发布日期:2025年4月25日 分析师：孙书娜 登记编号：S0890523070001 分析师：冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编号：S0890524040001 证券研究报告一 公募基金专题报告 如何进行资产配置? 2025Q1泛固收类基金季报点评 分析师:孙书娜 执业证书编号:S0890523070001 分析师:冯思诗 执业证书编号:S0890524070001 分析师:顾斯 执业证书编号:S0890524040001 ▶销售服务电话: 021-20515355 ▶请仔细阅读报告结尾处风险提示及免责声明 目录/CONTENTS HWABAD SECURITIES 固收型公募基金202501季报数据解读 1 固收型重点基金2025Q1后市展望观点 2 汇总 固收类基金2025一季报数据回顾：业绩 2025Q1业绩:2025Q1,在A股市场的亮眼表现之下,含权固 收+基金获得良好表现,并且呈现出权益仓位越高、整体业 绩表现更优的特征。同时由于债券市场在2024年12月过度抢 跑了降准降息预期、市场资金面偏紧以及股债路晓板效应的 共同作用下,纯债型产品出现显著回撤。在久期乘数 ...

资金面上看，该股今日主力资金净流出399.51万元，近5日主力资金净流出205.62万元。 4月25日富佳股份发布2024年度分配预案，拟10派2元（含税），预计派现金额合计为1.12亿元。派现额 占净利润比例为61.66%，这是公司上市以来，累计第4次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2元（含税） | 1.12 | 1.42 | | 2023.12.31 | 10派3元（含税） | 1.68 | 2.01 | | 2022.12.31 | 10转增4派4元（含税） | 1.60 | 2.11 | | 2021.12.31 | 10派4元（含税） | 1.60 | 1.73 | 证券时报·数据宝统计显示，公司今日公布了2024年报，共实现营业收入27.02亿元，同比增长0.34%， 实现净利润1.81亿元，同比下降30.59%，基本每股收益为0.32元，加权平均净资产收益率为11.49%。 | 002050 | 三花智 | 0.00 | 2.5 | ...

4月25日辰奕智能发布2024年度分配预案，拟10转增3派5元（含税），预计派现金额合计为3120.00万 元。派现额占净利润比例为66.08%，这是公司上市以来，累计第2次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10转增3派5元（含税） | 0.31 | 0.99 | | 2023.12.31 | 10转增3派6.25元（含税） | 0.30 | 0.79 | 2024年度家用电器行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | | （%） | （%） | | 000333 | 美的集 团 | 0.00 | 35 | 2671166.24 | 69.31 | | 5.22 | | 600690 | 海尔智 家 | 0.00 | 9.65 ...

4月24日惠而浦发布2024年度分配预案，拟10派2.9元（含税），预计派现金额合计为2.22亿元。派现额 占净利润比例为110.15%，以该股2024年度成交均价计算，股息率为3.13%。这是公司上市以来，累计 第20次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.9元（含税） | 2.22 | 3.13 | | 2023.12.31 | 10派0.783元（含税） | 0.60 | 0.97 | | 2023.09.30 | 10派7.1元（含税） | 5.44 | 8.98 | | 2019.12.31 | 10派0.5元（含税） | 0.38 | 0.80 | | 2018.12.31 | 10派0.5元（含税） | 0.38 | 0.80 | | 2017.12.31 | 10派0.5元（含税） | 0.38 | 0.49 | | 2016.12.31 | 10派1.05元（含税） | 0.80 | 0.89 | | 2015.12.31 | 1 ...

截至收盘，上证指数报收3297.29点，上涨0.03%；深证成指收于9878.32点，下跌0.58%；创业板指下跌 0.68%；科创50指数下跌0.92%。 不含当日上市新股，今日可交易A股中，上涨个股有1543只，占比28.62%，下跌个股有3694只，平盘个 股155只。其中，收盘股价涨停的有64只，跌停股有36只。 证券时报·数据宝统计显示，涨停个股中，主板有59只，创业板5只。以所属行业来看，上榜个股居前的 行业有医药生物、公用事业、基础化工行业，上榜个股分别有10只、8只、7只。 涨停股中，*ST中润、ST金鸿等12只股为ST股。连续涨停天数看，*ST同洲、步步高、天元股份等已连 收5个涨停板，连续涨停板数量最多。从收盘涨停板封单量来看，尔康制药最受资金追捧，收盘涨停板 封单有4444.63万股，其次是华银电力、东贝集团等，涨停板封单分别有3437.71万股、3183.67万股。以 封单金额计算，东贝集团、尔康制药、方正电机等涨停板封单资金较多，分别有1.97亿元、1.39亿元、 1.33亿元。（数据宝） 两市涨停股一览 | 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板封单（万股） ...

截至4月23日，市场最新融资余额为17997.89亿元，较上个交易日环比增加20.26亿元，分行业统计，申 万所属一级行业有23个行业融资余额增加，机械设备行业融资余额增加最多，较上一日增加6.29亿元； 融资余额增加居前的行业还有汽车、医药生物、通信等，融资余额分别增加5.95亿元、5.79亿元、5.27 亿元；融资余额减少的行业有8个，电子、有色金属、家用电器等行业融资余额减少较多，分别减少 10.28亿元、2.75亿元、3254.78万元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 以幅度进行统计，纺织服饰行业融资余额增幅最高，最新融资余额为67.96亿元，环比增长0.89%，其次 是公用事业、通信、建筑材料行业，环比增幅分别为0.88%、0.87%、0.73%；融资余额环比降幅居前的 行业有电子、有色金属、美容护理等，最新融资余额分别有2112.27亿元、780.78亿元、57.81亿元，分 别下降0.48%、0.35%、0.30%。（数据宝） （文章来源：证券时报网） 4月23日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（% ...

