恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票；截 至12月8日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.23%，恒生红利ETF（159726） 是跟踪该指数的唯一ETF。 注：除净日，就是一只股票开始"剔除"即将派发的股息（红利）的日期。从这一天起，买入该股票的投 资者，将无法享受到本次派发的股息。 沪上阿姨：每0.743755港元；除净日：2025-12-12，派息日期：2026-02-04；恒生行业：非酒精饮料； 非中证港股通央企红利指数（931233.CSI）的成分股，非恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，非标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分股。 中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至12月8日，该指数近1年股息率是6.65%，高于同期10年 期国债收益率4.77%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 非标普港股通低波红利港币指数（SPAHL ...

Investment Activity - MAI Capital Management purchased a new position in AECOM worth approximately $28,000 in the first quarter [1] - Caitong International Asset Management Co. Ltd increased its holdings by 212.9%, owning 316 shares valued at $29,000 after acquiring an additional 215 shares [1] - SVB Wealth LLC bought a new position worth $33,000 in AECOM during the first quarter [1] - Allworth Financial LP raised its stake by 38.5%, now owning 392 shares valued at $44,000 after buying 109 additional shares [1] - Eastern Bank acquired a new position valued at $49,000 in the first quarter [1] - Institutional investors hold 85.41% of AECOM's stock [1] Analyst Ratings - Weiss Ratings maintained a "buy (b-)" rating for AECOM [2] - Wall Street Zen downgraded AECOM from "buy" to "hold" on October 11th [2] - Truist Financial raised the price target from $146.00 to $148.00, maintaining a "buy" rating [2] - UBS Group lowered the price target from $153.00 to $148.00 while keeping a "buy" rating [2] - Robert W. Baird reduced the price target from $144.00 to $143.00 and set a "neutral" rating [2] - The consensus rating for AECOM is "Moderate Buy" with an average price target of $141.90 [2] Stock Performance - AECOM shares opened at $103.13, with a one-year low of $85.00 and a high of $135.52 [3] - The company has a market capitalization of $13.66 billion, a P/E ratio of 22.47, and a PEG ratio of 1.96 [3] - AECOM's debt-to-equity ratio is 0.91, with both quick and current ratios at 1.17 [3] Earnings Report - AECOM reported earnings per share (EPS) of $1.36, exceeding the consensus estimate of $1.34 by $0.02 [4] - The company had revenue of $4.18 billion, slightly below the consensus estimate of $4.31 billion, with a year-over-year revenue increase of 1.6% [4] - AECOM's return on equity was 27.87% and net margin was 3.82% [4] - The FY 2026 EPS guidance is set at 5.650-5.850 [4] - Analysts forecast an average EPS of 5.1 for the current year [4] Dividend Information - AECOM announced a quarterly dividend of $0.31, payable on January 23rd, with a record date of January 7th [5] - This represents an annualized dividend of $1.24 and a yield of 1.2%, an increase from the previous quarterly dividend of $0.26 [5] - The dividend payout ratio is 29.45% [5] Company Overview - AECOM provides professional infrastructure consulting services globally, operating in three segments: Americas, International, and AECOM Capital [6][7] - The company offers a range of services including planning, consulting, architectural and engineering design, construction, program management, and investment services [6][7]

Group 1 - Taixing Real Estate announced a dividend of HKD 0.003 per share, with an ex-dividend date of December 11, 2025, and a payment date of December 29, 2025 [1] - Lenovo Group-R declared a dividend of HKD 0.085 per share, with an ex-dividend date of December 10, 2025, and a payment date of December 24, 2025 [1] - Lenovo Group also announced a dividend of HKD 0.085 per share, with the same ex-dividend and payment dates as Lenovo Group-R [1] - Oriental Watch Holdings declared a mid-term dividend of HKD 0.053 per share and a special dividend of HKD 0.155 per share, with an ex-dividend date of January 8, 2026, and a payment date of January 28, 2026 [1] Group 2 - The CSI Hong Kong Stock Connect Central Enterprises Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.67% as of November 19, which is higher than the 10-year government bond yield of 3.85% [3] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) includes high dividend stocks from mainland companies listed in Hong Kong, with a one-year dividend yield of 5.33% as of November 19, also exceeding the 10-year government bond yield of 3.51% [3]

