Report Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - Long - term, major inflection points of convertible bonds are basically synchronous with equities, and capital behavior determines the actual performance of convertible bonds in trending markets. Short - term, capital attitude and behavior determine the performance of convertible bonds around phased inflection points. The convertible bond index may enter a volatile phase in the short term, following changes in the equity market with potentially increased market volatility [1][3][12] - After the adjustment, the average price of convertible bonds has declined, the conversion premium rate has decreased, and the problem of over - valued convertible bonds has been alleviated [19] Summary by Directory 1. Convertible Bond Weekly Thinking - Past week, both the equity and convertible bond markets adjusted, stabilized, and rebounded, with convertible bonds performing slightly better than underlying stocks. The Shanghai Composite Index fluctuated above 3800 points, being weak in the first four trading days and significantly rebounding on Friday. The Wind Convertible Bond Equal - Weighted Index rose 0.51% last week, while the Convertible Bond Underlying Stock Equal - Weighted Index fell 0.75%, and the overall market premium rate increased [10] - Since August 27, the amplitude of the convertible bond market has increased, with different driving factors. On August 27 and September 1, the adjustment was mainly due to capital outflows from the convertible bond market, and convertible bonds underperformed underlying stocks. On September 2, the decline and on September 5, the increase were mainly due to changes in the equity market, with parity driving the performance of convertible bonds. On September 5, the high follow - up performance of convertible bonds was due to capital represented by convertible bond ETFs turning to net inflows [2][11] - Absolute return funds have shifted from direct to indirect holding of convertible bonds. In August, institutions other than public funds basically reduced their holdings of convertible bonds due to the shrinking market size, while public funds continued the growth trend from July. From July to August, absolute return funds such as wealth management subsidiaries and trusts continuously reduced their direct holdings of convertible bonds but indirectly held them by buying fixed - income + funds and convertible bond ETFs. The large - scale inflow of fixed - income + funds, likely synchronous with convertible bond ETFs, started in mid - to - early July, driving up the valuation of convertible bonds. Recently, the attitude of fixed - income + funds has changed due to market fluctuations. Convertible bond ETFs had net outflows on September 1 and 2 and large net inflows on September 5. The previous adjustment of convertible bonds was mainly due to the profit - taking sentiment of absolute return funds, and the weak recovery this time is because the price and valuation of the convertible bond market have reached absolute highs, resulting in the convertible bond trend leading that of the equity market slightly [4][15][16] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - The report provides the performance data of various convertible bond indexes in different time periods, including the past week, two weeks, September to date, one month, two months, half - year, and one year. For example, the Wind Convertible Bond Energy Index rose 1.03% in the past week, - 2.75% in the past two weeks, etc. [22] 2.2 Convertible Bond Individual Securities - The report shows the top ten and bottom ten individual convertible bonds in terms of price changes in the past week, but specific bond names are not provided [24] 2.3 Convertible Bond Valuation - The report presents the valuation trends of different types of convertible bonds, such as debt - type, balanced, and equity - type convertible bonds, including the conversion premium rate trends of different parities of convertible bonds [31] 2.4 Convertible Bond Price - The report shows the price median trend of convertible bonds [35]

Core Viewpoint - Trust funds are increasingly investing in the securities market, particularly in the financial sector, reflecting a strategic alignment with their risk and return preferences [1][2]. Group 1: Trust Fund Holdings - As of June 30, 18 trust companies are among the top ten shareholders of 25 A-share listed companies, with a total holding value of 59.21 billion yuan, showing a growth of 6.456 billion yuan from the previous quarter [1]. - The top six stocks held by trust companies are all from the financial sector, with Guosen Securities and Jiangsu Bank having significant holdings of 2.137 billion shares and 1.281 billion shares, respectively [1]. - The market value of the top six stocks held by trust companies includes Guosen Securities at 24.618 billion yuan, Jiangsu Bank at 15.291 billion yuan, and others like Guoyuan Securities and Zhengzhou Bank also showing substantial values [1]. Group 2: Characteristics of Financial Sector - The financial sector's characteristics of stability, dividends, and safety align well with the trust funds' pursuit of steady progress, making it a favored investment area [2]. - Financial stocks provide strong profitability and dividend capabilities, offering relatively stable returns to investors [2]. - Trust companies have a natural intersection with the financial sector, allowing for better risk assessment and opportunity identification due to deeper insights into the companies' fundamentals and industry trends [2]. Group 3: Future Trends in Trust Funds - The development of standardized trust products is becoming a key focus as the trust industry undergoes transformation [3]. - There is an anticipated increase in trust funds directed towards equity markets, with a trend towards higher allocation ratios and broader industry investments [3]. - Trust companies are expected to enhance their focus on risk control and stable performance in equity market investments, providing differentiated and professional asset allocation solutions for high-net-worth clients [3].

