Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to monitor market trends and identify potential market leaders. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ represents the latest closing price - $\text{ts\_max(Close, 250)}$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies market trends and highlights stocks or indices that are leading the market, aligning with the principles of momentum and trend-following strategies[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories are associated with stronger momentum effects[24][27]. - **Model Construction Process**: The selection process involves the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day price change in the top 20% of the market - **Price Stability**: Stocks are ranked based on: - **Price Path Smoothness**: Ratio of price displacement to the total price path - **Sustainability of New Highs**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][27]. - **Model Evaluation**: The model emphasizes the importance of smooth price paths and consistent momentum, which are less likely to attract excessive attention and thus yield stronger returns[24][27]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Stable New High Stock Selection Model - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative distance of a stock's price from its 250-day high, serving as an indicator of momentum and trend strength[11]. - **Factor Construction Process**: The formula is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ is the latest closing price - $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively captures momentum and trend-following characteristics, making it a reliable indicator for identifying market leaders[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period - Rank stocks based on this ratio and select the top performers[24]. - **Factor Evaluation**: The factor highlights stocks with stable momentum, which are less likely to attract excessive attention and thus yield stronger returns[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][24] - As of November 21, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 4.83%, Shenzhen Component Index 8.65%, CSI 300 6.20%, CSI 500 9.69%, CSI 1000 7.59%, CSI 2000 7.40%, ChiNext Index 12.16%, and STAR 50 Index 16.45% [5][24] - Among the CITIC primary industry indices, the sectors closest to their 250-day new highs include petroleum and petrochemicals, textiles and apparel, basic chemicals, home appliances, and steel [8][24] Group 2 - A total of 1,127 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and power equipment and new energy sectors [2][13][24] - The highest proportion of new high stocks is found in the textiles and apparel, coal, and non-ferrous metals sectors, with respective proportions of 41.41%, 38.89%, and 38.71% [13][24] - The cyclical and manufacturing sectors had the most new high stocks this week, with 364 and 315 stocks respectively [15][24] Group 3 - The report identifies 15 stocks that have shown stable new highs, including Heertai, Sry New Materials, and Cangge Mining, with the manufacturing and cyclical sectors contributing the most stocks [3][20][25] - The construction industry had the highest number of new highs within the manufacturing sector, while the non-ferrous metals industry led in the cyclical sector [20][25]

Group 1 - The core viewpoint of the news is that Changshan Beiming's stock has shown a significant increase in price and trading activity, with a year-to-date increase of 20.51% and a recent trading volume of 6.74 billion yuan [1] - As of November 10, 2025, Changshan Beiming reported a revenue of 5.125 billion yuan, reflecting a year-on-year growth of 4.36%, while the net profit attributable to shareholders was -155 million yuan, indicating a 45.40% increase compared to the previous year [2] - The company has been actively listed on the "Dragon and Tiger List" eight times this year, with the most recent instance on October 16, where it recorded a net purchase of 521 million yuan [1][2] Group 2 - Changshan Beiming's main business includes the production and sales of pure cotton and polyester-cotton yarns, with system integration and industry solution services accounting for 85.94% of its revenue [2] - The company is categorized under the computer-IT services industry and is associated with concepts such as Huawei Pangu, Alibaba Cloud, and data rights confirmation [2] - As of September 30, 2025, the number of shareholders decreased by 2.26% to 412,100, while the average circulating shares per person increased by 2.31% to 3,852 shares [2][3]

Core Viewpoint - 京北方 has experienced a significant stock price increase of 92.67% year-to-date, but recent trading shows a decline in the short term, indicating potential volatility in the stock performance [1][2]. Company Overview - 京北方 Information Technology Co., Ltd. was established on December 16, 2009, and went public on May 7, 2020. The company primarily provides information technology services and business process outsourcing to financial institutions, particularly banks [2]. - The revenue composition of 京北方 includes: software development and services (33.73%), financial technology solutions (30.03%), smart customer service and precise marketing in consumer finance (19.58%), digital operation and services (13.95%), and AI and big data innovative products (2.71%) [2]. - 京北方 is categorized under the computer software development industry, with concepts including internet finance, digital currency, operating systems, cross-border payments, and Baidu concepts [2]. Financial Performance - For the period from January to September 2025, 京北方 reported a revenue of 3.613 billion yuan, reflecting a year-on-year growth of 5.14%. The net profit attributable to shareholders was 243 million yuan, with a year-on-year increase of 7.94% [2]. - Since its A-share listing, 京北方 has distributed a total of 318 million yuan in dividends, with 261 million yuan distributed over the past three years [2]. Shareholder Information - As of September 30, 2025, the top ten circulating shareholders of 京北方 include Hong Kong Central Clearing Limited as the fourth largest shareholder with 5.8378 million shares, an increase of 1.6881 million shares from the previous period [3]. - The fifth largest shareholder is Hua Bao Zhong Zheng Financial Technology Theme ETF, holding 5.6812 million shares, which is an increase of 2.6807 million shares [3]. - Other notable shareholders include Southern Zhong Zheng 1000 ETF and Hua Xia Zhong Zheng 1000 ETF, with varying changes in their holdings [3].

