Company Overview - ChaoYue Technology Co., Ltd. is located in Chuzhou, Anhui Province, and was established on July 28, 2009. The company went public on August 24, 2021. Its main business involves the disposal of industrial hazardous waste and medical waste, as well as the dismantling of waste electrical and electronic products [1]. Financial Performance - As of September 10, 2025, ChaoYue Technology reported a revenue of 78.01 million yuan for the first half of 2025, representing a year-on-year decrease of 46.21%. The net profit attributable to shareholders was -58.93 million yuan, a year-on-year decline of 203.67% [2]. - Cumulative cash dividends since the A-share listing amount to 23.56 million yuan, with no dividends distributed in the past three years [2]. Stock Performance - As of September 23, 2023, ChaoYue Technology's stock price decreased by 2.24%, trading at 20.50 yuan per share, with a total market capitalization of 1.932 billion yuan. The stock has declined by 14.58% year-to-date, 8.52% over the last five trading days, 16.97% over the last 20 days, and 13.79% over the last 60 days [1]. Business Segmentation - The revenue composition of ChaoYue Technology is as follows: hazardous waste disposal accounts for 61.83%, electronic waste disposal for 31.86%, lithium battery recycling for 2.79%, scrapped vehicle disposal for 2.65%, testing services for 0.45%, resource recovery for 0.23%, and other services for 0.18% [1]. Shareholder Information - As of September 10, 2025, the number of shareholders increased by 10.37% to 7,841, while the average number of circulating shares per person decreased by 9.40% to 5,461 shares [2]. - Notably, as of June 30, 2025, the sixth largest circulating shareholder is the NuAn Multi-Strategy Mixed A Fund, holding 436,500 shares as a new shareholder [2].

截至6月30日，江西长运股东户数1.52万，较上期增加18.03%；人均流通股18702股，较上期减少 15.28%。2025年1月-6月，江西长运实现营业收入6.99亿元，同比减少2.20%；归母净利润572.27万元， 同比增长39.63%。 分红方面，江西长运A股上市后累计派现3.92亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，江西长运十大流通股东中，中信保诚多策略混合(LOF)A （165531）退出十大流通股东之列。 9月23日，江西长运（维权）盘中下跌2.13%，截至09:37，报6.44元/股，成交270.83万元，换手率 0.15%，总市值18.32亿元。 江西长运今年以来股价涨19.93%，近5个交易日跌8.13%，近20日跌10.06%，近60日跌1.53%。 资料显示，江西长运股份有限公司位于江西省南昌市红谷滩新区平安西二街1号，成立日期1995年3月10 日，上市日期2002年7月16日，公司主营业务涉及道路旅客运输、道路货运与旅游业务。主营业务收入 构成为：汽车客运47.29%，货物运输26.37%，其他(补充)18.22%，销售业务8.12%。 江西 ...

Group 1 - The stock price of Qingshuiyuan has decreased by 5.12% this year, with a decline of 9.65% in the last five trading days and 11.89% in the last 20 days [2] - As of August 8, the number of shareholders for Qingshuiyuan is 24,100, a slight decrease of 0.05% from the previous period, with an average of 7,299 circulating shares per shareholder, which increased by 0.05% [2] - The company reported a revenue of 417 million yuan for the first half of 2025, a year-on-year decrease of 26.25%, while the net profit attributable to the parent company was -25.76 million yuan, an increase of 41.73% year-on-year [2] Group 2 - Qingshuiyuan's main business involves the production, research and development, and sales of water treatment agents and derivatives, accounting for 84.19% of its revenue, with operational services contributing 14.30% and other income at 1.51% [2] - Since its A-share listing, Qingshuiyuan has distributed a total of 152 million yuan in dividends, with no dividends paid in the last three years [3] - The company operates in the environmental governance sector, specifically in water treatment, and is categorized under several concepts including micro-cap stocks, PPP concept, small-cap, sewage treatment, and new urbanization [2]

Company Overview - Huari Electric Co., Ltd. is located in Beilun District, Ningbo, Zhejiang Province, established on February 12, 1996, and listed on March 20, 2017 [1] - The company specializes in the research, production, sales, and service of small power motors and micro-special motor commutators [1] Financial Performance - For the period from January to June 2025, Huari achieved operating revenue of 389 million yuan, representing a year-on-year growth of 12.79% [1] - The net profit attributable to the parent company was 4.70 million yuan, a decrease of 55.40% year-on-year [1] Stock Performance - As of September 23, the stock price of Huari fell by 2.09% to 10.30 yuan per share, with a total market capitalization of 1.854 billion yuan [1] - Year-to-date, the stock price has increased by 12.94%, but it has decreased by 6.87% over the last five trading days and by 12.93% over the last twenty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 12,700, up by 0.59% from the previous period [1] - The average circulating shares per person were 14,219 shares, an increase of 0.88% from the previous period [1] Dividend Distribution - Since its A-share listing, Huari has distributed a total of 22.06 million yuan in dividends, with 3.06 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, the eighth largest circulating shareholder is Nuoan Multi-Strategy Mixed A (320016), holding 968,500 shares as a new shareholder [2]

9月23日，喜悦智行盘中下跌2.03%，截至09:37，报11.10元/股，成交326.23万元，换手率0.19%，总市 值18.76亿元。 喜悦智行所属申万行业为：轻工制造-包装印刷-塑料包装。所属概念板块包括：微盘股、小盘、快递概 念、智慧物流、汽车零部件等。 截至6月30日，喜悦智行股东户数1.03万，较上期减少4.63%；人均流通股15077股，较上期增加4.86%。 2025年1月-6月，喜悦智行实现营业收入2.13亿元，同比增长23.42%；归母净利润-675.86万元，同比减 少172.01%。 分红方面，喜悦智行A股上市后累计派现7628.00万元。近三年，累计派现4628.00万元。 资料显示，宁波喜悦智行科技股份有限公司位于浙江省慈溪市桥头镇吴山南路1111号，成立日期2005年 2月3日，上市日期2021年12月2日，公司主营业务涉及可循环整体塑料包装产品研发生产和销售。主营 业务收入构成为：商品销售50.78%，租赁及运营服务48.05%，其他(补充)1.17%。 责任编辑：小浪快报 喜悦智行今年以来股价涨1.65%，近5个交易日跌8.49%，近20日跌10.84%，近60日跌0.27 ...

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]