Group 1: Market Overview - In April, both A-share and Hong Kong stock markets experienced a decline, with the A-share market showing a cumulative drop of 0.6% for the Shanghai 50 index and a maximum drop of 7.4% for the ChiNext index as of April 25, 2025 [1][8] - The Hong Kong stock market showed significant volatility in April, influenced by overseas risk events and domestic policy expectations, with the Hang Seng Index declining by 4.9% [1][10] Group 2: A-share Insights - The A-share market is expected to experience a rebound due to continuous policy support and inflow of medium to long-term funds, with current valuations near the average since 2010 [2][13] - Three asset categories are recommended for investment: stable assets (high dividend stocks, gold), self-sufficient industrial chains, and domestic consumption [2][15][16] Group 3: Hong Kong Stock Insights - The Hong Kong market is anticipated to continue its upward trend, supported by low valuations of the Hang Seng Index and Hang Seng Technology Index [3][17] - A "barbell" investment strategy is suggested, focusing on technology growth and high dividend stocks, particularly in sectors like telecommunications, utilities, and banking [3][17] Group 4: Stock Recommendations - The A-share stock selection for May 2025 includes: Zhongzi Technology, Hengrui Medicine, Gree Electric Appliances, Haier Smart Home, China Petroleum, CNOOC Development, Zijin Mining, Muyuan Foods, Honglu Steel Structure, and Puyang Refractories [4][23] - The Hong Kong stock selection for May 2025 includes: Alibaba-W, Pop Mart, Tencent Holdings, Xindong Company, NetEase Cloud Music, and Horizon Robotics-W [4][26]

（文章来源：证券时报网） | 煤炭 | | | | 山煤国际 | | | --- | --- | --- | --- | --- | --- | | 商贸零售 | -0.60 | 100.90 | -35.31 | 茂业商业 | -10.02 | | 纺织服饰 | -0.68 | 64.57 | 7.08 | 森马服饰 | -9.92 | | 公用事业 | -1.85 | 219.22 | -22.20 | 韶能股份 | -10.06 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计，截至上午10:29，今日沪指跌0.05%，A股成交量446.72亿股，成交金额4947.94亿 元，比上一个交易日减少15.62%。个股方面，3743只个股上涨，其中涨停51只，1459只个股下跌，其 中跌停56只。从申万行业来看，美容护理、机械设备、传媒等涨幅最大，涨幅分别为1.46%、1.41%、 1.17%；公用事业、纺织服饰、商贸零售等跌幅最大，跌幅分别为1.85%、0.68%、0.60%。（数据宝） 今日各行业表现（截至上午10:29） | 申万行业 | 行业涨跌（%） | 成交额 ...

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [2] Core Insights - The focus is on dividend defense, high-growth new consumption, and traditional consumption stimulus chains. The recommended order of attention is: dividend defense > high-growth new consumption > traditional consumption stimulus [2][14] - The report highlights the importance of high-dividend defensive stocks due to unclear policy signals from the political bureau meeting, suggesting a focus on companies like Midea and Gree in the home appliance sector, and Yum China and Haidilao in the restaurant sector [14] - New consumption opportunities driven by consumption upgrades are emphasized, with specific attention to companies like Pop Mart in trendy toys, Zhongchong in pet products, Gu Ming in tea drinks, Jiuhua Tourism in travel, and Jinbo Bio in medical beauty [14] - Traditional consumption is expected to benefit from growth-stabilizing policies, with a focus on subsidy policies and low-valuation traditional consumption stocks, particularly in the two-wheeler sector and service consumption like tourism [14] Summary by Sections 1. Consumer Macro & Midstream Sentiment Tracking - Domestic demand shows signs of stabilization, with first-tier cities outperforming the national average in new housing prices, which increased by 0.1% month-on-month [5][11] - Exports are under pressure, with most categories (except home appliances and textiles) showing a year-on-year decline in March, while home appliances and textiles have seen growth [5][11] 2. Home Appliances - In May, the total production of major home appliances reached 38.21 million units, a year-on-year increase of 5.9% [17] - March export data shows air conditioner exports increased by 25% year-on-year, with significant growth in Europe, South America, the Middle East, and Africa [18] 3. Light Industry Manufacturing - New tobacco products are expected to benefit from increased compliance challenges for illegal products, with companies like Simoer likely to gain [22] - The home goods sector is stabilizing, with easing trade frictions and steady domestic demand [22] 4. Textile and Apparel - The apparel industry shows stable sentiment in April, with a focus on brands that have unique advantages [25] 5. Social Services - The report suggests focusing on new consumption and stable dividend stocks, with improvements noted in the restaurant sector and ongoing recovery in the hotel industry [26] 6. Retail Internet - The competitive landscape in food delivery is evolving, with JD's significant investment in delivery services and Meituan's strong market position being highlighted [28]

