9月4日消息，三大股指集体收跌，沪指跌逾1%，深成指跌近3%，创指跌超4%，科创50跌6.09%。板块 方面，大消费板块活跃，食品饮料、零售、美容护理等方向领涨，欢乐家20cm涨停，、、依依股份等 涨停；大金融板块午后活跃，涨停，涨幅居前；下跌方面，算力硬件股全线走低，午后跌停；半导体芯 片股走弱，寒武纪跌超13%；军工板块持续调整，北方长龙盘中一度20cm跌停。总体来看，个股呈跌 多涨少，下跌个股近3000只。 截至收盘，沪指报3765.88点，跌1.25%；深成指报12118.70点，跌2.83%；创指报2776.25点，跌4.25%。 盘面上，乳业、零售、免税店板块涨幅居前，CPO概念、半导体、光板块跌幅居前。 热点板块： 1、光伏设备 通润装备（维权）、涨停，上能电气、晶澳科技、爱旭股份、等多股上涨。 消息面上，在日前召开的第十届储能西部论坛上，储能产业技术联盟理事长陈海生指出，我国新型储能 今年上半年装机规模创下新高，累计装机已突破100吉瓦，并有望在2030年达到291吉瓦。 2、零售 消息面上，近期多地启动新一轮消费券发放：宁波市9月1日，启动总额6000万元的汽车消费券发放活 动；济南市在同日 ...

智通财经APP获悉，中信建投发布研报称，继2023年初以来"中特估"、2024年"央企市值考核"行情演绎 之后，2025年高股息的"红利资产"依然备受市场青睐。在机械板块中，除了已实现高股息的防御性资 产，现金充裕、分红比例存潜在提升空间的公司同样值得关注。机械板块满足2022-2024年及2025年中 报净利润现金含量平均值超过50%、且当前市值现金含量超过30%的公司达24家;其中市值现金含量超过 50%的公司达4家。充裕的现金储备为现金分红比例提升提供了坚实的前提基础。 中信建投主要观点如下： 市值现金含量高于30%的机械公司达24家，现金分红的前提基础扎实 机械板块满足2022-2024年及2025年中报净利润现金含量平均值超过50%、且当前市值现金含量超过30% 的公司达24家;其中市值现金含量超过50%的公司达4家，包括：苏美达、润邦股份、陕鼓动力、博迈 科。充裕的现金储备为现金分红比例提升提供了坚实的前提基础。 风险分析 固定资产投资增速低迷，高股息、现金充裕的红利低波资产仍受市场关注 1)宏观经济和制造业景气度下滑风险;2)高股息率不可持续的风险 当前固定资产投资整体增速处于低位水平。2025 ...

中信建投发布研报称，继2023年初以来"中特估"、2024年"央企市值考核"行情演绎之后，2025年高股息的"红利资产"依然备受市场青睐。在机械板块中， 除了已实现高股息的防御性资产，现金充裕、分红比例存潜在提升空间的公司同样值得关注。机械板块满足2022-2024年及2025年中报净利润现金含量平 均值超过50%、且当前市值现金含量超过30%的公司达24家；其中市值现金含量超过50%的公司达4家。充裕的现金储备为现金分红比例提升提供了坚实的 前提基础。 中信建投主要观点如下： 2022-2024年分红比例均不低于30%且2025年度预期股息率高于5%的公司仍多达15家。 4、市值现金含量高于30%的机械公司达24家，现金分红的前提基础扎实 机械板块满足2022-2024年及2025年中报净利润现金含量平均值超过50%、且当前市值现金含量超过30%的公司达24家；其中市值现金含量超过50%的公司 达4家 风险提示：高股息率不可持续的风险。 MACD金叉信号形成，这些股涨势不错！ 1、固定资产投资增速低迷，高股息、现金充裕的红利低波资产仍受市场关注 当前固定资产投资整体增速处于低位水平。2025年1-7月固定资 ...

Investment Rating - The report maintains a "Recommended" rating for Sinopec (600028.SH) [6] Core Views - The exploration and development segment showed a slight increase in production, but overall profits declined due to lower prices and costs [1][2] - The refining business faced significant profit declines due to weak diesel demand and reduced refining margins [2] - The marketing and distribution segment experienced a drop in refined oil sales, although vehicle LNG sales saw substantial growth [2] - The chemical segment demonstrated effective cost reduction strategies, leading to a reduction in losses [3] - Shareholder confidence is highlighted by the recent share buyback plan initiated by the controlling shareholder [3] Summary by Sections Exploration and Development - In Q1 2025, Sinopec achieved an oil and gas equivalent production of 130.97 million barrels, a year-on-year increase of 1.7% - Crude oil production was 69.53 million barrels, down 1.2% year-on-year, while natural gas production rose by 5.1% to 3,684 billion cubic feet - The average realized price for crude oil was $71.5 per barrel, down 5.2% year-on-year, and for natural gas, it was $7.6 per thousand cubic feet, down 3.5% - Cash operating costs for oil and gas were $14.4 per barrel equivalent, a decrease of 5.3% year-on-year, resulting in an EBIT of 13.63 billion yuan, down 8% year-on-year [1] Refining - The refining segment produced 16.18 million tons of gasoline, 12.70 million tons of diesel, and 8.31 million tons of kerosene, with diesel production down 13.9% year-on-year - The refining margin was $6.2 per barrel, a decline of 13.3% year-on-year, leading to an EBIT of 2.39 billion yuan, down 65.3% year-on-year [2] Marketing and Distribution - Total refined oil sales were 55.59 million tons, a decrease of 7.1% year-on-year, with domestic and international sales down 5.3% and 12.7% respectively - Vehicle LNG retail sales reached 2.05 billion cubic meters, a significant increase of 116% year-on-year - The cash cost per ton of oil sold was 186.2 yuan, a slight increase of 2.6% year-on-year, resulting in an EBIT of 4.87 billion yuan, down 43.9% year-on-year [2] Chemical - The chemical segment's total operating volume was 19.97 million tons, up 2.4% year-on-year, with ethylene, synthetic resin, and fiber monomer and polymer production increasing by 17.7%, 17.4%, and 27.0% respectively - The unit cost for chemicals was 1,193 yuan per ton, down 12.9% year-on-year, leading to an EBIT loss of 1.32 billion yuan, a reduction in losses compared to previous periods [3] Shareholder Confidence - On April 8, 2025, the controlling shareholder announced plans to increase its stake in Sinopec A-shares and H-shares within 12 months, with 24.73 million shares already acquired by April 25, 2025, reflecting confidence in the company's future [3] Financial Forecast - Expected net profits for 2025, 2026, and 2027 are projected at 46.38 billion yuan, 50.08 billion yuan, and 52.39 billion yuan respectively, with corresponding EPS of 0.38 yuan, 0.41 yuan, and 0.43 yuan per share [4][5]