| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002320&announcementId=122471 | 002320 | 海峡股份 | 8531&orgId=9900009333&announcementTime=2025 | -10-20 | | | | --- | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002592&announcementId=122471 | 002592 | ST八菱 | 8473&orgId=9900020254&announcementTime=2025 | -10-20 | | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=601126&announcementId=122471 | 601126 | 四方股份 | 9237&orgId=9900016847&announceme ...

异常波动 | | | | 新股发行及今日交易提示 | 2025/10/30 | 星期四 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/30 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300475&announcementId=122473 | 严重异常波动 | 300475 | 香农芯创 | 3808&orgId=9900023854&announcementTime=2025 | -10-24 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=605255&announcementId=122472 | 605255 | 天普股份 | 2051&orgId=9900039799&announcementTime=2025 | -10-21 | | | | http://www.cni ...

2025 年 10 月 29 日 证券研究报告 | 金融工程周报 海外风险缓和，风格切换概率提升 市场环境因子跟踪周报（2025.10.29） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 分析师登记编码：S0890524080001 电话：021-20321077 研究助理：张君睿 邮箱：zhangjunrui@cnhbstock.com 021-20515355 1、《止盈意愿上升，风格切换或将持续— 市场环境因子跟踪周报（2025.10.23）》 2025-10-23 2、《假期临近，市场延续震荡—市场环境 因 子 跟 踪 周 报 （ 2025.09.24 ）》 2025-09-24 3、《市场波动加剧，但上行趋势不变—市 场环境因子跟踪周报（2025.09.17）》 2025-09-17 4、《市场陷入震荡，短期难免颠簸—市场 环 境 因 子 跟 踪 周 报 （ 2025. ...

2025 年 10 月 29 日 证券研究报告|银行理财周报 银行理财三季报出炉，科技金融深度融合新实践 银行理财周度跟踪（2025.10.20-2025.10.26） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 021-20515355 1、《理财公司共话行业趋势：多资产配置 破局低利率，科技赋能行业转型—银行理 财周度跟踪（2025.10.13-2025.10.19）》 2025-10-22 投资要点 分析师：周佳卉 监管和行业动态：1、10 月 23 日，银行业理财登记托管中心发布《中国银行 业理财市场季度报告（2025 年三季度）》，对 2025 年三季度银行业理财市场情 况进行统计分析。截至 2025 年三季度末，全市场银行理财存续规模 32.13 万亿 元，同比增加 9.42%，环比增加 4.76%。2、日前，在香蜜湖财富管理周·湾区 财富管理高质量发展交流会 ...

New Stock Issuance - Multiple companies are experiencing significant abnormal fluctuations in stock prices, including 香农芯创 (300475) with a notice date of 2025-10-24[1] - 天普股份 (605255) reported on 2025-10-21[1] - 生益电子 (688183) and 达华智能 (002512) both reported on 2025-10-29[1] Trading Alerts - 21 companies have been flagged for abnormal trading activities as of 2025-10-29, indicating potential volatility in the market[1] - ST新华锦 (600735) and 汇绿生态 (001267) are among those with recent alerts on 2025-10-29[1] - The report includes links to detailed announcements for each company, providing transparency and further information for investors[1] Market Trends - The report highlights a trend of increased scrutiny on companies with abnormal stock price movements, suggesting a potential shift in regulatory focus[1] - Investors are advised to monitor these stocks closely due to the heightened risk associated with abnormal fluctuations[1]

New Stock Issuance - Zhongcheng Consulting (920003) issued at a price of 14.27[1] - Delijia (732092) issued at a price of 46.68[1] - Heyuan Biological (688765) issued at a price of 29.06[1] - Bibete (688759) issued at a price of 17.78[1] - Xian Yicai (688783) issued at a price of 8.62[1] - Taikaiying (920020) issued at a price of 7.50[1] Market Alerts - Offer period for Shangwei New Materials (688585) from September 29 to October 28, 2025[1] - Severe abnormal fluctuation reported for Xiangnan Chip (300475)[1] - Multiple companies including ST Yuancheng (603388) and Tianpu Co. (605255) reported various announcements on October 24 and 28, 2025[1]

分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师：黄浩 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 2025 年 10 月 28 日 证券研究报告 | 公募基金周报 风险因素缓解，海内外市场保持震荡上行趋势 公募基金量化遴选类策略指数跟踪周报（2025.10.26） 021-20515355 1、《指数创新高，风格再均衡—公募基 金 权 益 指 数 跟 踪 周 报 （ 2025.10.20- 2025.10.24）》2025-10-27 荡 — 公 募 基 金 泛 固 收 指 数 跟 踪 周 报 （ 2025.10.20-2025.10.24 ）》 2025-10- 27 3 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/10/27》2025-10-27 4、《关税担忧再起，常青低波再发挥降 波作用—公募基金量化遴选类策略指数 跟踪周报（2025.10.17）》2025-10-21 5、《外部扰动不断，债市 ...