Report Summary 1. Report Industry Investment Ratings The report does not provide overall industry investment ratings. Instead, it offers specific investment suggestions for different varieties within various sectors. 2. Core Viewpoints - The A-share market may enter a high-level oscillation pattern after significant gains, and the volatility has increased. The bond market is likely to remain range-bound, and the precious metals market has ended its continuous rise and slightly declined. The shipping index is weakly oscillating, and the steel and iron ore markets are affected by supply and demand factors. The energy and chemical sectors show different trends, and the agricultural products market is influenced by factors such as supply expectations and seasonal reports [2]. 3. Summary by Categories Financial - **Stock Index Futures**: The current basis rates of IF, IH, IC, and IM main contracts are -0.36%, -0.37%, -0.77%, and -0.54% respectively. The A-share market may enter a high-level oscillation pattern, and it is recommended to wait and see [2]. - **Treasury Bonds**: The 10-year treasury bond interest rate may oscillate between 1.74% - 1.8%, and the T2512 contract may fluctuate between 107.6 - 108.4. It is recommended to conduct range operations [2]. - **Precious Metals**: The safe-haven sentiment has subsided, and the precious metals market has ended its continuous rise and slightly declined. It is recommended to buy gold cautiously at low prices or use out-of-the-money call options for hedging. For silver, short-term high-sell and low-buy operations are recommended [2]. Black - **Steel**: The steel price is affected by production restrictions and off-season demand. It is recommended to pay attention to the long position of the steel-ore ratio. The iron ore price fluctuates with the steel price, and it is recommended to conduct range operations [2]. - **Coking Coal**: The spot price is oscillating weakly. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. - **Coke**: The seventh round of price increases by mainstream coking plants has been implemented, and the coking profit continues to recover. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. Non-Ferrous Metals - **Copper**: The copper price center has risen, and the spot trading is weak. The main contract reference range is 79,000 - 81,000 [2]. - **Aluminum and Its Alloys**: The supply of aluminum is highly certain, and it is necessary to focus on the fulfillment of peak-season demand and the inventory inflection point. The main contract reference ranges for aluminum, aluminum alloy, zinc, tin, nickel, and stainless steel are provided [2]. Energy and Chemicals - **Crude Oil**: The EIA inventory increase and supply increment expectations put pressure on the oil price. It is recommended to take a short position. The support levels for WTI, Brent, and SC are provided [2]. - **Other Chemicals**: Different chemicals such as urea, PX, PTA, short fiber, bottle chip, ethylene glycol, caustic soda, PVC, benzene, styrene, synthetic rubber, LLDPE, PP, methanol, and others have different trends and corresponding investment suggestions [2]. Agricultural Products - **Grains and Oils**: The abundant harvest expectation suppresses the US soybean price, while the domestic expectation remains positive. It is recommended to arrange long positions for the 01 contract. The palm oil is waiting for the MPOB report, and the short-term oscillation range is provided [2]. - **Livestock and Poultry**: The supply and demand contradiction in the pig market is limited, and the market shows a weakly oscillating pattern. The corn price is oscillating and adjusting, and it is recommended to short on rebounds [2]. - **Other Agricultural Products**: The overseas sugar supply is expected to be loose, and the raw sugar price has broken through the support level. It is recommended to gradually close short positions. The cotton inventory is low, and it is recommended to wait and see. The egg market has some demand support, but the long-term trend is still bearish. The apple price is running around 8,350, and the jujube price has dropped significantly. The soda ash and glass markets are in a bearish pattern, and it is recommended to hold short positions [2]. Special Commodities - **Rubber**: The rubber market has a strong fundamental situation, and the price is oscillating at a high level. It is recommended to short at high positions if the raw material price rises smoothly [2]. - **Industrial Silicon**: The spot price has risen slightly, and the main price fluctuation range is expected to be between 8,000 - 9,500 yuan/ton [2]. New Energy - **Polysilicon**: The self-discipline supports the polysilicon price to rise temporarily, and it is recommended to wait and see [2]. - **Lithium Carbonate**: The market sentiment has improved, and the fundamental situation remains in a tight balance. It is recommended to wait and see [2].

