Core Viewpoint - Zhongyin Securities report indicates that Lianhua Technology achieved a net profit attributable to shareholders of 224 million yuan in H1 2025, representing a year-on-year increase of 1,481.94% [1] Financial Performance - In Q2 2025, the company realized a net profit attributable to shareholders of 174 million yuan, showing a year-on-year increase of 1,419.69% and a quarter-on-quarter increase of 250.44% [1] - The company's revenue and net profit attributable to shareholders both experienced year-on-year growth in H1 2025, with a significant increase in net profit mainly due to cost reduction and efficiency enhancement efforts [1] Operational Efficiency - The substantial increase in net profit is attributed to the company's commitment to reducing costs and improving operational efficiency, as well as an increase in the capacity utilization rate of its plant protection business and adjustments in product structure, leading to higher gross margins [1] - The pharmaceutical business also saw significant growth due to concentrated shipments [1] Strategic Direction - The company plans to leverage its existing advantages in phosgene and fluorination synthesis technologies, forming a comprehensive "synthesis + engineering" technology approach [1] - There is an intention to extend into niche markets such as battery chemicals, focusing on market and customer expansion [1] Industry Outlook - The company is optimistic about the recovery in the plant protection industry and the orderly advancement of its product layout across various business segments, maintaining a "buy" rating [1]

Core Viewpoint - Zhongkong Technology experienced a decline of 5.11% on October 14, with a stock price of 56.65 CNY per share and a total market capitalization of 44.821 billion CNY [1] Company Overview - Zhongkong Technology Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on December 7, 1999. The company went public on November 24, 2020 [1] - The main business involves providing intelligent manufacturing products and solutions centered on automation control systems for process industries, enhancing users' automation, digitalization, and intelligence levels [1] - Revenue composition includes: - Industrial automation and intelligent manufacturing solutions: 58.43% - Instruments and meters: 17.66% - S2B business: 10.80% - Industrial software: 7.62% - Operation and maintenance services: 4.43% - Others: 1.06% [1] Fund Holdings - Zhongyin Securities has a fund that heavily invests in Zhongkong Technology. The Zhongyin Securities CSI 500 ETF Link A (008258) held 200 shares in the second quarter, accounting for 0.01% of the fund's net value, ranking as the ninth largest holding [2] - The fund has a current scale of 64.8198 million CNY and has achieved a year-to-date return of 27.21%, ranking 2005 out of 4220 in its category [2] Fund Manager Performance - The fund managers, Liu Xianzheng and Zhang Yimin, have been managing the fund for 7 years and 5 years respectively. The total asset size of the fund is 2.87 million CNY [3] - Liu Xianzheng's best return during his tenure is 118.04%, while the worst return is -34.66% [3] - Zhang Yimin's best return is 23.1%, with the worst return being -40.75% [3]

Group 1 - The core point of the news is that Binhai Group's stock price increased by 5.2%, reaching 12.34 CNY per share, with a trading volume of 295 million CNY and a market capitalization of 38.395 billion CNY [1] - Binhai Group, established on August 22, 1996, and listed on May 29, 2008, primarily engages in real estate development and sales, with 98.93% of its revenue coming from property sales [1] - The company's revenue composition includes property sales (98.93%), property leasing (0.44%), property project management services (0.34%), hotel management services (0.27%), and other sources (0.02%) [1] Group 2 - According to data, a fund under Bank of China Securities has Binhai Group as its second-largest holding, with an increase of 50,000 shares in the second quarter, totaling 470,700 shares, which represents 3.81% of the fund's net value [2] - The fund, Bank of China Securities Value Selection Mixed Fund (002601), has a current scale of 121 million CNY and has achieved a return of 28.27% this year, ranking 3307 out of 8162 in its category [2] - The fund manager, Lin Bocheng, has a tenure of 7 years and 217 days, with the best fund return during his tenure being 110.75% [3]

