证券日报网讯和而泰（002402）11月24日在互动平台回答投资者提问时表示，公司并未与摩尔线程共同 建立实验室，摩尔线程是公司上游企业，在人工智能的大背景下，双方有一定的业务协同，相关业务合 作公司正与其对接当中，具体合作尚未落地。关于公司业务合作以公司信息披露、公众号、官网等官方 发布为准。 ...

Core Viewpoint - Multiple securities firms are optimistic about Heertai's performance in its core controller business, profitability, and new intelligent business ventures following the Q3 report [1][2] Group 1: Core Business Performance - The controller segment achieved revenue of 7.964 billion yuan in the first three quarters, representing a year-on-year growth of 14.75%, serving as the foundation for the company's overall growth [1] - The company is expected to maintain a trend of improving profitability through supply chain cost management [1] Group 2: New Business Ventures - Heertai is actively expanding into new areas such as robotics, with expectations for rapid revenue growth and improved profitability as these new businesses scale [1][2] - The company has launched the "Perception Plan" with a focus on body interaction technology, which is widely applicable in VR/AR scenarios and extends to products like health care cushions [1] Group 3: AI and Technology Integration - The company is deepening its AI and hardware integration through investments in companies like Network Technology and Moer Thread, enhancing collaboration on cutting-edge technologies [2] - Heertai is making progress in key control areas of robotics and is accelerating industrial synergy through investment and mergers [2] Group 4: Future Outlook - The company is transitioning towards a smart technology platform that integrates software and hardware, showing strong growth resilience and innovative potential [2]

Market Overview - The consumer electronics sector experienced a decline of 2.96% on November 24, with Heertai leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Aoni Electronics: Closed at 37.57, up 14.54% with a trading volume of 76,400 shares and a turnover of 279 million [1] - Yunzhu Technology: Closed at 29.31, up 9.94% with a trading volume of 65,100 shares and a turnover of 187 million [1] - Spring Autumn Electronics: Closed at 15.39, up 8.23% with a trading volume of 420,600 shares and a turnover of 633 million [1] - Conversely, Heertai saw a significant decline, closing at 46.98, down 9.65% with a trading volume of 1,007,300 shares and a turnover of 4.852 billion [2] Capital Flow - The consumer electronics sector saw a net outflow of 3.317 billion from institutional investors, while retail investors contributed a net inflow of 2.544 billion [2] - The capital flow for specific stocks indicated: - Changying Precision: Net inflow from institutional investors was 28.5 million, while retail investors had a net outflow of 293 million [3] - Spring Autumn Electronics: Net inflow from institutional investors was 48.8 million, with a net outflow from retail investors of 85.2 million [3]

格隆汇11月24日丨和而泰(002402.SZ)在互动平台表示，公司目前未承接摩尔线程GPU模块的代工订 单，摩尔线程是公司上游企业，在人工智能的大背景下，双方有一定的业务协同，相关业务合作公司正 与其对接当中，具体合作尚未落地。 ...

- The report introduces a quantitative model named "250-day new high distance" to track market trends and identify hot spots. The model is based on momentum and trend-following strategies, emphasizing stocks that consistently hit new highs. The calculation formula is: $ 250\text{-day new high distance} = 1 - \frac{Close_{t}}{ts\_max(Close, 250)} $ where $ Close_{t} $ represents the latest closing price, and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance equals 0; otherwise, it is a positive value indicating the degree of fallback [11][12][13] - The report evaluates the model positively, citing its ability to capture market leaders and trends effectively. It references studies by George (2004), William O'Neil, and Mark Minervini, which highlight the importance of tracking stocks near their 52-week highs for superior returns [11][18] - The report provides backtesting results for the "250-day new high distance" model across major indices as of November 21, 2025. The distances are: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45% [12][13][32] - The report introduces a factor named "Stable New High Stocks" to identify stocks with smooth price paths and sustained momentum. The factor construction involves: - Analyst attention: At least five buy or overweight ratings in the past three months - Relative strength: Top 20% in 250-day price change - Price stability: Ranking top 50% based on metrics like price displacement ratio and smoothness of 250-day new high distance over the past 120 days - Trend continuation: Ranking top 50 stocks based on the average 250-day new high distance over the past five days [24][27][28] - The report evaluates the "Stable New High Stocks" factor positively, citing research by Turan G Bali et al. (2011) and Da et al. (2012), which demonstrate the superior returns of stocks with smooth momentum paths compared to those with jumpy price movements [24][27] - Backtesting results for the "Stable New High Stocks" factor show 15 selected stocks, including Heertai, Sray New Materials, and Zangge Mining. These stocks are distributed across manufacturing and cyclical sectors, with manufacturing focusing on construction and cyclical sectors on non-ferrous metals [28][31][33]

