Quantitative Factors and Their Construction 1. Factor Name: Small-Cap Factor - **Construction Idea**: The small-cap factor measures the performance of stocks with smaller market capitalization, which historically tend to outperform larger-cap stocks under certain market conditions [17][18] - **Construction Process**: The factor's crowding level is calculated using four indicators: valuation spread, pairwise correlation, long-term return reversal, and factor volatility. These indicators are combined into a composite score to assess the degree of crowding [18] - **Evaluation**: The small-cap factor showed a positive crowding level, indicating relatively strong performance and lower risk of factor failure [19] 2. Factor Name: Low-Valuation Factor - **Construction Idea**: This factor identifies stocks with lower valuation metrics, such as price-to-earnings or price-to-book ratios, which are expected to generate higher returns over time [17][18] - **Construction Process**: Similar to the small-cap factor, the low-valuation factor's crowding level is assessed using the same four indicators (valuation spread, pairwise correlation, long-term return reversal, and factor volatility) and combined into a composite score [18] - **Evaluation**: The low-valuation factor exhibited a slightly negative crowding level, suggesting moderate underperformance or potential risks of factor inefficiency [19] 3. Factor Name: High-Profitability Factor - **Construction Idea**: This factor targets stocks with strong profitability metrics, such as high return on equity (ROE) or net profit margins, which are often associated with stable and superior returns [17][18] - **Construction Process**: The factor's crowding level is calculated using the same methodology as the small-cap and low-valuation factors, combining the four indicators into a composite score [18] - **Evaluation**: The high-profitability factor showed a negative crowding level, indicating potential underperformance or risks of factor inefficiency [19] 4. Factor Name: High-Growth Factor - **Construction Idea**: This factor focuses on stocks with high growth rates in earnings or revenues, which are expected to deliver higher returns in growth-oriented market environments [17][18] - **Construction Process**: The high-growth factor's crowding level is also derived from the four indicators (valuation spread, pairwise correlation, long-term return reversal, and factor volatility) and combined into a composite score [18] - **Evaluation**: The high-growth factor exhibited the most negative crowding level among the factors analyzed, indicating significant underperformance and a higher risk of factor failure [19] --- Backtesting Results of Factors 1. Small-Cap Factor - **Valuation Spread**: 1.74 [19] - **Pairwise Correlation**: -0.32 [19] - **Market Volatility**: -0.38 [19] - **Return Reversal**: 1.43 [19] - **Composite Score**: 0.62 [19] 2. Low-Valuation Factor - **Valuation Spread**: -0.33 [19] - **Pairwise Correlation**: 0.05 [19] - **Market Volatility**: 0.15 [19] - **Return Reversal**: -0.29 [19] - **Composite Score**: -0.10 [19] 3. High-Profitability Factor - **Valuation Spread**: -1.23 [19] - **Pairwise Correlation**: -0.05 [19] - **Market Volatility**: 0.28 [19] - **Return Reversal**: -0.44 [19] - **Composite Score**: -0.36 [19] 4. High-Growth Factor - **Valuation Spread**: -2.04 [19] - **Pairwise Correlation**: 0.08 [19] - **Market Volatility**: -0.65 [19] - **Return Reversal**: -1.02 [19] - **Composite Score**: -0.91 [19]

中国经济网北京3月11日讯 东山精密(002384.SZ)昨日晚间发布关于申请向特定对象发行股票获得深圳证 券交易所上市审核中心审核通过的公告。 在本次发行获得中国证监会同意注册后，袁永刚和袁永峰拟认购本次向特定对象发行的金额分别为不超 过人民币112,320.00万元和28,080.00万元（以下简称"认购金额"），合计不超过140,400.00万元。 本次发行数量按认购金额除以本次向特定对象发行的每股发行价格确定，袁永刚、袁永峰认购数量分别 不超过99,928,825股、24,982,206股，发行数量合计不超过124,911,031股（含本数），未超过本次发行前 东山精密总股本的30%。 袁永刚、袁永峰作为东山精密控股股东、实际控制人，其认购本次向特定对象发行股票构成与公司关联 交易。 本次向特定对象发行股票后，东山精密控股股东、实际控制人仍为袁氏父子，本次发行不构成重大资产 重组，不会导致东山精密控制权发生变化，亦不会导致东山精密股权分布不具备上市条件。 东山精密本次向特定对象发行A股股票的保荐人（主承销商）为海通证券股份有限公司，保荐代表人为 吴熠昊、徐建豪。 东山精密于2025年3月10日收到深圳 ...

