Content: --------- <doc id='1'>大额买入与资金流向跟踪（20250922-20250926） [Table_Authors] 郑雅斌(分析师) 本报告导读： 参考团队前期发布的专题报告选股因子系列研究（五十六、五十七），本报告旨在通 过交易明细数据构建相关指标，跟踪大额买入和净主动买入。</doc> <doc id='2'>投资要点：</doc> <doc id='3'>| | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 张耿宇(分析师) | | | 021-23183109 | | | zhanggengyu@gtht.com | | 登记编号 | S0880525040078 |</doc> <doc id='4'>[Table_Report] 相关报告 量化择时和拥挤度预警周报（20250928） 2025.09.28 高频选股因子周报（20250922-20250926） 2025.09.28 低频选股因子周报（2025.09.19-2025.09.26） 2025.09.27 国内权益资产震荡，资产配置策略整体回调 2025.09.26 绝对收益产品及策略周报（250915-250919） 2025.09.24 金 融 工 程 金 融 工 程 周 报 金融工程 /[Table_Date] 2025.09.30 [Table_Summary] 个股大额买入跟踪与净主动买入跟踪。近 5 个交易日大额买入排名 前 5 的个股为：华泰股份、美凯龙、联美控股、启迪环境、酒钢宏 兴；近 5 个交易日净主动买入排名前 5 的个股为：鄂尔多斯、中信 特钢、桂冠电力、南钢股份、京泉华。（本周报中，近 5 个交易日特 指 20250922 至 20250926。） 行业大额买入与净主动买入跟踪。近 5 个交易日大额买入排名前 5 的中信一级行业为：银行、石油石化、非银行金融、钢铁、房地产； 近 5 个交易日净主动买入排名前 5 的中信一级行业为：银行、石油 石化、农林牧渔、房地产、电力及公用事业。 ETF 大额买入跟踪与 ETF 净主动买入跟踪。近 5 个交易日大额买 入排名前 5 的 ETF 为：嘉实中证 500ETF、南方标普中国 A 股大盘 红利低波 50ETF、易方达中证红利 ETF、嘉实中证稀土产业 ETF、 易方达沪深 300ETF；近 5 个交易日净主动买入排名前 5 的 ETF 为： 富国创业板 ETF、嘉实中证新能源 ETF、华夏中证内地低碳经济主 题 ETF、广发创业板 ETF、鹏华中证国防 ETF。 风险提示。因子失效风险，模型误设风险，市场系统性风险。</doc> <doc id='6'>| 1. | 跟踪指标计算说明 3 | | --- | --- | | 2. | 个股大额买入与资金流向跟踪 3 | | 3. | 宽基指数大额买入与资金流向跟踪 3 | | 4. | 行业大额买入与资金流向跟踪 4 | | 5. | ETF 大额买入与资金流向跟踪 5 | | 6. | 风险提示 5 |</doc> <doc id='7'>1. 跟踪指标计算说明 本文使用大买单成交金额占比和净主动买入金额占比，跟踪个股、宽 基指数、行业和 ETF 的大额买入与资金流向。 大买单成交金额占比刻画了大资金的买入行为。根据逐笔成交数据中 的叫买和叫卖序号，可将逐笔成交数据还原为买卖单数据，并按照每单的 成交量筛选得到大单，计算其中大买单的成交金额占当日总成交金额的比 例。 净主动买入金额占比刻画了投资者的主动买入行为。根据逐笔成交数 据中的买卖标志，可界定每笔成交属于主动买入还是主动卖出。将两者的 成交金额相减，可得净主动买入金额，并计算占当日总成交金额的比例。</doc> <doc id='8'>2. 个股大额买入与资金流向跟踪 下表为全市场大买单成交金额占比过去 5 日均值排名前 10 的股票。</doc> <doc id='9'>| | 表 1 大买单成交金额占比前 10 股票列表（20250922-20250926） | | | | | --- | --- | --- | --- | --- | | 排序 | WIND 代码 | 股票名称 | 指标值 | 时序分位数 | | 1 | 600308.SH | 华泰股份 | 89.1% | 100.0% | | 2 | 601828.SH | 美凯龙 | 88.9% | 99.2% | | 3 | 600167.SH | 联美控股 | 88.7% | 98.8% | | 4 | 000826.SZ | 启迪环境 | 88.6% | 99.6% | | 5 | 600307.SH | 酒钢宏兴 | 87.9% | 95.9% | | 6 | 601996.SH | 丰林集团 | 87.7% | 98.0% | | 7 | 601366.SH | 利群股份 | 87.7% | 99.2% | | 8 | 002453.SZ | 华软科技 | 87.7% | 99.6% | | 9 | 600935.SH | 华塑股份 | 87.5% | 97.6% | | 10 | 600606.SH | 绿地控股 | 87.3% | 99.2% | 资料来源: Wind，国泰海通证券研究 下表为部分全市场净主动买入金额占比过去 5 日均值排名前 10 的股票。</doc> <doc id='10'>| | 表 2 净主动买入金额占比前 10 股票列表（20250922-20250926） | | | | | --- | --- | --- | --- | --- | | 排序 | WIND 代码 | 股票名称 | 指标值 | 时序分位数 | | 1 | 600295.SH | 鄂尔多斯 | 17.9% | 98.4% | | 2 | 000708.SZ | 中信特钢 | 17.4% | 100.0% | | 3 | 600236.SH | 桂冠电力 | 15.2% | 98.4% | | 4 | 600282.SH | 南钢股份 | 12.7% | 95.1% | | 5 | 002885.SZ | 京泉华 | 11.6% | 100.0% | | 6 | 600323.SH | 瀚蓝环境 | 11.5% | 95.1% | | 7 | 600176.SH | 中国巨石 | 11.5% | 99.2% | | 9 | 603037.SH | 凯众股份 | 11.0% | 100.0% | | 10 | 603091.SH | 众鑫股份 | 10.9% | 99.2% | 资料来源: Wind，国泰海通证券研究</doc> <doc id='11'>3. 宽基指数大额买入与资金流向跟踪 本文使用整体法计算主要宽基指数的大买单成交金额占比和净主动买 入金额占比，列于下表。</doc> <doc id='12'>表 3 宽基指数大额买入与资金流向（20250922-20250926） | | | 大买单成交金额占比 | | 净主动买入金额占比 | | --- | --- | --- | --- | --- | | | 5 日均值 | 5 日均值分位数 | 5 日均值 | 5 日均值分位数 | | 上证指数 | 72.3% | 2.9% | -3.6% | 21.6% | | 上证 50 | 70.2% | 7.3% | 1.1% | 18.4%

