Quantitative Models and Construction - **Model Name**: DecompGRU **Model Construction Idea**: The model improves information interaction between time-series and cross-sectional data by introducing two simple de-mean modules on the GRU baseline model[18] **Model Construction Process**: 1. The DecompGRU model architecture is based on GRU as the baseline 2. Two de-mean modules are added to enhance the interaction between time-series and cross-sectional data 3. The model is trained using IC and weighted MSE loss functions[18] **Model Evaluation**: The model demonstrates improved interaction between time-series and cross-sectional data, enhancing prediction accuracy[18] Model Backtesting Results - **DecompGRU TOP200 Portfolio**: - Cumulative absolute return: 41.11% - Excess return relative to WIND All A equal-weight index: 13.98% - Maximum drawdown: 10.08% - Weekly win rate: 64.52% - Monthly win rate: 100% - October absolute return: 1.78%, excess return: -0.07%[11] - **ETF Rotation Portfolio**: - Cumulative absolute return: 19.06% - Excess return relative to benchmark: -2.00% - Maximum drawdown: 7.82% - Weekly win rate: 62.50% - Monthly win rate: 57.14% - October absolute return: -2.04%, excess return: -1.18%[14][15] Quantitative Factors and Construction - **Factor Name**: Sentiment Heat Factor **Factor Construction Idea**: The factor aggregates stock-level sentiment heat metrics (e.g., browsing, self-selection, and clicks) to represent broader market sentiment[19] **Factor Construction Process**: 1. Individual stock sentiment heat is calculated as the sum of browsing, self-selection, and click counts 2. The sentiment heat is normalized by dividing by the total market sentiment on the same day and multiplying by 10,000 3. Aggregated sentiment heat is used as a proxy for market sentiment at the index, industry, and concept levels[19] **Factor Evaluation**: The factor effectively captures market sentiment and its impact on pricing errors[19] Factor Backtesting Results - **Broad-based Index Sentiment Heat Rotation Strategy**: - Annualized return since 2017: 8.74% - Maximum drawdown: 23.5% - 2025 portfolio return: 38.5% - Benchmark return: 32.9%[28] - **Concept Sentiment Heat BOTTOM Portfolio**: - Annualized return: 15.71% - Maximum drawdown: 28.89% - 2025 portfolio return: 42.1%[41][44]

Market Overview - A-shares rebounded in the afternoon on November 3, with all three major indices turning positive by the close; the Shanghai Composite Index rose by 0.55% to 3976.52 points, the Shenzhen Component increased by 0.19% to 13404.06 points, and the ChiNext Index gained 0.29% to 3196.87 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 21.33 billion yuan, a decrease of 2.17 billion yuan from the previous day [1] Sector Performance Coal and Oil - The coal sector saw significant gains, with companies like Antai Group and Zhongmei Energy hitting the daily limit, and others like Shanxi Black Cat and Jin控煤业 rising over 4% [4][6] - The oil sector also performed well, with Huibo Group and Intercontinental Oil hitting the daily limit, and China National Offshore Oil Corporation and China Petroleum rising over 4% [7] AI Applications - The AI application sector was notably active, with stocks like Fushi Holdings and Xinghuan Technology rising over 10%, and several others hitting the daily limit [12][14] Nuclear Power - The nuclear power concept experienced a surge, with significant advancements in thorium-based molten salt reactor technology reported by the Chinese Academy of Sciences, marking a key development in nuclear energy [10] Key Insights - The current prices of thermal coal and coking coal remain at historical lows, providing room for a rebound due to supply-side policies and seasonal demand increases [6] - The "three barrels of oil" (China National Petroleum, Sinopec, and CNOOC) are expected to continue increasing their oil and gas equivalent production, with respective growth rates of 2.6%, 2.2%, and 6.7% projected for the first three quarters of 2025 [7] - The AI-driven content creation market is projected to grow significantly, with over 3000 new works expected in the first half of 2025, indicating a robust demand for AI applications in media [14]

