- Model Name: Expected High Dividend Portfolio; Model Construction Idea: The model uses a two-stage approach to construct the expected dividend yield indicator. The first stage calculates the dividend yield based on the annual report's profit distribution, and the second stage predicts and calculates the dividend yield using historical dividends and fundamental indicators. Additionally, two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening, and the selection is made from the CSI 300 constituent stocks to construct the expected high dividend portfolio. The portfolio holds 30 stocks each period and rebalances monthly[3][8] - Model Construction Process: 1. Exclude suspended and limit-up stocks from the CSI 300 constituent stocks to form the candidate stock pool[13] 2. Exclude the top 20% of stocks with the highest short-term momentum (i.e., the top 20% of stocks with the highest 21-day cumulative gains) from the stock pool[13] 3. Exclude stocks with declining profitability (i.e., stocks with a negative year-on-year growth rate of quarterly net profit)[13] 4. Rank the remaining stocks in the stock pool by expected dividend yield and select the top 30 stocks with the highest expected dividend yield to construct the portfolio equally weighted[9] - Model Evaluation: The model's historical performance is outstanding, with a cumulative return of 358.90% and a cumulative excess return of 107.44% relative to the CSI 300 Total Return Index. The annualized excess return is 8.87%, with a maximum rolling one-year drawdown of only 12.26% and a monthly excess win rate of 60.19%[11] Model Backtest Results - Expected High Dividend Portfolio, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14] - Best performing stocks in September 2025: CITIC Special Steel (3.81%), Yutong Bus (-0.35%), Industrial and Commercial Bank of China (-1.75%), Shuanghui Development (-1.90%)[15] Factor Construction and Evaluation - Factor Name: Expected Dividend Yield Factor; Factor Construction Idea: The factor is constructed by predicting dividend distribution using the method of dividend distribution combined with fundamental indicators. Two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening[14] - Factor Construction Process: 1. Calculate the dividend yield based on the annual report's profit distribution[8] 2. Predict and calculate the dividend yield using historical dividends and fundamental indicators[8] - Factor Evaluation: The factor is used to assist in screening and constructing the expected high dividend portfolio, which has shown outstanding historical performance[3][8] Factor Backtest Results - Expected Dividend Yield Factor, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14]

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 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) | 03969 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 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) | 03969 | 說明 | H股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,968,801,000 | | 0 | | 1,968,801,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,968,801,000 | | 0 | | 1,968,801,000 | 公司名稱: 中國鐵路通信信號股份有限公司 呈交日期: 2025年10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 ...

Core Viewpoint - The opening of the drone low-altitude sightseeing project at the Yellow River Estuary Ecological Tourism Area represents an innovative practice of low-altitude economy empowering the cultural tourism industry, marking a significant step for China Communications Signal Company in promoting technological innovation and integration with cultural tourism [1] Company Summary - China Communications Signal Company has successfully launched a drone low-altitude sightseeing project, enhancing its role in the cultural tourism sector [1] - The project signifies the company's commitment to technological innovation and its application in the tourism industry [1] Industry Summary - The project exemplifies the potential of low-altitude economy in transforming the cultural tourism landscape [1] - It highlights the growing trend of integrating technology with tourism to enhance visitor experiences [1]

Core Viewpoint - China Railway Signal & Communication Corp (CRSC) has secured four major projects in the railway market, with a total bid amount of 1.36 billion yuan, reflecting the company's strong market position and ongoing investment in research and development [1][6]. Group 1: Project Wins and Financials - In 2025, from January to August, CRSC's total bid amount for major projects reached approximately 10 billion yuan [2][8]. - As of June 30, 2025, CRSC's contract liabilities amounted to 10.03 billion yuan, a year-on-year increase of 27.01% [3][9]. - The company has signed new contracts totaling 17.57 billion yuan in the first half of 2025, with a backlog of orders amounting to 117.56 billion yuan, which is 3.6 times its projected revenue for 2024 [8]. Group 2: Research and Development - CRSC has consistently invested over 2 billion yuan in R&D for 2023 and 2024, with a total of 8.49 billion yuan invested in the first half of 2025, marking a 7.60% increase year-on-year [3][10]. - The company holds over 5,500 registered patents, achieving 100% autonomy in core train control technology and products [10][11]. Group 3: Market Position and Strategy - CRSC is a leading player in China's rail transit construction, providing products and services to major railway groups and cities, capturing about 40% of the urban rail transit control system market [9][10]. - The company is actively expanding into strategic emerging industries, including low-altitude economy and drone technology, which is expected to positively impact its future performance [12].

