Quantitative Models and Factor Construction Quantitative Models and Construction Methods 1. Model Name: Broker Gold Stock Performance Enhancement Portfolio - **Model Construction Idea**: The model aims to optimize the selection from the broker gold stock pool to outperform the benchmark index of equity-biased hybrid funds[12][39] - **Model Construction Process**: - The model uses the broker gold stock pool as the stock selection space and constraint benchmark - It employs portfolio optimization to control deviations in individual stocks and styles from the broker gold stock pool - The industry allocation is based on the industry distribution of all public funds - The portfolio is adjusted at the closing price on the first day of each month[12][39][42] - **Model Evaluation**: The model has shown stable performance historically, consistently outperforming the equity-biased hybrid fund index annually from 2018 to 2022[12][39][42] Model Backtest Results Broker Gold Stock Performance Enhancement Portfolio - **Absolute Return (Monthly)**: -0.77% (20251009-20251031)[41] - **Excess Return Relative to Equity-biased Hybrid Fund Index (Monthly)**: 1.37% (20251009-20251031)[41] - **Absolute Return (Year-to-date)**: 35.08% (20250102-20251031)[41] - **Excess Return Relative to Equity-biased Hybrid Fund Index (Year-to-date)**: 2.61% (20250102-20251031)[41] - **Ranking in Active Equity Funds (Year-to-date)**: 40.13% percentile (412/3469)[41] Quantitative Factors and Construction Methods 1. Factor Name: Total Market Value - **Factor Construction Idea**: This factor measures the total market capitalization of a stock, which is often used to capture the size effect in stock returns[3][28] - **Factor Construction Process**: - The total market value is calculated as the product of the stock's current price and the total number of outstanding shares[3][28] - **Factor Evaluation**: The total market value factor has shown good performance in the recent month and year-to-date periods[3][28] 2. Factor Name: Single Quarter Revenue Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of a company's revenue in a single quarter, indicating its short-term growth potential[3][28] - **Factor Construction Process**: - The single quarter revenue growth rate is calculated as the percentage change in revenue from the previous quarter to the current quarter[3][28] - **Factor Evaluation**: The single quarter revenue growth rate factor has shown good performance year-to-date[3][28] 3. Factor Name: Analyst Net Upward Revision - **Factor Construction Idea**: This factor measures the net number of upward revisions by analysts, reflecting positive changes in analyst sentiment[3][28] - **Factor Construction Process**: - The analyst net upward revision is calculated as the difference between the number of upward revisions and the number of downward revisions over a specific period[3][28] - **Factor Evaluation**: The analyst net upward revision factor has shown good performance year-to-date[3][28] Factor Backtest Results Total Market Value Factor - **Recent Month Performance**: Good[3][28] - **Year-to-date Performance**: Good[3][28] Single Quarter Revenue Growth Rate Factor - **Recent Month Performance**: Not specified - **Year-to-date Performance**: Good[3][28] Analyst Net Upward Revision Factor - **Recent Month Performance**: Not specified - **Year-to-date Performance**: Good[3][28]

（文章来源：证券时报网） Choice统计显示，11月3日，沪深两市可交易A股中，上涨个股有3435只，下跌个股有1629只，平盘个 股有91只。不含当日上市新股，共有91只个股涨停，11只个股跌停。从所属行业来看，涨停个股主要集 中在传媒、建筑装饰、机械设备、计算机、化工、医药生物等行业。 ...

Group 1 - The A-share market experienced a significant increase in public fund research activities in October 2025, with 159 public institutions participating and covering 632 stocks, resulting in a total of 7,452 research instances, a 60.57% increase from September [1] - The computer industry saw a notable focus, with Nengke Technology being the most researched company, receiving 73 research instances from 53 public institutions, highlighting interest in its AI business developments [1] - The top ten researched stocks in October were primarily from the power equipment, machinery, and communication sectors, indicating strong interest in these industries [1][2] Group 2 - The pharmaceutical and biological industry emerged as the hottest sector for research, with 85 stocks receiving a total of 1,229 research instances, significantly outpacing other industries [2][3] - The electronics industry followed closely, with 78 stocks and a total of 1,069 research instances, indicating a strong interest from public institutions [3] - The power equipment and machinery sectors also showed high research activity, each with over 750 research instances and more than 55 stocks being researched [3] Group 3 - Chuangjin Hexin Fund was the most active public institution in October, conducting 302 research instances, primarily focusing on the pharmaceutical, electronics, and machinery sectors [3] - Ping An Fund followed with 169 research instances, concentrating on electronics, machinery, power equipment, and computer industries [3] - Bosera Fund ranked third with 137 research instances, focusing on power equipment and electronics, aligning with current market trends [3]

