证券研究报告·金融工程·金工定期报告 金工定期报告 20250507 2025-04-03 TPS 与 SPS 选股因子绩效月报 20250430 2025 年 05 月 07 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《成交价改进换手率因子》 2022-08-16 《 TPS 与 SPS 选股因子绩效月报 20250331》 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ TPS 因子多空对冲绩效（全市场）： 2006 年 1 月至 2025 年 4 月，TPS 因子在全体 A 股中，10 分组多空对冲的年化收益率为 39.50%，年化波 动为 15.79%，信息比率为 2.50，月度胜率为 77.39%，月度最大回撤为 18.19%。 ◼ SPS 因子多空对冲绩效（全市场）： 2006 年 1 月至 2025 年 4 月，SPS 因子在全体 ...

Investment Rating - The report recommends investment in leading domestic brands: Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [3]. Core Insights - The growth of the motorcycle market is driven by exports and large-displacement motorcycles, with domestic sales of fuel motorcycles expected to decline while large-displacement models see significant growth [2][19]. - The domestic motorcycle market has transitioned from a tool to a consumer product, with large-displacement motorcycles gaining popularity due to rising outdoor sports demand and motorcycle culture [2][41]. - The overseas motorcycle market presents substantial growth opportunities for Chinese brands, with a projected market size of 932 billion yuan by 2024 [2][85]. Summary by Sections Overall Review - The motorcycle industry in China has experienced three phases: popularization, decline, and differentiated growth, with the current phase characterized by structural growth driven by exports and large-displacement motorcycles [13][15]. Domestic Sales - Domestic motorcycle sales are projected to decline from 19 million units in 2023 to 5.44 million units for fuel motorcycles by 2024, while large-displacement motorcycle sales are expected to grow from 110,000 to 400,000 units from 2019 to 2024, with a CAGR of 28.8% [2][19][29]. Exports - The export of motorcycles is expected to reach 11.02 million units by 2024, accounting for 67% of total sales, with a significant increase in large-displacement motorcycle exports from 65,000 to 360,000 units during the same period [22][29]. Key Players - Chuanfeng Power, Longxin General, and Qianjiang Motorcycle are leading the large-displacement market, with Chuanfeng's sales growing from 45,000 to 308,000 units from 2019 to 2024, achieving a CAGR of 47.1% [3][75].

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 2025 年 05 月 07 日 人形机器人国内外共振，锂电储能龙头估 值低 证券分析师 曾朵红 增持（维持） 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn [Table_Summary] 投资要点 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/5/7 2024/9/5 2025/1/4 2025/5/5 电力设备 沪深300 相关研究 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 电气设备 6482 下跌 0.54%，表现强于大盘。新能源汽车涨 1.24%，锂电池跌 0.06%，发电设备跌 0.12%，核 电涨 3.16%，光伏跌 0.50%，电气设备跌 0.54%，风电跌 ...

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 啤酒 2024 年报及 2025 年一季报总结：25Q1 恢复性增长，期待旺季量价提速 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：宏观经济不及预期；食品安全问题；中高档啤酒竞争加剧。 2025 年 05 月 06 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 郭晓东 执业证书：S0600525040001 guoxd@dwzq.com.cn 行业走势 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 食品饮料 沪深300 相关研究 《食品综合 2024 年报及 2025 年一季 报总结：零食继续领跑，餐饮链有望 企稳》 2025-05-05 《2025Q1 基金食品饮料持仓分析：持 仓趋稳，白酒回升》 2025-04-23 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 2024 年阶段性承压，25Q1 恢 ...

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 白酒 2024 年报及 2025 一季报总结：压力延 续，火炼真金 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 利润端：毛销差及税率承压，净利率同比回落。毛利率方面，2024 年白 酒板块毛利率为 82.93%，同比提升 0.41pct；25Q1 板块毛利率为 82.61%， 同比提升 0.09pct，主系龙头酒企收入占比提升拉动。各家酒企毛利率普 遍承压，24FY 吨价增幅普遍降速，主系批价下行背景下，酒企适当放 大货折支持，同时扫码红包瓶均金额也在上升。费率方面，24FY/25Q1 白酒企业销售费率分别提升 0.34pct、0.24pct 至 10.39%、8.28%，管理费 率分别下滑 0.35pct、0.27pct 至 5.10%、3.36%，销售费率增幅相对可控， 主因控量稳价背景下，酒企费用投放相对审慎，普遍加强费用项目制审 批，强调精准投放。此外，酒企管理费用亦普遍加强管控，毛销差受损 背景下，通过总部降本减支保障效益。利润增速方面，24FY 高端 （11.31%）＞次高端（-0.60%）＞地产酒 ...

证券研究报告·金融工程·金工定期报告 金工定期报告 20250507 优 加 换 手 率 UTR2.0 选 股 因 子 绩 效 月 报 20250430 2025 年 05 月 07 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《"技术分析拥抱选股因子"系列研究 （十二）：优加换手率 UTR 选股因子 2.0》 2023-05-04 《优加换手率 UTR2.0 选股因子绩效 月报 20250331》 2025-04-03 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 优加换手率 UTR2.0 因子多空对冲绩效（全市场）：2006 年 1 月至 2025 年 4 月， 优加换手率 UTR2.0 因子在全体 A 股中，10 分组多空对冲的 年化收益率为 40.30%，年化波动为 15.04%，信息比率为 2.68，月度胜 率为 75.32%，月度最大 ...

