1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On May 22, 2025, most convertible bond industries declined, and the valuation contracted on a month - on - month basis. The trading sentiment in the convertible bond market weakened, and the overall market showed a situation where large - cap value stocks were relatively dominant [1]. 3. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index decreased by 0.32% month - on - month, the Shanghai Composite Index decreased by 0.22%, the Shenzhen Component Index decreased by 0.72%, the ChiNext Index decreased by 0.96%, the SSE 50 Index increased by 0.19%, and the CSI 1000 Index decreased by 1.08% [1]. - **Market Style**: Large - cap value stocks were relatively dominant. Large - cap growth stocks decreased by 0.49%, large - cap value stocks increased by 0.54%, mid - cap growth stocks decreased by 0.91%, mid - cap value stocks decreased by 0.67%, small - cap growth stocks decreased by 1.05%, and small - cap value stocks decreased by 0.97% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 50.322 billion yuan, a month - on - month decrease of 8.82%. The total trading volume of the Wind All - A Index was 1.139705 trillion yuan, a month - on - month decrease of 6.15%. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 25.263 billion yuan, and the yield of the 10 - year Treasury bond increased by 0.86bp to 1.72% [1]. Convertible Bond Price - The central price of convertible bonds decreased, and the proportion of high - price bonds decreased. The weighted average closing price of convertible bonds was 119.07 yuan, a month - on - month decrease of 0.34%. Among them, the closing price of equity - biased convertible bonds was 157.17 yuan, a month - on - month increase of 0.49%; the closing price of bond - biased convertible bonds was 110.32 yuan, a month - on - month decrease of 0.20%; the closing price of balanced convertible bonds was 120.37 yuan, a month - on - month decrease of 0.18% [2]. - The proportion of high - price bonds above 130 yuan was 23.89%, a month - on - month decrease of 1.9pct. The range with the largest change in proportion was 110 - 120 (including 120), with a proportion of 37.42%, a month - on - month increase of 1.9pct. There were 10 bonds with a closing price below 100 yuan. The median price was 120.60 yuan, a month - on - month decrease of 0.58% [2]. Convertible Bond Valuation - The valuation contracted. The fitted conversion premium rate of 100 - yuan par value was 22.80%, a month - on - month decrease of 0.35pct. The overall weighted par value was 89.74 yuan, a month - on - month decrease of 0.44% [2]. - The premium rate of equity - biased convertible bonds was 4.26%, a month - on - month decrease of 0.45pct; the premium rate of bond - biased convertible bonds was 89.87%, a month - on - month decrease of 0.15pct; the premium rate of balanced convertible bonds was 19.65%, a month - on - month decrease of 0.33pct [2]. Industry Performance - **Stock Market**: In the A - share market, the top three industries with the largest declines were Beauty Care (-2.03%), Social Services (-1.80%), and Basic Chemicals (-1.70%); the top three industries with the largest increases were Banks (+1.00%), Media (+0.12%), and Household Appliances (+0.04%) [3]. - **Convertible Bond Market**: A total of 24 industries in the convertible bond market declined. The top three industries with the largest declines were Utilities (-1.15%), Household Appliances (-1.11%), and Non - Ferrous Metals (-1.07%); the top three industries with the largest increases were Banks (+0.56%), Media (+0.37%), and Building Decoration (+0.23%) [3]. - **Key Indicators of Different Industry Types**: - Closing price: The large - cycle decreased by 0.59%, manufacturing decreased by 0.81%, technology decreased by 0.40%, large - scale consumption decreased by 0.86%, and large - scale finance increased by 0.07% [3]. - Conversion premium rate: The large - cycle increased by 1.0pct, manufacturing increased by 1.2pct, technology increased by 0.25pct, large - scale consumption increased by 1.0pct, and large - scale finance increased by 0.68pct [3]. - Conversion value: The large - cycle decreased by 1.21%, manufacturing decreased by 1.48%, technology decreased by 0.51%, large - scale consumption decreased by 1.68%, and large - scale finance increased by 0.51% [3]. - Pure bond premium rate: The large - cycle decreased by 0.76pct, manufacturing decreased by 1.0pct, technology decreased by 0.55pct, large - scale consumption decreased by 1.0pct, and large - scale finance increased by 0.069pct [4]. Industry Rotation - The banking, media, and household appliance industries led the rise. The banking industry had a daily increase of 1.00% in the stock market and 0.56% in the convertible bond market; the media industry had a daily increase of 0.12% in the stock market and 0.37% in the convertible bond market; the household appliance industry had a daily increase of 0.04% in the stock market and a decrease of 1.11% in the convertible bond market [55].