Investment Rating - The report maintains a "Buy" rating for Zhujiang Beer (002461) with a target price of —— yuan over the next six months [1]. Core Views - The company reported a strong profit growth in Q2, with the flagship product 97 Pure Draft showing robust momentum. The overall beer industry demand has been recovering well since Q2, with a 2.9% year-on-year increase in domestic beer production from April to May 2025. Zhujiang Beer, as a leading player in Guangdong, is expected to outperform the industry [7]. - The company has solidified its leading position in the Guangdong market, with a market share that has been steadily increasing despite competition. The non-draft channel accounts for over 70% of sales, significantly above the industry average, indicating a successful adaptation to the trend of high-end upgrades in the beer market [7]. - There is substantial room for product structure upgrades, with a clear "3+N" brand strategy aimed at enhancing high-end offerings. The company is expected to capture market share in higher price segments while maintaining its position in the 8 yuan and above price range [7]. Financial Summary - For the fiscal years 2024A to 2027E, the projected revenue growth rates are 6.56%, 8.88%, 9.34%, and 9.09%, respectively. The net profit attributable to the parent company is expected to grow from 8.10 billion yuan in 2024 to 14.22 billion yuan in 2027, with growth rates of 29.95%, 25.42%, 20.15%, and 16.48% [2][8]. - The earnings per share (EPS) are projected to increase from 0.37 yuan in 2024 to 0.64 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 31 to 18 over the same period [2][8]. - The return on equity (ROE) is expected to rise from 7.85% in 2024 to 11.24% in 2027, indicating improving profitability and efficiency [2][8].

Domestic Developments - As of June 2025, China's foreign exchange reserves reached $3,317.4 billion, an increase of $32.2 billion (0.98%) from May[8] - The People's Bank of China has increased its gold reserves for eight consecutive months, with reserves reaching 73.9 million ounces (approximately 2,298.55 tons) by the end of June, up 70,000 ounces from May[9] - The State Council introduced 19 measures to stabilize employment, aiming to support businesses and market expectations amid a declining urban unemployment rate of 5% in May[15][16] International Developments - On July 7, 2025, President Trump signed a tariff order imposing tariffs of 25% to 40% on products from 14 countries, effective August 1, which may impact international trade confidence[18] - Eurozone retail sales grew by 1.8% year-on-year in May, surpassing expectations but slowing from a revised 2.7% in April, indicating a weakening consumer spending momentum[20] - The U.S. Treasury plans to increase its cash reserves from approximately $313 billion to $500 billion by the end of July, with further increases expected in September, raising concerns about debt sustainability[22] Market Trends - Brent crude oil prices increased by 2.70% week-on-week, while iron ore prices rose by 2.22%, and copper prices fell by 1.49%[27] - The price of rebar rose by 0.56% week-on-week, while cement prices decreased by 1.23%[33] - The unemployment rate for the 16-24 age group remains high at 14.9%, indicating ongoing challenges in the job market despite overall improvements[16]

Core Viewpoints - In the first half of 2025, the profitability of thermal power companies improved due to a decrease in coal prices from 765 RMB/ton to 621 RMB/ton, leading to an 11% recovery in stock prices since late January [4] - The thermal power sector is expected to see positive factors in electricity volume, price, and costs in 2025, indicating growth potential [4] - Hydropower and nuclear power sectors remain stable with strong cash flows and high dividend yields, while the deepening of domestic electricity reforms is likely to create diverse investment opportunities [4] Thermal Power - The comprehensive electricity price for thermal power is expected to remain stable in 2025, with coal prices trending downward, leading to further profit recovery in the industry [7] - It is recommended to focus on thermal power companies with smaller declines in electricity prices and lower proportions of long-term coal contracts [7] - The implementation of capacity pricing and auxiliary service income is expected to stabilize thermal power profitability [61] Hydropower - High dividend yields attract incremental capital, with the dividend yield of Changjiang Electric Power remaining between 3.2% and 4.4% from 2017 to 2024 [80] - The hydropower sector is expected to see growth due to the commissioning of new projects, with over 25 million kW of hydropower capacity under construction [73] Nuclear Power - The approval of 11 new nuclear units in 2024 marks a significant acceleration in nuclear project approvals, indicating a stable growth trajectory for the sector [82] - By the end of 2024, China Nuclear Power and China General Nuclear Power have substantial capacities under construction, ensuring future growth [86] Renewable Energy - The installation of wind and solar power is expected to maintain high growth rates, with cumulative installed capacity reaching 1.41 billion kW by the end of 2024 [92] - The implementation of the 136 Document is expected to promote the full market entry of renewable energy, leading to a surge in installed capacity [99] Waste Incineration - The waste incineration sector is entering a mature phase, with operating cash flow and free cash flow both increasing by 18% year-on-year in 2024 [119] - Companies in this sector are expanding overseas, establishing a competitive advantage in countries along the Belt and Road Initiative [122]

