========= - The "Guosen Jin Gong Hong Kong Stock Selection Portfolio" aims to select stocks with both fundamental support and technical resonance from an analyst-recommended stock pool[14][15] - The portfolio's backtest period is from January 1, 2010, to June 30, 2025, with an annualized return of 19.11% and an excess return of 18.48% relative to the Hang Seng Index[15] - The portfolio's absolute return for the week of November 3-7, 2025, was -0.24%, with an excess return of -1.54% relative to the Hang Seng Index[17] Model Backtest Results - Annualized return: 19.11%[15] - Excess return relative to Hang Seng Index: 18.48%[15] - Absolute return for the week of November 3-7, 2025: -0.24%[17] - Excess return relative to Hang Seng Index for the week of November 3-7, 2025: -1.54%[17] Factor Construction and Evaluation - The "Stable New High Stocks" factor is constructed based on analyst attention, relative stock strength, stock price stability, and the continuity of new highs over the past 20 trading days[3][22] - The factor uses the 250-day new high distance to represent the new high situation, calculated as: $$ \text{250-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $$ where $\text{Close}_{t}$ is the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[22] - Stocks are selected based on the absolute value of the past 120-day price change and the sum of the absolute values of the past 120-day daily price changes[22] Factor Backtest Results - The "Stable New High Stocks" factor identified stocks like Weichai Power as stable new high stocks[3][22] - The manufacturing sector had the most new high stocks, followed by cyclical, financial, technology, and consumer sectors[3][22] =========