Market Overview - The A-share market showed mixed results on August 21, with the Shanghai Composite Index closing at 3771.1 points, up 0.13%, while the Shenzhen Component Index fell 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points. The North Star 50 Index dropped by 1.6% [1] - Total trading volume in the A-share market reached 24608.75 billion yuan, an increase of 119.54 billion yuan compared to the previous trading day [1] Capital Flow - The main funds in the A-share market experienced a net outflow of 516.92 billion yuan, with an opening net outflow of 176.82 billion yuan and a closing net outflow of 85.71 billion yuan [2][4] - The CSI 300 index saw a net outflow of 92.57 billion yuan, while the ChiNext index had a net outflow of 226.22 billion yuan and the Sci-Tech Innovation Board experienced a net outflow of 4.78 billion yuan [4] Sector Performance - Among the 8 sectors that saw capital inflows, the public utilities sector led with a net inflow of 32.68 billion yuan, followed by the banking sector with 31.96 billion yuan [6][7] - The top five sectors with net inflows included: - Public Utilities: 0.97% increase, 32.68 billion yuan - Banking: 0.77% increase, 31.96 billion yuan - Oil and Petrochemicals: 1.34% increase, 17.58 billion yuan - Transportation: 0.30% increase, 15.45 billion yuan - Agriculture, Forestry, Animal Husbandry, and Fishery: 0.57% increase, 10.53 billion yuan [7] - The sectors with the largest net outflows included: - Electronics: -1.19% decrease, -253.66 billion yuan - Machinery: -1.11% decrease, -204.72 billion yuan - Power Equipment: -1.01% decrease, -196.92 billion yuan - Automotive: -1.03% decrease, -119.07 billion yuan - Computers: 0.45% increase, -102.31 billion yuan [7] Stock Highlights - ZTE Corporation saw the highest net inflow of main funds at 19.78 billion yuan [8] - Institutions showed interest in several stocks, with notable net purchases in stocks like Zhongdian Xilong and net sales in stocks like Hengbao Co., Ltd. [10][11] Institutional Focus - Recent institutional ratings and target prices for selected stocks include: - Yingweike: Buy rating, target price 81.88 yuan, current price 64.60 yuan, upside potential 26.75% - Longyuan Power: Buy rating, target price 18.72 yuan, current price 16.67 yuan, upside potential 12.30% - Yanjinpuzi: Increase rating, target price 98.75 yuan, current price 72.33 yuan, upside potential 36.53% [12]

Core Viewpoint - The new regulation aims to address issues related to over 10 trillion yuan worth of existing Public-Private Partnership (PPP) projects, ensuring smooth operation and preventing project abandonment [1][2][3]. Group 1: Government and Financial Support - The new guidelines emphasize the importance of government performance-based payments and financial institution support to resolve financing difficulties for existing PPP projects [1][6]. - The guidelines require financial institutions to fulfill loan agreements and provide timely funding based on project needs, while also optimizing credit approval processes [5][10]. - Local governments are encouraged to utilize various funding sources, including special bonds, to ensure timely payments for PPP projects [9][10]. Group 2: Project Management and Performance Evaluation - The guidelines prioritize the completion of ongoing projects, ensuring they are finished and operational to maximize the benefits of prior investments [4][8]. - Performance evaluation is highlighted, with a focus on timely payments based on performance results, preventing delays in project funding [8][9]. - The guidelines allow for renegotiation of contracts to optimize project terms, financing rates, and operational costs, fostering better communication among stakeholders [10][11]. Group 3: Industry Overview and Project Statistics - As of February 2023, there are 9,685 existing PPP projects with a total investment of 162.19 billion yuan, with transportation and municipal engineering leading in project numbers and investment amounts [7][11]. - The guidelines aim to address the challenges faced by local governments in fulfilling their financial obligations, which have been exacerbated by economic downturns and reduced fiscal revenues [8][9].

