Quantitative Factors and Construction Methods 1. Factor Name: Large Order Transaction Amount Ratio - **Factor Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large order transaction amounts relative to the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers 2. Filter transactions by order size to identify large orders 3. Calculate the proportion of large buy order transaction amounts to the total daily transaction amount Formula: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor effectively reflects the buying behavior of large funds[7] 2. Factor Name: Net Active Buy Amount Ratio - **Factor Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy amount as a proportion of the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on trade direction 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy amount 3. Calculate the proportion of the net active buy amount to the total daily transaction amount Formula: $ \text{Net Active Buy Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor provides insights into the active buying behavior of investors[7] --- Factor Backtesting Results 1. Large Order Transaction Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 惠博普 (92.6%, 99.6% percentile)[9] 2. 美年健康 (89.6%, 99.2% percentile)[9] 3. 志特新材 (89.2%, 99.2% percentile)[9] 4. 津滨发展 (88.4%, 99.6% percentile)[9] 5. 江南高纤 (87.7%, 98.8% percentile)[9] 2. Net Active Buy Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 杭萧钢构 (16.7%, 99.8% percentile)[10] 2. 纬德信息 (15.4%, 100.0% percentile)[10] 3. 中科微至 (15.0%, 99.6% percentile)[10] 4. 新风光 (13.8%, 100.0% percentile)[10] 5. 联合水务 (13.3%, 97.5% percentile)[10] 3. Broad-Based Indices - **Large Order Transaction Amount Ratio (5-Day Average)**: - 上证指数: 73.8% (12.8% percentile)[12] - 上证50: 70.6% (64.2% percentile)[12] - 沪深300: 73.1% (64.2% percentile)[12] - 中证500: 73.0% (6.6% percentile)[12] - 创业板指: 71.6% (90.1% percentile)[12] - **Net Active Buy Amount Ratio (5-Day Average)**: - 上证指数: -5.8% (86.8% percentile)[12] - 上证50: -12.9% (90.5% percentile)[12] - 沪深300: -8.8% (89.3% percentile)[12] - 中证500: -3.4% (86.0% percentile)[12] - 创业板指: -4.4% (84.8% percentile)[12] 4. Industry-Level Results - **Top 5 Industries by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 房地产: 79.8% (90.1% percentile)[13] 2. 煤炭: 78.5% (66.3% percentile)[13] 3. 钢铁: 78.2% (42.8% percentile)[13] 4. 建筑: 77.9% (24.3% percentile)[13] 5. 综合: 77.8% (50.6% percentile)[13] - **Top 5 Industries by Net Active Buy Amount Ratio (5-Day Average)**: 1. 房地产: -9.5% (95.1% percentile)[13] 2. 电子: 2.2% (78.6% percentile)[13] 3. 汽车: 0.9% (60.9% percentile)[13] 4. 家电: 0.1% (84.4% percentile)[13] 5. 通信: -4.7% (89.7% percentile)[13] 5. ETFs - **Top 5 ETFs by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 华泰柏瑞中证A500ETF (92.9%, 96.3% percentile)[15] 2. 易方达中证A500ETF (91.6%, 100.0% percentile)[15] 3. 国泰中证A500ETF (91.5%, 15.6% percentile)[15] 4. 华泰柏瑞沪深300ETF (91.0%, 99.2% percentile)[15] 5. 易方达沪深300ETF (91.0%, 99.6% percentile)[15] - **Top 5 ETFs by Net Active Buy Amount Ratio (5-Day Average)**: 1. 东财上证科创板50成份ETF (23.4%, 100.0% percentile)[16] 2. 海富通上证城投债ETF (20.9%, 88.5% percentile)[16] 3. 国泰上证10年期国债ETF (15.6%, 61.3% percentile)[16] 4. 富国创业板人工智能ETF (14.3%, 65.9% percentile)[16] 5. 嘉实中证稀土产业ETF (14.1%, 92.6% percentile)[16]

