（原标题：和讯投顾严笙：节后建议围绕政策加业绩主线，布局三大方向） 4月30日，A股今天放量反攻，三大指数互有涨跌，万亿资金杀入了哪个板块呢？沪指今天跌幅0.23，深证成指创业板指今天涨了5%，成交量1.17 万亿，放量了1,472亿，3400家个股上涨，近百股涨停，人形机器人算力华为概念成了最大赢家。和讯投顾严笙分析，原型机器人工信部推动了产 业创新，ETF涨幅超过2%，算力呢进行了返工。A500指数ETF成交量破了7亿，AI算力的需求爆发，同时消费电子也有一定的反攻，华为概念股 活跃，果链恢复了元气。 我们再看一下重磅新闻，特朗普关税补偿车企最高获得3.75的零售补偿，汽车板块整体迎来了资金净流入，创制造业pmi回落，4月份pmi降至 49%，但高技术制造业仍然在扩张，政策仍然在稳步的持续增长。第三个万亿回购潮，部分公司回购超过3,000,000,480家公司集体护盘，那么风 险又有哪些？银行股受挫，国有大行不良余额上升，同时假期效应明显，五一临近，资金或避险或短线急速的止盈离场，短线波动加剧，今日整 个市场是放量反弹，政策利好与业绩增长形成了共振。但pmi的回落与银行的调整暗示的结构性行情的机会，节后建 ...

2024年公司通过刚性成本管控实现经营效率提升，展现较强的管理质量。值得关注的是，大秦铁路在同 时公布的《大秦铁路股份有限公司估值提升计划》中表示，公司致力于持续优化长期发展和股东回报， 与广大股东共享发展红利，上市以来连续18年不间断现金分红，年均分红比例超过50%，累计分红 1083.6亿元。连续19年实施高比例分红，2024年拟每10股派现1.4元，为投资者提供稳定回报。 当前铁路货运行业正经历深刻变革。随着公转铁政策深化和运输结构调整，大秦铁路依托重载技术优势 和路网协同效应，持续巩固市场地位。2024年非煤运输增量贡献显著，光伏产品、化工原料等新兴品类 占比提升至12%。在成本端，公司通过智能化改造降低单位能耗，2024年吨公里运输成本同比下降 3.2%，降本增效成果显现。 机构研报指出，短期看，山西煤炭保供政策落地将推动运量回升；中长期看，公司成本控制能力和分红 稳定性构筑安全边际，大秦铁路作为中特估标的中稀缺的高股息资产，若运价市场化改革取得突破，盈 利弹性将显著释放，叠加资产整合预期，估值提升空间较大。 作为以煤炭运输为主业的龙头企业，大秦铁路2024年货物发送量完成7.06亿吨，其中非煤货品 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今天，A股三大股指走势分化，截至收盘，上证指数下跌0.23%，深证成指上涨0.51%，创业板指上涨 0.83%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3279.03 | 9899.82 | 1948.03 | | -7.62 -0.23% | +50.02 +0.51% | +16.09 +0.83% | | 跌 1770 | | 涨3443 > | 对于高股息资产，华泰证券表示，建议关注分红率有望提升、拥挤度处于低位的电力、保险、通信服 务、铁路公路等板块。 科技股和高股息资产今天走势呈现"跷跷板"态势。具体来看，科技股全面反弹，AI、华为概念、人形机 器人、消费电子等板块大涨。 责任编辑：刘万里 SF014 AI主线方面，应用端走强，智谱AI、多模态AI等板块大涨。 人形机器人板块延续昨日上涨态势。摩根士丹利中国工业研究团队近期推出"人形机器人洞察"系列报告 之一——《人形机器人：一个5万亿美元的全球市场》。报告称，根据其全球人形机器人模型，预计到 2050年将有10亿台人形机器 ...

今年以来，ETF分红总额已经超过百亿元。截至4月25日，全市场ETF产品分红达到100.81亿元，同比增长超过180%。在低利率环境下，高股息策略的防御 性凸显。当前经济数据波动使得长端国债利率走弱，中证红利股息率与10年期国债收益率的差值已突破2022年以来常态区间上沿，高股息资产对于长线资金 的配置性价比凸显。 每经记者 刘明涛 每经编辑 肖芮冬 据了解，易方达红利系列ETF产品"版图"构建逐步完善。随着日前红利价值ETF（563700）上市，加之早已在场内交易的红利ETF易方达（515180）、红利 低波动ETF（563020）与恒生红利低波ETF（159545），目前易方达四只红利ETF产品整体实现对A股、港股市场覆盖，是兼具稳定股息收益与抗波动属性 的红利资产的配置"利器"。 投资逻辑方面，这四只ETF均以高股息率为核心筛选标准，并且管理费+托管费均为0.20%/年，属于市场最低水平。考虑到低费率设计长期可增厚收益，尤 其适合长期持有。 另一方面，红利价值ETF（563700）、红利低波动ETF（563020）与恒生红利低波ETF（159545）三只ETF均按季度评估超额收益，达标后分红。而根据其 ...

