花旗发表报告，重申对北控水务集团的"买入"评级，目标价由2.65港元上调至2.85港元，并将2025至27 年的净利润预测上调1%至2%，以反映财务成本减少。该行认为，在中国货币政策趋于宽松及美国降息 的背景下，公司2026年的预测股息率达6.9%，具吸引力。该行预期未来几年随着营运收入上升及资本 开支削减，公司每年将增加约10亿元的正向自由现金流，用以派息及偿还债务。另外，在政府清还债务 下，公司应收账款的现金回收状况正持续改善。同时，更多的自由现金流将支持股息逐步提升，料2025 年股息按年增长3%至5%。 ...

WisdomTree U.S. Quality Dividend Growth Fund (DGRW_US)The underlying WisdomTree U.S. Quality Dividend Growth Index consists of dividend-paying U.S. large-cap companies with growth and quality characteristics. Eligible companies must have market capitalizations above $2 billion, have paid regular dividends over the previous 12 months, and have an earnings yield that is greater than its dividend yield. The index employs a 50/50 weighting approach to assess growth and quality factors. Growth is evaluated based ...

Core Insights - The Vanguard Dividend Appreciation ETF (VIG) offers a solution for investors seeking dividend income, especially in a market characterized by record performance and increased risk-taking [2][4]. Dividend Growth and Capital Appreciation - In October, VIG paid a dividend of $0.8647 per share, requiring investors to own 155 shares to generate $500 in annual income, translating to an investment of $32,000 based on the price on December 11 [4]. - Over the past decade, VIG's dividend has increased by 82%, enhancing the income stream for shareholders, while the ETF's price has appreciated by 188% during the same period [5]. ETF Composition and Concentration - The Vanguard Dividend Appreciation ETF consists of 338 total stocks, providing broad diversification; however, the top 10 positions represent 34% of the portfolio's assets, indicating a degree of concentration [7].

Core Insights - The Social Security Administration announced a 2.8% cost-of-living adjustment (COLA) for 2026, following a 2.5% increase in 2025, impacting 71 million Americans [1][2] - Dividend growth stocks have historically provided higher annual increases compared to Social Security adjustments, with several blue-chip companies consistently outperforming these adjustments [1][2] Dividend Growth Companies - **Caterpillar**: Achieved a 10-year compound annual dividend growth rate of 7.2%, with a quarterly dividend increase of 7.1% to $1.51 in December 2025, marking 32 consecutive years of increases [3][4] - **Coca-Cola**: Raised its dividend for 62 consecutive years, with a 10-year compound annual growth rate of 4.5% and a quarterly dividend increase of 5.2% to $0.51 in 2025 [6][8] - **Johnson & Johnson**: Also increased its dividend for 62 consecutive years, with a 10-year compound annual growth rate of approximately 6.5% and a quarterly dividend increase of 4.8% to $1.30 in 2025 [9][10] - **PepsiCo**: Maintained a 52-year dividend increase streak, with a 10-year compound annual growth rate of 7.1% and a quarterly dividend increase to $1.4225 in 2025 [12][14] - **Procter & Gamble**: Holds the longest streak with 68 consecutive years of dividend increases, averaging annual growth of 5-7% [15][17] Financial Performance - **Caterpillar**: Projected annual dividend increase from $1.84 in 2012 to $6.04 in 2026, a 228% increase over 14 years, with Q3 2025 operating cash flow of $3.7 billion [4][5] - **Coca-Cola**: Quarterly dividend increased from $0.16 in 1999 to $0.51 in 2025, a 219% increase, with Q3 2025 dividends totaling $2.108 billion [7][8] - **Johnson & Johnson**: Quarterly dividend increased from $0.25 in 1999 to $1.30 in 2025, a 420% increase, with Q3 2025 dividends of $3.132 billion [10][11] - **PepsiCo**: Annual dividend growth from $2.15 in 2012 to $5.55 in 2025, a 158% increase, with Q3 2025 dividends of $1.949 billion [13][14] - **Procter & Gamble**: Paid $2.549 billion in dividends in Q1 2026, with a current dividend yield of 2.93% and a 60% payout ratio [16][17]

