| 表1：科技50策略指数中选股因子的定义 | | | --- | --- | | 因子名称 | 细分指标 | | 成长 | 修正利润增长、修正营收增长、利润超预期增长、营收超预期增长 | | 研发创新 | 研发支出占比、研发支出增长 | | 一致预期 | 一致预期净利润上调、一致预期评级上调 | | 动量 | 过去11个月动量、过去11个月Alpha | | 价值 | 市净率、市盈率、市销率、企业价值 | | 低波 | 残差波动率、过去12个月每月最高日收益率平均 | | 盈利 | 毛利润率、主营业务利润率 | | 偿债能力 | 短期债务覆盖率、速动比率 | | 运营效率 | 净营运资产收益率、净营运资产周转率、净营运资产周转率增长 | | 财务稳健 | 应计盈余、净营运资产占比 | | 投资稳健 | 利润分配、股息分配 | 资料来源：Wind，申万宏源研究 计算待选样本的自由流通市值占比，作为基础得分，并将基础得分与上述所有因子倾斜得分相加得到待选样本的调整后得分；将待选样本按照调整后得分由高到低排名，选取排名前 50 的 证券作为指数样本。 科技50策略指数采用调整后得分加权，且单个样本权重不超过10% ...

2026 年 01 月 09 日 融合多因子策略的科技指数 ——科技 50 策略指数投资价值分析 相关研究 证券分析师 杨俊文 A0230522070001 yangjw@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 杨俊文 A0230522070001 yangjw@swsresearch.com 联系人 杨俊文 A0230522070001 yangjw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 指 数 研 究 - ⚫ 中证科技优势成长 50 策略指数（931696.CSI，简称科技 50 策略）从科技行业上市公 司证券中，采用成长、创新、价值、低波、质量等因子进行选样和加权，旨在为投资者提 供基于科技行业的多因子策略投资标的。 ⚫ 截取 2025/12/31 科技 50 策略指数的前十大成分股信息，可以看到，权重股基本上都 是科技各个细分领域的头部公司，比如通信设备行业的中际旭创、新易盛，半导体行业 ...

Group 1 - Yongtai Technology's wholly-owned subsidiary has received approval for trial production of a lithium battery additive project with an annual capacity of 5,000 tons, set to begin trial production [1] - Mengke Pharmaceutical has decided to terminate its plan to issue shares to a specific entity due to ongoing disagreements among major shareholders, which could impact the company's stable operations [1] - Anhui Construction's subsidiary has been approved to register and issue debt financing tools totaling 15 billion yuan, including 5 billion yuan in short-term financing notes and 10 billion yuan in medium-term notes [2] Group 2 - Koli'er plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 20.94 yuan per share, to implement an employee stock ownership plan [2] - Xinhua Pharmaceutical has received approval for the production of fumaric acid volnoral raw materials, which are used to treat gastroesophageal reflux disease [3] - Lianhuan Pharmaceutical has received approval for additional specifications of tadalafil tablets, expanding its product offerings for treating erectile dysfunction and benign prostatic hyperplasia [5] Group 3 - Greenland Holdings reported an increase of 1,834 lawsuits with a total amount of 6.587 billion yuan from October 21 to November 13, 2025 [7] - Lianke Technology plans to invest up to 600 million yuan of idle funds in low-risk financial products [8] - Yinglian Co. signed a strategic procurement contract for 5,000 million square meters of composite aluminum foil with a leading new energy technology company [10] Group 4 - China Eastern Airlines reported a 10.58% year-on-year increase in passenger turnover for October, with a capacity increase of 6.84% [12] - China National Airlines reported an 8.7% year-on-year increase in passenger turnover for October, with domestic and international capacity also showing growth [15] - Oupai Home plans to use 320 million yuan of idle funds to purchase structured deposits with expected annual yields between 0.65% and 2.50% [16] Group 5 - Tianwei Food has submitted H-share issuance application materials to the Hong Kong Stock Exchange, which have been accepted by the China Securities Regulatory Commission [18] - Guizhou Aviation plans to establish a subsidiary focused on the research, production, and market expansion of intelligent automotive components, with initial operating funds of 40 million yuan [20] - Daimai Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary in Shanghai focused on robotics technology [22] Group 6 - Founder Securities has received approval to issue company bonds totaling up to 30 billion yuan [24] - Hengrui Medicine has received clinical trial approvals for multiple drugs, indicating ongoing research and development efforts [26] - Zhaojing Pharmaceutical's product ZG006 has received orphan drug designation from the FDA, providing various benefits for its development in the U.S. market [39]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 1.659 billion yuan, a year-on-year growth of 121.47%, and net profit attributable to shareholders at 223 million yuan, a year-on-year increase of 558.51% [1] - In Q3, the company's revenue was 554 million