Core Insights - The national railway system in China has achieved a record high of 3.95 billion passenger trips from January to October this year, marking a 6.4% year-on-year increase, with a focus on enhancing service quality and adapting to diverse travel needs [1][2]. Group 1: Passenger Volume and Safety - From January to October, the national railway sent 3.95 billion passengers, the highest for the same period in history, with October 1 recording 23.132 million passengers in a single day, also a historical high [1][2]. - The railway transportation has maintained safety and order throughout the year, reflecting effective operational management [1]. Group 2: Supply-Side Structural Reforms - The railway authority is actively implementing supply-side structural reforms to meet the increasingly diverse and personalized travel demands of passengers [2][3]. - A total of 2,049 tourist trains were operated from January to October, representing a 28.1% increase year-on-year, indicating a growing trend in railway tourism [2]. Group 3: Integration with Tourism - The railway is promoting the integration of rail and tourism, launching themed trains such as family tours, red tourism, and wellness trips to enhance travel experiences [2]. - The introduction of "train + car" travel packages is designed to save time and allow tourists to visit multiple attractions efficiently [2]. Group 4: Service Enhancements - The railway has introduced various measures to improve customer service, including discounts for students, children, and disabled veterans, as well as enhanced loyalty programs for frequent travelers [3]. - The railway's customer service center has expanded its group ticket services, making it easier for large groups to travel together [3]. - Future plans include dynamic optimization of train schedules based on passenger flow and market demand, along with flexible pricing mechanisms for high-speed trains [3].

□本报记者 张韵 截至11月14日，数据显示，今年以来，全市场已有19只公募基金实现业绩翻倍。值得注意的是，在近年 来的主被动产品博弈中，虽然被动产品一度占上风，但此番业绩翻倍的基金却全部是主动产品。这在一 定程度上反映出主动投资型基金依然有其独特的捕捉超额收益的优势。 从这19只基金的业绩表现来看，多数净值曲线都是从二季度开始陡然拉升。亮眼业绩背后，或离不开基 金经理们对光模块、PCB、创新药、存储等强势板块的重仓。同时，许多基金的持仓集中度较一季度末 有明显提升，在二、三季度末，均有半数以上基金前十大重仓股市值占基金资产净值比重超过60%。 不过在11月14日，光模块、PCB、存储板块出现较大幅度回调，多只前期人气股单日跌超4%，部分存 储板块标的更是单日跌超9%。这也使得10余只原本已在今年翻倍的公募基金，回报率降至100%以下。 冠军基重仓光通信板块 2025年半年报披露的数据显示，该基金二季度末仅持有20只个股，前十大重仓股几乎全是市场热门股， 集中于光通信、PCB、云计算三大领域。其中，含"光"量尤高。光模块三巨头（新易盛、中际旭创、天 孚通信）为前三大重仓股，合计占基金资产净值的比重接近30%。 ...

"比如，XGBoost可以对因子的重要性进行展示，通过排序帮助我们识别哪些因子更加重要，增强模型 对市场变化的适应能力。尤其是在今年的结构化行情下，非线性策略能够抓住一些弹性品种的机 会。"罗博表示。 □本报记者 王鹤静 为适应复杂的市场环境，银河基金量化团队近年来在深度量化选股研究领域持续深耕，突破传统线性分 析对历史回测分析的局限，通过非线性分析方式，更加精准地分析市场，挖掘其中的投资机遇。 日前，银河基金量化与FOF投资部总监助理、基金经理罗博在接受中国证券报记者采访时介绍了量化研 究的新思路。在指数样本增强方面，罗博主要采取线性和非线性相结合的方式，由多因子模型与非线性 的机器学习模型互相协作，力争获得相对稳健的超额收益；同时，由于模型间相关性较低，力争有效降 低整体组合的跟踪误差。 开发深度神经网络学习 罗博具有21年证券从业经验、15年公募基金管理经验，长期扎根于指数与量化投资领域。随着市场环境 持续发生变化，罗博意识到，量化投资仅仅依靠线性分析把握市场长期规律愈发难以支撑，在行业趋势 从线性向非线性过渡的过程中，需要不断学习非线性分析技术，紧跟市场变化。 经过近年来的逐步积累和完善，目前罗博针对 ...

□本报记者 张舒琳 "我每天收盘前都会刷一刷实盘榜单，看看大V加仓了哪只基金，再决定自己的操作。"90后基民李祺对 中国证券报记者表示，她习惯了在交易日打开支付宝的理财页面，切换到"看高手战绩"板块，基金实盘 排行榜上的投资者实盘动态、收益率曲线一目了然。 像李祺这样的投资者不在少数，今年以来，大V基金实盘彻底火了。在小红书等社交媒体上，投资者每 日追更实盘博主的最新动态，"围观千万大佬和榜一大哥今天买了啥""时隔78天，这位基金大佬又回来 了，加仓20万高端装备"等内容极为火爆。不少投资者每天观察实盘博主的操作，整理当天的买入卖出 行为以及收益率，作为买基金的参考。 千万级组合被"围观" 今年以来，基金实盘在蚂蚁财富、天天基金、京东金融等代销平台持续火爆出圈，成为重要流量入口。 从普通投资者到基金大V，再到专业的基金经理，纷纷开通实盘分享投资组合，基民关注及"跟买"热情 高涨。 以支付宝上的蚂蚁财富理财专区实盘榜为例，平台通过算法筛选出表现活跃、收益较高的实盘用户，按 照收益金额、收益率等维度排行，公开展示其基金持仓金额、持仓收益及每一笔具体的交易记录。基民 可以一键追踪实盘"大佬"每日的买卖操作，并能够追 ...

