Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported stable revenue growth, with a 5.02% increase in revenue to 36.587 billion yuan in the first half of 2025, and a 14.22% increase in net profit to 12.984 billion yuan, aligning with expectations [6] - The company plans to invest 26.6 billion yuan in the Gezhouba shipping expansion project, which aims to enhance the efficiency of hydropower generation and reduce vessel waiting times [6] - The company continues to offer attractive dividends, with a dividend yield of 3.39%, providing a strong cash flow capability and stability in dividend payments [6] Financial Data and Profit Forecast - Total revenue is projected to reach 89.766 billion yuan in 2025, with a year-on-year growth rate of 6.2% [5] - The net profit attributable to shareholders is expected to be 35.561 billion yuan in 2025, reflecting a 9.4% year-on-year growth [5] - Earnings per share are forecasted to be 1.45 yuan in 2025, with a projected PE ratio of 19 [5] - The company’s operating profit is expected to grow steadily, with a forecast of 44.053 billion yuan in 2025 [8]

截至收盘，中证红利低波动指数上涨0.4%，中证红利价值指数上涨0.3%，中证红利指数上涨0.2%，恒生港股通高股息低波动指数下跌0.3%。Wind数据显 示，恒生红利低波ETF（159545）全天获净申购超3000万份，截至昨日，该产品最新规模达38亿元、较年初增逾7倍，年内规模增速在所有红利类ETF中位 居第一。 招商证券表示，在当前低利率的环境下，红利资产收益相对较高且稳定，成为投资者关注的重点；政策引导中长期资金入市，进一步提高了红利资产长期配 置需求。 | 今日 | 该指数 | 该指数自201 | | --- | --- | --- | | 核指数涨跌 | 滚动市盈率 | 以来估值分 | | 0 2% | 8 1倍 | 65 2 | | 令日 | 该指数 | 该指数自2013年 | 该指 | | --- | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | | And Concession of the Career of Children | The Real Property of the Research | | | 每日经济新闻 | 率高且价值特 ...

证 券 研 究 报 告 华创金融|红利资产月报（2025 年 7 月） 7 月银行板块回调，业绩快报传递积极信号 二季度存贷增速普遍下降，与社融信贷增速趋势较为一致。1）资产端，由于 一季度"开门红"及降息预期下银行抢抓投放，二季信贷需求总体较弱。除了 齐鲁银行信贷增速略有上升外，其余三家信贷投放均有降速。不过整体而言三 家城商行的信贷投放仍然保持双位数强劲增长，而作为农商行的常熟银行信贷 增速则弱于总资产增速，或由于个人经营贷需求仍偏弱。1H25 常熟/杭州/宁波 / 齐鲁银行的贷款增速分别较 1Q25 -0.9pct/-2.3pct/-1.7pct/+1.1pct 至 5.2%/12%/18.7%/13.7%。2）负债端，除了常熟银行存款增速略有上升外，其 余三家存款增速均有所下降，降幅均高于贷款。1H25 常熟/杭州/宁波/齐鲁银 行 的 存 款 增 速 分 别 较 1Q25 +0.9pct/-4.9pct/-7.2pct/-1.8pct 至 9.9%/16.2%/12.7%/13.1%。 资产质量保持稳定，核充率有所提升。除了齐鲁银行不良率有明显改善外（环 比下降 8bp 至 1.09%），其余三家不 ...

