Group 1 - The company approved a profit distribution plan for the fiscal year ending December 31, 2024, which includes a cash dividend of 0.5 RMB per 10 shares, totaling 56,833,917.05 RMB (including tax) [1][2] - The total number of shares eligible for the dividend is 1,136,678,341 shares after deducting repurchased shares [1][2] - The dividend distribution will not include stock dividends or capital reserve transfers to increase share capital [1] Group 2 - The equity registration date for the dividend distribution is set for June 30, 2025, and the ex-dividend date is July 1, 2025 [2] - The distribution applies to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the registration date [2] - The actual cash dividend amount is calculated based on the number of shares participating in the distribution multiplied by the distribution ratio [2][3] Group 3 - The adjusted cash dividend per 10 shares, based on the total share capital, is approximately 0.485842 RMB [2] - The ex-dividend price will be adjusted based on the previous day's closing price minus the dividend amount per share [3]

Core Viewpoint - Despite the market turbulence caused by Trump's tariff policies, global stock markets experienced a surprising "V-shaped" rebound in April, largely due to measures taken by the Trump administration to soften trade policies, which reassured investors about potential government intervention if economic data worsened [1][19][20]. Market Performance - In April, the S&P 500 index fell by only 0.8%, while the Dow Jones Industrial Average dropped by 3.2%, and the Nasdaq index actually rose by 0.9%. The Nasdaq experienced a maximum drawdown of 16% in the first week but rebounded by approximately 18% in the following weeks [4][9]. - The Dow and S&P 500 indices have seen seven consecutive days of gains, with the S&P 500's increase over this period being the largest since November 2020 [3][2]. Economic Indicators - The U.S. economy contracted in the first quarter of the year, yet the stock market showed strong rebounds, with the Dow Jones up by 0.3% and the S&P 500 up by 0.1% on the day of the contraction announcement [2]. - The 10-year U.S. Treasury yield experienced a wide fluctuation of 50 basis points in April, closing at 4.173%, slightly down from 4.245% a month prior [7]. Asset Class Performance - The U.S. dollar fell over 4% in April, marking its largest monthly decline since November 2022 and the second-largest since September 2010 [10]. - Gold prices increased by nearly 6%, marking the fourth consecutive month of gains, while Bitcoin surged by 14%, achieving its best monthly performance since the election-driven rally in November [11]. - Conversely, WTI crude oil had its worst monthly performance since November 2021, closing at its lowest level since February 2021 [12]. Market Divergence - There is a notable divergence in U.S. economic data, with strong "hard data" contrasting with collapsing "soft data," leading to investor confusion regarding the impact of tariffs on the economy [13][15]. - Institutional investors remain cautious despite the S&P 500's 14% rise since April 7, while retail investors are aggressively increasing their positions, particularly in the Nasdaq market, reflecting a more optimistic sentiment [16][17]. Market Logic Behind Rebound - The market's recovery is attributed to the Trump administration's measures to soften trade policies, including a 90-day tariff suspension and exemptions for tech products, which have made investors believe that further government action will be taken if economic conditions deteriorate [19][20]. - Weak economic data has fueled expectations for Federal Reserve rate cuts, reviving the "bad news is good news" market logic [23]. Historical Context - The April market rebound presents both good and bad news for investors. Historically, major monthly drawdowns have often led to subsequent gains, with 9 out of 10 instances showing positive performance in the following months. However, the exception in December 1973 during the "Nixon Shock" raises concerns about potential stagnation [25][26][27].