2026年1月15日早盘，国企红利板块盘中震荡，截至11:07，中证国有企业红利指数下跌0.05%。成分股 方面神火股份领涨，云天化、江苏国泰跟涨；中文传媒领跌，南钢股份、平煤股份跟跌。国企红利 ETF(159515)多空胶着，盘中换手1.24%，成交63.65万元。拉长时间看，截至1月14日，国企红利ETF近 1周日均成交424.90万元。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况 不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化，投资 需谨慎） 中国银河证券指出，春季躁动行情仍在延续，一方面需关注年报业绩预告及经济数据对基本面的支撑， 另一方面，"十五五"开局之年的政策预期有望提振市场信心。随着大盘创阶段新高，短期市场波动或加 大，建议把握结构性机会。 国信证券表示，在经济增速放缓的背景下，能持续高成长的公司稀缺，投资者更青睐确定性较高的资 产，红利策略因而受益。该策略具备"类债券"属性，在低利率环境中性价比较高。（文中所列示的行业 仅供参考，不预示本基金未来表现，不作为投资收益保证，也不构成对具体行业的投资建议） 国企红利ETF紧密跟踪中证国有 ...

Core Viewpoint - The report highlights the performance of various dividend-focused ETFs, showcasing their recent returns and dividend yields, indicating potential investment opportunities in the dividend space [1][5][6]. Group 1: ETF Performance - The Hwabao S&P A-Share Dividend ETF (562060) has a latest dividend yield of 4.76% and has shown a one-year return of 24.06% with an annualized volatility of 10.79% [1][5]. - The Hwabao Hong Kong Stock Connect Low Volatility Dividend ETF (159220) has a latest dividend yield of 5.6% and a one-year return of 28.35% with an annualized volatility of 11.77% [1][6]. - The A500 Low Volatility Dividend ETF (159296) has reported a one-year return of 7.46% and an annualized volatility of 8.40% [2][6]. - The 800 Low Volatility Dividend ETF (159355) has a one-year return of 8.30% and an annualized volatility of 8.30% [2][6]. Group 2: Comparative Analysis - The performance of the ETFs is compared against the Shanghai Composite Index, which has shown a one-year return of 30.94% and an annualized volatility of 10.63% [1][2][6]. - The ETFs have varying performance metrics over different time frames, with some showing positive returns in the short term while others have performed better over the longer term [1][5][6].

1月13日，指数早盘宽幅震荡，三大股指集体收跌，在此背景下，红利低波ETF（512890）涨0.60%，报 1.171元，换手率1.86%，成交额4.93亿元，居同类标的ETF首位。 | 现价 涨跌幅 IOPV 溢折率 换手率 成交全额 ▼ 5日涨跌幅 6 ਜਿੰਦਰ 名称 | | | --- | --- | | 512890 红利低波ETF 1.171 0.60% 1.1700 0.09% 1.86% | 4.93亿 -0.26% | | 563020 红利低波ETF易方达 1.187 0.34% 1.1883 -0.11% - | 1.57% 8078.52万 -0.50% | | 159547 红利低波ETF华夏 1.202 0.50% 1.2026 -0.05% | 8.45% 6977.58万 -0.33% | | 159525 红利低波ETF 1.089 0.55% 1.0889 0.01% | 3.44% 1207.17万 -0.37% | | 563690 红利低波ETF永赢 1.019 0.49% 1.0193 -0.03% | 4.03% 253.80万 -0.29% | | 560150 ...

