报 告 正 文 利润增速继续回升。 4月利润增速录得3%，较上月上行0.4%，在去年同期基数走高的情形下仍有回升，环比 增速也高于近五年中位数，指向利润有所改善。从 工企利润的构成 来看，4月工企的营收增速有所回落，主因 当月生产高位回落，且价格拖累扩大，而工企产销率显著上行，对营收起到一定支撑。 分企业类型来看 ，外 商企业增速由负转正，而国企大幅回落。 分行业来看 ，4月上游公用事业、装备制造中的铁路船舶和仪器仪表 以及下游家具等行业利润改善幅度大。 结构上 ，装备制造，特别是高技术制造业利润增长显著加快。 4月营收回落，而利润回升。 2025年4月，规上工企营业收入录得2.6%，较上月有所回落。工企利润增速录得 3%，较上月上行0.4个百分点，在去年同期基数走高的情形下仍有回升，环比增速也高于近五年中位数，指向 利润有所改善。从 工企利润的构成 来看，4月工企的营收增速有所回落，主因当月生产高位回落，且价格拖累 扩大，而工企产销率显著上行，对营收起到一定支撑作用。本月成本费用同比、环比增幅均有回落，推动营收 利润率增速有所上升，是利润增速续升的主要贡献。 往后看 ，当下外部冲击不确定性仍在，企业利润恢复 ...

Group 1 - The article discusses the characteristics of local state-owned enterprises in the industry that have issued bonds for the first time from 2024 to the first quarter of 2025, highlighting their focus on industrial transformation and resource integration [3][4] - Over 150 local industrial state-owned enterprises have issued new bonds, primarily concentrated in economically developed regions with minimal negative public sentiment [4][5] - The financial health of these enterprises shows that over 40% have revenues below 500 million and profits below 50 million, indicating a need for improved financial performance [5] Group 2 - The main transformation directions for local state-owned enterprises include state asset operation, cultural tourism, urban comprehensive operation, financial holding/fund equity investment, and park construction and investment operation [6][7] - Core resources for these enterprises include various types of land, properties, financial assets, and public utility assets, which are essential for their operational success [7][8] - The article provides case studies of different types of enterprises that have successfully issued bonds, including engineering construction, state asset operation, equity investment, park operation, cultural tourism, and public utilities [9][10][12][15][22][26] Group 3 - The engineering construction case study highlights a company focused on municipal, highway, and water conservancy projects, with a revenue structure heavily reliant on project management and construction [9][10] - The state asset operation case study describes a company that manages various state assets and engages in food storage and industrial infrastructure development, with a significant portion of its assets in long-term investments [12][14] - The cultural tourism case study emphasizes a company that operates a major tourist attraction, generating substantial revenue from ticket sales and public services [22][24]

【 机构观点综评 】 方正证券指出，展望后市，小微盘占优行情特征或将延续。博时基金认为，存款 挂牌利率下移，汇率约束的缓解，货币市场以及短端利率补降可能会延续。 一、焦点锐评 1．LPR迎来年内首降，六大行同步调降存款利率 二、权益市场 1.中信证券：特朗普政策不确定性仍是大类资产配置主线 中信证券明明认为，大类资产配置方面，特朗普政策不确定性仍然是大类资产配置的主线，未来需要关 注外贸政策缓和或焦点转向内政的可能性。而在目前特朗普影响市场的模式中，"特朗普看跌期权"仍然 生效。在今年底至明年初之前，美债或为4%~5%区间震荡行情；黄金仍然是最具确定性的资产；特朗 普影响下美股的胜率仍然偏低；美元或偏弱震荡。但若特朗普政策焦点转向内部，美股和美债的拐点可 能提前到来。 2.方正证券：小微盘占优行情特征或延续 方正证券指出，展望后市，小微盘占优行情特征或将延续，主要判断依据包括：一是当前资本市场无系 统性风险，整体上A股风险偏好在不断回升。二是工业品价格持续收缩、上市公司盈利仍在筑底，经济 转型探索新方向过程仍在延续。三是流动性持续宽裕，无风险利率处于历史低位。四是新质生产力持续 发展，并购重组进一步释放市场活 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its natural gas and wind power segments [5][74]. Core Insights - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's wind power segment is expected to benefit from favorable market conditions and a strong project pipeline, particularly in offshore wind projects [2][52]. - The natural gas segment faces short-term challenges but has potential for growth with the upcoming commissioning of the second phase of the LNG terminal [3][63]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a substantial wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and a strong market position due to favorable trading policies [2][21]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY/kWh, maintaining stability compared to the previous year, with a market transaction volume ratio of 44.71% [50][48]. - The company has a robust project pipeline, including 430.99 million kW of approved but unconstructed projects, with a significant focus on offshore wind development [52][55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected at 5.888 billion cubic meters, reflecting a 15.13% year-on-year increase, although Q4 2024 shows a decline of 24.43% [3][59]. - The LNG terminal project is progressing, with the first phase operational and the second phase expected to enhance capacity significantly, targeting a total unloading capacity of 10 million tons per year [63][64]. - The natural gas segment's revenue for 2024 is estimated at 15.004 billion CNY, with a gross profit margin of 3.52%, indicating pressure on profitability [3][59]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion CNY, 24.034 billion CNY, and 26.960 billion CNY for 2025-2027, with corresponding net profits of 2.549 billion CNY, 2.516 billion CNY, and 2.990 billion CNY [73][74]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74][76].

