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板块大面积飘红!四大行股价再创新高 业内:银行股估值低,现金分红、股息率表现好
Mei Ri Jing Ji Xin Wen· 2025-04-28 11:32
4月28日,A股银行板块上涨0.98%,年内涨幅达到4.09%。在42家上市银行中,除了厦门银行、无锡银行、长沙银行微跌之外,其余39家银行个股均实现上 涨,其中涨幅排名前三的重庆银行涨近5%,青岛银行涨2.92%、光大银行涨2.1%。 | | 分时 | | 多日 1分 5分 15分 30分 | | 60分 日 周 月 | ir | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 时 | | 序号 名称 | | 现价 | 成交量 | 换手率 | 市智举 | 成交额 | | 冬 | l | 工商银行 | 7.29 c | 1.11% | 2.85亿 | 0.11% | 7.1 | 20.81亿 | | K | 2 | 建设银行 | 9.39 c | 1.95% | 1.10亿 | 1.14% | 7.0 | 10.25亿 | | रूनेंट | 3 | 农业银行 | 5.61 c | 1.08% | 3.15亿 | 0.10% | 7.0 | 17.65亿 | | ष्ठ | 4 | 中国银行 | 5.71 c | 0.88% | 2 ...
交易型指数基金资金流向周报-20250428
Great Wall Securities· 2025-04-28 09:39
Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: April 21 - April 25, 2025 [1] - Analyst: Jin Ling [1] - Report Date: April 28, 2025 [1] Core Viewpoints - The report presents the capital flow, fund scale, and weekly price change data of domestic passive stock funds, overseas index funds, and other types of index funds from April 21 to April 25, 2025, helping investors understand the market dynamics of different types of index funds [4][5][6] Summary by Category Domestic Passive Stock Funds - **Composite Concepts**: Among them, the CSI 1000 had a weekly price increase of 1.95% and a net capital inflow of 594 million yuan; the Science and Technology Innovation 100 had a weekly price increase of 0.69% and a net capital inflow of 391 million yuan; while the Shanghai - Shenzhen 300 had a weekly price increase of 0.38% but a net capital outflow of 2.783 billion yuan [4] - **Industry Themes**: The large - technology concept had a weekly price increase of 1.10% and a net capital inflow of 4.849 billion yuan; the large - health concept had a weekly price increase of 2.36% and a net capital inflow of 479 million yuan; the large - consumer concept had a weekly price increase of 0.36% and a net capital outflow of 1.397 billion yuan [4] - **Style Strategies**: The dividend - low - volatility concept had a weekly price increase of 0.76% and a net capital inflow of 87 million yuan; the growth concept had a weekly price increase of 1.84% and a net capital outflow of 109 million yuan [4] - **Enterprise Nature**: The China Special Valuation (C - Special Valuation) concept had a weekly price change of - 0.05% and a net capital outflow of 242 million yuan [4] - **Region**: The regional concept had a weekly price increase of 1.62% and a net capital outflow of 600,000 yuan [4] Overseas Index Funds - **Composite Concepts**: The Nasdaq 100 had a weekly price increase of 4.79% and a net capital inflow of 1.052 billion yuan; the S&P 500 had a weekly price increase of 3.35% and a net capital inflow of 366 million yuan; the Nikkei 225 had a weekly price increase of 1.50% and a net capital outflow of 16 million yuan [5] - **Industry Themes**: The Hong Kong Stock Technology concept had a weekly price increase of 3.73% and a net capital inflow of 553 million yuan; the China Internet concept had a weekly price increase of 5.22% and a net capital outflow of 51 million yuan; the Hong Kong Stock Medical concept had a weekly price increase of 9.53% and a net capital outflow of 3.053 billion yuan [5] - **Style Strategies**: The dividend concept had a weekly price increase of 1.18% and a net capital inflow of 200,000 yuan; the dividend - low - volatility concept had a weekly price increase of 1.85% and a net capital inflow of 100,000 yuan [5] Other Types of Index Funds - **Bond Funds**: Among interest - rate - related bond funds, the 10 - year bond fund had a weekly price increase of 0.05% and a net capital inflow of 3 million