Group 1: Core Insights - The strategic value of state-owned enterprises (SOEs) is being redefined amid a sluggish global economic recovery and deep domestic economic adjustments [1] - Public funds are rapidly increasing their investment in SOEs, with the total scale of SOE-related funds exceeding 300 billion yuan in 2023 [1] - The investment logic is shifting from single low valuation to a dual drive of high dividends and hard technology [1] Group 2: Policy and Industry Trends - The dual forces of policy catalysis and industrial upgrading are reshaping the valuation system of SOEs, with a projected asset scale of central enterprises exceeding 90 trillion yuan in 2024, a 5.9% year-on-year increase [2] - Strategic emerging industry investments reached 2.7 trillion yuan in 2024, marking a 21.8% increase and surpassing 40% of total investments for the first time [2] - New index tools like the CSI Central Enterprise Innovation-Driven Index and the CSI National New Central Enterprise Modern Energy Index have emerged to cover core assets in technology innovation and green transformation [2][4] Group 3: Fund Performance and Strategy - The CSI Central Enterprise Innovation-Driven Index has a 12-month dividend yield of 3.59%, outperforming several major indices [3] - The CSI National New Central Enterprise Modern Energy Index has shown superior performance and risk-return ratios compared to major broad-based indices since its inception [4] - The BoShi Fund's Central Enterprise Innovation-Driven ETF has achieved net value growth rates of 4.06%, 19.89%, and 66.24% over the past year, three years, and five years, respectively, all exceeding benchmark returns [5] Group 4: Investment Philosophy and AI Integration - BoShi Fund emphasizes a "strategic account prioritizing financial account" investment philosophy, recognizing the potential for value re-evaluation of traditional resource factors [8] - The company has initiated AI technology exploration since 2018, establishing an AI laboratory in 2023 to enhance its investment research capabilities [9] - AI-driven investment research is expected to create differentiated alpha factors and improve investment decision-making accuracy [10]

Core Viewpoint - Central enterprises are actively engaging in share buybacks and shareholder increases to enhance investor confidence and stabilize market value, with a total of 160.62 billion yuan in buybacks and increases reported as of June 12 [1][2]. Buyback and Shareholder Increase Overview - As of June 12, 65 central enterprise-controlled listed companies have conducted buybacks totaling 86.72 billion yuan, while 53 companies have seen shareholder increases amounting to 73.9 billion yuan [1]. - Among the buybacks, 15 companies have exceeded 1 billion yuan, with China COSCO Shipping Holdings and Hikvision each surpassing 10 billion yuan [2]. - The primary purposes of buybacks include equity incentive cancellations (40 companies), market value management (19 companies), and employee stock ownership plans (6 companies) [2]. Market Value Management - The increase in buybacks for market value management indicates a shift in strategy among central enterprises, moving from passive compliance to proactive market confidence maintenance [3]. - The China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission have encouraged companies to adopt regular buyback mechanisms to reflect investment value accurately [3]. Shareholder Increases - In 2023, 25 central enterprise-controlled companies have seen shareholder increases exceeding 1 billion yuan, with China Jushi and its major shareholders contributing 16.09 billion yuan [4]. Implementation of Plans - A significant number of buyback and shareholder increase plans were announced in April, with 27 companies initiating buyback plans and 39 companies announcing 55 shareholder increase plans [5]. - The implementation of these plans is progressing, with some companies already completing their buyback and increase actions [6].

Core Insights - A-share listed companies are showing resilience in 2024 performance, with strong growth in key industries and leading enterprises, driven by technological innovation and consumption recovery [1][2] Group 1: Overall Market Performance - As of April 15, 2024, 2,426 A-share companies reported a total net profit of 4.64 trillion yuan, a year-on-year increase of 5.3% [1] - Over 700 companies achieved net profit growth exceeding 20%, while approximately 223 companies doubled their profits [2] - The Shanghai Stock Exchange 50 Index companies reported a combined net profit of 2.41 billion yuan, with a year-on-year growth of 10.65% [4] Group 2: Sector Performance - The agriculture, forestry, animal husbandry, fishery, non-bank financial, electronics, automotive, and transportation sectors all experienced over 20% year-on-year profit growth in 2024 [1] - The SW electronics sector saw a revenue increase of 20.57% and a net profit increase of 31.07% in 2024, driven by AI technology [7] - The SW automotive sector reported a revenue growth of 17.25% and a net profit growth of 26.82%, with companies like BYD and Seres leading the charge [10] Group 3: Key Company Highlights - Leading PCB supplier Shengyi Electronics reported a revenue growth of 42.2% and a net profit growth of 1,428% in 2024 [8] - Major consumer electronics companies such as GoerTek and Longying Precision achieved net profit growth of 144.9% and doubled their profits [9] - Companies like Midea Group and Haier Smart Home reported net profit growth of 14.3% and 12.9%, respectively, with Haier's overseas revenue reaching 50% of total revenue [11]