Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Rotation Strategy **Model Construction Idea**: The strategy is based on the weekly change rate of the "total heat" indicator for broad-based indices. It selects the index with the highest heat change rate for investment, while staying out of the market if the "Other" group has the highest rate[7][13][16] **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other"). 2. Smooth the weekly change rate using a 2-period moving average (MA2). 3. On the last trading day of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash. **Model Evaluation**: The strategy demonstrates a clear logic of capturing short-term market sentiment shifts based on heat changes[13][16] - **Model Name**: Concept Heat TOP and BOTTOM Portfolios **Model Construction Idea**: This model identifies the hottest concepts each week and constructs two portfolios based on the highest and lowest heat stocks within these concepts[30][32][34] **Model Construction Process**: 1. Select the top 5 concepts with the largest weekly heat change rates. 2. Exclude the bottom 20% of stocks in terms of market capitalization within the selected concepts. 3. Construct the "TOP" portfolio by equally weighting the top 10 stocks with the highest total heat within each concept. 4. Construct the "BOTTOM" portfolio by equally weighting the bottom 10 stocks with the lowest total heat within each concept. **Model Evaluation**: The model effectively captures behavioral biases in concept-driven markets, where low-heat stocks in hot concepts tend to generate excess returns over time[30][32][34] --- Model Backtesting Results - **Broad-based Index Rotation Strategy**: - Annualized Return: 8.74% - Maximum Drawdown: 23.5% - 2025 YTD Return: 14.7%[16] - **Concept Heat BOTTOM Portfolio**: - Annualized Return: 15.71% - Maximum Drawdown: 28.89% - 2025 YTD Return: 25.5%[34] --- Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator **Factor Construction Idea**: The factor aggregates the browsing, watchlist, and click counts of individual stocks, normalized as a percentage of the total market, and scaled by 10,000[7] **Factor Construction Process**: 1. Aggregate the browsing, watchlist, and click counts for each stock. 2. Normalize the aggregated value as a percentage of the total market. 3. Multiply the normalized value by 10,000 to obtain the total heat score. The range of the indicator is [0, 10,000][7] **Factor Evaluation**: The factor serves as a proxy for market sentiment and attention, effectively capturing behavioral patterns such as overpricing or underreaction at the stock level[7] --- Factor Backtesting Results - **Total Heat Indicator**: - No specific backtesting results provided for this factor in isolation

Core Viewpoint - The Shanghai Public Utility Index has shown a slight decline of 0.25% recently, reflecting the overall performance of the public utility sector in the Shanghai Stock Exchange [1] Group 1: Index Performance - The Shanghai Public Utility Index closed at 4604.42 points with a trading volume of 31.554 billion yuan [1] - Over the past month, the index has increased by 0.35%, while it has risen by 0.89% over the last three months, but has decreased by 3.08% year-to-date [1] Group 2: Index Composition - The index is composed of stocks and depositary receipts from five major industry categories: industrial, commercial, real estate, public utilities, and comprehensive [1] - The top ten weighted stocks in the index include: - Beijing-Shanghai High-Speed Railway (7.69%) - China Nuclear Power (5.42%) - China Unicom (4.79%) - Huaneng Water Power (4.79%) - Shanghai Port Group (3.78%) - Daqin Railway (3.66%) - Three Gorges Energy (3.48%) - China Communications Construction (2.99%) - China Railway Construction (2.68%) - Air China (2.64%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 51.38%, public utilities for 33.99%, communication services for 8.94%, consumer discretionary for 1.76%, energy for 1.69%, materials for 1.00%, financials for 0.84%, and real estate for 0.39% [2] Group 4: Index Sample Management - Stocks are included in the index based on their market capitalization ranking in the Shanghai market, with specific rules for inclusion and exclusion based on risk warnings and corporate actions [2]

Group 1 - The Shanghai Reform and Development Theme Index closed at 2523.18 points, with a trading volume of 29.016 billion yuan, reflecting a 0.51% increase [1] - Over the past month, the index has risen by 3.32%, and by 8.67% over the last three months, while it has decreased by 0.07% year-to-date [1] - The index primarily selects stocks from companies listed on the Shanghai Stock Exchange, focusing on themes such as the "Belt and Road" initiative, "Four Centers," and Free Trade Zone development [1] Group 2 - The top ten weighted stocks in the index include SAIC Motor (8.68%), Shanghai Port Group (7.73%), and Pudong Development Bank (7.62%) [1] - The index's holdings are entirely composed of stocks from the Shanghai Stock Exchange, with the industrial sector representing 29.98%, financial sector 22.30%, and consumer discretionary 18.22% [2] - The index samples are adjusted quarterly, with changes implemented on the next trading day following the second Friday of March, June, September, and December [2]

