Group 1 - The core point of the news is that Feima International's stock has declined by 5.09%, with a current price of 4.29 CNY per share and a total market capitalization of 11.417 billion CNY [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, primarily operates in supply chain management and environmental new energy sectors, with revenue contributions of 81.71% from the environmental new energy industry, 11.34% from comprehensive logistics services, 6.47% from PPP project construction services, and 0.47% from trade execution services [1] Group 2 - According to data from the top ten holdings of funds, one fund under the China Asset Management Company has heavily invested in Feima International, specifically the China Universal Environmental Governance Index (LOF) A (164908), which reduced its holdings by 32,370 shares, now holding 825,900 shares, accounting for 2.64% of the fund's net value [2] - The fund has reported a floating loss of approximately 190,000 CNY due to this reduction in holdings [2] - The China Universal Environmental Governance Index (LOF) A (164908) was established on July 19, 2016, with a current scale of 116 million CNY, achieving a year-to-date return of 26.26% and a one-year return of 14.76% [2]

Group 1 - The core point of the news is that Feima International's stock price increased by 7.04%, reaching 4.56 CNY per share, with a trading volume of 1.31 billion CNY and a turnover rate of 11.34%, resulting in a total market capitalization of 12.135 billion CNY [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, is primarily engaged in supply chain management services and environmental new energy business, with revenue composition as follows: 81.71% from environmental new energy, 11.34% from comprehensive logistics services, 6.47% from PPP project construction services, and 0.47% from trade execution services [1] Group 2 - From the perspective of major fund holdings, one fund under the China Universal Asset Management has a significant position in Feima International, specifically the China Universal CSI Environmental Governance Index (LOF) A (164908), which reduced its holdings by 32,370 shares to 825,900 shares, accounting for 2.64% of the fund's net value, making it the fourth-largest holding [2] - The China Universal CSI Environmental Governance Index (LOF) A (164908) was established on July 19, 2016, with a current scale of 116 million CNY, achieving a year-to-date return of 25.56% and a one-year return of 16.27%, while experiencing a cumulative loss of 48.13% since inception [2]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The market will remain volatile under the backdrop of declining liquidity. The three - dimensional timing framework continues to predict a volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with strong upper resistance and lower support [1][7]. - The power grid equipment theme index has seen significant inflows. In the past week, there were large inflows into the power grid equipment theme, communication equipment theme, etc., while the innovation energy, state - owned enterprise digital economy, etc. had the most outflows [1][25]. - Industries recommended based on capital resonance are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. - The high - volatility and high - liquidity style is dominant this week, with the liquidity factor achieving positive returns. Among Alpha factors, reversal and cash - flow factors perform well. In large - cap stocks, factors such as profit growth and analyst expectations are dominant, while in small - cap stocks, R & D intensity and growth factors perform better [2][39]. 3. Summary According to the Directory 3.1 Quantitative Views 3.1.1 Timing Viewpoint Liquidity is on a downward trend, divergence is on an upward trend, and the prosperity has rebounded again (financial sector up, industrial sector down). The three - dimensional timing framework maintains a judgment of volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with no sign of breaking through the range [1][7]. 3.1.2 Index Monitoring By calculating the overall subscription/redemption shares of ETF products for each index, it was found that the power grid equipment theme had the largest inflow ratio in the past week, month, and three - month periods. The innovation energy, state - owned enterprise digital economy, etc. had the most outflows in the past week. The hot - trend strategy for ETFs includes industries such as photovoltaic semiconductors, environmental protection and new energy, energy and chemicals, and power grid equipment [25]. 3.1.3 Capital Flow Resonance The margin trading funds had the largest net inflow of 6249 million yuan in the power equipment and new energy sector last week, and the large - order funds had the largest net inflow of 1323 million yuan in the banking sector. This week, the recommended industries are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. 3.2 Factor Tracking 3.2.1 Style Factors The market this week shows the characteristics of "momentum continuation, high volatility, and high liquidity". The volatility factor and the liquidity factor both achieved positive returns, and the momentum factor also had a positive return [39]. 3.2.2 Alpha Factors - **By Time**: Recently, the reversal and cash - flow factors have performed well. The short - term reversal factor had the best performance in the past month, with a long - position excess return of 1.16% [43]. - **By Index**: In large - cap indexes such as the Shanghai - Shenzhen 300, profit - growth and analyst - expectation factors are dominant. In small - cap indexes such as the CSI 1000, R & D intensity and growth factors perform better. As the market capitalization moves from the CSI 800 to the CSI 1000, the excess returns of most factors show an upward trend [45].

