Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: The model tracks the distance of stock prices or indices from their 250-day high to identify market trends and hotspots. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][19]. - **Model Construction Process**: The formula for calculating the 250-day new high distance is: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{\text{ts\_max}(Close, 250)} $ Where: - $ Close_t $ represents the latest closing price - $ \text{ts\_max}(Close, 250) $ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price falls from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively captures market momentum and highlights leading stocks or indices that are driving market trends[11][19]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks with stable price paths and consistent momentum, as smoother price trajectories tend to yield stronger momentum effects[26]. - **Model Construction Process**: The selection criteria include: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day return in the top 20% of the market - **Price Stability**: Stocks are ranked based on two indicators: - Absolute value of price changes over the past 120 days - Sum of absolute daily price changes over the past 120 days - **New High Continuity**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days Stocks meeting these criteria are ranked, and the top 50 are selected[26][28]. - **Model Evaluation**: The model emphasizes smooth price paths and consistent trends, which are less likely to attract excessive attention, thereby enhancing momentum effects[26]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance (as of January 9, 2026)**: - Shanghai Composite Index: 0.00% - Shenzhen Component Index: 0.00% - CSI 300: 0.66% - CSI 500: 0.00% - CSI 1000: 0.00% - CSI 2000: 0.00% - ChiNext Index: 0.06% - STAR 50 Index: 4.10%[12][13][33] 2. Stable New High Stock Selection Model - **Selected Stocks**: 50 stocks were identified as stable new high stocks, including Yuanjie Technology, Asia Integration, and Sunway Communication. - **Sector Distribution**: - Cyclical sector: 22 stocks (e.g., non-ferrous metals) - Technology sector: 14 stocks (e.g., electronics)[29][34] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: Measures the relative position of a stock's price to its 250-day high, capturing momentum and trend-following characteristics[11]. - **Factor Construction Process**: The formula is: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{\text{ts\_max}(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ \text{ts\_max}(Close, 250) $ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively identifies stocks with strong momentum and highlights market leaders[11][19]. 2. Factor Name: Price Path Stability - **Factor Construction Idea**: Focuses on the smoothness of price trajectories, as smoother paths are associated with stronger momentum effects[26]. - **Factor Construction Process**: - **Indicator 1**: Absolute value of price changes over the past 120 days - **Indicator 2**: Sum of absolute daily price changes over the past 120 days Stocks are ranked based on these indicators, and the top performers are selected[26]. - **Factor Evaluation**: The factor captures the underreaction of investors to smooth price paths, enhancing the momentum effect[26]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance (as of January 9, 2026)**: - Shanghai Composite Index: 0.00% - Shenzhen Component Index: 0.00% - CSI 300: 0.66% - CSI 500: 0.00% - CSI 1000: 0.00% - CSI 2000: 0.00% - ChiNext Index: 0.06% - STAR 50 Index: 4.10%[12][13][33] 2. Price Path Stability Factor - **Selected Stocks**: 50 stocks were identified as stable new high stocks, including Yuanjie Technology, Asia Integration, and Sunway Communication. - **Sector Distribution**: - Cyclical sector: 22 stocks (e.g., non-ferrous metals) - Technology sector: 14 stocks (e.g., electronics)[29][34]

铜产业链周度报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 2026-1-9 中航期货 目录 01 报告摘要 03 数据分析 02 多空焦点 04 后市研判 | 再 | 美 | 市 | 下 | 有 | 低 | 计 | 于 | 势 | 数 | 杜 | 显 | 台， | 矿 | 幅 | 逢 | 的 | 铜 | 则 | 对 | 积 | 累 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 据 | 指 | 马 | 扰 | 存 | 议 | 底 | 铜 | 小 | 出 | 场 | 累 | 数 | 统 | 业PMI | 月 | 步 | ...

Core Viewpoint - Hongchuang Holdings announced the completion of a significant asset restructuring on December 31, 2025, with Hongtuo Industrial becoming its wholly-owned subsidiary [1] Group 1: Business Expansion - The company plans to increase its commodity derivatives business quota to match business scale and hedging needs, raising the margin from no more than 70 million to no more than 700 million [1] - The maximum contract value will increase from no more than 500 million to no more than 7.3 billion, with the ability to recycle [1] - The funding source for this expansion will be from the company's own funds, with an authorization period until December 31, 2026 [1] Group 2: Business Scope and Risk Management - The business types will be limited to aluminum ingots and alumina, with trading venues being either on-exchange or off-exchange [1] - The company acknowledges that there are market and liquidity risks associated with this business and will implement corresponding risk control measures [1]

证券日报网讯1月9日，盛达资源（000603）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司股东人数为42099户。 ...

