Quantitative Models and Construction Methods Model Name: New Stock Issuance Model - **Construction Idea**: The model aims to track the performance of newly issued stocks in various market segments, including the main board, ChiNext, and STAR Market[1][12][22]. - **Construction Process**: - Collect data on the number of new stocks issued, the amount of funds raised, and the first-day price performance. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{Single Account Stock Return} = \min(\text{Account Size}, \text{Subscription Limit}) \times \text{Winning Rate} \times \text{Return Rate} $ $ \text{A/B/C Class Investors Full Return} = \text{Subscription Limit} \times \text{A/B/C Class Offline Winning Rate} \times \text{Return Rate} $ - Parameters: - Winning Rate: Actual winning rate of offline new stock issuance. - Return Rate: For new stocks listed on the STAR Market and ChiNext, and under the comprehensive registration system on the main board, the return rate is the first-day average transaction price relative to the issue price. For non-registration system main board stocks, the return rate is the average transaction price on the opening day relative to the issue price[40][41][42]. - **Evaluation**: The model provides a comprehensive view of the performance of new stock issuances across different market segments, helping investors understand the potential returns from participating in new stock offerings[1][12][22]. Model Backtesting Results New Stock Issuance Model - **Main Board**: - A Class: Monthly return rate 0.159%, cumulative return 1.000%[41][42][47] - C Class: Monthly return rate 0.141%, cumulative return 0.908%[41][42][47] - **ChiNext**: - A Class: Monthly return rate 0.035%, cumulative return 1.128%[41][45][47] - C Class: Monthly return rate 0.034%, cumulative return 0.989%[41][45][47] - **STAR Market**: - A Class: Monthly return rate 0.064%, cumulative return 0.547%[41][46][47] - C Class: Monthly return rate 0.063%, cumulative return 0.527%[41][46][47] Quantitative Factors and Construction Methods Factor Name: New Stock Performance Factor - **Construction Idea**: This factor aims to measure the performance of new stocks on their first day of trading, providing insights into the potential returns from participating in new stock offerings[1][12][22]. - **Construction Process**: - Collect data on the first-day price performance of new stocks. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{First-Day Price Increase} = \frac{\text{First-Day Closing Price} - \text{Issue Price}}{\text{Issue Price}} \times 100\% $ - Parameters: - First-Day Closing Price: The closing price of the stock on its first day of trading. - Issue Price: The price at which the stock was issued[1][12][22]. - **Evaluation**: This factor provides a clear measure of the initial performance of new stocks, helping investors gauge the potential returns from participating in new stock offerings[1][12][22]. Factor Backtesting Results New Stock Performance Factor - **Main Board**: - Average first-day price increase: 276.29%[22][23] - **ChiNext**: - Average first-day price increase: 356.00%[22][23] - **STAR Market**: - Average first-day price increase: 174.56%[22][23] Fund Product Performance Fund Product Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of fund products in new stock offerings, and calculate their estimated returns based on their participation and winning rates[57][58][59]. - **Construction Process**: - Collect data on the participation and winning rates of fund products in new stock offerings. - Calculate the estimated returns based on the latest fund quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the fund product participates in new stock offerings. - Winning Rate: The rate at which the fund product's quotes are accepted[57][58][59]. - **Evaluation**: This method provides a detailed view of the performance of fund products in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through fund products[57][58][59]. Fund Product Backtesting Results Fund Product Performance - **Top Performing Funds**: - Middle European Shanghai-Shenzhen 300 Index A: Estimated return rate 0.337%[57][58][59] - ICBC Quality Selection A: Estimated return rate 0.33%[57][58][59] - Huatai-PineBridge Innovation Power: Estimated return rate 0.33%[57][58][59] Institutional Performance Institutional Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of institutions in new stock offerings, and calculate their estimated returns based on their participation and winning rates[60][61][62]. - **Construction Process**: - Collect data on the participation and winning rates of institutions in new stock offerings. - Calculate the estimated returns based on the latest institutional quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the institution participates in new stock offerings. - Winning Rate: The rate at which the institution's quotes are accepted[60][61][62]. - **Evaluation**: This method provides a detailed view of the performance of institutions in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through institutional products[60][61][62]. Institutional Backtesting Results Institutional Performance - **Top Performing Institutions**: - GF Fund: Estimated return rate 1.74 billion[60][61][62] - China Asset Management: Estimated return rate 1.51 billion[60][61][62] - E Fund Management: Estimated return rate 1.33 billion[60][61][62]

