Core Insights - The Biotech Index (970038) closed at 2279.35 points, up 0.77%, with a trading volume of 28.709 billion yuan and a turnover rate of 1.85% [1] - Among the index constituents, 41 stocks rose, with Hualan Vaccine leading at a 17.88% increase, while 8 stocks fell, with Deep Technology leading the decline at 6.38% [1] Index Performance - The Biotech Index saw a net inflow of 140 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan, and there was a net outflow of 350 million yuan from speculative funds [1] Top Constituents - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 215.04, and a decrease of 0.76% [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 112.26, and a decrease of 2.55% [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 33.51, and an increase of 1.12% [1] - Other notable constituents include Muyuans (sz002714) and Aimeike (sz300896) with respective weights of 3.66% and 3.44% [1] Capital Flow Details - Detailed capital flow for key stocks includes: - Mindray Medical saw a net inflow of 26.2 million yuan from institutional investors [2] - Muyuans had a net inflow of 203 million yuan from institutional investors [2] - Hualan Vaccine experienced a net inflow of 74.8 million yuan from institutional investors [2]

Market Overview - The Shanghai Composite Index closed at 3950.31, up 2.88% [4] - The Shenzhen Component Index closed at 13289.18, up 4.73% [4] - The average daily trading volume in the Shanghai market was 960.5 billion yuan, a decrease of 3.9% week-on-week, while the Shenzhen market saw an increase to 1206.6 billion yuan, up 2.7% [4] Industry Performance - Among the 31 first-level industries, 28 saw an increase while 3 experienced a decline [5] - The top three performing industries were Communication, Electronics, and Power Equipment, while the worst performers were Food & Beverage, Agriculture, Forestry, Animal Husbandry & Fishery, and Beauty & Personal Care [5] Financing and Margin Trading - As of October 24, the total margin trading balance in the market increased by 27.8 billion yuan to 2,457.2 billion yuan [5] - The financing balance rose by 24.4 billion yuan to 2,439.8 billion yuan, while the margin balance increased by 1.74 billion yuan to 174 billion yuan [5] Net Buying Trends - The net buying amounts in the electronic, communication, and non-bank financial sectors were the highest [6] - The top ten stocks by net financing purchases included Zhongji Xuchuang (294.15 million yuan), Cambricon Technologies (276.56 million yuan), and Shenghong Technology (251.51 million yuan) [10] ETF Performance - The top ten ETFs by net financing purchases included GF Nasdaq 100 ETF (3.13 million yuan) and Fuguo Zhongdai 7-10 Year Policy Financial Bond ETF (2.31 million yuan) [11] Market Sentiment - The recent "14th Five-Year Plan" has provided clearer guidance for domestic economic restructuring, positively impacting market confidence [15] - The market has shown signs of recovery, with the Shanghai Composite Index reaching a new high during the recent rebound [15]