Group 1: Global Economic Outlook - The report highlights the exposure of fiscal risks, indicating potential global liquidity shocks [3][7][18] - A shift from globalization to confrontation has disrupted the stable state of the global economy, with the long-term downward trend of 10-year US Treasury yields being broken [7][18] - The divergence between US Treasury yields and the dollar reflects an extreme pricing of fiscal risks [9][14] Group 2: Domestic Economic Conditions - Domestic deflation expectations are easing, activating a persistent accumulation of excess liquidity [3][57] - The report notes that actual interest rates are declining from high levels, which alleviates the financing costs for various economic sectors [78] - The report indicates that the actual dollar index is building a mid-term top, which may relieve external pressures on the economic cycle [82] Group 3: A-Share Market Dynamics - The A-share market is experiencing rapid rotation within a narrow range, driven by excess liquidity [3][57] - Small-cap stocks are expected to outperform due to the accumulation of excess liquidity since 2024 [118][121] - The report identifies key sectors for investment, including AI, robotics, and military industries, which have shown resilience amid trade tensions [117] Group 4: Industry Allocation Insights - The report emphasizes the correlation between excess liquidity and sectoral excess returns, particularly in sectors like electrical machinery and chemical materials [121][124] - The report suggests that the market is not driven by improved economic expectations but rather by key technological breakthroughs that shift deflation expectations [91] - The report indicates that the speed of industry rotation has increased, suggesting a dynamic market environment [104]

Core Insights - The household appliance industry experienced a decline of 1.2% in the Shenwan household appliance index from the beginning of 2025 until June 29, ranking 26th among Shenwan industries [4][13] - The overall performance of the household appliance industry in 2024 and Q1 2025 was good, but the index showed weakness compared to the strong performance in 2024 [4][6] - Factors contributing to the weak index performance include reduced demand elasticity from national subsidies, uncertainty from U.S. tariff policies, low real market demand, and a shift in market style towards new consumption trends [4][6][12] Outlook for H2 2025 - The implementation of more proactive fiscal policies and moderately loose monetary policies is expected to stimulate household appliance consumption, which remains a crucial part of domestic demand [6] - China, as the largest global manufacturer and exporter of household appliances, holds significant production capacities, with 81.3% for air conditioners, 57.6% for refrigerators, and 52% for washing machines in 2023 [6] - Emerging markets in Asia, Africa, and Latin America may present important opportunities for growth, while global leading companies are expected to enhance industry concentration through their advantages in design, manufacturing, and supply chains [6][8] Investment Recommendations - Focus on sectors that still have demand under normalized national subsidy policies, such as air conditioning and kitchen small appliances [8] - Pay attention to export-oriented companies targeting emerging markets or those with overseas production capabilities to mitigate U.S. exposure [8] - Consider companies that are diversifying into new industries such as electric vehicles and robotics [8] - Look for significantly undervalued high-dividend stocks, as a shift in funding styles or rising risk aversion may create favorable market conditions [8] H1 2025 Review - The household appliance index's performance was weak, with the appliance parts sector leading with a 16.3% increase, while the white goods sector saw a decline of 4.7% [15][19] - The average price-to-earnings (PE) ratio for the household appliance industry is currently at 14.3X, ranking 28th among 31 Shenwan primary industries, indicating a relatively low valuation level [19][25] - The dividend yield for the household appliance industry stands at 3.7%, ranking 4th among 31 Shenwan primary industries, supported by strong cash flow [25][26] Sales and Production Trends - In the first five months of 2025, air conditioner domestic sales reached 54.236 million units, a year-on-year increase of 7.8%, while external sales were 49.25 million units, up 11.4% [31] - Refrigerator domestic sales for the first four months of 2025 were 14.414 million units, down 1.4% year-on-year, while external sales were 17.362 million units, up 9.2% [36] - Washing machine domestic sales for the first four months of 2025 were 14.925 million units, up 8.4% year-on-year, with external sales at 15.198 million units, also up 8.5% [41] - Television domestic sales for the first four months of 2025 were 11.62 million units, a slight increase of 0.2%, while external