1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale of science - innovation bond ETFs has been fluctuating around 250 billion yuan in the past three weeks, with the latest scale on October 17th being 246.9 billion yuan, and 15 out of 24 ETFs having a scale of over 10 billion yuan [1]. - The weekly issuance of science - innovation bonds has picked up, but the trading volume remains low. The net issuance reached its peak in the first week of July and then declined. The net issuance from October 13th - 17th was 45.9 billion yuan, an increase of 32.8 billion yuan compared to the previous week before the holiday [1]. - This week, science - innovation bond ETFs continued to increase their holdings of new bonds issued in September 2025, mainly in the power, energy, and brokerage sectors, with maturities concentrated between 2 - 3 years. The bonds with relatively large reductions in holdings are from diverse industries, and the reduction behavior is more dispersed [2]. - The buying power of science - innovation bond ETFs has created a spread between non - component bonds and component bonds of the same issuer. As of October 17th, the central spread was 10.9bp, slightly down 0.4bp from October 10th. Attention should be paid to bonds with relatively high or low spreads [3]. 3. Summary by Related Content Science - innovation Bond ETF Scale and Issuance - As of October 17th, the total scale of science - innovation bond ETFs was 246.9 billion yuan, a decrease of 5.2 billion yuan from last Friday. Among the two batches of 24 science - innovation bond ETFs, 15 had a scale of over 10 billion yuan [1][13]. - The net issuance of science - innovation bonds reached its peak in the first week of July and then fluctuated downward. From October 13th - 17th, the net issuance was 45.9 billion yuan, an increase of 32.8 billion yuan compared to the previous week before the holiday, mainly due to the concentrated bond issuance of central enterprises [1]. Science - innovation Bond ETF Trading Volume - The trading volume of science - innovation bonds reached its peak in July and then cooled down. The trading volume this week was relatively low but still higher than before the listing of science - innovation bond ETFs. In the first week of the ETF listing (July 14th - 18th), the trading volume of science - innovation bonds and the trading volume of component bonds of science - innovation bond ETFs accounted for 18% and 14% of credit bonds respectively, and in the past three weeks, they have fluctuated around 10% and 5% [1]. Science - innovation Bond ETF Holdings Adjustment - This week, the increase in holdings of science - innovation bond ETFs continued the pattern of the previous week before the holiday, mainly focusing on new bonds issued in September 2025, involving industries such as power, energy, and brokerage, with maturities concentrated between 2 - 3 years. Among the top 15 component bonds with increased holdings this week, 9 were new bonds issued in September 2025, and 2 were new bonds issued in August 2025 [2]. - The component bonds with relatively large reductions in holdings are from diverse industries such as industrial investment, ports, brokerage, automobiles, and construction, with maturities concentrated between 2 - 3 years. The reduction behavior is more dispersed compared to the increase in holdings [2]. Spread between Non - component Bonds and Component Bonds - The buying power of science - innovation bond ETFs has led to a spread between non - component bonds and component bonds of the same issuer. As of October 17th, the central spread was 10.9bp, slightly down 0.4bp from October 10th. The spread was not obvious before the issuance of the first batch of science - innovation bond ETFs (end of June), only 0 - 2bp, and then increased to 10.0bp after listing (July 18th), narrowed to 9bp at the end of July, and increased again to 9.9bp when the second batch of ETFs started the application process (August 8th), and has since fluctuated around 10bp [3]. - In terms of the term difference of the spread, the spreads for bonds with maturities of 0 - 1 year and over 5 years are relatively low, with a central spread of around 8bp, while the spreads for bonds with maturities of 1 - 5 years are relatively high, ranging from 10 - 13bp [3]. - In terms of individual bond strategies, attention should be paid to bonds with relatively high or low spreads between non - component bonds and component bonds. As of October 17th, 7 issuers had spreads higher than 20bp, indicating that their component bonds were over - bought and the cost - effectiveness of non - component bonds increased. 4 issuers had spreads lower than 8.5bp, suggesting that the valuation of component bonds may still have room for compression [3][4].

