第一坑：不看规则就下手，等于闭眼跳坑 最近证监会说要改革公募基金，多搞点"中低波动"的产品，还要让指数基金（比如大家熟悉的ETF）注 册更快，最快5天就能批下来。政策是好政策，但落到咱普通人身上，关键还得学会怎么选基金。毕 竟，选错了基金，十年收益可能差出几十倍——比如沪深300和中证红利，过去十年一个年化0.28%， 一个5.7%，这差距比炒股还刺激。 第二坑：贵的时候瞎买，便宜的时候不敢买 再好的基金，买贵了也得亏。这和买菜一个道理——白菜再好，10块钱一斤你买吗？ 普通人最容易踩的坑就是牛市跟风。市场涨到高位，身边人都在晒收益，这时候冲进去买基金，大概率 是接盘。比如2021年初核心资产泡沫时，多少人抢着买"明星基"，结果亏到肉疼。 进阶一点的技巧是看板块估值。比如某基金重仓新能源，而新能源板块的市盈率已经比历史平均水平高 出一大截，这时候哪怕基金规则再好，也得等等。市场上基金那么多，没必要非盯着一个高位板块死 磕。 该怎么做？ 先看规则：避开那些"追涨杀跌"的指数，选规则偏向低估值、高分红的； 选基金，很多人只看名字和短期收益，其实最该看的是编制规则。这就好比买菜，你得先看菜是怎么种 出来的。 举个例 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY [5]. Core Views - The company maintains a high dividend level and emphasizes the progress of the Yulong Copper Mine Phase III expansion [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1]. - In Q1 2025, the company reported a revenue of 16.54 billion CNY, a year-on-year increase of 51%, and a net profit of 808 million CNY, up 10% year-on-year [1]. Production and Performance Summary - In 2024, the company exceeded its copper production target with a total of 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2]. - The average copper price in 2024 was 74,932 CNY/ton, reflecting a 9.7% year-on-year increase [2]. - The company plans to produce 168,208 tons of copper in 2025, with a slight year-on-year increase [4]. Financial Forecast - The company aims to achieve total revenue of 55 billion CNY and a total profit of 5 billion CNY in 2025 [8]. - Revenue projections for 2025-2027 are 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY, respectively, with net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9]. - The projected earnings per share (EPS) for 2025-2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY, respectively [9]. Production Plans - The company plans to increase its lead and zinc production in 2025, with a target of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4]. - The Yulong Copper Mine's processing capacity has been upgraded to 22.8 million tons per year, with ongoing expansion projects [8].

证券研究报告·公司点评报告·饰品 周大生（002867） 2024 年报及 2025 年一季报点评：持续高分 红，期待 25 年业绩逐季修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,290 | 13,891 | 15,225 | 16,739 | 18,379 | | 同比（%） | 46.52 | (14.73) | 9.60 | 9.95 | 9.79 | | 归母净利润（百万元） | 1,316 | 1,010 | 1,112 | 1,216 | 1,307 | | 同比（%） | 20.67 | (23.25) | 10.07 | 9.33 | 7.48 | | EPS-最新摊薄（元/股） | 1.20 | 0.92 | 1.01 | 1.11 | 1.19 | | P/E（现价&最新摊薄） | 10.85 | 14.14 | 12.84 | 11.75 | 10.93 | [Table_T ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a gradual recovery in performance throughout 2025, following a challenging 2024 due to pressures in the gold jewelry industry [8] - The company has a strong dividend policy, committing to distribute at least 50% of its cumulative distributable profits in cash over any three consecutive years [8] - Despite a decline in revenue and net profit in 2024, the company anticipates a return to growth in 2025, with quarterly improvements expected starting from Q2 2025 [8] Financial Performance Summary - Total revenue for 2024 is projected at 13.89 billion yuan, a decrease of 14.73% year-on-year, with a net profit of 1.01 billion yuan, down 23.25% [8] - For Q1 2025, revenue is expected to be 2.673 billion yuan, reflecting a 47.3% decline year-on-year, with a net profit of 252 million yuan, down 