Core Viewpoint - The article discusses the potential of companies with high dividend yields and the effectiveness of dividend strategies in attracting long-term investments, despite the recent underperformance of dividend stocks compared to growth stocks in the TMT sector [1][2]. Group 1: High Dividend Companies - Over 600 companies have disclosed their shareholder return plans for 2025-2027, with Jianghe Group leading with a proposed cash distribution of at least 80% of its net profit or a minimum of 0.45 CNY per share [2]. - Huaihe Energy ranks second, planning to distribute at least 75% of its net profit and a minimum of 0.19 CNY per share [2]. - China Shenhua and Mindray Medical are tied for third, each proposing a minimum cash distribution of 65% of their net profits during the same period [2]. Group 2: Historical Performance and Dividend Records - Companies like China Shenhua, Wuhu Highway, and Mindray Medical have shown strong historical dividend records, with cumulative dividends exceeding 100% of net profits over the past three years [4]. - Jianghe Group's minimum dividend of 0.45 CNY per share results in a dividend yield exceeding 6%, while Huaihe Energy and Guodian Power have yields of 5.49% and over 4%, respectively [4]. Group 3: Future Dividend Predictions - Predictions for future dividends based on consensus earnings estimates indicate that Sichuan Road and Bridge could yield a dividend rate of 6.36% based on a projected earnings per share of 0.92 CNY and a 60% payout ratio [5]. - Other companies like Zhongfu Industrial and Wuhu Highway are also expected to have dividend yields exceeding 5% and 4%, respectively [5]. - A total of 25 stocks are predicted to have dividend yields over 2%, with an average price increase of nearly 11% this year, significantly outperforming the CSI Dividend Index [5].

北京市天元律师事务所 关于江河创建集团股份有限公司 2025 年第二次临时股东会的法律意见 京天股字（2025）第 573 号 致：江河创建集团股份有限公司 江河创建集团股份有限公司（以下简称"公司"）2025 年第二次临时股东会 （以下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 9 月 12 日在北京市顺义区顺西南路艾迪公园 5 号楼一层会议室召开。北京 市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股 东会的现场会议，并根据《中华人民共和国公司法》、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规 则》"）以及《江河创建集团股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，就本次股东会的召集、召开程序、出席现场会议人员的资格、召集人 资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《江河创建集团股份有限公司第七届董 事会第四次会议决议公告》《江河创建集团股份有限公司关于召开 2025 年第二次 临时股东会的通知》（以下简称"《召开股东会通知》"）以及 ...

证券代码：601886 证券简称：江河集团 公告编号：临 2025-041 江河创建集团股份有限公司 2025年第二次临时股东会决议公告 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 9 月 12 日 (二)股东会召开的地点：北京顺义区顺西南路艾迪公园 5 号楼一层会议室 (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 | 130 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 822,567,296 | | 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（%） | 72.60 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会表决方式符合《公司法》及《公司章程》的规定，本次股东会由 董事长刘载望先生主持。 (五)公司董事和董事会秘书的出席情况 1、公司 ...

9月11日，江河集团涨1.59%，成交额4184.19万元。两融数据显示，当日江河集团获融资买入额433.04 万元，融资偿还460.49万元，融资净买入-27.46万元。截至9月11日，江河集团融资融券余额合计1.13亿 元。 分红方面，江河集团A股上市后累计派现31.38亿元。近三年，累计派现8.72亿元。 机构持仓方面，截止2025年6月30日，江河集团十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4381.31万股，相比上期减少6.43万股。嘉实产业优选混合(LOF)A（501189）位居第七大 流通股东，持股511.79万股，为新进股东。广发多因子混合（002943）位居第八大流通股东，持股 341.15万股，为新进股东。南方中证1000ETF（512100）、华宝标普中国A股红利机会ETF（562060） 退出十大流通股东之列。 责任编辑：小浪快报 融资方面，江河集团当日融资买入433.04万元。当前融资余额1.12亿元，占流通市值的1.29%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，江河集团9月11日融券偿还0.00股，融券卖出400.00股，按当日收盘价计算， ...