yuan; the 5 - 10 - year bond fund had a weekly price change of - 0.04% and a net capital outflow of 195 million yuan [6] - **Commodity Funds**: The gold fund had a weekly price change of - 0.70% and a net capital inflow of 1.8109 billion yuan; the non - ferrous metal fund had a weekly price increase of 1.70% and a net capital outflow of 400,000 yuan [6] - **Index - Enhanced Funds**: The CSI 500 index - enhanced fund had a weekly price increase of 1.92% and a net capital outflow of 18 million yuan; the GEM index - enhanced fund had a weekly price increase of 2.45% and a net capital outflow of 500,000 yuan [6]
四大行股价齐创新高后,银行板块迎来调整,未来如何
Mei Ri Jing Ji Xin Wen· 2025-04-21 07:38
综合来看,近期银行股股价表现不仅是短期避险情绪的体现,更多的是产业资本与政策红利共同作用的 结果。因此,即使银行板块今日出现回调,但绝不影响其低估值修复预期。 高股息属性已成资金"避风港",在国债收益率持续下行、市场利率走低的背景下,历来以高股息率著称 的银行股优势愈发凸显。数据显示,四大行近五年平均股息率稳定在5%左右,远超同期国债收益,成 为长线资金的"价值洼地",吸引保险、社保等长期资金不断涌入。 此外,增持潮不断涌动,产业资本与内部信心实现同频共振。据公开信息披露,2025年首季度,已有6 家保险公司完成12笔举牌,从投向来看其中有5次举牌对象为银行,其中平安人寿首季度4度举牌,频频 瞄向银行股。此外,A股上市银行大股东增持动作最近显著加速,仅4月8日至9日,邮储银行 (601658)、光大银行(601818)、浙商银行(601916)、成都银行(601838)、华夏银行 (600015)、江苏银行(600919)等6家银行密集披露增持计划,涉及金额超亿元。 4月18日,工商银行(601398)、农业银行(601288)、中国银行(601988)、建设银行(601939)四 大国有银行股价集体创下历史 ...
机构研究周报:对冲预期升温,避险交易延续
Wind万得· 2025-04-20 22:32
Core Viewpoints - The necessity to enhance domestic demand policies to counteract the potential impacts of slowing external demand, thereby solidifying the recovery of domestic demand since the first quarter [1][4] - The market consensus on a clear mainline for policy response is still awaited, indicating that the timing for a more aggressive market approach is not yet ripe [1][7] Economic Performance - China's GDP growth in the first quarter exceeded expectations, with a year-on-year increase of 5.4% and a quarter-on-quarter increase of 1.2% [2][4] - Retail sales grew by 4.6%, and fixed asset investment (excluding rural households) increased by 4.2% [2] - The urban unemployment rate averaged 5.3%, and per capita disposable income rose to 12,179 yuan, reflecting a nominal increase of 5.5% [2] Trade and External Factors - The trade surplus contributed 2.2 percentage points to the nominal GDP growth in the first quarter, up from 1.9 percentage points in the previous quarter [4] - A decline in container bookings to the U.S. by 67% in the first week of April indicates potential headwinds for exports in the second quarter [4] Investment Strategies - Recommendations to maintain a defensive investment strategy in light of ongoing global uncertainties, with a focus on safe assets such as gold and government bonds [5][21] - Emphasis on sectors benefiting from domestic demand and those that have been undervalued due to market sentiment, particularly in the context of "China Special Valuation" and "Science and Technology Valuation" [6][10] Market Outlook - The market is expected to remain volatile, with a need for further observation of policy impacts before a clear bullish trend can be established [7][19] - The potential for a gradual decrease in funding rates as macroeconomic stimulus measures are anticipated to be implemented [17]
【客车4月月报】3月行业同环比增长,出口表现优于国内
未经许可,不得转载或者引用。 投资要点 客车这轮大周期驱动因素是什么? 一句话总结:客车代表中国汽车制造业将成为【技术输出】的世界龙头。这不是梦想而是会真 真切切反应到报表层面。海外市场业绩贡献对客车行业在3-5年会至少再造一个中国市场。背 后支撑因素: 1)天时: 符合国家【中特估】大方向,客车是【一带一路】的有力践行者,已有10余年的出 海经验,在新的国际形势变化下,将进一步跟紧国家战略,让中国优势制造业【走出去】。 2)地利: 客车的技术与产品已经具备世界一流水平。新能源客车产品维度,中国客车已领先 海外竞争对手。传统客车维度,技术已不亚于海外且具备更好性价比及服务。 3)人和: 国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲击+新能 源公交透支+三年疫情"三重因素叠加经历了长期的价格战,2022下半年宇通已率先提价,且需 求本身得益【旅游复苏+公交车更新需求】有望重回2019年水平。 客车这轮盈利能创新高吗?我们认为并不是遥不可及。 1)国内没有价格战。2)寡头龙头格局。3)海外无论新能源还是油车净利率远好于国内(无 需投固定资产)。4)碳酸锂成本持续下行。 客车这轮市值空间怎 ...
