Group 1 - In July, the A-share market continued to rise, with the Shanghai Composite Index increasing by 3.74%, marking the third consecutive month of growth [3] - Over 700 listed companies were surveyed by institutions in July, indicating a high level of institutional research activity [2][3] - Notably, several popular stocks that have seen price increases exceeding 10 times in recent years were included in the institutional surveys [8] Group 2 - Ice Wheel Environment was surveyed more than 10 times in July, discussing its product layout in the marine economy and its commitment to low-carbon energy solutions [4][5] - Northern Rare Earth also had over 10 surveys, expressing optimism about future demand in the rare earth industry, particularly in the magnetic materials sector, which is expected to grow by around 10% annually [6] - Dazhu Laser was among the most surveyed companies, with participation from several foreign institutions, highlighting its overseas expansion and adaptation to a diversified supply chain [7] Group 3 - New Yiseng, a notable stock with over 10 times price increase in recent years, participated in a conference call with over 100 institutions, discussing its product structure and sales growth in 800G and 400G products [8] - Shenghong Technology, another significant stock with similar price performance, also engaged in multiple institutional surveys in July [8] - Other companies like Changsheng Bearing and Zhaojin Gold also experienced significant price increases and were included in institutional surveys [8]

东方证券研报指出，贵研铂业持续投资聚焦核心业务，创新驱动提升经营质量。随着管理层更新，公司 持续投资建设新材料制造项目，此前已陆续公告建设贵金属绿色新材料产业园、上海稀贵金属创新平 台、上海佘山贵金属新材料产业基地，6月公告建设的工业催化剂项目，是公司新材料制造板块毛利率 最高的细分领域之一，有助于公司进一步聚焦高毛利的贵金属制造业务。随着公告的产业项目投资建设 完成，公司工业催化剂产能将显著提升，中长期来看有望更好地承接全球化工产业转移下国内需求的增 长，实现高毛利产品的销售增长。根据可比公司2025年PE估值水平，给予公司21X估值，对应目标价 18.48元，维持"买入"评级。 ...

8月1日，沪深两市成交额合计1.6万亿元，较上一交易日缩量约3376.85亿元。其中，沪市成交额6846.45 亿元，深市成交额9137.05亿元。中际旭创成交额居首，为101.52亿元。其后是北方稀土、新易盛、药明 康德、工业富联，成交额分别为94.28亿元、93.67亿元、83.98亿元、72.94亿元。 ...

沪深两市今日成交额合计15983.5亿元，中际旭创成交额居首 8月1日，沪深两市全天成交额合计15983.5亿元，较上一日缩量3376.85亿元。其中，沪市成交额为 6846.45亿元（上一交易日为8458.93亿元），成交量为5.1亿手（上一交易日为6.55亿手）；深市成交额 为9137.05亿元（上一交易日为10901.42亿元），成交量为6.24亿手（上一交易日为7.41亿手）。中际旭 创成交额居首，为101.52亿元。其次是北方稀土、新易盛、药明康德、工业富联，成交额分别为94.28亿 元、93.67亿元、83.98亿元、72.94亿元。 ...

Quantitative Models and Construction - **Model Name**: "Kaiyuan JinGong Optimal Stock Portfolio" **Model Construction Idea**: This model is based on the observation that newly recommended stocks ("newly entered stocks") outperform repeatedly recommended stocks ("repeated stocks"). It incorporates the "Surprise in Earnings" (SUE) factor to select stocks with strong earnings surprises, aiming to enhance portfolio returns[23][25]. **Model Construction Process**: 1. Use newly recommended stocks as the sample universe. 2. Select the top 30 stocks with the highest SUE factor values. 3. Weight the portfolio based on the number of recommendations by brokers. **Model Evaluation**: The model demonstrates superior performance compared to the overall stock portfolio and benchmark indices, indicating its effectiveness in capturing excess returns[23][25]. Model Backtesting Results - **Kaiyuan JinGong Optimal Stock Portfolio**: - **July Return**: 5.8%[25] - **2025 YTD Return**: 18.0%[25] - **Annualized Return**: 20.8%[25] - **Annualized Volatility**: 25.2%[25] - **Sharpe Ratio (Return-to-Volatility)**: 0.82[25] - **Maximum Drawdown**: 24.6%[25] - **Overall Stock Portfolio**: - **July Return**: 7.7%[21] - **2025 YTD Return**: 18.5%[21] - **Annualized Return**: 12.2%[21] - **Annualized Volatility**: 23.4%[21] - **Sharpe Ratio (Return-to-Volatility)**: 0.52[21] - **Maximum Drawdown**: 42.6%[21] - **Benchmark Indices**: - **CSI 300**: - **July Return**: 3.5%[21] - **2025 YTD Return**: 3.6%[21] - **Annualized Return**: 2.4%[21] - **Annualized Volatility**: 21.2%[21] - **Sharpe Ratio (Return-to-Volatility)**: 0.11[21] - **Maximum Drawdown**: 40.6%[21] - **CSI 500**: - **July Return**: 5.3%[21] - **2025 YTD Return**: 8.7%[21] - **Annualized Return**: 0.1%[21] - **Annualized Volatility**: 23.7%[21] - **Sharpe Ratio (Return-to-Volatility)**: 0.01[21] - **Maximum Drawdown**: 37.5%[21] Quantitative Factors and Construction - **Factor Name**: Surprise in Earnings (SUE) Factor **Factor Construction Idea**: The SUE factor measures the degree of earnings surprise, which is a key indicator of stock performance. Stocks with higher earnings surprises are expected to outperform[23]. **Factor Construction Process**: 1. Calculate the earnings surprise for each stock based on the difference between actual and expected earnings. 2. Rank stocks by their SUE values. 3. Select the top stocks with the highest SUE values for portfolio inclusion[23]. **Factor Evaluation**: The SUE factor demonstrates strong stock selection ability, particularly within the newly recommended stock universe, contributing to the superior performance of the optimal stock portfolio[23]. Factor Backtesting Results - **SUE Factor**: - Integrated into the "Kaiyuan JinGong Optimal Stock Portfolio," contributing to its superior performance metrics as detailed above[23][25].

