Group 1 - The report suggests that the current market adjustment is not expected to be sustained, presenting a potential short-term accumulation window, driven by high-growth sectors such as PCB, optical modules, and innovative pharmaceuticals [2][3] - It is recommended to moderately increase positions in leading sectors in August, while also paying attention to potential rotation directions [3] - The report emphasizes the importance of semiconductor and medical device industries, which are currently at relatively low levels and closely related to the main logic of the current market trend, offering dual advantages of valuation recovery and sustained growth [6][8] Group 2 - The report highlights the automotive industry as worthy of attention due to its low valuation and potential for marginal improvement under the influence of policies aimed at reducing internal competition [6][8] - The report identifies several low-position industries with marginal improvements, including electric motors, automotive, and environmental protection, indicating positive trends in key indicators such as export amounts and production levels [7][8] - The report notes that the political bureau meeting's content did not meet expectations, leading to market corrections in sectors like anti-involution, real estate, and cyclical industries [6][8]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.20% as of August 1, 2025, with component stocks showing mixed performance [1] - Western Mining (601168) led the gainers with an increase of 2.04%, followed by Pingmei Shenma Energy (601666) at 2.02%, and Jinkong Coal Industry (601001) at 1.76% [1] - China Petroleum (601857) and China Petrochemical (600028) were among the top decliners, indicating a divergence in stock performance within the index [1] Group 2 - The China Securities State-Owned Enterprises Dividend ETF (159515) has been adjusted to a latest price of 1.13 yuan, reflecting changes in the underlying index [1] - The index tracks 100 listed companies with high cash dividend yields, stable dividends, and certain scale and liquidity, representing the overall performance of high dividend yield securities among state-owned enterprises [2] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 16.77% of the total index weight, with China Merchants Industry Holdings (601919) being the largest component [2] Group 3 - In the current market environment, characterized by rising risk appetite and a shift of funds from bonds to equities, dividend assets are seen as valuable for investors seeking stable returns [1] - Open Source Securities emphasizes the importance of high dividend strategies amidst rising uncertainty, suggesting a focus on stable dividend stocks like banks and public utilities over cyclical dividend stocks [1] - Despite the market's current focus on technology and emerging industries, the dividend sector retains certain allocation value, particularly in a low-interest-rate environment [1]

Group 1 - The A-share market has shown signs of short-term pressure after breaking through resistance levels at the end of July, leading to adjustments in major stock indices [1] - There has been a significant inflow into dividend-focused ETFs, with over 9 billion yuan net inflow in July, indicating a shift in market focus towards dividend assets [1] - The Hang Seng Dividend Low Volatility ETF (159545) has attracted over 1.5 billion yuan in net inflows in July, ranking among the top in dividend ETFs [1] Group 2 - Analysts suggest that as domestic interest rates enter a downward cycle, the focus of asset allocation is shifting from growth to returns, increasing attention on dividend assets [1] - The overall valuation of the Hong Kong stock market is at historical lows, with a growing willingness among companies to distribute dividends, supported by policies encouraging long-term capital market investments [1] - The Hang Seng High Dividend Low Volatility Index consists of 50 stocks with good liquidity, consistent dividends, moderate payout ratios, and low volatility, currently offering a dividend yield of approximately 5.8% [1] Group 3 - The Hang Seng Dividend Low Volatility ETF (159545) has the lowest management fee rate of 0.15% per year among ETFs, facilitating low-cost investment in the Hong Kong high dividend sector [1]

自去年以来，一年多次分红蔚然成风，A股分红金额不断提升。南开大学金融学教授田利辉在接受《证 券日报》记者采访时表示，红利资产因高股息叠加抗跌性成为资金"避风港"。在政策红利、企业治理升 级与资金需求共振下，预计今年红利资产或持续跑赢大盘，为投资者提供稳收益、抗风险的核心配置选 项。 一年多次分红队伍壮大 首次中期分红公司获青睐 自去年新"国九条"出台以来，监管部门持续强化上市公司现金分红监管，推动一年多次分红，增强分红 稳定性、持续性和可预期性。 今年以来，中期分红逐渐常态化。例如，宁德时代今年是第二次计划中期分红，公司于去年12月份发布 2024年特别分红方案，于今年1月份实施，分红金额为53.97亿元。 此外，一年多次分红队伍逐渐壮大。今年以来，药明康德、海大集团等公司首次披露中期分红预案，计 划分红金额分别为10.03亿元、3.33亿元。 记者注意到，药明康德、海大集团在首次中期分红方案披露后，股价明显受到提振。同时，2家公司业 绩稳步增长。据公司2025年半年报数据，药明康德、海大集团上半年营业收入分别同比增长20.64%、 12.50%；归母净利润分别同比增长101.92%、24.16%。 对此，田 ...

