炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月28日，高股息板块爆发，港股通红利ETF广发（520900）放量上涨3.37%，成交额1.34亿元。十大重 仓股全部上涨，中国电信涨超6%，中国联通、中国海洋石油、中国石油股份等涨幅超5%。 四季度给持有人赚4831.26万元，2025年全年该基金利润为2.28亿元 近期，港股通红利ETF广发（520900）四季报出炉，数据显示，报告期初份额15.92亿份，期末份额 18.75亿份，即四季度份额增加2.83亿份，增长率17.78%。 利润方面，2025年四季度港股通红利ETF广发（520900）利润为4831.26万元，2025年全年该基金利润 为2.28亿元。 | 主要财务指标 | 报告期 | | --- | --- | | | (2025年10月1日-2025年12月 | | | 31日) | | 1.本期已实现收益 | 14,853,340.38 | | 2.本期利润 | 48,312,552.91 | | 3.加权平均基金份额本期利润 | 0.0280 | | 4.期末基金资产净值 | 1,944,244,411.55 | ...

全指现金流ETF鹏华紧密跟踪中证全指自由现金流指数，中证全指自由现金流指数选取100只自由现金 流率较高的上市公司证券作为指数样本，以反映现金流创造能力较强的上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证全指自由现金流指数(932365)前十大权重股分别为中国海油、上 汽集团、格力电器、中远海控、牧原股份、中国铝业、TCL科技、宝钢股份、长城汽车、正泰电器，前 十大权重股合计占比53.78%。 有色石油领涨市场，消息面上，现货黄金延续涨势，最新报每盎司5080.60美元，创历史新高，涨幅达 2%。现货白银盘中一度突破108美元/盎司，日内涨幅超过4.6%。此外，区域局势升温和美天然气价格 上涨，推动石油板块走高。 近期，现金流指数独有的"强周期资源"权重（如有色、化工）与市场热点高度共振，彰显了其作为工具 型产品的精准赛道价值和结构优势。展望后市，有机构指出：随着年报预告窗口开启及交易规则影响显 现，纯粹题材博弈将面临业绩与政策双检验，市场或回归理性。在全球避险与资源品定价权重估的背景 下，现金流指数重点布局的有色金属、化工、石化等板块的景气度和确定性突出。 截至2026年1月26日 1 ...

Investment Rating - The report maintains a "Buy" rating for major airlines including China Southern Airlines, China Eastern Airlines, Spring Airlines, and others, while recommending "Hold" for YTO Express and Shentong Express [2]. Core Insights - The report highlights a positive outlook for the aviation sector driven by multiple factors, including the upcoming Spring Festival travel peak, the appreciation of the RMB easing cost pressures, and the increase in visa-free countries for Chinese citizens, which is expected to boost international travel demand [4][7]. - The anticipated passenger transport volume during the 2026 Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [4]. - The report emphasizes the cyclical recovery of the civil aviation market, with expectations of rising passenger load factors and ticket prices, driven by a gradual recovery in demand and limited capacity growth [4][7]. Summary by Sections Aviation and Airports - Daily flight operations from January 19 to January 23 showed slight fluctuations, with Eastern Airlines and Southern Airlines operating 2,245.80 and 2,221.80 flights respectively, while year-on-year comparisons indicate a decrease in operations [4]. - The average aircraft utilization rates during the same period were reported, with Spring Airlines achieving the highest at 9.20 hours per day, although all airlines showed a decline compared to the previous year [4]. - The report suggests that the upcoming Spring Festival will significantly enhance market demand, particularly from student travelers, as the holiday season approaches [4][7]. Logistics and Express Delivery - The report notes a divergence in the growth rates of express delivery companies, with a total of approximately 4.073 billion packages collected from January 12 to January 18, reflecting a year-on-year decline of 11.82% [7]. - It highlights the ongoing high-quality development of the express delivery industry, with policies aimed at reducing competition ("anti-involution") expected to improve profitability [7]. - The report recommends focusing on express companies with significant profit elasticity, such as Shentong Express and YTO Express, as well as those with strong growth potential in overseas markets like Jitu Express [7]. Infrastructure - The report tracks various transportation metrics, including highway and railway freight volumes, indicating a mixed performance across sectors [7]. - It suggests that the low-interest-rate environment will continue to support investment in infrastructure, with a focus on high-quality assets [7]. - Specific recommendations include investing in highway companies like Shandong Highway and Anhui Expressway, as well as railway companies like Daqin Railway and Beijing-Shanghai High-Speed Railway [7]. Shipping and Trade - The report indicates a mixed performance in shipping rates, with the SCFI index showing a decline of 7.39% week-on-week and a year-on-year drop of 28.73% [7]. - It emphasizes the potential for investment opportunities in oil and bulk shipping due to geopolitical factors and structural demand growth [7]. - Recommendations include focusing on companies like COSCO Shipping Energy and COSCO Shipping Holdings for oil shipping investments, as well as Hai Tong Development for bulk shipping [7].

