每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 （记者 曾健辉） 每经AI快讯，国机汽车1月4日晚间发布公告称，截至2025年12月31日，公司通过集中竞价交易方式已 累计回购股份约214万股，占公司总股本的比例为0.14%，购买的最高价为6.19元/股，最低价为5.97元/ 股，支付的资金总额约为1301万元。 ...

- The report introduces a quantitative framework for market trend analysis, emphasizing the inherent attributes of assets and their lifecycle stages, categorized into five styles: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[6][7][10] - The framework prioritizes asset comparison using metrics such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (PB/SIZE), each tailored to specific lifecycle stages[7][10] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.45% since 2009, with notable positive excess returns in most years, particularly post-2017[17][20][18] - The report recommends three dominant styles for January 2026: expected growth, actual growth, and profitability, supported by metrics like Δgf, Δg, and ΔROE, all showing expansion trends[15][33][29] - Expected growth strategy selects industries with the highest analyst forecasted growth rates, achieving significant excess returns since 2019. Recommended sectors for January 2026 include automotive sales, home appliances, tungsten, emerging financial services, and lithium[37][39][36] - Actual growth strategy focuses on industries with the highest Δg and related factors (sue, sur, jor), showing strong long-term excess returns. Recommended sectors for January 2026 include photovoltaic equipment, electronic chemicals, lithium battery chemicals, aerospace military, and home appliances[39][40][36] - Profitability strategy targets industries with high ROE and low PB-ROE valuation residuals, with notable excess returns from 2016 to 2020. Recommended sectors for January 2026 include agriculture, liquor, power distribution equipment, non-dairy beverages, and network connection/tower setup[42][43][36] - Quality dividend strategy uses DP+ROE scoring to select industries, with significant excess returns in 2016, 2017, and 2023. Recommended sectors for January 2026 include forestry/processing, boiler equipment, public transportation, fuel cells, and network connection/tower setup[45][46][36] - Value dividend strategy employs DP+BP scoring, achieving notable excess returns in 2009, 2017, and 2021-2023. Recommended sectors for January 2026 include security, daily chemicals, pet food, buses, and network connection/tower setup[48][50][36] - Bankruptcy value strategy selects industries with the lowest PB+SIZE scores, showing strong excess returns in 2015-2016 and 2021-2023. Recommended sectors for January 2026 include automotive sales, ceramics, cotton textiles, dyeing, and building decoration[52][53][36]

（记者 王瀚黎） 每经AI快讯，申华控股12月30日晚间发布公告称，公司第十三届第七次董事会会议于2025年12月30日 以通讯方式召开。会议审议了《关于预计2026年度日常关联交易的议案》等文件。 每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ ...

瑞财经 钟鸣辰12月16日晚，德众汽车(BJ920030)发布公告，收到行政监管措施决定书，公司董事长段坤 良、董秘易斈播因涉多项违规被予以警示。 12月15日，湖南德众汽车销售服务股份有限公司收到中国证券监督管理委员会湖南监管局行政监管措施决 定书。决定书指出，公司存在以下问题： 一是未按规定履行关联交易审议程序及信息披露义务。湖南宏科智能装备有限公司、怀化金驰废旧物资回 收有限公司是公司控股股东、实际控制人段坤良的关联法人，2024年，上述2家公司与公司子公司发生的 相关交易未履行关联交易审议程序及信息披露义务。 二是实际控制人非经营性资金占用且未及时披露。段坤良于2024年12月 - 2025年7月非经营性占用上市公 司资金390.00万元，2024年12月 - 2025年2月非经营性占用上市公司资金265万元，公司未披露相关资金占 用事项。 三是子公司采购业务内部控制存在重大缺陷。公司子公司部分废品采购业务未按规定的审批权限和程序办 理，而是经公司控股股东、实际控制人段坤良直接安排公司个别员工在外采购后，再与子公司办理入库验 收及结算，公司未采取有效措施防止控股股东、实际控制人干预公司经营。 四是财务 ...