7月31日，沪深两融数据显示，洛阳钼业获融资买入额1.86亿元，居两市第101位，当日融资偿还额2.00 亿元，净卖出1397.30万元。 最近三个交易日，29日-31日，洛阳钼业分别获融资买入1.07亿元、1.52亿元、1.86亿元。 融券方面，当日融券卖出3.55万股，净买入10.53万股。 本文源自：金融界 作者：智投君 ...

Group 1 - The stock price of Dongfang Tantalum Industry closed at 16.88 yuan on July 31, down 0.47 yuan, representing a decline of 2.71% from the previous trading day [1] - The trading volume on that day was 124,991 hands, with a total transaction amount of 213 million yuan [1] - Dongfang Tantalum Industry is primarily engaged in the production and sales of rare metal materials such as tantalum and niobium, with products including high-purity tantalum powder, high-purity tantalum ingots, and 12-inch tantalum target blanks [1] Group 2 - The company has achieved a full-process technological breakthrough in the semiconductor field [1] - The superconducting niobium materials produced by the company are mainly used in low-temperature superconducting fields, including national large scientific devices such as high-energy synchrotron radiation sources and accelerator-driven transmutation research facilities [1] - On July 31, the net outflow of main funds was 31.27 million yuan, accounting for 0.37% of the circulating market value [1]

Core Viewpoint - Dongfang Tantalum Industry (000962) has made significant advancements in the production of superconducting niobium materials, which are primarily used in low-temperature superconducting applications [1] Group 1: Company Developments - The company produces niobium superconducting cavities that are mainly applied in national large scientific facilities such as the High Energy Photon Source (HEPS), Accelerator Driven Subcritical System (CiADS), Super High Intensity X-ray Free Electron Laser (SHINE), and High-Intensity Heavy Ion Accelerator Facility (HIAF) [1] - In the semiconductor sector, the company has achieved a full-process technological breakthrough and industrial integration in the production of high-purity tantalum powder, high-purity tantalum ingots, and 12-inch tantalum target blanks [1]

7月31日，沪深两市成交额合计1.94万亿元，较上一交易日放量约917.56亿元。其中，沪市成交额 8458.93亿元，深市成交额1.09万亿元。新易盛成交额居首，为146.05亿元。其后是中际旭创、宁德时 代、胜宏科技、北方稀土，成交额分别为142.75亿元、120.89亿元、109.11亿元、105.3亿元。 ...

Core Viewpoint - Dongfang Tantalum Industry (000962.SZ) focuses on producing superconducting niobium materials primarily used in low-temperature superconductivity applications, contributing to major national scientific projects [1] Group 1: Superconducting Materials - The company produces superconducting niobium cavities that are utilized in high-energy synchrotron radiation sources (HEPS), accelerator-driven transmutation research facilities (CiADS), hard X-ray free electron laser devices (SHINE), and high-intensity heavy ion accelerator facilities (HIAF) [1] Group 2: Semiconductor Sector - In the semiconductor field, the company has achieved full-process technological breakthroughs and industrial integration in the production of high-purity tantalum powder, high-purity tantalum ingots, and 12-inch tantalum target blanks [1]