Core Viewpoint - The A-share market has shown significant activity in 2025, with the Shanghai Composite Index reaching a nearly ten-year high of 3888.60 points, reflecting a strong upward trend since September 2024. The market is characterized by a clear differentiation in performance between growth and value styles, with growth stocks outperforming value stocks significantly [1][4]. Market Performance - As of August 26, 2025, the growth style, represented by the CSI 300 relative growth index, has increased by 21.26%, while the value style, represented by the CSI 300 relative value index, has only risen by 9.86%. Large-cap blue-chip stocks, represented by the CSI 300 index, have seen a 15.63% increase, whereas mid-cap stocks, represented by the CSI 500 and CSI 1000 indices, have risen by 23.28% and 26.78%, respectively [1][4]. Industry Trends - The market is currently driven by two main themes: "technology innovation leading the way" and "resource cycles gaining momentum." The technology sector, particularly AI and robotics, has emerged as a strong growth engine, with industry indices in communications, media, computing, and electronics all exceeding 30% growth this year. The resource cycle sector, particularly non-ferrous metals, has also performed well, with an industry index increase of 44.72% [4][5]. Fund Performance - Over the past decade, the annualized return of the CSI Active Equity Fund Index has been 6.67%, outperforming the CSI 300 Index's 6.07%. However, in the last three years, the ability of active equity funds to generate excess returns has diminished, with a recent annualized return of -0.04%, lagging behind the CSI 300 Index's 5.22%. Notably, in 2025, active equity funds have shown significant improvement, with a return of 26.01%, surpassing the CSI 300 Index's 15.63% [6][8]. Investment Strategies - In the current market environment favoring growth styles, funds with a clear focus on growth sectors tend to have better opportunities for returns. Fund managers with a solid framework for selecting growth stocks can capture excess returns from companies with sustainable growth potential. For risk-averse investors, GARP (Growth at a Reasonable Price) strategies offer a balanced approach by considering both growth potential and valuation [10][18]. Recommended Funds - The Fuqun Tianbo Innovation Mixed Fund, managed by experienced fund manager Bi Tianyu, has a clear growth investment strategy and has historically provided good long-term returns. The fund focuses on sectors with significant growth potential, such as pharmaceuticals, electronics, and automotive [11][14]. - The Invesco Great Wall Quality Investment Mixed Fund, managed by the experienced investor Zhan Cheng, has demonstrated strong stock selection capabilities in growth sectors like electronics and automotive, providing good returns for investors [15][16]. - The Xingquan Business Model Preferred Mixed Fund, led by the capable manager Qiao Qian, employs a GARP strategy and has historically generated excellent excess returns across market cycles [17][19]. Fixed Income Plus Funds - In a favorable stock market environment with declining interest rates, "Fixed Income Plus" products are gaining popularity among investors. These products combine fixed income assets with equity investments to provide stable returns while also capturing growth opportunities [21][22]. Conclusion - The A-share market is currently characterized by strong growth in technology and resource sectors, with active equity funds showing signs of recovery. Investors are encouraged to consider funds that align with growth strategies and those that offer a balanced approach to risk and return.

证券研究报告 2025 年 8 月 28 日 星期四 【A 股市场大势研判】 大盘冲高回落，日成交额超 3 万亿 周三，市场全天冲高回落，日成交额超 3 万亿。早盘三大指数集体高开，随后市场 震荡上行，午后大盘跳水回落。截至收盘，三大指数集体收绿，上证指数领跌。盘面上， CPO 等算力硬件股维持强势，芯片股冲高回落，稀土永磁概念股表现活跃。下跌方面，地 产股展开调整。总体上个股跌多涨少，通信、电子、有色金属、公用事业和计算机等行业 表现靠前；美容护理、房地产、综合、建筑材料和纺织服饰等行业表现靠后。概念指数方 面，F5G 概念、共封装光学(CPO)、稀土永磁、智能音箱和 WiFi6 等板块表现靠前；钛白 粉概念、兵装重组概念、天津自贸区、太赫兹和基因测序等板块表现靠后。 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3800.35 | -1.76% | -68.03 | | | 深证成指 | 12295.07 | -1.43% | -178.10 | | | 沪深 300 | 4386.1 ...

