Group 1 - The core index, the China Securities National New Central Enterprises Modern Industry Leading Index, rose by 1.33% to 1166.46 points with a trading volume of 20.746 billion yuan [1] - Over the past month, the index has increased by 0.43%, but it has decreased by 4.56% over the past three months and by 5.29% year-to-date [1] - The index is customized by Guoxin Investment Co., Ltd., selecting 50 representative listed companies in fields such as new mobile technology, new energy, new materials, and high-end equipment from state-owned enterprises [1] Group 2 - The top ten weighted stocks in the index include China Telecom (9.94%), Hikvision (9.38%), China Mobile (9.3%), CRRC (7.34%), China Unicom (6.6%), China Shipbuilding (5.97%), Three Gorges Energy (5.35%), China Heavy Industry (3.59%), Baosteel (3.43%), and SMIC (2.99%) [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (68.55%) and the Shenzhen Stock Exchange (31.45%) [1] Group 3 - The industry composition of the index shows that information technology accounts for 30.35%, communication services for 29.67%, industrials for 24.19%, materials for 7.73%, utilities for 5.54%, healthcare for 2.03%, and consumer staples for 0.49% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in line with sample changes, and temporary adjustments may occur under special circumstances [2]

钢铁行业在经历了 2024 年上半年的深度亏损后，虽在 9 月底因政策驱 动出现反弹，但年底再次面临供需双弱的局面。2025 年前四个月，行 业利润有所修复，但二季度后半段受需求不足和贸易战关税影响，钢价 面临下行压力。 宝钢股份 2024 年全年利润总额为 93 亿元，2025 年一季度利润总额为 32.9 亿元，同比增长 18%，主要得益于原材料成本下降对利润的积极 贡献，显示出公司在严峻行业环境下的盈利能力。 宝钢股份通过大比例参股马钢有限，战略从 1+1+n 迭代到 2+2+m， 旨在通过协同效应打造汽车板、硅钢、精品长材和厚板等产品，提升马 钢有限高端长材产品的竞争优势，并利用现有销售网络提升其销售能力。 宝武集团通过参股马鞍山（1,600 万吨）和山东日照（900 万吨）以及 海外沙特合资厚板项目（计划形成 250 万吨 DRI 产能），新增产能接近 3,000 万吨，旨在满足沙特当地对海工、造船等厚板产品的需求。 宝钢股份在达到 8,000 万吨产能目标后，将重点放在优化和强化现有产 能上，通过协同效应提升效益。例如，山钢日照 2024 年实现 13.6 亿元 宝钢股份 20250527 摘要 ...

从中证国新央企科技引领指数持仓的市场板块来看，上海证券交易所占比52.18%、深圳证券交易所占 比47.82%。 金融界5月27日消息，上证指数低开震荡，中证国新央企科技引领指数 (央企科技引领，932038)下跌 0.83%，报1177.14点，成交额141.26亿元。 数据统计显示，中证国新央企科技引领指数近一个月上涨0.94%，近三个月下跌9.04%，年至今下跌 6.20%。 据了解，中证国新央企科技引领指数由国新投资有限公司定制，主要选取国务院国资委下属业务涉及航 空航天与国防、计算机、电子、半导体、通信设备及技术服务等行业的50只上市公司证券作为指数样 本，以反映央企科技主题上市公司证券的整体表现。该指数以2016年12月30日为基日，以1000.0点为基 点。 从指数持仓来看，中证国新央企科技引领指数十大权重分别为：海康威视（9.63%）、中航沈飞 （7.43%）、中航光电（6.74%）、航发动力（5.91%）、深南电路（4.35%）、上海贝岭（4.22%）、中 航机载（4.12%）、宝信软件（3.6%）、中航高科（3.2%）、光迅科技（3.12%）。 从中证国新央企科技引领指数持仓样本的行业来看 ...

5月26日，中办、国办印发《关于完善中国特色现代企业制度的意见》。 意见指出，主要目标是经过5年左右，推动具备条件的企业普遍建立适合国情、符合实际、满足发展需 要的中国特色现代企业制度。强化控股股东对公司的诚信义务，支持上市公司引入持股比例5%以上的 机构投资者作为积极股东。 *风险提示：股市有风险，入市需谨慎 此外，"科特估"此前也受到市场关注，新质生产力的主要载体包括战略型新兴产业，以及前沿科技进一 步转化成为的未来产业。"科特估"企业应该满足战略稀缺性、创新程度高、质地好但估值偏低、有国际 竞争力等条件，尤其是"卡脖子"领域的高端装备、精密制造与新材料等，包括半导体、大飞机、机床、 工业软件、关键基础材料等，以及颠覆性技术和未来产业，如国产算力、生物技术等。 公司方面，据上市公司互动平台表示， 中化装备：央企，主营聚焦化工装备和橡胶机械业务。 中信重工：矿山机械龙头，特种机器人培育第二曲线。 *免责声明：文章内容仅供参考，不构成投资建议 国家发展改革委、国务院国资委、中国证监会、全国工商联就《意见》回答了记者提问。 在24年1月，国资委曾提出研究把市值管理纳入中央企业负责人业绩考核，随后大量中字头国企强 ...

