2025 年 7 月 12 日 总量研究 市场呈现反转风格，大宗交易组合超额收益显著 ——量化组合跟踪周报 20250712 要点 量化市场跟踪 大类因子表现：本周全市场股票池中，Beta 因子和估值因子分别获取正收益 0.48%、0.26%；市值因子和盈利因子分别获取负收益-0.24%、-0.42%，市场 表现为小市值风格；动量因子获取负收益-0.44%，市场表现为反转风格；其余 风格因子表现一般。 单因子表现：沪深 300 股票池中，本周表现较好的因子有单季度净利润同比增 长率 (1.83%)、单季度营业利润同比增长率 (1.75%)、净利润率 TTM (1.52%)。 表现较差的因子有早盘后收益因子(-1.76%)、动量弹簧因子 (-1.73%)、成交量 的 5 日指数移动平均 (-1.49%)。 中证 500 股票池中，本周表现较好的因子有市净率因子(2.57%)、下行波动率占 比 (2.07%)、市销率 TTM 倒数 (1.33%)。表现较差的因子有动量弹簧因子 (-1.23%)、单季度总资产毛利率(-1.22%)、总资产毛利率 TTM (-1.16%)。 流动性 1500 股票池中，本周表现较好的 ...

Core Points - The provincial government has recognized and awarded outstanding research reports from party and government leaders for the year 2024, emphasizing the importance of research in decision-making and development [1][2] - A total of 490 research reports were submitted, with 135 being awarded, including 20 first prizes, 50 second prizes, and 65 third prizes [1] Group 1 - The initiative aims to encourage party and government leaders to focus on research and actively contribute to provincial decision-making and socio-economic development [1][2] - The awarded reports include topics such as the development of the photon industry and the promotion of traditional Chinese medicine in Xi'an [1] - The evaluation of research reports has been conducted for 22 years, helping leaders address challenges and provide constructive suggestions [2]

感谢您的积极参与！ 欢迎关注麦肯锡中国，您可在以下渠道获取我们的最新动态与洞见 微信公众号 人工智能正在持续改变行业格局、重塑商业战略，并在全球范围内释放新的机遇。麦肯锡通过每年的 《全球AI调查报告》密切关注这些发展，该报告已成为了解企业如何采用和扩展AI的权威研究。 如今，2025年全球AI调查正式启动，我们诚邀您的参与！无论您是经验丰富的AI领导者，还是在组织 中直接从事AI相关工作的专业人士，您的见解对于帮助我们全面了解AI在各行业和地区的发展至关重 要。 完成调查仅需15到20分钟，您的回答将严格保密，仅以汇总形式报告。作为感谢，参与者将有机会抢先 获得《麦肯锡全球AI调研报告》，先睹为快！ 您的声音对于推动AI对商业和社会的影响至关重要。欢迎加入全球数千名专业人士的行列，共同为这 一重要研究贡献力量。 让我们携手探索AI如何推动创新并创造价值。 调查将于 7月21日截止 。 点击以下二维码，或通过"阅读原文"中的链接参与调查： 业务咨询：gc_client_enquiries@mckinsey.com.cn 媒体垂询：gc_communications@mckinsey.com 麦肯锡公司版权所有 ...

图片来源： a16z Z Highlights AI 推动市场调研迈入新纪元 几十年来，企业为更好地了解客户，持续向市场调研投入了数千亿美元，但却一直受到调查慢、样本偏倚、洞察滞后的制约。尽管每年市场调研的支出高 达 1400 亿美元，但软件的使用在其中几乎可以忽略不计。举例来说，传统依赖人工的咨询公司如 Gartner 和 McKinsey 估值分别为 400 亿美元，而软件平 台 Qualtrics 和 Medallia 的估值仅为 125 亿美元和 64 亿美元。 随着 AI 的发展，我们又一次看到市场准备将原本用于人工的支出转向软件。早期的 AI 公司已经开始利用语音转文字（ speech-to-text ）和文字转语音（ text-to-speech ）模型，构建 AI 原生的调查平台 —— 这些平台可以自动进行视频访谈，然后由大型语言模型（ LLMs ）分析结果并生成演示文稿。 这些先 行者增长迅速，不仅签下了大型合同，还开始接管原本由市场调研和咨询公司掌控的预算。 McKinsey 等咨询公司构建了完整的调研子部门，使用软件化工具进行大规模客户细分和消费者洞察。但这种合作常常历时数月、成本高昂、 ...