Group 1 - The company, Shenyang Public Utilities Development Co., Ltd. (00747), reported a revenue of 948,000 RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 82.65% [1] - The company recorded a loss attributable to shareholders of 3.186 million RMB, marking a shift from profit to loss compared to the previous year [1] - The basic loss per share was reported at 0.22 RMB [1]

Group 1: Profit Trends - In July, the year-on-year profit growth rate for industrial enterprises improved to -1.5%, showing a marginal recovery compared to June[9] - From January to July, the total profit of industrial enterprises decreased by 1.7% year-on-year[7] - The marginal recovery in profit margins was the main driver for the increase in profit growth rate in July[9] Group 2: Revenue and Demand - In July, industrial enterprises' operating revenue grew by 0.9% year-on-year, indicating a slight decline in growth rate[9] - The marginal decline in volume growth reflects weak downstream demand, contributing to the revenue slowdown[9] - The PMI data for July indicates an expanding gap between raw material procurement prices and factory prices, which may squeeze downstream profits[9] Group 3: Sector Performance - In July, the profit growth rate for the public utilities sector rose by 5.4 percentage points to 6.9%[9] - The mining sector's profit growth rate fell by 3.1 percentage points to -39.2%, primarily due to production cuts and inventory digestion[9] - The manufacturing sector's profit growth rate increased by 5.2 percentage points to 6.6%, with upstream profits recovering significantly[9] Group 4: Inventory and Supply Chain - As of the end of June, the nominal year-on-year growth of finished goods inventory for industrial enterprises was 2.4%, with actual growth at 6.2%[9] - The inventory turnover days for industrial enterprises in July were 20.5 days, indicating a slight increase in turnover[9] - The average collection period for accounts receivable remained stable at 69.8 days, suggesting ongoing pressure in the supply chain[9] Group 5: Future Outlook - The growth of export-oriented industries remains a crucial support for overall profits, with strong global non-U.S. demand observed[9] - The impact of upstream price increases on downstream profits is a key concern, especially as demand remains weak[9] - The resilience of domestic demand will be critical in maintaining stable corporate profits as economic data begins to reflect last year's high base[9]

Quantitative Models and Construction Methods Model Name: Quantitative Alpha Model - **Model Construction Idea**: The model uses price and volume, high-frequency alpha factors as signals to calculate the overall score of each index[13] - **Model Construction Process**: - The model calculates the scores based on factors such as incremental funds entering the market (amt_mustd3m/turn_utd), intraday trading (tcv_intra), and interday stability - trading depth improvement (mom_mdr3m)[17] - Formula: $ \text{Score} = \text{amt_mustd3m/turn_utd} + \text{tcv_intra} + \text{mom_mdr3m} $ - The parameters represent the following: - amt_mustd3m/turn_utd: Incremental funds entering the market - tcv_intra: Intraday trading - mom_mdr3m: Interday stability - trading depth improvement - **Model Evaluation**: The model's internal selection has been pointing towards micro-cap stocks since September 2024, indicating a preference for micro-cap stocks[13][17] Model Name: Non-linear Market Cap Model - **Model Construction Idea**: The model evaluates the impact of non-linear market cap fluctuations on manager excess returns[20] - **Model Construction Process**: - The model calculates the average distance of scatter points from the origin during significant non-linear market cap fluctuations[20] - Formula: $ \text{Average Distance} = \frac{\sum \text{Distance from Origin}}{\text{Number of Points}} $ - The parameters represent the following: - Distance from Origin: The distance of each scatter point from the origin during non-linear market cap fluctuations - **Model Evaluation**: The model shows that managers' excess returns are significantly influenced by non-linear market cap fluctuations, with the average distance from the origin increasing from 0.84 in 2023 to 1.49 in 2024 and 1.19 in 2025[20][30] Model Name: Linear Market Cap Model - **Model Construction Idea**: The model evaluates the impact of linear market cap fluctuations on manager excess returns[26] - **Model