Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [2] Core Insights - The focus is on dividend defense, high-growth new consumption, and traditional consumption stimulus chains. The recommended order of attention is: dividend defense > high-growth new consumption > traditional consumption stimulus [2][14] - The report highlights the importance of high-dividend defensive stocks due to unclear policy signals from the political bureau meeting, suggesting a focus on companies like Midea and Gree in the home appliance sector, and Yum China and Haidilao in the restaurant sector [14] - New consumption opportunities driven by consumption upgrades are emphasized, with specific attention to companies like Pop Mart in trendy toys, Zhongchong in pet products, Gu Ming in tea drinks, Jiuhua Tourism in travel, and Jinbo Bio in medical beauty [14] - Traditional consumption is expected to benefit from growth-stabilizing policies, with a focus on subsidy policies and low-valuation traditional consumption stocks, particularly in the two-wheeler sector and service consumption like tourism [14] Summary by Sections 1. Consumer Macro & Midstream Sentiment Tracking - Domestic demand shows signs of stabilization, with first-tier cities outperforming the national average in new housing prices, which increased by 0.1% month-on-month [5][11] - Exports are under pressure, with most categories (except home appliances and textiles) showing a year-on-year decline in March, while home appliances and textiles have seen growth [5][11] 2. Home Appliances - In May, the total production of major home appliances reached 38.21 million units, a year-on-year increase of 5.9% [17] - March export data shows air conditioner exports increased by 25% year-on-year, with significant growth in Europe, South America, the Middle East, and Africa [18] 3. Light Industry Manufacturing - New tobacco products are expected to benefit from increased compliance challenges for illegal products, with companies like Simoer likely to gain [22] - The home goods sector is stabilizing, with easing trade frictions and steady domestic demand [22] 4. Textile and Apparel - The apparel industry shows stable sentiment in April, with a focus on brands that have unique advantages [25] 5. Social Services - The report suggests focusing on new consumption and stable dividend stocks, with improvements noted in the restaurant sector and ongoing recovery in the hotel industry [26] 6. Retail Internet - The competitive landscape in food delivery is evolving, with JD's significant investment in delivery services and Meituan's strong market position being highlighted [28]

Report Industry Investment Rating - The document does not mention the report industry investment rating. Core Viewpoints - On April 28, 2025, the Shanghai Composite Index fell 0.20% to 3288.41 points, the Shenzhen Component Index fell 0.62% to 9855.20 points, and the ChiNext Index fell 0.65% to 1934.46 points. The total trading volume of A-shares in the two markets was 1076.9 billion yuan. The top-performing sectors were banking (0.98%), steel (0.53%), and utilities (0.39%), while the worst-performing sectors were real estate (-3.66%), comprehensive (-2.52%), and social services (-2.19%) [2][7]. Summary by Directory Market Overview - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined on April 28, 2025, with trading volume reaching 1076.9 billion yuan. Banking, steel, and utilities led the gains, while real estate, comprehensive, and social services led the losses [2][7]. Stock ETF - The top-traded stock ETFs on April 28, 2025, were Southern China Securities A500 ETF (down 0.21%, discount rate -0.30%), Huaxia China Securities A500 ETF (down 0.11%, discount rate -0.23%), and Huatai-PineBridge CSI 300 ETF (down 0.15%, discount rate -0.19%) [3][8]. Bond ETF - The top-traded bond ETFs on April 28, 2025, were Haifutong CSI Short-term Financing Bond ETF (down 0.00%, discount rate 0.00%), Penghua ChinaBond 30-Year Treasury Bond ETF (up 0.36%, discount rate 0.49%), and Fullgoal ChinaBond 7-10 Year Policy Financial Bond ETF (up 0.07%, discount rate 0.06%) [4][10]. Gold ETF - Gold AU9999 and Shanghai Gold both fell 0.92% on April 28, 2025. The top-traded gold ETFs were Huaan Gold ETF (down 0.86%, discount rate -0.99%), E Fund Gold ETF (down 0.82%, discount rate -0.95%), and Bosera Gold ETF (down 0.84%, discount rate -0.94%) [13]. Commodity Futures ETF - On April 28, 2025, Huaxia Feed Meal Futures ETF fell 1.48% with a discount rate of -1.81%, Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.02% with a discount rate of 1.05%, and Dacheng Nonferrous Metals Futures ETF fell 0.42% with a discount rate of -0.50% [14]. Cross-Border ETF - The previous trading day saw gains in the Dow Jones Industrial Average (0.05%), NASDAQ Composite (1.26%), S&P 500 (0.74%), and German DAX (0.81%). On April 28, 2025, the Hang Seng Index fell 0.04% and the Hang Seng China Enterprises Index fell 0.00%. The top-traded cross-border ETFs were Huaxia Hang Seng Technology ETF (down 0.14%, discount rate 1.15%), GF China Securities Hong Kong Innovative Drugs ETF (down 2.01%, discount rate -1.55%), and Huatai-PineBridge Southern Dongying Hang Seng Technology ETF (unchanged, discount rate 1.65%) [16]. Money ETF - The top-traded money ETFs on April 28, 2025, were Silver Hua Dayli ETF, Huabao Tianyi ETF, and Money ETF Jianxin Tianyi [18].

