Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Rotation Strategy **Model Construction Idea**: The strategy is based on the weekly change rate of the "total heat" indicator for broad-based indices. It selects the index with the highest heat change rate for investment, while staying out of the market if the "Other" group has the highest rate[7][13][16] **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other"). 2. Smooth the weekly change rate using a 2-period moving average (MA2). 3. On the last trading day of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash. **Model Evaluation**: The strategy demonstrates a clear logic of capturing short-term market sentiment shifts based on heat changes[13][16] - **Model Name**: Concept Heat TOP and BOTTOM Portfolios **Model Construction Idea**: This model identifies the hottest concepts each week and constructs two portfolios based on the highest and lowest heat stocks within these concepts[30][32][34] **Model Construction Process**: 1. Select the top 5 concepts with the largest weekly heat change rates. 2. Exclude the bottom 20% of stocks in terms of market capitalization within the selected concepts. 3. Construct the "TOP" portfolio by equally weighting the top 10 stocks with the highest total heat within each concept. 4. Construct the "BOTTOM" portfolio by equally weighting the bottom 10 stocks with the lowest total heat within each concept. **Model Evaluation**: The model effectively captures behavioral biases in concept-driven markets, where low-heat stocks in hot concepts tend to generate excess returns over time[30][32][34] --- Model Backtesting Results - **Broad-based Index Rotation Strategy**: - Annualized Return: 8.74% - Maximum Drawdown: 23.5% - 2025 YTD Return: 14.7%[16] - **Concept Heat BOTTOM Portfolio**: - Annualized Return: 15.71% - Maximum Drawdown: 28.89% - 2025 YTD Return: 25.5%[34] --- Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator **Factor Construction Idea**: The factor aggregates the browsing, watchlist, and click counts of individual stocks, normalized as a percentage of the total market, and scaled by 10,000[7] **Factor Construction Process**: 1. Aggregate the browsing, watchlist, and click counts for each stock. 2. Normalize the aggregated value as a percentage of the total market. 3. Multiply the normalized value by 10,000 to obtain the total heat score. The range of the indicator is [0, 10,000][7] **Factor Evaluation**: The factor serves as a proxy for market sentiment and attention, effectively capturing behavioral patterns such as overpricing or underreaction at the stock level[7] --- Factor Backtesting Results - **Total Heat Indicator**: - No specific backtesting results provided for this factor in isolation

股票代码：000629 股票简称：钒钛股份 公告编号：2025-66 攀钢集团钒钛资源股份有限公司 关于攀钢集团有限公司增持公司股份计划 实施期限过半的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： ）于 2025 年 4 月 22 日在巨潮资讯网 http://www.cninfo.com.cn、 司" 《证 一、计划增持主体的基本情况 券时报》《中国证券报》《上海证券报》上披露了《关于攀钢集团有限 公司增持公司股份计划的公告》 （公告编号：2025-38） ，公司控股股东 ）计划自 2025 年 4 月 22 日 攀钢集团有限公司（以下简称"攀钢集团" 起 6 个月内，以自有或自筹资金通过深圳证券交易所交易系统以集中 竞价交易方式增持公司股票，增持金额为 5,000 万元—10,000 万元。 收到攀钢集团《关于增持钒钛股份 A 股股份进展情况的函》。截至 2025 年 7 月 21 日，攀钢集团通过集中竞价交易方式累计增持钒钛股份 A 股流通股份 18,762,801 股，占公司目前总股本的 0.20%，增持金额合 计（不含交易费用 ...

关于攀钢集团有限公司增持公司股份计划 实施期限过半的进展公告 股票代码：000629 股票简称：钒钛股份 公告编号：2025-66 攀钢集团钒钛资源股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1．攀钢集团钒钛资源股份有限公司（以下简称"钒钛股份"或"公 司"）于 2025 年 4 月 22 日在巨潮资讯网 http://www.cninfo.com.cn、《证 券时报》《中国证券报》《上海证券报》上披露了《关于攀钢集团有限 公司增持公司股份计划的公告》（公告编号：2025-38），公司控股股东 攀钢集团有限公司（以下简称"攀钢集团"）计划自 2025 年 4 月 22 日 起 6 个月内，以自有或自筹资金通过深圳证券交易所交易系统以集中 竞价交易方式增持公司股票，增持金额为 5,000 万元—10,000 万元。 2．截至 2025 年 7 月 21 日，本次增持计划实施期限已过半，公司 收到攀钢集团《关于增持钒钛股份 A 股股份进展情况的函》。截至 2025 年 7 月 21 日，攀钢集团通过集中竞价交易方式累计增持钒钛股份 A ...

