Core Viewpoint - Shaanxi Natural Gas Co., Ltd. conducted a risk assessment of Shaanxi Yanchang Petroleum Finance Co., Ltd., confirming its legal status and sound operational conditions, with no significant risks identified in its management practices [1][13]. Group 1: Company Overview - Shaanxi Yanchang Petroleum Finance Co., Ltd. is a non-bank financial institution established in December 2013, with a registered capital of 287.303 million yuan, primarily owned by Shaanxi Yanchang Petroleum (Group) Co., Ltd. with an 82.087% stake [1][2]. - The company provides various financial services, including deposit acceptance, loan processing, and financial consulting for its member units [2][3]. Group 2: Internal Control and Risk Management - The company has established a robust internal control environment, with clear governance structures and responsibilities, enhancing decision-making and operational efficiency [4][5]. - A comprehensive risk management system is in place, with dedicated departments for risk assessment and internal auditing, ensuring effective risk identification and mitigation [5][6]. Group 3: Financial Performance - As of December 31, 2024, the total assets of Shaanxi Yanchang Petroleum Finance Co., Ltd. amounted to 2,292.886 million yuan, with total liabilities of 1,685.866 million yuan and owner’s equity of 607.020 million yuan [10][11]. - The company has maintained compliance with regulatory requirements, with all key financial indicators meeting the standards set forth by the relevant financial regulations [11][12].

Group 1 - The Hong Kong stock market exhibits significant and prolonged style switching, with value and growth styles frequently alternating. Growth style shows explosive potential but lacks sustainability, while value style offers more stability in adverse conditions. Large-cap stocks have higher cumulative returns across multiple cycles and better ability to traverse cycles [3][14][15] - The driving factors for style rotation include changes in liquidity, valuation recovery, and policy guidance, with southbound capital inflows, interest rate cycles, industry regulation, and macro expectations shaping dominant styles in different phases [3][15][16] - The empirical performance of the risk parity model in multi-style strategy combinations shows robust excess return capabilities and risk control advantages, achieving an annualized return of 19.77% from March 2, 2015, to April 30, 2025, with an information ratio of 1.72 [3][15][16] Group 2 - The report highlights the structural differences in industry allocation among different style indices, with large-cap indices concentrated in stable sectors like finance, consumption, and utilities, while small-cap and growth indices focus more on technology, healthcare, and manufacturing, exhibiting higher volatility but stronger elasticity [3][17] - The value strategy, based on the PB-ROE model, aims to identify undervalued stocks with a focus on fundamental and valuation mismatches, achieving an annualized return of 13.91% while maintaining a 20% exposure to the financial sector to enhance value attributes [3][23][41] - The growth strategy targets high growth rates in revenue and net profit, achieving an annualized return of 22.66%, with a recent tilt towards core assets in healthcare and technology [3][23][41] Group 3 - The quality strategy focuses on companies with stable profitability, healthy cash flow, and optimized capital structure, yielding an annualized return of 11.48%, although recent market style shifts have narrowed excess returns [3][23][41] - The report emphasizes the importance of identifying and capturing style switching points to significantly enhance portfolio returns, suggesting that effective allocation among different style strategies can provide smoother navigation through various market environments [3][9][14] - The analysis of the past decade reveals that the Hong Kong stock market has experienced notable style shifts, with the performance of value and growth styles continuously alternating [3][9][14]

Key Insights - The report highlights the upcoming launch of Huawei's foldable PC and Apple's foldable iPhone, which are expected to drive rapid development in materials for foldable devices [5] - The non-bank financial sector is seeing regulatory changes aimed at enhancing support for technology enterprises, particularly in mergers and acquisitions [8] - The report discusses the performance of various companies, including their revenue growth and profitability, indicating a positive outlook for several sectors [11][13][16] Industry Commentary - The chemical raw materials sector is experiencing growth due to the anticipated demand for materials used in foldable devices, with a notable increase in the new materials index [5] - The non-bank financial sector is undergoing reforms to improve the service capabilities for technology companies, which is expected to enhance the overall market environment [8] - The textile and apparel industry is likely to benefit from Shanghai's new consumption stimulus plan, particularly in sportswear and jewelry [5] Company Analysis - The report provides insights into the financial performance of various companies, such as: - **Zhenyu Technology**: Achieved revenue of 6.20 billion yuan in 2024, with a net profit of -1.75 billion yuan, indicating a recovery in Q1 2025 with a 23.75% year-on-year revenue increase [9][11] - **Jinxi Axle**: Reported a revenue increase in high-speed train axles, supported by its state-owned enterprise background, which enhances its diversification efforts [16] - **Shanghai Hanxun**: Expected to exceed 150 million yuan in satellite business revenue in 2024, with a significant increase in satellite launches planned for 2025 [21] Financial Performance - Companies are showing varied financial results, with some experiencing significant growth: - **Artis**: Projected to create a second growth engine through large-scale storage, with steady production expansion in the U.S. [5] - **Zhenyu Technology**: Anticipates a recovery in profitability post-transformation, with a focus on human-shaped robots and eVTOL businesses [11] - **Jinxi Axle**: Reported a 33.23% increase in railway vehicle revenue, indicating strong market demand [19] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from emerging trends, such as foldable device materials and advancements in AI and IoT technologies [5][27] - Companies like **Guanghe Tong** are highlighted as leaders in AI IoT, with a strong product matrix and growth potential in smart modules [27] - The overall sentiment is positive for sectors that are adapting to technological advancements and regulatory changes, indicating potential investment opportunities [8][11]

