01 上周，通信设备、半导体、卫星、商业航天等泛科技题材表现突出。卫星ETF易方达（563530）跟踪的中证卫星产业指数、科创成长50ETF（588020）跟 踪的上证科创板成长指数、半导体设备ETF易方达（159558）跟踪的中证半导体材料设备主题指数均涨超5%。 02 上周，大盘宽基产品成交活跃，A500ETF易方达（159361）等跟踪中证A500指数的ETF合计成交额超1800亿元。此外，多只跟踪双创类指数的ETF也有较 高成交额。 03 上周，以跟踪A500指数为代表的宽基ETF"吸金"显著。数据显示，跟踪中证A500指数的ETF上周合计净流入近100亿元，成为ETF市场"吸金"主力。 通信、AI等板块表现强势 上周，以算力为代表的人工智能板块，在波动中保持强势。中际旭创、新易盛、天孚通信等龙头股上周涨幅均超8%。ETF方面，多只通信、人工智能相 关主题ETF周涨幅超6%。 | 代码 | 名称 | 现价(元) | -周涨幅 (%) | | --- | --- | --- | --- | | 159583.SZ | 通信设备ETF | 1.23 | 7.30 | | 159363.SZ | 创业板人工 ...

Core Insights - Belden, a leader in industrial networking and connectivity, reported a significant insider sale by Board member Jonathan C. Klein, who sold 3,000 shares for $372,570, indicating a strategic move to capitalize on stock price appreciation [1][9]. Transaction Summary - The sale of 3,000 shares represents the largest single disposition by Mr. Klein, exceeding his historical median sell size of 2,129 shares and accounting for 26.42% of his direct holdings at the time [6]. - Post-transaction, Mr. Klein's direct holdings decreased to 8,353 shares, reflecting a 44.64% decline from 15,089 shares held at the beginning of the reporting period in June 2024 [6]. Company Overview - Belden reported a total revenue of $2.66 billion and a net income of $228.02 million for the trailing twelve months (TTM) [4]. - The company has a dividend yield of 0.18% and a 1-year price change of 1.39% as of December 11, 2025 [4]. Financial Performance - Belden achieved record third-quarter revenue of $698 million, marking a 7% year-over-year increase, alongside a 16% year-over-year growth in earnings per share to $1.97 [10]. - The company is developing technology for physical AI, which could significantly enhance sales as the AI market expands [11]. Market Position - Belden provides signal transmission solutions, including copper and fiber cables, connectivity systems, and industrial Ethernet switches, serving enterprise and industrial markets [7][8]. - The company has a diverse customer base across various sectors, including commercial real estate, healthcare, education, government, and manufacturing [7].

[Table_Page] 金融工程|定期报告 2025 年 12 月 14 日 证券研究报告 | [Table_Title] 金融工程：AI | | | | 识图关注通信、人工 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 智能 | | | | | | | | | | | | A | | 股量化择时研究报告 | | | | ] [Table_Summary 市场回顾（本期是指 | | 2025 年 | 12 月 | 8 日—2025 | 年 12 月 | 12 日） | | | 中证 结构表现 | | 沪深 | 中证 | 中证 | 中证 | | 国证 | | (涨幅) | 100 | 300 | 500 | 800 | 1000 | | 2000 | | -0.13% | | -0.08% | 1.01% | 0.21% | 0.39% | | 0.69% | | [分析师： Table_Author]安宁宁 | | | --- | --- | | | SAC 执证号：S0260512020003 | | SFC CE No. BNW1 ...

