Group 1 - The current market for small and micro-cap stocks needs to slow down, as high valuations and low profitability make it difficult to justify further upward movement [1] - The five strong industries (non-ferrous metals, telecommunications, innovative pharmaceuticals, gaming, and military industry) have more reasonable valuations compared to the small and micro-cap stocks [1] - The main drivers of small and micro-cap stock increases are liquidity and retail investor contributions, rather than structural earnings growth [1] Group 2 - A rebound in A-shares was observed, driven by trading funds, with a focus on themes and sectors that show improvement in earnings [2] - The PPI has reached a low point, indicating potential for price recovery in certain sectors, while the market is expected to experience rotation among sectors [3] - The liquidity environment is improving, supporting a high volatility market, with a focus on sectors like storage, software, and insurance for tactical allocation [4] Group 3 - The export sector showed unexpected improvement, particularly in competitive manufacturing areas like machinery and automotive [3] - The PPI's stability suggests a favorable environment for certain industries, with recommendations for sectors that are expected to see high growth in earnings [3] - The market is expected to maintain a high level of activity, with a focus on sectors benefiting from policy support and technological advancements [4] Group 4 - The current market is characterized by a "slow bull" trend, with potential for continued upward movement in A-shares driven by resident capital inflows [8] - The focus on new technologies and growth sectors is expected to remain a key theme, with recommendations for investments in areas like robotics and solid-state batteries [8] - The market is undergoing a structural shift rather than a complete downturn, with a gradual transition from traditional cyclical sectors to technology sectors [11]

Group 1 - The announcement states that from August 11, 2025, Guotai Haitong Securities will begin selling certain funds managed by the company [1] - The applicable fund range is subject to compliance with the fund contract, prospectus, and related business announcements [1][4] - The announcement includes a list of various sales institutions that will also start selling the company's funds from the same date [5][6][7] Group 2 - Investors can consult details through the websites and customer service numbers provided for each sales institution [4][5][6][7] - The company emphasizes that the specific dates, times, processes, and any fee discount activities for fund sales will be determined by the sales institutions [1][4]

Core Viewpoint - The new policy for technology innovation bonds (科创债) has led to a significant increase in issuance, with a total of 883.16 billion yuan in new bonds over the past three months, indicating a strong market response to regulatory support [1][2]. Group 1: Issuance Scale and Participants - The total issuance scale of technology innovation bonds reached 883.16 billion yuan, with financial institutions accounting for nearly 36% of this amount [1][2]. - Among the financial institutions, banks led the issuance with 230.3 billion yuan, followed by 38 securities companies that collectively issued 54.1 billion yuan [2]. - The participation of small and medium-sized institutions and private enterprises has increased, with various smaller banks and private equity firms also issuing technology innovation bonds [2]. Group 2: Characteristics of New Bonds - The average coupon rate for newly issued technology innovation bonds was 1.9282%, which is notably low compared to other credit bonds of similar ratings [3]. - A significant portion of the new bonds has a maturity of over three years, with 76.23% of the total issuance (673.22 billion yuan) falling into this category [3]. - The majority of the issuers are central and local state-owned enterprises, with 203 bonds issued by central state-owned enterprises and 369 by local state-owned enterprises [3].

互联网网址 www.gdjky.com 招商证券股份有限公司 关于 广东省建筑科学研究院集团股份有限公司 首次公开发行股票并在创业板上市 之 上市保荐书 保荐机构（主承销商） 二〇二五年八月 广东建科首次公开发行股票并在创业板上市申请文件 上市保荐书 声 明 招商证券股份有限公司（以下简称"招商证券"、"保荐人"、"保荐机构"） 接受广东省建筑科学研究院集团股份有限公司（以下简称"广东建科"、 "发行人" 或"公司"）的委托，担任广东建科首次公开发行股票并在创业板上市（以下简 称"本次公开发行"、"本次证券发行"、"首次公开发行"或"本次发行"）的保 荐机构，为本次发行出具上市保荐书。 本保荐机构及保荐代表人根据《中华人民共和国公司法》 （下称"《公司法》"）、 《中华人民共和国证券法》 （下称"《证券法》"）、 《首次公开发行股票注册管理办 法》 （下称"《注册管理办法》"） 、《证券发行上市保荐业务管理办法》 （下称"《保 荐管理办法》"）、《深圳证券交易所创业板股票上市规则》（下称"《上市规则》）、 《深圳证券交易所股票创业板发行上市审核规则》 （下称"《审核规则》"）等有关 法律、行政法规和中国证券监 ...

