Investment Rating - The report maintains an "Increase" rating for the insurance industry [7] Core Insights - The insurance industry has entered a new wave of shareholding activity since 2024, marking the third wave since 2015, driven primarily by the demand for high-dividend stocks to enhance cash income [12][16] - The report categorizes shareholding activities into two types: "Concentrated Shareholding" which emphasizes dividend income, and "Long-term Equity Investment" which focuses on high ROE [12][19] Summary by Sections Shareholding Activity Overview - Since 2015, there have been three major waves of shareholding activities, with the current wave starting in 2024. The driving factors include the need for stable cash income in a declining interest rate environment [16][25] - The average dividend yield of shares involved in the current wave is approximately 5.0%, the highest in history, indicating a significant focus on dividend income [15][31] Concentrated Shareholding - "Concentrated Shareholding" refers to situations where insurance companies increase their holdings without reaching the threshold for long-term equity investment. This type has been predominant, accounting for about two-thirds of shareholding activities since 2015 [19][32] - The average dividend yield for "Concentrated Shareholding" has increased over the years, from 1.0% in 2015 to 5.0% in 2024, reflecting a growing emphasis on dividend income [15][31] Long-term Equity Investment - "Long-term Equity Investment" occurs when insurance companies hold a significant stake that allows them to exert influence over the company. Approximately one-third of shareholding activities fall into this category [19][49] - The average ROE of companies involved in "Long-term Equity Investment" is around 9.3%, which is higher than the average ROE of the entire A-share market [19][50] Historical Performance of Shareholding Stocks - Historical data shows that about 70% of stocks involved in shareholding activities experienced price increases in the year prior, but over 60% saw declines during the holding period, indicating a "see-saw" effect in performance [5][13] - Long-term, dividends are viewed as a more stable source of income for insurance companies compared to capital gains from stock price appreciation [5][13] Industry Focus - The sectors most frequently targeted for shareholding include banking, transportation, and public utilities, which are characterized by stable profitability and high dividend yields [22][43] - The report highlights a notable preference for Hong Kong stocks due to their lower valuations and higher dividend yields, making them attractive for long-term holding [31][43]

Group 1 - Major state-owned banks and some joint-stock banks have lowered the RMB deposit rates starting from May 20, with the savings rate down by 5 basis points to 0.05% and various term deposit rates reduced by 15 to 25 basis points [1] - The People's Bank of China (PBOC) announced a 0.1 percentage point reduction in the policy rate, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [1] - Analysts believe that the interest rate cut will lower banks' funding costs, which is favorable for the banking sector, and institutions with capital allocation needs will continue to consider dividend sectors like banks [1] Group 2 - The average dividend yield of the four major banks has remained stable at around 5% over the past five years, attracting long-term funds such as insurance and social security [2] - Individual investors with capital allocation needs may consider using bank ETFs (515020) and other index investment tools [2] - The AH premium index has risen to approximately 143, making the investment value of Hong Kong stocks more attractive compared to A-shares, with financial ETFs in Hong Kong featuring over 65% bank content [2]

证 券 研 究 报 告 银行业周报（20250512-20250518） 推荐（维持） 当前五大行 A 股股息率处于何种水平？ 银行 2025 年 05 月 18 日 华创证券研究所 2015-2025 年，大致可以划分为四个阶段：1）2Q15-1Q16，五大行季度平均股 息率震荡上行，平均股息率从 4.4%升至 5.3%；2）2Q16-1Q18，五大行季度平 均股息率震荡下行，从 5.3%降至 4.0%；3）2Q18-1Q23，五大行季度平均股息 率开启较长时间的震荡上行，从 4.4%升至 7.2%；4）2Q23-2Q25，五大行季度 平均股息率呈现较快下行趋势，从 6.3%降至 4.4%。当前水平处于 2015 年以 来的较低分位，与 2Q15 和 2Q18 水平相当。 与历史上当期的国债收益率相比，除了 1Q18 跑输 10 年期国债收益率之外， 其余时间五大行季度平均股息率均高于 10 年期国债收益率。其中 1Q20-2Q21， 高于 10 年期国债收益率 2pct；3Q21-2Q24，高于 10 年期国债收益率 3-4pct。 25 年以来仍然高于 10 年期国债收益率 2pct。 24 年所有 A ...