Market Overview - The Shanghai Composite Index fell by 0.20% on April 28, with five industries rising, led by banking and steel, which increased by 0.98% and 0.53% respectively [1] - The real estate and comprehensive sectors experienced the largest declines, down by 3.66% and 2.52% respectively [1] - The social services sector ranked third in terms of decline for the day [1] Capital Flow - The main capital outflow from both markets totaled 29.894 billion yuan, with only two sectors seeing net inflows: steel (200 million yuan) and oil & petrochemicals (66.933 million yuan) [1] - The electronics sector had the largest net outflow, totaling 3.104 billion yuan, followed by the automotive sector with a net outflow of 2.516 billion yuan [1] Social Services Sector - The social services sector declined by 2.19% with a net capital outflow of 524 million yuan [2] - Out of 77 stocks in this sector, 10 rose while 63 fell, including one stock that hit the daily limit down [2] - The top three stocks with the highest net outflows included Zhongxin Tourism (59.004 million yuan), Zhonggong Education (54.230 million yuan), and Guomai Technology (44.444 million yuan) [2] Notable Stocks in Social Services - The stock *ST Chuan Zhi saw a net inflow of 54.911 million yuan, while ST Zhangjiajie and Gangyan Nake followed with inflows of 18.9027 million yuan and 16.4099 million yuan respectively [4] - The stocks with the largest capital outflows included Zhongxin Tourism (-5.90037 million yuan), Zhonggong Education (-5.423 million yuan), and Guomai Technology (-4.4444 million yuan) [2][3]

证券研究报告 | 固定收益点评 gszqdatemark 2025 04 28 年 月 日 固定收益点评 基金增持了哪些转债——25Q1 基金转债持仓分析 2025Q1 公募基金持有转债规模占转债总市值的比重环比下降 0.87pcts，仓位小幅上升了 0.01pcts。截止 2025Q1，转债市场存量余 额 6920.52 亿元，环比 24Q4 增加 0.24%；公募基金持有转债市值 2822.74 亿元，占转债总市值的 40.79%，较 24Q4 减少 0.87pcts；公募基金持有 转债仓位为 0.819%，较 24Q4 上升 0.01pcts。 2025Q1，可转债基金平均收益略跑赢中证转债指数。受权益市场行情影 响，25Q1 转债市场主要指数上涨。可转债基金 25Q1 的区间平均收益率 为 16.73%，收益率为正的可转债基金有 39 只，其中华宝可转债债券 25Q1 收益率表现最好为 46.51%；东方可转债债券的收益率同样表现优异为 37.26%。另外仅有工银可转债债券的收益率为-0.24%。可转债基金中跑 赢中证转债指数的有 21 只，胜率 52.50%；跑赢转债债基指数的为 18 只， 胜率为 ...

| 汽车 | | | | 浙江华远 | | | --- | --- | --- | --- | --- | --- | | 社会服务 | -2.28 | 120.30 | 7.14 | 外服控股 | -8.62 | | 综合 | -2.34 | 21.01 | -1.26 | *ST中程 | -13.84 | | 房地产 | -3.61 | 191.74 | -12.91 | 特发服务 | -11.01 | 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。 （文章来源：证券时报网） 证券时报·数据宝统计，截至下午13:58，今日沪指跌0.07%，A股成交量796.87亿股，成交金额8733.96亿 元，比上一个交易日减少3.07%。个股方面，1263只个股上涨，其中涨停45只，4043只个股下跌，其中 跌停66只。从申万行业来看，钢铁、银行、公用事业等涨幅最大，涨幅分别为1.55%、1.22%、1.05%； 房地产、综合、社会服务等跌幅最大，跌幅分别为3.61%、2.34%、2.28%。 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） ...

市场情绪自3月20日持续调整，于4月18日下降至低点，数值为0.1。本周市场情绪指标在接近0轴处开始向上反弹，回升至0.5，数值较上周五(4/18)上升0.4，模型转多，市场 情绪有所缓和。 本周A股市场提示市场情绪有一定修复，较上周明显发生变化的指标有科创50成交占比、主力买入力量和期权波动率。主力流出速率减缓和VIX指标体现的恐慌程度减弱是本 周市场情绪回升的主要原因。 科创50成交占比、行业涨跌趋势性、主力买入力量和PCR结合VIX，分别代表了市场风险偏好程度下降，市场情绪不确定性增强，主力流出速度 减缓和期权市场恐慌情绪缓和。其他指标维持和上周一致的判断。 资金当前对成长高估值板块观点不确定性较强。 自上周科创50成交占比指标快速下跌至下轨以下后，本周科创50成交占比指标仍在持续下降。本周主力资金持续从科创板块 流出，累计净流出超过32亿人民币。 投资者信心逐渐恢复，市场的活跃度和投资者参与度都有了明显提升。 除了看到主力资金本周流出科创板，主力资金本周在全A仍然呈现净流出的态势，但流出速度较上周有 所减缓，主力流出主力买入力量指标有所回升。从主力资金净流出绝对量看，主力资金本周累计净流出超过370亿 ...

