许多投资者在使用分析软件时，常遇到无法在表格中添加户均持股数据的难题，其他同类工具也存在类 似问题。经过两个多月的探索与实践，我终于找到了有效的解决方法。现将这一经验整理分享，供有需 要者参考。该方法不仅适用于当前软件，也可推广至其他分析工具，同时支持添加其他各类指标，操作 简便，实用性强。 1、 在添加户均持股数据时，发现股票分析软件无此选项，导致无法录入，这一问题同样困扰着众多用 户。 24、 点击人均持股即可按持股数量自动排序。 2、 F10资料中明确列出了户均持股数据，逐一查看每只股票确实繁琐。实际上，只需提取F10中的户均 持股信息，并将其导入表格即可，操作简便高效，省时省力，无需逐个查阅。 3、 表面看似复杂的过程，实际操作却十分简便易行。 4、 在菜单中开启公式管理功能。 5、 技术指标——其他类 23、 人均持股数据已添加至表格。 28、 可对所有股票的户均持股数量进行排序，便于参考比较。 29、 该方法还能提取F10资料中的其他信息。 许多投资者在使用分析软件时，常遇到无法在表格中添加户均持股数据的难题，其他同类工具也存在类 似问题。经过两个多月的探索与实践，我终于找到了有效的解决方法。现将 ...

Core Insights - The article discusses the author's journey in learning about markets and how macro insights and technical indicators inform trading decisions [1] Group 1 - The author began learning about markets at the age of 19 [1] - Current trading strategies are influenced by macroeconomic insights and technical indicators [1] - The author engages in physical activities such as running, cycling, or lifting while contemplating macro and market trends [1]

前一交易日收评：节后首日就是小寒节气自然时间窗 早盘高开，已见向上之意，未见向下之意。个股涨多跌少。早盘分型定式大盘和创指均为收阳（午后见盘中新低才会被扭转）。 午后看点：大盘收上3995可接受，收上4005为好，收上4015为强，至少要收上3985才行。 中长期态势：1月份周级别强弱分水岭在3960－4010，月级别强弱分水岭在3930－3960。运行在60日线上才能维持牛市状态，运行在250日线上 才能避免重回熊市。 前一交易日收盘点评"今天走势符合"大涨大跌都难"的预判，收盘为多头掌控局面但优势微小。节后首日就是小寒节气自然时间窗，突破3988 才有再攻4034的可能，运行在3960之上才行，3945-3936一带已不容再失"。早盘大幅高开，留下缺口，前半段指数还可以，个股不兴奋，多空 分歧还是看得出的，后半段整体表现还是不错的，再攻4034的可能性在增大，剩下的时间就重点看能否站住4000吧，收上4010为好，收上3985 是最低要求。午后，在3964-3972之上才行，在3977-3983之上才好，冲击3988-4007才强，不宜跌下3961-3955，不可失守3951-3945。操作上， 不失39 ...

证券研究报告·金融工程·金工定期报告 金工定期报告 20251201 基于技术指标的指数仓位调整月报 202512 2025 年 12 月 01 日 [Table_Tag] [Table_Summary] 模型概要 ◼ 最新宽基指数仓位： 沪深 300：7 指标发出看多信号，16 指标发出减仓信号；最优单指标发出 维持信号；滚动追涨、滚动稳健策略均发出维持信号。 中证 500：7 指标发出看多信号，16 指标发出减仓信号；最优单指标发出 看空信号；滚动追涨、滚动稳健策略均发出维持信号。 中证 1000：8 指标发出看多信号，15 指标发出减仓信号；最优单指标发出 看空信号；滚动追涨、滚动稳健策略均发出维持信号。 ◼ 风险提示：模型所有统计结果均基于历史数据，未来市场可能发生重大 变化；单因子的收益可能存在较大波动，实际应用需结合资金管理、风 险控制等方法；模型测算可能存在相对误差，不构成实际投资建议。 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.c ...