Market Overview - The Shanghai Composite Index rose by 0.72% on July 21, with 27 out of the 28 sectors in the Shenwan classification experiencing gains, led by the construction materials and construction decoration sectors, which increased by 6.06% and 3.79% respectively [1] - The steel industry ranked third in terms of daily gains, with a rise of 3.44% [2] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 6.945 billion yuan, with 11 sectors seeing net inflows. The power equipment sector had the largest net inflow of 3.193 billion yuan, followed by the construction materials sector with a net inflow of 2.038 billion yuan [1] - The computer sector had the largest net outflow, totaling 9.319 billion yuan, followed by the electronics sector with a net outflow of 2.052 billion yuan [1] Steel Industry Performance - The steel industry saw a net inflow of 408 million yuan, with 43 out of 44 stocks in the sector rising, including 4 stocks hitting the daily limit [2] - The top three stocks by net inflow were Chongqing Steel (net inflow of 103 million yuan), Liugang Co. (97.948 million yuan), and Fushun Special Steel (85.149 million yuan) [2] - The stocks with the largest net outflows included Baogang Co. (96.293 million yuan), Vanadium Titanium Co. (59.695 million yuan), and Maanshan Steel (52.291 million yuan) [2][3]

Group 1: Industry Performance - The non-ferrous metal sector has seen a year-to-date increase of 20.08%, outperforming other industries such as telecommunications (18.19%), pharmaceuticals (15.65%), and banking (14.72%), making it the top-performing sector among 31 Shenwan primary industries [1] - As of July 21, the non-ferrous metal sector ETF (159876) reached a new year-to-date high of 1.256 yuan, with an intraday price increase of 1.45% [1] Group 2: Key Developments - The Ministry of Industry and Information Technology announced that a growth stabilization plan for key industries, including steel, non-ferrous metals, petrochemicals, and building materials, will soon be released to promote structural adjustments and eliminate outdated production capacity [3] - The first batch of rare earth mining quotas for 2025 has been issued, with companies receiving notifications that details cannot be disclosed due to safety concerns [3] - Gold prices have risen due to a weaker dollar and ongoing geopolitical and economic uncertainties, increasing demand for gold as a safe-haven asset [3] Group 3: Investment Outlook - Guotai Junan Securities is optimistic about investment opportunities in the non-ferrous metal sector, predicting that gold will benefit from a weakening dollar and expectations of U.S. interest rate cuts [3] - The supply of copper smelting raw materials is constrained, while demand remains resilient, leading to an anticipated upward shift in copper prices [3] - Rare earth prices are expected to rise due to gradually increasing demand and rigid supply, alongside the anticipated lifting of export restrictions [3] - As of the end of June, the market-to-book ratio of the CSI Non-Ferrous Metals Index was 2.24, indicating a historically low valuation compared to its median of 2.52 [3] Group 4: Sector Composition - In the CSI Non-Ferrous Metals Index, the weightings of copper, gold, aluminum, rare earths, and lithium are 26.1%, 16.3%, 15.8%, 8.5%, and 7.7% respectively, providing a diversified investment opportunity [5]

股票代码：000629 股票简称：钒钛股份 公告编号：2025-64 攀钢集团钒钛资源股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 攀钢集团钒钛资源股份有限公司（以下简称"公司"）于 2025 年 会第一次会议的通知和议案资料，会议于 2025 年 7 月 18 日 16:00 以 现场与通讯相结合的方式召开，其中现场会议在四川省攀枝花市公司 通讯方式参与表决的董事 1 名。经全体董事共同推举，由公司董事马 朝辉先生主持本次会议，公司高级管理人员列席会议。本次会议的召 开符合《中华人民共和国公司法》及其他有关法律法规和本公司章程 的规定。经与会董事审慎讨论，本次会议形成如下决议： 一、审议并通过了《关于选举第十届董事会董事长的议案》。 选举马朝辉先生为公司第十届董事会董事长，任期与本届董事会 一致。 本议案表决结果：9 票同意，0 票反对，0 票弃权。 二、审议并通过了《关于选举第十届董事会专门委员会的议案》。 选举公司第十届董事会专门委员会，任期与本届董事会一致。各 专门委员会成员如下： 决定聘任王绍东先生为公司总经理，任期与本届董事会一致。 ...

