Core Viewpoint - A-share listed companies are increasingly distributing cash dividends, with nearly 120 companies in the Shenzhen market having completed profit distribution, totaling over 37.5 billion yuan in cash dividends since December 2025, reflecting a strong commitment to shareholder returns [1] Group 1: Dividend Distribution Trends - Private enterprises are the main contributors to pre-holiday dividends, with nearly 70 out of the 120 companies being private, accounting for about 60% of the total [1] - The trend of multiple dividends per year and concentrated distributions before the Spring Festival is becoming a norm in the market, enhancing investor satisfaction [2] - In 2025, Shenzhen listed companies issued a total of 547.56 billion yuan in cash dividends, maintaining over 500 billion yuan for two consecutive years, indicating a positive ecosystem for dividends [2] Group 2: Company Performance and Dividend Policies - As of January 31, 2026, 1,714 out of 2,866 listed companies in Shenzhen have pre-disclosed their 2025 performance, with nearly 60% showing improved results, collectively achieving a net profit of 82.01 billion yuan, a significant increase of 155.67 billion yuan year-on-year [2] - Yilian Network, a representative "cash cow" enterprise, has implemented a consistent dividend policy since its listing in 2017, with a total cash dividend exceeding 8.5 billion yuan and an average dividend rate close to 60% [3] - Companies are enhancing the transparency and predictability of their dividend policies by revising company charters and establishing medium to long-term dividend plans [2][3]

春节前夕"红包"落地。一批深市公司积极派发现金红包，用实实在在的收益回馈投资者。 统计数据显示，2025年12月以来，近120家深市公司实施利润分配，累计分红超375亿元。 近年来，深市公司持续提高分红水平。回顾2025年全年，深市公司累计发放现金股利5475.59亿元，连 续两年突破5000亿元。"十四五"时期深市公司实施分红总额超2万亿元，上市公司"愿分红、常分红"的 生态逐步形成，投资者获得感明显提升，形成了良性的投资回报机制。 作为创业板上市公司中典型的"现金奶牛"，亿联网络于2025年9月实施2025年半年度权益分派，向股东 每10股派发现金红利5元，合计分配现金红利6.33亿元，占上半年净利润比例超过50%，延续了高比例 分红的传统。自2017年上市以来，公司始终将分红政策的连续性和稳定性置于公司治理的核心位置，其 《公司章程》规定，公司每年度以现金方式分配的利润应不低于当年实现的可分配利润的20%。这一硬 性比例要求从制度层面保障了投资者的回报预期。截至目前，公司累计现金分红次数达12次，累计现金 分红金额超过85亿元，平均分红率近60%。 2025年11月，歌尔股份实施2025年前三季度权益分 ...

立讯精密工业股份有限公司 关于部分股票期权注销完成的公告 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。 | 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2026-021 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 励计划首次授予的第三个行权期内，激励对象可自主行权 8,214,326 份，截至 2025 年 12 月 3 日，该激励计划首次授予第三个行权期的可行权期限已届满，存在到期未 行权的股票期权合计 26,626 份；在 2022 年股票期权激励计划的第二个行权期内， 激励对象可自主行权 30,117,800 份，截至 2025 年 12 月 5 日，该激励计划第二个行 权期的可行权期限已届满，存在到期未行权的股票期权合计 424,960 份。公司董事 会经公司 2019 年第一次临时股东大会、2021 年第一次临时股东大会及 2022 年第 三次临时股东大会的授权，根据《上市公司股权激励管理办法》及公司《2019 年股 票期权激励计划（草案）》《2021 年股票期权激励计划 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the market index in the next six months [41]. Core Insights - The SW Electronics sector's fund heavy positions and overweight ratios have increased year-on-year but decreased quarter-on-quarter, indicating a high level of interest despite recent declines [1][11]. - The focus for Q4 2025 is on AI computing power and semiconductor self-sufficiency, with key stocks including Cambricon, Haiguang Information, and SMIC leading the way [2][22]. - The semiconductor and components sectors are currently overweight, while consumer electronics have shifted to an underweight position [3][31]. Summary by Sections Fund Heavy Positions and Overweight Ratios - In Q4 2025, the SW Electronics sector's allocation ratio is 11.90%, with a quarter-on-quarter decrease of 0.52 percentage points but a year-on-year increase of 3.05 percentage points. The fund heavy position ratio is 20.22%, down 1.92 percentage points quarter-on-quarter but up 3.28 percentage points year-on-year. The overweight ratio stands at 8.32%, reflecting a quarter-on-quarter decline of 1.39 percentage points but a year-on-year increase of 0.23 percentage points [1][11][13]. Top Heavy Positions - The top ten stocks in the SW Electronics sector for Q4 2025 include Cambricon, Haiguang Information, SMIC, Luxshare Precision, and others, with semiconductor stocks making up 70% of the list. The performance of these stocks has varied, with only 40% showing gains in the quarter [2][16][22]. Focus Areas - The investment focus remains on AI computing and storage, with significant interest in companies like Cambricon and Dongshan Precision, which are leaders in their respective fields. The semiconductor self-sufficiency trend is also highlighted, with companies like Tuojing Technology and Hu Silicon Industry benefiting from domestic equipment adoption [2][22]. Subsector Allocation - The semiconductor sector is still a key focus for institutional investors, with an overweight ratio of 7.74%, despite a quarter-on-quarter decline of 0.76 percentage points. The components sector has seen a slight increase in its overweight ratio to 1.75%. In contrast, consumer electronics have shifted from overweight to underweight, now at 0.45% [3][31]. Concentration of Fund Heavy Positions - The concentration of the top five fund heavy positions in the SW Electronics sector has decreased, with their market value accounting for 35.52% of the total fund heavy positions, down 0.84 percentage points quarter-on-quarter. This trend indicates a diversification in fund allocations [3][36]. Investment Recommendations - The report suggests focusing on AI computing and semiconductor self-sufficiency as key investment opportunities. It recommends monitoring the performance of PCB and storage sectors, which are expected to benefit from the growth in AI computing [4][37].