Core Viewpoint - The A-share market experienced mixed performance with a slight increase in the Shanghai Composite Index and a decrease in other indices, indicating a cautious market sentiment amid significant capital outflows [2][3]. Group 1: Market Overview - As of August 21, the Shanghai Composite Index closed at 3771.1 points, up 0.13%, while the Shenzhen Component Index fell by 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points [2]. - The total trading volume in the A-share market reached 24608.75 billion yuan, an increase of 119.54 billion yuan compared to the previous trading day [2]. Group 2: Capital Flow Analysis - The A-share market saw a net outflow of 516.92 billion yuan in main funds, with an opening net outflow of 176.82 billion yuan and a closing net outflow of 85.71 billion yuan [3][4]. - The CSI 300 index experienced a net outflow of 92.57 billion yuan, while the ChiNext saw a net outflow of 226.22 billion yuan and the Sci-Tech Innovation Board had a net outflow of 4.78 billion yuan [5][6]. Group 3: Sector Performance - Among the primary sectors, the public utilities sector led with a net inflow of 32.68 billion yuan, followed by the banking sector with 31.96 billion yuan, and the oil and petrochemical sector with 17.58 billion yuan [7][8]. - The sectors with the highest net outflows included electronics with -253.66 billion yuan, machinery with -204.72 billion yuan, and electric equipment with -196.92 billion yuan [8]. Group 4: Institutional Activity - The龙虎榜 data indicated that institutions were active in several stocks, with 中电鑫龙 seeing a net institutional buy of 10,924.03 million yuan, while 恒宝股份 experienced a net sell of 10,980.10 million yuan [10][11]. - Institutions showed interest in stocks like 英维克 and 龙源电力, with target price increases of 26.75% and 12.30%, respectively [12].

Group 1 - The article discusses various dividend-focused ETFs, including the E Fund Dividend ETF, which tracks the CSI Dividend Index composed of 100 high cash dividend yield stocks, primarily from the banking, coal, and transportation sectors, accounting for over 55% of the index [2] - The E Fund Low Volatility Dividend ETF tracks the CSI Low Volatility Dividend Index, consisting of 50 stocks with good liquidity and stable dividend payments, with a significant representation from the banking, transportation, and construction sectors, making up about 70% of the index [2] - The Hang Seng Low Volatility Dividend ETF tracks the Hang Seng High Dividend Low Volatility Index, which includes 50 stocks from the Hong Kong Stock Connect with low volatility and stable dividends, with nearly 70% of the index from the financial, industrial, and energy sectors [2] Group 2 - The CSI Dividend Value Index, tracked by the Dividend Value ETF, consists of 50 high dividend yield stocks with notable value characteristics, with banking, coal, and transportation industries representing approximately 80% of the index [3] - As of the latest data, the rolling price-to-earnings (P/E) ratio for the CSI Dividend Index is 8.21, with a valuation percentile of 69.3% since its inception in December 2013 [2] - The rolling P/E ratio for the CSI Low Volatility Dividend Index is 8.3, with a valuation percentile of 76.4% since its launch in December 2015 [2]

