证券代码：600667 证券简称：太极实业 公告编号：临 2025-033 无锡市太极实业股份有限公司 关于2024年年度权益分派实施后调整回购股份价格上限的 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。 重要内容提示： ? 调整前回购股份价格上限：不超过 10.38 元/股（含） ? 调整后回购股份价格上限：不超过 10.28 元/股（含） ? 回购股份价格上限调整起始日期：2025 年 6 月 20 日（2024 年年度权益 分派除权除息日） 一、回购股份的基本情况 无锡市太极实业股份有限公司（以下简称"公司"）分别于 2025 年 4 月 24 日召开第十届董事会第二十五次会议、于 2025 年 5 月 16 日召开 2024 年年度股 东大会，审议通过了《关于以集中竞价交易方式回购股份方案的议案》，同意公 司使用自有资金或自筹资金，通过上海证券交易所股票交易系统以集中竞价交易 方式回购公司人民币普通股 A 股，回购股份的资金总额为不低于人民币 10,000.00 万元（含）且不超过人民币 12,000.00 万 ...

| 2025年06月09日 一周市场回顾 | 证券研究报告-一周市场回顾 | | | --- | --- | --- | | 一周市场回顾 (2025.06.03-2025.06.06) | | | | | 分析师:马遥识途 资格证书:S1330524050001 | | | | 联系邮箱:mayst@hxzb.cn | | | | 联系电话:15201282186 | | | | 相关研究 | | | | 一周市场回顾 (2025.05.26- | | | | 2025.05.30) | | | A 股市场: | 2025.06.03 | | | | 一周市场回顾 (2025.05.06- | | | l 本周 A 股上证指数上涨 1.13%,收于 3385.36点,深证成指上涨 | 2025.05.09) | | | 1.42%.收于 10183.70点,创业板指上涨 2.32%.收于 2039.44点。 | 2025.05.12 | | | | 一周市场回顾 (2025.04.28 - | | | 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 | 2025.04.30) | | ...

Core Viewpoint - The market is expected to continue a trend of oscillating upward in the coming week, supported by technical indicators and liquidity metrics [1][2]. Market Indicators - The liquidity shock index for the CSI 300 was 0.30, indicating higher liquidity than the average level over the past year by 0.30 standard deviations [2]. - The PUT-CALL ratio for the SSE 50 ETF options decreased to 0.85, reflecting a reduced caution among investors regarding short-term movements [2]. - The five-day average turnover rates for the SSE Composite Index and Wind All A were 0.82% and 1.40%, respectively, indicating increased trading activity [2]. Macroeconomic Factors - The onshore and offshore RMB exchange rates saw weekly increases of 0.15% and 0.25%, respectively [2]. - The official manufacturing PMI for China in May was reported at 49.5, matching expectations, while the Caixin manufacturing PMI was lower at 48.3 [2]. Technical Analysis - The Wind All A index broke through the SAR point on June 4, signaling a buy opportunity, with the moving average strength index scoring 207, placing it in the 81.6% percentile since 2021 [2][3]. Market Performance - For the week of June 2 to June 6, the SSE 50 index rose by 0.38%, the CSI 300 index increased by 0.88%, the CSI 500 index grew by 1.6%, and the ChiNext index surged by 2.32% [3]. - The overall market PE (TTM) stands at 19.2 times, which is in the 52.3% percentile since 2005 [3]. Factor Analysis - Small-cap factors performed well, with a crowding degree of 1.05, while low valuation factors had a crowding degree of 0.06 [3]. - The industry crowding degree is relatively high in machinery, comprehensive, retail, environmental protection, and beauty care sectors, with notable increases in beauty care and banking [3].

