点击注册小程序 本周A股市场分化。本周A股多数主要宽基指数收跌，创业板指、科创50等指数跌幅居前，上证指数小幅 收涨。从市场风格来看，本周中盘价值、小盘价值涨幅居前，大盘成长、小盘成长跌幅居前。分行业来 看，申万一级行业走势分化，有色金属、煤炭等行业涨幅靠前，而传媒、电子等行业跌幅居前。 本周重要事件回顾 政策方面，本周多项政策密集出台，涉及关键物项出口管制、市场价格治理、新能源汽车购置税技术要求 调整及云计算标准化建设。经济数据方面，2025年国庆中秋假期多项消费及流动数据表现亮眼，假日8 天，全国国内出游8.88亿人次，较2024年国庆节假日7天增加1.23亿人次，累计全社会跨区域人员流动量预 计达到24.32亿人次，创历史同期新高。产业方面，房企融资难的问题依然突出，2025年前三季度，房企融 资规模达3072亿元，同比下降30%；国庆中秋假期期间，楼市整体表现较为平淡，核心城市优质项目保持 较高热度，北京、上海、深圳等城市新房网签面积同比实现增长；此外，据财联社10月6日报道，中国科 学院金属研究所团队在固态锂电池领域取得突破，为解决界面阻抗大、离子传输效率低的难题提供了新路 径。 海外方面，特朗普新 ...

Core Insights - The A-share market has experienced significant growth since the implementation of a comprehensive financial policy on September 24 last year, with the Shanghai Composite Index reaching above 3800 points twice [1] - A total of 429 mixed equity funds and 112 ordinary equity funds have achieved over 100% performance in this period [1] Investment Value Rediscovery - Prior to the rise of technology growth stocks, the A-share market lacked a clear and sustained investment theme, with traditional cyclical and consumer sectors performing poorly due to weak economic expectations [1] - In uncertain times, many investors prioritized stability and safety, leading to a focus on high-dividend sectors [1] - A public fund manager noted a lack of participation in high-dividend stocks due to unfamiliarity with their business models and a belief that their performance was not aligned with growth investment aesthetics [1] Market Style Rotation - Over the past year, there has been a rapid rotation between high-dividend large-cap value stocks and thematic growth stocks such as AI and new productivity sectors [2] Adjustments in Investment Framework - The public fund manager has adjusted their investment framework, recognizing the need to relax stringent requirements for long-term economic moats in industries experiencing explosive growth [3] - The understanding of value has become more pragmatic and diversified, emphasizing the importance of industry prosperity and explosive growth as attractive value forms [3] - This approach aligns more closely with the characteristics of the A-share market, allowing for a more practical investment framework [3] Sector Performance - The PCB (Printed Circuit Board) sector has shown strong performance, benefiting from the explosive demand in AI computing infrastructure and automotive electronics since 2025 [4] Quantitative Private Equity Strategies - Since September 24 last year, the A-share market has shown a trend of oscillating upward, with significant market events occurring at three key points [5] - The first key point was the release of favorable policies in September 2024, which boosted market sentiment and led to a 20% increase in major indices by the end of that month [5] - The second phase involved a market recovery after external disturbances in April 2025, supported by continuous policy efforts, leading to a resurgence in market confidence and a significant increase in margin trading balances [6] - However, by August 2025, the performance of quantitative private equity strategies began to slow down due to a divergence in market performance, with a significant number of stocks declining despite index increases [6] - Many large private equity firms are focusing on artificial intelligence and exploring diversified strategies to enhance portfolio stability, which is seen as the future direction for quantitative private equity [6]

Group 1 - The core viewpoint of the news highlights the increasing interest in high-dividend ETFs, particularly the Hongli State-Owned Enterprise ETF (510720), which has attracted over 280 million yuan in the past 10 days, indicating a strong preference for stable income investments in a volatile market [1] - The Hongli State-Owned Enterprise ETF tracks the Shangguo Dividend Index (000151), which selects stocks with high dividend characteristics and stable dividend performance, primarily covering traditional sectors such as finance, energy, and industry [1] - The ETF has consistently paid dividends for 17 consecutive months since its listing, making it one of the few ETFs that practice monthly dividends, appealing to investors looking for steady income [1] Group 2 - The high-dividend sector is becoming a primary safe haven for short-term funds, reflecting a robust preference for stable investment strategies among domestic institutional investors [1] - Northbound capital remains active in the market, with daily trading volumes at relatively high levels, indicating strong participation intentions despite market fluctuations [1] - The dividend-paying characteristics of the Hongli State-Owned Enterprise ETF align with the "anti-involution" policy direction, enhancing its attractiveness to foreign and long-term investors during market adjustments [1]

注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。 如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来 表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成 任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配 的产品。基金有风险，投资需谨慎。 每日经济新闻 中泰证券指出，高股息板块正成为短期资金的主要避险方向。红利板块ETF在近期持续获得长线资金申 购，反映国内配置型资金的稳健偏好；同时，北向资金日均成交额仍处于相对高位，显示北上资金在震 荡市中仍有较强的参与意愿。红利板块不仅具备防御价值，还受益于"反内卷"政策导向的强化。在9月 市场进入震荡调整窗口期，红利板块仍是外资和长线资金偏好的方向，配置价值突出。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红特征、分 红稳定性良好且兼具规模与流动性的股票作为成分股，主要覆盖金融、能源、工业等传统行业领域 ...

