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]

5月7日，红利低波ETF（512890）涨0.81%，成交额2.76亿元。资金流向方面，已连续3天获得资金净申 购，最新份额143.51亿份，再创新高，规模159.14亿元。 湘财证券表示，2025年5月7日国新办新闻发布会，落实了此前4月25日中央政治局会议提出的"适时降准 降息"，并进一步完善了现有结构性货币政策工具，创设新的政策工具，支持科技创新、扩大消费、普 惠金融等领域；并就应对外部冲击和稳住楼市股市以及促进国内新质生产力发展和产业升级，给出明确 路径。我们认为，目前A股市场处于新"国九条"行情+类"四万亿"投资的重叠趋势中，"稳住楼市股市"政 策的进一步落实，将指引2025年A股市场继续以"慢牛"方式运行。在具体投资领域，中期维度建议重点 关注2025年政府工作报告中提到的科技、绿色、消费以及基建等领域。短期维度建议继续关注：红利相 关板块；预期将受益于扩大内需的消费领域；以及新质生产力相关的科技板块。 消息面上，5月7日，金融监管总局负责人表示，当前，银行保险机构各项业务有序开展，主要监管指标 均处于健康区间。大型金融机构基本盘稳固，"压舱石"作用明显。中小金融机构改革化险取得重要阶段 性成效。 ...

Group 1 - The core viewpoint is that dividend assets in the Hong Kong stock market are gaining attention due to their defensive attributes amid market uncertainties and performance disclosure periods [1] - The Hong Kong Dividend ETF (159331) has risen over 1.2%, reflecting the market's focus on high-dividend assets as a stable investment option [1] - The Hong Kong Dollar has recently touched the strong-side convertibility guarantee, indicating investor enthusiasm for Hong Kong or RMB assets [1] Group 2 - The Hong Kong Dividend ETF tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which selects listed companies with high dividend yields available for trading through the Stock Connect [1] - The index primarily covers sectors such as transportation, resources, and consumer goods, aiming to reflect the overall performance of high-dividend Hong Kong stocks [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

Group 1 - The core viewpoint is that May may present trading opportunities after a clearing of positions, with a focus on technology and industry themes such as multi-modal AI, AI/AR glasses supply chain, and innovative pharmaceuticals [2] - Institutions are generally optimistic about the market environment in May, suggesting an increase in risk appetite, particularly in the technology sector while also considering mid-cap value stocks for defense [2] - Morgan Stanley believes that opportunities in A-shares in May may surpass those in April, with reduced earnings uncertainty following the first quarter reports, leading to an expected increase in risk appetite [2] Group 2 - Institutions widely agree on a balanced strategy of "growth + value" in industry allocation, with a long-term focus on basic industrial products and sectors like cultural tourism and medical services [3] - Short-term outlooks favor liquidity-sensitive growth sectors such as new energy and AI, while also recommending defensive sectors like food and beverage [3] - Continuous monitoring of policy dynamics, including potential interest rate cuts and special bond issuances, is advised [3]

| 代码 | 简称 | 5月6日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 002475 | 立讯精 | 3.11 | 22762.09 | 366746.67 | 1.59 | 电子 | | | 密 | | | | | | | 300339 | 润和软 | 9.55 | 21202.14 | 329127.09 | 7.49 | 计算机 | | | 件 | | | | | | | 000158 | 常山北 明 | 10.02 | 19869.88 | 129714.39 | 3.29 | 计算机 | | 000977 | 浪潮信 息 | 2.81 | 16598.98 | 435062.27 | 5.66 | 计算机 | | 600839 | 四川长 | 7.05 | 15626.99 | 239086.15 | 4.61 | 家用电 | | | 虹 | | | | | 器 | | 300059 | 东方财 | ...