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core View of the Report - From October 19 to October 25, 2025, the convertible bond market recovered with the warming of the stock market. In the short term, it is still mainly characterized by structural rotation, with obvious style differentiation. The growth sector performed relatively strongly, with active trading in the power equipment and electronics sectors. Low - price and short - duration individual bonds showed prominent elasticity. The valuation of medium - and low - price varieties was slightly compressed, and the implied volatility rebounded slightly but remained high. The market is in a stage of shock and momentum accumulation, and investors can appropriately participate in trading opportunities in the rotation rhythm by combining the fundamentals and valuation of the underlying stocks. The supply in the primary market is stable, and clause games remain an important variable in the market [2][6]. Group 3: Summary According to the Directory 3.1 Market Confidence and Overall Situation - Since the end of August, the CSI Convertible Bond Index has entered a shock consolidation stage. The current market's expectation of the future has improved marginally, and some varieties show signs of market price repair. The market is in a shock and momentum - accumulating stage, and the style has not yet formed a dominant trend [9]. - The current implied volatility of the convertible bond market has a slight upward trend, while the 30 - day historical volatility of the Wind All - A Index is declining, indicating that investors' expectations of the future are being repaired, and the market may be accumulating power for a new round of trend - based market [15]. 3.2 A - share Market Performance - During the week, the A - share market rebounded as a whole, with major stock indexes generally rising. The ChiNext and the Science and Technology Innovation 50 performed relatively prominently. The outflow of main funds converged, and trading volume shrank, reflecting that market sentiment tended to be cautious. Structurally, the technology - growth sector continued to be strong, with communication, electronics, and media leading the gains, while the consumer sector performed relatively weakly. The electronics sector still had a high trading volume ratio, indicating that the technology direction still attracted capital attention. However, the valuation and congestion of some sectors are at a high level, and short - term callback pressure and capital game rhythm need to be noted [9]. 3.3 Convertible Bond Market Performance - During the week, the convertible bond market strengthened with the recovery of the equity market, and the small - cap style had better elasticity. The valuation structure was slightly stretched, and the valuation of medium - and low - market - price convertible bonds was slightly compressed, reflecting the strong performance of the underlying stocks. The implied volatility rebounded slightly and remained at a high level, and the median market price fluctuated strongly, indicating the repair of market expectations. In terms of industries, the growth direction led the gains, and trading was concentrated in sectors such as power equipment and electronics. Individual bonds generally rose, and some short - duration varieties had high gains, showing structural differentiation [9]. 3.4 Primary Market Supply - During the week, the supply in the primary market remained stable. One new convertible bond was listed, and 11 companies updated their issuance plans, with the overall issuance progress being steady [9]. 3.5 Clause Games - In terms of downward revisions, 5 convertible bonds announced that they were expected to trigger downward revisions, 6 announced no downward revisions, and 1 proposed a downward revision. In terms of redemptions, 6 convertible bonds announced that they were expected to trigger redemptions, 3 announced no early redemptions, and 2 announced early redemptions. Clause events were active, and clause games remained the focus of market attention [9].

- The A-share sector rotation model is constructed using six factors: capital, valuation, sentiment, momentum, overbought/oversold, and profitability. The scoring system is based on these factors to evaluate the comprehensive scores of industries[4][19] - The capital factor uses the net inflow rate of industry funds as the main data source, while the valuation factor is based on the valuation percentile of the industry over the past year. Sentiment is derived from the proportion of rising constituent stocks, momentum is calculated using the MACD indicator, overbought/oversold is measured by the RSI indicator, and profitability is based on the consensus forecast EPS percentile of the industry over the past year[19] - The scoring results of the sector rotation model show that industries such as media, social services, and food & beverage have high comprehensive scores, while industries like real estate, building materials, and environmental protection have low scores[4][20][21] - The consensus stock selection model identifies high-growth industries at the secondary level of Shenwan classification over the past 30 days. It calculates momentum factors, valuation factors, and upward frequency using monthly stock data. Additionally, it incorporates high-frequency minute-level fund flow data to compute the similarity between fund flow changes and stock price trends. Stocks with the highest similarity in the top three secondary industries are selected[22] - The selected high-growth secondary industries for this period are industrial metals, home appliance components II, and energy metals. Stocks chosen include Chang Aluminum Co., Jintian Co., and Libba Co. among others[23] - The A-share sector rotation model scoring results indicate that the media industry achieved a total score of 8, social services scored 8, and food & beverage scored 7. Conversely, industries such as real estate and building materials scored -5, and environmental protection scored -4[21] - The consensus stock selection model outputs stocks such as Chang Aluminum Co. and Jintian Co. from the industrial metals sector, Tianyin Electromechanical and Samsung New Materials from the home appliance components II sector, and Shengxin Lithium Energy and Rongjie Co. from the energy metals sector[23]

