资金流入比率方面，深赛格、国信证券、深城交等流入比率居前，主力资金净流入率分别为24.59%、 12.04%、10.83%。（数据宝） 深圳国企改革概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002736 | 国信证 | 5.94 | 2.11 | 34915.13 | 12.04 | | | 券 | | | | | | 000058 | 深赛格 | 9.96 | 3.78 | 9678.35 | 24.59 | | 000006 | 深振业A | 10.05 | 8.40 | 8705.42 | 6.78 | | 301091 | 深城交 | 2.91 | 2.84 | 5592.01 | 10.83 | | 000045 | 深纺织A | 7.14 | 8.99 | 4701.62 | 8.71 | | 301038 | 深水规 | 3.87 | 4.46 | 1817.06 | 7.11 | | ...

9月30日，《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的解释（征求意见稿）》（下 称《征求意见》）发布，本次征求意见截止日期为2025年10月20日。《征求意见》一共90条，其中有10 条是"上市公司的特别规定"。 《征求意见》第八十五条是"违法薪酬退回"，规定称：上市公司的财务会计报告存在虚假记载或者隐瞒 重要事实，公司请求董事、高级管理人员退回与其业绩不相匹配的超出合理标准而获得的薪酬或者股 权、期权的，人民法院依法应予支持。 "本条属于新增内容。明确上市公司董事、高管违法薪酬的返还责任。当财务会计报告虚假导致薪酬超 出合理标准时，公司可请求退回，既纠正违规薪酬分配，又维护公司与投资者利益，符合'上市公司高 管薪酬监管透明化'的要求，填补此前无明确返还规则的空白。"广东卓建律师事务所律师王俊凯认为。 市值保证、定增兜底无效 2. 对上市公司董事、高级管理人员的任职资格作出不公平、不合理限制，明显支持或者排除特定人员担 任公司董事、高级管理人员； 3. 违反法律、行政法规的强制性规定或者违背公序良俗的其他情形。 业内人士认为，近年来上市公司反收购中，"毒丸计划""金降落伞""超级表决权"等措施频 ...

Quantitative Models and Construction ESG Factor Construction and Analysis - **Factor Name**: "Final Holding of Invention Patent Quality Total Score" **Construction Idea**: This factor measures the quality of a company's innovation output, reflecting its technological barriers and commercialization potential, which can translate into future profitability and competitive advantages[38][42] **Construction Process**: The factor is derived from the total score of invention patent quality held by the company at the end of the period. It is categorized under the "business innovation" type of ESG factors[38] **Evaluation**: The factor demonstrates strong positive stock selection ability, with high-quality patents receiving higher valuation premiums from the market[38][42] - **Factor Name**: "Wages, Bonuses, Allowances, and Subsidies" **Construction Idea**: This factor reflects a company's ability to attract and retain core talent through human capital investment, indirectly indicating employee satisfaction and productivity[39][42] **Construction Process**: The factor is based on the total expenditure on wages, bonuses, allowances, and subsidies, categorized under the "human capital" type of ESG factors[39] **Evaluation**: Companies with higher human capital investment tend to exhibit greater long-term operational stability and innovation potential[39][42] - **Factor Name**: "Equity Concentration Change Rate" **Construction Idea**: This factor captures changes in shareholder confidence, where increased concentration may indicate optimism or governance strengthening, while decreased concentration may signal disagreements or cash-out intentions[40][42] **Construction Process**: The factor measures the rate of change in equity concentration, categorized under the "shareholder" type of ESG factors[40] **Evaluation**: The factor provides insights into shareholder behavior and its implications for governance and company prospects[40][42] - **Factor Name**: "Average Age of Executives" **Construction Idea**: This factor evaluates the stability and strategic maturity of the governance team, where younger teams may lean toward aggressive innovation, and older teams may favor steady operations[40][42] **Construction Process**: The factor calculates the average age of executives, categorized under the "governance structure" type of ESG factors[40] **Evaluation**: The factor reflects investor perceptions of decision-making reliability and governance stability[40][42] - **Factor Name**: "Total Amount of External Donations" **Construction Idea**: This factor highlights a company's commitment to social responsibility and brand image building, which can enhance trust and stakeholder relationships[41][42] **Construction Process**: The factor is based on the total monetary value of external donations, categorized under the "social capital" type of ESG factors[41] **Evaluation**: Companies with consistent and generous donations may reduce operational risks and gain potential policy support[41][42] ESG Composite Factor Construction - **Construction Idea**: The top 10/20/30 ESG factors with the highest RankIC averages are selected and combined using equal weighting or classification-based weighting methods[55] - **Construction Process**: 1. **Equal Weighting**: All selected factors are equally weighted to form the composite factor 2. **Classification Weighting**: Factors within the same secondary indicator category are first equally weighted, and then the resulting category-level factors are equally weighted to form the composite factor[55] - **Evaluation**: The composite factors exhibit robust stock selection effectiveness, with high ESG-scoring portfolios consistently outperforming low-scoring ones. The results are stable across different weighting methods[55][59] --- Backtesting Results of Factors Single Factor Backtesting Results - **"Final Holding of Invention Patent Quality Total Score"**: - RankIC Mean: 5.60% - Annualized Excess Return (Long Portfolio): 6.23% - Annualized Excess Return (Short Portfolio): -7.91% - Turnover Rate (Long Portfolio): 16.80% - Turnover Rate (Short Portfolio): 19.55%[42] - **"Wages, Bonuses, Allowances, and Subsidies"**: - RankIC Mean: 4.27% - Annualized Excess Return (Long Portfolio): 4.12% - Annualized Excess Return (Short Portfolio): -6.98% - Turnover Rate (Long Portfolio): 19.45% - Turnover Rate (Short Portfolio): 21.80%[42] - **"Equity Concentration Change Rate"**: - RankIC Mean: 2.88% - Annualized Excess Return (Long Portfolio): 2.18% - Annualized Excess Return (Short Portfolio): -4.82% - Turnover Rate (Long Portfolio): 68.05% - Turnover Rate (Short Portfolio): 62.90%[42] - **"Average Age of Executives"**: - RankIC Mean: 2.01% - Annualized Excess Return (Long Portfolio): 2.16% - Annualized Excess Return (Short Portfolio): -2.20% - Turnover Rate (Long Portfolio): 16.06% - Turnover Rate (Short Portfolio): 17.00%[42] - **"Total Amount of External Donations"**: - RankIC Mean: 1.83% - Annualized Excess Return (Long Portfolio): 1.17% - Annualized Excess Return (Short Portfolio): -0.56% - Turnover Rate (Long Portfolio): 21.33% - Turnover Rate (Short Portfolio): 22.50%[42] Composite Factor Backtesting Results - **Top 30 Equal Weight Composite Factor**: - RankIC Mean: 5.23% - Annualized Excess Return (Long Portfolio): 4.97% - Annualized Excess Return (Short Portfolio): -7.38% - Turnover Rate (Long Portfolio): 21.72% - Turnover Rate (Short Portfolio): 26.31%[55] --- Index Enhancement Strategy Results CSI 300 Index Enhancement - Annualized Excess Return: 5.75% - Information Ratio (IR): 0.76 - Maximum Excess Drawdown: 14.78%[62][65] CSI 500 Index Enhancement - Annualized Excess Return: 9.11% - Information Ratio (IR): 1.68 - Maximum Excess Drawdown: 9.24%[67][70] CSI 1000 Index Enhancement - Annualized Excess Return: 8.43% - Information Ratio (IR): 1.50 - Maximum Excess Drawdown: 8.47%[73][75]

