Group 1 - The core point of the news is that Joyy Technology's stock has experienced a decline, with a current price of 11.10 CNY per share and a market capitalization of 1.876 billion CNY [1] - As of September 23, the stock has increased by 1.65% year-to-date but has seen a decline of 8.49% over the past five trading days and 10.84% over the past 20 days [1] - Joyy Technology, established on February 3, 2005, specializes in the research, production, and sales of recyclable plastic packaging products, with main business revenue sources being product sales (50.78%) and leasing and operational services (48.05%) [1] - The company is categorized under the light industry manufacturing sector, specifically in packaging and printing, and is associated with concepts such as micro-cap stocks, small-cap stocks, express delivery, smart logistics, and automotive parts [1] Group 2 - As of June 30, the number of shareholders for Joyy Technology is 10,300, a decrease of 4.63% from the previous period, while the average circulating shares per person increased by 4.86% to 15,077 shares [1] - For the first half of 2025, Joyy Technology reported a revenue of 213 million CNY, representing a year-on-year growth of 23.42%, but the net profit attributable to shareholders was a loss of 6.7586 million CNY, a decrease of 172.01% year-on-year [1] - The company has distributed a total of 76.28 million CNY in dividends since its A-share listing, with 46.28 million CNY distributed over the past three years [2]

Company Overview - Tianan New Materials Co., Ltd. is located in Nanzhuang Town, Chancheng District, Foshan City, Guangdong Province, established on May 15, 2000, and listed on September 6, 2017. The company specializes in the research, design, production, and sales of polymer composite decorative materials and building ceramics [1]. Stock Performance - As of September 23, Tianan New Materials' stock price decreased by 2.27%, trading at 9.90 yuan per share, with a total market capitalization of 3.018 billion yuan. The stock has increased by 56.62% year-to-date, but has seen a decline of 1.59% over the last five trading days and 9.01% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on July 25, where it recorded a net purchase of 19.7714 million yuan [1]. Financial Performance - For the first half of 2025, Tianan New Materials reported a revenue of 1.444 billion yuan, representing a year-on-year growth of 3.97%. The net profit attributable to shareholders was 62.169 million yuan, reflecting a year-on-year increase of 16.59% [2]. - The company has distributed a total of 144 million yuan in dividends since its A-share listing, with 66.8856 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 16,800, up by 22.00%. The average number of circulating shares per person decreased by 18.03% to 17,014 shares [2]. - Among the top ten circulating shareholders, Huaxia Xingyang One-Year Holding Mixed Fund (009010) holds 2.4393 million shares, a decrease of 450,400 shares compared to the previous period [3].

