老读者都知道，最近五六年，我的大部分仓位都在港村，其中主要是通过港股通购买，还有一些是通过 港股账户购买。很多人不喜欢港村，这个我完全能理解，因为太虐。举例来说，腾讯那么好的公司，前 几年最低被砸到180港币，大约7PE左右；甚至还有一堆1PE、2PE的公司，比方说中国太平，堂堂大央 企，前几年最低的时候就是2PE不到，到现在股价涨了4倍左右还只有7PE。 其中最核心的一点还是分红和回购，保证了你只要不上杠杆就迟早满血复活，相当于开了"不败"这个 挂。 这就和打牌一样，你这把输了没关系，过一会儿血槽又满了，又可以干下一把，水平差点也总有赢的时 候。 我买过的一个票，中国心连心化肥，印象中最低是1.5PE，目前涨了很多倍还不到7PE。这些票也分 红，好的时候股息率高于10%，甚至中远海控H股息率到过50%左右，所以你简直无法理解为何估值水 平那么低。 所以这就是一个特别搞心态的场子，看股价的话，每天心都很累。主要原因就是流动性不足，现在每天 有2000亿左右成交已经很好了，差的时候只有几百亿，大约只有A村的十分之一左右。但是港村也给投 资人开了三个挂。 1、分红高，回购给力，去年一共分红1.35亿港币，回购26 ...

Core Viewpoint - Gree Electric Appliances held its second extraordinary general meeting of shareholders in 2025, where key topics such as dividend distribution, channel transformation, and internationalization strategy were discussed [1][3] Dividend Distribution - The meeting approved a mid-term profit distribution plan, with a cash dividend of 10 yuan per 10 shares (including tax), totaling 5.585 billion yuan [1] - Since its listing, Gree has raised a total of 5 billion yuan but has distributed over 170 billion yuan in dividends, highlighting the company's commitment to shareholder returns [3] Management and Leadership - Gree's new president, Zhang Wei, and other senior executives took a more prominent role in addressing shareholder questions, with Chairwoman Dong Mingzhu summarizing the discussions at the end [3] - Dong emphasized the importance of creating value for consumers as the foundation for sustainable profitability and subsequent dividends [3] Business Strategy - Gree's diversification strategy includes the launch of "Dong Mingzhu Health Home" stores, with over 1,000 locations established since February, achieving a sales ratio of 1:1 between air conditioning and non-air conditioning products in some stores [3][4] - Non-air conditioning products like refrigerators and washing machines are becoming key profit centers for dealers, while air conditioning is positioned as a cost-supporting business [4] Channel Transformation - Starting January 1, Gree will implement a 10-year free warranty for air conditioning, refrigerators, and washing machines [5] - The company is pursuing a flat channel transformation to eliminate middle layers, allowing direct communication between end dealers and headquarters [5] International Expansion - Gree has shifted from primarily OEM exports to nearly 80% of its exports being under its own brand, focusing on emerging markets in Africa and Latin America for future growth [5] - The company plans to leverage existing traditional sales channels from its home appliance business to support its global market expansion [6] B2B Business Development - Gree has expanded its industrial products and green energy sectors, with a focus on smart equipment in various fields, including new energy vehicle components and robotics [6] - The sales strategy for machinery includes a combination of direct sales and agency models, with ongoing development of agency channels in Southeast Asia, India, and Russia [6]

Core Viewpoint - Gree Electric Appliances held its second extraordinary general meeting of shareholders for 2025, addressing various topics including product planning, channel transformation, dividend repurchase, and international expansion [2]. Dividend Distribution - The meeting approved the 2025 interim profit distribution plan, with 2,331,422,068 shares voting in favor, representing 99.8959% of the total valid voting rights [7]. - Gree plans to distribute a cash dividend of 10 yuan (before tax) for every 10 shares, totaling 5.585 billion yuan [9]. - The chairman emphasized the importance of sustainable business practices, stating that Gree has distributed over 170 billion yuan in dividends since its listing, despite raising only 5 billion yuan in funds [9]. Business Strategy and Product