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79只创业板股最新筹码趋向集中
173只创业板股公布截至4月30日最新股东户数,环比上期,股东户数下降的有79只,降幅超过一成的有 4只。 证券时报·数据宝统计显示,173只创业板股公布了4月30日股东户数,与上期(4月20日)比,股东户数 下降的有79只,其中股东户数降幅超一成的有4只。股东户数环比增长的有79只。 股东户数降幅最多的是蕾奥规划,截至4月30日最新股东户数为9814户,较4月20日下降18.51%,筹码 集中以来该股累计下跌10.74%,累计换手率为75.44%,其间主力资金净流出5269.18万元。 其次是山水比德,截至4月30日最新股东户数为5359户,较4月20日下降14.39%,筹码集中以来该股累 计上涨34.90%,累计换手率为45.92%。 *ST清研最新股东户数5932户,环比下降14.14%,筹码集中以来股价下跌0.27%,累计换手率为 64.10%。 市场表现方面,最新一期筹码集中股4月21日以来平均上涨6.37%,涨幅居前的有常山药业、山水比 德、金凯生科等,分别上涨41.48%、34.90%、31.90%。所属行业来看,筹码集中股中机械设备、电 子、环保等行业最为集中,分别有14只、11只、7只个股上 ...
5月转债策略展望:业绩为底,超跌标的与条款机会为矛
Yin He Zheng Quan· 2025-05-07 14:50
1. Report Industry Investment Rating There is no information regarding the industry investment rating in the provided report. 2. Core Viewpoint of the Report The report forecasts the May convertible bond strategy, suggesting a focus on performance as the foundation, with opportunities in oversold targets and terms as the driving forces. It anticipates the end of the phased impact of tariff negatives and advocates for left - side oversold layout under monetary easing. The recommended convertible bond portfolio for May includes Wenshan Convertible Bond, Hongfa Convertible Bond, etc. [3][46] 3. Summary According to the Catalog 3.1 April Convertible Bond Market Review 3.1.1 Convertible Bond Market Review: Resilient Against the Underlying Stocks Amid Tariff Games, with Declining Parity but Rising Valuation - In April, the equity market fell 3.2%, and the convertible bond market followed with a 1.3% decline. The convertible bond ETF scale contracted 5.0% to 41.3 billion yuan. The trading activity of the equity - biased market declined, and the convertible bond parity dropped 7.4% to 86.9 yuan, while the 100 - yuan parity premium rate (MA5) rose 2.8pp to 25.3% [3][5][8] 3.1.2 Industry and Style: Media and Agriculture Led the Gains in April, with Medium - priced, Small - cap, and High - rated Styles Outperforming - In April, most industries' convertible bonds declined. Media (2.8%) and agriculture (1.9%) led the gains, while coal (-3.9%) and power equipment (-3.2%) had the largest declines. In terms of style, medium - priced, small - cap, and high - rated convertible bonds were more advantageous [22][25][29] 3.2 May Convertible Bond Market and Strategy Outlook 3.2.1 Convertible Bond Market Outlook: The End of the Phased Impact of Tariff Negatives, Left - side Oversold Layout Under Monetary Easing - In 2024, the performance of convertible bond underlying stocks was generally under pressure, but there was marginal improvement in Q1 2025. Targets with overseas revenue accounting for over 20% were still 3% more oversold than the industry average in April and may have room for repair. About 32% of convertible bonds that entered the call - back progress and 45% that triggered the call - back clause since last year chose to implement the call - back. The central bank announced a 50BP reserve requirement ratio cut and a 10BP interest rate cut on May 7 [35][41][45] 3.2.2 Convertible Bond Strategy Outlook: Performance as the Foundation, Opportunities in Oversold Targets and Terms as the Driving Forces - The strategy combines a 40% base position of broad - based large - cap targets, 30% for oversold repair, and 30% for call - back clause opportunities. The recommended convertible bond portfolio for May includes Wenshan Convertible Bond, Hongfa Convertible Bond, etc. [46][47] 3.3 Quantitative Strategies: Medium - volatility Strategies Outperformed, High - volatility Strategies Underperformed 3.3.1 Low - volatility Strategy: Low - price Enhancement Strategy - The strategy uses the low - price factor and relaxed the overseas revenue ratio constraint after April 22. The performance from April 1 - 30 was 0.01%, outperforming the benchmark by 1.32%. The current holdings and changes compared to the previous period are also provided [52][53][57] 3.3.2 Medium - volatility Strategy: Improved Dual - low Strategy - The strategy selects convertible bonds with relatively low prices and conversion premium rates. The performance in April was 1.28%, outperforming the benchmark by 2.59%. The current holdings and changes are presented [59][62][63] 3.3.3 High - volatility Strategy: High - price and High - elasticity Strategy - The strategy selects high - price and low - premium convertible bonds and balances industry allocation. The performance in April was - 2.20%, underperforming the benchmark by 0.89%. The current holdings and changes are detailed [65][66][70] 3.4 Primary Market Tracking 3.4.1 May Primary Market Issuance - As of May 5, there were no announced convertible bonds pending listing or issuance in May. Convertible bonds listed in April included Zhengfan Convertible Bond, Haohan Convertible Bond, etc. The issuance process of convertible bonds and the list of recently fast - tracked convertible bonds are also provided [72][73][75]
降准又降息!险资又添600亿“新弹药”,路线图详解!数据说话,节后投资主线怎么看?