26.1% [8] - The gross margin improved significantly, with 2024 gross margin at 20.80% (up 2.6 percentage points) and Q1 2025 gross margin at 26.21% (up 10.6 percentage points) [8] - The company’s net profit margin for 2024 is 7.27%, slightly down from the previous year, while Q1 2025 shows an increase to 9.43% [8] Revenue and Profit Forecast - Revenue is expected to grow to 15.23 billion yuan in 2025, with a year-on-year increase of 9.60%, and net profit is projected to reach 1.11 billion yuan, up 10.07% [1][8] - The company’s earnings per share (EPS) is forecasted to be 1.01 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.84 based on the latest diluted EPS [1][8] Market Data - The closing price of the stock is 13.03 yuan, with a market capitalization of approximately 14.28 billion yuan [5] - The company has a price-to-book (P/B) ratio of 2.16 and a net asset value per share of 6.03 yuan [5][6]

一家公司的股东回报政策往往是衡量其价值的第一道标尺，迈瑞医疗这份刚刚发布的2024年报，再次刷 新了市场对"高分红"的认知，同时公司也表达出用AI加速转型的决心。 2025年4月28日晚间，迈瑞医疗公布2024年年报及2025年一季报，公司在2024年营收净利同比正增长，但 在宏观环境出现巨大变化之下，25Q1出现同比出现负增长。然而相较于24Q4，Q1公司业绩环比已大幅改 善，经营质量持续提升。 截至一季报期末，公司现金余额超过159亿元；公司2024年全年累计派发现金红利总额达到76.02亿元，分 红比例为65.15% ；此外公司拟以25Q1末股本基数，实施25年第一次中期分红，金额17.10亿元。公司在行 业面临更多挑战的当下，延续了高分红传统，并计划在2025年新增中期分红，进一步提升资金回馈的灵 活性与频率。 值得关注的是，在延续高分红传统的同时，迈瑞正加速推进AI战略布局。2024年12月，公司发布全球首 个临床落地的重症医疗大模型——"启元"，标志着从传统设备供应商向智能医疗解决方案提供商的战略 转型迈出关键一步。 这种在保持高分红传统的同时积极拥抱技术创新的模式，正在重塑医疗器械企业的价值体系 ...

Core Viewpoint - Aimer Co., Ltd. reported a significant decline in both revenue and net profit for the fiscal year 2024, indicating severe challenges due to weak consumer demand and intensified industry competition [3][4]. Financial Performance - In 2024, Aimer's total revenue was 3.163 billion yuan, a year-on-year decrease of 7.71% - The net profit attributable to shareholders was 163 million yuan, down 46.56% year-on-year, falling short of market expectations [3][4]. - For Q1 2025, Aimer's revenue was 854 million yuan, a decline of 2.86% year-on-year, with net profit at 85.56 million yuan, down 20.26% year-on-year [5]. Business Structure - Revenue from core product lines saw varying degrees of decline, with lingerie revenue down 15.83% and homewear, thermal clothing, and underwear experiencing declines between 4% and 9% [3]. - The decline in revenue was attributed mainly to reduced foot traffic, with offline direct sales down 7.96% and online sales down 8.14% [4]. Dividend Policy - Despite poor overall performance, Aimer announced a substantial cash dividend of 4 yuan per 10 shares, totaling 99.55% of net profit, raising concerns about future funding reserves [4]. Cost Management - Aimer's sales expenses decreased by 4.42% due to reduced promotional spending, while management expenses increased by 6.33% due to higher personnel costs [4]. - The inventory level remained high at 982 million yuan, with a provision for inventory impairment at 21.85%, indicating significant inventory digestion pressure [4]. Strategic Adjustments - In response to performance challenges, Aimer is focusing on the sportswear segment by establishing dedicated divisions for the "Aimer Sports" and "Chichu" brands and accelerating channel restructuring [4]. - Although R&D investment decreased by 3.01%, Aimer added 58 new patents, including 26 Chinese invention patents [4].

