Core Viewpoint - The performance of the China Securities Dividend Low Volatility 100 Index and its corresponding ETF indicates a positive trend in bank stocks, which are expected to attract long-term investment due to their stability and high dividend yield [2][3]. Group 1: Index and ETF Performance - As of May 28, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.35%, with notable increases in constituent stocks such as Nanjing Bank (up 2.93%) and China Petroleum (up 2.20%) [2]. - The Dividend Low Volatility 100 ETF (159307) increased by 0.19%, with a latest price of 1.05 yuan and a trading volume of 347.20 million yuan [2]. - The ETF's recent scale reached 9.67 billion yuan, marking a one-year high, and its shares totaled 9.28 billion, also a one-year high [3]. Group 2: Fund Inflows and Leverage - The Dividend Low Volatility 100 ETF has seen continuous net inflows over the past week, with a maximum single-day net inflow of 12.54 million yuan, totaling 47.21 million yuan in net inflows [3]. - The ETF's financing net purchase on the previous trading day was 1.03 million yuan, with a latest financing balance of 165.40 million yuan, indicating ongoing interest from leveraged funds [3]. Group 3: Historical Performance and Risk Metrics - Over the past year, the Dividend Low Volatility 100 ETF's net value increased by 6.19%, ranking first among comparable funds [4]. - The ETF's maximum drawdown this year was 6.18%, which is the smallest among comparable funds, with a recovery time of 36 days [4]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in its category [4]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Dividend Low Volatility 100 Index accounted for 19.66% of the index, with companies like Jizhong Energy and Daqin Railway among the top [5][8].

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Utilities Index rising by 0.06% to 4647.84 points and a trading volume of 22.849 billion yuan [1] - The Shanghai Utilities Index has increased by 1.94% over the past month, 1.41% over the past three months, and has decreased by 2.47% year-to-date [1] - The index is categorized into five major sectors: industrial, commercial, real estate, utilities, and comprehensive, reflecting the economic conditions and overall performance of listed companies in these sectors [1] Group 2 - The top ten weighted stocks in the Shanghai Utilities Index include: Beijing-Shanghai High-Speed Railway (8.12%), China Nuclear Power (5.64%), Huaneng Hydropower (5.07%), China Unicom (4.82%), Shanghai Port Group (3.75%), Daqin Railway (3.74%), Three Gorges Energy (3.46%), China Communications Construction (2.91%), Air China (2.85%), and China Railway Construction (2.53%) [1] - The sample of the Shanghai Utilities Index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a total market share of 100% [1] Group 3 - In terms of industry composition within the Shanghai Utilities Index, industrial sector accounts for 51.73%, utilities for 33.68%, communication services for 8.87%, consumer discretionary for 1.72%, energy for 1.67%, financials for 1.10%, materials for 0.86%, and real estate for 0.37% [2] - The criteria for inclusion in the index require securities to have a daily average market capitalization ranking in the top 10 of the Shanghai market after three months of listing, while other securities are included after one year [2] - Securities under risk warning measures are removed from the index starting from the second Friday of the month following the implementation, while those that have their risk warning lifted are included from the next trading day after the second Friday of the following month [2]

Core Viewpoint - Daqin Railway has demonstrated strong operational performance in 2024, achieving significant growth in both passenger and freight transport, while also committing to a robust cash dividend policy that reflects its financial health and shareholder value creation [2][3][6]. Financial Performance - In 2024, Daqin Railway reported total operating revenue of 74.63 billion yuan and a net profit attributable to shareholders of 9.04 billion yuan, with basic earnings per share at 0.51 yuan and a weighted average return on equity of 6.10% [2]. - The company achieved a passenger volume of 46.41 million, representing an 8.3% year-on-year increase, and a freight volume of 706 million tons, accounting for 13.73% of the national railway freight total [3]. Strategic Goals - For 2025, Daqin Railway has set a target of 45 million passenger trips and a freight volume of 71 million tons, with an expected operating revenue of 78 billion yuan [4]. Dividend Policy - Daqin Railway has committed to a cash dividend of no less than 55% of net profit attributable to shareholders, with a total cash dividend of 5.18 billion yuan in 2024, representing 57.31% of the net profit [5][6]. - The company initiated its first interim dividend in 2024, marking a significant milestone in its shareholder return strategy [6]. Capital Structure - As of the end of 2024, Daqin Railway's total equity reached 169.97 billion yuan, an increase of 17.56 billion yuan year-on-year, primarily due to the conversion of Daqin convertible bonds into company stock [7].

