Quantitative Factors and Construction Methods 1. Factor Name: Large Order Transaction Amount Ratio - **Factor Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large order transaction amounts relative to the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers 2. Filter transactions by order size to identify large orders 3. Calculate the proportion of large buy order transaction amounts to the total daily transaction amount Formula: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor effectively reflects the buying behavior of large funds[7] 2. Factor Name: Net Active Buy Amount Ratio - **Factor Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy amount as a proportion of the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on trade direction 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy amount 3. Calculate the proportion of the net active buy amount to the total daily transaction amount Formula: $ \text{Net Active Buy Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor provides insights into the active buying behavior of investors[7] --- Factor Backtesting Results 1. Large Order Transaction Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 惠博普 (92.6%, 99.6% percentile)[9] 2. 美年健康 (89.6%, 99.2% percentile)[9] 3. 志特新材 (89.2%, 99.2% percentile)[9] 4. 津滨发展 (88.4%, 99.6% percentile)[9] 5. 江南高纤 (87.7%, 98.8% percentile)[9] 2. Net Active Buy Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 杭萧钢构 (16.7%, 99.8% percentile)[10] 2. 纬德信息 (15.4%, 100.0% percentile)[10] 3. 中科微至 (15.0%, 99.6% percentile)[10] 4. 新风光 (13.8%, 100.0% percentile)[10] 5. 联合水务 (13.3%, 97.5% percentile)[10] 3. Broad-Based Indices - **Large Order Transaction Amount Ratio (5-Day Average)**: - 上证指数: 73.8% (12.8% percentile)[12] - 上证50: 70.6% (64.2% percentile)[12] - 沪深300: 73.1% (64.2% percentile)[12] - 中证500: 73.0% (6.6% percentile)[12] - 创业板指: 71.6% (90.1% percentile)[12] - **Net Active Buy Amount Ratio (5-Day Average)**: - 上证指数: -5.8% (86.8% percentile)[12] - 上证50: -12.9% (90.5% percentile)[12] - 沪深300: -8.8% (89.3% percentile)[12] - 中证500: -3.4% (86.0% percentile)[12] - 创业板指: -4.4% (84.8% percentile)[12] 4. Industry-Level Results - **Top 5 Industries by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 房地产: 79.8% (90.1% percentile)[13] 2. 煤炭: 78.5% (66.3% percentile)[13] 3. 钢铁: 78.2% (42.8% percentile)[13] 4. 建筑: 77.9% (24.3% percentile)[13] 5. 综合: 77.8% (50.6% percentile)[13] - **Top 5 Industries by Net Active Buy Amount Ratio (5-Day Average)**: 1. 房地产: -9.5% (95.1% percentile)[13] 2. 电子: 2.2% (78.6% percentile)[13] 3. 汽车: 0.9% (60.9% percentile)[13] 4. 家电: 0.1% (84.4% percentile)[13] 5. 通信: -4.7% (89.7% percentile)[13] 5. ETFs - **Top 5 ETFs by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 华泰柏瑞中证A500ETF (92.9%, 96.3% percentile)[15] 2. 易方达中证A500ETF (91.6%, 100.0% percentile)[15] 3. 国泰中证A500ETF (91.5%, 15.6% percentile)[15] 4. 华泰柏瑞沪深300ETF (91.0%, 99.2% percentile)[15] 5. 易方达沪深300ETF (91.0%, 99.6% percentile)[15] - **Top 5 ETFs by Net Active Buy Amount Ratio (5-Day Average)**: 1. 东财上证科创板50成份ETF (23.4%, 100.0% percentile)[16] 2. 海富通上证城投债ETF (20.9%, 88.5% percentile)[16] 3. 国泰上证10年期国债ETF (15.6%, 61.3% percentile)[16] 4. 富国创业板人工智能ETF (14.3%, 65.9% percentile)[16] 5. 嘉实中证稀土产业ETF (14.1%, 92.6% percentile)[16]