从指数持仓来看，中证国新央企小盘指数十大权重分别为：上海贝岭（2.22%）、航天彩虹 （1.72%）、吉电股份（1.35%）、招商南油（1.23%）、有研新材（1.22%）、内蒙一机（1.17%）、安 泰科技（1.15%）、中钨高新（1.13%）、电科数字（1.11%）、博创科技（1.1%）。 数据统计显示，中证国新央企小盘指数近一个月上涨2.78%，近三个月下跌1.93%，年至今上涨0.50%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6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。 据了解，中证国新央企小盘指数由国新投资有限公司定制，在国资委下属央企中选取200只规模较小的 上市公司证券作为指数样本，以反映小盘央企上市公司证券的整体表现。该指数以2016年12月30日为基 日，以1000.0点为基点。 金融界5月26日消息，上证指数低开震荡，中 ...

1、行情 上周五一堆零碎的概念，就核聚变和无人车今天活下来了，不过一次性能活两个概念确实很不容易了。 指数上午集体回落，但午后迎来了小幅的V转反弹，同时小盘股、题材股等集体走强，黄白线全天背离。 题材方面， 核聚变 板块今日再度走强，融发核电、哈焊华通（20CM）、雪人股份集体2连板，大西洋、百利电气、合锻智能、永鼎股份等先后 涨停，尾盘核电股中核科技、中广核技双双直线拉板； 无人驾驶、智慧物流板块集体发力，远望谷、湘邮科技、锦江在线、科捷智能（20CM）智莱科技（20CM）、中邮科技（20CM）、新北洋 （炸）、德邦股份（炸）纷纷涨停； 玩具、IP经济反弹，京华激光（3板）、实丰文化涨停，博通集成、华立科技、奥飞娱乐、姚记科技等集体大涨； 另外，黄酒、游戏、中科院系等均有局部强势表现，医药板块全线回落，新能源整车、港口等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收跌0.05%、0.41%、0.8%，但市场近3800股上涨，1400余股下跌。 A股成交量进一步萎缩，今日两市成交量创近期新低，勉强维持在万亿。 2、核聚变 当地时间23日，如同盘中消息披露一致，特朗普签署了四项与核能相关的行政命令，包括加速 ...

点击小程序查看报告原文 并购重组新规正式落地 去年4月以来并购重组制度持续优化，市场关注度逐步提升。新"国九条"[1]提出"多措并举活跃并购重组市场"，"科技 十六条"、"科创板八条"等均体现对科创企业并购重组的支持。去年9月24日，证监会发布《关于深化上市公司并购重 组市场改革的意见》（"并购六条"），并就修改《上市公司重大资产重组管理办法》征求意见。今年5月16日，本轮修 订正式落地[2]，同日沪[3]深[4]交易所也正式修订《重大资产重组审核规则》，修改内容主要包括： ► 建立重组股份对价分期支付机制， 将申请一次注册、分期发行股份购买资产的注册决定有效期延长至48 个月。我 们认为分期支付机制有助于减轻收购方的资金压力，同时也降低了一次性估值带来的风险，尤其有助于成长性强但业 绩不确定性较高的科创企业参与并购重组交易。 ► 提高对财务状况变化、同业竞争和关联交易监管的包容度。 我们认为这一改动一方面更加适应新兴行业特点，包容 进行大量研发投入但尚未形成稳定盈利的早期科创企业，有助于推动科创企业参与并购重组；另一方面也有助于企业 实施同行业、上下游的并购重组，从而达到扩大规模效应、提升产业链优势、实现产 ...

证券研究报告 | 策略点评 2025 年 05 月 22 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250522 今日关注 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指跌 0.22%，收报 3380.19 点；深证成指跌 0.72%，收报 10219.62 点；科创 50 跌 0.48%，收报 990.71 点；创业板指跌 0.96%，收报 2045.57 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场 4451 只个股下跌，882 只个股上涨，77 只个股收 平。沪深两市今日成交额合计 11027 亿元，较上个交易日缩量 707.55 亿元。 行业涨跌情况：今日申万一级行业除银行、传媒、家用电器外全部下跌，美 容护理、社会服务、基础化工、环保、房地产、电力设备等行业领跌。 板块涨跌情况：今日涨幅居前概念板块为银行精选、智能音箱、多模态模型、 央企银行、ChatGPT、网络游戏、K-12 教育、航空运输精选、Kimi、保险精 选、IGBT、中文语料库、短剧游戏、网红经济、央 ...