Core Viewpoint - Hangxiao Steel Structure experienced a decline of 2.08% in stock price on January 20, with a trading volume of 4.28 billion yuan and a market capitalization of 7.794 billion yuan [1] Group 1: Stock Performance - The stock price of Hangxiao Steel Structure has increased by 10.77% year-to-date, but has decreased by 24.54% over the last five trading days [1] - The stock has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on January 19 [1] Group 2: Financial Performance - For the period from January to September 2025, Hangxiao Steel Structure reported a revenue of 5.769 billion yuan, a year-on-year decrease of 3.51%, and a net profit attributable to shareholders of 149 million yuan, down 27.51% year-on-year [2] - The company has distributed a total of 1.691 billion yuan in dividends since its A-share listing, with 427 million yuan distributed in the last three years [3] Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders for Hangxiao Steel Structure was 62,700, a decrease of 1.49% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.52% to 37,756 shares [2] - Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 25.9306 million shares, a decrease of 5.3165 million shares from the previous period [3]

Group 1 - The controlling shareholder, Mr. Dan Yinmu, holds 904,713,764 shares of the company, accounting for 38.19% of the total share capital. The total number of shares pledged by him, including this transaction, is 380,320,000 shares, which represents 42.04% of his holdings and 16.05% of the company's total share capital [2] - On January 16, 2026, Mr. Dan Yinmu completed an early repurchase transaction of pledged shares with Guosen Securities Co., Ltd. [2] - After the release of the pledge, Mr. Dan Yinmu currently has no plans for new pledges [2] Group 2 - The company's stock experienced a cumulative price drop exceeding 20% over three consecutive trading days from January 15 to January 19, 2026, which is classified as an abnormal trading fluctuation [7] - The company has confirmed that its production and operational activities are normal, with no significant changes in daily operations [8] - There are no undisclosed major events or information that could impact the company's stock price, including significant asset restructuring or major transactions [8][10] Group 3 - The company is involved in the steel structure contracting business, including the design, manufacturing, and installation of various steel structures [9] - The company recently won a project in collaboration with Hunan Construction Group, but the contract amount is less than 1% of the company's audited revenue for 2024, thus not significantly affecting overall performance [9]

证券代码：600477 证券简称：杭萧钢构 公告编号：2026-006 杭萧钢构股份有限公司 股票交易异常波动公告 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。 公司股票于2026年1月15日、1月16日、1月19日连续3个交易日收盘价格跌幅 偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于股票 交易异常波动情形。 重要内容提示： 杭萧钢构股份有限公司（以下简称"公司"）股票于 2026 年 1 月 15 日、 1 月 16 日、1 月 19 日连续 3 个交易日收盘价格跌幅偏离值累计超过 20%，根据 《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 一、股票交易异常波动的具体情况 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动正常，日常经营情况未发生重大变化。 经公司自查，并书面问询公司控股股东及实际控制人，截至本公告披露 日，公司、控股股东及实际控制人不存在应披露而未披露的重大信息。 1 / 2 （www.sse.com.cn）的《杭萧钢构关于项目 ...

证券代码：600477 证券简称：杭萧钢构 公告编号：2026-005 杭萧钢构股份有限公司 关于控股股东部分股份解除质押的公告 公司于 2026 年 1 月 19 日接到通知，获悉控股股东、实际控制人单银木先生 于 2026 年 1 月 16 日与国信证券股份有限公司办理了股票质押式回购提前购回交 易。具体情况如下： | 股东名称 | 单银木 | | --- | --- | | 本次解除质押股份（股） | 36,200,000 | | 占其所持股份比例 | 4.00% | | 占公司目前总股本比例 | 1.53% | | 解质时间 | 2026.1.16 | | 持股数量（股） | 904,713,764 | | 持股比例 | 38.19% | | 剩余被质押股份数量（股） | 380,320,000 | | 剩余被质押股份数量占其所持股份比例 | 42.04% | | 剩余被质押股份数量占公司总股本比例 | 16.05% | 一、本次股份被解除质押情况 本次解除质押后，单银木先生近期暂不存在新增质押的计划。 1 / 2 二、控股股东及其一致行动人累计质押股份情况 截至本公告披露日，公司控股股东及其一致行动 ...

格隆汇1月19日｜杭萧钢构（维权）公告，公司股票连续3个交易日收盘价格跌幅偏离值累计超过20%， 属于股票交易异常波动情形。经自查，公司目前生产经营活动正常，日常经营情况未发生重大变化。同 时，公司、控股股东及实际控制人均不存在涉及公司应披露而未披露的重大信息。 ...

