Group 1: Market Overview - The U.S. stock market experienced significant volatility, with the Dow Jones dropping over 800 points and the S&P 500 and Nasdaq recording their largest declines in a month [3] - The catalyst for this downturn was a disappointing 20-year U.S. Treasury auction, where the yield surged to 5.047% and the bid-to-cover ratio fell to 2.46, marking the worst performance since December of the previous year [3] - Following the auction, U.S. Treasury yields rose across the board, with the 30-year yield surpassing 5%, and the dollar index falling below 100 [3] Group 2: Economic Implications - Concerns over U.S. fiscal deficits were exacerbated by Moody's downgrade of the U.S. sovereign credit rating, leading to a reassessment of the safety of U.S. Treasuries by international investors [3] - The Trump administration's push for a large tax cut, projected to reduce taxes by $4 trillion over the next decade, is seen as worsening the already fragile fiscal situation [3] Group 3: Investment Signals - For long-term investors, two key signals emerged: the loosening of the global "risk-free rate" anchor, highlighting the value of high-dividend assets, and the re-evaluation of the safe-haven attributes of non-sovereign assets like gold and Bitcoin [4] - Bitcoin saw a significant price increase, briefly surpassing $110,000, with a year-to-date rise of over 15% and ETF inflows exceeding $40 billion, reflecting both expectations of Federal Reserve rate cuts and a crisis of confidence in traditional financial systems [4] Group 4: Technology Sector Insights - NVIDIA's CEO acknowledged a dramatic decline in market share in China, dropping from 95% four years ago to 50%, with revenue from the Chinese market falling from 19% to 5% [5] - This decline is attributed to U.S. export controls and the rapid rise of China's AI industry, confirming the trend of domestic substitution in technology [5] - Companies like Zhongke Shuguang and Beifang Huachuang have seen increased investment, indicating market recognition of this trend [5] Group 5: A-Share Market Dynamics - Despite the U.S. stock market's decline, the FTSE A50 index only saw a minor drop of 0.21%, with A-share trading volume remaining robust at 1.17 trillion [5] - Foreign capital continued to flow into the A-share market, with a net inflow of 3.5 billion, focusing on leading companies like CATL and Luxshare Precision [5] - The A-share market is driven by policy-supported technological advancements and consumer recovery, with gold and high-dividend assets serving as a safety net during market fluctuations [5] Group 6: Market Strategy - The current market is characterized by a struggle between "policy bottom" and "technical pressure," with the Shanghai Composite Index facing strong resistance around 3,400 points [6] - Long-term investors are advised to focus on two core areas: technological advancements driven by domestic substitution and consumer recovery supported by policy [6] - In the context of geopolitical risks and liquidity easing, gold and high-dividend assets are recommended as stabilizing investments [6]

Market Performance - As of May 21, 2025, Hong Kong's three major indices collectively rose, with sectors such as electrical equipment, non-ferrous metals, and textiles leading the gains, while household goods and food & beverage sectors saw declines [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index achieved a three-day consecutive rise, reaching a nearly five-year high during intraday trading [1] ETF Insights - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 310 million yuan on May 21, 2025, with a total size of 10.578 billion yuan and 7.583 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - Including the off-market index fund, the total size of Morgan's products tracking the S&P Hong Kong Stock Connect Low Volatility Dividend Index exceeds 12.8 billion yuan [1] Performance Comparison - The S&P Hong Kong Stock Connect Low Volatility Dividend Index posted a 12.88% increase over the past year, significantly outperforming the CSI Dividend Index at -3.96% and the CSI Low Volatility Dividend Index at 0.76% [1] Policy and Market Outlook - The People's Bank of China continues to increase gold reserves, enhancing market confidence and sustaining a global trend of central bank gold purchases, indicating a bullish outlook for gold in the medium to long term [2] - A recent meeting led by the central bank governor emphasized the implementation of a moderately loose monetary policy to support effective financing for the real economy, focusing on technology innovation, consumption, and stabilizing foreign trade [2] Investment Strategies - Under the influence of policy, the market is expected to further focus on high-dividend state-owned enterprises in Hong Kong, with an increasing emphasis on investor returns and improved dividend systems [2] - Morgan Asset Management has launched an international "Dividend Toolbox" series of funds, providing diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Fund Highlights - The Morgan Free Cash Flow ETF (563900) closely tracks the CSI Free Cash Flow Index, focusing on high cash flow quality "cash cow" enterprises [3] - The Morgan Dividend Select Equity Fund aims to exceed benchmark returns by utilizing a quantitative stock selection model based on the CSI Dividend Index [3] - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, having won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] Additional Fund Information - The Morgan CSI A50 ETF (560350) emphasizes core A-share assets and incorporates a quarterly mandatory dividend mechanism, with nearly 100 million yuan in cumulative dividends for 2024 [3] - The Morgan CSI A500 ETF (560530) targets quality A-share assets and has introduced a quarterly dividend mechanism, also being one of the first index funds included in personal pension plans [4] Investment Philosophy - Morgan Asset Management is committed to identifying relatively "certain" quality asset investment opportunities in the new normal of interest rates, leveraging global market insights and research capabilities to enhance client experience and satisfaction [5]

