点击图片▲立即试听 " 如果你在白宫里，出来后没有成为超级大富翁，那你就是这个星球上最愚蠢的人。 " 文 / 巴九灵（微信公众号：吴晓波频道） "现在是买入的绝佳时机！！！ " 说这话的不是股评家，而是当前的美国总统。 本周三晚，在他突然逆转态度，决定暂缓对部分国家征收"对等关税"前，他在社交平台写下这么一段话。 感叹号的背后还有三个字母：DJT。 事后人们才意识到， DJT，这既是一个签名，也是特朗普媒体与技术集团的股票代码。 初期人们都以为这是总统先生在为低迷的美股打气，直到他在未告知贸易官员的情形下，自顾自公布关税决定后，人们才意识到"预言"背后的真 相。 几个小时内，纳斯达克指数暴涨12.16%，美股"七姐妹"总市值增加13.4万亿元人民币，对此，有人欢喜，也有人警惕。 美股投资者们发现，在特朗普发布推文前 10分钟，有人在大量买入标普500看涨期权。这批异常精准，且违背风险管理的 期权交易，在当天就给 他们 带来了高达2100%的投资回报。 于是市场开始质疑，特朗普正在玩转世界上最大的 "老鼠仓"——所谓"老鼠仓"，是指投资者利用内幕消息来违法从事证券交易的行为，对金融市 场具有极大破坏性。 分析还 ...

Group 1: Core Views - The macroeconomic environment in China is expected to remain under pressure in 2024, with a weak recovery phase, but there are structural resilience highlights in the REITs market [2][4] - The average performance completion rate of public REITs projects exceeded 100%, indicating stable performance realization [2][3] - The forced dividend characteristic of public REITs is emphasized, with an average of 2 dividend distributions expected in 2024 [2][3] Group 2: Market Dynamics - The operating resilience of REITs projects is attributed to controllable asset supply-demand contradictions, alignment with policy directions, and stable payment terminal projects [2][4] - The average rental income of second-tier industrial park projects is projected to decline by 5.4% year-on-year, while first-tier parks are adopting strategies to maintain occupancy rates [5][6] - The logistics real estate market is experiencing a short-term adjustment, with average effective rent declining by 4.0% year-on-year [7][8] Group 3: Investment Structure - Institutional investor participation in public REITs reached a record high of 96.45%, with brokerage firms becoming a significant pricing force [3][4] - The insurance sector's participation remained stable compared to the previous year, indicating a cautious approach to incremental allocation [3][4] Group 4: Sector Performance - Retail properties are entering a phase of stock competition, with over half of key cities experiencing a decrease in vacancy rates, although rental prices remain under pressure [9][10] - The rental housing market is seeing increased supply, but listed projects are maintaining operational resilience, with overall income growth of 0.6% year-on-year [10][11] - Toll revenue for expressways is under pressure due to various factors, but there is a gradual improvement in performance observed in Q4 2024 [12][13]

今天大概是我做投资以来亏钱最多的一天，具体亏多少没算，模糊估一下大几百肯定有了，懒得细算，算算也不会少亏，徒增烦恼罢了。 真的是24小时车轮亏，半夜币圈崩了个大的，早上醒来打开电梯就发现港股跌11%了，当时就觉得不对，杀跌超过了预期。之后的a股果然一上来就崩， 期指一个猛子就扎下去，反弹软弱无力，账户直接裂开。 我计算了一下账户的健康度，就去把还在睡觉的老婆叫醒，让她倒腾下资金，准备给我补充保证金。她一脸懵逼的看着我，问我亏了有没有一千，我说 没，放心吧，我不会瞎玩的。 之前有人问我滚ic到底要准备多少钱，我说30万一手应该差不多，现在想想还是说少了，这几年几乎每年都有一次ic跌停的情况，真要安全计一手备个40- 50万才算稳妥。 想想也是挺无奈的，一直强调要维护中国金融市场的稳定，但a股从来就和稳定这两个字不沾边，明明回报率那么低的废柴市场，偏偏波动率领跑全球。 中午休盘的时候就已经亏麻了，想着独乐乐不如众乐乐，就临时发了一篇《哥们shi都亏出来了》，没有用群发，但公众号现在的发布（不限次数）和群 发也没什么区别，不到10分钟就10万+，比我平时晚上的群发还快。 …… 最后说说今天的市场，市场中位数达到了惊 ...

