Quantitative Models and Construction Methods Model Name: New Stock Issuance Model - **Construction Idea**: The model aims to track the performance of newly issued stocks in various market segments, including the main board, ChiNext, and STAR Market[1][12][22]. - **Construction Process**: - Collect data on the number of new stocks issued, the amount of funds raised, and the first-day price performance. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{Single Account Stock Return} = \min(\text{Account Size}, \text{Subscription Limit}) \times \text{Winning Rate} \times \text{Return Rate} $ $ \text{A/B/C Class Investors Full Return} = \text{Subscription Limit} \times \text{A/B/C Class Offline Winning Rate} \times \text{Return Rate} $ - Parameters: - Winning Rate: Actual winning rate of offline new stock issuance. - Return Rate: For new stocks listed on the STAR Market and ChiNext, and under the comprehensive registration system on the main board, the return rate is the first-day average transaction price relative to the issue price. For non-registration system main board stocks, the return rate is the average transaction price on the opening day relative to the issue price[40][41][42]. - **Evaluation**: The model provides a comprehensive view of the performance of new stock issuances across different market segments, helping investors understand the potential returns from participating in new stock offerings[1][12][22]. Model Backtesting Results New Stock Issuance Model - **Main Board**: - A Class: Monthly return rate 0.159%, cumulative return 1.000%[41][42][47] - C Class: Monthly return rate 0.141%, cumulative return 0.908%[41][42][47] - **ChiNext**: - A Class: Monthly return rate 0.035%, cumulative return 1.128%[41][45][47] - C Class: Monthly return rate 0.034%, cumulative return 0.989%[41][45][47] - **STAR Market**: - A Class: Monthly return rate 0.064%, cumulative return 0.547%[41][46][47] - C Class: Monthly return rate 0.063%, cumulative return 0.527%[41][46][47] Quantitative Factors and Construction Methods Factor Name: New Stock Performance Factor - **Construction Idea**: This factor aims to measure the performance of new stocks on their first day of trading, providing insights into the potential returns from participating in new stock offerings[1][12][22]. - **Construction Process**: - Collect data on the first-day price performance of new stocks. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{First-Day Price Increase} = \frac{\text{First-Day Closing Price} - \text{Issue Price}}{\text{Issue Price}} \times 100\% $ - Parameters: - First-Day Closing Price: The closing price of the stock on its first day of trading. - Issue Price: The price at which the stock was issued[1][12][22]. - **Evaluation**: This factor provides a clear measure of the initial performance of new stocks, helping investors gauge the potential returns from participating in new stock offerings[1][12][22]. Factor Backtesting Results New Stock Performance Factor - **Main Board**: - Average first-day price increase: 276.29%[22][23] - **ChiNext**: - Average first-day price increase: 356.00%[22][23] - **STAR Market**: - Average first-day price increase: 174.56%[22][23] Fund Product Performance Fund Product Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of fund products in new stock offerings, and calculate their estimated returns based on their participation and winning rates[57][58][59]. - **Construction Process**: - Collect data on the participation and winning rates of fund products in new stock offerings. - Calculate the estimated returns based on the latest fund quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the fund product participates in new stock offerings. - Winning Rate: The rate at which the fund product's quotes are accepted[57][58][59]. - **Evaluation**: This method provides a detailed view of the performance of fund products in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through fund products[57][58][59]. Fund Product Backtesting Results Fund Product Performance - **Top Performing Funds**: - Middle European Shanghai-Shenzhen 300 Index A: Estimated return rate 0.337%[57][58][59] - ICBC Quality Selection A: Estimated return rate 0.33%[57][58][59] - Huatai-PineBridge Innovation Power: Estimated return rate 0.33%[57][58][59] Institutional Performance Institutional Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of institutions in new stock offerings, and calculate their estimated returns based on their participation and winning rates[60][61][62]. - **Construction Process**: - Collect data on the participation and winning rates of institutions in new stock offerings. - Calculate the estimated returns based on the latest institutional quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the institution participates in new stock offerings. - Winning Rate: The rate at which the institution's quotes are accepted[60][61][62]. - **Evaluation**: This method provides a detailed view of the performance of institutions in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through institutional products[60][61][62]. Institutional Backtesting Results Institutional Performance - **Top Performing Institutions**: - GF Fund: Estimated return rate 1.74 billion[60][61][62] - China Asset Management: Estimated return rate 1.51 billion[60][61][62] - E Fund Management: Estimated return rate 1.33 billion[60][61][62]

