■谢若琳 6月5日，上交所召开高分红重回报暨上市公司价值提升座谈会，就进一步提升高分红、高股息率上市公 司估值进行深入交流探讨，充分听取意见建议。 上市公司现金分红是资本市场的基础性制度之一，也是保护投资者权益、强化股东回报的重要体现。积 极分红，不仅能确保各类投资者共享公司发展成果，提高公司估值，长期来看也有助于持续提升A股投 资价值，稳定市场情绪，促进资本市场健康稳定发展。 以上市公司兖矿能源为例，与上市之初相比，该公司收入和利润分别增长31倍、18倍，分红比例则由 35%提升至60%。这些数字背后，是一条清晰的轨迹——公司高速发展的同时保障股东回报同步增长。 新"国九条"发布以来，政策持续引导上市公司提升回报投资者意识、加大现金分红力度。中上协最新数 据显示，有3751家上市公司公布或实施2024年经营年度现金分红方案，分红总额近2.4万亿元，创历史 新高。 需要指出的是，尽管A股分红生态在政策推动下持续改善，但相对成熟市场来说，仍有提升空间：一是 不同行业分红差距大，比如银行业上市公司现金分红的额度显著领先其他行业；二是"铁公鸡"现象仍然 存在，部分公司连续多年盈利却不履行分红承诺；三是主动分红意识有 ...

Core Viewpoint - The WAVES 2025 conference aims to bring together young entrepreneurs, investors, and industry leaders to discuss the future of venture capital, focusing on themes such as AI, globalization, and value reassessment [2][8]. Event Details - The conference will take place on June 11-12, 2025, at the Hangzhou Liangzhu Cultural Art Center, featuring separate sessions for investors and entrepreneurs [2][8]. - The agenda includes a variety of discussions and presentations, with a focus on the impact of AI and emerging trends in the venture capital landscape [8][9]. Key Themes and Discussions - The event will cover topics such as the "new era" of venture capital, the role of young innovators, and the influence of AI on various industries [7][8]. - Specific sessions will include discussions on AI applications, investment trends, and the evolution of the venture capital market over the past year [8][10]. Notable Speakers and Participants - The conference will feature prominent figures from the investment community, including CEOs and founders from various capital firms and tech companies [5][10]. - Notable speakers include Feng Dagang (CEO of 36Kr), Li Wei (founder of Songhe Capital), and other influential leaders in the venture capital space [5][10]. Entrepreneurial Showcase - The "00s Night" segment will highlight stories from young entrepreneurs, showcasing their innovative approaches and challenges in the business world [22][23]. - Participants will include a diverse group of young individuals who have made significant strides in various sectors, emphasizing the potential of the new generation in reshaping traditional business models [22][23].