Investment Rating - The transportation industry is rated as "positive" [4] Core Viewpoints - The U.S. tariff policy aims to attract manufacturing back to the U.S., with significant tariffs imposed on various countries, including a 34% tariff on China [2] - The imposition of high tariffs is expected to increase trade costs globally, impacting both exporters and U.S. consumers, potentially leading to higher inflation in the U.S. [2] - The actual execution of the tariff policy remains uncertain and will depend on future negotiations between the U.S. and other countries [2] Summary by Sections Tariff Impact - The tariffs will directly affect container shipping and air freight, particularly on the Far East-North America route, leading to increased trade costs and reduced cargo volumes [3] - The cancellation of tax exemptions for small packages will have a short-term negative impact on air freight, as businesses may need to shift to more expensive shipping methods [3] Recommendations - The report suggests focusing on domestic demand sectors such as highways and railways, which are expected to benefit from increased internal consumption [8] - Companies that have established a presence in emerging markets like Southeast Asia are likely to see increased opportunities as they adapt to the changing trade landscape [8] Industry Data - The transportation industry comprises 126 companies, with a total market value of 32,036.5 billion and a circulating market value of 28,190.56 billion [5] - The average price-to-earnings ratio for the industry is 15.99 [5]

Core Viewpoint - Anhui Wantuo Expressway Co., Ltd. has reported a significant increase in stock price and announced a cash dividend distribution plan for the fiscal year 2024, reflecting positive financial performance and shareholder returns [1][3][4]. Stock Performance - As of March 28, 2025, Wantuo Expressway's stock closed at 16.89 yuan, up 3.68% from the previous week [1]. - The stock reached a peak of 16.91 yuan and a low of 15.87 yuan during the week [1]. - The company's total market capitalization is 29.009 billion yuan, ranking 6th in the railway and highway sector and 507th among A-shares [1]. Shareholder Changes - As of February 28, 2025, the number of shareholders decreased to 14,800, a reduction of 1,678 or 10.18% from December 31, 2024 [2][6]. - The average number of shares held per shareholder increased from 70,700 to 78,700, with an average holding value of 1.3945 million yuan [2]. Profit Distribution Plan - The company announced a cash dividend of 0.604 yuan per share (before tax), with a total proposed distribution of approximately 1.0018 billion yuan, which represents 60.02% of the net profit available for distribution [3][4]. - The net profit for the fiscal year 2024 is reported at 153.452 million yuan, with 152.399 million yuan available for distribution to shareholders [3][4]. Board and Supervisory Meetings - The 10th meeting of the 10th Board of Directors was held on March 28, 2025, where several key resolutions were passed, including the approval of the annual financial report and profit distribution plan [4]. - The 6th meeting of the 10th Supervisory Board also took place on the same day, approving the annual report and profit distribution plan, which will be submitted for shareholder approval [5].

Group 1 - The core viewpoint of the news is that Sichuan Chengyu is implementing various measures to optimize costs and increase profits in 2024, with significant growth in traffic and toll revenue due to the completion of the Chengle Expressway expansion [1] - The company is focusing on cost control and financial optimization to reduce losses in the Suiguang-Suixi project, while still achieving profitability in the Rongcheng Second Ring Road despite macroeconomic challenges [1] - The company is benefiting from the growth of the new energy vehicle market and internal management improvements, leading to a turnaround in profitability for Shudao New Energy [1] - The profits of Zhonglu Energy and Chengya Oil Company have improved due to increased oil sales and refined management practices [1] - The company plans to focus on its core business, enhance maintenance management, and expand comprehensive energy development and service-oriented businesses, while maintaining a high dividend payout ratio and steadily advancing asset injections [1] Group 2 - Beijing Hanhe Capital Management Co., Ltd. is a member of the China Securities Investment Fund Industry Association, established in January 2013, and obtained a private investment fund management license in June 2014 [2] - Hanhe Capital adheres to a long-term value investment philosophy, emphasizing that without a long-term perspective, there can be no victory [2] - The company aims to build an investment philosophy based on long-term thinking, achieving long-term win-win outcomes with excellent enterprises [2] - Hanhe Capital's value proposition includes ultra-long-term, exquisite, and sustainable principles, ensuring alignment of interests between the management and investors by not charging fixed management fees [2]

