8月3日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 芯导科技晚发布发行可转换公司债券以及支付现金购买资产并募集配套资金预案，上市公司拟向盛锋、 李晖、黄松、王青松、瞬雷优才发行可转换公司债券以及支付现金形式购买吉瞬科技100%股权、瞬雷 科技17.15%的股权，从而直接及间接持有瞬雷科技100%股权，实现对瞬雷科技的100%控制。本次交易 价格暂定为4.03亿元。瞬雷科技主要从事功率器件的研发、生产和销售；吉瞬科技直接持有瞬雷科技 82.85%的股权，仅为瞬雷科技持股主体。 保利联合晚发布股票交易异常波动公告，股票交易价格连续三个交易日收盘价格跌幅偏离值累计超过 20%，属于股票交易异常波动情况。公司目前经营正常，近期公司经营情况及内外部经营环境未发生重 大变化。 芯导科技：拟购买吉瞬科技100%股权、瞬雷科技17.15%股权，实现对瞬雷科技100%控制 拓山重工：近期经营情况正常，内外部经营环境未发生重大变化 拓山重工晚公告，公司股票连续三个交易日收盘价格跌幅偏离值累计超过20%，属于股票交易异常波动 情况。公司近期经营情况正常，内外部经营环境未发生 ...

Quantitative Models and Construction Methods 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [8] - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance process - \( \mu \): Drift rate of the asset price - \( \kappa \): Rate of mean reversion of variance - \( \theta \): Long-term variance - \( \sigma \): Volatility of variance - \( W_t^1, W_t^2 \): Two Wiener processes with correlation \( \rho \) [8] - **Model Evaluation**: The Heston model is widely recognized for its ability to capture the stochastic nature of volatility, making it suitable for modeling market fear indices [8] --- Quantitative Factors and Construction Methods 1. Factor Name: Multi-Long-Short Ratio Scissor Difference - **Factor Construction Idea**: This factor is based on the difference between the number of long and short signals within industry index constituent stocks. It is used to construct industry timing strategies [15] - **Factor Construction Process**: - Define the number of long and short signals for each industry index constituent stock on a given day - If no long signals are present, set the long signal count to 0; similarly, if no short signals are present, set the short signal count to 0 - Calculate the scissor difference as the difference between the long and short signal counts - Normalize the scissor difference to obtain the scissor difference ratio [15] - **Factor Evaluation**: The backtesting results show that the timing model based on this factor outperforms the respective industry indices in all cases, demonstrating excellent historical performance [15] --- Backtesting Results of Models 1. Heston Model - **Implied Volatility Results**: - SSE 50: 13.63% (down 2.78% WoW) - SSE 500: 15.75% (down 3.31% WoW) - CSI 1000: 17.15% (down 3.26% WoW) - CSI 300: 13.96% (down 2.31% WoW) [10] --- Backtesting Results of Factors 1. Multi-Long-Short Ratio Scissor Difference - **Performance Metrics**: - Timing models based on this factor outperformed their respective industry indices in all cases, achieving a 100% success rate in backtesting [15]

Group 1 - The event "Zhen You Ai" organized by the Shenzhen Charity Association focused on donating materials for the prevention of Chikungunya fever [1] - Shenzhen Andofe Disinfection High-tech Co., Ltd. and Jinhua Pharmaceutical Group donated a total of 4,000 sets of mosquito repellent and wound disinfectant, along with 3,500 boxes of Jinhua Yima Da Zheng Honghua Oil [1] - The donated materials are expected to reach nearly 3,500 registered low-income households in the city, including those in the Shenshan Cooperation Zone [1] Group 2 - Beneficiaries include low-income families, extremely poor individuals, scattered orphans, and relevant welfare institutions [1] - The chairman and general manager of Shenzhen Andofe emphasized the importance of providing timely and scientific protection against mosquito-borne diseases during the high-temperature and rainy season [1]