Core Viewpoint - China COSCO Shipping Specialized Carriers has won a bid for the complete vehicle logistics project of Chery Automobile in Peru, aiming to establish an efficient end-to-end vehicle supply chain system based in the Chancay Port of Peru, which will enhance Chery's market expansion in Latin America and deepen economic cooperation in the region [1] Group 1 - The project involves collaboration with various parties to build a high-efficiency supply chain for Chery's OMODA and JAECOO vehicles [1] - The initiative is expected to inject new momentum into Chery's expansion efforts in the Latin American market [1] - The logistics project is part of broader economic cooperation efforts in the Asia-Latin America trade [1]

Group 1 - The high dividend selection concept increased by 1.39%, ranking 10th among concept sectors, with 16 stocks rising, including Nanshan Aluminum, Dongfang Yuhong, and Lantian Gas, which rose by 7.49%, 7.03%, and 4.21% respectively [1][2] - The leading decliners in the high dividend selection sector included Action Education, Siwei Liekong, and Qianjiang Motorcycle, which fell by 2.62%, 1.43%, and 0.99% respectively [1][2] - The high dividend selection sector saw a net inflow of 388 million yuan from main funds, with 10 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow, led by Minsheng Bank with a net inflow of 115 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Fusenmei, COSCO Shipping, and Minsheng Bank, with net inflow ratios of 14.94%, 10.54%, and 9.95% respectively [3][4] - The high dividend selection concept's top stocks by net inflow included Minsheng Bank, COSCO Shipping, Dongfang Yuhong, and Nanshan Aluminum, with respective net inflows of 115.39 million yuan, 100.27 million yuan, 72.47 million yuan, and 43.30 million yuan [3][4] - The overall market performance showed various sectors with significant fluctuations, with epoxy propylene leading the gainers at 5.78% and military information technology declining by 3.29% [2]

Core Viewpoint - The shipping industry has not yet passed its worst period, with excess supply and the reopening of the Red Sea route likely leading to EBIT losses in 2026 [1] Group 1: Industry Outlook - Bank of America Securities predicts that the first half of 2026 will be negatively impacted by a significant increase in vessel supply [1] - The second half of 2026 is expected to face increasing pressure from the anticipated reopening of the Red Sea route [1] - The expected losses will likely lead shipping companies to reduce shareholder returns in 2026 to preserve cash during the downturn [1] Group 2: Company Ratings - The bank maintains a "underperform" rating for COSCO Shipping Holdings (601919), Orient Overseas International (00316), and Evergreen Marine (2603.TW) [1] - A "neutral" rating is maintained for Japanese shipping companies due to current valuations being above historical lows [1] Group 3: Risks and Monitoring - Close attention is required regarding negative news related to the restoration of the Red Sea route [1] - There is a risk of further declines in spot freight rates as port congestion eases and seasonal factors diminish [1]

