Core Viewpoint - Harbin Air Conditioning Co., Ltd. (哈空调) has experienced a stock price decline of 2.10% on November 26, with a current price of 6.06 CNY per share, despite a year-to-date increase of 36.49% [1][2]. Financial Performance - For the period from January to September 2025, Harbin Air Conditioning reported a revenue of 827 million CNY, representing a year-on-year decrease of 12.19%. The net profit attributable to the parent company was -23.82 million CNY, a significant decline of 1765% compared to the previous year [2]. - The company has cumulatively distributed dividends of 358 million CNY since its A-share listing, with 7.67 million CNY distributed over the last three years [3]. Stock Market Activity - As of November 26, the total market capitalization of Harbin Air Conditioning is 2.323 billion CNY, with a trading volume of 32.04 million CNY and a turnover rate of 1.36% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) six times this year, with the most recent appearance on April 1, where it recorded a net purchase of 45.05 million CNY [1]. Shareholder Information - As of September 30, the number of shareholders for Harbin Air Conditioning is 23,500, a decrease of 17.08% from the previous period. The average circulating shares per person increased by 20.60% to 16,312 shares [2]. Business Overview - Harbin Air Conditioning, established on June 25, 1993, and listed on June 3, 1999, is primarily engaged in the design, manufacturing, and sales of various high, medium, and low-pressure air coolers. The revenue composition includes 73.07% from petrochemical air coolers, 13.05% from other customized products, and 12.25% from power station air coolers [1].

Core Viewpoint - Rui Xin Technology's stock price has shown a slight decline this year, with a notable drop in recent trading days, indicating potential investor concerns about the company's performance and market position [2]. Group 1: Stock Performance - On November 26, Rui Xin Technology's stock fell by 2.02%, trading at 16.46 yuan per share, with a total market capitalization of 2.739 billion yuan [1]. - Year-to-date, the stock price has decreased by 0.38%, with a 4.86% drop over the last five trading days, while it has increased by 0.55% over the past 20 days and decreased by 8.56% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Rui Xin Technology reported a revenue of 437 million yuan, reflecting a year-on-year growth of 0.38%. However, the net profit attributable to shareholders decreased by 26.14% to 27.9406 million yuan [2]. - The company has distributed a total of 312 million yuan in dividends since its A-share listing, with 207 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of November 20, 2025, Rui Xin Technology had 12,900 shareholders, a decrease of 0.48% from the previous period, with an average of 9,740 circulating shares per shareholder, which increased by 0.48% [2]. - Notably, as of September 30, 2025, the fifth largest circulating shareholder is the Nuoan Multi-Strategy Mixed A fund, which holds 942,300 shares as a new investor [3].

Core Points - The stock price of Han Jian He Shan has decreased by 2.07% to 5.68 CNY per share as of November 26, with a total market capitalization of 2.22 billion CNY [1] - The company has seen a year-to-date stock price increase of 61.82%, but has experienced a decline of 1.90% over the last five trading days [1] - Han Jian He Shan has been listed on the "Dragon and Tiger List" 13 times this year, with the most recent instance on November 5, where it recorded a net buy of -33.45 million CNY [1] Financial Performance - For the period from January to September 2025, Han Jian He Shan achieved a revenue of 548 million CNY, representing a year-on-year growth of 37.39% [2] - The net profit attributable to the parent company for the same period was 9.76 million CNY, showing a significant increase of 123.72% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 24.62 million CNY, with no dividends paid in the last three years [3] Business Overview - Han Jian He Shan specializes in the research, production, and sales of prestressed concrete pipes (PCCP), reinforced concrete drainage pipes (RCP), and concrete additives, with PCCP and RCP accounting for 80.18% of its main business revenue [1] - The company is categorized under the construction materials industry, specifically in cement and cement products, and is associated with concepts such as micro-cap stocks and low-priced stocks [2]

Core Viewpoint - Lanzhou Manor Pasture Co., Ltd. is actively expanding its business in the dairy industry while also venturing into the pet food market, indicating a strategic diversification amidst rising costs and competition in traditional dairy operations [3][4]. Group 1: Company Overview - Lanzhou Manor Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming, with a market share of 20% in Gansu and Qinghai [2][9]. - The company operates under three main brands: "Manor Pasture," "Holy Lake," and "Oriental Fresh Manor," focusing on high-quality liquid dairy products [2]. - The company is a state-owned enterprise controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.10%, while the net profit attributable to shareholders was -48.44 million yuan, showing a year-on-year increase of 59.08% [9]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.19 million yuan distributed over the past three years [10]. Group 3: Market Strategy and Initiatives - The company is responding to national policies on rural revitalization by engaging in various initiatives that support local farmers, such as logistics agreements and order-based procurement models [4]. - Lanzhou Manor Pasture has launched a pet food brand "Safiyy," utilizing a unique "milk beef" ingredient to differentiate itself in the pet food market [3].

