登录新浪财经APP 搜索【信披】查看更多考评等级 恒邦股份（002237.SZ）因2024年8月3日冶炼一公司侧吹炉喷溅事故的信息披露严重滞后，于2025年5月 13日被深交所出具监管函。事故造成3名员工死亡、14人受伤，涉事工厂停产整顿，但公司迟至10天后 （8月13日）才发布公告，且未明确事故时间，仅用"近日"模糊表述。更严重的是，山东省政府2025年3 月23日的事故调查报告显示，企业存在瞒报、谎报行为，事故被定性为"较大生产安全责任事故"。 此次事件暴露公司治理与信披机制存在系统性缺陷： 信披规则漠视：违反深交所《股票上市规则（2024年修）》关于"及时、公平、完整"的信息披露要求， 核心管理层（董事长张帆、总经理曲胜利、董秘夏晓波）被认定未尽勤勉义务； 内部监督失效：独立董事王咏梅在2024年年报和2025年一季报审议中投出20项反对票和2项弃权票，质 疑公司未充分披露事故对财务和经营的影响，其辞职更凸显治理层矛盾； 值得注意的是，财报遭遇信任危机。因质疑年报审计机构存在合规意识淡薄、一季报数据勾稽关系异常 等，在审议《关于公司2025年第一季度报告的议案》时，独立董事王咏梅投出弃权票。 王咏梅对《 ...

Quantitative Models and Factors Summary Quantitative Models and Construction Methods Model Name: Liquidity Factor - **Construction Idea**: The liquidity factor is based on the market's liquidity conditions and the effectiveness of the main fund factor[12] - **Construction Process**: The model selects industries such as computers, electronics, machinery, electrical equipment and new energy, communications, and automobiles based on the liquidity factor. The recommended weight for the main fund factor is 5%[12] - **Evaluation**: The effectiveness of the main fund factor has stopped declining and is beginning to recover as market liquidity becomes abundant again[11][12] Model Name: Long-term Prosperity Expectation - **Construction Idea**: This factor serves as a proxy variable for prosperity investment[16] - **Construction Process**: The model selects industries such as non-bank finance, non-ferrous metals, electric power and utilities, steel, home appliances, and electronics. The recommended weight is 10%[16] - **Evaluation**: The effectiveness of this factor has recently declined, and the clustering effect has not formed[16] Model Name: Short-term Prosperity Expectation - **Construction Idea**: This factor focuses on short-term prosperity expectations, particularly in domestic demand[20] - **Construction Process**: The model selects industries such as home appliances, basic chemicals, agriculture, forestry, animal husbandry, and fishery, automobiles, machinery, and national defense. The recommended weight is 30%[20] - **Evaluation**: The short-term prosperity expectation factor shows significant upward movement in excess returns[20] Model Name: Momentum Reversal - **Construction Idea**: This factor focuses on long-term low and short-term strong defensive sectors[23] - **Construction Process**: The model tracks one-month momentum and selects industries such as electric power and utilities, agriculture, forestry, animal husbandry, and fishery, retail, banking, real estate, and transportation. The recommended weight is 10%[23] - **Evaluation**: The model suggests tracking defensive sectors with long-term low and short-term strong performance[23] Model Backtesting Results - **Liquidity Factor**: Excess return of the long position is shown in the chart[14] - **Long-term Prosperity Expectation**: Excess return of the long position is shown in the chart[18] - **Short-term Prosperity Expectation**: Excess return of the long position is shown in the chart[22] - **Momentum Reversal**: Excess return of the long position is shown in the chart[25] Quantitative Factors and Construction Methods Factor Name: Financial Report Quality Factor - **Construction Idea**: This factor focuses on the quality of financial reports[11] - **Construction Process**: The factor is used to select industries such as banking, non-bank finance, transportation, and construction[11] - **Evaluation**: The financial report quality factor has shown concentrated absolute returns recently[11] Factor Name: Correlation Factor - **Construction Idea**: This factor focuses on the correlation between industries[11] - **Construction Process**: The factor is used to analyze industry rotation and select industries based on their correlation[11] - **Evaluation**: The correlation factor has shown concentrated absolute returns recently[11] Factor Name: Momentum Factor - **Construction Idea**: This factor focuses on the momentum of industries[11] - **Construction Process**: The factor is used to analyze industry momentum and select industries based on their momentum[11] - **Evaluation**: The momentum factor has shown concentrated absolute returns recently[11] Factor Name: Main Fund Factor - **Construction Idea**: This factor focuses on the main fund flows in the market[11] - **Construction Process**: The factor is used to analyze the effectiveness of main fund flows and select industries based on their fund flows[11] - **Evaluation**: The effectiveness of the main fund factor has stopped declining and is beginning to recover[11] Factor Backtesting Results - **Financial Report Quality Factor**: Excess return of the long position is shown in the chart[14] - **Correlation Factor**: Excess return of the long position is shown in the chart[14] - **Momentum Factor**: Excess return of the long position is shown in the chart[14] - **Main Fund Factor**: Excess return of the long position is shown in the chart[14]