Core Points - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] Group 1: Company Initiatives - Hong Kong and China Gas Group's ESG Director Bien Wong highlighted the company's long-standing commitment to renewable energy, having ceased coal production since 1967 [3][5] - The company is involved in various renewable energy projects, including hydrogen energy and sustainable aviation fuel, and operates a green methanol facility for the shipping industry in Inner Mongolia [5][6] - The company serves over 40 million customers, translating to a potential audience of over 100 million when considering an average of three individuals per customer [6] Group 2: Industry Insights - The energy sector must prioritize understanding emission reduction demands before producing renewable energy to avoid oversupply issues [6] - The historical context of energy production is crucial for determining the applicability of renewable energy solutions within existing industry structures [6] - ESG considerations are increasingly important for investors in the energy sector, as the development of low-carbon energy is closely linked to ESG initiatives [7]

Group 1 - The U.S. Treasury Secretary Scott Bansen has urged Japan to stop importing Russian energy products during a meeting with Japanese Finance Minister Kato Masanobu [4][5] - Since the outbreak of the Ukraine crisis in 2022, Japan has agreed with G7 members to gradually halt imports of Russian crude oil, but continues to purchase Sakhalin Blend crude oil, which is crucial for Japan's energy security [4][5] - Japan's Ministry of Finance reported that from January to July this year, Japan imported approximately 599,000 barrels of crude oil from Russia, accounting for only 0.1% of total imports during the same period [4] Group 2 - The U.S. is pushing its allies to increase imports of liquefied natural gas (LNG) from the U.S., including participation in the yet-to-be-built Alaska LNG project, which has a total investment of about $44 billion [5] - In recent months, Japan has signed new LNG procurement agreements with several U.S. energy companies, although no substantial agreement has been reached regarding the Alaska project [5]

Core Insights - The meeting between the chairman of China Energy Group, Zou Lei, and the CEO of Siemens Energy, Christian Bruch, focused on deepening cooperation in multiple energy sectors [1] Group 1 - The meeting took place at the headquarters of China Energy Group on October 16 [1] - Both parties discussed enhancing collaboration in various fields related to energy [1]

Core Points - The UAE delegation participated in the G20 Energy Transition Working Group (ETWG 4) meeting held in South Africa on October 9, reaffirming its commitment to multilateral cooperation and promoting global efforts to build a more sustainable and inclusive energy system [1] - The UAE representatives also engaged in side events focused on creating demand for sustainable fuels, as well as attending the G20 Ministerial Meeting on Nuclear Energy [1]

Group 1: CPI Analysis - The core CPI excluding food and energy prices increased by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3] - In September, the overall consumer price index (CPI) rose by 0.1% month-on-month, while the year-on-year CPI decreased by 0.3%, a reduction that is 0.1 percentage points smaller than the previous month [2][3] - Food prices saw a month-on-month increase of 0.7%, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef ranging from 0.9% to 6.1% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month, with a year-on-year decline of 2.3%, which is a reduction of 0.6 percentage points compared to the previous month [4][5] - The PPI's year-on-year decline was influenced by improved supply-demand structures in certain industries, leading to price stabilization in coal processing, black metal smelting, and photovoltaic equipment manufacturing [4][5] - Input factors such as falling international oil prices contributed to the decrease in domestic oil-related industry prices, with oil extraction prices down by 2.7% and refined oil product manufacturing prices down by 1.5% [4][5]

Group 1 - The company, Tianhao Energy (300332.SZ), currently has no business related to the hydrogen energy sector [1]

Core Viewpoint - The recent actions of Reshaping Energy indicate a belief that its H-share stock price does not adequately reflect its intrinsic value, business fundamentals, and long-term growth prospects [1] Group 1: Shareholder Actions - On October 10, shareholders of Reshaping Energy deposited shares into the China Securities Depository and Clearing Hong Kong, with a market value of HKD 2.29 billion, representing 38.24% of the total [1] Group 2: Company Announcements - The board of Reshaping Energy has announced a share repurchase plan for H-shares, with a maximum fund allocation not exceeding HKD 80 million [1]

