- The report introduces a "Total Heat Indicator" as a proxy variable for tracking market sentiment. This indicator is defined as the sum of browsing, watchlist additions, and clicks for individual stocks, normalized as a percentage of the total market on the same day, and then multiplied by 10,000. The value range is [0, 10,000][7] - A "Broad-based Index Heat Rotation Strategy" is constructed based on the weekly heat change rate (MA2) of major indices. The strategy involves buying the index with the highest heat change rate at the end of each week, or staying in cash if the "Others" group has the highest rate. The strategy achieved an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a 2025 return of 24.5%[13][16] - A "Concept Heat Strategy" is developed by selecting the top 5 concepts with the highest weekly heat change rates. Two portfolios are constructed: 1. "TOP Portfolio" includes the top 10 stocks with the highest total heat within each concept 2. "BOTTOM Portfolio" includes the bottom 10 stocks with the lowest total heat within each concept Historical results show the BOTTOM Portfolio achieved an annualized return of 15.71% with a maximum drawdown of 28.89%, and a 2025 return of 33%[31][33]

Core Viewpoint - The resignation of Chen Yong, the chairman of Shahe Co., has triggered expectations of restructuring among Shenzhen local state-owned enterprises, leading to significant stock price increases for related companies [1][4]. Group 1: Company Announcements - Shahe Co. announced the resignation of its chairman Chen Yong and securities representative Jiang Zhuyuan due to work adjustments, with no shares held by them [4]. - Following the announcement, Shahe Co. experienced a significant stock price increase, reaching a limit up after opening high [4]. - Other stocks such as Shen Zhen Yi A and Shen Wu Ye A also reached their limit up, indicating a broader market reaction [4]. Group 2: Market Reactions - Analysts believe the announcement may have sparked market expectations for reforms in Shenzhen's state-owned enterprises, especially after the real estate market adjustments [5]. - The shell resource attribute of Shahe Co. has become more prominent, with market expectations for restructuring remaining unfulfilled [5]. Group 3: Shenzhen State-Owned Enterprises Initiatives - Shenzhen state-owned enterprises have selected 100 strategic application scenarios to address the lack of "application scenarios" for small and medium-sized technology enterprises, signing contracts for 20 high-maturity scenarios [8]. - The initiatives aim to create a collaborative ecosystem involving state-owned enterprises, private companies, and government support to enhance the technology innovation environment in Shenzhen [8]. Group 4: Economic Milestones - The 45th anniversary of the Shenzhen Special Economic Zone and the 5th anniversary of the comprehensive reform pilot have become focal points for market attention, with increased public transport usage and record passenger volumes at Shenzhen Airport [9]. - Recent data shows a significant increase in passenger and cargo throughput at Shenzhen Airport, indicating robust economic activity [9].

Market Overview - The A-share market opened with the Shanghai Composite Index down by 0.04% while the Shenzhen Component Index increased by 0.03% and the ChiNext Index rose by 0.12% [1] Sector Performance - The sectors with the largest declines included Liaoning, precious metals, and Shenzhen state-owned enterprise reform [1] - Leading the gains were the Hainan Free Trade Zone, tourism, and childcare service sectors [1]

A股深圳国企改革板块竞价活跃，深城交高开超6%，力合科创高开超5%，建科院、中新赛克、深赛 格、怡亚通等跟涨。 ...

Group 1 - The Hengqin New Area concept index rose by 2.44%, ranking 8th among concept sectors, with 37 stocks increasing in value [1][2] - Notable gainers included Palm Holdings, Zhuhai Port, and *ST Jianyi, which hit the daily limit, while ST Xiangxue, *ST Diwei, and Huajin Capital also saw significant increases of 9.73%, 7.92%, and 5.01% respectively [1][2] - The sector experienced a net inflow of 373 million yuan, with 22 stocks receiving net inflows, and 6 stocks attracting over 30 million yuan each, led by Zhuhai Port with a net inflow of 143 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included *ST Jianyi, Zhuhai Port, and ST Lingnan, with net inflow ratios of 81.21%, 50.47%, and 29.49% respectively [3][4] - The trading volume and turnover rates for key stocks were highlighted, with Zhuhai Port showing a turnover rate of 5.16% and a significant net inflow of 142.76 million yuan [3][4] - Decliners in the sector included Zhuhai Mian Group, Shenguang Group, and Letong Co., which saw declines of 2.85%, 1.30%, and 1.24% respectively [1][5]

Core Viewpoint - The Shenzhen state-owned enterprise reform concept has seen a significant increase, with a rise of 2.76% as of the market close on May 19, positioning it as the sixth highest in terms of concept sector gains [1]. Group 1: Market Performance - Within the Shenzhen state-owned enterprise reform sector, 31 stocks experienced gains, with notable performers including Yantian Port, Shahe Co., and ST Yingfeituo, which reached the daily limit up [1]. - The top gainers in this sector included Shen Zhen Zhi Ye A, which rose by 6.75%, followed by Shen Fang Zhi A at 4.62% and Shen Sai Ge at 4.18% [1]. Group 2: Capital Flow - The Shenzhen state-owned enterprise reform sector attracted a net inflow of 325 million yuan from major funds, with 25 stocks receiving net inflows, and 10 stocks exceeding 10 million yuan in net inflow [1]. - Shen Zhen Zhi Ye A led the net inflow with 101 million yuan, followed by Yantian Port with 59.23 million yuan and Shahe Co. with 44.31 million yuan [1]. - In terms of capital inflow ratios, Shahe Co., ST Yingfeituo, and Shen Shen Fang A had the highest net inflow rates at 33.49%, 27.94%, and 19.43% respectively [2].