Core Insights - Shunyu Co., Ltd. reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue at 431 million yuan, down 2.52% year-on-year, and a net loss of 19.33 million yuan, a decrease of 242.09% compared to the previous year [1][2] Financial Performance - The basic earnings per share for the reporting period was -0.12 yuan, with a weighted average return on equity of -1.31% [2] - The company's gross margin for the first three quarters was 33.76%, an increase of 0.93 percentage points year-on-year, while the net margin was -3.90%, a decrease of 6.82 percentage points [2] - In Q3 2025, the gross margin improved to 39.04%, up 8.61 percentage points year-on-year and 5.90 percentage points quarter-on-quarter, while the net margin was -7.26%, down 1.99 percentage points year-on-year and 10.74 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for Q3 2025 were 139 million yuan, an increase of 9.75 million yuan year-on-year, with an expense ratio of 32.14%, up 3.01 percentage points from the previous year [2] - Sales expenses decreased by 1.27% year-on-year, while management expenses increased by 2.51%, R&D expenses decreased by 1.33%, and financial expenses rose by 52.10% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 11,500, a decrease of 106 from the end of the previous half-year, representing a decline of 0.92% [2] - The average market value per shareholder increased from 194,800 yuan at the end of the previous half-year to 201,900 yuan, an increase of 3.64% [2] Company Overview - Anhui Shunyu Water Co., Ltd. is located in Hefei, Anhui Province, and was established on September 8, 2011, with its IPO on July 27, 2023 [3] - The company's main business includes secondary water supply and wastewater treatment, with revenue composition of 50.28% from wastewater treatment, 48.99% from secondary water supply, and 0.72% from other sources [3] - Shunyu Co. is classified under the environmental protection industry, specifically in water management and treatment [3]

Core Points - The stock price of Nongshang Environment increased by 2.23% on October 28, reaching 9.15 CNY per share, with a total market capitalization of 2.684 billion CNY [1] - The company has seen a year-to-date stock price increase of 59.69%, with a 1.89% increase over the last five trading days [1] - For the period from January to September 2025, the company reported a revenue of 45.9287 million CNY, a year-on-year decrease of 56.73%, and a net profit attributable to shareholders of -76.4995 million CNY, a decrease of 45.51% [2] Financial Performance - As of October 20, the number of shareholders for Nongshang Environment was 12,000, an increase of 1.37% from the previous period [2] - The average number of circulating shares per shareholder decreased by 1.35% to 24,428 shares [2] - The company has cumulatively distributed 43.8086 million CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3] Business Overview - Nongshang Environment, established on April 28, 2000, and listed on September 20, 2016, is primarily engaged in landscape greening engineering design, construction, maintenance, and seedling cultivation [1] - The company's main business revenue composition includes comprehensive computing services (86.91%), landscape greening engineering (11.07%), and other services (2.02%) [1] - The company is classified under the construction decoration industry, specifically in basic construction and landscape engineering [1]

Group 1 - The core viewpoint of the news is that Times Wan Heng has shown a positive stock performance with a year-to-date increase of 30.19% and a recent rise of 2.11% in intraday trading, indicating strong market interest and potential growth in the renewable energy sector [1] - As of October 28, the stock price of Times Wan Heng is reported at 8.71 CNY per share, with a total market capitalization of 2.563 billion CNY [1] - The company has experienced a net inflow of main funds amounting to 1.6304 million CNY, with significant buying activity observed [1] Group 2 - For the period from January to September 2025, Times Wan Heng reported an operating revenue of 280 million CNY, reflecting a year-on-year decrease of 6.23%, and a net profit attributable to shareholders of 1.6781 million CNY, down 91.08% compared to the previous year [2] - The number of shareholders has decreased to 20,200, a reduction of 44% from the previous period, while the average circulating shares per person increased by 78.59% to 14,537 shares [2] Group 3 - Since its A-share listing, Times Wan Heng has distributed a total of 93.6908 million CNY in dividends, with no dividends paid out in the last three years [3]