Market Overview - The A-share market experienced a technical adjustment with all three major indices slightly declining, reflecting a market structure that necessitates a pullback after rapid gains [2][9] - The Shanghai Composite Index fell by 0.37%, the Shenzhen Component Index by 0.17%, and the ChiNext Index by 0.24%, with over 3,300 stocks rising throughout the market [1][2] Sector Performance - The pharmaceutical sector showed resilience, with companies like Angli Kang (002940) and Weikang Pharmaceutical (300878) hitting the daily limit [1] - The photovoltaic sector rebounded, supported by regulatory measures aimed at enhancing energy efficiency in the polysilicon industry, leading to price stabilization across the supply chain [3] - The logistics and express delivery sector strengthened due to recent regulatory discussions aimed at promoting high-quality development and addressing competitive issues [4] Investment Trends - The innovation drug sector continues to thrive, with a positive outlook for Chinese innovative drugs entering international markets, although short-term volatility may increase [5] - Financing balance in A-shares reached a ten-year high of 1.971 trillion yuan, indicating strong market risk appetite, with net purchases exceeding 130 billion yuan in July [6][7] - A significant portion of the financing activity was concentrated in the pharmaceutical, electronics, and non-ferrous metals sectors, with notable net purchases [7][8] Future Outlook - Analysts suggest that despite the current technical adjustments, the medium-term upward trend in A-shares remains intact, with average P/E ratios indicating a favorable environment for long-term investments [9] - Investment strategies should focus on high-growth technology sectors, industries with strong earnings support, and potential opportunities arising from policy changes [10]

1只新股今日发行，广东建科发行1.05亿股，发行价6.56元，募资金额6.87亿元。 （文章来源：证券时报网） 地域分布来看，今年已发行新股主要集中在江苏、广东、浙江，分别有16家、12家、10家公司，募资金 额排名居前的分别是福建、浙江、广东，年内募资金额分别为158.01亿元、96.93亿元、86.03亿元。 （数据宝） 今年以来已发行新股 | 代码 | 简称 | 发行日期 | 发行总量（万股） | 发行价（元） | 募集资金（亿元） | | --- | --- | --- | --- | --- | --- | | 600930 | 华电新能 | 2025.07.07 | 496894.42 | 3.18 | 158.01 | | 603049 | 中策橡胶 | 2025.05.23 | 8744.86 | 46.50 | 40.66 | | 603202 | 天有为 | 2025.04.14 | 4000.00 | 93.50 | 37.40 | | 688729 | 屹唐股份 | 2025.06.27 | 29556.00 | 8.45 | 24.97 | | 688775 | 影石创新 | 202 ...

Group 1 - The establishment of Huadian (Rudong) Offshore Wind Power Co., Ltd. has been reported, with a registered capital of 30 million yuan [1] - The company is involved in various business activities including power generation, transmission, and distribution, as well as installation, maintenance, and testing of electrical facilities [1] - The company is co-owned by Huadian New Energy, Shanghai Electric Wind Power Group Co., Ltd., and Far East Cable Co., Ltd. [1] Group 2 - The company’s business scope includes research and development in emerging energy technologies, offshore wind power systems, and energy storage technology services [1] - Additional activities include the acquisition and wholesale of aquatic products, as well as the promotion of new materials technology [1] - The company is permitted to operate only after obtaining necessary approvals for certain projects [1]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The report indicates that over 21% of the secretaries earn more than 1 million yuan annually [1] Industry Overview - In the power equipment sector, which includes 371 listed companies, the total salary for secretaries amounted to 272 million yuan, with an average salary of approximately 733,900 yuan and a median salary of about 600,000 yuan [1] - The top 10 highest-paid secretaries in the power equipment industry include companies such as Goldwind Technology, Laplace, and Sungrow Power [1] Top Earners - Goldwind Technology's secretary, Ma Jinru, has the highest salary at 3.65 million yuan, which is five times higher than the salary of Huang Yongjian, the secretary of Huadian New Energy, who earns 668,000 yuan [1] - Other notable salaries in the top 10 include: - Laplace: 3.167 million yuan - Sungrow Power: 3.020 million yuan - Haibo Technology: 2.950 million yuan [2]