Group 1 - The core point of the article highlights the performance of the Basic Fundamental 120 ETF managed by Harvest Fund Management, which opened at 2.504 yuan with a slight increase of 0.08% [1] - The ETF's performance benchmark is the Shenzhen Basic Fundamental 120 Index, and it has achieved a return of 150.22% since its inception on August 1, 2011, with a recent one-month return of 1.30% [1] Group 2 - Major holdings in the ETF include companies such as CATL, which increased by 0.54%, and Midea Group, which decreased by 0.29% [1] - Other notable stock performances include Gree Electric Appliances down by 0.21%, BOE Technology Group unchanged, Ping An Bank unchanged, Luxshare Precision up by 0.22%, Vanke A up by 0.82%, TCL Technology down by 0.21%, Wuliangye down by 0.13%, and Weichai Power up by 1.62% [1]

2026.02.10 35家公司春节前派现 本周以来，A股公司接连分红。先是在周一（2月9日），三峡水利（600116.SH）、兰州银行 （001227.SZ）等6家企业除权派息，次日（2月10日）又有8家公司分红，除前述古井贡酒等，还涉及至 正股份（603991.SH）、雅艺科技（301113.SZ）等。 到本周五（2月13日），还将有约20家企业实施分红，包括部分行业龙头，例如立讯精密 （002475.SZ）、华电新能等。据统计，2月9日至2月13日，35家A股公司已公告（将）实施分红，现金 分红总额达到190.27亿元。 本文字数：2584，阅读时长大约4分钟 作者 | 第一财经 周楠 赶在春节之前，一批A股公司要给投资者"发红包"。 根据公告，2月10日，金徽酒（603919.SH）、瑞芯微（603893.SH）、古井贡酒（000596.SZ）等8家A 股公司实施分红，分红金额最高的是古井贡酒，超5亿元。之后的三个交易日（2月11日至13日）还将有 20多家A股公司除权派息。 包括上述公司在内，Wind统计显示，春节前最后一个交易周（2月9日至13日），共计35家公司实施分 红，派现总额超过190亿元 ...

（原标题：立讯精密成立电子公司，注册资本4亿元） 企查查APP显示，近日，艾界电子（嘉善）有限公司成立，法定代表人为李敏，注册资本为4亿元，经 营范围包含：电子元器件制造；电力电子元器件制造；电力电子元器件销售；电子产品销售；可穿戴智 能设备制造等。企查查股权穿透显示，该公司由立讯精密（002475）间接全资持股。 ...

