Core Viewpoint - The article highlights the performance and recommendations of various stocks by securities firms, emphasizing the strong returns of selected stocks and the sectors favored by analysts, particularly in domestic consumption, growth technology, and dividend assets [1][4][13]. Group 1: Stock Recommendations - As of May 1, 16 securities firms recommended a total of 115 stocks, with a focus on sectors such as domestic consumption, growth technology, self-sufficiency, and dividend assets [1][4]. - Notable stocks recommended by multiple firms include Haida Group and Dongpeng Beverage (4 firms), and Kaiying Network, Zhaoyi Innovation, Gree Electric, and Proya (3 firms) [6][7]. - Wanchen Group saw a significant increase of approximately 82% in its stock price in April, making it the best-performing stock among the recommended ones [1][3]. Group 2: Performance and Financials - Wanchen Group reported a net profit of 215 million yuan in Q1 2025, a year-on-year increase of 3344.13%, attributed to enhanced scale advantages in its snack business and improved operational efficiency [3]. - Haida Group is recognized as a leading player in the domestic agricultural and animal husbandry industry, with significant growth potential due to the recovery of livestock production capacity and market share expansion [7]. - Dongpeng Beverage is preparing for a Hong Kong listing, with analysts noting its stable performance in the beverage sector and rapid growth in its electrolyte drink segment [7]. Group 3: Market Outlook - Analysts expect the market to stabilize and trend upwards in May, driven by positive economic indicators and policy support [13][14]. - The focus remains on sectors such as new technology, industry themes, and domestic consumption, with a recommendation for a "barbell" investment strategy that balances growth technology and stable dividend assets [15].

Core Viewpoint - The article highlights the strong performance of recommended stocks by brokerages in April, with the best-performing stock rising by 83%, and anticipates a volatile market in May with a focus on consumer demand, dividends, and technology sectors [2][4][10]. Summary by Sections April Stock Performance - In April, the A-share market indices collectively declined, with the ChiNext index dropping over 7%. However, brokerage-recommended stocks showed strong excess returns, with the top stock, Wancheng Group, rising 83% [4]. - The second-best performer was Xianda Co., which surged 61%, while Kexing Pharmaceutical and Minshida both saw increases of nearly 55% [4]. - Approximately 37% of the 46 brokerage stocks recorded positive returns in April, with Northeast Securities leading with a monthly return of 13.28% [4][5]. May Stock Recommendations - Brokerages are increasingly recommending stocks in the consumer demand sector for May, with East Peng Beverage and Guizhou Moutai among the highlighted stocks [6][10]. - The skincare and medical beauty sectors are also gaining attention, with stocks like Proya and Aimeike receiving multiple recommendations due to market trends favoring domestic brands and new product launches [6]. Market Outlook for May - Analysts expect the market to remain volatile in May, with some expressing optimism about potential upward movement. The consensus is that adjustments in the market present good opportunities for investment [10][11]. - Key sectors to watch include consumer demand, technology, and dividend-paying stocks, with a focus on stable assets and self-sufficient supply chains [11][12].

Core Viewpoint - Public funds have shown a decrease in enthusiasm for dividend allocation in the first quarter of this year, despite an increase in the total scale of dividend funds, indicating a divergence in market behavior and investor sentiment towards dividend assets [2][3][7]. Group 1: Fund Performance and Trends - In the first quarter, the allocation ratio of public funds to dividend low-volatility and dividend indices decreased slightly, with the proportion of holdings dropping by 0.62 percentage points and 1.14 percentage points respectively [3]. - New dividend-themed funds have faced delays in fundraising, with the scale of newly established products being relatively small [4]. - The total scale of dividend funds reached 251.37 billion yuan by the end of the first quarter, an increase of approximately 27 billion yuan from the end of the previous quarter [6]. Group 2: Investor Behavior and Market Dynamics - Investors have mixed views on the cooling of dividend funds, with some choosing to buy at lower levels while others continue to sell in favor of technology stocks [2][5]. - The shift in market style has led some public funds to redirect investments towards electronic and computer sectors, driven by strong performance in technology-related industries [5]. - Pension funds have shown a preference for dividend assets, with many dividend strategy funds ranking high in terms of scale growth among personal pension funds [6][7]. Group 3: Long-term Investment Perspective - Industry experts believe that dividend-themed funds are "long-distance" assets, suggesting they still hold long-term investment value despite short-term volatility [8]. - The regulatory environment encouraging higher dividend payouts is expected to enhance the attractiveness of dividend assets in the future [9]. - The trend of declining interest rates is anticipated to increase the appeal of high-dividend assets, supported by long-term capital inflows from pension and insurance funds [9][10].

