September, 83% of investors think the demand side has generally weakened, and only 38% expect the supply side to strengthen, indicating that the market is relatively cautious about the expectation of supply expansion [14][17]. 3.4 Expectations for Reserve Requirement Ratio Cuts and Interest Rate Cuts - Regarding reserve requirement ratio cuts, 36% of investors think there will be no more cuts this year, 27% think the next cut may occur in October, 23% think it will be in November, and 15% think it will be in December. Regarding interest rate cuts, 53% of investors think there will be no more cuts this year, 19% think the next cut may occur in October, 13% think it will be in November, and 15% think it will be in December. Compared with the August survey results, investors' expectations for reserve requirement ratio cuts have slightly increased, while their expectations for interest rate cuts have slightly decreased [18]. 3.5 Impact of the Fed's 25bp Interest Rate Cut on the Domestic Bond Market - 64% of investors think the Fed's 25bp interest rate cut has limited impact on the domestic bond market, and the domestic fiscal and supply rhythm still need to be considered. 13% think it is beneficial for the repair of the Sino - US interest rate spread and can ease the pressure on RMB depreciation. 12% think the interest rate cut signal strengthens the downward movement of the global interest rate center, which is beneficial for the long - duration trend in the domestic market. Another 12% think the external disturbance is difficult to determine. Most investors think the interest rate cut is not a significant surprise, and its impact on the domestic bond market is relatively limited [22]. 3.6 Expectations for the Bond Market in October - 32% of investors think the bond market in October will strengthen overall, among which 20% expect the yield curve to be bull - flattened (a slight decrease compared with the August survey results), and 12% expect the yield curve to be bull - steepened. 29% of investors think the bond market will be weak. 20% of investors think the bond market may show a differentiation between the short - end and long - end, favoring a strong short - end and a weak long - end, and 6% think the short - end will be weak and the long - end will be strong. Investors' expectations for the bond market are divided, and there is no obvious trend [24]. 3.7 Bond Market Operation Suggestions - 31% of investors think they should hold cash and wait for the market to correct to the expected level before increasing positions. 29% of investors think it's time to start increasing positions. 16% of investors think they should reduce the duration to control risks. 10% of investors think they should appropriately reduce positions, and about 15% of investors think they should keep their positions basically stable. Most investors' actual operations in October are relatively neutral, and the proportion of those who think it's time to start increasing positions has significantly increased [27]. 3.8 Preferred Bond Types in October - Compared with the August survey results, investors' preference for long - term interest - rate bonds, medium - short - term interest - rate bonds, and high - grade urban investment bonds has increased, while their preference for convertible bonds and low - grade urban investment bonds has significantly decreased. Looking forward to October, investors unanimously expect to maintain their positions in medium - short - term interest - rate bonds and increase their preference for long - term interest - rate bonds. Their preference for local government bonds, inter - bank certificates of deposit, and secondary capital bonds has slightly decreased [29]. 3.9 Main Logic of Bond Market Pricing in October - Monetary policy, the funding situation, and the performance of the equity market have become the core concerns of bond investors. Investors' attention to the game of institutional behavior has significantly increased. Their attention to fundamental data such as real estate and PMI remains basically the same, and their attention to the disturbance of US tariff policies has significantly decreased [32].

