Group 1: Core Insights - The press conference focused on showcasing the achievements and innovations of high-quality products from Shandong, aiming to enhance the brand's presence nationally and globally [1] - The Shandong government emphasizes brand development through the "Good Products Shandong" strategy, which aims to cultivate competitive brands to increase product value and market share [1] Group 2: Company Highlights - Furuida (600223) has developed a comprehensive supply chain in the cosmetics industry, achieving multiple industry firsts and holding over 170 patents, with its flagship product, the Yilian spray, selling over 50 million bottles annually [2] - Hisense Group has transformed from a small local factory to a multinational corporation, ranking second globally in TV shipments for three consecutive years and leading in several countries, while also expanding into high-tech industries [3] - Huaguang National Porcelain Technology Co., Ltd. has pioneered advanced ceramic materials and technologies, achieving international standards that surpass British bone china, and has been involved in significant national diplomatic events [4] - Lubao Group has innovated in the edible oil sector with its patented 5S physical pressing technology, enhancing peanut oil quality and developing high oleic peanut varieties, contributing to a green circular economy [5] Group 3: Brand Development Strategies - The conference served as a platform for discussing new paths and trends in brand development, emphasizing the need for continuous technological innovation and quality enhancement to maintain competitiveness [6] - Experts agreed on the importance of brand promotion and international cooperation to elevate the global presence of Shandong products [6] - The Shandong government plans to enhance the brand cultivation system and provide policy support to create a favorable environment for brand development [7]

证券代码：603725 证券简称：天安新材 公告编号：2025-033 广东天安新材料股份有限公司 关于控股子公司完成工商变更登记并取得换发营业执照的公告 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、准确性和完整性承担法律责任。 近日，广东天安新材料股份有限公司收到控股子公司佛山石湾鹰牌陶瓷有限 公司（以下简称"石湾鹰牌"）、佛山鹰牌科技有限公司（以下简称"鹰牌科技"）、 佛山鹰牌陶瓷贸易有限公司（以下简称"鹰牌贸易"）通知，因业务发展需要， 石湾鹰牌住所由"佛山市禅城区石湾镇跃进路 2 号 B 座十层"变更为"佛山市禅 城区石湾镇街道小雾岗南园林陶瓷厂内 11 号(自编 4 号楼 241 室)"，鹰牌科技住 所由"佛山市禅城区石湾小雾岗园林陶瓷厂内 11 号自编 201-9 室(住所申报)" 变更为"佛山市禅城区石湾镇街道小雾岗南园林陶瓷厂内 11 号(自编 4 号楼 243 室)"，鹰牌贸易住所由"佛山市禅城区小雾岗南园林陶瓷厂内 5 号楼四层 403 室"变更为"佛山市禅城区石湾镇街道小雾岗南园林陶瓷厂内 11 号(自编 4 号楼 局、佛山市禅城 ...