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies, which capitalize on price fluctuations rather than predicting market trends, making them suitable for volatile markets [4][12]. - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are particularly appropriate for this strategy [4][12]. Group 2 - The report highlights three specific ETFs for grid trading: - The Computer ETF (159586.SZ) aligns with China's 14th Five-Year Plan, focusing on AI applications and digital infrastructure, indicating long-term growth potential driven by strategic policy support [4][13]. - The Saudi ETF (159329.SZ) aims to capture opportunities from Saudi Arabia's Vision 2030, which seeks to diversify the economy away from oil dependency, with over 40% of its holdings in the financial sector [5][16]. - The Bank ETF (159887.SZ) offers a high dividend yield of 4.40%, making it an attractive option for long-term capital allocation, particularly for insurance companies looking to mitigate interest rate risks [6][18].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The report presents several ETF strategy indices constructed with the help of ETFs, and tracks the performance and holdings of these indices on a weekly basis. These indices aim to obtain excess returns relative to the market through different strategies [12]. 3. Summary by Relevant Catalog 1. ETF Strategy Index Tracking - **Overall Performance Last Week** - The table shows the performance of various ETF strategy indices last week, including their index returns, benchmark returns, and excess returns. For example, the Huabao Research Size Rotation ETF Strategy Index had a last - week index return of 3.34%, a benchmark (CSI 800) return of 3.30%, and an excess return of 0.04% [13]. - **Huabao Research Size Rotation ETF Strategy Index** - It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - cap Index and the Shenwan Small - cap Index. As of October 24, 2025, the excess return since 2024 was 20.29%, the excess return in the past month was 0.96%, and the excess return in the past week was 0.04%. The current holding is 100% of the CSI 300 ETF [14][18]. - **Huabao Research SmartBeta Enhanced ETF Strategy Index** - It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors. As of October 24, 2025, the excess return since 2024 was 16.69%, the excess return in the past month was - 3.36%, and the excess return in the past week was - 1.71%. The holdings include the Central State - owned Enterprise Dividend ETF, 800 Free Cash Flow ETF, High - Dividend ETF, and Dividend ETF [18][22]. - **Huabao Research Quantitative Fire - Wheel ETF Strategy Index** - It starts from a multi - factor perspective, including long - and medium - term fundamental analysis, short - term market trend tracking, and analysis of market participants' behavior. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors. As of October 24, 2025, the excess return since 2024 was 29.58%, the excess return in the past month was 3.36%, and the excess return in the past week was 1.45%. The holdings include the Non - Ferrous Metals ETF, Real Estate ETF, Communication ETF, Home Appliance ETF, and New Energy ETF [22][26]. - **Huabao Research Quantitative Balance - Art ETF Strategy Index** - It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also builds a prediction model for market size - style to adjust the equity market position distribution. As of October 24, 2025, the excess return since 2024 was - 12.08%, the excess return in the past month was - 2.08%, and the excess return in the past week was - 1.83%. The holdings include the 10 - Year Treasury Bond ETF, 500ETF Enhanced, CSI 1000ETF, 300 Enhanced ETF, Government - Financial Bond ETF, and Short - Term Financing ETF [26][29]. - **Huabao Research Hot - Spot Tracking ETF Strategy Index** - It tracks and mines hot - spot index target products in a timely manner through strategies such as market sentiment analysis, industry event tracking, investor sentiment and professional views, policy and regulatory changes, and historical deduction. It constructs an ETF portfolio that can capture market hot - spots. As of October 24, 2025, the excess return in the past month was 1.88%, and the excess return in the past week was - 2.60%. The holdings include the Non - Ferrous 50ETF, Hong Kong Stock Dividend ETF Boshi, Hong Kong Stock Connect Medical ETF, and Short - Term Financing ETF [29][33]. - **Huabao Research Bond ETF Duration Strategy Index** - It uses bond market liquidity and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio. As of October 24, 2025, the excess return in the past month was 0.45%, and the excess return in the past week was 0.06%. The holdings include the Short - Term Financing ETF, 10 - Year Treasury Bond ETF, Government - Financial Bond ETF, and Treasury Bond ETF [33][36].