尾盘拉升!大资金进场扫货
Zheng Quan Shi Bao· 2025-04-16 09:08
大资金积极入场。 4月16日,A股尾盘翻红,沪指已连续7日上涨;港股弱势下探,恒生指数跌近2%,恒生科技指数跌超 3%。 具体来看,沪指盘中弱势震荡,尾盘在银行、保险等板块的带动下拉升翻红,上证50指数涨近1%。截 至收盘,沪指涨0.26%报3276点,深证成指跌0.85%报9774.73点,创业板跌1.21%报1907.11点,上证50 指数涨0.91%,沪深北三市合计成交11410亿元,较昨日增加约300亿元。 场内超4300股飘绿,农业、汽车、医药、家电等板块走低;银行板块逆市拉升,农业银行、建设银行、 上海银行(601229)等盘中创出新高;旅游出行板块崛起,君亭酒店(301073)涨约11%,金陵饭店 (601007)涨停,天府文旅(000558)涨近7%,全聚德(002186)、同庆楼(605108)涨近5%;食品 饮料板块强势,品渥食品(300892)涨超10%,麦趣尔(002719)、桂发祥(002820)、安记食品 (603696)等涨停;物流板块走高,华贸物流(603128)、永泰运(001228)、上海雅仕(603329)等 涨停;中特估概念活跃,中国国航(601111)涨近4%,中国石 ...
中国中车20250408
2025-04-15 14:30
Summary of Conference Call on China CRRC's Financial Report Company and Industry - **Company**: China CRRC Corporation Limited - **Industry**: Railway Equipment and Transportation Core Points and Arguments 1. **Positive Outlook on Railway Equipment**: The company maintains a strong outlook on the railway equipment sector, particularly in the context of domestic infrastructure investment under the "internal circulation" strategy [1][2] 2. **Strong Performance Despite Market Conditions**: China CRRC achieved a notable stock price increase following the release of its financial report, indicating resilience in a challenging market environment [2] 3. **Inventory and Contract Liabilities Growth**: The company's inventory and contract liabilities grew by 15% to 20%, while revenue growth was only 6%, attributed to the delivery cycle of railway equipment [3] 4. **High Repair Cycle**: The high repair cycle for railway vehicles is expected to lead to significant revenue recognition in the first half of 2025, as repairs typically have a short turnaround time [4] 5. **Profit Surpassing Expectations**: The company reported profits that exceeded expectations due to a faster growth rate in railway equipment, particularly in the high-margin passenger train segment, and a decrease in expense ratios [5] 6. **Stable Industry Demand**: The demand for new vehicles and high-level repairs remains strong, with an estimated order volume of approximately 17 billion for the last quarter of the previous year [6] 7. **Focus on Asset Quality Improvement**: The company is prioritizing stable profitability and asset quality improvement, with growth being a secondary focus [7] 8. **Future Revenue Projections**: The company anticipates stable performance in 2025, with a cautious outlook on growth rates, while 2026's performance will depend on this year's order volume [8] 9. **Replacement Cycle for Equipment**: The replacement cycle for locomotives is expected to contribute positively to revenue in 2025 and 2026, despite a potential decline in new passenger train orders [9] 10. **Long-term Profitability Potential**: The company aims to achieve profits exceeding 50 billion, driven by stable growth in the railway sector and new industries [10] 11. **Market Recovery Potential**: The company is seen as a stable growth asset, with potential for market recovery and an increase in market capitalization [13] 12. **Overall Industry Sentiment**: The railway equipment sector remains optimistic, with continuous growth in related industries and a stable demand outlook [14] Other Important but Possibly Overlooked Content - **Market Dynamics**: The company is positioned well within the domestic market, with a growing customer base and increasing demand for high-level repairs, which could provide additional revenue streams [12] - **Valuation Considerations**: The current market valuation of the company is seen as attractive, especially in comparison to historical price-to-book ratios, indicating potential for future price appreciation [13]
密集增持回购,书写电企担当
GOLDEN SUN SECURITIES· 2025-04-09 05:56
