公司董事认为，联想集团拥有定期派发股息之往绩记录，可通过股息产生稳定且经常性之收益流。此 外，董事会对联想集团之财务表现及未来前景持正面看法。此次收购预期可从联想集团股价任何未来上 升中带来潜在资本增值，从而助力提升集团之整体投资回报。 12日，纽曼思(02530.HK)公布，于1月5日，集团在公开市场以总代价约3,409.8万元人民币购入总共400 万股联想集团(00992.HK)(80992.HK)股份，平均购买价约为每股8.524元人民币。 资料显示，纽曼思主要于中国从事保健食品及健康食品营销、销售及分销。公司的产品以自家品牌 「Nemans(纽曼思)」及「Numans(纽曼思)」销售，大致可分为四大类，即DHA、益生菌、维生素及多 维营养素。作为自2007年以来中国母婴DHA(藻油)行业的先驱(根据弗若斯特沙利文报告所指)，公司将 产品定位为高端、优质且安全可靠的保健食品，特别适合孕妇及产后妇女、婴幼儿及儿童等消费者，以 满足其各个年龄阶段的需要。 ...

Core Insights - Barington Companies Management, LLC initiated a new position in Bath & Body Works, acquiring 125,000 shares valued at $3.22 million, representing 2.42% of its total reportable assets of $133.17 million as of September 30, 2025 [2][3] Company Overview - Bath & Body Works, Inc. operates 1,755 company-owned retail stores and has a significant online presence, focusing on strong brand recognition and a robust product pipeline to maintain customer loyalty [5] - The company generates revenue primarily from direct retail sales in the U.S. and Canada, supplemented by international licensing and wholesale arrangements [8] - As of November 12, 2025, Bath & Body Works reported a revenue of $7.37 billion and a net income of $699 million, with a dividend yield of 3.57% [3] Investment Position - Barington's investment in Bath & Body Works is relatively small at 2.42% of its assets under management, which is notable given the fund's concentrated portfolio of only 12 stocks [9][10] - The stock has experienced a one-year total return of -27.15%, significantly underperforming the S&P 500 by 41.22 percentage points [7] - The P/E ratio of Bath & Body Works was 7 at the time of the filing, which may have attracted Barington to this investment [11] Market Performance - As of November 12, 2025, Bath & Body Works shares were priced at $22.40, with a market cap of $4 billion [12] - The stock has been on a downward trajectory since February, and it may take time for Barington to see positive returns on this investment [10][13]

Core Viewpoint - United Parcel Service (UPS) is a leading logistics company with a high dividend yield, but it faces challenges due to economic slowdown fears and trade issues, leading to a 24% stock decline in 2025 despite a recent earnings boost [2][10]. Financial Performance - UPS has a current dividend payout of $1.64 per share quarterly, with a diluted EPS of $1.55 in the most recent quarter, which is below the dividend amount, raising concerns about sustainability [4][5]. - The adjusted EPS was $1.74, indicating some profitability, but the company is undergoing cost-cutting measures to enhance overall profitability [5]. - Over the past nine months, UPS generated $2.7 billion in free cash flow, translating to an annual rate of approximately $3.7 billion, which is insufficient to cover the expected $5.5 billion in annual dividends [6]. Dividend Safety - The safety of UPS's dividend can be assessed through payout ratios and cash flows, with current figures suggesting potential risks but also opportunities for improvement [3][6]. - Management expressed confidence in generating significantly more free cash flow over time and hinted at a possible dividend increase in the near future [8]. Market Position - UPS shares are trading at a price-to-earnings multiple of 13, significantly lower than the S&P 500 average of 26, indicating a potentially undervalued stock [9]. - The company is in a turnaround phase, implementing significant restructuring measures, including job cuts, to adapt to demand changes [7][10]. Investment Outlook - While there are risks associated with the current restructuring, UPS's strong fundamentals and strategic moves suggest a positive direction for the company, with potential for improved valuation and modest dividend increases in the future [10][11].

