截至2025年11月25日 10:06，中证国有企业红利指数上涨0.15%，成分股福建高速上涨9.97%，厦门国贸 上涨2.50%，西部矿业上涨2.18%，建发股份上涨2.06%，中粮糖业上涨1.95%。国企红利ETF(159515)上 涨0.26%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐） 红利策略作为一种基石型配置，通过聚焦高股息、现金流稳定的优质企业，为投资组合提供持续现金流 和长期复利潜力，成为构建财富底仓的重要工具。 国企红利ETF紧密跟踪中证国有企业红利指数，中证国有企业红利指数从国有企业中选取现金股息率 高、分红比较稳定且有一定规模及流动性的100只上市公司证券作为指数样本，反映国有企业中高股息 率证券的整体表现。 据Wind数据显示，截至2025年10月31日，中证国有企业红利指数前十大权重股分别为中远海控、冀中 能源、潞安环能、山煤国际、山西焦煤、南钢股份、恒源煤电、农业银行、鲁西化工、中粮糖业，前十 大权重股合计占比17.08%。 据Wind数据显示，流动性方面，国企红利ETF盘中换手0.06%，成交2.72万元。拉长时间看，截至11月 24日，国企红利ETF近1周日均成交3 ...

近期受外围因素、业绩真空期，以及海外AI板块调整影响，市场风险偏好有所下行，年内持续强势的 科技股涨势出现一定减缓迹象，红利资金表现则开始相对强势，并成为资金年末增配的主要方向之一。 回首过去，从行业惯例来看，每年10月到次年2月，险企会集中推出高吸引力产品。保险公司的持仓以 高股息稳定的红利资产为主。险资重仓股普遍呈现出高股息、低估值、大市值的共性特征，这背后反映 出保险资金作为长期资金，追求资产与负债久期匹配、注重绝对收益和风险控制的核心投资逻辑。 另一方面，资金"高低切换"，年底机构为锁定收益，掀起了明显的获利了结潮，资金对高股息资产的配 置需求增加，红利资产有望持续占优。 财通证券指出，红利策略阶段性占优，红利相对表现已回升至2023年初水平，其胜率与赔率均呈现向好 趋势。从资金面看，主力资金当前主要关注杠杆资金，后续可能转向险资和汇金托底资金，此类资金偏 好更倾向于红利资产。 配置方面，哑铃型配置仍是当前平衡风险与收益的核心策略。防守端可关注受益于央国企估值重塑、经 营稳健且具备稳定分红的高股息资产。短期或可挖掘景气改善且有一定持续性、估值和筹码尚处于较低 水平的品种。 2. 红利ETF广发(159 ...

利率涨跌互现 可以看到，11月中上旬，四季度第一批基本面数据落地，除了通胀超预期修复以外，其余数据表现普遍 低于预期。其中，信贷、固定资产投资、地产销售量价等方面的矛盾日益突出，"弱现实"挑战成为不容 忽视的问题。 不过，在基本面数据走弱的同时，央行亦先后"发声"，通过三季度货币政策报告、发表文章等途径，向 市场传递出了偏谨慎的"宽货币"信号。 具体而言，一方面，管理层关于"综合运用多种工具，保持社会融资条件相对宽松""根据经济金融形势 的变化，做好逆周期和跨周期调节，持续营造适宜的货币金融环境"等表述，充分说明，后续资金面表 现可能比市场想象得更为乐观。但另一方面，央行又弱化了金融总量的重要性，明确提及"社会融资规 模、货币供应量增长与名义经济增速基本匹配的同时，贷款增速略低一些也是合理的"。基于此，债市 定价相应陷入纠结状态，长端利率整体维持横盘趋势。 中央国债登记结算有限责任公司提供的数据显示，截至11月17日收盘，银行间利率债市场收益率涨跌互 现。举例来看，中债国债收益率曲线3M期限上行3BP至1.38%；2年期收益率稳定在1.43%附近；10年期 收益率行至1.81%一线。 "实际上，2022年至2 ...

Core Viewpoint - The technology sector has faced pressure due to the Federal Reserve's hawkish stance, inflation uncertainty, and debates surrounding the "AI bubble," leading to a shift in market risk appetite towards low-volatility, high-yield dividend assets, which have shown resilience and become important tools for risk defense [1] Summary by Sections Market Trends - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen significant net inflows since October, attracting a total of 4.564 billion yuan, making it the only product in the dividend-themed ETF category to exceed 4.5 billion yuan in net inflows during this period [1] - In the week from November 10 to November 14, the Dividend Low Volatility ETF (512890) recorded net inflows for four trading days, accumulating 419 million yuan, ranking among the top in its category [1] Fund Performance - The fund's scale reached a new high of 26.603 billion yuan as of November 14, 2025, making it the only dividend-themed ETF in the market with a scale exceeding 20 billion yuan [1] - The dividend yield of the Dividend Low Volatility Index is currently at 3.97%, which is favorable compared to the 10-year government bond yield of 1.81%, indicating a high attractiveness for long-term funds seeking to enhance returns in a low-risk environment [1] Investment Opportunities - Insurance funds have shown a strong preference for bank stocks, which accounted for over half of their holdings by market value at the end of the third quarter, with the number of increased holdings in bank stocks leading among all major stocks [1] - The Dividend Low Volatility ETF (512890) is expected to continue benefiting from the demand for long-term fund allocations, particularly in the context of ongoing uncertainties in the market [1] Company Background - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the first Dividend Low Volatility ETF (512890) and others focused on Hong Kong stocks [1]

