Market Performance - The real estate service sector increased by 2.09% on July 29, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Zhujiang Co. (600684) closed at 4.48, up 4.19% with a trading volume of 524,800 shares and a turnover of 232 million yuan [1] - TeFa Service (300917) closed at 49.11, up 3.83% with a trading volume of 167,600 shares and a turnover of 817 million yuan [1] - World Union (002285) closed at 2.56, up 2.81% with a trading volume of 570,400 shares and a turnover of 144 million yuan [1] - Other notable stocks include: - China Merchants Jiyu (001914) at 12.79, up 2.73% [1] - Wo Ai Wo Jia (000560) at 3.21, up 2.56% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 156 million yuan from institutional investors, while retail investors experienced a net outflow of 122 million yuan [1] - The table shows the capital flow for individual stocks, with TeFa Service receiving a net inflow of 65.02 million yuan from institutional investors [2] - Zhujiang Co. had a net inflow of 20.26 million yuan from institutional investors, but a net outflow of 31.99 million yuan from retail investors [2]

Core Viewpoint - The article highlights significant developments in China's financial and economic landscape, including regulatory measures, monetary policy updates, trade statistics, and corporate earnings forecasts. Group 1: Regulatory and Policy Developments - The Central Committee of the Communist Party of China emphasizes strengthening financial trial work to combat market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering, while also improving rules for emerging financial disputes [2] - The People's Bank of China (PBOC) has implemented a series of structural monetary policy tools to support technology innovation and consumption, with a total loan contract amount for technology innovation reaching 1.74 trillion yuan by the end of May [3] - The PBOC plans to conduct a 14 billion yuan reverse repurchase operation to maintain liquidity in the banking system [4] Group 2: Economic Indicators - As of June 2025, the broad money supply (M2) in China reached 330.29 trillion yuan, growing by 8.3% year-on-year, while the narrow money supply (M1) was 113.95 trillion yuan, up by 4.6% [2] - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2] - China's goods trade in the first half of 2025 totaled 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [4] Group 3: Corporate Earnings and Developments - China National Salt Industry Corporation reported a 5.76% decrease in revenue for the first half of 2025, with net profit down 88.04% to 52.72 million yuan [8] - Jinpu Titanium Industry plans to exit the titanium dioxide industry through significant asset swaps [9] - Qianfang Technology expects a net profit increase of 1125.99% to 1534.65% for the first half of 2025 [10] - Huahong Technology anticipates a net profit increase of 3047.48% to 3721.94% for the same period [11] - Aerospace Science and Technology Corporation projects a net profit increase of 1628.83% to 2315.27% for the first half of 2025 [19]

Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, with projections indicating an increase of over 387% compared to the same period last year [2][3]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders of the parent company between 100 million and 150 million yuan, representing an increase of 79.47 million to 129.47 million yuan year-on-year [2][3]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 45 million and 60 million yuan, which may decrease by 8.85 million or increase by 6.15 million yuan compared to the previous year [2][3]. Previous Year Comparison - In the same period last year, the total profit was 34.84 million yuan, with a net profit attributable to shareholders of the parent company at 20.53 million yuan and a net profit after deducting non-recurring gains and losses at 53.85 million yuan [5]. Reasons for Profit Increase - The increase in net profit is primarily attributed to the fair value measurement of equity investments in Anbang Guard Group Co., Ltd., which resulted in a fair value change gain of 78.19 million yuan, contributing an additional 58.64 million yuan to the current net profit [7].