Group 1 - The core viewpoint of the article highlights the performance and outlook of the Hua Bao New Opportunity Mixed A Fund, which reported a profit of 29.44 thousand yuan in the first half of 2025, with a weighted average profit per fund share of 0.0107 yuan and a net value growth rate of 0.68% [3][4] - As of September 3, 2025, the fund's unit net value was 1.829 yuan, and the fund manager team, consisting of Lin Hao and Tang Xueqian, has managed three funds with positive returns over the past year [3][4] - The fund's scale reached 43.32 million yuan by the end of the first half of 2025, with a total of 2,220 holders owning 24.69 million shares [31][34] Group 2 - The fund's recent performance metrics indicate a three-month net value growth rate of 5.33%, a six-month growth rate of 5.60%, and a one-year growth rate of 10.43%, ranking 29th out of 142 comparable funds in the last three months [7] - The fund's weighted average price-to-earnings ratio (TTM) is approximately 13.94 times, which is lower than the industry average of 18.03 times, indicating a potentially undervalued position [11] - The fund's weighted revenue growth rate (TTM) for the first half of 2025 was 0.03%, and the weighted net profit growth rate (TTM) was 0.12%, suggesting modest growth in the underlying assets [17] Group 3 - The fund's recent half-year turnover rate was approximately 66.22%, which has been consistently below the industry average for four years [37] - The top ten holdings of the fund include major companies such as Kweichow Moutai, Bank of Communications, and China Life Insurance, indicating a stable investment strategy [40] - The fund's three-year Sharpe ratio stands at 0.4031, ranking 46th out of 142 comparable funds, reflecting a reasonable risk-adjusted return [25]

Report Summary 1. Investment Ratings The document does not provide an overall industry investment rating. 2. Core Views - The direction of monetary policy in the second half of 2025 is crucial for the equity market. After a significant increase in A-shares, they may enter a high-level shock pattern [2]. - In the short term, the 10-year treasury bond interest rate may fluctuate between 1.75% - 1.8%. Gold shows a strong shock trend, and copper prices are rising due to improved interest rate cut expectations [2]. - Many commodities such as steel, iron ore, coking coal, and coke are facing price - related challenges. Some suggest strategies like long steel - to - ore ratio and shorting at high prices [2]. 3. Summary by Categories Financial Futures - **Stock Index Futures**: After a large increase in A - shares, they may enter a high - level shock pattern. It is recommended to wait for the next direction decision [2]. - **Treasury Bond Futures**: The 10 - year treasury bond interest rate may fluctuate between 1.75% - 1.8%. It is recommended to use range - bound operations for unilateral strategies and pay attention to the basis convergence strategy of TL contracts for spot - futures strategies [2]. - **Precious Metals**: Gold is strongly fluctuating. It is advisable to be cautious when chasing long positions unilaterally. Buying at - the - money or in - the - money call options can be considered. Silver is affected by news and shows an upward shock [2][3]. Industrial Metals - **Copper**: Due to the improvement of interest rate cut expectations, the center of copper prices has risen, with the main contract reference range of 78500 - 80500 [2]. - **Aluminum and Related Products**: Aluminum oxide has a surplus pressure, and the disk is in a weak shock. Aluminum is in a high - level shock, and attention should be paid to whether the peak - season demand can be fulfilled. Aluminum alloy has a firm spot price [2]. - **Other Metals**: Nickel has an upward shock trend, and stainless steel has a strong disk due to improved spot trading, with cost support and weak demand in a game [3]. Energy and Chemicals - **Crude Oil**: Supported by geopolitical and supply risks, oil prices have rebounded. It is recommended to wait and see unilaterally in the short term and use a positive - spread strategy for arbitrage [2]. - **Other Chemicals**: Many chemicals have different market situations. For example, ethylene glycol is expected to have limited downward space, while PVC is in a weakening trend [2]. Agricultural Products - **Grains and Oils**: Corn futures are in a rebound adjustment, and palm oil may rise in the short term [2]. - **Other Agricultural Products**: Sugar has a relatively loose overseas supply outlook, and eggs have a weak peak - season performance [2]. Special and New Energy Commodities - **Special Commodities**: Glass has a high inventory, and it is recommended to short at high prices. Rubber has a strong fundamental situation and is in a high - level shock [2]. - **New Energy Commodities**: Polysilicon has risen significantly due to news stimulation, and lithium carbonate is in a wait - and - see state [2].

Core Viewpoint - In late August, the RMB experienced a rapid appreciation against the backdrop of a weak US dollar index, strong central bank midpoint pricing, and attractive domestic equity market performance, leading to a new low for the USD/CNY exchange rate this year [1] Group 1 - The RMB exchange rate is expected to remain strong in the short term, gradually returning to a "three-price unification" [1] - If the RMB can maintain a strong trend as the year-end approaches, the demand for settlement is likely to continue supporting the RMB exchange rate [1] - The current domestic fundamentals are primarily providing a floor for the exchange rate, with foreign capital inflow into the equity market but facing outflow pressure in the bond market [1] Group 2 - A breakthrough of the 7 level for the RMB exchange rate will require additional catalysts [1]

