- The report does not contain any quantitative models or factors for analysis

Group 1 - The company, Wanji Technology, announced the acquisition of 10 invention patents from the National Intellectual Property Administration, covering multiple technology areas including intelligent connected vehicles, ETC, and laser technology [2] - The patents were awarded to both the company and its subsidiaries, Wuhan Wanji Optoelectronic Technology Co., Ltd. and Suzhou Wanji Vehicle Networking Technology Co., Ltd. [2] - This development indicates the company's commitment to innovation and strengthening its position in the technology sector [2] Group 2 - The patents are expected to enhance the company's technological capabilities and potentially lead to new business opportunities in the intelligent transportation and connected vehicle markets [2] - The focus on areas such as intelligent networking and laser technology aligns with current industry trends towards automation and smart transportation solutions [2] - This strategic move may also improve the company's competitive edge in the rapidly evolving tech landscape [2]

- 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 recent data indicates a positive trend in the A-share market, with significant net inflows of capital into various concept sectors, particularly in Xinjiang revitalization, commercial aerospace, and mixed reality [1] Group 1: Market Performance - The Shanghai Composite Index increased by 0.48% over the past three days [1] - The trading volume in A-shares rose by 12.50% compared to the previous three days [1] Group 2: Capital Inflows - A total of 28 concept sectors experienced substantial net inflows of capital in the last three days [1] - The top three sectors with the highest net capital inflows were: - Xinjiang revitalization: net inflow of 1.359 billion yuan [1] - Commercial aerospace: net inflow of 1.348 billion yuan [1] - Mixed reality: net inflow of 1.036 billion yuan [1] Group 3: Sector Performance - The performance of the top sectors based on net inflows included: - Xinjiang revitalization: increased by 3.89% [1] - Commercial aerospace: increased by 2.40% [1] - Mixed reality: increased by 1.28% [1] - Other notable sectors with positive performance included flexible DC transmission, Apple concept, and nickel metal, each showing gains [1]