每经编辑 吴永久 对于板块方向，一些参赛选手认为，在市场短期方向不明的情况下，红利资产有望受到资金青睐。 在掘金大赛中，包括周赛奖励和月度积分王奖励。对于周赛奖励，只要收益率为正就能获奖；对于月度积分王奖励，则是奖励本月累计积分前100名选 手。 每期比赛名次对应的积分奖励如下：第1名获得积分10分；第2~4名获得积分8分/人；第5~10名获得积分6分/人；第11~30名获得积分4分/人；第31~50名获 得积分3分/人；第51~100名获得积分2分/人；第101名及以后的正收益选手获得积分1分/人。 周四，上证指数冲高回落，原因是受到前期跳空缺口上沿3320点的压力。 盘面上，银行板块除了民生银行收平，其余银行股均上涨。此外，宠物经济板块大涨。电力板块也逆势上涨。银行、电力都属于红利资产。在尾盘，高位 股国芳集团、安记食品竟然走出"地天板"，这样的走势让很多股民看呆了。 在每日经济新闻APP举办的掘金大赛第58期比赛中，今天是开赛第四天，目前多位选手踊跃报名入场。第一名选手"好运九哥"重仓重仓肇民科技，4天盈 利44%。 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 ...

Core Viewpoint - The capital market in April is experiencing volatility due to Trump's signals of easing tariffs on China and the heated debate over potential interest rate cuts by the Federal Reserve, leading to a continued mixed performance in the dividend sector [1][4]. Market Performance - The Hong Kong dividend ETFs, such as Bosera (513690) and the Low Volatility Dividend 100 ETF (159307), showed slight fluctuations with minimal changes in their prices [1]. - The dividend sector's performance is influenced by Trump's acknowledgment of high tariffs and the potential for reduction, which has alleviated some market concerns regarding trade tensions [4]. Investment Trends - There is a notable shift in investor preference towards dividend stocks, driven by the need for stable cash flows amid ongoing trade uncertainties and the anticipated interest rate cuts from the Federal Reserve [4][7]. - The dividend yield of the CSI Dividend Index stands at 6.31%, making it particularly attractive as the 10-year U.S. Treasury yield has fallen to 4.35% [4]. Fundamental Analysis - The underlying logic of dividend assets is evolving from being labeled as "traditional cyclical stocks" to being recognized as "new cash cows," with an increasing focus on companies that provide stable dividends and are involved in digital transformation [4]. - A-share listed companies are projected to distribute over 2.8 trillion yuan in dividends in 2024, marking a historical high, influenced by new regulations linking dividend ratios to refinancing [4]. Technical Analysis - The Bosera Hong Kong Dividend ETF (513690) has recently broken through its annual line with significant volume, confirming support at this level [7]. - The technical indicators show a bullish trend, with a golden cross between the 5-day and 20-day moving averages, and continuous net inflows of capital into dividend assets [7]. Fund Recommendations - Recommended funds include the Bosera Hong Kong Dividend ETF (513690), the Low Volatility Dividend 100 ETF (159307), and the All-Index Cash Flow ETF (563833), which are positioned to benefit from the current market dynamics [8].

AI基金富达悦享红利优选混合A（020493）披露2025年一季报，第一季度基金利润268.05万元，加权平均基金份额本期利润0.0271元。报告期内，基金净值 增长率为2.74%，截至一季度末，基金规模为8352.86万元。 该基金属于偏股混合型基金。截至4月21日，单位净值为0.971元。基金经理是聂毅翔和周文群。 基金管理人在一季报中表示，我们对权益市场的长期前景保持乐观，特别是随着宏观政策转向，我们看到国家稳增长的决心非常大，执行力也非常强，后续 政策将持续落地直至经济基本面出现有效改观。我们认为在国际宏观不确定性增加以及中国经济增长模式转型的背景下，高质量分红公司将展现出明显的跨 周期风险收益优势，给投资者带来长期更好的投资体验。 我们非常看好红利资产在一个完整市场周期中的总体表现，特别是随着中国进入低利率时代，红利资产的稀缺性将会凸显。我们认为低利率环境将持续，以 支持实体经济的修复。随着无风险利率持续趋势性下行，可提供确定性股息收入的高质量红利资产将继续受到投资者青睐。我们将持续跟踪宏观数据与组合 持仓上市公司的基本面变化。 截至4月21日，富达悦享红利优选混合A近三个月复权单位净值增长率为-0 ...

