Market Overview - The A-share market experienced fluctuations last week, with the margin balance reaching a historical high of 24,417.76 billion yuan as of October 10, and the financing balance at 24,256.59 billion yuan, an increase of 472.69 billion yuan over the week [1] - On October 9, the financing balance increased by 508.05 billion yuan, marking the second-highest single-day increase on record, followed by a decrease of 35.36 billion yuan on October 10 [1] Industry Analysis - Among the 31 industries tracked, 26 saw an increase in financing balance last week, with the electronics, non-ferrous metals, and power equipment sectors leading in net financing inflows of 71.93 billion yuan, 62.74 billion yuan, and 53.38 billion yuan respectively [1] - The five industries that experienced a decrease in financing balance included social services, public utilities, and coal, with net sell-offs of 1.02 billion yuan, 0.60 billion yuan, and 0.59 billion yuan respectively [1] Individual Stock Performance - A total of 138 stocks saw net purchases exceeding 1 billion yuan, with the top ten stocks being ZTE Corporation, Xinyise, Dongfang Wealth, Zijin Mining, Northern Rare Earth, Xiechuang Data, Kingsoft, Silan Microelectronics, Cambricon Technologies, and Hikvision, with net purchases of 20.72 billion yuan, 17.09 billion yuan, and 13.28 billion yuan respectively [4] - The top ten stocks with the highest net purchases mostly experienced declines, with ZTE Corporation being the exception, rising over 13% [4] Detailed Stock Data - The financing net purchase amounts for the top stocks were as follows: - ZTE Corporation: 207.17 million yuan, with a price increase of 13.94% - Xinyise: 170.92 million yuan, with a price decrease of 5.35% - Dongfang Wealth: 132.76 million yuan, with a price decrease of 3.80% - Zijin Mining: 94.60 million yuan, with a price increase of 4.86% - Northern Rare Earth: 77.95 million yuan, with a price increase of 8.65% [6]

Core Viewpoint - The company has a significant overseas revenue contribution of 48.32% as of the 2025 mid-year report, indicating a strong international presence and strategic focus on global markets [1]. Group 1: Overseas Revenue and Market Presence - The company serves customers across major global markets including Europe, Asia-Pacific, and Latin America, with applications in smart home, IoT devices, and consumer electronics [1]. - The company has established alternative procurement channels for key components in Japan, South Korea, and Europe, while primarily relying on domestic suppliers for core raw materials [1]. Group 2: Supply Chain and Logistics - The company exports goods to the United States mainly through its overseas smart manufacturing facilities located in the Philippines, the U.S., and Thailand, with a relatively small proportion of direct exports to the U.S. [1]. - The company is committed to enhancing its U.S. manufacturing capacity as part of its internationalization strategy, while maintaining a focus on the global trade environment and ensuring a resilient supply chain [1].

（原标题：协创数据(300857.SZ)：公司直接出口美国的产品收入占比较小） 格隆汇10月13日丨协创数据(300857.SZ)在投资者互动平台表示，公司目前出口至美国货物主要通过公 司的菲律宾工厂、美国工厂、泰国工厂等海外智能制造工厂进行交付，未来也会持续通过美国工厂产能 建设以贯彻公司国际化战略。同时公司直接出口美国的产品收入占比较小，综合来看公司受相关关税政 策调整的影响相对有限。公司一直密切关注相关政策动态，并及时评估政策变化对公司业务的影响。目 前公司生产经营情况正常，业务亦正按计划有序推进中。 ...

Core Viewpoint - The company has a global and resilient supply chain that effectively addresses potential risks and challenges, with limited direct exports to the U.S. and a focus on internationalization through capacity building in U.S. factories [1] Group 1 - The company exports goods to the U.S. primarily through its overseas smart manufacturing plants located in the Philippines, the U.S., and Thailand [1] - Direct product revenue from exports to the U.S. is relatively small, indicating a strategic focus on enhancing production capacity in the U.S. [1] - The company is closely monitoring changes in the global trade environment, which has not significantly impacted its production and operations [1]

