他表示，量化行业的底层逻辑，在于对A股市场的长期信心，以及对中国经济基本面、资本市场改革进程与政策支持力度 的认可；量化行业唯有夯实合规基础，方能实现长期健康发展。 以下为吕杰勇在会上发表的主要观点： 锚定A股长期价值机遇，量化业绩与策略优势凸显 2021年四季度至2024年四季度，市场经历三年调整周期。从均值回归视角来看，市场具备较长周期的上涨需求。自去年9月 24日起，市场指数与量化策略均呈现良好表现，伴随市场情绪改善与活跃度提升，为量化超额表现的获取创造了有利条 件。 本年度，量化指增类产品的行业平均收益率超40%，市场中性类产品收益率普遍在10%以上，从历史维度分析，本年度属 于量化行业整体运营环境较好的年份。 11月8日，由中国证券报主办的"2025证券业高质量发展大会暨金圆集团杯·证券业金牛奖颁奖典礼"在福建厦门举行。 在"中国资产崛起，论道2026年资本市场新机遇"主题圆桌对话环节，平方和投资创始人、总经理吕杰勇，围绕本年度量化 投资表现、程序化交易监管新规、2026年市场展望等议题发表最新观点。 圆桌对话现场 主流量化策略（如平方和投资所采用的策略）核心在于选股而非择时，重点布局具备价值的优质 ...

中际旭创三季报显示，2025年前三季度，公司实现营业收入250.05亿元，同比增长44.43%；实现归属于 上市公司股东的净利润71.32亿元，同比增长90.05%。业绩变动的主要原因是，算力基础设施建设和相 关资本开支的增长带来800G光模块等高端光模块销售的增加。 中际旭创在最新披露的投资者关系记录表中提到，今年以来，行业需求快速增长，海外大客户持续上调 资本开支指引，增加AI数据中心的建设规划，对2025年—2026年光模块的明确需求提出指引。随着AI 算力需求的持续增长，光模块行业保持高景气度和高确定性，预计2026年仍将保持较好的行业增长趋 势。 从产品角度看，今年一季度起，公司800G光模块订单需求持续释放，出货量保持季度环比增长，硅光 比例和良率都在不断提升。因此，过去几个季度营收和毛利都保持了不错的环比增长，预计后续800G 光模块出货量仍将继续保持增长。今年三季度，重点客户开始部署1.6T光模块并持续增加订单，未来几 个季度1.6T光模块出货量有望持续增长；预计2026年至2027年，其他重点客户也将大规模部署1.6T光模 块。公司在研发和市场导入方面做了充分准备，把握了1.6T光模块的市场 ...

管理人"失联""失能"，清算遇到困难，基金快成"僵尸"······针对私募行业这些问题，对症下药的新版解决方案来了。 近日，中国证券投资基金业协会发布修订后的《私募投资基金备案指引第3号——私募投资基金变更管理人》，并与北京金融法院联合推出两 则典型案例，"自律规范+司法实践"协同发力。 图片来源：基金业协会 私募基金备案新规落地 随着近年来私募基金行业的快速发展，私募基金管理人优胜劣汰加速，部分机构"失联""失能"等问题引发基金治理及清算难题，制约行业高质 量发展。此前，基金业协会于2023年9月发布《备案指引3号》，明确私募基金变更管理人的标准流程及材料要求，为失能管理人存续基金风 险处置提供了操作路径。 随着行业的发展，目前《备案指引3号》部分条款已难以适应行业现实与司法实践需求。在此背景下，基金业协会结合有关法律法规和行业实 践情况，对《备案指引3号》进行修订。此次修订以保护投资者合法权益为基本遵循，充分体现投资者意思自治，便利变更要求和程序，优化 司法与自律衔接，并对部分条款进行合并删减，将原来的19条压缩为16条。 具体来看，主要修订内容包含五个方面： 一是尊重合同约定，增加"生前遗嘱"条款； 二 ...