【环球网财经综合报道】Wind数据显示，截至4月30日，A股已有5402家上市公司披露2024年年报。经统计，上述已披露年报上市公司全年总营收71.92万亿 元，同比下降0.23%；归母净利润5.21万亿元，同比下降2.98%。其中4029家实现盈利（占比75%）。 从分红金额来看，工商银行、中国移动、建设银行、招商银行等10家公司计划分红额度居前，成为A股2024年度十大"分红王"。贵州茅台以每股276.24元 （含税）的派现方案位居每股股利榜首，古井贡酒、泸州老窖等白酒企业每股股利均超过50元（含税）。此外，宁德时代、比亚迪、爱美客等多家行业头部 企业计划每股派现超过2元（含税）。数据显示，每股股利超过0.5元（含税）的公司超过500家，超过1元（含税）的公司约160家。 在行业表现方面，农林牧渔、非银金融、电子、交通运输、汽车等板块年报业绩显著回暖。其中，农林牧渔行业的养殖、饲料板块，电子行业的光学光电 子、消费电子板块，以及交通运输行业的航空机场、航运港口领域净利润增速居前。分析认为，这些行业的回暖与市场需求回升及行业结构优化密切相关。 值得注意的是，多家公司在分红方案中同时推出转增股份计划。Wind ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown stable performance over 2024, but faced pressure in Q1 2025, with a significant decline in revenue and net profit. The company remains a leader in the home textile industry, and its high dividend payout provides stable returns for investors [1][10]. - In 2024, the company achieved a revenue of 3.01 billion yuan, a year-on-year decrease of 0.6%, and a net profit of 540 million yuan, down 5.2% year-on-year. The first quarter of 2025 saw a more pronounced decline, with revenue dropping 17.8% and net profit falling 54.1% [5][6]. Summary by Sections Financial Performance - In 2024, the company’s revenue and net profit showed a slight decline, with revenue at 3.01 billion yuan and net profit at 540 million yuan. The first quarter of 2025 reported revenue of 540 million yuan and net profit of 56.14 million yuan, reflecting a significant year-on-year decline [5][6]. - The company’s gross margin improved to 56.1% in 2024, with a slight increase in various product categories [8][15]. Revenue Breakdown - In 2024, the revenue from different product categories was as follows: bedding sets (39.7%), comforters (39.8%), and pillows (7.2%), with respective year-on-year changes of -0.2%, -1.6%, and -2.8% [7]. - Revenue from various sales channels in 2024 showed a decline in e-commerce sales by 7.4%, while franchise and direct sales saw slight increases of 1.4% and 1.8%, respectively [7]. Dividend and Shareholder Returns - The company proposed a cash dividend of 0.62 yuan per share for 2024, resulting in a dividend payout ratio of 96%. The current dividend yield is 7.9% based on the stock price as of April 29, 2025 [5][10]. Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 548 million yuan, 574 million yuan, and 596 million yuan, respectively, with corresponding EPS of 0.65 yuan, 0.68 yuan, and 0.71 yuan [10][11].