Construction Process**: - The model calculates the average distance of scatter points from the origin during significant linear market cap fluctuations[26] - Formula: $ \text{Average Distance} = \frac{\sum \text{Distance from Origin}}{\text{Number of Points}} $ - The parameters represent the following: - Distance from Origin: The distance of each scatter point from the origin during linear market cap fluctuations - **Model Evaluation**: The model shows that managers' excess returns are influenced by linear market cap fluctuations, with the average distance from the origin increasing from 0.69 in 2023 to 1.05 in 2024 and 0.96 in 2025[26][32] Model Backtest Results Quantitative Alpha Model - **IR**: 0.55[17] - **Excess Return**: 1.9%[28] Non-linear Market Cap Model - **IR**: 1.19[30] - **Excess Return**: 1.9%[28] Linear Market Cap Model - **IR**: 0.96[32] - **Excess Return**: 0.08%[28] Quantitative Factors and Construction Methods Factor Name: Incremental Funds Entering the Market (amt_mustd3m/turn_utd) - **Factor Construction Idea**: Measures the amount of new funds entering the market[17] - **Factor Construction Process**: - Formula: $ \text{amt_mustd3m/turn_utd} $ - The parameters represent the following: - amt_mustd3m: Amount of new funds entering the market - turn_utd: Market turnover - **Factor Evaluation**: Indicates the improvement in the trading environment for micro-cap stocks[17] Factor Name: Intraday Trading (tcv_intra) - **Factor Construction Idea**: Measures the intensity of intraday trading[17] - **Factor Construction Process**: - Formula: $ \text{tcv_intra} $ - The parameters represent the following: - tcv_intra: Intraday trading volume - **Factor Evaluation**: Indicates the improvement in the trading environment for micro-cap stocks[17] Factor Name: Interday Stability - Trading Depth Improvement (mom_mdr3m) - **Factor Construction Idea**: Measures the stability and depth of trading over multiple days[17] - **Factor Construction Process**: - Formula: $ \text{mom_mdr3m} $ - The parameters represent the following: - mom_mdr3m: Momentum and trading depth over three months - **Factor Evaluation**: Indicates the improvement in the trading environment for micro-cap stocks[17] Factor Backtest Results Incremental Funds Entering the Market (amt_mustd3m/turn_utd) - **IR**: 0.55[17] - **Excess Return**: 1.9%[28] Intraday Trading (tcv_intra) - **IR**: 0.55[17] - **Excess Return**: 1.9%[28] Interday Stability - Trading Depth Improvement (mom_mdr3m) - **IR**: 0.55[17] - **Excess Return**: 1.9%[28]

Core Insights - The affected cities and counties in Hainan Province are rapidly restoring production and daily life order following the impact of Typhoon "Jianyu" [1][2] Infrastructure Recovery - Basic livelihood infrastructure is being quickly repaired, with all 22 water supply booster stations in Sanya restored by August 26, 15:00 [1] - Power lines have been restored for 113 routes, achieving a recovery rate of 72.49% [1] - Gas supply has been restored to 1,071 households, and all 12 previously flooded residential communities are back to normal [1] Transportation Network - The multi-dimensional transportation network (land, sea, air) is operating in an orderly manner, facilitating the recovery of affected areas [2] - Maritime traffic restrictions were lifted at 8 AM, and Sanya Nanshan Port is gradually resuming normal operations [2] - The Hainan Ring Island High-Speed Railway and Sanya Phoenix International Airport are also returning to normal operations [2] Tourism Sector - Sanya Atlantis Water World reopened on August 26, attracting many visitors [2] - Sanya International Duty-Free City has resumed all operations, ensuring a smooth experience for departing travelers [2] - Several tourist attractions, including Hainan Boundary Island and Nanyan Monkey Island, have reopened [2] Agricultural Recovery - Agricultural recovery efforts are accelerating in Ledong, particularly for the local honeydew melon crop, with over 240 acres affected [3] - Insurance companies have opened a "green channel" for claims, ensuring prompt compensation for affected farmers [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - Layout of the bottom - position is as important as flexible offense. A basket of "high - dividend × low - volatility" dividend assets can provide a natural "shock absorber" for the portfolio, and the combination can withstand extreme market conditions by suppressing