Group 1 - The 2025 East China Manufacturing CIO Salon will be held on July 19, 2025, in Ningbo, focusing on "Going Global & AI" to create a platform for exchange and cooperation among manufacturing pioneers and experts [1][3] - The event aims to address the challenges faced by manufacturing companies in IT infrastructure, data compliance, system integration, and cultural differences while exploring the transformative impact of AI technology on production processes and operational efficiency [3][4] - The salon will feature high-profile guests from renowned manufacturing companies such as BYD, Tianneng Group, Wanxiang Qianchao, and others, sharing their insights on going global, AI applications, and digital transformation [4][5] Group 2 - The agenda will cover a wide range of topics, including practical sharing on digital transformation, considerations for IT in going global, applications of AIGC in manufacturing, and how AI+BI can help reduce costs and increase efficiency [5] - A discussion session for all CIOs will be included to address specific challenges and solutions related to going global and AI in manufacturing [5][6] - The event is organized by leading IT portal D1net, the CIO intelligence platform Xinzongzhi, and the China Enterprise Digitalization Alliance, which aims to support companies undergoing digital transformation [6]

Core Insights - The "AI + Healthcare" forum highlighted the transformative impact of AI in the healthcare sector, emphasizing the integration of cloud computing, big data, and AI technologies to enhance medical services and patient experiences [1][17] - The forum featured contributions from various experts, indicating a collaborative effort in advancing AI applications in healthcare, particularly in areas like disease prevention, diagnosis, and drug design [3][10] Group 1: AI Applications in Healthcare - AI is expected to address the increasing demands of life sciences and medicine due to rising life expectancy, with a focus on developing new AI technologies tailored for healthcare [3][10] - The collaboration between Volcano Engine and researchers has led to the development of Bio-OS-Co-Pilot, which significantly reduces research timelines from years to hours, enhancing efficiency in modeling and analysis [4] - Companies like Tianjin Pharmaceutical Group have reported a 14.3% increase in digital maturity through strategic digital transformation initiatives, showcasing the effectiveness of AI in optimizing workflows [6][8] Group 2: Future Directions and Challenges - The healthcare industry faces challenges such as high complexity and strict requirements for data governance, necessitating a shift towards sustainable iterative mechanisms for AI applications [12] - AI is positioned to enhance pre-consultation processes, patient education, and overall efficiency in healthcare delivery, while maintaining a supportive role rather than replacing human decision-making in high-risk scenarios [15] - Future efforts will focus on low-risk, high-value areas for AI implementation, such as research data analysis and logistics support, to ensure effective integration into healthcare systems [14]

2025 年 6 月 7 日 市场小市值特征仍显著，PB-ROE 组合超额收益明显 ——量化组合跟踪周报 20250607 要点 量化市场跟踪 大类因子表现：本周（2025.06.03-2025.06.06，下同）beta 因子和动量因子获 得正收益（0.58%和 0.31%）；规模因子和流动性因子取得明显负收益（-0.66% 和-0.37%），市场动量效应占优，小市值风格仍较为显著。 单因子表现：沪深 300 股票池中，本周表现较好的因子有总资产增长率(2.23%)、 单季度营业收入同比增长率(1.78%)、单季度 ROA(1.58%),表现较差的因子有净 利润断层(-0.36%)、5 日平均换手率(-0.51%)、市净率因子(-0.64%)。 中证 500 股票池中，本周表现较好的因子有单季度净利润同比增长率(1.54%)、 单季度营业利润同比增长率(1.29%)、单季度 ROE 同比(1.28%),表现较差的因子 有 6 日成交金额的标准差(-0.95%)、市盈率 TTM 倒数(-0.95%)、6 日成交金额 的移动平均值(-0.97%)。 流动性 1500 股票池中，本周表现较好的因子有总资产增长率( ...

