Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Heat Rotation Strategy - **Model Construction Idea**: The model uses the weekly heat change rate (MA2) of broad-based indices to construct a rotation strategy. The idea is to buy the index with the highest heat change rate at the end of each week, or stay in cash if the "Others" group has the highest rate[7][13]. - **Model Construction Process**: 1. Calculate the total heat of constituent stocks for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Others") by summing up their individual heat indicators[8][11]. 2. Compute the weekly heat change rate for each group and smooth it using a 2-week moving average (MA2)[11][13]. 3. At the end of each week, invest in the index with the highest heat change rate (MA2). If the "Others" group has the highest rate, remain in cash[13]. - **Model Evaluation**: The strategy demonstrates a reasonable annualized return and manageable drawdown, indicating its potential effectiveness in capturing short-term market sentiment[16]. Model Backtesting Results - **Broad-based Index Heat Rotation Strategy**: - Annualized Return: 8.74% (since 2017)[16] - Maximum Drawdown: 23.5%[16] - 2025 YTD Return: 10.1%[16] Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator - **Factor Construction Idea**: The total heat indicator aggregates the attention metrics (e.g., browsing, watchlist additions, and clicks) of individual stocks, normalized as a percentage of the market total, to serve as a proxy for market sentiment[7]. - **Factor Construction Process**: 1. For each stock, calculate the sum of browsing, watchlist additions, and clicks[7]. 2. Normalize the value as a percentage of the total market activity for the same day[7]. 3. Multiply the normalized value by 10,000 to scale the indicator within the range [0, 10,000][7]. - **Factor Evaluation**: The factor effectively captures market sentiment and is used as a proxy for emotional intensity in broader market or sector-level analysis[7]. - **Factor Name**: Weekly Heat Change Rate (MA2) - **Factor Construction Idea**: This factor measures the weekly change in the total heat indicator, smoothed using a 2-week moving average, to identify trends in market sentiment[11][13]. - **Factor Construction Process**: 1. Compute the weekly change rate of the total heat indicator for each stock or group[11]. 2. Apply a 2-week moving average (MA2) to smooth the weekly change rate[11][13]. - **Factor Evaluation**: The smoothed heat change rate provides a stable and actionable signal for rotation strategies and sentiment analysis[13]. Factor Backtesting Results - **Total Heat Indicator**: - Range: [0, 10,000][7] - **Weekly Heat Change Rate (MA2)**: - CSI 300: +7.76% (highest among broad-based indices for the week)[16] - "Others" Group: -3% (lowest among broad-based indices for the week)[16] - **Concept Heat TOP/BOTTOM Portfolios**: - BOTTOM Portfolio Annualized Return: 15.71%[33] - BOTTOM Portfolio Maximum Drawdown: 28.89%[33] - 2025 YTD Return for BOTTOM Portfolio: 21.1%[33]

Group 1: Fundraising and Investment Trends - New funds are accelerating their market entry, with several funds ending their fundraising early to seize the investment window [1] - Multiple fund companies are purchasing their newly launched equity funds, indicating a positive outlook for the market [1] - In May, the total scale of the top 14 bank wealth management companies reached 23.92 trillion yuan, an increase of approximately 330 billion yuan from April [1] Group 2: 5G-A and Low-altitude Economy - 5G-A technology is being applied in various industries, including smart driving and next-generation consumer electronics, providing new growth opportunities for operators [2] - The low-altitude economy is expected to become a trillion-level new market, with a projected market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] Group 3: Corporate Developments - SpaceX's Starship's eighth test flight failure was attributed to a hardware failure in one of its Raptor engines, with no reported public injuries or property damage [3] - Tencent is exploring the possibility of acquiring South Korean game developer Nexon, which has a market value of 15 billion USD [4] - Xiaopeng Motors is negotiating to supply AI chips to other automakers, with expectations that its self-developed chips will be integrated into some Volkswagen models [4] Group 4: Market Reactions and Economic Indicators - The US stock market saw slight gains across major indices, with the S&P 500 rising by 0.38% and the Nasdaq by 0.24%, supported by a slowdown in inflation and stable US Treasury auctions [11] - The US dollar index fell by 1%, reaching a three-year low, while the onshore renminbi hit a seven-month high [11]