Core Viewpoint - Company announced the termination of a significant asset restructuring plan aimed at acquiring multiple agricultural and consulting firms due to failure to reach a consensus with the transaction counterparties [2][5] Company Summary - The terminated restructuring involved acquiring 100% equity stakes in six agricultural companies and 80% of a consulting firm [2] - The restructuring process began in June 2025, but the audit and valuation of the target assets were not completed by the time of the termination announcement [5] - Company stated that the termination will not adversely affect its current operations or financial status, and it will continue to focus on its core business [5][6] Industry Summary - The agricultural and livestock industry has been significantly affected by cyclical fluctuations and policy adjustments, leading to common disagreements over valuation and performance commitments in restructuring transactions [6] - Market analysts noted that the failure to reach a final agreement is a frequent reason for the termination of restructuring deals in the industry [6]

Core Insights - Yunzhu Technology has officially announced the mass production of the 0805 size 10μF MLCC, marking a significant advancement in the high-end passive components sector [1][2] - The new MLCC product demonstrates breakthroughs in capacity, stability, and consistency, providing reliable component solutions for consumer electronics and automotive electronics [1] Group 1: Product Development - The 0805 size (0.20mm×1.25mm) 10μF MLCC has undergone rigorous process control and performance validation, showing stable performance under high temperature, high humidity, and high frequency conditions [1] - The product has been tested in accordance with IEC 60384 series standards, ensuring reliable support for customers in complex application environments [1] Group 2: Material and Process Innovation - The key to MLCC performance lies in dielectric materials, with Yunzhu Technology's R&D team optimizing powder particle size, formulation structure, and sintering environment to achieve high density and uniformity [1] - Upgrades in material systems have further enhanced the stability and consistency of product capacity [1] Group 3: Production Quality Management - Yunzhu Technology has established a comprehensive quality control system covering the entire production process, from incoming material inspection to end testing, ensuring stable and reliable product performance [2] - The company employs an automated system for real-time monitoring of critical processes, reinforcing the quality assurance measures [2] Group 4: Market Impact - With the successful mass production of the 0805 size 10μF MLCC, Yunzhu Technology has deepened its layout in the collaborative enhancement of materials, processes, and equipment, strengthening domestic supply capabilities [2] - The introduction of this product is expected to better meet downstream customer needs in power management, filtering, and functional modules, providing stable and reliable localized support for the electronics industry [2]

Core Viewpoint - The National Development and Reform Commission (NDRC) is introducing measures to further promote private investment development, aiming to enhance investment vitality and overall effectiveness [1][2]. Group 1: Encouragement of Private Investment - The NDRC will push industry authorities and local governments to detail specific requirements for private capital participation in project construction [2][3]. - There is a focus on encouraging private enterprises to enter high-value-added sectors such as industrial design and common technology services [5][6]. - The NDRC supports the construction of significant pilot platforms by private enterprises, which are crucial for integrating innovation and industry [7][8]. Group 2: Infrastructure and REITs - The NDRC is facilitating the issuance of infrastructure REITs for more eligible private investment projects, with 14 out of 18 recommended projects already listed, raising nearly 30 billion [12][13]. - The total amount raised from various asset types has reached 207 billion, expected to drive over 1 trillion in new project investments [12]. Group 3: Digital Transformation - The NDRC emphasizes the importance of digital transformation in manufacturing and service industries, promoting the establishment of comprehensive digital empowerment platforms [10]. - The initiative aims to leverage data to enhance transformation and investment opportunities, particularly for small and medium-sized enterprises [10].

Core Viewpoint - The National Development and Reform Commission (NDRC) is introducing measures to further promote private investment development, aiming to enhance investment vitality and overall effectiveness [1][2]. Group 1: Policy Measures - The NDRC will encourage industry authorities and local governments to refine specific requirements for private capital participation in project construction [2]. - Measures will focus on encouraging private enterprises to enter high-value-added technology service industries, such as industrial design and common technology services [3]. - The NDRC supports the construction of significant pilot platforms by private enterprises, particularly in advanced manufacturing clusters [5]. Group 2: Investment Opportunities - The NDRC has recommended 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects already listed, raising a total of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments [7]. - Among private investment projects, 18 have been recommended, with 14 successfully listed, raising nearly 30 billion yuan [7]. - The NDRC aims to broaden financing channels for private enterprises by supporting more eligible private investment projects to issue infrastructure REITs [7][8]. Group 3: Digital Transformation - The NDRC emphasizes the importance of digital transformation in manufacturing and service industries, proposing the establishment of comprehensive digital empowerment platforms to facilitate this transition [6]. - The initiative includes leveraging industry leaders to drive small and medium enterprises into the transformation ecosystem, enhancing their operational capabilities [6].