Quantitative Models and Construction Methods 1. Model Name: Three-Strategy Fusion ETF Rotation Strategy - **Model Construction Idea**: The strategy integrates three dimensions: fundamental-driven rotation, quality low-volatility style rotation, and distressed reversal industry discovery. It aims to achieve factor and style complementarity while reducing the risk of single-strategy exposure[35][36] - **Model Construction Process**: 1. **Fundamental Rotation Strategy**: Selects industries based on factors such as exceeding expected prosperity, industry leadership effects, momentum, crowding, and inflation beta[36] 2. **Quality Low-Volatility Style Strategy**: Focuses on individual stock quality, momentum, and low volatility to enhance defensiveness[36] 3. **Distressed Reversal Strategy**: Utilizes PB z-score, long-term analyst expectations, and short-term chip exchange to capture valuation recovery and performance reversal opportunities[36] 4. Combines the three strategies equally to form a composite ETF rotation strategy, achieving multi-dimensional industry screening and reducing single-strategy risks[35][36] - **Model Evaluation**: The strategy effectively balances factor complementarity and style adaptation, providing robust performance across different market conditions[35][36] 2. Model Name: Hotspot Trend ETF Strategy - **Model Construction Idea**: This strategy identifies ETFs with strong upward trends and high market attention, constructing a risk-parity portfolio based on support-resistance factors and turnover ratios[30] - **Model Construction Process**: 1. Select ETFs where both the highest and lowest prices exhibit an upward trend[30] 2. Calculate the relative steepness of the regression coefficients for the highest and lowest prices over the past 20 days to construct support-resistance factors[30] 3. Choose the top 10 ETFs with the highest 5-day turnover ratio/20-day turnover ratio from the long group of the support-resistance factor, indicating increased short-term market attention[30] 4. Construct a risk-parity portfolio using these ETFs[30] - **Model Evaluation**: The strategy demonstrates strong performance, achieving significant excess returns compared to the benchmark[30] 3. Model Name: Capital Flow Resonance Strategy - **Model Construction Idea**: This strategy identifies industries with resonant capital flows by combining financing margin and active large-order capital flow factors, aiming to enhance stability and reduce drawdowns[42][44][45] - **Model Construction Process**: 1. Define the financing margin factor as the market-neutralized financing net buy-in minus securities lending net sell-out, calculated as the two-week change in the 50-day moving average[45] 2. Define the active large-order capital flow factor as the market-neutralized net inflow ranking of industry trading volume over the past year, using the 10-day moving average[45] 3. Exclude extreme industries from the active large-order factor and apply a negative exclusion for the financing margin factor to improve strategy stability[45] 4. Perform weekly rebalancing to select industries with resonant capital flows for long positions[45] - **Model Evaluation**: The strategy achieves stable positive excess returns with reduced drawdowns compared to other capital flow strategies[45] --- Model Backtesting Results 1. Three-Strategy Fusion ETF Rotation Strategy - **2025 YTD Performance**: Portfolio return 25.60%, benchmark return 21.83%, excess return 3.77%, Sharpe ratio 0.24, maximum drawdown -7.18%[39][40] - **Overall Performance (2017-2025)**: Annualized excess return 10.28%, Sharpe ratio 1.09, maximum drawdown -24.55%[40] 2. Hotspot Trend ETF Strategy - **2025 YTD Performance**: Portfolio return 34.49%, benchmark (CSI 300) excess return 19.58%[30] 3. Capital Flow Resonance Strategy - **2018-Present Performance**: Annualized excess return 14.3%, IR 1.4, reduced drawdowns compared to Northbound-Large Order Resonance Strategy[45] - **Last Week Performance**: Absolute return -0.27%, excess return 0.37% (relative to industry equal weight)[45] --- Quantitative Factors and Construction Methods 1. Factor Name: Momentum Factor - **Factor Construction Idea**: Captures the continuation of stock price trends over a specific period[53] - **Factor Construction Process**: 1. Calculate the 1-year momentum as the return over the past 12 months, excluding the most recent month[53] 2. Rank stocks based on momentum and form quintile portfolios[53] - **Factor Evaluation**: Demonstrates strong performance, with the 1-year momentum factor achieving a weekly excess return of 1.13%[53] 2. Factor Name: R&D to Total Assets Ratio - **Factor Construction Idea**: Measures the proportion of R&D investment relative to total assets, reflecting innovation capability[56] - **Factor Construction Process**: 1. Calculate the ratio of total R&D expenses to total assets for each stock[56] 2. Rank stocks based on this ratio and form quintile portfolios[56] - **Factor Evaluation**: Performs well in small-cap indices, with an excess return of 20.25% in the CSI 500 index[56] 3. Factor Name: Single-Quarter ROA YoY Change - **Factor Construction Idea**: Tracks the year-over-year change in return on assets (ROA) for a single quarter, reflecting profitability trends[56] - **Factor Construction Process**: 1. Calculate the year-over-year change in ROA for the most recent quarter, considering preliminary and forecasted data[56] 2. Rank stocks based on this change and form quintile portfolios[56] - **Factor Evaluation**: Excels in large-cap indices, with an excess return of 25.52% in the CSI 300 index[56] --- Factor Backtesting Results 1. Momentum Factor - **Weekly Excess Return**: 1.13%[53] 2. R&D to Total Assets Ratio - **Excess Return in CSI 500**: 20.25%[56] 3. Single-Quarter ROA YoY Change - **Excess Return in CSI 300**: 25.52%[56] - **Excess Return in CSI 500**: 10.16%[56] - **Excess Return in CSI 1000**: 21.98%[56]

