中金研究 红利风格作为过去3年A股和港股市场持续性较好的主线之一，从去年"924"之后至今年3月，相对收益一度下降。4月初随着美国关税政策带来外部不确 定性，A股整体企业盈利景气行业预期受到影响，投资者对业绩稳定性和确定性的要求上升，红利风格关注度阶段回升。近期2024年年报披露结束， 2024年A股上市公司提升分红意愿进一步提升，在上市企业盈利增速同比有所下降的情况下，分红总额同比增长5%左右，成为高股息投资的重要支 撑。本报告结合2024年年报，重点梳理当前A股市场分红特征的变化情况，并对相关红利选股模型进行进一步优化与更新。 点击小程序查看报告原文 2024年A股上市公司的分红特征 A股上市公司现金分红总额创历史新高，约九成盈利企业进行现金分红。 2024年4月"新国九条"出台以来，监管层持续强化对现金分红的鼓励和支持力 度，叠加A股上市公司自由现金流改善，A股整体现金分红水平进一步提高。具体来看：1）2024年A股上市公司累计现金分红金额2.3万亿元，同比增速 5%；现金分红公司数量占比69.1%，剔除亏损上市公司后2024年分红公司数量占比89.3%。2）A股整体分红比例（现金分红/净利润）提升2. ...

从打造现象级游戏《黑神话：悟空》的游戏科学，到开发扭秧歌机器人的宇树科技，再到火爆出圈的人 工智能公司深度求索……去年以来，一家家浙江民营企业厚积薄发、惊艳亮相。 民营经济，推进中国式现代化的生力军，高质量发展的重要基础，更是浙江经济的鲜明特色和突出优 势。截至2024年底，浙江民营企业在册总量350.53万户，占企业主体总量的92.06%。2024中国民营企业 500强等榜单上，浙江民营企业上榜数居全国前列。 在浙江工作期间，习近平同志为浙江量身定制了"八八战略"这一总纲领总方略。其中第一条，就是进一 步发挥浙江的体制机制优势，大力推动以公有制为主体的多种所有制经济共同发展，不断完善社会主义 市场经济体制。 2023年9月，习近平总书记在浙江考察时指出："坚持'两个毫不动摇'、'三个没有变'，鼓励和支持民营 企业积极参与全球范围产业分工和资源配置，提升核心竞争力。"今年全国两会期间，习近平总书记强 调："要全面落实民营企业座谈会精神，一视同仁对待各种所有制企业，持续优化营商环境。" 真心实意把民营企业和民营企业家当作自己人，浙江鼓励和支持民营企业积极参与全球范围产业分工和 资源配置，提升核心竞争力，持续擦亮 ...

华福证券 轻工制造 2025 年 05 月 11 日 轻工制造 4 月出口仍显韧性，Q1 全球 AI 眼镜倍增 投资要点： 【周观点】4 月我国整体出口保持韧性，对美出口开始下滑但转出口效应 明显；25Q1 全球 AI 智能眼镜销量 60 万台，同比增长达 216%，关注智能 眼镜后续新品上市进展催化；持续推荐新消费景气个护和潮玩赛道，布鲁 可 5 月上新名侦探柯南奇迹版梦游童话、英雄无限法相悟空 2.0、变形金刚 传奇版声波、变形金刚星辰版第三弹，IP 矩阵丰富持续扩圈。 强于大市（维持评级） 一年内行业相对大盘走势 -0.30 -0.20 -0.10 0.00 0.10 0.20 5/13 7/24 10/4 12/15 2/25 5/8 轻工制造 沪深300 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz3059 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - Overall consumer demand remains stable in Q1 2025, with a recommendation to pay attention to subsequent national consumption stimulus policies [4] - The beauty and personal care sector showed a mixed performance, with the personal care segment performing the best [9][10] - The textile and apparel sector maintained stable growth, with outdoor brands performing well [18][21] Summary by Relevant Sections Beauty and Personal Care Sector - In Q1 2025, the retail sales of cosmetics in China grew by 3.2% year-on-year, lower than the overall consumer goods retail sales growth of 4.6% [5][6] - The beauty sector's revenue and net profit reached 13.5 billion and 1.89 billion respectively, with year-on-year changes of +0.2% and -12.3% [9][10] - The cosmetics segment saw a revenue of 9.62 billion, down 3% year-on-year, and a net profit of 1.06 billion, down 20.7% [10] - The medical beauty segment's revenue was 2.43 billion, down 0.2%, with a net profit of 0.71 billion, down 0.5% [10] - The personal care segment achieved a revenue of 1.45 billion, up 29.4%, and a net profit of 0.13 billion, up 12.6% [10] Textile and Apparel Sector - The retail sales of clothing, shoes, hats, and textiles grew by 3.4% year-on-year in Q1 2025, below the overall consumer goods retail sales growth of 4.6% [13][18] - The textile and apparel sector's revenue and net profit saw year-on-year changes of +1.66% and -10.72% respectively [18] - The OEM segment's revenue grew by 13.02% year-on-year, while the brand segment's revenue decreased by 3.90% [19][21] - The home textile segment's revenue decreased by 3.98% year-on-year, with a net profit decline of 12.35% [21]

