尽管今年前三季度红利指数表现平平，但如果将时间拉长至5年或10年，红利类指数的表现却又是另一番景象。据广发基金 统计，截至2025年11月24日，红利类指数近5年和近10年的年化收益率，跑赢了不少A股主流的宽基指数。 回顾10月以来的市场，前期热门的科技成长赛道普遍陷入震荡盘整阶段，而红利风格则成为了市场亮点之一，重新回到投 资者的视野。 图1：红利类指数与主流宽基指数年化收益率对比 数据来源：Wind， 截至2025年11月24日。年化收益率=[(1+区间涨跌幅)^(250/交易日天数)-1]*100%。对红利类指数而言， 使用全收益指数比价格指数更能真实反映指数能够得到的真实回报。但应注意，在实际投资过程中，因分红不再投或者交 易费用等原因，投资者的实际收益可能不及全收益指数。指数过往表现不预示未来表现，投资须谨慎 广发基金指出，红利资产虽然可能阶段性落后，但长期维度的回报并不逊色。这是一种可供长期持有的品类，而红利投资 也应该是一种长期行为。事实上，也的确有不少投资者将其作为配置中的长期底仓之一。 红利资产为何适合作为底仓品种？ 为什么说可以考虑把红利资产视为底仓的选择？主要有以下三个原因。 一、收益结 ...

MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 "同取心低旧退·心论灯!" 跟踪标普港股通低波红利指数 - 联接A 022887 截至25/11/21 近1周 ( 近1月) 近1年 (近1年) 指数涨跌幅 指數源跌幅 指数涨跌幅 年化波动率 指数涨跌幅 -1.80% 2.32% 29.00% 12.14% -3.09% (VS) 上证指数 上证指数 上证指数 上证指数 上证指数 -2.45% -3.90% -2.02% 13.78% 12.03% 品在线 BS MIS 4.18% A500红利低波ETF 159296 · 行业均衡·双因子攻守兼备 ·· -跟踪中证A500红利低波动指数 - 截至25/11/21 近1周 ( 近1月) (近1年) 近1年 指数涨跌幅 指數涨跌幅 指數涨跌幅 指數涨跌幅 年化波动率 -1.45% 5.35% -2.44% 0.47% 9.89% (US) 上证指数 上证指数 上证指数 上证指数 上证指数 -2.45% -2.02% 12.03% -3.90% 13.78% 最新股員事 4.14% 800红利低波ETF 159355 · 聚焦大中盘·季季可评估分红 *· 跟 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 场 别 。 定分红的优质企业,为投资组合提供持续的现金流, 抵御市场波动. 并借助长期复利,力争实现资产的稳健 增值. 是构建投资组合、守护财富的重要底仓资产。 小盘红利·能攻善守 标普红利ETF是市场稀缺的进攻型红利产品,具备"红 利+小盘+行业分散"的特点,兼具小盘股的成长弹性与 高股息资产的防御性。 . 前三大行业 210亿元 银行 16.58% 市值中位数 机械 11.02% 5.18% 轻工制造 8.68% 股息率 数据来源:标普指数公司。 股息更高 · 防守盾 标的指数凭借半年调仓的灵活机制,注重分红稳定性 与盈利持续性,最新股息率5.18%,领先主流红利指 数。 标的指数今年以来涨幅近15%,在A股主流红利指数中 排名第1. 小盘风格在成长主题市场里具备持续获益能 力,市场回暖时更具进攻锐度。 > 标普中国A股红利机会指数今年以来涨幅全市场第1 < 令年以来 令年以来 股息率% 指数名称 涨跌幅% 年化夏普比 5.18 标普A股红利 14.95 1.91 | 红利质量 | 12.23 | 1.44 | 2.47 | | - ...

华宝基金 łwabao WP Fund 红利日报 2025年 11/21 最新股息申 4.92% 标普红利ETF 562060 · 穿越周期·「长红」之选 · -跟踪标普中国A股红利机会指数- 联接A 501029 红利基金LOF 截至25/11/20 近1周 近1月 近1年 近1年 指数涨跌幅 指数涨跌幅 指数涨跌幅 指数涨跌幅 年化波动率 -2.39% 11.49% -0.36% 2.78% 11.47% (VS) 上证指数 上证指数 上证指数 上证指数 上证指数 -0.40% -1.49% 0.38% 16.72% 11.34% T+0 最新股息率 5.54% 港股通红利ETF 159220 官 · 对劳 · "同以心城直且 它在灯!" 跟踪标普港股通低波红利指数 - 联接A 022887 截至25/11/20 近1周 (近1月) 近1年 (近1年) 指数涨跌幅 指数涨跌幅 指數涨跌幅 指数涨跌幅 年化波动率 0.27% -1.31% 4.16% 30.80% 12.10% (VS) 上证指数 上证指数 上证指数 上证指数 上证指数 -0.40% -1.49% 0.38% 16.72% 11.34% 4 ...