Group 1: 5G-A Commercialization and Investment Opportunities - The 5G-A commercial network has been fully deployed, covering over 300 cities nationwide, with a data transmission speed 10 times faster than 5G [1] - Since April 9, the Wind 5G concept index and 6G concept index have increased by 17.14% and 20.61% respectively [1] - Analysts believe that the acceleration of 5G-A commercialization will lead to significant development opportunities in the communication equipment industry, particularly with the rise of emerging industries like smart driving and low-altitude economy [1] Group 2: Fund Companies and Share Conversion - Fund companies are increasingly announcing the opening of different share conversion services to meet diverse investor needs [2] - The different share classes of the same fund have no differences in investment strategy or scope but vary in fees, sales channels, and subscription thresholds [2] - This move aims to enhance the flexibility of fund usage for investors, especially for institutional investors with changing holding periods [2] Group 3: Public Fund Participation in Private Placements - As of May 20, 21 fund companies participated in 31 A-share listed companies' private placements, with a total allocation amount of 9.785 billion [3] - Among these projects, 28 have achieved floating profits, with a total floating profit of 1.695 billion, representing a floating profit ratio of nearly 18% [3] - However, some institutions faced losses, with three fund companies participating in a project that saw a nearly 30% drop in stock price upon listing [3] Group 4: Index Enhanced Fund Issuance Surge - A total of 59 index enhanced funds have been established this year, raising over 30.505 billion, a 17-fold increase compared to the same period last year [4] - The previous year saw only 11 index enhanced funds with a total of 13.054 billion raised [4] - Small and medium-sized fund companies are becoming the main force in this year's index enhanced fund issuance, as they seek differentiation in a competitive ETF market [4] Group 5: Express Delivery Industry Trends - From January to April, China's express delivery business volume reached 61.45 billion pieces, a year-on-year increase of 20.9% [5] - Despite the growth in volume, major listed express delivery companies are experiencing a decline in per-package revenue due to intensified market competition [5] - Companies are exploring new growth areas such as scattered goods, reverse logistics, and customized industry solutions to improve efficiency and reduce costs [5] Group 6: Performance Disparity in Equity Funds - There is a significant performance disparity among active equity funds this year, with the top-performing funds gaining over 80% while the worst-performing funds have seen declines exceeding 25% [6] - Funds that performed well have capitalized on opportunities in innovative pharmaceuticals, new consumption, and robotics sectors [6] Group 7: Financing Paths for Chinese Enterprises - Many Chinese enterprises are actively seeking financing through various channels, including A-share IPOs, Hong Kong listings, and U.S. markets [7] - The IPO market is becoming more vibrant, reflecting companies' determination to seek capital support in the current economic environment [7] - The trend of enterprises with core technologies accelerating their entry into capital markets is expected to continue, enhancing market structure and innovation vitality [7] Group 8: Restructuring in the Automotive Sector - The restructuring of state-owned enterprises in the automotive sector is gaining attention, particularly the merger between Dongfeng Motor and Changan Automobile [8] - This merger is expected to enhance scale and concentration, thereby improving market share and competitiveness [8] Group 9: Retail Banking and Non-Performing Loans - The scale of personal non-performing loans has increased, with banks accelerating the disposal of these loans [9] - The transfer prices and principal recovery rates for these loans have reached near two-year lows [9] - Many banks that previously focused on retail business are now seeing declines in personal loan balances, indicating a cautious approach to retail credit operations [9] Group 10: Insurance Industry Trends - Insurance companies are expected to lower the preset interest rates for insurance products in the third quarter due to recent interest rate cuts [12] - Companies are simultaneously pushing for product sales while preparing new products to navigate the low-interest-rate environment [12] Group 11: Insurance Capital Research Focus - Insurance capital has conducted a total of 7,677 research sessions on A-share listed companies this year, focusing on high-dividend and technology growth sectors [10] - The trend indicates a preference for stable cash flow and growth prospects in technology stocks [10] - Future expectations suggest that insurance capital will continue to optimize asset allocation while seeking sustainable investment opportunities [10] Group 12: Bank Deposit Rates - Several banks have reduced large-denomination time deposit rates to the "1-digit" range, reflecting a significant decrease compared to regular deposits [11] - The reduction in rates is primarily driven by the need to optimize the liability structure and stabilize operations amid narrowing net interest margins [11]