Market Overview - The A-share market showed a slight decline with major indices experiencing minor fluctuations, indicating a cautious market sentiment ahead of the May Day holiday [4][9] - The total market capitalization of the Shanghai Composite Index is 633796 billion, with a PE ratio of 11.61 and a PB ratio of 1.20, while the Shenzhen Component Index has a market cap of 209389 billion, with a PE ratio of 19.48 and a PB ratio of 2.04 [3] Industry Dynamics - In May 2025, China's battery production is expected to increase by 14.8% month-on-month, with energy storage cell production accounting for approximately 26% of total output [27] - The report highlights the growth in the AI application sector, particularly following advancements from major companies like Alibaba, which is expected to drive market interest in AI-related investments [10] Company Performance - CITIC Securities (600030.SH) reported a Q1 2025 revenue of 177.61 billion, a year-on-year increase of 29.1%, and a net profit of 65.45 billion, reflecting a 32.0% increase [28] - Zhejiang Rongtai (603119.SH) achieved a total revenue of 11.35 billion in 2024, a 41.8% increase year-on-year, with its new energy business contributing significantly to growth [31] - WuXi AppTec (603259.SH) reported Q1 2025 revenue of 96.55 billion, a 20.96% increase year-on-year, with strong performance in its chemical business [33] - Defang Nano (300769.SZ) faced significant losses in 2024, with a net profit of -5.16 billion in Q4, indicating challenges in the market [35] - Xingyuan Material (300568.SZ) reported a Q1 2025 net profit of 0.47 billion, a decrease of 56.39% year-on-year, despite a significant quarter-on-quarter increase [37]

被高盛的最新数据惊到了—— 其最新发布的全球资金流向报告显示，在3月27日至4月23日的一个月内，全球股票基金获得680.79亿美 元净流入，新兴市场基金获得271.4亿美元净流入，其中90%都流入了中国市场。 相当于中国股票基金获得246.86亿美元净流入，资金流入额远超韩国、印度、巴西等其他新兴市场。 并且从外资加仓的核心标的来看，主要聚焦于腾讯、阿里等盈利能力强劲的港股科技龙头，相关场内 ETF也获得资金大幅加仓，$港股科技50ETF(SZ159750)$年内份额增长超300%。 不仅如此，香橼创始人安德鲁·莱福特也透露自己正通过投资iShares中国大盘ETF押注A股，并直言中国 被超卖太久。 这种极致分化的行情，让越来越多人盯上了"科技+红利"的哑铃策略——左手握住科技成长的β，右手锁 定红利分红的α，港股"哑铃策略"已经是资金共识。 在外资长线押注与内资避险需求共振下，港股科技50ETF与港股红利低波ETF的组合，或将定义2025年 的投资胜负手。 港股科技50ETF(159750)权重股涵盖了互联网、半导体、智能汽车三大黄金赛道，腾讯、阿里、小米占 了近35%权重，既能吃到AI大模型的红利，又能 ...

Core Viewpoint - The banking sector experienced a significant pullback on April 30, 2025, with the China Securities State-Owned Enterprises Dividend Index declining by 0.81% [1] Group 1: Market Performance - As of 13:13 on April 30, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) fell by 0.81%, with mixed performance among constituent stocks [1] - Leading gainers included Huayu Automotive (600741) up 4.18%, Caibai Shares (605599) up 3.84%, and Shanxi Natural Gas (002267) up 2.78% [1] - Major decliners included Huaxia Bank (600015) down 8.43%, Daqin Railway (601006) down 3.99%, and Beijing Bank (601169) down 3.83% [1] - The National Enterprise Dividend ETF (159515) decreased by 0.75%, with a latest price of 1.06 yuan [1] - Over the past two weeks, the National Enterprise Dividend ETF has accumulated a rise of 0.75%, ranking in the top half among comparable funds [1] Group 2: Fund Performance - The National Enterprise Dividend ETF saw a significant increase in scale, growing by 338.16 million yuan over the past week, ranking in the top half among comparable funds [2] - The ETF's share count increased by 3 million shares in the past week, also ranking in the top half among comparable funds [2] - The latest net inflow of funds into the ETF was 224.57 million yuan, with 13 out of the last 20 trading days showing net inflows totaling 1,672.24 million yuan [2] Group 3: Industry Outlook - Dongguan Securities anticipates stable overall performance for the banking sector in 2024, with limited disturbances from external uncertainties [2] - The banking sector is favored by risk-averse funds due to its stable dividends, low valuations, and high dividend yield characteristics [2] - Policies such as reserve requirement ratio cuts, expansion of domestic demand, and fiscal injections are expected to support the banking sector [2] - The National Enterprise Dividend ETF closely tracks the China Securities State-Owned Enterprises Dividend Index, which selects 100 listed companies with high and stable cash dividend yields from state-owned enterprises [2]