Core Viewpoint - The increasing demand for wealth management among residents highlights the importance of asset allocation, which can help investors balance returns and risks, respond rationally to market fluctuations, and achieve long-term investment goals [2] Group 1: Investment Strategies - The comparison between the "dividend low-volatility index" and the "growth enterprise board index" illustrates a long-term alignment in returns, emphasizing the value of different investment styles over time [9][10] - Dividend investment is often perceived as lacking growth potential, yet its stability and consistent returns can be advantageous in the long run [14][15] - The disciplined approach of dividend indices, focusing on sustainable dividend payments and valuation safety, provides a unique advantage in the A-share market [16] Group 2: Growth vs. Dividend Investment - Growth investments, while capturing market trends, often come with high volatility and uncertainty, making them challenging for many investors [21][22] - The essence of dividend strategies lies in their suitability for ordinary investors, prioritizing stability and disciplined investment over speculative gains [24] - The long-term performance of dividend strategies does not necessarily indicate superiority over growth investments; rather, it reflects a better fit for certain investment profiles [24] Group 3: Investor Mindset - The choice between being a "shooting star" or a "constant star" in investment reflects different approaches to wealth accumulation, with dividend strategies offering a more stable path to long-term returns [25][27] - The wisdom of slow and steady investment, as opposed to chasing rapid gains, is emphasized as a more sustainable approach to wealth management [26]

长期累计收益比较（全收益） 被低估的"慢" 随着居民财富管理需求增加，资产配置的重要性愈发凸显。将不同的资产进行科学合理的配置，可以帮助投资者更好地平衡收益和风 险，理性应对市场波动，实现长期投资目标。 易方达基金说 许多年以后，我们回望A股的涨跌沉浮，依然会想起那场跨越十三载的相逢。 2013年初，如果将目光投向A股市场的两大风格赛道：一边是"老成持重"的红利低波指数，一边是"新经济引擎"创业板指，恐怕很难想 象，这两条不同底色的轨迹，在2025年9月一个普通的日子，悄然对齐了收益的刻度。 这是一个投资世界里的浪漫寓言，一场你我亲历的"龟兔赛跑"。 红利低波指数与创业板指的 在多数人认知里，红利投资总是带着"暮气"：缺乏高增长叙事，只剩稳定经营与持续分红，是市场里"沉默的配角"。 当成长股借热门概念冲锋时，红利投资总是被遗忘在角落。它的"慢"，被误读为"停滞"；它的稳定，被曲解为"平庸"。 但很少有人意识到，这种"慢"，恰恰是它在长跑中不掉队的根基。以红利指数的编制运作来看，根基体现在三大特征： 用纪律对抗情绪：红利指数的编制规则是系统化价值筛选机制，注重持续分红能力（要求3年连续现金分红）、强调估值安全边 ...

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1] Group 1: Stock Performance - The top stock, Siwei Liekong (603508.SH), experienced a daily increase of 3.48% and a year-to-date increase of 26.20%, with a dividend yield of 13.53% [1] - Dai Mei Co., Ltd. (603730.SH) saw a daily rise of 3.43% and an 18.38% increase year-to-date, with a dividend yield of 3.56% [1] - Yiyi Co., Ltd. (001206.SZ) had a remarkable year-to-date increase of 99.13%, despite a daily rise of only 2.30% and a dividend yield of 2.67% [1] Group 2: Dividend Yields - Jiangsu Jinxiang (600901.SH) reported a dividend yield of 4.27% with a year-to-date increase of 27.31% [1] - China Bank (601988.SH) has a dividend yield of 3.84% and a year-to-date increase of 9.58% [1] - China Petroleum (601857.SH) maintains a dividend yield of 4.76% with a year-to-date increase of 16.54% [1]