Core Insights - October inflation data shows a shift in CPI from decline to increase, with PPI's rate of decline narrowing, significantly influenced by prices of gold and non-ferrous metals [1][4][25] - October CPI increased by 0.2% year-on-year, reversing a 0.3% decline from the previous month, marking the highest value since February of this year [1][6] - PPI's year-on-year decline narrowed by 0.2 percentage points to -2.1%, marking the third consecutive month of narrowing [1][21] CPI Analysis - Food prices showed slight improvement, with a 2.9% decline, but the drop was less severe than the previous month, impacting CPI by approximately 0.54 percentage points [2][14] - Core CPI rose by 1.2% year-on-year, the highest since March 2024, with gold prices being a major driver [2][10] - Domestic gold futures prices increased by 52.8% year-on-year, significantly higher than the previous month's growth rate [2][10] PPI Analysis - PPI for October showed a year-on-year decline of 2.1%, with notable performance in the non-ferrous sector, particularly in mining and metal processing [3][21] - The prices in the non-ferrous mining and metal processing industries increased by 5.3% and 2.4% respectively, the highest among all sectors [3][21] - Life goods PPI decreased by 1.4% year-on-year, with a narrowing decline compared to the previous month [3][21] Market Outlook - The rise in prices is influenced by multiple factors, including the increase in gold prices and extreme weather affecting vegetable prices, leading to an unexpected overall price increase [4][25] - Future price trends remain uncertain, with a potential decline in gold prices in early November and weak terminal demand affecting price transmission from upstream to downstream sectors [4][26] - The bond market is entering a recovery phase, with a recommendation for a barbell strategy to manage risks and capitalize on potential interest rate declines [4][26]

Core Viewpoint - The short-term market is in a policy and performance vacuum, requiring more catalysts for the index to break through key levels, with the market likely to remain volatile [1] Group 1: Market Strategy - The recommendation is to maintain a "barbell" strategy in asset allocation [1] - In the technology sector, the pressure of crowding has eased, and after adjustments, the cost-effectiveness is gradually improving, focusing on low-position targets in areas such as Hang Seng Technology, domestic computing power, and AI applications [1] - Given the uncertainties both domestically and internationally, previously underperforming dividend stocks are experiencing a rebound, with current opportunities in banks and certain cyclical dividend stocks [1] Group 2: Sector Focus - The third-quarter reports and high-frequency indicators are cross-validating, indicating that varieties with non-crowded valuations and chips, such as new energy and chemicals, are worth attention [1] - In the medium term, seven key clues will be monitored: policy cycle, technology cycle, real estate cycle, capacity cycle, inventory cycle, energy cycle, and capital market reform, with advanced manufacturing and pro-cyclical consumption being potential decisive factors [1]

Core Viewpoint - The market is currently in a policy and performance vacuum, requiring more catalysts for the index to break through key levels, with a likely focus on volatility in the near term [1] Group 1: Market Strategy - The recommendation is to maintain a "barbell" strategy in asset allocation [1] - In the technology sector, the pressure from overcrowding has eased, and after adjustments, the cost-effectiveness is gradually improving, with a focus on low-position targets in areas such as Hang Seng Technology, domestic computing power, and AI applications [1] - Given the uncertainties both domestically and internationally, previously underperforming dividend stocks are expected to see a rebound, with current opportunities in banks and certain cyclical dividend stocks [1] Group 2: Sector Focus - The third-quarter reports and high-frequency indicators are cross-validating, indicating that varieties with non-crowded valuations and chips, such as new energy and chemicals, are worth attention [1] - In the medium term, seven key clues will be monitored: policy cycle, technology cycle, real estate cycle, capacity cycle, inventory cycle, energy cycle, and capital market reform, with advanced manufacturing and pro-cyclical consumption being potential decisive factors [1]

