Quantitative Models and Construction Methods - **Model Name**: Hang Seng Stock Connect Hong Kong Technology Theme Index (HSSCITI.HI) **Model Construction Idea**: The index focuses on the TMT (Technology, Media, and Telecommunications) sector, ensuring high "technology purity" by excluding industries such as pharmaceuticals, home appliances, and automobiles, which may dilute the thematic investment returns[2][28][29] **Model Construction Process**: 1. The index selects stocks listed in Hong Kong that qualify for Southbound trading under the Stock Connect program[34] 2. It focuses on companies in the technology sector, including software, hardware, semiconductors, and internet services, while excluding non-core technology industries[29][34] 3. The index uses free-float market capitalization weighting, with individual stock weight capped at 10%[34] 4. The index is rebalanced semi-annually to ensure alignment with its thematic focus[34] **Model Evaluation**: The index demonstrates a high level of thematic focus, capturing the growth potential of the TMT sector while avoiding the risks associated with unrelated industries[29][34] Model Backtesting Results - **Hang Seng Stock Connect Hong Kong Technology Theme Index**: - 1-year annualized return: 55.90% - 3-year annualized return: 8.83% - Comparative performance: Outperformed the Hang Seng Index, which had 1-year and 3-year annualized returns of 36.31% and 3.55%, respectively[43] Quantitative Factors and Construction Methods - **Factor Name**: Technology Sector Focus **Factor Construction Idea**: The factor emphasizes the concentration of investments in the TMT sector to maximize exposure to technology-driven growth opportunities[29][34] **Factor Construction Process**: 1. Stocks are selected based on their classification within technology-related industries such as software, hardware, and semiconductors[29][34] 2. Non-technology sectors like pharmaceuticals, home appliances, and automobiles are excluded to maintain thematic purity[29][34] 3. The weighting scheme ensures a balanced representation of sub-sectors within the TMT domain, with significant allocations to internet platforms, hardware, and software companies[29][33] **Factor Evaluation**: The factor effectively captures the growth dynamics of the technology sector while minimizing exposure to unrelated industries, enhancing the thematic investment appeal[29][34] Factor Backtesting Results - **Technology Sector Focus Factor**: - Sector allocation: Information Technology (66.55%), Consumer Discretionary (18.25%), Communication Services (15.20%)[33] - Sub-sector allocation: Hardware (27.35%), Software (25.75%), Semiconductors (13.45%), Media (14.42%)[31][33] - Top contributors: Internet platform companies (e.g., Tencent, Alibaba, Meituan) accounted for approximately 44% of the index weight[29][32]

行 业 研 究 2025 年 07 月 06 日 ——行业周报 | 蒋颖（分析师） | 雷星宇（联系人） | 陈光毅（联系人） | | --- | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | 证书编号：S0790124020006 | 万国和润泽 REIT 均获超百倍认购，AIDC 获市场高度认可 据润泽科技公告，南方润泽科技数据中心 REIT 完成网下询价，认购倍数高 达 167.06 倍，市场反响热烈，每份定价 4.50 元，总发行规模 10 亿份，预计 募集资金 45 亿元。南方润泽科技数据中心 REIT 底层资产为润泽科技于河北 省廊坊经济技术开发区 A-18 数据中心项目，包含 7.04kW 普通机柜 5794 个，16.5kW 高功率机柜 100 个，30.36kW 超高功率机柜 3 个，机柜总功率 42.5MW。若以每份定价认购价 4.50 元计算，参考 2023 年 EBITDA，项目 EV ...

