Core Viewpoint - The performance of the State-Owned Enterprise Dividend Index and its constituent stocks shows positive trends, indicating potential investment opportunities in the sector [1][2]. Group 1: Index Performance - As of April 1, 2025, the State-Owned Enterprise Dividend Index (000824) increased by 0.32%, with notable gains from constituent stocks such as Xin Steel Co., Ltd. (600782) up 3.45% and Nanjing Steel Co., Ltd. (600282) up 2.82% [1]. - The National Enterprise Dividend ETF (159515) rose by 0.09%, with the latest price at 1.08 yuan [1]. Group 2: Fund Size and Inflows - The latest size of the National Enterprise Dividend ETF reached 64.21 million yuan, marking a one-month high and ranking it in the top half among comparable funds [2]. - The ETF's latest share count reached 59.49 million shares, also a one-month high, ranking in the top half among comparable funds [2]. - Over the past five days, the ETF experienced continuous net inflows, with a peak single-day net inflow of 7.45 million yuan, totaling 14.62 million yuan and an average daily net inflow of 2.92 million yuan [2]. Group 3: Industry Insights - The domestic steel industry is planning to establish related funds and a compensation mechanism for the exit of outdated steel production capacity, which is expected to influence production cuts and support steel prices due to increased market demand during the traditional peak season [2]. - The revision of the "Steel Industry Normative Conditions (2025)" is anticipated to accelerate the industry's transition towards high-end and green development, making energy-efficient green steel companies and those with advantages in scrap steel utilization and electric furnace steel production more attractive for investment [2]. - Long-term, leading companies with scale advantages are expected to have greater investment value as the industry undergoes high-quality development and regional capacity consolidation [2]. Group 4: Top Holdings - As of March 31, 2025, the top ten weighted stocks in the State-Owned Enterprise Dividend Index accounted for 15.22% of the index, with significant contributors including China COSCO Holdings Co., Ltd. (601919) and Jizhong Energy (000937) [3].

规模方面，国企红利ETF最新规模达6272.99万元，创近1月新高，位居可比基金1/2。 份额方面，国企红利ETF最新份额达5798.66万份，创近1月新高，位居可比基金1/2。 从资金净流入方面来看，国企红利ETF近4天获得连续资金净流入，最高单日获得745.38万元净流入，合计"吸金"1299.95万元，日均净流入达324.99万元。 截至2025年3月31日 10:27，中证国有企业红利指数(000824)上涨0.21%，成分股江阴银行(002807)上涨4.26%，安徽建工(600502)上涨3.28%，建设银行 (601939)上涨2.93%，上海银行(601229)上涨2.82%，中南传媒(601098)上涨2.44%。国企红利ETF(159515)上涨0.28%，最新价报1.08元，盘中成交额已达 146.66万元，暂居可比ETF1/2，换手率2.65%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也 不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) Wind数据显示： 数据显示，截至2025年2月28日，中证国 ...

数据统计显示，上证380等风险加权指数近一个月上涨1.24%，近三个月上涨1.34%，年至今上涨 2.80%。 据了解，上证380等风险加权指数通过风险加权调整，使每个样本股对组合的风险贡献相同。该指数以 2004年12月31日为基日，以1000.0点为基点。 从上证380等风险加权指数持仓样本的行业来看，工业占比29.92%、原材料占比12.71%、可选消费占比 9.70%、医药卫生占比9.18%、信息技术占比7.68%、金融占比7.51%、公用事业占比5.48%、通信服务占 比5.03%、主要消费占比4.75%、能源占比4.71%、房地产占比3.33%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在 下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 金融界3月27日消息，上证指数低开高走，上证380等风险加权指数 (380ERC，H500 ...