Core Viewpoint - Oil-Dri Corporation of America (ODC) shares have underperformed the broader market despite reporting strong quarterly profit results, with a 6.7% decline in shares since the release of first-quarter fiscal 2026 results compared to a 0.1% rise in the S&P 500 index [1] Earnings & Revenue Performance - For the first quarter ended October 31, 2025, Oil-Dri reported consolidated net sales of $120.5 million, a 6% decrease from $127.9 million in the same period last year [2] - Net income fell 6% to $15.5 million from $16.4 million a year earlier, with diluted earnings per share at $1.06, down from $1.13 [3] Key Business Metrics - Gross profit totaled $35.5 million, a 13% decrease year-over-year, with gross margin contracting to 29.5% from 31.9% due to lower sales volumes and a 3% increase in domestic cost of goods sold per ton [4] - Selling, general and administrative expenses declined 5% year-over-year to $18.5 million, partially offsetting pressures from lower volumes and higher per-unit costs [5] Cash Flow and Financial Position - Operating cash flow for the quarter was $10.3 million compared to $10.9 million in the prior year, with cash and cash equivalents ending at $42.4 million, down from $50.5 million at the end of fiscal 2025 [6] Segment Performance & Business Drivers - The Business-to-Business Products Group reported net sales of $44.3 million, a 9% decline, with fluid purification revenues down 13% to $26.7 million and animal health revenues dropping 25% to $4.7 million [7] - The Retail and Wholesale Products Group generated net sales of $76.2 million, down 4%, with domestic cat litter sales declining 6% year-over-year, although the lightweight cat litter segment saw a 32% increase in sales [8][9] Management Commentary & Influencing Factors - Management indicated that the year-over-year declines were largely anticipated due to the exceptionally strong performance in the prior-year quarter, emphasizing continued execution of growth strategies and strong cash generation as positives [10] - Factors impacting results included lower volumes, higher per-ton costs, and normalization of demand in renewable diesel filtration, while cost controls and growth in agricultural and lightweight cat litter products provided some offsets [11] Other Developments - Following the quarter's end, Oil-Dri's board approved a 14% increase in the quarterly cash dividend, reflecting management's confidence in the company's financial position and long-term outlook [12]

晨星表示,未来五年每股盈利复合年增长6.3%，原因是受监管的回报率将提高，以反映自上一轮调整以 来资本成本的显著上升。允许的回报率通常每五年调整一次，高于政府债券收益率，而政府债券收益率 自疫情以来已大幅上涨。晨星预测，未来五年每股股息复合年增长率3%，该行预期管理层将控制股息 增长，从而使派息比率降至70%以下。 晨星发布研报称，上调长江基建集团(01038)公允价值3%至65港元,受惠于盈利预期微增。该股目前被低 估，预测市盈率15倍及股息率4.8%，中期前景稳健。 鉴于受监管公用事业的前景越来越好，回报率升高，该行将中期每股盈利预测平均上调2.4%。 ...

Core Viewpoint - Brown & Brown, Inc. reported strong third-quarter earnings, beating estimates and showing significant year-over-year growth, despite a recent decline in share price [1][2]. Financial Performance - Adjusted earnings for Q3 2025 were $1.05 per share, exceeding the Zacks Consensus Estimate by 16.6% and reflecting a 15.4% increase year-over-year [2]. - Total revenues reached $1.6 billion, surpassing estimates by 6.6% and showing a 35.4% year-over-year improvement [3]. - Commission and fees grew 34.2% year-over-year to $1.5 billion, significantly above the estimated growth of 21.9% [3]. - Organic revenues increased by 3.5% to $1.2 billion, while investment and other income surged 80.6% year-over-year to $56 million [4]. Expense and Margin Analysis - Total expenses rose by 49% to $1.3 billion, driven by increased employee compensation, operating expenses, and interest [5]. - Adjusted EBITDAC was $587 million, up 41.8% year-over-year, with an EBITDAC margin expansion of 170 basis points to 36.6% [4]. Financial Position - Cash and cash equivalents at the end of Q3 were $1.2 billion, a 76.2% increase from the end of 2024 [6]. - Long-term debt stood at $7.6 billion, more than double the level at the end of 2024 [6]. - Net cash from operating activities for the first nine months of 2025 was $1 billion, reflecting a 23.7% year-over-year increase [6]. Capital Deployment - The board declared a 10% increase in the quarterly dividend to 16.5 cents per share, marking the 32nd consecutive annual dividend increase [7]. - An additional share repurchase authorization of up to $1.25 billion was approved, bringing the total authorization to approximately $1.5 billion [7]. Market Sentiment and Outlook - Recent estimates for the stock have trended downward, indicating a potential shift in market sentiment [8][11]. - Brown & Brown holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [11].