Investment Rating - The report maintains an "Increase" rating for the electricity sector, indicating a positive outlook for the industry [2]. Core Viewpoints - The report highlights the significant support from the State-owned Assets Supervision and Administration Commission (SASAC) for central enterprises to increase share buybacks, with a proposed plan of 100 billion yuan for stock repurchases [1]. - Central enterprises in the electricity sector are responding positively to this initiative, showcasing confidence in the market and the sector's stability [1]. - The electricity sector is identified as a core asset under the "China Special Valuation" (中特估) framework, with expectations for valuation to be reshaped due to its defensive attributes and high dividend yield [1]. - The report anticipates that the asset scale of central enterprises will exceed 90 trillion yuan in 2024, with a year-on-year growth of 5.9% and a total profit of 2.6 trillion yuan [1]. - The current price-to-earnings (PE) ratio and price-to-book (PB) ratio for the electricity sector are noted to be lower than the overall A-share market, suggesting undervaluation [1]. Summary by Sections Market Response - Multiple electricity central enterprises have announced share buybacks, reflecting a collective confidence in the sector [1]. - The report emphasizes the defensive nature of public utilities, which is becoming increasingly recognized in the current volatile market environment [1]. Investment Opportunities - The report suggests focusing on the electricity sector for investment opportunities, particularly in coal-fired power generation, which is expected to benefit from falling coal prices [5]. - Specific recommendations include key coal-fired power companies such as Huadian International, Waneng Power, and Huaneng International, as well as leaders in power generation equipment like Qingda Environmental Protection [5]. - The report also advises on low-valued green electricity stocks, particularly in the Hong Kong market, and highlights companies like New Energy (H), Longyuan Power (H), and others [5]. - For hydropower and nuclear power, the report recommends companies such as Yangtze Power, State Power Investment Corporation, and China Nuclear Power [5].
“四决断”买什么?锁定这三大方向!
摩尔投研精选· 2025-03-24 10:38
Core Viewpoint - The article discusses the transition of the market from "policy expectation-driven" to "fundamental performance-driven" as it approaches April, indicating a critical period for investment decisions based on company earnings and economic data [2][3]. Group 1: Market Performance - The market experienced a mixed performance with major indices showing slight gains, while over 3,800 stocks declined, indicating a broad market weakness [1]. - The trading volume in the Shanghai and Shenzhen markets was 1.45 trillion, a decrease of 100 billion from the previous trading day, reflecting reduced market activity [1]. Group 2: April Decision-Making - April is identified as a key period for making directional investment choices based on policy implementation, economic data validation, and corporate earnings reports [2][4]. - The article highlights the historical impact of April decisions on annual market trends, suggesting that sectors with strong performance in April often become the main investment themes for the year [4]. Group 3: Investment Directions - Three main investment directions are emphasized for the upcoming period: 1. **AI Computing Hardware Localization**: The article notes the implementation of policies supporting AI development, with expectations for significant growth in AI-related hardware and applications, potentially leading to over 50% earnings growth for related companies by 2025 [5]. 2. **Consumer Recovery and Policy Stimulus**: The government is expected to stimulate consumer spending through various policies, with high-performing sectors like premium liquor and smart home products likely to outperform the market [7]. 3. **Cyclical Stocks and "Special Valuation"**: The anticipated economic recovery and positive PPI trends are expected to benefit resource stocks, with a dual impact of value reassessment and earnings elasticity [8].
金融行业双周报(2025/2/21-2025/3/6):政府工作报告提出适时降准降息,首次把稳住楼市股市写进总体要求-2025-03-13
Dongguan Securities· 2025-03-13 03:11
SAC 执业证书编号: S0340524070001 电话:0769-22119430 邮箱: wuxiaotong@dgzq.com.cn 金融指数走势 金融行业 | 银行:超配(维持) | | --- | | 证券:标配(维持) | 2025 年 3 月 7 日 分析师:吴晓彤 行 业 研 究 证 券 研 究 报 告 本报告的信息均来自已公开信息,关于信息的准确性与完整性,建议投资者谨慎判断,据此入市,风险自担。 请务必阅读末页声明。 资料来源:东莞证券研究所,iFind 金融行业双周报(2025/2/21-2025/3/6) 保险:超配(维持) 政府工作报告提出适时降准降息,首次把稳住楼市股市写进总体要求 投资要点: ◼ 证券:政府工作报告首次提出"稳住楼市股市",并强调"深 化资本市场投融资综合改革,大力推动中长期资金入市,加强战略性力 量储备和稳市机制建设",彰显出国家对资本市场稳定与发展的高度重 视。证监会主席吴清在记者会上也指出,将进一步增强资本市场制度包 容性、投融资发展协同性、监管执法有效性以及市场基础制度适配性。 具体举措包括深化科创板、创业板、北交所改革;推动社保、保险、理 财等中长期资 ...