Core Insights - A-share listed companies demonstrated stable performance in 2024 and Q1 2025, with total revenue reaching 71.70 trillion yuan and net profit at 5.20 trillion yuan, reflecting resilience against external challenges [1] - The overall improvement in A-share companies' performance indicates a continuous recovery of China's economic fundamentals, with GDP growth of 5.0% in 2024 and 5.4% in Q1 2025 [2] - Leading companies in various sectors, particularly in automotive, hardware, and semiconductor industries, reported significant revenue and profit growth, with many achieving over 100% growth [3][4] Revenue and Profit Growth - In 2024, 18 companies in the CSI 50 index saw revenue growth exceeding 10%, while 21 companies achieved similar net profit growth; in Q1 2025, these figures rose to 24 and 32 companies respectively [3] - The CSI 500 index showed even more robust performance, with 165 companies achieving over 10% revenue growth and 196 companies achieving similar net profit growth in 2024 [3] R&D Investment - Companies in the CSI 50 and CSI 500 indices maintained high R&D investment levels, with average expenditures of 76.94 billion yuan and 23.29 billion yuan respectively, significantly above the A-share average of 3.64 million yuan [3] - The focus on R&D is crucial for industry leaders to leverage new technologies and enhance profitability [3] Market Strategies - Leading companies are diversifying their markets to reduce dependency on single markets and are actively pursuing overseas opportunities, particularly in the electric vehicle sector [4] - The performance of these companies in international markets is strong, with significant sales in multiple countries and regions [4] Investment Opportunities - The CSI 50 and CSI 500 indices are highlighted as attractive long-term investment options due to the stability and strong fundamentals of leading companies [5] - Both indices are expected to see annual revenue growth exceeding 5% and net profit growth exceeding 10% from 2025 to 2026 [5] Dividend Yield - The CSI 50 and CSI 500 indices offer higher dividend yields of 2.95% and 3.23% respectively, compared to the broader market [6] - The focus on dividends enhances the investment experience for shareholders, with both indices implementing quarterly dividend assessments [6][7] Valuation Comparison - As of May 8, 2025, the price-to-earnings ratios for the CSI 50 and CSI 500 indices were 17.44 and 14.46, respectively, indicating a valuation advantage compared to major global indices [7] Market Outlook - The market outlook remains positive, with expectations of gradual recovery supported by favorable policies and the relative valuation advantage of Chinese equities [8]

Core Viewpoint - TianKang Biological has shown significant growth in its pig farming business, with a notable increase in sales and profitability in the first quarter of 2025, indicating a strong recovery in the industry [1][2][3]. Sales Performance - In April 2025, TianKang sold 244,700 pigs, a month-on-month decrease of 3.93% but a year-on-year increase of 1.58% [1]. - The sales revenue for April reached 380 million yuan, reflecting a month-on-month growth of 1.06% and year-on-year stability [1]. - Cumulatively, from January to April 2025, the company sold 1,055,400 pigs, an 18.84% increase compared to the same period last year, with total sales revenue of 1.557 billion yuan, up 11.61% year-on-year [1]. Profitability and Cost Structure - The gross margin for the pig farming sector improved significantly from -13.82% in 2023 to 14.61% in 2024, with further profitability expected in Q1 2025 [2]. - The total cost of pig farming for the company was 13.01 yuan/kg in Q1, with costs dropping below 13 yuan/kg in January and March [2]. - Comparatively, leading competitors like Muyuan and Wens have also seen reductions in their farming costs, indicating a competitive landscape [2]. Dividend and Valuation - TianKang's dividend distribution plan for 2024 proposes a payout of 2.2 yuan per 10 shares, with a dividend rate close to 50%, positioning it as a leader in the industry [3]. - The latest dividend yield stands at 3.46%, making it the second highest in the pig farming sector, just behind Muyuan [3][4]. - The valuation of pig farming stocks is currently at historical lows, suggesting potential for long-term investment growth [3]. Future Growth Potential - The company plans significant capital expenditures in pig farming and minor upgrades in feed business, with a new breeding project expected to be operational by the second half of the year [8]. - The feed business aims to reach a sales target of 5 million tons within 3-5 years, indicating a strategic growth plan [8]. - In the animal vaccine sector, the company is innovating its sales model and targeting international markets, particularly in Central Asia and Southeast Asia, to enhance its long-term growth prospects [8]. Shareholder Confidence - The controlling shareholder, Xinjiang Production and Construction Corps, plans to increase its stake in TianKang, demonstrating confidence in the company's future development [7].