Core Points - China Smart Energy (01004) has fully repaid the outstanding amounts under the Amber petition by September 30, 2025, and all parties have submitted consent to withdraw the Amber petition [1] - The High Court held a hearing on October 8, 2025, and ordered the withdrawal of the Amber petition [1] - The company remains suspended from trading [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A - shares are expected to maintain an upward - trending oscillation in the context of stable economic fundamentals, continuous inflow of incremental funds, global liquidity easing, and improved Sino - US relations [28][29]. - During the "Double Festival" in China, the international gold futures price reached a new historical high. Although there is a callback risk in the short term, gold will still perform well in the long - term due to the expected decline in the credibility and purchasing power of the US dollar [21][22]. - To achieve the goal of doubling the economic aggregate or per capita income compared to 2020 by 2035, China's economy needs to maintain a moderate average annual growth rate of about 4% - 4.5% during the "14th Five - Year Plan" period. Policies in various fields will focus on technological innovation and industrial upgrading [29]. 3. Summary by Directory 3.1 Macro Data Overview - In Q2 2025, GDP at constant prices grew by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% but higher than the same period last year (4.7%) [1]. - In September 2025, the manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing business activity index was 50.0%, down 0.3 percentage points [1][16]. - In August 2025, social financing increment was 2566.8 billion yuan, M0 increased by 11.7% year - on - year, M1 by 6.0%, and M2 by 8.8% [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Mexico launched 4 anti - dumping investigations on Chinese products such as float glass and PVC coated fabrics, and China initiated a trade and investment barrier investigation [2]. - On October 9, the A - share market started the fourth - quarter trading. Overseas stock markets generally strengthened during the holiday, and the international gold price exceeded $4000 per ounce, while domestic consumption during the Golden Week showed resilience, which may support the A - share market [2]. - The Fed showed a willingness to cut interest rates further in 2025, but many officials were cautious due to inflation concerns. The WTO raised the 2025 global goods trade growth forecast to 2.4% and lowered the 2026 forecast to 0.5% [3]. 3.2.2 Metals - During the "National Day" holiday, the global commodity market was dominated by the metal sector. The international gold price exceeded $4000 per ounce, and domestic gold jewelry prices reached new highs. The price of copper may rise due to supply shortages [5]. - The central bank's gold reserve increased for 11 consecutive months. The LME inventory of some metals changed, and the copper market is expected to shift from a surplus in 2025 to a shortage in 2026 [6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - The State Council's Work Safety Committee deployed the investigation, sealing, and rectification of abandoned mines and the crackdown on illegal mining [8]. - The Xinjiang Jinghe County coal reserve project was completed and put into use, with a total construction area of 131,647.92 square meters and a new 250,000 - ton coal storage bunker [8]. - Brazil and China plan to jointly establish a $1 - billion investment fund focusing on energy transition, infrastructure, and other fields [8][9]. 3.2.4 Energy and Chemicals - On October 8, the US crude oil futures rose due to a decline in US refined oil inventories and a rise in the stock market. Azerbaijan's BTC crude oil exports in November are expected to decrease [10]. - Russia is committed to fulfilling the OPEC+ agreement, gradually increasing oil production, and its refineries have increased fuel production [10]. 3.2.5 Agricultural Products - Brazil is expected to export 1.92 million tons of soybean meal and 7.12 million tons of soybeans in October 2025 [12]. - China proposed to strengthen regional agricultural cooperation at the ASEAN - China - Japan - South Korea Agriculture and Forestry Ministers' Meeting [13]. - Ukraine approved a tax - free export mechanism for rapeseed and soybeans [13]. 3.3 Financial News Compilation 3.3.1 Open Market - On October 9, the central bank conducted 1.1 trillion yuan of 3 - month (91 - day) outright reverse repurchase operations, with an incremental roll - over of 300 billion yuan [14]. - On September 30, the central bank conducted 242.2 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 33.9 billion yuan [14]. - This week, 2.6633 trillion yuan of reverse repurchases will mature, with 2.0633 trillion yuan maturing on October 9 [14]. 3.3.2 Important News and Information - China and the US should expand cooperation and resolve issues through equal negotiation [15]. - As of the end of June 2025, China's total external debt was 1.74437 trillion yuan, and the debt risk was generally controllable [15][16]. - In September 2025, China's manufacturing PMI was 49.8%, and the non - manufacturing business activity index was 50.0% [16]. 3.3.3 Bond Market Summary - On September 30, the bond market and futures market recovered, with yields of major interest - rate bonds in the inter - bank market generally declining [23]. - On October 8, European and US bond yields generally fell [25][26]. 3.3.4 Foreign Exchange Market Express - On September 30, the on - shore RMB against the US dollar closed at 7.1186, up 18 points from the previous trading day [27]. - On October 8, the US dollar index rose 0.27%, and most non - US currencies fell [27]. 3.3.5 Research Report Highlights - CITIC Construction Investment believes that precious metals and copper prices have risen, and A - shares are expected to rise in the future [28][29]. - Yangtze River Fixed Income analyzed the situation of the money market last week [29]. - CITIC Securities estimated China's economic growth rate during the "14th Five - Year Plan" period [29]. 3.4 Stock Market Important News - On Wednesday, the Hang Seng Index fell 0.48%, and the Hang Seng Technology Index fell 0.55%. Gold and nuclear power stocks rose, while AI and consumer stocks were weak [32]. - During the "Double Festival", overseas stock markets and Chinese concept stocks performed well, and foreign capital flowed into the Chinese stock market in September [32]. - On October 9, 23 funds were launched, and about 70 new funds are scheduled to be issued in October, mainly including active equity funds, index funds, and convertible bond funds [33].