Quantitative Models and Construction - **Model Name**: Industry Allocation Model Based on Profit Growth Rate **Model Construction Idea**: The model uses profit growth rate as the primary criterion for industry selection, supplemented by valuation and trading crowding metrics as risk indicators[7][27][29] **Model Construction Process**: 1. **Profit Growth Metrics**: - Single-quarter net profit year-on-year growth rate - Marginal change in single-quarter net profit year-on-year growth rate Formula for marginal change: $ \text{Marginal Change} = \text{2025 Q3 Single-quarter YoY Growth} - \text{2024 Q3 Single-quarter YoY Growth} $[15][29] 2. **Valuation Metric**: - Historical PE_TTM percentile (2020 to present) is used to measure valuation levels across industries[18][21][29] 3. **Trading Crowding Metric**: - Standard deviation of turnover rate over the past three months is calculated to assess trading crowding[6][24][29] 4. **Comprehensive Scoring**: - Each metric is ranked, and weights are assigned: - Profit growth metrics: 0.3 each - Risk metrics (valuation and trading crowding): 0.2 each Formula for comprehensive scoring: $ \text{Comprehensive Score} = 0.3 \times \text{Net Profit YoY Growth} + 0.3 \times \text{Marginal Change} + 0.2 \times \text{Valuation Percentile} + 0.2 \times \text{Turnover Rate Std Dev} $[31][32] **Model Evaluation**: The model effectively identifies industries with high profit growth and moderate risk levels, providing actionable allocation recommendations[7][27][32] Model Backtesting Results - **Industry Allocation Model**: - Portfolio return: 2.38% - Benchmark (Wind All A Index) return: 0.63% - Excess return: 1.75%[7][32] Quantitative Factors and Construction - **Factor Name**: Profit Growth Rate **Factor Construction Idea**: Measures industry profitability through single-quarter net profit growth and marginal changes in growth rates[7][29] **Factor Construction Process**: 1. Single-quarter net profit year-on-year growth rate 2. Marginal change in single-quarter net profit year-on-year growth rate Formula: $ \text{Marginal Change} = \text{2025 Q3 Single-quarter YoY Growth} - \text{2024 Q3 Single-quarter YoY Growth} $[15][29] **Factor Evaluation**: Effectively captures industries with strong profitability and growth momentum[7][29] - **Factor Name**: Valuation Percentile **Factor Construction Idea**: Uses historical PE_TTM percentiles to compare valuation levels across industries[18][21] **Factor Construction Process**: 1. Calculate PE_TTM for each industry 2. Determine historical percentile (2020 to present) for PE_TTM values[18][21] **Factor Evaluation**: Provides a standardized comparison of valuation levels across industries, mitigating biases from absolute PE differences[21][29] - **Factor Name**: Turnover Rate Standard Deviation **Factor Construction Idea**: Measures trading crowding by assessing the volatility of turnover rates over the past three months[6][24] **Factor Construction Process**: 1. Calculate daily turnover rates for each industry over the past three months 2. Compute standard deviation of turnover rates[6][24] **Factor Evaluation**: Identifies industries with extreme trading behaviors, serving as a risk indicator[6][24] Factor Backtesting Results - **Profit Growth Rate Factor**: - Steel: 203.31% YoY growth, 380.75% marginal change[10][15] - Electronics: 57.42% YoY growth, 59.99% marginal change[10][15] - Media: 58.63% YoY growth, 82.75% marginal change[10][15] - Defense: 29.52% YoY growth, 83.60% marginal change[10][15] - Utilities: 17.77% YoY growth, 19.81% marginal change[10][15] - **Valuation Percentile Factor**: - Steel: 99.72%[21][29] - Electronics: 98.94%[21][29] - Media: 90.40%[21][29] - Defense: 97.10%[21][29] - Utilities: 55.31%[21][29] - **Turnover Rate Standard Deviation Factor**: - Steel: 50.48%[6][29] - Electronics: 96.51%[6][29] - Media: 84.50%[6][29] - Defense: 82.79%[6][29] - Utilities: 25.21%[6][29]