Group 1 - The manufacturing sector shows marginal recovery in supply and demand, with PMI production rising by 0.3 percentage points to 50.8% [2] - The "anti-involution" policy is driving a rebound in commodity prices, with August PPI expected to narrow its year-on-year decline to -2.8% [2] - The BCI index for private enterprises has dropped to 46.9%, indicating ongoing operational pressures for small and medium-sized enterprises [2] Group 2 - Infrastructure investment is likely to continue slowing down, but the launch of 500 billion yuan in policy financial tools may stimulate total investment by approximately 400 billion yuan in Q4 [3] - The service sector has shown slight improvement, with the capital market's strength boosting service PMI above 70.0% for two consecutive months [3] Group 3 - Q4 policies are expected to be timely enhanced, focusing on expanding service consumption, with nationwide service consumption vouchers estimated to be between 300-500 billion yuan [4] - Shanghai plans to allocate over 40 billion yuan for consumption upgrades from September to December 2024, suggesting a national scale of approximately 375 billion yuan for service consumption vouchers [4]

Core Viewpoint - The report from CITIC Securities indicates that the RMB has experienced a rapid appreciation due to a combination of external factors, including a weaker US dollar index, strong central bank guidance on exchange rate expectations, and attractive performance in the domestic equity market, which has drawn foreign capital inflows [1] Group 1 - The USD/CNY exchange rate has reached a new low for the year, reflecting the recent appreciation of the RMB [1] - The RMB is expected to maintain a strong and fluctuating trend in the short term, gradually returning to a state of "three prices in one" [1] - As the year-end approaches, if the RMB can sustain its strong fluctuations, it is anticipated that the demand for currency settlement will continue to support the RMB exchange rate [1] Group 2 - The current domestic fundamentals are primarily providing a floor for the exchange rate, with foreign capital inflows into the equity market contrasted by outflows in the bond market [1] - More catalysts are needed for the RMB to break the 7 level against the US dollar [1]

Group 1: Economic Indicators - In August, manufacturing PMI in both the US and Europe exceeded expectations, indicating economic resilience, which may lead the Federal Reserve to consider interest rate cuts, catalyzing a recovery trade [1] - Domestic PMI data for August shows stabilization in manufacturing, improvement in services, and a decline in construction [1] Group 2: Market Performance - The A-share market has accelerated since August, with the Shanghai Composite Index breaking key levels and daily trading volume reaching 30 trillion yuan multiple times [2] - The technology sector is experiencing a significant influx of funds, indicating a cycle of acceleration in both market performance and capital flow [2] Group 3: Bond Market Dynamics - The bond market showed signs of recovery in the first half of the week (August 25-29), but optimism in equity markets persisted, leading to a lack of downward momentum in the bond market [1] - The relative attractiveness of equities compared to bonds has begun to decrease as equity prices continue to rise while the bond market adjusts [1] Group 4: Commodity Insights - The expectation of financial conditions easing before the Federal Reserve's interest rate cut is beneficial for gold performance in the short term [5] - Oil demand is projected to be weak over the next 25 years, with ongoing supply releases putting downward pressure on oil prices [4]

Stock Market - The major index showed a strong upward trend last week, with the Shanghai Composite Index approaching 3900 points, marking a ten-year high [1] - The average daily trading volume for the entire A-share market reached nearly 400 billion, recovering to around 3 trillion, with three trading days exceeding 3 trillion this week [1] - The overall performance of important indices was positive, with the ChiNext Index and STAR Market Index both rising nearly 8%, while the micro-cap sector lagged with a decline of nearly 4% [1] - Global markets experienced a general pullback, with A-shares showing significant resilience compared to H-shares, which saw the Hang Seng Index drop over 1% [1] - Key sectors such as computing power, semiconductors, consumer electronics, and commercial aerospace performed actively, while traditional sectors like coal, banking, and utilities faced pressure [1] Equity Market - The equity market is in a bullish sentiment driven by multiple favorable factors, including a loose policy environment and rising investor risk appetite [2] - The manufacturing PMI in August rose to 49.4%, indicating a slight recovery, although it was below the market expectation of 49.5% [2] - Both domestic and external demand are showing support, with production indices improving and raw material inventories being replenished [2] - The market is closely watching the Federal Reserve's interest rate decisions, with expectations of a 25 basis point cut in September and potential further cuts in the coming months [2] Bond Market - The bond market continues to show weak fluctuations, with the 10-year government bond yield approaching 1.75% before rebounding [3] - The real estate sector remains under pressure, with prices declining, although transaction volumes are relatively stable [3] - The liquidity and policy environment are stable, with minor disturbances around tax periods affecting the bond market [3] - The issuance scale of government bonds has decreased year-on-year, but remains at a relatively high absolute level, impacting liquidity [3] Overall Market Dynamics - The rise in the equity market and the shift in institutional asset allocation from stocks to bonds have led to an increase in bond yields and an expansion of yield spreads [4] - There is ongoing pressure on bank liabilities, and attention is focused on the potential decrease in government bond issuance and credit growth [4]