证券研究报告 | 金融工程 2025 年 12 月 13 日 本周 Beta 和高动量风格显著 ——因子周报 20251212 金融工程 1. 主要市场指数与风格表现回顾 本周主要宽基指数大部分上涨。北证 50 上涨 2.79%，创业板指上涨 2.74%，中证 500 上涨 1.01%，深证成指上涨 0.84%，中证 1000 上涨 0.39%，中证 800 上涨 0.21%，中证 2000 上涨 0.05%，沪深 300 下跌 0.08%，上证指数下跌 0.34%。 从风格因子来看，最近一周 Beta 因子、动量因子、波动性因子的表现尤为 突出，因子多空收益分别为 4.54%、4.34%和 3.81%。 2. 选股因子表现跟踪 沪深 300 股票池中，本周标准化预期外盈利、240 日动量、单季度净利润 率因子表现较好。中证 500 股票池中，本周单季度毛利率、单季度营业利润 率、单季度净利润率因子表现较好。中证 800 股票池中，本周单季度 ROE、 盈余公告前隔夜动量、标准化预期外盈利因子表现较好。中证 1000 股票池 中，单季度营业利润率、单季度净利润率、单季度营业利润同比增速因子表现 较好。沪深 3 ...

Group 1 - Jerry Holdings Co., Ltd. experienced a stock price increase of 5.21%, reaching 53.28 CNY per share, with a trading volume of 532 million CNY and a turnover rate of 1.46%, resulting in a total market capitalization of 54.55 billion CNY [1] - The company, established on December 10, 1999, and listed on February 5, 2010, is located in Yantai, Shandong Province, and specializes in oil and gas field equipment and technical engineering services [1] - The revenue composition of Jerry Holdings includes high-end equipment manufacturing (61.22%), oil and gas engineering and technical services (29.99%), renewable energy and recycling (4.76%), oil and gas field development (3.31%), and other supplementary services (0.73%) [1] Group 2 - The Xinyi Fund has a significant holding in Jerry Holdings, with the Xinyi CSI 500 Index Enhanced A Fund (015507) holding 123,900 shares, accounting for 1.12% of the fund's net value, making it the seventh-largest holding [2] - The Xinyi CSI 500 Index Enhanced A Fund was established on June 7, 2022, with a latest scale of 99.6083 million CNY, achieving a year-to-date return of 30.66% and a one-year return of 32.73% [2] - The fund manager, Lou Huafeng, has been in position for 9 years and 306 days, with the fund's total asset size at 2.373 billion CNY, achieving a best return of 88.18% and a worst return of -13.85% during his tenure [3]

Group 1 - The core point of the news is that Shenzhen Technology Co., Ltd. (深科技) experienced a stock price increase of 5.14%, reaching 28.64 CNY per share, with a trading volume of 1.364 billion CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 44.887 billion CNY [1] - Shenzhen Technology's main business segments include high-end manufacturing (50.52% of revenue), storage semiconductor business (27.13%), and metering intelligent terminals (21.70%), with other segments contributing 0.66% [1] Group 2 - From the perspective of fund holdings, one fund under Industrial Bank, the Xingye CSI 500 Index Enhanced A (兴业中证500指数增强A), held 154,000 shares of Shenzhen Technology, accounting for 1.17% of the fund's net value, ranking as the eighth largest holding [2] - The Xingye CSI 500 Index Enhanced A fund has a total scale of 65.6096 million CNY and has achieved a year-to-date return of 25.66%, ranking 1781 out of 4218 in its category [2]

Group 1 - The core viewpoint of the news is that Shenzhen Technology Co., Ltd. (深科技) has seen a stock price increase of 5.34%, reaching 21.88 CNY per share, with a trading volume of 1.578 billion CNY and a turnover rate of 4.74%, resulting in a total market capitalization of 34.292 billion CNY [1] - Shenzhen Technology Co., Ltd. was established on July 4, 1985, and listed on February 2, 1994. The company's main business includes the research and production of hard disk heads, advanced manufacturing of electronic products, metering systems, payment terminal products, digital home products, and LED technology [1] - The revenue composition of Shenzhen Technology Co., Ltd. is as follows: high-end manufacturing accounts for 50.52%, storage semiconductor business 27.13%, metering smart terminals 21.70%, and other supplementary sources 0.66% [1] Group 2 - From the perspective of fund holdings, one fund under Industrial Bank, the Industrial Bank CSI 500 Index Enhanced A (兴业中证500指数增强A), has a significant position in Shenzhen Technology Co., Ltd., holding 154,000 shares, which represents 1.17% of the fund's net value, ranking as the eighth largest holding [2] - The Industrial Bank CSI 500 Index Enhanced A fund was established on June 7, 2022, with a current scale of 65.6096 million CNY. Year-to-date, it has achieved a return of 26.74%, ranking 1746 out of 4222 in its category, and a one-year return of 55.38%, ranking 1735 out of 3800 [2]

Group 1 - Guangwei Composites (300699.SZ) released its 2024 annual report on April 1, 2025, showing that as of March 31, 2025, 537 institutional investors disclosed holding A-shares, totaling 474 million shares, which accounts for 57.07% of the total share capital [1] - The top ten institutional investors include Weihe Guangwei Group, Industrial and Commercial Bank of China - E Fund ChiNext ETF, Hong Kong Central Clearing Limited, and others, with a combined holding ratio of 45.72%, a decrease of 2.84 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, nine public funds increased their holdings, including National Defense ETF and E Fund ChiNext ETF, with a slight increase in the holding ratio [2] - Conversely, 46 public funds reduced their holdings, with a decrease ratio of 3.79%, including funds like Fortune Long-term Growth Mixed A and Southern CSI 500 ETF [2] - A total of 477 new public funds were disclosed this period, including Guotai CSI Military Industry ETF and Huatai-PB Flexible Mixed A [2] Group 3 - One new social security fund disclosed holding Guangwei Composites, specifically the National Social Security Fund 118 Portfolio [3] Group 4 - One new foreign institution disclosed holdings this period, namely Hong Kong Central Clearing Limited [4]