| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | F5G概念 | 0.46 | 钛白粉概念 | -3.88 | | 中国AI 50 | 0.36 | 兵装重组概念 | -3.63 | | 共封装光学(CPO) | 0.18 | 天津自贸区 | -3.49 | | 稀土永磁 | 0.10 | 太赫兹 | -3.40 | | 智能音箱 | -0.27 | 基因测序 | -3.38 | | WiFi 6 | -0.46 | 细胞免疫治疗 | -3.29 | | MLOps概念 | -0.49 | 猴痘概念 | -3.25 | | 星闪概念 | -0.62 | 血氧仪 | -3.25 | | MCU芯片 | -0.66 | 幽门螺杆菌概念 | -3.24 | | 国家大基金持股 | -0.72 | 辅助生殖 | -3.23 | 资金面上看，今日钛白粉概念板块获主力资金净流出5.76亿元，其中，14股获主力资金净流出，8股主 力资金净流出超3000万元，净流出资金居首的是振华股份，今日主力资金净流出1.60亿元，净流出资金 居前的还有中核钛白、钒 ...

盘面上，钛白粉概念股高开，道恩股份涨超5%，惠云钛业涨超3%，多家钛白粉生产企业宣布涨价；稀 土永磁概念盘初拉升，三川智慧涨近9%，中科磁业涨超7%；半导体板块走高，寒武纪涨超7%，股价报 1100元；军工装备股普跌，海特高新、晨曦航空跌超4%。(格隆汇) A股开盘，三大指数涨跌不一，沪指涨0.03%，深证成指跌0.15%，创业板指跌0.31%。 ...

Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Rotation Strategy **Model Construction Idea**: The strategy is based on the weekly change rate of the "total heat" indicator for broad-based indices. It selects the index with the highest heat change rate for investment, while staying out of the market if the "Other" group has the highest rate[7][13][16] **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other"). 2. Smooth the weekly change rate using a 2-period moving average (MA2). 3. On the last trading day of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash. **Model Evaluation**: The strategy demonstrates a clear logic of capturing short-term market sentiment shifts based on heat changes[13][16] - **Model Name**: Concept Heat TOP and BOTTOM Portfolios **Model Construction Idea**: This model identifies the hottest concepts each week and constructs two portfolios based on the highest and lowest heat stocks within these concepts[30][32][34] **Model Construction Process**: 1. Select the top 5 concepts with the largest weekly heat change rates. 2. Exclude the bottom 20% of stocks in terms of market capitalization within the selected concepts. 3. Construct the "TOP" portfolio by equally weighting the top 10 stocks with the highest total heat within each concept. 4. Construct the "BOTTOM" portfolio by equally weighting the bottom 10 stocks with the lowest total heat within each concept. **Model Evaluation**: The model effectively captures behavioral biases in concept-driven markets, where low-heat stocks in hot concepts tend to generate excess returns over time[30][32][34] --- Model Backtesting Results - **Broad-based Index Rotation Strategy**: - Annualized Return: 8.74% - Maximum Drawdown: 23.5% - 2025 YTD Return: 14.7%[16] - **Concept Heat BOTTOM Portfolio**: - Annualized Return: 15.71% - Maximum Drawdown: 28.89% - 2025 YTD Return: 25.5%[34] --- Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator **Factor Construction Idea**: The factor aggregates the browsing, watchlist, and click counts of individual stocks, normalized as a percentage of the total market, and scaled by 10,000[7] **Factor Construction Process**: 1. Aggregate the browsing, watchlist, and click counts for each stock. 2. Normalize the aggregated value as a percentage of the total market. 3. Multiply the normalized value by 10,000 to obtain the total heat score. The range of the indicator is [0, 10,000][7] **Factor Evaluation**: The factor serves as a proxy for market sentiment and attention, effectively capturing behavioral patterns such as overpricing or underreaction at the stock level[7] --- Factor Backtesting Results - **Total Heat Indicator**: - No specific backtesting results provided for this factor in isolation