Group 1 - Taixing Real Estate announced a dividend of HKD 0.003 per share, with an ex-dividend date of December 11, 2025, and a payment date of December 29, 2025. It is classified under the real estate investment sector and is not part of the CSI Central State-Owned Enterprises Dividend Index or the Hang Seng High Dividend Yield Index for Mainland Chinese Enterprises [1] - Lenovo Group-R declared a dividend of HKD 0.085 per share, with an ex-dividend date of December 10, 2025, and a payment date of December 24, 2025. It falls under the computer and peripheral equipment sector and is not included in the CSI Central State-Owned Enterprises Dividend Index but is part of the Hang Seng High Dividend Yield Index for Mainland Chinese Enterprises [1] - Lenovo Group also announced a dividend of HKD 0.085 per share, with the same ex-dividend and payment dates as Lenovo Group-R, and is classified under the computer and peripheral equipment sector [1] - Oriental Watch Holdings declared a mid-term dividend of HKD 0.053 per share and a special dividend of HKD 0.155 per share, with an ex-dividend date of January 8, 2026, and a payment date of January 28, 2026. It is categorized under other retailers and is not part of the CSI Central State-Owned Enterprises Dividend Index or the Hang Seng High Dividend Yield Index for Mainland Chinese Enterprises [1] Group 2 - The ex-dividend date is defined as the date on which a stock begins to be "ex" the upcoming dividend, meaning that investors purchasing the stock on or after this date will not receive the declared dividend [2]

Core Insights - Allworth Financial LP significantly increased its holdings in Interactive Brokers Group by 336.2% in Q2, acquiring an additional 5,534 shares, bringing its total to 7,180 shares valued at $398,000 [2] - Other institutional investors also raised their stakes, with notable increases from Fidelis Capital Partners LLC (274.5%), ProShare Advisors LLC (392.9%), and Prescott Group Capital Management L.L.C. (300.0%) [3] - Analysts have a generally positive outlook on Interactive Brokers Group, with price targets ranging from $72.08 to $91.00 and a consensus rating of "Moderate Buy" [4] Institutional Holdings - 23.80% of Interactive Brokers Group's stock is owned by institutional investors, indicating strong institutional interest [3] - Notable increases in holdings include ProShare Advisors LLC owning 22,864 shares valued at $1,267,000 after a 392.9% increase [3] Stock Performance - Interactive Brokers Group's shares opened at $66.03, with a market capitalization of $112 billion, a PE ratio of 31.71, and a 52-week range of $32.82 to $73.35 [5] - The company reported a revenue of $1.61 billion for the last quarter, exceeding analyst estimates of $1.47 billion, marking a year-over-year revenue increase of 21.2% [6] Earnings and Dividends - The company reported earnings per share of $0.57, surpassing the consensus estimate of $0.49 by $0.08 [6] - A quarterly dividend of $0.08 will be paid on December 12, representing an annualized dividend of $0.32 and a yield of 0.5% [7] Insider Transactions - Director Lawrence E. Harris sold 10,645 shares at an average price of $69.00, resulting in a 5.08% decrease in ownership [8][9] - CFO Paul Jonathan Brody sold 17,058 shares at an average price of $65.78, reflecting a 37.62% decrease in his position [9] Company Overview - Interactive Brokers Group operates as an automated electronic broker, engaging in the execution, clearance, and settlement of various financial instruments including stocks, options, futures, and cryptocurrencies [10]

