The provided content does not contain any quantitative models or factors, nor does it include any related construction processes, formulas, or backtesting results. The document primarily focuses on company-specific financial performance, industry outlooks, and investment rationales for various stocks. There are no references to quantitative analysis, factor construction, or model testing within the text.

Quantitative Models and Construction Methods - **Model Name**: "Preferred Gold Stock Portfolio" **Model Construction Idea**: The model leverages the superior performance of newly introduced gold stocks and incorporates the "Surprise Earnings Factor" (SUE factor) to select stocks with outstanding earnings surprises [26] **Model Construction Process**: 1. Use newly introduced gold stocks as the sample pool 2. Select the top 30 stocks with the highest earnings surprises based on the SUE factor 3. Weight the portfolio based on the number of recommendations from brokers **Model Evaluation**: The model demonstrates better performance compared to the overall gold stock portfolio, with higher annualized returns and lower maximum drawdowns [26][28] Model Backtesting Results - **Preferred Gold Stock Portfolio**: - May Return: -1.1% - 2025 YTD Return: 6.5% - Annualized Return: 19.7% - Annualized Volatility: 25.4% - Return-to-Volatility Ratio: 0.78 - Maximum Drawdown: 24.6% [28][29] - **Overall Gold Stock Portfolio**: - May Return: 0.9% - 2025 YTD Return: 5.9% - Annualized Return: 11.0% - Annualized Volatility: 23.5% - Return-to-Volatility Ratio: 0.47 - Maximum Drawdown: 42.6% [24][28] Quantitative Factors and Construction Methods - **Factor Name**: Surprise Earnings Factor (SUE Factor) **Factor Construction Idea**: The factor identifies stocks with earnings significantly exceeding market expectations, which are likely to outperform [26] **Factor Construction Process**: 1. Calculate the earnings surprise for each stock as the difference between actual earnings and consensus estimates 2. Rank stocks based on the magnitude of earnings surprises 3. Select the top-performing stocks with the highest earnings surprises [26] **Factor Evaluation**: The SUE factor shows strong stock selection capabilities, particularly within newly introduced gold stocks [26] Factor Backtesting Results - **SUE Factor**: Integrated into the "Preferred Gold Stock Portfolio," contributing to its superior performance metrics compared to other portfolios [26][28]

Core Viewpoint - The monthly stock recommendations from brokerage firms reflect a comprehensive judgment on macroeconomic conditions, industry trends, and individual stock values, serving as an important reference for investors to observe market directions [1] Group 1: Market Analysis - As of June 2, 23 brokerage firms have released their assessments for the A-share market in June, with a total of 157 stocks included in the June "golden stock" list [2] - The top three industries represented in the recommendations are machinery and equipment, electronics, and pharmaceuticals, with 17, 14, and 13 stocks respectively [2] - East Wu Securities indicates that while U.S. tariff disruptions continue, their impact on the market is marginally weakening, suggesting that the overall impact on A-shares is controllable [2] - Zhongtai Securities anticipates some pressure in the market for June but expects a solid bottom, with potential upward options for A-shares in the medium term [2] Group 2: Stock Recommendations - A total of 21 stocks received recommendations from two or more brokerage firms, with Yara International (000893) and Dongpeng Beverage (605499) leading with four recommendations each [3] - Yara International's strengths include a recovering potassium fertilizer industry, successful expansion in production, and favorable tax policies [3] - Dongpeng Beverage reported a first-quarter revenue of 4.85 billion yuan, a year-on-year increase of 39.2%, and a net profit of 960 million yuan, up 53.5% year-on-year [3] Group 3: Performance Metrics - All 21 stocks on the June golden stock list reported profits in the first quarter, with 13 stocks showing a net profit growth of over 10% [4] - Yara International and Wanma Technology both saw their net profits double year-on-year [4] - Wanma Technology's first-quarter revenue grew by 78.24%, with a net profit increase of 237.89%, driven by growth in communication and vehicle networking businesses [4] - Juhua Co. achieved a net profit of 808 million yuan in the first quarter, a 160.64% increase, with a focus on high-quality development in pharmaceutical packaging [4]

