证券代码：600643 证券简称：爱建集团 公告编号：临 2025-033 上海爱建集团股份有限公司 第九届董事会第 18 次会议决议公告 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个别及连带责任。 上海爱建集团股份有限公司（以下简称"公司"或"爱建集团"）第九届董 事会第 18 次会议于 2025 年 8 月 8 日发出会议通知，会议于 2025 年 8 月 13 日以 现场结合通讯方式在公司 1301 会议室召开，会议由公司董事长王均金先生主持。 应出席董事 9 人，实际出席 9 人，其中胡爱军董事、段祺华独立董事以通讯方式 参会，其他董事以现场方式参会。公司监事会主席、监事及有关人员列席会议。 会议符合《中华人民共和国公司法》及《公司章程》等的规定。 本次会议审议通过以下议案： 一、审议《关于公司取消监事会并修订 <公司章程> 的议案》 审议通过《关于公司取消监事会并修订 <公司章程> 的议案》，同意： 公司不再设置监事会，《公司法》规定的监事会职权由董事会审计委员会行 使。同时对《上海爱建集团股份有限公司章程》进行修订。 根 ...

The provided content does not include any specific quantitative models or factors, nor does it detail their construction, evaluation, or backtesting results. The documents primarily focus on market performance, sector and concept index movements, market sentiment, capital flows, ETF premiums/discounts, block trading, and institutional activity. These are descriptive analyses and do not involve the development or testing of quantitative models or factors.

Core Insights - The report highlights the current positioning of the Bank of China’s multi-strategy industry allocation system, with a comprehensive allocation of 8.6% across various sectors, including Electronics (7.5%), Non-ferrous Metals (7.4%), and Banking (7.3) [1] - The report tracks the performance of various strategies, noting that the S2 sentiment tracking strategy achieved a weekly excess return of 3.3%, while the S1 industry profitability tracking strategy underperformed with an excess return of -0.1% [2][3] - The report identifies the top-performing sectors for the week as Machinery (5.4%), Non-ferrous Metals (4.4%), and National Defense Industry (4.2%), while the worst performers were Oil & Petrochemicals (-0.9%), Pharmaceuticals (-0.9%), and Comprehensive Finance (-0.6%) [3][10] Industry Performance Review - The average weekly return for the 30 CITIC first-level industries was 1.9%, with a one-month average return of 4.2% [10] - The report provides a detailed breakdown of weekly and monthly performance for each industry, indicating significant variations in returns across sectors [11] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying industries with a PB ratio above the 95th percentile as overvalued [12][13] - Currently, the industries triggering high valuation warnings include Retail Trade, National Defense Industry, and Media, all exceeding the 95% threshold [13][14] Strategy Performance - The report outlines the performance of various strategies, with the S4 long-term reversal strategy showing a significant excess return of 6.4% year-to-date [3][15] - The S3 macro style rotation strategy has a current excess return of 4.3%, indicating strong performance in the context of macroeconomic indicators [3][24] Sector Rankings - The report ranks the current high-prospect sectors based on profitability expectations, with Non-ferrous Metals, Communication, and Agriculture leading the rankings [16][19] - The sentiment tracking strategy (S2) identifies Machinery, Computer, and Textile as the top sectors based on implied sentiment indicators [19][20] Macro Indicators - The report highlights the top six industries favored by current macroeconomic indicators, which include Comprehensive Finance, Computer, Media, National Defense Industry, and Non-bank Financials [24][25]

证券研究报告 | 2025年08月09日 港股投资周报 港股精选组合年内上涨 51.02%，相对恒指超额 27.10% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 2.92%，相对恒生指数超额收益 1.48%。 本年，港股精选组合绝对收益 51.02%，相对恒生指数超额收益 27.10%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，心动公司等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是医药板块，其次为科技、大金融、 消费和周期板块，具体个股信息可参照正文。 宽基指数方面，本周恒生小型股指数收益最高，累计收益 4.62%；恒生科技 指数收益最低，累计收益 1.17%。 行业指数方面，本周原材料业行业收益最高，累计收益 10.98%；医疗保健 业行业收益最低，累计收益 0.12%。 概念板块方面，本周今日头条系概念板块收益最高，累计收益 34.82%；内 地医疗企业概念板块收益最低，累计收益-8.43%。 南向资金监控 南向资金整 ...

