Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

证券代码：600177 证券简称：雅戈尔 公告编号：2025-047 公司于 2025 年 9 月 12 日实施 2025 年第一季度权益分派，回购股份的价格上 限由 8 元/股调整为 7.92 元/股，调整后的回购价格上限于 2025 年 9 月 12 日生效。 具体内容详见公司于 2025 年 9 月 13 日披露的《关于 2025 年第一季度权益分派实 施后调整回购股份价格上限的公告》（公告编号：临 2025-037）。 公司将于 2025 年 12 月 4 日实施 2025 年半年度权益分派，回购股份的价格上 限由 7.92 元/股调整为 7.84 元/股，调整后的回购价格上限于 2025 年 12 月 4 日生 效。具体内容详见公司于 2025 年 11 月 28 日披露的《关于 2025 年半年度权益分 派实施后调整回购股份价格上限的公告》（公告编号：临 2025-046）。 二、回购股份的进展情况 雅戈尔时尚股份有限公司 关于股份回购进展公告 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： | 回 ...

Group 1 - The company, Youngor, announced that as of November 28, 2025, it has repurchased approximately 64.57 million shares, accounting for 1.4% of its total share capital, with a total expenditure of about 483 million yuan [1][1][1] - The highest purchase price for the repurchased shares was 7.81 yuan per share, while the lowest was 7.28 yuan per share [1][1][1] - As of the report date, Youngor's market capitalization stands at 35.8 billion yuan [1][1][1] Group 2 - For the year 2024, Youngor's revenue composition is as follows: real estate development revenue accounts for 52.66%, brand clothing for 41.47%, textiles for 7.67%, and the investment segment for 0.26%, with inter-segment eliminations at -2.06% [1][1][1]

Core Viewpoint - The company announced a cash dividend distribution of 0.08 yuan per share for the first half of 2025, following the approval of the profit distribution plan at the annual shareholders' meeting on May 16, 2025 [2][3][16]. Distribution Plan - The cash dividend distribution is based on a total share capital of 4,623,441,902 shares, with 64,565,313 shares deducted for the repurchase account, resulting in a distribution base of 4,558,876,589 shares [6][16]. - The total cash dividend to be distributed amounts to 364,710,127.12 yuan (including tax) [6][16]. - The record date for the dividend distribution is set for December 3, 2025, with the dividend payment date on December 4, 2025 [16]. Taxation Details - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividend, while those holding for less than one month will have the full amount included in taxable income [10]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.072 yuan per share [11][12]. Share Repurchase Adjustment - Following the dividend distribution, the maximum repurchase price for shares has been adjusted from 7.92 yuan to 7.84 yuan per share [16][18]. - The repurchase plan involves using between 500 million yuan and 960 million yuan for buying back shares, with an estimated repurchase quantity ranging from approximately 63,775,511 shares to 122,448,979 shares, depending on the total amount used [18].

股票简称：雅戈尔 股票代码：600177 编号：临 2025-046 雅戈尔时尚股份有限公司 关于 2025 年半年度权益分派实施后调整回购股份价格上限 的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 一、回购股份的基本情况 公司于 2025 年 8 月 28 日召开第十一届董事会第二十次会议，审议通过了《关 于以集中竞价交易方式回购公司股份的议案》。公司拟使用不低于人民币 50,000 万元且不超过人民币 96,000 万元的自有资金及其他自筹资金，以集中竞价交易方 式回购公司发行的人民币普通股 A 股股票，全部用于员工持股计划或股权激励， 回购股份的价格为不超过人民币 8 元/股，回购股份期限为自公司董事会审议通过 本次回购股份方案之日起不超过 12 个月。具体内容详见公司于 2025 年 8 月 30 日披露的《关于以集中竞价交易方式回购股份的回购报告书》（以下简称《回购股 份报告书》）（公告编号：临 2025-031）。 三、本次调整回购股份价格上限的情况 公司于 2025 年 9 月 12 日实施 2025 年第一季度权益分派，回 ...