Core Insights - The rail transit communication system is a crucial segment of the communication equipment manufacturing industry, providing specialized communication devices and software systems for rail transit operators, essential for train operation control, dispatching, passenger services, and information transmission [1][8] - The market size of China's rail transit communication system industry is projected to grow from 2.23 billion to 6.603 billion from 2016 to 2024, with a compound annual growth rate (CAGR) of 14.53% [1][9] - The industry is expected to evolve towards intelligent and integrated cloud-network solutions, driven by the "Transportation Power" strategy and advancements in new-generation information technologies [1][9] Industry Overview - The rail transit communication system integrates audio, video, and data into a comprehensive digital communication network, vital for ensuring safe, fast, and efficient train operations [4][8] - The system comprises various components, including communication power systems, transmission systems, clock systems, wireless dispatch systems, video monitoring systems, broadcasting systems, passenger information systems, and public telephone systems [5][8] Industry Policies - The rail transit industry is a foundational sector of the national economy, receiving significant attention and support from government policies [5] - Recent policies aim to enhance technical standards and promote the integration of different rail transit systems, improving service efficiency and connectivity [5][6] Industry Chain - The upstream of the rail transit communication system industry includes base station construction, communication equipment, and various component suppliers [6] - The midstream involves the design, development, operation, and maintenance of communication systems, while the downstream serves the railway and urban rail transit sectors [6] Market Dynamics - The rapid development of urban rail transit in China has led to an increase in operational mileage and the number of lines, creating substantial market opportunities for the rail transit communication system industry [7][8] - As of August 2025, there are 331 operational urban rail transit lines with a total operational mileage of 11,210.7 kilometers, reflecting an 8.17% increase from the previous year [7] Key Players - Major participants in the rail transit communication system industry include China Railway Communication Signal Co., Ltd., Tianjin 712 Communication Broadcasting Co., Ltd., and Beijing Jinhongxi Electric Information Technology Co., Ltd. [9][10] - China Railway Communication Signal Co., Ltd. reported a revenue of 13.185 billion in the first half of 2025, showing a 0.56% year-on-year growth [11] - Shanghai Tieda Electric Technology Co., Ltd. achieved a revenue of 121 million in the same period, with a growth rate of 16.25% [12] Development Trends - The industry is moving towards intelligent systems that integrate AI, big data, and cloud computing for autonomous train operation and predictive maintenance [13] - A focus on green and low-carbon technologies is expected, with the adoption of low-power chips and energy-efficient devices to reduce overall energy consumption [14] - Integration and collaboration among various subsystems will enhance operational efficiency and safety in rail transit communication systems [15]

Market Overview - On September 26, the rail transit equipment sector declined by 0.37% compared to the previous trading day, with Yonggui Electric leading the decline [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Individual Stock Performance - Notable gainers in the rail transit equipment sector included: - Shenzhou Gaotie (Code: 000008) with a closing price of 2.90, up 2.84% on a trading volume of 1.2253 million shares and a transaction value of 357 million yuan [1] - XD Weiao (Code: 605001) closed at 7.44, up 1.64% with a trading volume of 66,400 shares and a transaction value of 49.3689 million yuan [1] - Kanni Electromechanical (Code: 603111) closed at 8.04, up 1.01% with a trading volume of 107,700 shares and a transaction value of 86.3257 million yuan [1] - Major decliners included: - Yonggui Electric (Code: 300351) closed at 17.79, down 2.57% with a trading volume of 96,900 shares and a transaction value of 174 million yuan [2] - Zhonghe Technology (Code: 000925) closed at 8.01, down 1.35% with a trading volume of 197,300 shares and a transaction value of 159 million yuan [2] - China CRRC (Code: 601766) closed at 7.32, down 0.95% with a trading volume of 757,000 shares and a transaction value of 557 million yuan [2] Capital Flow Analysis - The rail transit equipment sector experienced a net outflow of 74.0518 million yuan from institutional investors, while retail investors saw a net inflow of 54.5996 million yuan [2][3] - Key stocks with significant capital flow included: - Shenzhou Gaotie had a net inflow of 36.0983 million yuan from institutional investors, but a net outflow of 43.9351 million yuan from retail investors [3] - Times New Materials (Code: 600458) saw a net inflow of 29.3 million yuan from institutional investors, with a net outflow of 40.8737 million yuan from retail investors [3] - China CRRC had a net inflow of 13.3340 million yuan from institutional investors, but also faced a net outflow from retail investors [3]