分红方面，江河集团A股上市后累计派现31.38亿元。近三年，累计派现8.72亿元。 9月9日，江河集团跌2.22%，成交额4301.22万元。两融数据显示，当日江河集团获融资买入额243.38万 元，融资偿还316.83万元，融资净买入-73.45万元。截至9月9日，江河集团融资融券余额合计1.14亿 元。 机构持仓方面，截止2025年6月30日，江河集团十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4381.31万股，相比上期减少6.43万股。嘉实产业优选混合(LOF)A（501189）位居第七大 流通股东，持股511.79万股，为新进股东。广发多因子混合（002943）位居第八大流通股东，持股 341.15万股，为新进股东。南方中证1000ETF（512100）、华宝标普中国A股红利机会ETF（562060） 退出十大流通股东之列。 融资方面，江河集团当日融资买入243.38万元。当前融资余额1.13亿元，占流通市值的1.33%，融资余 额低于近一年10%分位水平，处于低位。 责任编辑：小浪快报 融券方面，江河集团9月9日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0 ...

Non-Banking Financials - China Ping An (601318.SH) reported a revenue of 500.1 billion and a net profit of 68 billion for H1 2025, with a year-on-year growth of 1.0% and a decline of 8.8% respectively [2][8] - The operating profit after tax (OPAT) increased by 3.7% to 77.7 billion, while the net assets rose by 1.7% to 944 billion [2][8] - The new business value (NBV) for life insurance grew by 39.8%, and the combined ratio (COR) for property insurance improved by 2.6 percentage points to 95.2% [2][8] Pharmaceuticals - Zai Lab (688266.SH) achieved a total revenue of 376 million, marking a 56.07% increase year-on-year, although it reported a net loss of 73 million [13][14] - The company’s key product, Gika Xini, was approved for market, expected to generate significant revenue [14][15] - The pipeline includes promising candidates like ZG005 and ZG006, which are in various stages of clinical trials and have shown strong efficacy [15][16] Utilities and Environmental Protection - China Nuclear Power (601985.SH) reported a revenue of 40.973 billion, a 9.43% increase, but a net profit of 5.67 billion, down 3.66% year-on-year [18][19] - The company plans to distribute a mid-term dividend of 0.02 per share, reflecting its commitment to shareholder returns [20] - The company has 19 units under construction or approved, with a total capacity of approximately 22GW, ensuring long-term growth [20] Medical Devices - Haitai New Light (688677.SH) reported a revenue of 266 million, a 20.50% increase, and a net profit of 74 million, up 5.52% [22][23] - The company’s medical endoscope revenue reached 207 million, with significant growth in overseas markets [23][24] - The gross margin for the company improved to 65.84%, driven by increased sales and operational efficiency [23][24] Construction and Building Materials - Jianghe Group (601886.SH) reported a revenue of 9.339 billion, a decrease of 5.86%, but a net profit increase of 1.69% to 328 million [30][31] - The company has a high dividend payout ratio of 51.82%, indicating strong investor returns [30][31] - The company is expanding its overseas market presence, with significant growth in orders from international markets [31][32] Transportation - Shentong Express (002468.SZ) achieved a revenue of 25.02 billion, a 16.02% increase, but faced a net profit decline of 3.73% [37][38] - The company’s market share reached 12.9%, with a significant volume of 6.54 billion parcels processed [38][39] - The company is focusing on digital transformation and improving customer service to enhance profitability amid competitive pricing pressures [39][40]