证券代码：002044 证券简称：美年健康 公告编号：2026-007 美年大健康产业控股股份有限公司 关于股东部分股份解除质押及再质押的公告 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。 美年大健康产业控股股份有限公司（以下简称"公司"、"本公司"）于近日 收到公司股东上海维途企业发展中心（有限合伙）（以下简称"上海维途"）的 通知，获悉其所持有本公司的部分股份办理了解除质押及再质押的手续，具体 事项如下： 1 公司实际控制人俞熔先生的一致行动人包括：上海天亿资产管理有限公司、上海维途企业发展中心（有 限合伙）、上海美馨投资管理有限公司、上海天亿力升实业控股集团有限公司、世纪长河科技集团有限公 司、上海通怡投资管理有限公司－通怡海川 6 号私募证券投资基金、上海通怡投资管理有限公司－通怡桃 李 3 号私募证券投资基金和上海通怡投资管理有限公司－通怡桃李 12 号私募证券投资基金。 股东名称 是否为实际 控制人及其 一致行动人1 本次解除 质押股数 （股） 占其所 持股份 比例 占公司 总股本 比例 起始日 解除日期 质权人 上海维途 是 16,500,00 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The pharmaceutical and biotechnology index decreased by 0.68% this week, underperforming the CSI 300 index by 0.11 percentage points, ranking 19th in industry performance [12] - The healthcare sector has shown significant growth, with the medical services sub-sector increasing by 16.04% year-to-date, while traditional Chinese medicine has the lowest growth at 1.86% [17][19] - The J.P. Morgan Health Conference highlighted the strategic advancements of top global pharmaceutical companies, with over 20 Chinese firms participating, indicating a trend towards overseas collaboration in innovative drugs [34] Summary by Sections Market Review - The pharmaceutical index has risen by 7.08% from the beginning of 2026 to January 16, outperforming the CSI 300 index by 4.88 percentage points, ranking 8th in industry performance [12] - The medical services sub-sector has the highest year-to-date growth at 16.04%, while the lowest is traditional Chinese medicine at 1.86% [19] Individual Stock Performance - In the A-share market, 206 out of 478 pharmaceutical stocks rose, with the top five performers being Baolait (up 48.76%), Hualan Biological (up 32.72%), and Tianzhihang (up 27.67%) [23] - In the Hong Kong market, 59 out of 116 pharmaceutical stocks increased, with Ark Health leading at 51.66% growth [26] Industry News and Policies - The sixth batch of national high-value medical consumables procurement was opened on January 13, with 202 companies winning bids for 440 products [29] - Medtronic announced a strategic partnership with Precision Neuroscience to develop integrated solutions combining their technologies [29] - Boston Scientific plans to acquire Penumbra for approximately $14.5 billion, enhancing its portfolio in peripheral vascular interventions [30] Weekly Insights - The medical services sector's strong performance is attributed to positive revenue growth, with medical commercial and services sectors showing year-on-year revenue increases of 0.56% and 3.99%, respectively [33] - The J.P. Morgan Health Conference served as a significant platform for discussing trends in drug development and investment strategies, with a focus on AI and international collaborations [34]

Group 1 - The core viewpoint of the news is that Meinian Health has shown significant stock performance with a year-to-date increase of 39.39% and a recent market capitalization of 28.809 billion yuan [1] - As of January 20, the stock price reached 7.36 yuan per share, with a trading volume of 879 million yuan and a turnover rate of 3.13% [1] - The company has experienced net outflows of main funds amounting to 60.0253 million yuan, with large orders showing a buy-sell ratio of 2.06 billion yuan to 2.57 billion yuan [1] Group 2 - Meinian Health operates primarily in health check-ups and management, with 95.67% of its revenue coming from examination services [1] - The company is classified under the pharmaceutical and biological industry, specifically in medical services and hospitals, and is involved in various concept sectors including Alzheimer's, AI applications, and smart healthcare [2] - As of September 30, the company reported a revenue of 6.925 billion yuan for the first nine months of 2025, reflecting a year-on-year decrease of 3.01%, while net profit increased by 110.53% to 51.8599 million yuan [2] Group 3 - Meinian Health has distributed a total of 634 million yuan in dividends since its A-share listing, with 127 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 11.85% to 152,000, while the average circulating shares per person increased by 13.44% to 25,490 shares [2] - The top ten circulating shareholders include notable ETFs, with Huabao Zhongzheng Medical ETF holding 88.664 million shares, a decrease of 15.1218 million shares from the previous period [3]