Development - Gree's sales director reported that since the launch of the "Dong Mingzhu Health Home" in February, over 1,000 stores have opened, with sales shifting from a 7:3 ratio of air conditioners to non-air products to a more balanced 1:1 [10]. - The company is undergoing a channel transformation aimed at flattening the structure, allowing direct communication between end distributors and headquarters [10]. - The chairman defended the company's diversification strategy, stating that success lies in focusing on core technologies and expanding into related fields, rather than merely adhering to traditional specialization [11]. Management and Leadership - The chairman has adopted a more reserved approach, allowing younger management team members to take the lead, as suggested by a former independent director [11].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a significant drop in Q3 performance, while also announcing a share buyback plan to enhance shareholder value [1][5]. Financial Performance - Revenue for the first three quarters of 2025 was 167.6 billion yuan, down 4.1% year-on-year; Q3 revenue was 58.5 billion yuan, down 20.4% year-on-year but up 14.4% quarter-on-quarter [1]. - Net profit attributable to shareholders for the first three quarters was 27.07 billion yuan, down 29% year-on-year; Q3 net profit was 9.53 billion yuan, down 55.1% year-on-year but up 63.2% quarter-on-quarter [1]. - Excluding non-recurring items, net profit for the first three quarters was 26.97 billion yuan, down 29.1% year-on-year; Q3 was 9.50 billion yuan, down 55.3% year-on-year but up 63.1% quarter-on-quarter [1]. Business Segments - In Q3, the estimated revenue from container shipping was approximately 56.23 billion yuan, down 21.2% year-on-year, while supply chain revenue (excluding shipping) was 11.31 billion yuan, up 4.8% year-on-year [3]. - Container shipping line revenue was 51.78 billion yuan, down 23% year-on-year but up 15% quarter-on-quarter; performance varied across routes, with significant declines in trans-Pacific and Asia-Europe routes [3]. - Q3 container volume was 6.903 million TEU, up 4.9% year-on-year and 1.5% quarter-on-quarter [3]. Pricing and Cost Analysis - The average revenue per container in Q3 was 1,052 USD/TEU, down 27% year-on-year but up 14% quarter-on-quarter; foreign trade container revenue was 1,276 USD/TEU, down 26% year-on-year but up 16% quarter-on-quarter [3]. - Estimated cost per container in Q3 was approximately 879 USD/TEU, down 2.3% year-on-year, resulting in a gross profit of 263.9 USD/TEU, down 57.7% year-on-year [3]. Profitability Metrics - Q3 EBIT margin for container shipping was approximately 20.9%, down 18.4 percentage points year-on-year but up 7.1 percentage points quarter-on-quarter; net profit margin was 16.2%, down 15.7 percentage points year-on-year but up 5.6 percentage points quarter-on-quarter [4]. - Terminal business revenue in Q3 was 3.08 billion yuan, up 8.1% year-on-year, with a gross margin of 26.0%, down 2.9 percentage points year-on-year [4]. Market Outlook - For Q4, expectations are for price support in main shipping routes due to reduced capacity and upcoming contract renewals, despite concerns over geopolitical events affecting shipping routes [4]. - The company maintains a positive outlook on the value of leading container shipping networks, supported by a strong balance sheet and stable shareholder returns [5]. Valuation and Investment Recommendations - The company is projected to have net profits of 31.04 billion, 20.23 billion, and 21.78 billion yuan for 2025-2027, with corresponding PE ratios of 7, 11, and 11 times [5]. - Current valuations for H and A shares are seen as having a safety margin, with significant pessimistic expectations already priced in [6].