科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.3%，计算机行业5.17%，合计74.47%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 11月3日午后，A股三大指数全线翻红。科创50ETF（588000）午后拉升，跌幅有所收窄，截止发稿下跌 1.21%。盘面上，光伏设备板块午后再度拉升，持仓股阿特斯强势领涨，涨超14%；晶科能源纷纷跟 涨，涨超4%。截至发文，科创50ETF（588000）成交额超41亿元，位居同类产品第一。 消息面上，10月28日至30日，电子半导体产业创新发展大会暨国际电子电路（大湾区）展览会在深圳举 行。行业焦点集中于AI算力硬件、汽车电子、低空经济等高端应用对高阶PCB、先进封装、陶瓷基板等 基础技术的迫切需求。一系列技术论坛探讨了解决存储瓶颈、提升算力效能的路径，同时发布了超高层 PCB与HDI板等核心技术突破，标志着行业正加速向高密度、高可靠性方向演进，为相关产业链带来明 确增长动能。 展望后市，开源证券指出，算力与存储行业 ...

Group 1 - The core viewpoint of the article emphasizes the performance of the "brokerage golden stocks" and their ability to track the performance of mixed equity funds, showcasing the analytical capabilities of brokerage firms [2][10][31] - In October 2025, the top-performing stocks in the brokerage golden stock pool included GuoDun Quantum, Rongxin Culture, and JiangBolong, with significant monthly increases [1][3][4] - The top three brokerages in terms of monthly returns were Western Securities, Great Wall Securities, and Guoyuan Securities, with returns of 5.84%, 5.43%, and 4.03% respectively, while the mixed equity fund index returned -2.14% [6][8] Group 2 - As of November 3, 2025, a total of 42 brokerages released their golden stocks for the month, resulting in 275 unique A-shares after deduplication [21][27] - The sectors with the highest allocation in the current golden stock pool were electronics (15.26%), non-ferrous metals (8.68%), and basic chemicals (6.84%) [27] - The brokerage golden stock performance enhancement portfolio had an absolute return of -0.77% for the month and a relative excess return of 1.37% compared to the mixed equity fund index [35] Group 3 - The article highlights the performance of various selection factors within the brokerage golden stock pool, noting that total market capitalization and quarterly revenue growth rates performed well recently [18][16] - The article also discusses the stocks that received multiple recommendations from analysts, indicating higher market attention, with stocks like Industrial Fulian and Kingsoft receiving recommendations from five or more analysts [22][23] - The brokerage golden stock index showed a year-to-date return of 28.59%, compared to the mixed equity fund index's return of 32.47% [14][35]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Insights - The company is actively positioning itself in the satellite internet sector, focusing on technological upgrades and long-term growth opportunities [3][2] - In Q3 2025, the company reported a significant revenue increase of 14.84% year-on-year, with a total revenue of 1.129 billion yuan [1] - The company has established strategic partnerships to enhance its capabilities in space computing and data transmission technologies [2] Financial Performance Summary - For the first nine months of 2025, the company achieved total revenue of 3.152 billion yuan, a year-on-year decrease of 7.82%, and a net profit attributable to shareholders of 17.56 million yuan, down 3.80% [1] - The company forecasts a net profit attributable to shareholders of 1.08 billion yuan in 2025, with projected growth rates of 869.0% in 2025, 34.3% in 2026, and 38.9% in 2027 [4][3] - The projected PE ratios for 2025, 2026, and 2027 are 158X, 117X, and 85X respectively [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 4.865 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.15%. The net profit attributable to the parent company was 4.0465 million yuan, showing improvement compared to the previous year [1]. - The database business is experiencing continuous growth, with the domestic business expected to accelerate. The company has optimized its expense ratios, with sales and management expense ratios at 4.80% and 16.74%, respectively, both lower than the same period in 2024. R&D investment has increased, with the R&D expense ratio improving year-on-year [2]. - The company has made significant strides in the financial sector, securing important orders that demonstrate its capabilities. The ComStar project, which involves a high-performance database system for financial transactions, has shown efficiency improvements of nearly three times in certain scenarios compared to the previous system [2]. - The company is leveraging the AI trend, launching the "Luoshu Intelligent Hub," which integrates AI capabilities with business intelligence functions. This platform aims to enhance intelligent data analysis and support various business scenarios [3]. Financial Forecasts - The company forecasts revenues of 9.039 billion yuan in 2025, with a growth rate of 15.4%. The net profit attributable to the parent company is expected to be 305 million yuan, reflecting a growth rate of 59.8% [5][9]. - The projected earnings per share for 2025 is 0.49 yuan, with a price-to-earnings (PE) ratio of 55 [5][10]. - The company anticipates continued growth in net profit, with estimates of 409 million yuan in 2026 and 531 million yuan in 2027, corresponding to PE ratios of 41 and 32, respectively [4][5].