Group 1 - The first dividend value ETF in the market, E Fund CSI Dividend Value ETF (code: 563700), has been launched, providing investors with a convenient tool for allocating dividend assets [1] - The CSI Dividend Value Index focuses on high dividend yield and value characteristics, selecting 50 stocks from the A-share market that exhibit sustainable and growing dividends [1] - As of April 25, 2025, the CSI Dividend Value Index has a dividend yield of 6.5%, with relatively low valuation levels such as price-to-earnings and price-to-book ratios, potentially offering higher safety margins for investors [1] Group 2 - E Fund's dividend-related product lineup is expanding, now covering various indices including CSI Dividend, CSI Low Volatility Dividend, and Hang Seng High Dividend Low Volatility, among others [2] - With the new launch of the Dividend Value ETF, E Fund now has a total of 8 dividend-related index funds, all with a low management fee rate of 0.15% per year, aiding investors in low-cost allocation to high dividend assets [2]

Core Viewpoint - The A-share market is currently in a period of low trading volume and sideways movement, with a shift towards dividend stocks as macroeconomic conditions and corporate earnings reports influence market sentiment [1][2] Group 1: Market Trends - As the May Day holiday approaches, the A-share market shows signs of stagnation, with a focus on dividend sectors, particularly among major banks that have reached new highs [1] - The decline in government bond yields has increased expectations for monetary easing, leading to a new round of capital flocking towards dividend stocks [1] - Recent adjustments have led to a decrease in valuations of dividend assets, with dividend yields returning to attractive levels, indicating strong investment value [6] Group 2: Investment Opportunities - The Dividend Low Volatility 100 Index has a three-year annualized volatility of only 15.39%, significantly lower than other major indices, indicating higher stability [5] - The current dividend yield for the Dividend Low Volatility 100 Index is around 6.0%, which is at the 93rd percentile over the past decade, highlighting its investment appeal [6] - The market is witnessing a shift towards low-volatility, high-dividend assets as a response to prolonged low interest rates and the need for stable cash flows [8] Group 3: Fund Performance - The Hong Kong Dividend ETF (513690) and the Dividend Low Volatility 100 ETF (159307) are experiencing net inflows, suggesting ongoing demand for high-dividend sectors despite short-term market fluctuations [1][8] - The Full Index Cash Flow ETF (563833) complements traditional dividend strategies by focusing on companies with five consecutive years of positive cash flow, enhancing risk management and profitability [8] - The overall trend indicates that as traditional growth models face pressure, assets providing stable cash flows and reasonable valuations will become increasingly scarce and sought after [8]

● 本报记者 董添 稳定分红提升公司价值 从分红角度看，5294家上市公司发布2024年度利润分配方案。其中，3638家公司拟现金分红，占比 68.68%，合计拟派息1.65万亿元。剔除金融股，中国移动、中国石油、中国神华、贵州茅台、中国海 油、美的集团等公司拟派息金额居前。 年报显示，上市公司加速锻造新质生产力，战略性新兴产业成为驱动转型的核心力量，为中国经济向新 向智向未来注入澎湃势能。 加码研发投入 从申万一级行业看，农林牧渔、非银金融、电子、交通运输、汽车、家用电器、通信、商贸零售、食品 饮料、公用事业、有色金属等行业上市公司业绩回暖明显。其中，农林牧渔中的养殖业、饲料板块，电 子行业中的光学光电子、元件、消费电子、半导体板块，交通运输中的航空机场、航运港口板块净利润 同比增幅居前。 上市公司持续加码研发投入，巩固技术壁垒，提升产品核心竞争力。在AI浪潮席卷下，上市公司纷纷 拥抱AI技术，重视AI领域的研发投入，抢占市场机遇。 研发投入方面，Wind数据显示，4256家上市公司披露研发投入相关金额，合计约为1.59万亿元。其中， 比亚迪以541.6亿元再度位居A股上市公司年度研发投入榜榜首，中国建筑、 ...