Core Insights - The overall performance of listed companies in China has shown continuous improvement, with total operating revenue reaching 53.46 trillion yuan and net profit at 4.70 trillion yuan for the first three quarters of 2025, reflecting year-on-year growth of 1.36% and 5.50% respectively [2][3] Group 1: Overall Performance - A total of 4,183 listed companies reported profits, with nearly 80% achieving positive earnings, and 3,182 companies showing revenue growth [2] - In Q3 alone, revenue and net profit increased by 3.82% and 11.45% year-on-year, and by 2.40% and 14.12% quarter-on-quarter, indicating a significant acceleration in growth compared to the first half of the year [2] - Major indices such as the Shanghai 50 and CSI 300 saw net profit growth rates of 3.80% and 6.46%, respectively, marking a notable recovery in profitability [2] Group 2: Industry Performance - The semiconductor and hardware equipment sectors exhibited the fastest revenue growth rates at 20.9% and 16.8%, respectively, while several other industries, including non-bank financials and automotive, also reported growth rates above 7% [3] - In terms of net profit, the steel, software services, and semiconductor industries led with growth rates of 402.0%, 121.6%, and 46.6% respectively [3] - China National Petroleum Corporation and Sinopec ranked first and second in revenue, generating 2.17 trillion yuan and 2.11 trillion yuan, respectively [3] Group 3: High-Quality Development - The role of innovative companies has become more prominent, with significant revenue and profit growth reported in the ChiNext, STAR Market, and Beijing Stock Exchange [4] - The total market capitalization reached 107.32 trillion yuan, with the electronics sector leading, accounting for 12.42% of the total market value, an increase of nearly 3 percentage points since the beginning of the year [4] Group 4: Innovation and R&D - Listed companies have actively pursued innovation, with total R&D investment reaching 1.16 trillion yuan, marking a year-on-year increase of 3.88% [5] - The R&D intensity across the market stands at 2.16%, with the ChiNext and STAR Market showing higher intensities of 4.54% and 11.22% respectively [5] Group 5: Shareholder Returns - A total of 1,033 companies announced cash dividend plans, with a total cash dividend amounting to 734.9 billion yuan, an increase from the previous year [7] - The market has seen a total of 1,195 companies release 1,525 buyback plans, with completed buybacks amounting to 92.3 billion yuan [7]

Group 1 - The overall performance of listed companies in China has improved, with nearly 80% of companies reporting profits in the first three quarters of 2025 [1] - Total operating revenue for listed companies reached 53.46 trillion yuan, with a year-on-year growth of 1.36%, while net profit was 4.7 trillion yuan, growing by 5.5% [1] - The number of companies with positive revenue and net profit growth is significant, with 3,182 companies reporting revenue growth and 2,467 companies reporting net profit growth [1] Group 2 - The growth of technology-driven companies is notable, with the ChiNext, STAR Market, and Beijing Stock Exchange reporting revenues of 32,486.28 billion yuan, 10,142.07 billion yuan, and 1,450.68 billion yuan respectively, and net profits of 2,446.61 billion yuan, 441.25 billion yuan, and 92.03 billion yuan [1] - The total market capitalization reached 107.32 trillion yuan, with the electronics sector leading at 12.42% of the total, an increase of nearly 3 percentage points since the beginning of the year [1] Group 3 - The frequency of cash dividends and share buybacks has increased, with 1,033 companies announcing cash dividend plans, an increase of 141 from the previous year [2] - The total cash dividend amount for the market reached 7,349 billion yuan, with 89 companies distributing over 1 billion yuan in dividends this year [2] - A total of 1,195 companies announced 1,525 share buyback plans, with 899 completed, and 253 companies announcing multiple buybacks [2]