Core Insights - The Biotech Economy Index (970038) closed at 2298.38 points, up 0.92%, with a trading volume of 24.11 billion yuan and a turnover rate of 1.39% [1] - Among the index constituents, 27 stocks rose while 22 fell, with Tigermed leading the gainers at 11.09% and Kaili Medical leading the decliners at 11.39% [1] Index Performance - The Biotech Economy Index had a net inflow of 169 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 79.92 million yuan [1][2] - The top ten constituents of the Biotech Economy Index include: - Mindray Medical (13.81% weight, latest price 222.83 yuan, market cap 270.17 billion yuan) [1] - Changchun High-tech (5.41% weight, latest price 117.55 yuan, market cap 47.95 billion yuan) [1] - Kanglong Chemical (4.66% weight, latest price 34.05 yuan, market cap 60.55 billion yuan) [1] - Tigermed (4.23% weight, latest price 59.48 yuan, market cap 51.21 billion yuan) [1] - Other notable constituents include Deep Technology, Muyuan Foods, and Aimeike [1] Capital Flow Analysis - The capital flow details indicate that Deep Technology had a net inflow of 201 million yuan from institutional investors, while retail investors saw a significant outflow of 222 million yuan [2] - Kanglong Chemical and Tigermed also experienced net inflows from institutional investors, but faced outflows from retail investors [2] - Overall, the data suggests a mixed sentiment among different investor classes within the Biotech Economy Index [2]

Market Overview - The Shanghai Composite Index increased by 0.36% with a trading volume of 1,078.52 million shares and a transaction value of 18,285.62 billion yuan, representing a 2.13% increase compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - **Electric Power Equipment**: Increased by 4.00% with a transaction value of 2,463.73 billion yuan, up 33.06% from the previous day, led by Arctech with a rise of 19.97% [1] - **Non-ferrous Metals**: Rose by 3.07% with a transaction value of 1,125.00 billion yuan, down 4.62% from the previous day, with Chang Aluminum leading at 10.08% [1] - **Non-bank Financials**: Gained 1.20% with a transaction value of 808.22 billion yuan, up 54.88% from the previous day, led by State Grid Yingda at 9.95% [1] Declining Sectors - The sectors with the largest declines included: - **Banking**: Decreased by 1.56% with a transaction value of 297.44 billion yuan, up 7.80% from the previous day, with Chengdu Bank falling by 5.36% [2] - **Food and Beverage**: Fell by 0.78% with a transaction value of 206.60 billion yuan, up 7.50% from the previous day, led by Guyue Longshan at -4.04% [2] - **Light Industry Manufacturing**: Decreased by 0.53% with a transaction value of 153.13 billion yuan, down 7.44% from the previous day, with Longzhu Technology dropping by 13.16% [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.228 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.7%, with a net profit attributable to shareholders of 136 million yuan, up 15.2% [4] - The company is strategically reducing marketing expenses to ensure stable profitability, with a gross margin of 50.5% for the first three quarters, an increase of 1.2 percentage points year-on-year [8] - The company is focusing on high-end toothpaste products and electric toothbrushes, leveraging a multi-channel growth strategy to enhance market presence [8] Financial Forecast - Total revenue is projected to grow from 1.375 billion yuan in 2023 to 2.542 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16% [6] - Net profit is expected to increase from 141 million yuan in 2023 to 286 million yuan in 2027, reflecting a CAGR of 27.81% [6] - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 47.51 in 2023 to 23.47 in 2027, indicating improving valuation metrics [6] Investment Highlights - The company is a leading domestic brand in the oral care market, particularly in the sensitive toothpaste segment, with a strong offline market share [8] - The company is actively expanding its online channels and developing high-end products, which are expected to enhance its product structure over time [8] - Due to intensified online competition, the company has strategically reduced its marketing expenditures, which has impacted revenue growth but is aimed at stabilizing overall profit levels [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Although the Shanghai Composite Index failed to hold above 4000 points with a slight decline in trading volume, it is certain that the index will reach 4000 points. Considering the "15th Five-Year Plan" and the current market environment, the strategic value of the technology and military sectors is prominent. It is recommended to focus on these two core sectors and seize the opportunity to go long on stock index futures [3]. Summary by Related Catalogs Market Analysis - The full text of the "15th Five-Year Plan" proposal has been released, aiming for economic growth within a reasonable range, increased total factor productivity, and a significantly higher household consumption rate. It also aims to boost technological self - reliance, deepen reforms, and ensure synchronous growth of household income and economic growth, as well as labor compensation and labor productivity. The plan proposes to accelerate the development of strategic emerging industries and promote new economic growth points. It also plans to break through key core technologies in key areas and implement the "Artificial Intelligence +" action. Additionally, it aims to boost consumption and improve the capital market [1]. - The central bank governor stated that the moderately loose monetary policy will be implemented, and new policy measures will be studied and reserved to consolidate the positive momentum of the capital market and improve the market - stabilizing mechanism. Overseas, the three major US stock indexes closed higher [2]. Spot Market - A - share indexes rose and then fell. The Shanghai Composite Index dropped 0.22% to 3988.22 points, and the ChiNext Index fell 0.15%. Most sector indexes declined, with national defense and military, transportation, and textile and apparel sectors leading the gains, while non - ferrous metals, beauty care, and steel sectors had the largest declines. The trading volume of the Shanghai and Shenzhen stock markets was 2 trillion yuan [2][13]. Futures Market - In the futures market, the basis of the current - month contracts of the four major stock index futures rebounded. The trading volume and open interest of stock index futures decreased simultaneously [2][15]. Strategy - Focus on the technology and military sectors and seize the opportunity to go long on stock index futures [3].