天眼查App显示，近日，南京驰坤汽车销售服务有限公司成立，法定代表人为王栋栋，注册资本20万人 民币，经营范围为一般项目：汽车销售；汽车零配件批发；汽车零配件零售；汽车装饰用品销售；汽车 拖车、求援、清障服务；轮胎销售；机动车修理和维护；电池零配件生产；橡胶制品销售；塑料制品销 售；电子元器件零售；机械电气设备销售；电池销售；电池零配件销售；会议及展览服务；日用品销 售；五金产品批发；五金产品零售；机械设备销售；办公设备销售；润滑油销售；石油制品销售（不含 危险化学品）；功能玻璃和新型光学材料销售；机械零件、零部件销售；非居住房地产租赁；租赁服务 （不含许可类租赁服务）；仓储设备租赁服务（除依法须经批准的项目外，凭营业执照依法自主开展经 营活动）。 ...

2025.12. 07 本文字数：1862，阅读时长大约4分钟 作者 | 第一财经 魏中原 近日，A股上市公司全新好（000007.SZ）股价走势强劲，创下阶段新高。然而，就在公司股价高 位运行之际，公司持股5%以上的股东建德隽林企业管理合伙企业(有限合伙)（以下简称"隽林合 伙"）发布减持计划，拟清仓式减持所持全部5%股份，引发市场高度关注。 全新好主营业务盈利能力近年来持续下滑，前三季度归母净利润仅341.80万元，第三季度的归母净 利润仅2.97万元。股东选择在公司股价创下阶段新高后实施清仓式减持，与公司微薄的盈利水平形 成鲜明对比。 董事长关联方"抄底"轻松翻倍 根据公告，隽林合伙计划自公告披露之日起十五个交易日后的三个月内，即2025年12月29日至 2026年3月28日，通过集中竞价、大宗交易方式减持全新好不超过1732.25万股，占公司总股本的 5%，即所持有的全部股份，减持原因系"自身资金需求安排"。 按照全新好最新收盘价9.95元计 算，隽林合伙拟套现1.72亿元。 截至三季度末，隽林合伙位列全新好前十大股东第四位。除了清仓式减持以外，隽林合伙此番减持的 时点颇受关注。全新好股价自年初以来呈 ...

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The model aims to address the systematic rotation of market styles by identifying the dominant asset characteristics that represent the future mainstream market style. It evaluates assets based on the priority of "g > ROE > D" to determine whether there are good assets and whether they are overvalued[5][8][12] - **Model Construction Process**: 1. Define five style stages based on the industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[8] 2. Use the "g > ROE > D" priority to compare assets, focusing on growth (g), profitability (ROE), and dividend yield (D)[5][8] 3. Incorporate factors such as expected growth (gf), actual growth (g), profitability (ROE), and valuation metrics (PB, DP, BP) to classify and evaluate assets[9][12] 4. Apply the framework to select industries and allocate them equally within each strategy[19] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotation since 2009, achieving an annualized return of 27.06%[19] --- Model Backtesting Results Quantitative Market Trend Judgment Framework - **Annualized Return**: 27.06% since 2009[19] - **Excess Returns by Year**: - 2017: 27% - 2020: 44% - 2022: 62% - 2024: 52% - 2025 (YTD): 8%[22] --- Quantitative Factors and Construction Methods 1. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Measures the expected growth rate of industries based on analysts' forecasts, regardless of the lifecycle stage[9] - **Factor Construction Process**: 1. Calculate the expected growth rate (gf) for each industry 2. Rank industries based on the highest expected growth rates 3. Select top-performing industries for allocation[9][38] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015 and 2025[38] 2. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Focuses on industries with the highest earnings momentum (△g), particularly during transition and growth phases[9] - **Factor Construction Process**: 1. Use △g to represent earnings momentum 2. Rank industries based on △g and select the top-performing ones 3. Incorporate additional factors such as SUE, SUR, and JOR for refinement[40] - **Factor Evaluation**: The factor has consistently delivered significant excess returns, especially in growth-dominant environments[40] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Targets industries with high ROE and low valuation under the PB-ROE framework, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate PB-ROE residuals for each industry 2. Rank industries based on residuals and select the top-performing ones[43] - **Factor Evaluation**: The factor performed strongly from 2016 to 2020 but has weakened since 2021[43] 4. Factor Name: Quality Dividend (DP + ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify industries with the highest scores, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and ROE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[46] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[46] 5. Factor Name: Value Dividend (DP + BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued industries, focusing on mature stages[9] - **Factor Construction Process**: 1. Calculate DP and BP for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the top-performing ones[49] - **Factor Evaluation**: The factor has delivered significant excess returns in 2009, 2017, and 2021-2023[49] 6. Factor Name: Bankruptcy Value (PB + SIZE) - **Factor Construction Idea**: Targets industries with the lowest PB and SIZE scores, focusing on stagnation and recession stages[9] - **Factor Construction Process**: 1. Calculate PB and SIZE for each industry 2. Combine the two metrics into a composite score 3. Rank industries and select the lowest-scoring ones[52] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[52] --- Factor Backtesting Results Expected Growth (gf) - **Recent Performance**: - Lithium: +51.15% (3 months) - Frozen Food: +14.08% (3 months)[38] Actual Growth (g) - **Recent Performance**: - Lithium Chemicals: +51.88% (3 months) - Other Home Appliances: +14.93% (3 months)[41] Profitability (ROE) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Buses: +10.46% (3 months)[43] Quality Dividend (DP + ROE) - **Recent Performance**: - Timber Processing: +145.24% (3 months) - Lithium Equipment: +21.95% (3 months)[46] Value Dividend (DP + BP) - **Recent Performance**: - Network Equipment: +12.18% (3 months) - Security: -2.24% (3 months)[49] Bankruptcy Value (PB + SIZE) - **Recent Performance**: - Gas: +15.88% (3 months) - Building Renovation: +16.42% (3 months)[52]

