Core Viewpoint - The power sector is experiencing a fundamental improvement, with a recovery in electricity consumption growth and a narrowing decline in thermal power generation, alongside an increase in the contribution of clean energy [1][3]. Group 1: Electricity Consumption and Generation - In March, the national electricity consumption growth rate rebounded to 4.8%, with the secondary industry growth rate lower than the industrial added value growth rate, possibly due to a decline in electricity demand from high-energy-consuming industries [1]. - The total power generation in March increased by 1.8% year-on-year, with thermal power generation declining by 2.3% year-on-year but improving by 3.5 percentage points month-on-month [1]. - New installed capacity in January-February reached 55 GW, with wind and solar power contributing 9.3 GW and 39.5 GW respectively [1]. Group 2: Pricing and Market Dynamics - Capacity prices have slightly increased, with a year-on-year rise of 23.3%, 11.9%, and 6.1% in various provinces, offsetting the decline in electricity prices [2]. - The price of Qinhuangdao thermal coal has decreased to 663 RMB per ton, down 163 RMB year-on-year, while domestic LNG prices have dropped by approximately 20% since the beginning of the year [2]. Group 3: Investment Opportunities - The power sector is expected to transition from a weak dividend to a strong dividend, with a notable recovery in earnings per share (EPS) expectations [3]. - The sector is characterized by its defensive attributes, with stable demand and a high degree of market management, as evidenced by over 20 companies announcing increased dividend payouts for 2024 [3]. - Three investment portfolios are recommended: (1) Defensive water and regional energy assets; (2) Elastic thermal power stocks; (3) Policy-driven green energy investments [4].

证券研究报告·行业跟踪周报·金融产品 金融产品跟踪周报 权益 ETF 系列：震荡上涨，大盘风格相对占 优 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 观点：震荡上涨，大盘风格相对占优。 ◼ 基金配置建议： 风险提示：1）模型基于历史数据测算，未来存在失效风险；2）宏观经济 不及预期；3）发生重大预期外的宏观事件。 2025 年 04 月 19 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 行业走势 3% 10% 17% 24% 31% 38% 45% 52% 59% 非银金融 沪深300 相关研究 《深化寿险代理人体制改革，佣金递 延与报行合一规范渠道发展》 2025-04-18 《"中国版平准基金"横空出世，维 2025-04-13 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 护资本市场平稳运行》 -11% -4% 2024/4/19 2024/8/18 2024/12/17 2025/4/17 ◼ A ...

Group 1 - The report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [3][15] - Characteristics of suitable grid trading targets include selecting on-market assets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [3][15] Group 2 - The report highlights the focus on specific ETFs for grid trading, including the National Defense ETF (512670.SH), which benefits from China's strengthening military capabilities and ongoing innovations in defense technology [5][16] - The Hong Kong Central Enterprise Dividend ETF (159333.SZ) is noted for its high dividend yield, supported by government policies encouraging long-term capital investment and stable dividend mechanisms [6][19] - The National Goods ETF (561130.SH) aligns with government initiatives to boost consumption, focusing on domestic brands and sectors benefiting from consumer upgrades [7][20] - The Morgan MSCI ETF (515770.SH) is positioned as a tool for global investors to access Chinese core assets, reflecting the current economic cycle and policy advantages in China [9][24]

文 | 银行螺丝钉 （转载请注明出处） 从历史数据看，指数增强基金的平均收益，多数年份是可以跑赢对应指数的。 但其中也有一部分跑输了指数，如果不谨慎挑选的话，也有可能买到的基金，实际上跑不赢指数。 那应该如何挑选优秀的指数增强基金呢？ 这里有一门限时免费的福利课程，介绍了指数增强基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 指数增强 」领取哦 ～ ◆◆◆ 不过，红利也有低迷的阶段。比如到了2019 -2020年，成长风格强势。 当时成长风格指数两年翻倍，但红利指数只 是微涨，大幅跑输市场，红利类基金也被投 资者嫌弃。 那么，什么情况下，比较适合考虑红利类品 种呢? 对普通投资者,红利投资有两种定位。 (1) 把红利品种，作为投资组合中的价值 风格部分。 因为红利是典型的价值风格品种，熊市比较 抗跌，牛市的时候进攻性会弱一些。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 可以跟成长风格品种搭配。 (2) 看中红利指数的分红现金流。 低估的时候买入，此时股息率也比较高，长 期持有获得现金流。 此时就不在乎红利导不是跑赢古场，口更和 ...