Market Performance - The A-share index rose by 1.15% during the week of April 21-25, with the CSI 1000, ChiNext Index, and Shenzhen Component Index increasing by 1.85%, 1.74%, and 1.38% respectively, outperforming the overall A-share index [1] - Small-cap stocks showed relative strength, with the CSI 1000's performance of 1.85% surpassing the Shanghai and Shenzhen 300 Index's increase of 0.38% [1] - The cyclical and growth styles outperformed the overall A-share index, with increases of 2.44% and 1.41% respectively, while stable, consumer, and financial styles saw smaller gains of 0.73%, 0.24%, and 0.21% [1] Industry Insights - The automotive, beauty care, and basic chemical industries led the gains among primary industries, with increases of 4.87%, 3.80%, and 2.71% respectively [1] - Conversely, the food and beverage, real estate, and coal industries experienced declines [1] Policy Developments - Recent meetings emphasized the implementation of more proactive macroeconomic policies, including potential interest rate cuts and maintaining ample liquidity to support the real economy [2] - The World Bank highlighted China's commitment to adopting more proactive macro policies to achieve annual growth targets amid complex external conditions [2] Consumer Sector - The Ministry of Commerce announced measures to optimize the departure tax refund policy to boost inbound consumption, which currently accounts for about 0.5% of China's GDP, compared to 1%-3% in major countries [3] - The consumer sector has shown a rotation upward since mid-April, with retail (+6.35%), real estate (+3.20%), beauty care (+1.97%), and food and beverage (+1.00%) sectors leading the gains [3] Future Outlook - The smart consumption sector is expected to see significant growth driven by policy support and demographic changes, with a shift from optional to essential consumption [4] - Analysts suggest focusing on three key areas for investment: dividend stocks with attractive valuations, technology sectors benefiting from policy support, and large consumer sectors supported by domestic demand strategies [4]

Group 1 - The core viewpoint of the report emphasizes the need for a proactive approach in economic management, focusing on domestic demand expansion and self-sufficiency in response to external uncertainties [1][8] - The Politburo meeting highlighted the importance of strengthening bottom-line thinking and preparing contingency plans to ensure economic stability, with a focus on stabilizing employment, enterprises, markets, and expectations [1][8] - The report indicates that expanding internal demand is crucial for countering external shocks and low domestic inflation, with future policies expected to revolve around this central theme [1][8] Group 2 - Domestic economic data for Q1 shows positive signs, with industrial production and domestic consumption showing relative strength, although Q2 may face volatility due to external factors [2][16] - The report notes a potential easing of the "tariff war" between the US and China, which could positively impact market sentiment, but warns that formal trade negotiations have not yet commenced, leaving external trade risks high [2][17] - The report suggests that the capital market may benefit from strong signals of domestic demand expansion, with sectors such as consumer goods, real estate, and technology being highlighted for potential investment opportunities [3][18] Group 3 - The report identifies specific sectors that may benefit from the expansion of domestic demand, including consumer electronics, automotive, and healthcare, particularly in light of upcoming holidays that may boost spending [3][18] - It also recommends a cautious approach to investment in defensive assets and dividend-paying stocks to mitigate ongoing external risks [3][18] - The focus on technology and self-sufficiency is underscored, with attention drawn to domestic alternatives in critical areas such as semiconductors and emerging industries like robotics and healthcare [5][18]

据央广网4月27日报道，商务部等6部门出台《关于进一步优化离境退税政策扩大入境消费的通知》，通 知提出，下调离境退税起退点。境外旅客同日同店购买退税物品金额达到200元人民币，且符合其他相 关规定的，可以申请办理离境退税。优化离境退税支付服务。 *风险提示：股市有风险，入市需谨慎 江海证券认为，此前免税店针对的顾客包括国内消费者和国外旅游者，免税店主要以进口商品为主，国 产商品进入免税店比重较小，部分免税店销售国有商品其实是有税商品，且品类有限。此次即买即退政 策后，预计免税店会引入更多的国产商品，退税流程也将更加便捷。 此外，利好国内的商贸零售行业，特别是百货公司，百货公司可申请增加退税和"即买即退"业务，境外 旅客退税便利度提升，目前该政策先后在上海、北京、广东、四川、浙江、深圳等地开展试点，利好当 地百货等零售业态公司。 公司方面，据招商证券表示，中国中免、格力地产（珠免集团）、王府井为A股主要免税公司。 *免责声明：文章内容仅供参考，不构成投资建议 此外，将现金退税限额上调至20000元人民币。推动退税代理机构与支付机构、清算机构等加强合作， 在风险可控的前提下，通过移动支付、银行卡、现金等多种方式提 ...