yuan, a quarter-on-quarter decline of 20.74%, and net profit was 72 million yuan, down 39.12% from the previous quarter, primarily due to the delivery schedule of high-speed module customers [2] - The company is capitalizing on the growing demand for AI servers in China, establishing partnerships with major manufacturers and internet companies, which has led to a significant market presence and scale [3] - The company is increasing its R&D investment, developing various products in computing, new energy vehicles, and defense sectors, which supports its innovation strategy [4] - The company maintains optimistic profit forecasts for 2025-2027, expecting net profits of 369 million yuan, 609 million yuan, and 804 million yuan respectively, driven by strong technical advantages in high-speed connectors and modules [5] Financial Summary - For 2023, the company expects revenue of 903.64 million yuan, with a growth rate of -8.17%, and a net profit of 72.37 million yuan, with a growth rate of -26.74% [6] - The projected revenue for 2025 is 2.48 billion yuan, with a growth rate of 127.10%, and a net profit of 369.23 million yuan, reflecting a substantial increase [6] - The company's EBITDA for 2025 is estimated at 631.37 million yuan, indicating strong operational performance [6]

Group 1 - Wenzhou Hongfeng reported a net profit of 11.79 million yuan for the first three quarters, a year-on-year increase of 194.04% [1] - The company's revenue for the first three quarters reached 2.711 billion yuan, up 22.70% year-on-year [1] - In Q3 alone, the net profit was 15.60 million yuan, reflecting a significant growth of 257.49% [1] Group 2 - Fushite achieved a net profit of 66.48 million yuan for the first three quarters, a year-on-year increase of 29.37% [3] - The company's revenue for the first three quarters was 389 million yuan, up 21.31% year-on-year [3] - In Q3, the net profit was 17.09 million yuan, growing by 40.80% [3] Group 3 - Xiyeshare reported a net profit of 1.745 billion yuan for the first three quarters, a year-on-year increase of 35.99% [4] - The company's revenue for the first three quarters reached 37.188 billion yuan, up 17.81% year-on-year [4] - In Q3, the net profit was 683 million yuan, reflecting a growth of 41.34% [4] Group 4 - Shenzhen Housing A reported a staggering net profit increase of 2791.57% for the first three quarters, amounting to 145 million yuan [5] - The company's revenue for the first three quarters was 899 million yuan, a significant increase of 331.66% year-on-year [5] - In Q3, the net profit reached 42.09 million yuan, up 7066.86% [5] Group 5 - Ping An Electric reported a net profit of 201 million yuan for the first three quarters, a year-on-year increase of 22.71% [6] - The company's revenue for the first three quarters was 888 million yuan, up 14.25% year-on-year [6] - In Q3, the net profit was 65.85 million yuan, growing by 10.21% [6] Group 6 - Jiecheng reported a net profit of 21.2 million yuan for the first three quarters, a year-on-year decrease of 41.35% [9] - The company's revenue for the first three quarters was 2.052 billion yuan, down 2.89% year-on-year [9] - In Q3, the net profit was 6.69 million yuan, reflecting a decline of 40.27% [9] Group 7 - Huayi Technology reported a net profit of 627 million yuan for the first three quarters, a year-on-year increase of 70.47% [16] - The company's revenue for the first three quarters reached 4.075 billion yuan, up 42.36% year-on-year [16] - In Q3, the net profit was 274 million yuan, growing by 102.11% [16] Group 8 - Genesis reported a net profit of 348 million yuan for the first three quarters, a year-on-year increase of 72.56% [18] - The company's revenue for the first three quarters was 3.826 billion yuan, up 16.80% year-on-year [18] - In Q3, the net profit reached 115 million yuan, reflecting a growth of 164.38% [18] Group 9 - Huace Testing reported a net profit of 812 million yuan for the first three quarters, a year-on-year increase of 8.78% [20] - The company's revenue for the first three quarters was 4.267 billion yuan, up 6.95% year-on-year [20] - In Q3, the net profit was 345 million yuan, growing by 11.24% [20] Group 10 - Zhongtung High-tech reported a net profit of 846 million yuan for the first three quarters, a year-on-year increase of 18.26% [22] - The company's revenue for the first three quarters reached 12.755 billion yuan, up 13.39% year-on-year [22] - In Q3, the net profit was 335 million yuan, reflecting a growth of 36.53% [22] Group 11 - Guangdong Construction reported a net profit of 55.8 million yuan for the first three quarters, a year-on-year decrease of 13.35% [23] - The company's revenue for the first three quarters was 43.388 billion yuan, up 5.29% year-on-year [23] - In Q3, the net profit was 20.8 million yuan, growing by 11.38% [23] Group 12 - Tongguan Copper Foil reported a net profit of 62.72 million yuan for the first three quarters, a year-on-year increase of 162.49% [25] - The company's revenue for the first three quarters reached 4.735 billion yuan, up 47.13% year-on-year [25] - In Q3, the net profit was 27.77 million yuan, reflecting a growth of 166.77% [25] Group 13 - Xingyuan Material reported a net profit of 11.4 million yuan for the first three quarters, a year-on-year decrease of 67.25% [27] - The company's revenue for the first three quarters was 2.958 billion yuan, up 13.53% year-on-year [27] - In Q3, the net profit was 1.398 million yuan, reflecting a decline of 86.96% [27] Group 14 - Wanfu Biological reported a net profit of 134 million yuan for the first three quarters, a year-on-year decrease of 69.32% [29] - The company's revenue for the first three quarters was 1.690 billion yuan, down 22.52% year-on-year [29] - In Q3, the company reported a net loss of 55.46 million yuan, indicating a shift from profit to loss [29] Group 15 - Huaming Equipment reported a net profit of 581 million yuan for the first three quarters, a year-on-year increase of 17.66% [30] - The company's revenue for the first three quarters was 1.815 billion yuan, up 6.87% year-on-year [30] - In Q3, the net profit reached 213 million yuan, reflecting a growth of 18.51% [30] Group 16 - Longci Technology reported a net profit of 133 million yuan for the first three quarters, a year-on-year increase of 34.10% [31] - The company's revenue for the first three quarters was 937 million yuan, up 11.43% year-on-year [31] - In Q3, the net profit was 48.06 million yuan, growing by 38.33% [31] Group 17 - Baili Tianheng reported a net loss of 495 million yuan for the first three quarters, a year-on-year decline [32] - The company's revenue for the first three quarters was 2.066 billion yuan, down 63.52% year-on-year [32] - In Q3, the revenue was 1.895 billion yuan, reflecting a significant increase of 1625.08% [32] Group 18 - Tiandi Digital reported a net profit of 91.09 million yuan for the first three quarters, a year-on-year increase of 22.94% [33] - The company's revenue for the first three quarters was 662 million yuan, up 19.29% year-on-year [33] - In Q3, the net profit was 28.48 million yuan, growing by 6.30% [33]

Core Viewpoint - *ST WanFang (SZ000638) experienced a trading limit increase of 5.05%, reaching a price of 5.74 yuan, with a total market capitalization of 1.878 billion yuan, driven by significant revenue growth and improved asset layout [1] Group 1: Financial Performance - The company reported a substantial revenue increase of 215.9% year-on-year for the first half of 2025, with the astaxanthin business growing by 170%, indicating strong growth potential in certain business segments [1] - The total trading volume reached 31.577 million yuan, reflecting active market interest [1] Group 2: Asset Layout and Business Diversification - The company acquired land use rights for 46,000 square meters and established two new holding subsidiaries, enhancing its asset layout for future development [1] - The company operates in three major business segments: agriculture, military, and biomedicine, showcasing a diversified development strategy [1] Group 3: Market Sentiment and Institutional Activity - Recent institutional buying was noted on October 17, indicating positive market sentiment towards the company's future business development, although there was a net sell-off on October 24, suggesting some volatility in fund flows [1] - The performance of the military electronics sector may influence the company's stock price due to potential interconnections within the industry [1]

