Group 1 - The other home appliance sector increased by 1.31% on September 17, with Rongtai Health leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - Rongtai Health's stock price rose by 2.96% to 40.00, with a trading volume of 137,600 shares [1] Group 2 - The net inflow of main funds in the other home appliance sector was 46.71 million yuan, while retail funds saw a net inflow of 32,000 yuan [1] - Rongtai Health had a main fund net inflow of 43.40 million yuan, accounting for 7.86% of its trading volume [1] - Retail investors showed a net outflow of 2.46 million yuan for Rongtai Health, representing -0.45% of its trading volume [1]

Group 1 - The other home appliance sector increased by 6.92% compared to the previous trading day, with Rongtai Health leading the gains [1] - On September 16, the Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] - Key stocks in the other home appliance sector showed significant price movements, with Rongtai Health closing at 38.85, up 9.99%, and Rongjie Health at 4.61, up 5.73% [1] Group 2 - The net inflow of main funds in the other home appliance sector was 117 million yuan, while retail funds experienced a net outflow of 65.03 million yuan [1] - Rongtai Health had a main fund net inflow of 110 million yuan, accounting for 23.87% of its total, while retail funds saw a net outflow of 47.27 million yuan [1] - Rongjie Health reported a main fund net inflow of 8.82 million yuan, with a retail net outflow of 14.46 million yuan [1]

Group 1 - The other home appliance sector declined by 0.84% on September 15, with Rongtai Health leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stock performance in the other home appliance sector included Rongjie Health at 4.36 (up 0.46%), Aojiahua at 6.89 (down 0.29%), and Rongtai Health at 35.32 (down 1.70%) [1] Group 2 - The net outflow of main funds in the other home appliance sector was 21.14 million yuan, while retail funds saw a net inflow of 15.80 million yuan [1] - Detailed fund flow for key stocks showed Aojiahua with a main fund outflow of 0.022 million yuan, Rongjie Health with an outflow of 1.69 million yuan, and Rongtai Health with an outflow of 19.44 million yuan [1] - Retail investors contributed a net inflow of 19.06 million yuan to Rongtai Health, indicating a divergence in investor sentiment [1]

Market Overview - The other home appliance sector experienced a decline of 2.22% on September 12, with Rongtai Health leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Rongjie Health (300247) closed at 4.37, down 0.91% with a trading volume of 121,500 shares and a transaction value of 53.16 million yuan [1] - Aojiahua (002614) closed at 6.95, down 1.14% with a trading volume of 69,000 shares and a transaction value of 48.15 million yuan [1] - Rongtai Health (603579) closed at 35.81, down 3.09% with a trading volume of 63,500 shares and a transaction value of 232 million yuan [1] Capital Flow Analysis - The other home appliance sector saw a net outflow of 19.5467 million yuan from main funds, while retail funds had a net inflow of 10.2083 million yuan [1] - Specific capital flows for individual stocks include: - Rongjie Health: net outflow of 4.0078 million yuan, down 4.58% [1] - Aojiahua: net outflow of 5.0289 million yuan, down 6.25% [1] - Rongtai Health: net outflow of 10.51 million yuan, down 3.60% [1]

Group 1 - The other home appliance sector increased by 2.59% on September 11, with Rongtai Health leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Rongtai Health's closing price was 36.95, reflecting a rise of 4.70%, with a trading volume of 85,500 shares and a transaction value of 308 million yuan [1] Group 2 - The net inflow of main funds in the other home appliance sector was 33.23 million yuan, while retail funds experienced a net outflow of 3.74 million yuan [1] - Rongtai Health saw a net inflow of 39.31 million yuan, but also had a net outflow of 30.10 million yuan from retail investors [1] - Rongjie Health and Qijiahua experienced minor fluctuations in their trading volumes and net fund flows, indicating mixed investor sentiment [1]

Group 1 - The other home appliance sector increased by 1.37% on the previous trading day, with Rongtai Health leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Rongtai Health's closing price was 35.29, with a rise of 2.95%, and a trading volume of 69,500 shares [1] Group 2 - The net outflow of main funds in the other home appliance sector was 15.34 million yuan, while retail investors saw a net inflow of 16.22 million yuan [2] - The trading volume for Rongtai Health was 69,500 shares, while Rongjie Health had a trading volume of 194,100 shares with no change in price [2]

