热点追踪周报：由创新高个股看市场投资热点（第 232 期）-20260227

• The report introduces a quantitative model based on the "250-day new high distance" to track market trends and identify investment hotspots. The model calculates the distance of the latest closing price from the highest closing price in the past 250 trading days using the formula: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts_max(Close, 250)} $ where $ Close_t $ represents the latest closing price, and $ ts_max(Close, 250) $ is the maximum closing price over the past 250 trading days. A value of 0 indicates a new high, while positive values indicate the degree of pullback from the high[11][19][23] - The model evaluates the effectiveness of momentum and trend-following strategies, referencing prior research such as George (2004) and William O'Neil's CANSLIM system, which emphasize the importance of stocks reaching new highs as potential leaders in market uptrends[11][18][21] - A secondary screening process identifies "stable new high stocks" by incorporating factors such as analyst attention, relative stock strength, price path smoothness, and the sustainability of new highs. Specific criteria include: 1. At least five "buy" or "overweight" ratings in the past three months 2. 250-day price performance in the top 20% of the market 3. Price path smoothness measured by the ratio of price displacement to total price movement over 120 days 4. Consistency of new highs over the past 120 days 5. Trend continuation based on the average 250-day new high distance over the past five days[23][27][28] - Backtesting results show that as of February 27, 2026, 1,370 stocks reached 250-day new highs in the past 20 trading days. The sectors with the highest number of such stocks include machinery, basic chemicals, and electronics. The highest proportions of new high stocks are found in non-ferrous metals, petrochemicals, and steel industries[19][20][33] - The "stable new high stocks" screening process identified 37 stocks, with the technology and manufacturing sectors contributing the most, at 16 and 11 stocks, respectively. Within these sectors, electronics and machinery were the leading industries[28][33]