5 月行业配置关注：关税冲击修复与景气改善线索 20250427 摘要 • 财政政策更加落实，财政支出增速明显改善，为维持国内经济稳定提供支 撑，一季度消费边际改善，显示中国经济的韧性和结构性变化。 • 二季度出口受益于关税豁免期及转口贸易，预计基本面乐观。财政支出和 消费增速提升对股票市场有积极影响，内平准基金机制锁定向下空间，增 加市场向上弹性。 • 风险偏好回升依赖于人工智能、人形机器人、低空经济等新产业趋势的发 展，这些新兴产业为市场提供布局和投资机会，尤其在业绩真空期。 • 政治局会议强调稳定并活跃资本市场，支持未来积极变化预期。市场可能 向上突破，并体现为积极的产业趋势变化，特别是在 5 月份。 • 5 月份行业配置思路可从自上而下逻辑、八个维度打分模型及重点行业具 体推荐三方面分析，市场呈 V 型走势，消费和科技板块快速轮动。 • 一季度经济内生增长动能改善，消费服务表现突出，家电、汽车和通信器 材增长亮眼，受以旧换新及国补政策驱动。中高端制造业生产端保持较高 景气度。 • 5 月份市场偏好预计改善，布局关税影响趋缓及景气改善线索，关注前期 超跌且对美出口依赖度小的板块，以及受益于内需消费及自主 ...

Core Viewpoint - Beijing Renli announced its 2024 annual distribution plan, proposing a cash dividend of 6.99 yuan per 10 shares (including tax), with a total cash payout of 396 million yuan, representing 50% of net profit and a dividend yield of 3.86% based on the average trading price for 2024 [2][3]. Company Financial Performance - For the year 2024, the company reported operating revenue of 43.032 billion yuan, a year-on-year increase of 12.32%, and a net profit of 791 million yuan, up 44.42% year-on-year. The basic earnings per share were 1.398 yuan, with a weighted average return on equity of 12.61% [3][4]. Dividend History - The company has a history of consistent dividend payouts, marking its 27th distribution since its listing. The cash dividends over the years have shown a significant increase, with the latest payout of 396 million yuan compared to previous years [2][3]. Industry Comparison - In the social services sector, 40 companies announced their 2024 distribution plans. Beijing Renli's cash payout ranks fifth among these companies, with the highest payout being from Foreign Service Holdings at 548 million yuan [4][5]. Recent Market Activity - The stock experienced a net outflow of 148,500 yuan from main funds today, with a total outflow of 7.5077 million yuan over the past five days [4].

| 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） | | （%） | （%） | | 600662 | 外服控 股 | 0.00 | 2.4 | 54803.92 | 50.44 | | 5.11 | | 300144 | 宋城演 艺 | 0.00 | 2 | 52452.01 | 50.01 | | 2.12 | | 600754 | 锦江酒 店 | 0.00 | 3.8 | 40586.98 | 44.55 | | 1.40 | | 600258 | 首旅酒 | 0.00 | 3.6 | 40197.71 | 49.85 | | 2.52 | | | 店 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 002033 | 丽江股 | 0.00 | 3.5 | 19232.17 | 91.20 | 3.76 | | | 份 | | | | ...

Investment Rating - The report maintains a "Recommended" investment rating for Runben Co., Ltd. (603193.SH) [1][8] Core Views - The company is expected to achieve a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, with a net profit of 300 million yuan, up 32.8% [4] - The growth in revenue is driven by the mosquito repellent business, which is projected to grow by 35.39% to 439 million yuan, and the baby care series, expected to generate 690 million yuan in revenue, a year-on-year increase of 32.42% [5] - The company plans to launch over 90 new products in 2024, demonstrating its commitment to innovation and adaptability in response to market demands [5] Summary by Sections Financial Performance - In 2024, the gross margin is projected to be 58.17%, an increase of 1.83 percentage points, while the net margin is expected to be 22.77%, up 0.89 percentage points [4] - The sales expenses are anticipated to rise by 41.25% to 380 million yuan, with a sales expense ratio of 28.8%, an increase of 2.78 percentage points [4] - The company reported a revenue of 281 million yuan in Q4 2024, a year-on-year increase of 34.01%, although net profit for the same period decreased by 13.28% to 39 million yuan [4] Revenue and Profit Forecast - For 2025, the company is expected to generate a revenue of 1.740 billion yuan, with a year-on-year growth of 32.0%, and a net profit of 390 million yuan, reflecting a growth of 29.9% [6] - The projected earnings per share (EPS) for 2025 is 0.96 yuan, with a price-to-earnings (P/E) ratio of 36.2 [6] Business Segments - The mosquito repellent and baby care segments are identified as the key growth drivers, with significant contributions to overall revenue [5] - The online sales channel is expected to reach 970 million yuan in 2024, a year-on-year increase of 23.80%, with direct online sales contributing 774 million yuan [5] Market Position and Strategy - The company is focusing on product upgrades and new launches to capture market share, particularly in the mosquito repellent and baby care sectors [5] - The report highlights the company's ability to adapt to market changes and consumer preferences through continuous innovation and a flexible approach [6]