Core Insights - As of September 29, a total of 100 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Guangming Meat Industry, which has seen net buying for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Shapais, Zhongnan Media, Xintian Green Energy, Xinhua Wenshu, Jiugang Hongxing, Liqun Co., Meikailong, and Fucheng Co. [1]

Group 1 - The core viewpoint of the article highlights the growth in China's cold-rolled sheet production, with a reported output of 4.11 million tons in May 2025, representing a year-on-year increase of 5.2% [1] - Cumulative production from January to May 2025 reached 20.057 million tons, showing a cumulative growth of 6.9% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a robust trend in the cold-rolled sheet industry [1] Group 2 - The article mentions several listed companies in the cold-rolled sheet sector, including Baosteel Co., Ltd. (600019), Maanshan Iron & Steel Co., Ltd. (600808), and Shougang Group Co., Ltd. (000959) among others [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [1]

Company Overview - Gansu Jiugang Group Hongxing Steel Co., Ltd. is located in Gansu Province, established on April 21, 1999, and listed on December 20, 2000. The company primarily engages in the production and sales of steel and iron smelting and its rolling products, with main products including high-speed wire rods, bars, medium and heavy plates, and some continuous casting billets [2]. Business Performance - For the first half of 2025, the company achieved operating revenue of 15.595 billion yuan, a year-on-year decrease of 10.96%. The net profit attributable to the parent company was -649 million yuan, representing a year-on-year increase of 33.04% [2]. - The company's main business revenue composition includes: bars 31.86%, coils 26.12%, stainless steel 14.22%, wire rods 11.69%, plates 6.28%, and others 10.83% [2]. Stock Performance - On September 19, the stock price of Jiugang Hongxing fell by 2.29%, trading at 1.71 yuan per share, with a total market capitalization of 10.71 billion yuan. The stock has increased by 7.55% year-to-date, with a recent decline of 0.58% over the last five trading days [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on July 24, where it recorded a net buy of -639.037 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 185,300, a decrease of 2.75% from the previous period. The average circulating shares per person increased by 2.83% to 33,798 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 36.1434 million shares, an increase of 8.8648 million shares from the previous period [3].

