Market Overview - A-shares opened lower but closed higher, with the Shanghai Composite Index at 3381.58 points, up 0.65%, and a trading volume of 442.8 billion yuan. The Shenzhen Component Index closed at 10048.39 points, up 0.43%, with a trading volume of 679.8 billion yuan [1] - The computer, defense, and coal sectors led the gains, while food and beverage, and home appliances sectors lagged [1] Geopolitical Events - On June 21, U.S. President Trump announced the completion of attacks on Iranian nuclear facilities, prompting calls from Iranian officials for missile strikes on U.S. naval vessels and the blockade of the Strait of Hormuz [1] - U.S. Vice President Pence stated that any disruption of shipping in the Strait would be "suicidal" for Iran, as the Iranian economy heavily relies on this route [1] - The market reacted calmly to these developments, with gold and oil prices initially rising but later declining, indicating a low perceived risk of the Strait being closed [1] A-share Market Sentiment - Short-term risk appetite in A-shares has decreased, with coal and banking sectors leading the gains again [2] - Port data has shown early signs of decline, and the macroeconomic focus is shifting from external demand to domestic policy [2] - Increased geopolitical tensions in the Middle East pose additional risks, but such event-driven trades are considered difficult and short-lived [2] Bond Market Outlook - The continued easing of monetary policy and weakening domestic data may lead to better performance in the bond market [3] - The current bond market rally is supported by a more favorable monetary easing environment compared to previous rounds [3] - Major banks are actively buying short-term government bonds, leading to a decline in short-term interest rates and a steepening yield curve [3] Financial Sector Performance - The Financial ETF (510230) rose by 1.35%, driven primarily by the banking sector [4] - The banking sector has shown a broad-based increase, with various types of banks reaching new highs [4] Banking Sector Analysis - The trading logic of the banking sector has shifted significantly, moving from a strong positive correlation with macroeconomic fundamentals to a strong negative correlation with the ten-year government bond yield [7] - The market has begun to downplay the impact of bank fundamentals, particularly net interest margins, due to the perceived dividend stability of bank stocks [8] - Despite a narrowing net interest margin, banks have improved asset quality, which supports higher valuations [10] Investment Recommendations - Investors are advised to focus on financial ETFs (510230) and consider buying on dips, given the current market conditions and the banking sector's performance [10]

丨证券研究报告丨 行业研究丨专题报告丨银行 [Table_Title] 第一权重招商银行的估值提升与经营展望 ——银行股配置重构系列三 报告要点 [Table_Summary] 2024 年以来在红利逻辑和保险资本加仓推动下，招商银行实现一轮清晰的估值修复，A 股/H 股 前期股价高点对应 2025 年 PB 估值分别达到 1.02x/1.03x，股息率一度压降至 4.3%/4.3%。本 轮主动型基金配置比例重构的新逻辑下，招商银行在沪深 300 和中证 800 的权重高达 2.56%、 1.89%，是银行股第一大权重，而一季度末主动型基金配置比例仅 1.0%，依然明显欠配。考虑 基本面在大型银行里长期优势清晰，是唯一兼具指数高权重+内生增长红利属性+顺周期弹性的 核心资产，我们认为本轮行情将推动招商银行进一步抬升估值中枢。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 第一权 ...

中泰证券研报指出，红利属性凸显，关注银行股投资价值。银行股红利属性凸显，建议积极关注银行股 的投资价值，关注大行、招行和优质城农商行。 NO.3 中信建投：5月市场或维持震荡格局，短期风险偏好继续边际改善 NO.1 中金：A股节后有望迎来"开门红" 5月6日，中金公司（601995）研报认为，一季度A股上市企业业绩边际改善，关税预期在小长假期间略 显和缓，港股美股在A股休市期间表现较好，国内外环境对A股整体影响偏积极，在此背景下A股节后 有望迎来"开门红"。配置层面，结合关税影响和行业景气度，建议考虑以下思路：1）景气回升并且受 关税影响不大的领域，例如DeepSeek突破加速AI产业发展，AI产业链中的云计算、算力等基础设施环 节，再到机器人、智能驾驶等应用环节，仍是重要主线。此外，部分对美敞口不高的出口链，如工程机 械、电网设备、商用车等也值得关注。2）现金流优质、与外需关联度不高的红利板块，例如水电、电 信运营商、食品饮料等行业的龙头公司。 NO.2 中泰证券（600918）：红利属性凸显，关注银行股投资价值 ｜2025年5月6日 星期二｜ 中信建投（601066）证券研报认为，上周全球市场避险情绪降温 ...

凤凰网财经讯 4月29日，三大指数集体低开，沪指低开0.21%，深成指低开0.27%，创业板指低开 0.27%，跨境支付、离境退税等板块指数跌幅居前。 | | | | | 沪深京重要指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 最新 | 涨幅% | | 涨跌 | | 总手 | 现手 | 金额 | | 上证指数 | 3281.45 | -0.21 | -6.96 | 614/1304 | -0.08 | 570万 | 570万 | 44.07 乙 | | 深证成指 | 9828.46 | -0.27 | -26.74 | 754/1761 | -0.01 | 602万 | | 602万 57.74亿 | | 北证50 | 1261.93 | -1.18 | -15.10 | 88/167 | -0.67 | 9.59万 | 9.59万 | 1.83 乙 | | 创业板指 | 1929.27 | -0.27 | -5.19 | 379/865 | 0.17 | 136万 | 136万 | 21.91 Z ...

家用电器 上 市 公 司 2025 年 04 月 28 日 格力电器 (000651) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 46.55 | | 一年内最高/最低（元） | 52.73/36.74 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 5.11 | | 流通 A 股市值（百万元） | 256,721 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 25.56 | | 资产负债率% | 62.67 | | 总股本/流通 A 股（百万） | 5,601/5,515 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01 ...

中泰证券（600918）发布研报称，"对等关税"对我国经济总量和结构上影响是深刻的，分析了"对等关 税"对我国银行业的影响机制，总体上，对银行的贷款需求和净息差带来额外压力，同时资产质量能保 持稳健；对银行业影响可控。"对等关税"背景下，银行股红利属性凸显，建议积极关注银行股的投资价 值，关注大行、招行和优质城农商行。 "对等关税"对我国资产质量影响：压力不大，能保持稳健。1、出口相关客群：制造业和个人经营贷受 关税影响更为直接，上市银行制造业和个人经营贷合计占比17.7%，结合对美出口占比14.7%，则相关 领域最大敞口为2.6%。2、其他风险客群：地产：压力最大时期已过，未来取决于银行自暴露和处置节 奏；城投通过化债化解风险：层级提升、压力改善，未来延续时间换空间的方式；零售：政策支撑下预 计不良抬头趋势有改善。3、中长期稳健持续：银行大部分客群有政策支撑(国家信用)，资产质量压力 不大。 中泰证券主要观点如下： 投资建议：红利属性凸显，关注银行股投资价值。对等关税"背景下，银行股红利属性凸显，建议积极 关注银行股的投资价值，关注大行、招行和优质城农商行。一季度国债收益率上行的趋势面临边际变 化，银行板块 ...