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]

Core Insights - The publishing sector saw an increase of 0.99% on December 1, with Changjiang Publishing leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Publishing Sector Performance - Changjiang Publishing (600757) closed at 9.09, up 5.57% with a trading volume of 499,900 shares and a transaction value of 452 million yuan [1] - Phoenix Publishing (601928) closed at 10.27, up 2.80% with a trading volume of 366,300 shares and a transaction value of 376 million yuan [1] - Shandong Publishing (601019) closed at 8.73, up 2.59% with a trading volume of 235,400 shares and a transaction value of 205 million yuan [1] - The overall trading volume and transaction values for other notable companies in the sector were also reported, indicating a generally positive trend [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The data indicates that speculative funds had a net inflow of 121 million yuan into the sector [2] Individual Stock Capital Flow - Zhongnan Publishing (601098) had a net inflow of 38.16 million yuan from institutional investors, while it faced a net outflow of 35.82 million yuan from speculative funds [3] - Shandong Publishing (601019) saw a net inflow of 17.85 million yuan from institutional investors, with a small net outflow from retail investors [3] - Other companies like Xinhua Publishing (600825) and Changjiang Publishing (600757) also showed varied capital flows, reflecting mixed investor sentiment [3]

每经AI快讯，中文传媒（SH 600373，收盘价：10.57元）12月1日晚间发布公告称，中文天地出版传媒 集团股份有限公司董事会于2025年11月28日收到副总经理陈佳羚先生提交的书面辞呈。因工作调整原 因，陈佳羚先生申请辞去公司副总经理职务，辞职后不再担任公司任何职务。陈佳羚先生的书面辞呈自 送达董事会之日起生效，其辞职不会对公司生产经营产生影响。 （记者 王晓波） 截至发稿，中文传媒市值为145亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ 2025年1至6月份，中文传媒的营业收入构成为：出版占比37.34%，整合营销占比25.69%，发行业务占 比24.41%，新业态占比16.27%，物资贸易占比7.29%。 ...

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。 中文天地出版传媒集团股份有限公司（以下简称公司）董事会于2025年11 月28日收到副总经理陈佳羚先生提交的书面辞呈。因工作调整原因，陈佳羚先生 申请辞去公司副总经理职务，辞职后不再担任公司任何职务。 证券代码：600373 证券简称：中文传媒 公告编号：临 2025-076 中文天地出版传媒集团股份有限公司 关于副总经理辞职的公告 公司及董事会对陈佳羚先生在任期间为公司发展所做出的贡献表示衷心感 谢！ 特此公告。 2025 年 12 月 2 日 中文天地出版传媒集团股份有限公司董事会 根据《公司法》《公司章程》等有关规定，陈佳羚先生的书面辞呈自送达董 事会之日起生效，其辞职不会对公司生产经营产生影响。截至本公告披露日，陈 佳羚先生未持有公司股份。 ...

Core Points - Chen Jialing has resigned from the position of Vice General Manager of Zhongwen Media (600373) due to work adjustments and will no longer hold any position in the company [1] Company Summary - Zhongwen Media announced the resignation of Chen Jialing as Vice General Manager on December 1 [1]

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-075 中文天地出版传媒集团股份有限公司 关于为下属子公司北京朗知网络传媒科技股份有限 公司提供担保的实施公告 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： ● 被担保人名称 中文天地出版传媒集团股份有限公司（以下简称公司）一级控股子公司：北 京朗知网络传媒科技股份有限公司（以下简称朗知传媒）。 ● 本次担保金额及已实际为其提供的担保余额 1.公司本次为朗知传媒提供的银行授信担保为 0.9660 亿元。本次担保后， 公司为朗知传媒提供的担保合同累计余额为 2.29 亿元，其中实际发生的对外担 保累计余额为 1.56 亿元。 2.本次担保后，公司为所属子公司银行授信提供担保合同累计余额为 13.42 亿元（含 2024 年度担保余额），其中实际发生的对外担保累计余额为 6.69 亿元。 子公司为母公司银行授信提供担保合同累计余额为 0 亿元（含 2024 年度担保余 额），其中实际发生的担保累计余额为 0 亿元（不含本次担保）。 ● 本次担保不 ...