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On May 21, 2025, half of the convertible bond industries declined, and the valuation increased month - on - month. The CSI Convertible Bond Index rose 0.13%, and the trading sentiment in the convertible bond market weakened [1]. - The central price of convertible bonds increased, and the proportion of high - price bonds decreased. The overall weighted average closing price of convertible bonds was 119.50 yuan, up 0.13% month - on - month. The valuation increased, with the 100 - yuan par - value fitted conversion premium rate rising 0.08 pct to 23.15% [2]. - In the A - share market, the top three declining industries were beauty care (-1.09%), electronics (-0.93%), and media (-0.87%); the top three rising industries were coal (+2.55%), non - ferrous metals (+2.05%), and power equipment (+1.11%). In the convertible bond market, 16 industries declined [3]. 3. Summary by Relevant Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.13% month - on - month, the Shanghai Composite Index rose 0.21%, the Shenzhen Component Index rose 0.44%, the ChiNext Index rose 0.83%, the SSE 50 Index rose 0.43%, and the CSI 1000 Index fell 0.23% [1]. - **Market Style**: Large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 0.78%, large - cap value stocks rose 0.46%, mid - cap growth stocks rose 0.52%, mid - cap value stocks rose 0.70%, small - cap growth stocks rose 0.16%, and small - cap value stocks rose 0.31% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 5.5188 billion yuan, down 4.69% month - on - month; the total trading volume of the Wind All - A Index was 121.4373 billion yuan, up 0.26% month - on - month; the net out - flow of main funds in the Shanghai and Shenzhen stock markets was 2.2913 billion yuan, and the yield of the 10 - year Treasury bond rose 0.96 bp to 1.71% [1]. Convertible Bond Price and Valuation - **Convertible Bond Price**: The central price of convertible bonds increased, and the proportion of high - price bonds decreased. The overall weighted average closing price of convertible bonds was 119.50 yuan, up 0.13% month - on - month. The proportion of bonds with a closing price above 130 yuan was 25.79%, down 0.42 pct month - on - month [2]. - **Convertible Bond Valuation**: The valuation increased. The 100 - yuan par - value fitted conversion premium rate was 23.15%, up 0.08 pct month - on - month; the overall weighted par value was 90.19 yuan, up 0.04% month - on - month [2]. Industry Performance - **Stock Market**: The top three declining industries were beauty care (-1.09%), electronics (-0.93%), and media (-0.87%); the top three rising industries were coal (+2.55%), non - ferrous metals (+2.05%), and power equipment (+1.11%) [3]. - **Convertible Bond Market**: 16 industries declined. The top three declining industries were communication (-2.70%), agriculture, forestry, animal husbandry and fishery (-1.71%), and environmental protection (-1.08%); the top three rising industries were coal (+0.92%), media (+0.64%), and non - ferrous metals (+0.64%) [3]. - **Industry Indicators**: In terms of closing price, large - cycle decreased by 0.01%, manufacturing decreased by 0.18%, technology decreased by 0.77%, large - consumption decreased by 0.14%, and large - finance increased by 0.37%. In terms of conversion premium rate, they all increased. In terms of conversion value, large - cycle decreased by 0.06%, manufacturing decreased by 0.33%, technology decreased by 0.90%, large - consumption decreased by 4.90%, and large - finance increased by 0.66%. In terms of pure bond premium rate, large - cycle decreased by 0.076 pct, manufacturing decreased by 0.3 pct, technology decreased by 1.1 pct, large - consumption increased by 1.1 pct, and large - finance increased by 0.39 pct [3][4]. Industry Rotation - Coal, non - ferrous metals, and power equipment led the rise. For example, coal's stock price rose 2.55% daily, and its convertible bond price rose 0.92%; non - ferrous metals' stock price rose 2.05% daily, and its convertible bond price rose 0.64%; power equipment's stock price rose 1.11% daily, and its convertible bond price fell 0.09% [54].

