在波动市中，高股息股票成为资金 "避风港"。沪深 300 股息率升至 3.5%，中证红利指数年内涨幅 12%，煤炭、电力等传统行业现金流稳定，在 4 月市场回调中表现出抗跌性。美股市场同样涌现高股息机会，如 Western Midstream 股息率达 9.40%，陶氏化学 9.15%，福特汽车 7.49%，这些公 司通过稳定分红为投资者提供 "类债券" 收益。筛选标准可聚焦连续 5 年分红率超 50%、市盈率低于 10 倍、ROE 稳定在 10% 以上的标的，如中 证红利 ETF 或煤炭 / 电力龙头股。 黄金的短期回调、加密货币的技术突破、高股息股票的防御价值，都在提示投资者：避险资产的定义正在被重新书写。对于普通百姓而言，与其 追逐 "下一个黄金"，不如构建一个 "黄金组合"—— 在美债、美股、A 股的波动中寻找平衡，在黄金、瑞郎、加密货币的多元中分散风险。毕竟， 真正的避险不是押注单一资产，而是在变化中保持灵活与理性。 #5 月市场风向 1. 美联储议息会议（5 月 8 日）：若鲍威尔释放 "鹰派" 信号，美元与美债收益率可能进一步走高，压制黄金与加密货币。应对策略：提前减 持高估值科技股，增加现金储 ...

【深圳商报讯】（记者钟国斌）随着上市公司一季报披露接近尾声，头顶"长期资金""耐心资本"光环的 险资一季度买入了哪些股票？Wind数据显示，截至4月28日发稿，保险资金已现身376家公司的前十大 流通股东名单，总持仓数量为257.01亿股，总持仓市值为2787.39亿元。 事实上，今年以来，险资举牌上市公司频次显著增多，并且同样表现出对银行等高股息股票的青睐。 中国保险行业协会数据显示，截至4月28日，年内已有平安人寿、新华人寿、阳光人寿等6家保险公司累 计12次举牌上市公司，相较于去年同期增加了10次，频次大幅增长。从险企举牌上市公司的行业来看， 12次举牌中，有6次举牌的上市公司为银行。 普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人周瑾表示，增持和举牌高股息的潜力 大盘股，一方面可以应对利率下行的冲击；另一方面可以减少股价波动带来的短期财务报表波动。 （文章来源：深圳商报） 从行业分布来看，银行、电信服务、硬件设备、有色金属、公用事业等行业龙头受到保险资金的青睐。 从持仓市值来看，险资持仓市值排名前十的上市公司中，包括三家银行、三大营运商、一家保险公司等 行业巨头，分别为平安银行、中国联通、 ...

Core Viewpoint - Snap-on's Q1 earnings report for May 2025 revealed weaknesses but also underscored the company's strong cash flow and diversified business model, making it a compelling investment despite recent challenges [1][3]. Financial Performance - Snap-on's revenue decreased by 3.4%, which was 500 basis points below analysts' forecasts, with the Snap-on Tools segment experiencing a 6.8% decline and the Construction and Industrial segment contracting by 2.9% [3]. - The company reported GAAP earnings of $4.51 and maintained positive quarterly cash flow, despite a larger-than-expected contraction in profit margins [4]. Dividend and Capital Returns - Snap-on offers a dividend yield of 2.92%, with an annual dividend of $8.56 and a 15-year track record of dividend increases, showcasing a strong commitment to returning capital to shareholders [7][10]. - The company has a dividend payout ratio of 44.82%, indicating a healthy balance sheet that supports ongoing dividend payments and increases [7][10]. Balance Sheet Strength - Snap-on's balance sheet is characterized as "ironclad," with increased cash, receivables, inventory, and total assets, while long-term debt remains flat compared to Q1 2024 [8][9]. - The total liabilities are less than 0.5 times equity, ensuring that cash flow remains unimpeded and reserves are available in case of economic downturns [9]. Market Outlook - Analysts have shown a bullish trend for Snap-on, with a consensus forecast suggesting a 15% upside by the end of the year, supported by increasing coverage and improving sentiment [11]. - Despite recent market pullbacks, critical support targets are in place to limit downside risk, including the uptrend line and long-term moving averages [12].