Market Overview - On September 4, the decoration and renovation sector rose by 0.39% compared to the previous trading day, with Haoer Sai leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Key stocks in the decoration and renovation sector showed varied performance, with Haoer Sai (002963) closing at 12.93, up 3.19% with a trading volume of 113,500 shares and a turnover of 147 million yuan [1] - Other notable performers included Weiye Co. (300621) with a closing price of 9.02, up 2.85%, and Hainan Development (002163) at 9.25, up 2.32% [1] Capital Flow - The decoration and renovation sector experienced a net outflow of 2.1656 million yuan from institutional investors, while retail investors saw a net inflow of 10.5 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongtian Jingzhuang (002989) had a significant net outflow of 44.7235 million yuan from institutional investors, indicating a bearish sentiment [3] - Hainan Development (002163) saw a net inflow of 847.92 thousand yuan from institutional investors, suggesting some positive interest [3] - The capital flow data highlights the divergence in investor sentiment across different stocks within the sector [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company demonstrates long-term growth potential through high dividends and overseas expansion [5] - Significant improvement in Q2 profits and a high dividend payout ratio highlight the investment value [6] - The company has a robust order growth, particularly in overseas markets, which is expected to drive profitability [6] Financial Performance Summary - In H1 2025, the company achieved revenue of 9.339 billion yuan, a year-on-year decrease of 5.86%, while net profit attributable to shareholders was 328 million yuan, reflecting a year-on-year increase of 1.69% [6] - The company plans to distribute a cash dividend of 170 million yuan in H1 2025, with a dividend payout ratio of 51.82% [6] - The company’s gross margin for H1 2025 was 15.75%, with a net profit margin of 4.02% [6] Revenue and Profit Forecast - The company is expected to achieve net profits of 683 million yuan, 737 million yuan, and 798 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.06%, 7.97%, and 8.25% [7][8] - The projected P/E ratios for 2025, 2026, and 2027 are 12.51, 11.59, and 10.71 respectively [7] Market Performance - The company’s construction decoration segment reported revenue of 8.761 billion yuan in H1 2025, a decrease of 6.52% year-on-year, while the healthcare segment grew by 5.36% to 578 million yuan [6] - The company has established sales teams in Europe and the Americas, leading to a significant increase in overseas orders, which accounted for 38% of total orders in H1 2025 [6] Order and Margin Analysis - The total amount of bids won in H1 2025 was approximately 13.7 billion yuan, a year-on-year increase of 6.29% [6] - The company’s gross margin improved slightly, with a Q2 gross margin of 16.34%, up 0.85 percentage points year-on-year [6]

Core Viewpoint - Jianghe Group's stock experienced a slight decline of 0.78% on September 2, with a trading volume of 113 million yuan, indicating a low financing balance relative to its market value [1] Financing Summary - On September 2, Jianghe Group had a financing buy-in amount of 10.89 million yuan and a financing repayment of 10.01 million yuan, resulting in a net financing buy of 0.88 million yuan [1] - The total financing and securities balance for Jianghe Group reached 12.3 million yuan, accounting for 1.41% of its circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1] - The company had no shares sold or repaid in the securities lending market on the same day, with a securities lending balance of 55.23 million yuan, which is above the 80th percentile level over the past year, indicating a high level of securities lending [1] Company Overview - Jianghe Group, established on February 4, 1999, and listed on August 18, 2011, is located in Shunyi District, Beijing, and specializes in providing green building systems and high-quality healthcare services [1] - As of July 18, the number of shareholders in Jianghe Group was 20,100, a decrease of 16.36% from the previous period, while the average circulating shares per person increased by 19.56% to 56,368 shares [1] Financial Performance - For the first half of 2025, Jianghe Group reported a revenue of 9.339 billion yuan, a year-on-year decrease of 5.86%, while the net profit attributable to shareholders was 328 million yuan, reflecting a year-on-year increase of 1.69% [1] Dividend Information - Since its A-share listing, Jianghe Group has distributed a total of 3.138 billion yuan in dividends, with 872 million yuan distributed over the past three years [2] Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder with 43.8131 million shares, a decrease of 64,300 shares from the previous period [2] - New shareholders include Jiashi Industrial Preferred Mixed Fund (LOF) A with 5.1179 million shares and Guangfa Multi-Factor Mixed Fund with 3.4115 million shares, while Southern CSI 1000 ETF and Huabao S&P China A-Share Dividend Opportunity ETF exited the top ten circulating shareholders list [2]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].