安全边际步骤效果不明显，因为前两层筛选已涵盖龙头及低波企业，大 部分落在 PB-ROE 前三象限。 Q&A 基本面量化专场：医药投资的新解法 20250814 摘要 医药行业量化分类：将医药行业简化为医疗制造、医疗消费和医疗科技 三大主线，通过主观研究员分类和定量指标（资产、费用、人员结构） 相结合的方法，确保分类的准确性和动态适应性。 定量分类方法：通过企业资产结构、费用结构和人员结构三个维度来实 施。对于消费型企业，重点考察销售得分；对于制造类企业，则考察产 能得分；对于科技类企业，则重点观察创新得分。 分域增强选股策略：针对消费、制造、科技三类企业，分别构建选股模 型。消费领域侧重产品、品牌、渠道；制造领域关注竞争力、创新能力、 出海能力；科技领域则侧重投入产出转化效果。 风险控制：通过技术面指标（波动率）剔除高波动标的，降低急跌风险。 消费和制造池子综合考虑长期与短期波动率，剔除综合波动率较高 50% 的标的。科技板块只考虑长期波动率，同样剔除长期波动率较高 50%的 公司。 安全边际评估：利用 PB-ROE 模型（消费、制造）和 PEG 模型（科技） 评估安全边际，剔除估值过高的标的，降低短期高估风 ...

Core Viewpoint - The new quantitative regulations have led to a significant decrease in trading volume, with a total turnover of 1.21 trillion yuan, down over 200 billion yuan, indicating a serious contraction in market activity [1] Group 1: Market Reactions - The initial impact of the new quantitative regulations has caused a short-term pain in the market, but it is expected to benefit the healthy development of the market in the long run [3] - Leading institutions are shifting towards fundamental quantitative strategies and AI stock selection models, which will favor long-term investors in the future [4] Group 2: Power Sector Insights - The power sector is experiencing a resurgence, with multiple stocks hitting the daily limit up due to high temperatures and increased electricity demand during the summer peak [5][6] - National statistics show that on July 4, the maximum national power load reached 1.465 billion kilowatts, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, marking a historical high [7] - Analysts suggest focusing on the power sector due to the rising electricity load and the positive performance of thermal power companies, which have seen nearly 70% of listed companies report year-on-year profit growth in Q1, largely due to falling coal prices [9] Group 3: Real Estate Sector Developments - The real estate sector has become active following a series of favorable policies released since June by the central bank and other regulatory bodies, leading to a warming market atmosphere [11] - Analysts recommend focusing on high-quality residential properties, particularly in core cities with strong land acquisition capabilities and product strength, as they are likely to benefit from the current policy environment [11]

Group 1 - The core viewpoint of the articles highlights the increasing popularity of dividend-themed funds as a key investment tool for investors amid a global preference for safe-haven assets and recent interest rate cuts by the central bank [1][2] - The central bank's recent adjustment of the Loan Prime Rate (LPR) and significant reductions in deposit rates have led to a decrease in household savings, prompting a renewed interest in dividend assets and related funds [1] - The Guangfa Stable Strategy fund, managed by Yang Dong, has achieved a return of 11.16% over the past six months, significantly outperforming the benchmark index, which only rose by 2.19% during the same period [1] Group 2 - Yang Dong is recognized for pioneering fundamental quantitative strategies in fund management, combining active stock selection with quantitative models to create a stable, outperforming equity fund [2] - The "active + quantitative" strategy involves subjective analysis for identifying trends and deep dives into individual stock fundamentals, while quantitative strategies utilize style factors to uncover patterns and enhance stock selection [2] - The team led by Yang Dong includes researchers with quantitative backgrounds, contributing to the development of specific style sub-strategies that provide flexibility in the fund's portfolio [2] Group 3 - The Guangfa Stable Strategy fund's holdings reflect a distinctive "active concentration + quantitative dispersion" approach, with a focus on a few concentrated top holdings while maintaining a diversified portfolio [3] - The fund has significantly increased its exposure to Hong Kong stocks, with a notable presence of H-shares in its top holdings, which tend to offer higher dividend yields compared to A-shares [3] - In the first quarter of 2025, the fund underwent a rebalancing, introducing six new stocks across various sectors, demonstrating its broad industry coverage and flexible adjustment capabilities [4]