Financial Data and Key Metrics Changes - The underlying NPAT A for FY 2025 was $279 million, a 33% increase from FY 2024, while statutory NPAT increased by 82% to $149 million [5] - Underlying EBITDA rose to $474 million, a 25% increase from FY 2024, with a cash conversion rate of 98% [5][25] - The pro forma revenue for FY 2025 was $10.6 billion, reflecting a 2.5% decline adjusted for divested businesses [20][21] - The net debt to EBITDA ratio improved to 0.9 times, down from 1.4 times in FY 2024 [5][25] Business Line Data and Key Metrics Changes - The Transport segment saw earnings increase by 11.1% to $278 million, with an EBITDA margin of 5.2% [9] - Energy and Utilities earnings increased by 43.9% to $122 million, despite a revenue decrease of 7.7% to $3 billion [12] - Facilities revenue remained stable at $2.2 billion, with earnings increasing to $151 million and a 7% EBITDA margin [14] Market Data and Key Metrics Changes - The government allocated funding increased by almost 6% in 2025, supporting infrastructure projects [3] - The energy sector is experiencing growth driven by decarbonization and network resilience needs, particularly in New South Wales, Queensland, and Western Australia [13] - The transport sector in New Zealand is expected to benefit from significant infrastructure programs, with $6 billion in projects announced [11] Company Strategy and Development Direction - The company is focusing on portfolio simplification and enhancing revenue quality, targeting a 4.5% average EBITDA margin for FY 2025 and 2026 [4][21] - The strategic focus is shifting from turnaround to sustainable growth, with an emphasis on organic growth within core markets [34] - The company plans to invest in modernizing work practices and technology to enhance productivity and customer experience [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving ongoing improvement across key metrics and maintaining balance sheet flexibility for growth [4] - The outlook for FY 2026 anticipates flat to slightly lower underlying revenue, with a focus on quality revenue and margin improvement [42] - Management highlighted the importance of being selective in pursuing opportunities to ensure quality revenue [46] Other Important Information - The company announced an on-market share buyback of up to $230 million and increased its dividend payout ratio to 60%-70% of underlying NPATA [36][37] - Safety metrics improved, with a 20% reduction in injury frequency rates [5][18] Q&A Session Summary Question: Can you elaborate on the flat to down revenue guidance for next year? - Management emphasized the focus on quality revenue and being selective about opportunities, leading to a comfortable assessment of flat to slightly down revenue for FY 2026 [46][47] Question: What is the confidence level for achieving greater than 4.5% average margin? - Management expressed confidence in achieving the 4.5% target, citing progress in price, cost, productivity, and quality improvements [48][50] Question: Will there be a cleaner year in terms of significant items next year? - Management indicated that while some legal matters may continue, the nature of significant items is expected to decrease, transitioning towards sustainable growth [51][52] Question: What are the expectations for road activity in Australia? - Management noted that road maintenance spending needs to increase, with expectations for gradual improvement in volumes [57][58] Question: How does the $4.5 billion preferred business status influence revenue guidance? - Management confirmed that the preferred bidder status typically indicates a high likelihood of contract awards, which are expected to be multi-year projects [62][68] Question: What portion of FY 2026 revenue guidance is already secured? - Management stated that typically around 75% of revenue would be secured at this stage, incorporating expectations for contract awards [75] Question: What earnings benefit is expected from the cost-out program in 2026? - Management indicated that approximately two-thirds of the gross annualized cost benefits would contribute to FY 2026 results, helping to offset cost escalation pressures [79] Question: Will there be any net cash impact from divestment activity in 2026? - Management expects proceeds from the sale of the Keolis Downer business to impact FY 2026, estimating cash inflows between $60 million to $65 million [81][83] Question: What types of M&A opportunities are being considered? - Management clarified that any potential M&A would focus on complementary businesses that enhance current capabilities, particularly in transport and energy sectors [85]

Group 1 - The provincial government emphasizes the need to unify thoughts and actions with the central government's scientific judgment and decision-making regarding the economic situation, focusing on achieving annual goals and planning for the 14th Five-Year Plan [1] - The government is committed to enhancing economic quality and stability by leveraging comparative advantages in location, resources, and costs, while implementing extraordinary measures to stabilize employment, enterprises, and market expectations [1][2] - There is a strong focus on accelerating the development of key industries through technological innovation, enhancing collaboration between enterprises and research institutions, and improving the development levels of industries such as new energy, electronic information, and oil and gas [2] Group 2 - The government aims to boost consumer confidence and stimulate consumption by optimizing the distribution of consumption vouchers and promoting sectors like automotive and home appliances [2] - Efforts are being made to stabilize the real estate market through urban renewal initiatives and innovative housing solutions, which will help activate existing housing stock and improve urban infrastructure [2] - The government is also focused on enhancing public services in education, healthcare, and elderly care, while ensuring that resources are expanded and optimized to meet the changing population demands [2]

