1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - In the context of the rising expectation of the Fed's interest - rate cut and the call between the Chinese and US leaders, the market risk appetite has recovered. The stock market oscillated upward last week, with the technology and consumer sectors performing well, and the dividend sector slightly adjusting. The bond market was weak due to strong stock - market sentiment and relevant rumors, with the yield rising significantly. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 2.46bp from the previous week. In the convertible bond market, half of the individual convertible bonds rose last week, the CSI Convertible Bond Index dropped 0.27% for the whole week, the median price dropped 0.02%, the calculated arithmetic average parity increased 3.77%, and the whole - market conversion premium rate decreased 4.65% compared with the previous week [1][7][8]. - Looking forward, with the expectation of the Fed's interest - rate cut rising again and important meetings in December, along with the continuous progress of the industrial process and the upward revision of corporate profit expectations, the market still has room for further upward movement. For convertible bonds, at the current valuation level, the bond - bottom protection of debt - biased convertible bonds is limited. In the short term, it is still recommended to focus on high - volatility underlying - stock varieties in balanced convertible bonds or low - premium and non - callable equity - biased individual bonds. In terms of direction, pay attention to growth sectors such as AI applications, energy storage, semiconductor equipment and materials, as well as sectors such as photovoltaics and refining that are expected to benefit from policy support [2][18]. 3. Summary by Relevant Catalogs Market Trends Stock Market - Last week, the stock market oscillated upward. The technology and consumer sectors performed well, and the dividend sector slightly adjusted. The Shenwan primary industries showed that most industries rose, with communication (8.70%), electronics (6.05%), and others leading in gains, while petroleum and petrochemicals (- 0.73%), banks (- 0.59%), and others lagging [7][8]. - The daily performance of the A - share market last week was as follows: on Monday, the three major A - share indexes rose, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.31%, and the total market turnover was 1.74 trillion yuan, a decrease of 243.3 billion yuan from the previous day. On Tuesday, the three major indexes rose, with the Shanghai Composite Index up 0.87%, the Shenzhen Component Index up 1.56%, and the ChiNext Index up 1.77%, and the total market turnover was 1.83 trillion yuan, an increase of 85.8 billion yuan from the previous day. On Wednesday, the three major indexes showed mixed performance, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index up 1.02%, and the ChiNext Index up 2.14%, and the total market turnover was 1.80 trillion yuan, a decrease of 29 billion yuan from the previous day. On Thursday, the Shanghai Composite Index rose 0.29%, the Shenzhen Component Index fell 0.25%, and the ChiNext Index fell 0.44%, and the total market turnover was 1.72 trillion yuan, a decrease of 74 billion yuan from the previous day. On Friday, the Shanghai Composite Index rose 0.34%, the Shenzhen Component Index rose 0.85%, and the ChiNext Index rose 0.7%, and the total market turnover was 1.59 trillion yuan, a decrease of 125.7 billion yuan from the previous day [7]. Bond Market - Last week, affected by strong stock - market sentiment and relevant rumors such as the new fund - sales regulations, the central bank's bond - buying scale, and public - fund redemptions, the bond market was weak, and the yield rose significantly. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 2.46bp from the previous week [1][7][8]. Convertible Bond Market - Last week, half of the individual convertible bonds rose. The CSI Convertible Bond Index dropped 0.27% for the whole week, the median price dropped 0.02%, the calculated arithmetic average parity increased 3.77%, and the whole - market conversion premium rate decreased 4.65% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by - 2.04%, - 1.31%, and - 2.39% respectively, and were at the 85%, 96%, and 75% quantiles since 2023 [8]. - Most industries in the convertible bond market rose last week. Steel (+2.53%), building materials (+1.27%), machinery and equipment (+1.00%), and electronics (+0.97%) led the gains, while social services (- 3.45%), non - bank finance (- 2.00%), petroleum and petrochemicals (- 1.35%), and coal (- 1.16%) lagged [11][12]. - At the individual - bond level, Dazhong (lithium mine), Chun 23 (consumer electronics), Tianyuan (landfill leachate treatment), Haohan (network intelligence), and Liyang (Ali chip concept) convertible bonds led the gains; Bo 23 (non - ferrous metals), Wei 24 (solid - waste treatment & strong - redemption announced), Xinhua (lithium - battery concept), Yanggu (rubber additives), and Huicheng (waste - catalyst treatment) convertible bonds led the losses [1][13]. - The total trading volume of the convertible bond market last week was 282.476 billion yuan, and the average daily trading volume was 56.495 billion yuan, showing a decline compared with the previous week [16]. Valuation Overview - As of last Friday (2025/11/28), in equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 47.76%, 33.06%, 27.88%, 17.8%, 13.9%, and 11.64% respectively, at the 98%/97%, 