| | 重组上市以来，每年均按照不低于归属于母公司 | | --- | --- | | | 净利润 30%的标准派发现金股利。公司持续优化 | | | 现金分红政策，2024 年度首次实施中期分红，分 | | | 红比例提升至 31.8%，切实保障股东权益。截至 | | | 年度累计现金分红 亿元。公司将根据 2024 150.44 | | | 所处发展阶段，持续统筹业绩增长与股东回报的 | | | 动态平衡。在保证正常经营的前提下，坚持为投 | | | 资者提供持续、稳定的现金分红，保障广大投资 | | | 者回报。 | | | 稳定币对公司业务发展是否有帮助？如何 3. | | | 看待该业务趋势？ | | | 答：公司目前暂不涉及相关业务。公司注意 | | | 到部分投资者对该业务有较高关注，公司正在组 | | | 织对相关领域政策进行研究，依法合规、审慎稳 | | | 健开展各项业务。 | | 附件清单 | 无 | | 日期 | 2025 年 8 月 7 日 | 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活 ...

Investment Rating - The report maintains a neutral stance on the stock market, cautious on bonds, and optimistic on commodities [2][4]. Core Insights - The report highlights that the PPI was below expectations while social financing and CPI exceeded expectations, leading to a neutral outlook for the stock market. GDP growth was above expectations, putting pressure on the bond market, while the commodity market outlook remains optimistic [1][2]. - The industry rotation model for August recommends sectors such as comprehensive, comprehensive finance, media, agriculture, forestry, animal husbandry, fishery, telecommunications, and light industry manufacturing, indicating a shift from real estate and consumer services [4][12]. - The small-cap growth style is expected to continue its dominance, supported by macroeconomic indicators and investor sentiment [5][6]. Summary by Sections Economic Indicators - As of the end of July, PPI was below expectations, while social financing and CPI were above expectations, leading to a neutral view on the stock market. GDP growth was consistently above expectations, negatively impacting the bond market [2][4]. Industry Recommendations - The August industry rotation model recommends comprehensive, comprehensive finance, media, agriculture, forestry, animal husbandry, fishery, telecommunications, and light industry manufacturing, while excluding real estate and consumer services [4][12]. Investment Strategies - The best-performing strategy in July was the new stock strategy, achieving a monthly return of 11.3%, significantly outperforming major small-cap indices [8]. - The growth trend resonance stock selection strategy yielded a return of 7.9%, while the XG Boost growth selection strategy achieved a return of 5.8% [9]. - For August, the report suggests focusing on small-cap combinations and dividend/valued selections, while not recommending growth strategies due to ongoing valuation declines [11][12]. Quantitative Models - The report discusses advancements in quantitative models, particularly deep learning models that have outperformed benchmarks significantly [13][14].

