□本报记者 王宇露 上周市场上涨，中证新华社民族品牌工程指数上涨1.78%，报1679.33点。阳光电源、泰格医药、康泰生 物等成分股上周表现强势；今年以来，信立泰、药明康德、安集科技等成分股涨幅居前。展望后市，机 构认为，当前市场对于利好信息的反映较为积极，多头力量较为强势，对后市表现较为乐观。 多只成分股表现强势 上周市场继续上涨，上证指数上涨1.09%，深证成指上涨1.78%，创业板指上涨2.36%，沪深300指数上 涨0.82%，品牌工程指数上涨1.78%，报1679.33点。 上周品牌工程指数多只成分股表现强势。具体来说，阳光电源上涨12.50%，排在涨幅榜首位；泰格医 药上涨10.70%，居次席；康泰生物、药明康德、国瓷材料、恒瑞医药分别上涨9.72%、8.94%、7.54%和 6.83%；上海医药、上海家化、欧派家居、恒生电子涨逾5%；智飞生物、东方财富、泸州老窖、中际旭 创涨逾4%；中兴通讯、新希望、广联达、广誉远、沪硅产业、芒果超媒、五粮液、山西汾酒涨逾3%； 中炬高新、中芯国际、爱尔眼科、紫光股份等涨逾2%。 今年以来，信立泰上涨47.42%，排在涨幅榜首位；药明康德上涨43.21%，居次 ...

证券研究报告 2025 年 07 月 11 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3509.68 | 0.48 | | 深证成指 | 10631.13 | 0.47 | | 创业板指 | 2189.58 | 0.22 | | 科创 50 | 979.99 | -0.32 | | 北证 50 | 1408.17 | -0.16 | | 沪深 300 | 4010.02 | 0.47 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 681788 | 529616 | 12.56 | 1.30 | | 深证成指 | 232819 | 191695 | 20.73 | 2.19 | | 创业板指 | 61372 | 48797 | 28.72 | 3.98 | | 科创 50 | 34292 | 22774 | 53.23 | 4.13 | | 北证 50 ...

Core Viewpoint - The article highlights the increasing interest of insurance funds in high-dividend bank stocks, particularly in the context of the upcoming dividend distribution period in A-shares, which typically peaks from May to July each year [1]. Group 1: Market Performance - As of July 9, 2025, the Dividend ETF State-Owned Enterprises (530880) rose by 0.54%, with constituent stocks such as Chongqing Rural Commercial Bank (601077) increasing by 3.03%, Industrial and Commercial Bank of China (601398) by 2.06%, and Agricultural Bank of China (601288) by 1.80% [1]. - Insurance funds have made 17 significant equity purchases in the first half of the year, with 9 of these targeting bank stocks, indicating a strategic shift towards undervalued, high-dividend assets [1]. Group 2: Dividend Distribution - The Dividend ETF State-Owned Enterprises (530880) announced a dividend of 0.036 yuan per ten shares, with the equity registration date on July 8, 2025, ex-dividend date on July 9, and cash dividend payment date on July 14 [1]. - The fund is designed to potentially distribute dividends monthly, with a maximum of 12 distributions per year, contingent on meeting specific conditions [1]. Group 3: Index and Fee Structure - The Dividend ETF State-Owned Enterprises (530880) tracks the Shanghai Stock Exchange State-Owned Enterprises Dividend Index, which has a significant representation of low-valuation, high-dividend sectors such as banking, coal, and transportation [1]. - As of June 20, the dividend yield of the Shanghai Stock Exchange State-Owned Enterprises Dividend Index was 5.6%, ranking among the highest in its category, with a 10-year price-to-book ratio percentile at 52%, indicating a historical average level [1]. - The comprehensive fee rate of the Dividend ETF State-Owned Enterprises (530880) is noted to be the lowest among similar index tracking products [1].

Core Viewpoint - The influx of 222 billion insurance funds into the capital market through long-term stock investment trials is a self-rescue action by the insurance industry in the context of declining interest rates and increasing risks of interest spread losses [1][29]. Group 1: Long-term Investment Trials - The long-term investment reform trial for insurance funds involves setting up private equity investment funds primarily targeting the secondary stock market, with a total approved scale of 222 billion yuan across three batches [1][9]. - The first batch includes China Life and New China Life with a combined scale of 50 billion yuan, while the second batch consists of eight companies totaling 112 billion yuan, and the third batch is expected to reach 60 billion yuan [1][9]. - The increase in long-term funds is expected to enhance the proportion of equity assets in insurance companies' investment portfolios, potentially improving investment returns [1]. Group 2: Impact on Insurance Products - The rise in equity investment returns may encourage insurance companies to promote floating yield products, which could drive innovation and sales growth in liability-side insurance products [2]. - Insurance companies are expected to actively adjust their product structures to reduce reliance on interest spreads, with a focus on increasing the proportion of dividend-type products [24][27]. - Companies like China Life and New China Life are shifting their investment strategies towards high-dividend stocks to counteract the profit decline caused by traditional insurance spread losses [8][19]. Group 3: Policy Support - The central government has issued guidelines to promote long-term capital market investments by insurance institutions, aiming to establish them as stable long-term investors [9]. - By 2025, it is targeted that 30% of new premiums from large state-owned insurance companies will be allocated to A-share investments [9]. - Regulatory adjustments have increased the allowable proportion of equity assets for insurance funds, providing additional capital market space [9][10]. Group 4: Investment Preferences - The first batch of trial funds, such as Honghu Zhiyuan, has shown a preference for high-dividend assets, achieving returns above benchmarks [13][15]. - The second and third batches are also focusing on high-dividend assets while incorporating investments in emerging industries aligned with national development strategies, such as high-end manufacturing and artificial intelligence [17][18]. - The investment strategies of various insurance companies indicate a shift towards stable, high-dividend stocks to mitigate risks associated with low interest rates [15][19]. Group 5: Competitive Landscape - The influx of long-term funds is likely to exacerbate the "Matthew Effect" in the insurance industry, favoring larger companies with stronger financial and research capabilities [28][29]. - Smaller insurance companies may struggle to compete effectively, facing challenges in product sales and investment outcomes due to limited resources and expertise [29]. - The overall competitive advantage and risk resilience of companies participating in the long-term investment trials are expected to strengthen, leading to a more pronounced market share expansion for leading firms [27][29].

