Market Overview - The food processing sector experienced a decline of 0.25% on August 6, with *ST Chuntian leading the drop [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Notable gainers included: - Weizhi Xiang (605089) with a closing price of 26.37, up 2.17% [1] - Chunxue Food (605567) at 11.15, up 1.00% [1] - Kangbiter (833429) at 22.70, up 0.53% [1] - Major decliners included: - *ST Chuntian (600381) at 4.57, down 3.79% [2] - Xianle Health (300791) at 23.45, down 1.68% [2] - Baba Food (605338) at 19.56, down 1.21% [2] Trading Volume and Capital Flow - The food processing sector saw a net outflow of 161 million yuan from institutional investors, while retail investors contributed a net inflow of 146 million yuan [2] - The trading volume for major stocks included: - Jindaiwei (002626) with a trading volume of 75,500 lots and a transaction value of 153 million yuan [1] - Jinzi Ham (002515) with a trading volume of 296,300 lots and a transaction value of 210 million yuan [1] Capital Flow Analysis - Major stocks with significant capital flow included: - Shuanghui Development (000895) with a net inflow of 11.11 million yuan from institutional investors [3] - Chunxue Food (605567) with a net inflow of 6.68 million yuan from institutional investors [3] - Wufangzhai (603237) with a net inflow of 2.34 million yuan from institutional investors [3]

- The report tracks the recent performance of the IPO market, focusing on the Sci-Tech Innovation Board (STAR Market), ChiNext, and the Main Board, assuming all stocks are fully subscribed and sold at the average market price on the first day of listing, excluding lock-up restrictions[2][10] - As of August 1, 2025, the IPO yield for a 2 billion A-class account is 1.92%, while for a 10 billion A-class account, it is 0.61%[2][10] - The average first-day increase for STAR Market stocks is 218.45%, and for ChiNext stocks, it is 227.38%, based on the performance of 20 recently listed stocks[2][20] - The median number of valid bidding accounts for STAR Market IPOs is approximately 3,062 for A-class accounts and 1,602 for B-class accounts, while for ChiNext IPOs, the numbers are 3,630 and 2,080, respectively[2][27] - The report calculates the theoretical full subscription income for each stock using the formula: **Full Subscription Quantity = Maximum Subscription Limit × Average Offline Winning Rate** **Full Subscription Income = (First Board Price - Initial Offering Price) × Full Subscription Quantity**[39][42] - The highest full subscription income among recent IPOs is 141.4 million yuan for Huadian New Energy, followed by 44.18 million yuan for Yitang Co., and 17.26 million yuan for Shanda Electric[42][45] - For A-class accounts, the cumulative IPO yield since 2024 is 5.65% for a 2 billion account, while for 2025 alone, it is 1.92%[47][48] - For B-class accounts, the cumulative IPO yield since 2024 is 4.64% for a 2 billion account, while for 2025 alone, it is 1.72%[51][52]

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]

金融界消息 截至2025年7月31日收盘，技源集团（603262）报收于30.06元，下跌3.96%，换手率 24.22%，成交量9.40万手，成交金额2.86亿元。 资金流向方面，今日主力资金净流出3627.03万元，占比成交额12.66%。其中，超大单净流出1801.45万 元、占成交额6.29%，大单净流出1825.58万元、占成交额6.37%，中单净流出流出1502.05万元、占成交 额5.24%，小单净流入5129.08万元、占成交额17.91%。 来源：金融界 技源集团最新一期业绩显示，截至2025一季报，公司营业总收入2.65亿元、同比增长16.59%，归属净利 润4260.17万元，同比增长9.25%，扣非净利润4161.90万元，同比增长12.56%，流动比率3.982、速动比 率2.887、资产负债率19.93%。 天眼查商业履历信息显示，技源集团股份有限公司，成立于2002年，位于无锡市，是一家以从事食品制 造业为主的企业。企业注册资本35000万人民币，实缴资本35000万人民币。公司法定代表人为龙玲。 通过天眼查大数据分析，技源集团股份有限公司共对外投资了7家企业，参与招投标项目12 ...

