Core Viewpoint - The article discusses the potential of companies with high dividend yields and the effectiveness of dividend strategies in attracting long-term investments, despite the recent underperformance of dividend stocks compared to growth stocks in the TMT sector [1][2]. Group 1: High Dividend Companies - Over 600 companies have disclosed their shareholder return plans for 2025-2027, with Jianghe Group leading with a proposed cash distribution of at least 80% of its net profit or a minimum of 0.45 CNY per share [2]. - Huaihe Energy ranks second, planning to distribute at least 75% of its net profit and a minimum of 0.19 CNY per share [2]. - China Shenhua and Mindray Medical are tied for third, each proposing a minimum cash distribution of 65% of their net profits during the same period [2]. Group 2: Historical Performance and Dividend Records - Companies like China Shenhua, Wuhu Highway, and Mindray Medical have shown strong historical dividend records, with cumulative dividends exceeding 100% of net profits over the past three years [4]. - Jianghe Group's minimum dividend of 0.45 CNY per share results in a dividend yield exceeding 6%, while Huaihe Energy and Guodian Power have yields of 5.49% and over 4%, respectively [4]. Group 3: Future Dividend Predictions - Predictions for future dividends based on consensus earnings estimates indicate that Sichuan Road and Bridge could yield a dividend rate of 6.36% based on a projected earnings per share of 0.92 CNY and a 60% payout ratio [5]. - Other companies like Zhongfu Industrial and Wuhu Highway are also expected to have dividend yields exceeding 5% and 4%, respectively [5]. - A total of 25 stocks are predicted to have dividend yields over 2%, with an average price increase of nearly 11% this year, significantly outperforming the CSI Dividend Index [5].

Group 1 - The company plans to acquire 100% equity of Guangdong Zhimiao Construction Engineering Co., Ltd. for a cash consideration of 40,000 yuan [1] - Following the completion of the transaction, the target company will be included in the company's consolidated financial statements and will become a wholly-owned subsidiary [1]

龙建股份公告，公司拟以现金4万元收购茂名市港盛工程顾问有限公司持有的广东知茂建筑工程有限公 司100%的股权。本次交易完成后，广东知茂将成为龙建股份的全资子公司，有利于公司在该区域的市 场开发工作。本次交易不构成关联交易，不构成重大资产重组，未达到股东会审议标准。公司连续十二 个月内累计对外投资（含本次）额超过了2024年经审计净资产金额的10%。 ...

Corporate Announcements - New Dazheng is planning to acquire at least 51% equity in Jiaxin Liheng Facility Management (Shanghai) Co., Ltd., and will issue shares and pay cash for this transaction, which is expected to constitute a major asset restructuring. The company's securities will be suspended from trading starting September 15, 2025 [3] - Nanfeng Co., Ltd. announced that its subsidiary, Nanfang Additive Technology Co., Ltd., is in the early stages of its 3D printing service business, with a planned investment of 50 million yuan. This project has not yet been implemented and is not expected to significantly impact the company's revenue or profit this year [4] - Guorui Technology announced that its general manager, Yang Feng, has resigned due to work adjustments, and the board has authorized deputy general manager Zhao Huizhang to perform the duties of the general manager until a new appointment is made [5] - Zhenghai Magnetic Materials announced that the trading of Zhenghai Convertible Bonds will cease after the market closes on September 16, 2025. Investors can convert their bonds into shares until the market closes on September 19, 2025, after which unconverted bonds will be forcibly redeemed at 100.50 yuan per bond [6] - *ST Suwu issued a risk warning stating that its stock price closed at 0.95 yuan per share on September 15, 2025, which is below the 1 yuan threshold. If the stock price remains below 1 yuan for 20 consecutive trading days, it may face delisting [7] - Ciweng Media received a subsidy of 2 million yuan for the micro-short drama project "Kuang Qing Tian Chuan Qi," which aims to promote clean culture and family education [8] Performance Metrics - China Eastern Airlines reported an 8.72% year-on-year increase in passenger turnover for August 2025, with a capacity increase of 6.76% and a seat occupancy rate of 88.34%, up 1.59 percentage points year-on-year [10] Shareholding Changes - Shanghai Pharmaceuticals' controlling shareholder plans to increase its holdings of the company's H shares by 55 million to 74 million shares over the next 12 months, not exceeding 2% of the company's voting shares [12][13] - *ST Fanli's shareholder, Changjiu Group, plans to reduce its holdings by up to 1% of the company's total shares, amounting to approximately 4.17 million shares [14] Share Buybacks - New Point Software's chairman proposed a share buyback plan using 30 million to 50 million yuan for employee stock ownership plans and/or equity incentives, with unutilized repurchased shares to be canceled if not used within three years [16] Major Contracts - Hongrun Construction announced it has received a bid notification for a project worth 126 million yuan related to the Shanghai Metro Line 21 station renovation and installation works [18]

