Core Viewpoint - The article emphasizes the strong performance of quality stocks since October, particularly those with low price-to-earnings ratios and attractive dividend yields, suggesting that these stocks will continue to attract attention as the year ends and the new year begins [3]. Group 1: Market Trends - Quality stocks have shown robust performance, with the low price-to-earnings index rising over 8% and the performance index for quality stocks increasing over 6% [3]. - The market is expected to focus on quality stocks, especially those with good dividend yields and trading at lower valuations [3]. Group 2: Investment Recommendations - Tianfeng Securities suggests three main investment themes for the upcoming spring market: 1. Technology AI sector led by DeepSeek breakthroughs and open-source initiatives 2. Economic recovery driven by both domestic and international factors, continuing the "stronger gets stronger" trend in the bull market, with opportunities in cyclical sectors 3. The ongoing rise of undervalued dividend stocks [4]. Group 3: Notable Stocks - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced more than 30% from their yearly highs, excluding ST stocks [4]. - Notable companies include: - Transsion Holdings, valued at nearly 80 billion, is a leader in the African mobile phone market, benefiting from the transition from feature phones to smartphones [4]. - Huali Group, valued at nearly 60 billion, is a leading sports shoe manufacturer, expected to maintain rapid growth through expansion and new client acquisition [4]. - Aima Technology and Lianmei Holdings have shown significant net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% year-on-year [4]. Group 4: Institutional Interest - Certain stocks have gained favor among institutional investors, with Transsion Holdings, Huali Group, and Ganyuan Foods seeing significant holdings valued over 100 million as of the end of Q3 [5]. - Companies like Huali Group, Jinyu Medical, and Aima Technology are highlighted as favorites among institutional investors [5]. Group 5: Dividend Performance - Companies such as Ousheng Electric, Transsion Holdings, and Lianmei Holdings have shown substantial cumulative dividend rates exceeding 190% over the past three years [5]. - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually in the last three years [5].

Group 1 - The report highlights the tightening of safety and environmental regulations in the coal industry, which is expected to impact supply and pricing dynamics [4][5][6]. - Domestic coal production growth is slowing, with November coal production showing a year-on-year decline of 3.3% in Shanxi province, while overall national coal production for the first eleven months of 2025 increased by 1.4% [23][25][33]. - Industrial coal demand remains stable, but thermal power demand is experiencing temporary pressure, leading to fluctuations in coal prices [10][61]. Group 2 - The report notes that the seasonal adjustment of national railway freight rates is expected to enhance the economic viability of coal production areas and increase price volatility during adjustment periods [9]. - The report indicates that coal prices are likely to recover in the fourth quarter due to seasonal demand increases, particularly in the context of winter heating needs [10][41]. - The coal supply-demand balance shows that the top ten coal companies account for approximately 50% of total coal production, with significant production contributions from major companies like China Energy Group and Shanxi Coking Coal Group [33][34]. Group 3 - The report emphasizes that coal imports have decreased significantly, with a 12% year-on-year decline in imports for the first eleven months of 2025, particularly from Indonesia and Russia [50][54]. - The report also highlights that the coal production in Xinjiang has been growing, with November production reaching 5 million tons, a month-on-month increase of 11.6% [41][42]. - The report discusses the resilience of the steel industry’s coal demand, with low inventory levels potentially supporting price rebounds [56][60].

Group 1 - The market is showing signs of recovery, with the CSI Dividend Quality ETF (159209) increasing by 0.42% and reaching a new high for the year, marking the 48th time this has occurred [1] - The CSI Dividend Quality Index combines "high dividend" and "high quality" factors, effectively capturing investment opportunities by focusing on companies with stable dividends, strong profitability, sound finances, and growth potential [3] - In a positive market environment, such stocks attract concentrated investment due to their solid fundamentals and growth potential, demonstrating price elasticity and upside potential beyond a simple high-dividend strategy [3] Group 2 - The CSI Dividend Quality ETF (159209) features a cost structure of "0.15% + 0.05%", which is the lowest in the market, providing a significant cost advantage for long-term holders [3] - The fund employs a monthly assessment dividend mechanism, which better meets investors' cash flow needs and enhances the holding experience [3]