Sou Hu Cai Jing· 2025-05-07 08:28
Group 1: Market Performance - The Hong Kong Dividend ETF Fund (513820) saw a volume increase and closed up 0.82%, marking two consecutive days of gains, with funds increasing by over 95 million yuan for five consecutive days [1] - The Bank ETF leader (512820) ended a three-day decline with a 1.42% increase, with a trading volume exceeding 54 million yuan, a 39% increase compared to the previous period [3] Group 2: Insurance Capital Preferences - In 2022, insurance capital initiated a new wave of "stake acquisitions," with eight insurance companies making a total of 20 acquisitions, predominantly targeting dividend assets, particularly the Industrial and Commercial Bank of China H-shares, which exhibit low valuation and high dividend characteristics [5] - In 2023, insurance giants have made 12 stake acquisitions involving 11 stocks, continuing their preference for banks and Hong Kong dividend assets [5] Group 3: Investment Environment - The insurance capital's demand for equity asset allocation has increased due to new regulations aimed at reducing profit volatility and a shift towards flexible dividend insurance products [7] - Policies are strongly supporting insurance capital and other long-term funds entering the market, with a target for large state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025 [7] Group 4: Dividend Asset Characteristics - High dividend assets are favored in a low-interest-rate environment, as they provide stable returns and lower volatility compared to growth stocks, making them attractive for insurance capital [7] - The Hong Kong dividend assets have a higher cash dividend ratio of 48.9% compared to A-shares at 41.8%, and the dividend yield of the Hong Kong Dividend ETF Fund (513820) is 8.88%, leading the market's mainstream dividend indices [8][9] Group 5: Banking Sector Insights - The banking sector is characterized by high dividends and low valuations, with the Bank ETF leader (512820) showing a dividend yield of 6.71%, the highest among all secondary industry indices [9] - The banking industry is closely tied to macroeconomic growth, and with ongoing policies to stabilize growth, there is potential for improvement in profitability and valuations within the banking sector [10]
大能源行业2024年报及2025一季报回顾 | 投研报告
电力:水电稳健,风况欠佳,火电再分化 华源证券近日发布大能源行业2025年第18周周报:2024火电运营商盈利好转主要系煤价 下降,但分区域看仍有分化,广东区域火电运营商盈利恶化,主要系广东省电力供需走向宽 松以及市场化电价进一步下滑;从业绩改善程度看,北方机组盈利改善更大,代表性火电为 大唐发电、建投能源与京能电力,主要系2023年低基数;从度电盈利水平看,2024年大唐发 电煤电度电利润1.3分/千瓦时,而华能国际、华电国际、国电电力分别为1.9、2.6、3.7分/千 瓦时。 以下为研究报告摘要: 投资要点: 风电:2024年风电装机和招标量均创新高。2024年我国风电新增装机79.3GW(同比 +5%),风电设备公开招标容量达164.1GW,同比增长超90%,到25Q1招标容量28.6GW, 同比增长22.7%。 水电:经营业绩稳健,重申配置价值。2024年全国降雨好转,年底高蓄水值贡献2025年 一季度电量增速。分流域看,主要流域2024年来水均有所改善,但2025年旱涝并重,雨情难 判。展望2025年水电公司业绩与投资机会,考虑到一方面本地消纳的水电上网电价与本地其 他电源比较仍然有价格优势,另一方 ...
今日56.72亿元主力资金潜入计算机业
| 行业名 | 成交量(亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入(亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股) | (%) | (%) | (%) | 元) | | 计算机 | 80.08 | 16.11 | 4.54 | 3.65 | 56.72 | | 电子 | 73.37 | 23.97 | 2.68 | 2.64 | 46.98 | | 非银金 融 | 42.19 | 31.55 | 1.02 | 1.38 | 24.29 | | 机械设 备 | 90.99 | 18.74 | 3.40 | 3.04 | 22.76 | | 有色金 属 | 43.08 | 42.69 | 1.97 | 2.57 | 20.75 | | 通信 | 31.97 | 41.66 | 1.85 | 3.59 | 20.12 | | 电力设 备 | 54.55 | 8.54 | 2.26 | 2.16 | 15.08 | | 汽车 | 53.94 | 4.84 | 2.51 | 2.20 | 13.02 | | 传媒 | 41.10 | 1 ...