Investment Rating - The report maintains a "Buy" recommendation for the transportation industry, focusing on dividend yield opportunities [2] Core Insights - The transportation sector has shown resilience, with various segments outperforming the CSI 300 index in April 2025, particularly the railway transportation sector [5][10] - The low interest rate environment is favorable for the industry, with government bond yields declining [19] - The report highlights significant increases in trading volumes across all segments, especially in ports, indicating a recovery in market activity [19] - The overall dividend yield for highways, railways, and ports is projected to be in the range of 3%-4%, with coal and banking sectors leading [21] Monthly Market Performance - From April 1 to April 18, 2025, the transportation industry experienced a cumulative decline of 0.1%, outperforming the CSI 300 index by 2.85 percentage points [9][10] - The railway transportation sector had the best performance, with a cumulative increase of 5.09% during the same period [10] - Year-to-date, the transportation sector has underperformed the CSI 300 index, with a cumulative decline of 4.86% [9] Market Environment - The report notes a continued low interest rate environment, with the 10-year government bond yield at 1.65%, down from 1.81% at the end of March 2025 [19] - Trading volumes have rebounded, with daily average transaction amounts for highways, railways, and ports showing significant year-on-year increases [19] Capital Operations - Anhui Expressway plans to raise HKD 522 million through a share placement to Anhui Transportation Holding Group [23] Highway Sector Tracking - In the first two months of 2025, highway passenger traffic was 1.862 billion trips, a slight decline of 0.2% year-on-year, while freight traffic increased by 5.7% to 5.765 billion tons [25] - The report highlights key companies in the highway sector, noting significant revenue and profit changes for companies like Sichuan Chengyu and Ninghu Expressway [32][35][37] Railway Sector Tracking - In March 2025, railway passenger volume reached 337 million, a year-on-year increase of 4.9%, while freight volume was 44.5 million tons, up 2.4% [48] - The report emphasizes the importance of key railway companies and their performance metrics [56] Port Sector Tracking - The report indicates that monitored ports handled 1.048 billion tons of cargo in the past four weeks, a year-on-year increase of 4.5% [58] - Container throughput also showed growth, with a total of 9.5617 million TEUs handled year-to-date, reflecting a 9.6% increase [58]

Group 1 - The A-share market experienced a significant trading volume of 1.09 trillion, with the Shanghai Composite Index achieving an "eight consecutive days" rise, indicating strong market resilience despite external pressures from the US stock market and dollar index declines [1] - The performance of dividend stocks has stabilized and even reached historical highs, contributing positively to market sentiment [1] - The A-share market has entered a concentrated disclosure period for Q1 financial reports, which is expected to influence market atmosphere [1] Group 2 - The cross-border payment concept stocks surged due to favorable policies aimed at enhancing the functionality and global coverage of the RMB cross-border payment system [2] - The large market concept stocks also performed well, supported by policies promoting the development of free trade zones and adjustments in global trade tariffs, which may lead companies to reassess their supply chain strategies [2] - Agricultural chemical stocks showed strong performance as spring farming preparations began, leading to increased demand and rising prices for various pesticide products [2] Group 3 - Gold stocks strengthened as spot gold prices surpassed $3,500 per ounce, driven by concerns over US economic recession and credit risks associated with US debt, leading to a consensus on the "weak dollar-strong gold" narrative [3] - The A-share market's ability to rise despite external market declines suggests a strong underlying strength, with potential for further upward movement if the current trend continues [3]