Quantitative Models and Construction Methods 1. Model Name: Broad-based Index Rotation Strategy - **Model Construction Idea**: The strategy is based on the weekly change rate of the total sentiment heat (MA2) for broad-based indices. The model selects the index with the highest heat change rate for investment, while staying in cash if the "Other" group has the highest rate [7][12][15] - **Model Construction Process**: 1. Calculate the weekly heat change rate for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Other") 2. Smooth the weekly change rate using a 2-period moving average (MA2) 3. At the end of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash [8][9][12] - **Model Evaluation**: The model demonstrates a systematic approach to capturing short-term sentiment-driven opportunities in broad-based indices [12][15] --- Model Backtesting Results 1. Broad-based Index Rotation Strategy - **Annualized Return (2017-Present)**: 8.74% - **Maximum Drawdown**: 23.5% - **2025 YTD Return**: 10.6% [15] --- Quantitative Factors and Construction Methods 1. Factor Name: Total Sentiment Heat - **Factor Construction Idea**: The factor aggregates the sentiment heat of individual stocks within a broader category (broad-based indices, industries, or concepts) to serve as a proxy for market sentiment [7] - **Factor Construction Process**: 1. Define the total sentiment heat for individual stocks as the sum of their browsing, watchlist, and click counts 2. Normalize the sentiment heat by dividing it by the total market heat on the same day 3. Multiply the normalized value by 10,000 to scale the indicator within the range [0, 10,000] 4. Aggregate the total sentiment heat of all constituent stocks within a specific category (e.g., broad-based indices, industries, or concepts) [7] - **Factor Evaluation**: The factor effectively captures market sentiment dynamics, particularly at the individual stock level, where mispricing due to limited attention is more pronounced [7] 2. Factor Name: Weekly Heat Change Rate (MA2) - **Factor Construction Idea**: This factor measures the weekly change rate of sentiment heat for a specific category, smoothed using a 2-period moving average (MA2) [7][19][27] - **Factor Construction Process**: 1. Calculate the weekly change rate of total sentiment heat for each category (e.g., broad-based indices, industries, or concepts) 2. Apply a 2-period moving average (MA2) to smooth the weekly change rate [19][27] - **Factor Evaluation**: The MA2 smoothing process enhances the stability of the factor, making it suitable for identifying short-term sentiment trends [19][27] --- Factor Backtesting Results 1. Total Sentiment Heat - **Indicator Range**: [0, 10,000] (normalized and scaled) [7] 2. Weekly Heat Change Rate (MA2) - **Broad-based Indices**: - CSI 500: +2.11% (highest weekly increase) - CSI 1000: -1.54% (lowest weekly decrease) [15] - **Industries (Shenwan Level 1)**: - Top 5 Positive Changes: Communication (+29.1%), Environmental Protection, Computer, Building Materials, Social Services - Top 5 Negative Changes: Automotive, Coal, Transportation, Utilities, Comprehensive (-35.2%) [26] - **Concepts**: - Top 5 Positive Changes: Football Concept (+152.7%), Military Restructuring (+128.7%), Dental Medical (+93.4%), Beer Concept (+90.7%), Digital Currency (+84.5%) [27][30] 3. Heat-based Concept Portfolios - **BOTTOM Portfolio**: - **Annualized Return**: 15.71% - **Maximum Drawdown**: 28.89% - **2025 YTD Return**: 22.3% [32]

Core Insights - Central state-owned enterprises (SOEs) are accelerating their market value management efforts to enhance both intrinsic and market value, although some companies are still in the learning phase [2][3] Group 1: Importance of Market Value Management - Market value management serves national strategies and promotes high-quality economic development, aligning SOEs' growth with national strategic goals [3] - It enhances enterprise value and ensures the preservation and appreciation of state-owned assets through optimized resource allocation and improved operational efficiency [3][4] - Effective market value management can stabilize market expectations and boost investor confidence, especially during market volatility [4] Group 2: Policy Evolution - The evolution of market value management policies for central SOEs reflects the adjustment of national economic strategies and the needs of capital market development, progressing through three stages from 2004 to the present [5] - The current phase emphasizes formal regulations and high-quality development, with recent guidelines from regulatory bodies providing clearer directives for SOEs [5] Group 3: Assessment Indicators - The assessment framework for market value management includes over 20 indicators categorized into value creation and value realization, covering various aspects of corporate performance [6][10] - Key indicators for value creation focus on fundamental performance metrics and growth rates, while value realization indicators assess market performance and investor relations [8][11] Group 4: Implementation Strategies - Establishing a scientific organizational structure for market value management is crucial, including the formation of dedicated committees and project management offices [14][15] - Engaging professional market value management service providers can enhance the effectiveness of strategies and ensure comprehensive understanding of the current situation [16] - Implementing assessment-driven strategies is essential for achieving key performance indicators related to profitability, asset management, and operational efficiency [17] Group 5: Comprehensive Strategies - Optimizing resource allocation to enhance intrinsic value is fundamental, focusing on core business areas and improving operational efficiency [20] - Strengthening investor relations through multi-channel communication mechanisms is vital for enhancing market recognition and investor confidence [21] - Utilizing market value management tools effectively, such as stock buybacks and dividend policies, can maximize enterprise value [22] - Emphasizing long-term value creation and aligning market value management with long-term corporate strategies is essential for sustainable growth [23] - Building a professional talent pool to support market value management initiatives is necessary for sustainable development [24] - Leveraging technology to enhance management efficiency and support data-driven decision-making in market value management is increasingly important [25]