Core Insights - The Shanghai Composite Index ETF (510760) has achieved significant excess returns, leading investors to a level above 5100 points, while the A-share market is around the 4000 points mark [1][5]. Performance Summary - The Shanghai Composite Index ETF has outperformed the Shanghai Composite Index by over 30% since its inception, with a total return of 49.30% compared to the index's 19.25% [2][3]. - The ETF's performance over various time frames shows consistent excess returns: 24.42% in the past year, 52.58% in the past three years, and 53.54% in the past five years, with excess returns of 3.84%, 15.90%, and 30.89% respectively [3]. Dividend Yield and Strategy - The ETF benefits from a dividend yield exceeding 2%, which enhances its return base. The index's total market capitalization weighting, particularly with a high allocation to state-owned enterprises, contributes to this yield [4]. - The ETF's performance is further supported by its strategy of tracking the index while controlling tracking error, allowing for enhanced returns through sampling replication [2][4]. Market Outlook - The outlook for the A-share market remains positive, with expectations of a slow bull market driven by ongoing growth policies, active market sentiment, and easing monetary policy [5]. - The Shanghai Composite Index ETF is positioned as a key channel for investing in quality Chinese assets, with notable excess returns compared to the CSI 300 Index, reaching 50.45% since inception [5][6]. Cost Efficiency - The ETF is noted for its low management fees of 0.15% per year and custody fees of 0.05% per year, making it an attractive investment vehicle for those looking to track the market [6].

Core Viewpoint - The company emphasizes its commitment to providing stable dividend returns to shareholders while ensuring sustainable development [1] Summary by Relevant Categories Dividend Policy - The company's dividend policy will take into account factors such as profitability, cash flow, future investment plans, and reasonable return expectations from shareholders [1]

Core Insights - Chris Lau is an experienced investor and economist with 30 years in life science, technology, and dividend-growth income stocks [1] - He operates the DIY Value Investing group, focusing on undervalued stocks with catalysts for potential upside and dividend-income recommendations [1] Group 1: Flagship Products - Top DIY Picks feature undervalued stocks with upcoming catalysts that the market does not expect [2] - Dividend-income Champs include stocks with a long history of dividend growth, along with a printable calendar and quantitative scores [2] - DIY Community Picks are aimed at speculative allocations with positive momentum [2]

Core Viewpoint - Starbucks has underperformed compared to the S&P 500 over the past five years, prompting a reevaluation of its role in investment portfolios [1] Company Performance - Starbucks has consistently increased its dividend payments for 14 years, with a current dividend yield approaching 3%, which is near its highest level [3] - Revenue growth for Starbucks has averaged a single-digit compound annual growth rate (CAGR) since before the pandemic, which is insufficient for market-beating performance [4] Strategic Options - Starbucks is exploring strategic options for its China business, which has not rebounded as expected post-pandemic [2] - The company is undergoing a transformation under new CEO Brian Niccol, who aims to revitalize the brand and improve the customer experience by closing underperforming locations, with an associated cost of around $1 billion [15][16] Alternative Investment Opportunities - **Academy Sports & Outdoors**: - Plans to open up to 25 new locations in 2025, with a goal of 150 additional locations by 2028, potentially leading to double-digit growth [6][7] - Currently has a dividend yield of 1%, which may not attract income investors immediately, but long-term growth prospects are promising [9] - **Arcos Dorados**: - Operates over 2,400 McDonald's locations in Latin America and the Caribbean, with reported revenue growth of 15% when adjusted for currency fluctuations [10][11] - Offers a more attractive dividend yield of 3.5% and retains a significant portion of earnings for future growth [12] - Generates additional revenue through rental income from sub-franchised locations, enhancing its investment appeal [13]

