- Model Name: Diffusion Index Model - Model Construction Idea: The model uses the diffusion index to monitor the critical point of future changes in the diffusion index[6][38] - Detailed Construction Process: The model uses the following formula to calculate the diffusion index: $$ \text{Diffusion Index} = \frac{\text{Number of Advancing Stocks}}{\text{Total Number of Stocks}} $$ The model monitors the critical point of future changes in the diffusion index by observing the values of the diffusion index at different time points[38][39] - Model Evaluation: The model is effective in predicting the high volatility of the micro-cap index in the coming week[39] - Testing Results: The current value of the diffusion index is 0.78, indicating a relatively high level[39] - Model Name: Initial Threshold Method (Left-Side Trading) - Model Construction Idea: The model triggers an opening signal when the diffusion index reaches a certain threshold[6][42] - Detailed Construction Process: The model uses the following formula to calculate the threshold: $$ \text{Threshold} = \text{Diffusion Index} \times \text{Historical Average} $$ The model triggered an opening signal on September 23, 2025, when the diffusion index reached 0.0575[42] - Model Evaluation: The model is effective in providing timely trading signals[42] - Testing Results: The model triggered an opening signal on September 23, 2025[42] - Model Name: Delayed Threshold Method (Right-Side Trading) - Model Construction Idea: The model provides an opening signal when the diffusion index reaches a delayed threshold[6][45] - Detailed Construction Process: The model uses the following formula to calculate the delayed threshold: $$ \text{Delayed Threshold} = \text{Diffusion Index} \times \text{Historical Average} + \text{Delay Factor} $$ The model provided an opening signal on September 25, 2025, when the diffusion index reached 0.1825[45] - Model Evaluation: The model is effective in providing delayed but accurate trading signals[45] - Testing Results: The model provided an opening signal on September 25, 2025[45] - Model Name: Dual Moving Average Method (Adaptive Trading) - Model Construction Idea: The model uses dual moving averages to provide trading signals[6][46] - Detailed Construction Process: The model uses the following formula to calculate the dual moving averages: $$ \text{Short-Term Moving Average} = \frac{\sum_{i=1}^{n} \text{Price}_i}{n} $$ $$ \text{Long-Term Moving Average} = \frac{\sum_{i=1}^{m} \text{Price}_i}{m} $$ The model provided a bullish signal on October 13, 2025, when the short-term moving average crossed above the long-term moving average[46] - Model Evaluation: The model is effective in providing adaptive trading signals based on market trends[46] - Testing Results: The model provided a bullish signal on October 13, 2025[46] Factor Construction and Performance - Factor Name: Dividend Yield Factor - Factor Construction Idea: The factor ranks stocks based on their dividend yield[5][16] - Detailed Construction Process: The factor uses the following formula to calculate the dividend yield: $$ \text{Dividend Yield} = \frac{\text{Annual Dividends}}{\text{Stock Price}} $$ The factor ranks stocks from highest to lowest dividend yield[16] - Factor Evaluation: The factor is effective in identifying high-yield stocks[16] - Testing Results: The factor's rank IC for the week is 0.199, with a historical average of 0.022[16] - Factor Name: PB Inverse Factor - Factor Construction Idea: The factor ranks stocks based on the inverse of their price-to-book ratio[5][16] - Detailed Construction Process: The factor uses the following formula to calculate the inverse PB ratio: $$ \text{PB Inverse} = \frac{1}{\text{Price-to-Book Ratio}} $$ The factor ranks stocks from highest to lowest PB inverse[16] - Factor Evaluation: The factor is effective in identifying undervalued stocks[16] - Testing Results: The factor's rank IC for the week is 0.112, with a historical average of 0.034[16] - Factor Name: Illiquidity Factor - Factor Construction Idea: The factor ranks stocks based on their illiquidity[5][16] - Detailed Construction Process: The factor uses the following formula to calculate illiquidity: $$ \text{Illiquidity} = \frac{\text{Absolute Return}}{\text{Trading Volume}} $$ The factor ranks stocks from highest to lowest illiquidity[16] - Factor Evaluation: The factor is effective in identifying illiquid stocks[16] - Testing Results: The factor's rank IC for the week is 0.103, with a historical average of 0.04[16] - Factor Name: Growth Factor - Factor Construction Idea: The factor ranks stocks based on their growth potential[5][16] - Detailed Construction Process: The factor uses the following formula to calculate growth: $$ \text{Growth} = \frac{\text{Current Period Earnings}}{\text{Previous Period Earnings}} - 1 $$ The factor ranks stocks from highest to lowest growth[16] - Factor Evaluation: The factor is effective in identifying high-growth stocks[16] - Testing Results: The factor's rank IC for the week is 0.019, with a historical average of -0.003[16] - Factor Name: Residual Volatility Factor - Factor Construction Idea: The factor ranks stocks based on their residual volatility[5][16] - Detailed Construction Process: The factor uses the following formula to calculate residual volatility: $$ \text{Residual Volatility} = \sqrt{\frac{\sum_{i=1}^{n} (\text{Return}_i - \text{Expected Return})^2}{n}} $$ The factor ranks stocks from highest to lowest residual volatility[16] - Factor Evaluation: The factor is effective in identifying stocks with high residual volatility[16] - Testing Results: The factor's rank IC for the week is 0.015, with a historical average of -0.039[16] Factor Backtesting Results - Dividend Yield Factor: Rank IC for the week is 0.199, historical average is 0.022[16] - PB Inverse Factor: Rank IC for the week is 0.112, historical average is 0.034[16] - Illiquidity Factor: Rank IC for the week is 0.103, historical average is 0.04[16] - Growth Factor: Rank IC for the week is 0.019, historical average is -0.003[16] - Residual Volatility Factor: Rank IC for the week is 0.015, historical average is -0.039[16]

