Core Viewpoint - Broadcom Co., Ltd. has experienced a stock price decline of 2.01% on September 2, with a current price of 26.26 CNY per share, and a total market capitalization of 1.64 billion CNY [1]. Company Summary - Broadcom Co., Ltd. has seen a year-to-date stock price increase of 27.11%, but has faced a decline of 7.08% over the last five trading days, 9.67% over the last twenty days, and 0.83% over the last sixty days [2]. - The company, established on August 31, 1994, and listed on March 29, 2004, is located in Xi'an, Shaanxi Province, and primarily operates in the fields of computer information and higher education [2]. - The main revenue sources for Broadcom Co., Ltd. are tuition and accommodation fees, accounting for 99.09% of total revenue, with other income contributing 0.91% [2]. - The company is classified under the Shenwan industry category of computer software development, specifically in vertical application software, and is associated with concepts such as micro-cap stocks, education and training, small-cap, vocational education, and domestic software [2]. Financial Performance - For the first half of 2025, Broadcom Co., Ltd. reported a revenue of 149 million CNY, reflecting a year-on-year growth of 5.23%, while the net profit attributable to shareholders reached 13.33 million CNY, marking a significant increase of 42.95% [2]. - As of June 30, 2025, the number of shareholders decreased by 1.02% to 8,955, while the average number of circulating shares per person increased by 1.03% to 6,974 shares [2]. - In terms of institutional holdings, as of June 30, 2025, the seventh largest circulating shareholder is CITIC Prudential Multi-Strategy Mixed Fund (LOF) A, holding 664,100 shares, which is an increase of 184,100 shares compared to the previous period [2].

Quantitative Models and Construction Methods 1. Model Name: Diffusion Index Timing - Initial Threshold Method (Left-Side Trading) - **Model Construction Idea**: The model uses the proportion of stocks in the "Wind Micro-Cap Index" that have been in an upward trend over the past 20 trading days as a diffusion index. It applies a threshold-based strategy to determine market timing[65][66] - **Model Construction Process**: - When the diffusion index exceeds 0.9, the strategy signals to exit positions (empty portfolio) - When the diffusion index falls below 0.1, the strategy signals to fully enter positions (full portfolio) - In other periods, the signal from the previous period is maintained - The model requires a full position before signaling an empty position, and vice versa[66] - **Model Evaluation**: - The model failed to outperform the "Wind Micro-Cap Index" in-sample - It struggled to identify major bear markets in 2024, leading to a "buy-the-dip" behavior - However, it captured the bottom well in 2025 and aligned with the upward trend[66] - **Key Signal**: Triggered an empty portfolio signal on May 8, 2025[66] 2. Model Name: Diffusion Index Timing - Delayed Threshold Method (Right-Side Trading) - **Model Construction Idea**: This model modifies the left-side trading approach by introducing momentum-based logic, aiming to avoid premature reversals[69] - **Model Construction Process**: - If the diffusion index was above 0.9 the previous day and falls below 0.9 today, the strategy signals to exit positions - If the diffusion index was below 0.1 the previous day and rises above 0.1 today, the strategy signals to fully enter positions - In other periods, the signal from the previous period is maintained[69] - **Model Evaluation**: - The model failed to outperform the "Wind Micro-Cap Index" in-sample - It avoided premature exits during the 2024 bull market, preserving gains - The strategy's net value reached a new high recently, but overall performance in 2025 was mediocre[69] - **Key Signal**: Triggered an empty portfolio signal on May 15, 2025[69] 3. Model Name: Diffusion Index Timing - Dual Moving Average Method (Adaptive Trading) - **Model Construction Idea**: This model introduces a dual moving average approach to adapt to market trends, reducing reliance on fixed thresholds[72] - **Model Construction Process**: - The short-term moving average is the 10-day moving average (MA) of the diffusion index - The long-term moving average is the 20-day MA of the short-term moving average - When the short-term MA crosses above the long-term MA, the strategy signals to fully enter positions - When the short-term MA crosses below the long-term MA, the strategy signals to exit positions[72] - **Model Evaluation**: - The model controlled drawdowns effectively in-sample - It avoided significant losses during the 2024 bear market and preserved gains during the bull market - However, the model showed some instability in trend recognition due to parameter smoothing issues[72] - **Key Signal**: Triggered an empty portfolio signal on August 4, 2025[72] --- Model Backtesting Results 1. Initial Threshold Method - **Key Signal**: Empty portfolio signal on May 8, 2025[66] 2. Delayed Threshold Method - **Key Signal**: Empty portfolio signal on May 15, 2025[69] 3. Dual Moving Average Method - **Key Signal**: Empty portfolio signal on August 4, 2025[72]

