Quantitative Models and Construction Methods - **Model Name**: Real-time Public Fund Positioning **Model Construction Idea**: This model estimates the real-time positioning of public funds based on publicly available market information such as fund net value, disclosed holdings, and research activities[3][20] **Model Construction Process**: The process involves complex data processing of public market information, including fund net value, disclosed holdings, and research activities. Detailed methodology is referenced in the report "偏股混合型基金指数（885001.WI）：优势、复制与超越"[20] - **Model Name**: ETF Fund Positioning **Model Construction Idea**: This model tracks the dynamics of ETF fund holdings as a key indicator of market fund flows, reflecting the growing importance of index investment in the A-share market[3][21] **Model Construction Process**: The model calculates the proportion of ETF holdings relative to the market capitalization of PCB sector stocks. As of Q2 2025, the total scale of public ETF funds exceeded 4.3 trillion yuan, with ETF holdings in the PCB sector at a historical high, accounting for 2.6% of the sector's market capitalization[21][23] - **Model Name**: Financing Balance Dynamics **Model Construction Idea**: This model uses financing balance as a proxy for investor sentiment, where an increase in financing balance indicates a bullish outlook on the market[3][25] **Model Construction Process**: The model tracks the total amount of outstanding financing in margin trading. The PCB sector's financing balance is at a historical high, while the short-selling balance remains at a low level[25][27] - **Model Name**: Chip Yield Characteristics **Model Construction Idea**: This model evaluates the profitability of the PCB sector based on chip yield, which measures the return of current prices relative to historical chip costs. It identifies momentum effects in strong markets and reversal effects in weak markets[3][26] **Model Construction Process**: The model estimates the average holding cost of funds at different price levels and calculates chip yield as the return of current prices relative to historical chip costs. The PCB sector's current profitability is 22.95%[26][28] Model Backtesting Results - **Real-time Public Fund Positioning**: No specific quantitative backtesting results provided - **ETF Fund Positioning**: ETF holdings account for 2.6% of the PCB sector's market capitalization[23] - **Financing Balance Dynamics**: Financing balance is at a historical high, while short-selling balance is at a low level[25][27] - **Chip Yield Characteristics**: Current profitability of the PCB sector is 22.95%[26][28] Quantitative Factors and Construction Methods - **Factor Name**: Chip Yield **Factor Construction Idea**: This factor measures the profitability of the PCB sector based on the return of current prices relative to historical chip costs[3][26] **Factor Construction Process**: The factor is calculated as the return of current prices relative to historical chip costs. It reflects momentum effects in strong markets and reversal effects in weak markets. The PCB sector's current chip yield is 22.95%[26][28] Factor Backtesting Results - **Chip Yield**: Current profitability of the PCB sector is 22.95%[26][28]

Core Viewpoint - In July, the A-share market continued to rise, with over 700 listed companies undergoing institutional research, indicating a robust interest from institutional investors [1][5]. Group 1: Market Performance - The A-share market showed strong performance in July, with the Shanghai Composite Index rising for the third consecutive month, accumulating a growth of 3.74%, which is an increase compared to the previous months of June and May [4]. - Institutional research activities remained active, with a total of over 700 listed companies being researched in July [5]. Group 2: Institutional Research Highlights - More than 20 listed companies were researched five times or more by institutions in July, with Ice Wheel Environment being researched over 10 times [6]. - Ice Wheel Environment discussed its product layout in the marine economy during a specific research meeting, highlighting its traditional advantages in ship refrigeration systems and its commitment to low-carbon energy solutions [6][7]. - Northern Rare Earth also received over 10 research sessions, expressing optimism about future demand in the rare earth industry driven by new energy technologies and applications [8]. - Dazhu Laser was among the top companies researched, with participation from several foreign institutions, discussing its overseas expansion and the diversification of manufacturing supply chains [9]. Group 3: Popular Stocks Under Research - Several popular stocks underwent institutional research in July, including Xinyi Technology and Shenghong Technology, both of which have seen their stock prices increase over 10 times from their lows in recent years [12][13]. - Other companies like Changsheng Bearings and Zhaojin Gold also experienced significant stock price increases and were included in the research activities [13]. Group 4: Industry Trends - The automotive, machinery, electronics, and power equipment sectors had a relatively high number of companies undergoing institutional research in July, indicating strong interest in these industries [10].