Market Overview - The three major indices showed mixed results on April 23, 2025, with the Shanghai Composite Index down 0.10% at 3296.36 points, while the Shenzhen Component Index rose 0.67% to 9935.80 points, and the ChiNext Index increased by 1.08% to 1949.16 points. The total trading volume in both markets was 12,296 billion yuan, an increase of approximately 1,398 billion yuan compared to the previous trading day [2]. Market Observation - The market opened high and experienced fluctuations throughout the day, with core broad indices showing more gains than losses. The growth sectors included the ChiNext 50 and the CSI 2000, while the dividend index and the STAR 50 faced declines. Over 3,100 stocks in the market rose, indicating a generally positive performance [3]. - In terms of sectors, automotive, machinery equipment, and communication sectors saw gains, while retail, agriculture, forestry, animal husbandry, and real estate sectors experienced declines [3]. Sector Performance - Automotive sector increased by 3.2% today, with a 4.1% rise over the past five days, 5.8% over the past 30 days, and 6.7% year-to-date [4]. - Machinery equipment sector rose by 2.5% today, with a 3.8% increase over the past five days, but a decline of 11.3% over the past 30 days and a 4.9% increase year-to-date [4]. - Communication sector saw a 1.7% increase today, with a 3.6% rise over the past five days, but a decline of 12.9% over the past 30 days and a 7.4% decrease year-to-date [4]. Hot Industry - Automotive - The automotive sector's positive performance is supported by policies aimed at stimulating demand, such as the trade-in policy and expanded subsidy coverage. The sector is expected to maintain high retail growth in the first half of 2025, with a favorable outlook for both volume and pricing [6]. Concept Themes - The sectors related to reducers, humanoid robots, and automotive thermal management saw significant increases, while gold concepts, corn, and dairy sectors faced declines [5].

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.07% as of 10:28 AM, while trading volume increased by 7.65% compared to the previous trading day [1]. Industry Performance - The automotive sector led the gains with a rise of 2.17%, followed by machinery equipment at 1.82%, and household appliances at 1.07% [1]. - The sectors with the largest declines included commercial retail down by 1.60%, agriculture and forestry down by 1.37%, and beauty care down by 1.25% [2]. Trading Data - Total A-share trading volume reached 497.95 billion shares, with a transaction value of 593.12 billion yuan [1]. - Among individual stocks, 3,055 stocks rose, with 51 hitting the daily limit up, while 2,154 stocks fell, with 24 hitting the daily limit down [1]. Leading Stocks - Notable gainers included New Aluminum Era in the automotive sector with a rise of 20.01%, and Jiyang Precision in machinery equipment with a rise of 25.54% [1]. - In contrast, significant decliners included Kesheng Co. in beauty care down by 6.29%, and Yike Food in agriculture down by 11.39% [2].

昨天，发生了哪些财经大事？ 电商平台全面取消"仅退款" 据北京商报消息，4月22日，记者获悉，拼多多、淘宝、抖音、快手、京东等多个电商平台 将全面取消"仅退款"，消费者收到货后的退款不退货申请，将由商家自主处理。 这意味着，"仅退款"在2021 年时被拼多多率先推出，后在2024年时被京东、淘宝、抖 音、快手等相关平台相继引入，历时四年正式迎来落幕。记者还获悉，上述电商平台已就全 面取消"仅退款"的相关细节与管理部门进行了多轮商讨和修改，一旦审核完成即对社会公 开宣布。 董明珠不再任格力电器总裁 4月22日，格力电器（000651.SZ）临时股东大会审议通过了公司董事会换届选举的议 案，董明珠顺利当选新一届董事，并再次当选格力电器董事长，开启她执掌格力电器的第五 个三年任期。值得关注的是，她没有再担任格力电器的总裁。 22日晚，格力电器公告透露，公司新一届董事会同意聘请张伟为公司总裁。张伟1999年加 入格力电器，2013年至2020年任格力电器副总裁，2019年至今任格力电器董事，2020年 至今任格力电器党委书记。经张伟提名，格力电器董事会聘任方祥建、刘华、李绍斌、胡余 生、王凯为副总裁。这意味着，格力年 ...

Core Insights - The Chinese home appliance industry has transitioned from "scale expansion" to "high-quality development," driven by government policies and market demand [1][2] Group 1: Industry Overview - The home appliance sector is a pioneer in global market competition, evolving from imitators to leaders and from rule followers to standard setters [2] - In 2024, revenue for large-scale enterprises in the industry is projected to reach 1.95 trillion yuan, a year-on-year increase of 5.6%, with export value exceeding 110 billion USD, marking a 14% growth and establishing China as the world's largest home appliance manufacturer and exporter [2] Group 2: Technological Advancements - Companies like Haier, Midea, and Gree have achieved upgrades in smart, green, and high-end appliances through technological innovation [2] - Significant breakthroughs in key technologies have established quality benchmarks for the industry, with smart appliances driving digital transformation in living spaces and promoting quality consumption [3] Group 3: Challenges and Solutions - Despite technological progress, the promotion of smart appliances faces challenges such as compatibility issues, data security, and ethical compliance [3] - Proposed solutions include the introduction of explainable AI technologies for auditing device decision logic and establishing user data "one-click disable" mechanisms to comply with international ethical standards [3] Group 4: Future Directions - The Chinese Home Appliance Research Institute aims to empower enterprises through technology, standardization, and global collaboration, enhancing global competitiveness [4]