Core Insights - The article emphasizes the advantages of semi-annual rebalancing of dividend funds, which can lead to an additional 5% return compared to annual rebalancing [1] Group 1: Timing and Performance - Semi-annual rebalancing offers a significant timing advantage, allowing funds to capture dividends from newly announced high-dividend stocks earlier than annual rebalancing funds [2] - For instance, in May 2024, the index included Shaanxi Coal, which had a proposed dividend yield of 9.2%, allowing investors to benefit from a complete dividend payout before the stock price increased by 15% [2] Group 2: Risk Management - The semi-annual rebalancing strategy helps avoid "dividend traps" often set by cyclical stocks, which may announce high dividends but later report poor performance [3] - In December 2023, the CSI 800 Dividend Low Volatility Index removed a coal stock that saw its dividend yield plummet from 12% to 3%, thus avoiding a subsequent 40% drop in stock price [3] Group 3: Cost Efficiency - Funds with semi-annual rebalancing maintain a lower turnover rate of 20%-30%, which reduces transaction costs compared to high-frequency rebalancing funds that exceed 50% turnover [4] - For example, a 10,000 yuan investment could yield an additional 4,000 yuan over five years due to lower trading fees associated with semi-annual rebalancing [4] Group 4: Recommended Dividend Indices - The CSI 800 Dividend Low Volatility Index includes 100 stocks with a diversified industry weight, effectively mitigating risks from any single sector [5] - The CSI Dividend Quality Index focuses on 50 stocks with stable earnings, ensuring that only companies with a return on equity (ROE) greater than 15% are included [6] - The Hang Seng High Dividend Low Volatility Index has a safety check for stocks with yields over 7%, successfully avoiding a stock that later fell by 60% [7] - The S&P A-Share Large Cap Dividend Low Volatility Index has shown strong defensive performance, with a maximum drawdown of 11.3%, significantly lower than the 22.7% drawdown of the CSI 300 [8] Group 5: Tax Efficiency - Semi-annual rebalancing strategies can minimize tax liabilities by allowing investors to hold stocks longer, thus reducing the tax burden associated with short-term holdings [12] - The CSI 300 Dividend Low Volatility Index has a tax cost of only 0.2%, compared to 0.6% for quarterly rebalancing funds [12] Group 6: Portfolio Strategy - Combining different types of dividend funds can enhance overall returns while providing risk diversification [15] - The West China State-Owned Enterprise Dividend Index has outperformed its benchmark by 22 percentage points over five years, focusing on stocks with high dividend yields and state-owned enterprise reforms [15]

Market Overview - The overall market sentiment is positive, with a strong start in June, indicating a potential for good performance this month [1] - The market is characterized by a combination of quantitative-driven rotation and retail investor-led clustering strategies [1] Index Performance - The three major indices opened lower but showed signs of recovery, with a trading volume of 1.14 trillion, remaining stable compared to the previous trading day [3] - The expectation for the first half of the week is a gradual upward movement in indices, while the latter half may see divergence and corrections [3] Market Sentiment - There were 67 stocks hitting the daily limit up and 6 hitting the limit down, with 3,190 stocks rising and 1,724 falling [4] - The sentiment is expected to continue improving, with opportunities for rotation among thematic stocks [4] Sector Opportunities - The pharmaceutical sector is performing strongly, with notable stocks like Shuyitai and Huason Pharmaceutical showing significant gains [6] - The nuclear power sector is also expected to see a rebound, with strong buying activity noted in the afternoon [7] - The stablecoin sector faced challenges, but there is potential for recovery in the coming days [8] - The consumer sector, particularly in pet-related businesses, is showing strong recovery, indicating ongoing opportunities for selective investments [8] Investment Strategy - The current market favors a focus on core stocks within specific sectors, with an emphasis on maintaining a cautious approach due to lower margin for error [8]