Group 1 - The core viewpoint is that the current bull market in A-shares is still ongoing, despite market fluctuations, as it is determined by national policies and the realization of capital market value [4][6]. - The process of debt reduction is still in its early stages, indicating that the market's recovery is complex and slow [4]. - Economic indicators such as consumer spending, housing prices, and private enterprise investment remain weak, suggesting that deflationary pressures have not changed [5][6]. Group 2 - Technical indicators like K-line combinations, moving averages, and trading volume are essential for stock trading, serving as the foundation of technical analysis [11]. - Fundamental analysis focusing on performance and valuation is crucial for value investors, but it may not significantly improve the success rate for most retail investors due to information lag [13][14]. - National policies and geopolitical factors are vital for identifying market trends and investment opportunities, acting as catalysts for bull markets [15]. Group 3 - Understanding broader trends and logical analysis is key to identifying potential high-performing stocks and serves as a basis for long-term investment decisions [17]. - Maintaining the right rhythm and mindset is critical for successful trading, emphasizing the importance of patience and clarity in decision-making [18][19]. - A comprehensive understanding of all the aforementioned factors contributes to an investor's cognitive development, which is essential for achieving higher investment success [20][21][22].

Core Insights - The report focuses on adjusting index positions based on technical indicators to achieve excess returns, utilizing a variety of indicators to generate buy and sell signals [3][8] - A total of 27 technical indicators were constructed and tested across three major indices: CSI 300, CSI 500, and CSI 1000, as well as 31 industry indices, with an average excess annualized return of 3.75% achieved through a specific indicator based on volume-price divergence [3][8] - The report highlights two main strategies: the rolling steady strategy, which is suitable for low-risk investors, and the rolling chasing strategy, which is designed for higher-risk investors looking to capitalize on upward market trends [3][8] Latest Index Positioning - As of early November 2025, the CSI 300 index has 15 indicators signaling bullish trends and 9 indicating a reduction in positions, while the CSI 500 has 13 bullish and 10 bearish signals, and the CSI 1000 shows 17 bullish and 6 bearish signals [2][14] - The optimal single indicator for the CSI 300 is maintaining its position, while the CSI 500's optimal indicator is signaling a bearish trend [2][14] Performance Statistics - The 5-signal strategy performed well, achieving an annualized return of 2.54% on the CSI 1000 index, with an excess annualized return of 11.27% [3][9] - The rolling steady strategy yielded an average excess annualized return of 3.99% when the rebalancing frequency was adjusted to T+10, indicating its robustness for conservative investors [3][8] Signal Analysis - The report provides detailed signal analysis for various sectors, indicating the number of bullish and bearish signals across different indices, such as 18 bullish signals for household appliances and 19 for textiles [14][16] - The analysis also includes performance metrics for specific sectors, with notable excess returns in electronics (6.76%) and media (6.08%), while sectors like coal and banking showed significant negative returns [10][11][12]

Summary of Conference Call Records Industry or Company Involved - The discussion revolves around the broader market trends and investment strategies, particularly focusing on the "slow bull" market dynamics in 2025. Core Points and Arguments 1. **Market Strategy Adjustments** In July-August 2025, the strategy shifted from short-term bearish and medium-term bullish to both short-term and medium-term bullish, maintaining positions until a trend line break occurs [1][2][3] 2. **Market Reactions and Emotional Dynamics** After a market pullback in early September, the strategy involved changing industry allocations to capture gains amidst market volatility. By mid-September, significant capital pressure on large financial sectors led to a shift of funds towards emerging sectors, causing a stark divide between established and newer stocks [1][2][3] 3. **Extreme Market Sentiment** By late September, a mismatch between industry allocations and investor sentiment resulted in heightened reactions, indicating extreme market emotions that could signal a potential turning point [1][2][4] 4. **Technical Indicators Monitoring** On October 10, a critical observation was made regarding the emerging sectors breaking their trend lines, necessitating close monitoring of whether they could recover within two days to maintain an upward trend. Failure to do so would confirm a break [1][2][4] 5. **Outlook on the Slow Bull Market** Despite the observed fluctuations, it is believed that the systemic slow bull market has not yet concluded, but vigilance regarding key technical indicators and market sentiment is essential for timely strategy adjustments [1][2][4] Other Important but Possibly Overlooked Content 1. **Risk Management** Emphasis was placed on managing risks to navigate potential uncertainties in the market environment, highlighting the importance of being prepared for unexpected market movements [4][5] 2. **Performance Evaluation** The strategy adjustments made in June and July were noted to have been effective, with minimal errors in timing and a strong performance in holding positions until necessary adjustments were made [3] 3. **Investor Sentiment Fluctuations** The rapid changes in investor sentiment from excitement to apprehension reflect broader uncertainties about the market's future trajectory, necessitating a cautious approach [2][4]