Core Viewpoint - The Chinese government is implementing a more proactive fiscal policy, focusing on three main areas to stimulate economic growth [1] Group 1: Fiscal Policy Directions - The government plans to increase the issuance of ultra-long special government bonds, targeting the "two new" and "two heavy" sectors, while also supplementing bank capital [1] - The use of certain special bonds will return to land reserves and real estate-related areas [1] - Special bonds may be directed towards emerging industry infrastructure, indicating a shift in investment focus [1] Group 2: Future Fiscal Space - The government is leaving room for policy adjustments, suggesting that if economic growth remains under pressure in the second half of the year, there may be a possibility of further increasing fiscal efforts [1]

证券代码：601211 证券简称：国泰君安 公告编号：2025-023 国泰君安证券股份有限公司 关于公司换股吸收合并海通证券股份有限公司 并募集配套资金暨关联交易事项的 A 股换股实施的提示性公告 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法律责任。 重要内容提示： 1、国泰君安证券股份有限公司（以下简称"国泰君安"、"公司"或"本公 司"）换股吸收合并海通证券股份有限公司（以下简称"海通证券"）（以下简 称"本次合并"）并募集配套资金暨关联交易（以下简称"本次交易"）事项已 获得中国证券监督管理委员会《关于同意国泰君安证券股份有限公司吸收合并海 通证券股份有限公司并募集配套资金注册、核准国泰君安证券股份有限公司吸收 合并海通证券股份有限公司、海富通基金管理有限公司变更主要股东及实际控制 人、富国基金管理有限公司变更主要股东、海通期货股份有限公司变更主要股东 及实际控制人的批复》（证监许可[2025]96 号）注册及核准批复。 2、上海证券交易所（以下简称"上交所"）已于 2025 年 2 月 25 日出具了自 律监管决定书《关于 ...

公告显示，左秀海2010年6月进入海通证券股份有限公司，历任销售交易总部、零售与网络金融部副经 理、经理，财富管理中心总经理助理，财富管理中心副总经理，2021年5月起加入海通证券资管，历任 投资总监、副总经理。 中国经济网北京2月28日讯 昨日，上海海通证券资产管理有限公司公告，总经理王岗离任，左秀海代 任。 ...

Core Viewpoint - The merger between Guotai Junan and Haitong Securities marks a significant milestone in the securities industry, reflecting accelerated consolidation and reform within the sector [1][3]. Group 1: Merger Details - Haitong Securities' A-shares will be delisted from the Shanghai Stock Exchange on March 4, following a decision by the exchange, with no trading period for delisting [1]. - The share exchange ratio for the merger is set at 1:0.62, meaning each share of Haitong Securities will convert into 0.62 shares of Guotai Junan [1]. - The entire process from merger proposal to regulatory approval is expected to take 181 days, from September 5, 2024, to March 4, 2025 [2]. Group 2: Investor Impact - After the delisting, Haitong Securities' A-share holders will not see their shares reflected in their accounts until the conversion to Guotai Junan shares is completed [2]. - Any shares of Haitong Securities that are pledged, frozen, or have other legal issues will retain their status during the conversion to Guotai Junan shares [2]. Group 3: Industry Implications - The delisting and share exchange of Haitong Securities signify a rapid acceleration in the consolidation of the securities industry, with larger firms likely to benefit from increased market concentration [3]. - The merger is expected to create a demonstration effect for other firms, potentially leading to strategic adjustments among smaller institutions [3].