零售气量小幅下滑，销气毛差持续改善 机构：华泰证券 研究员：王玮嘉/黄波/李雅琳/胡知 6 月4 日华润燃气出席了我们组织的2025 年中期策略会，会上公司强调暖冬与关税冲击导致零售气量小 幅下滑，综合服务受舆情影响，综合能源表现亮眼。尽管短期业绩承压，但公司重申通过分红+回购等 方式提升股东回报。 我们认为可持续利润占比上升、自由现金流提升带来价值重估，关注回调后的布局窗口，维持"增持"评 级。 公司正式启动回购计划，拟回购注销不超过3%股份，以6 月4 日收盘价计算合计需15 亿港元；公司明 确提升25 年派息率，若25 年DPS 同比持平，则分红支出合计不低于21 亿港元。资本开支优化，经常性 支出向综合能源倾斜、管网置换与接驳新建相关支出压缩空间有限，战略性支出维持低位。 维持盈利预测和目标价， 可持续利润占比上升带来价值重估 我们维持公司25-27 年归母净利为 44/49/55 亿港币，EPS为1.90/2.13/2.38港币（三年预测期 CAGR10%）。维持目标价28.5 港币，基于15x 25E PE，高于五年历史均值（12xPE）。零售气与双综 等可持续业务利润占比上升，业绩不确定性因素逐 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of HKD 28.50 [7]. Core Views - The company emphasizes that despite short-term performance pressure due to a warm winter and tariff impacts leading to a slight decline in retail gas volume, it aims to enhance shareholder returns through dividends and share buybacks [1]. - The report suggests that the increase in sustainable profit contribution and improved free cash flow will lead to a revaluation of the company's value, indicating a potential buying opportunity after recent price corrections [1]. Summary by Sections Retail Gas Volume and Margin Improvement - From January to April, the company's retail gas volume experienced a slight year-on-year decline, which was less than the national average decline of 2.2%. Industrial gas volume decreased due to tariff impacts on the export industry, while residential gas volume grew, supported by an increase in connected users. However, the average household gas consumption declined due to the warm winter [2]. - The overall gross margin improved slightly year-on-year, with better recovery in residential gross margin compared to the overall margin, and stable gross margin in industrial and commercial sectors. LNG spot prices have decreased, which is expected to further lower procurement costs in 2025 [2]. Impact of Real Estate Downturn and Service Segmentation - The company reported a year-on-year decline in new residential connections from January to April, with expectations of a 20% decrease in new home connections for 2025. The proportion of old home renovations is expected to rise to 30%, which may continue to suppress profit margins [3]. - There is a divergence in performance between comprehensive energy and comprehensive services, with comprehensive energy revenue growing year-on-year, while comprehensive services remained flat due to public sentiment impacts and government oversight [3]. Shareholder Returns and Capital Expenditure Optimization - The company has officially launched a share buyback plan, intending to repurchase up to 3% of its shares, which would require approximately HKD 1.5 billion based on the closing price on June 4. The company has also committed to increasing the dividend payout ratio for 2025, with total dividend expenditure expected to be no less than HKD 2.1 billion if the DPS remains flat year-on-year [4]. - Capital expenditures are being optimized, with regular expenditures directed towards comprehensive energy, while there is limited room for reducing expenditures related to pipeline replacement and new connections [4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with expected net profits for 2025-2027 at HKD 4.4 billion, HKD 4.9 billion, and HKD 5.5 billion respectively, and EPS projected at HKD 1.90, HKD 2.13, and HKD 2.38, reflecting a CAGR of 10% over three years [5]. - The target price of HKD 28.50 is based on a 15x PE for 2025E, which is above the five-year historical average of 12x PE. The increasing contribution of sustainable business profits is expected to reduce performance uncertainty and lead to a revaluation of the company's value [5][11].

苏文杰 (2) 0000 01 今年初，以DeepSeek为代表的一系列科技进展，一度引发中国资产价值重估。对于当前中国科技股的 表现，苏文杰仍然持乐观态度。 他表示："在科技股中已经有些细分板块表现得非常亮眼。硬件方面，我们比较关注自主可控相关行 业，半导体是一个很好的例子。此外，鉴于中国、日本和韩国都有望在接下来的50年间缩减大量的劳动 力密集型产业，因此人形机器人或者自动化生产相关板块会涌现巨大的机遇。" 软件方面，现阶段苏文杰更关注AI模型发展中能够提升生产效率的方向。他解释道，类似于移动互联 网，AI大模型同样可以划分为三个发展阶段：第一阶段是部署开发相应的基础设施，包括数据中心、 半导体设备等；第二阶段主要关注产品和服务开发的效能提升，即增加生产效率；第三阶段，将会有一 些头部公司取得突破性发展，进一步推动技术的大幅进步。 ◎记者 汪友若 "外国投资者对于中国市场的信心正在恢复，部分已经回到中性的看法，有些则已经重新调整为高配。 我仍然看好中国市场的表现。在亚太地区内，我们认为中国和印度市场都将维持上升的态势。"日前， 摩根大通亚太区股票研究部主管苏文杰（James Sullivan）在接受上海证 ...

W AVES 2025 邀您一起走向新纪元。 今年的WAVES大会，将在良渚文化艺术中心的"大屋顶"下展开。这座由日本建筑大师安藤忠雄设计的良渚 的精神地标，将为WAVES提供独特的文化、艺术、创造的空间。在这里，今年的WAVES将打造一个活跃、 国际化、人文融合的创投生态圈，邀请创投领域顶级投资人、新锐企业创始人，抑或是深耕科技、创新、 商业的科学家、创作者与学者，一起讨论、寻找、走向"新纪元"。 一场平衡了"智性思考" 与"青春想象"的狂欢盛宴 在持续两日的"WAVES大会"上，在良渚的晨光与暮色之间，我们将搭建两个平行的思想宇宙，一边是体系 化的思考框架，一边是野蛮生长的商业力量——主会场的穹顶下，投资人与青年创业者将重构创投的语 法，我们会讨论AI、全球化与价值重估。转角的分会场剧场内，年轻的造梦者们将用TED式的独白，拆解 他们眼中的商业理想和未来世界。 值得期待的，还有分会场当晚的"00后之夜 "！这是一场聚焦"00后"群体的自我主张表达大会，在表达与交 流、赞同与反对中——真实的交流、思想的碰撞，等待你的到来！ 2024年的创投圈，像极了钱塘江的潮水——表面波澜不惊，水下暗流汹涌。AI赛道的沸腾 ...