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant increase in H1 2025 net profit attributable to shareholders, while non-recurring adjusted net profit shows modest or negative growth | Indicator | Forecast Amount (CNY Million) | Year-on-Year Change | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 100.00 - 150.00 | +387.02% to +630.52% | | **Net Profit After Deducting Non-Recurring Gains/Losses** | 45.00 - 60.00 | -16.44% to +11.41% | - This performance forecast is unaudited by a certified public accountant[4](index=4&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) H1 2024 net profit attributable to shareholders was **20.53 million CNY**, with non-recurring adjusted net profit at **53.85 million CNY**, reflecting a negative impact from non-recurring items Key Financial Indicators for H1 2024 | Indicator (H1 2024) | Amount (CNY Million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 20.53 | | Net Profit After Deducting Non-Recurring Gains/Losses | 53.85 | | Earnings Per Share | 0.11 CNY | [Analysis of Performance Change](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) The substantial increase in net profit attributable to shareholders is primarily due to fair value changes in the equity investment in Anbang Guard Group Co., Ltd., shifting from a loss to a gain - The primary reason for the performance increase is the fair value measurement of the company's equity investment in Anbang Guard Group Co., Ltd., where stock price fluctuations significantly impacted fair value change gains/losses[5](index=5&type=chunk) Impact of Fair Value Changes on Net Profit | Item | H1 2025 (CNY Million) | H1 2024 (CNY Million) | | :--- | :--- | :--- | | **Fair Value Change Gains/Losses** | 78.19 | -62.74 | | **Impact on Current Net Profit** | Increase 58.64 | Decrease 47.06 | - The fair value change of Anbang Guard equity alone led to a year-on-year increase of **105.70 million CNY** in the company's H1 2025 net profit attributable to parent company shareholders[5](index=5&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is unaudited preliminary data, and final figures will be in the official H1 2025 semi-annual report, urging investors to be mindful of investment risks - The financial data in this performance forecast are preliminary results from the company's finance department and have not been audited by a certified public accountant[5](index=5&type=chunk) - The company reminds investors that specific and accurate financial data will be based on the officially disclosed 2025 semi-annual report, and investment risks should be noted[5](index=5&type=chunk)

管 天册律师事务所 【T&C LAW TIRM 法律意见书 浙江天册律师事务所 关于 南都物业服务集团股份有限公司 2025 年第一次临时股东大会的 2025 年第一次临时股东大会的 法律意见书 编号: TCYJS2025H1083 号 致:南都物业服务集团股份有限公司 法律意见书 天册律师事务所 T & C LAW FIRM 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话: 0571-87901111 传真: 0571-87901500 下 天册律师事务所 法律意见书 浙江天册律师事务所 关于南都物业服务集团股份有限公司 浙江天册律师事务所(以下简称"本所")接受南都物业服务集团股份有限公 司（以下简称"南都物业"或"公司"）的委托，指派本所律师参加公司 2025 年 第一次临时股东大会,并根据《中华人民共和国证券法》(以下简称"《证券法》"）、 《中华人民共和国公司法》(以下简称"《公司法》")和《上市公司股东会规则》 ( 以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求出具 本法律意见书。 在本法律意见书中,本所律师仅对本次股东大会召集、召开程序、出席人员 ...

证券代码：603506 证券简称：南都物业 公告编号：2025-029 南都物业服务集团股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 30 日 (二)股东大会召开的地点：浙江省杭州市西湖区紫荆花路 2 号联合大厦 A 座 1 单 元 10 楼百年阁会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 60 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 114,857,971 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.9223 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取现场投票与网络投票相结合的方式召开集表决。会议由公司董 事会召集，董事长韩芳女士主 ...

南都物业服务集团股份有限公司 2025 年第一次临时股东大会会议资料 证券简称：南都物业 股票代码：603506 2025 年 6 月 30 日 | | | 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议议程 一、会议时间 （一）宣布 2025 年第一次临时股东大会会议开始，宣布股东大会现场会议 股东到会情况 （二）审议以下议案 1、关于解除独立董事职务的议案； 现场会议时间：2025 年 6 月 30 日 14:00 网络投票时间：2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议方式：现场投票与网络投票相结合的方式 三、现场会议地点：浙江省杭州市西湖区紫荆花路 2 号联合大厦 A 座 1 单元 10 楼百年阁会议室 四、会议主持人：董事长韩芳女士 五、会议签到：会议召开前，股东及股东代表、董事、监事、高级管理人员 及见证律师入场，签到。 六、会议议程 ...

南都物业服务集团股份有限公司 证券简称：南都物业 股票代码：603506 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议方式：现场投票与网络投票相结合的方式 三、现场会议地点：浙江省杭州市西湖区紫荆花路 2 号联合大厦 A 座 1 单元 四、会议主持人：董事长韩芳女士 五、会议签到：会议召开前，股东及股东代表、董事、监事、高级管理人员 及见证律师入场，签到。 六、会议议程 （一）宣布 2025 年第一次临时股东大会会议开始，宣布股东大会现场会议 股东到会情况 一、会议时间 现场会议时间：2025 年 6 月 30 日 14:00 网络投票时间：2025 年 6 月 30 日 为维护南都物业服务集团股份有限公司（以下简称"公司"）全体股东的合 法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，根据中国 证监会《上市公司股东大会规则》规定和《公司章程》《股东大会议事规则》等 相关法律法规和规定，特制定 ...

