CSCEC(SH:601668) 光大证券研究·2025-07-13 13:47Core Viewpoint - The article emphasizes the continued appeal of high dividend strategies in a low interest rate environment, particularly highlighting the construction sector's leading companies as attractive investment opportunities due to their favorable dividend yields and valuation metrics [3]. Group 1: High Dividend Strategy - In a low interest rate environment projected to continue into 2025, high dividend strategies remain effective, especially within the banking sector, where dividend yields have decreased as stock prices rise [3]. - As of July 11, 2025, the average dividend yield of the six major banks fell below 4%, with an average yield of 3.88%, down 69 basis points from the end of 2024 [3]. - China State Construction's dividend yield is approximately 4.47%, surpassing the average yield of the six major banks, indicating a strong value proposition [3]. Group 2: Construction Payment Priority - The priority of construction payment claims over mortgage rights and other debts has been reinforced, with regulations ensuring that contractors can demand payment from clients within a reasonable timeframe [4]. - The Ministry of Finance has committed to issuing 800 billion yuan in new special bonds annually for five consecutive years to support debt resolution efforts, with ongoing initiatives in 2025 to enhance payment clearance [4][5]. - Local governments, such as Hunan and Yunnan, have increased their budgets to address outstanding payments to enterprises, indicating a proactive approach to resolving payment issues [4][5]. Group 3: China State Construction's Dividend Policy - China State Construction has maintained a stable dividend policy, with an average payout ratio of 20.3% and a cumulative payout ratio of 20.1%, leading among the eight major state-owned construction enterprises [6]. - The company plans to keep its dividend per share stable in 2025, providing predictable returns for shareholders [6]. - The company's major shareholder, China State Construction Group, holds a 57.7% stake, benefiting from the stable cash flow generated by the company's dividends to support its strategic initiatives and debt obligations [6].