Group 1 - The Robot ETF (562500) is currently trading at 1.024 yuan, down 0.49%, with significant differentiation among constituent stocks, where 30 out of 73 stocks are up and 43 are down [1] - The leading stock, Hai Muxing, increased by 12.81%, while Xinjie Electric and Tianzhihang rose by 8.05% and 7.11% respectively; however, Xinjia Intelligent and Buke Co. fell by over 5% [1] - The overall trading volume is 726 million yuan, indicating relatively stable trading activity [1] Group 2 - CITIC Securities highlights that the development of embodied intelligence faces challenges due to a lack of large-scale training data [2] - The success of large language models is attributed to the vast knowledge available on the internet, while autonomous driving benefits from continuous data collection in real-world scenarios [2] - The industry defines the data categories for training embodied models as a "data pyramid," emphasizing the importance of real data at the top of the pyramid, which is crucial for addressing the challenges in embodied data [2]

Core Viewpoint - The article emphasizes the increasing importance of internal defect detection in the battery industry, particularly with the rise of online CT (Computed Tomography) technology, which is becoming essential for ensuring product quality and consistency in battery manufacturing [5][6][11]. Group 1: Event Overview - The 2025 (15th) High-Performance Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [4][15]. - The event will feature discussions on process innovation and smart manufacturing, focusing on yield and consistency as competitive advantages [15]. Group 2: Technological Advancements - The adoption of online CT technology is accelerating in the production lines of power batteries, with companies like Hymson announcing successful batch deliveries of their online CT equipment [5][9]. - Online CT systems can achieve single-cell detection in less than 3.5 seconds, with a measurement precision of less than 0.03mm and a detection efficiency of over 36 PPM [9]. Group 3: Industry Trends - The shift towards stacked cell structures in high-performance batteries increases the need for precise defect detection, as issues like alignment deviations and welding defects directly impact battery safety and performance [7][8]. - AI technology is becoming a critical factor in enhancing the capabilities of online CT systems, transforming them from isolated detection tools to dynamic quality control systems [11][12]. Group 4: Market Opportunities - The domestic market for online CT technology is expanding, as local manufacturers are gaining ground against international competitors by offering customized solutions and faster delivery times [12][13]. - The integration of AI with online CT is expected to enhance the automation of lithium battery production lines, moving towards a more data-driven and process-optimized manufacturing approach [13][14].

公司《2025 年员工持股计划（草案）》及其摘要符合《中华人民共和国公 司法》《中华人民共和国证券法》《关于上市公司实施员工持股计划试点的指导 意见》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 相关法律、法规及规范性文件和《公司章程》的规定，遵循依法合规、自愿参与、 风险自担的基本原则，不存在损害公司及全体股东利益的情形，亦不存在摊派、 强行分配等方式强制员工参与本持股计划的情形。 证券代码：688559 证券简称：海目星 公告编号：2025-064 海目星激光科技集团股份有限公司 2025 年第二次职工代表大会决议公告 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。 海目星激光科技集团股份有限公司（以下简称"公司"）第二次职工代表大 会于 2025 年 10 月 31 日在公司会议室举行，就公司拟实施的 2025 年员工持股计 划（以下简称"本次持股计划"）征求公司职工代表意见。本次会议的召开符合 《中华人民共和国公司法》《公司章程》等有关法律、法规、规范性文件的规定。 经与会职工代表认真讨论，投票 ...

证券简称：海目星 证券代码：688559 海目星激光科技集团股份有限公司 2025 年员工持股计划 （草案） 海目星激光科技集团股份有限公司 2025 年 11 月 海目星激光科技集团股份有限公司 2025 年员工持股计划（草案） 声 明 本公司及公司全体董事、监事保证本员工持股计划草案及其摘要内容的真 实、准确和完整，没有虚假记载、误导性陈述或重大遗漏，并对其真实性、准确 性、完整性承担个别和连带的法律责任。 -1- 海目星激光科技集团股份有限公司 2025 年员工持股计划（草案） 风险提示 （一）本员工持股计划需公司股东会审议通过后方可实施，本员工持股计划 能否获得公司股东会批准，存在不确定性。 （二）本员工持股计划设立后将由公司自行管理，但能否达到计划规模、目 标存在不确定性。 （三）本员工持股计划的资金来源、出资金额、预计规模和具体实施方案等 属初步结果，能否完成实施，存在不确定性。 （四）本员工持股计划遵循依法合规、自愿参与、风险自担原则，若员工认 购资金较低时，本员工持股计划存在不能成立的风险；若员工认购份额不足，本 员工持股计划存在低于预计规模的风险。 （五）股票价格受公司经营业绩、宏观经济周期 ...

