Core Viewpoint - The article emphasizes the growing popularity and effectiveness of quantitative stock selection strategies in the A-share market, particularly in a challenging market environment where traditional index-based returns are hard to achieve [2]. Group 1: Market Context - The A-share market has been characterized by a lack of index opportunities, often experiencing fluctuations or declines, making it difficult to obtain beta returns [2]. - In this context, investors are increasingly relying on alpha returns, leading to a surge in interest for quantitative stock selection products [2]. Group 2: Advantages of Quantitative Stock Selection - Quantitative stock selection offers several advantages over traditional subjective investment strategies: 1. Objective decision-making that mitigates human emotional biases such as fear and greed [2]. 2. Efficient scanning of the entire market to identify overlooked investment opportunities [2]. 3. Rapid response and discipline in executing trades, ensuring timely actions based on market signals [2]. Group 3: Performance Metrics - As of May 30, 2025, quantitative stock selection strategies have outperformed major A-share indices over various time frames: - 6-month return: 7.24% - 1-year return: 26.57% - 3-year return: 36.88% - 5-year return: 86.17% [3]. Group 4: Company Profile - 微观博易 - 微观博易 has demonstrated strong performance in the quantitative stock selection space, with its product "微观博易-夏之" achieving significant returns since transitioning to a quantitative strategy [4]. - The company employs a multi-factor stock selection model that combines both human and machine-generated factors, aiming for a balanced and diversified portfolio [5]. - The firm has invested heavily in infrastructure, including proprietary technology for low-latency trading, which enhances its competitive edge in the market [10]. Group 5: Team and Strategy - 微观博易's team consists of over 30 professionals with backgrounds from prestigious institutions and experience in top-tier trading firms [7][9]. - The company focuses on a multi-asset strategy, with a strong emphasis on risk management and maximizing risk-adjusted returns [9][10]. - The firm plans to expand its quantitative stock selection product line, indicating a commitment to growth and innovation in this area [13].

Group 1 - The fund name is "招商红利量化选股混合型证券投资基金" (招商红利量化选股混合) with A and C share classes [25][26] - The fund type is a mixed securities investment fund and operates as a contractual open-end fund [2][26] - The fund has a maximum fundraising limit of 3 billion RMB (excluding interest during the fundraising period) [3][30] Group 2 - The fundraising period is from May 14, 2025, to May 28, 2025, with the possibility of adjustments based on subscription conditions [2][33] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [6][32] - The minimum total fundraising amount is set at 200 million shares [29] Group 3 - The fund's A share class will charge subscription fees, while the C share class will not [36][37] - The initial subscription price for each fund share is set at 1.00 RMB [28][36] - Investors can subscribe multiple times during the fundraising period, with specific minimum amounts depending on the sales channel [5][42] Group 4 - The fund management company is 招商基金管理有限公司 (招商基金) and the custodian is 中信银行股份有限公司 (CITIC Bank) [1][2] - The fund will utilize a quantitative model for stock selection, which may involve risks related to model effectiveness and market conditions [10][11] - The fund's investment strategy includes a focus on stocks, with a target allocation of 60%-95% of its assets in stocks and depositary receipts [10]

Group 1 - The core viewpoint of the news is that Jing Sheng Machinery continues to implement its development strategy of "advanced materials and advanced equipment," achieving significant revenue and profit growth [1] - For the reporting period, Jing Sheng Machinery reported operating revenue of 1,757.66 million yuan and a net profit of 250.97 million yuan, indicating strong financial performance [1] - The company is accelerating the domestic substitution process in the semiconductor equipment market, successfully developing various 12-inch semiconductor equipment that meet international advanced standards [1] Group 2 - Jing Sheng Machinery is rapidly advancing its 8-inch silicon carbide substrate production capacity, with significant market expansion results [1] - The quartz crucible business has improved production efficiency by creating a fully automated production platform, positioning Jing Hong Precision as a core component supplier [1] - Major clients include well-known listed companies and large enterprises such as TCL Zhonghuan and Changdian Technology, with good payment performance on existing orders [1] Group 3 - The company aims to maintain its development strategy of "advanced materials and advanced equipment" while building a platform company that promotes diversified business collaboration [1]

