中央经济工作会议释放的内需刺激信号持续发酵，叠加A股年末日历效应的双重加持，易方达价值ETF（基金代码：159263）所跟踪的国证价 值100指数为代表的低估值优质资产，或许正迎来政策与市场的双重布局窗口。 一、内需政策利好来袭，低估资产或迎关注窗口 中央经济工作会议围绕"扩内需、稳物价、促增长"形成政策组合拳，为消费行业和顺周期资产托底支撑。会议把"扩大国内需求"放在首要位 置，重点推进新一轮大规模设备更新和消费品以旧换新——国补政策不仅继续有，还做得更精准，另外还有 5000亿元超长期特别国债专门支持 内需扩容。同时制定实施城乡居民增收计划，通过稳定就业、提高基础养老金等举措，从根本上提升居民消费能力。 会议首次明确"把促进经济稳定增长、物价合理回升作为货币政策的重要考量"，这给消费市场吃了颗定心丸。物价合理回升能有效改善企业盈 利预期，避免低价竞争对行业的拖累，同时稳定居民消费决策，为家电、汽车等大宗消费的持续复苏提供良好环境。 国证价值100指数的行业布局与政策导向高度契合。指数前三大行业涵盖家用电器、银行、有色金属，合计占比近50%，较为匹配以旧换新、 大宗消费升级和稳物价政策的受益方向。且指数当前 ...

Core Viewpoint - Haitong International issued a report on August 13, giving China Minmetals Energy (600163.SH) an outperform rating, citing factors such as weak wind power resources in Fujian for Q2 and the focus on quality project expansion [2] Summary by Categories Company Performance - The report highlights that Fujian's wind power resources were weak in Q2 [2] - The company is focusing on project development to explore quality incremental opportunities [2] Market Conditions - The report indicates potential risks including downward pressure on electricity prices and fluctuations in wind resources [2] - There is also a risk that project progress may not meet expectations [2]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 6.05 based on a 15.5x PE for 2025 [5][9]. Core Insights - The company's wind power assets in Fujian are of high quality, and the power supply-demand situation in Fujian is favorable, indicating potential for renewable energy absorption [11]. - The current valuation shows a strong safety margin with a PB of 1.4x and a PE of 13x for 2025E, alongside expectations for asset injections, making it a long-term investment opportunity [11]. - The company experienced a decline in power generation in Q2 2025, with a total of 0.51 billion kWh generated, down 18% year-over-year, primarily due to weak wind resources [10][11]. Financial Summary - The projected financials indicate total revenue of RMB 1,732 million for 2023, with a slight increase to RMB 1,741 million in 2024, and expected growth to RMB 2,144 million by 2027 [4]. - Net profit attributable to the parent company is forecasted to decrease from RMB 678 million in 2023 to RMB 651 million in 2024, before rising to RMB 851 million by 2027 [4]. - The estimated EPS for 2025 is RMB 0.39, increasing to RMB 0.45 by 2027 [5][9]. Project Developments - The company has several projects in the pipeline, including the Chang Le offshore project with a total investment of RMB 7.3 billion, expected to contribute approximately RMB 0.5 million to annual net profit [12]. - Another project, the Chang Le B area offshore wind project, has an estimated annual net profit contribution of RMB 0.2 million [12]. - A total of 480,000 kW fishery-PV projects have been filed, with an expected annual net profit contribution of RMB 0.4 million [12].

Group 1 - The Hong Kong Dividend ETF (513530) has seen continuous net inflows for 22 trading days since April 24, 2025, reaching new highs in both scale and shares, with a year-to-date increase of over 50% [1] - As of May 28, 2025, the ETF's latest dividend yield is 7.88%, surpassing major A-share dividend indices such as CSI Dividend (6.35%) and Shenzhen Dividend (3.89%), highlighting its investment value [1] - The ETF's latest price-to-book ratio is only 0.63, indicating a combination of high dividends and low valuations, which may provide sustained long-term value for the Hong Kong dividend strategy [1] Group 2 - The Hong Kong Dividend ETF (513530) is the first ETF to invest in Hong Kong stocks through the QDII model, offering a more favorable tax structure compared to traditional channels, potentially reducing dividend tax costs for long-term holders [2] - The fund management company, Huatai-PineBridge Fund, has over 18 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006, creating a diverse range of strategies [2] - The two largest dividend-themed ETFs in the A-share market, with scales exceeding 15 billion, are the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890), with respective scales of 20.073 billion and 16.705 billion [2]