Core Points - The Shanghai Composite Index fell by 0.41% to close at 3960.1860 points, while the Shenzhen Component Index dropped by 1.71% to 13175.221 points as of November 4 [1] Group 1: Top Gainers in Hunan Stocks - Changlan Technology opened at 16.740 and closed at 17.050, gaining 1.85% with a highest price of 17.720 and a lowest of 16.690, trading volume was 52,194 lots [2] - Mengjie Co., Ltd. opened at 4.270 and closed at 4.340, increasing by 1.64% with a highest price of 4.380 and a lowest of 4.260, trading volume was 239,327 lots [2] - Hunan Development opened at 13.100 and closed at 13.190, up by 1.46% with a highest price of 13.360 and a lowest of 13.020, trading volume was 247,072 lots [2] - Hunan Investment opened at 5.710 and closed at 5.780, rising by 1.40% with a highest price of 5.790 and a lowest of 5.660, trading volume was 170,367 lots [2] - Tianqiao Hoisting opened at 4.400 and closed at 4.510, increasing by 1.35% with a highest price of 4.530 and a lowest of 4.390, trading volume was 787,041 lots [2] Group 2: Top Losers in Hunan Stocks - Hengli Retreat opened at 0.160 and closed at 0.150, decreasing by 11.76% with a highest price of 0.170 and a lowest of 0.150, trading volume was 611,606 lots [3] - Qidi Pharmaceutical opened at 12.090 and closed at 11.450, down by 5.61% with a highest price of 12.090 and a lowest of 11.430, trading volume was 145,241 lots [3] - Kaimete Gas opened at 23.830 and closed at 23.340, falling by 4.70% with a highest price of 24.290 and a lowest of 23.130, trading volume was 763,116 lots [3] - Hunan Silver opened at 6.280 and closed at 6.130, declining by 3.46% with a highest price of 6.300 and a lowest of 6.090, trading volume was 991,979 lots [3] - Hunan Gold opened at 20.980 and closed at 20.530, decreasing by 3.16% with a highest price of 21.170 and a lowest of 20.260, trading volume was 473,720 lots [3]

今日各行业表现（截至上午收盘） 证券时报·数据宝统计，截至上午收盘，今日沪指跌0.19%，A股成交量831.73亿股，成交金额12311.27 亿元，比上一个交易日减少11.93%。个股方面，1567只个股上涨，其中涨停55只，3712只个股下跌， 其中跌停5只。从申万行业来看，银行、煤炭、石油石化等涨幅最大，涨幅分别为1.99%、0.67%、 0.55%；有色金属、电力设备、美容护理等跌幅最大，跌幅分别为2.16%、1.76%、1.75%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 银行 | 1.99 | 290.04 | 19.76 | 厦门银行 | 6.48 | | 煤炭 | 0.67 | 102.90 | -15.16 | 安泰集团 | 9.94 | | 石油石化 | 0.55 | 78.83 | -27.65 | 统一股份 | 10.00 | | 公用事业 | 0.42 | 233.56 | 2.94 | 德龙汇能 | 10.00 | | 轻 ...

截至10月31日，市场最新融资余额为24689.20亿元，较上个交易日环比减少122.60亿元，分行业统计， 申万所属一级行业有13个行业融资余额增加，计算机行业融资余额增加最多，较上一日增加6.64亿元； 融资余额增加居前的行业还有公用事业、交通运输、建筑装饰等，融资余额分别增加5.11亿元、4.21亿 元、2.73亿元；融资余额减少的行业有18个，电子、通信、有色金属等行业融资余额减少较多，分别减 少62.15亿元、24.95亿元、15.15亿元。 以幅度进行统计，交通运输行业融资余额增幅最高，最新融资余额为411.82亿元，环比增长1.03%，其 次是公用事业、建筑装饰、纺织服饰行业，环比增幅分别为0.99%、0.71%、0.51%；融资余额环比降幅 居前的行业有通信、食品饮料、电子等，最新融资余额分别有1114.75亿元、527.97亿元、3643.60亿 元，分别下降2.19%、1.77%、1.68%。（数据宝） 10月31日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 计算机 | ...