Group 1 - Major index companies have reduced the "authorization fees" for index products, including lowering annual basis point rates and expanding the range of index products without a quarterly minimum fee [1] - Several funds announced a temporary suspension of subscriptions before the May Day holiday, with resumption set for May 6, primarily affecting bond funds, money market funds, and interbank certificate index funds [1] - In April, 11 new fund products each exceeded 1 billion units in issuance, totaling 26.3 billion units, which accounted for 72% of the new fund issuance scale for the month [1] Group 2 - Notable fund manager Zhu Shaoxing increased his stake in Shengjian Medical, with his fund holding an additional 1.1035 million shares compared to the end of last year [2] - Zhang Kun's fund significantly increased its holdings in SF Holding, with 35 million shares representing a 0.7% stake as of the end of the first quarter [2] Group 3 - The ETF market experienced slight fluctuations, with the Shanghai Composite Index down 0.05% and the Shenzhen Component Index down 0.05%, while the ChiNext Index fell by 0.13% [2] - The automotive parts-related ETFs showed strength, with a peak increase of 1.96% [3] - Electric power stocks collectively adjusted, with Leshan Electric hitting the daily limit down, and related ETFs experiencing declines, with the highest drop at 2.23% [5] Group 4 - Analysts suggest that the electric power and public utility sectors are foundational industries with stable performance, recommending long-term investment in large hydroelectric and nuclear power companies [6] - A new fund, the GF SSE Sci-Tech Innovation Board 100 ETF, is set to launch, managed by Luo Guoqing, with a performance benchmark based on the SSE Sci-Tech Innovation Board 100 Index [7]

周一，大盘小幅下跌，个股涨少跌多，1216只股上涨，4109只股下跌。盘面上，银行、电力、高速公路 等红利资产受到资金追捧，多只银行股创近期新高。一季报业绩向好的个股逆势上涨。核电板块高开低 走，资金逢利好做波段。而一些前期爆炒的题材股跌停。 在每日经济新闻APP举办的掘金大赛第58期比赛中，目前多位选手踊跃报名入场，一些选手抓住了红利 资产的机会。 大赛为模拟炒股，模拟资金50万元。报名时间为4月19日到4月30日，比赛时间为4月21日到4月30日。正 收益就获奖，报名就拿福利！周周发奖金，月月有大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正 收益选手均分500元正收益奖。月度积分王的税前现金奖励为：第1名奖励888元，第2~4名奖励288元/ 人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 对于大盘走向，有参赛高手认为，目前上证指数继续受到前期缺口上沿3320点的压制。其次，在 3350~3380点的套牢盘较多。目前大盘短期方向不明朗。 对于板块方向，参赛高手认为，在市场短期方向不明的情 ...

Dividend Performance - In 2024, the total cash dividends for all A-share companies reached CNY 1.94 trillion, with a growth rate of 13.90% compared to 2023, and approximately 73.80% of listed companies distributed cash dividends[18][19]. - The overall dividend payout ratio for A-shares in 2024 was 37.70%, slightly lower than the 39.10% observed in the Hong Kong market[19]. Market Trends - Nearly 74% of listed companies are engaging in cash dividends, significantly expanding the concept and selection range of dividend stocks[18]. - The differentiation within dividend assets is expected to continue and intensify, challenging the traditional selection paradigm based on a dividend yield threshold of 4% or 5%[18]. Investment Strategies - The report highlights the emergence of various "dividend+" strategies that combine dividend selection with other investment criteria to address the sustainability of dividends and capture potential high-yield stocks[23][31]. - The insurance sector is anticipated to increase its allocation to dividend assets, with companies like New China Life and China Life expected to raise their OCI (Other Comprehensive Income) allocation by approximately 4% to 5% in their 2024 semi-annual reports[23]. Sector Analysis - The report identifies that industries such as insurance, food and beverage, and home appliances have announced higher average dividends per share compared to 2023, indicating strong performance in these sectors[23]. - The consumer discretionary sector is leading the market, with significant outperformance noted in the healthcare sector against industry benchmarks[8][23]. Risk Considerations - The report emphasizes that historical data does not guarantee future performance, and investors should be cautious of the ongoing market volatility and sector-specific risks[8].

【 机构观点综评 】招商证券称，政策平稳发力，债市环境友好。摩根基金认为，A股市场中有许 多具有全球竞争力的企业仍被严重低估，从长期来看，它们具有非常大的投资机会。 一、焦点锐评 1.政治局：要加紧实施更加积极有为的宏观政策 4月25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出，以高质量 发展的确定性应对外部环境急剧变化的不确定性。会议强调，要加紧实施更加积极有为的宏观政 策，用好用足更加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期特别 国债等发行使用。适时降准降息，保持流动性充裕。要不断完善稳就业稳经济的政策工具箱，既 定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固 经济发展和社会稳定的基本面。 【点评】广发证券表述，本次政治局会议有三大特点，一是主线明确，"以高质量发展的确定性 应对外部环境急剧变化的不确定性"，做好"底线"和"预案"。二是政策具备广谱性，有带动固定资 产投资的政策，也有带动消费的政策；有带动传统部门的政策，也有带动新兴部门的政策。三是 政策整体集中于见效较快的领域。国泰基金认为，从会议来看，未来政策有望继续 ...