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting the fluctuations in various sectors, particularly the rise in innovative pharmaceuticals and the impact of external factors like the Federal Reserve's monetary policy meeting. Group 1: Market Performance - On September 1, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.46%, the Shenzhen Component Index up by 1.05%, and the ChiNext Index up by 2.29% [11] - The total trading volume in the Shanghai and Shenzhen markets was 27,780.05 billion yuan, a decrease of 525.87 billion yuan from the previous day [11] - Over 3,200 stocks in the market experienced gains, with 123 stocks hitting the daily limit up [11] Group 2: Sector Highlights - The innovative pharmaceutical sector continued to rise, with notable stocks like Maiwei Bio hitting the daily limit up [11][12] - The gold sector also performed well, driven by expectations of interest rate cuts and central bank gold purchases, with UBS raising its target price for gold to $3,600 per ounce for Q1 2026 [11] - The domestic chip sector saw a boost from Alibaba's AI chip news, leading to significant gains in related stocks [12] Group 3: Fund Flows - The Guangfa CSI Hong Kong Innovative Drug ETF saw a net inflow of over 1 billion yuan in a single day [3] - The article notes a rotation of funds towards small-cap stocks, suggesting that after a period of high turnover, there may be opportunities for low-cost acquisitions in this segment [4][5] Group 4: Valuation Concerns - Concerns were raised regarding the TTM P/E ratio of the CSI 2000 index, which stands at 159 times, a record high, indicating potential overvaluation [5] - The article suggests that the market may have reached a phase of high turnover rates, which could lead to volatility or consolidation [5][6] Group 5: Institutional Activity - The article mentions that the main funds experienced a net outflow of 20.72 billion yuan, with the non-bank financial sector seeing the largest outflow [19] - The top sectors for net inflows included pharmaceuticals, communications, electronics, and non-ferrous metals [19] Group 6: Upcoming Events - The Federal Reserve's monetary policy meeting is scheduled for September 16-17, with market participants closely watching for potential interest rate changes [4]

Core Viewpoint - The company, 德龙汇能, is focused on clean energy supply, particularly natural gas, and is actively promoting projects related to carbon neutrality and hydrogen energy [2][7]. Company Overview - 德龙汇能集团股份有限公司, established in 1994 and listed in 1996, primarily engages in clean energy supply with a focus on natural gas, including urban gas operations, LNG business, and distributed energy services [7]. - The company's revenue composition includes 94.70% from gas supply and related services, 2.47% from other services, 1.66% from energy-saving services, and 1.17% from other main business revenues [7]. Recent Developments - On April 27, 2024, the company announced a project collaboration with Sinopec Jiangsu Petroleum to invest in a natural gas hydrogen production station in Yangzhou, with a total investment of 38.99 million yuan [2]. - As of June 30, 2025, the company reported a revenue of 890 million yuan, a year-on-year increase of 4.49%, while the net profit attributable to shareholders decreased by 20.25% to 24.71 million yuan [8]. Market Performance - On September 1, the stock price of 德龙汇能 increased by 1.38%, with a trading volume of 53.99 million yuan and a market capitalization of 2.371 billion yuan [1]. - The average trading cost of the stock is 6.29 yuan, with the current price fluctuating between resistance at 7.00 yuan and support at 6.29 yuan [6]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.19% to 25,800, with an average of 13,887 shares per shareholder, an increase of 5.48% [8]. - The company has distributed a total of 78.55 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [8].

Core Viewpoint - The company, Zhejiang Yayi Metal Technology Co., Ltd., is experiencing significant growth driven by its focus on outdoor leisure furniture and the expansion of its online sales channels, particularly through cross-border e-commerce platforms [2][4]. Company Overview - Zhejiang Yayi Metal Technology Co., Ltd. specializes in the research, design, production, and sales of outdoor leisure furniture, including fire pits and gas stoves, and has developed a comprehensive system for these operations [2][8]. - The company was established on June 9, 2005, and went public on December 22, 2021. Its main business revenue composition includes 55.86% from fire pits and stoves, 33.74% from other products, and 10.40% from gas stoves [8]. Financial Performance - In 2024, the company reported a revenue of 296 million yuan, marking a substantial year-on-year increase of 87.22%, largely attributed to the strong performance of its online sales channels [2]. - As of January to June 2025, the company achieved a revenue of 146 million yuan, reflecting a year-on-year growth of 32.28%, while the net profit attributable to the parent company was 4.07 million yuan, a decrease of 28.94% [9]. Investment Activities - On July 26, 2023, the company announced plans to invest 10.2 million yuan in a partnership with several investment firms to establish a venture capital partnership, holding a 39.98% stake [3]. Market Position and Strategy - The company has established itself as one of the main providers of fire pits and gas stoves in China, with a product range that includes various outdoor leisure furniture [2]. - The overseas revenue accounted for 98.94% of total revenue, benefiting from the depreciation of the Chinese yuan [4]. Shareholder Information - As of August 8, 2023, the number of shareholders was 7,005, a decrease of 2.64% from the previous period, with an average of 7,868 circulating shares per person, an increase of 2.71% [9]. - The company has distributed a total of 142 million yuan in dividends since its A-share listing, with 51.1 million yuan distributed over the past three years [10].