Market Overview - The Shanghai Composite Index increased by 0.11% this week, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index gained 0.50%. In contrast, the CSI 300 Index fell by 0.43% [1] - Among the tradable A-shares, 2,859 stocks rose, accounting for 52.58%, while 2,517 stocks declined [1] Fund Flow Analysis - The total net outflow of main funds this week was 206.639 billion yuan. The ChiNext saw a net outflow of 58.734 billion yuan, the STAR Market had a net outflow of 26.272 billion yuan, and the CSI 300 components experienced a net outflow of 86.878 billion yuan [2] - Daily fund flow data indicates significant outflows on October 30 and 31, with net outflows of 100.637 billion yuan and 62.903 billion yuan respectively [2] Industry Performance - In the Shenwan industry classification, 20 out of 28 sectors experienced gains this week. The top-performing sectors were electric power equipment and non-ferrous metals, with increases of 4.29% and 2.56% respectively. The sectors with the largest declines were telecommunications and beauty care, with decreases of 3.59% and 2.21% respectively [2] - The electronic industry had the largest net outflow of funds, totaling 64.443 billion yuan, with a weekly decline of 1.65%. The telecommunications sector followed with a net outflow of 28.418 billion yuan and a decline of 3.59% [3] Individual Stock Performance - A total of 1,643 stocks saw net inflows this week, with 229 stocks having net inflows exceeding 100 million yuan. The stock with the highest net inflow was 360, which rose by 14.55% with a net inflow of 2.313 billion yuan [4] - Conversely, 566 stocks experienced net outflows exceeding 100 million yuan, with ZTE, SMIC, and Newyeason leading in net outflows of 6.252 billion yuan, 5.685 billion yuan, and 5.678 billion yuan respectively [4]

Core Points - The Shanghai Composite Index fell by 0.63% today, with a trading volume of 960.35 million shares and a total transaction value of 1579.156 billion yuan, an increase of 1.33% compared to the previous trading day [1] Industry Performance Summary - **Media**: Increased by 2.94%, with a transaction value of 480.96 billion yuan, up 36.51% from the previous day; leading stock: Fushi Holdings, up 20.09% [1] - **Pharmaceuticals and Biology**: Increased by 2.07%, with a transaction value of 994.74 billion yuan, up 23.04%; leading stock: Sanofi China, up 20.00% [1] - **Retail**: Increased by 2.01%, with a transaction value of 176.86 billion yuan, up 21.36%; leading stock: Jiangsu Guotai, up 8.76% [1] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Increased by 1.61%, with a transaction value of 144.73 billion yuan, down 2.80%; leading stock: Fujian Jinsen, up 9.98% [1] - **Social Services**: Increased by 1.57%, with a transaction value of 83.91 billion yuan, up 13.60%; leading stock: Ancar Detection, up 9.65% [1] - **Computers**: Increased by 1.44%, with a transaction value of 1251.49 billion yuan, up 4.62%; leading stock: Guozi Software, up 24.00% [1] - **Textiles and Apparel**: Increased by 1.29%, with a transaction value of 100.44 billion yuan, up 20.74%; leading stock: Xinlong Holdings, up 9.93% [1] - **Food and Beverage**: Increased by 1.02%, with a transaction value of 254.85 billion yuan, up 26.94%; leading stock: Youyou Food, up 10.00% [1] - **Building Materials**: Increased by 0.70%, with a transaction value of 127.65 billion yuan, up 12.82%; leading stock: Tibet Tianlu, up 10.00% [1] - **Automobiles**: Increased by 0.64%, with a transaction value of 753.73 billion yuan, up 10.48%; leading stock: Siling Co., up 12.84% [1] - **Steel**: Increased by 0.62%, with a transaction value of 113.03 billion yuan, down 4.96%; leading stock: Dazhong Mining, up 9.98% [1] - **Real Estate**: Increased by 0.56%, with a transaction value of 201.05 billion yuan, up 22.65%; leading stock: Nanjing Gaoke, up 7.90% [1] - **Household Appliances**: Increased by 0.53%, with a transaction value of 246.87 billion yuan, up 7.86%; leading stock: Beiyikang, up 3.94% [1] - **Light Industry Manufacturing**: Increased by 0.49%, with a transaction value of 129.50 billion yuan, down 0.14%; leading stock: Xidamen, up 10.00% [1] - **Beauty and Personal Care**: Increased by 0.47%, with a transaction value of 32.92 billion yuan, down 13.43%; leading stock: Qingsong Co., up 4.37% [1] - **Environmental Protection**: Increased by 0.38%, with a transaction value of 140.47 billion yuan, up 0.51%; leading stock: Qidi Environment, up 10.18% [1] - **Basic Chemicals**: Increased by 0.36%, with a transaction value of 694.66 billion yuan, up 10.46%; leading stock: Baihehua, up 10.02% [1] - **Power Equipment**: Increased by 0.22%, with a transaction value of 2117.26 billion yuan, down 1.02%; leading stock: Lijia Technology, up 19.44% [1] - **Oil and Petrochemicals**: Decreased by 0.06%, with a transaction value of 75.08 billion yuan, up 0.18%; leading stock: Renzhi Co., down 4.37% [2] - **Comprehensive**: Decreased by 0.08%, with a transaction value of 25.97 billion yuan, down 8.01%; leading stock: Dongyangguang, down 1.85% [2] - **Machinery Equipment**: Decreased by 0.18%, with a transaction value of 1084.80 billion yuan, up 1.87%; leading stock: Zhengfan Technology, down 14.17% [2] - **Transportation**: Decreased by 0.64%, with a transaction value of 275.74 billion yuan, up 19.71%; leading stock: China National Airlines, down 6.90% [2] - **Defense and Military Industry**: Decreased by 0.73%, with a transaction value of 346.58 billion yuan, down 26.32%; leading stock: Hongyuan Electronics, down 8.98% [2] - **Construction Decoration**: Decreased by 0.79%, with a transaction value of 286.23 billion yuan, up 14.97%; leading stock: China Nuclear Construction, down 10.03% [2] - **Non-Bank Financials**: Decreased by 0.82%, with a transaction value of 453.70 billion yuan, down 9.67%; leading stock: China Pacific Insurance, down 5.01% [2] - **Banks**: Decreased by 0.90%, with a transaction value of 263.46 billion yuan, up 16.50%; leading stock: Xi'an Bank, down 5.06% [2] - **Coal**: Decreased by 1.04%, with a transaction value of 84.66 billion yuan, down 34.04%; leading stock: Dayou Energy, down 9.78% [2]