Core Insights - The company reported a revenue of 84.492 billion yuan for 2024, an increase of 8.12% year-on-year, and a net profit attributable to shareholders of 32.496 billion yuan, reflecting a growth of 19.28% year-on-year [1] - For Q1 2025, the company achieved a revenue of 17.015 billion yuan, up 8.68% year-on-year, and a net profit attributable to shareholders of 5.181 billion yuan, which is a 30.56% increase year-on-year [1] - The company plans to distribute a cash dividend of 0.943 yuan per share for 2024, a 15% increase from the previous year, with a dividend payout ratio of 71% of net profit [1] Financial Performance - In 2024, the company's total power generation reached approximately 295.904 billion kWh, a year-on-year increase of 7.11%, driven by favorable water conditions [2] - The average on-grid electricity price for 2024 was 285.52 yuan/MWh, an increase of 1.51% year-on-year [2] - The gross profit margin for the power generation business improved to 62.5%, up 1.54 percentage points year-on-year, aided by a reduction in financial expenses by 11.38% to 11.131 billion yuan [2] Q1 2025 Performance - In Q1 2025, the company experienced a 9.35% year-on-year increase in power generation to 57.679 billion kWh, supported by abundant water supply [3] - The revenue per kWh for Q1 2025 was estimated at 0.295 yuan, a slight decrease of 0.62% year-on-year [3] - Financial expenses for Q1 2025 were 2.481 billion yuan, down 13.1% year-on-year, contributing positively to performance growth [3] Future Outlook - For 2025, the company aims to achieve an annual power generation of 300 billion kWh, contingent on favorable water conditions [4] - The projected dividend yield for 2025 is estimated at 3.31%, with a significant spread over the ten-year government bond yield, indicating strong investment value [4] - The company is expected to achieve net profits of 34.1 billion, 35.8 billion, and 36.8 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 21.12x, 20.15x, and 19.57x [4]

面对上市银行大手笔的"红包雨"以及高股息，股民们是否可靠银行股"躺赚"？ 深圳商报·读创客户端首席记者 谢惠茜 与此同时，也有9家银行股息率低于4%，3家银行股息率低于2%。其中，浦发银行股息率为2.76%；宁 波银行股息率为2.40%，西安银行（600928）股息率仅为1.55%。 对此，苏商银行特约研究员武泽伟在接受记者采访时表示，高股息率表明更好的分红水平以及更低的估 值水平，投资者可以以股息率对银行股标的进行初步筛选。 不过，需要注意的是，如果投资银行股是以长期持有为目的，就要注意规避低估值陷阱，有的企业经营 状况一般，因此市场给予其较低的估值水平，企业的股息率水平就较高。但是，投资者既然准备长期持 有，就一定希望企业运营良好，从而产生源源不断的现金流来回馈股东。所以，投资者在关注股息率的 同时，要注意分辨企业的高股息率究竟来源于何方。毕竟投资要取得良好的业绩，并不是买的越便宜越 好，而是要以合适的价格买入优秀的企业。 他指出，整体而言，对于普通投资者来说，"买入并持有"银行股，是比较好的策略。拉长时间来看，银 行股长期上涨，如果算上分红，则收益水平更加丰厚。对于普通投资者来说，最重要的是要能抵住诱 ...

上 市 公 司 公 司 研 究 / 银行 2025 年 05 月 06 日 建设银行 (00939) —— ROE 稳居大行第一，夯实资本为做大做强更进一步 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 05 月 02 日 | | --- | --- | | 收盘价（港币） | 6.38 | | 恒生中国企业指数 | 8231.04 | | 52 周最高/最低（港币） | 7.02/5.14 | | H 股市值（亿港币） | 15,950.70 | | 流通 H 股（百万股） | 240,417.32 | | 汇率（人民币/港币） | 1.0774 | 资料来源：Bloomberg 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 研究支持 一年内股价与基准指数对比走势： -9% 41% 91% HSCEI 建设银行 李禹昊 A0230123070008 liyh2@sws ...

J P M O R G A N Asia Pacific Equity Research 27 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Wuliangye - A 2024 sales up 7.1% yoy at expense of relaxing credit & rising rebates to distributors; 2025 sales target of c5% (in line with GDP growth) ...

年报中的红利改善方向——多行业联合红利资产 4 月报 20250505 摘要 • 红利及低波动性板块展现防御属性，4 月表现优于主要指数，如 2000 指 数和全 A 指数。石化、家电、食品饮料和交运等一级行业符合股息率改善 且业绩稳健标准，其中石化行业股息率提升幅度最大，但一季度业绩略有 负增长。 • 二级行业中，航运港口、白电、白酒和纺织制造符合股息率改善且绝对水 平在 3%以上，同时一季度业绩稳健增长的标准。三级行业细分领域包括 航运、空调、肉制品、白酒、快递服务、人力资源服务等。 • 公用事业领域中，高速公路和港口分红比例提升，显示长期配置价值。四 川成渝高速公路 A 股股息率达 5.1%，H 股超过 7%。2024 年港口板块业 绩增长最快，预计 2025 年高速公路将呈现回升趋势。 • 重点推荐红利资产包括四川成渝、广通高速、山东高速、宁沪高速和招商 公路，这些公司具备稳定的业绩表现和较高的分红能力。招商港口因海外 资产布局和提高分红比例成为长久期经营资产中的优选。 Q&A 2025 年 4 月份华创红利资产研究中心对红利市场的看法是什么？ 2025 年 4 月份，华创红利资产研究中心对红利市场持 ...