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250519 市场概况：今日转债缩量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.14%、上证综指环比上涨 0.00%、深证成 指环比下降 0.08%、创业板指环比下降 0.33%、上证 50 指数环比下降 0.43%、 中证 1000 指数环比上涨 0.45%。 市场风格：小盘价值相对占优。大盘成长环比下降 0.62%、大盘价值环比下降 0.13%、中盘成长环比下降 0.33%、中盘价值环比上涨 0.02%、小盘成长环比 下降 0.07%、小盘价值环比上涨 0.48%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 559.77 亿元，环比 减少 15.37%；万得全 A 总成交额为 11188.82 亿元，环比减少 0.47%；沪深两 市主力净流出 124.08 亿元，十年国债收益率环比上升 1.00bp 至 1.69%。 转债价格：转债中枢提升，高价券占比下降。转债整体收盘价加权平均值为 119.08 元，环比昨日上升 0.13%。其中偏股型转债的收盘价为 158.40 元，环比 下降 0.19%；偏债型转债的收盘价为 109. ...

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.02% [1] - Sheyan Convertible Bond rose over 2% and Mapping Convertible Bond increased nearly 2% [1] - Jingyuan Convertible Bond fell nearly 4% and Hongqiang Convertible Bond declined nearly 2% [1]

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250515 ❖ 市场概况：今日转债缩量下跌，估值环比压缩 指数表现：中证转债指数环比下降 0.44%、上证综指环比下降 0.68%、深证成 指环比下降 1.62%、创业板指环比下降 1.92%、上证 50 指数环比下降 0.49%、 中证 1000 指数环比下降 1.68%。 市场风格：大盘价值相对占优。大盘成长环比下降 1.13%、大盘价值环比下降 0.41%、中盘成长环比下降 1.24%、中盘价值环比下降 0.85%、小盘成长环比 下降 1.72%、小盘价值环比下降 0.98%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 511.27 亿元，环比 减少 20.67%；万得全 A 总成交额为 11904.19 亿元，环比减少 11.82%；沪深两 市主力净流出 531.15 亿元，十年国债收益率环比上升 0.62bp 至 1.68%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 118.91 元，环比昨日下降 0.43%。其中偏股型转债的收盘价为 160.17 元，环比 上升 2.23%；偏债型转债的收 ...

Group 1 - The China Securities Convertible Bond Index opened with a slight increase of 0.02% [1] - Hongqiang Convertible Bond, Beigang Convertible Bond, and Gaomei Convertible Bond saw increases of 2.30%, 2.17%, and 1.15% respectively [1] - Jiuzhou Convertible Bond 2 decreased by 0.94%, while Kelong Convertible Bond fell by 0.93% [1]

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250507 市场概况：今日转债跟随正股上涨，估值环比压缩 指数表现：中证转债指数环比上涨 0.00%、上证综指环比上涨 0.80%、深证成 指环比上涨 0.22%、创业板指环比上涨 0.51%、上证 50 指数环比上涨 0.87%、 中证 1000 指数环比上涨 0.14%。 市场风格：大盘价值相对占优。大盘成长环比上涨 0.53%、大盘价值环比上涨 1.09%、中盘成长环比上涨 0.20%、中盘价值环比上涨 0.49%、小盘成长环比 下降 0.03%、小盘价值环比上涨 0.47%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 604.95 亿元，环比 增长 0.93%；万得全 A 总成交额为 15050.72 亿元，环比增长 10.31%；沪深两 市主力净流出 276.09 亿元，十年国债收益率环比上升 1.20bp 至 1.64%。 转债价格：转债中枢提升，高价券占比下降。转债整体收盘价加权平均值为 118.20 元，环比昨日上升 0.01%。其中偏股型转债的收盘价为 156.54 元，环比 下降 4.30%；偏债型转债的收盘 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The convertible bond market showed an incremental increase today, with valuations rising month - on - month. The small - cap growth style was relatively dominant, and the trading sentiment in the convertible bond market heated up [1]. 3. Summary by Related Catalogs Market Overview - Index performance: The CSI Convertible Bond Index rose 0.33% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and SSE 50 Index declined, and the CSI 1000 Index rose 0.45% [1]. - Market style: Small - cap growth was relatively dominant. The large - cap growth, large - cap value, mid - cap value, and small - cap value declined, while the mid - cap growth remained unchanged, and the small - cap growth rose 0.24% [1]. - Fund performance: The trading sentiment in the convertible bond market heated up. The trading volume of the convertible bond market was 62.903 billion yuan, a month - on - month increase of 30.42%. The total trading volume of the Wind All - A was 1.041735 trillion yuan, a month - on - month decrease of 3.25%. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 2.352 billion yuan, and the yield of the 10 - year treasury bond decreased by 2.42bp to 1.62% [1]. Convertible Bond Price - The central price of convertible bonds increased, and the proportion of high - price bonds rose. The weighted average closing price of convertible bonds was 117.08 yuan, a 0.33% increase from yesterday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all increased [2]. - From the distribution of convertible bond closing prices, the proportion of high - price bonds above 130 yuan was 19.37%, a 3.58pct increase from yesterday. The proportion of bonds in the 120 - 130 (including 130) range decreased by 1.47pct. There were 12 bonds with a closing price below 100 yuan. The median price was 119.00 yuan, a 0.79% increase from yesterday [2]. Convertible Bond Valuation - Valuations rose. The conversion premium rate of the 100 - yuan parity fitting was 23.04%, a 0.32pct increase from yesterday. The overall weighted parity was 85.96 yuan, a 0.44% increase from yesterday [2]. - The premium rates of equity - biased, debt - biased, and balanced convertible bonds showed different changes, with the equity - biased decreasing by 0.13pct, the debt - biased increasing by 0.33pct, and the balanced increasing by 0.10pct [2]. Industry Performance - In the A - share market, 19 industries rose. The top three rising industries were beauty care (+2.60%), machinery and equipment (+1.44%), and media (+1.27%), while the top three falling industries were public utilities (-1.78%), petroleum and petrochemicals (-0.55%), and coal (-0.51%) [3]. - In the convertible bond market, 25 industries rose. The top three rising industries were building materials (+2.97%), environmental protection (+2.20%), and household appliances (+1.83%), while the top three falling industries were coal (-0.39%), transportation (-0.09%), and public utilities (-0.07%) [3]. - For different sectors: - Closing price: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors rose by 0.91%, 0.71%, 0.90%, 1.49%, and 0.23% respectively [3]. - Conversion premium rate: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors decreased by 0.47pct, 0.78pct, 1.0pct, 0.92pct, and 0.56pct respectively [3]. - Conversion value: The large - cycle, manufacturing, technology, and large - finance sectors rose by 0.91%, 1.26%, 1.36%, and 0.28% respectively, while the large - consumption sector decreased by 2.12% [3]. - Pure bond premium rate: The large - cycle, manufacturing, technology, large - consumption, and large - finance sectors increased by 1.2pct, 0.86pct, 1.2pct, 2.9pct, and 0.24pct respectively [4]. Industry Rotation - The beauty care, machinery and equipment, and media led the rise. The report also provided the daily, weekly, monthly, and year - to - date changes in stock prices, convertible bond prices, and valuation quantiles of multiple industries [52].