Group 1: Report Industry Investment Rating - No information provided on the industry investment rating in the report Group 2: Core Views of the Report - The current self - adjustment of convertible bonds is not over, with weakened ability to follow the rise, and the valuation actively declines when the underlying stock pulls back. In the current market, the cost - performance of convertible bonds is low, but considering the slow - bull market of A - shares, there is no need to be overly worried. Now is a concentrated point for convertible bond realization, and high - price, low - premium equity - like varieties and defensive individual bonds are more worthy of consideration, such as some bottom - position varieties represented by banks [6][9]. - Backtesting on recent years' forced redemption cases shows that there are objective returns and a certain degree of certainty in gambling on forced redemption clauses. The number of subsequent forced redemptions and waived forced redemptions is still considerable and worthy of attention [6][9]. - The equity market showed a trend of rising first and then falling last week, with sector differentiation. The Shanghai Composite Index almost broke through the 3900 mark at the beginning of the week and then adjusted significantly. The short - term index needs to oscillate and adjust, but the view of a positive long - term index trend remains unchanged. Attention should be paid to the press conference of the State Council Information Office next Monday [6][9]. Group 3: Summary According to the Catalog 1. Convertible Bond Views: Valuation Continues to Compress, Waiting for the Entry Opportunity - The self - adjustment of convertible bonds is ongoing, with weakened follow - up ability and active valuation decline. The current cost - performance of convertible bonds is low, but there's no need for excessive worry. High - price, low - premium equity - like varieties and defensive individual bonds are recommended. The equity market had a volatile week, and the long - term trend of the index is still positive [6][9]. 2. Convertible Bond Review: Convertible Bonds Follow the Decline Again, Valuation Continues to Fall 2.1 Market Overall Performance: Equity Rises First and Then Falls, Technology Remains the Main Line - From September 15th to September 19th, market index performance was differentiated. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the CSI 300 fell 0.44%, the CSI 1000 rose 0.21%, the ChiNext Index rose 2.34%, the STAR 50 rose 1.84%, and the Beijing Stock Exchange 50 fell 1.43%. In terms of industries, coal, power equipment, and electronics led the rise, while banks, non - ferrous metals, and non - bank finance led the decline. The average daily trading volume increased by 1922.4 billion yuan to 2.52 trillion yuan. The top ten rising convertible bonds last week were Jingxing, Hengshuai, Songsheng, etc., and Jingxing, Jing 23, Liyang, etc. were more active in trading [13]. 2.2 Valuation Actively Compresses, High - Price, Medium - and Low - Rated Convertible Bonds Perform Well - Last week, convertible bonds pulled back again, with active valuation compression. The average daily trading volume increased significantly to 818.02 billion yuan. The CSI Convertible Bond Index fell 1.55%, the parity center decreased by 1.1% to 111.1 yuan, and the conversion premium rate center decreased by 1.1% to 18.9%. In terms of style, high - price, medium - and low - rated convertible bonds performed well last week, while AA + rated and large - cap convertible bonds performed weakly [6][18]

Market Overview - The major indices in the equity market showed mixed performance, with the ChiNext Index rising by 2.34% and the Shanghai 50 Index declining by 1.98% [2] - Among the 31 first-level industries, 13 experienced gains, with the top five performing industries being coal, electrical equipment, electronics, automobiles, and machinery [2] - The five industries with the largest declines were banking, non-ferrous metals, non-bank financials, steel, and agriculture [2] Public Fund Market - The scale of the Shanghai and Shenzhen ETF exceeded 5.1 trillion yuan [2] - In the past month, 14 actively managed equity funds were closed early [2] - Among equity funds, the average increase for equity-oriented funds was 0.63%, while fixed income plus funds saw an average decline of 0.08% with a positive return ratio of 41.65% [2] - Pure bond funds had an average increase of 0.03%, and pension target FOFs rose by an average of 0.54% [2] - QDII funds averaged an increase of 1.37%, with a positive return ratio of 81.14% [2] Fund Positioning - The industries with the highest increases in active equity fund positions were media, coal, and electrical equipment, while the largest decreases were in electronics, pharmaceuticals, and comprehensive sectors [3] - The overall positioning of active equity funds was measured at 77.69% as of September 19, 2025, a decrease of 0.51 percentage points from the previous period [3] ETF Market - The ETF market saw a net inflow of 13.612 billion yuan last week, with cross-border ETFs contributing a net inflow of 16.079 billion yuan [3] - Stock ETFs experienced a net inflow of 4.856 billion yuan [3] - The average daily trading volume in the ETF market reached 469.267 billion yuan, with an average daily turnover rate of 10.34% [3] - Major inflow themes included brokerages, robotics, and gold ETFs, while broad-based funds continued to see outflows, particularly from the Shanghai Stock Exchange STAR 50, CSI 300, and CSI A500 indices [3] Fund Issuance - A total of 31 new funds were issued last week, a decrease of 24 from the previous period, while 56 new funds were established, an increase of 17 [3] - The total amount raised by new funds was 70.735 billion yuan, an increase of 48.941 billion yuan from the previous period [3]

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]