Company Overview - Upbound Group (UPBD) is headquartered in Plano and operates in the Finance sector, specifically leasing furniture and appliances with an option to buy [3] - The stock has experienced a price decline of 12.86% since the beginning of the year [3] Dividend Information - Upbound Group currently pays a dividend of $0.39 per share, resulting in a dividend yield of 6.14%, which is significantly higher than the Financial - Leasing Companies industry's yield of 4.26% and the S&P 500's yield of 1.53% [3] - The company's annualized dividend of $1.56 has increased by 4% from the previous year, with an average annual increase of 5.93% over the last five years [4] - The current payout ratio is 39%, indicating that the company distributes 39% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for Upbound Group's earnings in 2025 is projected at $4.16 per share, reflecting a year-over-year earnings growth rate of 8.62% [5] Investment Perspective - Upbound Group is considered an attractive dividend play and a compelling investment opportunity, currently holding a Zacks Rank of 2 (Buy) [7]

大金融配置方向展望 20250609 摘要 银行基本面稳健：通过地方政府化债和财政注资，地产城投风险逐步化 解，银行资本得到补充，息差压力因监管压低存款利率而改善，尤其定 期存款到期导致付息率下降，小型银行息差企稳，大型银行边际企稳。 资金面推动银行股上涨：高股息红利逻辑持续，被动指数基金推动国有 大行上涨。2025 年 5 月起，主动基金加仓银行股，加速板块上涨，预 计这种趋势将持续一两年，优质头部城商行有望突破一倍 PB 估值。 头部城商行估值修复潜力：头部城商行如杭州银行、江苏银行、成都银 行，股息率预计超过 4%，资产质量优良，以政府类业务为主，资产质 量压力小，机构配置行为推动估值提升。 银行业未来发展趋势：监管层对系统重要性金融行业的保护被低估，行 业基本面超预期。高股息红利逻辑、被动指数基金及主动机构加仓将推 动板块上涨，选股将从低估值转向高 ROE、高业绩增速及长期区域优势。 银行股市场认可度提升：市场对银行股的全面认可体现在交易层面，估 值上升刚开始。优质头部城商行资产估值修复至 1.2 倍 PB 可期，推荐 招商银行、港股大行以及杭州银行、成都银行等头部城商行。 Q&A 银行股近期表现及估 ...

现在的高股息算不算人多？ 考虑到一个背景，10年期国债收益率处于30年低位，很多是保险、银行在配置高股息对冲利 率下降。 kkqq999 从一般意义，肯定算。因为满大街都说高息股和红利。 但什么时候才结束，谁也不知道。 所以，理论的东西，在实战中很难把握尺度，究竟什么时 候才算高估，什么时候应该离场，一百人有一百种想法。所以，价值投资为啥知易行难，因 为没有一个明确量化的标准。 豫章秋水 早就上车了，继续持有，浮盈超过7年预期股息我就慢慢卖，前面一段时间已经卖过一部分又 买回来了。但是你要我这个价位继续买入，不可能。 人多的时候不要去，这是从博弈的角度看投资，在大A拉长周期看是有效的。在现在这个时 点，一些高股息资产还没到人声鼎沸时，公募基金也没有显著超配，也就还谈不上人多。现 阶段，真想投资高股息品种，与其从博弈角度考虑，不如从其高股息的可持续性上多下些功 夫研究分析。 很多高股息股都把分红率以公司决议的形式公告了。最大的问题还是其盈利的可持续性。很 多高股息股这几年收益稳定，可拉长周期看其实也是周期股，比如且不限于煤炭 航运等。即 使不是周期股，可现在的世界变化太快，或许是科技变革，或许是大洋对面某个政策 ...

Group 1 - Calavo Growers, Inc. is set to release its second-quarter earnings results on June 9, with analysts expecting earnings of 53 cents per share, an increase from 50 cents per share in the previous year [1] - The company projects quarterly revenue of $192.75 million, up from $184.38 million a year earlier [1] - Calavo Growers announced a $25 million stock repurchase program on March 18 [1] Group 2 - The company offers an annual dividend yield of 2.89%, translating to a quarterly dividend of 20 cents per share, or 80 cents annually [2] - To generate $500 monthly from dividends, an investment of approximately $207,600 or around 7,500 shares is required, while $100 monthly would need about $41,520 or 1,500 shares [2] - The dividend yield can fluctuate based on changes in the stock price and dividend payments [3][4] Group 3 - Calavo Growers' shares increased by 4% to close at $27.68 on the last trading day [4]

Core Insights - The article discusses the investment strategies and reflections of Li Bei, the head of Banxia Investment, focusing on her current investment portfolio and logic [1] Investment Strategy - Over 80% of the stock holdings are characterized by being cyclical, high-dividend, and low price-to-book ratio, with representative stocks including undervalued state-owned construction enterprises and global building materials leaders [1] - The investment portfolio will maintain a 10%-15% allocation to gold as a strategic component, considering the decline of the dollar system [1] Future Investment Approach - The company plans to continuously track foreign institutional investors' sentiment and position surveys, engaging in direct communication with foreign institutions to enhance understanding [1] - There will be an increase in stock selection standards, focusing on companies with alpha [1] - The company will adhere to its value framework and risk control system, and will not participate in small-cap stocks [1]