Company Overview - Haosai Technology Group Co., Ltd. is located in Fengtai District, Beijing, and was established on June 7, 2000. The company was listed on October 28, 2019. Its main business involves lighting engineering construction, related design, research and development, and sales of lighting products [1][2]. Financial Performance - For the period from January to September 2025, Haosai reported operating revenue of 265 million yuan, a year-on-year decrease of 29.79%. The net profit attributable to the parent company was -26.31 million yuan, a year-on-year decrease of 523.96% [2]. - Since its A-share listing, Haosai has cumulatively distributed cash dividends amounting to 57.14 million yuan, with 30.07 million yuan distributed over the past three years [3]. Stock Performance - As of October 28, Haosai's stock price increased by 2.04%, reaching 17.04 yuan per share, with a total market capitalization of 2.562 billion yuan. The stock has risen 48.69% year-to-date, with a 0.47% increase over the last five trading days, 34.38% over the last 20 days, and 26.97% over the last 60 days [1]. - The stock has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on October 27, where it recorded a net purchase of 8.20 million yuan [1]. Shareholder Information - As of September 30, 2025, Haosai had 14,800 shareholders, a decrease of 5.43% from the previous period. The average number of circulating shares per person increased by 5.75% to 7,702 shares [2][3]. - Notably, the fund "Noan Multi-Strategy Mixed A" (320016) has exited the list of the top ten circulating shareholders [3]. Industry Classification - Haosai is classified under the Shenwan industry as part of the construction decoration sector, specifically in the renovation and decoration categories. It is associated with concepts such as new urbanization, micro-disc stocks, Universal Studios, integrated circuits, and battery swapping [2].

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is experiencing growth in the dairy industry despite challenges such as rising costs and intense market competition, with a focus on expanding into the pet food sector through its new brand "Safiyy" [3]. 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, with a market share of 20% in Gansu and Qinghai provinces [2][9]. - The company operates under three main brands: "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2]. - The company is a state-owned enterprise controlled by the Gansu Provincial Government's State-owned Assets Supervision and Administration Commission [4]. Financial Performance - For the first half of 2025, the company reported a revenue of 420 million yuan, a year-on-year decrease of 1.31%, while the net profit attributable to shareholders was -27.67 million yuan, an increase of 68.50% year-on-year [9]. - The company has distributed a total of 64.69 million yuan in dividends since its A-share listing, with 12.20 million yuan distributed over the past three years [9]. Market Strategy - The company adheres to a development philosophy of "survival through quality" and a balanced development strategy that aligns market development with supply capacity [2]. - It is actively responding to national policies on rural revitalization by engaging in various initiatives to increase farmers' income, such as signing logistics agreements and adopting an "enterprise + base + farmer" model for purchasing crops [4]. Recent Developments - The company launched a new pet food brand "Safiyy" at the 27th Asia Pet Exhibition, utilizing a unique "milk beef" ingredient to differentiate itself in the pet food market [3].

Core Insights - Nanhua Instrument reported a revenue of 110 million yuan for the first three quarters of 2025, representing a year-on-year increase of 63.60% [1] - The company recorded a net profit attributable to shareholders of -180,000 yuan, a decline of 100.97% year-on-year [1] - The basic earnings per share stood at -0.00 yuan [2] Financial Performance - The gross profit margin for the first three quarters of 2025 was 42.61%, an increase of 3.01 percentage points year-on-year [2] - The net profit margin was -1.82%, a decrease of 29.35 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 37.64%, up 0.55 percentage points year-on-year but down 6.18 percentage points quarter-on-quarter [2] - The net profit margin for Q3 2025 was 1.76%, an increase of 10.50 percentage points year-on-year but a decrease of 3.26 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 49.28 million yuan, an increase of 13.43 million yuan year-on-year [2] - The expense ratio was 44.82%, down 8.52 percentage points from the same period last year [2] - Sales expenses increased by 36.25%, management expenses by 31.50%, R&D expenses by 39.14%, and financial expenses by 74.83% year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 11,100, a decrease of 1,004 or 8.31% from the end of the previous half [3] - The average market value of shares held per shareholder increased from 139,300 yuan to 158,600 yuan, a growth of 13.85% [3] Company Overview - Nanhua Instrument, established on April 24, 1996, and listed on January 23, 2015, is located in Nanhai District, Foshan, Guangdong Province [3] - The company specializes in the R&D, production, and sales of motor vehicle testing equipment and systems, as well as environmental monitoring equipment and systems [3] - The revenue composition includes 93.29% from motor vehicle testing equipment, 2.73% from environmental monitoring equipment, 2.52% from urban digital solutions, and 1.46% from vehicle management software [3] - The company belongs to the machinery and equipment industry, specifically in general equipment and instrumentation [3]

