Quantitative Models and Construction Methods 1. Model Name: Style Rotation Model - **Model Construction Idea**: The model is built from basic style factors such as valuation, market capitalization, volatility, and momentum, gradually constructing a style timing and scoring system[4][9] - **Model Construction Process**: 1. Construct 640 micro features based on 80 basic micro indicators[9] 2. Use common indices as style stock pools to replace the absolute proportion division of style factors, constructing new style returns as labels[4][9] 3. Use a random forest model for style timing and obtain the current score for each style[4][9] 4. Integrate the timing results and scoring results to construct a monthly frequency style rotation model[4][9] - **Model Evaluation**: The model effectively avoids overfitting risks through rolling training of the random forest model and constructs a comprehensive framework from style timing to style scoring and from style scoring to actual investment[9] Model Backtesting Results 1. **Style Rotation Model**: - Annualized Return: 16.18%[10][11] - Volatility: 20.28%[10][11] - Information Ratio (IR): 0.80[10][11] - Win Rate: 59.43%[10][11] - Maximum Drawdown: 25.20%[11] 2. **Market Benchmark (Hedged)**: - Annualized Return: 10.36%[10][11] - Volatility: 10.85%[10][11] - Information Ratio (IR): 0.95[10][11] - Win Rate: 54.72%[10][11] - Maximum Drawdown: 8.53%[11]

Core Insights - In October, 10 A-share IPO companies were reviewed and all were approved, marking a significant achievement for the IPO market [1] - The number of terminated IPOs in October was only 2, the lowest this year, indicating a positive trend in the IPO process [2] - A total of 9 companies successfully completed their IPOs in October, raising a combined total of 12.869 billion yuan [1][8] IPO Termination - The two companies that terminated their IPO processes in October were Beijing Kunlun Unicom Technology Development Co., Ltd. and Zhuzhou Keno New Materials Co., Ltd. [2][4] - Kunlun Unicom faced scrutiny regarding the authenticity of its revenue and customer relationships during its IPO applications [3][4] - Zhuzhou Keno's application raised questions about its innovation attributes, with its R&D investment being just above the minimum requirement [5] Successful IPOs - In October, 9 companies raised a total of 12.869 billion yuan, with Xi'an Yicai-U raising the highest amount at 4.636 billion yuan [7][8] - Notably, several companies listed in October, including Xi'an Yicai-U and He Yuan Biology-U, reported fundraising amounts exceeding 1 billion yuan [8] - Dao Sheng Tian He had a notably high issuance cost rate of 12.89%, which was higher than its peers [8][9] Underwriting and Brokerage - From January to October, 87 companies successfully completed their IPOs, raising a total of 90.172 billion yuan, with 34 brokerages sharing the underwriting fees [11][14] - CITIC Securities led the underwriting with 12 companies and raised 12.827 billion yuan, followed by Guotai Junan and Huatai United Securities [12][14] - Notably, some brokerages, such as First Capital and Dongguan Securities, reported zero underwriting revenue in 2025 [15]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "Buy" rating to Jiugui Liquor (000799.SZ) based on several positive factors [1] - Emerging channels contributed positively to incremental growth in Q3 2025, while existing channels are gradually stabilizing [1] - Despite stagnant revenue putting continuous pressure on profitability, there has been marginal improvement in expense control [1] - The company plans to establish a "2+2+2" product layout by 2025, enhancing multi-channel development including terminal sales and group purchases [1]

每经AI快讯，东吴证券11月2日发布研报称，给予分众传媒（002027.SZ，最新价：7.63元）"买入"评 级。评级理由主要包括：1）营收利润稳健增长，维持实行高分红策略；2）互联网闪购业务广告投放加 大，提振公司收入端增速加速；3）公司盈利质量持续提升。风险提示：经济增速不及预期，行业竞争 超预期。 每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 （记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Core Viewpoint - Dongwu Securities report indicates that Xingyu Co., Ltd. achieved a net profit attributable to shareholders of 1.141 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 16.76% [1] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 435 million yuan, which is a year-on-year increase of 13.48% and a quarter-on-quarter increase of 13.08% [1] - The Q3 2025 performance met expectations [1] Growth Drivers - The company's growth is driven by a dual strategy of "product upgrades and customer expansion" [1] - As a leading domestic automotive lighting enterprise, the company is expected to continue benefiting from product upgrades and customer expansion [1] Global Expansion - The company's Serbia factory is gradually releasing production capacity [1] - Xingyu has registered new entities in Mexico and the United States, indicating a continued push for global expansion and overseas market development [1] Investment Rating - The report maintains a "buy" rating for the company, reflecting confidence in its long-term growth prospects [1]

Core Viewpoint - The report from Dongwu Securities indicates that Deye Co., Ltd. achieved a net profit attributable to shareholders of 2.347 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 4.79%. However, the net profit for Q3 2025 was 825 million yuan, showing a year-on-year decrease of 17.84% but a quarter-on-quarter increase of 1.00%, slightly below expectations [1] Financial Performance - For Q1-Q3 2025, the net profit attributable to shareholders was 2.347 billion yuan, up 4.79% year-on-year [1] - In Q3 2025, the net profit was 825 million yuan, down 17.84% year-on-year but up 1.00% quarter-on-quarter, indicating a slight underperformance compared to expectations [1] - As of Q3 2025, the company's inventory stood at 1.449 billion yuan, an increase of 4.99% year-on-year [1] - Contract liabilities amounted to 325 million yuan, reflecting a year-on-year decrease of 37.90% [1] Business Outlook - The inverter and battery pack shipments are expected to continue to grow quarter-on-quarter in Q4 2025 [1] - High demand in the Australian market in 2026 is anticipated to drive significant growth in the company's household storage inverters and battery pack shipments [1] Valuation - Given the company's steady growth and the gradual ramp-up of industrial storage, a target price of 110 yuan is set based on a 25x PE ratio for 2026, maintaining a "Buy" rating [1]