Report Industry Investment Rating - Not provided in the content Core Views - Short - term macro expectations have adjustment pressure after being fulfilled, but the medium - and long - term policy guidance remains bullish [4] - The domestic economy will maintain a weak reality. Pay attention to the improvement opportunities of cyclical industries that reverse deflation [4] - Domestic and overseas liquidity is expected to be loose, and the domestic stock market will receive incremental funds, but there are also some unfavorable factors such as the increase in the pressure of equity financing and the marginal increase in the pressure of share unlocking [4] - After a short - term sharp rise, the valuations of various indices have entered the neutral to high level in history, and the attractiveness of allocation funds is average [4] - In August, it is recommended to reduce long positions or conduct short - term shorting of IC and IM during rebounds, and go long on IF and IH during sharp drops. Also, use out - of - the - money put options to protect against adjustment risks [4] Summary by Directory 1. Market Review - **Stock Market Performance**: In the past month, A - shares led the rise, and the Nasdaq led the decline. The growth rate rankings of various indices are as follows: ChiNext > CSI 500 > Dow Jones > FTSE Emerging Markets > Hang Seng Index > Nikkei 225 > FTSE Europe > Nasdaq Composite. In terms of industries, steel led the rise, and comprehensive finance led the decline [7][8][12] - **Futures Basis and Spread**: The basis rates of the four major stock index futures (IH, IF, IC, and IM) changed by 0.7%, 0.45%, 0.12%, and 0.35% respectively, and the discounts of each futures contract significantly narrowed. The inter - period spread rates of the four major stock index futures (current month and next month) and (next quarter and current month) also changed, with different trends for different contracts [20] 2. Fund Flow - **Margin Trading and Stabilization Funds**: In July, margin trading funds flowed in 134.35 billion yuan to reach 1.98 trillion yuan, and the proportion of margin trading balance in the market value of tradable shares in the Shanghai and Shenzhen stock markets increased by 0.07% to 2.33%. The scale of passive stock ETF funds exceeded 3 trillion yuan, an increase of 78.13 billion yuan from the previous month, but the share decreased by 11.65 billion shares [23] - **Industrial Capital**: In July, equity financing was 46.49 billion yuan, and the scale of equity financing significantly declined to a low level. The market value of share unlocking was 288.39 billion yuan, a month - on - month increase of 69.89 billion yuan, and the marginal increase continued [26] 3. Liquidity - **Money Supply**: In July, the central bank's OMO reverse repurchase had a net withdrawal of 36.43 billion yuan, and the MLF had a net injection of 10 billion yuan. The overall liquidity supply was neutral to loose [28] - **Money Demand**: In July, the net demand for money in the bond market was 208.386 billion yuan, maintaining a high level, driven by the debt financing needs of national bonds, local government bonds, and enterprises [31] - **Fund Price**: In July, DR007, R001, and SHIBOR overnight rates changed by - 49.1bp, - 73.1bp, and - 10.7bp respectively, and the issuance rates of inter - bank certificates of deposit also decreased. The overall fund price rebounded slightly at a low level [34] - **Term Structure**: In July, the yield term structure of bonds flattened slightly, and the credit spread between national bonds and policy - bank bonds widened at the long - end [38] - **Sino - US Interest Rate Spread**: In July, the Sino - US interest rate spread inverted degree narrowed, the offshore RMB depreciated by 0.5%, and the US dollar against the RMB oscillated at the central level of the nearly three - year range [41] 4. Macroeconomic Fundamentals - **Real Estate Demand**: As of July 31, the weekly transaction area of commercial housing in 30 large - and medium - sized cities seasonally rebounded but was at a relatively low level in the same period. The second - hand housing sales seasonally declined. The real estate market was generally weak, but rigid demand supported the lower limit [44] - **Service Industry Activities**: As of August 1, the subway passenger volume in 28 large - and medium - sized cities remained high, and the service industry economic activities were at a high level. The traffic congestion delay index in 100 cities decreased, and the service industry economic activities tended to grow naturally and stably [48] - **Manufacturing Tracking**: In July, the capacity utilization rates of the manufacturing industry were differentiated. The overall internal and external demand of the manufacturing industry was still under pressure [52] - **Goods Flow**: The goods flow and passenger flow remained at a relatively high level, but the growth in some fields cooled down weekly. The highway and railway transportation were relatively weak, and there was a seasonal decline after August [57] - **Import and Export**: The export rush after the Sino - US trade talks ended, and the export was expected to be under pressure from August to September [59] - **Overseas Situation**: In the US in July, the employment market was mixed, the ISM manufacturing PMI dropped to the lowest level in the year, and the market's expectation of the Fed's interest rate cut increased [62][66] 5. Other Analyses - **Valuation**: In the past month, the risk premium of the stock - bond market decreased, and the foreign capital risk premium index also decreased. The relative valuation levels of major indices were not low, and the attractiveness of small - cap stocks decreased significantly [69][74] - **Quantitative Diagnosis**: According to the seasonal law, the stock market is in a period of seasonal shock decline and structural differentiation from August to September. It is recommended to pay attention to the trading and arbitrage opportunities of different index futures [77]