Market Trends and Highs - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of January 9, 2026, major indices such as the Shanghai Composite and Shenzhen Component are at 0.00% distance from their 250-day highs, while the CSI 300 is at 0.66% [5][23] - Among the CITIC first-level industry indices, home appliances, defense, non-ferrous metals, media, and electronics are closest to their 250-day highs, while food and beverage, banking, pharmaceuticals, real estate, and utilities are further away [8][24] High-Performing Stocks - A total of 911 stocks reached 250-day highs in the past 20 trading days, with the highest numbers in machinery, electronics, and basic chemicals [2][13] - The highest proportion of new high stocks is found in the defense, non-ferrous metals, and oil and petrochemical sectors, with respective proportions of 48.36%, 43.09%, and 32.00% [13][24] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with respective counts of 323 and 241 [15] Stable High-Performing Stocks - The report identifies 50 stable high-performing stocks based on analyst attention, relative strength, price path stability, and continuity of new highs [3][19] - The cyclical and technology sectors have the most stocks selected, with 22 and 14 respectively, and the non-ferrous metals and electronics industries leading within these sectors [19][24]

Market Overview - The A-share market experienced an overall increase on January 9, with the Shanghai Composite Index closing at 4120.43 points, up 0.92%, the Shenzhen Component Index at 14120.15 points, up 1.15%, and the ChiNext Index at 3327.81 points, up 0.77% [1]. Capital Flow - The A-share market saw a net outflow of 29.804 billion yuan in main funds throughout the day, with a net outflow of 16.463 billion yuan at the opening and a net inflow of 1.02 million yuan at the close [2][3]. - The CSI 300 index recorded a net outflow of 4.635 billion yuan, while the ChiNext saw a net outflow of 8.618 billion yuan and the STAR Market a net outflow of 5.118 billion yuan [4][5]. Sector Performance - Among the 13 sectors tracked, the computer industry led with a net inflow of 20.706 billion yuan, followed by media with 14.4 billion yuan and non-ferrous metals with 12.166 billion yuan [6][7]. - The sectors with the highest net outflows included electric power equipment at -9.133 billion yuan, banking at -5.673 billion yuan, and basic chemicals at -4.191 billion yuan [7]. Notable Stocks - Liou Co. saw the highest net inflow of main funds at 1.790 billion yuan [8]. - The top stocks with institutional net purchases included Zhenlei Technology, Qianzhao Optoelectronics, and Leike Defense, while Jin Feng Technology experienced significant net selling [10][11]. Institutional Focus - Recent institutional interest has been noted in several stocks, with ratings and target prices provided for companies such as Honglu Steel Structure, Sinopec, and Keda Li, indicating potential upside [13].

Market Overview - The A-share market experienced an overall increase on January 9, with the Shanghai Composite Index closing at 4120.43 points, up 0.92%, the Shenzhen Component Index at 14120.15 points, up 1.15%, and the ChiNext Index at 3327.81 points, up 0.77% [1]. Capital Flow - The A-share market saw a net outflow of 298.04 billion yuan in main funds throughout the day, with a net outflow of 164.63 billion yuan at the opening and a net inflow of 1.02 billion yuan at the close [2][3]. - The CSI 300 index had a net outflow of 46.35 billion yuan, while the ChiNext and STAR Market experienced net outflows of 86.18 billion yuan and 51.18 billion yuan, respectively [4][5]. Sector Performance - Among the 13 sectors tracked, the computer industry led with a net inflow of 207.06 billion yuan, followed by media with 144.00 billion yuan and non-ferrous metals with 121.66 billion yuan [6][7]. - The sectors with the highest net outflows included electric power equipment at -91.33 billion yuan, banks at -56.73 billion yuan, and basic chemicals at -41.91 billion yuan [7]. Notable Stocks - Liou Co. saw the highest net inflow of main funds at 17.90 billion yuan [8]. - The top stocks with institutional net purchases included Zhenlei Technology, Qianzhao Optoelectronics, and Leike Defense, with respective net purchases of 42.24 million yuan, 21.83 million yuan, and 20.46 million yuan [10][11]. Institutional Focus - Recent institutional attention has been directed towards several stocks, including Honglu Steel Structure, China Petroleum, and Gaon Environment, with target price increases ranging from 9.25% to 60.85% [13].