Group 1: Event Overview - The 2025 China International Service Trade Fair (CIFTIS) will be held from September 10 to 14 in Beijing, focusing on supply chain and business services [1] - The supply chain transportation service theme is "People Enjoy Their Travel, Goods Flow Smoothly," emphasizing smart transportation and logistics [1] - The business service theme is "Digital Intelligence Leading, Beijing's Colorful Business," showcasing innovations in high-end business services [1] Group 2: Supply Chain Transportation Services - The transportation service section will adopt a "trinity" cooperation model (government-led, enterprise-operated, association-supported) to promote deep integration of technology and industry innovation [2] - Over 100 leading global enterprises will participate, with a 100% completion rate for exhibitors; 60% of the exhibitors are from Fortune 500 companies [2] - The international participation rate is 24%, with notable companies like COSCO Shipping Group and Beijing Investment Yijia presenting [2] Group 3: Smart Public Transportation - The smart public transportation exhibition will showcase Beijing's innovative practices in public transport services, including smart stations and maintenance robots [3] - New service models such as "face recognition entry" and "smart carriages" will be highlighted, transitioning from efficient transport to quality service [3] - The exhibition will also feature a near-zero carbon service area project and a smart logistics platform [3] Group 4: Smart Logistics Services - The smart logistics service section will demonstrate technology-driven global supply chain upgrades, including blockchain delivery orders and automated port technologies [4] - Companies like Meituan and SF Express will present their innovations in drone delivery and cross-border e-commerce services [4] - A transportation forum will be held to discuss new paradigms in urban transportation services [4] Group 5: Business Services - The business service exhibition will cover 2,400 square meters, showcasing "Beijing Service" cases and AI big data innovations [5] - Major global companies like Walmart and KPMG will present their service innovations and insights on ESG and digital transformation [6] - The exhibition aims to enhance the internationalization and professionalism of business services [5][6] Group 6: Human Resources Services - The human resources service sector will present innovative practices through interactive experiences and results releases [8] - New solutions for talent management will be introduced, including a comprehensive management platform and a job matching service [9] - AI-driven recruitment solutions will be showcased, enhancing service efficiency and precision in talent selection [9]

Group 1: Report's Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - The CSI Dividend Index has long - term investment value, with a better Sharpe ratio and smaller maximum drawdown compared to other broad - based indices, and it shows both defensive and offensive characteristics [1] - Dividend assets still have medium - to - long - term allocation value due to policy promotion of corporate dividends and the low - valuation and high - dividend features of the CSI Dividend Index [22][29] - Morgan Dividend Select Fund has investment value, achieving excess returns since its establishment, and its sector selection can contribute to excess returns [1][38] Group 3: Summary by Directory 1. CSI Dividend Index: Focus on High Dividend Yield, with Dual Advantages of Return and Safety Cushion - **Index Composition and Features**: Composed of 100 stocks with high cash dividend yields, stable dividends, and good scale and liquidity in the Shanghai and Shenzhen stock markets, it is an important representative index of the dividend strategy. The index uses dividend - yield weighting, with a relatively dispersed portfolio. As of July 31, 2025, the combined weight of the top ten stocks was 16.43% [6][7][9] - **Industry and Market - Value Distribution**: The industry distribution shows "high - dividend + traditional cycle" characteristics, with the top three weighted industries being banking, coal, and transportation. The market - value distribution of the 100 constituent stocks is wide, including large - cap leading companies and small - and medium - cap companies, presenting a combination feature of "stable returns from core leaders + elastic supplementation from small - and medium - cap stocks" [11] - **Long - and Medium - Term Performance**: In the nearly 15 - year back - testing period from January 1, 2011, to August 15, 2025, the annualized return of the CSI Dividend Total Return Index was 8.34%, the Sharpe ratio was 0.41, and the maximum drawdown was - 45.66%. It outperformed other indices in terms of Sharpe ratio and maximum drawdown. It has defensive properties in falling markets and can also keep up with the market in some rising years [14][15] 2. Dividend Assets Still Have Medium - to - Long - Term Allocation Value at the Current Time - **Policy - Driven Corporate Dividends**: Since the end of 2022, regulatory authorities have continuously strengthened policies related to listed - company cash dividends. The dividend - policy system has entered a stage of rigid implementation, increasing the attractiveness of high - dividend assets and creating a medium - to - long - term allocation window for high - dividend strategies [22][23] - **Low Valuation and High Dividend**: The current price - to - book ratio (PB_LF) of the CSI Dividend Index is still below the historical average, and the price - to - earnings ratio (PE_TTM) has rebounded to near the long - term average, showing a pattern of "low PB + stabilizing and rising PE". The current dividend yield remains high, with an average of 4.67% over the past ten years, which is significantly higher than the overall level of the A - share market [29][33] 3. Analysis of the Investment Value of Morgan Dividend Select - **Fund Overview**: It is an active quantitative product under Morgan Fund, established on July 30, 2024, with a performance benchmark of 90% of the CSI Dividend Index return + 10% of the after - tax bank current deposit interest rate. The fund aims to achieve excess returns through a quantitative stock - selection model [35][38] - **Performance**: As of August 8, 2025, the cumulative return of Morgan Dividend Select A since its establishment was 17.37%, and the excess return compared to the performance benchmark was 7.47%. The maximum drawdown was comparable to the benchmark. Through sector selection, it can contribute to excess returns [38][40][41] 4. Information on the Fund Manager and Fund Managers - **Fund Manager**: Morgan Asset Management is affiliated with JPMorgan Chase & Co. It offers a diverse and complete fund product line. Its China Index and Quantitative Business provides diversified solutions for both Beta and Alpha investments [45] - **Investment Team**: The China Index and Quantitative Investment Team at Morgan Asset Management has an average of nearly 10 years of work experience. They are currently managing 6 active quantitative products, with a total scale of 1.869 billion yuan [50]