2025 年 12 月 26 日 晨会速递 分析师点评 市场数据 行业研究 【公用事业】广东 26 年综合上网电价同比基本持平，符合市场预期——碳中和领域 动态跟踪（一百六十七）(买入) | | 股指期货 | | | --- | --- | --- | | | 收盘 | 涨跌% | | IF2601 | 4632.00 | 0.27 | | IF2602 | 4618.60 | 0.27 | | IF2603 | 4610.60 | 0.32 | | IF2606 | 4561.80 | 0.36 | | | 商品市场 | | | --- | --- | --- | | | 收盘 | 涨跌% | | SHFESHFE 黄金 | 1008.76 | -0.58 | | SHFESHFE 燃油 | 2489 | 0.36 | | SHFESHFE 铜 | 96210 | 0.11 | | SHFESHFE 锌 | 23065 | -0.71 | | SHFESHFE 铝 | 22275 | -0.25 | | SHFESHFE 镍 | 125410 | -2.02 | | | 海外市场 | | | --- | - ...

息差运行：NIM仍将承压运行，降幅或收窄至6bp左右。资产端，有效信贷需求实质性转暖之前，预估 新发生贷款利率仍将下行，但鉴于成本、定价行为监管等约束，新发放贷款定价下行走势明显放缓。负 债端，考虑22-23年集中吸收的长期定期存款逐步到期，叠加自律机制点状控制和银行自身负债管理能 力提升，负债成本下行对息差收窄压力将形成缓释。 智通财经APP获悉，光大证券发布研报称，2025年银行面临有效信贷需求不足，盈利增长平缓。2026年 作为"十五五"开局之年，预计货币政策保持适度宽松，降息降准可期。信贷结构延续"对公强、零售 弱"，息差仍承压但降幅或收窄。银行板块"高股息、低估值"逻辑依然是投资主线，长期资金配置需求 有望持续。 光大证券主要观点如下： 2025年银行经营仍面临有效信贷需求不足问题 量、价、险平衡难度加大，贷款"量难增、价易降"对利息收入形成挤压，银行体系更多依靠加强债券流 转提升非息收入贡献，同时，拨备计提放缓亦有助提升银行业绩稳定性。上市银行1~3Q营业收入、归 母净利润同比增速分别为0.9%、1.5%，预计2025年全年营收、盈利增速维持小幅正增，同1-3Q大体相 当。 2026年："十五五" ...

投资咨询业务资格：证监许可【2012】669号 股指期货：午后⾼波异动，持续性受制于量能 股指期权：情绪偏暖驱动隐波反弹 国债期货：主⼒合约⻓短端⾛势分化 股指期货方面，周三沪指震荡收涨，量能基本持平。日内变盘发生在 午后，小盘股波动率快速冲高，市场从震荡转向单边，究其驱动因素，事 件催化或来自中芯国际对部分产能实施涨价10%，带动前期热点板块复 燃，电源、商业航天重新活跃，国防军工、电子、建筑材料领涨；进攻情 绪下，农林牧渔、煤炭、食饮等防御行业领跌。晚间央行货政委员会召开 四季度例会，强调用好互换便利和股票回购增持再贷款，根据这两项结构 性工具的投放进度，大市值个股中期更有望迎来增量资金。临近年末，全 面上攻仍受限于量能，后半周北向资金休假，内资主导环境中，预计仍以 板块热点炒作为主，预计年末难出现系统性机会。在此氛围之下，仍建议 资金防御配置，以高股息、涨价链作为配置主线，大市值优于小市值。 股指期权方面，周三权益市场缩量上行，期权隐波午后快速拉升，尾 盘多数品种隐波回落。结构上，小盘风格相对较强，但50、300及双创期 权看涨端隐波涨幅强于看跌端，500、1000期权则相反，市场布局方向或 偏向于大市 ...

