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 ...

Core Insights - Sifang Co., Ltd. (601126.SH) reported its Q3 2025 results, revealing that 28 institutional investors hold a total of 424 million shares, accounting for 50.86% of the company's total equity [1] - The top ten institutional investors collectively hold 50.55% of the shares, with a decrease of 3.23 percentage points compared to the previous quarter [1] Institutional Holdings - The top institutional investors include Sifang Electric (Group) Co., Ltd., Beijing Huake Hengji Smart Technology Co., Ltd., and several major banks and funds [1] - The number of institutional investors holding Sifang shares has remained stable, but the concentration among the top ten has decreased [1] Public Fund Activity - Six public funds increased their holdings, with a total increase of 0.29%, while five funds reduced their holdings, accounting for a decrease of 0.10% [2] - Ten new public funds disclosed their holdings, while 356 funds did not disclose their holdings in this period [2] Insurance Capital Trends - One insurance capital entity, specifically the dividend insurance product from Qianhai Life Insurance Co., Ltd., reduced its holdings by 1.0% [2]

Group 1 - The core viewpoint of the news is that Shennma Power (603530.SH) has reported significant institutional investment, with 12 institutional investors holding a total of 302 million shares, representing 69.96% of the company's total equity as of August 12, 2025 [1] - The top ten institutional investors collectively hold 69.89% of the shares, with a slight increase of 0.13 percentage points compared to the previous quarter [1] - The report highlights the presence of major institutional investors such as Shanghai Shennma Power Holdings Co., Ltd. and various funds from China Merchants Bank [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.32% increase in shareholding [2] - Two new public funds were disclosed compared to the previous quarter, indicating ongoing interest from fund managers [2] - Several foreign institutions, including Hong Kong Central Clearing Limited and the Bill & Melinda Gates Foundation Trust, were not disclosed in the current period, suggesting a potential shift in foreign investment dynamics [2]