Group 1 - The investment logic of the dividend sector is shifting from style-driven to stock-driven, indicating a change in market dynamics [1] - Despite a decline in overall attractiveness due to weakening relative economic advantages, high-quality stocks will continue to attract specific style funds [1] - Year-to-date, dividend stocks have seen significant inflows from insurance and AMC, highlighting the increasing allocation of long-term funds to high-dividend sectors [1] Group 2 - The high-dividend sector has shown notable differentiation this year, with the banking sector standing out, while some high-dividend industries face economic downturn risks [1] - The Everbright Securities Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Enterprise Dividend Index (000151), which selects stocks with high dividend characteristics and stable dividend performance [1] - Investors without stock accounts can consider the Guotai CSI State-Owned Enterprise Dividend ETF Initiation Link A (021701) and Link C (021702) [1]

Group 1 - The core viewpoint of the news is that the market is experiencing fluctuations, with the dividend low volatility ETF (512890) showing a slight decline, while the overall market indices are rising [1][2] - The dividend low volatility ETF has seen a net outflow of 9.76 billion CNY over the past 20 trading days and 4.8 billion CNY over the last 5 days, indicating a trend of capital withdrawal [1][2] - As of August 18, 2025, the circulating scale of the dividend low volatility ETF is 210.27 billion CNY, reflecting its size in the market [1][2] Group 2 - Analysts suggest that the short-term adjustment in bank stocks is primarily a result of marginal capital pricing, but they still hold long-term investment value due to reasonable valuations and attractive dividend yields [1][3] - The dividend low volatility ETF (512890) was established on December 19, 2018, and has achieved a total return of 139.32% since its inception, indicating strong performance [3][4] - The ETF's top holdings have shown mixed performance, with some banks experiencing slight declines while others have seen minor gains, reflecting the volatility in the banking sector [4][5] Group 3 - The investment logic for the dividend sector is shifting from style-driven to stock-driven, with high-quality stocks attracting specific style capital inflows [3][5] - There is a clear asset allocation demand for high dividend stocks, as evidenced by frequent acquisitions by insurance companies and asset management companies [3][5] - Investors seeking stable returns and low-risk volatility can participate in the dividend low volatility ETF through its linked funds, even without a stock account [5]

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight decline of 0.03% as of August 18, 2025, indicating mixed performance among constituent stocks, with a shift in investment logic from style-driven to stock-driven in the dividend sector [1] Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index reflects the overall performance of 100 listed companies selected for high cash dividend yields and stable dividends [1] - The index's constituent stocks include notable performers such as COFCO Sugar (600737) with three consecutive gains, and Shaanxi Natural Gas (002267) rising by 8.77% [1] - The National Enterprise Dividend ETF (159515) is currently priced at 1.15 yuan, indicating a consolidation phase [1] Group 2: Investment Trends - There is a growing trend of long-term funds increasing their allocation to high-dividend stocks, driven by insurance and AMC stake acquisitions since the beginning of the year [1] - High-quality stocks with stable dividend rates and return on equity (ROE) characteristics are expected to continue attracting specific style funds [1] - The top ten weighted stocks in the index account for 16.77% of the total index weight, with significant players including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4]

Market Overview - The market experienced a typical decline on Thursday, which is a historically recognized down day, with previous instances showing a return to key integer levels after intraday breakthroughs [1][2] - The Shanghai Composite Index broke through 3700 points during the day but closed at 3666 points, indicating a similar pattern to previous fluctuations [2] Market Activity - Market activity remains robust, with trading volume surpassing 2.3 trillion yuan, indicating continued interest and participation [4] - Micro-cap stocks have seen a decline for three consecutive days, with today's drop exceeding 2.5%, suggesting a potential shift in market style [4] Investment Insights - China Ping An's recent stake acquisition in China Pacific Insurance has drawn attention, with the company reportedly using multiple accounts to accumulate over 10% of shares [6] - Ping An's rationale for this investment is framed as a financial investment, highlighting the attractiveness of high-dividend insurance stocks [6][7] Sector Analysis - The insurance sector is viewed favorably due to its high dividend yield and the increasing market concentration among leading insurers, which enhances investment appeal [7][10] - The recent surge in Hong Kong insurance stocks, particularly China Pacific Insurance, reflects positive market sentiment, with a notable increase of over 4% following Ping An's disclosure [9] Strategic Considerations - The shift in Ping An's investment strategy from banks to insurance stocks suggests a diversification approach, aiming to balance risk and return across different high-dividend sectors [9][10] - The limited number of available insurance stocks in the Hong Kong market may have influenced Ping An's decision to focus on China Pacific Insurance, as the overall market capitalization of these stocks is significantly lower than that of bank stocks [10] Market Trends - The performance of the "50" indices indicates a growing interest in technology and innovation sectors, with significant gains from leading stocks in the Sci-Tech sector [16][18] - The increasing market capitalization of the Sci-Tech board is expected to enhance its influence on various market indices, suggesting a potential trend towards technology-focused investments [18][19] Bond Market Activity - Despite a drop in the stock market, bond yields rose, indicating a potential flight to safety among investors [24][25] - The central bank's recent actions, including a substantial liquidity injection, may have contributed to the upward movement in bond yields [28]