Market Overview - The Shanghai Composite Index fell by 0.94% this week, with 71 stocks having a turnover rate exceeding 100% [1] - Among the stocks with a turnover rate over 100%, the machinery equipment sector had the highest representation with 15 stocks, followed by the pharmaceutical and biotechnology sector with 10 stocks, and the electronics sector with 8 stocks [1] High Turnover Stocks - Northern Long Dragon had the highest turnover rate at 257.92%, with a weekly price increase of 21.69%. The stock was featured on the daily trading leaderboard four times due to a daily turnover rate of 30%, with institutional net buying of 21.82 million yuan [1] - Southern Road Machinery followed with a turnover rate of 215.80% and a weekly price increase of 53.38%. It appeared on the leaderboard three times, with a net selling of 20.48 million yuan from trading firms [1] - C Han Gao ranked third with a turnover rate of 214.88% but experienced a price drop of 25.48%. It had a net inflow of 29.54 million yuan from trading firms [2] Performance Summary - The average price increase for stocks with a turnover rate over 100% was 7.00% this week, with 48 stocks rising and 23 stocks falling [2] - The top gainers included Southern Road Machinery (53.38%), Tianfu Culture Tourism (42.00%), and New Henghui (32.34%) [2] - The top decliners were C Han Gao (-25.48%), Jiyuan Group (-22.71%), and Tianrun Technology (-22.50%) [2] Earnings Forecasts - Among the stocks with a turnover rate over 100%, 18 companies released half-year earnings forecasts, with 10 expecting profit increases and 2 expecting profit [2] - Asia-Pacific Pharmaceutical is projected to have the highest net profit growth, with a median expected net profit of 105 million yuan, representing a year-on-year increase of 1817.74% [2]

Group 1 - HanGao Group officially listed on the Shenzhen Stock Exchange on July 30, marking a new chapter in its development [2] - The company specializes in the research, design, production, and sales of home hardware and outdoor furniture, integrating diverse original designs with high-quality products [3] - The company aims to provide aesthetically pleasing, well-crafted, and highly practical home storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture [3] Group 2 - The Chairman and General Manager of HanGao Group, Mr. Ou Jinfeng, expressed the company's commitment to align with the systematic development trend of home hardware, solidifying the market position of core products [7] - The company plans to implement a full-channel development strategy, enhance marketing network construction, and expand sales channels, including a comprehensive layout in overseas strategic regions [7] - HanGao Group aims to achieve organic integration and collaborative development of multiple product categories and sales channels, continuously improving technological innovation and smart manufacturing capabilities, with the goal of becoming a global leader in the home hardware sector [7]

证券时报·数据宝统计，截至（8月1日）收盘，沪指报3559.95点，跌13.26点，跌幅为0.37%；深成指报 10991.32点，跌18.45点，跌幅为0.17%；创业板指报2322.63点，跌5.69点，跌幅为0.24%。个股方面， 今日83只A股换手率超过20%，其中，北方长龙、C悍高等4只个股换手率达五成以上，半数筹码易主。 （数据宝） 8月1日两市换手率居前个股一览 | 证券代码 | 证券简称 | 收盘价（元） | 换手率（%） | 涨跌幅（%） | | --- | --- | --- | --- | --- | | 301357 | 北方长龙 | 95.65 | 60.47 | -7.09 | | 001221 | C悍高 | 59.62 | 51.70 | -0.95 | | 920005 | 鼎佳精密 | 55.22 | 51.61 | -14.56 | | 301678 | 新恒汇 | 76.65 | 50.77 | 14.37 | | 839680 | *ST广道 | 12.10 | 49.23 | -1.14 | | 002272 | 川润股份 | 12.23 | 46.01 | 0.9 ...