Group 1 - The average stock price of A-shares is 13.49 yuan, with 24 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.51 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 50% of the total [1] - The Shanghai Composite Index closed at 3831.66 points as of September 18 [1] Group 2 - Among the low-priced stocks, 11 increased in price today, with the highest gainers being Yongtai Energy (up 10.32%), Liao Port Co. (up 2.75%), and *ST Su Wu (up 2.15%) [1] - Conversely, 11 stocks decreased in price, with the largest declines seen in Rongsheng Development (down 8.54%), *ST Gao Hong (down 5.56%), and Zhitian Tui (down 5.36%) [1] - The stock price performance of low-priced stocks shows a mixed trend, indicating volatility in this segment [1]

Group 1 - The core viewpoint of the article highlights the growth in China's medium and heavy wide steel plate production, with a reported output of 18.41 million tons in July 2025, reflecting a year-on-year increase of 3.2% [1] - From January to July 2025, the cumulative production of medium and heavy wide steel plates in China reached 132.435 million tons, marking a cumulative growth of 4.4% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a robust market outlook for the steel industry in the coming years [1] Group 2 - Listed companies in the medium and heavy wide steel plate sector include Baosteel Co., Ltd. (600019), Ansteel Co., Ltd. (000898), Shougang Co., Ltd. (000959), and others [1] - Zhiyan Consulting has released a market research report titled "2025-2031 China Medium and Heavy Wide Steel Plate Industry Market Research Analysis and Industry Demand Assessment Report," which provides insights into industry trends and forecasts [1] - The article emphasizes Zhiyan Consulting's expertise in providing comprehensive industry research reports and tailored consulting services to support investment decisions [1]

Market Overview - On September 17, the steel sector experienced a decline of 0.37%, with Liugang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Notable performers included: - Shougang Co., Ltd. with a closing price of 4.65, up 1.97% and a trading volume of 1.3655 million shares, totaling 613 million yuan [1] - Xinxing Ductile Iron Pipes Co., Ltd. closed at 3.89, up 0.78% with a trading volume of 561,500 shares, totaling 217 million yuan [1] - Conversely, Liugang Co., Ltd. closed at 5.44, down 2.68% with a trading volume of 405,800 shares, totaling 221 million yuan [2] Capital Flow Analysis - The steel sector saw a net outflow of 405 million yuan from main funds, while retail funds had a net inflow of 215 million yuan [2] - The capital flow for specific stocks showed: - Shougang Co., Ltd. had a net inflow of 35.54 million yuan from main funds, while retail funds saw a net outflow of 73.42 million yuan [3] - Huazhong Steel Co., Ltd. experienced a net outflow of 53.46 million yuan from main funds and a net inflow of 17.60 million yuan from retail funds [3]

Group 1 - The average stock price of A-shares is 13.65 yuan, with 24 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.54 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 50% of the total [1] - The Shanghai Composite Index closed at 3876.34 points as of September 17 [1] Group 2 - Among the low-priced stocks, three increased in price today, with *ST Yuan Cheng leading at a rise of 4.97% [1] - The majority of low-priced stocks, 17 in total, experienced declines, with Rongsheng Development falling by 6.13% [2][1] - The trading volume and turnover rates vary significantly among low-priced stocks, with *ST Gao Hong having a turnover rate of 0.24% [1]

Group 1 - The company has decided to cancel the second extraordinary general meeting of shareholders originally scheduled for September 22, 2025, due to adjustments in work arrangements [4][5] - The decision was made during the 24th meeting of the eighth board of directors, where all 8 participating directors voted in favor of the cancellation [2][4] - The company expressed apologies for any inconvenience caused to investors and thanked them for their understanding and support [5] Group 2 - The terms of the current board of directors, supervisory board, and senior management will expire on September 16, 2025, and their terms will be extended to ensure continuity and stability in corporate governance [6] - The company is actively preparing for the necessary management system revisions and supervisory board reforms, with the current supervisory board's term also being extended [6] - The extension of the board and management terms will not affect the normal operations of the company [6]

证券代码：600307 证券简称：酒钢宏兴 公告编号：2025-059 甘肃酒钢集团宏兴钢铁股份有限公司关于 董事会、监事会及高级管理人员延期换届的提示性公告 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个别及连带责任。 甘肃酒钢集团宏兴钢铁股份有限公司（以下简称"公司"）第八届董事会、监事会 及高级管理人员的任期将于 2025 年 9 月 16 日届满。鉴于相关换届工作正在积极推进， 为保证公司治理的连续性及稳定性，本届董事会适当延期换届，高级管理人员的任期亦 将相应顺延，在换届选举完成之前，公司第八届董事会及高级管理人员将按照法律法规 和《公司章程》的有关规定，继续履行相应的职责和义务。 同时，根据《关于新〈公司法〉配套制度规则实施相关过渡期安排》，公司正在积 极筹备配套管理制度修订及监事会改革等工作，本届监事会任期亦相应顺延。 公司董事会、监事会及高级管理人员延期换届和任期顺延不会影响公司的正常运营。 公司将按照相关法律法规、政策性文件及监管指引的相关规定，结合公司实际情况，有 序推进公司董事会、监事会及高级管理人员换届选举工作 ...