Core Viewpoint - The report emphasizes the importance of analyst prediction factors, including analyst coverage, growth predictions, and adjustments, and how their performance has been affected by market changes and trading structures [1][4][55]. Analyst Prediction Factors Introduction - Fundamental factors like analyst predictions have been favored by quantitative investors due to their logical basis, but they have shown significant cyclical fluctuations in recent years [4][5]. - The report focuses on enhancing the performance of prediction factors using various data, including price and volume [4]. Analyst Coverage Factor Testing and Improvement - As of the end of 2024, analysts covered 3,142 stocks, representing a coverage rate of 58.30% of the total A-share market [7]. - In major stock pools, coverage rates are high, with 100% in the CSI 300 and 93.31% in the CSI 500 [9]. - The adjusted coverage factor showed a significant improvement, with an annualized return of 12.62% and a Sharpe ratio of 1.61 after controlling for trading volume and market attention [20][55]. Smart Money and Analyst Behavior - The report explores the impact of "smart money" on analyst predictions, indicating that stocks with lower smart money participation before report releases tend to yield higher excess returns when analysts are optimistic [30][33]. - A new grouping method based on smart money indicators significantly improved the monotonicity of excess returns, with the top group showing a 0.60% return and the bottom group showing -1.02% over 20 days [37][55]. Analyst Earnings Prediction Factor Testing and Improvement - The performance of growth and adjustment prediction factors has declined due to changes in market pricing logic and trading behaviors [26][29]. - After adjustments, the improved prediction factors showed notable increases in performance metrics, with the adjusted ROE growth factor in the CSI 300 achieving an IC mean of 4.90% and an annualized return of 9.62% [40][56]. Summary - The report concludes that adjusting analyst prediction factors using smart money indicators and controlling for market dynamics can significantly enhance their predictive power and investment performance [55][56].

Group 1 - The core viewpoint indicates that spot gold is experiencing fluctuations between support and resistance levels due to market news, with a notable drop from the previous closing high of 3430 to around 3360 during the Asian session [1] - The smart money indicator has identified two distinct support and resistance bands for gold, with the support band tested in the Asian session being between 3350-3360, and the resistance band ranging from 33XX to 34XX [1] - If gold can break through the identified resistance band, there is potential for prices to retest the overnight high [1] Group 2 - The content provides a reference for the resistance band of gold, which is available exclusively for VIP users [9]