进入二季度，A股回暖明显，机构投资者调研热情大幅攀升，险资开始扎堆调研上市公司。6月3日，北京商报记者通过东方财富Choice数据梳理发现，自 5月以来，约120家险资机构密集调研A股上市公司514次，数百家上市公司被调研。一向稳健的险资都在关注哪些行业？险资在权益市场配置的策略有哪 些调整？未来加仓趋势如何？ 险资是我国A股市场第二大机构投资者，发挥着市场"压舱石""稳定器"作用。今年以来，监管多次力推长期资金入市，以长期投资为主要目标的险资机构 正在紧锣密鼓地寻觅投资目标。 北京商报记者通过东方财富Choice数据梳理发现，自5月以来，约120家险资机构密集调研了A股上市公司514次，其中，制造业板块、科技成长板块是险 资调研重点，包括轻工制造、计算机、软件、电子元件、工业机械等。 从宏观层面看，A股二季度以来回暖明显，市场情绪逐步修复，为险资提供了更为有利的投资窗口。业内人士指出，险资作为重要的机构投资者，其调研 热情的攀升，一方面是对市场回暖信号的积极响应，试图在市场波动中捕捉投资机会；另一方面也反映出险资对当前资本市场中长期价值的认可。 哪些公司更为吸引险资机构的目光？北京商报记者梳理发现，科技股、 ...

Investment Rating - The report recommends a "Buy" rating for Fosun Pharma (2196.HK) with a target price of 18.0 HKD and a stop-loss price of 15.0 HKD [10]. Core Views - Fosun Pharma is positioned as a leading player in China's pharmaceutical industry, covering a wide range of sectors including drug manufacturing, medical devices, and healthcare services. The company aims to achieve a net profit of 2.99 billion HKD in 2024, driven by the launch of innovative products and sales growth [10]. - The report highlights the company's strategic focus on innovation, internationalization, and operational integration under its "4IN" strategy, which emphasizes innovation, internationalization, intelligentization, and integration [10]. - Key growth drivers include the rapid revenue growth of core innovative products such as anti-PD-1 monoclonal antibodies and CAR-T cell therapy products [10]. Market Overview - The report notes that the Hong Kong stock market has experienced fluctuations, with a net inflow of 45.6 billion HKD from southbound trading in May. The Hang Seng Index and other indices saw monthly increases of 5.29%, 4.41%, and 1.14% respectively [3]. - The report suggests that sectors such as artificial intelligence, robotics, semiconductors, and innovative pharmaceuticals are worth monitoring due to their growth potential [3]. - The report emphasizes the undervaluation of Hong Kong stocks, particularly those with exposure to Chinese assets, and recommends focusing on sectors benefiting from low-risk interest rates in mainland China [3].

Summary of Conference Call Notes Industry or Company Involved - **Zhongheng Design**: Awarded a project for Shandong Arrow Yuan Aerospace Technology [1] - **Beijing Arrow Yuan Technology**: Developed the "Yuanxingzhe No. 1" verification rocket [2] - **North Chemical Co.**: Incident involving an explosion at a chemical workshop [5] - **Qianyuan Pharmaceutical**: Focus on smoking cessation drugs [5] - **Aok Shares**: Involved in the production of PEG-related products [6] - **Digital Government**: First company in unmanned inspection vehicles [6] Core Points and Arguments - **Zhongheng Design**: The company secured a contract in 2024 to provide architectural design services for Arrow Yuan Technology's aerospace production base [1] - **Beijing Arrow Yuan Technology**: Successfully conducted the first flight recovery test of the "Yuanxingzhe No. 1" rocket at Dongfang Spaceport [2] - **North Chemical Co.**: A chemical workshop explosion in Wuyi County is expected to impact nitrocellulose production capacity by 9,000 tons; the company holds over 30% of domestic nitrocellulose capacity [5] - **Qianyuan Pharmaceutical**: The market potential for smoking cessation drugs is significant, with approximately 3.5 billion smokers in China; the drug Varenicline is positioned as a leading product in this market [5] - **Aok Shares**: The company has a high gross margin of 53% from its PEG products, which are used in various pharmaceutical applications [6] - **Digital Government**: The company is pioneering unmanned inspection vehicles, targeting a market space of 240 billion; one unmanned vehicle can replace 30,000 to 40,000 inspection personnel [6][7] Other Important but Possibly Overlooked Content - **North Chemical Co.**: The company achieved a net profit of approximately 30 million yuan in Q1 2025, marking a turnaround from previous losses [5] - **Qianyuan Pharmaceutical**: The cost of Varenicline treatment is estimated at 1,700 yuan for 12 weeks or 3,500 yuan for 24 weeks, indicating a substantial market opportunity [5] - **Digital Government**: The company has established a strong presence in multiple cities with its unmanned vehicles, enhancing operational efficiency and reducing the workload of ground staff [6] - **Future Developments**: Significant government interest in ongoing projects, with high-level inspections scheduled, indicating potential for increased investment and project acceleration [7][8]