构建核心竞争力 "气体检测行业正处于技术快速变革阶段，人工智能、物联网、大数据等技术的深度融合，推动行业从 被动防护向主动安全转型。"徐卫锋表示。 在此背景下，创新能力成为企业长期发展的重要支撑。徐卫锋认为："一家企业的研发能力，是其未来 发展有没有爆发力、有没有后劲的重要支撑。"基于这一认知，驰诚股份长期重视研发投入，研发投入 占比持续保持在6.5%以上，逐步构建起从传感器研发到传感仪表制造、再到平台开发的完整技术链。 在技术攻坚层面，公司以技术积累为基础，对标国际先进水平，突破关键领域。徐卫锋介绍："我们基 于气体传感、气体检测、物联网平台等核心技术积累，在高端气体监测仪表、高性能火焰探测器等关键 领域，加速实现技术的自主可控与迭代创新，这不仅打破了技术壁垒，更是在塑造引领行业的硬实 力。" 智能仪表是气体检测行业的核心元器件，为夯实企业核心竞争力，驰诚股份进军上游传感器领域，2019 年成立河南森斯科传感技术有限公司，专门研发生产给智能仪表提供初始信号的传感器产品。"仪表在 工作过程中，难免传感器灵敏度会出现衰变，通过参与仪表生产，我们可以真正掌握住传感器的衰变规 律，通过终端和前端的技术融合、相互促进 ...

近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进新芝生物。2022年，新 芝生物登陆北交所成为"生命科学仪器第一股"，公司总经理张思远接受中国证券报记者专访时表示，北 交所始终聚焦创新型中小企业的核心需求，不仅为企业注入资金活水，更提升了品牌影响力，助力公司 在产品研发、市场拓展与组织能力上实现全面跃升。 上市三年全链布局 新芝生物是国内较早专注生命科学仪器研发、生产与销售的企业之一，目前已拥有超声波细胞粉碎机、 真空冷冻干燥机、工艺流程温控系统、超声波清洗机、微生物生长曲线分析仪、全自动洗瓶机、基因导 入仪、基因枪等20多条产品线、200多个产品型号，覆盖生物样品处理、分子生物学与药物研究、实验 室自动化与通用设备三大类产品领域。 2022年登陆北交所，成为新芝生物发展的关键里程碑。张思远介绍，上市三年来，公司不仅在超声波处 理、冷冻干燥、恒温控制等传统优势产品上持续迭代，更不断拓展新产品线，推动从实验室设备供应商 向覆盖"实验—中试—量产"全流程的综合服务商转型。 例如，在传统超声领域，公司通过大功率、数字化电源及部件小型化等技术突破，开发出适用于工业级 场景的产品，实现规模化商 ...

蒋渊表示，近两年半导体行业获得了极高的市场关注度："这是机遇也是挑战。短期内企业有很多方式 能快速吸引市场的热钱和资源，但如果没有坚定的价值和信念去挑战更深更难的技术，这种表象上的活 力是难以为继的。" "因此，至纯科技聚焦攻克最难的技术空白点，坚持以全工艺覆盖为目标，咬牙完成湿法四个平台全工 艺覆盖性开发。"蒋渊表示，"我们不做机会主义者，而是咬紧牙关，一个节点、一个节点地实现技术突 破。因为我们相信，在极端情况下，保障产业链的每一个环节都不掉链子，是比短期算账更重要的战略 选择。" "保障产业链每一个环节都不掉链子，是比短期算财务账更重要的战略选择。"至纯科技董事长蒋渊在接 受中国证券报记者专访时，道出了公司在半导体热潮中的冷静抉择。 从高纯工艺系统出发，深耕行业25年，至纯科技已成长为覆盖"工艺-装备-材料"的综合服务商，不仅在 湿法设备上实现全工艺覆盖与订单突破，还建成了完全国产化的12英寸晶圆对应28纳米的大宗气体供应 工厂。蒋渊将这套打法比喻为植树造林——用攻克最难技术的决心扎下"技术深根"，再用贴近客户的服 务与供应链培育行业生态，打造能独立生长、抵御风雨的行业"生态林"。 持续拓展核心能力 " ...