证券研究报告·金融工程·金工定期报告 金工定期报告 20250507 信息分布均匀度 UID 选股因子绩效月报 20250430 东吴证券研究所 1 / 7 2025 年 05 月 07 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 证券分析师 庞格致 执业证书：S0600524090003 panggz@dwzq.com.cn 相关研究 《"波动率选股因子"系列研究（二）： 换手率分布均匀度，基于高频波动率 的选股因子》 2020-09-01 《信息分布均匀度 UID 选股因子绩效 月报 20250331》 2025-04-03 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 信息分布均匀度 UID 因子多空对冲绩效（全市场）： 2014 年 1 月至 2025 年 4 月，信息分布均匀度 UID 因子在全体 A 股中，10 分组多空对 冲的年化收益率为 26.99%，年化波动为 9. ...

Quantitative Factors and Construction Methods Factor Name: Turnover Distribution Uniformity (UTD) - **Construction Idea**: The UTD factor is constructed based on minute-level trading volume data to improve the traditional turnover factor by reducing the misjudgment rate of stock samples and enhancing stock selection performance[1][7] - **Construction Process**: - Calculate the daily turnover rate for each stock over the past 20 trading days at the end of each month - Neutralize the turnover rate by market capitalization - Use minute-level trading volume data to construct the UTD factor, which measures the uniformity of turnover distribution[6][7] - **Evaluation**: The UTD factor significantly reduces the misjudgment rate of stock samples and performs better in stock selection compared to traditional factors[1][7] Factor Backtesting Results - **Turnover Distribution Uniformity (UTD) Factor**: - Annualized Return: 19.94%[1][7][12] - Annualized Volatility: 7.40%[1][7][12] - Information Ratio (IR): 2.69[1][7][12] - Monthly Win Rate: 77.04%[1][7][12] - Maximum Drawdown: 5.51%[1][7][12] Monthly Performance of UTD Factor (April 2025) - **Long Portfolio Return**: -0.72%[1][11] - **Short Portfolio Return**: -3.36%[1][11] - **Long-Short Portfolio Return**: 2.64%[1][11]

证券研究报告·行业月报·非银金融 东吴金融 财富管理月报（2025/04） 基金日均成交额及换手率同环比双升，新发 基金规模持续下降 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 07 日 证券分析师 孙婷 请务必阅读正文之后的免责声明部分 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 武欣姝 执业证书：S0600524060001 wuxs@dwzq.com.cn 行业走势 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 2024/5/7 2024/9/5 2025/1/4 2025/5/5 非银金融 沪深300 相关研究 《资本市场回暖，四季度净利润同比 翻番，全年净利润同比+16%——证券 行业 2024 年年报总结》 2025-05-05 《低基数叠加市场活跃，归母净利润 同比增长 80%——证券行业 2025 年 一季报总结》 2025-05-05 东吴证券研究所 1 / 16 ◼ 2025 年 4 月，基金指数净值整体波动上升。各类型基金收益高于股票 指数型，其中债券型基 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1]. Core Views - The report highlights the resonance of humanoid robots domestically and internationally, indicating a significant growth potential in this sector. It also notes that leading companies in lithium battery storage are currently undervalued [1][6]. - The investment strategy emphasizes the strong growth prospects in humanoid robotics, energy storage, and electric vehicles, with specific recommendations for key companies in these sectors [6][10]. Industry Trends - The humanoid robot sector is expected to see substantial growth, with projections of over 100 million units in the long term, corresponding to a market space exceeding 15 trillion yuan. The year 2025 is identified as a pivotal year for mass production [10]. - In the energy storage sector, the report notes a significant increase in demand, particularly in the U.S. market, with expectations of a doubling in installed capacity in 2025 compared to previous years [9][10]. - The electric vehicle market is also highlighted, with a projected 25% growth in sales for 2025, driven by competitive pricing and new model releases [6][10]. Company Summaries - **CATL (宁德时代)**: Expected to maintain strong performance with a projected EPS growth from 10.02 yuan in 2023 to 14.02 yuan in 2025, with a "Buy" rating [8]. - **BYD (比亚迪)**: Anticipated to see continued sales growth and structural upgrades, with an EPS forecast of 9.89 yuan in 2023 rising to 15.84 yuan in 2025, also rated as "Buy" [8]. - **LONGi Green Energy (隆基绿能)**: Despite a projected decline in revenue, it remains a key player with a "Buy" rating [8]. - **Sungrow Power Supply (阳光电源)**: Expected to benefit from global inverter demand, with a strong growth outlook and a "Buy" rating [8]. - **GCL-Poly Energy (通威股份)**: Positioned to benefit from supply-side reforms, with a projected EPS growth from 3.02 yuan in 2023 to 0.85 yuan in 2025, rated as "Buy" [8]. Investment Strategy - The report recommends a focus on leading companies in the humanoid robotics, energy storage, and electric vehicle sectors, highlighting specific firms such as CATL, BYD, and others as strong investment opportunities [6][10]. - It emphasizes the importance of technological advancements and market dynamics in shaping the future of these industries, particularly in the context of rising demand and competitive pressures [6][10].