- The report discusses the "Momentum Factor" as a key quantitative factor that performed well in the market during the week of April 21-25, 2025. The factor's construction is based on identifying stocks with strong recent performance, which are expected to continue outperforming in the short term[12][24][26] - The "Momentum Sentiment Indicator" is calculated by measuring the proportion of stocks within the CSI 300 Index that have achieved positive returns over a specified period (N days). The formula is: $ \text{CSI 300 Index N-day Upward Stock Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in the past N days}}{\text{Total number of CSI 300 stocks}} $ This indicator captures market sentiment and is used to identify potential market bottoms or overheating phases. It is noted that the indicator can quickly capture upward opportunities but may fail to avoid risks during market downturns[26][27][29] - The "Momentum Sentiment Indicator Timing Strategy" applies two smoothing windows (N1 and N2, where N1 > N2) to the indicator. When the short-term smoothed line (fast line) exceeds the long-term smoothed line (slow line), it signals a bullish market sentiment. Conversely, when the fast line is below the slow line, it indicates a neutral or bearish sentiment. As of April 25, 2025, the fast line was below the slow line, suggesting a cautious market outlook[27][29][33] - The "Moving Average Sentiment Indicator" uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) of the CSI 300 Index closing prices. The indicator assigns values based on the position of the current price relative to these averages. If the current price exceeds the values of more than five moving averages, it signals a bullish sentiment. As of April 25, 2025, the CSI 300 Index was in a non-optimistic sentiment zone[33][37] - The report highlights "Cross-sectional Volatility" as a measure of short-term alpha opportunities. It notes that the cross-sectional volatility of CSI 300, CSI 500, and CSI 1000 Index components increased week-over-week, indicating improved alpha conditions. Over the past quarter, the cross-sectional volatility of CSI 300 and CSI 1000 was in the upper-middle range of the past six months, while CSI 500 was in the middle range[38][41] - "Time-series Volatility" is another alpha-related metric discussed. The time-series volatility of CSI 300, CSI 500, and CSI 1000 Index components rose week-over-week, signaling better alpha conditions. Over the past quarter, the time-series volatility of these indices was in the upper-middle range of the past six months[41][43] - The report evaluates the "Fund Concentration Degree Indicator," which measures the standard deviation of cross-sectional returns of concentrated fund portfolios. A lower standard deviation indicates higher fund concentration, while a higher standard deviation suggests fund dispersion. As of April 25, 2025, the fund concentration degree slightly increased, and the excess returns of concentrated funds and stocks declined week-over-week[85][88][90]

Group 1 - The North Exchange 50 index decreased by 2.16%, with a trading volume of 1503.29 billion, reflecting an 8% decrease week-on-week [12][17][27] - The new code switching pilot for six stocks will be launched after May Day, aimed at enhancing the recognition of the North Exchange and distinguishing it from the New Third Board [12][13][54] - The report emphasizes a cautious approach before the holiday and a non-pessimistic outlook afterward, suggesting a focus on technology sectors that have undergone sufficient adjustments [13][17][49] Group 2 - No new stocks were listed on the North Exchange this week, with a total of 265 companies currently trading [3][31] - The New Third Board saw nine new listings and 18 delistings, with no new financing plans and a completed financing of 0.50 billion [4][55] - The report highlights the performance of specific companies, with notable gains for Fangda New Materials and Zhongyu Technology, while companies like Minshida and Kangbiter faced significant declines [39][40][42] Group 3 - The average PE (TTM) for the North Exchange is 78.81 times, with a median of 47.08 times, indicating a higher valuation compared to other exchanges [24][26] - The report notes that the financing balance for margin trading on the North Exchange increased to 53.14 billion, reflecting a slight rise from the previous week [30][27] - Key announcements include the issuance of guidelines for share changes and updates to the listing rules by the Beijing Stock Exchange [49][51]