Quantitative Models and Construction - **Model Name**: Macro Timing Strategy **Model Construction Idea**: The model evaluates macroeconomic growth and monetary liquidity signals to determine equity allocation levels[41][42] **Model Construction Process**: 1. The model assigns signal strengths to economic growth and monetary liquidity dimensions - Economic growth signal: 100% - Monetary liquidity signal: 50% 2. Equity allocation recommendation is derived based on these signals, with September's recommended equity position at 75% 3. Historical performance: From early 2025 to date, the strategy achieved a return of 11.75%, compared to Wind All A's return of 22.98%[41][42] **Model Evaluation**: The model provides a balanced view of macroeconomic and liquidity conditions, offering actionable insights for equity allocation[41][42] - **Model Name**: Rotation Model for Small-Cap Stocks **Model Construction Idea**: The model identifies style rotation opportunities between small-cap stocks and large-cap stocks (represented by the "茅指数")[19][20][22] **Model Construction Process**: 1. Relative net value comparison: Small-cap stocks/茅指数 relative net value is compared to its 243-day moving average - If above the moving average, small-cap stocks are preferred; otherwise, 茅指数 is recommended 2. 20-day closing price slope analysis: - Positive slope indicates preference for the respective index - Current slopes: Small-cap stocks (-0.08%) vs 茅指数 (0.24%) 3. Risk control indicators: - Volatility crowding degree (-35.58%) - 10-year government bond yield (-8.12%) - Both indicators are below risk thresholds (55% and 30%, respectively)[19][20][22] **Model Evaluation**: The model effectively captures style rotation signals and provides risk control measures for small-cap stock investments[19][20][22] --- Quantitative Factors and Construction - **Factor Name**: Stock Selection Factors **Factor Construction Idea**: Eight major stock selection factors are tracked across different stock pools (All A-shares, CSI 300, CSI 500, CSI 1000)[45][53][55] **Factor Construction Process**: 1. Factors include: - **Value**: Metrics like SP_TTM (past 12-month revenue/latest market value) - **Growth**: Metrics like OperatingIncome_SQ_Chg1Y (quarterly operating income YoY growth) - **Quality**: Metrics like ROE_FTTM (future 12-month expected net profit/shareholder equity average) - **Technical**: Metrics like Skewness_240D (240-day return skewness) - **Volatility**: Metrics like IV_CAPM (CAPM residual volatility)[53][55] 2. Weekly tracking of IC mean values and multi-long-short portfolio returns - Quality factors performed well last week, while others showed mixed results across stock pools[45][53][55] **Factor Evaluation**: Provides comprehensive insights into factor performance across different market segments, aiding in stock selection[45][53][55] - **Factor Name**: Convertible Bond Selection Factors **Factor Construction Idea**: Convertible bond factors are derived from the relationship between convertible bonds and their underlying stocks[50][53] **Factor Construction Process**: 1. Key factors include: - **Stock Consensus Expectation**: Predictive metrics for underlying stocks - **Stock Financial Quality**: Metrics like ROE_FTTM - **Convertible Bond Valuation**: Metrics like parity and bottom price premium rate[50][53] 2. Weekly tracking of IC mean values and multi-long-short portfolio returns - Positive IC mean values observed for stock consensus expectation, financial quality, stock value, and convertible bond valuation factors[50][53] **Factor Evaluation**: Offers robust predictive insights for convertible bond selection based on stock-related metrics[50][53] --- Backtesting Results Models - **Macro Timing Strategy**: - Return: 11.75% (2025 YTD) - Benchmark (Wind All A): 22.98%[41][42] - **Rotation Model for Small-Cap Stocks**: - Small-cap stocks/茅指数 relative net value: 1.88 (above 243-day moving average of 1.62) - 20-day closing price slopes: Small-cap stocks (-0.08%), 茅指数 (0.24%)[19][20][22] Factors - **Stock Selection Factors**: - IC mean values: Quality factors performed best last week[45][53][55] - **Convertible Bond Selection Factors**: - IC mean values: Positive for stock consensus expectation, financial quality, stock value, and convertible bond valuation factors[50][53]

Core Viewpoint - The stock price of Zhongda An has experienced fluctuations, with a year-to-date increase of 46.78% but a recent decline in the last five and twenty trading days [2] Company Overview - Zhongda An Co., Ltd. is located in Tianhe District, Guangzhou, Guangdong Province, and was established on August 8, 2000, with its listing date on March 31, 2017 [2] - The company primarily engages in project management services, focusing on engineering supervision, including communication supervision, civil engineering supervision, bidding agency, project construction, and engineering consulting [2] - The revenue composition of Zhongda An includes: 20.73% from power supervision, 19.72% from civil engineering supervision, 18.20% from consulting and construction, 16.97% from communication supervision, 16.03% from water conservancy supervision, 4.68% from bidding agency, 3.15% from power exploration, and 0.51% from photovoltaic power generation [2] Financial Performance - As of June 30, Zhongda An reported a total revenue of 302 million yuan for the first half of 2025, a year-on-year decrease of 8.48%, and a net profit attributable to shareholders of 1.8478 million yuan, down 59.99% year-on-year [2] - The company has distributed a total of 30.3829 million yuan in dividends since its A-share listing, with 1.3632 million yuan distributed over the past three years [3] Market Activity - On September 22, Zhongda An's stock price fell by 2.04%, trading at 14.37 yuan per share, with a total market capitalization of 2.014 billion yuan [1] - The stock saw a net inflow of 139,800 yuan from main funds, with large orders accounting for 11.67% of purchases and 11.24% of sales [1]

