| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-04 | 0009888 | 华工科技 | 72.60 | 9.80 | 711.48 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司上海分公司 | 12月4日，华工科技大宗交易成交9.8万股，成交额711.48万元，占当日总成交额的0.34%，成交价72.6元，较市场收盘价72.6 元持平。 ...

Core Insights - The CSI 500 Quality Growth Index has shown a positive performance, with notable increases in stocks such as Jerry Holdings (10.00%) and Giant Star Technology (5.77) [1] - The Federal Reserve's interest rate decisions and the Central Economic Work Conference's directives are key variables affecting the market in December [1] - Artificial intelligence is identified as a crucial factor for China's economic development, presenting investment opportunities in infrastructure, AI applications, and edge devices [1] Group 1: Index Performance - As of December 3, 2025, the CSI 500 Quality Growth Index increased by 0.43%, with the CSI 500 Quality Growth ETF rising by 0.52% [1] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index [2] Group 2: Key Stocks - The top ten stocks by weight include Huagong Technology (3.37%), Kaiying Network (2.96%), and Dongwu Securities (2.46%) [3] - Jerry Holdings and Jinchengxin have shown significant increases in their stock prices, contributing to the overall index performance [1][3] Group 3: Investment Focus - The focus for investment should be on sectors such as traditional manufacturing and resource industries, as well as companies expanding overseas [1] - The CSI 500 Quality Growth ETF selects 100 companies with strong profitability, sustainable earnings, and robust cash flow from the CSI 500 Index [1]

Core Viewpoint - The China Securities 500 Growth ETF (562340) opened with a slight increase of 0.24%, indicating a stable market performance despite fluctuations in its constituent stocks [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (562340) opened at 1.229 yuan [1] - Since its establishment on April 25, 2024, the fund has achieved a return of 22.72% [1] - The fund's performance over the past month has seen a decline of 3.99% [1] Group 2: Constituent Stocks Performance - Among the major holdings, Huagong Technology decreased by 0.19%, and Kaiying Network fell by 0.13% [1] - Dongwu Securities increased by 0.22%, while Hengxuan Technology dropped by 0.81% [1] - Other notable movements include a 7.81% increase in Jereh Holdings and a 0.03% increase in Shunluo Electronics [1]

Group 1 - As of December 1, the margin trading balance in A-shares reached 24,843.11 billion yuan, an increase of 10.733 billion yuan from the previous trading day, accounting for 2.57% of the A-share circulating market value [1] - The trading volume of margin financing on the same day was 1,925.07 billion yuan, up by 347.62 billion yuan from the previous trading day, representing 10.18% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 21 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 4.265 billion yuan [1] Group 2 - A total of 43 individual stocks had net financing inflows exceeding 100 million yuan, with Huadian Co., Ltd. receiving the highest net inflow of 573 million yuan [1] - Other notable stocks with significant net financing inflows included Xiangnan Xinchuan, Zijin Mining, Jereh Group, CATL, Dongfang Precision, Cambrian, Zhaoyi Innovation, Huagong Technology, and Northern Rare Earth [1] - On December 1, ByteDance released a technical preview version of the Doubao mobile assistant and sold a limited number of AI engineering prototypes, which may reshape edge AI interaction models and boost AI application deployment [2]

Group 1 - As of December 1, the margin trading balance of A-shares reached 24,843.11 billion yuan, an increase of 107.33 billion yuan from the previous trading day, accounting for 2.57% of the A-share circulating market value [1] - The margin trading turnover on the same day was 1,925.07 billion yuan, up by 347.62 billion yuan from the previous trading day, representing 10.18% of the total A-share trading volume [1] - Among the 31 primary industries, 21 experienced net financing inflows, with the electronics sector leading at a net inflow of 4.265 billion yuan [1] Group 2 - A total of 43 stocks had net financing inflows exceeding 100 million yuan, with Huadian Co., Ltd. receiving the highest net inflow of 573 million yuan [1] - Other notable stocks with significant net financing inflows include Xiangnan Xinchuan, Zijin Mining, Jereh Co., Ltd., Ningde Times, Dongfang Precision, Cambrian, Zhaoyi Innovation, Huagong Technology, and Northern Rare Earth [1][2]