（原标题：和讯投顾陈雨：电力板块走势瑕不掩瑜，后市仍有预期!） 5月21日，和讯投顾陈雨分析，对后市仍有预期的，下半部分大家想不想听对后市的预期，那刚才陈老 师也确实提到了，电力板块它是有一些瑕疵的，对这个方向基本上不去做一些龙头，啊或者说是里面有 个别的公司它的业绩确实非常好，给到的弹性也比较好，除了这两个方向，两个细分的这种走法，剩下 大概率啊进去之后，可能并不能给到大家这种立竿见影非常解渴的这么一个状态那后市的一个预期啊不 知道最近关于天气方面的这个新闻，大家注没注意到与温度有关，温度尤其是中部地区啊这个图片就已 经出来了43度。酷热来了，北方大家考量的一个问题是一般都是南方四大火炉那那几个重要的城市，当 然四大火炉的这种叫法是不一样的，有的叫呃叫法是类似的城市，比如说什么重庆，啊比如说杭州，比 如说武汉等等，大家其实都可以看到四大火炉偏南方，都是这样的一个状态，但是我们去看像今年也 好，北方的地区出现了这种极端高温的情况，而且已经是新高了破了历史记录了。 现在才是5月份，而且只是一个5月中下旬，天气就已经来到了40多度，大家去可以看啊下面的这个图。 河北河北河北就是我们的中原地区的比较传统的这么一个人 ...

此外，港股通红利ETF（513530）是市场首只通过QDII模式投资港股通高股息指数的ETF，其税率结构 相较传统港股通渠道更具优势，长期持有或可有效降低红利税成本，有望提升投资者的持有体验。 LPR下行有望通过利率自律机制引导更多商业银行下调存款利率，在货币进一步宽松的大趋势下，以高 股息率为核心吸引力的港股通红利ETF（513530）及其联接基金（A类018387/C类018388）有望助力投 资者把握资产质量较优的港股红利类资产。 5月20日，5月贷款市场报价利率（LPR）报价出炉：1年期LPR为3.0%，5年期以上LPR为3.5%，均较上 期下行10个基点；同日，六大行集体下调存款利率。在降息潮延续的大背景下，高股息资产或成为投资 者关注的焦点之一。其中，港股通红利ETF（513530）自2025年4月24日以来已连续16个交易日获资金 净流入，助推最新份额、规模均创其成立以来新高。（港股通红利ETF成立于22/4/8，数据来源：交易 所、Wind，截至25/5/20份额、规模分别为11.20亿份、17.52亿元） 存款利率下行中，高股息资产所拥有的较稳定股息收入显得尤为稀缺，港股通红利ETF（513 ...