sales reached 32.35 million units, up 2% [46] Cost and Pricing Pressures - From January to July 2025, LME copper and aluminum prices increased by 4.4% and 7.1%, respectively, indicating ongoing cost pressures for appliance manufacturers [48] - The average exchange rate of the U.S. dollar to the Chinese yuan remained stable at 7.17, presenting a neutral impact on companies engaged in overseas business [54] - High shipping costs continue to compress profit margins for exports, with ongoing geopolitical tensions and tariff policies contributing to this pressure [58]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The research value of the scheduled interest rate in July may be around 2%. The decline in the scheduled interest rate may boost insurance premium income, and the adjustment is likely to occur in the third quarter with an expected reduction of 50BP [4][8][9]. - The growth of premium income may increase insurance allocation demand and alleviate the supply pressure of government bonds. The scheduled interest rate cut will also help insurance change its preference for ultra - long - term bond interest rate points, supporting the downward movement of long - end interest rates [4][24][33]. - The bond market in July is expected to continue to be volatile with a bullish bias. The capital side remains optimistic, and institutional behavior may contribute to the strengthening of the bond market. However, the downward space for long - end interest rates may require more catalysts. The recommended investment strategy is a combination of "short - term credit + long - term local bonds" [5][114]. 3. Summary by Relevant Catalogs 3.1 Insurance Configuration Point Breakthrough - **July Scheduled Interest Rate Research Value**: The research value is related to three major interest rates (5 - year LPR, 5 - year fixed - deposit rate, and 10 - year Treasury bond yield) and the insurance asset - liability management level. Assuming the adjustment coefficient in July is the average of the first and second quarters, the research value is estimated to be about 2.00% [8]. - **Impact of Scheduled Interest Rate Cut on the Bond Market**: It may increase insurance premium income, boost insurance allocation demand, and alleviate government bond supply pressure. It also helps insurance change its preference for ultra - long - term bond interest rate points, supporting long - end interest rate decline [4][24][33]. 3.2 Important Matters - In June, the manufacturing PMI rose by 0.2 percentage points to 49.7%. The production and new order indexes were in the expansion range, and the price indexes improved [35]. 3.3 Money Market - **Open Market Operations and Capital Interest Rate Trends**: From June 30 to July 4, the central bank's net capital injection was - 137.53 billion yuan. After the quarter - end, capital interest rates dropped significantly, and overnight capital interest rates fell below the policy rate [38][39][40]. - **Certificate of Deposit Interest Rate Trends and Repurchase Transaction Volume**: Last week, the net financing of inter - bank certificates of deposit was 1.87 billion yuan. The issuance interest rate decreased, with state - owned and joint - stock banks seeing a more significant decline. The 1 - year average issuance interest rate was about 1.60% [46][50]. 3.4 Bond Market - **Primary Market**: In the first week of July, the net financing of local government bonds was slow. As of July 4, the cumulative net financing of various national debts in 2025 was about 3.58 trillion yuan, and that of local bonds was about 4.41 trillion yuan. The issuance of special refinancing bonds reached 1.73 trillion yuan [57][69]. - **Secondary Market**: The yield curve steepened slightly. The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds changed by - 0.90BP, - 1.40BP, - 1.36BP, 0.02BP, - 0.29BP, and 0.20BP respectively. The spreads between 10 - year Treasury bonds and their sub - active bonds continued to narrow, and the spreads between long - term and ultra - long - term local bonds and Treasury bonds narrowed [71][78][86]. 3.5 Institutional Behavior Tracking - After the quarter - end, the leveraged trading volume quickly recovered to the 8 - trillion - yuan level. State - owned banks continued to increase their holdings of Treasury bonds within 5 years, rural commercial banks mainly bought policy - financial bonds and local bonds, securities firms reduced their holdings of interest - rate bonds, and funds were the main buyers of long - term Treasury bonds. The average cost of major trading desks for adding positions was between 1.64% - 1.65% [87][99][102]. 3.6 High - Frequency Data Tracking - Last week, the settlement prices of rebar, wire rod, and cathode copper futures increased, while the cement price index decreased. The CCFI and BDI indexes declined. Food prices showed mixed trends, and crude oil prices rose. The central parity rate of the US dollar against the RMB was 7.15 [111]. 3.7 Market Outlook - The bond market in July is expected to be volatile with a bullish bias. The capital side remains optimistic, and institutional behavior may strengthen the bond market. However, the downward space for long - end interest rates needs more catalysts. The recommended investment strategy is a combination of "short - term credit + long - term local bonds" [5][114].