随着注册资本的增加，锦程消费金融股权结构也有相应调整。锦程消费金融主要股东中，成都银行出资金额39990万元，持股39.99%；成都天府软件园有限 公司出资金额28197.3万元，出资比例28.20%；周大福企业有限公司出资金额17850万元，出资比例17.85%。 锦程消金历时两年增资终成型，中小消金公司难追10亿元门槛 北京商报讯（记者 廖蒙）历时两年，这家消费金融机构增资终于落地。3月26日，北京商报记者注意到，四川金融监管局日前发布四川锦程消费金融有限责 任公司（以下简称"锦程消费金融"）增加注册资本及调整股权结构的批复，同意锦程消费金融注册资本由4.2亿元变更为10亿元，增加5.8亿元。 综合出资金额和比例来看，本次增资后，锦程消费金融大股东成都银行持股比例小幅上升，仍是锦程消费金融第一大股东，此前为38.8571%。周大福企业 有限公司持股比例由25%稀释至17.85%，成都高新投资集团旗下全资子公司成都天府软件园有限公司持股比例从20.59%增加至28.2%，成为该公司第二大股 东，地方国资股东持股比例进一步提升。 此外，北京商报记者查询发现，锦程消费金融当前尚未就增资事项进行工商变更。按照监管 ...

鑫闻界|适时提高分红水平和频率，平安银行、交通银行"领衔"银行业估值提 升 齐鲁晚报·齐鲁壹点 黄寿赓 实习生 王睿 伴随年报季到来，上市银行估值提升计划逐渐披露，平安银行、交通银行在同业中领先。在估值提升计划中，二者均提出将适时提高分红水平和频率。截至 3月25日收盘，除招商银行外，银行板块市净率（PB）整体仍低于1，未来或有更多银行披露市值提升计划。民生证券研报认为，随着预期改善、无风险收 益率下行，银行板块估值上限或进一步打开。 平安银行、交通银行率先披露 根据《上市公司监管指引第10号-市值管理》的相关规定，连续12个月每个交易日收盘价均低于最近一个会计年度经审计的每股净资产，将触及估值提升计 划制定情形。 3月15日，平安银行在同业中率先披露估值提升计划。为提升估值，该行拟采取的措施包括提升服务实体经济能力，做好金融"五篇大文章"；持续优化信息 披露，回应市场关切；强化投资者关系管理，增进市场认同等。 平安银行还称，将坚持零售银行定位，持续推动零售业务战略升级，增强零售业务收入增长动能，并大力发展私行财富业务。 3月22日，交通银行亦披露估值提升计划。相较平安银行计划，交通银行除表态服务实体经济，做 ...

Core Viewpoint - Investing in high-dividend companies may be a direction to outperform the index in the short term, with a focus on state-owned enterprise dividend ETFs showing slight upward movement [1][2]. Group 1: ETF Performance - As of March 26, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with component stocks showing mixed performance [1]. - The State-Owned Enterprises Dividend ETF (159515) increased by 0.09%, with the latest price reported at 1.09 yuan [1]. - The latest scale of the State-Owned Enterprises Dividend ETF reached 51.1486 million yuan, marking a one-month high [2]. Group 2: Component Stocks - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with notable stocks including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [3]. - The performance of key stocks varied, with COSCO Shipping Holdings down by 0.68% and Shanxi Coal International up by 1.07% [5]. Group 3: Investment Strategy - East Asia Securities suggests that focusing on high-dividend companies based on fundamentals may lead to short-term outperformance [2]. - The report emphasizes the importance of monitoring market rhythm and industry progress, particularly in sectors like artificial intelligence and robotics, which are expected to see growth [2]. - Short-term investment opportunities are highlighted in marine economy, military industry, and consumer sectors with clear policy expectations [2].