Core Insights - The stock of Steady Medical (300888) closed at 40.25 yuan on October 28, 2025, with a 4.6% increase and a trading volume of 169,900 shares, amounting to a total transaction value of 689 million yuan [1][2]. Financial Performance - For Q3 2025, Steady Medical reported a main revenue of 7.897 billion yuan, a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 732 million yuan, up 32.36% year-on-year [5]. - The company's Q3 single-quarter main revenue was 2.601 billion yuan, reflecting a 27.71% year-on-year increase, while the single-quarter net profit was 240 million yuan, up 42.11% year-on-year [5]. - The company’s gross profit margin stands at 48.32%, with a net profit margin of 9.81% [5]. Market Position - Steady Medical has a total market capitalization of 23.439 billion yuan, ranking 4th in the beauty and personal care industry [5]. - The company has a net asset value of 12.263 billion yuan, leading the industry rankings [5]. - The price-to-earnings ratio (P/E) is 24.02, significantly lower than the industry average of 42.38, indicating a potentially undervalued stock [5]. Capital Flow - On October 28, 2025, the net outflow of main funds was 16.2688 million yuan, accounting for 2.36% of the total transaction value, while retail investors saw a net inflow of 48.1221 million yuan, representing 6.98% of the total transaction value [1][2]. - The financing data indicates a net repayment of 16.5646 million yuan on the same day, with a financing balance of 306 million yuan [3]. Institutional Ratings - Over the past 90 days, 18 institutions have rated the stock, with 15 buy ratings and 3 hold ratings, and the average target price set at 55.11 yuan [6].

Market Overview - On October 28, the Shanghai Composite Index fell by 0.22%, the CSI 300 decreased by 0.51%, the STAR Market 50 dropped by 0.84%, the CSI 1000 declined by 0.22%, the ChiNext Index decreased by 0.15%, and the Hang Seng Index fell by 0.33% [3][4] - The best-performing sectors on October 28 were Comprehensive (+2.06%), Defense and Military Industry (+1.07%), Transportation (+0.24%), Textile and Apparel (+0.19%), and Computer (+0.13%). The worst-performing sectors were Non-ferrous Metals (-2.72%), Beauty and Personal Care (-1.51%), Steel (-1.35%), Construction Decoration (-0.88%), and Coal (-0.79%) [3][4] - The total trading volume of the A-share market on October 28 was 21,653 billion, with a net inflow of 2.258 billion HKD from southbound funds [3][4] Key Insights - From January to September 2025, the profit growth of industrial enterprises maintained a recovery trend, primarily influenced by a low base effect. The impact of "anti-involution" remains to be observed, with its sustainability and intensity dependent on substantial supply-side policy effects. Overall, "anti-involution" may support a moderate recovery in industrial profits, but its strength is yet to be determined [5] - Industrial profits are significantly affected by base effects, indicating that the current readings may not fully reflect underlying economic conditions [5] - High-tech manufacturing has emerged as a crucial driver for the high-quality development of industrial enterprises [5]