Domestic Highlights - China's Caixin Manufacturing PMI for June recorded at 50.4, up 2.1 percentage points from the previous month, indicating a return to expansion[10] - The Ministry of Finance announced a tax credit policy for foreign investors reinvesting profits in China, effective from January 1, 2025, to December 31, 2028, allowing a 10% tax credit on eligible reinvestments[9] - The National Development and Reform Commission allocated over 300 billion yuan to support the third batch of "two重" construction projects, which are expected to stabilize domestic demand growth in the second half of 2025[14][15] International Highlights - The U.S. Senate passed the "Big and Beautiful" tax and spending bill, projected to increase the national debt by approximately $3.3 trillion over the next decade[19] - The U.S. non-farm payrolls increased by 147,000 in June, with the unemployment rate dropping to 4.1%, leading to reduced expectations for interest rate cuts in July[23][25] - The Hong Kong Monetary Authority purchased 20.02 billion HKD to defend the local currency as it hit the weak end of its peg against the U.S. dollar[21][22] Market Trends - Brent crude oil prices decreased by 2.13% week-on-week, while iron ore and copper prices increased by 1.73% and 1.95%, respectively[26] - Rebar prices rose by 0.72%, while cement prices fell by 1.37% week-on-week, indicating mixed trends in the construction materials market[32]

Investment Rating - The report indicates a positive investment outlook for the C-end application industry, particularly highlighting subscription platforms as leading performers and advertising platforms showing continuous improvement [1]. Core Insights - The report emphasizes the importance of AI in enhancing user engagement and optimizing recommendation algorithms, which are crucial for building competitive barriers in C-end applications. Companies like Duolingo and Spotify are leveraging AI to improve user experience and increase subscription conversion rates, while advertising platforms like Snapchat and Pinterest are enhancing ad automation and recommendation systems to drive revenue growth [2][3]. Summary by Sections C-end Applications - Subscription platforms are outperforming advertising platforms, with significant improvements in user engagement and revenue generation [5][8]. - Duolingo and Spotify have successfully integrated AI features, leading to increased product value and resilience in growth. Duolingo's new subscription tier, Duolingo Max, has seen a rise in eligible users from under 10% to over 60%, while Spotify has implemented price increases supported by AI functionalities [3][17]. Subscription Platforms - AI capabilities have significantly enhanced the value of subscription products, with Duolingo's subscription revenue share increasing from 79% to 83% and Spotify reaching 90% [17][30]. - The introduction of AI-driven features has led to substantial revenue contributions, with Duolingo Max and Spotify's price adjustments driving user growth and average revenue per user (ARPU) increases [30]. Advertising Platforms - AI has improved advertising conversion efficiency, with Snapchat's ad revenue growth shifting from negative to positive, and Pinterest's revenue growth accelerating from single digits to over 20% [30]. - Snapchat's subscription service, Snapchat+, has contributed to revenue growth, with its user base expanding significantly [27][30]. Performance Metrics - The report highlights the stock performance of C-end application companies, with Duolingo and Spotify showing substantial gains compared to Snapchat and Pinterest, particularly in the context of AI advancements [7]. - Active user growth and revenue metrics indicate a recovery and stabilization trend across major platforms, with ARPU showing positive growth from Q1 2024 onwards [10][30].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market in July may show a volatile and bullish trend. The fundamentals may not significantly interfere with the bond market. The market has already anticipated the good performance of the first - half economic data, and the impact of tariffs on bond market pricing has diminished. The logic of the bond market in July may revolve around capital prices, fiscal supply, and institutional demand. The capital market is expected to remain loose under the central bank's care, but short - term interest rates may not break through significantly before the central bank restarts Treasury bond purchases. The 10 - year and 30 - year Treasury bond yields may face resistance at 1.6% and 1.8% respectively. The market is likely to maintain a volatile and bullish trend before a new round of interest - rate cut expectations. Investment strategies can consider a "short - credit + long - local - bond" portfolio for allocation, and choose the 10 - year Treasury bond active bond (250011) and 30 - year Treasury bond active bond (2500002) for trading [6][34]. 