Group 1 - Southern Media reported a net profit of 850 million yuan for the first three quarters, a year-on-year increase of 60.73% [1] - China Shipbuilding Special Gas achieved a net profit of 245 million yuan, up 3.98% year-on-year [1] - Taihe Intelligent's net profit increased by 46.28% year-on-year, reaching approximately 28.78 million yuan [2] Group 2 - Oriental Cable's net profit decreased by 1.95% year-on-year, totaling 914 million yuan [2][3] - Wanliyang reported a net profit of 341 million yuan, a year-on-year increase of 32.58% [4] - Xiamen Tungsten's net profit grew by 27.05% year-on-year, reaching 1.78 billion yuan [5] Group 3 - Shapuaisi received a drug registration certificate for its hydrochloride obucaine eye drops [6] - Yinfeng Storage's net profit fell by 41.19% year-on-year, totaling approximately 6.24 million yuan [8] - Quartz Co. reported a net profit decline of 56.81%, amounting to 135 million yuan [9] Group 4 - Haya Pharmaceutical's net profit decreased by 35.35% year-on-year, totaling 329 million yuan [10][11] - Xinjiang Torch achieved a net profit of 158 million yuan, a year-on-year increase of 20.49% [12][13] - Xue Tian Salt Industry's net profit plummeted by 90.37%, resulting in a loss of approximately 3.78 million yuan [14] Group 5 - Qisheng Technology's net profit decreased by 2.74% year-on-year, totaling 147 million yuan [16] - Xinjiang Tianye's net profit fell by 28.79%, amounting to approximately 718,000 yuan [18] - Kailong Co. reported a net profit increase of 20.64%, reaching 135 million yuan [20] Group 6 - Electric Media's net profit surged by 116.61% year-on-year, totaling approximately 132 million yuan [21][22] - Zinc Industry's net profit skyrocketed by 1110.26%, reaching 514.2 million yuan [23][24] - Guorui Technology's net profit increased by 1.15%, totaling approximately 37.3 million yuan [25] Group 7 - AVIC High-Tech's net profit decreased by 11.59%, amounting to 806 million yuan [26] - Glinda's net profit fell by 16.81%, totaling approximately 9229.24 million yuan [27] - Baodi Mining's net profit decreased by 32%, totaling approximately 1.16 billion yuan [29] Group 8 - Hangzhou Steel reported a net profit of 101 million yuan, turning from loss to profit [31] - Xiangshan Co. received acceptance for its application to issue shares to specific targets [33] - Electric Investment Energy's net profit decreased by 6.4%, totaling approximately 4.12 billion yuan [50][51] Group 9 - Deshi Co. reported a net profit increase of 50.13%, reaching approximately 50.5 million yuan [52][53] - Huagong Technology's net profit increased by 40.92%, totaling approximately 1.32 billion yuan [54] - Huitian Technology's net profit increased by 50.99%, reaching approximately 6.77 billion yuan [55]

Group 1: Strategy Overview - The report emphasizes a transition towards a bull market, driven by recovering demand for physical assets amidst supply constraints, particularly in the copper market [3][9][12] - Recent disruptions in copper supply, notably from the Grasberg mine, are expected to create price elasticity for future manufacturing demand recovery [9][12] - The report highlights a shift from a focus on financial assets to physical assets, indicating a potential new cycle for resource commodities [4][12] Group 2: Key Companies and Industries - **Engineering Machinery: Hengli Hydraulic (601100.SH)** is positioned for growth due to increased overseas demand and domestic infrastructure projects, with a favorable outlook for its core business [14] - **Non-Banking Financial: Sichuan Shuangma (000935.SZ)** is transitioning to an innovative drug CDMO model, with significant growth potential from its investment projects and pharmaceutical capacity expansion [15][16] - **Food and Beverage: Angel Yeast (600298.SH)** is expected to benefit from overseas expansion and improved domestic demand, with a favorable cost environment [17] - **Transportation: Juneyao Airlines (603885.SH)** is set to gain from industry supply-demand improvements and reduced interest