Core Viewpoint - The stability of information systems in the securities industry is essential for ensuring the safe operation of financial markets, prompting the China Securities Association to seek industry feedback on the "Stability Assurance System Standard for the Securities Industry" [1][2]. Group 1: Background and Purpose - The initiative aims to integrate best practices from securities firms to create a practical stability assurance framework, promoting the digital and standardized development of technical capabilities across the industry [1]. - The project for drafting the standard began in November 2023, with participation from 14 securities firms, including major players like GF Securities and CITIC Securities [1]. Group 2: Current Challenges - There are four main challenges identified: 1. Lack of resilience design in system development, leading to high operational risk prevention costs due to insufficient monitoring and automation capabilities [2]. 2. Predominantly reactive risk perception during operations, lacking proactive data-driven risk identification capabilities [2]. 3. Emergency response relies heavily on individual expert experience, lacking data-driven human-machine collaborative capabilities [2]. 4. Insufficient depth of intelligent technology application, resulting in a gap between abnormal response efficiency and real-time business requirements [2]. Group 3: Proposed Framework - The "Stability Assurance System Standard" proposes a "three-in-one" framework for stability assurance, focusing on organizational, institutional, and process guarantees [3]. - Organizational guarantees include defining the structure, personnel competency requirements, and management objectives [3]. - Institutional guarantees encompass regulations, technical support, operational procedures, and timelines to ensure management requirements are actionable and traceable [3]. - Process guarantees focus on ten core processes related to stability management, including monitoring, alerting, and fault management, with mechanisms for evaluation and key activities [3]. - The standard emphasizes a shift towards proactive operations management to meet non-functional requirements like resilience and maintainability, utilizing digital methods to enhance defense capabilities [3].

Quantitative Models and Construction Methods DTW Timing Model - **Model Name**: DTW Timing Model - **Model Construction Idea**: The model is based on the principle of similarity and the DTW algorithm, focusing on price and volume timing[1][5][14] - **Model Construction Process**: - The model examines the similarity between current index trends and historical trends, selecting several historical segments with high similarity as references[25] - It calculates the weighted average future price change and weighted standard deviation of the selected historical segments (weights are the inverse of the distance)[25] - Based on the average future price change and standard deviation, trading signals are generated[25] - The model uses the DTW distance algorithm instead of the Euclidean distance for similarity measurement, as DTW distance can better handle time series mismatches[27] - Improved DTW algorithms such as Sakoe-Chiba and Itakura Parallelogram are introduced to overcome the "over-bending" issue in traditional DTW algorithms[29][30][35] - **Model Evaluation**: The model has shown stable excess returns in general market conditions, although it faced some drawdowns during periods of sudden macroeconomic policy changes[16] Foreign Capital Timing Model - **Model Name**: Foreign Capital Timing Model - **Model Construction Idea**: The model is based on the divergence between foreign and domestic related assets[1][14] - **Model Construction Process**: - The model uses two foreign-listed assets related to A-shares: FTSE China A50 Index Futures (Singapore market) and Southern A50 ETF (Hong Kong market)[34] - It constructs two indicators from FTSE China A50 Index Futures: premium and price divergence, forming the FTSE China A50 Index Futures timing signal[34] - It constructs a price divergence indicator from Southern A50 ETF, forming the Southern A50 ETF timing signal[34] - The timing signals from both assets are combined to form the foreign capital timing signal[34] - **Model Evaluation**: The model has shown good performance with high annualized returns and low maximum drawdowns[20][23] Model Backtest Results DTW Timing Model - **Absolute Return**: 25.79% since November 2022[5][16] - **Excess Return**: 16.83% relative to CSI 300[5][16] - **Maximum Drawdown**: 21.32%[5][16] - **Absolute Return (2024)**: 23.98% on CSI 300[18] - **Excess Return (2024)**: 2.76%[18] - **Maximum Drawdown (2024)**: 21.36%[18] - **Win Rate (2024)**: 53.85%[18] - **Profit-Loss Ratio (2024)**: 2.93[18] Foreign Capital Timing Model - **Absolute Return (2024)**: 29.11% for long strategy[5][23] - **Maximum Drawdown (2024)**: 8.32% for long strategy[5][23] - **Annualized Return (2014-2024)**: 18.96% for long-short strategy, 14.19% for long strategy[20] - **Maximum Drawdown (2014-2024)**: 25.69% for long-short strategy, 17.27% for long strategy[20] - **Daily Win Rate (2014-2024)**: Nearly 55%[20] - **Profit-Loss Ratio (2014-2024)**: Both exceed 2.5[20]