Core Viewpoint - The People's Bank of China emphasizes the implementation of a moderately accommodative monetary policy to maintain relatively loose social financing conditions and improve the monetary policy framework [1][2][3] Group 1: Monetary Policy Implementation - The report advocates for a balanced approach between short-term and long-term goals, as well as between supporting economic growth and managing risks [2][3] - It highlights the importance of using various monetary policy tools to ensure ample liquidity and stabilize credit support from banks [2][3][7] - The central bank aims to align financial growth with economic growth and price level expectations, focusing on the social financing scale [3][7] Group 2: Interest Rate Management - Maintaining a reasonable interest rate relationship is crucial for macroeconomic balance and resource allocation [4][5] - The report discusses the significance of the relationship between central bank policy rates and market rates, as well as between different types of asset yields [5][6] Group 3: Financial Sector Support - The report emphasizes the need to leverage monetary and credit policies to support key national strategies and address weak areas in economic development [7][8] - As of September, the balance of structural monetary policy tools supporting these initiatives was 3.9 trillion yuan, with loan growth in related sectors exceeding 10% [7] Group 4: Macro-Prudential Policy Tools - The report calls for a comprehensive macro-prudential management system to monitor and mitigate systemic financial risks [8] - It suggests expanding the coverage of macro-prudential policies and enhancing the regulatory framework for systemically important financial institutions [8]

招股书显示，公司的目标是开发高品质的户外服饰及装备，并将这一承诺融入公司商业模式的各个方 面，包括产品开发、技术创新以及综合销售模式。 2022年、2023年、2024年以及2025年上半年，伯希和营业收入分别为3.78亿元、9.08亿元、17.66亿元以 及9.14亿元，分别实现经调整净利润2760.6万元、1.56亿元、3.04亿元以及1.16亿元。 2022年、2023年、2024年及2025年上半年，公司研发开支分别为0.14亿元、0.2亿元、0.32亿元以及0.23 亿元。 招股书显示，IPO募集所得资金净额将主要用于强化研发能力并完善增强产品设计与创新流程；加强研 发能力并增强品牌定位与提高品牌知名度；加强多渠道销售网络；提升数字化能力，主要用于营运及信 息基础设施数字化；用作营运资金及一般企业用途。 截至2025年6月30日，公司的销售及营销团队有474名员工。公司针对特定平台的营销团队会精心为各自 负责的平台策划内容，围绕每个平台的目标消费者塑造整体的品牌形象、品牌故事、品牌元素以及品牌 文化。2022年、2023年、2024年及2025年上半年，公司的销售及分销费用分别为1.2亿元、2.77 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月11日，A股震荡调整，三大指数高开低走。截至收盘，上证指数跌0.39%，深证成指跌1.03%，创业 板指跌1.4%。 今天，新能源、存储芯片、有色金属概念卷土重来。多只相关个股创历史新高，如存储芯片股德明利、 江波龙，光伏设备龙头股阿特斯，以及金属概念股宏创控股、中信金属等，盘中均创新高。 个股方面，上纬新材午后"20CM"涨停，今年以来累计上涨1863.8%。公司微信公众号"智元上纬"今日上 午11时11分发布题为《上纬新材 来了！》的新品预告，海报主体为一款人形机器人。记者注意到，这 是该微信公众号的首篇推文。 公司11月7日发布股票交易严重异常波动暨风险提示公告称，10月28日至11月7日，公司股票连续九个交 易日以涨停价收盘，并4次触及股价异常波动、2次触及严重异常波动情形。公司股价已严重偏离基本 面，随时有快速下跌风险。公司最新市盈率水平显著高于同行业上市公司水平，当前股价存在明显泡沫 医药概念股合富中国，11个交易日内走出10个涨停板。国城矿业（维权）午后1分钟涨停，走出两连 板，10月以来累计涨幅超50%。 涨价题材 ...