Quantitative Models and Construction Methods 1. Model Name: Index Adjustment Prediction Model - **Model Construction Idea**: The model predicts the adjustment of constituent stocks in major indices (CSI 300 and CSI 500) based on the index compilation rules published by the China Securities Index Company[12][13][15] - **Model Construction Process**: - **Data Reference**: The model uses trading and financial data from May 1 of the previous year to April 30 of the current year for mid-year reviews, and from November 1 of the previous year to October 31 of the current year for year-end reviews[12] - **Adjustment Date**: Adjustments occur on the trading day following the second Friday of June and December each year[12] - **Sample Space**: - Excludes ST, *ST stocks, and delisted securities - Includes STAR Market and ChiNext stocks listed for over a year, or those with daily average market capitalization ranking in the top 30 since listing[12] - **Selection Method**: - For CSI 300: Securities are ranked by daily average trading volume, with the bottom 50% excluded, and then ranked by daily average market capitalization, selecting the top 300[12] - For CSI 500: Excludes CSI 300 constituents and the top 300 by market capitalization, then ranks by trading volume and market capitalization, selecting the top 500[12] - **Buffer Zone Rules**: - CSI 300: New samples ranked in the top 240 are prioritized for inclusion, while existing samples ranked in the top 360 are prioritized for retention[12] - CSI 500: New samples ranked in the top 400 are prioritized for inclusion, while existing samples ranked in the top 600 are prioritized for retention[12] 2. Model Name: Event Return Analysis Model - **Model Construction Idea**: This model analyzes the relationship between index sample adjustments and the cumulative excess returns of the adjusted stocks before and after the adjustment date[24] - **Model Construction Process**: - Collects data on all adjustment cycles since 2010 for CSI 300 and CSI 500 indices[24] - Calculates the cumulative excess returns of adjusted stocks relative to the index over a 60-day window before and after the adjustment date[24] - **Model Evaluation**: The model highlights that pre-adjustment event returns are more significant for investment strategies, as investors can trade in advance based on predictions or announcements[24] --- Model Backtesting Results 1. Index Adjustment Prediction Model - CSI 300 Index: Predicted 7 constituent stock adjustments, with additions primarily in the transportation and defense industries, and removals concentrated in the electrical equipment industry[13][14] - CSI 500 Index: Predicted 49 constituent stock adjustments, with additions mainly in the electronics, electrical equipment, and computer industries, and removals concentrated in the electrical equipment and pharmaceutical industries[15][16][23] 2. Event Return Analysis Model - **CSI 300 Index**: Stocks removed from the index showed negative excess returns before the adjustment date, while no significant conclusions were drawn for added stocks[5][24] - **CSI 500 Index**: Stocks added to the index exhibited positive excess returns before the adjustment date, while removed stocks showed negative excess returns[5][24]

Group 1 - Shanghai Electric Group Co., Ltd. and Shanghai Jingrong Technology Co., Ltd. have applied for a patent titled "A molten salt thermal storage heat exchange device and molten salt thermal storage steam generation system" [1] - The patent application was filed on March 2025, and the publication number is CN119958348A [1] - The patent aims to improve energy efficiency by utilizing heat released from the molten salt storage tank's insulation layer, thereby reducing energy waste [1] Group 2 - Shanghai Electric Group Co., Ltd. was established in 2004 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of approximately 1.56 billion RMB [2] - The company has invested in 109 enterprises and participated in 4,210 bidding projects, holding 1,737 patents and 155 trademarks [2] - Shanghai Jingrong Technology Co., Ltd. was founded in 2018, focusing on technology promotion and application services, with a registered capital of 20 million RMB [2] - The company has invested in 1 enterprise and holds 7 patents and 5 trademarks [2]

