在低利率与市场波动加剧的背景下，自由现金流策略正成为投资新选择。 8月2 1 日， 金 鹰基金 绝对收益投资部基金经理孙倩倩深度解析自由现金流 " 真金白银 " 的逻辑，揭秘指数编制规则及 当前政策红利的潜在影响。 直播金句： 政策红利下，指数成份股盈利质量提升、分红能力增强，推动其长期"可持续回报"属性凸 显。对投资者而言，该指数基金可作为布局这一趋势的高效工具，尤其是在存量经济时代追 求稳健复利的配置需求中价值显著。 自由现金流资产的崛起是市场对盈利质量、政策红利和长期收益三重逻辑的共识，其生命力 将持续依赖于企业基本面的改善和投资者对"真价值"认知的深化。 直播实录： 自由现金流指数 穿透财务表象、聚焦企业真实盈利质量 从直观来看，现金流指数行业更均衡、市值更均衡，成长性比红利指数更强。 "反内卷"政策通过优化供给生态和现金流创造能力，与中证全指自由现金流指数的"高现金 流、低扩张、重回报"选股逻辑深度绑定。 主持人：请倩倩总给我们科普一下自由现金流的定义是什么？ 孙倩倩： 自由现金流其实是一个企业财务概念，它指的是企业在满足了自身运营和再投资需求之 后，还能剩下的那些可以自由支配的现金流量。换句话说， ...

转自：证券日报网 本报记者 吴晓璐 长安汽车8月22日晚间发布2025年中期利润分配预案，以总股本99.14亿股为基数，向全体股东每10 股派送现金红利人民币0.50元（含税），公司合计拟派送现金人民币4.96亿元（含税），不送红股，不 以资本公积金转增股本。 长安汽车称，此次分红是为积极响应《国务院关于加强监管防范风险推动资本市场高质量发展的若 干意见》（即新"国九条"）的文件精神和要求。公司制定2025年中期利润分配预案，预案符合《公司 法》和《公司章程》中关于利润分配政策的规定，在保障公司运营和长期发展方面资金需求的前提下， 积极回报股东，增加公司分红频次，与股东共享公司经营发展成果，增强股东获得感，具备合法性、合 规性及合理性。 284家公司拟半年报分红1630亿元 新"国九条"提出，增强分红稳定性、持续性和可预期性，推动一年多次分红、预分红、春节前分 红。 自去年以来，上市公司一年多次分红蔚然成风。据Wind资讯数据统计，今年以来，截至8月23日， 已经有1660家上市公司披露2025年半年报，其中284家公司披露半年报分红预案，计划分红金额合计 1630.27亿元。其中，中国移动、中国电信、中国石 ...

Group 1 - The A-share market has been experiencing continuous fluctuations this year, with the Southern Dividend Low Volatility 50 ETF (515450) gaining popularity due to its steady performance in a volatile environment, surpassing a scale of 10 billion yuan as of June 30 [1][3] - The Southern Dividend Low Volatility 50 ETF closely tracks the S&P China A-Share Large Cap Dividend Low Volatility 50 Index, which selects 50 high dividend yield and low volatility large-cap stocks from the A-share market, constructed using a dividend yield weighting method [3] - As of June 27, 2025, the index's dividend yield reached 5.45%, significantly outperforming the yield of 10-year government bonds, highlighting its high allocation value in a low-interest-rate environment [3] Group 2 - The index is designed to prioritize low-volatility stocks among high-dividend stocks, providing strong downside protection during market fluctuations and effectively reducing market risk for investors [3] - The index is diversified across multiple sectors, including banking, utilities, and transportation, which mitigates single-industry risk and enhances overall stability [3] - Recent policies, such as the new "National Nine Articles," have strengthened dividend regulation for listed companies, increasing the attractiveness of dividend assets [3] Group 3 - The Southern Fund Index team has a diverse background in mathematics, computer science, and financial engineering, possessing extensive experience in index product development, quantitative research, and fund management, leading the industry in tracking error control [4] - As of March 31, 2025, the Southern Fund's stock ETFs have ranked first in tracking accuracy among peers over the past decade [4]