volatility with stable cash flows and low β and then capturing market mismatches with the remaining positions [3]. - To amplify returns in the dividend pool, a dual - screening approach is more reliable than relying solely on the "high - dividend" indicator. Adding a second filter such as low - volatility, earnings quality, or institutional holdings can eliminate potential risks and further increase the returns of general dividend assets [3]. - On top of the dividend bottom - position, there are systematic excess opportunities from the left - to - right shift of the industrial cycle. Priority should be given to companies with stable cash flows despite pressured profits. Industries such as cement, silicone, and phosphate chemicals are currently in the preferred range, while the photovoltaic chain is still in a state of "double losses in profit and cash flow". The overall allocation strategy involves initially establishing an observation position, increasing the position after confirming the leading indicators of the profit inflection point, and exiting when profits weaken again or the gross margin is inverted [3]. 3. Summary by Relevant Catalogs 3.1 Bottom - Position Allocation Necessity: "Pure Left" and "Pure Right" Are Not Desirable - In a market with an increasing industry rotation center, it is crucial to build a long - term core position first. A 15 - year quarterly rotation experiment on 31 Shenwan primary industries shows that both extreme left - side bottom - fishing and extreme right - side chasing result in single - digit annualized returns and significant drawdowns. In contrast, a dividend portfolio characterized by "high - dividend × low - volatility" can provide double - digit annualized returns and keep drawdowns within an acceptable range. Therefore, increasing the exposure of "high - dividend + low - β" in the bottom - position can provide a safety cushion for the portfolio [7]. - Dividend assets are the optimal core bottom - position in terms of return - to - drawdown. Historical stress tests show that the dividend index has shallower drawdowns, a stable 3 - year rolling Sharpe ratio, and does not require market timing in the long - term perspective. It also has higher probabilities of achieving positive returns in different holding periods compared to most broad - based and style indices [10][12][21]. 3.2 Dividend Yield Single - Factor Trap - Selecting stocks based solely on the "high - dividend" factor often leads to choosing high - volatility stocks with limited return increases and large drawdowns. Adding a second filter such as low - volatility or earnings quality can improve the overall cost - effectiveness. Statistical regression shows that the dividend yield alone has a weak explanatory power for future returns [29]. - Several case studies illustrate different types of "false high - dividend" traps. For example, some companies rely on one - time gains to support high dividends, some have high dividends due to falling stock prices rather than improved profitability, and some have high dividends at the peak of the business cycle or due to high leverage. To avoid these traps, specific financial and operational criteria need to be set [37][40][44]. 3.3 High - Dividend Smart - Beta's Distortion Risk - Modified dividend indices such as "Dividend Quality" and "Dividend Potential" have larger fluctuations and deeper drawdowns than the CSI Dividend Index. Their style drift and uncontrolled risk exposure lead to higher volatility, especially in bear markets. The main reasons are their high - concentration weighting, high - valuation requirements, and frequent chasing of market highs [60][64]. - The CSI Dividend Index selects 100 stocks based on a three - year dividend yield with a diversified weighting, while the Dividend Quality and Dividend Potential indices select 50 stocks by adding factors such as ROE and EPS growth, with a more concentrated and high - chasing weighting. As a result, they are more likely to suffer from double - kills of earnings and valuation when the market weakens [64]. 