中金公司研报表示，2025年底中央经济工作会议明确2026年"推动投资止跌回稳"，我们对明年财政政策 发力持相对乐观的态度。我们认为在地产持续筑底背景下，基建投资仍将作为稳增长的重要手段，预计 2026年基建投资增速为4.5%，建议围绕"高股息央国企、高弹性西部基建、高景气专业工程、高需求海 外市场"投资主线积极布局：1）看好西部基建区域性投资机会，特别是四川省基建投资高景气度；2） 看好化债+国企改革背景下估值修复空间较大的建筑央企；3）制造业投资有望企稳回升，看好受益于 半导体资本开支景气上行的洁净室工程；4）海外市场有望成为第二增长曲线，关注建筑企业出海逻辑 的加速兑现。 ...

临近岁末，高股息资产吸引力显著。截至12月23日，港股红利低波ETF(520550)已获资金连续24个交易日净流 入，年内累计净流入超10亿元人民币，成为市场瞩目的资金"避风港"。 在无风险利率下行、市场追求确定性的宏观背景下，这种能提供稳定现金流、且防御属性强的资产，其配置价 值进一步凸显。对于投资者而言，通过该ETF布局，是分散风险、获取稳健长期回报的有效工具。近7%的股息 率和持续的资金流入，共同发出了明确的关注信号。 风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 分析指出，资金青睐的核心原因在于其"高股息+低波动"的双重优势：一方面，该ETF跟踪的指数股息率已攀 升至接近7%，在全球市场极具竞争力。成分股集中于金融、能源等经营稳定的行业，形成了"高股息、低估 值"的突出吸引力。另一方面，指数通过筛选历史波动率较低的股票，使组合整体波动性显著低于港股大盘， 在当前不确定性环境下，成为资金寻求稳健、控制回撤的理想"压舱石"。 ...

Core Viewpoint - The high dividend sector in the A-share market has seen significant capital inflow, indicating a growing demand for stable cash return assets in a low-interest-rate environment [1][9]. Group 1: ETF Market Performance - The high dividend sector attracted the most capital inflow among industry and thematic ETFs, totaling 3.558 billion yuan last week [1]. - As of December 17, 2025, the tracking scale of dividend index ETFs is approaching 200 billion yuan [1]. - The CSI Dividend Quality ETF (159209) has recorded a net inflow of 0.67 million yuan over six consecutive trading days, with a current scale of 6.1 million yuan [1]. Group 2: Index Performance - The CSI Dividend Quality Total Return Index has an annualized return of 17.89% since its base date [1]. - The latest dividend yield of the CSI Dividend Quality Index is 4.15%, compared to a 10-year government bond yield of 1.83% [4][9]. Group 3: Investment Trends - In the context of low interest rates and asset scarcity, the value of high dividend and strong cash flow assets is increasingly recognized [1][9]. - The demand for these assets is expected to be further solidified by the active entry of long-term funds, such as insurance capital, into the market [1][9]. Group 4: Index Composition - The CSI Dividend Quality Index covers 50 stocks that are stable in dividends, have high dividend yields, and strong earnings sustainability [1]. - The industry distribution of the index is balanced, with no single industry exceeding 20% and excluding bank stocks, focusing instead on stable and growth-oriented sectors [6][8].

临近岁末，高股息资产吸引力显著。截至12月22日，港股红利低波ETF(520550)已获资金连续23个交易日净流 入，年内累计净流入规模近10亿元人民币，成为市场瞩目的资金"避风港"。 分析指出，资金青睐的核心原因在于其"高股息+低波动"的双重优势：一方面，该ETF跟踪的指数股息率已攀 升至接近7%，在全球市场极具竞争力。成分股集中于金融、能源等经营稳定的行业，形成了"高股息、低估 值"的突出吸引力。另一方面，指数通过筛选历史波动率较低的股票，使组合整体波动性显著低于港股大盘， 在当前不确定性环境下，成为资金寻求稳健、控制回撤的理想"压舱石"。 在无风险利率下行、市场追求确定性的宏观背景下，这种能提供稳定现金流、且防御属性强的资产，其配置 价值进一步凸显。对于投资者而言，通过该ETF布局，是分散风险、获取稳健长期回报的有效工具。近7%的 股息率和持续的资金流入，共同发出了明确的关注信号。 风险提示：基金有风险，投资需谨慎。 ...