Group 1 - The stock price of George White increased by 2.05% on November 25, reaching 4.97 CNY per share, with a total market capitalization of 2.509 billion CNY [1] - The company has seen a year-to-date stock price increase of 13.47%, but a decline of 5.51% over the last five trading days [1] - George White's main business involves the production and sales of the "George White" brand, including various types of clothing such as suits, trousers, and shirts [1] Group 2 - As of November 20, the number of shareholders for George White was 15,800, a decrease of 0.87% from the previous period [2] - For the period from January to September 2025, George White reported a revenue of 805 million CNY, representing a year-on-year growth of 2.51%, while the net profit attributable to shareholders decreased by 54.88% to 23.8591 million CNY [2] Group 3 - Since its A-share listing, George White has distributed a total of 692 million CNY in dividends, with 174 million CNY distributed over the past three years [3]

Market Overview - The market experienced significant volatility, with the technology growth sector continuing to decline while low beta and dividend styles showed relative resilience[2] - The Shanghai Composite Index closed below 3900 on the last trading day of the week, with trading volume dropping to below 1.8 trillion CNY mid-week, indicating a prevailing risk-averse sentiment[2] Sector Performance - Weekly trading activity improved notably in the consumer sector, particularly in agricultural products, social services, and commercial trade[6] - Communication services and essential consumer sectors led the weekly gains, with excess returns of 2.82% and 2.48% respectively[28] Investment Trends - The small-cap stocks and the CSI 2000 index showed signs of recovery in trading activity, while institutional heavy positions across various indices experienced declines[6] - The fund overlap index reported a weekly loss of 5.01%, indicating a general downturn in institutional investment performance[22] Style Analysis - Small-cap stocks faced a weekly pullback, while low beta stocks demonstrated relative strength against market declines[29] - The performance of major style indices showed that small-cap and mid-cap growth indices experienced declines of 5.93% and 6.10% respectively, highlighting a challenging environment for growth-oriented investments[32] Thematic Highlights - The Yangtze Energy Efficiency Star and the Beijing-Tianjin-Hebei Regional Development Leading Index performed relatively well during the week, with the latter showing a loss of only 1.72%[34]