Group 1 - The core point of the news is that Meinian Health experienced a decline of 5.09% in its stock price, reaching 7.27 yuan per share, with a trading volume of 2.84 billion yuan and a turnover rate of 9.87%, resulting in a total market capitalization of 28.457 billion yuan [1] - Meinian Health is primarily engaged in health check-ups and health management services, with 95.67% of its revenue coming from check-up services and 4.33% from other services [1] Group 2 - From the perspective of major fund holdings, Guotai Fund has a significant position in Meinian Health, with its Guotai Health Stock A fund reducing its holdings by 1.473 million shares in the third quarter, now holding 3.4602 million shares, which constitutes 5.36% of the fund's net value, ranking as the ninth largest holding [2] - The Guotai Health Stock A fund has a total scale of 303 million yuan, with a year-to-date return of 16.32%, ranking 124 out of 5580 in its category, and a one-year return of 21.33%, ranking 3312 out of 4226 [2] Group 3 - The fund manager of Guotai Health Stock A is Xu Zhibiao, who has been in the position for 10 years and 156 days, managing assets totaling 4.327 billion yuan, with the best fund return during his tenure being 201.92% and the worst being -21.69% [3]

Shareholder Reductions - RS Technologies and Cangyuan Investment plan to reduce their holdings by no more than 3% in Youyan Silicon [1] - Yuexiu Capital intends to sell no more than 1% of the total share capital of CITIC Securities [1] - Multiple shareholders of Ruimaite plan to collectively reduce their holdings by no more than 4.98% [1] - The controlling shareholder of Brother Technology plans to reduce its holdings by no more than 2% [1] - Jinggangshan Chengxing intends to reduce its holdings in Guanggang Gas by no more than 0.9997% [1] - The controlling shareholder of Lianchuang Optoelectronics, Electronic Group, plans to reduce its holdings by no more than 2% [1] - Shenzhen Jun Tian, a shareholder of Chengdu Xian Dao, plans to reduce its holdings by no more than 2.51% [1] - Shareholder Fan Jun of Xidi Micro plans to reduce no more than 251,230 shares [1] - Shareholder Cheng Gao Century of Decai Co., Ltd. plans to reduce 4.1973 million shares [1] - Hangzhou Xintou and its concerted action party Hangzhou Haoyue have cumulatively reduced 1.29% of shares in Meinian Health [1] - Guotou Chuangye Fund has cumulatively reduced 1.06% of shares in Fuchuang Precision [1] - New Momentum Fund has cumulatively reduced 0.9926% of shares in Shannon Chip Creation [1] - Deputy General Manager Li Zuqing of Guangli Technology plans to reduce no more than 701,600 shares [1] Other Notable Events - Yuan Zhishuang of Dingxin Communications is under investigation by the Securities Regulatory Commission for suspected short-term trading of company shares [1] - Shimao Energy has terminated its plans for a change in control [1]

1月16日，上证指数下跌0.26%，深证成指下跌0.18%，创业板指下跌0.2%。盘后龙虎榜数据显示，共有63只个股 因当日异动登上龙虎榜，资金净流入最多的是美年健康（002044.SZ），达5.79亿元。 据21投资通智能监测，40只个股龙虎榜出现了机构的身影，北向资金参与龙虎榜中的个股共涉及35只。 5.79亿元资金抢筹美年健康，5.74亿元资金出逃佰维存储 63只上榜的龙虎榜个股中，35只个股被净买入，28只个股被净卖出。其中，资金净买入最多的是美年健康，达 5.79亿元，占总成交金额的10.96%。美年健康当日收盘下跌9.99%，换手率为17.5%。 | 名称 | 涨跌幅 | 龙虎榜净买 | 净买额占 | 换手率 | 解读 | | --- | --- | --- | --- | --- | --- | | | | 额(万元) | 总成交比 | | | | 美年健康 | -9.99% | 57939 | 10.96% | 17.5% | 主力做T,成功率4 | | | | | | | 1.42% | | 三安光电 | 10.03% | 55237 | 11.09% | 6.5% | 普通席位买入,成功 ...

