市场风格切换，红利低波ETF永赢(563690)涨幅超1.3%

Core Viewpoint - High dividend assets continue to strengthen, with significant buying activity from insurance funds in the banking sector, indicating a shift towards stable dividend-paying stocks in a low-interest-rate environment [2] Group 1: Market Performance - As of November 4, 2025, the CSI Dividend Low Volatility Index (H30269) rose by 1.13%, with notable increases in constituent stocks such as Xiamen Bank (up 6.20%), Shanghai Bank (up 3.51%), and Jianfa Co. (up 2.86%) [1] - The Yongying Dividend Low Volatility ETF (563690) increased by 1.23%, with a cumulative rise of 0.38% over the past week as of November 3, 2025 [1] Group 2: Institutional Investment Trends - Insurance funds have been actively increasing their holdings in bank stocks, with China Life Insurance becoming a top ten shareholder in Industrial and Commercial Bank of China, holding 757 million shares (0.21% stake) as of September 30 [2] - Ping An Life Insurance entered the top ten shareholders of Agricultural Bank of China with 4.913 billion shares (1.4% stake) as of September 30 [2] - Other banks such as Wuxi Bank, Nanjing Bank, and Changshu Bank also saw new insurance capital entering their top ten shareholders during the third quarter [2] Group 3: Future Outlook - According to Zhongtai Securities, during Q3 2025, insurance funds focused on increasing their stakes in banking, telecommunications, and steel sectors, reflecting a strategy to enhance returns in a persistently low-interest-rate environment [2] - The fourth quarter of 2025 is anticipated to be a critical period for positioning in dividend stocks, as pessimistic expectations may have been fully priced in, highlighting the appeal of undervalued assets and the potential for increased capital allocation [2]