Core Viewpoint - The home hardware industry is transitioning towards customization and intelligence, with companies like Hanhigh Group emerging as key players by leveraging high-quality hardware components as a competitive advantage [2][3]. Industry Overview - The home hardware sector is experiencing a shift from "scale expansion" to "value reconstruction," leading to intensified competition and performance pressures across the industry [3]. - The rise of smart homes is creating new growth opportunities for the home hardware industry [4]. Company Performance - Hanhigh Group's revenue is projected to grow from 1.62 billion yuan to 2.86 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 32.78% [3]. - The net profit attributable to shareholders is expected to increase from 206 million yuan to 531 million yuan during the same period, with a remarkable CAGR of 60.74% [3]. - For the first half of 2025, Hanhigh anticipates revenue between 1.39 billion yuan and 1.50 billion yuan, representing a year-on-year growth of 17.04% to 26.77% [3]. Market Position - Hanhigh Group ranks among the top five in the home hardware industry and has maintained the highest sales in the domestic market for storage hardware [4]. - The company has established a leading market share in various segments, including basic hardware and kitchen and bathroom hardware [4]. Innovation and Technology - Hanhigh Group has evolved from a hardware processing factory to an internationally recognized brand through design innovation and smart manufacturing [5][6]. - The company has developed several core technologies, including multi-track basket rotation technology and PVD nano-sealing technology, enhancing its product offerings [9]. Future Prospects - Hanhigh Group is set to enhance its production capabilities and R&D through funds raised from its upcoming IPO, focusing on smart home hardware automation and information technology projects [13][17]. - The company aims to expand its market presence in Southeast Asia, Western Europe, and North America, establishing a comprehensive sales network [16]. Conclusion - Hanhigh Group's ability to adapt and innovate positions it as a strong contender in the high-end home hardware market, with potential for significant growth and international brand recognition [19].

Core Viewpoint - Hanhigh Group successfully listed on the Shenzhen Stock Exchange, marking a significant addition of a high-growth and scarce asset in the A-share market, with a strong position in the domestic home hardware and outdoor furniture sectors [1] Company Performance - Hanhigh Group's revenue is projected to grow from 1.62 billion yuan in 2022 to 2.86 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.78%. The net profit attributable to the parent company is expected to rise from 199 million yuan to 520 million yuan during the same period, with a CAGR of 61.83% [1] - The company has established itself as a leading player in the home hardware industry, ranking among the top five according to the China Hardware Products Association [2] Product and Market Position - Hanhigh Group's product categories include storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture, with its kitchen pull-out basket products ranking first in sales on major e-commerce platforms for three consecutive years [2] - The company has a higher gross margin compared to its A-share peers, with gross margins of 31.89% in 2022 and 34.58% in 2023, compared to the industry average of 24.18% and 27.87% [3] Brand and Innovation - The brand's recognition is supported by its commitment to quality, with significant investments in research and development, resulting in 1,173 patents held by the company, surpassing industry averages [4] - Hanhigh Group has received multiple design awards, enhancing its brand image and market acceptance [4] Expansion and Future Plans - The company plans to utilize funds from its IPO to enhance its production capacity and establish a smart home hardware automation manufacturing base, which will improve its production efficiency and market competitiveness [7] - Hanhigh Group aims to expand its product line to include full-house hardware solutions and strengthen its presence in international markets, particularly in Southeast Asia, Western Europe, and North America [8] Market Trends - There is a clear trend of mid-to-high-end home hardware products replacing low-end alternatives in the domestic market, with the penetration rate of smart damping and electric lifting kitchen pull-out baskets reaching 21.4% in 2023, an increase of 13.8 percentage points since 2020 [9] - Hanhigh Group is well-positioned to benefit from this trend, potentially replacing foreign high-end brands in the long term [9]