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The framework identifies the dominant market style by comparing the intrinsic attributes of assets, which are tied to their industry lifecycle stages. It prioritizes assets based on the sequence of growth rate (g) > return on equity (ROE) > dividend yield (D) to determine the most advantageous assets and focuses on the most promising sectors[5][6][9] - **Model Construction Process**: 1. Define five style stages for equity assets: external growth, quality growth, quality dividend, value dividend, and distressed value[5] 2. Compare assets globally to identify advantageous ones based on their intrinsic characteristics[5] 3. Use the priority sequence g > ROE > D to evaluate whether good assets exist and whether they are overvalued[5][6] 4. Focus on sectors with the most advantageous characteristics in the current market[5][6] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotations since 2009, achieving an annualized return of 26.70%[16] 2. Model Name: Asset Comparison Strategy - **Model Construction Idea**: This model categorizes assets into primary and secondary groups. Primary assets include actual growth, expected growth, and profitability assets. Secondary assets are prioritized based on crowding levels and fundamental factors[9] - **Model Construction Process**: 1. Classify assets into primary (expected growth, actual growth, profitability) and secondary (quality dividend, value dividend, distressed value) categories[9] 2. Allocate market funds to primary assets when any of them show an advantage; otherwise, shift to secondary assets[9] 3. Rank secondary assets by crowding levels and fundamental factors, with the order: quality dividend > value dividend > distressed value[9] --- Model Backtesting Results 1. Quantitative Market Trend Judgment Framework - Annualized return: 26.70% since 2009[16] - Historical performance: Positive excess returns in most years, with limited effectiveness in 2011, 2012, 2014, and 2016[16][19] - Excess returns by year: - 2009: 51% - 2010: 14% - 2013: 36% - 2017: 27% - 2020: 44% - 2022: 62%[19] --- Quantitative Factors and Construction Methods 1. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Measures the expected growth rate based on analysts' forecasts, regardless of the industry lifecycle stage[6] - **Factor Construction Process**: 1. Use analysts' forecasted growth rates as the primary input[6] 2. Calculate the spread (Δgf) between top and bottom groups to assess the trend of expected growth[21] - **Factor Evaluation**: The factor has shown consistent expansion, with top groups driving the increase, indicating analysts' optimism about high-growth sectors[21] 2. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Focuses on performance momentum (Δg) during transition and growth phases[6] - **Factor Construction Process**: 1. Calculate the spread (Δg) between top and bottom groups based on actual growth rates[25] 2. Monitor the trend of Δg to identify growth opportunities in the market[25] - **Factor Evaluation**: The factor has shown gradual expansion, with opportunities in sectors maintaining strong momentum despite a slowdown in top-tier growth[25] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Evaluates valuation levels using the PB-ROE framework, focusing on mature industries[6] - **Factor Construction Process**: 1. Calculate the PB-ROE residuals for each industry[40] 2. Rank industries based on residuals to identify undervalued high-ROE sectors[40] - **Factor Evaluation**: The factor's advantage has declined, and its crowding level remains low, suggesting limited opportunities in the current market[28] 4. Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify high-quality dividend-paying industries[6] - **Factor Construction Process**: 1. Calculate DP and ROE scores for each industry[43] 2. Combine the scores to rank industries and select the top-performing ones[43] - **Factor Evaluation**: The factor has shown significant excess returns in specific years, such as 2016, 2017, and 2023[43] 5. Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued dividend-paying industries[6] - **Factor Construction Process**: 1. Calculate DP and BP scores for each industry[47] 2. Combine the scores to rank industries and select the top-performing ones[47] - **Factor Evaluation**: The factor has demonstrated strong excess returns in years like 2009, 2017, and 2021-2023[47] 6. Factor Name: Distressed Value (PB+SIZE) - **Factor Construction Idea**: Identifies industries with low price-to-book ratios (PB) and small market capitalization (SIZE), focusing on stagnation and recession phases[6] - **Factor Construction Process**: 1. Calculate PB and SIZE scores for each industry[51] 2. Combine the scores to rank industries and select the lowest-scoring ones[51] - **Factor Evaluation**: The factor has shown significant excess returns during periods like 2015-2016 and 2021-2023[51] --- Factor Backtesting Results 1. Expected Growth (gf) - Δgf continues to expand, driven by top-tier groups, indicating analysts' optimism about high-growth sectors[21] 2. Actual Growth (g) - Δg shows gradual expansion, with opportunities in sectors maintaining strong momentum despite a slowdown in top-tier growth[25] 3. Profitability (ROE) - ROE advantage continues to decline, with low crowding levels and limited opportunities in the current market[28] 4. Quality Dividend (DP+ROE) - Significant excess returns in 2016, 2017, and 2023[43] 5. Value Dividend (DP+BP) - Strong excess returns in 2009, 2017, and 2021-2023[47] 6. Distressed Value (PB+SIZE) - Significant excess returns during 2015-2016 and 2021-2023[51]