2024年度商贸零售行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601888 | 中国中 免 | 0.00 | 10.5 | 217230.20 | 50.91 | 1.42 | | 600415 | 小商品 | 0.00 | 3.3 | 180960.32 | 58.87 | 3.24 | | | 城 | | | | | | | 601061 | 中信金 属 | 0.00 | 1.68 | 82320.00 | 36.78 | 2.09 | | 600655 | 豫园股 份 | 0.00 | 1.9 | 73840.31 | 589.51 | 3.12 | | 002416 | 爱施德 | 0.00 | 5 | 61964.09 | 106.56 | 3.66 | | 600729 | 重庆百 | 0.00 | 13.6216 | 60000.00 | 45.64 | ...

4月25日江苏国泰发布2024年度分配预案，拟10派3元（含税），预计派现金额合计为6.36亿元。派现额 占净利润比例为57.48%，以该股2024年度成交均价计算，股息率为4.02%。这是公司上市以来，累计第 21次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派3元（含税） | 6.36 | 4.02 | | 2024.09.30 | 10派1元（含税） | 1.63 | 1.36 | | 2023.12.31 | 10派3元（含税） | 4.88 | 3.70 | | 2022.12.31 | 10派2.5元（含税） | 4.07 | 2.43 | | 2021.12.31 | 10派2.5元（含税） | 3.99 | 2.16 | | 2020.12.31 | 10派2.5元（含税） | 3.91 | 3.62 | | 2020.06.30 | 10派1元（含税） | 1.56 | 1.44 | | 2019.12.31 | 10派1元（含税） | 1. ...

哪些方向备受主动权益基金经理关注? 2025Q1主动权益型基金季报点评 分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 公募基金专题报告 证券研究报告 分析师:王骅 执业证书编号: S0890522090001 分析师:宋逸菲 执业证书编号: S0890524080003 发布日期: 2025年4月25日 ►销售服务电话：021-20515355 ▶请仔细阅读报告结尾处风险提示及免责声明 目录/CONTENTS 主动权益型基金2025一季报数据回顾 1 一季报基金经理观点综述 2 T HWABAD SECURITIES 风格:价值、成长、均衡风格 行业主题:消费、医药、TMT、高 端制造、周期、港股 业绩回顾 2025Q1业绩:2025Q1,A股市场走出先抑后扬行情。1月上旬 在外部不确定性扰动下,走势偏弱;春节前后,DeepSeek、 机器人领域的重大技术突破引发市场关注,助推主要指数上 行;3月,两会明确全年经济目标和政策重点,市场波动进 一步加大,政策鼓励的板块有所表现。具体来看,一季度小 微盘相对占优，国证2000、中证1000录得相对高的 ...

Core Viewpoint - The company Ruyuchen announced its 2024 annual distribution plan, proposing a 10-for-4 stock split and a cash dividend of 5 yuan (including tax), with a total cash distribution amounting to 79.32 million yuan, representing 75.09% of its net profit, resulting in a dividend yield of 2.92% based on the average trading price for the year [2][3]. Company Distribution History - The company has implemented its distribution plan five times since its listing, with the latest plan being a 10-for-4 stock split and a cash dividend of 5 yuan, totaling 79.32 million yuan and a dividend yield of 2.92% [2][3]. - Previous distribution plans include: - 2023: 10-for-4 stock split and a cash dividend of 3 yuan, totaling 34 million yuan, with a yield of 1.40% - 2022: 10-for-2.5 stock split and a cash dividend of 2.5 yuan, totaling 30 million yuan, with a yield of 1.39% - 2021: 10-for-2 stock split and a cash dividend of 2 yuan, totaling 24 million yuan, with a yield of 0.72% - 2020: 10-for-0.8 stock split and a cash dividend of 0.8 yuan, totaling 10 million yuan, with a yield of 0.18% [3]. Financial Performance - For the 2024 fiscal year, the company reported a revenue of 1.766 billion yuan, reflecting a year-on-year growth of 29.26% - The net profit reached 106 million yuan, marking a significant increase of 94.58% - Basic earnings per share were reported at 0.65 yuan, with a weighted average return on equity of 9.62% [3]. Market Activity - The stock experienced a net inflow of 25.86 million yuan from major funds on the day of the announcement, with a total net inflow of 23.31 million yuan over the past five days [4]. - In the broader context of the retail industry, 45 companies have announced their 2024 distribution plans, with China Duty Free Group leading with a cash distribution of 2.172 billion yuan [4].