证券研究报告/行业定期报告 本周整体表现承压,新股上市首秀亮眼 北交所周报(6.23-6.28) 2025 年 07 月 04 日 4)大消费:太湖雪(新国货丝绸第一股)、柏星龙(创意包装第一股)、路斯股份 (北交所宠物食品第一股)、康比特(北交所运动营养第一股)、雷神科技(AI+眼 镜应用领先企业); 5)军工信息化:成电光信(军机升级换代驱动公司特种显示与网络总线业务持续增 长）、星图测控(航天测运控稀缺标的,有望持续受益卫星互联网建设) | 增持(维持) 评级: | | 报告摘要 | | --- | --- | --- | | | | 北交所行情概览: | | | | 1)整体行情:截至 2025年6月28日,北证成份股 268个,平均市值 31.39亿元。 | | 分析师:冯胜 | | 本周北证 50 指数涨跌幅 6.84%，收盘 1439.63点；同期沪深 300、创业板指、科创 | | 执业证书编号:S0740519050004 | | 50 涨跌幅分别为 1.95%、5.69%、3.17%。 | | Email: fengsheng@zts.com.cn | | 2）暴道行情:本周Ａ股涨幅前五的 ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a satellite control method, system, computer equipment, and storage medium to four companies: Beijing Minastar Technology Co., Ltd., Beijing Guoyu Minastar Technology Co., Ltd., Anhui Minastar Technology Co., Ltd., and Hainan Minastar Technology Co., Ltd. The patent was announced with the authorization number CN118289229B, and the application date was April 2024 [1][2][3] - Beijing Minastar Technology Co., Ltd. was established in 2017 and is based in Beijing, focusing on manufacturing in the railway, shipping, aerospace, and other transportation equipment industries. The company has a registered capital of 62.5625 million RMB and has invested in 10 enterprises, participated in 59 bidding projects, and holds 326 patents [1][3] - Beijing Guoyu Minastar Technology Co., Ltd. was founded in 2015 and is also located in Beijing, primarily engaged in technology promotion and application services. The company has a registered capital of 20 million RMB, participated in 4 bidding projects, and holds 184 patents [1][2] Group 2 - Anhui Minastar Technology Co., Ltd. was established in 2018 and is located in Hefei, focusing on telecommunications, broadcasting, television, and satellite transmission services. The company has a registered capital of 5 million RMB and holds 179 patents [2][3] - Hainan Minastar Technology Co., Ltd. was founded in 2017 and is based in Sanya, primarily engaged in technology promotion and application services. The company has a registered capital of 65 million RMB, has invested in 1 enterprise, and holds 180 patents [2][3]

1.牛市不等于赚钱，而且大概率会亏钱 以下文章来源于巴蜀养基场 ，作者九思基哥 巴蜀养基场 . 做好的理财经理教育，成为公募基金财富管理领域赋能的领先品牌，目前已服务280+金融机构和 100,000+理财经理。提供降费降佣背景下的行业各项解决方案（咨询、辅导、培训、基金产品测评、营 销策划等服务）基哥 18608036474（V信同号） "如果大家都觉得是牛市，很可能你买入就被套"了。 因为，市场是中性的： 的确上半年A股是很躁动的，人最怕的是同样都在投资基金，为什么别人收益超过20%，而自己投 资债基收益还不到2%。 该不该把债基全部换成权益类产品呢？ 先给我出的答案：不该。 为什么 想想为什么现在亏损得厉害，因为在市场狂飙猛进的时候，买得太多。 现在市场虽然没有达到之前热度，但是有些板块明显过热，波动是加大了的。 破除熊市思维，是让我们不要"先入为主"，受"锚定效应"影响，过于保守，而错失赚取超额收益机 会 不要天天盼望牛市，是让我们"留一份清醒"，因为牛市是滞后指标，是提前播种的人收获的时候， 而不是此前没有布局此刻慌不择路，很容易"高位站岗" 如果要投资，还是得关注一下板块估值和投资性价比 2.债基 ...

股票研究 /[Table_Date] 2025.07.03 我国将举行盛大阅兵，日最早 8 月部署 F-35B [Table_Industry] 军工 [Table_Invest] 评级： 增持 | [table_Authors] 彭磊(分析师) | 周明頔(研究助理) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880518100003 | S0880123070156 | 本报告导读： 上周军工板块上涨，上合组织成员国国防部长会议在青岛举行。我国将 于 9 月 3 日将举行盛大阅兵，日本最早 8 月部署 F-35B。大国博弈加剧 是长期趋势，军工长期向好。 | 1. | 核心观点：我国将举行盛大阅兵，日最早 8 月部署 F-35B 3 | | --- | --- | | 2. | 行情回顾：板块上涨，国防信息化板块表现较好 5 | | | 2.1. 行业表现：上涨 7.46%，跑赢大盘 5.54pp 5 | | | 2.2. 指数表现：中证国安指数等指数表现较好 5 | | | 2.3. 板块表现：国防信息化板块表现较好 5 | | 3 ...