Core Viewpoint - The company, Xiechuang Data, has made significant progress in its industrial layout, particularly in the storage business, which has led to a substantial increase in stock price and steady growth in operating performance [1][4][7]. Group 1: Industrial Layout and Performance - Xiechuang Data has established a full-chain industrial layout from storage chip testing to storage module assembly, with multiple types of storage products achieving mass shipments [1][5]. - Since its listing in 2020, the company has experienced continuous growth in revenue and net profit, with a net profit of 432 million yuan in the first half of 2025, surpassing the total for 2022 and 2023 combined [1][8]. - The company has accelerated its internationalization strategy, planning a Hong Kong IPO to optimize overseas business layout and enhance foreign financing capabilities [1][9]. Group 2: Stock Performance - Despite a recent decline in stock price, Xiechuang Data's stock has doubled in the past two months, with a price increase of 121.62% from 76.89 yuan on August 8, 2025, to 170.40 yuan on October 10, 2025 [2][3]. - The stock price has increased nearly 25 times since its initial offering price of 9.3 yuan, reflecting strong market performance [2][3][4]. Group 3: Revenue Growth and International Market - The company's overseas revenue accounted for 48.32% of total revenue in the first half of 2025, with a year-on-year growth of 41.71%, indicating a stable development in international markets [1][9]. - Xiechuang Data has invested in factories in Southeast Asia and has established a presence in regions such as the Philippines, Thailand, and the United States, contributing significantly to its revenue [9].

Core Viewpoint - The company is actively deploying its recently purchased 9 billion yuan worth of computing servers and is experiencing strong demand for its computing services, indicating no issues with service oversupply or contract defaults [2]. Group 1 - The company has purchased computing servers worth 9 billion yuan, which are being delivered and deployed as planned [2]. - The company is procuring servers based on existing customer orders, reflecting a robust demand for its computing services [2]. - There are no concerns regarding service oversupply or defaults on contracts, as stated by the company [2].

协创数据在互动平台表示，公司的存储业务布局了从存储芯片封测到存储模组成品的全链条产业，目前 多种类型的存储产品已实现批量出货。 ...

Core Viewpoint - The company has established a comprehensive storage business that spans from storage chip packaging and testing to the production of storage module components, with multiple types of storage products already achieving mass shipments [1] Group 1 - The company's storage business covers the entire industry chain [1] - Various types of storage products have been successfully shipped in bulk [1]