新"国九条"实施以来，证券业首个头部机构并购项目"国君+海通"即将进入完成倒计时。 2月25日盘后，海通证券公告称，上交所决定对公司A股股票予以终止上市。 公司A股股票不进入退市整理期交易，将于3月4日终止上市。 同时，公告还对终止上市后相关后续事宜进行了披露。 同日，国泰君安也发布关于海通证券A股股东参与换股相关事项的提示性公告。 海通证券公告称，2月25日，海通证券收到上交所出具的自律监管决定书《关于海通证券股份有限公司 股票终止上市的决定》。 根据相关规定，公司股票不进入退市整理期交易，上交所将在公告公司股票终止上市决定之日后5个交 易日内，对公司股票予以摘牌，公司股票终止上市。 根据公告，在国泰君安换股吸收合并海通证券A股换股实施股权登记日收市后，在中国证券登记结算有 限责任公司上海分公司登记在册的海通证券全体A股股东持有的公司股票将按照1：0.62的比例转换为国 泰君安的A股股票，即每1股海通证券A股股票可以换得0.62股国泰君安A股股票。 投资者方面，公告称，在海通证券A股股票终止上市后，该公司A股股东的股票账户中即不再显示海通 证券A股股票，相对应的股票市值将无法在投资者账户总市值中体现，直至海 ...

Group 1 - The core viewpoint of the announcement is that Haitong Securities Co., Ltd. has decided to revoke its Horgos branch to optimize resource allocation and achieve economies of scale and core competitive advantages [1] - The company aims to provide efficient, high-quality, and comprehensive financial services to investors through this restructuring [1] - The revocation will be handled in accordance with the relevant requirements of the Securities Law of the People's Republic of China and the announcement regarding the cancellation or adjustment of certain administrative approval items for securities companies [1] Group 2 - The company will properly manage the process of revoking the branch and will file with the local branch of the China Securities Regulatory Commission after completing the business deregistration procedures for the Horgos branch [1] - The announcement was made on February 26, 2025, indicating a strategic move by the company to streamline operations [1]

证券代码：601211 证券简称：国泰君安 公告编号：2025-021 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。 国泰君安证券股份有限公司 关于海通证券股份有限公司 A 股股东参与换股 相关事项的提示性公告 国泰君安证券股份有限公司（以下简称"国泰君安"、"公司"）换股吸收 合并海通证券股份有限公司（以下简称"海通证券"）并募集配套资金暨关联交 易事项已于 2025 年 1 月 17 日获得中国证券监督管理委员会同意注册及核准批复。 根据相关规定，海通证券于 2025 年 2 月 7 日向上海证券交易所（以下简称"上交 所"）提交 A 股股票主动终止上市的申请，并于 2025 年 2 月 11 日收到上交所出 具的《关于受理海通证券股份有限公司股票主动终止上市申请的通知》（上证函 〔2025〕472 号）。 2025 年 2 月 25 日，海通证券收到上交所出具的自律监管决定书《关于海通 证券股份有限公司股票终止上市的决定》（〔2025〕40 号），上交所决定对海通 证券 A 股股票予以终止上市，海通证券 A 股股票将于 ...

关于公司 A 股股票终止上市的公告 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： 海通证券股份有限公司（以下简称"海通证券"或"公司"）A 股股票不 进入退市整理期交易。 公司 A 股股票终止上市日期为 2025 年 3 月 4 日。 公司 A 股股票终止上市后，国泰君安证券股份有限公司（以下简称"国泰 君安"）换股吸收合并海通证券（以下简称"本次合并"）A 股换股实施股权登 记日收市后在中国证券登记结算有限责任公司上海分公司登记在册的海通证券全 体 A 股股东持有的公司股票将按照 1:0.62 的比例转换为国泰君安的 A 股股票，即 每 1 股海通证券 A 股股票可以换得 0.62 股国泰君安 A 股股票。 2025 年 3 月 4 日公司 A 股股票终止上市后，公司 A 股股东的股票账户中 即不再显示公司 A 股股票，相对应的股票市值将无法在投资者账户总市值中体现， 直至公司 A 股股票转换为国泰君安 A 股股票并完成新增 A 股股份上市的相关手 续后，公司原 A 股股东的股票账户中将自新增股份上市日起显 ...