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The framework identifies the dominant market style by comparing the intrinsic attributes of assets, which are tied to their industry lifecycle stages. It prioritizes assets based on the sequence of growth rate (g) > return on equity (ROE) > dividend yield (D) to determine the most advantageous assets and focuses on the most promising sectors[5][6][9] - **Model Construction Process**: 1. Define five style stages for equity assets: external growth, quality growth, quality dividend, value dividend, and distressed value[5] 2. Compare assets globally to identify advantageous ones based on their intrinsic characteristics[5] 3. Use the priority sequence g > ROE > D to evaluate whether good assets exist and whether they are overvalued[5][6] 4. Focus on sectors with the most advantageous characteristics in the current market[5][6] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotations since 2009, achieving an annualized return of 26.70%[16] 2. Model Name: Asset Comparison Strategy - **Model Construction Idea**: This model categorizes assets into primary and secondary groups. Primary assets include actual growth, expected growth, and profitability assets. Secondary assets are prioritized based on crowding levels and fundamental factors[9] - **Model Construction Process**: 1. Classify assets into primary (expected growth, actual growth, profitability) and secondary (quality dividend, value dividend, distressed value) categories[9] 2. Allocate market funds to primary assets when any of them show an advantage; otherwise, shift to secondary assets[9] 3. Rank secondary assets by crowding levels and fundamental factors, with the order: quality dividend > value dividend > distressed value[9] --- Model Backtesting Results 1. Quantitative Market Trend Judgment Framework - Annualized return: 26.70% since 2009[16] - Historical performance: Positive excess returns in most years, with limited effectiveness in 2011, 2012, 2014, and 2016[16][19] - Excess returns by year: - 2009: 51% - 2010: 14% - 2013: 36% - 2017: 27% - 2020: 44% - 2022: 62%[19] --- Quantitative Factors and Construction Methods 1. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Measures the expected growth rate based on analysts' forecasts, regardless of the industry lifecycle stage[6] - **Factor Construction Process**: 1. Use analysts' forecasted growth rates as the primary input[6] 2. Calculate the spread (Δgf) between top and bottom groups to assess the trend of expected growth[21] - **Factor Evaluation**: The factor has shown consistent expansion, with top groups driving the increase, indicating analysts' optimism about high-growth sectors[21] 2. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Focuses on performance momentum (Δg) during transition and growth phases[6] - **Factor Construction Process**: 1. Calculate the spread (Δg) between top and bottom groups based on actual growth rates[25] 2. Monitor the trend of Δg to identify growth opportunities in the market[25] - **Factor Evaluation**: The factor has shown gradual expansion, with opportunities in sectors maintaining strong momentum despite a slowdown in top-tier growth[25] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Evaluates valuation levels using the PB-ROE framework, focusing on mature industries[6] - **Factor Construction Process**: 1. Calculate the PB-ROE residuals for each industry[40] 2. Rank industries based on residuals to identify undervalued high-ROE sectors[40] - **Factor Evaluation**: The factor's advantage has declined, and its crowding level remains low, suggesting limited opportunities in the current market[28] 4. Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify high-quality dividend-paying industries[6] - **Factor Construction Process**: 1. Calculate DP and ROE scores for each industry[43] 2. Combine the scores to rank industries and select the top-performing ones[43] - **Factor Evaluation**: The factor has shown significant excess returns in specific years, such as 2016, 2017, and 2023[43] 5. Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued dividend-paying industries[6] - **Factor Construction Process**: 1. Calculate DP and BP scores for each industry[47] 2. Combine the scores to rank industries and select the top-performing ones[47] - **Factor Evaluation**: The factor has demonstrated strong excess returns in years like 2009, 2017, and 2021-2023[47] 6. Factor Name: Distressed Value (PB+SIZE) - **Factor Construction Idea**: Identifies industries with low price-to-book ratios (PB) and small market capitalization (SIZE), focusing on stagnation and recession phases[6] - **Factor Construction Process**: 1. Calculate PB and SIZE scores for each industry[51] 2. Combine the scores to rank industries and select the lowest-scoring ones[51] - **Factor Evaluation**: The factor has shown significant excess returns during periods like 2015-2016 and 2021-2023[51] --- Factor Backtesting Results 1. Expected Growth (gf) - Δgf continues to expand, driven by top-tier groups, indicating analysts' optimism about high-growth sectors[21] 2. Actual Growth (g) - Δg shows gradual expansion, with opportunities in sectors maintaining strong momentum despite a slowdown in top-tier growth[25] 3. Profitability (ROE) - ROE advantage continues to decline, with low crowding levels and limited opportunities in the current market[28] 4. Quality Dividend (DP+ROE) - Significant excess returns in 2016, 2017, and 2023[43] 5. Value Dividend (DP+BP) - Strong excess returns in 2009, 2017, and 2021-2023[47] 6. Distressed Value (PB+SIZE) - Significant excess returns during 2015-2016 and 2021-2023[51]