Core Viewpoint - The China Securities Index Non-Bank Financial Theme Index has shown significant growth, with a 13.63% increase over the past month and a 12.54% increase year-to-date, reflecting strong performance in the non-bank financial sector within the Hong Kong Stock Connect [1][2]. Group 1: Index Performance - The China Securities Index Non-Bank Financial Theme Index rose by 0.65% to 3292.09 points, with a trading volume of 13.164 billion yuan [1]. - Over the last three months, the index has increased by 9.80% [1]. - The index was established on November 14, 2014, with a base point of 3000.0 [1]. Group 2: Index Composition - The index includes up to 50 listed companies that meet the non-bank financial theme criteria from the Hong Kong Stock Connect [1]. - The top ten weighted companies in the index are: Hong Kong Exchanges (17.71%), AIA Group (15.97%), Ping An Insurance (13.53%), China Life Insurance (7.95%), China Pacific Insurance (7.13%), People's Insurance Group of China (6.03%), China Taiping Insurance (5.39%), New China Life Insurance (5.13%), CITIC Securities (2.41%), and China Taiping (2.6%) [1]. - The index's holdings are entirely focused on the financial sector, with a 100% allocation [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new companies meet the criteria for inclusion [2].

非银行金融 行业周报（20250512-20250518） 领先大市-A(维持) 并购重组办法修订，提升科技企业服务力度 2025 年 5 月 21 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 资料来源：最闻 【山证非银行金融】公募改革持续推进， 专 项 货 币 政 策 再 扩 容 - 行 业 周 报 （20250506-20250511）： 2025.5.14 【山证非银行金融】政策精准发力，全 面完善资本市场机制-国新办发布会点 评： 2025.5.7 请务必阅读最后股票评级说明和免责声明 1 | 执业登记编码：S0760525050002 | | --- | | 邮箱：limingyang@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | 相关报告： 证监会修改《上市公司重大资产重组管理办法》。办法 ...

大金融政策和业绩展望 20250520 摘要 • 资本市场增量资金确定性增强，主要来自中长期资金入市，如保险资金增 配权益市场和央行互换便利工具扩容试点，为权益市场带来 1,400 亿增量 资金，IPO 政策变化值得关注。 • 非银行金融机构受益于交易量改善，去年四季度至今年一季度业绩明显提 升，全年 ROE 预计维持高位，但同比增速或将下滑，高质量发展优先于增 长，稳定息差和风险控制至关重要。 • 券商 PB 处于中位数水平，估值上行需等待市场修复和政策支持；保险行 业估值修复空间更大，成本下降和收益率恢复是关键，推荐优质权重股及 红筹股，如人保财险、江苏金租等。 • 现房销售拉长房企现金流回笼时间，降低周转率和 IRR，增加资金占用， 压制净利率，中小项目受影响尤为显著，土地价款和税收延期支付等配套 政策或可缓解冲击。 • 全国现房住宅销售占比显著增加，2024 年达 33%，部分原因是小城市市 场弱势和保障性住房约束，现有 4 亿平方米现房库存压力巨大，优质房企 或受益于行业资金壁垒提高。 • 招商银行作为沪深 300 权重股，受益于主动型基金配置比例重构，高股息 优势使其内生增长稳定，无需再融资，股息 ...