（原标题：技源集团龙虎榜：营业部净买入195.58万元） 技源集团(603262)今日下跌2.13%，全天换手率30.26%，成交额3.64亿元，振幅4.48%。龙虎榜数据显示，营业部席位合计净买入195.58万元。 上交所公开信息显示，当日该股因日换手率达30.26%上榜，营业部席位合计净买入195.58万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交5768.21万元，其中，买入成交额为2981.89万元，卖出成交额为2786.32万元，合计 净买入195.58万元。 具体来看，今日上榜营业部中，第一大买入营业部为招商证券股份有限公司佛山季华五路证券营业部，买入金额为753.80万元，第一大卖出营业 部为东方财富证券股份有限公司拉萨团结路第一证券营业部，卖出金额为753.15万元。 近五日涨跌:2.42% 技源集团7月30日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 招商证券股份有限公司佛山季华五路证券营业部 | 753.80 | | | 买二 | 信达证券股份有限公司盘锦兴 ...

Core Viewpoint - The trading activity of Jiyuan Group on July 30 shows significant participation from various brokerage firms, indicating potential market interest and volatility in the stock. Group 1: Buying Activity - The leading buyer was the Foshan Jihua Fifth Road branch of China Merchants Securities, purchasing 7.538 million yuan worth of shares [1] - Other notable buyers included the Panjin Xinglongtai Street branch of Xinda Securities with 6.7403 million yuan and the Lhasa Tuanjie Road First branch of Dongfang Caifu Securities with 5.6777 million yuan [1] - Goldman Sachs' Shanghai Pudong Century Avenue branch also made a significant purchase of 4.7472 million yuan, with a 45.45% probability of the stocks rising within three days after being listed [1] Group 2: Selling Activity - Selling activity was concentrated, with multiple branches of Dongfang Caifu Securities in Lhasa and the Second East Ring Road branch collectively selling over 22 million yuan, including a single-day sale of 7.5315 million yuan from the Lhasa Tuanjie Road First branch [1] - The Shanghai Xizang South Road branch of Dongwu Securities ranked fifth in selling, with a total of 4.3202 million yuan sold, showing a 36.00% probability of the stocks rising within three days after being listed [1] Group 3: Market Insights - The Lhasa branches of Dongfang Caifu Securities are often viewed as retail investor hubs, while Goldman Sachs' Shanghai Pudong branch frequently engages in trading popular stocks [1] - The historical performance of the buying and selling brokerage firms indicates a notable difference, with the buying side showing a higher short-term success rate in speculative trading [1]

证券之星消息，7月30日食品加工板块较上一交易日上涨0.57%，光明肉业领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。食品加工板块个股涨跌见下表： 从资金流向上来看，当日食品加工板块主力资金净流出2534.16万元，游资资金净流出462.48万元，散户 资金净流入2996.64万元。食品加工板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600073 光明肉业 | | 1800.84万 | 4.20% | 2633.61万 | 6.15% | -4434.44万 | -10.35% | | 603345 安井食品 | | 929.83万 | 2.71% | 33.57万 | 0.10% | -963.40万 | -2.81% | | 001215 千味央厨 | | 715.62万 | 7.40% | -99.48万 | -1.03 ...

从资金流向上来看，当日食品加工板块主力资金净流出1.27亿元，游资资金净流出2488.55万元，散户资 金净流入1.52亿元。食品加工板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603345 | 安井食品 | | 3588.42万 | 9.81% | -3645.99万 | -9.97% | 57.57万 | 0.16% | | 002515 | 金字火腿 | | 2249.10万 | 14.02% | -1481.85万 | -9.24% | -767.25万 | -4.78% | | 002702 海欣食品 | | | 1308.54万 | 13.69% | -383.06万 | -4.01% | -925.48万 | -9.68% | | 002626 | 金达威 | | 1100.54万 | 4.62% | 1399.42万 | 5.88% | -2499.96 ...