董事会认为截至2025年6月30日止年度本公司拥有人应占纯利预期大幅提升，主要是由于取得利润率稳 定的新批建筑项目，以及在建项目确认收入增加及实施加强成本控制措施所致。 光荣控股(09998)发布公告，本集团预期于截至2025年6月30日止年度取得本公司拥有人应占纯利约1290 万新加坡元，而截至2024年6月30日止年度则取得本公司拥有人应占纯利约160万新加坡元。 ...

董事会认为截至2025年6月30日止年度本公司拥有人应占纯利预期大幅提升，主要是由于取得利润率稳 定的新批建筑项目，以及在建项目确认收入增加及实施加强成本控制措施所致。 智通财经APP讯，光荣控股(09998)发布公告，本集团预期于截至2025年6月30日止年度取得本公司拥有 人应占纯利约1290万新加坡元，而截至2024年6月30日止年度则取得本公司拥有人应占纯利约160万新加 坡元。 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint of the Report - Short - term, medium - to high - grade credit bonds remain the top choice, and the idea of excavating based on the issuer's yield curve should be continued. In the current environment, the market pursues certainty and low volatility, so short - term, medium - to high - grade credit bonds are preferred for the pure - bond part. It is recommended to look for riding opportunities in the steep part of the curve or "convex points" of individual bonds when gradually moving towards the medium - and long - term [5][8]. - There are issuers with relatively large term spreads among those with an implied rating of AA+ or above. After the trading concentration in the 1 - 2Y segment further increases, the 2 - 3Y term spread may be repaired, which is suitable for institutions with strong liability - side stability to layout in advance. For issuers with an implied AA rating, there is also room for excavation, and investors can sink according to their needs [5][10][12]. 3. Summary by Directory 3.1 Credit Bond Weekly Viewpoint - The short - term, medium - to high - grade credit bonds are still the best option. Last week, the bond market sentiment was fragile, affected by the stock market sentiment and negative news such as fund fee adjustment and tax exemption cancellation. The short - term of credit bonds also adjusted last week, but the adjustment was limited due to the short duration, and the 2 - 3Y medium - term adjusted more, causing the 3Y - 1Y term spread to widen [5][8]. - For specific excavation, among issuers with an implied AA+ rating or above, the 2Y - 1Y term spread is mostly around 10 - 15bp, and the 3Y - 2Y is concentrated in the range of 15 - 20bp. For issuers with an implied AA rating, the 2Y - 1Y term spread of 20 - 30bp is relatively high, and 15 - 20bp has relatively large excavation space [5][10][12]. 3.2 Credit Bond Weekly Review 3.2.1 Negative Information Monitoring - There were no bond defaults, issuer rating or outlook downgrades, or bond rating downgrades this week. However, some overseas ratings were adjusted. For example, Fitch downgraded the long - term foreign - currency issuer default rating and senior unsecured rating of China State Construction Engineering Corporation Limited from "A" to "A - ", and Moody's downgraded the long - term credit rating of Sinochem Hong Kong (Group) Limited from A3 to Baa1 [15][16]. - There were several major negative events, including some real - estate companies facing litigation, being restricted from high - end consumption, and failing to repay debts on time [17]. 3.2.2 Primary Market Issuance - The primary issuance volume of credit bonds doubled week - on - week, the maturity volume was roughly the same, and the market returned to net financing. The primary issuance cost of medium - to high - grade new bonds was basically flat week - on - week. Six credit bonds were cancelled or postponed for issuance, with a total scale of 290 million yuan [17][18][20]. 3.2.3 Secondary Market Trading - The valuations of credit bonds across all grades and terms were adjusted again, with the central adjustment range around 5bp. Credit spreads were mostly flat, and some medium - and long - term spreads were passively narrowed. The 3Y - 1Y term spread of medium - to high - grade bonds widened, while most other spreads narrowed. The AA - AAA grade spread fluctuated slightly, with the 5Y spread widening by up to 3bp [22][24]. - In terms of credit spreads, most provincial credit spreads of urban investment bonds fluctuated within ±1bp, with medium - to high - valuation regions tending to narrow. Most industry spreads of industrial bonds were flat, and the steel industry spread narrowed by up to 3bp week - on - week [26][28]. - The liquidity of credit bonds further declined, and the turnover rate increased by 0.04 percentage points to 1.53%. The issuers of bonds with the top - widening spreads were mostly real - estate companies, and the valuation of private construction company Xinjie Investment also increased significantly [5][32].