Core Insights - Technical indicators suggest potential for further upward movement in the market [1] Group 1 - The analysis indicates that current technical indicators are signaling a bullish trend [1]

Core Insights - UBS research indicates that technical indicators based on price and volume dynamics show remarkable effectiveness in the Chinese A-share market, particularly in small-cap stocks, generating excess returns (Alpha) that significantly surpass those in the mature U.S. market [1][3]. Technical Indicator Categories - UBS categorizes technical indicators into five main types: Momentum, Volatility, Intraday Pattern, Volume, and Price-Volume Interaction, and has backtested their performance in the Chinese market [1][3]. Momentum Indicators - The SLOPE indicator leads the momentum category with an annualized long-short return of 31% and a risk-adjusted return of 1.4 [4][5]. Volatility Indicators - The NATR (Normalized Average True Range) indicator shows that high volatility typically predicts lower future returns, with a cumulative return of 300% over 15 years and an annualized return of 20% [6]. Intraday Pattern Indicators - The KSFT (Candlestick Shift) factor stands out with a 39% annualized long-short return, achieving a risk-adjusted return of 1.7 [3][8]. Volume Indicators - The VMA (Volume Weighted Moving Average) has consistently delivered double-digit positive returns, with an annualized long-short return of 16% [10]. Price-Volume Interaction Indicators - The PTC (Price-Turnover Correlation) factor measures the consistency between price movements and trading activity, achieving a 27% annualized long-short return and a risk-adjusted return of 1.7 [17]. Small-Cap Stock Premium - UBS highlights a significant "small-cap premium" in the Chinese market, where technical indicators perform much better on small-cap stocks (e.g., CSI 2000) compared to large-cap stocks (e.g., CSI 300) [15][18]. Comparison with U.S. Market - The performance of technical indicators in the Chinese market is markedly superior to that in the U.S. market, with the best-performing KSFT indicator in the U.S. yielding only 7%-15% annualized returns, while similar indicators in China exceed 30% [19][20]. - Structural factors such as higher retail participation and turnover rates in the Chinese market create more significant opportunities for technical indicators compared to the more institutionalized U.S. market [21].

Group 1 - The report focuses on adjusting index positions based on technical indicators to achieve excess returns, utilizing a variety of indicators to generate buy and sell signals [3][8] - A total of 27 technical indicators were constructed and tested under specified backtesting conditions across three broad indices: CSI 300, CSI 500, and CSI 1000, as well as 31 industry indices [3][8] - The average excess annualized return from the technical indicators based on the concept of volume-price divergence reached 3.75% across 34 indices [3][8] Group 2 - In August, the 5-signal and 7-signal strategies consistently issued bullish signals across the CSI 300, CSI 500, and CSI 1000 indices [2][9] - The latest broad index positions indicate that for CSI 300, 18 indicators issued bullish signals while 5 issued reduction signals; for CSI 500, 18 bullish and 5 reduction signals; and for CSI 1000, 15 bullish and 8 reduction signals [2][14] - The optimal single indicator for CSI 300 maintained its signal, while both rolling strategies (rolling chase and rolling stability) issued maintenance signals [2][14] Group 3 - The 5-signal strategy performed well on broad indices, achieving an annualized return of 2.54% on the CSI 1000 index, with an excess annualized return of 11.27% [3][9] - The backtesting results showed that the rolling stability strategy, with a reduced adjustment frequency to T+10, could achieve an average excess annualized return of 3.99%, suitable for low-risk investors [3][8] - The rolling chase strategy demonstrated stronger chasing ability, effectively reducing the risk of missing out, although it exhibited slightly higher volatility, making it suitable for higher-risk investors [3][8] Group 4 - The report provides detailed performance statistics for various sectors, indicating that the banking sector had a positive return of 1.44%, while sectors like electronics and communication faced declines of -11.96% and -5.45% respectively [10][11] - The rolling strategies showed varying performance across sectors, with the rolling chase strategy yielding a return of -3.57% for CSI 300 and -11.68% for CSI 500 [12][13] - The report highlights the number of bullish and reduction indicators across various sectors, with the communication sector having the highest number of bullish indicators at 21, while the coal sector had the highest number of reduction indicators at 20 [15][17]