Core Points - Hainan has implemented 14 early tax policies to establish a tax system for the free trade port, focusing on "zero tariffs" and "low tax rates" to attract businesses and individuals [1][6] - The "zero tariff" policy has been expanded to include medical devices and pharmaceuticals, benefiting both enterprises and individuals [4][6] - The tax incentives have significantly reduced operational costs for companies, enhancing their competitiveness in the global market [5][7] Tax Policies - The "zero tariff" policy includes three lists covering raw materials, self-use production equipment, and transportation tools, which have collectively imported goods worth 226.9 billion yuan, resulting in tax reductions of 43.2 billion yuan [6][8] - The corporate income tax and personal income tax are set at a preferential rate of 15%, attracting nearly 4,300 enterprises to benefit from this policy [7][8] - The implementation of the "zero tariff" policy has led to substantial savings for companies, with one company saving approximately 44 million yuan in taxes from importing goods valued at 350 million yuan [5][6] Economic Impact - The tax incentives have attracted over 85,000 talents to Hainan, contributing to the development of the free trade port [8] - The policies have facilitated the transformation of companies, such as a pharmaceutical company that shifted from a commercial entity to a production enterprise, saving over 10 million yuan in taxes [7][8] - The continuous optimization of tax policies has enhanced Hainan's appeal as a business destination, fostering economic growth and development [6][7]

Group 1: Hong Kong Stock Market Highlights - Mixue Group (02097) rose over 7%, reaching a new high, with Daiwa raising its target price to HKD 608, optimistic about same-store sales growth and store opening speed [1] - Lianlian Digital (02598) increased nearly 10% following the official enactment of the "Stablecoin Regulation" in Hong Kong [1] - Automotive stocks collectively declined, with Li Auto-W, Great Wall Motors, and GAC Group all dropping over 2%, as the Ministry of Industry and Information Technology and the China Association of Automobile Manufacturers opposed "involution-style" price wars [1] - CSPC Pharmaceutical Group (02005) fell over 7% after reporting a 36.9% year-on-year decline in revenue and a 59.5% drop in net profit attributable to shareholders for Q1, with expectations of a 45%-60% decline in profit for the first half of the year due to demand drop and intensified competition [1] - Solar energy stocks dropped across the board, with New Special Energy, Xinyi Energy, Fuyao Glass, and Xinyi Solar all declining over 4%, as the anticipated "531" rush in May did not materialize following the April rush [1] - Chinese property stocks fell collectively in early trading, with R&F Properties, Sunac China, New City Development, and Agile Group all dropping over 4%, as data showed a 10.8% year-on-year decline in sales for the top 100 real estate companies from January to May, with a 17.3% drop in May alone [1] Group 2: Other Notable Stocks - Chongqing Rural Commercial Bank (03618) rose nearly 5% after being included in the CSI 300 Index, becoming the first local financial institution from Chongqing to be included, with a 6.25% year-on-year increase in net profit attributable to shareholders for Q1 [2] - Baker Hughes (02149) increased over 8%, reaching a new high after completing a placement of 3 million new H-shares, raising approximately HKD 117 million [2] - Giant Bio (02367) fell over 4% amid ongoing controversies regarding its product components, with the company stating it received an apology from the relevant testing agency and will pursue accountability for the rumors [2] - Chip stocks declined across the board, with Hua Hong Semiconductor, Jingmen Semiconductor, SMIC, and Shanghai Fudan all dropping over 2%, influenced by fluctuating U.S. policies and a decline in the Philadelphia Semiconductor Index [2] - Beike-W (02423) dropped nearly 6% as Huaxi Securities reported a significant slowdown in second-hand housing transaction growth, with a mere 8% year-on-year increase in 15 cities for the first 29 days of May, the lowest since October of the previous year [2] Group 3: U.S. Stock Market Highlights - AstraZeneca (AZN.US) rose over 2% after its cancer drug Imfinzi received EU approval for specific muscle-invasive bladder cancer treatments [3] - Trump Media & Technology Group (DJT.US) increased over 2.4% after announcing the completion of approximately USD 2.44 billion in financing, planning to use about USD 2.32 billion for Bitcoin reserves, potentially becoming one of the largest Bitcoin holders among U.S. public companies [3] - Nvidia (NVDA.US) fell over 2.92% after the CEO announced plans to sell up to 6 million shares by the end of 2025 [3] - Palantir (PLTR.US) rose over 7.73% as reports indicated the Trump administration relies on its technology for inter-agency data sharing, with over USD 113 million in government contracts since Trump took office [3] - Costco (COST.US) increased over 3.12% after reporting Q3 earnings that exceeded expectations, with revenue of USD 63.2 billion, an 8% year-on-year increase, and EPS of USD 4.28, demonstrating its scale advantage and member loyalty [3]