Group 1 - The core point of the article highlights that Huichuan Technology's stock price dropped by 5.05% to 80.07 CNY per share, with a trading volume of 3.711 billion CNY and a turnover rate of 1.93%, resulting in a total market capitalization of 216.165 billion CNY [1] - Huichuan Technology, established on April 10, 2003, and listed on September 28, 2010, specializes in providing core components for industrial automation and robotics, including inverters, servo systems, PLC/HMI, high-performance motors, sensors, and machine vision products [1] - The company's revenue composition is as follows: 45.18% from the new energy vehicle and rail transit sectors, 42.94% from general automation, 11.25% from smart elevator electrical systems, and 0.64% from other sources [1] Group 2 - From the perspective of fund holdings, a fund under Bank of China Securities holds Huichuan Technology as its third-largest position, with a reduction of 2,300 shares in the second quarter, now holding 13,100 shares, which constitutes 3.71% of the fund's net value [2] - The Bank of China Securities Growth ETF (159821) has a current scale of 22.8425 million CNY and has achieved a year-to-date return of 46.02%, ranking 809 out of 4,220 in its category [2] - The fund manager, Liu Xianzheng, has a tenure of 7 years and 259 days, with the best fund return during his tenure being 118.04% and the worst being -34.66% [3]

Group 1 - The core point of the news is that Beijing Baipusi Biotechnology Co., Ltd. experienced a stock decline of 5.21%, with a current share price of 58.20 yuan and a total market capitalization of 9.769 billion yuan [1] - The company was established on July 22, 2010, and went public on October 18, 2021, focusing on providing key biological reagent products and technical services, with main revenue sources being recombinant proteins (82.27%), antibodies and other reagents (12.88%), technical services (3.04%), and others (1.80%) [1] Group 2 - According to data, a fund under Bank of China Securities holds a significant position in Baipusi, with the Bank of China Health Industry Mixed Fund (002938) owning 99,000 shares, accounting for 4.48% of the fund's net value, making it the seventh-largest holding [2] - The fund has a total scale of 158 million yuan and has achieved a year-to-date return of 46.82%, ranking 1342 out of 8234 in its category [2] Group 3 - The fund manager of the Bank of China Health Industry Mixed Fund is Li Mingwei, who has been in the position for 2 years and 235 days, with the fund's best and worst returns during his tenure being -1.21% [3]

张艺敏累计任职时间5年30天，现任基金资产总规模2.87亿元，任职期间最佳基金回报23.1%， 任职期 间最差基金回报-40.75%。 中银证券创业板ETF（159821）成立日期2020年9月29日，最新规模2284.25万。今年以来收益46.02%， 同类排名809/4220；近一年收益41.35%，同类排名1090/3855；成立以来收益16.62%。 中银证券创业板ETF（159821）基金经理为刘先政、张艺敏。 截至发稿，刘先政累计任职时间7年259天，现任基金资产总规模2.87亿元，任职期间最佳基金回报 118.04%， 任职期间最差基金回报-34.66%。 10月13日，阳光电源跌5.06%，截至发稿，报139.10元/股，成交74.17亿元，换手率3.31%，总市值 2883.84亿元。阳光电源股价已经连续3天下跌，区间累计跌幅11.2%。 资料显示，阳光电源股份有限公司位于安徽省合肥市高新区习友路1699号,香港湾仔皇后大道东248号大 新金融中心40楼，成立日期2007年7月11日，上市日期2011年11月2日，公司主营业务涉及太阳能、风 能、储能、电动汽车等新能源电源设备的研发、生产、销 ...

10月13日，立讯精密跌8.44%，截至发稿，报55.67元/股，成交77.08亿元，换手率1.85%，总市值 4053.78亿元。 资料显示，立讯精密工业股份有限公司位于广东省东莞市清溪镇北环路313号,中国香港铜锣湾希慎道33 号利园1期19楼1901室，成立日期2004年5月24日，上市日期2010年9月15日，公司主营业务涉及公司专 注于连接器的研发、生产和销售,产品主要应用于3C(电脑、通讯、消费电子)、汽车和通讯设备等领 域。主营业务收入构成为：消费性电子78.55%，通讯互联产品及精密组件8.91%，汽车互联产品及精密 组件6.95%，电脑互联产品及精密组件3.93%，其他连接器及其他业务1.65%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓立讯精密。中银证券鑫瑞6个月持有A（010170）二季度减持1000 股，持有股数7000股，占基金净值比例为0.53%，位居第四大重仓股。根据测算，今日浮亏损失约3.59 万元。 中银证券鑫瑞6个月持有A（010170）成立日期2020年11月11日，最新规模3117.41万。今年以来收益 2.8%，同类排名7452/8234；近一年收益4 ...