兴业证券全球首席策略分析师张忆东表示，在2025年下半年乃至更长远的未来，中国资本市场大有可 为，A股有望呈现出"指数稳，结构牛"的局面。中国资产有望迎来价值重估的配置机遇，关键性亮点在 于科技和新兴消费两方面。 立足当下，展望未来，光大证券策略首席分析师张宇生从流动性视角切入，他认为："基本面的修复进 程或将呈现温和且渐进的特征，宏观、微观流动性共振与产业升级有望驱动市场上涨，在中长期资金有 望成为市场重要增量资金之一的背景下，A股市场或将呈现结构性牛市上涨特征。" "2025年下半年，资本市场有望呈现'股债双牛'的走势。"浙商证券首席经济学家李超表示，策略方面， 以红利为本，以科技突围。红利相关板块可能受益于公募新规下机构的配置方向调整，科技板块也有望 出现一定的超额收益。 有望呈现"股债双牛"走势 浙商证券以"柳暗花明，股债双牛"明确市场趋势，开源证券聚焦"大变局下，投资范式的变与不变"，兴 业证券提出"有惊无险，乱中取胜"。上述关键词共同传递出一个核心判断：新一轮价值发现进程已悄然 启动，资本市场正迎来新的发展机遇。 近期，各大券商密集召开2025年中期策略会，围绕下半年A股市场走势与投资策略展开深度 ...

Core Viewpoint - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of public funds, which aims to increase the weight of fund performance assessments and guide public funds to align with benchmark index holdings, potentially reversing the long-term underweighting of bank stocks in public funds [1] Group 1: Valuation and Market Position - Ping An Bank's stock price has retraced 52% from its peak of 23.68 yuan in 2021, indicating a significant valuation bottoming process [2] - The bank's price-to-book ratio is currently at 0.51, marking a historical low at the 7.72% percentile over the past decade [3] - The bank's dividend yield has increased to 5.34%, positioning it among the leaders in its peer group [4] Group 2: Dividend Policy and Shareholder Returns - In 2024, Ping An Bank increased its total dividend by 13.2 billion yuan compared to 2023, with cash dividends accounting for 28.32% of net profit attributable to ordinary shareholders [10] - The bank's management has expressed a commitment to maintaining a high and stable dividend payout ratio to reward shareholders [10] Group 3: Risk Management and Strategic Adjustments - Ping An Bank has shifted from a scale-driven to a quality-driven approach, proactively reducing high-risk assets and improving asset quality [12][13] - As of March 2025, the bank's personal loan non-performing ratio was 1.32%, down 7 basis points from the end of 2024, with credit card non-performing ratios also declining [13] - The bank has actively written off 17.065 billion yuan in loans and recovered 9.425 billion yuan in non-performing assets in Q1 2025 [13] Group 4: Business Development and Growth Strategies - The bank is focusing on high-quality customer acquisition through refined management of deposits and wealth management, achieving a 12.5% year-on-year increase in wealth management fee income [14] - Ping An Bank has increased its corporate loan balance by 4.7% year-on-year, with significant new loan issuance in key industries [15] - The bank is also expanding its support for emerging industries, with a 32.7% year-on-year increase in new loans to these sectors [15] Group 5: Long-term Strategic Vision - The bank's dual focus on retail and corporate banking is seen as a strategic necessity for sustainable development, reflecting a balance between short-term challenges and long-term goals [16] - The ongoing reforms at Ping An Bank are viewed as a proactive response to industry cycles, aiming to establish a solid foundation for future growth [17]