Core Viewpoints - The first quarter of 2025 saw a stable market overall, but significant differences across industries, with technology sectors showing notable progress and macroeconomic recovery creating market expectations [6][21] - The impact of external demand remains a significant uncertainty for investors, particularly in light of ongoing trade tensions [7][22] Group 1: Market Performance and Trends - The AI and robotics sectors performed well, driven by technological advancements, while traditional sectors like real estate and construction faced pressure [5][21] - The market exhibited structural characteristics, benefiting from technological progress in communications, electronics, computing, and automotive sectors [6][21] - The overall performance of the market was influenced by the lack of clear fundamental themes, leading to a focus on policy impacts on the economy [6][7] Group 2: Investment Strategy and Focus - The investment strategy emphasizes long-term value creation over short-term fluctuations, focusing on structural changes in competitive advantages rather than just growth rates [6][7] - The portfolio remains diversified, with a focus on high-quality companies that can sustain value creation, while also being cautious about external risks [10][12] - The fund managers are committed to maintaining a balance between risk and return, utilizing deep research to identify companies with sustainable competitive advantages [10][12] Group 3: Sector-Specific Insights - The technology sector, particularly AI, is experiencing significant breakthroughs, with domestic companies benefiting from reduced costs and improved efficiency [15][17] - The healthcare sector, especially innovative drugs and devices, is showing potential for valuation recovery despite ongoing pressures from policy changes [16] - The fund is also focusing on the full AI industry chain, with increased investments in semiconductor equipment and AI middleware [17][18] Group 4: Economic Outlook and Policy Impact - The domestic economy is showing signs of recovery, with room for stimulus policies, but external demand fluctuations pose risks to overall economic recovery [7][22] - The ongoing trade tensions are expected to create a challenging environment for exports, but the resilience of the domestic economy and available policy tools provide a buffer [22][27] - The investment approach will continue to adapt to macroeconomic changes, focusing on undervalued assets and sectors supported by policy initiatives [27][31]

4月21日，上证指数收涨0.45%，创业板指涨1.59%。黄金股掀涨停潮，宇树机器人、通用航空、跨境电 商、数字货币、AI应用、消费电子、算力、新能源车等题材表现活跃；银行股回调。市场逾4300股上 涨。高息策略指数成分股方面，焦点科技涨超7%，富奥股份、海澜之家涨超6%，威孚高科、宁波华翔 涨超3%。 相关产品：高股息ETF(563180) 风险提示：基金有风险，投资需谨慎。 以上内容与数据，与界面有连云频道立场无关，不构成投资建议。据此操作，风险自担。 消息面上，2024年年报披露进入高峰期，上市公司分红预案总额突破1.1万亿元，多家公司股东建议分 红，以回报投资者。在新国九条"政策推动下，A股市场对长期资金的吸引力显著增强，年报后的红利 资产备受市场关注。截至4月21日，A股已累计有2262家上市公司披露2024年年报，其中1877家盈利， 385家亏损，合计营收为48.6万亿元，同比增0.17%，合计净利润为4.53万亿元，同比增5.24%。已发布 年报公司中有1696家公司还发布了年度权益分派方案（包括派息、转增及送股），其中1375家年度权益 分派方案为董事会预案，264家方案获股东大会通过，57 ...

Summary of Conference Call Company/Industry Involved - The conference call primarily discusses the A-share market, focusing on various sectors including technology, real estate, construction materials, and chemicals. Core Points and Arguments 1. **Market Adjustment**: The A-share market experienced a noticeable adjustment last week, attributed to the exposure of domestic economic data and upcoming corporate earnings reports in April, marking a verification period for economic performance [2][3][8]. 2. **Performance Correlation**: There is a strong positive correlation between stock performance and earnings reports in April, indicating that investors should focus on fundamental data rather than optimistic narratives [3][10]. 3. **Market Sentiment Indicators**: Indicators of market sentiment, such as style differentiation and turnover rates, suggest an overheated market, particularly in technology stocks, which have yet to show earnings realization [4][5]. 4. **Overseas Risks**: The call emphasizes the importance of overseas risks, particularly the impact of U.S.-China trade investigations and tariffs, which could significantly affect A-share market sentiment [6][8]. 5. **Sector Opportunities**: Despite macroeconomic uncertainties, certain sectors like construction machinery, non-ferrous metals, chemicals, and military industries are expected to show strong performance in upcoming earnings reports [10][11]. 6. **Real Estate Market Dynamics**: The real estate sector is experiencing a unique year, with cash reserves increasing compared to last year, but the potential for a full cycle restart remains challenging due to limited tools available for expansion [12][13]. 7. **Building Materials Sector**: The building materials sector is seeing strong demand, particularly in northern regions, driven by large-scale infrastructure projects, with significant growth in cement sales [18][19]. 8. **Chemical Industry Outlook**: The chemical sector is expected to see price increases for certain products, driven by strong demand and improved supply dynamics, particularly in refrigerants and fertilizers [22][24]. 9. **Steel Industry Confidence**: The steel sector is witnessing a recovery in demand, with low inventory levels and a shift in the demand structure away from real estate, indicating a potential bottoming out of the cycle [34][35][36]. 10. **Coal Market Trends**: The coal market is expected to rebound as demand from construction and infrastructure projects increases, despite recent price declines due to seasonal factors [47][50][51]. Other Important but Possibly Overlooked Content 1. **Investment Strategy Shifts**: The focus of market speculation is shifting towards high dividend-yielding stocks as companies are required to disclose management plans and dividend strategies in their annual reports [28][29]. 2. **Technological and Industrial Innovations**: The call highlights the potential of deep-sea technology and marine engineering as significant growth areas, with companies like China Communications Construction Company being identified as undervalued [31][32]. 3. **Long-term Trends in Commodities**: The chemical and materials sectors are expected to benefit from long-term trends in pricing and demand, particularly in the context of global supply chain adjustments [24][25][46]. 4. **Regulatory Environment**: The impact of regulatory changes on the real estate and construction sectors is noted, with a focus on how these changes could influence market dynamics and investment opportunities [27][28]. This summary encapsulates the key insights and discussions from the conference call, providing a comprehensive overview of the current market landscape and future outlook across various sectors.