Core Insights - Teacher Retirement System of Texas reduced its stake in Community Financial System by 8.3%, holding 24,291 shares valued at $1,381,000 at the end of the reporting period [2] - Several institutional investors adjusted their positions, with Federated Hermes increasing its stake by 0.4%, Goldman Sachs by 7.9%, and Invesco by 80.2% [3] - Community Financial System reported a quarterly EPS of $1.04, exceeding estimates, with a revenue of $207.90 million, reflecting a year-over-year increase of 9.6% [8] Institutional Holdings - Institutional investors own 73.79% of Community Financial System's stock [3] - Waldron Private Wealth LLC increased its stake by 1.6% in the second quarter, now holding 216,121 shares valued at $12,390,000 [3] - Principal Financial Group Inc. grew its holdings by 2.9%, owning 262,245 shares worth $14,911,000 [3] Insider Transactions - SVP Jeffrey M. Levy sold 1,440 shares at an average price of $61.38, totaling $88,387.20, representing a 17.78% decrease in his position [4] Analyst Ratings - Wall Street Zen upgraded Community Financial System from "sell" to "hold" [6] - Keefe, Bruyette & Woods set a target price of $66.00, down from $67.00, maintaining a "market perform" rating [6] - The consensus rating for the stock is "Hold" with a target price of $68.00 [6] Stock Performance - Community Financial System shares opened at $56.78, with a 1-year low of $49.44 and a high of $73.39 [7] - The company has a market cap of $3.00 billion, a P/E ratio of 14.64, and a beta of 0.79 [7] Financial Results - The bank's net margin was 20.72% and return on equity was 11.09% [8] - Analysts expect the company to post an EPS of 4.18 for the current fiscal year [8] Dividend Announcement - A quarterly dividend of $0.47 per share was declared, representing an annualized yield of 3.3% [9] - The dividend payout ratio is 48.45% [9]

Core Insights - HCA Healthcare, Inc. reported third-quarter 2025 adjusted earnings per share (EPS) of $6.96, exceeding the Zacks Consensus Estimate by 23.2% and reflecting a 42% year-over-year improvement [1][10] - Revenues reached $19.2 billion, marking a 9.6% year-over-year increase and surpassing the consensus mark by 3.6% [1][10] Financial Performance - The strong quarterly results were driven by increased patient volumes, higher same-facility revenue per equivalent admission, and a rise in both inpatient and outpatient surgeries, along with more emergency room visits [2] - Same-facility equivalent admissions grew by 2.4% year over year, while same-facility admissions increased by 2.1%, falling short of the growth estimates of 3% [3] - Same-facility revenue per equivalent admission rose by 6.6% year over year, exceeding the growth estimate of 3.1% [3] - Adjusted EBITDA improved by 18.5% year over year to $3.9 billion, surpassing the estimate of $3.4 billion [4] Operational Metrics - Same-facility inpatient surgeries increased by 1.4% year over year, and same-facility outpatient surgeries grew by 1.1% [4] - Emergency room visits saw a slight increase of 1.3% year over year [4] - Total operating expenses, including salaries, benefits, and supplies, amounted to $15.3 billion, rising 7.5% year over year, which was higher than the estimate of $15.1 billion [4] Financial Position - As of September 30, 2025, HCA Healthcare had cash and cash equivalents of $997 million, a decrease of 48.4% from the end of 2024 [6] - Total assets stood at $59.7 billion, reflecting a 0.4% increase from the end of 2024 [6] - Long-term debt was reported at $38.4 billion, up 0.2% from December 31, 2024 [7] Cash Flow and Capital Deployment - HCA generated $10.3 billion in cash from operations in the first nine months of 2025, a 29.2% increase from the prior-year period [8] - The company repurchased shares worth $2.5 billion in the third quarter, with a remaining buyback capacity of $3.3 billion [11] Guidance Update - HCA raised its 2025 revenue guidance to between $75 billion and $76.5 billion, up from the previous range of $74 billion to $76 billion, indicating a 7.3% rise from 2024 [12] - Adjusted EBITDA is now forecasted to be between $15.25 billion and $15.65 billion, higher than the earlier estimate of $14.7 billion to $15.3 billion [13] - EPS is projected to be in the range of $27 to $28 for 2025, an increase from the previous forecast of $25.50 to $27.00, suggesting a 25% rise from 2024 [14]

Core Viewpoint - Citigroup has initiated a 30-day downward catalyst observation for Huaneng International Power, expecting a 18.4% quarter-on-quarter decline in net profit for Q3 to 3.5 billion yuan, primarily due to impairment losses [1] Financial Performance - The anticipated decline in net profit is attributed to impairment losses, which are non-cash items [1] - Fuel cost reductions are expected to offset a 3% year-on-year decrease in thermal power prices and further reductions in renewable energy prices post-August 2025 due to increased competition [1] Dividend Impact - The company's fixed dividend payout ratio, projected at 60% for 2025, will be affected by the net profit decline, impacting dividend distributions [1] - Dividends are crucial for Huaneng, which is characterized by high dividend yields [1] Investment Rating - Citigroup maintains a "Buy" rating for Huaneng International Power with a target price of 6.2 HKD [1]