Core Viewpoint - Hongda Co., Ltd. has reported a turnaround in net profit for 2024, but its stock price has significantly retraced since reaching a peak of 9.30 yuan per share in early November 2024, nearly erasing the gains made in October 2024 [1] Group 1: Financial Performance - In 2024, Hongda Co., Ltd. achieved total operating revenue of 3.409 billion yuan, a year-on-year increase of 12.68% [7] - The net profit attributable to shareholders was 36.11 million yuan, recovering from a loss of 95.84 million yuan in the previous year [7] - The company reported a non-recurring net profit of 13.12 million yuan, compared to a loss of 104.63 million yuan in the previous year [7] - Despite the recovery, the net profit level in 2024 has not fully returned to the 2022 level, where it was 60.16 million yuan [7] Group 2: Institutional Investment - By the end of 2024, institutional investors held a total of 9.57 billion shares of Hongda, an increase from 8.42 billion shares at the end of Q3 2024, with 44 new funds and 1 insurance company entering as investors [2] - The largest institutional holders include a single insurance company holding 71.02 million shares and 45 funds holding a combined 68.91 million shares [2] - Notable funds include the China Europe Industry Outlook Mixed Securities Investment Fund, which newly acquired 10 million shares, ranking as the ninth largest holding [4] Group 3: Shareholder Changes - The original controlling shareholder, Sichuan Hongda Industrial Co., Ltd., entered bankruptcy reorganization in June 2023, with the reorganization plan approved in July 2024 [6] - Following the reorganization, the controlling shareholder changed to Shudao Investment Group, which now holds 26.39% of the total shares [6] - As of October 31, 2024, Shudao Group and its concerted parties controlled 31.31% of Hongda's total shares [6] Group 4: Historical Issues and Debt - Hongda has faced significant debt due to a major lawsuit involving Yunnan Jinding Zinc Industry Co., Ltd., which resulted in a repayment of 650.67 million yuan, with remaining obligations totaling 423.43 million yuan [8] - The company has resolved its historical issues and is currently in the process of a stock issuance to raise 2.853 billion yuan for debt repayment and working capital [9]

Core Viewpoint - The article discusses the performance and strategies of various "Fixed Income +" funds in the current market environment, highlighting their unique risk-return characteristics and providing insights for investors to consider different options for asset allocation [2][15]. Group 1: Fund Performance and Strategies - The article highlights four funds with different strategies: 1. Huaan Enhanced Income Bond focuses on "Fixed Income + Convertible Bonds" 2. Huatai-PB Dingli Flexible Allocation Mixed focuses on "Fixed Income + Cyclical Stocks" (mainly gold stocks) 3. E Fund Rui Jin Mixed focuses on "Fixed Income + Dividends" 4. China Merchants Anyang Bond focuses on "Fixed Income + Quantitative Stock Selection" [2]. - Huaan Enhanced Income Bond, managed by Zheng Weishan, achieved a 1-year return of 11.41%, significantly outperforming its benchmark of 5.86%, ranking in the top 2% of its category [3][4]. - Huatai-PB Dingli Flexible Allocation Mixed, managed by Zheng Qing and Dong Chen, reported a 1-year return of 6.72%, with a flexible bond portfolio primarily consisting of financial bonds [7][8]. - E Fund Rui Jin Mixed, managed by Yang Kang, achieved a 1-year return of 10.90%, focusing on high-dividend assets and actively adjusting stock positions based on market conditions [10][11]. - China Merchants Anyang Bond, managed by Yin Xiaohong and Cai Zhen, reported a 1-year return of 9.72%, utilizing a "Fixed Income + Quantitative" strategy to balance risk and return [12][14]. Group 2: Investment Strategies and Asset Allocation - Huaan Enhanced Income Bond has shifted its bond holdings to focus on convertible bonds, maintaining over 70% in this asset class since 2023, which provides both defensive and offensive characteristics [3][5]. - Huatai-PB Dingli's bond holdings are primarily in financial bonds, with a flexible allocation strategy that adjusts based on market conditions, aiming to capture opportunities in a declining interest rate environment [7][8]. - E Fund Rui Jin Mixed employs a strategy focused on high-dividend stocks, adjusting its equity positions based on specific market indicators to optimize returns while managing risk [10][11]. - China Merchants Anyang Bond utilizes a quantitative approach for stock selection, focusing on industry rotation and maintaining a balance between different sectors to adapt to market changes [13][14]. Group 3: Conclusion and Investor Considerations - The article emphasizes the importance of understanding the underlying strategies of "Fixed Income +" funds, as different approaches can lead to varying performance outcomes, allowing investors to find suitable products based on their risk preferences and investment goals [15].

广发证券首席金工分析师 安宁宁 anningning@gf.com.cn 广发证券资深金工分析师 陈原文 chenyuanwen@gf.com.cn 联系人：广发证券金工研究员 林涛 gflintao@gf.com.cn 广发金工安宁宁陈原文团队 摘要 神经常微分方程： 在机器学习国际顶会NeurIPS 2018上，Chen等人发表的论文《Neural Ordinary Differential Equations》获得了大会的最佳论文奖。简单来 说，一个常见的ResNet网络通常由多个形如h_{t+1}=f(h_t,_t)+h_t的残差结构所组成。在常规求解中，需计算出每一个残差结构中最能拟合训练数据的网 络参数。而该论文提出，假设当ResNet网络中的残差结构无限堆叠时，则每一个残差结构的参数都可以通过求解同一个常微分方程来获得。 液态神经网络： 基于上述工作，来自麻省理工学院的Ramin Hasani等人，创新性地以常微分方程的形式描述循环神经网络的隐藏状态变化，提出了一类被 称之为液态神经网络的模型，这些研究成果被发表在《Nature：Machine Intelligence》等国际顶级期刊上。此类模 ...