证券简称：海目星 证券代码：688559 海目星激光科技集团股份有限公司 2025 年员工持股计划 （草案）摘要 海目星激光科技集团股份有限公司 2025 年 11 月 海目星激光科技集团股份有限公司 2025 年员工持股计划（草案）摘要 声 明 本公司及公司全体董事、监事保证本员工持股计划草案及其摘要内容的真 实、准确和完整，没有虚假记载、误导性陈述或重大遗漏，并对其真实性、准确 性、完整性承担个别和连带的法律责任。 -1- 海目星激光科技集团股份有限公司 2025 年员工持股计划（草案）摘要 风险提示 （一）本员工持股计划需公司股东会审议通过后方可实施，本员工持股计划 能否获得公司股东会批准，存在不确定性。 （二）本员工持股计划设立后将由公司自行管理，但能否达到计划规模、目 标存在不确定性。 （三）本员工持股计划的资金来源、出资金额、预计规模和具体实施方案等 属初步结果，能否完成实施，存在不确定性。 （四）本员工持股计划遵循依法合规、自愿参与、风险自担原则，若员工认 购资金较低时，本员工持股计划存在不能成立的风险；若员工认购份额不足，本 员工持股计划存在低于预计规模的风险。 （五）股票价格受公司经营业绩、 ...

证券代码：688559 证券简称：海目星 公告编号：2025-063 海目星激光科技集团股份有限公司 关于公司召开2025年第二次临时股东会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 网络投票系统：上海证券交易所股东大会网络投票系统 2025年第二次临时股东会 召开日期时间：2025 年 11 月 20 日 14 点 00 分 召开地点：公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票起止时间：自2025 年 11 月 20 日 至2025 年 11 月 20 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 股东会召开日期：2025年11月20日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 东会召开当日的交易时间段，即 9:15-9: ...

证券代码：688559 证券简称：海目星 公告编号：2025-062 海目星激光科技集团股份有限公司 第三届监事会第二十次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 海目星激光科技集团股份有限公司（以下简称"公司"）第三届监事会第二 十次会议通知于 2025 年 10 月 30 日以邮件方式送达全体监事，会议于 2025 年 10 月 31 日以现场结合通讯方式召开。本次会议为紧急会议，经全体监事一致同 意豁免会议通知期限要求，与会的各位监事已知悉与所议事项相关的必要信息。 本次会议由公司监事会主席何长涛先生召集并主持，应到监事 3 人，实到监事 3 人。本次会议的召集和召开程序符合《中华人民共和国公司法》和《海目星激光 科技集团股份有限公司章程》等相关规定，会议形成的决议合法、有效。 二、监事会会议审议情况 与会监事就如下议案进行了审议，并表决通过以下事项： （一）审议通过《关于公司<2025 年限制性股票激励计划（草案）>及其摘 要的议案》 监事会认为：公司本次限制性股票激励计划的 ...

海目星激光科技集团股份有限公司 董事会薪酬与考核委员会 关于公司 2025年员工持股计划(草案) 制，吸引、激励和保留优秀人才，促进公司长期稳定发展和股东价值提升 ｡ 综上所述,公司董事会薪酬与考核委员会同意公司实施本员工持股计划。 海目星激光科技集团股份有限公司 董事会薪酬与考核委员会 二零 五年十月 的核查意见 海目星激光科技集团股份有限公司(以下简称"公司")董事会薪酬与考核 委员会根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、《关于上市公司实施员工持股计划试点的指 导意见》(以下简称"《指导意见》")、《上海证券交易所科创板上市公司自律监管 指引第1号 -- 规范运作》(以下简称"《自律监管指引第1号》")等相关法律法 规、规范性文件及《公司章程》的有关规定,对公司《2025年员工持股计划(草 案)》(以下简称"本员工持股计划")相关事项进行了核查,现发表核查意见如 下: 一、公司不存在《公司法》《证券法》《指导意见》《自律监管指引第1号》 等有关法律、法规及规范性文件规定的禁止实施员工持股计划的情形。 二、《海目星激光科技集团股份有限公 ...