Market Performance - The other home appliance sector increased by 2.23% compared to the previous trading day, with Rongtai Health leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Rongtai Health (603579) closed at 38.30, with a rise of 2.54% and a trading volume of 72,400 shares, amounting to a transaction value of 274 million yuan [1] - Rongjie Health (300247) closed at 4.45, up 2.53% with a trading volume of 197,300 shares, totaling 86.9957 million yuan [1] - Aojiahua (002614) closed at 7.04, increasing by 1.15% with a trading volume of 114,100 shares, resulting in a transaction value of 79.5841 million yuan [1] Capital Flow - The other home appliance sector saw a net inflow of 19.6829 million yuan from main funds, while retail funds experienced a net inflow of 4.4043 million yuan [1] - However, speculative funds recorded a net outflow of 24.0872 million yuan [1] Individual Stock Capital Flow - Rongtai Health had a main fund net inflow of 13.1731 million yuan, with a main fund net proportion of 4.81%, while speculative funds had a net outflow of 24.2501 million yuan [1] - Rongjie Health experienced a main fund net inflow of 7.6820 million yuan, with a main fund net proportion of 8.83%, and a speculative fund net outflow of 606.92 thousand yuan [1] - Aojiahua had a main fund net outflow of 117.23 thousand yuan, with a speculative fund net inflow of 623.20 thousand yuan [1]

Group 1 - The other home appliance sector declined by 2.46% on September 4, with Rongtai Health leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] - Rongtai Health's stock price fell by 4.96% to 37.35, with a trading volume of 81,100 shares and a transaction value of 304 million yuan [1] Group 2 - The net outflow of main funds in the other home appliance sector was 21.65 million yuan, while retail investors saw a net inflow of 33.19 million yuan [1] - Rongtai Health experienced a net outflow of 2.39 million yuan from main funds, with retail investors contributing a net inflow of 17.86 million yuan [1] - The trading data for other companies in the sector showed mixed results, with Aojiahua gaining 1.46% and Rongjie Health declining by 0.46% [1]