Group 1: ETF Performance - The liquidity of the Robot ETF managed by Jiashi has a turnover rate of 4.51%, with a transaction volume of 24.81 million yuan [2] - Over the past year, the Robot ETF has seen a significant growth in scale, increasing by 522 million yuan [2] - As of July 31, the net value of the Robot ETF has risen by 45.32%, ranking 468 out of 2943 index equity funds, placing it in the top 15.90% [2] Group 2: Fund Returns - Since its inception, the Robot ETF has achieved a maximum monthly return of 25.78%, with the longest consecutive monthly gains being three months and a maximum cumulative increase of 37.12% [2] - The average return during the months of increase is 8.93% [2] Group 3: Top Holdings - As of July 31, the top ten weighted stocks in the CSI Robot Index include iFlytek, Huichuan Technology, Stone Technology, Dahua Technology, Zhongkong Technology, Dazhu Laser, Shuanghuan Transmission, Robot, Ecovacs, and Julun Intelligent, collectively accounting for 48.86% of the index [2] Group 4: Market Trends - According to IDC, global shipments of commercial service robots surpassed 100,000 units in 2024, with delivery and cleaning robots dominating the market [4] - Chinese manufacturers lead the market with an 84.7% share of shipments, indicating rapid market expansion [4] - Companies such as Qianlang Intelligent, Pudu Robotics, Gaoxian Robotics, and Yunjijia Technology are among the leaders in global shipment volumes [4] Group 5: Industry Outlook - Great Wall Securities notes that humanoid robots are currently in the factory working phase, with various sectors like automotive, home appliances, and cloud services expanding into the robotics market [5] - The acceleration of orders for humanoid robots and the iterative development of robots are expected to lead to rapid growth in the sector [5] - The financing of robot manufacturers is accelerating, indicating a positive outlook for investment opportunities in the related industry chain [5] Group 6: Investment Opportunities - Investors without stock accounts can access opportunities in the robotics sector through the Robot ETF Jiashi linked fund (024619) [6]

2024年1至12月份，大族激光的营业收入构成为：智能制造装备制造业占比100.0%。 （文章来源：每日经济新闻） 大族激光（SZ 002008，收盘价：26.97元）发布公告称，2025年7月2日至2025年7月31日期间，大族激 光接受中金公司等投资者调研，公司管理与决策委员会副主任、董事会秘书杜永刚等人参与接待，并回 答了投资者提出的问题。 ...

大族激光（002008）发布投资者关系活动记录表公告，随着AI产业链服务器、高速交换机等基础设施 需求爆发，叠加消费电子市场复苏，PCB专用加工设备市场需求快速反弹。公司构建了覆盖多层板、 HDI板、IC封装基板、挠性板及刚挠结合板等不同细分PCB市场及层压、钻孔、曝光、成型、检测等关 键工序的立体化产品矩阵，为PCB不同细分领域的客户提供差异化的一站式工序解决方案。 ...