Core Insights - The "China Top 500 Enterprises" list for 2024 was released, showing a total revenue of 110.15 trillion yuan, an increase from the previous year, with the entry threshold rising to 47.96 billion yuan, marking a 5.79 billion yuan increase [1] - The total assets of the top 500 enterprises reached 460.85 trillion yuan, reflecting a growth of 7.46% [1] - The number of enterprises with revenues exceeding 100 billion yuan increased to 267, with 15 companies surpassing 1 trillion yuan in revenue [1] - The net profit attributable to the parent company for the top 500 enterprises totaled 4.71 trillion yuan, a growth of 4.39%, with a net profit margin of 4.27%, up by 0.17 percentage points [1] Revenue and Profitability - The total revenue of the top 500 enterprises reached 110.15 trillion yuan, an increase from the previous year [1] - The net profit attributable to the parent company was 4.71 trillion yuan, reflecting a growth of 4.39% [1] - The net profit margin improved to 4.27%, an increase of 0.17 percentage points [1] Research and Innovation - The top 500 enterprises invested 1.73 trillion yuan in R&D, achieving a record R&D intensity of 1.95%, marking eight consecutive years of growth [2] - The total number of valid patents held by these enterprises reached 2.2437 million, an increase of 10.54% from the previous year [2] - The number of invention patents rose to 1.0396 million, a growth of 16.86%, with invention patents accounting for 46.33% of all patents [2] Industry Structure and Development - The number of enterprises in advanced manufacturing and modern service industries increased, with 39 new or re-entering companies in the top 500 [2] - The contribution to revenue growth from manufacturing, services, and other industries was 40.48%, 40.29%, and 19.23%, respectively [2] - The automotive and logistics sectors saw the most new entrants, with six new companies in these categories [2] Additional Rankings - Alongside the "China Top 500 Enterprises," other rankings such as "2025 China Top 100 Multinational Companies" and "2025 China Top 100 Innovative Enterprises" were also released [3]

Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

Group 1 - Anhui Construction (600502.SH) announced that from May 29, 2025, to September 12, 2025, the company’s controlling shareholder increased its holdings by 34.33 million A-shares, representing approximately 2.00% of the total share capital [1] - The total amount of the increase in holdings was 163 million yuan (excluding tax) [1] - The shareholding increase plan has been fully implemented [1]