证券代码：002044 证券简称：美年健康 公告编号：2026-006 公司股东杭州信投信息技术有限公司、杭州灏月企业管理有限公司保证向 本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 美年大健康产业控股股份有限公司（以下简称"公司"、"美年健康"）股东杭 州信投信息技术有限公司（以下简称"杭州信投"）及其一致行动人杭州灏月企业 管理有限公司（以下简称"杭州灏月"）于 2026 年 1 月 14 日至 1 月 15 日期间内 通过集中竞价及大宗交易方式累计减持公司 50,551,600 股股份（占公司总股本比 例 1.29%），减持后杭州信投及其一致行动人杭州灏月合计持有的美年健康股份 比例由 10.00%减少至 8.71%。 公司于 2025 年 12 月 11 日在巨潮资讯网（www.cninfo.com.cn）披露了《关 于 5%以上股东减持股份的预披露公告》（公告编号：2025-082）。近日，公司收 到 5%以上股东杭州灏月及杭州信投共同出具的《关于所持美年健康股份变动的 通知》，杭州灏月及 ...

美年健康公告称，股东杭州信投及其一致行动人杭州灏月于2026年1月14 - 15日，通过集中竞价及大宗 交易累计减持5055.16万股（占总股本1.29%）。减持后，二者合计持股比例从10.00%降至8.71%。本次 减持不会导致公司控制权变更，也不影响持续性经营，且与此前已披露的减持计划一致，该计划尚未履 行完毕。 ...

Market Overview - The A-share market experienced a downward trend with a total trading volume of 3.06 trillion yuan, an increase of 118 billion yuan compared to the previous trading day [1] - The AI application sector faced a significant decline for the second consecutive day, with Sora concept, Kimi concept, Zhipu AI, and AI corpus leading the losses [1] Sector Performance - The semiconductor sector surged, with storage chips, silicon carbide, and automotive chips leading the gains, while industrial gases, ultra-high voltage, and industrial mother machines also showed strong performance [2] - A total of 58 stocks hit the daily limit up, with 6 stocks on consecutive limit up, and 39 stocks failed to close at the limit, resulting in a limit-up rate of 60% (excluding ST and delisted stocks) [4] Focus Stocks - In the smart grid sector, Bofei Electric achieved 6 consecutive limit ups over 9 days, while Xinhua Department Store and Debang Co., Ltd. both recorded 3 consecutive limit ups due to stock transfer and voluntary delisting, respectively [5][6] - Notable stocks included: - Bofei Electric: Price 55.21 yuan, +10.00%, 5 consecutive limit ups [6] - Debang Co., Ltd.: Price 18.68 yuan, +10.01%, 3 consecutive limit ups [6] - Xinhua Free Trade: Price 18.82 yuan, +9.99%, 3 consecutive limit ups [6] Trading Dynamics - The top three net buying stocks on the Dragon and Tiger list were Meinian Health, Sanan Optoelectronics, and Tongyu Communication, with net purchases of 579 million yuan, 552 million yuan, and 346 million yuan, respectively [7] - The top three net selling stocks were Baiwei Storage, Aerospace Electromechanical, and Shenglu Communication, with net sales of 574 million yuan, 501 million yuan, and 499 million yuan, respectively [9] Institutional Activity - Among stocks with institutional trading, the highest net buying was seen in Snowman Group, Tongyu Communication, and Hongxiang Co., Ltd., with net purchases of 234 million yuan, 211 million yuan, and 202 million yuan, respectively [10] - Conversely, Baiwei Storage, Siyuan Electric, and Tongfu Microelectronics had the highest net selling amounts, totaling 1.295 billion yuan, 292 million yuan, and 86.78 million yuan, respectively [11] Notable Stock Movements - Meinian Health saw a significant drop of 9.99% after a previous 5-day cumulative increase of 52.78%, leading to profit-taking [12] - Sanan Optoelectronics reported a 10.04% increase, driven by strong quarterly earnings and capital expenditure plans [15] - Tongyu Communication faced an 8.75% decline, attributed to a recent adjustment in the commercial aerospace sector despite a substantial cumulative increase of 256.08% since late November [18] Company Earnings Forecasts - Baiwei Storage projected a net profit of 850-1,000 million yuan for 2025, representing a year-on-year growth of 427%-520%, with a significant quarterly increase expected [20]