Summary of Conference Call on the Coal Industry Industry Overview - The coal sector has experienced significant declines, attributed to the domestic economic recovery and policy adjustments expected in September 2024, which have led to an increase in the overall index, but coal prices have not risen as quickly compared to other sectors [1] - The coal market has been impacted by supply and demand dynamics, with coal prices hitting a four-year low due to these factors [2] Core Insights and Arguments - Long-term policies are seen as stabilizers for coal prices, with coal-fired power generation remaining a primary source of electricity despite challenges from renewable energy sources [3] - The demand for coal power is expected to remain resilient, particularly if hydropower generation falls short during the summer months, potentially leading to a rebound in coal prices [3] - The coal industry is focusing on strict adherence to long-term coal contracts and controlling production to maintain supply-demand balance, which is expected to stabilize coal prices in the second quarter [4][5] - The current valuation of the coal sector is relatively low, with a price-to-earnings (P/E) ratio of 9.77 as of February 28, 2025, compared to a median of 13.2, indicating potential for growth [6] Additional Important Points - The coal sector's price-to-book (P/B) ratio is also low at 1.29, below the median of 1.67, suggesting undervaluation [6] - The Chinese government is encouraging long-term investment strategies, which may lead to increased inflows from insurance and social security funds into the market [8] - The focus on high dividend yields and low valuations in the coal sector presents an attractive investment opportunity, especially as policies are expected to support economic recovery [7] - Recommendations for investment include stable, long-term profit generators like China Shenhua and Shaanxi Coal and Chemical Industry, as well as integrated coal-electricity companies [9] Conclusion - The coal industry is navigating through a challenging environment with policy support and a focus on long-term stability, presenting potential investment opportunities for those looking for stable returns in a low-risk environment [10]

Group 1: Core Views - The coal price is expected to find a reasonable bottom support at 640-650 RMB/ton, with the industry unlikely to return to 2015 levels [1] - The coal sector is anticipated to see an upward turning point in April 2025, with prices expected to rebound in June due to summer peak demand [2] - The focus on dividend assets is expected to increase due to intensified market volatility from trade frictions [1] Group 2: Thermal Coal Insights - The coal industry has released sufficient risk, and upward potential is expected after April 2025, with the northern Huanghua Port Q5500 price stable at 675 RMB/ton [2] - Domestic production in Xinjiang has decreased, and coal transportation has shown a decline, while overseas imports are expected to decrease starting March [2] - Non-electric coal demand is projected to accelerate in April, potentially driving coal prices back up [2] Group 3: Coking Coal Analysis - The bottom for coking coal prices is expected to be established alongside thermal coal prices, with the main coking coal price at 1380 RMB/ton remaining stable [3] - The introduction of a market-oriented index by the Mongolian Exchange aims to boost exports, although supply and demand for coking coal remain under pressure [3] - The first round of price increases for coke has begun, but the rebound potential is limited [3] Group 4: Industry Review - As of April 12, 2025, the main coking coal price at Jing Tang Port is 1380 RMB/ton, with a total inventory of 339.9 million tons across three ports [4] - The Australian Newcastle Port Q5500 offshore price increased by 1 USD/ton, while the northern port's price is 650 RMB/ton higher than Australian imports [4] - The cost of Australian coking coal has risen by 5 USD/ton, with domestic coking coal being cheaper than imported hard coking coal by 213 RMB/ton [4]