Quantitative Models and Construction Methods - **Model Name**: GAN_GRU **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for processing volume-price time-series features and Gated Recurrent Unit (GRU) for encoding time-series features to create a stock selection factor[4][13][41] **Model Construction Process**: 1. **GRU Component**: - Input features include 18 volume-price features such as closing price, opening price, turnover, and turnover rate[14][17][19] - Training data consists of the past 400 days of these features, sampled every 5 trading days, forming a 40x18 matrix to predict cumulative returns over the next 20 trading days[18] - Data preprocessing includes outlier removal and normalization at both time-series and cross-sectional levels[18] - Model architecture: Two GRU layers (128, 128) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet), which serves as the stock selection factor[22] - Training method: Semi-annual rolling training, with training conducted on June 30 and December 31 each year[18] - Optimization: Adam optimizer, learning rate of 1e-4, IC loss function, early stopping after 10 epochs, and a maximum of 50 training epochs[18] 2. **GAN Component**: - GAN consists of a generator (G) and a discriminator (D)[23] - Generator: Uses LSTM to preserve the time-series nature of the input features, transforming random noise into realistic data samples[33][37] - Loss function: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability[24][25] - Discriminator: Uses CNN to process the two-dimensional volume-price time-series features, distinguishing between real and generated data[33][37] - Loss function: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data[27][29] - Training: Alternating updates of the generator and discriminator parameters until convergence[30] **Model Evaluation**: The GAN_GRU model effectively captures both time-series and cross-sectional features, leveraging the strengths of GAN and GRU for stock selection[4][13][41] --- Model Backtesting Results - **GAN_GRU Model**: - **IC Mean**: 11.36%[41][42] - **ICIR (Non-Annualized)**: 0.88[42] - **Turnover Rate**: 0.83[42] - **Recent IC**: -2.56%[41][42] - **1-Year IC Mean**: 8.94%[41][42] - **Annualized Return**: 38.09%[42] - **Annualized Volatility**: 23.68%[42] - **IR**: 1.61[42] - **Maximum Drawdown**: 27.29%[42] - **Annualized Excess Return**: 23.52%[41][42] --- Quantitative Factors and Construction Methods - **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: Derived from the GAN_GRU model, this factor encodes volume-price time-series features to predict stock returns[4][13][41] **Factor Construction Process**: - The factor is generated using the output of the GAN_GRU model, which combines GAN-based feature generation and GRU-based time-series encoding[4][13][41] - The factor undergoes industry and market capitalization neutralization, as well as standardization, before being used for testing[22] **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent outperformance in recent years[4][13][41] --- Factor Backtesting Results - **GAN_GRU Factor**: - **IC Mean**: 11.36%[41][42] - **ICIR (Non-Annualized)**: 0.88[42] - **Turnover Rate**: 0.83[42] - **Recent IC**: -2.56%[41][42] - **1-Year IC Mean**: 8.94%[41][42] - **Annualized Return**: 38.09%[42] - **Annualized Volatility**: 23.68%[42] - **IR**: 1.61[42] - **Maximum Drawdown**: 27.29%[42] - **Annualized Excess Return**: 23.52%[41][42]

Financial Performance - The company reported a total revenue of 4.589 billion yuan for the first half of 2025, representing a year-on-year increase of 5.93% [1] - The net profit attributable to shareholders was 288 million yuan, showing a decline of 24.61% compared to the previous year [1] - In Q2 2025, the total revenue reached 2.759 billion yuan, up 8.33% year-on-year, while the net profit attributable to shareholders was 145 million yuan, down 19.85% [1] Profitability Metrics - The gross margin decreased to 13.2%, down 27.06% year-on-year, and the net margin fell to 6.2%, a decline of 28.01% [1] - The company's earnings per share (EPS) was 0.09 yuan, down 24.63% year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) was 6.97%, indicating average capital returns [3] - The net profit margin for the previous year was 6.93%, suggesting average added value for products or services [3] - The debt ratio for interest-bearing liabilities reached 23.42%, indicating a significant level of debt [3] Cash Flow and Receivables - The company reported a negative operating cash flow of -0.16 yuan per share, a decrease of 21.45% year-on-year [1] - Accounts receivable accounted for 583.76% of the net profit, indicating a high level of receivables relative to profit [1][3] - The cash assets to current liabilities ratio was 73.93%, suggesting a need for attention to cash flow management [3]

董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002498 证券简称：汉缆股份 公告编号：2025-029 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控 ...

每经AI快讯，汉缆股份（SZ 002498，收盘价：3.63元）8月29日发布公告称，公司第六届第二十一次董 事会会议于2025年8月27日在公司四楼会议室召开。会议审议了《关于2025年半年度报告及摘要的议 案》等文件。 2025年1至6月份，汉缆股份的营业收入构成为：电线电缆行业占比100.0%。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张喜威） ...