2025.05.09 导读 ： 银行股价值凸显；纺织服装企业或迎机遇 ；解锁【第一财经智享会员】实时解读市 场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1、一揽子金融政策发力，银行股价值凸显 2、2 0 2 5纺织服装"优供给促升级"活动启动，相关企业或迎机遇 1、 一揽子金融政策发力，银行股价值凸显 中国人民银行5月7日宣布推出一揽子金融政策措施，包括降低存款准备金率0 . 5个百分点、下调 政策利率0 . 1个百分点、下调政策利率0 . 1个百分点等多项举措。 5月7日下午，中国人民银行召开全系统会议，深入学习贯彻4月2 5日中央政治局会议精神，全力 推进一揽子金融政策加快落地见效。 中国银河证券指出，一揽子金融政策出台，降准降息落地，释放流动性，结构性工具创新力度加 大，引导银行信贷结构优化，银行增资为信贷投放和风控提供支撑。银行基本面积极因素持续积 累 。 中 长 期 资 金 入 市 有 望 进 一 步 加 速 ， 加 速 银 行 板 块 红 利 价 值 兑 现 。 继 续 看 好 银 行 板 块 配 置 价 值。 中信证券指 ...

流动性释放：降准预计释放长期资金约 1 万亿元，直接降低银行负债成本，广发证券测算此举 可提升上市银行净息差 0.06bp ； 政策协同：招行、中信银行等获批设立金融资产投资公司（ AIC ），进一步强化对科技企业 的股权投资支持，推动银行向综合金融服务转型。 2 、 纺织服装：政策催化与出口预期改善 一、主要指数表现： 三大指数集体调整 截至收盘， A 股三大指数呈现 集体调整 态势。上证指数 下跌 0.28% ， 收于 33 4 2.00 点；深证成指 下跌 0. 69 % 至 101 26 . 83 点；创业板指 下跌 0.87 % ，收于 20 11 . 77 点。 另外 ，从日内波动看，市场情绪仍显谨慎，沪深两市成交额较前一日缩量 1 014 亿 元，降至 1 1920 亿元，显示资金观望情绪浓厚。 全球市场方面，美股隔夜表现分化，道琼斯指数上涨 0.62% ，纳斯达克指数涨 1.07% ；显 示全球市场在美联储政策预期与经济数据博弈下呈现复杂格局。 二、领涨板块解析：政策驱动与行业利好共振 1 、 银行板块：降准降息提振估值 银行板块逆势走高，兴业银行、青岛银行等个股涨幅超 2% 。核心驱动来自 ...

Core Viewpoint - The textile and apparel industry is experiencing high marketing expenditures, with several companies significantly increasing their sales expenses, which raises concerns about the balance between marketing and research and development investments [1][4]. Sales Expenses Overview - The top three companies in terms of sales expenses for 2024 are Haier Home (48.41 billion), Semir Apparel (37.51 billion), and Taiping Bird (26.39 billion) [1][2]. - Sales expenses for Haier Home and Semir Apparel have increased by 11.21% and 13.89% respectively compared to the previous year [1][2]. - Notable increases in sales expenses are observed in Jiuwang (13.88 billion, up 24.2%), Biyinlefen (16.13 billion, up 22.96%), and Semir Apparel (37.51 billion, up 13.89%) [1][2]. Sales Expense Ratios - In 2024, companies like Xinhe (54.36%), Jinhong Group (50.8%), Annail (50.42%), and Geli Si (50%) are allocating over 50% of their revenue to marketing expenses, indicating high marketing spending [2][3]. - Jiuwang's sales expense ratio is 43.64%, reflecting a significant increase from the previous year [3]. Marketing vs. R&D Investment - The industry shows a trend of high marketing expenses compared to low R&D investments, with Xinhe's sales expense ratio at 54.36% and R&D expense ratio at only 4.4% [4]. - This imbalance contributes to product homogeneity and insufficient innovation, leading to inventory issues and price wars among brands [4].