Core Concept - Spin-off listing is an important capital operation method that is increasingly attracting attention from companies and investors, providing new development opportunities for companies and more investment choices for investors [1] Definition and Main Forms - Spin-off listing refers to the process where a parent company separates part of its business or assets to establish a new subsidiary, which is then publicly listed on the securities market, focusing on asset segmentation and equity restructuring [2][3] - Domestic spin-off listing involves the parent company listing the subsidiary on domestic exchanges like A-shares, while overseas spin-off listing involves listing on foreign exchanges such as Hong Kong or the US [2] Special Types of Spin-off Listings - Spin-off listing with parent company delisting occurs when the parent company spins off its core business and then delists itself, transforming into a holding company [4] - Reverse spin-off happens when the subsidiary surpasses the parent company in scale and leads the listing process [4] Main Purposes of Spin-off Listings - Value re-evaluation and financing: Independent listing allows the market to price the subsidiary's business value accurately, avoiding underestimation within the parent company [9] - Business focus and management optimization: The parent company can concentrate on core business while the subsidiary operates independently, enhancing decision-making efficiency [9] - Risk isolation and shareholder returns: Independent subsidiaries bear their operational risks, protecting the parent company from potential losses [9] - Compliance and strategic layout: Spin-offs can help meet regulatory requirements and facilitate strategic transformations [9] Key Conditions for Spin-off Listings - Parent company must be listed for at least three years, have continuous profitability for the last three years, and maintain at least 50% ownership of the subsidiary post-spin-off [5] - Subsidiary must operate independently without competition with the parent company and maintain sound internal controls [6] - Financial indicators include the subsidiary's net profit not exceeding 50% of the parent company's and asset proportion not exceeding 30% [7] Advantages and Disadvantages of Spin-off Listings - Advantages for the parent company include releasing subsidiary value, focusing on core business, and potentially lowering debt ratios [10] - Advantages for the subsidiary include enhanced brand recognition, broader financing channels, and talent attraction through equity incentives [10] - For investors, spin-offs provide transparency, making it easier to assess the potential of specific business segments [10] - Disadvantages include weakened synergies post-spin-off, valuation volatility risks, and increased regulatory compliance costs [10][12] Differences Between Spin-off Listing, Spin-off, and Split-off - Spin-off listing allows both parent and subsidiary to be independent listed companies, with parent shareholders typically receiving subsidiary shares [12] - Pure spin-off involves distributing shares of the subsidiary to parent shareholders without listing [12] - Split-off allows parent shareholders to exchange part of their shares for subsidiary shares, often used in privatization or restructuring [12]

Group 1: Core Business Performance - JD Group achieved revenue of 301.1 billion RMB (approximately 41.5 billion USD) in Q1 2025, a year-on-year growth of 15.8%, marking the highest growth rate in nearly three years, significantly exceeding market expectations [2] - The retail business generated revenue of 263.8 billion RMB with a year-on-year growth of 16.3%, reaffirming its core position within the group [2] - The growth in JD's retail business is supported by an overall recovery in the consumption environment, with a reported 4.6% year-on-year increase in social retail sales in Q1 2025 [2][3] Group 2: Strategic Initiatives and Ecosystem Development - JD is implementing a "100 billion plan" to support brand merchants, aiming for significant sales milestones for new products, thereby enhancing the platform's product diversity and user experience [3] - The company is focusing on an open platform strategy, reducing entry barriers for third-party merchants, which has led to double-digit growth in both user numbers and order volume [3] - JD's logistics network, consisting of over 1,600 self-operated warehouses and 2,000 third-party cloud warehouses, has become a crucial support for its core business, achieving revenue of 46.97 billion RMB in Q1 2025, a year-on-year increase of 11.5% [4] Group 3: Expansion into New Markets - JD's entry into the food delivery market represents a strategic breakthrough, with significant subsidies for merchants and riders to enhance service quality and attract users [5][6] - The food delivery service has seen explosive growth, with daily order volume surpassing 1 million shortly after launch, indicating strong market acceptance [6] - The integration of high-frequency food delivery with other retail categories is expected to enhance overall operational efficiency and user engagement [6][7] Group 4: Long-term Vision and Innovation - JD's approach emphasizes the importance of technology and innovation as foundational drivers, with substantial investments in R&D totaling 145.6 billion RMB [8][9] - The company aims to evolve from a transaction platform to a comprehensive urban service operator, leveraging its logistics capabilities to support a broader range of services [7][9] - JD's growth strategy highlights the need for a virtuous cycle of efficiency improvement and value creation through technological empowerment and ecosystem collaboration [9]