Core Viewpoint - Hanlan Co., Ltd. reported a revenue of 4.589 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.93% [1] - The net profit attributable to shareholders decreased by 24.61% to 288 million yuan [1] - The net profit after deducting non-recurring gains and losses fell by 28.91% to 244 million yuan [1] - Basic earnings per share stood at 0.0866 yuan [1] Financial Performance - Revenue for the first half of 2025: 4.589 billion yuan, up 5.93% year-on-year [1] - Net profit attributable to shareholders: 288 million yuan, down 24.61% year-on-year [1] - Net profit after deducting non-recurring items: 244 million yuan, down 28.91% year-on-year [1] - Basic earnings per share: 0.0866 yuan [1]

| | 资金占用 | 占用方与上 | 上市公司核 | 2025 年期 | 2025 年半年度 | 2025 年半年 | 2025 年度半 | 2025 上半年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占用累计发生 | 度占用资金 | | | 占用形 | | | 非经营性资金占用 | | 市公司的关 | 算的会计科 | 初占用资 | | | 年偿还累计 | 期末占用资 | | 占用性质 | | | 方名称 | | | | 金额（不含利 | 的利息（如 | | | 成原因 | | | | | 联关系 | 目 | 金余额 | | | 发生金额 | 金余额 | | | | | | | | | 息） | 有） | | | | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | | | 前控股股东、实际控制 | | | | | | | | | | ...

青岛汉缆股份有限公司 2025 年半年度财务报告 青岛汉缆股份有限公司 2025 年半年度财务报告 (未经审计) 2025 年 08 月 1 青岛汉缆股份有限公司 2025 年半年度财务报告 目 录 | 财务报表………………………………………………………………………… | 3 | 20 | - | | --- | --- | --- | --- | | 报表附注………………………………………………………………………… | 20 | 106 | - | 2 合并资产负债表 编制单位：青岛汉缆股份有限公司 金额单位：人民币元 | 项目 | 2025 年 6 月 30 日 | 2024 年 12 月 31 日 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,503,038,231.20 | 1,370,336,753.31 | | 交易性金融资产 | 1,540,656,481.88 | 1,123,507,268.00 | | 衍生金融资产 | 45,538,000.00 | | | 应收票据 | 203,400,198.34 | 123,271,413.17 | | ...

本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛汉缆股份有限公司（以下简称"公司"）第六届监事会第十五次会议于 2025 年 8 月 27 日上午在公司四楼会议室召开。本次会议已于 2025 年 8 月 15 日 以书面、传真等方式发出通知。会议以现场会议方式召开，应出席会议监事 3 人，实际出席会议监事 3 人，会议由监事会主席张大伟先生主持，会议的召集、 召开与表决程序符合《公司法》和公司章程的规定。经与会监事认真审议，表决 通过了如下决议： 会议以现场会议记名投票表决方式审议通过了如下议案： 证券代码：002498 证券简称：汉缆股份 公告编号：2025-028 青岛汉缆股份有限公司 第六届监事会第十五次会议决议公告 一、《关于 2025 年半年度报告及摘要的议案》 2025年半年度报告具体内容详见巨潮资讯网（www.cninfo.com.cn）公告， 2025年半年度报告摘要详见巨潮资讯网（www.cninfo.com.cn）及《中国证券报》、 《上海证券报》、《证券日报》和《证券时报》上的相关公告。 表决情况：同意 3 票、弃权 0 票、反对 0 ...

证券代码：002498 证券简称：汉缆股份 公告编号：2025-027 青岛汉缆股份有限公司 第六届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 青岛汉缆股份有限公司 董事会 2025 年 8 月 27 日 本次会议审议事项如下： 一、《关于 2025 年半年度报告及摘要的议案》 表决情况：同意 9 票，反对 0 票，弃权 0 票；表决结果：通过。 2025年半年度报告具体内容详见巨潮资讯网（www.cninfo.com.cn）公告， 2025年半年度报告摘要详见巨潮资讯网（www.cninfo.com.cn）及《中国证券报》、 《上海证券报》、《证券日报》和《证券时报》上的相关公告。 该议案无需提交股东大会审议。 特此公告。 青岛汉缆股份有限公司（以下简称"公司"）第六届董事会第二十一次会议 于 2025 年 8 月 27 日上午在公司四楼会议室召开。本次董事会会议采用现场表决 方式召开。本次会议由公司董事长张立刚先生召集和主持，会议通知已于 2025 年 8 月 15 日以书面、传真加电话确认等方式向全体董事发出。本次会议应 ...

Group 1 - The company reported a revenue of 4.589 billion yuan for the first half of the year, representing a year-on-year increase of 5.93% [1] - The net profit attributable to shareholders of the listed company was 288 million yuan, showing a year-on-year decrease of 24.61% [1] - The basic earnings per share were 0.0866 yuan per share [1]