Group 1 - A total of 296 A-share stocks have seen their prices fall below net asset value per share as of August 6, excluding negative value data [1] - The companies with the lowest price-to-net asset ratios include Meikailong at 0.278 times, Jindi Group at 0.288 times, and *ST Tianmao at 0.328 times [1]

Economic Overview - The GDP of Huizhou reached 291.006 billion yuan in the first half of 2025, with a year-on-year growth of 5.1% at constant prices [2] - The primary industry added value was 13.262 billion yuan, growing by 4.1%; the secondary industry added value was 153.687 billion yuan, growing by 7.7%; and the tertiary industry added value was 124.057 billion yuan, growing by 2.3% [2] Agricultural Sector - Agricultural production showed stable growth, with the total output value of agriculture, forestry, animal husbandry, and fishery at 23.595 billion yuan, a year-on-year increase of 4.4% [2] - Key agricultural products saw stable production, with vegetable and edible fungus output increasing by 4.0%, fruit output by 10.1%, and tea output by 7.3% [2] - Pork and poultry production declined, with pork output at 57,200 tons (down 5.5%) and poultry output at 41,800 tons (down 4.4%) [2] Industrial Sector - Industrial production experienced rapid growth, with the added value of large-scale industries increasing by 11.2% [3] - The electronics industry grew by 15.7%, while the petrochemical, energy, and new materials sectors grew by 5.4% [3] - Advanced manufacturing and high-tech manufacturing added value increased by 11.2% and 15.3%, respectively, accounting for 61.8% and 42.5% of the total industrial added value [3] Investment Trends - Fixed asset investment decreased by 17.9% in the first half of the year, with manufacturing down 9.3% and real estate development down 26.9% [3] - Investment in cultural, sports, and entertainment sectors surged by 87.8%, while information transmission and software services grew by 11% [3] Consumer Market - The total retail sales of consumer goods reached 103.865 billion yuan, growing by 5.5% [4] - Urban retail sales increased by 5.7%, while rural retail sales grew by 4.7% [4] - Online retail sales surged by 49.0%, indicating strong potential in e-commerce [4] Foreign Trade - The total import and export volume reached 197.988 billion yuan, with a year-on-year growth of 6.9% [4] - Exports totaled 111.109 billion yuan (up 6.8%), while imports reached 86.879 billion yuan (up 6.9%) [4] Fiscal and Financial Sector - The general public budget revenue was 25.571 billion yuan, a year-on-year increase of 3.1% [5] - The balance of financial institutions' deposits was 981.079 billion yuan, growing by 3.6% [5] - The consumer price index (CPI) decreased by 0.7%, indicating stable consumer prices [5] Income Trends - Per capita disposable income reached 26,731 yuan, growing by 4.8% [5] - Urban residents' per capita disposable income was 30,042 yuan (up 4.4%), while rural residents' was 17,503 yuan (up 6.2%) [5]

Group 1 - The company name has been changed from "Macrolink Culturaltainment Development Co., Ltd." to "Winnovation Culturaltainment Development Limited" effective June 25, 2025 [1][1][1] - The stock abbreviation will change from "MACROLINK" to "WINNOVATION" while the stock code "000620" remains unchanged [1][1][1] - The company held board meetings on May 19, 2025, and June 9, 2025, to approve the name change, which was subsequently disclosed in relevant announcements [1][1][1] Group 2 - The company has completed the registration procedures for the name change with the Market Supervision Administration of Tongzhou District, Beijing, and has obtained a new business license [1][1][1] - The company's main business operations will remain unchanged despite the name change [1][1][1] - The Shenzhen Stock Exchange has reviewed and approved the application for the name and abbreviation change without objections [1][1][1]