发布日期:2025年4月25日 分析师：孙书娜 登记编号：S0890523070001 分析师：冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编号：S0890524040001 证券研究报告一 公募基金专题报告 如何进行资产配置? 2025Q1泛固收类基金季报点评 分析师:孙书娜 执业证书编号:S0890523070001 分析师:冯思诗 执业证书编号:S0890524070001 分析师:顾斯 执业证书编号:S0890524040001 ▶销售服务电话: 021-20515355 ▶请仔细阅读报告结尾处风险提示及免责声明 目录/CONTENTS HWABAD SECURITIES 固收型公募基金202501季报数据解读 1 固收型重点基金2025Q1后市展望观点 2 汇总 固收类基金2025一季报数据回顾：业绩 2025Q1业绩:2025Q1,在A股市场的亮眼表现之下,含权固 收+基金获得良好表现,并且呈现出权益仓位越高、整体业 绩表现更优的特征。同时由于债券市场在2024年12月过度抢 跑了降准降息预期、市场资金面偏紧以及股债路晓板效应的 共同作用下,纯债型产品出现显著回撤。在久期乘数 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In Q1 2025, with the strong performance of the A-share market, fixed-income + funds with equity exposure performed well, showing a trend that the higher the equity position, the better the overall performance. Meanwhile, pure bond products experienced significant drawdowns due to multiple factors. QDII bond funds rose driven by the strengthening of the RMB exchange rate and the decline of short-term US bond yields [3]. - Most fund managers believe that the bond market may show a moderately strong and volatile trend in Q2 2025, with opportunities in the medium and short - end. The stock market may continue to fluctuate in the short term, and the convertible bond market has certain differences in views [35][37][39]. Summary According to the Directory 1.固收型公募基金2025Q1季报数据解读 Performance - In Q1 2025, fixed - income + funds with equity exposure performed well, and the higher the equity position, the better the performance. Pure bond products had significant drawdowns, and passive index bond funds performed worse than medium - and long - term pure bond funds and short - term pure bond funds. QDII bond funds rose [3]. - The average Q1 2025 reinstated unit net value growth rates of different types of funds are as follows: convertible bond funds 2.72%, international (QDII) bond funds 2.02%, flexible allocation funds 1.09%, partial debt hybrid funds 0.45%, hybrid bond funds (secondary) 0.39%, money market funds 0.34%, hybrid bond funds (primary) 0.29%, short - term pure bond funds 0.19%, medium - and long - term pure bond funds - 0.10%, enhanced index bond funds - 0.17%, passive index bond funds - 0.26%, REITs - 0.29% [5]. Scale - As of the end of Q1 2025, fixed - income + funds received significant capital inflows, with secondary bond funds having the fastest scale growth [6]. Leverage - As of March 31, 2025, compared with December 31, 2024, the overall fund leverage showed a downward trend [8]. Duration - As of March 31, 2025, compared with December 31, 2024, the fitted durations of pure bond funds all showed a downward trend [11]. Equity - related Position Changes - As of the end of Q1 2025, the convertible bond positions of different types of fixed - income funds with equity exposure all showed a downward trend. The changes in stock positions were divergent, with the stock positions of primary and secondary bond funds with relatively low position centers increasing, while those of convertible bond funds with relatively high position centers decreasing [15]. Stock Industry Changes (Active) - The top five industries with increased holdings are non - ferrous metals, steel, commerce and retail, media, and agriculture, forestry, animal husbandry and fishery. The top five industries with reduced holdings are transportation, construction, coal, basic chemicals, and petroleum and petrochemicals [18]. Individual Stock Heavy - holdings - The top ten heavily - held stocks in Q1 2025 by market value are Zijin Mining, Yangtze Power, Midea Group, CATL, Tencent Holdings, Kweichow Moutai, China Merchants Bank, Yili Group, China CITIC Bank, and Haier Smart Home [20]. - The top ten heavily - held stocks in Q1 2025 by the number of holding funds are Zijin Mining, Midea Group, CATL, Tencent Holdings, Kweichow Moutai, Yangtze Power, Luxshare Precision, China Merchants Bank, China Mobile, and Yili Group [21]. Individual Stock Increases - The top stocks with increased market value in Q1 2025 are Zijin Mining, China CITIC Bank, Kweichow Moutai, Tencent Holdings, Alibaba - W, etc. The top stocks with an increased number of holding funds are Zijin Mining, BYD, Alibaba - W, etc. [23]. Individual Stock Decreases - The top stocks with reduced market value in Q1 2025 are China Shenhua, Postal Savings Bank of China, PetroChina, etc. The top stocks with a reduced number of holding funds are China Shenhua, CNOOC, China