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, indicating potential challenges ahead in profitability despite stable revenue growth in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 27.539 billion yuan, a year-on-year increase of 2.78%, while the net profit attributable to shareholders was 2.169 billion yuan, a year-on-year decrease of 32.79% [1]. - The fourth quarter of 2024 saw a revenue of 6.654 billion yuan, a year-on-year increase of 2.20%, but a net loss of 395 million yuan, reflecting a significant decline in profitability [1]. - For Q1 2025, revenue was 7.060 billion yuan, a year-on-year decrease of 3.21%, while net profit was 686 million yuan, down 27.86% year-on-year [1]. Product Performance - The company has a titanium dioxide production capacity of 1.51 million tons per year, with 2024 production and sales volumes of 1.2955 million tons and 1.2545 million tons, respectively, showing increases of 8.74% and 8.25% year-on-year [2]. - Titanium concentrate production for 2024 was approximately 1.493 million tons, a year-on-year increase of 1.25%, with prices remaining relatively high, indicating stable profitability [2]. - Iron ore sales faced pressure with a total of 3.0022 million tons sold in 2024, a decrease of 30.80%, while sponge titanium sales increased by 42.57% [2]. Shareholder Returns - The company maintained a high dividend payout, distributing 2.144 billion yuan in 2024 and 1.186 billion yuan in Q1 2025, resulting in a dividend yield of approximately 5.48% based on a market capitalization of 39.1 billion yuan [3]. One-time Expenses - The company incurred significant one-time expenses in Q4 2024, including interest expenses related to the planned spin-off of a subsidiary and goodwill impairment, totaling approximately 554 million yuan [4][5]. - The company repurchased shares from strategic investors for a total of 2.597 billion yuan, including interest payments of about 325 million yuan [4]. Future Outlook - The company is expected to achieve revenues of 28.927 billion yuan, 30.251 billion yuan, and 31.505 billion yuan from 2025 to 2027, with net profits projected at 2.876 billion yuan, 3.845 billion yuan, and 4.081 billion yuan, respectively [6].

Core Viewpoint - The company's performance has declined due to falling self-produced coal prices, but it shows potential for high dividends and growth, maintaining a "buy" rating [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% and a quarter-on-quarter decrease of 21.6% [1] - The net profit attributable to shareholders was 3.98 billion yuan, down 20% year-on-year and 15.5% quarter-on-quarter [1] - The non-recurring net profit attributable to shareholders was 3.94 billion yuan, a year-on-year decrease of 19.4% and a quarter-on-quarter decrease of 15.7% [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 17.05 billion, 18.47 billion, and 19.07 billion yuan, with year-on-year changes of -11.8%, +8.3%, and +3.3% respectively [1] Group 2: Coal Business Performance - In Q1 2025, the company produced and sold 33.35 million and 64.14 million tons of commodity coal, representing year-on-year increases of 1.9% and 0.4%, but quarter-on-quarter decreases of 5.4% and 19.1% [2] - The average selling price of coal in Q1 2025 was 487.2 yuan per ton, down 17% year-on-year and 9.8% quarter-on-quarter [2] - The comprehensive cost of coal was 371 yuan per ton, a year-on-year decrease of 13.4% and a quarter-on-quarter decrease of 9.4% [2] - The gross profit per ton of coal was 116.2 yuan, down 26.7% year-on-year and 11.2% quarter-on-quarter [2] Group 3: Coal Chemical Business Performance - In Q1 2025, the production of polyolefins, urea, methanol, and ammonium nitrate was 37.8, 52.8, 51.4, and 13.9 million tons, with year-on-year changes of -3.6%, +11.2%, +24.8%, and +6.9% respectively [2] - The selling prices for polyolefins, urea, methanol, and ammonium nitrate were 6,876, 1,702, 1,794, and 1,861 yuan per ton, with year-on-year changes of +0.4%, -23.9%, +7.1%, and -17.3% respectively [2] - The gross profit per ton for polyolefins, urea, methanol, and ammonium nitrate was 1,101, 360, 380, and 386 yuan per ton, with year-on-year changes of +16%, -46.7%, +675.8%, and -47.6% respectively [2] Group 4: Growth Potential and Dividend Policy - The company has two coal mines under construction, with expected production capacities of 4 million tons/year and 2.4 million tons/year, respectively, set to begin trial production by the end of 2025 [3] - The company plans to invest 23.888 billion yuan in a coal deep processing project, with a construction scale of 900,000 tons/year of polyolefins, and has already completed significant investment [3] - The cash dividend amount for 2024 is expected to be 6.35 billion yuan, with a dividend payout ratio of 32.87%, indicating potential for increased dividends in the future [3]