Core Viewpoint - The market is experiencing an upward trend with the Shanghai Composite Index breaking a 10-year high at 4030.40 points, leading to discussions on whether investors should switch sectors as the year-end approaches [1] Market Trends - The market is currently in a policy vacuum period, with strong sectors like semiconductors, AI, and chips showing lackluster performance recently [1] - Historical patterns indicate that value stocks such as banks, non-bank financials, and food and beverage sectors have a win rate exceeding 70% during the year-end period (November-December) [3] - The banking sector saw a 9.36% increase in December 2024, while technology sectors like computers and electronics gained a 15% increase in January 2023 [3] Sector Performance - The Consumer sector, particularly the liquor segment, has shown strong performance despite pressure from fundamentals after the third-quarter reports [1] - The China Securities Dividend Index tends to perform well before year-end, indicating a potential shift in market focus [1] Investment Strategies - Two key investment tracks are highlighted: 1. **Cyclical Recovery in Undervalued Industries**: Traditional industries are seeing improvements in supply-demand dynamics, with sectors like white goods, engineering machinery, and commercial vehicles being identified as having global competitive advantages [6] 2. **Defensive High-Dividend Strategies**: High-dividend assets are viewed as a stabilizing force in investment portfolios, particularly in uncertain market conditions [10] Fund Performance - The China Securities Major Consumer Index has nearly doubled in size since 2023, with the Huatai-PineBridge China Securities Major Consumer ETF leading with a scale exceeding 20 billion [7] - The demand for long-term dividend investments remains strong, driven by the ongoing asset shortage in the banking sector [11] Index and Fund Recommendations - The S&P Hong Kong Stock Connect Low Volatility Dividend Index and the Hang Seng High Dividend Low Volatility Index are recommended for investors seeking stable growth and risk diversification [12][13]

Group 1 - The core viewpoint of the article emphasizes the importance of identifying relative certainty in investment opportunities amidst market fluctuations, with a positive long-term outlook for A-shares and a focus on dividend assets as essential investment options [1][2][3]. Group 2 - In a low interest rate environment, dividend assets exhibit significant advantages due to their high dividend yields, making them attractive to investors seeking better returns [2][3]. - The 10-year government bond yield has fallen below 1.9%, leading to a decline in returns for interest rate-sensitive products, prompting investors to explore dividend investments [3]. - The dividend yield of the CSI Dividend Index and the CSI Hong Kong Stock Connect High Dividend Investment Index stands at 4.29% and 5.75%, respectively, both higher than the Shanghai Composite Index and the Hang Seng Index [3][5]. Group 3 - Dividend assets have shown excellent long-term performance, with the CSI Dividend Index increasing by 465.17% since 2005, significantly outperforming the Shanghai Composite Index and the Shenzhen Component Index during the same period [7][10]. - The performance of the CSI Dividend Index from 2020 to 2025 shows fluctuations, with returns of 3.49%, 13.37%, -5.45%, 0.89%, 12.31%, and -3.07%, compared to the Shanghai Composite Index's returns of 13.87%, 4.80%, -15.13%, -3.70%, 12.67%, and 2.76% [10]. Group 4 - The article highlights the launch of the Jianxin Dividend Select Mixed Fund, which focuses on dividend assets, aiming for a stock allocation of 60-95% and investing at least 80% of non-cash fund assets in dividend-related stocks [10][11]. - The fund will adopt a quantitative investment strategy, utilizing a quantitative stock selection framework and factor models for portfolio construction, emphasizing quality and growth while considering volatility and valuation for timing [11]. - The fund will be managed by Jiang Yanze, who has a master's degree in financial engineering and 10 years of experience in the securities industry [11].

Core Viewpoint - The A-share market is showing a clear preference for dividend stocks, with significant price increases in major companies like China Petroleum and Agricultural Bank, indicating a strong trend towards dividend-paying stocks [2][3][4]. Group 1: Dividend Stock Performance - The dividend sector, including oil, banking, and coal, has outperformed other sectors since November, with notable gains in the index [2][4]. - Agricultural Bank's A-shares reached a historical high of 8.65 yuan per share, while its H-shares also saw a significant increase, reflecting strong investor interest [3]. - Major weight stocks like China Petroleum have shown significant price movements, contributing to the overall rise in the dividend sector [4]. Group 2: Institutional Interest in Low-Valued Dividend Stocks - Analysts suggest focusing on low-valued dividend stocks with stable dividend expectations, with 46 stocks meeting criteria such as a dividend yield over 3% and a decline in stock price this year [5]. - Stocks with the highest dividend yields include Fuanna at over 8%, and others like Sophia, Gree Electric, and Zhou Dasheng with yields exceeding 7% [5]. - Guizhou Moutai has the highest institutional ratings, with 48 institutions covering it, followed by Wuliangye and Qingdao Beer, each with over 30 ratings [5]. Group 3: Future Dividend Expectations - Guizhou Moutai plans to distribute cash dividends amounting to at least 75% of its net profit annually from 2024 to 2026, with distributions occurring twice a year [6]. - Ganyuan Food has announced a similar plan, committing to distribute at least 70% of its distributable profits annually, contingent on certain conditions [6]. Group 4: Heavy Holdings by Social Security and Insurance Funds - Among the 46 stocks, 10 have a projected price increase potential exceeding 30%, including Dong'e Ejiao and Maijie Medical [7]. - Eleven stocks have received significant attention from social security and insurance funds, with Wei Xing's holdings exceeding 8% and others like Anji Food and Chuanxin Beer over 3% [7].