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 ...

Group 1: Core Insights - The current allocation of the Bank of China multi-strategy industry configuration system includes Non-Bank Financials (11.6%), Basic Chemicals (8.7%), Agriculture, Forestry, Animal Husbandry, and Fishery (7.8%), and others [1] - The average weekly return for the CITIC primary industries is 1.4%, with the best-performing sectors being Non-Ferrous Metals (11.0%), Defense Industry (4.3%), and Steel (4.1%) [3][10] - The composite strategy achieved a cumulative return of 2.5% this week, outperforming the CITIC primary industry equal-weight benchmark by 0.9% [3] Group 2: Industry Performance Review - The worst-performing sectors this week include Consumer Services (-1.8%), Communication (-1.6%), and Media (-1.0%) [10] - Year-to-date, the composite strategy has gained 27.8%, while the benchmark has returned 24.1%, resulting in an excess return of 3.8% [3] - The highest excess return among individual strategies this year is from the Traditional Multi-Factor Scoring Strategy (15.0%) [3] Group 3: Valuation Risk Warning - The current PB valuation for sectors such as Retail, Media, Computers, Electronics, Automotive, Defense Industry, and Non-Ferrous Metals exceeds the 95th percentile of their historical PB valuations, triggering a high valuation warning [12][13] Group 4: Strategy Rankings and Performance - The top three industries based on the High Prosperity Industry Rotation Strategy are Non-Bank Financials, Agriculture, Forestry, Animal Husbandry, and Fishery, and Communication [15] - The top three industries based on the Implied Sentiment Momentum Strategy are Machinery, Electric Power Equipment and New Energy, and Non-Ferrous Metals [19] - The current macro indicators favor the following six industries: Banking, Oil and Petrochemicals, Transportation, Electric Power and Public Utilities, Construction, and Home Appliances [23]

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 ...

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints of the Report - Asset price recovery and systematic inflation restoration are conditions for the continuous rise of long - term yields. In the scenario of the A - share market transitioning to a "slow - bull" and no significant increase in housing prices, China's long - term yields may stabilize [2]. - On October 10, Trump issued a new tariff threat with an intended effective date of November 1. If China and the US can manage their differences quickly, the impact on the international financial market may be limited. The US economic slowdown signals are more obvious, and the impact of new tariffs on US Treasury bonds may be less than that of the so - called "reciprocal tariffs" [2]. - The outcome of the US government "shutdown" affects US Treasury bonds. If Democrats in Congress compromise, it is positive for US Treasury bonds; otherwise, it is negative. The US economic growth highly depends on information technology investment, and stock market volatility may cause economic stagnation. The US debt market also faces the uncertainty of the US Supreme Court's ruling on tariff policies [2]. Summary by Relevant Catalogs High - Frequency Data Scanning - **Bond Yields and Asset Prices**: Low interest rates are usually due to low financing demand. Low interest rates and low asset valuations are interrelated. In Japan, when major inflation indicators fluctuated around 0, short - term interest rates bottomed out. Long - term yields are closely related to asset prices. After short - term rates bottomed out in the 1990s, long - term yields continued to decline during the housing price downturn. Only recently, with the joint increase in housing and stock prices, have Japanese long - term interest rates risen. In the scenario of A - shares transitioning to a "slow - bull" and no significant increase in housing prices, China's long - term yields may stabilize [2][11][12]. - **US Tariff Threat**: On October 10, Trump issued a tariff threat scheduled to take effect on November 1. If differences are managed quickly, the impact on the international financial market may be limited. The US economic slowdown signals are more obvious, and new tariffs may have less impact on US Treasury bonds. The outcome of the government "shutdown" affects US Treasury bonds. US economic growth depends on information technology investment, and stock market volatility may lead to economic stagnation. The US debt market faces uncertainty from the US Supreme Court's tariff policy ruling [2][13][17]. - **Production Data**: In the week of October 10, 2025, the average wholesale price of pork decreased by 2.66% week - on - week and 25.02% year - on - year; the Shandong vegetable wholesale price index increased by 2.54% week - on - week and decreased by 23.38% year - on - year. The edible agricultural product price index increased by 0.60% week - on - week on September 26. The production data price index remained flat week - on - week on September 26 [2][21]. High - Frequency Data and Important Macroeconomic Indicators Trend Comparison - The report provides multiple charts showing the relationships between high - frequency data and important macroeconomic indicators, such as the relationship between the RJ/CRB price index year - on - year and export amount year - on - year, and the relationship between the production data price index year - on - year and PPI industrial year - on - year [26][28]. Important High - Frequency Indicators in the US and Europe - The report presents charts on US weekly economic indicators and actual economic growth rates, initial jobless claims and unemployment rates, same - store sales growth rates and PCE year - on - year, etc., as well as the implied prospects of the US Federal Reserve and the European Central Bank for interest rate hikes or cuts [99][101][108]. Seasonal Trends of High - Frequency Data - The report shows the seasonal trends of high - frequency data through charts, including the seasonal trends of indicators such as the average daily production of crude steel (decadal) and the production data price index [110]. High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - The report provides charts on the year - on - year changes in subway passenger volumes in Beijing, Shanghai, Guangzhou, and Shenzhen [166][167][173].

Core Points - Dongcai Fund Management Co., Ltd. is participating in a fee discount activity for fund subscription and purchase through BOC International Securities Co., Ltd. to better meet investors' financial needs [1][3]. Group 1: Applicable Time - The fee discount period will be based on the announcement made by BOC International Securities [1]. Group 2: Applicable Fund Range - The fee discount activity will apply to fund products sold by Dongcai Fund Management through BOC International Securities starting from the date the fund is available for sale [2]. Group 3: Fee Discount Plan - During the fee discount period, there will be no limit on the discount rate for subscription and purchase fees, with specific rates to be announced by BOC International Securities [3]. Group 4: Applicable Investors - The fee discount is available to investors who subscribe or purchase the aforementioned funds through BOC International Securities [4]. Group 5: Important Notes - Detailed information about the funds and original fee rates can be found in the relevant legal documents and announcements from the company [5]. - Any changes to the fee discount plan and applicable time will be based on the latest announcements from BOC International Securities [5][6]. Group 6: Contact Information - Investors can consult details through Dongcai Fund Management Co., Ltd. or BOC International Securities via their respective customer service numbers and websites [7].