Core Points - The company announced a cash dividend distribution of 0.08 yuan per share (including tax) based on the total share capital as of the record date for the dividend distribution [2] - As of the board meeting date for the profit distribution plan, the total share capital of the company was 4,623,441,902 shares, with 51,176,200 shares held in the repurchase account deducted [2] - The total cash dividend amount to be distributed is adjusted to 364,710,127.12 yuan (including tax) based on the updated share capital after accounting for repurchased shares [2] Financial Adjustments - The company repurchased a total of 13,389,113 shares through centralized bidding from October 31, 2025, to the date of the announcement, increasing the shares held in the repurchase account to 64,565,313 [2] - The adjusted basis for the cash dividend distribution is 4,558,876,589 shares after deducting the repurchased shares from the total share capital [2] - The cash dividend distribution amount remains unchanged at 0.08 yuan per share, leading to a total cash dividend of 364,710,127.12 yuan (including tax) [2]

Group 1 - The company announced an adjustment to the maximum repurchase price for its shares from 7.92 yuan per share to 7.84 yuan per share, effective from December 4, 2025 [2] - This adjustment follows the implementation of the company's equity distribution for the first half of 2025 [2] - The announcement was made on the evening of November 27 [2] Group 2 - The adjusted repurchase price will be applicable from the ex-dividend date of the equity distribution [2] - The company is actively managing its share repurchase strategy in response to its financial decisions [2] - The change in repurchase price reflects the company's ongoing commitment to shareholder value [2]

证券日报网讯11月27日晚间，雅戈尔（600177）发布公告称，公司2025年半年度权益分派方案为：A股 每股派发现金红利0.08元(含税)，股权登记日2025年12月3日，除权除息日及现金红利发放日均为2025年 12月4日。 ...

浙江和义观达律师事务所 关于 雅戈尔时尚股份有限公司 差异化分红事项的 专项核查意见 浙江和义观达律师事务所 浙江省宁波市大闸南路500号来福士办公楼18楼 电话：+86 574 87529222 传真：+86 574 88398686 浙江和义观达律师事务所 法律意见书 浙江和义观达律师事务所 三、公司保证其已经向本所及经办律师提供了为出具本法律意见书所必需的 原始书面材料、副本材料、复印材料、确认函或者证明；并保证所提供的有关文 件和材料是真实、准确、完整和有效的，不存在隐瞒、虚假和重大遗漏之处，且 有关文件材料的副本或复印件与正本或原件相一致。 四、对于出具本法律意见书至关重要而又无法得到独立证据支持的事实，本 浙江和义观达律师事务所 法律意见书 关于雅戈尔时尚股份有限公司 差异化分红事项的专项核查意见 致：雅戈尔时尚股份有限公司 浙江和义观达律师事务所（以下简称"本所"）接受雅戈尔时尚股份有限公司 （以下简称"雅戈尔"或"公司"）委托，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上海证 券交易所上市公司自律监管指引第 7 号——回购股 ...

证券代码：600177 证券简称：雅戈尔 公告编号：2025-045 雅戈尔时尚股份有限公司 2025年半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0.08元 相关日期 | | | 差异化分红送转： 是 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会授权公司董事会制定 实施，并经公司第十一届董事会第二十一次会议审议通过，具体情况如下： 2025 年 5 月 16 日，公司召开 2024 年年度股东大会，审议通过《关于 2024 年度利润分 配及 2025 年中期分红规划的议案》，为了稳定投资者分红预期，缩短投资者获取股息红利的 等待时间，切实提升投资者获得感，在满足中期分红前提条件下，公司可根据 2025 年第一季 度、半年度及第三季度未分配利润与当期业绩，于 2025 年 9 月、12 月及 2026 年 3 月实施三 次中期分红，现金红利总额不超过相应期间归属于上市公司股东的净利润， ...