Core Viewpoint - Changsha Kiln is a significant ancient ceramic production site in China, known for its innovative underglaze color porcelain and its integration of poetry and art into ceramics, reflecting the cultural evolution of Chinese ceramics over the past 1,000 years [1][5]. Group 1: Historical Significance - Changsha Kiln emerged during the Middle Tang Dynasty and reached its peak in the Late Tang Dynasty, serving as an important site for ceramic culture research in China [1]. - The kiln is recognized for its unique craftsmanship, combining ceramics with poetry, calligraphy, and painting, which has contributed to its distinct aesthetic [1][3]. Group 2: Cultural Exchange - As a key starting point of the Maritime Silk Road during the Tang Dynasty, Changsha Kiln's porcelain was exported to over 20 countries and regions, facilitating cultural exchange between China and the world [5]. - The archaeological findings of Changsha Kiln ceramics in various global locations, including Southeast Asia and North Africa, highlight its role as an active participant in 9th-century maritime ceramic trade [9]. Group 3: Modern Developments - The Changsha Kiln site has been transformed into a national archaeological park, with initiatives like pottery towns and intangible cultural heritage studios aimed at attracting artisans and young people to continue the ceramic-making tradition [11].

深交所公开信息显示，当日该股因日跌幅偏离值达-10.02%上榜，机构专用席位净卖出752.74万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7315.58万元，其中，买入成交额为 2385.02万元，卖出成交额为4930.55万元，合计净卖出2545.53万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即卖二，买入金额27.94万元，卖出金额 780.68万元，合计净卖出752.74万元。 华瓷股份8月1日交易公开信息 华瓷股份今日跌停，全天换手率10.98%，成交额4.21亿元，振幅4.31%。龙虎榜数据显示，机构净卖出 752.74万元，营业部席位合计净卖出1792.79万元。 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 东方财富证券股份有限公司拉萨团结路第一证券营业 | 493.40 | 347.23 | | | 部 | | | | 买二 | 中国银河证券股份有限公司北京金融街证券营业部 | 461.53 | 239.50 | | 买三 | 东方财富证券股份有限公司拉 ...

Core Viewpoint - The event in Jingdezhen, known as the "Porcelain Capital," highlights the cultural exchange and innovation in ceramic arts through the participation of international media, fostering friendships and understanding among different cultures [3][6]. Group 1: Cultural Exchange and Innovation - The theme of the event was "Porcelain Chain World: Civilizational Mutual Learning from the Belt and Road Perspective," providing an opportunity for international media to understand the unique ceramic techniques and cultural cooperation of Jingdezhen [3]. - Journalists from 15 countries and regions participated in hands-on experiences, such as ceramic painting, which symbolized the blending of diverse cultural elements into a unified artistic expression [4][5]. - The event showcased the historical development of ceramics, including significant artifacts from different eras, emphasizing the role of ceramics in cultural exchange along the Belt and Road [3][5]. Group 2: Economic and Trade Aspects - The Tao Bo City International Ceramic Trading Center serves as a comprehensive hub for international ceramic trade, cultural exchange, and education, featuring over 600 domestic and international ceramic brands [5]. - The center includes various functions such as exhibitions, business negotiations, and digital trade, positioning itself as a key player in the global ceramic market [5]. - Journalists expressed interest in promoting tourism to Jingdezhen, recognizing its potential as a destination for cultural enrichment and economic opportunities [6]. Group 3: Personal Experiences and Perspectives - Participants shared their experiences of feeling a closer connection to China after visiting Jingdezhen, highlighting the impact of cultural exchanges on personal perceptions [6]. - The collaborative art project, where journalists painted national symbols on a shared porcelain plate, illustrated the idea of global unity and shared cultural narratives [4]. - The event emphasized the importance of mutual learning and the richness that comes from cultural exchanges, as articulated by various international media representatives [6].

