Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Rotation Strategy **Model Construction Idea**: The strategy is based on the weekly change rate of the "total heat" indicator for broad-based indices. It selects the index with the highest heat change rate for investment, while staying out of the market if the "Other" group has the highest rate[7][13][16] **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other"). 2. Smooth the weekly change rate using a 2-period moving average (MA2). 3. On the last trading day of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash. **Model Evaluation**: The strategy demonstrates a clear logic of capturing short-term market sentiment shifts based on heat changes[13][16] - **Model Name**: Concept Heat TOP and BOTTOM Portfolios **Model Construction Idea**: This model identifies the hottest concepts each week and constructs two portfolios based on the highest and lowest heat stocks within these concepts[30][32][34] **Model Construction Process**: 1. Select the top 5 concepts with the largest weekly heat change rates. 2. Exclude the bottom 20% of stocks in terms of market capitalization within the selected concepts. 3. Construct the "TOP" portfolio by equally weighting the top 10 stocks with the highest total heat within each concept. 4. Construct the "BOTTOM" portfolio by equally weighting the bottom 10 stocks with the lowest total heat within each concept. **Model Evaluation**: The model effectively captures behavioral biases in concept-driven markets, where low-heat stocks in hot concepts tend to generate excess returns over time[30][32][34] --- Model Backtesting Results - **Broad-based Index Rotation Strategy**: - Annualized Return: 8.74% - Maximum Drawdown: 23.5% - 2025 YTD Return: 14.7%[16] - **Concept Heat BOTTOM Portfolio**: - Annualized Return: 15.71% - Maximum Drawdown: 28.89% - 2025 YTD Return: 25.5%[34] --- Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator **Factor Construction Idea**: The factor aggregates the browsing, watchlist, and click counts of individual stocks, normalized as a percentage of the total market, and scaled by 10,000[7] **Factor Construction Process**: 1. Aggregate the browsing, watchlist, and click counts for each stock. 2. Normalize the aggregated value as a percentage of the total market. 3. Multiply the normalized value by 10,000 to obtain the total heat score. The range of the indicator is [0, 10,000][7] **Factor Evaluation**: The factor serves as a proxy for market sentiment and attention, effectively capturing behavioral patterns such as overpricing or underreaction at the stock level[7] --- Factor Backtesting Results - **Total Heat Indicator**: - No specific backtesting results provided for this factor in isolation

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6]. Core Insights - The company is expected to achieve a significant increase in net profit for the first half of 2025, with projections ranging from 78.17 to 90.19 million yuan, representing a year-on-year growth of 17% to 35% [1]. - The growth in the company's main business is driven by record sales in elastomers and modified plastics, supported by favorable government policies promoting consumption in the new energy vehicle and home appliance sectors [5]. - The TPV (Thermoplastic Vulcanizate) business is anticipated to accelerate due to price increases and expanding applications in various sectors, including new energy vehicles [5]. - The company is strategically investing in R&D for advanced technologies like DVA (Dynamic Vapor Absorption), which is expected to enhance its competitive edge and growth potential [5]. Financial Data Summary - The company reported total revenue of 4.544 billion yuan in 2023, with projected revenues of 6.133 billion yuan in 2025, reflecting a growth rate of 16% [7]. - The net profit attributable to the parent company is expected to rise from 140 million yuan in 2023 to 205 million yuan in 2025, indicating a growth rate of 46% [9]. - The company's return on equity (ROE) is projected to improve from 4.6% in 2023 to 6.4% in 2025, showcasing enhanced profitability [10].