欢迎扫描下方二维码关注： 问题一 Answer 问题二 Answer 广告费和业务宣传费如何在税前扣除？ 答： 企业发生的符合条件的广告费和业务宣传费支出，除国务院财政、税务 主管部门另有规定外，不超过当年销售(营业)收入 15% 的部分，准予扣除； 超过部分，准予在以后纳税年度结转扣除。 广告费和业务宣传费支出有什么特殊规定？ 答： 按照《财政部 税务总局关于广告费和业务宣传费支出税前扣除有关事项 的公告》（财政部 税务总局公告2020年第43号）的规定：自2021年1月1日起 至2025年12月31日止，对化妆品制造或销售、医药制造和饮料制造（不含酒 类制造）企业发生的广告费和业务宣传费支出，不超过当年销售（营业）收入 30%的部分，准予扣除；超过部分，准予在以后纳税年度结转扣除。 问题三 企业发生的广告费和业务宣传费怎么确认销售（营业）收入的基数？ Answer 问题四 Answer 答：企业在计算业务招待费、广告费和业务宣传费等费用扣除限额时，其计算 基数应包含两部分：销售（营业）收入和视同销售收入额。 销售（营业）收入：是指企业销售商品、产品、原材料、包装物、低值易耗品 以及其他存货取得的收入；企业 ...

Core Viewpoint - The article discusses various tax incentives and policies aimed at supporting high-tech enterprises, small and micro enterprises, and specific sectors such as pharmaceuticals and technology transfer, highlighting the benefits of these policies for businesses in terms of tax reductions and deductions [4][12][11]. Group 1: High-Tech Enterprise Incentives - High-tech enterprises are subject to a reduced corporate income tax rate of 15% [4]. - Losses incurred in the five years prior to qualifying as a high-tech enterprise can be carried forward for up to 10 years for tax offset [4]. Group 2: Equipment and Depreciation Policies - From January 1, 2024, to December 31, 2027, enterprises can deduct the full cost of newly purchased equipment valued under 5 million yuan in the year of purchase, rather than depreciating it over several years [5]. - The definition of equipment includes fixed assets excluding buildings, and the timing of asset recognition is based on invoice issuance or completion of construction [17]. Group 3: Pharmaceutical Sector Benefits - Pharmaceutical manufacturing companies can deduct advertising and promotional expenses up to 30% of their annual sales revenue, with excess amounts allowed to be carried forward to future tax years [9]. - Income from the initial processing of medicinal plants is exempt from corporate income tax [9]. Group 4: Technology Transfer Tax Relief - For technology transfer income, the first 5 million yuan is exempt from corporate income tax, while amounts exceeding this threshold are taxed at half the standard rate [11]. Group 5: Small and Micro Enterprise Policies - Small and micro enterprises can calculate taxable income at a reduced rate of 25% and pay corporate income tax at a rate of 20%, with this policy extended until December 31, 2027 [12]. - Criteria for small and micro enterprises include annual taxable income not exceeding 3 million yuan, fewer than 300 employees, and total assets not exceeding 50 million yuan [12].

Core Insights - The performance of actively managed equity funds in the first five months of 2025 shows a significant disparity, with the best-performing fund achieving a return of 69.30% and the worst losing over 37%, resulting in a nearly 108% difference between the top and bottom performers [1] - The average return for all 4,516 actively managed equity funds was 2.64%, with 190 funds exceeding a 20% return in the first two months [1] - The North Exchange 50 Index outperformed other indices, leading to strong performances from several North Exchange-themed funds and a rebound in pharmaceutical-themed funds due to the strong performance of the innovative drug sector [1] Fund Performance - The top two funds in terms of performance for the first five months of 2025 were the CITIC Securities North Exchange Selected Two-Year Open A, managed by Leng Wenpeng, with a return of 69.30%, and the Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open, managed by Gu Xinfeng, with a return of 67.38% [1][5] - Other notable funds include Changcheng Pharmaceutical Industry Selected A and Guangfa Growth Navigation One-Year Holding A, both exceeding 60% returns [3] Sector Analysis - The innovative drug sector has seen a significant increase in market costs since 2022, with a notable second wave of cost increases occurring after the Lunar New Year [4] - The analysis suggests that the second wave of cost increases in the innovative drug sector may present greater potential for returns compared to the first wave, driven by a combination of policy, capital, and industry dynamics [4]