Group 1 - The core viewpoint of the article is that the container shipping industry has not yet passed its worst period, with excess supply and the reopening of the Red Sea route likely leading to EBIT losses in 2026 [1] - Bank of America Securities predicts that the first half of 2026 will be negatively impacted by a significant increase in vessel supply, while the second half will face increasing pressure from the prospects of the Red Sea reopening [1] - The anticipated losses are expected to prompt container shipping companies to reduce shareholder returns in 2026 to preserve cash during the downturn [1] Group 2 - The bank maintains a "underperform" rating on COSCO Shipping Holdings (01919), Orient Overseas International (00316), and Evergreen Marine (2603.TW), while holding a "neutral" rating on Japanese shipping companies due to current valuations being above historical lows [1] - There is a need to closely monitor negative news regarding the restoration of the Red Sea route, as well as the risk of further declines in spot freight rates due to easing port congestion and seasonal factors [1]

Core Viewpoint - The container shipping industry has not yet passed its worst period, with excess supply and the reopening of the Red Sea route likely leading to EBIT losses in 2026 [1] Group 1: Industry Outlook - Bank of America Securities predicts that the first half of 2026 will be heavily impacted by a significant increase in vessel supply [1] - The second half of 2026 is expected to face increasing pressure from the anticipated reopening of the Red Sea route [1] - The expected losses will likely lead container shipping companies to reduce shareholder returns in 2026 to preserve cash during the downturn [1] Group 2: Company Ratings - The bank maintains an "underperform" rating for COSCO Shipping Holdings, Orient Overseas, and Evergreen Marine [1] - A "neutral" rating is maintained for Japanese shipping companies due to current valuations being above historical lows [1] Group 3: Risks and Considerations - Close attention is required regarding negative news related to the restoration of the Red Sea route [1] - There is a risk of further declines in spot freight rates as port congestion eases and seasonal factors diminish [1]

Core Viewpoint - The shipping and port sector experienced a rise of 1.07% on January 19, with Xiamen Port leading the gains, while the Shanghai Composite Index closed at 4114.0, up 0.29% [1]. Group 1: Stock Performance - Xiamen Port (000905) closed at 13.60, up 5.59% with a trading volume of 510,700 shares and a transaction value of 690 million [1]. - COSCO Shipping Energy (600026) closed at 14.57, up 3.85% with a trading volume of 506,900 shares and a transaction value of 737 million [1]. - Strait Holdings (002320) closed at 11.08, up 3.84% with a trading volume of 610,700 shares and a transaction value of 673 million [1]. - China Merchants South Oil (601975) closed at 3.33, up 2.78% with a trading volume of 1,418,400 shares and a transaction value of 469 million [1]. - Haitong Development (603162) closed at 12.60, up 2.69% with a trading volume of 139,900 shares and a transaction value of 177 million [1]. Group 2: Capital Flow - The shipping and port sector saw a net inflow of 176 million from institutional investors, while retail investors experienced a net outflow of 1.08 billion [2]. - Major stocks like COSCO Shipping Energy and Strait Holdings attracted significant net inflows of 78.63 million and 58.81 million respectively from institutional investors [3]. - Conversely, retail investors withdrew 38.70 million from COSCO Shipping Energy and 56.58 million from Strait Holdings, indicating a divergence in investor sentiment [3].

Core Viewpoint - Citigroup has upgraded the rating of China COSCO Shipping Holdings (01919) from "Sell" to "Buy," raising the target price from HKD 12.1 to HKD 15.9, despite negative investment sentiment in the container shipping industry expected until the end of 2025 [6]. Group 1: Company Analysis - The upgrade reflects a positive outlook on the risk-return profile for shipping companies in the Asia-Pacific region [6]. - China COSCO Shipping Holdings has a net cash per share of HKD 12, which supports its valuation [6]. Group 2: Industry Outlook - The shipping industry is expected to face negative sentiment due to concentrated demand in the first half of 2025 and the resumption of traffic through the Suez Canal [6]. - Citigroup anticipates that freight rates will rise in the first half of 2026, driven by inventory replenishment demand in Western economies and managed supply [6]. - The overall valuation of Asia-Pacific shipping companies is attractive, with forecasted price-to-book ratios ranging from 0.6 to 0.8 times [6]. - The impact of weak domestic transportation demand in China and pressure from U.S. port fees is gradually diminishing [6].