Group 1 - The titanium dioxide concept sector rose by 1.70%, ranking 10th among concept sectors, with 13 stocks increasing in value, including Daowen Co., Huayun Titanium, and Guocheng Mining, which rose by 5.06%, 4.25%, and 3.40% respectively [1] - The main capital flow in the titanium dioxide concept sector showed a net outflow of 0.29 billion yuan, with five stocks experiencing net inflows, led by Longbai Group with a net inflow of 22.26 million yuan [2][3] - The net inflow ratios for leading stocks in the titanium dioxide sector were 9.41% for Annada, 6.71% for Longbai Group, and 6.32% for Huayun Titanium [3] Group 2 - The top stocks in the titanium dioxide concept sector based on capital flow included Longbai Group, Huayun Titanium, and Vanadium Titanium Co., with respective net inflows of 22.26 million yuan, 20.56 million yuan, and 13.66 million yuan [3][4] - Stocks such as Donghua Technology and Jinpu Titanium experienced significant net outflows, with -3.41% and -14.09% in net inflow ratios respectively [4]

Core Viewpoint - The titanium dioxide market is experiencing price increases driven by cost pressures, but the downstream demand remains weak, leading to concerns about the overall market performance [4][10][13]. Price Increases and Market Dynamics - Since the beginning of the year, the titanium dioxide market has undergone three rounds of price increases, with the latest adjustment by leading company Longbai Group raising prices by 500 RMB/ton for domestic markets and 70 USD/ton for international clients starting March 21 [4][5]. - As of March 24, 18 domestic titanium dioxide companies have issued similar price increase notices [5]. Market Performance and Future Outlook - The titanium dioxide sector has shown strong performance in the secondary market since May, particularly after May 16, outperforming the broader market [7]. - Longbai Group anticipates continued pressure on the titanium dioxide market through 2025, with supply exceeding demand and ongoing capacity expansion [10]. Supply and Demand Analysis - The main downstream industries for titanium dioxide are coatings and plastics, with coatings accounting for 58% of demand, which is closely tied to the construction and infrastructure sectors [10]. - Over 10 domestic titanium dioxide producers plan to add 1.6 million tons of new capacity between 2025 and 2026, representing a 26% increase from 2024 levels [11]. International Market Challenges - While China's titanium dioxide production capacity is expanding, major international companies are closing plants, such as Tronox's closure of a 90,000-ton facility in the Netherlands due to supply chain issues [12]. - Since August 2023, several countries, including the EU and India, have initiated anti-dumping investigations against Chinese titanium dioxide exports, with some high tariffs exceeding market expectations [12][14]. Export Market Dynamics - In 2023, China's titanium dioxide exports accounted for nearly 40% of its production, with India being the largest export market [15]. - Despite increasing export challenges, there is optimism that global demand for titanium dioxide will grow at a stable rate of 2-3% annually, driven by GDP growth [17]. Company-Specific Developments - Longbai Group is shifting its export focus to emerging markets in the Middle East and Southeast Asia to maintain its competitive edge [17][18]. - Huayun Titanium Industry, a smaller player, has also begun expanding its international business by establishing a subsidiary in Singapore [20]. Financial Performance and Market Sentiment - Huayun Titanium Industry has seen a significant stock price increase, with a 13.3% rise from May 1 to May 29, while Longbai Group's stock has only increased by 1.3% during the same period [27][21]. - Despite Huayun's growth, it faces challenges such as a lack of chlorination technology and reliance on external titanium ore sources, which may impact its cost structure [31][34]. Inventory and Cash Flow Concerns - Huayun's inventory increased by 143% year-over-year, raising concerns about its ability to maintain stable profitability amid rising production costs [40]. - The company has struggled with cash flow since 2020, indicating potential difficulties in sustaining operations if new capacity cannot be absorbed [43].