证券研究报告：金融工程报告 发布时间：2025-09-01 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《微盘股成交占比持续回落 ——微盘股指数周报 20250824》 - 2025.08.25 《本周微盘股大幅跑输的三个原因— —微盘股指数周报 20250817》 盘股指数周报 20250720》 《"量化新规"或将平稳落地，双均线 《调整仍不充分——微盘股指数周报 20250622》 - 2025.08.18 《大盘资金流出，中小盘资金回流— —微盘股指数周报 20250810》 - 2025.08.11 《微盘股将再次迎来高胜率区间—— 微盘股指数周报 20250803》 - 2025.08.04 《微盘股持续创新高背后的历史意义 有何不同？——微盘股指数周报 - 2025.06.23 《短期上涨动能枯竭，控制仓位做好 防御——微盘股指数周报 20250615》 - 2025.06.16 《为何微盘股基金仓位下降指数却不 断新高？——微盘股指数周报 金工周报 微盘股成交占比进一步回落至年内低位 ——微盘 ...

Company Overview - Zhongda An Co., Ltd. is located in Tianhe District, Guangzhou, Guangdong Province, and was established on August 8, 2000. It was listed on March 31, 2017. The company primarily engages in project management services, focusing on engineering supervision, including communication supervision, civil engineering supervision, bidding agency, project construction, and engineering consulting [1]. Financial Performance - As of June 30, Zhongda An reported a revenue of 302 million yuan for the first half of 2025, representing a year-on-year decrease of 8.48%. The net profit attributable to shareholders was 1.85 million yuan, down 59.99% year-on-year [2]. - The company has distributed a total of 30.38 million yuan in dividends since its A-share listing, with 1.36 million yuan distributed over the past three years [3]. Stock Performance - On September 1, Zhongda An's stock price increased by 2.03%, reaching 14.06 yuan per share, with a trading volume of 8.59 million yuan and a turnover rate of 0.51%. The total market capitalization is 1.97 billion yuan [1]. - Year-to-date, the stock price has risen by 43.62%, but it has decreased by 4.35% over the last five trading days. Over the last 20 days, the stock has increased by 0.36%, and over the last 60 days, it has risen by 31.77% [1]. Shareholder Information - As of June 30, Zhongda An had 15,100 shareholders, an increase of 41.65% compared to the previous period. The average number of circulating shares per shareholder was 7,967, a decrease of 29.02% [2]. Business Segmentation - The company's main business revenue composition includes: - Power supervision: 20.73% - Civil engineering supervision: 19.72% - Consulting and construction agency: 18.20% - Communication supervision: 16.97% - Water conservancy supervision: 16.03% - Bidding agency: 4.68% - Power exploration: 3.15% - Photovoltaic power generation: 0.51% [1]. Industry Classification - Zhongda An is classified under the Shenwan industry as part of the construction decoration - engineering consulting services II - engineering consulting services III. The company is associated with several concept sectors, including micro-cap stocks, small-cap stocks, commercial aerospace, smart cities, and soil remediation [1].