Group 1: Gold Supply Dynamics - The global mined gold supply has shown a declining trend since 2013, with an average annual production of approximately 3,574 tons over the past decade[2] - The average growth rate of mined gold production from 2015 to 2019 was +2.0%, but it has slowed to +0.5% from 2020 to 2024[2] - In 2024, the global mined gold production growth rate is expected to rebound to 0.7%, still remaining at a low level compared to the past decade[2] Group 2: Gold Recycling and Costs - The average growth rate of recycled gold supply over the past decade is 2.3%, with the highest growth of 15.5% in 2016 and the lowest at -12.2% in 2021[3] - In 2024, recycled gold production is projected to increase by 10.9% to 1,369 tons, accounting for 27.5% of total gold supply[3] - The global gold mining total sustaining cost reached a historical high of $1,456 per ounce in Q3 2024, with a year-on-year increase of 9%[3] Group 3: Gold Demand Trends - Global gold consumption has risen to an average of 4,338 tons over the past decade, with a significant increase of 6.4% to 4,616 tons in the last three years[4] - In 2023, total gold demand reached a historical high of 4,951 tons, reflecting a year-on-year growth of 3.8%[4] - The top five gold-consuming countries account for over 70% of total demand, with China and India contributing approximately 30% and 24% respectively[5] Group 4: Central Bank and ETF Demand - Central bank gold purchases increased by 140% in 2022 to 1,080 tons, marking a historical high, and continued to exceed 1,000 tons in 2023[6] - By May 2025, global central bank gold reserves reached 36,234 tons, with China's reserves at 2,292 tons, representing 6.5% of its total foreign reserves[6] - The total holdings of gold ETFs reached 3,560.4 tons by April 2025, with a potential recovery in annual growth expected[7]

Economic News - The Ministry of Commerce has decided to extend the investigation period for safeguard measures on imported beef until November 26, 2025, due to the complexity of the case [1] - The State Council has issued an opinion to gradually implement free preschool education, starting from the fall semester of 2025, exempting public kindergartens from childcare fees for the last year [1] - The China Iron and Steel Association reported that the steel inventory of key steel enterprises was 14.78 million tons in late July 2025, a decrease of 5.6% month-on-month [1] - The China Passenger Car Association has raised its sales forecast for 2025, predicting a 6% increase in retail sales of passenger cars, a 14% increase in exports, and a 27% increase in wholesale sales of new energy vehicles [1] - The State Administration for Market Regulation is soliciting public opinions on the revised "Market Supervision Complaint Handling Measures," which includes 43 articles with several modifications [1] - The National Development and Reform Commission has issued a management method for enterprise training bases, focusing on supporting emerging fields with significant skill gaps and traditional industries with strong employment absorption [1] - Shanghai is supporting key technology breakthroughs in embodied intelligence, with a maximum support of 30% of total investment, not exceeding 50 million yuan [1] - The global manufacturing PMI for July was reported at 49.3%, indicating continued weakness in the manufacturing sector [1] Company News - The stock price of Shunwei New Materials has surged by 1,320.05% from July 9 to August 5, 2025, leading to multiple instances of trading anomalies [4] - Haiguang Information reported a 45.21% year-on-year increase in revenue for the first half of 2025, reaching 5.464 billion yuan, with a net profit increase of 40.78% [4] - Zhongke Shuguang's total revenue for the first half of 2025 was 5.854 billion yuan, a 2.49% increase year-on-year, with a net profit growth of 29.89% [4] - Changsheng Bearing plans to reduce its shareholding by transferring 7.8855 million shares, accounting for 2.65% of the total share capital [4] - Vanke A's largest shareholder, Shenzhen Metro Group, has provided a loan of up to 1.681 billion yuan to the company for debt repayment purposes [4] Port Industry Analysis - The port sector is characterized by stable cash flow and has the potential to become a high-dividend sector, with an overall dividend payout ratio above 30% [6][7] - The current high capital expenditure in the port industry is a constraint on dividend increases, but a peak in capital expenditure is expected in 2024, which may enhance dividend capabilities [8][9] - The analysis indicates that if capital expenditures decrease, many port companies could support higher dividend payouts, similar to trends observed in the highway sector post-2018 [9][10]