沪深两市数据显示，12月1日，融资净买入前十的股票分别为：沪电股份（5.73亿元）、香农芯创（5.60 亿元）、紫金矿业（4.62亿元）、杰瑞股份（4.12亿元）、宁德时代（3.99亿元）、东方精工（3.92亿 元）、寒武纪（2.85亿元）、兆易创新（2.48亿元）、华工科技（2.43亿元）、北方稀土（2.34亿元）。 ...

Group 1 - The company held its 19th meeting of the 9th Board of Directors on December 1, 2025, via telecommunication, with all 9 directors present and voting [2][3] - The Board approved the proposal to abolish the Supervisory Board and amend the Articles of Association, with a unanimous vote of 9 in favor [3][4] - The proposal to revise various corporate governance systems was also approved, including amendments to the rules for Board meetings, shareholder meetings, and independent director work systems, all receiving unanimous support [5][7][9] Group 2 - The company plans to provide guarantees for 25 wholly-owned and controlled subsidiaries, with a total guarantee amount not exceeding 8.67 billion yuan, which is 85.19% of the company's audited net assets for 2024 [37] - The Board approved a proposal to apply for a total comprehensive credit limit of 19.831 billion yuan from 15 banks, covering various credit products [38] - The company will continue to engage in foreign exchange derivative hedging, with a maximum trading margin and premium not exceeding 16 million yuan, and a maximum contract value of 300 million yuan [39] Group 3 - The company will hold its 2025 Fourth Extraordinary General Meeting on December 17, 2025, with both on-site and online voting options available [41][52] - The meeting will address proposals that have been approved by the Board and Supervisory Board, with specific voting requirements for certain resolutions [59] - Shareholders must register for the meeting by December 15, 2025, and can participate in voting through designated systems [60][61]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ 截至发稿，华工科技市值为740亿元。 每经AI快讯，华工科技（SZ 000988，收盘价：73.62元）12月1日晚间发布公告称，公司第九届第十九 次董事会会议于2025年12月1日以通讯方式召开。会议审议了《关于修订〈董事会审计委员会议事规 则〉的议案》等文件。 2025年1至6月份，华工科技的营业收入构成为：计算机和通信和其他电子设备制造占比71.05%，传感 器及感知材料制造占比28.23%，租赁及其他占比0.72%。 （记者 曾健辉） ...

华工科技产业股份有限公司 债务融资工具信息披露事务管理制度 （2025 年 12 月） 第一章 总 则 第一条 为严格遵守中国人民银行、中国银行间市场交易商协会（以下简称 "交易商协会"）关于银行间债券市场非金融企业发行债务融资工具的要求和规 定，确保债务工具投资人的合法权益，规范华工科技产业股份有限公司（以下简 称"公司"）的信息披露工作，根据《银行间债券市场非金融企业债务融资工具 管理办法》《银行间债券市场非金融企业债务融资工具信息披露规则》及《华工 科技产业股份有限公司章程》（以下简称"《公司章程》"），结合公司实际情 况，制定本制度。 第二条 本制度所称信息是指可能影响债务工具投资人决策或对公司偿债 能力产生较大影响的信息以及相关管理机构、法律、法规要求披露的其他信息。 信息披露是指在规定的时间内、在指定的媒体上、以规定的方式向社会公众 公布，是公司须持续履行的责任和义务。 第三条 公司按照《银行间债券市场非金融企业债务融资工具信息披露规则》 的规定建立健全信息披露事务管理制度，真实、准确、完整、及时地披露信息， 不得有虚假记载、误导性陈述或者重大遗漏。 第二章 信息披露事务管理部门及其负责人的职责 ...