Core Conclusions - The overall valuation of A-shares has contracted this week, with the communication industry leading the gains. The U.S. has allowed Nvidia to export H200 chips to China, which is expected to drive incremental demand for communication equipment. The domestic GPU leader, Moore Threads, has gone public, boosting sentiment in the computing power sector. Currently, the overall dynamic PE of the communication industry is at the historical 36.6% percentile, while the communication equipment sector's dynamic PE is at the historical 97.9% percentile, indicating high profit growth expectations [1][8][10]. A-share Valuation Overview - The overall PE (TTM) of A-shares decreased from 22.14 times last week to 21.74 times this week, while the PB (LF) fell from 2.15 times to 1.77 times [10][12]. - The PE (TTM) of the ChiNext board decreased from 79.84 times to 72.27 times, and the PB (LF) dropped from 4.74 times to 4.27 times [18][20]. - The PE (TTM) of the Sci-Tech Innovation Board decreased from 255.36 times to 210.87 times, and the PB (LF) fell from 6.29 times to 5.17 times [22][24]. Relative Valuation Expansion in Computing Power Infrastructure - The relative PE (TTM) of computing power infrastructure, excluding operators and resource sectors, increased from 4.24 times last week to 4.47 times this week, while the relative PB (LF) rose from 4.42 times to 4.66 times [24][26]. Major Sector Valuation Levels - From a static PE (TTM) perspective, sectors such as consumer discretionary, consumer staples, midstream manufacturing, cyclical, and midstream materials have absolute and relative valuations above the historical median, with consumer discretionary, consumer staples, and midstream manufacturing exceeding the historical 90th percentile. Conversely, essential consumer sectors have absolute and relative valuations below the historical median, with financial services, essential consumer, and services sectors below the historical 10th percentile [28][29]. - In terms of PB (LF), resource, TMT, cyclical, and midstream manufacturing sectors have absolute and relative valuations above the historical median, while consumer discretionary, midstream materials, financial services, services, consumer staples, and essential consumer sectors have absolute and relative valuations below the historical median, with consumer staples and essential consumer sectors below the historical 10th percentile [28][29]. Industry Performance and Profitability - Current industries such as agriculture, public utilities, and oil and petrochemicals exhibit characteristics of low valuation and high profitability [54]. - Industries like building materials, power equipment, media, defense, and basic chemicals show both low valuations and high performance growth [57]. ERP and Equity-Debt Yield Spread - The non-financial ERP of A-shares increased from 0.83% last week to 0.87% this week, while the equity-debt yield spread improved from -0.15% to -0.12% [58][62].

2022-2024年和2025年1-6月(以下简称"报告期内"），慧谷新材营业收入分别为6.64亿元、7.17亿元、8.17亿元和4.96亿元；净利润分别为0.26亿元、1.06亿 元、1.46亿元和1.07亿元。 2、成都宏明电子股份有限公司 宏明电子成立于1981年，公司主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高性能、高可靠性的电子元器件产品。 同时，公司还涉及精密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域和新能源电池及汽车电子结构件等领域。 本周（12.08-12.12）A股IPO审核市场迎来热度与效率双高的亮眼表现：共有7家企业集中上会接受审核，且全数顺利过关，不仅实现100%过会率，更创下年 内单周审核数量的最高纪录，为资本市场注入强劲活力。 从板块分布来看，此次上会企业覆盖沪深北三大交易所的核心板块，呈现出多元均衡的格局——沪主板1家、科创板1家、创业板2家，北交所则以3家的数量 成为本周上会企业的主力板块，这一分布既体现了多层次资本市场的差异化定位，也契合了当前支持中小企业与硬科技企业上市的政策导向。 7家企业中，有6家获受理不足一年，更有5 ...