金融工程 | 证券研究报告 — 周报 2025 年 10 月 13 日 中银量化多策略行业轮动 周报 – 20251009 当前（2025 年 10 月 09 日）中银多策略行业配置系统仓位：非银行金融 （11.6%）、基础化工（8.7%）、农林牧渔（7.8%）、综合（7.5%）、通 信 （ 6.8% ） 、 房 地 产 （ 6.5% ） 、 有 色 金 属 （ 5.9% ） 、 交 通 运 输 （5.8%）、银行（5.8%）、电力设备及新能源（4.9%）、食品饮料 （4.7%）、国防军工（4.0%）、综合金融（3.6%）、煤炭（3.6%）、消 费者服务（3.6%）、建材（3.0%）、机械（1.9%）、家电（1.1%）、建 筑（1.1%）、电力及公用事业（1.1%）、石油石化（1.1%）。 相关研究报告 《中银证券量化行业轮动系列（七）：如何把 握市场"未证伪情绪"构建行业动量策略》 20220917 《中银证券量化行业轮动系列（八）："估值泡 沫保护"的高景气行业轮动策略》20221018 《中银证券宏观基本面行业轮动新框架：对传 统自上而下资产配置困境的破局》20230518 《中银证券量化行业轮动系列（ ...

Company Overview - Shenzhen Taicheng Light Communication Co., Ltd. is located in Pingshan District, Shenzhen, Guangdong Province, and was established on December 12, 2000. The company went public on December 6, 2016. Its main business involves the research, production, and sales of optical devices [1]. Financial Performance - As of October 13, Taicheng Light's stock price dropped by 5.13%, trading at 96.66 CNY per share, with a transaction volume of 350 million CNY and a turnover rate of 1.86%. The total market capitalization is 21.954 billion CNY [1]. Revenue Composition - The revenue composition of Taicheng Light is as follows: optical device products account for 98.02%, other products for 1.81%, and optical sensing products for 0.17% [1]. Fund Holdings - According to data, a fund under Bank of China Securities holds a significant position in Taicheng Light. The fund, Zhongyin Securities Preferred Industry Leaders Mixed A (009640), held 30,000 shares in the second quarter, representing 5.01% of the fund's net value, making it the fourth-largest holding [2]. Fund Performance - The Zhongyin Securities Preferred Industry Leaders Mixed A fund was established on September 1, 2020, with a latest scale of 40.5061 million CNY. Year-to-date, it has achieved a return of 57.26%, ranking 626 out of 8234 in its category. Over the past year, it has returned 49%, ranking 1117 out of 8083. Since inception, the fund has experienced a loss of 33.04% [2]. Fund Manager Information - The fund manager of Zhongyin Securities Preferred Industry Leaders Mixed A is Song Fangyun, who has been in the position for 2 years and 295 days. The total asset size during his tenure is 57.7083 million CNY, with the best fund return being 21.99% and the worst being -39.29% [2].

金融工程| 证券研究报告 —周报 2025 年 10 月 13 日 中银量化大类资产跟踪 市场整体回撤，红利指数大幅跑赢创业板指 股票市场概览 本周 A 股下跌，港股下跌，美股下跌，其他海外权益市场普遍上涨。 A 股风格与拥挤度 成长 vs 红利：成长风格拥挤度及超额净值持续处于历史低位；红利 风格拥挤度近期处于历史较低位置。 小盘 vs 大盘：小盘风格拥挤度近期上升至历史均衡位置，大盘风格 拥挤度近期上升至历史高位。 微盘股 vs 基金重仓：微盘股拥挤度下降至历史低位；基金重仓超额 累计净值持续处于历史低位，拥挤度近期上行至历史高位。 A 股行情及成交热度 本周领涨的行业为有色金属、煤炭、钢铁；领跌的行业为传媒、消费者 服务、电子。本周成交热度最高的行业为国防军工、有色金属、机械； 成交热度最低的行业为农林牧渔、综合金融、食品饮料。 A 股估值与股债性价比 A 股资金面 机构调研活跃度 当前机构调研活跃度历史分位居前的行业为有色金属、钢铁、交通运 输，居后的行业为医药、银行、机械。 利率市场 本周中国国债利率下跌，美国国债利率下跌，中美利差处于历史高位。 汇率市场 近一周在岸人民币较美元贬值，离岸人民币较美 ...