Company Overview - Lisheng Sports was established on October 16, 2002, and went public on March 24, 2017. The company is located in Changning District, Shanghai [2] - The main business segments include sports event management (70.62% of revenue), sports venue management (24.72%), marketing services (2.24%), sports club management (1.30%), sports equipment manufacturing and sales (0.63%), and other (0.35%) [2] Financial Performance - For the first half of 2025, Lisheng Sports reported revenue of 272 million yuan, a year-on-year increase of 21.94%, and a net profit attributable to shareholders of 15.32 million yuan, up 11.97% year-on-year [2] - The company has distributed a total of 16.42 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Stock Performance - As of September 22, Lisheng Sports' stock price was 15.24 yuan per share, with a market capitalization of 2.498 billion yuan. The stock has increased by 33.22% year-to-date but has decreased by 4.99% over the last five trading days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of 29.86 million yuan on September 8, accounting for 14.15% of total trading volume [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 18,400, a decrease of 15.86% from the previous period, with an average of 8,004 circulating shares per shareholder, an increase of 18.85% [2] - New institutional shareholders include CITIC Prudential Multi-Strategy Mixed Fund (third largest shareholder) and Golden Eagle National Emerging Mixed Fund (sixth largest shareholder) [3]

Group 1 - The core viewpoint of the news is that Lianxiang Co., Ltd. has experienced a stock price decline of 2.04% on September 22, with a current price of 19.23 yuan per share and a market capitalization of 1.993 billion yuan [1] - Lianxiang's stock price has increased by 40.78% year-to-date, but has seen a decline of 4.09% over the last five trading days [1] - The company specializes in the research, design, production, and sales of indoor home decoration products, including wall fabrics and curtains, with a revenue composition of 62.95% from wall fabrics and curtains, 30.08% from renovation services, and 6.97% from other sources [1] Group 2 - As of June 30, the number of shareholders for Lianxiang has increased by 13.57% to 6,117, with an average of 16,940 circulating shares per person, up 114.68% [1] - For the first half of 2025, Lianxiang achieved operating revenue of 74.39 million yuan, representing a year-on-year growth of 38.72%, and a net profit attributable to the parent company of 931,700 yuan, up 106.84% year-on-year [1] - Since its A-share listing, Lianxiang has distributed a total of 72.09 million yuan in dividends [2]

Core Points - The stock price of Yubang Electric fell by 2.00% on September 22, trading at 7.83 CNY per share with a market capitalization of 2.631 billion CNY [1] - Yubang Electric's stock has increased by 11.05% year-to-date, but has decreased by 2.97% over the last five trading days and 7.88% over the last twenty days [1] - The company specializes in the research, production, and sales of smart electric products, with a revenue composition of 58.21% from smart electric products, 14.55% from information technology services, and 11.86% from energy storage [1] Financial Performance - As of June 30, Yubang Electric had 6,913 shareholders, a decrease of 6.26% from the previous period, with an average of 48,612 circulating shares per shareholder, an increase of 45.09% [2] - For the first half of 2025, Yubang Electric reported a revenue of 354 million CNY, a year-on-year increase of 0.35%, while the net profit attributable to shareholders decreased by 37.91% to 24.054 million CNY [2] - The company has distributed a total of 120 million CNY in dividends since its A-share listing, with cumulative distributions of 69.2795 million CNY over the past three years [2]

