来源：新浪基金∞工作室 8月25日，景顺长城中证国新港股通央企红利ETF（520990）收盘涨0.88%，成交额1.90亿元。 港股央企红利50ETF（520990）现任基金经理为龚丽丽、汪洋。龚丽丽自2024年7月25日管理（或拟管 理）该基金，任职期内收益17.97%；汪洋自2025年7月15日管理（或拟管理）该基金，任职期内收益 4.46%。 最新定期报告显示，港股央企红利50ETF（520990）重仓股包括中国移动、中国石油股份、中远海控、 中国海洋石油、中国神华、中国石油化工股份、中国电信、中国联通、招商银行、中煤能源，持仓占比 如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00941中国移动10.83%621.75万4.94亿00857 中国石油股份10.55%7814.80万4.81亿01919中远海控9.66%3540.75万4.40亿00883中国海洋石油 9.03%2547.10万4.12亿01088中国神华8.09%1328.00万3.69亿00386中国石油化工股份7.66%9312.20万3.49 亿00728中国电信4.85%4348.80万2.21亿00762中国联 ...

[Table_Reportdate] 2025年08月24日 [美联储主席偏鸽言论 Table_NewTitle] 或强化降息预期， 资产方向的持续性更重要 ——资产配置周报（2025/08/18-2025/08/22） [table_main] 投资要点 策 略 研 究 [证券分析师 Table_Authors] 总 量 研 究 [Table_Report] ➢ 全球大类资产回顾。8月22日当周，全球股市多数收涨，A股领跑；主要商品期货原油、黄 金、铜、铝均上涨；美元指数下跌，非美货币升值。1）权益方面：科创50>创业板指>深 证成指>沪深300指数>上证指数>英国富时100>恒生科技指数>道指>法国CAC40>恒生指 数>标普500>德国DAX30>纳指>日经225。2）俄乌谈判仍存不确定性，美国8月标普全球 制造业PMI超预期，油价当周上涨；美联储降息预期影响黄金价格上涨。3）工业品期货： 南华工业品价格指数下跌，水泥、炼焦煤上涨，螺纹钢、混凝土下跌；高炉开工率环比下 跌；乘用车日均零售5.09万辆，环比12.62%，同比2.00%；BDI环比下跌4.9 %。4）国内 债券收益率上行。全周中债1Y国债收 ...

值得注意的是，就在特朗普撕毁与印度的第五轮贸易谈判邀请函发出不久后，莫迪宣布他将于8月31日飞往中国天津，参加上合峰会，这将是印度总理七年 来首次访华。此前，王毅在新德里与印度外长苏杰生举行了中印边界问题特别代表第24次会晤，双方达成了十点共识，包括重启仁青岗、普兰、久巴三处边 境贸易市场，设立划界专家小组，以及新增东段、中段将军级热线。 面对来自美国的贸易霸凌，印度总理莫迪正以一系列大胆而精妙的策略予以回击。在苏拉特，钻石商们已感受到寒意，他们每年向美国出口价值20亿美元的 钻石，一旦美国加征50%关税生效，他们的订单很可能将归零。出口巨头法里达集团也已感受到切肤之痛，其高达1.14亿美元的订单被全数冻结，生产线被 迫停工。 莫迪的反击远不止于口头警告。首先，印度取消了价值36亿美元的军购订单，直接导致波音和洛克希德·马丁这两家军工巨头的股价应声下跌4.5%。这笔订 单中，包括了波音的阿帕奇直升机和洛马的P-8I反潜机，它们的落空无疑是对美国军工产业的一次沉重打击。与此同时，印度国防部长辛格也取消了原定的 访美行程，进一步表达了印度的不满。 其次，印度商务部宣布对美国波本威士忌加征高达150%的关税。这一举 ...

特朗普政府挥舞关税大棒，新德里首当其冲。高达50%的惩罚性关税，相当于在原有25%的基础上再叠加25%的"次级关税"，使得印度出口商品在美国市场 举步维艰。蒂芙尼等依赖印度进口钻石的美国珠宝品牌成本应声飙升，涨幅超过50%。印度苏拉特钻石加工中心的订单量暴跌40%，美国本土珠宝巨头 Signet Jewelers的供应链遭受重创，直接影响到30%依赖印度供应的美国珠宝企业及其就业岗位。 面对美国的经济施压，莫迪政府并未坐以待毙，而是展开了一系列复杂而富有战略性的反制行动。 首当其冲的是军购领域的反击。莫迪政府果断冻结了高达36亿美元的军购大单，原计划采购的波音P-8I反潜巡逻机交易被无限期搁置，使得美国军工复合体 遭遇预期之外的巨额损失。 军购反制与能源突围 能源领域，俄罗斯迅速成为印度的关键盟友。印度外长苏杰生紧急飞往莫斯科寻求破局，俄印两国外长会晤后发表联合声明：印度将继续购买俄罗斯原油。 俄罗斯承诺扩大双边经济合作，考虑给予印度更优惠的能源条件。俄罗斯石油已成为印度能源命脉，日均进口量高达210万桶，远超沙特（57.9万桶）和伊 拉克（83.5万桶）的供应量。对85%石油依赖进口的印度而言，稳定的俄油价 ...