恒生指数公司编制的恒生港股通高股息率和恒生中国内地企业高股息率等指数尽管历史较长，但结构过 于集中于银行、能源、地产等板块，回撤控制与长期收益相对偏弱，难以满足当下投资者对红利策略的 平衡性与稳定性需求。 此外，央企红利主题指数(如港股通央企红利、国新港股通央企红利)虽受政策支持推动资金流入，但主 要集中于金融、工业等行业，缺乏市值与行业层面的成长弹性，估值改善空间有限，适合作为政策主题 配置的补充工具，但对长期资金吸引力相对有限。 尤其是在港股市场整体估值处于历史低位、企业派息意愿持续增强、政策支持资本市场长期资金入市的 环境中，港股通红利指数逐渐成为投资者配置高现金流、低波动品种的重要工具。同时，内地红利策略 ETF发行热度持续升温，也对指数本身的结构、表现与可投资性提出了更高要求。 在众多港股红利类指数中，中证港股通高股息指数(930914.CSI)表现尤为突出。 中证港股通高股息在长期累计回报、年化收益、回撤控制以及夏普比率、卡玛比率等多个风险调整收益 指标上均优于其他指数，展现出良好的抗跌能力与长期回报潜力。指数结构分布较为均衡，兼顾估值与 市值弹性，并以金融、公用事业、通信、工业等稳定行业为主，地 ...

Group 1 - The major industry ETFs in the US stock market showed mixed performance, with the Utilities ETF declining approximately 2% and the Energy ETF dropping over 1% [1] - The Utilities ETF (US XLU) was reported at 79.62, down by 1.64 (-2.02%) with a trading volume of 2.653 million shares and a market capitalization of 11.559 billion [2] - The Energy ETF (US XLE) was at 81.10, down by 0.95 (-1.16%) with a trading volume of 1.652 million shares and a market capitalization of 20.309 billion [2] Group 2 - The Gold ETF (US GLD) was priced at 303.77, down by 2.05 (-0.67%) with a trading volume of 1.578 million shares and a market capitalization of 82.170 billion [2] - The Healthcare ETF (US XLV) was at 130.94, down by 0.65 (-0.49%) with a trading volume of 1.9005 million shares and a market capitalization of 25.056 billion [2] - The Biotechnology ETF (US IBB) was priced at 121.15, down by 0.54 (-0.44%) with a trading volume of 90,342 shares and a market capitalization of 9.619 billion [2] Group 3 - The Consumer Staples ETF (US XLP) was at 81.31, down by 0.33 (-0.40%) with a trading volume of 1.3075 million shares and a market capitalization of 13.759 billion [2] - The Regional Banks ETF (US KRE) was priced at 56.50, down by 0.15 (-0.26%) with a trading volume of 1.8414 million shares and a market capitalization of 4.715 billion [2] - The Financials ETF (US XLF) was at 50.19, down by 0.10 (-0.21%) with a trading volume of 3.0012 million shares and a market capitalization of 55.858 billion [2] Group 4 - The Consumer Discretionary ETF (US XLY) was priced at 211.89, up by 0.24 (+0.11%) with a trading volume of 288,200 shares and a market capitalization of 26.614 billion [2] - The Global Technology ETF (US IXN) was at 83.87, up by 0.18 (+0.22%) with a trading volume of 6,472 shares and a market capitalization of 1.174 billion [2]