Market Overview - On January 16, the A-share market opened high but closed lower, with the Shanghai Composite Index down 0.26% at 4101.91 points, and both the Shenzhen Component and ChiNext Index down 0.18% and 0.20% respectively. The total trading volume exceeded 2 trillion yuan for the 14th consecutive trading day, reaching 3.03 trillion yuan [1]. Sector Performance - The market focus was on the semiconductor industry chain, particularly in storage chips and silicon carbide, as well as power grid equipment and humanoid robots. The low-altitude economy concept saw a recovery in the afternoon, while AI applications and sectors like media and pharmaceuticals experienced significant adjustments [1]. - A total of 2371 stocks rose while 2973 fell, with 47 stocks hitting the daily limit up and 50 hitting the limit down, indicating a low short-term sentiment and a less than 30% success rate for consecutive limit-up stocks [1]. Fund Flow - Main funds saw a net inflow of over 22.2 billion yuan into the electronics sector, with significant investments in semiconductors and machinery equipment, while there was a large outflow from the computer and media sectors, amounting to 18.56 billion yuan and 10.64 billion yuan respectively [1]. - Northbound funds recorded a net purchase of about 5 billion yuan, focusing on technology consumer stocks like Luxshare Precision and Sanhua Intelligent Control [1]. Market Sentiment - The market maintained high trading volume but with slowing incremental growth. The surge in wide-based ETFs indicated a risk-averse tendency, as funds sought a balance between policy catalysts and performance certainty in sectors like consumer electronics and innovative pharmaceuticals [1]. - The overall market saw a 40% limit-down rate, with the number of stocks hitting the limit down (50) exceeding those hitting the limit up (47), reflecting increased fund divergence and a decline in risk appetite [1]. First Limit Down Stocks - Haiwang Bio (000078) faced a limit down due to high valuation and fund withdrawal, closing at 3.74 yuan with a drop of 10.10%, and showing a significant deviation of 86.04% from its intrinsic value [2][3]. - Sanwei Communication (002115) also hit a limit down as high valuation pressures emerged, closing at 17.59 yuan with a drop of 9.98%, and a deviation of 67.83% from its intrinsic value [4][5]. - Hezhu Intelligent (603011) experienced a limit down due to overall sector adjustments, closing at 28.81 yuan with a drop of 9.99%, and a deviation of 60.08% from its intrinsic value [6][7]. Continuous Limit Down Stocks - Jinyu Group (601992) saw a continuous limit down, closing at 1.9 yuan with a drop of 9.95%, and is currently undervalued by 80.69% compared to its intrinsic value, indicating potential for valuation recovery [9][10]. - Hangxiao Steel Structure (600477) also faced a continuous limit down, closing at 3.61 yuan with a drop of 9.98%, and is undervalued by 51.59% compared to its intrinsic value, suggesting a potential investment opportunity [11][12]. - Zhejiang Wenlian (600986) experienced a continuous limit down, closing at 10.04 yuan with a drop of 9.96%, and is undervalued by 36.81% compared to its intrinsic value, indicating potential for valuation recovery as market sentiment stabilizes [13][14]. Investment Strategy - The market is showing a tendency to avoid significantly overvalued stocks, focusing instead on undervalued stocks with fundamental support. Investors are advised to avoid first limit down stocks like Haiwang Bio and Sanwei Communication, while considering opportunities in continuously limit down stocks like Jinyu Group and Hangxiao Steel Structure [15][16].

Core Viewpoint - The recent surge in A-share market activity has led to regulatory scrutiny of several companies involved in popular concepts like commercial aerospace, brain-computer interfaces, and artificial intelligence due to issues with information disclosure and risk warnings [1][2]. Group 1: Companies Under Scrutiny - Five companies, including Hangxiao Steel Structure, Electric Science Digital, Yahui Long, Yingjixin, and Tianpu Co., have received warning letters or are under investigation for misleading disclosures related to trending market concepts [1][2]. - Tianpu Co. experienced a significant stock price increase of 16 times by 2025, raising concerns about its information disclosure practices [1]. Group 2: Specific Company Issues - Hangxiao Steel Structure failed to accurately disclose the impact of its involvement in a commercial aerospace project, with the contract amount accounting for less than 1% of its 2024 audited revenue [2]. - Electric Science Digital reported that its satellite communication and AI products had minimal sales impact, with 2025 orders amounting to approximately 0.1% of overall business [3]. - Yahui Long's announcement regarding a strategic partnership in brain-computer interfaces lacked clarity on the technical capabilities of its partner, leading to regulatory warnings [4][5]. - Yingjixin's disclosures about its brain-computer interface chip were found to be misleading regarding the product's market readiness and sales impact [6]. - Tianpu Co. did not clarify its connection to artificial intelligence despite establishing a subsidiary focused on related technologies, leading to regulatory action [7][8]. Group 3: Historical Context and Trends - Several of the companies involved have a history of information disclosure issues, with Hangxiao Steel Structure being notably linked to a major insider trading case [12][13]. - The information disclosure ratings of these companies have declined significantly, with Hangxiao Steel Structure dropping from B to C, Electric Science Digital from A to B, and Tianpu Co. from B to D [12].