[Expected Performance for the Current Period](index=1&type=section&id=Item%20I.%20Expected%20Performance%20for%20the%20Current%20Period) The company anticipates a year-on-year increase in net profit for the first half of 2025, with attributable net profit projected to grow by 17.00% to 35.00% - The performance forecast indicates a year-on-year increase[3](index=3&type=chunk) Key Performance Indicators for H1 2025 Performance Forecast | Item | Current Period (H1 2025) | Prior Period (H1 2024) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: **RMB 78.1682 million - RMB 90.1940 million** | Profit: **RMB 66.8104 million** | **17.00% - 35.00%** | | **Net Profit After Non-Recurring Items** | Profit: **RMB 70.9812 million - RMB 83.0070 million** | Profit: **RMB 56.0155 million** | **26.72% - 48.19%** | | **Basic Earnings Per Share** | Profit: **RMB 0.16/share - RMB 0.19/share** | Profit: **RMB 0.15/share** | - | [Communication with Accounting Firm](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that the performance forecast data has not been audited by an accounting firm - This performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) Performance growth is primarily driven by national trade-in policies stimulating demand in downstream new energy vehicles, home appliances, and electronics sectors, alongside increased sales of key products - The company's downstream new energy vehicle, home appliance, and electronics industries maintained strong growth, benefiting from national trade-in policies to stimulate consumption[5](index=5&type=chunk) - Increased R&D and sales efforts for the company's elastomer and modified plastics product series led to record-high sales for the period, significantly contributing to profit improvement[5](index=5&type=chunk)[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=Item%20IV.%20Other%20Relevant%20Information) The company advises investors that this performance forecast is a preliminary financial estimate subject to uncertainty, with final data to be disclosed in the 2025 semi-annual report - This performance forecast represents preliminary accounting results from the company's finance department, with final data subject to the 2025 semi-annual report[7](index=7&type=chunk) - The company has alerted investors to investment risks, advising cautious decision-making[7](index=7&type=chunk)

道恩股份（002838）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为7816.82 万元—9019.4万元，比上年同期的6681.04万元增长17.00%—35.00%。扣除非经常性损益后的净利润为 7098.12万元—8300.7万元，比上年同期的5601.55万元增长26.72%—48.19%。基本每股收益为0.16元/股 —0.19元/股，上年同期为0.15元/股。 ...

Group 1 - The company received a notification from shareholder Han Limei regarding the release and re-pledging of part of her shares [2] - Han Limei released 19,200,000 shares, which accounts for 25.95% of her holdings and 4.01% of the company's total shares [2] - The shares were pledged to Ping An Bank, Qingdao Branch, with the pledge starting on December 20, 2022, and set to expire on July 9, 2025 [2] Group 2 - The total pledged shares by Han Limei before this transaction were 73,997,452 shares, representing 55.39% of her holdings [3] - After the pledge, the total pledged shares amount to 19,200,000, which is 25.95% of her holdings [3] - The company’s controlling shareholder and their concerted actions have a total of 13,962,000 shares maturing within the next year, which is 16.41% of their holdings [4] Group 3 - The company confirms that the pledged shares do not pose a risk of control change and there is no risk of forced liquidation [4] - The controlling shareholder and their concerted actions have the ability to fulfill their obligations regarding the pledged shares [4] - The company will continue to monitor the pledge situation and adhere to disclosure obligations [4]

关于公司股东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。 山东道恩高分子材料股份有限公司（以下简称"公司"）于近日接到公司股东韩丽 梅女士的通知，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业务，具体事 项公告如下： 二、股东股份质押的基本情况 | 1、本次股份质押的基本情况 | | --- | | 股东 | 股股东或 第一大股 | 是否为控 | 本次质押数 | 占其所持 | 占公司总 | 是否为 | 是否为补 | 质押起始日 | 质押到期日 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一 | | 量（股） | 股份比例 | 股本比例 | 限售股 | 充质押 | | | | 用途 | | | 致行动人 | | | | | | | | | | | | | | 是 | 19,200,000 | 25.95% | 4.01% | 是 | 否 | 2025-07-09 | 至申请解除 ...

Group 1 - The company approved the use of idle raised funds for cash management, with a limit of up to 30 million RMB, during the annual shareholders' meeting held on April 8, 2025 [1] - The company has successfully redeemed a financial product named "Galaxy Jinli" with a total amount of 30,141,287.67 RMB, which includes both principal and earnings [2] - The company has engaged in various cash management activities over the past twelve months, including multiple financial products with different types and expected annual yields [2] Group 2 - The financial product "Galaxy Jinli" was initiated on April 10, 2025, and matured on July 8, 2025, with a total return of 30,141,287.67 RMB [2] - Other financial products managed by the company include those from Qingdao Bank and Guotai Junan Securities, with varying maturity dates and types [2]