Group 1 - The core viewpoint is that insurance capital is expected to increase its allocation to equity assets in the second half of the year, focusing on high dividend and high growth stocks due to the low interest rate environment [1][2] - Insurance capital has actively entered the market through various means such as stake acquisitions and private equity fund establishment, driven by policy support and the need to optimize investment risk factors [1][2] - The "barbell" strategy will be adopted, targeting both high dividend assets for stable returns and high growth assets for excess returns [1][2] Group 2 - In the first half of the year, insurance capital has significantly increased its allocation to high dividend assets, particularly in the banking sector, with 9 out of 17 stake acquisitions being bank stocks [2] - Low valuation and high dividend bank stocks are expected to continue attracting insurance capital, especially as market interest rates decline and companies increase dividends and buybacks [2] - New quality productivity and new consumption sectors are also gaining attention, with a focus on industries supported by national strategies that show strong growth potential despite some companies not yet being profitable [2][3] Group 3 - The shift in consumer demographics towards younger generations and the urbanization rate nearing that of developed countries indicates a transition from real estate consumption to new business model consumption [3] - There is an emphasis on enhancing research capabilities in new fields, with increased resource investment in research teams to identify long-term viable business models and technologies [3]

每经编辑｜吴永久 周二，在关税的消息落地后，A股走出普涨行情，光伏、PCB产业链、英伟达产业链涨幅居前，其中工业富联、宏和科技等多只个股涨停。 消息面上，央视新闻报道，当地时间7日，美国总统特朗普签署行政命令，延长所谓"对等关税"暂缓期，将实施时间从7月9日推迟到8月1日。 新华社报道，欧盟委员会发言人奥洛夫·吉尔7日表示，欧盟仍在争取于7月9日前与美国达成一项原则性的双边贸易协议，目前欧盟与美国仍在继续接触。 在每日经济新闻App举办的掘金大赛第65期比赛中，目前比赛正在火热进行中，多位选手跑步入场，抓住了行情机会。 大赛为模拟炒股，模拟资金50万元。第65期比赛的报名时间为7月1日到7月11日，比赛时间为7月1日到7月11日。正收益就获奖，报名就拿福利！周周发奖 金，月月有大奖！ 在每日经济新闻App私人订制的火线快评中，6月6日就提到了PCB的原材料电子布板块，相关个股宏和科技累计上涨77%，区间最大涨幅翻倍。中材科技 累计上涨42%。 参赛福利来了，为便于参赛选手提高投资胜率，只要报名参加掘金大赛，报名成功就能获得每日经济新闻App私人订制的"火线快评"5天（自然日）的免 费阅读权限。此外，每期比赛结 ...

Core Insights - Insurance capital is increasingly favoring high-dividend assets in the Hong Kong stock market, with significant increases in investment ratios and participation levels [1][3]. Group 1: Investment Trends - The investment balance in the Hong Kong market accounts for 51% of the total overseas investment balance of insurance institutions, making it the preferred choice for overseas stock and bond investments [3]. - 63% of institutions plan to increase their investment scale in Hong Kong stocks by 2025, with funds concentrated in the financial, energy, and telecommunications sectors [3]. - Insurance capital has made 19 significant investments this year, involving 15 listed companies, with two-thirds being H-shares, which are characterized by low valuations, high dividend yields, and stable dividends [3]. Group 2: Market Characteristics - H-shares are particularly attractive due to their price discount advantages and tax benefits, as dividends from H-shares held for over 12 months are exempt from corporate income tax [3]. - The Hang Seng AH-share premium index fell nearly 10% in the first half of the year but remained close to 130, indicating that A-shares are approximately 30% more expensive than H-shares [3]. - The internationalization of the Hong Kong stock market allows insurance capital to reduce portfolio volatility through dynamic balance holdings [3]. Group 3: Asset Reallocation - In the context of declining interest rates and the expiration of high-yield assets, insurance capital is under pressure to reallocate assets, favoring stable long-term returns from high-dividend Hong Kong stocks [4]. - Several insurance companies have also increased their positions in high-dividend A-shares in the first quarter of this year [4]. - The new accounting standards implemented in 2023 significantly impact insurance capital investments, leading to increased volatility in profit statements and prompting companies to focus on OCI-type assets to mitigate this volatility [4].