基金收益分配原则为：1、本基金的收益分配方式为现金分红；2、基金管理人可每月对基金相对业 绩比较基准的超额收益率以及基金的可供分配利润进行评价，收益评价日核定的基金净值增长率超过业 绩比较基准同期增长率或者基金可供分配利润金额大于零时，基金管理人可进行收益分配；3、当基金 收益分配根据基金相对业绩比较基准的超额收益率决定时，基于本基金的特点，本基金收益分配无需以 弥补亏损为前提，收益分配后基金份额净值有可能低于面值；当基金收益分配根据基金可供分配利润金 额决定时，本基金收益分配后基金份额净值不能低于面值，即基金收益分配基准日的基金份额净值减去 每单位基金份额收益分配金额后不能低于面值；4、在符合上述基金分红条件的前提下，本基金可每月 进行收益分配。评价时间、分配时间、分配方案及每次基金收益分配数额等内容，基金管理人可以根据 实际情况确定并按照有关规定公告；5、每一基金份额享有同等分配权；6、法律法规或监管机构另有规 定的，从其规定。（资料来源：基金招募说明书、基金合同，具体以基金法律文件为准） 每日经济新闻 值得关注的是，红利港股ETF（159331）可月月评估分红，自上市以来已经连续11个月进行分红。 没有 ...

Group 1 - The core viewpoint of the news highlights the positive performance and investor interest in the Dividend Low Volatility ETF (512890), which has shown a net inflow of funds over a longer period despite some short-term fluctuations [1][4]. - As of July 30, 2025, the Dividend Low Volatility ETF (512890) has a circulating scale of 21.388 billion yuan, indicating strong market recognition [1]. - The ETF's top holdings include several banks, with notable increases in stock prices for institutions like Chengdu Bank (up 0.70%) and Jiangsu Bank (up 1.50%), reflecting a focus on high dividend yield and low volatility in stock selection [2][4]. Group 2 - The recent adjustments by the Ministry of Finance regarding long-term assessments of insurance funds are expected to encourage insurance capital to increase equity asset allocations, benefiting the banking sector due to its stable dividends and low volatility [4]. - The banking sector is currently characterized by low valuations and high dividend yields, which are likely to attract medium to long-term incremental capital inflows, enhancing the dividend value of bank stocks [4]. - Investors seeking stable returns and low-risk alternatives to bonds can consider participating in the Dividend Low Volatility ETF (512890) through its linked funds, even without a stock account [4].

红利板块今日震荡调整，截至收盘，中证红利指数下跌0.04%，恒生港股通高股息低波动指数下跌0.1%，中证红利价值指数下跌0.3%，中证红利低波动指数 下跌0.6%。Wind数据显示，恒生红利低波ETF（159545）月内规模增长超50%，产品最新规模近38亿元。 国信证券表示，在国内利率进入下行周期、资产配置重心逐步从增长转向回报的背景下，红利资产受到市场较高关注。尤其是在港股市场整体估值处于历史 低位、企业派息意愿持续增强、政策支持资本市场长期资金入市的环境中，港股红利资产逐渐成为投资者配置高现金流、低波动品种的重要工具。 | マ日 | 该指数 | 该指数自2017年 | 该指 | | --- | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 以来估值分位 | | | -0. 1% | 7.3倍 | 86. 4% | 5 | 每日经济新闻 ...

Core Viewpoint - The performance of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF reflects a stable investment opportunity amid shifting market preferences towards equity assets due to declining risk-free interest rates and increasing demand for stable returns [2][3][4]. Group 1: ETF Performance - As of July 28, 2025, the Zhongzheng Dividend Low Volatility 100 ETF has seen a net value increase of 20.03% over the past year, ranking first among comparable funds [4]. - The ETF's one-month cumulative return is 4.12%, with a recent price of 1.08 yuan, down 0.37% [2]. - The ETF's maximum drawdown this year is 6.18%, indicating relatively low risk compared to its benchmark [4]. Group 2: Fund Flows and Liquidity - The ETF has experienced continuous net inflows over the past three days, totaling 47.02 million yuan, with a peak single-day inflow of 21.76 million yuan [3]. - The trading volume of the ETF reached 15.55 million yuan, with a turnover rate of 1.43% [2]. - The ETF's latest scale reached 1.093 billion yuan, marking a one-year high [3]. Group 3: Investment Strategy and Market Outlook - The current market environment, characterized by improved risk appetite and a shift of funds from bonds to equities, has led to increased interest in dividend assets due to their stable cash flow and defensive attributes [2]. - The coal sector is expected to see new opportunities due to recovering coal prices and supportive supply-side policies, with recommendations for undervalued mid-cap companies [3]. - The ETF's strategy focuses on high dividend yield and low volatility stocks, with the top ten holdings accounting for 20.14% of the index [5].