Group 1 - The article discusses the launch of a female version of Viagra, named "DARE to PLAY," developed by Daré Bioscience, which is a cream that enhances sexual pleasure for women. It contains sildenafil, the active ingredient in Viagra, and is priced at $10 [4][6][7]. - The product is expected to be available in ten states by December 2023 and will expand to other states by early 2026. Its effectiveness will be evaluated through future assessments [7]. - The article highlights the historical context of Viagra's approval in 1998, which significantly changed male sexual health, while similar advancements for women have been stagnant for nearly 30 years [6]. Group 2 - A small town in Oregon, Lakeview, has creatively addressed its financial struggles by producing a nude calendar, inspired by the film "Calendar Girls." The calendar has sold for $32 each, generating $13,000 in revenue [8]. - The project initially faced skepticism but gained popularity as local residents participated in the photo shoots, emphasizing humor and community spirit rather than explicit content [8]. Group 3 - Global Connection has launched an automatic smartphone screen protector machine called Fill Lab, which allows users to apply a protective film without dust or bubbles. The machine has gained significant attention in Japan, with a price of 2,980 yen [15]. - User reviews indicate that the machine achieves high-quality results, receiving a perfect score for both film quality and application precision [15]. Group 4 - A study from Charles University in Prague found that men who consume garlic are perceived to have more attractive body odor. The research involved male participants wearing sweat pads, which were then rated by women based on attractiveness [17]. - The study also compared the body odor of vegetarians and meat-eaters, concluding that vegetarians had lower sweat odor concentration and higher overall attractiveness [17]. Group 5 - The IRS is set to scrutinize content on OnlyFans to determine the applicability of a proposed tax exemption for tips, which has become a contentious issue as it relates to the platform's adult content creators [30][32]. - The IRS's focus on OnlyFans is due to its significant financial impact, with reported consumer spending reaching $7.2 billion in 2024, and the platform hosting 4.6 million creator accounts globally [32][33].

深圳上市国企特发信息（000070）被合同诈骗、职务侵占一案，迎来重要节点。 十年前收购埋下隐患 特发信息被合同诈骗、职务侵占一案，源于10年前其对特发东智的收购案。 2015年4月8日，特发信息与陈传荣等4名深圳东志科技有限公司（简称"深圳东志"，后更名为"特发东智"）股东签订《发行股份及支付现金购买资产协 议》，以支付现金和发行股份方式购买深圳东志100%股权。 一审判决出炉 12月11日晚间，特发信息公告称，针对公司因收购深圳特发东智科技有限公司（简称"特发东智"）被合同诈骗、职务侵占一案，公司于近日收到广东省深 圳市中级人民法院出具的《刑事判决书》。 经依法审理，被告人陈传荣、易宗湘、刘颖、王凌以非法占有为目的，在签订、履行协议过程中，通过财务造假的方式，骗取特发信息财物，数额特别巨 大，其四人的行为均已构成合同诈骗罪；被告人陈传荣、刘冰还利用职务上的便利，将单位财物非法占为己有，数额巨大，其二人行为均构成职务侵占 罪。 根据公告，一审判决追缴被告人陈传荣合同诈骗的全部犯罪所得，包括其未售的特发信息股票和现金1.45亿元（已扣减利润补偿款1.2亿元及王凌退缴的 165.5万元）；判决追缴被告人陈传荣、 ...

Market Overview - A-shares experienced a significant increase on December 12, with trading volume exceeding 2 trillion yuan, reaching 2.12 trillion yuan, a rise of 233.7 billion yuan from the previous day [2][9] - The Shanghai Composite Index rose by 0.41% to 3889.35 points, while the ChiNext Index increased by 0.97% to 3194.36 points [2] Sector Performance - The power equipment sector saw a surge, with 19 stocks hitting the daily limit, including Zhongneng Electric and Tongguang Cable, which both rose by nearly 20% [6][7] - Technology stocks, particularly in controllable nuclear fusion, high-bandwidth memory, superconductors, and fourth-generation semiconductors, performed strongly, while consumer sectors lagged due to a lack of performance inflection points [4][9] - Among 31 first-level industries, 21 sectors recorded gains, with notable increases in non-ferrous metals, electronics, power equipment, machinery, communication, and defense industries, all exceeding 1% [5] Investment Sentiment - The central economic work conference has positively influenced market sentiment, signaling supportive macro policies that bolster investor confidence [9][10] - The adjustment of the CSI 300 index components has led to increased passive investment in technology and communication sectors, further enhancing market sentiment [10] Future Outlook - Analysts suggest that the A-share market may continue its upward trend, supported by ongoing positive policy signals and active performance in technology sectors [11][12] - Structural opportunities are expected to arise, particularly in technology, new energy, and communication sectors, as well as in areas benefiting from policy support and domestic substitution [12]

格隆汇12月12日丨特发信息(000070.SZ)在投资者互动平台表示,公司目前不涉及芯片研发。 ...