Market Overview - The meeting between the US and Chinese leaders has temporarily eased tariff tensions, coinciding with the release of Q3 earnings reports[1] - The Shanghai Composite Index briefly surpassed 4000 points, with an average weekly trading volume stabilizing above 20 trillion CNY[1] Trading Activity - Dividend stocks and micro-cap stocks have shown a rebound in trading activity, with low valuation stocks also seeing increased engagement[4] - Weekly trading activity in the insurance, non-metal materials, and comprehensive finance sectors has notably improved[4] Fund Performance - The Fund Heavyweight 50 Index experienced a weekly return adjustment, indicating a slight decline of 1.05%[24] - The Northbound Heavyweight Index outperformed the CSI 300 Index, reflecting a positive trend in cross-border investments[28] Sector Performance - The materials and industrial sectors led the weekly gains, with significant increases in trading activity observed[30] - The insurance sector saw a notable rise in trading activity, with its percentile ranking improving by 22.3% compared to the previous period[21] Investment Themes - The Yangtze Low Carbon Leader Index and the Medical Beauty Index performed well, with weekly returns of 3.64% and 4.62% respectively[36] - The carbon neutrality theme continues to attract investor interest, as evidenced by the strong performance of related indices[36]

Core Viewpoint - The company, Lanzhou Zhuangyuan 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 challenges in the traditional dairy sector [3][4]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and dairy beverages, as well as dairy cattle farming. Its product range includes pasteurized milk, sterilized milk, fermented milk, and various liquid dairy products under brands such as "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2][9]. - The company has established itself as a leading dairy product enterprise in Gansu and Qinghai, holding a market share of 20% [2]. Business Strategy - The company adheres to a development philosophy of "survival through quality" and maintains a balanced development strategy that aligns market development with supply capacity. It focuses on creating a safe and controllable production and sales system [2]. - 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]. 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 3.1%. However, it achieved a net profit attributable to shareholders of -48.44 million yuan, reflecting a year-on-year increase of 59.08% [9]. Market Activity - On November 3, the company's stock price increased by 1.97%, with a trading volume of 117 million yuan and a turnover rate of 6.28%, bringing the total market capitalization to 2.127 billion yuan [1].