3. Summary According to the Directory 3.1 7 - Month Bond Market: The Beginning of Breaking the Situation - **Economic Situation**: In the first half of 2025, the domestic economy showed a steady recovery. The average growth rate of social financing stock from January to May was about 8.4%, with an increasing year - on - year growth rate. The cumulative year - on - year growth rate of total retail sales of consumer goods as of May was 6.4%, 2.77 percentage points higher than the same period in 2024. The average export growth rate from January to May was about 5.64%, and it was expected to perform well in June. The cumulative year - on - year growth rate of fixed - asset investment generally remained in the range of 4% - 5% [4][10]. - **Monetary Policy**: After the quarter - end, the monetary policy is expected to support the continued loose liquidity. Although July is a large tax - payment period with potential local - bond supply pressure, the central bank has sufficient policy tools and space to deal with it. Tools such as restarting Treasury bond purchases and reserve - requirement ratio cuts may be considered, and the possibility of early policy implementation has increased. The capital market in July is expected to remain loose [4][20]. - **Institutional Demand**: Banks and insurance companies may still have a demand for bond replenishment at the beginning of July. Insurance companies may have more room to increase their investment in July as the ceiling of the predetermined interest rate of life - insurance products may be lowered in the third quarter, which is expected to increase premium income and support their allocation willingness, but the support for ultra - long - term Treasury bonds may be limited [4][26][29]. - **Political Bureau Meeting**: The July Political Bureau Meeting may focus more on economic development, and the policy direction is unlikely to change. It may continue to require fiscal and monetary policies to support economic stability and emphasize the tone and implementation direction of monetary policy in 2025 and fiscal incremental measures [31]. 3.2 Important Matters - **Fed's Interest - Rate Cut Expectation**: On June 24, local time, Fed Chairman Powell did not rule out the possibility of an early interest - rate cut when answering questions from members of Congress, which increased the market's expectation of a Fed interest - rate cut [35]. - **MLF Operation in June**: On June 24, the central bank announced a 300 - billion - yuan MLF operation on June 25, with a net investment of 118 billion yuan considering the maturity scale [38]. 3.3 Money Market - **Open - Market Operations and Capital Interest - Rate Trends**: From June 23 to 27, the central bank's open - market operations had a net investment of 126.72 billion yuan. From June 30 to July 4, it is expected that 202.75 billion yuan of base currency will be withdrawn, all from reverse - repurchase maturities. The 7 - day pledged - repurchase interest rate rose significantly near the quarter - end [40][43]. - **Certificate of Deposit Interest - Rate Trends and Repurchase Transaction Volume**: Last week, the net financing of inter - bank certificates of deposit was - 411.25 billion yuan. The primary - market issuance was mainly by city commercial banks. The issuance interest rate decreased compared with the previous week, and the secondary - market yields of all - term certificates of deposit increased [48][54]. 3.4 Bond Market - **Primary Market**: Last week, the issuance scale of local new special bonds increased significantly, promoting the acceleration of the net financing rhythm of long - term local bonds. The issuance scale of Treasury bonds decreased, but the issuance result of the 30 - year ultra - long - term special Treasury bond was good. The total issuance of interest - rate bonds was 867.64 billion yuan, with a net financing of 815.818 billion yuan [57][59]. - **Secondary Market**: The market showed a bullish and steep trend of "short - term down, long - term up". The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds changed by - 1.00BP, - 0.69BP, 0.40BP, 2.85BP, 0.66BP, and 1.20BP respectively. The trading volume and turnover rate of 10 - year Treasury and CDB active bonds decreased. The spread between the 10 - year Treasury active bond and the second - active bond narrowed, and the term spread and the spread between long - term local bonds and Treasury bonds widened [64][66][72]. 3.5 Institutional Behavior Tracking - **Leveraged Trading and Spot - Bond Market Transactions**: Last week, the leveraged trading scale decreased as the capital price increased. In the spot - bond market, state - owned banks continued to increase their holdings of Treasury bonds with a maturity of less than 5 years, but the intensity weakened. Rural commercial banks switched to bond - replenishment operations, with a net purchase of 45.4 billion yuan. Securities firms and insurance companies increased their purchases of long - term Treasury bonds, and funds continued to increase their holdings but with reduced intensity [79][87]. - **Institutional Leverage Ratio**: In May 2025, the overall leverage ratio of all institutions in the inter - bank market was about 118.46%, slightly higher than that in April. The leverage ratios of commercial banks, securities firms, and other institutions were about 110.53%, 183.89%, and 131.06% respectively [79]. - **Trading - Desk Information**: The current average cost of major trading desks for adding positions in 10 - year Treasury bonds is between 1.64% and 1.65%. The average duration of all pure - bond funds and high - performing pure - bond funds increased slightly last week [91][97].

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ 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 [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].