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Last week (2025.10.20 - 2025.10.24), the A - share market broke through in fluctuations, with the Shanghai Composite Index standing above 3950 points on Friday. The technology - growth sector made a strong comeback in the second half of the week, reflecting market expectations for policies in the "15th Five - Year Plan". However, the A - share market entered a volume - shrinking phase due to macro uncertainties [12]. - If the possible upcoming summit meeting between the two heads of state materializes, the risk appetite of the capital market may be further restored [3][12]. - The "15th Five - Year Plan" focuses on technological self - reliance and self - strength + expanding domestic demand. The strategic position of technology development has been significantly elevated, and expanding domestic demand is emphasized as a "strategic base point" [4][13]. - The market has entered a style - equilibrium stage, indicating that the style switch has basically ended, and the market has returned to a performance - driven structural market. Looking forward, the market may enter a consolidation period, and after November, it may be dominated by valuation [4][14]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - Market performance: The Shanghai Composite Index rose 2.88%, the ChiNext Index rose 8.05%, and the Hang Seng Index rose 3.62%. The technology - growth sectors such as communication, electronics, and power equipment led the gains. The average daily trading volume of the whole A - share market was 1792.8 billion, a further decline from the previous week [12]. - Sino - US consultations: The consultations in Malaysia from October 24th to 27th are seen as a key signal to ease trade tensions, laying a positive foundation for a possible summit meeting between the two heads of state at the APEC meeting. Past summit meetings have effectively broken negotiation deadlocks [12]. - "15th Five - Year Plan": Compared with the "14th Five - Year Plan", it adds "centering on economic construction" and removes "deepening supply - side structural reform as the main line". The key focuses are technological self - reliance and self - strength + expanding domestic demand, with a significant increase in the strategic position of technology development [13]. - Style switch: The market has entered a style - equilibrium stage, and the style switch has basically ended. After November, the market may be dominated by valuation, and the difficulty of judging its sustainability will increase significantly [4][14]. 3.2 Active Equity Fund Index Performance Tracking 3.2.1 Active Stock Fund Preferred Index - Performance: It rose 3.72% last week and has recorded a cumulative excess return of 13.84% since its establishment. Its performance comparison benchmark is the active stock fund (930980.CSI) [5][15]. - Index positioning: Each period selects 15 funds with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability within value, equilibrium, and growth styles, and balance the style distribution according to the CSI Active Stock - Type Fund Index [16]. 3.2.2 Value Stock Fund Preferred Index - Performance: It rose 1.44% last week and has recorded a cumulative excess return of 2.93% since its establishment. Its performance comparison benchmark is the CSI 800 Value Index (H30356.CSI) [6][15]. - Index positioning: It includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and equilibrium - value styles based on multi - period style division to form the index [18]. 3.2.3 Equilibrium Stock Fund Preferred Index - Performance: It rose 3.14% last week and has recorded a cumulative excess return of 7.66% since its establishment. Its performance comparison benchmark is the CSI 800 (000906.SH) [7][15]. - Index positioning: It selects 10 funds of relatively equilibrium and value - growth styles based on multi - period style division to form the index. Fund managers in this style balance the valuation and growth of individual stocks and consider cost - effectiveness at the industry level [20]. 3.2.4 Growth Stock Fund Preferred Index - Performance: It rose 5.14% last week and has recorded a cumulative excess return of 12.21% since its establishment. Its performance comparison benchmark is the 800 Growth (H30355.CSI) [7][15]. - Index positioning: It aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 funds of active - growth, quality - growth, and equilibrium - growth styles based on multi - period style division to form the index [24]. 3.2.5 Pharmaceutical Stock Fund Preferred Index - Performance: It fell 1.12% last week and has recorded a cumulative excess return of 19.19% since its establishment. Its performance comparison benchmark is the pharmaceutical - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative pharmaceutical indexes. It constructs an evaluation system in eligible samples, mainly considering indicators such as the fund's relative benchmark index winning rate, and ensures 15 funds are included in the index [24][27]. 3.2.6 Consumption Stock Fund Preferred Index - Performance: It rose 0.59% last week and has recorded a cumulative excess return of 22.45% since its establishment. Its performance comparison benchmark is the consumption - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative consumption indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [27]. 3.2.7 Technology Stock Fund Preferred Index - Performance: It rose 5.79% last week and has recorded a cumulative excess return of 21.12% since its establishment. Its performance comparison benchmark is the technology - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative technology indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [33]. 3.2.8 High - end Manufacturing Stock Fund Preferred Index - Performance: It rose 8.47% last week and has recorded a cumulative excess return of - 2.53% since its establishment. Its performance comparison benchmark is the high - end manufacturing - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative high - end manufacturing indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [35]. 3.2.9 Cycle Stock Fund Preferred Index - Performance: It fell 1.90% last week and has recorded a cumulative excess return of - 2.85% since its establishment. Its performance comparison benchmark is the cycle - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative cycle indexes. It constructs an evaluation system in eligible samples and ensures 5 funds are included in the index [35].