Core Viewpoint - The article discusses the development of transportation infrastructure in Dazhou, Sichuan, aimed at enhancing tourism and connectivity to major scenic areas, particularly the Ba Mountain Grand Canyon and other attractions [7][9][10]. Transportation Infrastructure Development - The reconstruction of Provincial Road 201, a 22.5 km long road, is underway to improve access to the Ba Mountain Grand Canyon, enhancing both internal and external connectivity [7]. - The Chengxuan-Dalin Expressway is a key project that will provide a fast route to Dazhou, linking major tourist sites along the way [9]. - Dazhou is focusing on integrating transportation with tourism, with plans for multiple highways and expressways that cater to both travel efficiency and tourist access [9][10]. Tourism Enhancement Initiatives - Dazhou aims to create a "fast travel, slow tourism" network, promoting a seamless experience for visitors through improved road networks and services [7]. - The city is planning to develop customized transportation services, including direct buses to scenic spots and tourist charter services [10]. - The Ba Mountain Grand Canyon and Batai Mountain are identified as key tourist attractions, with plans for a rapid road connecting them to enhance visitor experience [9]. Scenic Route Development - The article highlights the creation of scenic routes that integrate travel with sightseeing, such as the 11.6 km Phoenix Mountain rural revitalization route, which has been recognized as a beautiful road [11][12]. - Dazhou is working on a comprehensive plan to enhance road tourism, including the addition of viewing platforms and rest areas along major routes [12][13]. Cultural and Historical Integration - Dazhou is also focusing on the integration of cultural heritage into tourism, with plans to develop historical routes like the Lychee Ancient Road, enhancing the cultural tourism experience [13]. - The Ba Mountain Grand Canyon is undergoing significant upgrades to meet national 5A scenic area standards, with improvements in infrastructure and visitor services [14].

证券时报·数据宝统计，截至下午13:58，今日沪指涨0.35%，A股成交量1241.74亿股，成交金额19151.22 亿元，比上一个交易日减少11.53%。个股方面，2491只个股上涨，其中涨停86只，2734只个股下跌， 其中跌停13只。从申万行业来看，石油石化、汽车、美容护理等涨幅最大，涨幅分别为1.34%、 1.33%、1.15%；医药生物、房地产、通信等跌幅最大，跌幅分别为0.87%、0.71%、0.62%。（数据宝） | 电力设备 | | | | 中恒电气 | | | --- | --- | --- | --- | --- | --- | | 通信 | -0.62 | 1020.79 | -12.65 | 光库科技 | -7.46 | | 房地产 | -0.71 | 214.59 | -18.58 | 衢州发展 | -9.75 | | 医药生物 | -0.87 | 1412.08 | -21.02 | 诚意药业 | -9.99 | 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。 （文章来源：证券时报网） 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交 ...