Core Viewpoint - Since the 18th National Congress of the Communist Party of China, the country has been committed to deepening medical security reform, enhancing the management and service level of medical insurance, and promoting the coordinated development and governance of the "three medicines" (medical care, medical insurance, and pharmaceuticals) [1] Group 1: Achievements and Challenges - Significant achievements have been made in promoting the coordinated development and governance of the "three medicines," but challenges remain in the process of high-quality development [2] - The contradiction between limited medical insurance funding and the rapid growth of medical expenses has become prominent, with medical expenses increasing due to rising demand for medical services and advancements in clinical diagnosis and treatment technologies [2] - The reimbursement rates for inpatient care under employee and resident medical insurance remain stable at around 85% and 70%, respectively, but there is insufficient funding support for increasing outpatient reimbursement rates for residents [2] Group 2: Future Directions - The goal of health performance is to deepen the reform of the medical and health system and promote the coordinated development and governance of the "three medicines" [2] - Recommendations include scientifically formulating regional health planning to improve resource allocation efficiency, enhancing the construction of the medical and health service system, and ensuring that medical resources are allocated based on the needs of the population [3] - The establishment of county-level medical communities is emphasized to strengthen the foundation of basic medical services, integrating responsibilities, management, services, and benefits [4] Group 3: Reforms and System Improvements - Key reforms in the medical insurance sector should focus on optimizing benefit policies, adjusting medical catalogs, and enhancing price reforms and fund supervision [4] - A multi-level medical security system should be established, promoting the development of commercial health insurance alongside basic medical insurance to meet diverse medical service needs [5] - The aim is to ensure the safety and effectiveness of medical insurance funds, improve the quality and efficiency of medical services, and support the innovation and development of the pharmaceutical industry [5]

Group 1 - The core viewpoint of the news highlights the financial performance and stock market activity of David Medical (戴维医疗), indicating a decline in revenue and profit for the first quarter of 2025 [1] - As of August 1, 2025, David Medical's stock closed at 14.08 yuan, down 0.91%, with a turnover rate of 11.45% and a trading volume of 164,500 hands, amounting to a transaction value of 234 million yuan [1] - The company's latest quarterly report shows total operating revenue of 121 million yuan, a year-on-year decrease of 22.00%, and a net profit attributable to shareholders of 22.57 million yuan, down 40.78% year-on-year [1] Group 2 - The company has a current ratio of 4.798, a quick ratio of 3.738, and a debt-to-asset ratio of 13.99%, indicating a strong liquidity position [1] - David Medical has made investments in 6 companies and participated in 1,465 bidding projects, showcasing its active engagement in the market [2] - The company holds 65 trademark registrations and 302 patents, along with 71 administrative licenses, reflecting its commitment to innovation and compliance [2]

Group 1 - Over 180 A-shares and Hong Kong stocks have been included in the brokerage "golden stock" list for August, with Dongfang Zhihao being the most recommended stock by six brokerages [1][2] - The stocks with high attention include Dongpeng Beverage, Daikin Heavy Industries, Wanhua Chemical, Huadian Technology, and Luoyang Molybdenum [1][2] - The brokerage "golden stock" index for July showed that over 63% of the recommended stocks achieved positive returns, with Kangchen Pharmaceutical leading with a 106.74% increase [2][3] Group 2 - The market outlook for A-shares suggests a potential oscillating consolidation phase, benefiting growth stocks due to a weak dollar environment [1][4] - Analysts expect the A-share market to experience a gradual rise in index with increased volatility, influenced by policy expectations and economic recovery [4] - Key investment focuses include consumption sectors, technology (AI, robotics, semiconductors), dividend stocks, and gold [4] Group 3 - In the Hong Kong market, stocks like CNOOC, Pop Mart, and China Hongqiao are viewed positively by brokerages, with China Hongqiao reaching a historical high in stock price [2][4] - The overall performance of the Hong Kong market in July showed an upward trend, with expectations for continued growth in August due to stable domestic growth policies [4]