Market Overview - On July 3, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up 0.18%, the Shenzhen Component Index up 1.17%, and the ChiNext Index up 1.9% [1][2] - The total trading volume for the day was 1.33 trillion yuan, a decrease of 716 billion yuan compared to the previous trading day, with nearly 3,300 stocks rising [1] Sector Performance - The market showed strength in sectors such as Apple concepts, consumer electronics, PCB, and electronic components, with stocks like Industrial Fulian, Founder Technology, and Zhongjing Electronics hitting the daily limit [2] - The innovative drug sector remained active, with stocks like Changchun High-tech hitting the daily limit [2] - AI hardware, solid-state batteries, and satellite navigation sectors also performed well, while the controllable nuclear fusion sector weakened, led by a decline in Wangzi New Materials [2][11] Notable Stocks - In the PCB sector, stocks like Bomin Electronics, Zhongjing Electronics, and Pengding Holdings reached the daily limit [4] - The consumer electronics sector saw a collective surge, with Industrial Fulian, New Asia Electronics, and Chaoyang Technology hitting the daily limit, while stocks like Huajin Technology and Tonglian Precision rose over 8% [5][6] - Innovative drug stocks continued their strong performance, with companies like Guangsheng Tang and Changchun High-tech hitting the daily limit [7] Policy Impact - On July 1, the National Healthcare Security Administration and the National Health Commission jointly issued measures to support the high-quality development of innovative drugs, marking the first time these two government departments have collaborated on drug innovation policies [7] - Citigroup anticipates that the innovative drug and biotechnology sectors will see multiple catalysts by the second half of 2025, including commercial collaborations, accelerated regulatory approvals, and favorable pricing environments [7] Market Outlook - Following the rise at the end of June, the A-share market is at a relatively high level, with the U.S. "reciprocal tariff" negotiations set to conclude on July 9, which may pose a risk to the market [13] - Structural support in liquidity is expected to underpin the market, with potential volatility anticipated [13] - Focus is recommended on sectors with new growth support, such as rare earth permanent magnets, precious metals, and engineering machinery, as well as potential valuation recovery opportunities in real estate [14]

Group 1 - AI hardware sector showed strong performance on July 3, with significant increases in servers, circuit boards, optical modules, and consumer electronics [1] - The 5G Communication ETF (515050) rose by 2.34%, with Industrial Fulian increasing over 8%, and other stocks like Pengding Holdings, Shenzhen South Circuit, and Dongshan Precision also performing well [1] - The total trading volume of the ETF exceeded 140 million yuan during the session [1] Group 2 - Galaxy Securities anticipates a recovery in the AI computing industry chain in the second half of the year, presenting new investment opportunities [1] - Key sectors for investment include operators, optical communication, satellite internet, and quantum technology [1] - The AI Computing and related industries, including Nvidia and Apple supply chains, are recommended for investment focus [1] Group 3 - The创业板人工智能ETF华夏 (159381) tracks the AI index of companies listed on the ChiNext board, with a daily price fluctuation limit of ±20% [2] - The fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, making it one of the lowest in its category [2] - The index has over 30% weight in optical modules, including leading companies like NewEase, Zhongji Xuchuang, and Tianfu Communication [2]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index up 0.07%, the Shenzhen Component Index up 0.75%, and the ChiNext Index up 1.36%, while the North Star 50 Index fell by 0.09% [1] - The total market turnover for the half-day was 806.3 billion yuan, a decrease of 61.1 billion yuan compared to the previous day [1] - Over 2,500 stocks in the market experienced gains [1] Sector Performance - The innovative drug, consumer electronics, CPO, and satellite navigation sectors saw the largest gains [1] - Conversely, the gaming, military equipment restructuring, solid-state battery, controllable nuclear fusion, and marine equipment sectors experienced the largest declines [1] Notable Stocks - Innovative drug stocks surged, with ShenZhou Cell and SaiLi Medical hitting the daily limit up [1] - 6G and satellite navigation concept stocks also saw initial gains, with LeiKe Defense and GuoMai Technology reaching the daily limit up [1] - The PCB sector showed volatility with BoMin Electronics, JinAn GuoJi, and DaWei Shares hitting the daily limit up [1] - The consumer electronics sector was active, with XinYa Electronics and ChaoYang Technology reaching the daily limit up [1] - The gaming sector collectively adjusted, with XingHui Entertainment dropping over 6% [1] - Solid-state battery concept stocks weakened in parts, with DaDongNan, SiBao Technology, XiangFengHua, and Shanghai XiBa showing significant declines [1]

据证监会官网显示，无线通信模组龙头移远通信定增23亿元的方案，于近日正式获得上海证券交易所受理。 移远通信成立于2010年，是全球领先的物联网整体解决方案供应商，深耕物联网行业十余年，拥有完备的IoT产品和服务，涵盖模组、天线等硬件产品， 以及丰富的服务和解决方案。公司于2019年登陆上交所，目前总市值在219.82亿元左右。 定增23亿元，加码AI等领域 公告显示，移远通信本次定增的主要用途，是用于车载及5G模组扩产项目、AI算力模组及AI解决方案产业化项目、总部基地及研发中心升级项目、补充 流动资金项目。 | | | 单位:万元 | | --- | --- | --- | | 项目名称 | 投资总额 | 募集资金投资金额 | | 车载及 5G 模组扩产项目 | 95,726.57 | 95,726.57 | | AI 算力模组及 AI 解决方案产业化项目 | 41,123.77 | 41,123.77 | | 总部基地及研发中心升级项目 | 72,844.38 | 53.149.66 | | 补充流动资金项目 | 40,000.00 | 40.000.00 | | 合计 | 249,694.72 | 23 ...