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]

中文天地出版传媒集团股份有限公司 CHINESE UNIVERSE PUBLISHING AND MEDIA GROUPCO.,LTD. 2025 年第三次临时股东会会议资料 2025 年 12 月 4 日召开 二、董事会秘书宣读本次股东会须知。 三、审议以下议案 本次股东会审议议案及投票股东类型 中文传媒 2025 年第三次临时股东会会议资料 [中文传媒 2025 年第三次临时股东会会议文件之一] 中文天地出版传媒集团股份有限公司 2025 年第三次临时股东会议程 至 2025 年 12 月 4 日 通过交易系统投票平台的投票时间为股东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会 召开当日的 9:15-15:00。 会议召集人：公司董事会 参加会议人员：符合条件的股东或其授权委托人、公司董事、高级管理人员 及见证律师 一、会议主持人宣布 2025 年第三次临时股东会开始，报告出席会议股东、持有 股份数及比例、参会人员。 | 序号 | 议案名称 | 投票股 东类型 | | --- | --- | --- | | | | A股 ...

Core Viewpoint - Chinese Media's stock price has experienced a decline of 11.69% year-to-date, with a recent drop of 2.01% on November 26, 2023, indicating ongoing market challenges for the company [1][2]. Financial Performance - For the period from January to September 2025, Chinese Media reported a revenue of 5.29 billion yuan, a year-on-year decrease of 21.66%, and a net profit attributable to shareholders of 399 million yuan, down 45.14% year-on-year [3]. - Cumulative cash dividends since the company's A-share listing amount to 7.36 billion yuan, with 2.63 billion yuan distributed over the past three years [4]. Stock Market Activity - As of November 26, 2023, the stock price was 10.73 yuan per share, with a market capitalization of 14.67 billion yuan. The trading volume was 65.76 million yuan, with a turnover rate of 0.45% [1]. - The stock has seen a net outflow of 4.99 million yuan from major funds, with significant selling pressure observed [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 49,500, with an average of 27,207 circulating shares per person, a decrease of 3.07% from the previous period [3]. - The top ten circulating shareholders include notable institutional investors, with significant changes in holdings among them [4].

Core Insights - The visit by leaders from Henan Zhongyuan Media and Zhengzhou High-tech Investment to Beijing Lightyear Infinite (Turing Robot) focused on discussions regarding AI applications in new scenarios, particularly in AI + consumer hardware and AI + K12 education [1][2] Group 1: Company Overview - Zhongyuan Media, a key cultural enterprise directly under the Henan Provincial Government, is the largest comprehensive cultural media group in Henan and the only state-owned listed cultural enterprise [3] - The Yuwen Fund, associated with Zhongyuan Media, focuses on equity investments in the pan-cultural education and technology sectors, serving as a crucial capital tool for Zhongyuan Media's expansion into emerging industries [3] Group 2: Strategic Collaborations - Beijing Lightyear Infinite (Turing Robot) has previously established a strategic partnership with Chinese Media, a state-owned enterprise in Jiangxi, to advance projects in AI education, AI publishing, and AI cultural tourism [3] - The collaboration has laid a solid foundation for future partnerships, leveraging the experience gained from previous state-owned enterprise collaborations [3] Group 3: AI Application and Impact - Turing Robot's self-developed AI education application, "Turing Smart Learning," has been successfully implemented in several cities in Henan, receiving positive feedback [2][3] - Following the recent visit, Zhongyuan Media and Zhengzhou High-tech Investment will accelerate the implementation of AI consumer hardware and AI K12 education in Henan [2][3] Group 4: Turing Robot's Capabilities - Turing Robot, launched in 2014, is one of the earliest AI dialogue robot development platforms in China, holding nearly 500 invention patents in the AI technology/application field [4] - The company has deployed over 100 million AI hardware units under the Turing Inside brand, facilitating billions of AI interactions daily across various commercial scenarios, including education and transportation [4]