Core Viewpoint - The June monthly "golden stocks" recommended by brokerages in the A-share market show a diverse range of investment opportunities, particularly in the machinery and pharmaceutical sectors, with several stocks experiencing significant positive returns in May [1][3][4]. Group 1: Stock Recommendations - Over 130 stocks have been recommended as "golden stocks" for June, with notable mentions including Yaqi International, Qingdao Beer, and Kaiying Network, covering various sectors such as food and beverage, communication, and machinery [2][3]. - Yaqi International has received joint recommendations from four brokerages, driven by the recovery in the potassium fertilizer industry and favorable tax policies [1][2]. - Qingdao Beer has been recommended by 15 brokerages in the last three months, with reasons including resource optimization and significant inventory replenishment potential [2]. Group 2: Industry Insights - The machinery and pharmaceutical sectors have the highest number of recommended stocks, with 15 and 13 stocks respectively, indicating strong investment interest [3][4]. - The controlled nuclear fusion industry is highlighted as a key investment opportunity, with ongoing projects attracting market attention and expected capital expenditure growth during the 14th Five-Year Plan [3]. - In the pharmaceutical sector, the current low valuation and positive macroeconomic recovery are expected to drive growth, particularly in the CXO industry and specialty raw materials [4].

5月份，格力电器和江苏银行均获得6家券商推荐，当月股价分别上涨4.11%、8.07%；海大集团获得5家 券商推荐，当月股价上涨9.25%。 券商金股组合指数的表现也能反映出券商研究所的业务实力。5月份，有26只券商金股组合指数实现上 涨，其中14只券商金股组合指数当月涨超3%。"国元证券金股指数"当月上涨11.91%，涨幅居首；"国盛 证券金股指数""华创证券金股指数""浙商证券金股指数"当月分别上涨5.29%、4.8%、4.63%。 本报记者 周尚伃 见习记者 于宏 近日，券商密集发布6月份金股名单。截至6月2日，券商已合计推荐132只金股，其中，亚钾国际被推荐 次数暂居第一，已获得4家券商推荐。从行业分布来看，上述132只金股中，来自工业和信息技术行业 （Wind一级行业，下同）的金股数量较多。展望6月份市场行情，多位券商分析师预计，科技、消费板 块仍为投资主线。 5月份最强金股涨超45% 回顾5月份，券商5月份合计推荐的272只金股中，132只金股当月股价实现上涨，占比48.53%。32只金 股当月股价涨幅超10%，占比11.76%。 具体来看，5月份涨幅最高的金股为天风证券推荐的潮宏基，当月涨幅为45 ...

Group 1: Metal and Mining Sector - Zijin Mining's copper production is expected to increase by 7% to 115,000 tons in 2025, with gold production rising by 16% to 85 tons[15] - The company's projected net profit for 2024 is 32.05 billion CNY, increasing to 42.06 billion CNY in 2025, and 49.36 billion CNY in 2026, with a PE ratio decreasing from 14.39 to 9.34[13] Group 2: Construction Materials Sector - China National Materials Technology's net profit is forecasted to grow from 0.89 billion CNY in 2024 to 2.10 billion CNY in 2026, with a significant increase in high-end product capacity[20] - Keda Manufacturing's overseas revenue is projected to rise from 20 billion CNY in 2017 to 80 billion CNY in 2024, with overseas revenue share increasing from 36% to 64%[30] Group 3: Chemical Sector - Yara International's net profit is expected to reach 0.2 billion CNY in 2024, 3.0 billion CNY in 2025, and 7.2 billion CNY in 2026, driven by the expansion of special glass fiber production[25] - Ba Tian Co. is projected to maintain a strong profit margin due to its diverse fertilizer product offerings, with a production capacity of 200,000 tons of phosphate rock annually[79] Group 4: Aviation Sector - Juneyao Airlines is expected to achieve a net profit of 1.05 billion CNY in 2024, increasing to 2.0 billion CNY in 2025, with a PE ratio of 27.2 in 2024 and dropping to 11.4 in 2026[70] - The airline's operational efficiency is highlighted by its leading cost control, with a significant reduction in financial expenses anticipated in the coming years[70]

Core Points - The stock price of Yara International (000893) increased by 0.31% to 29.0 CNY as of May 30, 2025, with a market cap of 26.797 billion CNY [1] - The highest intraday price reached 29.44 CNY on May 26, 2025, while the lowest was 28.6 CNY on May 29, 2025 [1] Shareholder Changes - Shareholder Xinjiang Jiangzhiyuan Equity Investment Partnership (Limited Partnership) reduced its holdings by 213,200 shares from May 22 to May 23, 2025, accounting for 0.0231% of the total share capital [2][5] - Following the reduction, Xinjiang Jiangzhiyuan holds 46,229,282 shares, representing 5.00% of the total share capital [3][5] Company Announcement Summary - Xinjiang Jiangzhiyuan's reduction was due to the need to withhold personal income tax and late fees, executed through centralized bidding [3] - The partnership has previously reduced its holdings by 5,984,260 shares in the last six months, with prices ranging from 18.67 to 29.31 CNY per share [3]