总体看，在经济换档期，企业由追求增量的"野蛮扩张"路径向开源节流的高质量可持续经营方式转变，市场关注的重点也由企业的成长性转换为注重切实的 投资回报，选择现金流率较高的公司较为贴合这一趋势。 近期新消费逐步走热，年轻群体出于悦己需求，偏好体验式互动式消费，热爱个性化、多元化品类，同时追求舒适性与自然，丽人丽妆、一心堂等成份股既 为新消费概念股，同时现金流指标也较优秀。 | < コ | | | 全指现金流ETF(563770.SH) | | | --- | --- | --- | --- | --- | | 交易中 05-21 10:19:30 | | | | | | 1.021 | | 昨收 | 1.009 | 流通盘 | | +0.012 +1.19% | | 开盘 | 1.010 | 流通值 | | 最高 | 1.022 | 成交量 | 19.3 万 | 换手率 | | 最低 | 1.010 | 成交额 | 1967万 | 均价 | | IOPV | 1.0221 | 溢折率 | -0.11% | 贴水率 | | 净值走势 招商中证全指自由现金流ETF(563770.OF) 1.0102 +0.3 | | ...

每经编辑｜彭水萍 2025年2月28日，中国煤炭工业协会、中国煤炭运销协会发布倡议书，倡议书从"严格执行电煤合同严格 兑现"、"推动煤炭产量控制"、"推动原煤全部入洗"、"控制劣质煤进口"、"加强行业自律"五个维度对煤 炭行业发展提出倡议，煤炭供给有望有序控制，进而改善行业供需平衡，有助于减少煤价非理性波动， 提振煤炭价格。 另外，6月逐步步入迎峰度夏旺季阶段，且目前来看4月水电表现并不佳，火电需求有望得以提振。目前 电厂库存同比去年处于相对较低水平（2025年5月14日沿海+内陆25省电厂库存11478万吨，较2024年同 期低146万吨），后续旺季预期下电厂补库动能较强。 5月20日，国有六大行及部分股份行启动年内首次人民币存款利率下调，对活期、定期、通知存款利率 下调幅度在5到25bp之间，其中一年期存款首次跌破"1%"。 在利率走低背景下，高股息资产的配置价值再受重视。作为高股息的代表——煤炭板块今日也迎来反 弹，煤炭ETF（515220）盘中涨超2%，盘中成交额火热，开盘半小时成交额近亿元。 高股息高分红，煤炭核心红利价值有望再起 "双碳"背景下，由于新增产能批复受严格限制，煤炭企业难以开启新的产能 ...

Core Viewpoint - Guanghui Energy held its 2024 annual shareholder meeting on May 20, where all 10 proposals were approved with over 99% support, reflecting strong investor confidence in the company's operational results and shareholder returns [1][2]. Group 1: Shareholder Returns - The company approved a cash dividend of 6.22 yuan per 10 shares (including tax), totaling 3.976 billion yuan (including tax) for all shareholders, indicating a strong commitment to sharing operational success [2]. - The actual cash dividend distribution, including share buybacks, amounts to 4.476 billion yuan, resulting in a total cash dividend of 0.70022 yuan per share (including tax), leading to a dividend yield of 10.47%, ranking 7th among over 5,400 A-share companies [2]. Group 2: Business Strategy and Financial Health - The company plans to enhance strategic planning and management to improve operational quality and ensure sustainable development, aiming for high-quality completion of annual targets [3]. - The company’s debt-to-asset ratio of 52.34% as of March 2025 ranks 14th among 30 companies in the coal mining sector, indicating a moderate level of financial health and operational resilience [2]. Group 3: Share Buyback and Capital Management - The company has completed a share buyback of 69,699,500 shares, representing 1.0616% of total shares, with a total expenditure of 505 million yuan, exceeding the minimum expected amount for the buyback [4]. - The company has decided to change the purpose of some repurchased shares from employee stock ownership plans to cancellation and capital reduction, which is expected to enhance long-term shareholder value and increase earnings per share [3]. Group 4: Future Growth and Analyst Recommendations - For 2024, the company projects revenues of 36.441 billion yuan and a net profit of 2.961 billion yuan, with significant growth expected in coal production, which is projected to increase by 64.02% year-on-year [5]. - Analysts from various securities firms have recommended a "buy" rating for the company, highlighting its high dividend yield and growth potential, with projected net profits of 3.5 billion yuan, 4 billion yuan, and 4.5 billion yuan for 2025-2027 [5]. Group 5: Strategic Partnerships and Industry Position - The company is introducing long-term value investors, including Fude Life Insurance and Fude Financial Holdings, which will not reduce their shareholdings for five years, indicating confidence in the company's future [6]. - Fude Group's extensive involvement in the energy and chemical sectors aligns with Guanghui Energy's operations, suggesting potential synergies and enhanced competitiveness in coal and chemical industries [7].

