分红多募资少。 A股市场下起"红包雨"，现金分红成为主流。 根据Wind数据，截至8月21日收盘，已有160家上市公司披露了2025年中期分红预案，仅20日晚间就有 23家公告了分红预案。其中，牧原股份（002714.SZ）的分红计划受到市场关注，该公司拟每10股派发 现金红利9.32元，分红金额超过50亿元。 此前的8月19日晚间，吉比特（603444.SH）、福耀玻璃（600660.SH）公告，每10股拟派发现金红利分 别为6.6元、0.9元，拟派发现金4.74亿元、23.49亿元。这两只股票的共同点在于，上市以来的分红总额 已超过实际募资总额。 其中，福耀玻璃是分红融资比排名前十的公司之一。依据Wind数据计算，贵州茅台（600519.SH）、山 西汾酒（600809.SH）、宁沪高速（600377.SH）、兖矿能源（600188.SH）、五粮液（000858.SZ）、 达安基因（002030.SZ）、格力电器（000651.SZ）、江铃汽车（000550.SZ）、重庆啤酒（600132.SH） 是另外9家，前十大"分红王"的分红融资比均超过24倍。其中，贵州茅台分红融资比超150倍，这意味着 每募集1 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4] Core Insights - July saw strong performance in the new energy vehicle (NEV) sector, with sales growth remaining high due to ongoing stimulus policies and increasing consumer demand [11][28] - Total vehicle sales in July reached 2.593 million units, a year-on-year increase of 14.7%. Cumulative sales from January to July amounted to 18.269 million units, reflecting a 12% year-on-year growth [11] - NEV sales in July were 1.262 million units, up 27.4% year-on-year, with a penetration rate of 48.7%. For the first seven months of 2025, NEV sales totaled 8.22 million units, marking a 38.5% increase year-on-year and a penetration rate of 45.0% [11] Summary by Sections Weekly Discussion - The automotive market continues to show positive momentum, with new model releases and sustained consumer purchasing demand contributing to a favorable market environment [11] Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in the vehicle and parts sectors due to improving performance, as well as key players in the NEV electrification and intelligence sectors. Recommended companies include BYD, Changan Automobile, Geely, and Li Auto [2][28][31] - The report highlights opportunities arising from domestic substitution due to the "dual circulation" strategy, with companies like Lingdian Electric Control and Sanhua Intelligent Control being of particular interest [2][31] Market Review - The automotive sector experienced a weekly increase of 3.08%, ranking 9th among 31 sectors in the Shenwan classification. The sector outperformed the CSI 300 index, which saw increases of 1.70% [30][36] - In the sub-sectors, automotive services, parts, passenger vehicles, commercial vehicles, and motorcycles had varying weekly performance, with automotive services declining by 1.35% [30][32]

还在成长中的现金牛更稀缺。 作者 | 观韬 编辑 | 小白 8月19日盘后，福耀玻璃（600660.SH、03606.HK）正式发布2025年半年报，2025年上半年总营收 214.47亿，同比增长16.94%，净利润48.05亿，同比增长37.33%， 半年度营收首次突破200亿。 从财务数据看，自2021年以来， 福耀玻璃每年基本都保持18%左右的营收增长， 在目前的大环境 下，简直强得可怕。 （制图：市值风云APP） 净利润的表现要更逆天，2021年以来无论是扣非前还是扣非后，福耀玻璃增速基本都超过20%。 恍 惚间，风云君有了一种这家全球玻璃龙头是成长股的错觉。 （制图：市值风云APP） 受半年报业绩继续高增长带动，福耀玻璃A股股票8月20日开盘后迅速涨停，H股一度高开超17%，A 股股价距离62.04元/股的历史前高也就一步之遥。 值此关键节点，我们能从福耀玻璃的半年报中得到哪些关键信息呢？ 最强单季报，来自龙头的最强α收益 首先，福耀玻璃二季度业绩表现更亮眼,单季度营收115.37亿，净利润27.8亿。鉴于公司2025年上半年 营收、净利润已创历史新高，不用拉数据，我们也能推断出， 今年二季度大概 ...

在A股市场沪指创出十年新高的时刻，权益类基金再次成为投资者关注的焦点。Wind数据显示，过去十 年间（2015年8月20日至2025年8月20日），全市场1053只权益类基金（仅统计主代码）中，正收益产品 数量占据绝对主流，共有958只收益为正，占比超过90%，仅有95只收益为负，体现了主动权益基金在 长期维度上创造超额收益的能力。 | 序号 | 证券代码 | 证券简称 | 近十年累计单位 净值增长率 | 今年以来回报 | 成立以来回报 | 基金规模 | 基金经理 | 基金成立日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | (%) | (亿) | | | | 1 | 166301.OF | 华商新趋势优选 | 456.21 | 25.10 | 435.29 | 44.69 | 章文 | 2015/5/14 | | 2 | 000628.OF | 大成高鑫A | 373.82 | 10.82 | 400.83 | 179.16 | 刘旭 | 2015/2/3 | | 3 | 001437.OF | 易 ...

