Core Viewpoint - The State Council's Work Safety Committee and the Ministry of Emergency Management have emphasized the need for enhanced safety measures during the upcoming "May Day" holiday, highlighting recent accidents as a wake-up call for local governments and enterprises to improve safety responsibilities and emergency preparedness [1] Group 1: Safety Measures and Responsibilities - The Ministry of Emergency Management has pointed out that recent accidents in key industries reveal a lack of deep learning from past lessons and inadequate risk assessments, with some areas showing significant oversight and control issues [1] - There is a call for local governments and enterprises to strengthen their safety responsibilities and improve emergency plans to prevent major accidents and casualties [1] Group 2: Increased Risks During Holiday - The "May Day" holiday is expected to see a surge in public travel and tourism, leading to increased traffic in transportation, dining, entertainment, and accommodation sectors [1] - The transition from spring to summer brings about extreme weather conditions, which heightens various safety risks during this period [1]

4月30日，A股市场整体涨跌互现。 截至收盘，上证指数收报3279.03点，下跌0.23%，深证成指收报9899.82点，上涨0.51%，创业板指数收报1948.03点，上涨0.83%， 北证50指数上涨2.96%。A股市场合计成交11932.82亿元，较上一交易日增加1513.9亿元。 1. A股市场全天主力资金净流出7.13亿元 沪深300今日主力资金净流出26.46亿元，创业板净流入4.09亿元，科创板净流出8.13亿元。 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-4-30 | -26. 46 | 4. 09 | -8. 13 | | 2025-4-29 | -19.97 | -4. 91 | -7.54 | | 2025-4-28 | -76. 36 | -84. 04 | -11. 49 | | 2025-4-25 | 35. 72 | 11. 40 | -6. 56 | | 2025-4-24 | -80. 72 | -133.38 | -17.28 | ...

据交通运输部预测，在今年"五一"期间，日均跨区域人员流动量将超过2.7亿人次。假期出行热除了 利好最直接的旅游景区外，还利好从交通出行、酒店住宿、文艺演出、旅行服务到免税零售等诸多 行业。 近日，多家在线平台发布"五一"旅游报告，预计今年"五一"黄金周期间，旅游业延续复苏势头，在去年 同期高基数基础上消费活力持续释放。综合同程旅行平台的数据，今年"五一"假期的旅行热度或将达到 2023年以来"五一"假期的峰值。 同程研究院统计，今年"五一"期间，出行成本降低激活大众旅游需求，机票单程均价同比下降约11%。 从出行距离来看，长距离出行占比攀升，1200公里以上的航线占比近70%，较去年同期增长3个百分 点。其中，北京—三亚、上海—乌鲁木齐等航线热度攀升，印证"走得远"成为假期出游关键词。 华住数据显示，"五一"假期期间连续2天及以上的订单占比接近50%，折射出游客更加倾向于安排时间 充裕、更具深度体验的旅行。总体来看，今年"五一"假期，一线城市作为传统旅行目的地，酒店预订率 仍然保持稳定；二线城市酒店预订率比去年增长了1.5个百分点；三线城市酒店预订率比去年增加了2个 百分点；四线城市酒店预订率比去年则增加了4 ...

Core Viewpoint - The total dividends from ETFs have exceeded 10 billion yuan this year, with a year-on-year growth of over 180% as of April 25, highlighting the defensive nature of high dividend strategies in a low-interest-rate environment [1] Group 1: ETF Performance and Strategy - The current economic data fluctuations have led to a weakening of long-term government bond yields, making high dividend assets more attractive for long-term capital allocation [1] - E Fund's dividend series ETFs have established a comprehensive coverage of A-shares and Hong Kong stocks, providing stable dividend income and volatility resistance [1] - The four E Fund ETFs focus on high dividend yield as a core selection criterion, with a total management and custody fee of 0.20% per year, which is among the lowest in the market [1][3] Group 2: Dividend Distribution Mechanism - The three ETFs (Dividend Value ETF, Low Volatility Dividend ETF, and Hang Seng Low Volatility Dividend ETF) evaluate excess returns quarterly, with different months designated for dividend evaluation, ensuring monthly dividend distribution throughout the year [2][3] - The Hang Seng Low Volatility Dividend ETF evaluates excess returns on the last trading day of January, April, July, and October, while the Low Volatility Dividend ETF does so in February, May, August, and November, and the Dividend Value ETF in March, June, September, and December [2] Group 3: Index Composition and Performance - The Dividend Value ETF focuses on both "dividend and value" factors, selecting 50 securities with good liquidity, continuous dividends, and moderate dividend payout ratios, reflecting high dividend levels and value characteristics [3][5] - The Dividend Low Volatility Index excludes companies with excessively high or negative dividend payout ratios, ensuring that constituent stocks possess both dividend capability and profit quality [5] - The Dividend Low Volatility ETF targets "high dividend and low volatility" factors, tracking an index primarily composed of blue-chip stocks from financial, energy, and real estate sectors, with an average dividend yield exceeding 6% [9]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