Group 1 - The core viewpoint of the news is that the China Securities Index for Shanghai State-owned Enterprises has shown a recent upward trend despite a year-to-date decline, indicating potential recovery in the market [1][2] - The China Securities Index for Shanghai State-owned Enterprises opened lower but closed higher, with a current value of 1328.79 points and a trading volume of 18.285 billion yuan [1] - Over the past month, the index has increased by 8.04%, while it has decreased by 2.28% over the last three months and 6.59% year-to-date [1] Group 2 - The index comprises companies that are state-controlled or significantly held in Shanghai, selected based on profitability, growth potential, and shareholder returns [1] - The top ten weighted companies in the index include China Pacific Insurance (8.21%), Shanghai Airport (6.23%), and Guotai Junan Securities (5.47%) [1] - The index is fully represented by the Shanghai Stock Exchange, with the financial sector accounting for 28.96% of the holdings, followed by industrial (23.29%) and consumer discretionary (12.45%) sectors [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the Shanghai State-owned Enterprises Index include Huatai-PineBridge CSI Shanghai State-owned Enterprises ETF [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海電氣集團股份有限公司 呈交日期: 2025年5月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02727 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,924,482,000 | RMB | | 1 | RMB | | 2,924,482,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,924,482,000 | RMB | | 1 | RMB | | 2,924,482,00 ...

Core Viewpoint - The aviation engine concept sector has shown a positive performance, with a 2.86% increase, ranking 7th among various concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of May 8, the aviation engine concept saw 74 stocks rise, with notable gainers including Chenxi Aviation and Huarun Co., both reaching a 20% limit up. Other significant performers included Aileda, Rifa Precision Machinery, and Xiling Power, which rose by 9.76%, 7.75%, and 7.37% respectively [1]. - Conversely, stocks such as Maixinlin, Julun Intelligent, and Jizhi Co. experienced declines of 2.64%, 2.55%, and 1.27% respectively [1]. Capital Flow - The aviation engine concept sector experienced a net outflow of 678 million yuan from major funds, with 38 stocks receiving net inflows. Seven stocks saw net inflows exceeding 30 million yuan, led by Haoneng Co. with a net inflow of 136 million yuan [2][3]. - Other notable net inflows included Hangfa Power, Rifa Precision Machinery, and AVIC Heavy Machinery, with net inflows of 81.44 million yuan, 62.90 million yuan, and 56.73 million yuan respectively [2]. Fund Inflow Ratios - Haoneng Co. led the fund inflow ratio with 48.12%, followed by New Dazhou A and Antai Technology at 11.99% and 10.86% respectively [3].

Core Insights - The Guozheng Free Cash Flow Index has seen a slight increase of 0.07%, with notable gains in constituent stocks such as Chanzhan Optoelectronics and others [1] - The Free Cash Flow ETF (159201) is experiencing a tight market with a latest price of 0.98 yuan, and has shown a cumulative increase of 1.56% over the past two weeks [1] - The ETF has recorded a significant liquidity with a turnover rate of 6.27% and a transaction volume of 206 million yuan [1] - The ETF's average daily trading volume over the past year is 302 million yuan, ranking first among comparable funds [1] - The Free Cash Flow ETF has seen a net inflow of 57.37 million yuan recently, accumulating a total of 38.99 million yuan over the last 19 trading days [1] Fund Performance - The latest financing buy-in amount for the Free Cash Flow ETF is 3.147 million yuan, with a financing balance of 51.24 million yuan [3] - The tracking error for the ETF year-to-date is 0.163%, the lowest among comparable funds [3] - The current price-to-earnings ratio (PE-TTM) for the index is 11.78, indicating a valuation lower than 80.41% of the time over the past year, suggesting a historical low [3] Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Guozheng Free Cash Flow Index include Midea Group, China National Offshore Oil Corporation, and others, collectively accounting for 56.66% of the index [3]