北京市众鑫律师事务所 关于大秦铁路股份有限公司 二〇二四年年度股东会的律师见证法律意见书 致:大秦铁路股份有限公司 北京市众鑫律师事务所(以下简称"本所")接受大秦铁路股份 有限公司(以下简称"贵公司")的委托,指派张燮峰、田学斌律师 出席贵公司二〇二四年年度股东会(以下简称"本次股东会")进行 律师见证,对本次股东会的程序合法性进行监督。根据《公司法》、 《证券法》、公司章程及其他规范性文件的规定,出具本法律意见书。 本所律师根据《公司法》《证券法》及其他规范性文件的要求, 按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对贵公司 提供的文件和有关事实进行了核查和验证,现出具法律意见如下: 一、本次股东会的召集、召开程序 经本所律师核查,2025年4月30日,贵公司董事会在《中国证 券报》、《上海证券报》上发布了召开本次股东会的会议通知,贵公司 通告公司股东于 2025年5月21日召开本次股东会。会议通知规定本 次股东会采用现场投票与网络投票相结合的方式召开。 经本所律师核查,本次股东会现场会议于 2025年5月21日下午 2 点 30 分在山西省太原市建设北路小东门街口 196 号太铁广场会议 室现场 ...

证券代码：601006 证券简称：大秦铁路 公告编号：2025-044 大秦铁路股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 21 日 (二)股东会召开的地点：山西省太原市建设北路小东门街口 196 号太铁广场 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,428 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 11,653,716,548 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.8429 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次现场会议采取集中审议，集中表决的方式对议案进行审议，符合 《中华人民共和国公司法》《大秦铁路股份有限公司章程》的规定。大会由公 司董 ...

Core Viewpoint - The recent performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF indicates a growing interest in stable dividend-paying stocks, particularly in the coal sector, amidst market volatility and changing economic policies [4][5]. Group 1: Index and ETF Performance - As of May 21, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.66%, with key stocks like Shaanxi Coal and China Shenhua showing significant gains of 4.90% and 2.86% respectively [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a price increase of 0.57%, marking its third consecutive rise, with a latest price of 1.06 yuan [3]. - The ETF's trading volume reached 504.55 million yuan, with a turnover rate of 0.54% during the session [3]. Group 2: Market Sentiment and Investment Trends - Recent U.S. tariff policies have impacted market sentiment, leading investors to seek stable assets, particularly in the coal sector where inventory levels are decreasing and coal prices are stabilizing [4]. - Several state-owned coal enterprises have initiated share buybacks and asset injection plans, reflecting confidence in the coal industry's growth and stability [4]. Group 3: Fund Flows and Performance Metrics - The Dividend Low Volatility 100 ETF recorded a net inflow of 1,050.77 million yuan, with nine out of the last ten trading days showing positive net inflows totaling 2,189.61 million yuan [5]. - The ETF has achieved a 6.54% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.032%, indicating strong performance relative to its benchmark [6]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Jizhong Energy, Daqin Railway, and Xiamen International Trade, collectively accounting for 19.66% of the index [7].

Group 1 - The CSI 300 Dividend Low Volatility Index decreased by 0.07% as of May 15, 2025, with mixed performance among constituent stocks [1] - China Shenhua led the gains with an increase of 1.48%, followed by China Life Insurance at 1.21% and Hangzhou Bank at 0.85%, while GF Securities experienced the largest decline [1] - The CSI 300 Dividend Low Volatility ETF (515300) saw a trading volume of 32.31 million yuan during the session, with an average daily trading volume of 114 million yuan over the past week [1] Group 2 - The latest size of the CSI 300 Dividend Low Volatility ETF reached 5.631 billion yuan, marking a one-year high [1] - Over the past five trading days, there were net inflows on four days, totaling 66.32 million yuan [1] - As of April 30, 2025, the top ten weighted stocks in the index accounted for 37.43% of the total, including China Shenhua, Gree Electric, and China Petroleum [1] Group 3 - Huatai Securities anticipates that a series of policies aimed at stabilizing the market and expectations will support risk appetite, with resilient inflation and export data for April [2] - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC is expected to reshape the A-share market ecosystem [2] - Sectors such as large-cap stocks, financials, public utilities, and oil & petrochemicals are likely to benefit from the guidance towards long-term capital inflow and asset allocation [2]