Group 1 - The core viewpoint of the news is that Topsolid has shown a significant stock price increase of 58.70% year-to-date, with a recent trading price of 9.76 CNY per share and a market capitalization of 2 billion CNY [1] - The company reported a net outflow of main funds amounting to 1.26 million CNY, with large orders buying 4.08 million CNY (8.77% of total) and selling 5.33 million CNY (11.47% of total) [1] - Topsolid's main business revenue composition includes customized wardrobes and matching furniture (55.75%), boutique hardware (35.49%), customized ecological doors (5.42%), and other smart home products (3.34%) [1] Group 2 - As of October 20, the number of shareholders for Topsolid is 9,040, a decrease of 1.35% from the previous period, while the average circulating shares per person increased by 1.37% to 17,411 shares [2] - For the period from January to September 2025, Topsolid achieved an operating income of 689 million CNY, a year-on-year decrease of 13.48%, while the net profit attributable to the parent company was 11.72 million CNY, a year-on-year increase of 222.32% [2] - Since its A-share listing, Topsolid has distributed a total of 88.82 million CNY in dividends, with 26.81 million CNY distributed over the past three years [3]

Group 1 - The core viewpoint of the news is that Dongya Pharmaceutical has shown a positive stock performance recently, with a 5.89% increase in stock price year-to-date and a 3.99% increase over the last five trading days [1] - As of November 3, the stock price reached 20.86 yuan per share, with a market capitalization of 2.393 billion yuan [1] - The company reported a net inflow of main funds amounting to 2.6794 million yuan, indicating investor interest [1] Group 2 - Dongya Pharmaceutical's revenue for the first nine months of 2025 was 596 million yuan, a decrease of 38.08% year-on-year, while the net profit attributable to shareholders was -72.41 million yuan, a decline of 260.31% [2] - The company has distributed a total of 132 million yuan in dividends since its A-share listing, with 69.72 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 2.48% to 10,900, while the average number of tradable shares per person decreased by 2.42% to 10,298 shares [2]

Core Viewpoint - Sanfo Outdoor's stock price has shown a significant increase this year, with a 17.23% rise, indicating positive market sentiment and potential growth in the outdoor sports industry [2] Company Overview - Sanfo Outdoor, established on June 22, 2001, and listed on December 9, 2015, is based in Beijing and specializes in the research and sales of high-quality outdoor sports products, as well as organizing outdoor events and activities [2] - The company's revenue composition includes 59.21% from apparel, 25.95% from footwear and socks, 10.77% from equipment, and 4.07% from outdoor services [2] - As of September 30, 2025, the company had 16,600 shareholders, a decrease of 9.04% from the previous period, with an average of 7,850 circulating shares per person, an increase of 9.94% [2] Financial Performance - For the period from January to September 2025, Sanfo Outdoor achieved a revenue of 585 million yuan, representing a year-on-year growth of 17.04%, while the net profit attributable to shareholders was 21.21 million yuan, up 147.77% year-on-year [2] - The company has distributed a total of 12.99 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders included notable funds such as Yinhua Shengshi Flexible Allocation Mixed Fund and Nuon An Multi-Strategy Mixed Fund, with some shareholders reducing their stakes [3]

Core Viewpoint - Beiken Energy's stock has shown significant growth this year, with a year-to-date increase of 35.14%, reflecting strong performance in the oil and gas service sector [1][2]. Group 1: Stock Performance - As of November 3, Beiken Energy's stock price reached 11.50 CNY per share, with a trading volume of 65.17 million CNY and a turnover rate of 2.95%, resulting in a total market capitalization of 2.31 billion CNY [1]. - The stock has experienced a 2.40% increase over the last five trading days, a 13.64% increase over the last 20 days, and a 14.09% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a trading board for stocks with significant trading activity) nine times this year, with the most recent appearance on October 23, where it recorded a net buy of -57.52 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Beiken Energy reported a revenue of 747 million CNY, representing a year-on-year growth of 23.38%, and a net profit attributable to shareholders of 29.01 million CNY, which is a 19.21% increase year-on-year [2]. - The company has distributed a total of 104 million CNY in dividends since its A-share listing, with cumulative distributions of 27.79 million CNY over the past three years [2]. Group 3: Company Overview - Beiken Energy, established on November 26, 2009, and listed on December 8, 2016, is primarily engaged in oil and gas exploration and development, focusing on drilling engineering technical services [1]. - The company's revenue composition is heavily weighted towards drilling engineering, accounting for 99.25% of total revenue, with minimal contributions from other services [1].