- The diffusion index model triggered a right-side buy signal at the close of trading on Tuesday, April 25, 2025 [6][14][33] - The first threshold method triggered a full position signal at the close of trading on April 7, 2025 [36] - The delayed threshold method gave an open position signal at the close of trading on April 22, 2025 [40] - The dual moving average method gave a short position signal at the close of trading on March 12, 2025 [41] Model Testing Results - Diffusion index model, weekly return 2.52% [43] - First threshold method, signal value 0.0225 [36] - Delayed threshold method, signal value not specified [40] - Dual moving average method, signal value not specified [41] Quantitative Factors and Construction - Factor name: Momentum factor; Construction idea: Based on the stock's price momentum; Construction process: Calculated using the rank IC method, weekly rank IC value 0.221, historical average -0.003 [5][13][27] - Factor name: Logarithmic market capitalization factor; Construction idea: Based on the logarithm of the stock's market capitalization; Construction process: Calculated using the rank IC method, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Factor name: Non-linear market capitalization factor; Construction idea: Based on the non-linear transformation of the stock's market capitalization; Construction process: Calculated using the rank IC method, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Factor name: Single-quarter ROE factor; Construction idea: Based on the stock's return on equity for a single quarter; Construction process: Calculated using the rank IC method, weekly rank IC value 0.19, historical average 0.025 [5][13][27] - Factor name: PE TTM reciprocal factor; Construction idea: Based on the reciprocal of the stock's price-to-earnings ratio trailing twelve months; Construction process: Calculated using the rank IC method, weekly rank IC value 0.189, historical average 0.02 [5][13][27] Factor Testing Results - Momentum factor, weekly rank IC value 0.221, historical average -0.003 [5][13][27] - Logarithmic market capitalization factor, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Non-linear market capitalization factor, weekly rank IC value 0.196, historical average -0.032 [5][13][27] - Single-quarter ROE factor, weekly rank IC value 0.19, historical average 0.025 [5][13][27] - PE TTM reciprocal factor, weekly rank IC value 0.189, historical average 0.02 [5][13][27]

Core Viewpoint - Jianlin Home Furnishing announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 5 yuan per 10 shares (including tax), amounting to a total cash payout of 223 million yuan, which represents 46.33% of the net profit, resulting in a dividend yield of 3.86% based on the average trading price for the year [2]. Company Summary - Jianlin Home Furnishing reported a revenue of 5.007 billion yuan for 2024, reflecting a year-on-year growth of 15.53%, and a net profit of 482 million yuan, which is a 13.44% increase compared to the previous year. The basic earnings per share stood at 1.09 yuan [2]. - This marks the seventh cash distribution since the company went public, with the previous distributions showing a consistent increase in cash payouts over the years [2]. Industry Summary - In the light industry manufacturing sector, 61 companies have announced their 2024 cash distribution plans. Jianlin Home Furnishing's cash payout of 223 million yuan ranks it among the top distributions in the industry, following Morning Glory Co., which announced a payout of 916 million yuan [3][4]. - The cash distribution ranking within the light industry shows that Jianlin Home Furnishing has a payout ratio of 46.33% of its net profit, which is competitive compared to other companies in the sector [4].

Market Overview - The three major indices showed mixed results on April 23, 2025, with the Shanghai Composite Index down 0.10% at 3296.36 points, while the Shenzhen Component Index rose 0.67% to 9935.80 points, and the ChiNext Index increased by 1.08% to 1949.16 points. The total trading volume in both markets was 12,296 billion yuan, an increase of approximately 1,398 billion yuan compared to the previous trading day [2]. Market Observation - The market opened high and experienced fluctuations throughout the day, with core broad indices showing more gains than losses. The growth sectors included the ChiNext 50 and the CSI 2000, while the dividend index and the STAR 50 faced declines. Over 3,100 stocks in the market rose, indicating a generally positive performance [3]. - In terms of sectors, automotive, machinery equipment, and communication sectors saw gains, while retail, agriculture, forestry, animal husbandry, and real estate sectors experienced declines [3]. Sector Performance - Automotive sector increased by 3.2% today, with a 4.1% rise over the past five days, 5.8% over the past 30 days, and 6.7% year-to-date [4]. - Machinery equipment sector rose by 2.5% today, with a 3.8% increase over the past five days, but a decline of 11.3% over the past 30 days and a 4.9% increase year-to-date [4]. - Communication sector saw a 1.7% increase today, with a 3.6% rise over the past five days, but a decline of 12.9% over the past 30 days and a 7.4% decrease year-to-date [4]. Hot Industry - Automotive - The automotive sector's positive performance is supported by policies aimed at stimulating demand, such as the trade-in policy and expanded subsidy coverage. The sector is expected to maintain high retail growth in the first half of 2025, with a favorable outlook for both volume and pricing [6]. Concept Themes - The sectors related to reducers, humanoid robots, and automotive thermal management saw significant increases, while gold concepts, corn, and dairy sectors faced declines [5].