Group 1 - The core point of the news is that Feima International's stock price increased by 5.99% to 4.25 CNY per share, with a trading volume of 1.009 billion CNY and a turnover rate of 9.21%, resulting in a total market capitalization of 11.31 billion CNY [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, is primarily engaged in supply chain management services and environmental new energy business, with revenue composition as follows: 81.71% from the environmental new energy sector, 11.34% from comprehensive logistics services, 6.47% from PPP project construction services, and 0.47% from trade execution services [1] Group 2 - From the perspective of major fund holdings, one fund under Huatai PineBridge has a significant position in Feima International, specifically the Huatai PineBridge CSI Environmental Governance Index (LOF) A (501030), which reduced its holdings by 669,100 shares in the third quarter, now holding 1.7238 million shares, accounting for 2.66% of the fund's net value, ranking as the fourth-largest holding [2] - The Huatai PineBridge CSI Environmental Governance Index (LOF) A (501030) was established on December 29, 2016, with a current scale of 182 million CNY, yielding a return of 21.71% year-to-date, ranking 2719 out of 4216 in its category, and a one-year return of 20.18%, ranking 2611 out of 3889 [2]

Group 1 - The core point of the news is that Feima International's stock has declined by 5.37%, with a current price of 3.88 CNY per share and a total market capitalization of 10.326 billion CNY [1] - Feima International's main business segments include environmental new energy (81.71% of revenue), comprehensive logistics services (11.34%), PPP project construction services (6.47%), and trade execution services (0.47%) [1] - The company is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 9, 1998, with its listing date on January 30, 2008 [1] Group 2 - According to data, one fund under the management of China Asset Management holds a significant position in Feima International, with 1.1496 million shares, representing 2.09% of the fund's net value [2] - The fund, named the China Asset Management Zhongzheng Environmental Governance Index (LOF) A, has a total scale of 131 million CNY and has achieved a year-to-date return of 20.89% [2] - The fund's performance over the past year shows a return of 25.89%, with a ranking of 1643 out of 3875 in its category [2]

Group 1 - The core point of the news is that Feima International's stock price has dropped by 5.17%, currently trading at 3.85 CNY per share, with a total market capitalization of 10.246 billion CNY [1] - Feima International's main business segments include environmental new energy (81.71% of revenue), comprehensive logistics services (11.34%), PPP project construction services (6.47%), and trade execution services (0.47%) [1] - The company is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 9, 1998, with its listing date on January 30, 2008 [1] Group 2 - According to data, one fund under the management of China Asset Management has heavily invested in Feima International, with the fund holding 1.1496 million shares, representing 2.09% of the fund's net value [2] - The fund, named China Universal CSI Environmental Governance Index (LOF) A, has a total scale of 131 million CNY and has experienced a year-to-date return of 19.27% [2] - The fund's performance over the past year shows a return of 27.68%, ranking 1908 out of 3848 in its category, while it has incurred a loss of 50.73% since its inception [2] Group 3 - The fund manager of China Universal CSI Environmental Governance Index (LOF) A is Shao Wenting, who has been in the position for 4 years and 164 days [3] - During Shao Wenting's tenure, the fund has achieved its best return of 52.75% and its worst return of -25.53% [3]