- Model name: Broad-based index rotation strategy; Model construction idea: Using the weekly change rate of the total heat of different broad-based indices to construct a rotation strategy; Model construction process: Calculate the weekly heat change rate of different groups of stocks and smooth it using MA2. On the last trading day of each week, buy the broad-based index with the highest total heat change rate MA2. If the highest change rate is in the "other" group, stay in cash. The strategy's net value is shown in the report. The formula is: $ \text{Heat Change Rate MA2} = \frac{\sum_{i=1}^{n} \text{Heat Change Rate}_i}{n} $ where $ n $ is the number of weeks. The strategy's annualized return since 2017 is 8.74%, with a maximum drawdown of 23.5%. The return since 2025 is 8.13%[14][16][17] - Model name: Broad-based index heat; Model construction idea: Aggregate the total heat of component stocks in broad-based indices; Model construction process: Group the entire A-share sample according to the component stocks of the CSI 300, CSI 500, CSI 1000, CSI 2000, and "other" groups. Sum the total heat indicators of the component stocks in each group to obtain the heat of the four mainstream broad-based indices and the heat of stocks not included in these indices ("other" group). The formula is: $ \text{Total Heat} = \sum_{i=1}^{n} (\text{Browse Count}_i + \text{Self-selection Count}_i + \text{Click Count}_i) $ where $ n $ is the number of stocks in the group. The heat is normalized by dividing by the total market heat and multiplying by 10000, with a range of [0,10000][9][12] - Factor name: Total heat indicator; Factor construction idea: Aggregate the browsing, self-selection, and click counts of stocks; Factor construction process: Define the total heat indicator as the sum of the browsing, self-selection, and click counts of a stock, normalized by its proportion in the entire market on the same day, and multiplied by 10000. The formula is: $ \text{Total Heat} = \frac{(\text{Browse Count} + \text{Self-selection Count} + \text{Click Count})}{\text{Total Market Heat}} \times 10000 $ with a range of [0,10000][8] - Factor name: Concept heat; Factor construction idea: Aggregate the total heat of component stocks in different concepts; Factor construction process: Calculate the weekly heat change rate of each concept and smooth it using MA2. Construct two simple portfolios: select the top 5 concepts with the highest heat change rate each week, exclude the smallest 20% of stocks by market cap, and equally hold the top 10 stocks with the highest total heat in each concept to form the heat TOP portfolio. Similarly, select the bottom 10 stocks with the lowest total heat in each concept to form the BOTTOM portfolio. The formula is: $ \text{Heat Change Rate MA2} = \frac{\sum_{i=1}^{n} \text{Heat Change Rate}_i}{n} $ where $ n $ is the number of weeks. The BOTTOM portfolio's annualized return is 15.71%, with a maximum drawdown of 28.89%. The return since 2025 is 18.35%[28][30][32][33] Model backtest results - Broad-based index rotation strategy, annualized return 8.74%, maximum drawdown 23.5%, return since 2025 8.13%[17] - Broad-based index heat, CSI 300 heat change rate increased by 5.25%, CSI 500 heat change rate decreased by 13.72%[17] Factor backtest results - Total heat indicator, normalized range [0,10000][8] - Concept heat, BOTTOM portfolio annualized return 15.71%, maximum drawdown 28.89%, return since 2025 18.35%[33]

Group 1 - The titanium dioxide concept sector rose by 2.29%, ranking 10th among concept sectors, with 12 stocks increasing in value, including Anada which hit the daily limit, and Guocheng Mining, Zhenhua Co., and Huiyun Titanium Industry showing gains of 6.19%, 3.46%, and 3.41% respectively [1] - The main capital inflow into the titanium dioxide concept sector was 106 million yuan, with Anada receiving the highest net inflow of 55.23 million yuan, followed by Zhenhua Co., Guocheng Mining, and Jinpu Titanium Industry with net inflows of 36.96 million yuan, 14.95 million yuan, and 8.70 million yuan respectively [2][3] Group 2 - The leading stocks in terms of net capital inflow ratio were Anada, Guocheng Mining, and Zhenhua Co., with net inflow ratios of 11.18%, 8.37%, and 8.13% respectively [3] - The trading performance of key stocks in the titanium dioxide sector included Anada with a daily increase of 10.04% and a turnover rate of 19.49%, while Zhenhua Co. and Guocheng Mining had increases of 3.46% and 6.19% respectively [3][4]

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]

Group 1 - The titanium dioxide concept sector rose by 1.62%, ranking third among concept sectors, with 11 stocks increasing in value, including Tianyuan Co., which hit the daily limit, and Zhenhua Co., Kuncai Technology, and Guocheng Mining, which rose by 7.31%, 4.03%, and 3.62% respectively [1] - The main capital inflow into the titanium dioxide concept sector was 144 million yuan, with Zhenhua Co. leading the inflow at 122 million yuan, followed by Tianyuan Co., Kuncai Technology, and Guocheng Mining with inflows of 51.42 million yuan, 21.03 million yuan, and 6.29 million yuan respectively [2][3] - The top three stocks by net capital inflow ratio were Kuncai Technology, Zhenhua Co., and Tianyuan Co., with net inflow ratios of 17.37%, 16.29%, and 9.97% respectively [3] Group 2 - The stocks with the largest declines included Daon Co., Luban Chemical, and Donghua Technology, which fell by 2.97%, 2.80%, and 1.76% respectively [1][4] - The trading volume and turnover rates for the leading stocks in the titanium dioxide sector showed significant activity, with Zhenhua Co. having a turnover rate of 6.65% and Tianyuan Co. at 8.44% [3]