2025 年 06 月 16 日 硫酸、硫磺等涨幅居前，建议关注进口替代、纯 内需、高股息等方向 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) 0.7 -0.8 9.3 沪深 300 -0.6 -3.6 9.1 市场表现 -20 -10 0 10 20 30 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业周报：天然气、 盐酸等涨幅居前，建议关注进口替 代、纯内需、高股息等方向》2025- 06-09 2、《基础化工行业周报：磷矿石、 草甘膦等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-06-03 3、《基础化工行业周报：丁二烯、 煤焦油等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-05-26 · 证 券 研 究 报 告 行 业 研 究 ▌硫酸、硫磺等涨幅居前，氯化铵、尿素等跌幅较大 本周涨幅较大的产品：硫酸（CFR 西欧/北 ...

Market Overview - The overall trend of AH stocks in the past six months can be summarized as "gathering market sentiment amid divergence, with gradual valuation recovery amid fluctuations" [1] - Since the pandemic, the stock market has been in a long-term adjustment due to risk control and the downturn in the real estate cycle [1] - After September 24, there has been a noticeable change in market style, with effective policies boosting confidence and altering the characteristics of a shrinking market [1] Investment Opportunities - The Chinese stock market has a high allocation value globally, with the Shanghai-Shenzhen 300 dividend yield remaining above 1.5%, indicating strong appeal for large incremental funds like insurance [1][2] - The continuous decline in bank deposit interest rates is expected to drive savings into the stock market as fixed deposits mature [1] - The return of overseas funds to the Chinese market is evident, with Hong Kong stocks showing significant recovery since the beginning of the year [2] Economic Context - The controllable economic downturn risk suggests that the current dividend yield is unlikely to experience a significant decline [2] - The major reasons for the significant pullback in A-shares since 2021 include economic downturn and deflation expectations, which are less pronounced compared to developed markets [2] - The stabilization of economic expectations is seen as a major positive factor for the stock market [4] Sector Analysis - Assets with strong earnings certainty and high dividend nature are expected to yield absolute returns, attracting low-risk preference funds [3] - Industries that are likely to see opportunities before the economic bottom is confirmed include innovative pharmaceuticals, new consumption, AI-related sectors, non-bank financials, and more [3] - Many downstream industries are gradually emerging from profit troughs due to price adjustments and technological breakthroughs, despite the year-on-year PPI hitting a new low [3] Conclusion - The risk-reward ratio in the stock market has become particularly evident after years of macro risks, with the current bottom position of the market not requiring a significant economic rebound for valuation recovery [4] - Patience and bottom-up research are essential for achieving favorable results in the current market environment [4]

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 重视建筑板块港股与 A 股高股息的投资机会 报告要点 [Table_Summary] [Table_Summary] 继续看好建筑板块高股息投资机会：1）建筑央企：资质齐全，经营稳健受益稳增长，高股息 首选中国建筑；2）地方国企：聚焦政策发展趋势和方向，四川省战略腹地建设，首选四川路 桥；3）国际工程：重视"一带一路"投资机遇，标的包括中钢国际&中材国际；4）优质民 企：筛选经营基本面稳健，分红率提升标的，首选江河集团。 分析师及联系人 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 建筑与工程 cjzqdt11111 [Table_Title2] 重视建筑板块港股与 A 股高股息的投资机会 [Table_Summary2] 建筑港股保持强势，高股息+稳增长受到市场青睐 近期建筑港股高股息标的表现较好，5 月以来中国交通建设（1800 ...