Group 1 - The report highlights that as of Q1 2025, the market value of public funds heavily invested in the Beijing Stock Exchange (BSE) reached 6.743 billion, a quarter-on-quarter increase of 24.5% [3][4] - The allocation scale and ratio of public funds continue to grow, driven by the spring technology theme, with a notable increase in the importance of stock selection [3][8] - The active equity public funds have shown increased attention towards BSE stocks, with the allocation coefficient reaching 0.43, up by 0.05 from the previous quarter [3][9] Group 2 - The report indicates that the BSE 50 index fund experienced slight redemptions, but future inflows are still anticipated, with the total scale reaching 9.258 billion, an increase of 1.479 billion [3][16] - The average net value growth rate of thematic funds in 2025 is 39.1%, outperforming the BSE 50 index's growth of 30.6% [3][19] - The report emphasizes a focus on active equity public funds, with new additions to the top ten heavy stocks including Kaitai Co., Minsida, and Norsland, further concentrating on Jinbo Biological [3][20] Group 3 - The report notes that active public funds are increasing their holdings in consumer sectors and companies with strong earnings reports, with six of the top ten stocks showing a profit growth rate exceeding 20% in 2024 [3][24] - The report identifies a shift towards consumer sectors, with an emphasis on "consumption + technology" as highlighted in the 2025 Two Sessions, leading to increased allocations in companies like Jinbo Biological and Kangnong Seed [3][26] - The report also mentions a decrease in heavy allocations in sectors such as electric equipment, machinery, and automobiles, while increasing in beauty care, light manufacturing, and agriculture [3][26]

AI基金易方达逆向投资混合A（011649）披露2025年一季报，第一季度基金利润2218.23万元，加权平均基金份额本期利润0.033元。报告期内，基金净值增 长率为3.38%，截至一季度末，基金规模为6.37亿元。 该基金属于偏股混合型基金。截至4月21日，单位净值为0.929元。基金经理是杨嘉文，目前管理5只基金。其中，截至4月21日，易方达平衡视野混合A1近一 年复权单位净值增长率最高，达8.97%；易方达科瑞混合最低，为-6.5%。 基金管理人在一季报中表示，截至报告期末，大部分主流指数的估值分位处于中位数附近。本基金在 2025 年第一季度股票仓位相对稳定，一季度增持的行 业主要有汽车、电子、传媒，而减持的行业主要是公用事业、食品饮料、轻工制造。在行业选择上，本基金会更关注和经济相关性不高，而且估值分位不高 的板块；同时在顺周期板块也会布局一些供需格局清晰的子行业或者有较强竞争力的个股。 截至4月21日，易方达逆向投资混合A近三个月复权单位净值增长率为-1.63%，位于同类可比基金151/256；近半年复权单位净值增长率为-3.43%，位于同类 可比基金150/256；近一年复权单位净值增长率为- ...