Core Insights - The article highlights the unprecedented development opportunities and challenges faced by Chinese energy equipment companies amid a deep adjustment in the global energy landscape and accelerated green transition [2] - Jerry Holdings, a leading domestic oil and gas equipment and technology service company, has achieved explosive growth in oil and gas engineering and natural gas business, attracting widespread market attention with its dual business strategy of "oil and gas industry + new energy industry" [2] Business Performance - In the first half of the year, Jerry Holdings reported a year-on-year revenue growth of over 88% in oil and gas engineering and technical services, and a 112.69% increase in natural gas-related business revenue [3] - The company has established a full industry chain layout from "front-end process development to equipment manufacturing, technical services, and ground engineering," aligning with global clean and low-carbon transition demands [3] - The company has successfully expanded its market presence in regions rich in natural gas resources, such as the Middle East, Central Asia, and North Africa, validating its international competitiveness with a one-stop solution from design to operation and maintenance [3] Global Expansion - Since its first overseas venture in 2005, Jerry Holdings has transitioned from product exports to localized operations, with current orders exceeding 10 billion yuan and nearly 50% of revenue coming from overseas markets [3] - The company has strengthened its traditional regional layouts while exploring emerging markets in Southeast Asia and Africa, forming a global business network [3] Talent and Supply Chain - Jerry Holdings has focused on talent acquisition since 2011, currently employing around 2,000 overseas staff, including local talents from various countries [4] - The company is building a global supply chain system centered on "China + North America + Middle East," enhancing response speed and cost advantages while ensuring supply chain security and stability [4] Innovation and R&D - R&D innovation has been a key driver for Jerry Holdings over its 26 years of development, with over 500 million yuan allocated for R&D in 2024 [6] - The AI·R FRAC intelligent command system has achieved a decision accuracy of 97.8%, enabling real-time monitoring and predictive maintenance of oilfield equipment [6] - The company anticipates revenue growth in the first three quarters of 2025, despite a 3.43 percentage point decline in gross margin due to structural adjustments [6][7] Future Outlook - Jerry Holdings positions itself as a company based on energy and led by technology, aiming to provide efficient and clean equipment and services while accelerating its new energy layout in lithium battery recycling and negative electrode materials [8] - The company aims to become a professional service provider in various energy sectors, contributing to global energy transition [8][10] - Jerry Holdings is committed to creating a closed-loop industry chain for waste battery resource recovery and material remanufacturing, with plans to expand its overseas market presence in lithium battery resource recycling [9]

Core Viewpoint - The implementation of the "Guidance No. 10 on Market Value Management" has led to a significant increase in the use of various market value management tools by listed companies, including cash dividends, share buybacks, mergers and acquisitions, and equity incentives, to enhance investment value and return to investors [1][2][4]. Group 1: Market Value Management Tools - Cash dividends and share buybacks have become frequently used tools in the market value management toolbox, with companies encouraged to establish clear mechanisms for share repurchase and to develop long-term dividend plans [2][3]. - As of October 31, 2023, 1,195 companies in China's stock market have announced 1,525 share buyback plans for 2025, with a total buyback amount of 92.3 billion yuan, of which 36% was from self-owned funds and 26% from cancellation buybacks [2]. - A total of 1,033 listed companies have announced cash dividend plans for the first three quarters, with a total cash dividend amount of 734.9 billion yuan, reflecting an increase in the number of companies engaging in multiple dividends [3]. Group 2: Mergers and Acquisitions - The past year has seen a vibrant A-share merger and acquisition market, characterized by significant activity in the "hard technology" sector and accelerated integration of state-owned enterprises [4][5]. - Notable cases include the acquisition of 72.33% of shares in ChipLink by ChipLink Integrated and the merger of Haiguang Information with Zhongke Shuguang, showcasing the trend of industry consolidation [4]. - Policy support has been crucial for the active M&A market, with recent reforms aimed at enhancing the efficiency and vitality of mergers and acquisitions [5]. Group 3: Equity Incentives - Equity incentives have gained prominence as a market value management tool, with companies encouraged to establish long-term incentive mechanisms [6][7]. - By mid-2023, nearly 3,500 listed companies had implemented equity incentive or employee stock ownership plans, representing 64% of A-share listed companies [6]. - The recognition of equity incentives as a significant method for market value management has deepened, with more companies expected to adopt these tools in the future [7].

□本报记者 王宇露 上周市场震荡调整，中证新华社民族品牌工程指数报2019.62点。锦江酒店（600754）、以岭药业 （002603）、中国中免（601888）等成分股上周逆市上涨；下半年以来，中际旭创（300308）、阳光电 源（300274）、亿纬锂能（300014）等成分股涨幅居前。展望后市，机构认为，国内内生动能正在修 复，上市公司有望进入业绩释放期，A股仍处于上涨轨道，年末可进一步关注消费、红利板块等。 多只成分股逆市上涨 上周市场震荡调整，上证指数下跌0.18%，深证成指下跌1.40%，创业板指下跌3.01%，沪深300指数下 跌1.08%，品牌工程指数下跌0.11%，报2019.62点。 上周品牌工程指数多只成分股逆市上涨。具体来说，锦江酒店上涨13.13%，排在涨幅榜首位；以岭药 业上涨12.45%，居次席；中国中免上涨11.76%；信立泰（002294）和泸州老窖（000568）分别上涨 6.11%和6.05%；石头科技、爱美客（300896）、安琪酵母（600298）、步长制药（603858）、通策医 疗（600763）、山西汾酒（600809）涨逾5%；光明乳业（600597）、同仁堂 ...