Quantitative Models and Construction Methods 1. **Model Name**: Securities Firms' Golden Stock Performance Enhancement Portfolio - **Model Construction Idea**: The model aims to optimize the selection of stocks from the securities firms' golden stock pool to outperform the benchmark, which is the median of equity-biased hybrid fund indices. The model leverages a multi-factor approach to select stocks with high alpha potential while controlling for deviations in individual stocks and style factors from the golden stock pool [39][43]. - **Model Construction Process**: - The securities firms' golden stock pool is used as the stock selection universe and constraint benchmark. - A multi-factor model is applied to further optimize the selection of stocks from the pool. - The portfolio is constructed by controlling the deviation of individual stocks and style factors from the golden stock pool. - The industry allocation is based on the distribution of all public funds [43]. - **Model Evaluation**: The model demonstrates strong alpha generation potential and consistently outperforms the equity-biased hybrid fund index. It reflects the research strength of securities firms and their ability to capture market trends effectively [43]. --- Model Backtesting Results 1. **Securities Firms' Golden Stock Performance Enhancement Portfolio** - **Absolute Return (Monthly)**: -0.55% (2025/09/01 - 2025/09/30) [42] - **Excess Return (Monthly)**: -3.50% relative to equity-biased hybrid fund index (2025/09/01 - 2025/09/30) [42] - **Absolute Return (Year-to-Date)**: 33.26% (2025/01/02 - 2025/09/30) [42] - **Excess Return (Year-to-Date)**: 1.19% relative to equity-biased hybrid fund index (2025/01/02 - 2025/09/30) [42] - **Ranking in Active Equity Funds (Year-to-Date)**: 43.07% percentile (1494/3469) [42] - **Historical Performance (2018-2025)**: - Annualized Return: 19.34% - Annualized Excess Return: 14.38% relative to equity-biased hybrid fund index - Consistently ranked in the top 30% of active equity funds each year [44][47] --- Quantitative Factors and Construction Methods 1. **Factor Name**: Intraday Return - **Factor Construction Idea**: Measures the return generated within a single trading day to capture short-term price movements [27][28]. - **Factor Evaluation**: Demonstrated strong performance in the most recent month [27][28]. 2. **Factor Name**: BP (Book-to-Price Ratio) - **Factor Construction Idea**: Reflects the valuation of a stock by comparing its book value to its market price [27][28]. - **Factor Evaluation**: Performed well in the most recent month but underperformed year-to-date [27][28]. 3. **Factor Name**: Volatility - **Factor Construction Idea**: Measures the degree of variation in a stock's price over a specific period, capturing risk and uncertainty [27][28]. - **Factor Evaluation**: Showed strong performance in the most recent month but underperformed year-to-date [27][28]. 4. **Factor Name**: Total Market Capitalization - **Factor Construction Idea**: Represents the total market value of a company's outstanding shares, often used to gauge company size [27][28]. - **Factor Evaluation**: Underperformed in the most recent month but performed well year-to-date [27][28]. 5. **Factor Name**: SUE (Standardized Unexpected Earnings) - **Factor Construction Idea**: Measures the deviation of actual earnings from expected earnings, standardized by the standard deviation of past earnings surprises [27][28]. - **Factor Evaluation**: Underperformed in the most recent month [27][28]. 6. **Factor Name**: Single-Quarter Earnings Surprise - **Factor Construction Idea**: Captures the magnitude of earnings surprises in a single quarter [27][28]. - **Factor Evaluation**: Underperformed in the most recent month but performed well year-to-date [27][28]. 7. **Factor Name**: Single-Quarter Revenue Growth - **Factor Construction Idea**: Measures the growth in revenue over a single quarter, reflecting a company's sales performance [27][28]. - **Factor Evaluation**: Performed well year-to-date [27][28]. 8. **Factor Name**: Analyst Net Upward Revision - **Factor Construction Idea**: Tracks the net number of upward revisions in analysts' earnings estimates for a stock [27][28]. - **Factor Evaluation**: Performed well year-to-date [27][28]. 9. **Factor Name**: Expected Dividend Yield - **Factor Construction Idea**: Represents the expected annual dividend payments as a percentage of the stock price [27][28]. - **Factor Evaluation**: Underperformed year-to-date [27][28]. --- Factors' Backtesting Results 1. **Intraday Return Factor** - **Recent Month Performance**: Strong [27][28] - **Year-to-Date Performance**: Not specified [27][28] 2. **BP Factor** - **Recent Month Performance**: Strong [27][28] - **Year-to-Date Performance**: Weak [27][28] 3. **Volatility Factor** - **Recent Month Performance**: Strong [27][28] - **Year-to-Date Performance**: Weak [27][28] 4. **Total Market Capitalization Factor** - **Recent Month Performance**: Weak [27][28] - **Year-to-Date Performance**: Strong [27][28] 5. **SUE Factor** - **Recent Month Performance**: Weak [27][28] - **Year-to-Date Performance**: Not specified [27][28] 6. **Single-Quarter Earnings Surprise Factor** - **Recent Month Performance**: Weak [27][28] - **Year-to-Date Performance**: Strong [27][28] 7. **Single-Quarter Revenue Growth Factor** - **Recent Month Performance**: Not specified [27][28] - **Year-to-Date Performance**: Strong [27][28] 8. **Analyst Net Upward Revision Factor** - **Recent Month Performance**: Not specified [27][28] - **Year-to-Date Performance**: Strong [27][28] 9. **Expected Dividend Yield Factor** - **Recent Month Performance**: Not specified [27][28] - **Year-to-Date Performance**: Weak [27][28]

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - On October 9, the top ten stocks by purchase frequency in the stock group included companies such as Xiechuang Data (sz300857) and Lankai Technology (sh688008) [2] - The top ten stocks by purchase amount on the same day featured companies like SMIC (sh688981) and Lankai Technology (sh688008) [3] - The data for the top ten buy stocks/ETFs is based on the frequency of purchases by all participating contestants, while the top ten by purchase amount reflects the highest monetary investments [4]