Core Viewpoint - The global dietary nutrition and sports nutrition market is experiencing strong demand due to aging populations and increased health awareness, with significant growth in core product segments like HMB and glucosamine. Jiyuan Group is leveraging this trend to expand its market presence [2][3]. Market Demand and Growth - The demand for dietary supplements is continuously increasing, driven by rising living standards and health consciousness, with the market size expanding year by year. The global HMB production is projected to grow from approximately 1,662.43 tons in 2023 to 3,571.69 tons by 2030, reflecting a compound annual growth rate (CAGR) of about 11.54% [3][5]. Company Performance - Jiyuan Group, as the largest global supplier of HMB, holds a 53.34% market share. The company's revenue for 2024 is expected to reach 1 billion yuan, with a year-on-year growth of over 15% anticipated for the first half of 2025. The revenue figures for 2022, 2023, and 2024 are 947 million yuan, 892 million yuan, and 1 billion yuan respectively, with net profits of 142 million yuan, 160 million yuan, and 174 million yuan [5][6]. Product Portfolio and Applications - Jiyuan Group's main products include HMB, glucosamine, and chondroitin sulfate, which cater to muscle and joint health. The increasing focus on healthy lifestyles and the growing number of athletes are driving demand for supplements that enhance performance and recovery [3][5]. Technological Innovation - The company has established a differentiated advantage through technological innovation and quality assurance. Jiyuan Group focuses on R&D and has developed proprietary technologies for HMB synthesis, ensuring high purity and compliance with international standards [7][9]. Quality and Safety Standards - Jiyuan Group emphasizes product quality and safety, adhering to strict quality management systems and obtaining various certifications, including GMP and USP. This commitment to quality has helped the company build a strong brand reputation and customer loyalty [10][11][12]. Strategic Partnerships - The company has formed long-term partnerships with renowned brands such as Abbott and Nutramax, enhancing its market position and ensuring stable demand for its products [9][10]. Future Outlook - With a dual focus on technology and quality, Jiyuan Group is poised to lead the global dietary nutrition supplement sector, contributing significantly to the health industry [13].

- The report tracks the recent performance of the IPO market, including the Sci-Tech Innovation Board, the Growth Enterprise Market, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][10] - The report calculates the IPO yield for different account sizes, with A-class 2 billion scale accounts yielding 1.89%, B-class 2 billion scale accounts yielding 1.69%, A-class 10 billion scale accounts yielding 0.60%, and B-class 10 billion scale accounts yielding 0.55% [2][10] - The report tracks the median number of valid quotation accounts for recent 20 new stocks, with A-class valid quotation accounts for Sci-Tech Innovation Board stocks around 3062, B-class around 1602; A-class valid quotation accounts for Growth Enterprise Market stocks around 3591, B-class around 2079; A-class valid quotation accounts for Main Board stocks around 3790, B-class around 2275 [2][22] - The report lists the recent IPO results, including the issuance price, issuance P/E ratio, industry P/E ratio, number of new shares issued, actual fundraising amount, strategic placement, online issuance, offline issuance, online winning rate, online issuance oversubscription multiple, offline preliminary inquiry oversubscription multiple, offline subscription allocation ratio, and offline issuance effective subscription multiple [24] - The report calculates the theoretical IPO yield for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [39][40] - The report lists the monthly IPO yield and IPO yield rate for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [43][44][45][46] - The report lists the monthly IPO yield and IPO yield rate for different account sizes, assuming all stocks are hit, sold at the market average price on the first day of listing, and using 90% capital efficiency [47][50][51][52][53] - A-class 2 billion scale accounts IPO yield rate is 1.89% [10] - B-class 2 billion scale accounts IPO yield rate is 1.69% [10] - A-class 10 billion scale accounts IPO yield rate is 0.60% [10] - B-class 10 billion scale accounts IPO yield rate is 0.55% [10] - Sci-Tech Innovation Board stocks first-day average increase is 218.45% [16] - Growth Enterprise Market stocks first-day average increase is 227.38% [16] - Sci-Tech Innovation Board stocks A-class valid quotation accounts around 3062 [22] - Sci-Tech Innovation Board stocks B-class valid quotation accounts around 1602 [22] - Growth Enterprise Market stocks A-class valid quotation accounts around 3591 [22] - Growth Enterprise Market stocks B-class valid quotation accounts around 2079 [22] - Main Board stocks A-class valid quotation accounts around 3790 [22] - Main Board stocks B-class valid quotation accounts around 2275 [22] - The highest first-day increase for new stocks is 426.31% [33] - The highest fundraising amount for new stocks is 181.71 billion yuan [33] - The highest full subscription yield for new stocks is 141.4 million yuan [37] - The highest monthly IPO yield for A-class accounts is 248.20 million yuan [44] - The highest monthly IPO yield rate for A-class accounts is 6.22% [44] - The highest monthly IPO yield for B-class accounts is 179.55 million yuan [50] - The highest monthly IPO yield rate for B-class accounts is 5.04% [50]