National Offshore Oil Corporation, etc. [25][26]. Convertible Bond Holdings - As of Q1 2025, the convertible bond holdings of the fixed - income funds decreased slightly. The funds generally reduced their holdings of bond - biased convertible bonds and increased their holdings of balanced convertible bonds [27]. - Compared with Q4 2024, the industries with the largest increase in holdings in Q1 2025 are basic chemicals, power equipment and new energy, and electronics. The industries with the largest decrease in holdings are banks, transportation, and automobiles. Fixed - income + funds are overweight in basic chemicals, non - ferrous metals, and machinery compared with the CSI Convertible Bond Index [29]. - Funds significantly increased their holdings of convertible bonds rated between A+ and AA+. They moderately reduced credit quality to select individual bonds after the overall valuation of convertible bonds increased [31]. 2. 固收型重点基金2025Q1后市展望观点汇总 Short - term Bond Funds - Most fund managers believe that the bond market may show a moderately strong and volatile trend in Q2 2025, especially with possible supportive monetary policies, the capital market may become more liquid. Structurally, they are optimistic about the certainty opportunities in the medium and short - end [35]. Medium - and Long - term Bond Funds - Most fund managers believe that with increasing external uncertainties, the internal economic momentum needs continuous fiscal and monetary policy support. Monetary policy is expected to remain supportive, and the bond market may show a moderately strong and volatile trend. Some fund managers advocate active trading to increase returns, while others are optimistic about coupon opportunities [37]. Fixed - income Funds with Equity Exposure - Stock assets: The stock market may continue to fluctuate in the short term. In the future, attention will be paid to the mid - term repair trend of fundamentals, leading stocks with strong competitiveness, stable patterns but significantly compressed valuations, as well as the allocation value of dividend assets and technology growth [39]. - Convertible bond assets: There are differences in views on the convertible bond market. On one hand, as the convertible bond market adjusts with the stock market, the previous high valuations have improved, and the cost - effectiveness of convertible bonds is gradually increasing. On the other hand, the absolute price and relative valuation of convertible bonds are still at a high level, and some fund managers mainly allocate to bond - biased convertible bonds [39]. - Pure bond assets: They still have good allocation value. It is expected that the upward space of medium - and short - term interest rates is limited in Q2 2025, and the volatility of long - term interest rates may increase. Credit bonds are considered the main investment direction [39]. High - position Convertible Bond Enhancement Funds - Most fund managers believe that the convertible bond market has returned to a reasonable valuation. Structurally, they focus on diversified investment and select investment opportunities that are in line with the market trend and benefit from policies [42]. QDII Bond Funds - Global uncertainties and disturbances may continue. The impact of tariffs is still unclear, and the market may not fully price in the risks. In Q2, US Treasury bonds may decline under recession trading, but there is a high probability of two - way fluctuations in the short term. Credit allocation should focus on high - grade, medium - and short - duration bonds [43][44][45]. Public REITs - Rental housing: The overall performance remained stable in Q1 2025, with small fluctuations in occupancy rates [46]. - Industrial parks: Market demand continued to be under pressure, with occupancy rates of most industrial park REITs falling below 80% [47]. - Consumption: The performance of consumer infrastructure projects was stable, with occupancy rates generally above 90% [48]. - Transportation: There was significant differentiation in Q1 2025, with some projects recovering and others performing poorly [49]. - Warehousing and logistics: There was an obvious "quantity - for - price" phenomenon, with occupancy rates remaining high but rents decreasing, leading to a slight decline in operating income [50]. - Energy and environmental protection: The performance of different underlying assets was differentiated [51].