Core Viewpoints - The current capital market is undergoing unprecedented changes and challenges, with a focus on optimizing asset allocation through professional research and investment strategies [1] - The Chinese public fund industry is transitioning from scale expansion to high-quality development, injecting new vitality into the market [1] - The article emphasizes the importance of understanding supply constraints over demand in resource stocks, highlighting a shift from "cyclical commodities" to "strategic assets" [4][15] Group 1: Insights from Fund Managers - Manager Guan Haoyang from Western Benefit Fund believes that investing in resource stocks is crucial at this time, where supply is more important than demand, and beta is more significant than individual stocks [4][15] - Manager Jiang Yong from Haifutong Fund emphasizes a long-term investment approach, aiming to provide a good holding experience for investors without chasing short-term market trends [22][27] - Manager Zhu Liang from Lianbo Fund highlights the importance of focusing on structural opportunities such as dividends, new productive forces, and new consumption during the critical transformation period of the Chinese capital market [37][40] Group 2: Guan Haoyang's Investment Strategy - Guan Haoyang categorizes resource stocks into four types: cyclical assets, thematic assets, value assets, and dividend assets, each requiring a different investment approach [8][9][10][11] - The strategy leans towards cyclical assets, with a focus on industrial and precious metals, aiming to enhance product elasticity [12] - Guan believes that the current commodity cycle, which started in 2020, still holds opportunities due to supply-side constraints [15][19] Group 3: Jiang Yong's Investment Philosophy - Jiang Yong adopts a strategy of "extreme diversification + safety margin" to manage potential market volatility, focusing on low-valuation and high-profit certainty targets [23][26] - He emphasizes the importance of absolute returns and aims to provide a stable long-term investment experience for fund holders [27][31] - Jiang's approach includes a balanced distribution across industries and a focus on individual stock diversification, ensuring no single stock exceeds 1% of total holdings [28][29] Group 4: Zhu Liang's Market Outlook - Zhu Liang notes that the A-share market is showing signs of bottoming out, with improvements in policy, structure, and fundamentals [36][39] - He identifies three main investment lines: dividend stocks, new productive forces, and new consumption, which are expected to provide significant investment potential [40][42] - Zhu emphasizes the recovery of the private economy as a key observation dimension, indicating a positive shift in market sentiment and investment confidence [43][44]

7月30日晚间，宁德时代新能源科技股份有限公司（以下简称"宁德时代"）披露2025年中期分红方案， 拟向全体股东每10股派发现金分红10.07元（含税），合计分红金额45.73亿元。 自去年新"国九条"出台以来，监管部门持续强化上市公司现金分红监管，推动一年多次分红，增强分红 稳定性、持续性和可预期性。 今年以来，中期分红逐渐常态化。例如，宁德时代今年是第二次计划中期分红，公司于去年12月份发布 2024年特别分红方案，于今年1月份实施，分红金额为53.97亿元。 此外，一年多次分红队伍逐渐壮大。今年以来，药明康德、海大集团等公司首次披露中期分红预案，计 划分红金额分别为10.03亿元、3.33亿元。 记者注意到，药明康德、海大集团在首次中期分红方案披露后，股价明显受到提振。同时，2家公司业 绩稳步增长。据公司2025年半年报数据，药明康德、海大集团上半年营业收入分别同比增长20.64%、 12.50%；归母净利润分别同比增长101.92%、24.16%。 对此，田利辉表示，这反映了市场对公司治理质量提升和盈利确定性增强的认可。其逻辑是分红信号释 放经营信心，首次中期分红通常被视为公司现金流充沛、盈利能力稳健 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported stable revenue growth, with a 5.02% increase in revenue to 36.587 billion yuan in the first half of 2025, and a 14.22% increase in net profit to 12.984 billion yuan, aligning with expectations [6] - The company plans to invest 26.6 billion yuan in the Gezhouba shipping expansion project, which aims to enhance the efficiency of hydropower generation and reduce vessel waiting times [6] - The company continues to offer attractive dividends, with a dividend yield of 3.39%, providing a strong cash flow capability and stability in dividend payments [6] Financial Data and Profit Forecast - Total revenue is projected to reach 89.766 billion yuan in 2025, with a year-on-year growth rate of 6.2% [5] - The net profit attributable to shareholders is expected to be 35.561 billion yuan in 2025, reflecting a 9.4% year-on-year growth [5] - Earnings per share are forecasted to be 1.45 yuan in 2025, with a projected PE ratio of 19 [5] - The company’s operating profit is expected to grow steadily, with a forecast of 44.053 billion yuan in 2025 [8]