国机汽车股份有限公司（以下简称"公司"）分别于2025年8月28日和2025年10月9日召开第九届董事会第 十三次会议和2025年第一次临时股东会，审议通过了《关于回购公司股份方案的议案》。根据回购方 案，公司拟以集中竞价交易方式回购股份，回购价格不超过9.82元/股，回购金额不低于人民币2,500万 元（含），不超过人民币5,000万元（含），回购的股份将全部注销并减少注册资本。具体请见公司分 别于2025年8月30日和2025年10月10日发布的《关于以集中竞价交易方式回购股份方案的公告》（临 2025-26号）、《2025年第一次临时股东会决议公告》（临2025-34号）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，在回购股份期间，公司应当在每个月的前3个交易日内公告截至上月末的回购进展情况。现将 2025年11月以及截至2025年11月30日回购股份情况分别公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确 ...

格隆汇12月1日丨和谐汽车(03836.HK)公告，2025年11月26日，香港新界大埔宏福苑发生重大火灾，造 成严重损失，令人哀痛。董事会谨此宣布捐款500万港元，专项用于受灾居民的医疗救助、临时安置及 灾后重建。此外，集团旗下位于香港的多家比亚迪及腾势店铺的员工迅速响应，于火灾现场周边为受灾 市民及救援人员提供多项支援，包括调配20部比亚迪电动车提供免费充电及摆渡接载服务，并派发食 物、瓶装水及行动电源等应急物资，全力协助前线救援及市民所需。 公司谨此向火灾中不幸离世人士的家属致以深切慰问，并向所有受灾家庭、受伤人士以及日夜奋战的救 援人员，表达诚挚关怀与崇高敬意。是次捐款资金来自集团内部资源，预期不会对集团财务状况及经营 业绩构成重大影响。公司将继续积极履行企业社会责任，与香港市民同心同行，共渡难关。 ...

Group 1 - The company Chengchuang Material Co., Ltd. has been established in Dengzhou City with a registered capital of 1 million RMB [1] - The legal representative of the company is Yu Yongyang [1] - The business scope includes sales of construction materials, metal ores, non-metallic minerals and products, and various automotive-related services and products [1] Group 2 - The company is involved in the sales of new energy vehicles and their components, as well as battery sales and recycling [1] - Additional services include supply chain management and parking lot services [1] - The company also engages in the processing of non-metallic waste and scrap, and the manufacturing and retail of hardware products [1]