Financial Data and Key Metrics Changes - Canadian Natural achieved record quarterly corporate production of approximately 1.62 million BOEs per day, a significant increase of approximately 257,000 BOEs per day or 19% from Q3 2024 levels [4][12] - Adjusted funds flow for Q3 2025 was approximately CAD 3.9 billion, with adjusted net earnings of CAD 1.8 billion [12] - Returns to shareholders in the quarter totaled CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases [12][14] - The company has increased its dividend for 25 consecutive years, with a compound annual growth rate (CAGR) of 21% [12] Business Line Data and Key Metrics Changes - Oil sands mining and upgrading production averaged approximately 581,136 barrels per day, an increase of approximately 83,500 barrels per day or 17% from Q3 2024 levels [6] - Thermal in situ operations averaged 274,752 barrels per day, showing slight growth from Q3 2024 [7] - Primary heavy crude oil production averaged 87,705 barrels per day, an increase of 14% from Q3 2024 levels [8] - North American light crude oil and natural gas production averaged 180,100 barrels per day, a 69% increase from Q3 2024 [9][10] Market Data and Key Metrics Changes - North American natural gas production averaged approximately 2.66 BCF for the quarter, a 30% increase from Q3 2024 levels [10] - Operating costs for North American natural gas averaged CAD 1.14 per MCF, a decrease of 7% from Q3 2024 [10] Company Strategy and Development Direction - The company aims to enhance operational efficiencies through the recent AOSP swap with Shell Canada, which adds approximately 31,000 barrels per day of annual zero-decline bitumen production [5] - Canadian Natural's strategy focuses on continuous improvement, capital allocation to high-return projects, and maintaining a diverse asset base to mitigate reliance on any single commodity [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the operational setup into the end of the year, with all assets performing as expected [41] - There is a positive outlook on discussions with the federal government regarding carbon competitiveness and pathways for future growth opportunities [34][35] Other Important Information - The company repaid $600 million of US dollar debt securities during Q3 and received a new long-term investment-grade credit rating of BBB plus from Fitch Ratings [14] - The board approved a quarterly dividend of CAD 58.75 per common share, payable on January 6, 2026 [12] Q&A Session Summary Question: Potential operational benefits from the Albion Oil Sands asset swap - Management highlighted the utilization of equipment and potential cost savings from consolidating operations [18][19] Question: Participation in new pipeline projects for Canadian crude - Management indicated openness to reviewing egress opportunities and potential participation in projects that enhance market access [23][24] Question: Need for further consolidation in Western Canada gas - Management emphasized the importance of egress opportunities for gas and the need for LNG projects to unlock basin potential [27][28] Question: Implications of T block decommissioning on capital expenditures - Management noted that 2026 capital expenditures are expected to increase modestly, with tax recoveries on expenditures being significant [36][37] Question: Operational setup and asset performance as the year ends - Management confirmed that all assets are performing as expected with strong optimization and utilization [41] Question: Updated thoughts on M&A and capital allocation strategy - Management stated that while they look at M&A opportunities, there are no significant changes to their capital allocation strategy [45][46]