Core Viewpoint - The stock price of Zhouming Technology has experienced a decline, with a current trading price of 6.91 CNY per share, reflecting a decrease of 2.12% on November 19. The company has seen a net outflow of funds and a significant drop in stock price over various time frames [1]. Company Overview - Zhouming Technology, established on October 26, 2004, and listed on June 22, 2011, is headquartered in Shenzhen, China. The company specializes in the production and sale of LED display screens, LED lighting, and provides landscape lighting engineering services. The revenue composition is as follows: smart display 93.70%, smart lighting 5.06%, other 0.71%, and cultural lighting 0.54% [1][2]. Financial Performance - For the period from January to September 2025, Zhouming Technology reported a revenue of 5.623 billion CNY, representing a year-on-year growth of 3.74%. However, the net profit attributable to shareholders decreased by 1.21% to 126 million CNY [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 13.02% to 41,800, with an average of 21,212 circulating shares per person, a decrease of 11.52% [2]. The company has distributed a total of 538 million CNY in dividends since its A-share listing, with 331 million CNY distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 37.3089 million shares, an increase of 15.6009 million shares compared to the previous period. Meanwhile, the Southern CSI 1000 ETF has reduced its holdings by 100,000 shares [3].

Core Viewpoint - Xiaomi Group reported a strong Q3 2025 financial performance, with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, up 80.9%, marking the highest quarterly profit in history [2] Financial Performance - Revenue breakdown: - Mobile and AIoT business contributed 84.1 billion yuan - Smartphone revenue was 46 billion yuan with global shipments of 43.3 million units, a 0.5% year-on-year increase, achieving nine consecutive quarters of growth [2] - IoT and consumer products revenue reached 27.6 billion yuan, up 5.6% year-on-year - Internet services revenue was 9.4 billion yuan, a 10.8% increase year-on-year [2] Market Outlook - Xiaomi's management indicated a "slight recovery" in the global smartphone market, primarily driven by low-end demand in emerging markets [2] - The company set its smartphone shipment target for the year at approximately 170 million units, with a cautious outlook for Q4 [2] Automotive Business - The automotive segment saw significant growth, with revenue reaching 29 billion yuan, a year-on-year increase of over 199%, and a quarterly delivery of over 100,000 electric vehicles, marking a new high since its launch [3] - Cumulative deliveries for the first three quarters exceeded 260,000 units, with a target of 350,000 units for the year [3] Product Strategy - Xiaomi is focusing on high-end product strategies, with a market share of 18.9% in the 4,000 to 6,000 yuan smartphone segment, an increase of 5.6 percentage points year-on-year [3] - The recently launched Xiaomi 17 series saw a 30% increase in sales compared to the previous generation, with over 80% of sales coming from high-end models [3] R&D Investment - R&D expenses for the first three quarters reached 23.5 billion yuan, nearing the total for the entire year of 2024, with expectations to exceed 30 billion yuan for the year [5] - The third quarter saw R&D investment of 9.1 billion yuan, a year-on-year increase of over 50% [5] Competitive Strategy - Xiaomi aims to avoid price wars and instead focus on enhancing average selling prices (ASP) through product line expansions [5] - The company is expanding its high-end home appliance business into Southeast Asia and Europe, with plans to accelerate overseas growth next year [5]

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.81% to close at 3939.81 points, and the Shenzhen Component Index dropping by 0.92% to 13080.49 points. The ChiNext Index decreased by 1.16% to 3069.22 points. Overall, there were 1274 stocks that rose while 4103 stocks fell, with a total trading volume of 19261 billion yuan, an increase of 153 billion yuan compared to the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, the media, computer, and electronics sectors showed positive performance with increases of 1.60%, 0.93%, and 0.12% respectively. Conversely, the coal, electric equipment, steel, non-ferrous metals, and basic chemicals sectors faced declines, with decreases of 3.17%, 2.97%, 2.85%, 2.80%, and 2.67% respectively [1][10]. Concept Sector Performance - The concept sectors that performed well today included Pinduoduo partners, Xiaohongshu platform, WEB3.0, Kimi, Douyin Doubao, multimodal models, internet celebrity economy, operating systems, virtual humans, intelligent entities, ChatGPT, AIGC, medical payment reform, live streaming sales, and Chinese corpus. In contrast, the lithium battery positive electrode, lithium battery negative electrode, and lithium iron phosphate battery sectors experienced a pullback [2][12].