Group 1 - Shanghai's state-owned enterprises (SOEs) will deepen reforms, optimize layouts, and enhance functions to support the construction of the "Five Centers" [1][2] - The "14th Five-Year Plan" and the deepening of SOE reforms are critical for Shanghai's economic development [2] - SOEs will focus on national strategic support, optimizing the economic layout, and concentrating capital in key industries and emerging sectors [3] Group 2 - The "15th Five-Year Plan" will prioritize employment stability, market stability, and consumer demand [4] - Shanghai's SOEs are pivotal in enhancing industrial competitiveness through technological innovation [5][6] - The Shanghai Port Group aims to integrate technology into port operations, enhancing efficiency and sustainability [6] Group 3 - SOEs are fostering innovation ecosystems to support tech enterprises in Shanghai [7][8] - Shanghai Electric is focusing on key national projects and aims to enhance its market competitiveness through technological innovation [9] - The Shanghai International Group and other investment platforms are optimizing their fund structures to support strategic industries [10][11] Group 4 - Shanghai Mobile is integrating AI with next-generation communication technologies to enhance digital infrastructure [12] - Shanghai Petrochemical is advancing carbon fiber technology and applications to meet future demands [12][13] - The State Grid Shanghai Electric Power Company is enhancing its technological capabilities and promoting AI applications in power systems [13]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][7]. Core Insights - The company achieved a revenue of 1161.86 billion CNY in 2024, a year-on-year increase of 1.21%, while the net profit attributable to shareholders was 7.52 billion CNY, down 6.33% year-on-year [1]. - In Q1 2025, the company reported a revenue of 222.45 billion CNY, up 8.06% year-on-year, and a net profit of 2.92 billion CNY, a significant increase of 145.69% year-on-year, marking a return to profitability [1]. - The energy equipment segment saw a revenue increase of 5.30% to 617.58 billion CNY, benefiting from the continued delivery of coal-fired and nuclear power units [2]. - The company’s new order intake reached a four-year high of 1536.0 billion CNY in 2024, representing an 11.9% year-on-year growth, with the energy equipment segment orders increasing by 18.5% [3]. - The company is focusing on green and low-carbon transformation, making progress in energy storage, hydrogen energy, and robotics [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1161.86 billion CNY and a net profit of 7.52 billion CNY, with a projected revenue growth of 3.52% in 2025 [6]. - The gross profit margin improved to 19.7% in the energy equipment segment, reflecting a 2.0 percentage point increase year-on-year [2]. Order Intake and Market Position - The company’s new orders in the energy equipment segment reached 891.0 billion CNY, a five-year high, with wind power orders increasing by 150.4% to 173.8 billion CNY [3]. - The company is expected to leverage its leading position to enhance market share in traditional business areas while exploring new growth points in technology-driven sectors [4]. Future Outlook - The report projects net profits for 2025-2027 to be 14 billion CNY, 27 billion CNY, and 32 billion CNY respectively, with a downward adjustment of 16% and 10% for the first two years [4]. - The current A/H share price corresponds to a PE ratio of 81 and 27 for 2025, indicating potential for future growth [4].

Group 1 - The supercritical power generation concept declined by 1.53%, ranking among the top declines in the concept sector, with companies like Guangxi Energy and Changyuan Power hitting the limit down [1][2] - Among the stocks in the supercritical power generation sector, 22 stocks saw price increases, with the top gainers being Guanlong Energy, Huayin Power, and Evergrande High-tech, which rose by 7.59%, 5.36%, and 4.24% respectively [1][2] Group 2 - The supercritical power generation sector experienced a net outflow of 1.123 billion yuan, with 48 stocks seeing net outflows, and five stocks having outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Huayin Power, which saw a net outflow of 387.43 million yuan, followed by Huadian Liaoning, Jidian Co., and Jiantou Energy with net outflows of 97.76 million yuan, 88.21 million yuan, and 82.41 million yuan respectively [2][3] Group 3 - The top stocks with net inflows in the supercritical power generation sector included Shanghai Electric, Jingneng Power, and Dalian Heavy Industry, with net inflows of 50.19 million yuan, 48.47 million yuan, and 33.65 million yuan respectively [2][3]

Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]