expenses, with positive short-term catalysts from seasonal demand [18] - **Retail: Gu Ming (1364.HK)** is leveraging a unique store expansion strategy in the competitive milk tea market, with significant growth potential in coffee products [19] - **Media and Internet: Tencent Holdings (0700.HK)** is integrating AI across its ecosystem, enhancing its competitive edge and driving growth through high-margin businesses [20][21] - **Electronics: Lante Optics (688127.SH)** is experiencing strong demand in various sectors, with supply constraints on production equipment [22] - **Computing: Hikvision (002415.SZ)** is seeing a recovery in operating quality and profitability, with a focus on AI-driven products [23] - **Pharmaceuticals: Innovent Biologics (9969.HK)** is a leader in hematology and autoimmune therapies, with significant growth potential from its core products [24] - **Defense and Military: Guobo Electronics (688375.SH)** is positioned to benefit from growth in military and satellite internet sectors, with a strong market outlook [25]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price not specified [8]. Core Views - The company has significantly increased its revenue and profitability, with a reported revenue of 1.105 billion yuan for the first half of 2025, representing a year-on-year growth of 128.26%, and a net profit of 151 million yuan, up 940.64% year-on-year [1]. - The growth in revenue is primarily driven by strong performance in the communications sector and the industrial new energy vehicle sector, with the high-speed line module business gaining recognition from major clients [2]. - The company is capitalizing on the growing demand for AI servers, establishing partnerships with leading manufacturers and internet companies, which has led to a significant market presence [3]. - Increased R&D investment of 64.974 million yuan, a 27.31% year-on-year increase, has facilitated innovation in various product lines, including high-speed connectors and components for new energy vehicles [4]. - The company has revised its profit forecasts upward, expecting net profits of 369.23 million yuan, 608.69 million yuan, and 803.78 million yuan for 2025, 2026, and 2027 respectively, indicating strong growth potential [5]. Financial Data Summary - The company reported a gross margin of 35.74% in Q2 2025, an increase of 12.98 percentage points year-on-year, and a net margin of 16.74%, up 28.08 percentage points year-on-year [2]. - The projected revenue for 2025 is 2.479 billion yuan, with a growth rate of 127.10% [6]. - The company's total assets are expected to reach 4.236 billion yuan by 2025, with a debt-to-asset ratio of 59.09% [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is driven by military trade product deliveries, with ongoing expansion into new business areas [2][12] - In H1 2025, the company achieved revenue of 1.72 billion yuan, a year-on-year increase of 10%, and a net profit of 350 million yuan, a year-on-year increase of 1% [4][12] - The Q2 2025 single-quarter revenue reached 1.36 billion yuan, a year-on-year increase of 36% and a quarter-on-quarter increase of 274% [4][12] Financial Performance - The company's radar system and subsystem business revenue was 1.55 billion yuan in H1 2025, a year-on-year increase of 16.57%, with a gross margin of 42.46% [12] - The company reported a gross margin of 41.28% in H1 2025, a slight decline of 0.12 percentage points year-on-year, and a net margin of 20.28%, down 1.89 percentage points year-on-year [12] - The company expects revenues of 3.73 billion, 4.49 billion, and 4.91 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.70%, 20.32%, and 9.48% [14] Business Segments - The G-end business continues to face pressure, while the main radar business benefits significantly from military trade growth [12] - The company has successfully bid for various civil radar projects, including meteorological radar and air traffic control systems, indicating a sustained push into civilian radar applications [13] Investment Recommendations - The report maintains a "Buy" rating, anticipating that the company will benefit from rising global military expenditures [14]