Group 1 - The stock price of Changshan Beiming increased by 2.15% on November 18, reaching 24.22 CNY per share, with a trading volume of 1.759 billion CNY and a turnover rate of 4.66%, resulting in a total market capitalization of 38.718 billion CNY [1] - Year-to-date, Changshan Beiming's stock price has risen by 20.26%, with a 6.46% increase over the last five trading days, a 1.66% decrease over the last 20 days, and a 3.85% decrease over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" eight times this year, with the most recent appearance on October 16, where it recorded a net purchase of 521 million CNY [1] Group 2 - Changshan Beiming Technology Co., Ltd. was established on December 29, 1998, and listed on July 24, 2000, with its main business involving the production and sales of cotton and polyester-cotton yarns, as well as software and computer services [2] - The company's revenue composition includes 85.94% from system integration and industry solution services, 11.77% from custom software and services, 1.61% from agency product value-added sales, and 0.68% from other sources [2] - As of November 10, the number of shareholders in Changshan Beiming was 412,100, a decrease of 2.26% from the previous period, with an average of 3,852 circulating shares per person, an increase of 2.31% [2] - For the period from January to September 2025, Changshan Beiming achieved a revenue of 5.125 billion CNY, a year-on-year increase of 4.36%, while the net profit attributable to the parent company was -155 million CNY, a year-on-year increase of 45.40% [2] - The company has distributed a total of 469 million CNY in dividends since its A-share listing, with no dividends distributed in the last three years [2] - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 13.226 million shares, an increase of 4.5524 million shares from the previous period [2]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.46% closing at 3972.03 points, the Shenzhen Component down 0.11% at 13202.00 points, the Sci-Tech 50 down 0.53% at 1354.04 points, and the ChiNext Index down 0.20% at 3105.20 points [1][10] - Overall, the number of stocks that rose and fell was nearly balanced, with 2582 stocks rising and 2724 stocks falling, while 138 stocks remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 19108 billion, a decrease of 473 billion from the previous trading day [1][10] Industry Performance - Among the Shenwan first-level industries, the top gainers included Computer (up 1.67%), National Defense and Military Industry (up 1.59%), Coal (up 1.32%), Telecommunications (up 1.10%), and Real Estate (up 1.00%). Conversely, the sectors that experienced the largest declines were Pharmaceutical and Biological (down 1.73%), Banking (down 1.31%), Non-Bank Financials (down 1.11%), Building Materials (down 0.93%), and Home Appliances (down 0.84%) [1][10] Concept Sector Performance - The concept sectors that performed well today included Lithium Mining, Cross-Strait Integration, Salt Lake Lithium Extraction, Operating Systems, Aquaculture, WEB 3.0, Pinduoduo Partners, Lithium Battery Electrolyte, Lithium Battery Cathode, Multi-Modal Models, AIGC, Cybersecurity, Virtual Humans, Power Batteries, and Baidu Platform [2]

Core Insights - The financial technology ETF Huaxia (516100) has shown strong performance, with a net inflow of 820 million in the last three months and a total scale of 1.34 billion as of November 14, 2023 [3][4] - The ETF closely tracks the CSI Financial Technology Theme Index, which includes sectors such as software development, internet finance, and digital currency, positioning it as a potential beneficiary of market recovery and AI-related catalysts [4] Performance Metrics - As of November 14, 2023, the financial technology ETF Huaxia has achieved a net value increase of 12.99% over the past six months [3] - The highest single-month return since inception is 55.18%, with the longest consecutive monthly gain being four months and a maximum increase of 47.15% [3] - The average monthly return during rising months is 10.21%, with an annual profit percentage of 66.67% and an 83.69% probability of profit over a three-year holding period [3] Top Holdings - The top ten weighted stocks in the financial technology ETF Huaxia account for 54.41% of the index, with notable companies including Tonghuashun (300033), Dongfang Caifu (300059), and Zhinan Zhen (300803) [4][6] - The performance of these stocks varies, with notable increases in stocks like Runhe Software (4.12%) and Dazhihui (4.17%) [6]