Company Overview - Jin Sanjiang (Zhaoqing) Silicon Materials Co., Ltd. is located in Zhaoqing High-tech Zone, Guangdong Province, established on December 3, 2003, and listed on September 13, 2021 [1] - The company primarily engages in the research, production, and sales of precipitated silica, with 99.53% of its main business revenue derived from silica and 0.47% from other sources [1] Stock Performance - As of September 22, Jin Sanjiang's stock price decreased by 2.00%, trading at 11.27 CNY per share, with a total market capitalization of 2.605 billion CNY [1] - Year-to-date, the stock has declined by 7.10%, with a 4.25% drop over the last five trading days, a 7.62% decline over the last twenty days, and a 0.97% decrease over the last sixty days [1] Financial Performance - For the first half of 2025, Jin Sanjiang reported a revenue of 200 million CNY, representing a year-on-year growth of 19.01%, and a net profit attributable to shareholders of 30.8352 million CNY, up 31.41% year-on-year [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 10,200, with an average of 20,256 circulating shares per shareholder, a decrease of 0.14% from the previous period [1] - Among the top ten circulating shareholders, CITIC Prudential Multi-Strategy Mixed Fund A is the fifth largest with 1.8901 million shares, while Guotai Junan Jun Dexin 2-Year Holding Mixed Fund A is the sixth largest with 1.4188 million shares, having decreased its holdings by 100,500 shares [2]

Company Overview - 九州一轨 is a company based in Beijing, established on July 23, 2010, and listed on January 18, 2023. The company specializes in technology development, product research, engineering design, testing and evaluation, project services, and smart operation and maintenance of railways [1][2]. Stock Performance - As of September 22, 九州一轨's stock price decreased by 2.07% to 13.23 CNY per share, with a trading volume of 5.49 million CNY and a turnover rate of 0.46%. The total market capitalization is 1.988 billion CNY [1]. - Year-to-date, the stock price has increased by 53.69%, but it has seen a decline of 3.71% over the last five trading days and 6.96% over the last twenty days. In contrast, it has risen by 21.73% over the last sixty days [1]. Revenue and Profitability - For the first half of 2025, 九州一轨 reported a revenue of 87.74 million CNY, representing a year-on-year decrease of 24.58%. The net profit attributable to the parent company was -2.13 million CNY, showing a year-on-year increase of 86.21% [2]. Business Segmentation - The company's main revenue sources include: - Prefabricated steel spring floating slab (52.32%) - Steel spring floating track bed vibration reduction system (32.08%) - Isolation-type high-elasticity vibration pads (5.38%) - Sound barriers (5.36%) - Others (4.79%) - Heavy frequency steel rail energy consumption devices (0.07%) [1]. Shareholder Information - As of June 30, 九州一轨 had 6,317 shareholders, an increase of 1.53% from the previous period. The average number of circulating shares per shareholder was 13,955, a decrease of 1.50% [2]. Dividend Distribution - Since its A-share listing, 九州一轨 has distributed a total of 29.97 million CNY in dividends [3].

Group 1 - The core viewpoint of the news is that Meixin Technology's stock has experienced fluctuations, with a current price of 20.86 CNY per share and a market capitalization of 2.48 billion CNY [1] - As of September 10, the number of shareholders for Meixin Technology increased by 5.52% to 7,819, while the average circulating shares per person decreased by 5.23% to 9,382 shares [1] - The company reported a revenue of 446 million CNY for the first half of 2025, reflecting a year-on-year growth of 2.36%, but the net profit attributable to the parent company decreased by 33.34% to 22.35 million CNY [1] Group 2 - Meixin Technology's main business involves the research, production, and sales of wood-plastic composite materials, with revenue composition being 55.37% from wall panels and 44.17% from outdoor flooring [1] - Since its A-share listing, Meixin Technology has distributed a total of 39.23 million CNY in dividends [2] - The company is categorized under the light industry manufacturing sector, specifically in home products related to tiles and flooring, and is associated with concepts such as the Belt and Road Initiative and energy conservation [1]