Core Insights - The overall performance of listed companies in China's stock market continues to improve, with significant contributions from technology-driven enterprises, and an increase in dividend and buyback activities, indicating a solid step towards high-quality development [1][2] Group 1: Financial Performance - In the first three quarters, listed companies achieved a total operating revenue of 53.46 trillion yuan and a net profit of 4.7 trillion yuan, representing year-on-year growth of 1.36% and 5.5% respectively [1] - A total of 4,183 listed companies reported profits, with nearly 80% of companies profitable; 3,182 companies experienced revenue growth, and 2,467 companies saw an increase in net profit, with 1,957 companies achieving both revenue and net profit growth [1] Group 2: Technology Sector Growth - The revenue and net profit growth of technology enterprises is notable, with the ChiNext, STAR Market, and Beijing Stock Exchange companies reporting revenues of 32,486.28 billion yuan, 10,142.07 billion yuan, and 1,450.68 billion yuan, and net profits of 2,446.61 billion yuan, 441.25 billion yuan, and 92.03 billion yuan respectively; the growth rates for both revenue and net profit in the ChiNext exceeded 10% [1] - The overall market capitalization reached 107.32 trillion yuan, with the electronics sector leading at 12.42% of the total, an increase of nearly 3 percentage points since the beginning of the year [1] Group 3: Dividend and Buyback Activities - As of October 31, 1,033 listed companies announced cash dividend plans for the first quarter, half-year, and third quarter, an increase of 141 companies compared to the same period last year; 38 companies executed multiple dividend distributions [2] - The total cash dividend amount across the market reached 734.9 billion yuan, with 89 companies distributing over 1 billion yuan in dividends within the year [2] - A total of 1,195 companies released 1,525 buyback plans for 2025, with 899 plans completed; 253 companies announced multiple buyback plans [2]

Core Viewpoint - The enthusiasm for dividend distribution among listed companies is increasing, reflecting a recovery in profitability and a strong willingness to return value to shareholders and boost market confidence [1][3][4]. Group 1: Dividend Distribution Trends - As of October 30, 214 listed companies in A-shares have announced third-quarter profit distribution plans across various industries, including media, electronics, pharmaceuticals, machinery, and agriculture [1]. - Notable companies like Gigabit plan to distribute a cash dividend of 60.00 yuan per 10 shares, totaling approximately 431 million yuan [1]. - Dahua Technology intends to distribute 1.85 yuan per 10 shares, amounting to around 602 million yuan [1]. Group 2: Performance of Newly Listed Companies - Several companies on the Beijing Stock Exchange, such as Dingjia Precision and Shichang Co., have also announced dividend plans, with Dingjia Precision proposing a cash dividend of 6 yuan per 10 shares [2]. - Dingjia Precision reported a revenue of 334 million yuan for the first three quarters, a year-on-year increase of 12.26%, and a net profit of 54.31 million yuan, up 30.53% year-on-year, indicating robust growth [2]. Group 3: Regulatory Influence and Long-term Return Mechanisms - The China Securities Regulatory Commission has encouraged companies to enhance investor returns and adopt measures like "cancellation-based buybacks" to promote sustainable dividend distributions [3]. - Nanshan Aluminum announced a special dividend of 2.584 yuan per 10 shares, with a total payout exceeding 3 billion yuan, reflecting a strong financial foundation [3]. - Since its listing, Nanshan Aluminum has distributed a total of 13.076 billion yuan in dividends, surpassing its total fundraising in the capital market [3]. Group 4: Established Companies and Their Dividend Policies - Hikvision has maintained a strong dividend policy, with cumulative cash dividends of approximately 68.5 billion yuan since its listing, achieving a dividend payout ratio close to 50% [4]. - Hengli Petrochemical has implemented a "annual + interim" dividend system, with total cash dividends reaching 26.1 billion yuan, significantly exceeding the funds raised from the capital market [4]. - Over the past five years, listed companies have distributed over 10.6 trillion yuan through dividends and buybacks, which is 2.07 times the amount raised through IPOs and refinancing [4].