Core Viewpoint - The article highlights the significant role of enterprises in disaster relief donations, emphasizing the correlation between donation behavior and industry characteristics, as well as the impact of social trust and economic vitality on donation patterns [1][2][8]. Group 1: Enterprise Donations - Enterprises have become the main force in disaster relief donations, with their contributions reflecting distinct industry characteristics [2]. - New-type entities, defined by their technological innovation and digital capabilities, have shown remarkable performance in donations, with notable contributions from companies like State Grid (50 million yuan), China Petroleum (20 million yuan), and others during recent disasters [2]. - Internet companies leverage their platform advantages to create donation networks, with Tencent's online charity platform facilitating significant fundraising efforts [3]. Group 2: Material and Cash Donations - Many companies align their donations with their business, providing essential goods such as food, medicine, and clothing to disaster-stricken areas [4]. - The combination of material and cash donations enhances the coverage of diverse needs in disaster areas, with material donations addressing immediate requirements and cash donations supporting long-term recovery [5][7]. Group 3: Response Levels and Donation Scale - The scale of donations is closely linked to the severity of disasters and the corresponding response levels, with higher response levels typically leading to larger social donations [6]. - Observations indicate that donation types adapt dynamically to the nature of disasters, with specific materials being prioritized based on the disaster's characteristics [7]. Group 4: Challenges in Donation Engagement - There is a noticeable decline in public enthusiasm for disaster donations, attributed to the frequency of disasters and the division of attention among multiple fundraising projects [8][9]. - Companies' donation behaviors are increasingly influenced by public sentiment, with some facing criticism for their contributions, which may deter future donations [10]. Group 5: Trust and Transparency in Donations - Social trust in charitable organizations has been affected by past incidents, leading to increased public scrutiny over donation efficiency and transparency [11]. - The demand for clear and transparent reporting on the use of donated funds is rising, with a significant portion of donations being directed towards specific causes to ensure accountability [11][12].

新华社香港8月22日电 香港恒生指数22日涨234.53点，涨幅0.93%，收报25339.14点。全日主板成交 2855.84亿港元。 国企指数涨105.16点，收报9079.93点，涨幅1.17%。恒生科技指数涨149.18点，收报5647.68点，涨 幅2.71%。 蓝筹股方面，腾讯控股涨1.18%，收报600港元；香港交易所涨1.31%，收报448港元；中国移动涨 0.45%，收报89.8港元；汇丰控股涨0.4%，收报101.3港元。 香港本地股方面，长实集团跌0.32%，收报36.94港元；新鸿基地产涨0.05%，收报93.95港元；恒基 地产跌0.59%，收报27.18港元。 中资金融股方面，中国银行涨0.23%，收报4.43港元；建设银行涨0.13%，收报7.75港元；工商银行 涨0.34%，收报5.96港元；中国平安涨0.35%，收报58.1港元；中国人寿涨0.65%，收报24.78港元。 石油石化股方面，中国石油化工股份跌1.78%，收报4.41港元；中国石油股份跌0.53%，收报7.51港 元；中国海洋石油跌0.16%，收报18.73港元。 【纠错】 【责任编辑:刘子丫】 ...

Core Viewpoint - Multiple A-share companies announced substantial mid-year cash dividends, reflecting strong financial performance and commitment to shareholder returns [2][10]. Group 1: East A A Jiao - East A A Jiao plans to distribute a cash dividend of 12.69 yuan (including tax) for every 10 shares, totaling approximately 817 million yuan, which represents a dividend payout ratio of 99.94% of its net profit for the first half of 2025 [3][5]. - The company reported a revenue of 3.051 billion yuan for the first half of 2025, marking an 11.02% year-on-year increase, and a net profit of 818 million yuan, up 10.74% year-on-year [3][5]. - Since its first dividend in 1999, East A A Jiao has distributed a total of 9.287 billion yuan in dividends [5]. Group 2: China Petroleum & Chemical Corporation (Sinopec) - Sinopec plans to distribute a total cash dividend of 10.67 billion yuan (including tax) for the first half of 2025, based on a per-share dividend of 0.088 yuan [10][13]. - The total share capital for the dividend calculation is approximately 121.245 billion shares [13]. Group 3: Other A-share Companies - Baichu Electronics intends to distribute a cash dividend of 6.66 yuan (including tax) for every 10 shares, totaling approximately 19.2 million yuan, which is 30.01% of its net profit for the first half of 2025 [10][16]. - Samsung Medical plans to distribute a cash dividend of 4.85 yuan (including tax) for every 10 shares, with an estimated total of 679 million yuan, representing 55.20% of its net profit [10][18]. - Yangnong Chemical plans to distribute a cash dividend of 2.40 yuan (including tax) for every 10 shares, totaling approximately 9.73 million yuan, which is 12.07% of its net profit [10][18]. - Yiyi Co. plans to distribute a cash dividend of 2.40 yuan (including tax) for every 10 shares, with an estimated total of 4.42 million yuan, representing 43.25% of its net profit [10][18].

