Fixed Income Research - In October, the issuance scale of credit bonds decreased slightly, with corporate bonds and medium-term notes increasing, while company bonds, short-term financing bonds, and targeted tools saw a decrease in issuance [3] - The overall credit bond yield declined, but the monthly average showed a mixed trend compared to September, with most credit spreads narrowing [3] - The market is expected to continue a downward trend in yields, with a cautious approach recommended for high-priced bonds, while focusing on the value of individual bonds [3][4] Fund Research - The total scale of public funds exceeded 36 trillion yuan, with a recent draft for performance comparison benchmarks released by the CSRC [5] - In the week from October 27 to October 31, the average return of equity funds was 0.20%, with a positive return ratio of 57.93% [6] - The ETF market saw a net inflow of 238.35 billion yuan, with significant inflows into stock ETFs [6][7] Financial Engineering Research - The A-share market saw most major indices decline in October, with the margin balance continuing to rise, reaching 24,784.70 billion yuan by the end of the month [8][9] - The financing balance increased by 900.17 billion yuan, while the average daily trading volume in the ETF market was 5,559.23 billion yuan [9][10] Industry Research - The pharmaceutical and biotechnology sector is seeing positive developments, with the recent ESMO conference showcasing advancements in Chinese innovative drugs [11] - The steel industry showed significant improvement in performance, with a net profit of 218.53 billion yuan in the first three quarters of 2025, compared to losses in the previous year [14][15] - The non-ferrous metals sector also performed well, with a revenue growth of 9.30% and a net profit increase of 41.55% in the first three quarters of 2025 [16][19]