Core Viewpoint - The agricultural sector is experiencing a rebound, with the Agricultural ETF from E Fund (562900) showing a significant increase of 2.18% in half a day, leading the industry ETF performance [1][3]. Agricultural Sector Performance - The Agricultural ETF from E Fund (562900) has a half-day trading volume of 694.27 million yuan and a total scale of 0.99 billion units [3]. - Other agricultural ETFs, such as Agricultural 50 ETF (159827) and Agricultural ETF (159825), also showed positive performance with increases of 1.75% and 1.74% respectively [5]. - The Agricultural ETF (159825) has a larger scale of 29.85 billion units and a half-day trading volume of 8529 million yuan [5]. ETF Share Changes - The Agricultural ETF from E Fund (562900) has seen a slight increase in shares this year, with an addition of 11 million units, representing a growth of 12.54% [2]. - The Agricultural ETF (159825) also experienced a share increase of over 10%, adding 474 million units this year [2]. Investment Logic - Domestic grain prices have been rising due to reduced grain imports and drought conditions, indicating a strong demand in the agricultural sector [3]. - Long-term policies focus on food security and improving agricultural productivity, with transgenic biotechnology expected to accelerate under supportive policies [3]. - Upgrades in seed products are anticipated to boost sales and prices for quality seed companies, with leading companies currently valued at a low point, highlighting their long-term investment potential [3]. Major Holdings in Agricultural Indices - The major stocks in the China Modern Agriculture Theme Index include: - Muyuan Foods (002714) with a weight of 14.77% - Wens Foodstuffs Group (300498) with a weight of 14.57% - Haida Group (002311) with a weight of 14.29% [4][6]. - The index reflects companies involved in various agricultural sectors, including animal husbandry, feed, and agricultural machinery [5].

Group 1 - The supply and marketing cooperative concept index declined by 0.53%, ranking among the top declines in concept sectors as of May 29 [1] - Within the supply and marketing cooperative sector, companies such as Zhongnong United, Gongxiao Daji, and Huilong Co. experienced significant declines, while New Power Financial, Wanrun Co., and Zhejiang Agricultural Co. saw increases of 2.71%, 1.90%, and 1.33% respectively [1] - The supply and marketing cooperative sector experienced a net outflow of 448 million yuan in main funds today, with Gongxiao Daji leading the outflow at 300 million yuan [2] Group 2 - The top gainers in the supply and marketing cooperative sector included New Power Financial with a 2.71% increase and Tianhe Co. with a 0.89% increase, while Gongxiao Daji saw a 3.13% decrease [3] - The main funds net inflow leaders were Dunhuang Seed Industry, Tianhe Co., and New Power Financial, with net inflows of 6.14 million yuan, 5.14 million yuan, and 3.60 million yuan respectively [3] - The supply and marketing cooperative sector's outflow list included Gongxiao Daji, Huilong Co., and Hunan Development, with outflows of 300 million yuan, 127.5 million yuan, and 2.03 million yuan respectively [2]

Core Points - The report indicates that Xinjiang Jiangzhiyuan Equity Investment Partnership (Limited Partnership) has reduced its shareholding in Yaqi International Investment (Guangzhou) Co., Ltd. to 5% [1][6][9] - The reduction in shareholding was due to the need to withhold personal income tax for its partners, leading to a decrease in shareholding from 5.02% to 5.00% [5][7][9] - The share reduction occurred through centralized bidding from May 22, 2025, to May 23, 2025, totaling 213,177 shares, which represents 0.02% of the total share capital [6][9][10] Summary by Sections Section 1: Definition - Yaqi International refers to Yaqi International Investment (Guangzhou) Co., Ltd. [4] - The information disclosing party is Xinjiang Jiangzhiyuan Equity Investment Partnership (Limited Partnership) [4] Section 2: Information Disclosing Party Introduction - Xinjiang Jiangzhiyuan was established on December 2, 2010, with a registered capital of 30 million RMB [5] - The partnership is managed by Shanghai Hongce Private Fund Management Co., Ltd. [5] Section 3: Purpose of Equity Change - The equity change was necessary for the information disclosing party to comply with tax obligations [5][7] Section 4: Equity Change Method - The equity change was executed through centralized bidding, resulting in a reduction of 213,177 shares [6][9] Section 5: Recent Trading Activity - The information disclosing party did not increase its holdings in the past six months and only reduced shares through bidding [10] Section 6: Other Significant Matters - The report confirms that there are no misleading statements or omissions regarding the equity change [2][10]