二、监事会会议审议情况 与会监事经认真审议和表决，形成如下决议： （一）审议通过《关于公司<2025 年股票期权与限制性股票激励计划（草 案）>及其摘要的议案》 表决结果：3 票同意，0 票反对，0 票弃权。其中监事赵军、孙军权与本议 案存在关联关系，为关联监事，回避表决。 经审核，监事会认为：公司《2025 年股票期权与限制性股票激励计划（草 案）》（以下简称"本次激励计划"）及其摘要的内容符合《公司法》《中华人民共 和国证券法》（以下简称"《证券法》"）《上市公司股权激励管理办法》（以下简称 "《管理办法》"）等有关法律法规、规范性文件和《公司章程》的有关规定。本 次激励计划的实施将有利于公司的持续发展，不存在损害公司及全体股东利益的 情形。 证券代码：002792 证券简称：通宇通讯 公告编号：2025-031 广东通宇通讯股份有限公司 第五届监事会第十九次会议决议公告 本公司及监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。 一、监事会会议召开情况 广东通宇通讯股份有限公司（以下简称"公司"）于 2025 年 6 月 12 日在公 司会议室召开第五届监事会第十九 ...

证券代码：002792 证券简称：通宇通讯 公告编号：2025-030 广东通宇通讯股份有限公司 第五届董事会第二十四次会议决议公告 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。 一、董事会会议召开情况 广东通宇通讯股份有限公司（以下简称"公司"）于 2025 年 6 月 12 日在公 司会议室召开第五届董事会第二十四次会议。会议通知于 2025 年 6 月 9 日以专 人送达、电话、电子邮件相结合的方式发出，会议采用现场结合通讯表决的方式 召开。会议由董事长吴中林先生主持，应出席董事 7 名，实际出席董事 7 名。本 次会议的召集和召开程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）等法律、行政法规、部 门规章、规范性文件及《公司章程》的规定。 二、董事会会议审议情况 与会董事经认真审议和表决，形成如下决议： （一）审议通过《关于公司<2025 年股票期权与限制性股票激励计划（草案）> 及其摘要的议案》 规定，制定了《2025 年股票期权与限制性股票激励计划（草案）》（以下简称 "本次激励计划" ...

公司简称：通宇通讯 股票代码：002792 独立财务顾问：中国银河证券股份有限公司 | 是否存在该事 | | | | | --- | --- | --- | --- | | 序号 事项 项（是 | | 备注 | | | /否/不适 用） | | | | | 上市公司合规性要求 | | | | | 最近一个会计年度财务会计报告是否未被注册会计 | | 师出 | | | 具否定意见或者无法表示意见的审计报告 | | | | | 最近一个会计年度财务报告内部控制是否未被注册 | | 会计 | | | 师出具否定意见或无法表示意见的审计报告 | | | | | 上市后最近36个月内是否未出现过未按法律法规、 | | 公司 | | | 章程、公开承诺进行利润分配的情形 | | | | | 是否未为激励对象提供贷款以及其他任何形式的财 | | 务 | | | 资助 | | | | | 激励对象合规性要求 | | | | | 是否未包括单独或合计持有上市公司 5%以上股份的股东 | | | | | 是 | | | | | 是否最近12个月内未被中国证监会及其派出机构认定为 | | | | | 是 | | | | | 是否最 ...