特别提示： 一、会议召开和出席情况 攀钢集团钒钛资源股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 股票代码：000629 股票简称：钒钛股份 公告编号：2025-62 （1）现场会议召开时间：2025 年 7 月 18 日（星期五）14:50。 （2）股东网络投票时间： （一）会议召开情况 通过深圳证券交易所交易系统进行投票的时间为 2025 年 7 月 18 日 9:15~9:25，9:30~11:30 和 13:00~15:00； 通过深圳证券交易所互联网投票系统进行投票的时间为 2025 年 7 月 18 日 9:15~15:00 期间的任意时间。 关法律、法规及本公司章程之规定。 （二）会议的出席情况 通过现场和网络投票的股东 1,105 人， 代表股份 4,193,323,798 股， 占公司有表决权股份总数的 45.1324％。其中：通过现场投票的股东 5 代表股份 3,608,859,134 股， 人， 占公司有表决权股份总数的 38.8418％。 通过网络投票的股东 1,100 人，代表股份 584,464,664 股，占公司有 ...

卓乐股会字【2025】第 003 号 法律意见书 四川卓乐律师事务所 关于攀钢集团钒钛资源股份有限公司 2025 年第三次临时股东 大会的 法律意见书 致：攀钢集团钒钛资源股份有限公司 四川卓乐律师事务所（以下简称"本所"）接受攀钢集团钒钛资 源股份有限公司（以下简称"钒钛股份"）的委托，指派沈小茹律师、 赵良银律师（以下简称"本所律师"或者"经办律师"）见证了钒钛 股份于 2025 年 7 月 18 日召开的 2025 年第三次临时股东大会（以下简 称"本次股东会"）。本所律师依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股东会规则》及《攀钢集团钒钛资 源股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 并按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，就本 次股东会的召集、召开、出席人员资格、召集人资格、表决程序、表 决结果等相关事宜出具本法律意见书。 一、本次股东会的召集和召开 （一）本次股东会的召集 钒钛股份董事会于 2025 年 7 月 1 日在指定信息披露媒体《中国证 券报》《上海证券报》《证券时报》和深圳证券交易所信息披露网站 （http://www.cninf ...

Core Viewpoint - The company plans to continue using part of its temporarily idle raised funds for cash management to improve fund management efficiency without affecting the construction of fundraising projects [1][6]. Fundraising Basic Situation - The company issued 693,009,118 shares at a price of 3.29 RMB per share, raising a total of approximately 2.28 billion RMB, with a net amount of about 2.27 billion RMB after deducting issuance costs [1][2]. Reasons for Idle Funds - As of June 2025, the company had a balance of 565 million RMB in raised funds, with cumulative usage of 1.736 billion RMB, including 1.114 billion RMB for previous projects and 70 million RMB for 2025 projects [3][5]. Previous Cash Management - By the end of June 2025, the company had used 445 million RMB of temporarily idle funds for cash management, which was within the approved limit of 450 million RMB [3][4]. Current Cash Management Plan - The company aims to use up to 450 million RMB of idle funds for cash management, with a usage period of 12 months from the board's approval date [5][6]. Investment Products and Safety - The company will invest idle funds in low-risk products such as time deposits, large certificates of deposit, and 7-day notice deposits to ensure safety [5][6]. Decision-Making Process - The board of directors approved the cash management plan, and the sponsor provided a special verification opinion confirming compliance with regulations [6][8].

股票代码：000629 股票简称：钒钛股份 公告编号：2025-63 一、本次回购注销审议情况 ）于 2025 年 攀钢集团钒钛资源股份有限公司（以下简称"公司" 。鉴于公司 2024 年业绩未达到 2021 年 并注销部分限制性股票的议案》 攀钢集团钒钛资源股份有限公司 关于回购注销部分限制性股票减少注册资本 暨通知债权人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 《第九届监事会第十八次会议决议公告》 、 《关于回购并注销部分限制性股票的公告》（公告编号：2025-43）、 《2025 年第三次临时股东大会决议公告》 （公告编号：2025-62） 二、需债权人知晓的有关信息 限制性股票激励计划第三个解除限售期业绩考核条件，根据《上市公 司股权激励管理办法》及《攀钢集团钒钛资源股份有限公司 2021 年限 制性股票激励计划（第二次修订稿）》有关规定，公司拟以自有资金， 对涉及的 88 名激励对象第三个解除限售期对应的已获授但尚未解锁 的限制性股票进行回购并注销。具体内容详见公司在指定信息披露媒 体上刊登的《第九届董事会第二十四次会议决议公告》（公告 ...