Core Insights - The awareness of listed companies in China to return profits to investors has significantly increased, with over 10.6 trillion yuan distributed through dividends and buybacks during the "14th Five-Year Plan" period, representing an 80% increase compared to the "13th Five-Year Plan" [1] - In 2023, cash dividends from listed companies reached a historical high of 2.13 trillion yuan, and this is expected to rise to 2.4 trillion yuan in 2024, alongside a buyback amount of 910.3 billion yuan, both setting new records [1] Internal Factors - The improvement in profitability and the heightened awareness of returns among listed companies are key internal drivers. In 2024, 75% of listed companies reported profits, with nearly half showing positive net profit growth, and over 500 companies experiencing net profit increases exceeding 100% [2] - The increase in dividends and buybacks, even amidst a slight decline in total net profit for A-shares last year, indicates a significant enhancement in the companies' commitment to returning value to investors [2] External Factors - Regulatory policies have played a crucial role in this transformation. The new "National Nine Articles" introduced on April 12, 2024, aims to systematically reshape the foundational systems and regulatory logic of the capital market, including strengthening cash dividend regulations for listed companies [3] - The introduction of measures to encourage buybacks and the combination of dividend policies with risk warning systems have effectively increased the willingness and action of listed companies to distribute dividends [3] Investor Confidence - The confidence of investors is largely driven by the profit-making effect, with dividends providing a tangible sense of gain. The trend of buybacks has shifted towards more frequent cancellations of repurchased shares, which directly enhances earnings per share and benefits all shareholders [4] - A robust capital market with significant profit-making effects boosts investor confidence and reinforces the value investment philosophy, thereby enhancing the financing capabilities of listed companies and promoting their growth [4]

Core Insights - Guizhou listed companies have shown strong performance in the first half of 2025, with 25 companies reporting profits and 19 companies achieving year-on-year revenue growth, leading to the highest compound growth rates in net profit and revenue nationally over the past five years [1][5] Revenue Growth - Guizhou listed companies achieved a total revenue of 172.85 billion yuan in the first half of 2025, marking a year-on-year increase of 6.03%, ranking 4th nationally and 3rd in the western region, surpassing the provincial GDP growth by 0.73 percentage points [2] - The revenue has maintained continuous positive growth from 2021 to 2025, with a compound growth rate of 11.09%, ranking 2nd nationally [2] Individual Company Performance - Among Guizhou listed companies, 18 firms reported revenues exceeding 1 billion yuan, and 6 companies surpassed 5 billion yuan, with Kweichow Moutai leading at 89.39 billion yuan [4] - 19 companies reported year-on-year revenue growth, with 8 companies achieving double-digit growth; Andar Technology led with a 126.80% increase [4] Profitability - Guizhou listed companies reported a total net profit of 50.26 billion yuan in the first half of 2025, ranking 9th nationally and 2nd in the western region, reflecting a year-on-year growth of 5.37% and a 60.45% increase compared to 2021 [5] - 25 companies reported profits, with Kweichow Moutai again leading at 45.40 billion yuan; 11 companies experienced year-on-year profit growth [6] Research and Development Investment - A total of 33 Guizhou listed companies disclosed R&D expenditures amounting to 2.52 billion yuan, a slight increase of 0.04% year-on-year, and a 70.18% increase compared to 2021 [9] - 24 companies exceeded the national average R&D intensity of 2.12%, with 8 companies surpassing 5% [10] International Expansion - 13 companies reported overseas business income totaling 18.29 billion yuan, a year-on-year increase of 18.66%, with both the number of participating companies and revenue scale reaching new highs [14] - Zhongwei Co. achieved 10.78 billion yuan in overseas revenue, ranking 7th among western listed companies [15] Shareholder Returns - In the first half of 2025, Guizhou listed companies showed a significant increase in mid-term dividend announcements, with 7 companies disclosing plans totaling 591 million yuan, nearly quadrupling from the previous year [17] - 8 companies engaged in share buybacks, investing a total of 7.14 billion yuan, ranking 6th nationally and 1st in the western region [18] Notable Corporate Actions - Kweichow Moutai announced plans to buy back shares worth between 3 billion and 3.3 billion yuan, demonstrating confidence in its long-term value [21] - Guizhou Tire's major shareholder committed to not reducing their stake in the company for twelve months [21]