- The report does not contain any quantitative models or factors related to the requested analysis

The provided content does not include any quantitative models or factors, nor does it provide any related construction processes, formulas, or backtesting results. The documents primarily focus on stock market analysis, industry trends, and investment flows, without delving into quantitative finance methodologies. If you have another document or specific content related to quantitative models or factors, please provide it for analysis.

The provided content does not contain any quantitative models or factors related to the requested financial engineering analysis. The documents primarily discuss the holdings, sector allocations, and net inflows/outflows of the "陆股通" (Northbound Stock Connect) for Q1 2025, along with some general market observations. There are no mentions of quantitative models, factor construction, or backtesting results in the provided text.