Group 1: Company Performance Overview - The company expects a net profit of 450 million to 500 million RMB for the first half of 2025, a year-on-year decline of 59.18% to 63.26% [2] - Excluding non-recurring gains and losses, the net profit is projected to be 220 million to 265 million RMB, a year-on-year increase of 0.00% to 20.00% [2] - The decline in net profit is primarily due to a previous year's gain from the disposal of shares in Dazhuo Siter, which impacted net profit by approximately 890 million RMB [2] Group 2: PCB Business Performance - The subsidiary Dazhuo CNC achieved a revenue of 959 million RMB in Q1 2025, a year-on-year increase of 27.89% [4] - Net profit for the same period was 117 million RMB, up 83.60% year-on-year, with a non-recurring profit of 108 million RMB, reflecting a 90.14% increase [4] - The demand for PCB processing equipment has rebounded due to the recovery in the consumer electronics market and the explosion of AI infrastructure needs [4] Group 3: New Energy Sector Developments - The lithium battery equipment sector is shifting focus from domestic to international markets, with ongoing collaborations with major clients like CATL and others [6] - The company is enhancing its market competitiveness in power battery and energy storage equipment through innovation and refined management [6] - In the photovoltaic equipment sector, the company has secured bulk orders for core production equipment from leading battery manufacturers [7] Group 4: Industrial Laser Processing Equipment - The company has launched a 150KW ultra-high power cutting machine, significantly enhancing its market presence in high-end applications [8] - The self-developed three-dimensional five-axis cutting head achieved sales exceeding 50 million RMB in its first year, widely replacing imported products [8] - The company is expanding its coverage in the mid-to-low-end market, steadily increasing its market share in high-power laser cutting equipment [8] Group 5: Overseas Expansion Strategy - The company is actively expanding its overseas R&D and sales teams to capitalize on the diversification of manufacturing supply chains [9] - The PCB market in Southeast Asia is expected to grow at a compound annual growth rate exceeding that of mainland China in the coming years [9] - The compound growth rates for IC packaging substrates in the US and Europe are projected to be 18.3% and 40.6%, respectively, over the next five years [9] Group 6: Share Buyback and Cancellation - The company completed a share buyback of 22,589,592 shares, accounting for 2.15% of its total share capital, with a total expenditure of approximately 500 million RMB [10] - The shares were subsequently canceled to reduce registered capital, with the latest total share capital now at 1,029,603,408 shares [11] Group 7: Pledge Situation - The actual controller and major shareholders have a share pledge ratio of 79.89% [12]

Core Viewpoint - As of July 30, 2025, the stock price of Dazhu Laser is reported at 26.51 yuan, reflecting a decrease of 0.94 yuan or 3.42% from the previous trading day [1] Group 1: Company Overview - Dazhu Laser specializes in the research, development, production, and sales of laser processing equipment, with applications in consumer electronics, display panels, and new energy sectors [1] - The company has several subsidiaries, with Dazhu CNC being a significant one [1] Group 2: Shareholding Structure - Dazhu Laser holds 83.63% of the shares in its subsidiary Dazhu CNC, which is included in its consolidated financial statements [1] Group 3: Market Activity - On July 30, 2025, the net outflow of main funds for Dazhu Laser was 196 million yuan, accounting for 0.77% of its circulating market value [1]

资金方面，7月29日主力资金净流出1.06亿元，占流通市值的0.4%。 风险提示：市场有风险，投资需谨慎。 大族激光属于通用设备行业，公司总部位于深圳，主要从事激光加工设备的研发、生产和销售。 消息面上，公司控股股东大族控股集团有限公司质押1010万股股份，占其所持股份的6.24%。截至公告 披露日，大族控股累计质押股份1.15亿股，占其所持股份的71.25%。此外，2025年一季度，公司实现营 收29.44亿元，归母净利润1.63亿元。 截至2025年7月29日收盘，大族激光股价报27.45元，较前一交易日下跌2.24%，成交额9.18亿元。 ...

| | 证券代码：002008 | | | | | 证券简称：大族激光 | | | | | | 公告编号：2025056 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 大族激光科技产业集团股份有限公司 | | | | | | | | | | | | | | | | | | | 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。 | | | | | | | | | | | | | | | | | | | | | | 大族激光科技产业集团股份有限公司（以下简称"公司"或"大族激光"） | | | | | | | | | | | | | | | | | | 近日接获公司控股股东大族控股集团有限公司（以下简称"大族控股"）之告知 | | | | | | | | | | | | | | | | | 函，获悉其将持有的本公 ...

证券日报网讯 7月29日晚间，大族激光发布公告称，公司近日接获公司控股股东大族控股集团有限公司 之告知函，获悉其将持有的本公司部分股份进行了质押登记，本次质押数量为10，100，000股。 （编辑 姚尧） ...