Core Viewpoint - Investors should focus on "quality dividends" rather than merely seeking "high dividends," emphasizing a bottom-up stock selection strategy that considers operational resilience, capital allocation discipline, and sustainability of shareholder return policies [1] Group 1: Investment Strategy - Fidelity International emphasizes the importance of identifying high-quality companies in sectors such as information services, finance, utilities, consumer staples, and insurance, which exhibit strong cash flow and stable dividend records [1] - The use of active management strategies, such as covered call options, can enhance portfolio cash flow without significantly sacrificing capital appreciation potential [1] Group 2: Market Outlook - The global stock market is expected to experience volatility through 2025, influenced by geopolitical and trade policy challenges, prompting investors to adjust their confidence and asset allocation [1] - Despite market turbulence, recent data indicates significant capital inflows into global stock markets, although there are signs of slowing capital rotation in North American markets, suggesting a shift towards diversified market allocations [1] Group 3: Geographic Diversification - Diversification across regions, including the U.S., Europe, and Asia, is crucial for enhancing portfolio resilience against market fluctuations and policy changes [2] - U.S. companies face pressure from tariffs and policy disruptions, leading Fidelity to focus less on U.S. stocks and more on service industries that are less directly impacted [2] - European companies with a global revenue base and strong dividend policies present good opportunities for risk diversification and return generation, despite a conservative economic outlook [2] Group 4: Quality and Dividend Growth - High-quality index investments demonstrate higher efficiency and lower volatility, with approximately 40% of total global stock market returns derived from dividends [3] - Dividend growth potential reflects operational quality, allowing investors to participate in capital market growth in a more stable manner [3] - Continuous dividend growth is a key factor, as it not only provides cash flow but also constitutes a significant part of long-term returns [2][3]

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.04%，A股成交量422.88亿股，成交金额5083.76亿 元，比上一个交易日减少13.62%。个股方面，1898只个股上涨，其中涨停47只，3290只个股下跌，其 中跌停4只。从申万行业来看，国防军工、银行、煤炭等涨幅最大，涨幅分别为1.87%、0.39%、 0.25%；美容护理、基础化工、公用事业等跌幅最大，跌幅分别为1.87%、0.79%、0.70%。（数据宝） 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。 今日各行业表现（截至上午10:28） （文章来源：证券时报网） | 电力设备 | | | | 安彩高科 | | | --- | --- | --- | --- | --- | --- | | 公用事业 | -0.70 | 168.97 | -12.43 | 晋控电力 | -6.19 | | 基础化工 | -0.79 | 326.48 | -16.66 | 宁新新材 | -10.35 | | 美容护理 | -1.87 | 66.24 | -1.28 | 可靠股份 | -8.84 | | 申万行业 | 行业涨跌（%） | 成交额（ ...

热点报告——股指期货 [★Ta2b0l2e5_S年um4m月a经ry]济数据解读： 1、作为关税战升级以来的首个月份，中国各项经济指标均同比 走弱，除工增外均不及市场预期，反映出经历一季度的快速修 复后，国内经济压力开始显现。4 月份工增、社零、固投季调环 比增速分别为 0.22%、0.24%、0.1%，均处于历史季节性低位。 扣减掉价格因素后，前 4 月累计看，供给侧表现仍好于需求侧。 股 2、供给侧方面，无论是工业还是服务业虽然同比增速回落，但 结构上均呈现出新质生产力增长较为稳固的态势。高技术制造 业、信息技术服务业等增速分别录得 10%、10.4%。 指 期 货 3、消费增长不及预期。一方面餐饮消费或存在低价内卷现象， 另一方面商品零售则表现为美妆、金银珠宝高增长，而传统补 贴领域的汽车和通信类产品增速开始收敛。 4、投资端，制造业和基建仍有韧性。但地产端，投资、销售、 价格三弱的态势表明"止跌"态势不稳，有较大下行压力。 ★投资建议 增长动能放缓--2025 年 4 月经济数据解读 4 月份经济数据整体表现平淡，出口的高增和内需的低迷形成鲜 明对照。国内政策发力的"疲惫期"或逐渐开始显现，突出表 现 ...

Group 1 - The three major indices in the US experienced significant declines, with the S&P 500 down 1.61%, Nasdaq down 1.41%, and Dow Jones down 1.91%, marking the largest drop in a month [2] - The VIX fear index surged by 15.42%, indicating increased market volatility and investor anxiety [2] - Long-term US Treasury bonds faced heavy selling, with the 20-year Treasury yield rising to 5.12% and the 30-year yield reaching 5.09%, both reflecting a significant increase in borrowing costs [2] Group 2 - The auction results for the 20-year Treasury bonds showed a high yield of 5.047%, which is the highest tail risk in six months, leading to a decline in the bid-to-cover ratio [2] - Analysts suggest that the uncertainty surrounding US economic policies may impact international financial market expectations, potentially accelerating the "de-dollarization" process and providing opportunities for non-USD assets like the Chinese yuan [2] - A-share market is expected to gradually recover from the sideways trading seen since last year, supported by positive economic outlooks and effective market stabilization measures [2][3] Group 3 - The poor performance of US Treasury auctions could lead to a sell-off in the bond market, increasing global risk aversion and potentially reducing trading volumes in the A-share market, particularly affecting small-cap stocks [3] - Defensive sectors such as utilities and banks may attract capital as safe havens amid rising yields and market volatility [3]