Group 1 - The core point of the news is that Feima International's stock price increased by 5.06% to 3.53 CNY per share, with a trading volume of 458 million CNY and a turnover rate of 5.00%, resulting in a total market capitalization of 9.394 billion CNY [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, is primarily engaged in supply chain management services and environmental new energy business, with revenue composition as follows: 81.71% from the environmental new energy sector, 11.34% from comprehensive logistics services, 6.47% from PPP project construction services, and 0.47% from trade execution services [1] Group 2 - From the perspective of major fund holdings, one fund under Huatai PineBridge has a significant position in Feima International, with 2.11% of its net asset value allocated to 2.3929 million shares, making it the third-largest holding [2] - The Huatai PineBridge Environmental Governance Index (LOF) A fund, established on December 29, 2016, has a current size of 208 million CNY, with a year-to-date return of 18.58% and a one-year return of 58.88%, ranking 1547 out of 3800 in its category [2]

Core Viewpoint - The stock of Feima International (002210) experienced an abnormal trading fluctuation, with a cumulative price deviation of 20% over three consecutive trading days, prompting the company to issue a notice regarding this situation [2] Group 1: Stock Trading and Market Response - Feima International's stock price closed at 3.84 yuan per share as of September 2, with a market capitalization of 10.2 billion yuan [2] - The company stated that there were no undisclosed significant events affecting the stock price and that its operational environment had not changed significantly [2] - The company is currently in discussions regarding a potential change in control, but no undisclosed major matters exist at this time [2] Group 2: Shareholder Changes and Investment Agreements - On June 23, Feima International received a notice from its indirect controlling shareholder, New Hope Investment Group, regarding an investment intention agreement with several parties, which may involve the transfer of 532 million shares (approximately 20% of total shares) [3] - The investment agreement is still in negotiation, and the final terms and pricing have not been established yet [4] - New Hope Investment Group, through its subsidiary, holds a significant stake in Feima International, having acquired approximately 29.9% of the company’s shares post-restructuring [4] Group 3: Financial Performance - In the first half of 2025, Feima International reported revenue of 109 million yuan, a year-on-year decrease of 6.46% [5] - The net profit attributable to shareholders was 2.61 million yuan, down 92.18% year-on-year, while the non-recurring net profit was 1.47 million yuan, a decline of 14.22% [5]

Group 1 - The core viewpoint of the news is that Feima International has seen a significant increase in its stock price, with a rise of 5.41% to 4.09 CNY per share, and a trading volume of 1.999 billion CNY, indicating strong market interest [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, is primarily engaged in supply chain management services and environmental new energy business, with 88.19% of its revenue coming from the environmental new energy sector and 11.81% from logistics supply chain services [1] - The company has a total market capitalization of 10.884 billion CNY [1] Group 2 - From the perspective of fund holdings, one fund under Huatai PineBridge has a significant position in Feima International, with 2.3929 million shares held, representing 2.11% of the fund's net value, making it the third-largest holding [2] - The Huatai PineBridge Environmental Governance Index (LOF) A fund has a total size of 208 million CNY and has achieved a year-to-date return of 17.23%, ranking 2815 out of 4222 in its category [2] - The fund manager, Luo Hao, has been in position for 357 days, with the best fund return during his tenure being 91.78% and the worst being 2.28% [2]

Company Overview - Feima International closed at 3.1 yuan, down 2.21%, with a rolling PE ratio of 384.38 times and a total market value of 8.25 billion yuan [1] - The company operates in the supply chain management and environmental new energy sectors, primarily focusing on waste-to-energy projects [1] Financial Performance - For Q1 2025, the company reported revenue of 54.66 million yuan, a year-on-year decrease of 12.13%, and a net loss of approximately 768,248 yuan, a year-on-year decline of 112.24% [1] - The sales gross margin stood at 29.66% [1] Shareholder Information - As of March 31, 2025, Feima International had 65,433 shareholders, a decrease of 21,962 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Industry Comparison - The average PE ratio for the environmental industry is 58.87 times, with a median of 33.55 times, positioning Feima International at 115th place within the industry [1][2] - Other companies in the industry have significantly lower PE ratios, with the lowest being 7.71 times for Chengfa Environment [2]