转债攻守道：5 月转债投资策略 20250429 摘要 转债市场当前状况及未来趋势如何？ 当前转债市场趋稳，但估值快速修复到前期高位的判断并不成立。目前热门标 的券价格虚高，但整体转债估值已有一定修复。最近两周股性和平衡转债价格 有所回升，资金面趋稳。从年初至今，小盘股及弹性行业转债溢价率上升较快， 但整体风格较为平衡，以汽车、交运、公共事业等行业走强为主。机构持有规 模下降但仓位增配明显，与路演情况类似。今年（2025 年）2 月至今国家收益 率处于底部过程中，转债估值同步上升。目前利率重新下行，对转债估值形成 托底，但对股票市场预期相对较弱。 近期多策略表现如何？未来策略建议是什么？ 近期中证转债出现微修复，上证指数连续多天阳线，小票反弹是主力，包括机 构低配和低研究覆盖度的小票，中性转债走势也较强。而防御型配置股息率策 略偏弱。预计反弹最高时间段已接近尾声，下行空间有限，有政策性资金托底。 目前成交量在万亿左右波动，因此我们认为 5 月仍将呈现震荡走势。行业走势 分化明显，如银行、电力机械等轮动快。在此背景下，我们建议重点关注三个 当前来看，我们判断市场已经走出了关税扰动最强的时间段，业绩披露期也接 近 ...

Group 1 - The central political bureau meeting emphasized the need for a stable and active capital market, leading insurance companies to plan for increased equity asset allocation [1] - Since the approval of the second batch of long-term stock investment trials by the financial regulatory authority, the scale has reached over 100 billion, with more insurance institutions looking to participate [1][2] - Insurance funds are increasingly focusing on core A-share assets, particularly those close to the Shanghai Stock Exchange 50 Index, while also paying attention to sectors like banking, transportation, public utilities, telecommunications, and pharmaceuticals [1][3] Group 2 - In the first quarter, insurance funds increased their holdings in sectors such as pharmaceuticals, steel, home appliances, and defense, indicating a shift in investment strategy [2] - Insurance institutions maintain an optimistic outlook for the market, with a focus on stable dividend strategies and a continued emphasis on the pharmaceutical sector due to its favorable mid-term performance [3] - The expected influx of several hundred billion yuan in new capital into the market is driven by the need for insurance funds to seek absolute returns in a low-interest-rate environment [3][4] Group 3 - Regulatory measures to raise the equity allocation limits for insurance companies reflect a commitment to stabilize the market and boost confidence [4] - The current environment of low interest rates and asset scarcity makes high-dividend stocks a necessary choice for insurance companies, positioning them as a key focus for future equity allocations [4]

Group 1 - The core viewpoint highlights the increasing preference for defensive assets, particularly the Hong Kong dividend low volatility ETF (520550), which has seen continuous net inflows for nine weeks and a nearly 6% increase in fund size year-to-date, reaching a historical peak [3] - The structural differences in high dividend assets between A-shares and Hong Kong stocks are noted, with A-shares concentrated in traditional industries like coal, banking, and textiles, while Hong Kong's high dividend sectors are more diversified, including real estate, public transport, and construction [3] - The defensive nature of dividend assets is emphasized, showing significant excess returns during market downturns, although absolute returns remain positively correlated with overall market trends [3] Group 2 - The Hong Kong dividend low volatility ETF (520550) is designed to optimize investment experience through a low management fee of 0.2%, monthly dividend distribution, and T+0 trading to enhance liquidity [4] - The ETF focuses on mature industry leaders in finance and energy, with strict weight limits on individual stocks to avoid "dividend traps," creating a balanced investment portfolio [4] - Analysts suggest that in the current complex market environment, Hong Kong dividend assets with valuation advantages and dividend certainty may become a key strategic allocation choice, especially as the interconnectivity between mainland and Hong Kong markets deepens [4]