3.4 Potential Ways to Enhance Dividend Low - Volatility - **Dividend + Pricing Power Approach**: Traditional high - dividend indices have several drawbacks, including style drift, inclusion of high - risk high - dividend stocks, and right - side trading characteristics. A comprehensive scoring system based on pricing power, price - to - earnings ratio, and stability can be used to select the top 20 stocks for a portfolio. A ten - year back - test shows that this combination has better performance in terms of cumulative return, annualized return, and drawdown control compared to the CSI Dividend Index [83][84]. - **Considering Institutional Participation Rate**: Incorporating institutional holdings into high - dividend screening reveals that stocks with high institutional participation (≥20%) from stable - cash - flow industries have better risk - return profiles, including higher cumulative returns, greater upside potential, and controlled drawdowns. In contrast, stocks with low institutional participation (<20%) from cyclical industries perform less well. Therefore, combining high - dividends with institutional recognition can build a safer and more sustainable dividend portfolio [89]. 3.5 Bottom - Position Is Not Just Dividends: Quality Low - Volatility and Cash Cows - The "quality + low - volatility" dual - screened bottom - position established in June 2020 can achieve a balance between offense and defense. By filtering out high - leverage and low - resilience companies and compressing risk thresholds, it has achieved a five - year rolling net value increase of about 1.6 times, with stable single - digit annualized returns and significantly reduced volatility and drawdowns compared to ordinary low - volatility strategies [94]. - The long - term returns of dividend assets mainly come from stable dividends and profits rather than valuation increases. From 2014 - 2025, the annualized total returns of Dividend Low - Volatility and CSI Dividend after reinvestment were 13.9% and 13.2% respectively, with dividend contributions exceeding 9 percentage points and accounting for over 70% of the total returns [98]. - The cash - cow enhancement framework uses six dimensions to examine potential risks in high - dividend portfolios and provides corresponding enhancement measures. These measures include equal - weighting industries and quality sorting to address concentration risks, using free - cash - flow and growth thresholds to eliminate "high - dividend traps", and implementing valuation gates and hedging strategies to manage valuation risks [108]. 3.6 Industrial Cycle Reversal: From Left to Right - At the inflection point of the industrial cycle, multi - dimensional indicators such as fundamentals, inventory, price, valuation, and funds often show concurrent inflection points. The consistency in the industry dimension, from raw material prices to mid - stream production and downstream demand, can improve the reliability of inflection - point signals. For example, the anti - involution market rhythm is often in line with this "consistency chain" [111][112]. - At the company level, by dividing samples into leading, mid - stream, and tail companies, monitoring the second - order derivatives of 10 key indicators can help identify the acceleration of marginal improvements in demand, pricing, or cash flows. When at least three indicators in any two of the three sample layers show positive second - order derivatives, it can be regarded as a company - level consistency inflection point [114]. - The industrial cycle reversal framework uses a "three - light" approach to determine investment opportunities. When the three conditions of valuation repair, profit - cash flow resonance improvement, and completion of inventory reduction and demand expansion are met simultaneously, it indicates a three - dimensional resonance of supply - demand, profit, and sentiment, and investors can make aggressive investments. Otherwise, they should continue to hold the dividend bottom - position [115].

Core Viewpoint - The China Low Carbon Index has shown significant growth, reflecting the performance of 40 representative companies in the low carbon economy sector, with a notable increase in its value over various time frames [1][2]. Group 1: Index Performance - The China Low Carbon Index closed at 6191.56 points, with a 4.90% increase over the past month, a 12.64% increase over the past three months, and a 9.68% increase year-to-date [1]. - The index is based on a starting point of 1000.0 points as of December 31, 2006 [1]. Group 2: Index Composition - The top ten weighted companies in the China Low Carbon Index include: - Sungrow Power Supply (7.05%) - Contemporary Amperex Technology (5.22%) - LONGi Green Energy (5.09%) - TBEA Co., Ltd. (4.87%) - China National Nuclear Power (4.32%) - Everbright Environment (4.24%) - Yangtze Power (4.15%) - Three Gorges Energy (4.09%) - Eve Energy (4.03%) - BYD Company (3.91%) [1]. - The index's market distribution shows that the Shanghai Stock Exchange accounts for 42.18%, the Shenzhen Stock Exchange for 36.73%, and the Hong Kong Stock Exchange for 20.51% [1]. Group 3: Industry Breakdown - The industry composition of the index includes: - Power Equipment (58.17%) - Utilities (27.13%) - Environmental Protection (8.05%) - Passenger Vehicles and Parts (3.91%) - Machinery Manufacturing (2.16%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