Core Viewpoint - Han Gao Group officially listed on the Shenzhen Stock Exchange on July 30, 2023, marking it as the first main board listed company in Foshan this year, with a significant increase in market value on its debut [1][3]. Company Overview - Han Gao Group, founded in 2004 and headquartered in Shunde District, Foshan, specializes in the research, design, production, and sales of home hardware and outdoor furniture, with a strong focus on storage hardware [3][4]. - The company has achieved the highest domestic sales in the storage hardware sector in 2022, confirming its leading position in the industry [3]. IPO and Market Performance - The initial public offering (IPO) price was set at 15.43 yuan per share, with a total share capital of 400 million shares, of which 34.92 million shares were available for trading, accounting for 10% of the total [3][4]. - On the first trading day, the stock opened at 47.01 yuan, representing a 204.67% increase, and reached a peak of 110 yuan, marking a 612.9% rise before closing at 80 yuan, a 418.47% increase [3][4]. - As of July 31, 2023, the stock price settled at 60.19 yuan, reflecting a 24.76% decline, with a total market capitalization of 24.1 billion yuan [3]. Financial Performance - Han Gao Group's revenue for 2022, 2023, and 2024 is projected to be 1.62 billion yuan, 2.22 billion yuan, and 2.86 billion yuan, respectively, with corresponding net profits of 199 million yuan, 329 million yuan, and 520 million yuan [7]. - For the first half of 2025, the company anticipates revenue between 1.39 billion yuan and 1.50 billion yuan, indicating a year-on-year growth of 17.04% to 26.77% [7]. Ownership and Control - The actual controllers of Han Gao Group are siblings Ou Jinfeng and Ou Jinli, holding a combined 83.74% of the company's shares and 89.76% of the voting rights, ensuring absolute control [5]. - Following the IPO, their direct and indirect shareholding decreased to 81.79%, resulting in an estimated wealth increase of approximately 20 billion yuan on the listing day [5]. Industry Context - The overall performance of the home furnishing industry has been declining, with a reported 3.9% decrease in revenue for large-scale furniture enterprises in the first five months of 2023 [10]. - Despite the downturn in the industry, Han Gao Group's significant revenue growth raises questions about its sustainability and market positioning [10]. Employee Compensation - The salaries of the actual controllers, Ou Jinfeng and Ou Jinli, are projected to exceed 6 million yuan in 2024, with Ou Jinfeng's salary increasing by 112.3% to 4.08 million yuan [11]. - The average salary for all employees in 2024 is reported to be 126,700 yuan, which is higher than the average salaries in the local market [19].

Group 1 - The company focuses on the home hardware and outdoor furniture sectors, aligning with the trend of systematic development in home hardware [1] - The company plans to leverage its years of technological accumulation and market experience to manage the entire product lifecycle in a market-oriented manner [1] - The company aims to enhance its smart manufacturing capabilities, improve production efficiency, ensure product quality, and continuously expand production capacity to solidify the market position of its core products [1] Group 2 - Currently, the company has no business cooperation with the Yaxia Hydropower Station [1]

证券时报·数据宝统计，截至（7月31日）收盘，沪指报3573.21点，跌42.51点，跌幅为1.18%；深成指报 11009.77点，跌193.26点，跌幅为1.73%；创业板指报2328.31点，跌39.37点，跌幅为1.66%。个股方 面，今日102只A股换手率超过20%，其中，鼎佳精密、C悍高等5只个股换手率达五成以上，半数筹码 易主。（数据宝） 7月31日两市换手率居前个股一览 | 证券代码 | 证券简称 | 收盘价（元） | 换手率（%） | 涨跌幅（%） | | --- | --- | --- | --- | --- | | 920005 | 鼎佳精密 | 64.63 | 89.34 | 479.12 | | 001221 | C悍高 | 60.19 | 74.46 | -24.76 | | 301357 | 北方长龙 | 102.95 | 66.12 | 17.22 | | 832662 | 方盛股份 | 30.97 | 58.24 | 15.13 | | 839680 | *ST广道 | 12.24 | 51.63 | 29.94 | | 002570 | 贝因美 | 7.65 | 46.20 ...

格隆汇7月31日丨悍高集团(001221.SZ)在互动平台表示，公司一直专注于家居五金与户外家具领域，未 来将顺应系统化家居五金的发展趋势，利用多年技术积累和市场沉淀，以市场为导向进行产品的全生命 周期管理，进一步提升智能制造水平，提高生产效率，保障产品质量，持续扩大产能，巩固核心产品的 市场地位。目前，公司未与雅下水电站有业务合作。 ...