Core Insights - Germany is facing a severe economic crisis, with corporate bankruptcies expected to reach record levels in 2024 and beyond [1] Bankruptcy Forecast - Credit insurance company Euler Hermes predicts an 11% increase in corporate bankruptcies in Germany for 2025, totaling approximately 24,400 cases [1] - By 2026, the number of bankruptcies is expected to rise by an additional 3%, reaching 25,050 cases [1] Employment Impact - These bankruptcies are estimated to put around 210,000 jobs at risk in Germany [1] Current Bankruptcy Trends - In the first quarter of this year, 16 large German companies (with annual revenues of €50 million or more) filed for bankruptcy, which is a decrease of 3 from the same period in 2024 but still double the number from 2023 [1]

新华财经北京6月5日电根据日本政府于周四公布的最新数据，日本4月份的实际工资连续第四个月呈现 下滑趋势。这一现象主要归因于持续的通货膨胀，导致工资上涨速度未能跟上物价上涨的步伐，即使企 业已尝试通过加薪来缓解员工生活成本的压力。 在全球经济不确定性增加的大背景下，特别是美国总统特朗普时期全面关税政策的影响下，日本的工资 数据进一步加剧了市场对于该国经济增长前景的担忧。日本的政策制定者和经济学家们普遍担心，全球 贸易紧张局势可能会削弱现有的薪资增长动力，并对日本央行实现货币政策正常化的努力构成挑战。 数据显示，经通胀调整后的实际工资在4月份较上年同期下降了1.8%，与3月份的降幅相同，而2月份则 下降了1.5%。值得注意的是，用于计算实际工资的消费者价格指数（包括新鲜食品但不包括房租）同 比增幅虽从3月份的4.2%轻微降至4月份的4.1%，但已连续五个月保持在约4%的高位。 尽管如此，劳工部的一位官员指出，"虽然工资确实在稳步上升，但物价水平仍然非常高。" 数据显示，4月份的基本工资（常规工资）同比增长2.2%，为四个月以来的最大涨幅；加班费增长 0.8%，逆转了3月份的下降趋势；特殊津贴则增加了4.1%。平均 ...

Core Viewpoint - The number of equity incentive plans in the A-share market has been steadily increasing, with over 5,600 plans implemented involving more than 2,900 listed companies as of May 2025, reflecting a growing trend in corporate governance and management improvement [1] Group 1 - Over the past 20 years, the A-share market has seen the implementation of more than 5,600 equity incentive plans [1] - More than 2,900 listed companies have participated in these equity incentive plans [1] - In the last four years, there have been over 650 plans implemented annually, indicating a consistent interest in equity incentives [1] Group 2 - The rise in equity incentive plans is driven by policy support and a desire for companies to enhance management capabilities [1] - These incentive plans are likened to "golden keys" that effectively stimulate internal motivation within companies [1] - The implementation of equity incentives has been shown to positively impact company performance, boost medium to long-term stock prices, and achieve a win-win situation for talent, companies, and shareholders [1]

主力资金净流出的行业有14个，汽车行业主力资金净流出规模居首，全天净流出资金17.87亿元，其次 是国防军工行业，净流出资金为17.40亿元，净流出资金较多的还有医药生物、机械设备、银行等行 业。 沪指6月4日上涨0.42%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为美容护理、综合，涨 幅分别为2.63%、2.53%。跌幅居前的行业为交通运输、国防军工、公用事业，跌幅分别为0.58%、 0.24%、0.12%。公用事业行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流入10.74亿元，今日有17个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨1.17%，全天净流入资金30.70亿元，其次是非银金融行业，日涨幅 为0.99%，净流入资金为15.88亿元。 公用事业行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600025 | 华能水电 | -1.51 | 0.20 | -5128.49 | | 600886 | 国投电力 | -1.56 | ...

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.42% closing at 3376.20 points, the Shenzhen Component Index up by 0.87% at 10144.58 points, and the ChiNext Index up by 1.11% at 2024.93 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1153 billion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Beauty Care, Comprehensive, Textile and Apparel, Communication, and Light Industry Manufacturing, with increases of 2.63%, 2.53%, 2.41%, 1.79%, and 1.61% respectively [1] - The only sectors that experienced declines were Transportation, National Defense and Military Industry, and Public Utilities, with decreases of 0.58%, 0.24%, and 0.12% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Rare Earth, Rare Earth Permanent Magnet, Gold and Jewelry, Dairy Industry, and Lithium Battery, among others [2] - Conversely, sectors such as Air Transportation, Aircraft Carriers, and Intelligent Logistics experienced pullbacks [11]