Core Viewpoint - The insurance stocks in Hong Kong experienced a general rise, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) showing an increase of over 1% after opening, driven by leading stocks such as Henderson Land, China Pacific Insurance, Global Medical, and CNOOC [1] Group 1: Market Trends - The economic slowdown is making it increasingly difficult to find companies with sustained high growth, leading investors to prefer assets with higher certainty, which benefits dividend strategies [1] - Dividend strategies exhibit "bond-like" characteristics, making them more attractive during periods of low interest rates [1] Group 2: ETF Performance - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, with a focus on large-cap value stocks [1] - The top three sectors represented in the ETF are real estate, public utilities, and banking, with the top ten constituent stocks covering high-dividend targets across multiple industries [1] - The ETF offers low fees (management and custody fees only 0.2%) and high efficiency (T+0 trading), facilitating a one-click investment in Hong Kong stocks, dividends, and low volatility [1]

1月13日早盘，三大指数集体跳水，上证指数17连阳站上4100点后高位震荡。板块来看，近期较为热门的商业航天、半导体、AI应用等表现较 弱，高成长与高股息方向"跷跷板"效应显现，中证红利ETF（515080）盘中微涨，日K冲击三连阳。 近期市场连续震荡上行，从2024年"9·24"至今主要指数屡刷新高。回顾A股历史，似乎并未出现类似连续3年"提估值"的情况，那么2026年能否 打破？后续A股能否在4000点上方"更上一层"？ 广发证券认为，2026年A股估值有望打破历史规律、连续3年提升。 首先，2024-2025年与过往相比估值拔升幅度较为克制，国际竞争格局变化也为背后的估值对比提供安全边际。其次，受益于新兴产业利润占 比提升、PPI下行放缓、AI投资继续高增等多重因素，A股整体ROE可能再次回升。最后，监管资金、保险资金、银行理财、中高净值存款搬 家这4类增量资金也较为确定、构筑慢牛基础。 但具体到配置方面，考虑到部分科技板块估值、拥挤度双高，投资者当下或可考虑通过大科技+高股息"哑铃"配置，用多元化布局穿越市场波 动。 数据显示，两市标杆品种中证红利ETF（515080）跟踪中证红利指数。截至1月9日， ...

Group 1 - The A-share market experienced a significant increase on January 12, with the Guozhen Free Cash Flow Index showing an upward trend. Key stocks such as Fenghuo Communication and Dashang Co. reached their daily limit, while Chongqing Department Store and Furui Special Equipment also saw gains [1] - The largest free cash flow ETF (159201) recorded a net inflow of 855 million yuan over the past week, bringing its total shares to 7.579 billion and its total size to 9.43 billion yuan, both reaching new highs since inception [1] - Industrial analysis from Xinyi Securities suggests that the recent market events, including the Shanghai Composite Index's "sixteen consecutive days of gains" and a trading volume exceeding 3 trillion yuan, have strengthened market confidence and participation, setting a positive tone for the upcoming spring market [1] Group 2 - Free cash flow serves as a foundation for dividend distribution but emphasizes a company's internal growth capability, while dividend strategies focus on the results of dividend distribution. These two strategies typically complement each other across different industries [2] - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozhen Free Cash Flow Index, with management fees at an annual rate of 0.15% and custody fees at 0.05%, both representing the lowest rates in the market to maximize benefits for investors [2]

一 一键布局港股通+红利+低波 一、 一键布局港股通+红利+低波 经济增速下行，低利率时代，红利策略未来依然有效： 随着经济增速的下行， 能够持续提供较高的成长性的公司越来越难找到，因此投资者更倾向于寻找相 对确定性更高的资产，有利于红利策略。红利策略具有"类债券"属性，在低利 率期间红利策略的性价比相对较高。当前利率水平保持较低水平，为配置红利 类策略好时机。 政策推动红利资产吸引力提升： 随着政策支持为红利资产注入长期估值重塑动 能，上市公司分红力度持续加大。近年来，上市公司分红金额逐年增长，尤其 是2024年以来，上市公司分红力度明显加大。后续随着分红制度的持续完善， 红利资产的股息吸引力将进一步提升。 红利资产内部，港股红利低波产品具备更好投资性价比： 相比A股，港股红利 的股息率仍更具吸引力。对比其他红利类指数的估值和股息率，截至2025年12 月31日，标普港股通低波红利指数（SPAHLVCP.SPI）的近12个月股息率为 5.6%，PE（TTM）为5.7倍，在估值和股息率上具备比较优势。 二、 标普港股通低波红利指数投资价值分析 标普港股通低波红利指数（SPAHLVCP.SPI） 发布于2017 ...