文 | 银行螺丝钉 （转载请注明出处） 1 . A股 常见的四类指数 A股常见的指数，主要分为四类。 第一类是宽基指数。 通常是按照上市公司的市值规模来选股的，会包含各个行业的股票，覆盖范围很"宽"。 一、【直播回放】 有朋友问，价值策略有啥特征？ 300价值、优选300、中证价值，这些价值指数有啥区别？当前投资价值如何呢？ 在昨晚的直播课里，螺丝钉详细介绍了这些问题。 长按识别下面二维码，添加 @课程小助手 微信，回复「 0520 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 二、【部分直播课内容如下】 第二类是策略指数。 通常是在宽基指数的基础上，用了某一种投资策略，覆盖的行业也会比较广泛。 策略指数丰富了我们投资的选项，满足了很多投资者个性化的需求。 第三类是行业指数。 也就是仅覆盖了某个行业的股票，例如消费、医药、金融等。最常见的行业指数，是11个一级行业。 每个一级行业，其实都是社会不可或缺的一部分，长期也是跟着社会发展的。 第四类是主题指数。 所包含的股票，跟某个主题密切相关，例如科技、新能源、人工智能等。 主题指数，通常会横跨多个行业，但达不到宽基指数的行业覆盖程度。 2 . 常见 ...

Core Insights - The article emphasizes the importance of establishing a scientific investment system, strict discipline, and risk control to significantly reduce the probability of losses and achieve long-term stable returns Group 1: Investment Philosophy - Acknowledgment of market unpredictability is crucial for investors [1] - Investment should be distinguished from speculation, focusing on the intrinsic value of companies [1] - Understanding the essence of risk is vital, where the real risk lies in permanent loss of capital rather than market volatility [1] Group 2: Building a Robust Investment System - Asset allocation should avoid putting all eggs in one basket [2] - Stock selection should focus on "three good" companies, emphasizing quality [2] - Trading discipline is essential, prioritizing buying at a good price over merely buying good stocks [2] Group 3: Strategies for Ordinary Investors - Index fund dollar-cost averaging can help smooth out market volatility over time [3] - High dividend strategies provide a safety net during market fluctuations [3] Group 4: Risk Control Principles - Implementing stop-loss measures is critical to cut losses and let profits run [4] - Position management should ensure that there is always available capital for opportunities [4] - Avoiding common investment mistakes, such as using leverage or chasing hot stocks, is essential for long-term success [4] Group 5: Trading Behavior and Performance - Retail investors in A-shares trade significantly more than institutional investors, leading to higher transaction costs and lower returns [5] - Long-term holding strategies improve success rates, with a notable increase in winning probabilities for investments held over three years [5] Group 6: Conclusion and Long-term Perspective - The article concludes that true success in the stock market comes from controlling drawdowns and compounding returns over time [5] - Emphasizing the importance of capital preservation over short-term gains is crucial for sustained investment success [5]