截至收盘，中证红利低波动指数上涨0.4%，中证红利价值指数上涨0.3%，中证红利指数上涨0.2%，恒生港股通高股息低波动指数下跌0.3%。Wind数据显 示，恒生红利低波ETF（159545）全天获净申购超3000万份，截至昨日，该产品最新规模达38亿元、较年初增逾7倍，年内规模增速在所有红利类ETF中位 居第一。 招商证券表示，在当前低利率的环境下，红利资产收益相对较高且稳定，成为投资者关注的重点；政策引导中长期资金入市，进一步提高了红利资产长期配 置需求。 | 今日 | 该指数 | 该指数自201 | | --- | --- | --- | | 核指数涨跌 | 滚动市盈率 | 以来估值分 | | 0 2% | 8 1倍 | 65 2 | | 令日 | 该指数 | 该指数自2013年 | 该指 | | --- | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | | And Concession of the Career of Children | The Real Property of the Research | | | 每日经济新闻 | 率高且价值特 ...

证 券 研 究 报 告 华创金融|红利资产月报（2025 年 7 月） 7 月银行板块回调，业绩快报传递积极信号 二季度存贷增速普遍下降，与社融信贷增速趋势较为一致。1）资产端，由于 一季度"开门红"及降息预期下银行抢抓投放，二季信贷需求总体较弱。除了 齐鲁银行信贷增速略有上升外，其余三家信贷投放均有降速。不过整体而言三 家城商行的信贷投放仍然保持双位数强劲增长，而作为农商行的常熟银行信贷 增速则弱于总资产增速，或由于个人经营贷需求仍偏弱。1H25 常熟/杭州/宁波 / 齐鲁银行的贷款增速分别较 1Q25 -0.9pct/-2.3pct/-1.7pct/+1.1pct 至 5.2%/12%/18.7%/13.7%。2）负债端，除了常熟银行存款增速略有上升外，其 余三家存款增速均有所下降，降幅均高于贷款。1H25 常熟/杭州/宁波/齐鲁银 行 的 存 款 增 速 分 别 较 1Q25 +0.9pct/-4.9pct/-7.2pct/-1.8pct 至 9.9%/16.2%/12.7%/13.1%。 资产质量保持稳定，核充率有所提升。除了齐鲁银行不良率有明显改善外（环 比下降 8bp 至 1.09%），其余三家不 ...

基金收益分配原则为：1、本基金的收益分配方式为现金分红；2、基金管理人可每月对基金相对业 绩比较基准的超额收益率以及基金的可供分配利润进行评价，收益评价日核定的基金净值增长率超过业 绩比较基准同期增长率或者基金可供分配利润金额大于零时，基金管理人可进行收益分配；3、当基金 收益分配根据基金相对业绩比较基准的超额收益率决定时，基于本基金的特点，本基金收益分配无需以 弥补亏损为前提，收益分配后基金份额净值有可能低于面值；当基金收益分配根据基金可供分配利润金 额决定时，本基金收益分配后基金份额净值不能低于面值，即基金收益分配基准日的基金份额净值减去 每单位基金份额收益分配金额后不能低于面值；4、在符合上述基金分红条件的前提下，本基金可每月 进行收益分配。评价时间、分配时间、分配方案及每次基金收益分配数额等内容，基金管理人可以根据 实际情况确定并按照有关规定公告；5、每一基金份额享有同等分配权；6、法律法规或监管机构另有规 定的，从其规定。（资料来源：基金招募说明书、基金合同，具体以基金法律文件为准） 每日经济新闻 值得关注的是，红利港股ETF（159331）可月月评估分红，自上市以来已经连续11个月进行分红。 没有 ...