Core Viewpoint - Han Jian He Shan's stock price has shown significant volatility, with a year-to-date increase of 57.83% but a recent decline in the last five trading days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Financial Performance - For the period from January to September 2025, Han Jian He Shan achieved a revenue of 548 million yuan, 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 yuan, reflecting a substantial year-on-year increase of 123.72% [2]. Stock Market Activity - As of November 3, the stock price was 5.54 yuan per share, with a market capitalization of 2.168 billion yuan [1]. - The stock has been active on the market, appearing on the "Dragon and Tiger List" 11 times this year, with the most recent appearance on July 31, where it recorded a net buy of -32.56 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders was 39,400, a decrease of 11.65% from the previous period, while the average number of circulating shares per shareholder increased by 14.05% to 9,757 shares [2]. Dividend History - Since its A-share listing, Han Jian He Shan has distributed a total of 24.62 million yuan in dividends, with no dividends paid in the last three years [3].

Core Viewpoint - The stock of Jindike experienced a decline of 2.14% on November 3, trading at 16.93 CNY per share, with a total market capitalization of 2.086 billion CNY. The company has seen a year-to-date stock price increase of 39.69% [1] Financial Performance - For the period from January to September 2025, Jindike achieved operating revenue of 74.6576 million CNY, representing a year-on-year growth of 91.93%. However, the net profit attributable to shareholders was -86.4706 million CNY, a decrease of 61.74% compared to the previous year [1] Stock Market Activity - As of November 3, the trading volume was 18.9898 million CNY, with a turnover rate of 0.90%. The net outflow of main funds was 2.6402 million CNY, with large single purchases accounting for 15.89% and sales for 29.79% of the total [1] Shareholder Information - As of September 30, the number of shareholders for Jindike was 4,319, a decrease of 4.55% from the previous period. The average circulating shares per person increased by 4.77% to 28,525 shares [1] Company Overview - Jindike, established on December 29, 2008, and listed on August 2, 2021, is a biopharmaceutical company based in Taizhou, Jiangsu Province, focusing on the research, production, and sales of human vaccines. The company's main business revenue is derived entirely from vaccine products [1] Dividend Information - Since its A-share listing, Jindike has distributed a total of 61.6 million CNY in dividends, with 17.6 million CNY distributed over the past three years [2]

Core Viewpoint - Delin Hai's stock price has shown significant growth this year, with a 66.60% increase, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - On November 3, Delin Hai's stock rose by 2.05%, reaching a price of 24.38 CNY per share, with a trading volume of 18.68 million CNY and a turnover rate of 0.69% [1]. - Year-to-date, Delin Hai's stock has increased by 66.60%, with a 0.74% rise over the last five trading days, 9.52% over the last 20 days, and 7.08% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Delin Hai reported a revenue of 293 million CNY, a year-on-year decrease of 2.39%, while the net profit attributable to shareholders was 45.64 million CNY, reflecting a year-on-year increase of 61.87% [2]. - The company has distributed a total of 176 million CNY in dividends since its A-share listing, with 83.14 million CNY distributed over the past three years [3]. Group 3: Company Overview - Delin Hai, established on December 10, 2009, and listed on July 22, 2020, is based in Wuxi, Jiangsu Province, focusing on blue algae management, including emergency response and prevention [2]. - The company's main business revenue composition includes 62.64% from technology equipment integration and 42.42% from blue algae management operation and maintenance [2]. - Delin Hai is categorized under the environmental protection industry, specifically in water management and treatment [2].