Group 1 - The core discussion at the Guangdong provincial meeting focused on the integration of high-end, intelligent, and green development in traditional industries, showcasing the transformation of Guangdong's manufacturing sector from policy to practical implementation [1][2] - Over 4.4 million industrial enterprises have implemented digital transformation, with a digital management penetration rate of 88.2%, indicating a significant acceleration in the digitalization of Guangdong's manufacturing [2][3] - Guangdong leads the nation in green manufacturing, with 400 national-level green factories and a strong emphasis on environmental credit and hydrogen fuel production, showcasing the province's commitment to sustainable practices [3] Group 2 - Despite positive transformation data, challenges remain for small and medium-sized enterprises (SMEs), which face difficulties in digital transformation due to high investment costs, long cycles, and a lack of technical expertise and talent [4] - The shortage of composite talents who understand both traditional craftsmanship and AI technology poses a significant barrier to the high-end development of industries [4]

Group 1 - The Xiamen Municipal Market Supervision Administration conducted a quality supervision sampling of ceramic tile products for 2025, involving 2 batches and 1 manufacturing enterprise [1] - All sampling results were compliant with the standards [1] - The inspection was based on GB/T 4100—2015 "Ceramic Tiles" and GB 6566—2010 "Limit of Radioactive Nuclides in Building Materials" standards, assessing various properties such as dimensions, water absorption rate, breaking strength, and resistance to chemical corrosion [1]

Group 1 - The core viewpoint of the articles highlights the significant industrial growth and transformation in Jinzhou, with a focus on both traditional industries and emerging strategic sectors [1] - Jinzhou's industrial added value increased by 11.6% year-on-year last year, surpassing the provincial average by 8.5 percentage points, making it the top performer in the province [1] - In the first half of this year, Jinzhou maintained a growth rate of 13.5%, continuing to lead the province in industrial development [1] Group 2 - Liaoning Yingguan High-Tech Ceramics Co., Ltd. reported over 30% growth in sales in the first half of this year, with tax payments doubling due to significant investments in R&D and breakthroughs in material technology [1] - Hilda Auto Parts (Liaoning) Co., Ltd. experienced a peak in development this year, with increasing order volumes and the implementation of an automated UV spraying line to enhance product performance and production efficiency [1] - Jinzhou is actively promoting high-quality industrial development, with 7 projects recognized as digital workshops and smart factories, and 15 enterprises awarded as municipal green factories [1] Group 3 - Jinzhou has established a four-tier cultivation database for quality enterprises, with 18 companies selected for the first batch of specialized and innovative small and medium-sized enterprises for 2025, marking a significant milestone with over 100 such enterprises [1] - The Jinzhou Industrial and Information Technology Bureau plans to continue supporting enterprises by addressing their challenges and ensuring the achievement of annual goals through various initiatives [2]

Group 1: Core Insights - The "Good House" initiative aims to enhance housing quality in China, shifting focus from quantity to quality, with standards including safety, comfort, sustainability, and intelligence [1][8] - The construction industry is transitioning from mass production to meticulous craftsmanship, creating new opportunities and challenges for companies in the real estate supply chain [1][8] Group 2: Company Innovations - New Pearl Group has consistently driven industry upgrades through innovation, investing in R&D and collaborating with universities, resulting in over 100 patents [2][4] - The company has launched high-end products like large ceramic slabs, which are recognized as industry leaders in production volume [2][4] Group 3: Product Development - New Pearl's products, such as the stone crystal wall and floor tiles, are designed to meet modern safety and comfort standards, featuring eco-friendly and durable materials [5][8] - The introduction of AI-driven designs and traditional cultural elements in products reflects the company's commitment to innovation and aesthetic appeal [6][7] Group 4: Environmental Focus - New Pearl is actively pursuing green and low-carbon building materials, adhering to strict environmental standards throughout the production process [8][14] - The company has initiated a green low-carbon action plan, focusing on sustainable materials and clean production technologies [8][14] Group 5: Market Trends - The ceramic tile market in China is expected to undergo structural changes, with over 60% penetration of green manufacturing technologies by 2030 [11][14] - Consumer demand for diverse, high-performance, and eco-friendly ceramic products is increasing, influencing market dynamics [14][15]