Quantitative Models and Construction Diffusion Index Model - **Model Name**: Diffusion Index Model [5][17] - **Construction Idea**: The model monitors the market's diffusion index to identify critical turning points for trading signals [5][17] - **Construction Process**: - The diffusion index is calculated based on the relative price movements of constituent stocks within the micro-cap index over a specific time window [37] - The model uses three methods: - **First Threshold Method (Left-Side Trading)**: Triggered when the diffusion index reaches a predefined risk threshold. For example, on November 14, 2025, the index value of 0.925 triggered a sell signal [41] - **Delayed Threshold Method (Right-Side Trading)**: Provides a sell signal when the index value drops below a delayed threshold, such as 0.8975 on November 17, 2025 [46] - **Dual Moving Average Method (Adaptive Trading)**: Generates buy signals based on the crossover of two moving averages, such as the buy signal on October 13, 2025 [47] - **Evaluation**: The model effectively identifies market turning points and provides actionable trading signals [5][17] Small-Cap Low-Volatility 50 Strategy - **Model Name**: Small-Cap Low-Volatility 50 Strategy [7][16][33] - **Construction Idea**: Selects 50 stocks with small market capitalization and low volatility from the micro-cap index [7][33] - **Construction Process**: - Stocks are screened based on market capitalization and volatility metrics [7][33] - Portfolio is rebalanced bi-weekly [7][33] - Transaction costs are set at 0.3% for both buying and selling [7] - **Evaluation**: The strategy demonstrates strong performance in specific market conditions but underperforms during broader market downturns [7][33] --- Model Backtesting Results Diffusion Index Model - **First Threshold Method**: Triggered sell signal at 0.925 on November 14, 2025 [41] - **Delayed Threshold Method**: Triggered sell signal at 0.8975 on November 17, 2025 [46] - **Dual Moving Average Method**: Generated buy signal on October 13, 2025 [47] Small-Cap Low-Volatility 50 Strategy - **2024 Performance**: Annual return of 7.07%, excess return of -2.93% [7][33] - **2025 YTD Performance**: Annual return of 63.78%, weekly excess return of -2.23% [7][33] --- Quantitative Factors and Construction Weekly Factor Performance - **Top 5 Factors**: - **Leverage Factor**: Weekly rank IC of 0.182, historical average of -0.005 [4] - **Free Float Ratio Factor**: Weekly rank IC of 0.138, historical average of -0.012 [4] - **Turnover Factor**: Weekly rank IC of 0.116, historical average of -0.081 [4] - **Liquidity Factor**: Weekly rank IC of 0.075, historical average of -0.041 [4] - **Dividend Yield Factor**: Weekly rank IC of 0.064, historical average of 0.022 [4] - **Bottom 5 Factors**: - **Unadjusted Stock Price Factor**: Weekly rank IC of -0.311, historical average of -0.017 [4] - **Beta Factor**: Weekly rank IC of -0.3, historical average of 0.003 [4] - **Non-Liquidity Factor**: Weekly rank IC of -0.161, historical average of 0.039 [4] - **Inverse PE_TTM Factor**: Weekly rank IC of -0.138, historical average of 0.016 [4] - **Single-Quarter ROE Factor**: Weekly rank IC of -0.089, historical average of 0.021 [4] Additional Weekly Factor Performance - **Top 5 Factors**: - **Logarithmic Market Cap Factor**: Weekly rank IC of 0.225, historical average of -0.034 [16] - **Nonlinear Market Cap Factor**: Weekly rank IC of 0.225, historical average of -0.034 [16] - **Beta Factor**: Weekly rank IC of 0.083, historical average of 0.003 [16] - **Unadjusted Stock Price Factor**: Weekly rank IC of 0.065, historical average of -0.017 [16] - **Past Year Volatility Factor**: Weekly rank IC of 0.06, historical average of -0.033 [16] - **Bottom 5 Factors**: - **Past 10-Day Return Factor**: Weekly rank IC of -0.226, historical average of -0.061 [16] - **Momentum Factor**: Weekly rank IC of -0.196, historical average of -0.006 [16] - **Leverage Factor**: Weekly rank IC of -0.114, historical average of -0.005 [16] - **Single-Quarter Net Profit Growth Factor**: Weekly rank IC of -0.11, historical average of 0.019 [16] - **Standardized Expected Earnings Factor**: Weekly rank IC of -0.104, historical average of 0.013 [16] --- Factor Backtesting Results Weekly Factor Performance - **Leverage Factor**: Weekly rank IC of 0.182 [4] - **Free Float Ratio Factor**: Weekly rank IC of 0.138 [4] - **Turnover Factor**: Weekly rank IC of 0.116 [4] - **Liquidity Factor**: Weekly rank IC of 0.075 [4] - **Dividend Yield Factor**: Weekly rank IC of 0.064 [4] - **Unadjusted Stock Price Factor**: Weekly rank IC of -0.311 [4] - **Beta Factor**: Weekly rank IC of -0.3 [4] - **Non-Liquidity Factor**: Weekly rank IC of -0.161 [4] - **Inverse PE_TTM Factor**: Weekly rank IC of -0.138 [4] - **Single-Quarter ROE Factor**: Weekly rank IC of -0.089 [4] Additional Weekly Factor Performance - **Logarithmic Market Cap Factor**: Weekly rank IC of 0.225 [16] - **Nonlinear Market Cap Factor**: Weekly rank IC of 0.225 [16] - **Beta Factor**: Weekly rank IC of 0.083 [16] - **Unadjusted Stock Price Factor**: Weekly rank IC of 0.065 [16] - **Past Year Volatility Factor**: Weekly rank IC of 0.06 [16] - **Past 10-Day Return Factor**: Weekly rank IC of -0.226 [16] - **Momentum Factor**: Weekly rank IC of -0.196 [16] - **Leverage Factor**: Weekly rank IC of -0.114 [16] - **Single-Quarter Net Profit Growth Factor**: Weekly rank IC of -0.11 [16] - **Standardized Expected Earnings Factor**: Weekly rank IC of -0.104 [16]