Stock Recommendations - Jerry Holdings (002353.SZ) shows strong overseas market expansion and robust order support for performance growth, with an EPS forecast of 2.99 in 2025 and a PE ratio of 18.05[3] - Kingsoft Office (688111.SH) has demonstrated rapid growth in Q3, with an EPS of 3.91 expected in 2025, driven by strong performance in WPS personal business and AI capabilities[3] - Double Ring Transmission (002472.SZ) is positioned as a leading supplier for Tesla, with an EPS forecast of 1.51 in 2025, indicating strong growth potential in humanoid robotics[3] - Zhongji Xuchuang (300308.SZ) benefits from increased overseas CAPEX and is expected to see significant growth, with an EPS of 10.23 in 2025 and a high PE ratio of 61.46[3] - Shangmei Co., Ltd. (2145.HK) has a clear growth path with strong sales performance, expecting an EPS of 2.58 in 2025[4] - Giant Network (002558.SZ) reported a net profit of 1.416 billion yuan in Q3 2025, a year-on-year increase of 32.31%, with an EPS forecast of 1.16 in 2025[4] Market Performance - The weighted return of the October stock portfolio was 7.41%, outperforming the Shanghai Composite Index, which rose by 1.85%[9] - Zhongji Xuchuang had the highest increase in the portfolio at 17.29%, while the overall equal-weighted return was -0.20%[10] - The market capitalization of Zhongji Xuchuang reached 525.57 billion yuan, the highest among the recommended stocks, with a significant increase in institutional holdings[16] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to industry and individual stock performance[6]

- The report highlights the performance of selection factors in the "broker gold stock pool," including factors such as total market capitalization, single-quarter revenue growth, and analyst net upward revisions, which performed well this year. Conversely, factors like EPTTM, expected dividend yield, and volatility showed weaker performance this year[3][28][29] - The "broker gold stock performance enhancement portfolio" is constructed using a multi-factor approach to optimize stock selection within the broker gold stock pool. The portfolio aims to outperform the benchmark, the actively managed equity fund index, by controlling deviations in individual stocks and styles while aligning industry allocation with the overall distribution of public funds[12][39][42] - The historical performance of the "broker gold stock performance enhancement portfolio" demonstrates robust results, with annualized returns of 19.34% and an annualized excess return of 14.38% relative to the actively managed equity fund index during the period from 2018 to 2025. The portfolio consistently ranked in the top 30% of actively managed equity funds each year[43][46] - The monthly performance of the "broker gold stock performance enhancement portfolio" (20251009-20251031) showed an absolute return of -0.77% and an excess return of 1.37% relative to the actively managed equity fund index. Year-to-date (20250102-20251031), the portfolio achieved an absolute return of 35.08% and an excess return of 2.61%, ranking in the 40.13% percentile among actively managed equity funds[5][41][46]

Group 1 - Two A-share companies, Changcheng Technology and Visionox, have suspended trading due to planned changes in control [1][2] - Changcheng Technology announced that its actual controllers are planning a share transfer that may lead to a change in control, resulting in a trading suspension effective November 3, 2025, for up to two trading days [1] - Changcheng Technology's main business involves the research, production, and sales of electromagnetic wires, with a revenue of 9.443 billion yuan in the first three quarters of the year, a slight decrease year-on-year, and a net profit of 215 million yuan, an increase of 13.8% [1] Group 2 - Visionox is also planning a change in control and has suspended trading effective November 3, 2025, for up to two trading days [2] - Visionox focuses on new display technologies, including the research, production, and sales of OLED and Micro-LED displays, with applications in smartphones, wearables, and other sectors [2] - In the first three quarters, Visionox reported a revenue of 6.051 billion yuan, a year-on-year increase of 3.5%, but a net loss of 1.623 billion yuan [3]