Core Insights - The report indicates that the dividend sector in A-shares has experienced continuous adjustments, with the CSI Dividend Index declining by 2.5% year-to-date, while the overall dividend yield has increased from 5.04% to 6.30% [3] - The report highlights a significant internal structural differentiation within the dividend sector, with certain industries like banks, liquor, and dairy seeing valuation increases, while others like coal and education have seen valuation declines, thus improving their cost-effectiveness [3] - The report suggests that the core logic of dividends remains solid, and after adjustments, the sector has returned to a favorable allocation range, with limited upward space for risk-free interest rates anticipated [3][4] A-Share Strategy - The report notes that the dividend premium of A-shares compared to H-shares has narrowed significantly, with the A-share dividend premium dropping from 54% at the beginning of the year to 44% by March 13, and the market capitalization-weighted premium falling from 48% to 33% [3] - The report emphasizes the potential for increased long-term capital inflow into the dividend sector, with insurance funds approved for long-term stock investments totaling 162 billion yuan [3][8] - A list of 20 selected A-share dividend stocks is provided, highlighting their market capitalization, historical dividend yield, and expected dividend yield [10] H-Share Strategy - The report includes a list of 20 selected H-share dividend stocks, detailing their market capitalization, price-to-earnings ratio, and dividend yield, indicating a comparative analysis with A-shares [11] - The report notes that the dividend yields of H-shares are generally competitive, with some stocks showing significant discounts compared to their A-share counterparts [11]

Group 1 - The core viewpoint of the article emphasizes the significant growth of the technology sector, particularly driven by the domestic AI model DeepSeek, which has led to a surge in various tech-related stocks and ETFs in the A-share market [1][7] - The Hang Seng Technology Index ETF has seen a year-to-date increase of over 30%, indicating strong performance in the tech sector [1] - The "technology + dividend" strategy is highlighted as a favorable investment approach, combining high-growth tech assets with stable dividend-paying stocks to enhance portfolio resilience and returns [2][9] Group 2 - There is an increasing demand for high cash flow assets as China's economy transitions towards high-quality development, moving away from reliance on debt and traditional real estate [4][5] - Free cash flow (FCF) is defined as the maximum cash available for distribution to capital providers after necessary expenditures, and it is crucial for a company's survival and dividend stability [4][5][13] - The introduction of the Free Cash Flow ETF (159201) fills a gap in the market for Smart Beta tools, providing investors with a new long-term investment option in the A-share market [2][10] Group 3 - The article discusses the rising interest in dividend assets, driven by policy changes encouraging dividends, declining long-term interest rates, and increased demand from institutional investors [6][8] - Historical data shows that dividend indices have outperformed the broader market indices over the past decade, reinforcing the attractiveness of dividend-paying stocks [5][8] - The Free Cash Flow Index has been designed to select high-quality companies with stable cash flows, enhancing the investment strategy's effectiveness [12][14]

Core Viewpoint - The overall sentiment for 2025 is optimistic, with expectations of significant economic improvement compared to 2024, driven by clear policy shifts and a recovering real estate market [2][67]. Group 1: Economic Outlook - The economic "feel" in 2025 is expected to be better than in 2024, with a clear turning point in policies [67]. - The real estate sector is anticipated to stabilize, particularly in first-tier cities, which are closely tied to market confidence and asset values [16][69]. - The real estate market has seen a significant reduction in inventory, with over 7.5 billion square meters removed in the past three years [15][14]. Group 2: Market Trends - The investment landscape is shifting, with a focus on small-cap technology growth stocks, which are expected to gain traction as market conditions stabilize [18][22]. - Dividend investments are seen as having absolute returns but lacking relative returns in a more optimistic market environment [25]. - The semiconductor industry is viewed as a high-risk area due to high valuations and significant stock price volatility [82][83]. Group 3: Case Studies - The case of "胖东来" (Pang Dong Lai) illustrates a customer-centric business model that emphasizes trust and collaboration with suppliers and employees, which is seen as a sustainable competitive advantage [6][30]. - The analysis of the U.S. internet development provides insights into the current AI landscape, questioning whether companies like NVIDIA will face challenges similar to those experienced by Cisco in the past [8][46]. Group 4: Sector Analysis - The public utility sector is undergoing significant changes due to the rise of renewable energy, which is expected to alter profit models and market positions [91]. - The consumer sector remains challenging, with a need for substantial policy support to revitalize growth [93][95]. - The Hong Kong market is being approached with caution, focusing on high-quality growth stocks that can withstand international scrutiny [102][104].