Group 1: Financial Services Overview - China Oil Finance is a non-bank financial institution approved by the People's Bank of China, providing services such as payment and settlement, loans, foreign exchange trading, and financial chain services [2] - Kunlun Bank, approved by the former China Banking Regulatory Commission, primarily engages in public deposit acceptance, loan issuance, domestic and international settlement, and public securities investment fund sales [2] Group 2: Trust Business Development - Kunlun Trust focuses on three main categories: asset service trust, asset management trust, and public welfare trust, covering various services including equity investment and family trusts [3] - Future efforts will aim to enhance the proportion of actively managed trusts and increase the dividend ratio of equity investment trusts, while continuously seeking efficiency improvements and cost reductions [3] Group 3: Regulatory Impact - The revised "Management Measures for Financial Leasing Companies" by the National Financial Regulatory Administration in 2024 will positively impact Kunlun Financial Leasing [3] - Kunlun Financial Leasing has consistently adhered to regulatory requirements, and the new regulations will provide clearer guidelines for business operations, including enhanced risk management and business classification supervision [3]

- Model Name: Diffusion Index Model; Model Construction Idea: The model is based on the observation of industry diffusion indices; Detailed Construction Process: The model tracks the weekly changes in diffusion indices for various industries, ranking them based on their performance. The formula used is $ \text{Diffusion Index} = \frac{\text{Number of Advancing Stocks}}{\text{Total Number of Stocks}} $; Model Evaluation: The model has shown varying performance over the years, with significant returns in some periods and notable drawdowns in others[6][14][27] - Model Name: GRU Factor Model; Model Construction Idea: The model utilizes GRU (Gated Recurrent Unit) deep learning networks to analyze minute-level price and volume data; Detailed Construction Process: The model ranks industries based on GRU factor scores, which are derived from the GRU network's analysis of trading data. The formula used is $ \text{GRU Factor Score} = \text{GRU Network Output} $; Model Evaluation: The model has achieved substantial excess returns by capturing trading information, though it has faced challenges in certain market conditions[7][14][34] Model Backtest Results - Diffusion Index Model, Average Weekly Return: 0.72%, Excess Return: 0.11%, Year-to-Date Excess Return: -2.26%[32] - GRU Factor Model, Average Weekly Return: 1.07%, Excess Return: 0.44%, Year-to-Date Excess Return: -3.71%[37] Factor Construction and Evaluation - Factor Name: GRU Industry Factor; Factor Construction Idea: The factor is constructed using GRU deep learning networks to analyze minute-level trading data; Detailed Construction Process: The factor scores are calculated based on the GRU network's output, which evaluates the trading data to rank industries. The formula used is $ \text{GRU Factor Score} = \text{GRU Network Output} $; Factor Evaluation: The factor has shown significant improvements in certain industries, indicating its effectiveness in capturing trading information[7][14][35] Factor Backtest Results - GRU Industry Factor, Top Industries: Automotive (2.84), Steel (1.85), Media (1.48), Power Equipment and New Energy (1.35), Communication (0.88), Coal (0.66)[7][14][35]

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[2][4][12] - The report primarily focuses on market trends, fund positioning, and industry dynamics without discussing specific quantitative models or factors[3][24][31] - No formulas, construction processes, or performance metrics for quantitative models or factors are provided in the report[36][40][34]

2025 年 05 月 18 日 主力资金有效性持续修复，景气预期超额收益开 始抬头 —行业和风格因子跟踪报告 投资要点 ▌ 行业因子最新变动情况 上周 3400 得而复失，回调后仍站上 3350。我们最新推荐 的非银行业收益亮眼。因子角度来看近期市场热点受事件 驱动影响较大，分析师短期预期表现更好，也能抓住非银 的反弹行情。此外市场资金驱动特征明显，主力资金因子 多头的非银、汽车领涨市场。动量反转层面处于反转因子 和短端动量的交接时刻，可以提前关注短期动量有效性的 回升。财报质量因子继续偏向成长口径，景气投资思路有 效性开始小幅回升。 整体看行业轮动因子指向内需成长板块：大盘成交金额持 续在 1.1 万亿以上，主题投资和景气投资均有反弹，主力 资金因子反弹延续，本期主力资金因子行业选择电子、电 力设备及新能源、医药、机械、有色金属、非银行金融。 长期分析师预期非银行金融、建材、交通运输、电力及公 用事业、有色金属，空头无意义。短期分析师预期指向农 林牧渔、消费者服务、非银行金融、机械、有色金属。本 期选择行业继续偏向内需中的成长，继续关注低位消费短 期反弹机会。 ▌ 定量行业推荐 基于权重分配，我们推荐内资 ...