Core Viewpoint - Dongwu Securities maintains the profit forecast for China International Capital Corporation (CICC), expecting net profits for 2025-2027 to be 10.1 billion, 9 billion, and 9.5 billion yuan respectively, with corresponding PB(H) valuations of 0.98, 0.93, and 0.88 times [1] Group 1: Financial Performance - CICC reported a significant increase in revenue for Q3 2025, achieving 20.76 billion yuan, up 54.4% year-on-year, and a net profit of 6.57 billion yuan, up 129.8% year-on-year, with an EPS of 1.24 yuan and ROE of 6.3%, an increase of 3.7 percentage points year-on-year [2] - For the first three quarters of 2025, CICC's brokerage business revenue reached 4.52 billion yuan, a year-on-year increase of 76.3%, accounting for 22% of total revenue [3] Group 2: Market Position and IPO Performance - CICC maintained its leading position in the investment banking sector, with investment banking revenue of 3.69 billion yuan for the first three quarters of 2025, up 30.9% year-on-year, and ranking first in A-share underwriting with a total scale of 189.35 billion yuan, up 310.5% year-on-year [4] - In the Hong Kong IPO market, CICC acted as the lead underwriter for 31 IPOs in the first three quarters, with an underwriting scale of 31.8 billion HKD, ranking first [4] Group 3: Asset Management and Investment Income - CICC's asset management business generated 8.7 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 16.4%, with total assets under management reaching 586.7 billion yuan, up 7.5% year-on-year [5] - The company achieved investment income (including fair value) of 10.97 billion yuan for the first three quarters of 2025, up 47.0% year-on-year, with Q3 alone generating 3.7 billion yuan, up 15.7% year-on-year [6]

Core Viewpoint - The report from Dongwu Securities indicates a continued decline in the holdings of active equity funds in the food and beverage sector, particularly in the liquor and consumer goods segments, with a notable decrease in the proportion of white liquor holdings [1] Group 1: Fund Holdings - The proportion of active equity funds in the food and beverage sector decreased from 8.16% in 24Q3 to 4.17% in 25Q3, reflecting a decline of 1.45 percentage points [1] - The white liquor holdings decreased by 0.77 percentage points to 3.21% in 25Q3 [1] - Other segments such as beer, dairy beverages, food processing, leisure foods, and seasoning products also saw slight declines in holdings, with changes of -0.22%, -0.25%, -0.06%, -0.15%, +0.01%, and -0.01% respectively [1] Group 2: Market Trends - The market is currently favoring sectors such as technology, manufacturing, new consumption, and finance, which are benefiting from the economic structural transformation [1] - The white liquor sector is in a phase of accelerated bottoming, with companies focusing on improving their financial statements and clearing channels to stabilize order and strengthen long-term development [1] - The growth expectations for consumer goods are relatively fulfilled in the short term, and the market is awaiting confirmation of growth rates during the peak season [1]

Core Viewpoint - The photovoltaic industry in China is undergoing a deep adjustment period due to the dual pressures of capacity expansion and slowing terminal demand, with no fundamental change in the overall supply-demand pattern [1] Group 1: Market Demand and Supply - The current photovoltaic market demand has not formed a strong support [1] - As the traditional installation peak season approaches its end in Q4, the price trends across the industry chain are under close scrutiny [1] - Despite some signs of price recovery in certain segments, the overall market is expected to remain in a state of fluctuation and consolidation due to weak terminal demand and existing inventory pressures [1][6] Group 2: Polysilicon Market - Polysilicon, a core upstream segment of the photovoltaic industry, is facing challenges of oversupply and high inventory, with social inventory expected to reach 440,000 to 450,000 tons by September [2] - Although some companies plan to reduce production, overall output remains high due to new capacity ramp-up and the resumption of production by second and third-tier manufacturers [2] - The average transaction price for n-type raw materials remains stable at 53,200 yuan per ton, with overall production expected to reach a peak in October [2][3] Group 3: Silicon Wafer and Battery Cell Prices - In the midstream segment, silicon wafer and battery cell companies are attempting to repair profitability through price adjustments, with silicon wafer prices having increased since September [4] - Despite a 5.37% month-on-month increase in silicon wafer production, the price increase has not fully transmitted downstream, leading to a situation where battery cells are still facing losses [4] - The market for silicon wafers is currently in a phase of negotiation, with prices expected to remain stable but under pressure from weak terminal demand [4][6] Group 4: Module Demand and Production - The module segment is experiencing a decline in demand, with orders decreasing and production expected to drop by 3.19% in October [5] - Mainstream module prices remain stable, but high-power versions are seeing price increases due to better supply-demand dynamics [5] - Overall, the industry is expected to face downward price risks due to insufficient orders and high inventory levels, with a focus shifting to next year's order and production planning as the traditional installation peak season ends [6]

Core Viewpoint - Dongwu Securities (601555.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the investment banking sector [1]. Financial Performance - The total operating revenue for the first three quarters reached 7.274 billion yuan, representing a year-on-year growth of 35.45% [1]. - The net profit attributable to shareholders was 2.935 billion yuan, showing a year-on-year increase of 60.23% [1]. - The basic earnings per share were reported at 0.59 yuan [1].