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to monitor market trends and identify potential market leaders. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ represents the latest closing price - $\text{ts\_max(Close, 250)}$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies market trends and highlights stocks or indices that are leading the market, aligning with the principles of momentum and trend-following strategies[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories are associated with stronger momentum effects[24][27]. - **Model Construction Process**: The selection process involves the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day price change in the top 20% of the market - **Price Stability**: Stocks are ranked based on: - **Price Path Smoothness**: Ratio of price displacement to the total price path - **Sustainability of New Highs**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][27]. - **Model Evaluation**: The model emphasizes the importance of smooth price paths and consistent momentum, which are less likely to attract excessive attention and thus yield stronger returns[24][27]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Stable New High Stock Selection Model - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative distance of a stock's price from its 250-day high, serving as an indicator of momentum and trend strength[11]. - **Factor Construction Process**: The formula is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ is the latest closing price - $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively captures momentum and trend-following characteristics, making it a reliable indicator for identifying market leaders[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period - Rank stocks based on this ratio and select the top performers[24]. - **Factor Evaluation**: The factor highlights stocks with stable momentum, which are less likely to attract excessive attention and thus yield stronger returns[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][24] - As of November 21, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 4.83%, Shenzhen Component Index 8.65%, CSI 300 6.20%, CSI 500 9.69%, CSI 1000 7.59%, CSI 2000 7.40%, ChiNext Index 12.16%, and STAR 50 Index 16.45% [5][24] - Among the CITIC primary industry indices, the sectors closest to their 250-day new highs include petroleum and petrochemicals, textiles and apparel, basic chemicals, home appliances, and steel [8][24] Group 2 - A total of 1,127 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and power equipment and new energy sectors [2][13][24] - The highest proportion of new high stocks is found in the textiles and apparel, coal, and non-ferrous metals sectors, with respective proportions of 41.41%, 38.89%, and 38.71% [13][24] - The cyclical and manufacturing sectors had the most new high stocks this week, with 364 and 315 stocks respectively [15][24] Group 3 - The report identifies 15 stocks that have shown stable new highs, including Heertai, Sry New Materials, and Cangge Mining, with the manufacturing and cyclical sectors contributing the most stocks [3][20][25] - The construction industry had the highest number of new highs within the manufacturing sector, while the non-ferrous metals industry led in the cyclical sector [20][25]

Group 1 - The core point of the news is that Heertai experienced a decline of 5.21% in its stock price, reaching 51.70 CNY per share, with a trading volume of 5.014 billion CNY and a turnover rate of 11.28%, resulting in a total market capitalization of 47.807 billion CNY [1] - Heertai, established on January 12, 2000, and listed on May 11, 2010, is based in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of smart controllers for household appliances, next-generation smart controllers, and smart hardware [1] - The company's main business revenue composition includes: 65.41% from household appliance smart controllers, 11.34% from smart product smart controllers, 9.82% from power tool smart controllers, 7.63% from automotive electronic smart controllers, 3.69% from microwave and millimeter-wave analog phased array T/R chips, and 2.10% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under Xinda Australia has heavily invested in Heertai, specifically the Xin'ao New Target Flexible Allocation Mixed A (003456), which reduced its holdings by 2,700 shares in the third quarter, now holding 600 shares, accounting for 0.05% of the fund's net value [2] - The Xin'ao New Target Flexible Allocation Mixed A (003456) fund was established on October 19, 2016, with a latest scale of 2.4078 million CNY, showing a year-to-date return of 3.02% and a one-year return of 3.85% [2] - The fund manager, Yang Bin, has been in position for 3 years and 19 days, with the fund's total asset scale at 6.812 billion CNY, achieving a best return of 10.29% and a worst return of 0.08% during his tenure [3]

Core Insights - The company Heertai (002402.SZ) has disclosed significant progress in its automotive electronics and embodied robotics businesses, highlighting a robust order backlog and successful customer expansion [1] - The company has developed industry-leading capabilities in the design, development, and mass production of core vehicle systems and individual components [1] - A joint venture with Dongfang Precision and Leju Robotics is focusing on the core control components of embodied robots, with promising research and development progress [1] - The company is exploring collaborative opportunities with upstream enterprise Moer Thread, with specific partnerships to be established based on business development [1]

Core Viewpoint - The company, Heertai (002402.SZ), has reported a strong order backlog in its automotive electronics business, indicating successful customer expansion and a gradually enriching product line [1] Group 1: Business Performance - The company possesses industry-leading capabilities in the design, development, and mass production of core vehicle systems and individual components [1] - The automotive electronics business has sufficient orders on hand, reflecting robust demand and operational strength [1] Group 2: Strategic Partnerships - The company has established a joint venture with Dongfang Precision and Leju Robotics, focusing on the core control components of embodied robots, with research and development progressing smoothly [1] - The company is exploring business cooperation with its upstream partner, Moore Threads, and plans to implement specific collaborations based on actual business developments [1]