Core Points - The company reported a significant decline in revenue and profit for the first half of 2025, with total revenue at 259 million yuan, a year-on-year decrease of 20.99% [1] - The net profit attributable to shareholders was -20.41 million yuan, down 542.81% year-on-year, indicating a severe loss [1] - The basic earnings per share were -0.06 yuan, reflecting the company's financial struggles [2] Financial Performance - The company's gross margin for the first half of 2025 was -0.69%, a decrease of 5.06 percentage points compared to the previous year [2] - The net margin was -7.87%, down 9.28 percentage points year-on-year [2] - In Q2 2025, the gross margin further declined to -1.99%, with a year-on-year drop of 6.43 percentage points [2] - The net margin for Q2 was -14.18%, a decrease of 15.91 percentage points compared to the same quarter last year [2] Cost Structure - Total operating expenses for the first half of 2025 were 9.64 million yuan, a reduction of 1.06 million yuan from the previous year [2] - The expense ratio increased to 3.72%, up 0.46 percentage points year-on-year [2] - Sales expenses decreased by 36.48%, while management and financial expenses increased by 7.08% and 72.39%, respectively [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 14,300, a slight decrease of 12 from the previous quarter [2] - The average market value per shareholder increased by 40.36%, from 108,000 yuan to 151,500 yuan [2] Company Overview - The company is located in Jingmen, Hubei Province, and was established on June 12, 2000, with its listing date on October 18, 2006 [3] - The main business involves coal trading and leasing, with coal accounting for 100% of its revenue [3] - The company is classified under the retail trade sector and is associated with various concepts including micro-cap stocks and cross-border e-commerce [3]

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue at 840 million yuan, down 8.90% year-on-year, and net profit attributable to shareholders at 14.09 million yuan, down 13.72% [1] - The company's gross margin decreased to 22.10%, a drop of 2.87 percentage points year-on-year, while the net margin was 2.40%, down 0.22 percentage points compared to the previous year [1] - The company has a high price-to-earnings ratio of approximately 153.47 times and a price-to-book ratio of about 1.17 times as of August 29 [1] Financial Performance - The company’s basic earnings per share for the reporting period was 0.04 yuan, with a weighted average return on equity of 0.66% [1] - In Q2 2025, the gross margin was 27.73%, down 7.45 percentage points year-on-year but up 8.57 percentage points quarter-on-quarter; the net margin was -2.20%, down 1.71 percentage points year-on-year and down 7.01 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the first half of 2025 were 145 million yuan, a decrease of 14.67 million yuan year-on-year, with an expense ratio of 17.28%, down 0.05 percentage points from the previous year [2] - Sales expenses decreased by 20.59%, management expenses by 10.89%, R&D expenses by 2.28%, and financial expenses by 8.43% compared to the previous year [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 28,300, an increase of 4,435 or 18.59% from the end of the previous quarter; however, the average market value per shareholder decreased from 107,500 yuan to 88,000 yuan, a decline of 18.11% [2] Business Overview - The company is primarily engaged in water resource development and supply, municipal and park sewage treatment, and clean energy heating, with main revenue sources including heating (40.58%), raw water (22.11%), tap water (20.73%), and environmental governance (13.15%) [2] - The company operates in the environmental governance sector, specifically in water management and treatment, and is associated with concepts such as state-owned assets in Tianjin, micro-cap stocks, PPP concepts, REITs, and solid waste treatment [3]

Core Viewpoint - Sanfo Outdoor reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance and growth potential [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 378 million yuan, a year-on-year increase of 15.10% [1]. - The net profit attributable to shareholders was 16.82 million yuan, showing a year-on-year growth of 105.75% [1]. - The net profit excluding non-recurring items reached 15.36 million yuan, with a remarkable year-on-year increase of 323.29% [1]. - Basic earnings per share stood at 0.11 yuan [1]. Profitability Metrics - The gross margin for the first half of 2025 was 58.64%, up by 0.83 percentage points year-on-year [2]. - The net profit margin was 3.94%, an increase of 2.93 percentage points compared to the same period last year [2]. - In Q2 2025, the gross margin was 57.65%, down by 1.48 percentage points year-on-year and 1.93 percentage points quarter-on-quarter [2]. - The net profit margin for Q2 was 1.79%, a decrease of 1.57 percentage points year-on-year and 4.20 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the first half of 2025 were 194 million yuan, an increase of 13.34 million yuan compared to the previous year [2]. - The expense ratio was 51.26%, a decrease of 3.68 percentage points year-on-year [2]. - Sales expenses increased by 14.34%, while management expenses rose by 1.50% [2]. - Research and development expenses decreased by 42.88%, and financial expenses fell by 3.90% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 18,300, a decrease of 969 from the previous quarter, representing a decline of 5.03% [2]. - The average market value held per shareholder increased from 88,300 yuan to 115,300 yuan, reflecting a growth of 30.55% [2]. Company Overview - Sanfo Outdoor, established on June 22, 2001, and listed on December 9, 2015, is based in Beijing and specializes in high-quality outdoor sports products [3]. - The company's main business segments include clothing (56.81%), footwear and socks (24.89%), equipment (11.28%), and other categories (7.02%) [3]. - The company operates under the textile and apparel industry, specifically in the sportswear segment, and is involved in various concepts such as micro-cap stocks and online tourism [3].