Core Viewpoint - *ST Tianmao's stock will be delisted from the Shenzhen Stock Exchange, with the decision effective immediately, and the stock will be removed within five trading days [1][2]. Group 1: Delisting Announcement - On September 25, *ST Tianmao received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1]. - The stock will not enter a delisting transition period and will be delisted within five trading days from the announcement [2]. Group 2: Shareholder Meeting and Cash Option - On August 25, *ST Tianmao held an extraordinary general meeting where shareholders approved the decision to voluntarily terminate the stock listing [5]. - The company initiated a cash option mechanism to protect investors, allowing eligible A-share shareholders to exercise cash options at a price of 1.60 yuan per share, with a total of 1,442,279,537 cash options effectively declared during the application period [5]. - The total funding required for the cash options is approximately 2.3 billion yuan [5]. Group 3: Post-Delisting Arrangements - After delisting, *ST Tianmao's shares will be transferred to the National Equities Exchange and Quotations system for trading [6]. - The company has appointed Changcheng Guorui as the agency to manage the share transfer services [6].

Group 1: Strategic Restructuring - Pingmei Shenma and Shenneng Group announced plans for strategic restructuring by the controlling shareholders, which will not significantly impact their operations [1][1] - The restructuring will not change the controlling shareholders or the actual controllers of either company [1][1] Group 2: Capital Increase - Ganfeng Lithium plans to introduce investors for a capital increase of up to 2.5 billion yuan for its subsidiary, Ganfeng Lithium Technology [2] - The capital increase will be priced at 3 yuan per 1 yuan of registered capital, and the company will waive its preferential subscription rights [2] Group 3: Stock Trading Suspension - Upwei New Materials' stock has been suspended for verification due to multiple instances of abnormal trading fluctuations [3] - The company will conduct an investigation into the trading volatility and will resume trading after the verification process [3] Group 4: Earnings Forecast - Jihong Co. expects a net profit of 209 million to 222 million yuan for the first three quarters of 2025, representing a growth of 55% to 65% year-on-year [4] - The growth is attributed to significant increases in revenue and profit from cross-border social e-commerce and improved operational efficiency in the packaging business [4] Group 5: Fundraising and Projects - Hanyu Pharmaceutical plans to raise up to 968 million yuan through a private placement for various projects including peptide drug production and R&D upgrades [5] - Water Development Gas received acceptance for its securities issuance application from the Shanghai Stock Exchange [6] Group 6: Important Transactions - Tianqi Model's controlling shareholders signed a share transfer agreement to transfer 162 million shares, which will change the controlling shareholder to Jianfa Wanyu [7] - The transaction is expected to lead to a change in the actual controller to the Urumqi Economic and Technological Development Zone State-owned Assets Supervision and Administration Commission [7] Group 7: Investment Projects - Dongfang Yuhong signed an investment agreement to invest 600 million yuan in a new materials industry chain project in Nanning, Guangxi [9] - The project includes mining, processing, and product development [9] - Changqing Group plans to invest 571 million yuan in the second phase of its cogeneration project in Maoming [9]

Group 1: Investment and Fundraising - Hanyu Pharmaceutical plans to raise no more than 968 million yuan for the development of semaglutide and other projects [1] - Ganfeng Lithium intends to introduce investors for a capital increase of up to 2.5 billion yuan [9] Group 2: Strategic Restructuring - Pingmei Shenma Holdings is undergoing a strategic restructuring as directed by the Henan provincial government, which will not affect the company's operations significantly [2][8] - Shennong Holdings is also involved in a strategic restructuring with no change in control or significant impact on operations [7][8] Group 3: Clinical Trials and Approvals - XinNuoWei's subsidiary received approval for clinical trials of a drug for treating mild Alzheimer's disease, marking a significant milestone in the development of biosimilar drugs [3] - Tainkang's subsidiary has received approval for clinical trials of CKBA cream for rosacea, a first-class innovative drug in China [4] - Baili Tianheng's drug, iza-bren, has been included in the list of breakthrough therapies, indicating its potential in treating advanced urinary tract cancer [5] Group 4: Contracts and Projects - Zhongyou Engineering signed an EPC contract worth 2.524 billion USD for a seawater pipeline project in Iraq, expected to positively impact future revenues [6]