Core Viewpoint - The Central State-Owned Enterprises (SOEs) Innovation-Driven Index has shown mixed performance, with significant movements in individual stocks and a supportive regulatory environment for mergers and acquisitions [3][4]. Group 1: Market Performance - As of May 22, 2025, the Central SOEs Innovation-Driven Index (000861) decreased by 0.08%, with notable gainers including Guorui Technology (600562) up 10.00% and Maanshan Iron & Steel (600808) up 6.89% [3]. - The Central SOEs Innovation-Driven ETF (515900) is experiencing a tight trading range, with a latest price of 1.43 yuan and a turnover rate of 0.15%, totaling 4.83 million yuan in transactions [3]. - Over the past year, the average daily transaction volume for the Central SOEs Innovation-Driven ETF reached 35.1 million yuan, ranking first among comparable funds [3]. Group 2: Regulatory Environment - On May 16, 2025, the China Securities Regulatory Commission revised the Major Asset Restructuring Management Measures, easing policies to encourage quality enterprises to grow through mergers and acquisitions, providing a favorable regulatory environment for capital operations of SOEs [3]. Group 3: Capital Operations and Dividends - A review of the 2024 annual reports of SOE listed companies indicates a clear focus on capital operations, particularly in emerging industries and future sectors through mergers and acquisitions [4]. - The dividend payout ratio for SOEs reached 50.7% in 2024, driven by telecommunications and transportation sectors, while traditional sectors like oil and steel saw a decline in overall dividend amounts due to industry cycle fluctuations [4]. - Despite some sectors having over 40% of listed SOEs not implementing dividends, the median dividend payout ratio among listed SOEs continues to show an upward trend, indicating potential for increased dividend activity [4]. Group 4: ETF Performance Metrics - As of May 21, 2025, the Central SOEs Innovation-Driven ETF has seen a net value increase of 3.36% over the past two years, with a maximum monthly return of 15.05% since inception [5]. - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in comparable funds [5]. - The tracking error for the ETF over the past five years is 0.038%, indicating the highest tracking precision among comparable funds [5]. Group 5: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Central SOEs Innovation-Driven Index account for 34.48% of the index, with Hikvision (002415) being the largest at 5.08% [6][8].

Market Performance - As of May 21, 2025, Hong Kong's three major indices collectively rose, with sectors such as electrical equipment, non-ferrous metals, and textiles leading the gains, while household goods and food & beverage sectors saw declines [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index achieved a three-day consecutive rise, reaching a nearly five-year high during intraday trading [1] ETF Insights - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 310 million yuan on May 21, 2025, with a total size of 10.578 billion yuan and 7.583 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - Including the off-market index fund, the total size of Morgan's products tracking the S&P Hong Kong Stock Connect Low Volatility Dividend Index exceeds 12.8 billion yuan [1] Performance Comparison - The S&P Hong Kong Stock Connect Low Volatility Dividend Index posted a 12.88% increase over the past year, significantly outperforming the CSI Dividend Index at -3.96% and the CSI Low Volatility Dividend Index at 0.76% [1] Policy and Market Outlook - The People's Bank of China continues to increase gold reserves, enhancing market confidence and sustaining a global trend of central bank gold purchases, indicating a bullish outlook for gold in the medium to long term [2] - A recent meeting led by the central bank governor emphasized the implementation of a moderately loose monetary policy to support effective financing for the real economy, focusing on technology innovation, consumption, and stabilizing foreign trade [2] Investment Strategies - Under the influence of policy, the market is expected to further focus on high-dividend state-owned enterprises in Hong Kong, with an increasing emphasis on investor returns and improved dividend systems [2] - Morgan Asset Management has launched an international "Dividend Toolbox" series of funds, providing diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Fund Highlights - The Morgan Free Cash Flow ETF (563900) closely tracks the CSI Free Cash Flow Index, focusing on high cash flow quality "cash cow" enterprises [3] - The Morgan Dividend Select Equity Fund aims to exceed benchmark returns by utilizing a quantitative stock selection model based on the CSI Dividend Index [3] - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, having won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] Additional Fund Information - The Morgan CSI A50 ETF (560350) emphasizes core A-share assets and incorporates a quarterly mandatory dividend mechanism, with nearly 100 million yuan in cumulative dividends for 2024 [3] - The Morgan CSI A500 ETF (560530) targets quality A-share assets and has introduced a quarterly dividend mechanism, also being one of the first index funds included in personal pension plans [4] Investment Philosophy - Morgan Asset Management is committed to identifying relatively "certain" quality asset investment opportunities in the new normal of interest rates, leveraging global market insights and research capabilities to enhance client experience and satisfaction [5]