联合电话会议：如何看待大金融板块走势的分化？ 20260629 摘要 银行板块作为核心红利资产，2022 年至 2024 年已形成强共识，受长 线资金青睐，呈现向上趋势，而央行货币政策调整预期及季末调仓需求 导致近期银行股小幅回调。 中长期来看，银行板块因其股息率相对优势（国有大行加权平均股息率 4.07%）和业绩分红确定性，对配置资金（尤其是险资）具有吸引力， 负债成本下降也为银行股上涨打开空间。 银行业绩稳定性源于丰厚的资产基础和较小的业绩波动，2024 年上市 银行整体利润增速为 2.35%，预计 2025 年保持稳定增长，自营债券浮 盈、投资收益和拨备是主要支撑因素。 边际变化显示息差降幅有望收窄，利好银行业绩增速。2025 年一季度 净息差环比下降 9 个 BP，优于 2024 年一季度下降 13 个 BP，受益于 存款利率下调等政策。 资金流向显示，2025 年以来南向资金持续增配港股银行股，公募基金 对内地市场金融板块配置比例提升至 3.75%，银行板块低配比例接近 11 个百分点，未来仍有增配空间。 Q&A 今年以来大金融板块内部走势分化的现象是什么原因导致的？ 今年以来，大金融板块内部走势分 ...

Core Viewpoint - The company, Haixing Electric Power, is implementing a share buyback plan to stabilize the market and boost investor confidence, with a buyback amount between 100 million and 200 million yuan, indicating a commitment to enhancing long-term value [1] Group 1: Share Buyback and Financial Performance - Haixing Electric Power announced a share buyback plan to repurchase between 2.86 million and 5.71 million shares, representing 0.59% to 1.18% of its total share capital, with a buyback price ceiling of 35 yuan per share, significantly higher than the current price of 25.98 yuan [1] - The company has a strong financial position, with cash reserves of 2.065 billion yuan and a low debt ratio of 23.69%, which has decreased year-on-year [2] - Since its listing in 2016, Haixing Electric Power has consistently paid dividends, totaling 1.965 billion yuan, with a payout ratio of 54.46% [1][2] Group 2: Revenue and Profit Trends - The company's revenue has shown consistent growth, with figures of 3.31 billion yuan, 4.2 billion yuan, and 4.717 billion yuan from 2022 to 2024, all achieving double-digit year-on-year growth [2] - However, in the first quarter of 2025, the company faced a decline in performance, with revenue dropping by 12.99% to 785 million yuan and net profit decreasing by 34.07% to 141 million yuan [3] - Despite the recent challenges, the company has maintained high investment in research and development, with R&D expenses increasing to 311 million yuan in 2024, totaling 824 million yuan over three years [3]