2025.08.08 本文字数：2486，阅读时长大约4分钟 8月8日，靖奇投资发布靖奇投资微信公众号接连发布以靖奇投资创始人之一、基金经理范思奇签署的 《关于公司付款及对公账户操作的重要说明》，声称该公司基本账户于7月2日发生大额异常资金转移， 严重影响了公司的正常资金安排与对外付款秩序。目前，公司基本账户的线上操作已被冻结，但线下柜 台交易仍可正常办理。 声明提及，为了保障合作关系和合同履行，公司付款业务目前采用柜台线下转账方式，需由公司法人及 一名股东携带合同原件、付款凭据及相关资料共同前往银行柜台操作。范思奇称其作为公司法人及执行 董事，已于7月初起，多次以书面形式向其他股东及公司财务人员正式提出，携带必要材料与转账介质 一同前往银行处理付款事宜，以维护公司正常经营秩序。但截至目前，尚未收到任何回应或配合。 作者 |第一财经 周斌 最近两日，知名量化私募靖奇投资接连发布风险警示公告、账户异常告知，管理层"内斗风波"持续升 级，而招商证券也被卷入其中。 8月7日至8月8日，靖奇投资微信公众号接连发布两则其创始人之一、基金经理范思奇签署的声明，声称 该公司基本账户此前发生大额异常转账，且存在非法伪造法人印 ...

【#知名量化私募靖奇投资陷内斗风波#，#招商证券被卷入内斗风波# 】 最近两日，知名量化私募靖奇投资接连发布风险警示公告、账户异常告知，管理层"内斗风波"持续升 级，而招商证券也被卷入其中。 8月7日至8月8日，靖奇投资微信公众号接连发布两则其创始人之一、基金经理范思奇签署的声明，声称 该公司基本账户此前发生大额异常转账，且存在非法伪造法人印章及冒用法人签名擅自进行基金设立、 清盘、证券账户开立等情形，并直指公司产品托管人招商证券未尽到基本核查义务，涉嫌违反基金法律 法规规定。 此外，招商证券相关人士8月8日对第一财经称，该公司仅托管该公司3只产品，且上述产品均不在该司 开户交易，并且产品设立及运作事项均已经过管理人合法合规确认，不存在违反基金法律法规情形。 第一财经辗转联系到靖奇投资另一位创始人唐靖人，他称目前公司正处于法定代表人变更窗口期，范思 奇近日利用其法人身份变更了公司微信公众号管理权限。在其8月7日向投资人发布的声明中，还提及范 思奇与公司其他股东经营理念不合，为了给其他股东施压，便通过微信公众号文章、朋友圈中伤公司其 他股东，并擅自清盘公司基金产品、恶意挂失公司印章等。 ...

知名量化私募靖奇投资管理层内斗再升级 就在前一日，靖奇投资还发布了《关于非法使用法人印章及合作机构尽职调查义务的声明》中，声称存 在非法使用伪造法人印章及冒用法人签名，擅自进行基金设立、清盘、证券账户开立等关键法律行为的 情形。 声明提及，为了保障合作关系和合同履行，公司付款业务目前采用柜台线下转账方式，需由公司法人及 一名股东携带合同原件、付款凭据及相关资料共同前往银行柜台操作。范思奇称其作为公司法人及执行 董事，已于7月初起，多次以书面形式向其他股东及公司财务人员正式提出，携带必要材料与转账介质 一同前往银行处理付款事宜，以维护公司正常经营秩序。但截至目前，尚未收到任何回应或配合。 对此，招商证券相关人士8月8日对第一财经称，目前该管理人旗下运作产品共计56只，涉及10余家托管 机构，招商证券仅托管其中3只产品，且上述产品均不在该司开户交易。另外，经与多家相关托管机构 沟通，各家托管机构均认为所有产品设立及运作事项均已经过管理人合法合规确认，不存在违反基金法 律法规情形。 最近两日，知名量化私募靖奇投资接连发布风险警示公告、账户异常告知，管理层"内斗风波"持续升 级，而招商证券也被卷入其中。 8月7日至8 ...

中国经济网北京8月8日讯（记者 马先震） 8月7日，量化私募靖奇投资微信公众号发布一则风险警示公 告称，近期，公司发现存在人员未经法定代表人范思奇授权，非法使用伪造法人印章及冒用法人签名， 擅自进行基金设立、清盘、证券账户开立等关键法律行为的情形。例如"靖奇天弓聚配专享1号私募证券 投资基金"在设立及运作过程中，相关行为未经公司法定代表人授权，而托管人招商证券（600999）未 能履行基本核查职责，目前已向中国证监会与中国证券投资基金业协会正式投诉举报。 我司已于 2025年 6 月通过律师函形式,正式要求相关人员归还印章,并于 6 月底向公安机关重新备 案法人印章。目前,公司印章依法管理在法人范思奇本人掌握之下,任何他人持有并使用的所谓 "公司印章",均属伪造或非法占有,其行为及所形成文书我司一律不予承认,亦不承担任何法律 后果。 我司特别提醒各基金托管机构、证券公司及合作方:应严格履行尽职调查义务,认真核查基金设 立、交易账户开立等行为中所使用的法人授权文件与印章是否合法、有效。 例如:靖奇天弓疑配专享1 号私募证券投资基金在设立及运作过程中,相关行为未经我司法定代表 人授权,其托管人招商证券未尽到基本核 ...