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.48% as of July 29, 2025, with mixed performance among constituent stocks, indicating a fluctuating market environment for state-owned enterprises [1] Group 1: Market Performance - The leading gainers include Lu'an Environmental Energy (601699) with an increase of 3.08%, Xin Steel Co. (600782) up by 2.28%, and Baosteel Co. (600019) rising by 1.79% [1] - Conversely, Bohai Ferry (603167) led the declines, followed by Wanhua Highway (600012) and Guangdong Highway A (000429) [1] - The National Enterprise Dividend ETF (159515) has been adjusted to a latest price of 1.15 yuan [1] Group 2: Industry Insights - Huatai Securities highlights that the commencement of 1.2 trillion yuan in hydropower projects is driving the valuation recovery of infrastructure stocks, benefiting low-valuation, high-dividend construction leaders [1] - The policy environment is promoting debt resolution and payment clearance, alongside the optimization of dividend policies for central state-owned enterprises, suggesting an expected increase in long-term dividend ratios [1] - The industry supply side is actively responding to "anti-involution," with leading companies enhancing profitability and asset quality through technological innovation [1] Group 3: Investment Trends - According to Guotai Junan Securities, the current market environment shows an increasing risk appetite, with funds shifting from bonds to equity assets, making dividend assets attractive due to their stable cash flow and defensive characteristics [1] - As risk-free interest rates decline and investor demand for stable returns rises, dividend sectors are likely to continue demonstrating relatively robust performance [1]

Core Viewpoint - Recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, multiple funds, including Invesco Great Wall's ETF and Tianhong's index fund, announced a suspension of large purchases exceeding 5 million yuan [3]. - The surge in fund purchases is attributed to a stable economic growth outlook, despite ongoing structural challenges within the economy [3]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [3]. Group 2: Value of Dividend Assets - The new "National Nine Articles" policy continues to encourage and strengthen dividend requirements for listed companies, providing strong policy support for dividend assets [5]. - As of June 30, net inflows from southbound funds exceeded 70 billion HKD, with banks and energy sectors being key focus areas for dividend asset allocation [5]. - The dividend yield of the Hong Kong Stock Connect high dividend index stands at 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets in the current low-interest-rate environment [6]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite has increased [6]. - Investors are encouraged to integrate dividend strategies into their investment frameworks, focusing on defensive opportunities while maintaining simplicity amid market volatility [6]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting a diversified approach based on individual risk preferences and investment goals [6].

Core Viewpoint - The recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, several funds, including the Invesco Great Wall CSI Dividend Low Volatility 100 ETF and Tianhong CSI Central State-Owned Enterprises Dividend 50 Index, announced a suspension of large purchases exceeding 5 million yuan [2]. - The decision to limit purchases is attributed to a significant influx of funds, as the overall economic growth remains stable, but structural issues persist [2]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [2]. Group 2: Dividend Asset Appeal - The new "National Nine Articles" policy encourages and strengthens dividend requirements for listed companies, providing strong policy support for dividend assets [4]. - As of June 30, 2023, the dividend yield of the Hong Kong Stock Connect High Dividend Index reached 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets [4]. - With the anticipated trend of interest rate cuts by the Federal Reserve and a moderately loose domestic monetary policy, capital inflows into the Hong Kong stock market are expected to continue, enhancing the outlook for dividend investments [4]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite increases [5]. - Investors are advised to integrate dividend strategies into their investment frameworks rather than solely judging based on dividend yield [5]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting the need for diversified investment strategies based on individual risk preferences and investment goals [6].