Group 1 - The Xinjiang Securities Regulatory Bureau is implementing a regular visiting mechanism to support listed companies in the region, addressing their difficulties and suggestions to promote high-quality development [1] - Since 2024, the bureau and local government have visited over 60% of listed companies, with 13 companies visited this year across various industries including manufacturing, mining, finance, and information technology [1] - A total of 17 issues and suggestions have been collected from these visits, covering industrial policies, corporate financing, and operational challenges, with 7 issues already resolved and 10 ongoing [1] Group 2 - The bureau emphasizes policy promotion, guiding listed companies to leverage new policies for value management through mergers, buybacks, dividends, and equity incentives [2] - As of now, 33 listed companies in the region have announced cash dividend plans totaling 11.608 billion yuan, representing 82.5% of profitable companies; 11 companies have conducted stock buybacks amounting to 1.224 billion yuan [2] - The bureau plans to deepen regulatory collaboration with local government, focusing on enhancing regulatory services and optimizing corporate governance to foster a virtuous cycle of regulatory guidance, value enhancement, and economic empowerment [2]

Group 1: Investment Banking - The new "National Nine Articles" top-level design guidelines clarify the effectiveness and direction of cultivating first-class investment banks, maintaining the long-term logic of an active capital market [1][5] - It is recommended to focus on three main logical lines: mergers and acquisitions, high "financial inclusion rate," and improvement of ROE [1][5] - Investors are advised to pay attention to large securities firms with strong capital strength and stable business operations for potential investment opportunities [1][5] Group 2: Insurance Sector - The new "National Ten Articles" emphasizes high-quality development under a strong regulatory and risk prevention framework, with policy support aimed at optimizing product design and enhancing channel value [1][5] - The insurance premium continues to show steady growth, with cumulative premiums for life insurance companies reaching 19,469 billion yuan from January to April, a year-on-year increase of 1.3%, and a monthly growth rate of 11.6% in April [4] - The first reduction of LPR in May is expected to lead to further adjustments in the predetermined interest rates for new products, potentially catalyzing "speculative suspension" and creating investment opportunities due to lower liability costs and improved asset-liability matching [4][5]

Group 1 - The insurance and securities ETF (515630) has seen a slight increase, with the CSI 800 Securities and Insurance Index (399966) rising by 0.77% as of June 3, 2025 [1] - Major securities firms have announced significant dividend payouts, with a total of 33 billion yuan distributed among seven leading firms last year [1] - Northeast Securities and Guohai Securities have implemented annual dividends, with Northeast Securities distributing 163 million yuan and Guohai Securities distributing 191 million yuan, contributing to a total industry dividend of over 56 billion yuan for 2025, reflecting a year-on-year increase of 28% [2] Group 2 - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a significant increase in the sales of savings products and an anticipated improvement in liabilities [3] - The securities industry is undergoing transformation, which is expected to bring new growth opportunities, supported by a favorable market environment and policy [3] - The CSI 800 Securities and Insurance Index closely tracks the performance of the securities and insurance sectors, with the top ten weighted stocks accounting for 63.46% of the index [3]

Core Viewpoint - The importance of investor protection, especially for small and medium investors, is increasingly highlighted as a key theme for the stability and vitality of the capital market, with a focus on implementing the new "National Nine Articles" to strengthen the investor protection mechanism [1][2]. Regulatory Framework - The regulatory framework has been continuously improved, with new laws such as the Securities Law and the Criminal Law Amendment (12) establishing a comprehensive accountability system [2]. - The "National Nine Articles" and its accompanying "1+N" policy system enforce strict listing regulations and optimize delisting mechanisms, embodying the principle of finance serving the public [2]. Enforcement and Legal Mechanisms - The effectiveness of law enforcement has been enhanced, with an increasing number of administrative penalty cases by the China Securities Regulatory Commission (CSRC), reflecting a more stringent regulatory approach [3]. - Investor protection channels have become more accessible, with mechanisms like advance compensation and representative litigation reducing the cost of rights protection for investors [3]. Accountability and Legal Framework - There is a need to solidify the legal foundation and improve the "multi-dimensional accountability" system, including normalizing collective lawsuits and enhancing the penalties for insider trading and market manipulation [3]. - The CSRC and other departments are set to issue guidelines to increase the application of property penalties and control the use of probation, significantly enhancing deterrence against violations [3]. Quality Control and Market Entry - The responsibility for quality control of listed companies must be enforced throughout the entire process, from entry to exit, ensuring strict oversight of IPOs and the use of raised funds [4]. - A robust delisting mechanism should be maintained to eliminate "zombie companies" and ensure investor compensation during the delisting process [4]. Role of Intermediaries - Intermediaries must be held accountable for their diligence and responsibilities, with strict penalties for those failing to meet their obligations [4]. - The focus should be on enhancing the independence, professionalism, and quality of service of intermediaries to effectively fulfill their role as gatekeepers [4]. Investor Education and Long-term Protection - Investor education is crucial for building a comprehensive protection framework, necessitating widespread educational activities and a multi-tiered education system [5]. - The capital market is transitioning from a financing-oriented approach to an investment-oriented one, emphasizing the embedding of investor rights protection in every market operation aspect [5].