Core Insights - The article highlights the importance of two major dividend ETFs, the China Securities Dividend ETF (515080) and the Hong Kong Dividend Low Volatility ETF (520550), with their dividend registration date being June 16, 2023, allowing investors to receive cash dividends if they purchase before market close [1][2]. Group 1: Dividend Details - The China Securities Dividend ETF (515080) offers a dividend of 0.015 yuan per share, translating to approximately 150 yuan for holding 10,000 shares, with a historical dividend yield exceeding 4% annually over the past five years [1][3]. - The Hong Kong Dividend Low Volatility ETF (520550) provides a monthly dividend of 0.004 yuan per share, with a current dividend yield of 0.37%, and the underlying index has a high dividend yield of 8.10% [1][3]. Group 2: Market Context - The article notes a surge in dividend distributions from constituent stocks of the China Securities Dividend Index, with significant contributions from companies like Shanghai Bank (3.1 billion yuan) and Baosteel (2 billion yuan), indicating a robust source for ETF dividends [2]. - Both ETFs are characterized by low valuations and high dividend yields, making them attractive options in a low-interest-rate environment, with the Hong Kong ETF's scale doubling within the year and showing significant net inflows recently [2][5]. Group 3: Key Dates and Operations - The key dates for investors include the dividend registration date (June 16), ex-dividend date (June 17), and cash distribution date (June 20), with the article emphasizing the importance of purchasing before the registration date to qualify for dividends [4][6]. - The article advises investors to consider reinvesting their dividends back into the ETFs to benefit from compound growth over time [6].

Core Viewpoint - The home furnishing industry is undergoing profound changes amid a complex macroeconomic environment and ongoing trade frictions, with Minhua Holdings (01999.HK) demonstrating resilience and unique value despite fluctuations in revenue and profit [1][2]. Group 1: Financial Performance - For the fiscal year ending March 31, 2025, Minhua Holdings reported a revenue of HKD 16.903 billion, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of HKD 2.063 billion, down 10.4% [3]. - Excluding factors such as fair value losses on investment properties and goodwill impairment, the adjusted net profit was HKD 2.347 billion, reflecting a year-on-year increase of 1.3% [3]. - The company's gross profit margin improved to 40.5%, an increase of 1.1 percentage points year-on-year, indicating enhanced operational efficiency [4]. Group 2: Market Performance and Strategy - Minhua Holdings achieved a revenue of HKD 9.927 billion from the China region, accounting for 58.7% of total revenue, while North America generated HKD 4.420 billion, a year-on-year growth of 3.2%, and Europe and other regions saw a significant increase of 22.9% to HKD 1.469 billion [6]. - The company has effectively mitigated domestic market pressures through strong performance in overseas markets, particularly in Europe, which has fortified its overall performance [7]. - Minhua Holdings is focused on product research and development, creating a diversified product matrix, and enhancing supply chain management to ensure product availability and efficiency [7]. Group 3: Investment Appeal - The company is currently undervalued in the capital market, presenting investment opportunities due to its global layout and high dividend yield [8]. - Minhua Holdings has maintained its position as the world's leading functional sofa manufacturer for seven consecutive years, leveraging its global presence to achieve stable growth despite trade tensions [9]. - The company plans to distribute a dividend of HKD 0.27 per share, maintaining a payout ratio of 50.8%, resulting in a dividend yield exceeding 6% based on a share price of HKD 4.21 [12]. Group 4: Conclusion - Minhua Holdings has established a robust defensive barrier through its dual domestic and international market and production capacity strategy, showcasing unique value in the era of trade frictions [13]. - The company's strong financial indicators reflect its business resilience and vitality, providing a solid foundation for investor returns [13].