Quantitative Models and Construction Methods Style Factors 1. **Factor Name**: Beta Factor - **Construction Idea**: Captures the market sensitivity of stocks - **Construction Process**: - Calculate the daily returns of individual stocks and the market index (CSI All Share Index) over the past 252 trading days - Perform an exponentially weighted regression with a half-life of 63 trading days - The regression coefficient is taken as the Beta factor - **Evaluation**: High Beta stocks outperformed low Beta stocks in the recent week, indicating a preference for market-sensitive stocks[15][16] 2. **Factor Name**: Leverage Factor - **Construction Idea**: Measures the financial leverage of companies - **Construction Process**: - Calculate three sub-factors: Market Leverage (MLEV), Debt to Assets (DTOA), and Book Leverage (BLEV) - MLEV = Non-current liabilities / Total market value - DTOA = Total liabilities / Total assets - BLEV = Non-current liabilities / Shareholders' equity - Combine the three sub-factors equally to form the Leverage factor - **Evaluation**: Low leverage companies outperformed high leverage companies, indicating a market preference for financially stable companies[15][16] 3. **Factor Name**: Growth Factor - **Construction Idea**: Measures the growth potential of companies - **Construction Process**: - Calculate two sub-factors: Sales Growth (SGRO) and Earnings Growth (EGRO) - SGRO = Regression slope of past five years' annual sales per share divided by the average sales per share - EGRO = Regression slope of past five years' annual earnings per share divided by the average earnings per share - Combine the two sub-factors equally to form the Growth factor - **Evaluation**: The Growth factor showed a negative return, indicating a decline in market preference for high-growth stocks[15][16] Stock Selection Factors 1. **Factor Name**: Single Quarter ROA - **Construction Idea**: Measures the return on assets for a single quarter - **Construction Process**: - Single Quarter ROA = Net income attributable to parent company / Total assets - **Evaluation**: Performed well in the CSI 300 stock pool over the past week[21][24] 2. **Factor Name**: 240-Day Skewness - **Construction Idea**: Measures the skewness of daily returns over the past 240 trading days - **Construction Process**: - Calculate the skewness of daily returns over the past 240 trading days - **Evaluation**: Performed well in the CSI 300 stock pool over the past week[21][24] 3. **Factor Name**: Single Quarter ROE - **Construction Idea**: Measures the return on equity for a single quarter - **Construction Process**: - Single Quarter ROE = Net income attributable to parent company / Shareholders' equity - **Evaluation**: Performed well in the CSI 300 stock pool over the past week[21][24] Factor Backtesting Results 1. **Beta Factor**: Weekly long-short return: 1.86%, Monthly long-short return: 1.64%[17] 2. **Leverage Factor**: Weekly long-short return: -3.07%, Monthly long-short return: -1.58%[17] 3. **Growth Factor**: Weekly long-short return: -1.73%, Monthly long-short return: -5.13%[17] Stock Selection Factor Backtesting Results 1. **Single Quarter ROA**: Weekly excess return: 0.98%, Monthly excess return: 2.61%, Annual excess return: 9.49%, Ten-year annualized return: 3.69%[22] 2. **240-Day Skewness**: Weekly excess return: 0.75%, Monthly excess return: 2.48%, Annual excess return: 6.40%, Ten-year annualized return: 2.85%[22] 3. **Single Quarter ROE**: Weekly excess return: 0.74%, Monthly excess return: 1.55%, Annual excess return: 8.96%, Ten-year annualized return: 3.46%[22]

8月1日，中国平安(02318)盘中下跌2.04%，截至15:21，报52.85元/股，成交33.64亿元。 中国平安保险(集团)股份有限公司是国内金融牌照最齐全、业务范围最广泛的综合金融集团之一，主要 经营保险、银行、资管等综合金融业务和医疗健康业务。公司注重深化"综合金融+医疗养老"服务体 系，提供包含"金融顾问、家庭医生、养老管家"在内的专业服务。 8月26日，中国平安将披露2025财年中报。 本文源自：金融界 作者：行情君 截至2025年一季报，中国平安营业总收入1461.13亿元、净利润270.16亿元。 7月30日，交银国际证券维持买入评级,目标价上调至73港元。 ...