Quantitative Models and Construction 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [8]. - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance - \( \mu \): Drift rate - \( \kappa \): Mean reversion speed - \( \theta \): Long-term variance - \( \sigma \): Volatility of variance - \( W_t^1, W_t^2 \): Correlated Wiener processes [8] 2. Model Name: Multi-Sector Timing Model (Scissor Difference Strategy) - **Model Construction Idea**: This model uses the difference in the number of bullish and bearish signals among sector constituents to construct a timing strategy. If no bullish or bearish signals are present, the scissor difference is set to zero. The model aims to outperform sector indices [16]. - **Model Construction Process**: - Count the number of bullish and bearish signals for each sector's constituent stocks daily. - Compute the scissor difference as the difference between bullish and bearish signals. - If both counts are zero, the scissor difference is set to zero. - Construct a timing strategy based on the scissor difference ratio [16]. - **Model Evaluation**: The model historically outperformed all sector indices, demonstrating excellent backtesting performance [16]. --- Model Backtesting Results 1. Heston Model - **Implied Volatility Results**: - SSE 50: 11.85% (down 0.88% WoW) - SSE 500: 14.35% (down 1.59% WoW) - CSI 1000: 18.06% (down 0.42% WoW) - CSI 300: 12.64% (down 0.73% WoW) [10] 2. Multi-Sector Timing Model - **Sector Outperformance**: The model outperformed all sector indices, achieving a 100% success rate in backtesting [16]. --- Quantitative Factors and Construction 1. Factor Name: Shape-Based Timing Signals - **Factor Construction Idea**: Shape-based signals are derived from historical K-line patterns, including bullish patterns (e.g., "Golden Needle Bottom," "Rocket Launch," "Manjianghong") and bearish patterns (e.g., "Hanging Line," "Paradise Line," "Dark Cloud Cover"). These patterns indicate potential price reversals [24]. - **Factor Construction Process**: - Identify specific K-line patterns based on predefined criteria. - Evaluate the historical performance of these patterns in predicting price movements. - Use the patterns to generate timing signals for individual stocks [24]. - **Factor Evaluation**: Bullish patterns like "Golden Needle Bottom" and "Rocket Launch" demonstrated strong positive predictive power [24]. --- Factor Backtesting Results 1. Shape-Based Timing Signals - **Signal Statistics**: - Positive signals: 2,699 occurrences, with an average future high-point success rate of 28.25% - Negative signals: 3,525 occurrences, with an average future low-point success rate of 71.88% [13] 2. Sector Timing Signals - **Bullish Sectors**: Home Appliances, Comprehensive, Communication, Textile & Apparel, Consumer Services, Transportation, Petrochemicals [19] 3. Stock-Specific Signals - **Consecutive Bullish Signals**: - 5-day signals: Stocks like Kailong Co. and Shipu Testing [21] - 4-day signals: Stocks like Jiangnan Chemical, Beijing-Shanghai High-Speed Railway, and Nandu Property [22][23] - **Special Bullish Patterns**: - Stocks like Retired Longyu ("Arrow on the String") and Suotong Development ("Manjianghong") [25][26] 4. Broker Gold Stock Signals - **Highlighted Stocks**: BYD, Feilihua, Wancheng Group, Sichuan Road & Bridge, Wolong Electric Drive, Lansheng Co., PetroChina, Dongpeng Beverage [29][33]

Core Insights - Zhejiang University Network New (浙大网新) has launched the "Saizhi Zhulong Fund" in collaboration with Jingye Intelligent, Nandu Property, and Saizhi Boluo, focusing on the embodied intelligence industry, with its first investment in Hangzhou Yundongchu Technology Co., Ltd. [1] - Yushu Technology has recently completed a Series C financing round, with a pre-investment valuation exceeding 10 billion RMB, led by funds from China Mobile, Tencent, Jinqiu, Alibaba, Ant Group, and Geely Capital [1] - The founder of Yushu Technology, Wang Xingxing, stated that AI and robotics are poised to transform productivity structures similarly to electricity and the steam engine [1] Investment Strategy - The chairman of Zhejiang University Network New, Shi Lie, emphasized that embodied intelligence is rapidly maturing due to technological and policy catalysts, enhancing its general applicability [1] - The dual-driven strategy of "technology + capital" aims to integrate innovative technology companies like Yundongchu, enabling mutual empowerment through technology integration and market expansion [1] - Investments in technology firms will enrich Zhejiang University Network New's technological chain and ecosystem, positioning the company to seize opportunities in technological transformation and industrial upgrades [1] - The establishment of the fund aims to foster a strong collaboration between technology, resources, talent, and application scenarios, promoting a virtuous cycle of "production and finance integration" in the intelligent industry [1]