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on July 1, 2025, at 14:30 [1] - Shareholders can vote through both on-site and online methods, with online voting available from 9:15 to 15:00 on the same day [1][5] - The voting rights can only be exercised through one method, and duplicate votes will be disregarded, with the first valid vote counted [1] Eligibility and Attendance - All ordinary shareholders registered by the close of business on June 24, 2025, are entitled to attend the meeting and can appoint a proxy to vote on their behalf [2] - Company directors, supervisors, senior management, and appointed lawyers are also allowed to attend [2] Agenda Items - The meeting will discuss several proposals, including the 2025 Stock Option and Restricted Stock Incentive Plan and its management measures [3][4] - Proposals requiring special resolutions must be approved by more than two-thirds of the voting rights held by non-associated shareholders present at the meeting [4] Voting Procedures - Shareholders can participate in voting through the Shenzhen Stock Exchange trading system and internet voting system [5][9] - Specific procedures for voting, including the allocation of votes for cumulative voting proposals, are outlined [6][9] Documentation - Relevant documents, including resolutions from the 24th meeting of the fifth board of directors and the 19th meeting of the fifth supervisory board, will be available for review [6]

通宇通讯（002792）公告，公司董事会收到董事朱辉煌、余剑的书面辞职报告。朱辉煌因个人原因辞去 董事及薪酬与考核委员会委员职务，余剑因个人原因辞去董事及战略委员会委员职务。二人辞职后将不 再担任公司任何职务，且未持有公司股份。根据规定，辞职不会影响公司董事会正常运作。为保证董事 会规范运作，公司第五届董事会第二十四次会议审议通过补选宁淑娟、阮永星为非独立董事候选人的议 案。 ...

广东通宇通讯股份有限公司 2025 年股票期权与限制性股票激励计划 4、以上合计数据与各明细数相加之和在尾数上有差异是由于四舍五入所造成。 二、激励对象获授的限制性股票分配情况 本激励计划拟授予的限制性股票在各激励对象间的分配情况如下表所示： | | | 获授的限制性股 票数 | 占本计划拟授予 | 占本计划草案公 | | --- | --- | --- | --- | --- | | 姓名 | 职务 | 量（万股） | 限制性股票总量 | 告日公司股本总 | | | | | 的比例 | 额的比例 | | 刘木林 | 董事、副总经理 | 4.00 | 1.57% | 0.01% | | 黄华 | 董事会秘书 | 5.00 | 1.96% | 0.01% | | 中层管理人员、核心（技术/业 | 务）骨干以及董事会认为需要 | 246.30 | 96.47% | 0.47% | | 激励的其他人员（合计 | 176 人） | | | | | 合计 | | 255.30 | 100.00% | 0.49% | 激励对象名单 一、激励对象获授的股票期权分配情况 广东通宇通讯股份有限公司（以下简称"公司"）2025 ...

广东通宇通讯股份有限公司 监事会关于公司 2025 年股票期权与限制性股票 激励计划相关事项的核查意见 广东通宇通讯股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简 称"《证券法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等有关法律、法规及规范性文件和《公司章程》的有关规定，对公司《2025 年 股票期权与限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》" 或"本期激励计划"）及其相关事项进行了核查，发表核查意见如下： 1、公司不存在《管理办法》等法律法规规定的禁止实施股权激励计划的情 形，包括： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、《公司章程》、公开承诺 进行利润分配的情形； （4）法律法规规定不得实行股权激励的； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内 ...

广东通宇通讯股份有限公司 2025 年股票期权与限制性股票激励计划 （草案） 广东通宇通讯股份有限公司 二〇二五年六月 证券简称：通宇通讯 证券代码：002792 广东通宇通讯股份有限公司 2025 年股票期权与限制性股票激励计划（草案） 声明 本公司及全体董事、监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 1 广东通宇通讯股份有限公司 2025 年股票期权与限制性股票激励计划（草案） 特别提示 一、《广东通宇通讯股份有限公司 2025 年股票期权与限制性股票激励计划 （草案）》由广东通宇通讯股份有限公司（以下简称"通宇通讯""本公司"或 "公司"）依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股权激励管理办法》《深圳证券交易所上市公司自律监管指南第 1 号——业务办 理》等有关法律、 ...