Financial Data and Key Metrics Changes - Sales grew 11% organically year over year, totaling $455 million in Q3 2025 [4][8] - EBITDA increased 16% to $122 million, with margins expanding 120 basis points to 26.8% [4][10] - Free cash flow for the quarter was $94 million, with year-to-date repurchases reaching $135 million [4][11] - The company raised its dividend by 22% and refreshed its share buyback program to $500 million [4][11] Business Line Data and Key Metrics Changes - The non-residential market remains positive, while the residential market continues to experience softness [9] - Core growth reflects higher realization of tariff-related price increases implemented in April [9] - Incremental demand of about $8 million was shipped due to customers ordering ahead of a pricing action in mid-September [9][10] Market Data and Key Metrics Changes - The Dodge Momentum Index, Architectural Billing Index, and Construction Backlogs are tracked as key indicators for future non-residential construction spending [15][19] - The market outlook for 2026 is expected to resemble that of 2025, with low growth anticipated [5][26] - The company is over-indexed to stable segments within non-residential construction, particularly education and healthcare [24][25] Company Strategy and Development Direction - The company is focused on leveraging internal growth initiatives and competitive advantages in product portfolio and market positioning [6][30] - Plans to sharpen focus on driving organic growth into adjacent categories while maintaining a premier pure play water business in North America [30] - The company aims to exploit competitive advantages in specification, supply chains, and go-to-market capabilities [30] Management's Comments on Operating Environment and Future Outlook - Management raised full-year estimates for growth, profitability, and cash flow, projecting core sales growth of approximately 8% for the full year [31] - Tariff costs for 2025 are now expected to be approximately $50 million, slightly higher than previous estimates [33] - The company remains confident in its ability to navigate the tariff environment and maintain price-cost positivity [33][74] Other Important Information - The company completed its U.S. pension plan termination, eliminating approximately $200 million in liabilities [11][12] - Sustainability initiatives have advanced, including delivering 1.8 billion gallons of filtered drinking water and eliminating the need for 14.6 billion single-use plastic bottles [13][14] Q&A Session Summary Question: Any meaningful divergence in growth rates across legacy Zurn Elkay product categories? - Management noted that almost all core categories are experiencing solid unit growth, with no significant changes expected as they head into Q4 [38] Question: Update on the reception of Elkay Pro Filtration and market opportunity with LIV EZ line? - The Elkay Pro Filtration system has seen strong uptake, and the LIV EZ line is expected to grow nicely, though it is not anticipated to be a major pillar of the commercial drinking water offering [40][42] Question: Clarification on volume expectations and capital allocation priorities? - Management indicated that Q4 growth is expected to be equal to Q3 momentum, with a focus on maintaining a steady repurchase strategy while generating significant free cash flow [50][56] Question: Insights on the M&A funnel and aspirations for residential drinking water? - The M&A funnel has seen modest growth, with no significant changes in valuations. The company does not have a high appetite for entering residential filtration but sees the LIV EZ as an extension of existing offerings [60][62] Question: Consistent strong margin results and future expectations? - Management expressed confidence that the current margin levels represent a new baseline, with expectations of 30% to 35% incrementals on volume in the long term [71]

Core Viewpoint - PPG Industries, Inc. is a leading player in the global paints, coatings, and specialty materials sector, with a diverse range of operations and a stable short-term outlook from analysts, although long-term perspectives appear more cautious [1][2]. Company Overview - PPG Industries was established in 1883 and is headquartered in Pittsburgh, Pennsylvania, competing against major industry players like Sherwin-Williams and AkzoNobel [2]. - The consensus price target for PPG Industries is currently set at $124, down from $126.4 a year ago, indicating a cautious long-term outlook [2]. Analyst Perspectives - Evercore ISI analyst Stephen Richardson has set a significantly higher price target of $190 for PPG Industries, highlighting differing opinions on the company's future performance [3]. - Analysts expect a decline in PPG's earnings in the upcoming report, which contributes to the cautious sentiment surrounding the stock [2][3]. Dividend Growth - PPG Industries is recognized as a member of the Dividend Aristocrats, known for its consistent dividend growth, with 55 out of 69 Aristocrats increasing their payouts in 2025 at an average rate of 5.19% [3][4]. - The company's dividend growth and standing in the coatings and specialty materials market are crucial for assessing its stock valuation and future growth prospects [4].