Core Insights - ST Changfang reported a significant decline in revenue and profit for the first three quarters of 2025, with total revenue at 312 million yuan, down 17.58% year-on-year, and a net loss of 86.73 million yuan, a decrease of 131.61% compared to the previous year [1][2] Financial Performance - The company's basic earnings per share stood at -0.10 yuan, with a weighted average return on equity of -45.40% [2] - The price-to-earnings ratio (TTM) is approximately -23.55 times, while the price-to-book ratio (LF) is about 9.40 times, and the price-to-sales ratio (TTM) is around 4.02 times [2] - Gross margin for the first three quarters was 23.10%, down 2.95 percentage points year-on-year, and the net margin was -27.84%, a decline of 17.94 percentage points from the previous year [2] - In Q3 2025, the gross margin was 21.79%, down 2.83 percentage points year-on-year and 1.88 percentage points quarter-on-quarter, while the net margin was -33.00%, a decrease of 16.33 percentage points year-on-year and 1.22 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 136 million yuan, an increase of 11.43 million yuan year-on-year, with an expense ratio of 43.67%, up 10.70 percentage points from the previous year [2] - Sales expenses increased by 30.17%, management expenses rose by 29.36%, while research and development expenses decreased by 20.77% and financial expenses fell by 13.40% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 18,300, a decrease of 840 from the end of the previous half-year, representing a decline of 4.39% [3] - The average market value per shareholder decreased from 113,300 yuan to 100,800 yuan, a drop of 11.03% [3] Company Overview - ST Changfang, established on May 30, 2005, and listed on March 21, 2012, is based in Longhua District, Shenzhen, Guangdong Province [3] - The company's main business includes the research, design, production, and sales of LED lighting source devices, LED lighting products, electric fans, portable energy storage products, and other electronic products [3] - The revenue composition is as follows: mobile lighting application products and other electronic products account for 87.50%, surface-mounted LEDs (including high-power) 7.35%, and others 5.14% [3] - The company belongs to the electronics sector, specifically in optical electronics and LED, and is categorized under ST stocks, small-cap, venture capital, micro-cap stocks, and low-priced stocks [3]

Quantitative Models and Construction - **Model Name**: Diffusion Index Model **Construction Idea**: The model monitors the future diffusion index's critical points to predict market changes[39][40] **Construction Process**: The diffusion index is calculated based on the relative price changes of constituent stocks over a specific time window. The horizontal axis represents the future price change percentage (from +10% to -10%), while the vertical axis represents the review period length (from 20 days to 10 days). For example, at a horizontal axis value of 0.95 and a vertical axis value of 15 days, the diffusion index is 0.42, indicating that if all constituent stocks drop by 5% after 5 days, the diffusion index value will be 0.42[39][41] **Evaluation**: The model is effective in identifying potential turning points in the market[40] - **Model Name**: First Threshold Method (Left-Side Trading) **Construction Idea**: This method triggers a buy signal when the diffusion index reaches a predefined threshold[43] **Construction Process**: The first threshold method triggered a buy signal on September 23, 2025, when the diffusion index reached 0.0575[43] **Evaluation**: The method is suitable for early-stage market entry[43] - **Model Name**: Delayed Threshold Method (Right-Side Trading) **Construction Idea**: This method provides a buy signal after the diffusion index stabilizes above the threshold[46] **Construction Process**: The delayed threshold method triggered a buy signal on September 25, 2025, when the diffusion index reached 0.1825[46] **Evaluation**: The method is more conservative and reduces false signals compared to the first threshold method[46] - **Model Name**: Dual Moving Average Method (Adaptive Trading) **Construction Idea**: This method uses two moving averages to generate trading signals based on their crossover[47] **Construction Process**: The dual moving average method provided a buy signal on October 13, 2025, at the market close[47] **Evaluation**: The method adapts to market trends and is effective in capturing medium-term signals[47] Model Backtesting Results - **Diffusion Index Model**: Current diffusion index value is 0.67, indicating a medium-high level. If the market rises by 4% next week, it will trigger the risk threshold[39][40] - **First Threshold Method**: Triggered buy signal at diffusion index value of 0.0575[43] - **Delayed Threshold Method**: Triggered buy signal at diffusion index value of 0.1825[46] - **Dual Moving Average Method**: Triggered buy signal on October 13, 2025[47] Quantitative Factors and Construction - **Factor Name**: Non-Liquidity Factor **Construction Idea**: Measures the illiquidity of stocks to predict their future performance[5][33] **Construction Process**: The rank IC for this factor is calculated weekly. This week, the rank IC is 0.147, compared to the historical average of 0.04[5][33] **Evaluation**: The factor shows strong predictive power this week[5][33] - **Factor Name**: Beta Factor **Construction Idea**: Captures the sensitivity of stock returns to market movements[5][33] **Construction Process**: The rank IC for this factor is 0.134 this week, compared to the historical average of 0.004[5][33] **Evaluation**: The factor demonstrates significant improvement in predictive ability this week[5][33] - **Factor Name**: Standardized Expected Earnings Factor **Construction Idea**: Reflects the expected profitability of stocks[5][33] **Construction Process**: The rank IC for this factor is 0.132 this week, compared to the historical average of 0.014[5][33] **Evaluation**: The factor is effective in identifying profitable stocks[5][33] - **Factor Name**: Single-Quarter Net Profit Growth Factor **Construction Idea**: Measures the growth rate of net profit in a single quarter[5][33] **Construction Process**: The rank IC for this factor is 0.088 this week, compared to the historical average of 0.02[5][33] **Evaluation**: The factor is moderately effective in predicting stock performance[5][33] - **Factor Name**: Single-Quarter ROE Factor **Construction Idea**: Reflects the return on equity for a single quarter[5][33] **Construction Process**: The rank IC for this factor is 0.045 this week, compared to the historical average of 0.022[5][33] **Evaluation**: The factor shows limited predictive power this week[5][33] Factor Backtesting Results - **Non-Liquidity Factor**: Rank IC 0.147, historical average 0.04[5][33] - **Beta Factor**: Rank IC 0.134, historical average 0.004[5][33] - **Standardized Expected Earnings Factor**: Rank IC 0.132, historical average 0.014[5][33] - **Single-Quarter Net Profit Growth Factor**: Rank IC 0.088, historical average 0.02[5][33] - **Single-Quarter ROE Factor**: Rank IC 0.045, historical average 0.022[5][33] Composite Strategy and Construction - **Strategy Name**: Small-Cap Low-Volatility 50 Strategy **Construction Idea**: Selects 50 stocks with small market capitalization and low volatility from micro-cap stocks[8][17][35] **Construction Process**: The strategy rebalances every two weeks. In 2024, the strategy achieved a return of 7.07% with an excess return of -2.93%. In 2025, the YTD return is 71.25%, with a weekly excess return of 2.65%. The benchmark is the Wind Micro-Cap Index (8841431.WI), and transaction costs are 0.3% on both sides[8][17][35] **Evaluation**: The strategy is highly effective in capturing the performance of small-cap stocks in 2025[8][17][35] Strategy Backtesting Results - **Small-Cap Low-Volatility 50 Strategy**: - 2024 Return: 7.07%, Excess Return: -2.93%[8][17][35] - 2025 YTD Return: 71.25%, Weekly Excess Return: 2.65%[8][17][35]