Core Insights - The recent volatility in the A-share market has led to a focus on style rebalancing, with several well-known balanced fund managers preparing their holdings in advance for the third quarter [1] - Fund managers have indicated that the recent rotation expectations in the market are increasing, with the strength of cyclical sectors reflecting a balance between performance and valuation considerations, making the "barbell strategy" a core approach to balance risk and return [1] What is the "Barbell Strategy" - The "barbell strategy" is a diversified multi-asset allocation approach that incorporates both low-risk and high-risk assets to balance the portfolio's risk and return [2] - This strategy can be visualized as a dumbbell, where one end represents low-risk stable assets and the other end represents high-risk high-return assets, creating a "heavy on both ends, light in the middle" structure [2] Investment Structure and Market Adaptability - This investment structure sacrifices potential returns from mid-risk assets in exchange for resilience in extreme market conditions, allowing investors to respond to black swan events and seek returns in stable markets [3] - Investors should avoid mid-risk assets that lack highlights, such as traditional consumer electronics and homogeneous manufacturing industries [7] Practical Implementation of the Barbell Strategy - In practical terms, investors should select conservative assets on the left end of the barbell, such as high-dividend, low-volatility stocks from sectors like utilities and energy [5] - On the right end, the focus should be on high-growth, high-volatility assets, such as innovative technology and new energy sectors [6] - Historical data shows that the CSI Bank Index and the STAR 50 Index can form a basic barbell strategy, as they exhibit a negative correlation [8][10] Dynamic Weight Adjustment - The barbell strategy does not require equal weight on both ends but should be adjusted based on market conditions and individual risk preferences [10] - In optimistic markets, the aggressive end can be increased to 70%, while in pessimistic markets, the defensive end can be raised to 60% [10] ETF Configuration for the Barbell Strategy - The ETF market offers a variety of options across sectors, broad indices, bonds, and overseas investments, with a simple approach being the combination of stock ETFs and bond ETFs to achieve balance [11] - Recent high-performing ETFs include those focused on technology themes, which have shown returns exceeding 80% in the past year [11] - Defensive tools such as dividend ETFs and bond ETFs can provide stable returns and are essential for liquidity management [11]

Group 1: Market Trends and Investment Strategies - The A-share market is experiencing increased volatility, with a focus on style rebalancing and a "dumbbell" investment strategy being adopted by public funds [1] - Fund managers are highlighting investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, anticipating revenue growth due to recovering overseas demand [1] - Analysts suggest that the market is still in a slow upward channel, despite short-term fluctuations, with a potential for style switching in November [3][9] Group 2: Corporate Financial Activities - The stock repurchase and increase loan business is expected to expand to city commercial banks, with several banks already signing loan commitment letters with listed companies [2] - A total of 1,035 companies have announced interim dividends this year, with the total amount exceeding 735.69 billion yuan, indicating a growing trend in mid-term dividends among industry leaders [11] - The Hong Kong Stock Exchange reported record high revenues and net profits for the first three quarters, driven by increased market activity and strong new listings [5] Group 3: Industry-Specific Developments - The power equipment sector is maintaining high prosperity due to increased investment in power grids and the growing demand for AI-related power solutions [4] - The pig farming industry is undergoing a deep adjustment, with calls for capacity control and self-discipline to navigate challenges such as overcapacity and high debt levels [6][7] - The tourism sector is seeing a surge in activity following the announcement of the longest Spring Festival holiday in history, leading to increased interest in travel-related stocks [12] Group 4: Brokerage Performance - A total of 42 listed brokerages reported a net income of 186.86 billion yuan from proprietary trading in the first three quarters, reflecting a year-on-year increase of 43.83% [14]

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes. Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges, suggesting potential for revenue growth as overseas demand recovers in the coming years [1][5]. - Notable stocks like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy holdings list or continuously increased in holdings by several fund managers [1][2]. Group 2: Fund Manager Actions - China Ping An has gained favor among several well-known balanced and growth fund managers, with significant increases in holdings across multiple funds, totaling a market value of 794 million yuan and 358 million yuan in different funds [2]. - The chemical sector has also seen increased attention, with funds like China Europe Era Pioneer and China Europe New Blue Chip significantly increasing their positions in Wanhua Chemical, with total holdings exceeding 1 billion yuan [2][4]. Group 3: Market Trends - The cyclical and value-style stocks have gained traction, becoming key drivers of market performance, as the technology growth sector enters a high volatility phase [2][7]. - The non-ferrous metals sector has attracted considerable investment, with funds increasing their positions in stocks like Zijin Mining and Huaxi Nonferrous, with total holdings exceeding 1 billion yuan [4][5]. Group 4: Performance Metrics - As of November 4, several funds have managed to maintain positive returns despite market fluctuations, with some controlling net value drawdowns within 2% [4]. - The ETF market reflects this trend, with significant net inflows into various indices, indicating a shift towards value and dividend-paying assets [7][8]. Group 5: Future Outlook - Fund managers are optimistic about the potential for recovery in traditional industries, with low valuations and high dividend yields making certain stocks attractive for future investment [6][9]. - The market is expected to continue its focus on balanced strategies to navigate upcoming volatility, while still recognizing the long-term value in technology and growth sectors [8][9].