Quantitative Models and Construction Methods Model Name: Quantitative Market Trend Analysis Framework - **Model Construction Idea**: The model aims to solve the systematic rotation problem of styles by conducting a bottom-up quantitative market trend analysis. It identifies the dominant asset characteristics that represent the future market's mainstream style through a comprehensive comparison of assets[1][5] - **Model Construction Process**: - The model considers five style stages based on the asset's industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[1][5] - The priority for asset comparison is based on the sequence: growth (g) > return on equity (ROE) > dividend (D)[1][5] - The model uses the spread of asset advantage differences to capture the trend changes of top assets, similar to factor timing[20] - **Model Evaluation**: The framework has shown good explanatory power for past A-share style rotations, achieving an annualized return of 27.25% since 2009[15] Model Backtesting Results - **Quantitative Market Trend Analysis Framework**: - 2009: Asset Comparison Strategy 133%, Wind All A 82%, Excess Return 51%[18] - 2010: Asset Comparison Strategy 7%, Wind All A -7%, Excess Return 14%[18] - 2011: Asset Comparison Strategy -33%, Wind All A -22%, Excess Return -11%[18] - 2012: Asset Comparison Strategy 5%, Wind All A 5%, Excess Return 0%[18] - 2013: Asset Comparison Strategy 41%, Wind All A 5%, Excess Return 36%[18] - 2014: Asset Comparison Strategy 48%, Wind All A 52%, Excess Return -4%[18] - 2015: Asset Comparison Strategy 55%, Wind All A 38%, Excess Return 16%[18] - 2016: Asset Comparison Strategy -14%, Wind All A -13%, Excess Return -1%[18] - 2017: Asset Comparison Strategy 32%, Wind All A 5%, Excess Return 27%[18] - 2018: Asset Comparison Strategy -21%, Wind All A -28%, Excess Return 7%[18] - 2019: Asset Comparison Strategy 41%, Wind All A 33%, Excess Return 8%[18] - 2020: Asset Comparison Strategy 69%, Wind All A 26%, Excess Return 44%[18] - 2021: Asset Comparison Strategy 47%, Wind All A 9%, Excess Return 38%[18] - 2022: Asset Comparison Strategy 44%, Wind All A -19%, Excess Return 62%[18] - 2023: Asset Comparison Strategy 5%, Wind All A -5%, Excess Return 10%[18] - 2024: Asset Comparison Strategy 62%, Wind All A 10%, Excess Return 52%[18] - 2025 (Aug): Asset Comparison Strategy 27%, Wind All A 23%, Excess Return 4%[18] Quantitative Factors and Construction Methods Factor Name: Expected Growth (gf) - **Factor Construction Idea**: The factor focuses on the highest analyst forecasted growth rates, regardless of the cycle stage[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest expected growth rates as forecasted by analysts[6] - The spread of expected growth advantage differences (Δgf) is used to capture the trend changes in top assets[20] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015[34] Factor Name: Actual Growth (g) - **Factor Construction Idea**: The factor focuses on industries with the highest actual growth rates, particularly during transition and growth periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest actual growth rates (Δg)[6] - The spread of actual growth advantage differences (Δg) is used to capture the trend changes in top assets[24] - **Factor Evaluation**: The factor has shown significant excess returns in growth-dominant environments[36] Factor Name: Profitability (ROE) - **Factor Construction Idea**: The factor focuses on industries with high ROE and low valuation under the PB-ROE framework, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with high ROE and low PB-ROE residuals[6] - The spread of ROE advantage differences is used to capture the trend changes in top assets[26] - **Factor Evaluation**: The factor has shown significant excess returns from 2016 to 2020, with weaker performance since 2021[39] Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+ROE scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+ROE scores[6] - The spread of DP+ROE advantage differences is used to capture the trend changes in top assets[42] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[43] Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+BP scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+BP scores[6] - The spread of DP+BP advantage differences is used to capture the trend changes in top assets[45] - **Factor Evaluation**: The factor has shown significant excess returns in 2009, 2017, and 2021-2023[46] Factor Name: Bankruptcy Value (PB+SIZE) - **Factor Construction Idea**: The factor focuses on industries with the lowest PB+SIZE scores, concentrated in stagnation and recession periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the lowest PB+SIZE scores[6] - The spread of PB+SIZE advantage differences is used to capture the trend changes in top assets[48] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[49] Factor Backtesting Results - **Expected Growth (gf)**: - Cable: 12 stocks, largest weight stock Zhongtian Technology, average market cap 21.791 billion yuan, 3-month performance 49.62%[34] - Cement: 19 stocks, largest weight stock Conch Cement, average market cap 17.929 billion yuan, 3-month performance 12.71%[34] - Glass Fiber: 6 stocks, largest weight stock China Jushi, average market cap 26.657 billion yuan, 3-month performance 63.67%[34] - Rare Earth and Magnetic Materials: 17 stocks, largest weight stock Northern Rare Earth, average market cap 31.018 billion yuan, 3-month performance 98.77%[34] - White Goods III: 10 stocks, largest weight stock Midea Group, average market cap 113.675 billion yuan, 3-month performance -1.21%[34] - **Actual Growth (g)**: - Integrated Circuits: 104 stocks, largest weight stock Cambricon-U, average market cap 45.058 billion yuan, 3-month performance 42.93%[37] - PCB: 38 stocks, largest weight stock Shenghong Technology, average market cap 27.163 billion yuan, 3-month performance 112.10%[37] - Tungsten: 4 stocks, largest weight stock Xiamen Tungsten, average market cap 30.523 billion yuan, 3-month performance 69.26%[37] - Lithium Battery Equipment: 12 stocks, largest weight stock Lead Intelligent, average market cap 11.731 billion yuan, 3-month performance 60.15%[37] - Weapons and Equipment III: 12 stocks, largest weight stock Great Wall Military Industry, average market cap 21.307 billion yuan, 3-month performance 80.22%[37] - **Profitability (ROE)**: - Beer: 7 stocks, largest weight stock Tsingtao Brewery, average market cap 26.758 billion yuan, 3-month performance -3.94%[39] - Liquor: 20 stocks, largest weight stock Kweichow Moutai, average market cap 162.722 billion yuan, 3-month performance 4.12%[39] - Non-dairy Beverages: 7 stocks, largest weight stock Eastroc Beverage, average market cap 32.754 billion yuan, 3-month performance -4.45%[39] - Network Connection and Tower Setup: 19 stocks, largest weight stock Zhongji Xuchuang, average market cap 64.299 billion yuan, 3-month performance 202.29%[39] - Building Decoration III: 28 stocks, largest weight stock Gold Mantis, average market cap 3.436 billion yuan, 3-month performance 4.42%[39] - **Quality Dividend (DP+ROE)**: - Automotive Motor Control: 15

Group 1 - The other home appliance sector experienced a decline of 2.07% on September 3, with Aojiahua leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Key stocks in the other home appliance sector showed varying performance, with Rongtai Health down 1.80% to 39.30, Ronger Health down 2.24% to 4.36, and Aojiahua down 2.56% to 6.86 [1] Group 2 - The net inflow of main funds in the other home appliance sector was 852,200 yuan, while retail funds saw a net inflow of 1,932,300 yuan, and speculative funds experienced a net outflow of 2,784,500 yuan [1] - Detailed fund flow for key stocks showed Rongtai Health with a main net inflow of 18,606,900 yuan, while Aojiahua had a significant main net outflow of 15,010,200 yuan [1]