Group 1 - The Hong Kong non-bank ETF (513750) has seen continuous net inflows for 18 consecutive trading days, reaching a new high of 2.64 billion yuan as of June 15, 2023, with shares increasing to 1.858 billion [1] - This ETF is the first and only one tracking the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024), focusing on the "insurance + brokerage" sectors, with a weight of 65.1% in the insurance industry and 32.5% in quality brokerage firms [1][2] - The index has a low price-to-earnings ratio of 8.52, placing it in the 17.93% percentile over the past decade, indicating a valuation below 82% of the time, combined with a dividend yield of 3.22%, showcasing a rare "low valuation + high dividend" characteristic [2] Group 2 - The investment outlook suggests focusing on two main areas: the potential for value re-evaluation in the insurance sector due to reduced liability costs and the expected performance boost in brokerages driven by ADT growth, particularly in the Hong Kong Stock Exchange [2]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3377 | -0.75 | 0.06 | -0.25 | | 深证综指 | 2001 | -1.31 | 0.04 | -0.33 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | -0.75 | -1.04 | -1.47 | | 中盘指数 | -0.8 | -0.62 | -6.18 | | 小盘指数 | -1.36 | -0.88 | -2.7 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 油服工程 | 6.41 | 11.9 | 4.09 | | 地面兵装Ⅱ | 4.68 | 0.26 | 9.33 | | 贵金属 | 3.9 | 9.5 | 32.64 | | 军工电子Ⅱ | 1.74 | -0.65 ...

证券研究报告 2025 年 06 月 16 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3377.00 | -0.75 | | 深证成指 | 10122.11 | -1.10 | | 创业板指 | 2043.82 | -1.13 | | 科创 50 | 972.94 | -0.51 | | 北证 50 | 1382.74 | -2.92 | | 沪深 300 | 3864.18 | -0.72 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 650472 | 508116 | 12.00 | 1.25 | | 深证成指 | 223823 | 182547 | 19.84 | 2.10 | | 创业板指 | 57920 | 45686 | 26.85 | 3.75 | | 科创 50 | 33658 | 21986 | 52.59 | 4.05 | | 北证 ...

证 券 研 究 报 告 港股ETF全景图：交易特征、指数对比以及配置价值分析 ETF 兵器谱、金融产品每周见 20250615 | 证券分析师：蒋辛 | | A0230521080002 | | | --- | --- | --- | --- | | 邓虎 | | A0230520070003 | | | 研究支持： 白皓天 | | A0230123070002 | | | 联系人： | 蒋辛 | A0230521080002 | jiangxin@swsresearch.com | | 2025.6.15 | | | | 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 目前，港股ETF可分类为宽基、行业、主题、SmartBeta四类；大规模港股ETF中存在明显的集中布局现象，规模最大的20只港股ETF普遍具备科技行业ETF的特征；除 了A股市场中的ETF外，部分港股市场中的ETF也是港股通的合资格证券，可以通过港股通被投资者购买；交易机制差异：T+0交易与RTGS下的T+0申购确认模式更易把 握短期交易机会 ◼ 港股ETF种类详解——编制方法与配置价值拆分： ◼ 宽基ETF：编制方法 ...

而此前宣布的，首批5000亿的注资对象，是中行、交行、建行、邮储，暂时不包括工行、农行。 大家晚上好，周五晚上有两则很重要的公告，我看还没什么人聊，那咱就正好聊聊。 交行、中行，分别在周五晚上公告称，财政部等已完成了对其的定增 ，钱已经打到了两家的账上， 完 成了验资， 可以说，在周末的父亲节之前，财爸送出了接近3000亿的大礼包，下图，来自交行的公 告。 我们之前聊过财爸的5000亿注资计划，既然第一笔钱已经花出去了，不妨再盘一盘，一些要素，以及对 各个主体的影响。 1、从溢价的角度看。 上图有介绍增资的定价计算方法，因为两次公告之间，进行了分红，所以最终中行定增价是5.93块、交 行是8.51块，而两者上周五的收盘价，分别是5.34、7.69， 分别溢价11%、10.6%左右 ，也就是说，财 爸都买贵了10-11%，当然，溢价的原因在于，增资后，会摊薄原有的EPS和股息率，所以算是弥补原有 的股东。 2、这次注资的对象，是中行和交行。 本次注资， 对交行有个额外的重要影响 ——在财政部本次增资之前，财政部持有的交行的A+H股的比 例合计是24%左右，而本次增资后，合计超过了35%，也就是说超过了30%这一 ...