Core Viewpoint - The company, Altr, has signed a technology development contract with a globally recognized client (referred to as "Client Z") for the research and development of a new energy vehicle project, with a contract value of approximately 214 million yuan excluding tax [1] Group 1: Contract and Financial Impact - The contract with Client Z is expected to positively impact the company's operating performance for the current year, with specific amounts to be confirmed by the annual audit [1] - In 2024, a similar transaction with Client Z is projected to amount to 9.751 million yuan, accounting for 1.2% of the company's revenue from new energy vehicle design [1] Group 2: Business Overview - Altr is the only independent automotive design company in A-shares, specializing in full-process R&D of vehicles and platforms, as well as core component development [2] - The company has developed nearly 500 vehicle models for over 80 domestic and international clients, including notable brands such as Li Auto and Hongqi [2] Group 3: International Expansion - Altr has shifted its focus towards overseas markets, achieving 111 million yuan in foreign revenue in 2024, a year-on-year increase of 188.89%, representing 11.4% of total revenue [2] - The company's overseas strategy began in Japan and has expanded to Southeast Asia, the Middle East, Europe, and the Americas, with branches established in multiple global markets [2] Group 4: Recent Orders and Innovations - Altr has recently secured several overseas orders, including a contract worth 470 million yuan with AIM Corporation for vehicle production and a contract worth 6.8 billion yen for EV conversion kits from DOSHIN Holdings [3] - The company is implementing an AI-enabled automotive R&D design strategy, with innovative applications such as intelligent rendering systems and AI-assisted project management tools [3]

Core Insights - Douyin e-commerce has become a competitive battlefield for many enterprises due to its unique charm and significant commercial potential [1][3] - Sichuan Yufei Zhixia Business Information Consulting Co., Ltd. has emerged as a leader in the Douyin e-commerce service sector, focusing on providing comprehensive, one-stop e-commerce solutions [1][3] Company Overview - Sichuan Yufei Zhixia Business Information Consulting Co., Ltd. specializes in Douyin e-commerce services and has a team of top talents in e-commerce operations, market analysis, and marketing planning [1][3] - The company customizes e-commerce development strategies for enterprises based on rich experience and keen market insights [1][3] Service Offerings - The company provides a wide range of services including content planning, short video production, and live streaming sales, while also focusing on data analysis and performance evaluation [3] - Their service scope covers various industries such as clothing, beauty, home goods, and food, offering support in account operation, brand planning, market research, and supply chain management [3] Future Development - Sichuan Yufei Zhixia Business Information Consulting Co., Ltd. aims to enhance its service level and core competitiveness by adhering to the service philosophy of "professionalism, innovation, and win-win" [3] - The company plans to keep pace with Douyin e-commerce trends and continuously innovate service models and content to provide high-quality, efficient e-commerce services for enterprises [3]

券商中国记者获悉，近期，上海申银万国证券研究所有限公司（以下简称"申万宏源研究"）迎来新的人事 任命，周海晨不再兼任申万宏源研究总经理，王胜接任总经理一职，全面负责经营管理工作。申万宏源证 券执行委员会委员周海晨分管研究业务和机构业务；并兼任申万宏源研究党委书记、董事长。 在即将上任之际，王胜也对记者分享了自己的感受，对于资本市场，他表示，沧海横流方显英雄本色，每一次 形形色色的外部挑战，都将使我们伟大的祖国更加强大，都将让中国资本市场不断成长学习，愈发具有韧性。 中国资本市场终将迎来长牛。 对于研究业务，他表示，希望能够加强"研究产品"的理念，用打造精品的工匠态度来对待每一篇报告，每一次 路演和每一次调研。接下来申万宏源研究体系建设的重点将落在智能投研上。 加强"研究产品"的理念 对于如何推动申万宏源研究进一步发展。王胜提到，卖方研究本质属于高信息密集度、高数据含量、高算法需 求的现代服务业天天研究全社会各个行业，反而对自己行业的总结研究却显得不足，甚至在管理上还离很多制 造业大企业的先进实践尚有距离。 "不积跬步无以至千里，脚下第一步，我希望能够加强'研究产品'的理念，用打造精品的工匠态度来对待每一 篇报 ...