Group 1 - The China Securities Index for Hong Kong, Shanghai, and Shenzhen interconnection logistics shows a recent performance with a 1.53% increase over the past month, a 3.20% decrease over the past three months, and a year-to-date decline of 3.20% [1] - The index is based on the comprehensive index samples and the China Securities 500 Index samples, reflecting the overall performance of securities listed in the interconnection range across the three markets [1] - The index's top ten holdings include companies such as Beijing-Shanghai High-Speed Railway (9.37%), SF Holding (6.77%), and COSCO Shipping Holdings (5.95%) [1] Group 2 - The industry composition of the index shows that railway transportation accounts for 18.28%, shipping for 17.98%, and express delivery for 16.64% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, including the removal of companies that are delisted or undergo significant corporate changes [2]

Core Viewpoint - The article emphasizes that despite the volatility in the A-share market over the past four years, there has been a bull market for undervalued, high cash flow, and high dividend stocks, particularly among state-owned enterprises, with 30% of these stocks doubling in value [2][5]. Group 1: Market Performance - Over the past four years, 30% of state-owned enterprise dividend stocks have seen their prices more than double, with 90% reaching new highs since February 2021 [2][6]. - Specific sectors such as ports, highways, publishing, and construction have shown significant growth, with stocks like Tangshan Port increasing by 145% and maintaining a dividend yield of 4.77% [5][6]. Group 2: Investment Strategy - Investors are advised to focus on understanding their companies rather than trying to time the market, as this can lead to missed opportunities and costly mistakes [3][8]. - The article references Graham's perspective that many investors fail to profit because they chase market signals rather than focusing on the fundamentals of the companies they invest in [9][10]. Group 3: Company Analysis - The article highlights that companies with low valuations and strong balance sheets have been successfully identified by the market, leading to substantial price increases [5]. - In the publishing sector, companies like Phoenix Media and Shandong Publishing have also seen their earnings per share rise significantly, with dividend yields above 4% [6].

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3352 | 0.3176 | 5.54 | 0.0185 | | 每股净资产（元） | 0 | 4.89 | -100 | 4.61 | | 每股公积金(元) | 0.59 | 0.59 | 0 | 0.6 | | 每股未分配利润(元) | 2.75 | 2.61 | 5.36 | 2.35 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 69.69 | 57.03 | 22.2 | 74.11 | | 净利润(亿元) | 8.8 | 8.28 | 6.28 | 1.4 | | 净资产收益率(%) | 6.74 | 6.68 | 0.9 | 0.40 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本 | 增减情 | | --- | --- | --- | --- | | | | 比例(%) | 况(万股 ...

煤炭高速是传统的分红股，有几位老师提到以后看了一下，这煤炭是一江春水向东流啊，查了一下动力 煤价格今年跌了不少，但应该不至于亏损吧？最多盈利缩水，看一季报吧。 奇怪的是钢铁期货最近走势也不行，但是钢铁股倒是比较强，唯一的利好也许就是传闻中的产能压缩？ 大部分钢铁股年报都还是亏损的。 大部分电力股最近也在下跌，不管火电水电，按道理煤炭降价是利好啊，全社会用电量也在上升吧。 高速公路去年走了一大波行情，在降息背景下，还是值得投资的吧。或许股市本来就不是讲道理的地 方。 又或者是市场资金不足，搞板块轮动，所以看着指数还是3300，暴涨的板块涨了很多，上述这些板块资 金悄悄流出。最后，也许这些目前不好的板块就是下一波行情的领头羊？ psz2017 每天在消费和红利挨打，不看就行，every dog has his day。 kkqq999 说明你不懂股市啊。老股民都知道，煤电油铁老三样都是周期防御性板块，在熊市的时候就会比较好， 牛市就不行。 今年年初还看见有人在这里推荐长江电力，真是惯性思维严重。 kkqq999 @copchen 照说科技股您涨您的，没必要砸红利吧，本来两者就不是一路人。只能说，故意引诱市场资 金 ...