中经记者 方超 石英婧 上海报道 在商业航天热度不减背景下，杭萧钢构股份有限公司（600477.SH，以下简称"杭萧钢构"）因信披问题 遭到了警示。 1月13日，上交所发布《关于对杭萧钢构及有关责任人予以监管警示的决定》（上证公监函〔2026〕 0008号），因杭萧钢构及时任董秘姚剑峰违反相关规定，决定对其予以监管警示。 （杭萧钢构生产车间。公司官网/图） 据了解，在遭上交所警示背后，或与杭萧钢构蹭商业航天热度的行为密不可分。据杭萧钢构此前披露的 信息，其与相关公司联合中标箭元中大型液体运载火箭总装总测及回收复用基地（一期）工程总承包项 目（以下简称"火箭基地项目"），此后公司股价波动明显。上交所方面认为，杭萧钢构"相关信息发布 不准确、不完整，风险提示不充分"。 对此，《中国经营报》记者联系姚剑峰，但在记者表明身份后其以"信号不好"为由挂断了电话，此后多 次拨打电话未能接通。记者致电杭萧钢构证券部求证，相关工作人员表示："目前，公司生产经营都是 正常的。" 股价连续多日涨停异动 据了解，杭萧钢构方面对外披露中标上述火箭基地项目信息，始于2025年年底。 2025年12月29日，有投资者向杭萧钢构方面咨询称： ...

Core Viewpoint - The core logic is to "drive out the bad currency and protect the good currency," emphasizing the need for regulatory measures to ensure long-term development in the market, particularly in the context of speculative risks associated with concept stocks like GEO and AI applications [1][10]. Group 1: Market Reaction and Stock Performance - On January 15, 2026, major thematic sectors such as internet and cultural media saw significant declines, with the internet index dropping by 5.31% and the cultural media index by 3.33% after reaching new highs on January 14 [3]. - Specific stocks within these sectors experienced drastic declines, with notable examples including "20cm" limit down for stocks like ZhiDeMai and ZhuoYi Information in the internet sector, and TianLong Group in the cultural media sector [3][4]. Group 2: Company Announcements and Risk Warnings - Several companies, including ZhiDeMai and TianLong Group, issued announcements clarifying their lack of involvement in GEO-related businesses, despite significant stock price increases of 91.44% and 115.99% respectively from December 30, 2025, to January 14, 2026 [4][5]. - Companies like YingLi Media and ZheWen Culture also warned about the risks associated with their GEO business, stating that it has not yet formed a mature business model and lacks market recognition and profitability [4][5]. Group 3: Regulatory Actions and Market Oversight - Regulatory bodies have begun to crack down on companies engaging in misleading practices, with examples including Hangxiao Steel Structure and Electric Science Digital, which faced penalties for their vague disclosures related to AI and commercial space projects [6][7]. - The Shanghai Stock Exchange has taken measures against abnormal trading behaviors, suspending accounts of investors involved in irregular trading activities, particularly in stocks like GuoSheng Technology [8]. Group 4: Financial Performance and Market Discrepancies - Many companies experiencing stock price surges are facing declining fundamentals, with YingLi Media reporting a net profit of 20.36 million yuan for the first three quarters of 2025, a decrease in gross margin by 1.73 percentage points [9][10]. - ZheWen Culture and TianXiaXiu also reported significant declines in net profits, with ZheWen's net profit down by 19.68% and TianXiaXiu's by 45.49% year-over-year [10]. Group 5: Future Market Outlook and Investment Principles - Analysts suggest that the current market environment reflects a clash between short-term speculative sentiment and long-term industrial trends, indicating a shift towards more regulated and value-driven investment practices [10][11]. - Companies are advised to treat information disclosure as critical, ensuring that communications regarding hot topics are accurate and comprehensive to avoid damaging their credibility [11].