90%/87%, 94%/95%, 83%/74%, 86%/83%, and 94%/92% quantiles since 2010/2021. In debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 4.01%, at the 1%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds was 42.86%, at the 86%/86% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.51%, at the 82%/83% quantiles since 2010/2021 [19]. Primary - Market Tracking - Last week (2025/11/24 - 2025/11/28), no convertible bonds were announced for issuance, and Zhuomei Convertible Bonds were listed. The underlying stock is Xingyuan Zhuomei, which belongs to the automotive industry. As of November 28, its market value was 5.317 billion yuan. The company is a professional enterprise in designing and manufacturing large - and medium - sized aluminum and magnesium alloy die - casting molds. The issued convertible - bond scale is 450 million yuan, with a credit rating of A+, and it was listed on November 24. After deducting the issuance fees, the funds are all to be invested in the project of an annual output of 3 million sets of high - strength large - sized magnesium alloy precision - formed parts for automobiles [26]. - As of the announcements on November 28, no convertible bonds are announced for issuance or listing in the next week (2025/12/1 - 2025/12/5). Last week, 1 company (Lianrui New Materials) was approved for registration, 1 company (Shangsheng Electronics) passed the listing committee review, 1 company (Aike Technology) was accepted by the exchange, 1 company (Songyuan Safety) passed the shareholders' meeting, and 1 company (Shenling Environment) had a board - of - directors' plan. As of now, there are 97 convertible bonds to be issued, with a total scale of 145.89 billion yuan, including 7 that have been approved for registration with a total scale of 4.72 billion yuan and 6 that have passed the listing committee review with a total scale of 7.46 billion yuan [27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the context of the Fed's increasing expectation of interest rate cuts and the call between Chinese and US leaders, the market risk appetite has recovered. The stock market oscillated upwards last week, with the technology sector that had adjusted recently performing well, and the consumer sector also showing good performance after the six - ministry plan was issued. The bond market was weak, and the yield increased significantly. In the convertible bond market, half of the individual convertible bonds closed up, the CSI Convertible Bond Index dropped 0.27% for the whole week, and the arithmetic average parity increased 3.77%. The overall conversion premium rate decreased 4.65% compared with the previous week [1][7][8]. - Looking forward, with the Fed's expectation of interest rate cuts rising again and important meetings in December, along with the continuous advancement of the industrial process and the upward revision of corporate profit expectations, the market still has room to rise further. For convertible bonds, at the current valuation level, the bond - bottom protection of debt - biased convertible bonds is limited. In the short term, it is still recommended to focus on high - volatility underlying stock varieties in balanced convertible bonds or low - premium and non - callable equity - biased individual bonds. In terms of direction, pay attention to growth sectors such as AI applications, energy storage, semiconductor equipment and materials, as well as sectors such as photovoltaics and refining that are expected to benefit from policy support [2][18]. Summary by Directory Market Trends Stock Market - In the context of the Fed's increasing expectation of interest rate cuts and the call between Chinese and US leaders, the market risk appetite recovered last week, and the stock market oscillated upwards. The technology and consumer sectors performed well, while the dividend sector had a slight adjustment. The A - share market showed different trends on each trading day, with changes in trading volume and active sectors [7]. - Most Shenwan primary industries closed up last week. The communication, electronics, comprehensive, media, and light manufacturing sectors had the highest increases, while the petroleum and petrochemical, banking, coal, and transportation sectors performed poorly [8]. Bond Market - Last week, affected by the strong sentiment in the stock market and relevant rumors such as the new fund sales regulations, the central bank's bond - buying scale, and public fund redemptions, the bond market was weak, and the yield increased significantly. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 2.46bp from the previous week [1][8]. Convertible Bond Market - Half of the individual convertible bonds closed up last week. The CSI Convertible Bond Index dropped 0.27% for the whole week, the price median dropped 0.02%, the arithmetic average parity increased 3.77%, and the overall conversion premium rate decreased 4.65% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in the ranges of [90,100), [100,110), and [110,120) changed by - 2.04%, - 1.31%, and - 2.39% respectively, and were at the 85%, 96%, and 75% quantiles since 2023 [8]. - Most industries in the convertible bond market closed up last week. The steel, building materials, machinery, and electronics sectors performed well, while the social services, non - bank finance, petroleum and petrochemical, and coal sectors performed poorly [11][12]. - At the individual bond level, the convertible bonds of Dazhong (lithium mine), Chun 23 (consumer electronics), Tianyuan (landfill leachate treatment), Haohan (network intelligence), and Liyang (Ali chip concept) had the highest increases, while those of Bo 23 (non - ferrous metals), Wei 24 (solid waste treatment & call announced), Xinhua (lithium battery concept), Yanggu (rubber additives), and Huicheng (waste catalyst treatment) had the highest decreases [13]. - The total trading volume of the convertible bond market last week was 282.476 billion yuan, with an average daily trading volume of 56.495 billion yuan, a decrease from the previous week [16]. Valuation Overview - As of last Friday (2025/11/28), in equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 47.76%, 33.06%, 27.88%, 17.8%, 13.9%, and 11.64% respectively, and were at the 98%/97%, 90%/87%, 94%/95%, 83%/74%, 86%/83%, and 94%/92% quantiles since 2010/2021 [19]. - In debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 4.01%, at the 1%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds was 42.86%, at the 86%/86% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.51%, at the 82%/83% quantiles since 2010/2021 [19]. Primary Market Tracking - No convertible bonds were announced for issuance last week (2025/11/24 - 2025/11/28), and Zhuomei Convertible Bond was listed. The underlying stock is Xingyuan Zhuomei, which belongs to the automobile industry, with a market value of 5.317 billion yuan as of November 28. The company is a professional enterprise in designing and manufacturing large - and medium - sized aluminum and magnesium alloy die - casting molds. The scale of the convertible bond issued this time is 450 million yuan, with a credit rating of A +, and it was listed on November 24. After deducting the issuance expenses, the funds are to be fully invested in the project of an annual output of 3 million sets of high - strength large - sized magnesium alloy precision - formed parts for automobiles [26]. - As of the announcements on November 28, there are no convertible bonds announced for issuance or listing in the coming week (2025/12/1 - 2025/12/5). Last week, one company (Lianrui New Materials) was approved for registration, one company (Shangsheng Electronics) passed the listing committee review, one company (Aike Technology) was accepted by the exchange, one company (Songyuan Safety) passed the shareholders' meeting, and one company (Shenling Environment) had a board of directors' plan. As of now, there are 97 convertible bonds to be issued, with a total scale of 145.89 billion yuan, including 7 that have been approved for registration with a total scale of 4.72 billion yuan and 6 that have passed the listing committee review with a total scale of 7.46 billion yuan [27].

Group 1 - The Guangdong Province live-streaming recruitment event will take place from July to December 2025, featuring 40 online job fairs [1] - The 29th session of the event will focus on university graduates and is scheduled for November 8, 2025, from 10:00 to 12:00 [2] - The event is organized by various governmental and educational institutions in Guangdong Province [1] Group 2 - Shenzhen Zhongshen Ai's Bedding Technology Co., Ltd. is a leading ODM manufacturer of mattresses in China, established in 2005, with an annual production capacity of 3 million mattresses [2] - Shenzhen Pincheng Metal Products Co., Ltd. specializes in aluminum, magnesium, and zinc alloy die-casting mold design and manufacturing, recognized as a major exporter in China [4] - Shenzhen Dongzheng Optical Technology Co., Ltd. is a global optical technology company founded in 2013, known for its innovative optical products and solutions [5] - Guangzhou Jusa Long Engineering Plastics Co., Ltd. focuses on advanced polymer material modification and has an annual production capacity of 400,000 tons [7] - Guangdong Lingzhuo Energy Technology Co., Ltd. provides comprehensive services in the energy engineering sector, including construction and maintenance of gas stations and charging stations [8] Group 3 - Various job positions are available across different companies, with monthly salaries ranging from 4,000 to 15,000 RMB depending on the role [4][5][7][8] - The recruitment includes positions such as quality management trainees, engineering trainees, and manufacturing trainees, among others [4][5][8]

Group 1 - Ningbo has become the third city in China, after Shenzhen and Shanghai, with a foreign trade scale exceeding 1 trillion yuan, highlighting its growing importance in the private sector [1] - The Lingfeng Industrial Community in Beilun, Ningbo, hosts 88 enterprises, including 70 above-scale enterprises and 10 national-level specialized "little giant" companies, indicating a robust industrial base [1] - The local customs office is actively engaging with enterprises to help them understand and utilize free trade agreements and tax incentives, demonstrating a proactive approach to support businesses [4] Group 2 - The Ningbo Customs has implemented a "close-loop" mechanism for problem collection, resolution, and feedback, enhancing its support for over 4,200 registered enterprises in the region [5] - The Ningbo-Zhoushan Port continues to lead globally in cargo throughput, with a record of 1.17 billion tons in 2020 and projected to exceed 1.35 billion tons in 2024, solidifying its status as the world's largest port [5] - The port's intermodal transport capabilities have significantly improved, with container freight volume increasing from 1.1 million TEUs in 2020 to 1.8 million TEUs in 2024, reflecting an annual growth rate of over 12% [5]