Group 1 - The banking sector is experiencing a significant downturn, with the China Securities Banking Index dropping 15% from its peak, leading to a sense of despair among banking professionals [2][4] - The banking industry has shown minimal growth in recent years, with expectations for continued stagnation in the near future, primarily generating returns through dividends of around 5% [10][11] - The current price-to-earnings (PE) ratio for the banking sector is approximately 6.2, which is close to historical lows, indicating that valuations may have adjusted adequately, although further declines cannot be ruled out [8][12] Group 2 - The projected operating income for the banking sector shows a slight decline from 2022 to 2023, with a forecasted revenue of 56,467.22 billion yuan in 2023, down from 58,529.45 billion yuan in 2022 [11] - The net profit for the banking sector is expected to grow modestly, with a forecasted increase from 20,645.36 billion yuan in 2022 to 20,948.67 billion yuan in 2023, reflecting a growth rate of 1.44% [11] - The maximum historical drawdown for the banking index is noted to be around 20%, with the current maximum drawdown at 12.48%, suggesting that the index may have completed about 60% of its potential drawdown [12][14] Group 3 - The banking index is anticipated to reach a valuation bottom if it declines by approximately 5%, while a further drop of around 9% would indicate a complete bear market adjustment [15] - Historical comparisons suggest that the current market behavior resembles that of early 2015, where significant fluctuations occurred before a new upward trend began [21][24] - The overall sentiment in the banking sector remains cautious, with no clear signs of a bottoming out, despite potential attractiveness of dividends for long-term investors [17][30]

Core Viewpoint - PepsiCo is facing financial challenges, including rising debt and weak cash flow, while the presence of activist investor Elliott Investment Management may not provide immediate solutions. The company's dividends are highlighted as a potential source of consistent income for investors [1][2]. Financial Health - PepsiCo shares closed at $140.73, reflecting a decline of 0.4% [6]. - The company is experiencing deteriorating financial health, characterized by increasing debt levels and weak cash flow [2]. Dividend Insights - PepsiCo currently offers an annual dividend yield of 4.04%, translating to a semi-annual dividend of $1.42 per share, or $5.68 annually [3]. - To achieve a monthly income of $500 from dividends, an investment of approximately $148,329 or around 1,054 shares is required. For a more modest goal of $100 per month, an investment of $29,694 or about 211 shares is necessary [3]. Dividend Yield Mechanics - The dividend yield is subject to change based on fluctuations in both the dividend payment and the stock price. It is calculated by dividing the annual dividend payment by the stock's current price [4][5]. - For example, if a stock's annual dividend is $2 and its price is $50, the yield is 4%. If the price rises to $60, the yield drops to 3.33%, and if it falls to $40, the yield increases to 5% [5].

Core Viewpoint - The Vanguard High Dividend Yield ETF (VYM) is highlighted as an attractive investment option due to its blend of income, growth, and stability, making it suitable for investors seeking diversified exposure without extensive research [3][5][15] Group 1: Income and Growth - The Vanguard High Dividend Yield ETF offers a 30-day SEC yield of 2.6%, which is significantly higher than the S&P 500's average yield of 1.2% but lower than the 10-Year Treasury's yield of 4.2% [5] - Over the past decade, the ETF's share price has increased by 115%, resulting in a total return of 195% when including reinvested dividends [6] Group 2: Cost Efficiency - The ETF has a low expense ratio of 0.06%, which is below the average of 0.14% for passively managed index ETFs and significantly lower than many high-yield dividend ETFs that charge between 0.35% and 0.49% [7][8] Group 3: Defensive Strategy - The Vanguard High Dividend Yield ETF is considered a defensive investment, with only 12% of its portfolio allocated to tech stocks, contrasting with the S&P 500, which is heavily influenced by the tech sector [10] - The current valuation of the S&P 500 at 30 times earnings suggests potential for a market pullback, making the Vanguard ETF a more stable option during uncertain market conditions [11] Group 4: Exclusion of REITs - The ETF intentionally excludes real estate investment trusts (REITs), which are sensitive to interest rate fluctuations, thereby enhancing its reliability as a long-term investment [12][13] Group 5: Interest Rate Impact - Lower interest rates are expected to increase the appeal of the Vanguard High Dividend Yield ETF, especially if the Federal Reserve cuts benchmark rates, potentially making it more attractive compared to the 10-Year Treasury [14][15]