点击小程序查看报告原文 提振内需的必要性与政策实施的有效性正在提升 外部冲击之下，"扩内需"必要性进一步提升。 美国近期实施的关税政策力度远超预期，扰动全球贸易秩序，加剧全球经济放缓风险。中美贸易摩擦动态 演绎，截至4月16日，中国出口美国的个别商品累计各种名目的关税已达到245%[1]。在此背景下，我国政府迅速采取针对性措施，包括对等关税、出口管 制、反倾销调查、WTO诉讼等[2]，维护多边贸易。与此同时，在外部尤其贸易前景尚不明朗的背景下，更为积极地实施内需刺激政策必要性提升，以国 内增长确定性应对外部环境的不确定性。 当前时点"扩内需"的效果或优于以往。第一，从政策空间来看， 近期公布的物价数据显示，CPI同比2月起再次进入负增长区间，PPI同比持续低位运行， 通胀低位为货币宽松和财政刺激提供了更大操作空间。 第二，从政策目标来看， 扩大内需是去年底经济工作会议以及两会明确的首要任务[3]。特别地， 2024年地方政府债务置换计划落地后，地方偿债压力缓解，为新增投资及民生支出释放财政空间，地方政府配合中央逆周期调控的能力和意愿增强。 第 三，私人部门信心逐步企稳。 3月统计局公布的商品房销售面积、销售金 ...

239家A股上市公司发布一季度业绩预告 17家净利同比预增上限超6倍 智通财经4月20日电，据Choice数据统计显示，截至发稿，共有239家A股上市公司发布2025年一季度业绩预告。其中，有研新材、锐捷网络、四川双马、广 大特材、郴电国际、中船防务、杰创智能、豪鹏科技、翔港科技、东北证券、北方稀土、英联股份、美格智能、中国海防、中集集团、光华科技和金瑞矿业 在内的17只个股归母净利同比预增上限超600%。 | | | | | 2025年一季度业绩预告同比增长超600%个股 | | --- | --- | --- | --- | --- | | 公司名称 | 归母净利润上限(亿元) | 同比增长上限(%) | 甲力行业 | 业绩受动原因/财报点) | | 有研新材 | 0. 75 | 16370.00 | 电子 | 全资子公司有研亿金继续聚焦高附加值产品,本季度靶材产销量同 金利润总额增长超过60% | | | | | | 国内AI需求景气度高,公司有望持续受益。2025年公司将继续聚焦 | | | | | | 安全、云桌面业务方向。在教据中心方面,运营商及国内互联网 | | 锐捷网络 | 1. 25 | 5 ...

Market Overview - The Shanghai Composite Index closed at 3280.34 points, up 0.13%, while the Shenzhen Component Index closed at 9759.05 points, down 0.16% [2] - The ChiNext Index rose by 0.09%, and the Sci-Tech 50 Index increased by 0.23% [2] - Among the tradable A-shares, 3126 stocks rose, accounting for 57.95%, while 2039 stocks fell, and 229 stocks remained flat [2] Stock Performance - A total of 100 stocks hit the daily limit up, while 12 stocks hit the limit down [2] - The leading sectors for limit-up stocks included basic chemicals, light industry manufacturing, and retail, with 14, 8, and 8 stocks respectively [2] - Notably, 14 of the limit-up stocks were ST (special treatment) stocks, including *ST Gongzhi and *ST Hengli [2] Trading Activity - Stocks with the highest limit-up trading volume included Nanji E-commerce with 3168.77 million shares, followed by Xinhongze and Hongbaoli with 3131.60 million and 2045.72 million shares respectively [2] - In terms of trading volume, the stocks with the highest limit-up funds were Tuo Wei Information, Xinhongze, and Lifang Pharmaceutical, with amounts of 4.25 billion, 2.76 billion, and 2.41 billion respectively [2] Detailed Stock List - Tuo Wei Information (002261) closed at 28.38 yuan with a turnover rate of 12.41% and a limit-up volume of 1496.80 million shares [3] - Xinhongze (002836) closed at 8.81 yuan with a turnover rate of 3.03% and a limit-up volume of 3131.60 million shares [3] - Lifang Pharmaceutical (003020) closed at 25.31 yuan with a turnover rate of 1.01% and a limit-up volume of 953.20 million shares [3] - Other notable stocks include Hongbaoli (002165), Nanji E-commerce (002127), and Blue Science and Technology (601798) with significant trading volumes and funds [3][4]