Investment Rating - Strongly recommended (maintained) [2] Core Views - The company reported revenue and profit growth, with a significant improvement in profitability and cash flow quality. Revenue for H1 2025 reached 21.447 billion yuan, a year-on-year increase of 16.95%, while net profit attributable to shareholders was 4.805 billion yuan, up 37.33% year-on-year [5][6] - Q2 2025 performance exceeded expectations, with revenue of 11.537 billion yuan, a year-on-year increase of 21.39%, and net profit of 2.775 billion yuan, up 31.45% year-on-year [5][6] - The company has increased capital expenditures significantly, with cash payments for fixed assets and other long-term assets amounting to 2.861 billion yuan in H1 2025 [5][6] - The proportion of high value-added glass products continues to rise, with a 4.81 percentage point increase compared to the same period last year [5][6] - Inventory turnover efficiency has improved, with inventory turnover days reduced from 84 days to 82 days year-on-year [5][6] Summary by Sections Financial Performance - H1 2025 revenue was 21.447 billion yuan, up 16.95% year-on-year; net profit was 4.805 billion yuan, up 37.33% year-on-year; operating cash flow reached 5.354 billion yuan, a significant increase of 61.02% year-on-year [5][6] - Q2 2025 revenue was 11.537 billion yuan, a year-on-year increase of 21.39%, and net profit was 2.775 billion yuan, up 31.45% year-on-year [5][6] Capital Expenditure - Capital expenditures in H1 2025 totaled 2.861 billion yuan, with significant investments in various projects including the US automotive glass project and multiple projects in Anhui [5][6] Product Development - The share of high value-added glass products has increased, contributing to improved profitability and revenue growth [5][6] Operational Efficiency - Inventory turnover days improved, indicating better inventory management and operational efficiency [5][6]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002190 | 成飞集成 | 44.35 | 10.00% | 46.69万 | | 20.25亿 | | 301192 | 泰祥股份 | 30.61 | 7.67% | 4.00万 | | 1.22亿 | | 603758 | 秦安股份 | 16.30 | 7.38% | 34.51万 | | 5.62亿 | | 300893 | 松原安全 | 33.95 | 6.16% | 22.28万 | | 7.41亿 | | 600660 | 福耀玻璃 | 64.70 | 5.46% | 75.38万 | | 48.20亿 | | 300998 | 宁波方正 | 25.15 | 4.66% | 9.38万 | | 2.33亿 | | 603922 | 金鸿顺 | 23.24 | 4.40% | 15.43万 | | 3.53亿 | | 603006 | 联明股份 | 14.33 | 3.99% | 11.28万 | | 1.61亿 | ...

Core Viewpoint - Credit Lyonnais reports that Fuyao Glass (600660) will continue to gain market share globally due to capacity expansion and leading technology, raising the target price for Hong Kong shares from HKD 68 to HKD 77, aligning with the A-share target price of RMB 71, maintaining an "outperform" rating for both markets [1] Group 1: Financial Performance - Fuyao Glass's profit margin significantly expanded in the first half of the year, primarily benefiting from efficiency improvements, operational leverage, and reduced raw material costs [1] - The company announced an interim dividend of RMB 0.9 per share, indicating a payout ratio of 49%, with expectations to maintain a payout ratio exceeding 60% from 2025 onwards [1] Group 2: Future Outlook - New production facilities in Fuzhou and Hefei are set to commence operations in November, leading to a gradual decrease in capital expenditures from the RMB 8 billion guidance by 2025 [1] - Continued high R&D spending is expected to provide the company with advantages in the development and production of high value-added products, with anticipated profit improvements in the second half of this year and next year [1]

里昂认为，福耀玻璃上半年利润率显著扩张，主要受益于效率提升、营运杠杆和原材料成本降低。随 着"福清"和"合肥"的新生产工厂将于11月投产，里昂预计公司2025年资本支出将从80亿元人民币的指引 逐步下降。 该行表示，福耀玻璃宣布每股0.9元人民币的中期股息，意味着49%的派息比率，相信其从2025年起及 未来应维持超过60%的派息比率。另预计公司在今年下半年和明年利润将持续改善，又认为持续的高研 发支出使公司在高附加值产品的开发和生产上享有优势。 智通财经APP获悉，里昂发布研报称，福耀玻璃(03606,600660.SH)将凭借扩大产能和领先技术在全球市 场继续获得市场份额，并基于18倍的市盈率，将港股目标价从68港元上调至77港元，与A股一致，因港 股市场交易情绪改善，维持A股目标价71元人民币，重申对港股和A股的"跑赢大市"评级。 ...

平安证券研报指出，福耀玻璃2025年上半年实现归母净利润48亿元（同比+37%），实现扣非归母净利 润47亿元（+32%）。2025中期分红预案：拟每10股分配现金股利9元（含税）。汽车玻璃创新空间仍 大，福耀汽玻单价继续提升，盈利能力强劲。高附加值汽车玻璃产品占比持续提升，投建国内外新项目 有望继续提升公司市场份额，公司盈利能力超预期，根据最新情况，该行上调公司业绩预测。福耀玻璃 凭借其市场领先地位，具备较强成本转移能力，此外汽车玻璃行业护城河高，福耀玻璃历史上保持稳定 的分红比例，维持"推荐"评级。 ...

平安证券研报指出，福耀玻璃2025年上半年实现归母净利润48亿元（同比+37%），实现扣非归母净利 润47亿元（+32%）。2025中期分红预案：拟每10股分配现金股利9元（含税）。汽车玻璃创新空间仍 大，福耀汽玻单价继续提升，盈利能力强劲。高附加值汽车玻璃产品占比持续提升，投建国内外新项目 有望继续提升公司市场份额，公司盈利能力超预期，根据最新情况，该行上调公司业绩预测。福耀玻璃 凭借其市场领先地位，具备较强成本转移能力，此外汽车玻璃行业护城河高，福耀玻璃历史上保持稳定 的分红比例，维持"推荐"评级。 ...