Group 1 - The chairman of Shanghai International Port (Group) Co., Ltd., Mr. Gu Jingshan, submitted his resignation due to age reasons, resigning from all positions including chairman and director of the board [1][2] - Mr. Gu's resignation does not affect the minimum number of board members required by law, ensuring the normal operation of the board [2] - The board has appointed Mr. Song Xiaodong, a director and the president of the company, to act as the chairman until a new chairman is elected [2] Group 2 - The company expresses gratitude for Mr. Gu's contributions during his tenure [3] - The board will follow legal procedures to elect a new chairman and fill any vacancies in the board and strategic committee [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海国际港务（集团）股份有限公司 关于董事长辞职暨推举董事代行董事长职责的公告 证券代码：600018 证券简称：上港集团 公告编号：临 2025-031 上海国际港务（集团）股份有限公司（以下简称："公司"）董事会于 2025 年 7 月 10 日收到董事长顾金山先生提交的书面辞职报告。顾金山先生因年龄原 因，申请辞去公司董事长、董事职务，同时一并辞去公司董事会战略委员会主任 委员职务。辞职后顾金山先生不再担任公司任何职务。 | | | | | | 是否继续 | | 是否存 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 离任职务 | 离任时间 | 原定任期到 | 离任 | 在上市公 司及其控 | 具体职 务（如 | 在未履 | | 姓名 | | | 期日 | 原因 | | | 行完毕 | | | | | | | 股子公司 | 适用） | 的公开 | | | | | | | 任职 | | 承诺 | | 顾金山 | ...

证券代码：600018 证券简称：上港集团 公告编号：2025-030 上海国际港务（集团）股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.145元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/16 | － | 2025/7/17 | 2025/7/17 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 30 日的2024年年度股东大会审议通过。 3. 分配方案： 本次利润分配以方案实施前的公司总股本23,281,365,262股为基数，每股派发现金红利 0.145元（含税），共计派发现金红利3,375,797,962.99元。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 二、 分配方案 截至股权登记日下午 ...

Group 1 - The establishment of Shanghai Port Group Yuntong International Container Service (Shanghai) Co., Ltd. has been announced, with a registered capital of 41 million RMB [1] - The company is wholly owned by Shanghai International Port (Group) Co., Ltd. [2] - The legal representative of the new company is Dai Jun [1] Group 2 - The business scope of the company includes domestic container cargo transportation agency, loading and unloading, international cargo transportation agency, and container leasing services among others [2] - The company is classified under the transportation, warehousing, and postal industry, specifically in the water transportation sector [2] - The registered address is located in the China (Shanghai) Pilot Free Trade Zone, Lingang New Area [2]

Core Insights - In the first half of 2025, Shanghai Port recorded a total of 23,000 international voyages, marking a year-on-year increase of 3.2%, achieving a historical high for the same period [1] - Container ships accounted for 17,000 of these voyages, with a total of 16.346 million TEUs (Twenty-foot Equivalent Units) being transported, reflecting year-on-year growth of 2.6% and 7% respectively [1] - There was significant growth in international cruise and roll-on/roll-off (RoRo) vessels, with increases of 80.1% and 13.5% year-on-year [1]

Core Insights - The cooperation between Suqian Port Group and Shanghai Port Group on the ICT 2.0 project allows companies to conduct import and export operations at Suqian Port, similar to Shanghai Port, enhancing logistics efficiency and reducing costs significantly [1] - Suqian's foreign trade import and export total reached 28.89 billion yuan from January to May this year, with a year-on-year growth of 4.6% [1] - The upcoming operation of the dedicated railway line for Suqian Port will enhance the logistics service system in the Jiangsu and Anhui regions, contributing to high-quality economic development in the northern Yangtze River Delta [2] Group 1 - The ICT 2.0 project enables companies to complete container import and export operations at Suqian Port, improving customs efficiency and reducing logistics costs by 30% to 40% compared to road transport [1] - The carbon emissions per container are reduced by over 30% through this new logistics model [1] - The traditional model posed challenges for import and export companies, including high transportation costs and complex procedures, which are alleviated by the new "one-stop" logistics information platform [1] Group 2 - The integration of public, rail, and water transport resources is accelerating the formation of a modern logistics system characterized by "channels + hubs + networks" [2] - Suqian Port is expected to evolve into a multi-modal transport hub with the lowest costs, highest efficiency, and best services in the northern Jiangsu region [2] - The deep coupling of logistics, trade, and industrial chains is a key focus for the development of Suqian Port [2]

Group 1 - The core stock price of Shanghai Port Group (600018) closed at 5.75 yuan on June 27, 2025, down 1.54% from the previous week's closing price of 5.84 yuan [1] - The highest intraday price for the week was 5.92 yuan on June 23, while the lowest was 5.74 yuan on June 27 [1] - The current total market capitalization of Shanghai Port Group is 133.868 billion yuan, ranking 2nd out of 35 in the shipping and port sector and 100th out of 5,151 in the A-share market [1] Group 2 - Shanghai Port Group's wholly-owned subsidiary, Shanghai Logistics, provided a guarantee of approximately 797 million yuan for its wholly-owned subsidiary, Shanghai Bonded [1] - The board of directors approved the guarantee for all business under the cooperation agreement between Shanghai Bonded and the Shanghai International Energy Exchange, with the guarantee amount being 797 million yuan [1] - The guarantee period will be effective simultaneously with the cooperation agreement and will cover the duration of the agreement and three years after its expiration [1] Group 3 - Shanghai Bonded plans to continue applying for international copper futures delivery qualifications, with the storage location being in the Yangshan Special Comprehensive Bonded Zone, Shanghai [1] - Shanghai Logistics emphasizes risk control, and Shanghai Bonded will dynamically purchase insurance coverage for all goods related to the futures on an annual basis to effectively manage guarantee risks [1] - As of the announcement date, the total amount of external guarantees provided by Shanghai Port Group and its subsidiaries is 29.771 billion yuan, accounting for 22.33% of the audited net assets of Shanghai Port Group as of the end of 2024, with no overdue external guarantees [1]