证券代码：002838 证券简称：道恩股份 公告编号：2025-093 山东道恩高分子材料股份有限公司 关于使用闲置募集资金进行现金管理到期赎回的公告 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。 | 序号 | 受托人名称 | 产品名称 | 产品起息日 | 产品到期日 | 金额 （万元） | 实际赎 回情况 | 实际收益（元） | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中国银河证券股份 有限公司 | "银河金利"收益凭 证 579 期 | 2025 年 4 月 10 日 | 2025 年 7 月 8 日 | 3000 | 已到期赎回 | 141,287.67 | | | | 合计 | | | | - | 141,287.67 | 二、公告日前十二个月公司使用募集资金进行现金管理的情况（含本次公告） | 序号 | 受托人名称 | 产品名称 | 产品起息 | 产品到期 | 金额 | 预计年化 | 产品类型 | 是否 | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - Daon Co., Ltd. has completed the acquisition of 100% equity in Anhui Bost New Materials Co., Ltd., which will become a wholly-owned subsidiary and included in the consolidated financial statements [1][2]. Group 1: Company Overview - Anhui Bost was established on September 9, 2020, with a registered capital of 20 million yuan. The company focuses on polymer new materials, thermoplastic elastomers, and biodegradable plastics. In 2023, it reported revenue of 172 million yuan and a net profit of 3.3 million yuan, while for January to November 2024, it projected revenue of 157 million yuan and a net profit of 3.37 million yuan [2]. Group 2: Market Insights - The acquisition allows Daon to deepen its involvement in the cable new materials sector, particularly in electric vehicles and submarine cables, creating synergies with existing businesses such as high-filled PP material research. The company anticipates significant future demand for cable materials [3]. - The electric cable product market is essential for an electrified and information-driven society, especially with the rapid development of new energy and high-end equipment manufacturing. The market outlook is promising, with the power cable industry in China reaching approximately 1,301.76 billion yuan in 2023, a year-on-year increase of 7%. The estimated market size for 2024 is 1,351.23 billion yuan [3]. - The domestic electric cable industry is highly competitive, with a fragmented market share. Most companies are small and concentrated in the medium and low voltage cable sectors, primarily located in eastern coastal regions such as Hebei, Guangdong, Zhejiang, and Shandong. Major players in high-end special cables, such as ultra-high voltage power cables, include both domestic and foreign enterprises [3][4]. Group 3: Material Requirements - The construction of a new power system is driving increased performance requirements for cable materials, including pressure resistance, high-temperature resistance, wear resistance, oil resistance, climate resistance, flame retardancy, environmental friendliness, ultra-thinness, flexibility, and rodent and termite resistance. The material system is evolving to include specialized PVC, PE, XLPE, halogen-free low-smoke polyolefins, PP materials, special rubber, and thermoplastic elastomers [4]. - The total annual usage of polymer materials for cables in China exceeds 4 million tons, with most materials now domestically produced. However, certain high-end materials, such as ultra-clean insulation materials for high-voltage cables and specialized elastomer materials, still rely heavily on imports [6].

证券代码：002838 证券简称：道恩股份 公告编号：2025-092 类型：有限责任公司(非自然人投资或控股的法人独资) 住所地：安徽省宣城市宁国市经济技术开发区南山园区竹峰路 72 号 山东道恩高分子材料股份有限公司 关于收购安徽博斯特新材料有限公司100%股权的进展公告 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。 山东道恩高分子材料股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开 第五届董事会第二十三次会议，审议通过了《关于收购安徽博斯特新材料有限公司 100% 股权的议案》，同意公司收购安徽博斯特新材料有限公司（以下简称"安徽博斯特"） 100%股权。本次收购完成后，安徽博斯特将成为公司全资子公司，纳入公司合并报表范 围内。具体内容详见公司在《证券时报》《证券日报》《中国证券报》《上海证券报》 和巨潮资讯网（http://www.cninfo.com.cn）上披露的公告。 标的公司已于近日完成了工商变更登记，并取得了由宁国市市场监督管理局下发的 营业执照，基本信息如下： 企业名称：安徽博斯特新材料有限公司 统一社会信用代码：9 ...