Core Insights - The Invesco S&P 500® Momentum ETF (SPMO) is highlighted as a strong investment option for those looking for significant returns over both short and long-term periods [1]. Group 1 - The current portfolio structure of SPMO is aligned with future market trends, suggesting potential for growth [1]. - The analysis emphasizes a combination of fundamental and technical approaches to forecast market trends [1]. - The intent is to provide unbiased analysis to help investors choose effective investment strategies [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In June, the company delivered 48,006 vehicles, representing a year-on-year increase of 138.6% and a month-on-month increase of 6.5% [2][5] - The company aims for a sales target of 500,000 vehicles in 2025, with expectations for continued rapid growth [9] - The partnership with Stellantis allows for a light asset overseas expansion, enhancing global sales potential [9] Summary by Sections Sales Performance - In the first half of the year, the company achieved cumulative deliveries of 222,000 vehicles, a year-on-year increase of 155.7% [9] - The strong demand for new vehicles and the upcoming launch of the B01 model, which began pre-sales on June 29, are expected to drive future sales growth [9] Strategic Partnerships - The company signed a carbon credit transfer agreement with Stellantis, with a transaction cap of 1.5 billion [9] - This agreement involves the transfer of carbon credits generated from the sale of Leapmotor brand electric vehicles in the EU and UK markets [9] Product Development and Market Strategy - The company plans to launch 2-3 new products globally each year over the next three years, with the B01 model already in pre-sale [9] - The company has established a strong domestic and international sales network, with 942 stores in China and over 600 sales and service points overseas [9] Financial Outlook - The company is expected to see significant improvements in financial metrics due to the increasing proportion of high-priced models and a strong new vehicle cycle [9] - Projections for vehicle sales in 2025, 2026, and 2027 are 570,000, 890,000, and 1,210,000 respectively [9]

Group 1 - JPMorgan is a well-recognized financial conglomerate with a strong global brand presence [1] - The focus of the investment group European Small Cap Ideas is on high-quality small-cap investment opportunities, emphasizing capital gains and dividend income [1] - The investment group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1]

低利率市场环境下海外明星产品借鉴之一： JPMorgan Equity Premium Income ETF [Table_ReportTime] 2025 年 6 月 23 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 基金研究 [TableReportType] 基金专题报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 崔诗笛 金融工程与金融产品 金融工程分析师 执业编号：S1500523080001 联系电话：+86 18516560686 邮 箱：cuishidi@cindasc.com 孙石 金融工程与金融产品 金融工程分析师 执业编号：S1500523080010 联系电话：+86 18817366228 邮 箱：sunshi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅 大厦B 座 邮编： ...

量化投资框架 基于 JumpModel 和 XGBoost 的资产配置框架 2025 年 6 月 17 日 主题报告 黎鹏 执业登记编码：S0760523020001 邮箱：lipeng@sxzq.com 研究助理： 崔豪轩 邮箱：cuihaoxuan@sxzq.com 投资要点： 资产市场状态识别 山证金工团队 分析师： 采用 Jump Model 来识别市场状态。该模型通过对资产收益率的变化进 行分解，区分出平稳变化与跳跃变化，以捕捉市场的结构性变化。其优势在 于能够更精确地识别市场的非连续性变化，从而提供比传统波动率模型更清 晰的市场状态划分。 市场状态预测 使用 XGBoost 作为核心预测模型。XGBoost 通过集成学习方法提高预 测精度，并能够处理高维度、多特征的数据，使其在市场状态预测中表现优 异。模型使用默认参数进行设置，以避免参数交互作用可能导致的一系列问 题。 投资组合构建 基于预测的市场状态信号，采用均值-方差优化进行投资组合调整。在 市场状态发生变化时，该方法能够动态调整资产配置，优化收益与风险的平 衡。策略在使用 7 种资产进行回溯测试中取得 6.37%的年化收益率，同时保 持 0 ...

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) -- Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) ("Giyani" or the "Company"), developer of the K.Hill battery-grade manganese project in Botswana ("K.Hill" or "the Project"), announces the appointments of Nigel Robinson as in-coming Chair and Martin Botha to its board of directors (the "Board"). Mr. Robinson replaces Mark Burnett who was Interim Chair, bringing extensive experience from nine years as CFO and a further six and a half years as CEO of Central Asia Metals PLC ...

1）参考量化指数增强的优化框架，在选股的同时针对基准指数控制成分股的投资比例、行业权重偏离、个股权重偏 离； 2）分仓位投资，一部分仓位用于基准指数的投资或尽可能跟住指数，另一部分仓位仍按照原来的主动管理思路。 下面部分中，我们将首先讨论这两种方案的效果，另外最后部分中我们也将参考海外绩优产品的实际偏离情况给予启 发。 1. 《行动方案》强化业绩比较基准的约束作用 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称"《行动方案》"），提出了推进公募行业 高质量发展的七大项25项具体举措，其中明确提出强化业绩比较基准的约束作用，基金公司评价体系、公司高管的考 核以及基金经理的考核都将与业绩比较基准密切相关。以基金经理为例："对三年以上产品业绩低于业绩比较基准超过 10个百分点的基金经理，要求其绩效薪酬应当明显下降；对三年以上产品业绩显著超过业绩比较基准的基金经理，可 以合理适度提高其绩效薪酬"。 在此前后明星时代公募基金研究的系列报告中我们也曾经测算，过去10年美国主动权益基金相对其业绩比较基准的年 化跟踪误差多数在3~6%之间，平均水平不足5%，而国内偏股基金过去5年平均跟踪误差接近15%， ...