Group 1: Internet Platform Pricing Regulations - The National Development and Reform Commission, along with other departments, has drafted rules to guide internet platform pricing behavior, emphasizing the importance of lawful and independent pricing by operators [2][3] - The rules specify requirements for price marking and transparency, mandating that platform operators disclose pricing strategies such as promotions and dynamic pricing to ensure public oversight [2] - The guidelines aim to foster fair competition among operators by establishing standards for price competition and integrity [2][3] Group 2: PPP Project Management - The State Council has issued guidelines to regulate the construction and operation of existing Public-Private Partnership (PPP) projects, focusing on problem-solving and efficiency [4][5] - Local governments are instructed to prioritize projects based on their economic viability and to ensure timely completion and operational readiness [4] - The guidelines encourage collaboration among social capital, financial institutions, and government entities to optimize project costs and enhance public service delivery [5] Group 3: Antitrust Guidelines in Public Utilities - The State Administration for Market Regulation has proposed antitrust guidelines for the public utility sector to prevent monopolistic practices and protect consumer interests [6][7] - The guidelines detail specific behaviors that constitute abuse of market dominance, such as unfair pricing and restrictive trading practices [6][7] - The initiative aims to clarify enforcement principles and provide a framework for compliance in the public utility sector, promoting healthy market competition [7] Group 4: Financial Support in Chongqing - Chongqing aims to increase its technology loan balance to approximately 1 trillion yuan by 2027, alongside significant targets for green loans and microfinance [9][10] - The plan includes 17 specific measures to enhance financial services across various sectors, including technology, green initiatives, and elderly care [9][10] - The city will also focus on digital finance transformation and support for small and micro enterprises through targeted financial actions [10] Group 5: Business Deregistration Guidelines in Xiamen - Xiamen has introduced guidelines for "substitute deregistration" to facilitate the exit of business entities facing challenges due to investor death or other issues [11][12] - The guidelines provide a structured approach for various types of investors to navigate the deregistration process, ensuring legal compliance and efficiency [11][12] - Measures are in place to protect the rights of creditors and shareholders, including avenues for preemptive relief and post-deregistration corrections [12] Group 6: Innovation and Entrepreneurship in Shanghai - Shanghai's Lingang Group has launched the "Super Individual 288 Action" plan to create a supportive environment for youth entrepreneurship, offering free office space and housing [14][15] - The initiative targets eight innovative sectors and aims to establish a significant number of high-level laboratories and industry clusters by 2030 [14][15] - Financial support mechanisms, including dedicated loans and funds, will be implemented to assist startups and enhance market access [15]

港股公司报告 | 公司点评 华润电力（00836） 证券研究报告 纯火电权益核心利润保持增长，一次性因素扰动业绩 事件： 公司发布 2025 年中期业绩。上半年公司持有人应占利润为 78.72 亿港元， 同比减少 15.9%；持有人应占核心业务利润 82.78 亿港元，同比增加 0.1%。 公司 2025 年中期拟每股派息 0.356 港元。 点评 风光全年并网容量 10GW 规划不变，预计下半年投产火电权益装机 6GW 上半年公司新增风光并网装机约 4,839 兆瓦，新增火电项目权益并网装机 894 兆瓦。截至 6 月底，公司火力发电权益并网装机容量为 39.14GW，风 电权益并网装机容量为 25.55GW，光伏权益并网装机容量为 12.97GW；公 司风电在建管理装机容量为 8,679 兆瓦，光伏在建管理装机容量为 6,515 兆瓦。上半年公司获得可再生能源开发建设指标 5,874 兆瓦，其中风电项 目 3,996 兆瓦，光伏项目 1,878 兆瓦。展望后续，公司规划全年新增风电 和光伏项目并网容量 10,000 兆瓦，与年初目标一致；下半年公司预计投产 的火电机组权益装机容量约 5,982.5 兆瓦。 ...