Core Viewpoint - Jin Sanjiang's stock price has shown a mixed performance in recent trading sessions, with a year-to-date increase of 5.02% and a notable rise in revenue and net profit for the first nine months of 2025 [2][3]. Group 1: Stock Performance - On November 25, Jin Sanjiang's stock rose by 2.00%, reaching a price of 12.74 CNY per share, with a trading volume of 15.0018 million CNY and a turnover rate of 0.57% [1]. - Year-to-date, Jin Sanjiang's stock price has increased by 5.02%, with a decline of 1.01% over the last five trading days, an increase of 8.61% over the last 20 days, and a rise of 4.43% over the last 60 days [2]. Group 2: Company Overview - Jin Sanjiang (Zhaoqing) Silicon Materials Co., Ltd. was established on December 3, 2003, and went public on September 13, 2021. The company specializes in the research, production, and sales of precipitated silica, with 99.53% of its revenue coming from this product [2]. - The company is classified under the basic chemicals industry, specifically in the category of other chemical products, and is associated with concepts such as aerogels, micro-cap stocks, small-cap stocks, margin trading, and high dividend payouts [2]. Group 3: Financial Performance - For the period from January to September 2025, Jin Sanjiang achieved a revenue of 322 million CNY, representing a year-on-year growth of 18.76%. The net profit attributable to shareholders was 53.2537 million CNY, reflecting a year-on-year increase of 41.35% [2]. - Since its A-share listing, Jin Sanjiang has distributed a total of 129 million CNY in dividends, with 98.448 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders in Jin Sanjiang was 9,327, a decrease of 8.61% from the previous period. The average number of circulating shares per shareholder increased by 9.32% to 22,144 shares [2]. - Among the top ten circulating shareholders, the Noan Multi-Strategy Mixed A fund is the fifth largest shareholder, having recently acquired 1.3757 million shares. Other funds, such as CITIC Prudential Multi-Strategy Mixed A and Guotai Junan Jun Dexin 2-Year Holding Mixed A, have exited the top ten list [3].

Core Viewpoint - Huitian Thermal Power's stock price has shown fluctuations, with a recent increase of 2.19% and a year-to-date increase of 7.16%, despite a decline in the last five trading days [1][2]. Group 1: Stock Performance - As of November 25, Huitian Thermal Power's stock price reached 3.74 CNY per share, with a trading volume of 27.96 million CNY and a turnover rate of 1.42% [1]. - The company has experienced a net inflow of main funds amounting to 2.78 million CNY, with large orders accounting for 16.65% of purchases [1]. - Over the past 60 days, the stock has increased by 2.75%, while it has decreased by 5.56% in the last five trading days and 2.86% in the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Huitian Thermal Power reported a revenue of 1.224 billion CNY, reflecting a year-on-year decrease of 0.40% [2]. - The company recorded a net profit attributable to shareholders of -317 million CNY, which represents a year-on-year increase of 30.37% [2]. - Cumulatively, the company has distributed 87.80 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [2]. Group 3: Company Overview - Huitian Thermal Power, established on December 28, 1993, is located in Shenyang, Liaoning Province, and was listed on February 27, 1997 [1]. - The company's main business involves providing heating and heating engineering services, with 96.35% of its revenue derived from heating and gas supply [1]. - The company is classified under the public utility sector, specifically in electricity and thermal services, and is associated with concepts such as low price, micro-cap stocks, and revitalization of Northeast China [1].

Group 1 - The core viewpoint of the news is that Yonghe Intelligent Control has shown significant stock performance with a year-to-date increase of 54.90%, despite a recent slight decline in the last five trading days [1] - As of November 25, the stock price reached 6.32 CNY per share, with a total market capitalization of 2.817 billion CNY [1] - The company has experienced a net outflow of main funds amounting to 603,300 CNY, with large orders showing a buy of 27.30 million CNY and a sell of 25.87 million CNY [1] Group 2 - Yonghe Intelligent Control operates in the mechanical equipment sector, specifically in general equipment and metal products, with a focus on the healthcare industry and fluid control business [2] - As of September 30, the number of shareholders increased by 54.10% to 31,300, while the average circulating shares per person decreased by 35.11% to 13,876 shares [2] - For the period from January to September 2025, the company reported a revenue of 582 million CNY, a year-on-year decrease of 7.25%, and a net profit attributable to the parent company of -60.46 million CNY, a year-on-year increase of 20.65% [2] Group 3 - Since its A-share listing, Yonghe Intelligent Control has distributed a total of 200 million CNY in dividends, with no dividends paid in the last three years [3]