Core Viewpoint - The article highlights the performance of new IPOs in the A-share market from January to July 2025, indicating a significant increase in both the number of new listings and the total funds raised compared to the same period last year [1]. Group 1: IPO Performance - A total of 59 new companies were listed in the A-share market from January to July 2025, representing an 18.00% increase from 50 companies in the same period last year [1]. - The net fundraising amount for these 59 new listings reached 544.21 billion yuan, which is a 63.83% increase compared to 332.18 billion yuan in the previous year [1]. Group 2: Underwriting Institutions Ranking - 26 underwriting institutions participated in the IPOs of the 59 new companies, with a total of 60 deals due to dual appointments for some companies [2]. - The top three underwriting institutions by the number of deals are: - First: Guotai Junan with 7 deals - Second: Huatai United and CITIC Securities, each with 6 deals [2]. Group 3: Legal and Accounting Firms Ranking - 25 law firms provided legal services for the 59 new IPOs, with the top three being: - First: Shanghai Jintiancheng with 9 deals - Second: Beijing Zhonglun with 6 deals - Third: Guangdong Xinda with 4 deals [5]. - 15 accounting firms provided auditing services for the IPOs, with the top three being: - First: Rongcheng with 13 deals - Second: Lixin and Tianjian, each with 9 deals [5].

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，华电(措美)新能源有限公司成立，法定代表人为龚 科，注册资本1000万元，经营范围包含：许可项目：发电业务、输电业务、供(配)电业务(依法须经批准 的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门许可证件为准)一般项目：发 电技术服务;风力发电技术服务;太阳能发电技术服务;工程技术服务(规划管理、勘察、设计、监理除外) (除依法须经批准的项目外，自主开展法律法规未禁止、限制的经营活动)。天眼查APP股权穿透显示， 该公司由华电新能全资持股。 ...

转自：证券时报 人民财讯7月30日电，企查查APP显示，近日，华电（如东）海上风电有限公司成立，注册资本3000万 元，经营范围包含：新兴能源技术研发；海上风电相关系统研发；风力发电技术服务；太阳能发电技术 服务等。企查查股权穿透显示，该公司由华电新能、电气风电等共同持股。 ...

Group 1 - The core point of the news is the issuance of new stocks in the market, highlighting the fundraising activities of various companies and the overall performance of the IPO market this year [1][2][3] - Youli Intelligent issued 11.203 million shares at a price of 23.99 yuan, raising a total of 269 million yuan [1] - A total of 57 companies have gone public this year, raising a cumulative amount of 58.77 billion yuan, with an average fundraising of 1.031 billion yuan per company [1] Group 2 - Huadian New Energy is the company with the highest fundraising this year, raising 15.801 billion yuan primarily for wind and solar power projects [2] - Other notable companies include Zhongce Rubber, which raised 4.066 billion yuan, and Tianyouwei, which raised 3.740 billion yuan [2] - The average IPO price this year is 23.07 yuan, with four companies having an issuance price above 50 yuan, the highest being Tianyouwei at 93.50 yuan [2] Group 3 - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with fundraising amounts led by Fujian, Zhejiang, and Guangdong [2] - The Shanghai main board has issued 14 new stocks raising 31.05 billion yuan, while the Shenzhen main board has issued 8 new stocks raising 4.378 billion yuan [1] - The ChiNext board has issued 21 new stocks raising 12.957 billion yuan, and the Sci-Tech Innovation Board has issued 7 new stocks raising 7.901 billion yuan [1]

| 证券代 | 证券简 | 主力资金净流出 | 主力资金净流出金额 | 主力资金净流出比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | （亿元） | （%） | （%） | | 601868 | 中国能 建 | 5 | 33.86 | 11.89 | -4.27 | | 600875 | 东方电 气 | 5 | 23.82 | 11.04 | -2.41 | | 000981 | 山子高 科 | 20 | 21.74 | 15.10 | -13.33 | | 600930 | 华电新 能 | 5 | 20.04 | 10.41 | -13.20 | | 600900 | 长江电 力 | 10 | 15.74 | 6.24 | -3.74 | | 600016 | 民生银 行 | 8 | 13.54 | 10.06 | -8.69 | | 600406 | 国电南 | 6 | 12.72 | 8.61 | -3.62 | | | 瑞 | | | | | | 600309 | 万华化 学 | 5 | 10.08 | 6.59 | - ...