股票代码：600635 股票简称： 大众公用 编号：临2025-020 根据中国证券监督管理委员会《上市公司证券发行管理办法》、《公司债券发行与交易管理办法》和上 海证券交易所《上海证券交易所公司债券上市规则（2023年修订）》的有关规定，上海大众公用事业 （集团）股份有限公司（以下简称"本公司"）委托中诚信国际信用评级有限责任公司（以下简称"中诚 信国际"）对本公司主体信用状况进行了评级。 中诚信国际在对公司生产经营状况、宏观经济及相关行业情况进行了综合分析与评估的基础上，出具了 《2025年度上海大众公用事业（集团）股份有限公司信用评级报告》（ 编号：CCXI-20251203M- 01）。本公司主体信用等级为AAA，评级展望为稳定。该信用评级有效期为2025年4月30日至2026年4 月29日。 详细资料请见本公司于上海证券交易所网站（http://www.sse.com.cn）公开披露的《2025年度上海大众 公用事业（集团）股份有限公司信用评级报告》。 特此公告 上海大众公用事业（集团）股份有限公司 2025年5月7日 债券代码：138999 债券简称： 23 公用 01 债券代码：240539 债 ...

Core Viewpoint - The recent fund issuance market has continued its recovery from March, with over 100 new funds launched in April, totaling nearly 100 billion yuan in issuance. The total number of new funds established this year exceeds 400, with a combined issuance scale of over 340 billion yuan, nearly half of which are equity funds [1]. Fund Issuance Overview - As of this year, 427 new funds have been established, an increase of 20 compared to the same period last year, with a total issuance scale of 342.46 billion yuan [1]. - The issuance scale of newly established equity funds accounts for nearly half of the total, with 255 new stock funds launched, a year-on-year increase of 70%, totaling 138.77 billion yuan, which represents 40.52% of the total fund issuance, a year-on-year growth of 206.43% [1]. - There are 20 new FOFs with an issuance scale of 23.03 billion yuan, a year-on-year increase of 456.44%, accounting for nearly 7% [1]. - Seven new QDIIs were established with an issuance scale of 4.11 billion yuan, a year-on-year growth of 74% [1]. - The issuance scales for 61 mixed funds and 77 bond funds were 20.19 billion yuan and 152.86 billion yuan, respectively, accounting for 5.89% and 44.64%, both showing a year-on-year decline [1]. Index Fund Performance - A total of 271 index funds have been issued with a combined scale of 190.18 billion yuan, accounting for nearly 56%, showing a year-on-year growth of nearly 26% [2]. - Among these, passive index stock funds and enhanced index stock funds account for over 240 funds with an issuance scale exceeding 100 billion yuan [2]. - The largest single index fund issued is the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive ETF Link, with a scale of nearly 5 billion yuan [2]. Market Outlook - Public fund institutions are generally optimistic about future opportunities in the equity market. Looking ahead to the second quarter, it is noted that with rising expectations of interest rate cuts in the U.S. and increasing recession fears, investors should pay attention to the potential return of foreign capital [2]. - In terms of asset allocation, a "dividend + technology growth" barbell strategy is recommended for A-shares [2]. Investment Themes - The investment themes for the second quarter include three main lines: dividend defense during market fluctuations, technological advancements in emerging industries, and sectors benefiting from domestic demand policies [3]. - In the initial phase of the second quarter, the market is entering a period of fluctuations, suggesting a focus on defensive strategies in sectors such as utilities and banking [3]. - For technological advancements, attention should be given to innovations in AI applications, including humanoid robots, while also considering investment opportunities in sectors benefiting from policy stimuli and cyclical consumption [3].

New Jersey Resources (NJR) Q2 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Adam Prior - Director of Investor RelationsStephen Westhoven - CEO & PresidentRoberto Bel - SVP and CFORichard Sunderland - Equity Research - North American Utilities & PowerJames Ward - Vice PresidentPatrick Migliaccio - Senior VP & COO of New Jersey Natural GasRobert Mosca - Equity Research Associate Conference Call Participants Travis Miller - Analyst Operator Good morning, everyone. The New Jersey Resources fi ...

证券研究报告：公用事业 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 l 盈利预测与投资评级: | 最新收盘价（元） | 5.87 | | --- | --- | | 总股本/流通股本（亿股）22.63 | / 22.63 | | 总市值/流通市值（亿元）133 | / 133 | | 52 周内最高/最低价 | 6.47 / 5.03 | | 资产负债率(%) | 32.5% | | 市盈率 | 20.00 | | 第一大股东 | 联众新能源有限公司 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 联美控股(600167) 2024 年业绩受减值影响，分红稳健 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报和 2025 年一季 报。 2024 年公司营收 35.1 亿元，同比+2.9%；归母净利润 6.6 亿元， 同比-23.3%；其中 202 ...

| 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 ...