中国证券监督管理委员会主席 国务院新闻办公室于2025年5月7日（星期三）上午9时举行新闻发布会，请中国人民银行行长潘 功胜、金融监管总局局长李云泽、中国证监会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关 情况，并答记者问。以下为吴清主席的问答文字实录： 女士们、先生们，各位媒体朋友们，大家上午好！首先，感谢大 家长期以来对资本市场和证监会工作的大力关心支持！今年以来，证 监会深入贯彻党中央、国务院一系列决策部署，持续推动新"国九 条"及系列政策文件落地见效，市场运行总体稳中有进、稳中向好。4 月初以来，美政府关税政策严重冲击国际经贸秩序，国际金融市场剧 烈动荡，也给国内资本市场带来很大压力。面对突如其来的严峻考 验，在党中央、国务院坚强领导下，在中央金融办统筹协调下，证监 会会同相关部门迅速行动，从政策对冲、资金对冲、预期对冲等方面 打出了一揽子稳市"组合拳"。包括中国人民银行、金融监管总局、国 务院国资委、外汇局等释放强有力政策信号，中央汇金公司果断出 手，全国社保基金、证券基金机构、银行保险机构以及各类投资者都 坚定信心、积极投入，一大批上市公司采取回购增持等多种方式维护 股价稳定。所谓众人拾柴火 ...

【环球网财经综合报道】退市新规实施后的首个年报季接近尾声。一批净利润亏损且营业收入不足3亿元的主板公司被实施退市风险警示（*ST），更有公 司直接面临退市。 数据显示，截至4月29日晚间，触及组合类财务退市指标的主板公司共有48家，涉及行业以社会服务、机械设备、纺织服饰等为主。这些公司普遍存在亏损 年份较长、主营业务转型未见成效的问题，个别公司甚至面临财务类、规范类及重大违法强制类等多重退市风险。 有业内人士表示，退市新规通过组合指标精准识别"壳公司"，加速市场"劣币"出清，推动资金流向盈利稳定、基本面良好的优质企业，同时倒逼上市公司提 升经营质量与可持续竞争力。 4月29日，艾艾精工发布的2024年年报显示，公司扣非前后的净利润均为负值，且扣除非核心业务收入后，营业收入低于3亿元，触及退市风险警示线。根据 新规，公司股票自4月30日起被实施退市风险警示，证券简称变更为"*ST艾艾"。 除艾艾精工外，威尔泰、星光股份（现"*ST星光"）、四通股份、原尚股份等公司同样因"净利润亏损+营收不足3亿元"被实施退市风险警示。 退市新规将主板亏损公司的营收指标从1亿元提升至3亿元，加大"空壳僵尸"公司淘汰力度。*ST龙 ...

编者按： 2024年4月12日，国务院《关于加强监管防范风险推动资本市场高质量发展的若干意见》（下称"新"国 九条""）正式发布，从投资者保护、上市公司质量、监管能力和治理体系建设等方面，勾画了资本市场 高质量发展蓝图。一年来，各方积极推动新"国九条"具体落实，"1+N"的政策体系加速构建，一个安 全、规范、透明、开放、有活力、有韧性的中国资本市场正在形成。央广财经推出新"国九条"一周年系 列报道，全方位洞察一年来中国资本市场的变化与趋势，共话资本市场服务经济社会高质量发展大局的 路径探索。 央广网北京4月16日消息（记者 牛谷月）经过30多年的改革发展，我国资本市场已经到了从高速增长向 高质量发展加快转变的阶段。上市公司作为资本市场的重要主体，其高质量发展是资本市场内在稳定性 的重要基础。新"国九条"发布一年以来，资本市场聚焦提升上市公司质量，从入口端提质、在过程端规 范、于出口端出清，市场主体更新提质，进退有序、优胜劣汰的市场生态逐步健全，资本市场稳定与高 质量发展态势显现。 多位专家在接受央广财经记者采访时表示，一年以来，IPO门槛严格控制与退市出口疏通同步推 进，"壳资源"贬值，资金向优质资产集中，上 ...