Group 1 - Puyang is located at the intersection of Hebei, Shandong, and Henan provinces, known as a historical and cultural city with deep roots tracing back to ancient times [1][3] - The city is recognized as the birthplace of "Chinese Dragon" and has various cultural titles such as "Hua Xia Long Du" and "Chinese Cang Jie Culture Town" [3][9] - Puyang has a rich historical background, with significant events and figures from ancient Chinese history associated with the area, including the legendary Yellow Emperor and Cang Jie [8][9] Group 2 - Puyang is home to the "Chinese Dragon" discovered in 1987, which is over 6,400 years old, pushing the history of Chinese civilization forward by over a thousand years [11][13] - The city has a strong cultural heritage, including the "Three Cao Culture" from the Three Kingdoms period, and is known for its contributions to Chinese calligraphy and literature [18][20] - Puyang has a notable red culture, being a revolutionary base during modern history, with significant events such as the crossing of the Yellow River by the Liu-Deng army in 1947 [29][31][35] Group 3 - The city has transitioned from being heavily reliant on the oil industry, with the establishment of the Zhongyuan Oilfield in 1975, to diversifying its economy into petrochemicals, equipment manufacturing, and green food industries [41][43] - Puyang is focusing on emerging industries, particularly in hydrogen energy and new materials, aiming to transform into a "Hydrogen City" while developing a modern industrial system [45][47] - The city is also enhancing its logistics capabilities, positioning itself as a regional logistics hub with significant agricultural product trading and processing facilities [54][56] Group 4 - Puyang is recognized for its ecological initiatives, aiming to build a livable city with green spaces and sustainable development practices [60] - The city is actively promoting its cultural heritage and tourism, encouraging visitors to explore its historical and natural attractions [60]

Core Insights - The cumulative shale oil production in the Xinjiang Jimusaer National Shale Oil Demonstration Zone has exceeded 1 million tons by the end of July, achieving this milestone nearly four months earlier than last year [1] - This demonstration zone is China's first continental shale oil demonstration area, with shale oil buried over 3,500 meters deep and a permeability rate one ten-thousandth of that of conventional oil reservoirs, indicating significant extraction challenges [1] Technological Advancements - Xinjiang Oilfield has accelerated technological iteration and upgrades in the face of development challenges, resulting in a series of technological achievements and management standards [1] - Innovations include the differential enrichment mechanism of continental mixed-type shale oil, the creation of a sweet spot mobility evaluation method, and the establishment of a "small well spacing - close cutting - three-dimensional networking" development model [1] - The overall technological innovation achievements are at a leading domestic level, with some reaching internationally advanced standards, yielding positive economic and social benefits [1]

Market Overview - The Hang Seng Index fell by 53.95 points, a decrease of 0.21%, closing at 25,122.9 points with a total turnover of 278.218 billion HKD [1] - The National Enterprises Index dropped by 27.45 points, closing at 9,006.23 points, a decline of 0.3% [1] - The Hang Seng Tech Index decreased by 37.15 points, closing at 5,542.03 points, a drop of 0.67% [1] Blue-Chip Stocks - Tencent Holdings rose by 0.94%, closing at 592.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.32%, closing at 433.8 HKD [1] - China Mobile decreased by 0.4%, closing at 88.1 HKD [1] - HSBC Holdings increased by 0.61%, closing at 99.05 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.87%, closing at 37 HKD [1] - Sun Hung Kai Properties increased by 0.83%, closing at 90.6 HKD [1] - Henderson Land Development rose by 0.52%, closing at 27.12 HKD [1] Chinese Financial Stocks - Bank of China remained unchanged, closing at 4.39 HKD [1] - China Construction Bank remained unchanged, closing at 7.71 HKD [1] - Industrial and Commercial Bank of China remained unchanged, closing at 5.88 HKD [1] - Ping An Insurance fell by 0.78%, closing at 57.3 HKD [1] - China Life Insurance decreased by 3.19%, closing at 24.26 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation fell by 0.23%, closing at 4.36 HKD [1] - China National Petroleum Corporation decreased by 0.53%, closing at 7.47 HKD [1] - CNOOC Limited fell by 0.16%, closing at 18.56 HKD [1]