申万宏源主要观点如下： 自2023年末银行股估值再度新低以来，银行板块实现一轮超出部分投资者预期的修复行情 可以看到的是，2024年以来板块上涨、多家银行股价创新高，估值预期修复是主因(累计上涨55%，其 中估值修复约43%，盈利增长贡献9%)，其背后，始于"中特估"，成于"高股息"，但更本质是银行配置 价值与依然偏低的估值之间的显著错配。 但随之而来的另一个问题是，既然银行已经实现显著超额收益，投资者是否已经充分享受到银行股 的"上涨红利" 与银行板块持续上涨相背离的是，主动型基金产品长期明显低配银行，很多投资者也一直存在"银行股 很难获取收益"的思维。但一个客观事实是，长期持有银行股的投资回报是可观的，但市场往往将"成 长"和"价值"对立且可能沉溺于存量博弈，过去经济上行周期这种思维曾带来可观投资收益，但也使其 选择性忽视了当经济处于转型的平台期时，业绩稳定远比一味追求成长要重要得多。这是2023年以来主 动基金踏空银行且仍显著欠配的主要原因。 申万宏源发布研报称，自2023年末银行股估值再度新低以来，银行板块实现一轮超出部分投资者预期的 修复行情。客观事实是，长期持有银行股的投资回报是可观的。该行建议拥 ...

Investment Rating - The report maintains a "Positive" outlook on the coal industry [2] Core Viewpoints - The coal sector has experienced a significant decline of 11.98% from January 1 to June 3, 2025, underperforming the CSI 300 index by 9.87 percentage points [3][17] - The fundamentals indicate a strong supply and weak demand for thermal coal, with policies and initiatives from coal associations expected to stabilize and rebound coal prices [4][26] - The valuation of the coal sector has increased but remains at a low level, with a current PE ratio of 11.26, which is higher than historical lows but below the median [5][53] Summary by Sections 1. Market Performance - The coal sector has underperformed the broader market, with a cumulative decline of 11.98% compared to a 2.11% drop in the CSI 300 index [3][17] 2. Fundamental Outlook - Thermal coal prices have been on a downward trend due to weak demand influenced by a warm winter and increased renewable energy output [4][18] - The introduction of long-term coal contracts has helped stabilize prices, with the long-term price consistently above market prices since March 2025 [4][27] - Domestic coal production has increased, with significant contributions from Shanxi and Xinjiang, leading to a year-on-year growth of 8.78% in total coal output [4][29] - The demand for coal is expected to rebound with the arrival of summer, as both thermal and non-thermal coal needs are anticipated to rise [4][34] 3. Valuation Outlook - The coal sector's valuation has improved but is still considered low, with a PE ratio of 11.26 and a PB ratio of 1.32, both below their historical medians [5][56] - The focus on shareholder returns and cash flow is shifting the capital market's pricing mechanism, which may lead to a revaluation of cyclical stocks [5][53] 4. Investment Recommendations - The report suggests focusing on high-dividend and high-yield stocks within the coal sector, which are seen as stable investment options amid economic challenges [6][64] - Key companies recommended for investment include China Shenhua and Shaanxi Coal, which are expected to benefit from stable long-term contracts and effective cost management [8][67]

2025 年 06 月 09 日 究 报 告 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) 2.5 0.7 8.1 沪深 300 0.7 -1.8 8.4 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：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 2、《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 3、《基础化工行业周报：丁二烯、 苯乙烯等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-05-19 ▌天然气、盐酸等涨幅居前，己二酸、煤焦油等跌幅较大 本周涨幅较大的产品：天然气（NYMEX 天然气（期货）， 14.76%），盐酸（华东合成酸，9.39%），合成氨（ ...

表现 1M 3M 12M 基础化工(申万) 2.5 0.7 8.1 沪深 300 0.7 -1.8 8.4 市场表现 -20 -10 0 10 20 30 (%) 基础化工 沪深300 2025 年 06 月 09 日 究 报 告 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 资料来源：Wind，华鑫证券研究 相关研究 1、《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 2、《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 3、《基础化工行业周报：丁二烯、 苯乙烯等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-05-19 ▌天然气、盐酸等涨幅居前，己二酸、煤焦油等跌幅较大 本周涨幅较大的产品：天然气（NYMEX 天然气（期货）， 14.76%），盐酸（华东合成酸，9.39%），合成氨（ ...

证 券 研 究 报 告 重视价值回归，银行有望迎来重估长牛 2025年中期银行业投资策略 证券分析师： 郑庆明 A0230519090001 林颖颖 A0230522070004 冯思远 A0230522090005 研究支持：李禹昊 A0230123070008 联系人：冯思远 A0230522090005 2025.06.09 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 自2023年末银行股估值再度新低以来，银行板块实现一轮超出部分投资者预期的修复行情：可以看到的是，2024年以来板块上涨、多家银行股价创 新高，估值预期修复是主因（累计上涨55%，其中估值修复约43%，盈利增长贡献9%），其背后，始于"中特估"，成于"高股息"，但更本质是 银行配置价值与依然偏低的估值之间的显著错配。 ◼ 但随之而来的另一个问题是，既然银行已经实现显著超额收益，投资者是否已经充分享受到银行股的"上涨红利"：与银行板块持续上涨相背离的 是，主动型基金产品长期明显低配银行，很多投资者也一直存在"银行股很难获取收益"的思维。但一个客观事实是，长期持有银行股的投资回报 是可观的，但市场往往将"成长"和" ...