Core Viewpoint - Giyani Metals Corp. has successfully shipped High Purity Manganese Oxide (HPMO) samples for testing and qualification, marking a significant milestone in the development of its K.Hill Battery-Grade Manganese Project in Botswana, which positions the company favorably in the evolving battery market [1][3][4]. Company Developments - The Demo Plant in Johannesburg has achieved operational objectives, with HPMO shipment being a major accomplishment that supports ongoing offtaker testing [3][4]. - Production of High Purity Manganese Sulphate Monohydrate (HPMSM) is targeted for Q3 2025, with subsequent offtake qualification trials planned [4][5]. - Giyani is one of the few developers outside China to demonstrate the scale-up from laboratory to demonstration scale, which is crucial for derisking the planned Commercial Plant in Botswana [4][10]. Market Positioning - Giyani's ability to produce both HPMO and HPMSM provides technological and product optionality, allowing the company to cater to various battery technologies, including Lithium-Manganese-Iron-Phosphate (LMFP) and Nickel-Manganese-Cobalt (NMC) batteries [4][5]. - The company is strategically positioned to meet the anticipated demand increase for battery-grade manganese starting in 2028, as original equipment manufacturers (OEMs) adopt higher manganese content batteries [4][5]. Operational Updates - The Demo Plant consists of nine Process Modules and is currently in the Production Ramp-up phase, with ongoing optimization work to reduce operating costs and carbon footprint [9][12]. - The timeline for HPMSM production has been revised to Q3 2025, with the Definitive Feasibility Study (DFS) completion expected in Q1 2026, and construction of the commercial facility planned to commence in 2027 [4][10]. Community Engagement - Giyani has launched its first tender for site preparation works, exclusively for 100% Botswanan citizen-owned companies, ensuring local community benefits from the project [16][19]. Regulatory Developments - The company received a Special Economic Zone (SEZ) license for the Commercial Plant, which will provide significant fiscal benefits, including a reduced corporate tax rate for the first ten years of production [15].

证 券 研 2025 年 05 月 19 日 基准约束下，多大比例的偏离较为 合适？ ——后明星时代公募基金研究系列之五 本研究报告仅通过邮件提供给 中庚基金 使用。1 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 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 (8621)23297818× yangjw@swsresearch.com 权 益 量 化 研 究 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 究 报 告 相关研究 - ⚫ 探讨如何在业绩比较基准的约束下调整投资策略：对于国内主动管理人来说，除了量化 指数增强产品一般有严格的约束，其他以自下而上选股为主的管理人此前往往未有相关 经验，如何在业绩比较基准的约束下调整投资策略成为当下关注的重点。本报告中，我 们重点讨论两种可能的调整方案，并关注不同方案下跑输基准一 ...

Summary of Sarepta Therapeutics (SRPT) Conference Call Company Overview - **Company**: Sarepta Therapeutics (SRPT) - **Event**: 2025 Conference at Bank of America Healthcare Conference - **Date**: May 14, 2025 Key Points Financial Performance - **Net Product Revenue**: $612 million for Q1, representing a 70% growth year-over-year [8] - **Elevatus Revenue**: $375 million, a 180% increase compared to the same quarter last year [8] - **GAAP Operating Income**: Approximately $2.75 million, a 70% increase from the previous quarter [9] - **Non-GAAP Basis**: $335 million, about 45% of sales, indicating strong financial performance [9] - **Revised Guidance**: Expected revenue for the year is between $2.3 billion and $2.6 billion, with profitability and cash flow positivity anticipated [13] Industry Context - **Biotech Market Condition**: The current biotech market is described as "chaotic" and "nearly uninvestable," with 30% of public biotechs trading below their cash value [10][12] - **Funding Challenges**: Over 90% of biotechs rely on equity markets for funding, leading to potential failures of many companies and their programs [12] Regulatory Environment - **FDA Interactions**: Positive interactions with the FDA regarding the limb girdle programs, with no delays or changes in perspective noted [24][31] - **Accelerated Approvals**: Discussions ongoing regarding the transition from accelerated to traditional approvals for PMOs, with a focus on totality of evidence [40] Safety Concerns - **Recent Safety Event**: A safety incident involving a patient death due to liver injury has impacted the company's operations and necessitated increased communication with families and physicians [51][52] - **Impact on Patient Enrollment**: The safety event has caused delays in patient enrollment and treatment initiation, with a longer cycle time from start form to infusion now expected [54][60] Pipeline and Product Development - **Innovative Approaches**: The company is focused on gene therapy and gene editing, with a strong pipeline for limb girdle muscular dystrophy (LGMD) treatments [14][30] - **Upcoming BLA Submission**: A Biologics License Application (BLA) for the 09/2003 program is expected to be submitted later this year, with potential approval in the first half of next year [29][30] Market Strategy - **Focus on Secondary Sites**: The company is working to increase patient access by focusing on secondary and tertiary sites to expedite treatment [61][66] - **Sales and Support Strategy**: A multidisciplinary approach is being employed to support sites, including education on efficacy and safety [66] Future Outlook - **Guidance for Q2 and Beyond**: Anticipated revenue decline in Q2 due to the safety event, with expectations for recovery in Q3 and Q4 [81] - **Seasonality Considerations**: Potential for increased patient enrollment during the summer months, but ongoing impacts from the safety event are expected to linger [80][81] Additional Insights - **Manufacturing Resilience**: All products are manufactured in the U.S., with minimal impact from tariffs [19][20] - **Long-term Patient Monitoring**: Emphasis on the need for long-term studies to assess the efficacy of therapies in degenerative diseases [39] This summary encapsulates the critical insights from the conference call, highlighting Sarepta Therapeutics' financial performance, industry challenges, regulatory interactions, safety concerns, and strategic focus moving forward.