Core Viewpoint - A batch of A-share companies is distributing dividends before the Spring Festival, indicating a shift from financing to shareholder returns, responding positively to new policies [4][12] Summary by Sections Dividend Distribution - On February 10, 2026, eight A-share companies, including Jinhuijiu and Ruixinwei, announced dividend distributions, with Gujinggongjiu leading at over 500 million yuan [3][6] - A total of 35 companies are expected to distribute dividends during the last trading week before the Spring Festival, with a total payout exceeding 19 billion yuan [3][6] - The main sectors involved in this dividend distribution are electric power, food and beverage, and non-bank financial industries [3][6] Company Performance - Companies distributing dividends generally reported positive earnings, with significant revenue and profit growth. For instance, Citic Securities reported a revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan, both showing over 20% growth [12] - Longjiang Electric also reported a revenue of 85.88 billion yuan and a net profit of 34.17 billion yuan, indicating slight growth [12] - Lixun Precision is expected to report a net profit of 16.52 billion to 17.19 billion yuan, reflecting a year-on-year growth of 23.59% to 28.59% [12] Dividend Sustainability - The trend of companies distributing dividends has become more frequent and substantial since the implementation of the new "National Nine Articles" policy, with a shift towards a more sustainable dividend culture [16][18] - Companies are encouraged to ensure that their cash flow and profitability can support dividend payments, avoiding excessive distributions that could hinder future growth [4][18] - The regulatory environment has improved transparency and stability among A-share companies, promoting a rational dividend culture aligned with corporate life cycles [16][17]

Core Viewpoint - A group of A-share companies is distributing dividends before the Spring Festival, with a total payout exceeding 19 billion yuan, reflecting a shift from financing to shareholder returns [1][3][9] Dividend Distribution Overview - From February 9 to February 13, a total of 35 A-share companies announced dividend distributions, with a total cash payout of 19.027 billion yuan [3][9] - The highest dividend payout is from Changjiang Electric Power, proposing a distribution of 5.138 billion yuan, followed by CITIC Securities and Darentang with payouts of 4.298 billion yuan and 1.888 billion yuan respectively [3][9] - Six companies are distributing over 1 billion yuan, with the main sectors involved being electric power, food and beverage, and non-bank financial services [1][3] Company Performance and Dividend Sustainability - Many companies that are distributing dividends have reported positive earnings, with CITIC Securities and Changjiang Electric Power both showing revenue growth of over 20% [9] - The trend of companies announcing dividends, including those that are newly listed or have not previously issued interim dividends, indicates a growing emphasis on shareholder returns [1][5][11] - The sustainability of dividends is highlighted as a key concern, with investors advised to consider cash flow and profitability to support dividend payments [2][11] Industry Trends - The recent dividend announcements are part of a broader trend where A-share companies are increasingly adopting a culture of regular dividends, moving from "soft advocacy" to "hard constraints" under new regulations [11][12] - The distribution of dividends is seen as a reflection of company value rather than a mere financial maneuver, with a call for a rational dividend culture that aligns with the lifecycle of the business [11][12]

Company Overview - Huaxida Technology Co., Ltd. is a leading global provider of AI Home solutions, offering both hardware products (digital video devices and network communication equipment) and software platforms (Cedar home AI agent, XMediaTV streaming platform, XHome device management platform) [1] - The company plans to issue up to 72.96 million overseas listed ordinary shares, accounting for approximately 10% of the total share capital post-issuance, with 221 shareholders converting a total of 190.186 million domestic unlisted shares into overseas listed shares to achieve "full circulation" [1] Financial Performance - Huaxida's revenue for 2022, 2023, and 2024 was 2.529 billion, 2.367 billion, and 2.541 billion yuan respectively, while net profits were 251 million, 191 million, and 137 million yuan, indicating a decline in net profit over two consecutive years due to increased R&D investment and decreased gross margin [2] - Over 90% of Huaxida's revenue comes from overseas markets, making it vulnerable to geopolitical and trade policy changes [2] Market Position - By 2024 revenue, Huaxida ranks as the 8th largest globally and the 3rd largest in China for enterprise-level AI Home solutions; it is the largest supplier of Android TV smart terminals by sales volume [2] - The global AI Home solutions market is projected to reach $238.2 billion by 2029, with a compound annual growth rate of approximately 15% [2] Competitive Landscape - Huaxida faces competition from international rivals such as Google, Amazon, and Samsung, as well as domestic competitors like Skyworth Digital, JiuLian Technology, and Amlogic [3] - The company is expected to benefit from the integration of AI technology, expansion of new products, and growth of its own brand business [3]