Market Overview - On October 29, the Shanghai Composite Index rose by 0.7%, the CSI 300 increased by 1.19%, the STAR 50 gained 1.18%, the CSI 1000 was up by 1.2%, the ChiNext Index surged by 2.93%, while the Hang Seng Index fell by 0.33% [4][5] - The best-performing sectors on October 29 were power equipment (+4.79%), non-ferrous metals (+4.28%), non-bank financials (+2.08%), basic chemicals (+1.53%), and steel (+1.26%). The worst-performing sectors included banks (-1.98%), conglomerates (-0.56%), food and beverage (-0.56%), textiles and apparel (-0.24%), and light industry manufacturing (-0.22%) [4][5] - The total trading volume for the A-share market on October 29 was 22,906.74 billion yuan, with a net inflow of 2.258 billion Hong Kong dollars from southbound funds [4][5] Key Recommendations - The report recommends Yongding Co., Ltd. (600105) based on its strong growth potential in the optical communication, overseas engineering, and automotive wiring harness sectors, driven by high-temperature superconducting materials and optical chip industries [6] - Despite short-term performance fluctuations mainly due to investment income, the long-term growth potential is supported by high-temperature superconducting materials and optical chip business [6] - The projected revenue for Yongding Co., Ltd. from 2025 to 2027 is 4,587.80 million yuan, 5,063.36 million yuan, and 5,747.82 million yuan, with growth rates of 11.59%, 10.37%, and 13.52% respectively. The net profit attributable to shareholders is expected to be 373.07 million yuan, 191.17 million yuan, and 226.42 million yuan, with growth rates of 507.46%, -48.76%, and 18.44% respectively [6] Important Insights - The strategy report suggests a balanced allocation approach for November, with a market view leaning towards large-cap stocks and value-oriented sectors [8] - The report indicates that the market's feedback mechanism is weakening, and upcoming regulations on public fund performance may further encourage style balance [8] - Key sectors to focus on include brokerage and banking, as well as industries experiencing upward trends such as communications (optical modules), electronics (storage), non-ferrous metals (copper), and basic chemicals [8][9]