Group 1: Raw Material Supply and Pricing - The company primarily purchases titanium concentrate and crude vanadium slag from its controlling shareholder, Pangang Group, ensuring stable raw material supply from the Panzhihua and Baima mining areas [2] - The pricing model for crude vanadium slag is based on cost plus reasonable profit, while all titanium concentrate produced by the controlling shareholder is supplied to the company [2] Group 2: Collaboration with Dalian Rongke - Since signing a strategic cooperation agreement in September 2021, the company has deepened its collaboration with Dalian Rongke, including a joint venture to establish a 2,000 cubic meters/year vanadium electrolyte production line, which has been operating effectively [2][3] - In 2024, the company plans to supply approximately 15,000 tons of vanadium products (equivalent to V2O5, excluding raw materials needed for the joint venture) to Dalian Rongke, accounting for 28% of the company's total vanadium product sales that year [2] Group 3: Performance Improvement Measures - The company is actively procuring social resources to maximize vanadium product production capacity and is pushing for timely production ramp-up of new titanium dioxide production lines [3] - Market demand research is conducted to adjust the production volume of high-margin products, optimizing the product mix to enhance overall profitability [3] - Cost control measures are implemented to reduce manufacturing costs of vanadium-titanium products, alongside maintaining and expanding sales channels to alleviate sales pressure [3]

Core Viewpoint - The Shanghai Municipal Government has issued a three-year action plan (2026-2028) to support the transformation and upgrading of advanced manufacturing, aiming to enhance the modern industrial system and promote collaborative development among enterprises of various sizes [1]. Group 1: Main Goals - By 2028, the plan aims to add 100 manufacturing enterprises with an annual output value exceeding 1 billion yuan, totaling over 600 such enterprises, and to drive the addition of 500 industrial enterprises above designated size in the supply chain [2]. Group 2: Implementation Actions - **Optimizing Traditional Advantage Industries**: The plan encourages traditional industries like petrochemicals and steel to innovate and expand into new materials, with financial support for qualifying projects [3]. - **Accelerating Leading Industry Strategies**: Support for integrated circuit companies to achieve breakthroughs across the entire industry chain, fostering internationally competitive leading enterprises [3]. - **Promoting Key and Emerging Industries**: Focus on developing new electronic information, smart connected vehicles, and advanced materials, while encouraging investment in emerging fields like low-altitude economy and commercial aerospace [3]. Group 3: Innovation and Technology - **Releasing Innovation Vitality**: Financial incentives for companies increasing basic research investments, with varying levels of support based on annual research expenditure [4]. - **Accelerating Core Technology Research**: Support for enterprises focusing on cutting-edge technologies such as laser manufacturing and quantum technology [4]. Group 4: Quality and Efficiency Enhancement - **Promoting Technological Transformation**: Financial support for projects aimed at upgrading production and R&D processes, with a cap on total support [4]. - **Deepening Digital Transformation**: Initiatives to enhance AI applications in manufacturing, aiming for full coverage of smart factory applications by 2028 [4]. Group 5: Resource and Support Actions - **Strengthening Talent Development**: Support for attracting high-level talent in key sectors, with financial incentives for successful candidates [5]. - **Enhancing Financial Support**: Encouragement for financial institutions to offer favorable loan products for manufacturing, with interest subsidies for key components and materials [5]. - **Expanding Logistics Support**: Development of industrial logistics facilities to integrate with manufacturing needs, enhancing transportation infrastructure [5]. Group 6: Market Development and Services - **Expanding Domestic and International Markets**: Establishing platforms for supply chain connections and promoting internet marketing for industrial enterprises [5]. - **Optimizing Enterprise Services**: Coordinating to address enterprise needs and ensuring that policies are effectively communicated and implemented [5].

本周主力资金净流出光模块和商业航天概念股。 今日（1月9日），A股全天震荡走强。截至收盘，上证指数涨0.92%，日K线16连阳，站上4100点关 口，最新报4120.43点。深证成指涨1.15%，创业板指涨0.77%。市场全天成交31523.68亿元，较昨日大 幅放量3260.66亿元。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4120.43 | 14120.15 | 1803.40 | | +37.45 +0.92% +160.67 +1.15% +36.83 +2.09% | | | | 万得全A | 创业板指 | 北证50 | | 6737.75 | 3327.81 | 1524.26 | | +78.53 +1.18% +25.51 +0.77% +15.89 +1.05% | | | | 沪深300 | 中证500 | 中证A500 | | 4758.92 | 8056.69 | 5881.95 | | +21.27 +0.45% +162.14 +2.05% +51.38 +0.88% | | | | 中 ...