Group 1 - The event held by the State Council Information Office featured representatives of national labor models discussing the importance of labor spirit and their contributions to society [1] - Li Meng, a sanitation worker, emphasized the value of hard and dirty work, stating that it brings happiness to others [1] - Deng Lanzhou, a driver, has provided essential goods to over 8,000 villagers, showcasing the role of transportation in rural areas [1] Group 2 - Ye Linwei, the first operator of an 80,000-ton forging press, highlighted the importance of technological breakthroughs in manufacturing, contributing to the development of key components for the C919 aircraft [2] - Wu Jianan, a maintenance specialist, has utilized technology to enhance the safety and efficiency of power grid operations in Qinghai [2] - The commitment to serving the community and improving operational efficiency is a common theme among the labor models [2] Group 3 - Gao Yu, the station master of Shanghai Hongqiao Station, implemented measures to enhance passenger experience, including late-night services and safety protocols during peak hours [3] - A notable story shared by Gao involved her commitment to assist a visually impaired child, demonstrating the dedication to community service [3] - The focus on listening to passenger needs and improving travel convenience is a key aspect of the transportation sector's service philosophy [3]

Group 1: Core Insights - As of April 23, 2025, over one-third of companies have released their 2024 dividend plans, with more than half of the industries experiencing an increase in dividend rates, indicating a continued search for "new red horses" in dividend strategies [1][6]. - Among the primary industries, the household appliance manufacturing and transportation sectors have shown significant increases in dividend rates for 2024, with expected dividend yields exceeding 3.5% [6][17]. - In the detailed industry analysis, sectors such as small household appliances, express delivery, and building equipment have reported the highest increases in dividend rates [6][20]. Group 2: Dividend Performance Review - From April 16 to April 23, 2025, small-cap growth stocks led the market, while dividend stocks lagged behind, reflecting a phase of risk preference recovery after previous tariff disruptions [7][25]. - The performance of major broad-based indices increased during this period, with real estate, oil and gas, and packaging sectors performing well, while consumer goods and social services faced slight pressure [7][28]. Group 3: High-Frequency Data Tracking - The dividend index's yield compared to government bond yields is currently at a high level, suggesting a favorable cost-benefit ratio for dividend investments [8][39]. - As of April 22, 2025, the dividend index's yield is approximately two standard deviations above the mean compared to government bond yields, indicating a high value for dividend strategies [8][40]. Group 4: Strategic Outlook - The report emphasizes a shift from "old dividends" to "new red horses," focusing on long-term allocation value in dividend assets, particularly in sectors like banking and technology [9][36]. - New investment opportunities are emerging in sectors such as agricultural chemicals, rare earth materials, lithium batteries, and hospitality, which are nearing supply clearing points and showing characteristics of "red horses" [9][36].

海峡股份（002320）公告，2025年第一季度营收为13.18亿元，同比下降5.11%；净利润为1.19亿元，同 比下降29.98%。 ...

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

Production Sector - The coke oven operating rate increased to 75.29%, up by 1.86% from the previous week[7] - The high furnace operating rate rose to 84.35%, reflecting a 0.77% increase[7] - The full tire steel operating rate decreased to 62.46%, down by 2.97% from the previous week[7] Consumption Sector - Weekly box office revenue decreased to 216 million CNY, down by 2,000,000 CNY from the previous week[7] - Average daily retail sales of passenger cars fell to 61,788.25 units, a decrease of 4,001 units[7] - Average daily wholesale sales of passenger cars dropped to 73,632.75 units, down by 5,425.55 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities increased to 167.19 million square meters, up by 18.21% from the previous week[7] - The land premium rate in 100 major cities rose to 7.5%, an increase of 3.27%[7] - Excavator sales reached 19,517 units, a significant increase of 7,877 units compared to the previous month[7] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) decreased to 1,347.84, down by 22.74 points[8] - The Consumer Price Index (CPI) for agricultural products showed a slight decline, with the wholesale price index at 118.13, down by 0.69%[8] - The Producer Price Index (PPI) indicated a rebound in domestic and international commodity prices[8] Transportation - The subway passenger volume in Beijing decreased to 1,057.37 million trips, down by 5.02%[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,847.57 flights, down by 92.29 flights[8] - The China Road Logistics Price Index increased slightly to 1,050.75, up by 0.61[8]