Group 1: Gold and Liquor Market Trends - Domestic gold jewelry prices have dropped significantly, with Chow Tai Fook's price adjusted to 1198 RMB per gram, down 25 RMB from the previous day, and Luk Fook's price falling to 1189 RMB per gram, down 34 RMB [1] - The wholesale price of Moutai has fallen below 1700 RMB per bottle for the first time, with a reference price of 1690 RMB, marking a cumulative decline of over 31% from its initial price [1] Group 2: Market Growth and Technology Developments - The Chinese MaaS market experienced explosive growth in the first half of 2025, reaching 1.29 billion RMB, a year-on-year increase of 421.2% [2] - The AI large model solution market also saw significant growth, with a market size of 3.07 billion RMB, up 122.1% year-on-year [2] - Samsung has cut the price of its HBM3E chips by 30% to regain market share amid rising demand for AI technologies [2] Group 3: Corporate Developments and Legal Matters - Hesai Technology has filed a lawsuit against Tudatong for patent infringement related to its products showcased at CES 2025 [3] - Zhongtong Express has committed to comprehensive inspections and rectifications following a regulatory interview regarding its operational practices [4] Group 4: Financial Performance Reports - China Satellite reported a net profit of 14.81 million RMB for the first three quarters of 2025, marking a turnaround from losses [6] - Kang En Bei's net profit increased by 12.65% year-on-year to 584 million RMB in the first three quarters [7] - Zhongwei Semiconductor's net profit grew by 36.78% year-on-year to 152 million RMB in the first three quarters [8] - Jiao Cheng Ultrasonic reported a remarkable net profit increase of 359.81% year-on-year, reaching 94.03 million RMB [10] - Keda Li's net profit rose by 16.55% year-on-year to 1.185 billion RMB in the first three quarters [11] - Xian Da's net profit surged by 3064.56% year-on-year to 196 million RMB [12] - Longxin General's net profit increased by 75.45% year-on-year to 1.577 billion RMB [13] - China Ceramics Electronics reported a net profit growth of 20.07% year-on-year to 443 million RMB [14] - Haixing's net profit rose by 41.41% year-on-year to 147 million RMB [15] - Tiancheng Control's net profit increased by 91.73% year-on-year to 50.33 million RMB [16] - Suli's net profit skyrocketed by 1522.38% year-on-year to 139 million RMB [17] Group 5: Market Performance Overview - The market experienced a pullback with all major indices turning negative, while the Shanghai Composite Index briefly surpassed 4000 points [18] - The market saw rapid rotation of hotspots, with significant gains in the Fujian sector and active performance in the nuclear power and robotics sectors [19]

Group 1 - Rongjie Co., Ltd. (002192.SZ) released its Q3 2025 report on October 25, 2025, indicating that as of October 24, 2025, seven institutional investors held a total of 73.3648 million shares, accounting for 28.25% of the total share capital [1] - The institutional investors include Rongjie Investment Holding Group Co., Ltd., Hong Kong Central Clearing Limited, and several funds from China Merchants Bank and Industrial and Commercial Bank of China, with the total institutional holding ratio increasing by 0.03 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, Tai Xin Development Theme Mixed Fund, while four public funds, including Guangfa CSI 1000 ETF and Southern CSI 1000 ETF, reported a decrease in holdings [2] - A total of 54 public funds did not disclose their holdings compared to the previous quarter, including Chang'an Xinxin Mixed A and other ETFs [2] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.65% compared to the previous period [2]

Core Viewpoint - The A-share market experienced a decline today, with the Shanghai Composite Index down by 0.44% and a total trading volume of 757.36 million shares, amounting to 1,114.066 billion yuan, a decrease of 4.19% compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Oil and Petrochemicals: Increased by 0.83%, with a trading volume of 124.10 billion yuan, up by 26.80% from the previous day, led by PetroChina with a gain of 10.00% [1] - Real Estate: Increased by 0.64%, with a trading volume of 253.10 billion yuan, up by 28.21%, led by Yingxin Development with a gain of 10.10% [1] - Media: Increased by 0.62%, with a trading volume of 251.07 billion yuan, up by 17.40%, led by Hubei Broadcasting with a gain of 10.08% [1] - The worst-performing industries included: - Non-ferrous Metals: Decreased by 1.97%, with a trading volume of 790.92 billion yuan, up by 4.38%, led by Hunan Silver with a loss of 8.29% [1] - Defense and Military Industry: Decreased by 1.44%, with a trading volume of 281.12 billion yuan, down by 4.15%, led by Zhongke Haixun with a loss of 5.13% [1] - Electric Power Equipment: Decreased by 1.36%, with a trading volume of 1,120.94 billion yuan, down by 9.17%, led by Fangyuan Co. with a loss of 9.51% [1]