文 | 银行螺丝钉 （转载请注明出处） 年金融危机之后，最大熊市。 而人民币利率2022年之后整体下降,所 以人民币债券，反而出现了一轮牛市。 (2) 利率对股票市场也会产生影响，其 中对红利等价值风格、以及小盘股，影 响更明显。 在利率下降周期: ·小盘股对资金更敏感,利率下降,市场 流动资金充裕，会带动小盘股上涨，例 如2014-2015年的 A股小盘股牛市,当时 就是伴随着人民币利率大幅降低。 ·利率下降,对红利等股息率较高的资产 也有利。 因为像保险、养老金等机构投资者， 篇 要定期现金流，支付给客户。 债券的现金流是债券利息;股票的现金 流就是股息分红。 如果长期债券、存款的利息降低，那保 险等机构，就需要将一部分长期债券的 资金,挪到股息率较高的红利类资产 上，这样才能保证每年现金流稳定。 2022年之后,人民币利率降低,红利指 数就 受 到 了 保 险 等 机 构 的 加 仓 , 2022-2024年红利等策略比较强势。 反过来,美股2022年之后利率上升,美 元长期债券利息比较高，美股投资者对 美股红利指数基金的需求没有太旺盛, 这几年美股红利类品种,反而跑输了美 股大盘。 风险提示 本文仅为 ...

基金投资价值分析 一键布局港股通+红利+低波——标普港股通低波红利指数投资价值 分析 一键布局港股通+红利+低波 经济增速下行，低利率时代，红利策略未来依然有效：随着经济增速的下行， 能够持续提供较高的成长性的公司越来越难找到，因此投资者更倾向于寻找 相对确定性更高的资产，有利于红利策略。红利策略具有"类债券"属性， 在低利率期间红利策略的性价比相对较高。当前利率水平保持较低水平，为 配置红利类策略好时机。 证券研究报告 | 2026年01月10日 政策推动红利资产吸引力提升：随着政策支持为红利资产注入长期估值重塑 动能，上市公司分红力度持续加大。近年来，上市公司分红金额逐年增长， 尤其是 2024 年以来，上市公司分红力度明显加大。后续随着分红制度的持 续完善，红利资产的股息吸引力将进一步提升。 红利资产内部，港股红利低波产品具备更好投资性价比：相比 A 股，港股红 利的股息率仍更具吸引力。对比其他红利类指数的估值和股息率，截至 2025 年 12 月 31 日，标普港股通低波红利指数（SPAHLVCP.SPI）的近 12 个月 股息率为 5.6%，PE（TTM）为 5.7 倍，在估值和股息率上具备比较优势 ...

Group 1 - The report highlights that the valuation of convertible bonds does not directly reflect the volatility of the underlying stocks but rather follows the directional changes of the stocks. The market's confidence in the direction of stocks for 2026 remains strong, and the opportunity cost of convertible bonds is expected to be low in the near term [3][4] - The current high valuation of convertible bonds has already factored in significant expected increases in the underlying stocks' prices. The report suggests that the potential for further valuation increases in 2026 may rely more on the recovery of profitability rather than broad-based earnings growth [4][10] - The convertible bond market is expected to exhibit a "dumbbell" structure in 2026, with an increase in the number of new issues and changes in individual bond sizes and industry structures. However, the overall high valuation level may lead to new issues maintaining elevated listing valuations, making secondary market participation less attractive [5][10] Group 2 - The report discusses the construction of a long inflation strategy portfolio, including specific convertible bonds from sectors such as agriculture and electronics, while also preparing a corresponding cash flow strategy portfolio to mitigate potential adverse scenarios [9][10] - The analysis indicates that the high-low price strategy did not yield significant excess returns in 2025, and the report emphasizes the need to maintain a focus on low absolute price screening levels for future selections [6][10] - The report notes that the implied volatility of convertible bonds has recently exceeded the actual volatility of the underlying stocks, indicating a divergence that may reflect market sentiment rather than fundamental value [3][87]