Core Insights - Insurance capital is increasingly focusing on high-dividend assets, particularly in the Hong Kong stock market, as part of their investment strategy [1][2][3] - H-shares are favored due to their lower valuations and tax advantages, with a significant portion of insurance investments directed towards these assets [2][3] - The shift to new accounting standards is influencing insurance companies to prioritize stable dividend-paying assets to mitigate profit volatility [4] Group 1: Investment Trends - Insurance companies have significantly increased their investment in high-dividend assets this year, with Hong Kong stocks being a major focus [1][2] - H-shares represent a large portion of the stocks targeted by insurance capital, with two-thirds of the 15 companies involved in recent stake acquisitions being H-shares [2] - A survey indicates that 63% of insurance institutions plan to increase their investment in Hong Kong stocks by 2025 [1] Group 2: Market Dynamics - The Hong Kong market accounts for 51% of the overseas investment balance of insurance institutions, making it the preferred market for stock and bond investments [1] - The Hang Seng AH Share Premium Index indicates that A-shares are priced approximately 30% higher than H-shares, highlighting the price advantage of H-shares [2] - Insurance companies are also increasing their positions in A-shares with high dividend yields, reflecting a broader strategy to secure stable returns [3] Group 3: Regulatory Impact - The transition to new accounting standards is prompting insurance firms to adjust their investment strategies, focusing on assets that provide stable dividends and long-term returns [4] - The new accounting rules will lead to greater volatility in profit reporting, encouraging a shift towards investments that can help stabilize financial performance [4] - Insurance companies are expected to enhance their focus on high-dividend, low-volatility, and high-return-on-equity assets in response to these regulatory changes [4]

Core Viewpoint - The recent performance of dividend-focused assets has been strong, particularly driven by the rise of high-dividend bank stocks, with the dividend low volatility index reaching a new high since its inception [1] Group 1: Performance Metrics - As of July 4, the annualized return of the dividend low volatility index over the past five years is 8.43%, outperforming the dividend low volatility 100 index (6.34%) and the S&P Hong Kong Stock Connect low volatility dividend index (6.14%) [1] - The dividend low volatility ETF (512890) has seen significant net inflows, attracting 699 million yuan over five trading days from June 30 to July 4, making it the only dividend-themed ETF with net inflows exceeding 600 million yuan during this period [1] - The fund size of the dividend low volatility ETF (512890) has reached 19.738 billion yuan, marking a continuous weekly net growth for three weeks since June 16 [1] Group 2: Investment Appeal - The dividend low volatility ETF (512890) has demonstrated strong performance resilience and risk resistance, achieving positive returns every year since its inception, making it attractive for long-term capital allocation in a low-interest-rate environment [2] - The ETF's connection funds have gained popularity among retail investors, with the number of holders exceeding 829,800 as of the end of 2024, making it the only dividend-themed index fund with over 800,000 holders [2] - The Y share class of the ETF has been included in the personal pension investment range and became the first index fund to exceed 100 million yuan in size by March 31, 2025 [2] Group 3: Product Offerings - In addition to the dividend low volatility ETF (512890), the company has developed a range of dividend-themed ETFs, including the first dividend ETF (510880) and the first QDII mode high-dividend ETF (513530), with a total management scale of 41.8 billion yuan for its dividend-themed ETFs as of July 4 [3]

黄智华（野鹤山人） 大盘在逐渐深入历史套牢区情况下，如果仅靠银行股来推动，未来即使上行估计也难免较为反复。当 然，市场有着积极变化，深证成指本周四、周五上破去年10月8日和今年3月18日两重要高点所形成的下 降趋势线，或说明深证成指逐渐扭转弱势，市场不少个股活跃度或有所提高。 本周大盘继续走稳，周五银行股继续走强，不少再创出历史新高，带动沪指回升。银行板块上周五一度 杀跌，但为快速的中途调整，本周不少收复失地，甚至创出新高，说明银行板块上升趋势未改。 市场认为，自2024年9月24日以来，货币政策转向"适度宽松"，10年期国债收益率已降至1.6%，1年期国 债收益率跌破1%，市场进入低利率环境，红利资产受到青睐。多家机构表示，以银行股为代表的高股 息资产中仍有优秀且便宜的公司，从目前10年期国债利率来看，这些高股息资产仍有相当吸引力。 今年上半年，南向资金累计净流入港股市场近7300亿港元。随着南向资金持续流入，港股流动性显著改 善，港股与A股的流动性差距迎来趋势性收窄，而作为南向资金核心增配方向之一的港股银行板块，成 为AH溢价率大幅下降的最大推手。 据报道，在港股银行板块上涨的资金中，保险资金无疑是银行股 ...