Group 1 - The core viewpoint of the news is that Guoyao Modern (600420) has experienced a decline in stock price and a significant net outflow of funds, despite a year-on-year increase in net profit for the first quarter of 2025 [1][3] - As of August 1, 2025, Guoyao Modern's stock closed at 11.39 yuan, down 0.7%, with a turnover rate of 1.79% and a trading volume of 240,300 hands, amounting to 276 million yuan [1] - The company's latest financial performance shows total operating revenue of 2.607 billion yuan for Q1 2025, a year-on-year decrease of 16.54%, while net profit attributable to shareholders was 361 million yuan, an increase of 9.10% [1] Group 2 - Guoyao Modern has a current liquidity ratio of 3.317, a quick ratio of 2.682, and a debt-to-asset ratio of 18.54%, indicating a strong liquidity position [1] - The company has made investments in 23 enterprises and participated in 5,000 bidding projects, showcasing its active engagement in the market [2] - Guoyao Modern holds 113 trademark registrations and 137 patents, along with 245 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

证券代码：688166 证券简称：博瑞医药 公告编号：2025-053 博瑞生物医药（苏州）股份有限公司 关于与华润三九医药股份有限公司签署合作研发协 议的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 博瑞生物医药（苏州）股份有限公司（以下简称"公司"或"博瑞医药" ） 及全资子公司博瑞制药（苏州）有限公司（以下简称"博瑞制药"） 、博瑞新创生 物医药科技（无锡）有限公司（该三家许可方统称为"博瑞医药及关联公司"） 与华润三九医药股份有限公司（以下简称"华润三九" ）签署了《合作研发协议》 ， 就 BGM0504 注射液在中国大陆地区（不包含香港、澳门及台湾地区）的研发、 注册、生产及商业化达成合作，博瑞医药及关联公司授予华润三九一项仅与博瑞 医药及关联公司合作的可分许可的排他性合作开发实施许可及一项可分许可的 独占性商业化实施许可。 ? 本协议的签署已履行了相应的内部审批程序，无需提交公司董事会及股 东大会审议。 ? 协议中约定的里程碑付款需要满足一定的条件，最终里程碑付款金额尚 存在不确定性 ...

Market Overview - The Hong Kong stock market continued to decline, with the Hang Seng Index falling by 1.07%, the National Enterprises Index down by 0.88%, marking four consecutive days of decline, and the Hang Seng Tech Index dropping by 1.02%, experiencing a seven-day downward trend [1][2] Stock Performance - Major technology stocks showed mixed results, with Baidu and Alibaba rising by 1% each, while Tencent fell nearly 3%, and Kuaishou dropped by 3.12% [2][3] - The Hang Seng Tech Index closed at 5397.40, down by 55.74 points or 1.02% [3] Sector Analysis - Financial and large-cap stocks faced renewed pressure, with many pharmaceutical stocks in the innovative drug sector experiencing significant declines [2][4] - The "anti-involution" concept saw a rebound, with paper and logistics stocks becoming active due to policy support [4][7] Trading Volume and Short Selling - The total trading volume for the Hang Seng Index was HKD 254.67 billion, indicating a noticeable decrease in volume compared to previous days [4] - The total short selling amount reached HKD 28.89 billion, accounting for 11.34% of the trading volume, with Tencent, Meituan, and Xiaomi leading in short selling amounts [5][4] Future Outlook - The market is currently testing support levels around 24,000 points, with potential for a rebound as short-selling pressures have eased [9] - Analysts suggest that the Hong Kong market remains within a reasonable valuation range compared to A-shares, with long-term recovery potential in technology and pharmaceutical sectors [11]

Group 1 - Yunnan Baiyao's stock closed at 56.29 yuan on August 1, 2025, with a slight increase of 0.37% and a turnover rate of 0.74% [1] - The company reported a total revenue of 10.841 billion yuan for Q1 2025, representing a year-on-year growth of 0.62%, while net profit attributable to shareholders was 1.935 billion yuan, up 13.67% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio of 2.895 and a quick ratio of 2.407, alongside a low debt-to-asset ratio of 24.81% [1] Group 2 - Yunnan Baiyao has made investments in 35 companies and participated in 5,000 bidding projects [2] - The company holds a significant number of intellectual property rights, including 2,242 trademark registrations and 501 patents [2] - Additionally, Yunnan Baiyao has obtained 1,202 administrative licenses [2]