Core Viewpoint - Daqin Railway Co., Ltd. will participate in the 2025 Investor Online Collective Reception Day and Annual Report Performance Briefing, aimed at enhancing investor relations and communication [2][3]. Group 1: Event Details - The event is scheduled for May 20, 2025, from 14:00 to 17:00 [2][3]. - The meeting will be conducted online via the "Panjing Roadshow" website [3]. Group 2: Participation Information - Company executives, including the General Manager, Board Secretary, CFO, and Securities Affairs Representative, will participate in the event [3]. - Investors can join the event through the "Panjing Roadshow" website, WeChat public account, or by downloading the Panjing Roadshow APP [4]. Group 3: Investor Engagement - Investors are encouraged to submit questions in advance via phone, fax, or email, which will be addressed during the event [4]. - Contact information for inquiries includes a phone number, fax number, and email address [5].

Core Viewpoint - Central state-owned enterprises (SOEs) are addressing the issue of stock prices falling below net asset value (known as "破净") by implementing valuation enhancement plans to boost company value and investor confidence [2][3] Group 1: Valuation Enhancement Plans - 27 central SOEs have disclosed targeted valuation enhancement plans this year, with over 50 SOEs revealing their market value management systems [2] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of addressing the long-term "破净" issue as a key annual task [2] - Companies are focusing on improving core business operations as the primary task in their disclosed valuation enhancement plans [3] Group 2: Strategic Development Initiatives - China Electric Power Construction plans to develop strategic emerging industries such as offshore wind power, hydrogen energy, and artificial intelligence in engineering [3] - China State Construction Engineering is focusing on industrialization, digitalization, and green transformation to enhance its competitive edge [4] Group 3: Mergers and Acquisitions - High-quality mergers and acquisitions are seen as essential for optimizing business layout and expanding market share in the steel industry [5] - China Communications Construction Company is planning to integrate its subsidiaries to reduce costs and enhance efficiency [5][6] Group 4: Long-term Return Mechanisms - The "three-piece set" of dividends, share buybacks, and stock repurchases is crucial for enhancing investor returns and is a significant part of the market value management toolbox [7] - Daqin Railway plans to maintain a cash dividend ratio of at least 55% of net profit by 2025, while other companies like China Merchants Port and Shanghai Energy are also increasing their dividend payouts [7][8] Group 5: Market Stabilization Efforts - Since April, central SOEs have initiated share buybacks and repurchases exceeding 30 billion yuan to stabilize the capital market [8] - A rapid response mechanism has been established by many central SOEs to address market fluctuations effectively [8]

股票代码：601006 股票简称：大秦铁路 公告编号：【临2025-043】 大秦铁路股份有限公司关于参加 山西辖区上市公司 2025 年投资者网上集体接待日 暨年报业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●会议召开方式：网络在线交流 一、说明会情况 为进一步做好投资者关系管理工作，加强与广大投资者的互动交流，大秦铁 路股份有限公司（以下简称"公司"）将参加由中国证券监督管理委员会山西监 管局、山西省上市公司协会与深圳市全景网络有限公司联合举办的"山西辖区上 市公司2025年投资者网上集体接待日暨年报业绩说明会"。 二、召开的时间和方式 ●会议召开时间：2025年5月20日（周二）14:00—17:00 本次投资者集体接待日暨年报业绩说明会活动将于2025年5月20日（周二） 14:00—17:00在"全景路演"网站采用网络远程的方式进行。 三、参加人员 公司总经理、董事会秘书、财务总监、证券事务代表等。 四、投资者参加方式 投资者可登录"全景路演"网站（http://rs.p5 ...