大能源行业2024年报及2025一季报回顾
Hua Yuan Zheng Quan· 2025-05-06 12:58
Investment Rating - The report maintains a "Positive" investment rating for the large energy sector [5] Core Viewpoints - The report emphasizes the stable performance of hydropower, the negative impact of wind conditions on short-term performance, and the differentiation in thermal power profitability [6][31][37] Hydropower Summary - Hydropower performance is expected to be stable with improved rainfall in 2024, contributing to an increase in electricity generation in Q1 2025. The national rainfall is projected to be 9% above normal, with hydropower utilization hours increasing by 6.9% year-on-year [20][21] - Major hydropower companies are expected to see performance align with expectations, with notable growth in Q1 2025 for companies like Changjiang Power and Huaneng Hydropower [25][26] - The report highlights the importance of local hydropower pricing advantages and the stability of the business model and policy environment as key factors for investment [28][29] Renewable Energy Summary - Wind power operators are facing short-term performance declines due to poor wind conditions, while solar power operators are impacted by falling electricity prices and increased curtailment rates [31][36] - The report suggests focusing on long-term value in wind power operators despite current challenges, as the market is expected to favor those with sustainable development returns [36][37] Thermal Power Summary - The thermal power sector is experiencing improved profitability due to declining coal prices, although there is significant regional differentiation in performance [37] - The report notes that while northern thermal power operators are seeing better performance, regions like Guangdong are facing challenges due to market price declines [8][37] Investment Recommendations - The report provides three stock selection strategies: focusing on state-owned enterprises undergoing asset integration, selecting resilient hydropower assets, and identifying undervalued wind power operators [9][11] - Key recommended stocks include: - Hydropower: Guotou Power, Changjiang Power, Chuan Investment Energy - Wind Power: Longyuan Power, Xintian Green Energy, Datang Renewable - Thermal Power: Wan Energy, Shanghai Electric, Huaneng International [9]
A股市场2025年一季报业绩综述:全A净利边际改善,价格和政策有支撑的领域占优
BOHAI SECURITIES· 2025-05-06 10:55
| 略 | | 投资策略 | | --- | --- | --- | | | [Table_MainInfo] 全 A | 净利边际改善,价格和政策有支撑的领域占优 | | 研 | | ——A 股市场 2025 年一季报业绩综述 | | 究 | 分析师: 宋亦威 | SAC NO: S1150514080001 2025 年 05 月 06 日 | | | [Table_Analysis] 证券分析师 | [Table_Summary] | | | 宋亦威 | 投资要点: | | | 022-23861608 |  2025Q1 全 A 单季营收同比增速较 2024Q4 出现回落,而单季归母净利 | | | songyw@bhzq.com | 同比增速由负转正显著改善。具体而言,2025Q1 全 单季营收和净利 A | | | [Table_Author] 严佩佩 | | | | | 同比增速分别为-0.2%/3.7%,前者较 2024Q4 回落 1.7 个百分点,后者 | | | 022-23839070 SAC No:S1150520110001 | 较 2024Q4 回升 17.5 个百分点。 | | ...
信用利差周报:长短端利差的分化-20250506
Changjiang Securities· 2025-05-06 08:45
Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]
从微观出发的五维行业轮动月度跟踪-20250506
Soochow Securities· 2025-05-06 08:04
从微观出发的五维行业轮动月度跟踪 202505 2025 年 05 月 06 日 证券研究报告·金融工程·金工定期报告 金工定期报告 20250506 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书:S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书:S0600525040007 lingzhj@dwzq.com.cn 相关研究 《从微观出发的五维行业轮动 月度跟踪 202504》 2025-03-31 东吴证券研究所 1 / 9 金工定期报告 内容目录 | 1. 五维行业轮动模型简介 | | --- | | 2. 五维行业轮动模型绩效跟踪 | | 2.1. 五维行业轮动模型评分 | | 2.2. 五维行业轮动模型回测绩效表现 | | 3. 五维行业轮动模型持仓跟踪 | | 4. 五维行业轮动模型的指数增强策略 . | | 5. 风险提示 . | 2 / 9 东吴证券研究所 请务必阅读正文之后的免责声明部分 金工定期报告 图表目录 请务必阅读正文之后的免责声明部分 ◼ 模型多空对冲绩效:以 2 ...
环保行业2024、1Q25业绩综述:固废分红趋势明显,水务盈利能力改善,环保设备复苏态势初现
Huafu Securities· 2025-05-06 05:50
证券研究报告|行业专题报告 公用事业 行业评级 强于大市(维持评级) 25年5月6日 固废分红趋势明显,水务盈利能力改善,环保设备复苏态势初现 ——环保行业2024&1Q25业绩综述 证券分析师:严家源 执业证书编号:S0210524050013 证券分析师:尚硕 执业证书编号:S0210524050023 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 n 环保设备:1Q25复苏态势初现。环保设备板块28家公司中,2024年有8家实现归母净 利润同比增长、1家扭亏为盈,同比下降的有9家,另有4家出现亏损、6家持续亏损; 1Q25,有10家实现归母净利润同比增长、3家扭亏为盈,同比下降的有6家,另有1家 出现亏损、8家持续亏损。1Q25,我国环卫车大盘累计销售环卫车15483台,同比增长 3.5%,为近年来首次正增长,行业呈现复苏态势。2025年3月,生态环境部首次扩大 行业覆盖范围,新增钢铁、水泥、铝冶炼行业。碳监测、节能降碳相关设备企业有望受 益。 n 投资建议 n 固废处理盈利能力、现金流情况持续向好、分红趋势明显,"焚烧+IDC"有望打开第二成 长曲线;水务及水处理降本增效初见成效,盈利改 ...