Core Viewpoint - The A-share market exhibited a surprising strong rebound in the tail end of trading, with the banking sector showing significant gains despite a generally mixed performance across major indices [2][5]. Market Performance - The three major A-share indices showed mixed results, but all experienced a strong "V-shaped" recovery in the tail end, with the ChiNext index reversing a 2% decline to close up 0.21% [2]. - The banking sector, which had been in a prolonged downturn, saw a notable increase, with the banking index rising by 1.28%, and several banks, including Industrial and Commercial Bank of China and China Construction Bank, posting gains exceeding 3% [2][3]. Sector Analysis - The market displayed clear differentiation, with high-growth sectors like AI, internet, and biomedicine experiencing corrections, while traditional sectors such as banking, insurance, and public utilities attracted capital inflows and rose against the trend [5][6]. - The banking sector had been in a correction phase since mid-July, with an overall decline exceeding 10%, contrasting sharply with the broader market's strong performance [7][10]. Capital Flow - Today, net inflows into banking stocks reached nearly 1.4 billion yuan, the highest among all sectors, with over 22% of the inflow coming from large orders, indicating renewed interest from significant capital [10]. - The recent news from the State Council regarding the achievements in financial sector development during the 14th Five-Year Plan period has contributed to the renewed focus on banking stocks [10]. Long-term Outlook - Despite recent corrections, the long-term logic supporting banking stocks remains intact, with strong capital support expected to continue flowing into the sector [17][20]. - Predictions indicate that the net profit growth rate for listed banks in 2025 is expected to reach 1.0%, driven by improvements in net interest margins and increased provisions contributing to profit stability [18][19]. Summary - As growth sectors see rising valuations and increased volatility, banking stocks are likely to regain attractiveness as a defensive sector, with signs of capital returning to the banking sector observed since late September [22].

Core Viewpoint - China Coal's 1H25 results exceeded expectations due to effective cost reduction and expense control despite a decline in net profit and coal prices [1][2]. Financial Performance - A-shares net profit attributable to shareholders fell 21% YoY to Rmb7.71 billion, while recurring attributable net profit also dropped 21% YoY to Rmb7.65 billion [1]. - H-shares attributable net profit decreased 32% YoY to Rmb7.33 billion [1]. - In 2Q25, A-shares net profit attributable to shareholders rose 3.0% YoY but fell 3.0% QoQ to Rmb4.8 billion [1]. Production and Sales - Commercial coal output increased slightly by 1.3% YoY to 67.34 million tonnes, while sales volume decreased by 3.6% YoY to 128.68 million tonnes [1]. - Self-produced coal sales volume rose 1.4% YoY to 67.11 million tonnes [1]. - In 2Q25, commercial coal output and self-produced coal sales volume rose 0.7% YoY and 1.6% YoY to 33.99 million tonnes and 34.43 million tonnes, respectively [1]. Pricing and Costs - The selling price of self-produced coal fell 20% YoY to Rmb470 per tonne in 1H25, with a further decline to Rmb449 per tonne in 2Q25, down 21% YoY and 8.7% QoQ [1]. - The unit sales cost of self-produced coal dropped Rmb32 per tonne YoY to Rmb205 per tonne, with reductions in material, labor, and other costs [2]. Cash Flow and Capital Expenditure - Net operating cash inflow dropped Rmb8,244 million YoY to Rmb7,496 million, while capital expenditure reached Rmb6.972 billion [3]. Future Outlook - There is optimism for earnings recovery in 2H25, with spot coal prices rebounding from a YTD low [3]. - The firm proposed a stable interim dividend of Rmb0.166 per share, reflecting its commitment to rewarding shareholders despite industry pressures [3]. Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 have been raised by 5% and 13% for A-shares, and 5% and 15% for H-shares, respectively [3]. - A-shares are trading at 9.8x and 9.0x 2025e and 2026e P/E, while H-shares are at 7.6x and 6.8x [3]. - Target prices for A-shares and H-shares have been raised by 8% to Rmb14.00 and 22% to HK$11.00, respectively, indicating potential upside [3].