高股息专题：机械板块股息率复盘与高股息组合筛选

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [8]. Core Insights - The mechanical equipment sector has a relatively low overall dividend yield, currently at 1.35%, ranking 23rd among various sectors, but it has shown a continuous upward trend since 2020 [20][23]. - The downward trend in the yield of ten-year government bonds, currently at 2.09%, is favorable for high-dividend assets, suggesting potential benefits for the mechanical equipment sector [18]. - Despite the overall low dividend yield, there are overlooked high-quality high-dividend companies within the sector, which could provide excess returns compared to the broader indices [10][30]. Summary by Sections 1. High-Dividend Companies in Mechanical Equipment - The mechanical equipment industry has a low overall dividend yield but has been improving year by year [18]. - The sector's dividend yield has increased from 0.78% in 2020 to 1.35% as of November 15, 2024 [23]. - The engineering machinery sub-sector has a relatively higher dividend yield compared to others [25]. 1.1 Dividend Yield Trends - The mechanical index's dividend yield has been on a continuous rise since 2020, with figures of 0.78%, 0.85%, 1.20%, and 1.16% in subsequent years [23]. 1.2 Stock Selection Criteria - The selection of high-dividend stocks is based on subjective assessments of industry conditions and specific criteria, including: - Average dividend yield significantly above the ten-year government bond yield, with a minimum of 4% [34]. - Companies with stable industry positions and high cash flow to profit matching [34]. - Potential for increasing dividends, especially among state-owned enterprises [34]. 1.3 Company Profiles - Key companies identified for focus include: - Huaron Co., Ltd. specializes in explosion-proof electrical equipment and related products [45]. - Jingjin Equipment focuses on filtration equipment and solutions for various industries [47]. - Zhengzhou Coal Mining Machinery Group produces coal mining machinery and components [50]. - Hongya CNC specializes in CNC machinery for furniture production [53]. - Lingxiao Pump Industry is known for its centrifugal pumps [58]. 2. Recommendations - The report suggests focusing on companies such as Huaron Co., Ltd., Jingjin Equipment, Zhengzhou Coal Mining Machinery, Hongya CNC, and Lingxiao Pump Industry for potential investment opportunities [44].