Core Insights - The apparel industry continues to exhibit high gross margins and low net margins, with over half of the selected 25 listed companies achieving gross margins above 50% and many exceeding 65%, while net margins are generally below 15% [1][6] Group 1: Gross Margin Analysis - Among the selected companies, the top three in terms of gross margin for 2024 are: - Bi Yi Le Fen at 77.01% - Di Su Shi Shang at 74.84% - Jin Hong Group at 68.63% [1] - Only two companies, Mu Gao Di and Mei Bang Fu Shi, reported gross margins below 40%, with figures of 28.48% and 27.44% respectively [1] Group 2: Net Margin Analysis - A significant number of companies have net margins below 7%, with 14 out of 25 companies falling into this category [2] - The net margins for specific companies are as follows: - Jin Hong Group at 6.97% - Mu Gao Di at 6.42% - Jiu Mu Wang at 5.48% - Ai Mu Shares at 5.27% - Lang Zi Shares at 5.19% - Tu Lu Zhe at 4.70% - Du Shi Li Ren at 3.83% - Tai Ping Niao at 3.77% - Xin He Shares at -4.79% - An Zheng Shi Shang at -6.50% - Ge Li Si at -8.42% - San Fu Outdoor at -10.65% - An Nai Er at -18.13% - Mei Bang Fu Shi at -28.70% [4][6] Group 3: Trends and Observations - In 2024, nine companies experienced simultaneous declines in both gross and net margins, including Mei Bang Fu Shi, An Zheng Shi Shang, Xin He Shares, An Nai Er, Bi Yi Le Fen, Ai Mu Shares, Zhong Guo Li Lang, Ge Li Si, and Sen Ma Fu Shi [2][6] - The disparity between gross and net margins is attributed to high selling expense ratios in the textile and apparel industry, which significantly erodes profits [6]

Group 1 - The core viewpoint is that while export orders to the US are under short-term pressure, companies are focusing on diversifying markets and enhancing product competitiveness to navigate challenges [1][2] - Companies like Jiangmen Haiji Technology Co., Ltd. are experiencing instability in orders due to US tariff policies but are actively expanding into European and South American markets while developing domestic markets [1] - The textile industry is accelerating its transformation towards high value-added, green, and intelligent production, with companies planning to open nearly 200 large stores in emerging markets over the next five years [1] Group 2 - The machinery and electrical products sector is a key category for China's exports to the US, with companies adjusting their order models from "inventory-based purchasing" to "emergency purchasing" due to tariffs [2] - Companies are increasing their domestic market share, with one company raising its domestic sales proportion from 40% to over 65% by localizing products for domestic needs [2] - The implementation of national policies to stabilize foreign trade is allowing companies to convert some tariff costs into domestic market promotion funds, highlighting the importance of "hard technology" and "quick response" as core competitive advantages [2]

Market Overview - On May 9, A-shares experienced fluctuations with the Shanghai Composite Index down by 0.18%, Shenzhen Component Index down by 0.56%, and ChiNext Index down by 0.63% [1] - The banking sector showed resilience, with notable gains in banks such as China Construction Bank reaching a historical high, and Qingdao Bank, Chongqing Bank, and Industrial Bank rising over 2% [10][11] Sector Performance - The banking sector performed well against the market trend, while sectors like aerospace, robotics, and semiconductor chips faced declines [2][9] - The textile and apparel sector was active, with companies like Wanshili hitting the daily limit up and Huafang Co. achieving a four-day consecutive rise [7][8] Notable Stocks - Honghua Semiconductor saw a significant drop of over 11%, while SMIC fell by more than 6%, and JD Health decreased by over 3% [3][6] - In the textile sector, several stocks experienced substantial gains, including Lishili with a rise of 20.03% and Huafang Co. with a 10.06% increase [8] Regulatory Developments - The Ministry of Industry and Information Technology and the Ministry of Commerce announced a campaign to enhance the quality of textile and apparel supply, aiming to drive industry upgrades through improved product quality and brand creation [8] - Recent announcements from banks like China Merchants Bank and CITIC Bank indicated plans to establish financial asset investment companies with significant capital contributions [10][12] Market Sentiment - High-priced stocks faced significant declines, with Zhongyida hitting a daily limit down and other stocks like Jinlong Electric and Qide New Materials dropping over 9% and 7% respectively [13][14] - Zhongyida's stock price had surged by 226.55% since March 10, prompting concerns about market overheating and potential corrections due to a lack of fundamental changes [15]