Core Viewpoint - The company, Meixin Technology, is benefiting from the depreciation of the RMB and its significant overseas revenue, which accounts for 97.08% of its total revenue [2]. Company Overview - Meixin Technology Co., Ltd. is located in Huizhou, Guangdong Province, and was established on June 16, 2004. It was listed on March 13, 2024. The company primarily engages in the research, production, and sales of wood-plastic composite materials and products [6]. - The main revenue composition includes wall panels (55.37%), outdoor flooring (44.17%), and other (0.46%) [6]. - As of September 30, the number of shareholders is 6,960, a decrease of 2.77% from the previous period, with an average of 10,540 circulating shares per person, an increase of 2.84% [6]. Financial Performance - For the period from January to September 2025, Meixin Technology achieved operating revenue of 672 million yuan, a year-on-year increase of 4.39%. However, the net profit attributable to the parent company was 28.40 million yuan, a year-on-year decrease of 31.53% [6]. Market Activity - On October 27, Meixin Technology's stock rose by 0.24%, with a trading volume of 32.96 million yuan and a turnover rate of 2.20%. The total market capitalization is 2.433 billion yuan [1]. - The stock's average trading cost is 20.48 yuan, and it is approaching a resistance level of 20.81 yuan, indicating potential for a price correction if it does not break through this level [5]. Capital Flow - The main capital flow shows a net outflow of 1.73 million yuan today, with a continuous reduction in main capital over the past three days. The industry ranking for net inflow is 34 out of 76 [4].

Company Overview - Samsung New Materials is located in Deqing County, Zhejiang Province, and was established on June 24, 1999. The company was listed on March 6, 2017. Its main business involves the design, research and development, production, and sales of low-temperature storage equipment glass doors and deep-processed glass products [1][2]. Financial Performance - For the first half of 2025, Samsung New Materials achieved operating revenue of 796 million yuan, representing a year-on-year growth of 48.31%. However, the net profit attributable to the parent company was -30.23 million yuan, a year-on-year decrease of 153.52% [2]. - Since its A-share listing, Samsung New Materials has distributed a total of 166 million yuan in cash dividends, with 55.07 million yuan distributed in the last three years [3]. Stock Performance - As of October 27, Samsung New Materials' stock price increased by 2.14% to 13.36 yuan per share, with a total market capitalization of 2.41 billion yuan. The stock has risen 12.74% year-to-date, with a 6.03% increase over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on June 26, where it recorded a net buy of -40.79 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders for Samsung New Materials was 14,600, an increase of 55.26% from the previous period. The average circulating shares per person decreased by 35.59% to 12,344 shares [2]. Business Segmentation - The main revenue composition of Samsung New Materials includes glass doors (58.63%), photovoltaic glass (35.43%), plastic products (2.47%), deep-processed glass (1.83%), and others (1.65%) [1]. Industry Classification - Samsung New Materials belongs to the household appliances sector, specifically in the subcategories of home appliance components II and III. It is also associated with concepts such as small-cap stocks, micro-cap stocks, household appliances, specialized and innovative enterprises, and photovoltaic glass [2].