Core Points - The mainland consumer electronics index (983105) closed at 4679.66 points, down 0.04%, with a trading volume of 75.462 billion yuan and a turnover rate of 1.56% [1] - Among the index constituents, 20 stocks rose while 29 fell, with AAC Technologies leading the gainers at 3.95% and Meitu leading the decliners at 6.0% [1] Index Constituents Summary - The top ten constituents of the mainland consumer electronics index are as follows: - Luxshare Precision (sz002475) holds a weight of 12.51%, latest price at 60.00 yuan, with a market cap of 436.926 billion yuan and a rise of 2.37% [1] - SMIC (hk00981) has a weight of 12.37%, latest price at 62.39 yuan, with a market cap of 499.131 billion yuan and a decline of 1.15% [1] - Other notable constituents include BOE Technology (sz000725) with a weight of 5.67% and a market cap of 145.166 billion yuan, and Xiaomi (hk01810) with a weight of 5.56% and a market cap of 963.341 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 775 million yuan, while retail funds saw a net outflow of 347 million yuan [3] - Key stocks with significant fund flows include: - Luxshare Precision with a net inflow of 604 million yuan, accounting for 5.53% of the main funds [3] - Other stocks like GoerTek (sz002241) and Shenghong Technology (300476) also experienced notable fund movements [3]

Core Viewpoint - Suzhou Dongshan Precision Manufacturing Co., Ltd. has submitted an application for the issuance of overseas listed foreign shares (H shares) and listing on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and enhance its market presence [1]. Group 1 - The company submitted its application to the Hong Kong Stock Exchange on November 18, 2025, and published the application materials on the same day [1]. - The company has also submitted the filing application materials to the China Securities Regulatory Commission (CSRC), which have been accepted recently [1]. - The issuance and listing are subject to approvals from various regulatory bodies, including the CSRC, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating potential uncertainties in the process [1].

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州东山精密制造股份有限公司（以下简称"公司"）已于2025年11月18日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外 资股（H股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申 请，并于同日在香港联交所网站刊登了本次发行上市的申请材料。具体内容详见 2025年11月19日公司在巨潮资讯网（www.cninfo.com.cn）披露的《关于向香港联 交所递交H股发行上市的申请并刊发申请资料的公告》（公告编号：2025-083）。 公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了关于公司本次发行的备案申请材料并于近日获中国证监会接收。 证券代码：002384 证券简称：东山精密 公告编号：2025-084 苏州东山精密制造股份有限公司 关于发行境外上市股份（H股）备案申请材料获中国证监会接收的公告 特此公告。 苏州东山精密制造股份有限公司董事会 2025 年 12 月 1 日 公司本次发行上市尚需取得中国证监会、香港证券及期货事务监察委员会和 香港联 ...

Core Viewpoint - Dongshan Precision (002384.SZ) has submitted an application for the issuance of overseas listed foreign shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on November 18, 2025 [1] Group 1 - The company has published the application materials for this issuance and listing on the Hong Kong Stock Exchange's website on the same day [1] - The company has submitted the filing application materials regarding this issuance to the China Securities Regulatory Commission (CSRC), which has recently accepted the application [1]

Core Viewpoint - The company has submitted an application for the issuance of overseas listed foreign shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on November 18, 2025 [1] Group 1 - The application materials for the issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1] - The company has submitted the filing application materials regarding this issuance to the China Securities Regulatory Commission (CSRC), which has recently accepted the application [1] - The issuance and listing are subject to approvals from relevant government agencies, regulatory bodies, and the stock exchange, indicating that there are uncertainties involved [1]

Core Viewpoint - Dongshan Precision (002384.SZ) has submitted an application for the issuance of overseas listed foreign shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on November 18, 2025 [1] Group 1 - The company has published the application materials for this issuance and listing on the Hong Kong Stock Exchange website on the same day [1] - The company has submitted the filing application materials regarding this issuance to the China Securities Regulatory Commission (CSRC), which has recently accepted the application [1]

Core Viewpoint - The company has submitted an application for the issuance of overseas listed foreign shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange [1] Group 1 - The application materials have been published on the Hong Kong Stock Exchange website [1] - The company has received acceptance of the filing application materials submitted to the China Securities Regulatory Commission [1] - The issuance and listing are subject to approvals from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating uncertainty in the process [1]

Core Viewpoint - Dongshan Precision (002384.SZ) has submitted its filing application materials for the current issuance to the China Securities Regulatory Commission (CSRC), which has recently accepted the application [1] Group 1 - The company has complied with relevant regulations by submitting the necessary documentation to the CSRC [1] - The acceptance of the application by the CSRC marks a significant step in the company's issuance process [1]

Group 1 - As of November 28, the total market financing balance reached 2.46 trillion yuan, an increase of 1.48 billion yuan from the previous trading day, marking four consecutive days of growth in financing balance [1] - The financing balance in the Shanghai market was 1.24 trillion yuan, up by 17.44 million yuan; in the Shenzhen market, it was 1.21 trillion yuan, increasing by 1.43 billion yuan; and in the Beijing Stock Exchange, it was 7.53 billion yuan, rising by 38.84 million yuan [1] - On November 28, a total of 1,680 stocks received net financing purchases, with 387 stocks having net purchases exceeding 10 million yuan, and 20 stocks with net purchases over 100 million yuan [1] Group 2 - The top net financing purchase on November 28 was NewEase, with a net purchase of 1.17 billion yuan, followed by Zhongji Xuchuang and Xiangnong Xinchuan with net purchases of 860 million yuan and 463 million yuan, respectively [2] - In terms of industry, the highest concentration of stocks with net purchases exceeding 100 million yuan was in the electronics, communications, and power equipment sectors, with 6, 3, and 3 stocks respectively [1][2] - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.74%, with Yongtai Technology having the highest ratio at 8.02% [2]