A股上市银行公布估值提升计划主要是响应中国证监会《市值管理指引》的规定。根据要求，长期破净公司应当制定上市公司估值提升计划，并经董事会审 议后披露。 所谓的长期破净公司，是指股票连续12个月每个交易日的收盘价均低于最近一个会计年度经审计的每股归属于公司普通股股东的净资产的上市公司。 破净"魔咒"能否打破？A股上市银行打响估值保卫战 囿于长期低估值困境的上市银行正积极采取行动。3月25日，北京商报记者注意到，交通银行、平安银行近期首度披露估值提升计划，拟从服务实体经济发 展、做好金融"五篇大文章"、稳定现金分红、强化投资者关系管理、优化信息披露等多方面入手，提高自身估值。此外，招商银行市值管理制度也将公布。 长期以来，在市场投资者结构、投资理念、成长性以及资本市场估值体系等多重因素的掣肘下，A股上市银行苦低估值久矣，破净率居高不下。在分析人士 看来，此次上市银行披露估值提升计划，主要是响应《上市公司监管指引第10号—市值管理》（以下简称《市值管理指引》）要求，对于估值修复有一定的 帮助，但后续能否改善破净局面，依然需要宏观经济与银行基本面的配合。 密集披露估值提升计划 多家银行密集披露估值提升计划，3月25日， ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the banking sector, indicating an expected investment return that will exceed the CSI 300 Index by 10% or more over the next six months [5]. Core Insights - The report highlights that the government's rapid leverage is being used to offset weak demand in the real economy, with a notable increase in government bond issuance supporting social financing [11][3]. - The effective financing demand remains insufficient, with a significant decline in new loans for manufacturing and small micro-enterprises, indicating a reliance on state-owned enterprises and politically connected sectors for credit growth [11][12]. - The banking sector is expected to benefit from structural leverage, particularly in state-owned banks, as they capture market share from smaller banks amid a challenging economic environment [12]. Summary by Sections Credit and Social Financing - In February 2025, new credit amounted to 1.01 trillion yuan, a year-on-year decrease of 440 billion yuan, while new social financing reached 2.23 trillion yuan, an increase of 736.7 billion yuan year-on-year [1]. - The first two months of 2025 saw a total of 6.22 trillion yuan in new real credit, a decrease of 854.4 billion yuan year-on-year, with weak performance across various loan categories [1][2]. Government Bond Issuance - The issuance of new government bonds accelerated significantly in February 2025, totaling 1.7 trillion yuan, which is an increase of 1.1 trillion yuan year-on-year [3]. - The total new government bonds issued in the first two months of 2025 reached 2.39 trillion yuan, reflecting a year-on-year increase of 1.49 trillion yuan, making government bonds a major contributor to social financing growth [3]. Banking Sector Dynamics - The distribution of new credit in January 2025 showed that large state-owned banks accounted for 57.1% of new credit, with this share increasing to 77% in February 2025, indicating a trend towards larger banks dominating credit issuance [2]. - The report suggests that the banking sector, particularly state-owned banks, will continue to benefit from structural changes in financing demand, especially as they expand their market share in economically developed regions [12].

2 月社融增量 2.23 万亿元(Wind 一致预期 2.65 万亿元)，同比多增 7374 亿 元，存量同比增速 8.2%，较上月末+0.2pct。随隐债置换加速推进，2 月政 府债供给多增是支撑社融增长的主要力量。信贷需求仍有待提振，票据融资 冲量。政策预期向好，夯实经济回稳基础，推荐个股：1）质优个股，如招 行，兴业，成都，苏州，上海，渝农 AH、宁波；2）港股大行股息优势突出、 估值性价比高，如建行 H，工行 H、交行 H。 信贷同比少增，票据融资冲量 2 月贷款新增 1.01 万亿元(Wind 一致预期 1.24 万亿元)，同比少增 4400 亿 元。2 月贷款存量同比增速+7.3%，较 1 月末-0.2pct。居民贷款减少 3891 亿元，同比少减 2016 亿元，其中短贷、中长贷分别同比少减 2127 亿元、 多减 112 亿元。《政府工作报告》中将"全方位扩大国内需求"放在 2025 年工作任务首位，后续居民消费需求或有改善。企业贷款新增 1.04 万亿元， 同比少增 5300 亿元，其中短贷、中长贷、票据融资分别同比少增 2000 亿 元、少增 7500 亿元、多增 4460 亿元。2 月底 ...

SAC 执业证书编号： S0340524070001 电话：0769-22119430 邮箱： wuxiaotong@dgzq.com.cn 金融指数走势 金融行业 | 银行：超配（维持） | | --- | | 证券：标配（维持） | 2025 年 3 月 7 日 分析师：吴晓彤 行 业 研 究 证 券 研 究 报 告 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：东莞证券研究所，iFind 金融行业双周报（2025/2/21-2025/3/6） 保险：超配（维持） 政府工作报告提出适时降准降息，首次把稳住楼市股市写进总体要求 投资要点： ◼ 证券：政府工作报告首次提出"稳住楼市股市"，并强调"深 化资本市场投融资综合改革，大力推动中长期资金入市，加强战略性力 量储备和稳市机制建设"，彰显出国家对资本市场稳定与发展的高度重 视。证监会主席吴清在记者会上也指出，将进一步增强资本市场制度包 容性、投融资发展协同性、监管执法有效性以及市场基础制度适配性。 具体举措包括深化科创板、创业板、北交所改革；推动社保、保险、理 财等中长期资 ...