长江商报消息 ●长江商报记者 徐佳 在刚刚过去的2025年，险资正彰显其作为资本市场长期稳定器的核心作用。 日前，中国平安人寿保险股份有限公司（以下简称"平安人寿"）披露，公司于2025年12月末连续两日分别举牌农 业银行、招商银行H股，成为险资举牌潮的标志性事件。 随着两笔举牌完成，按照交易时间统计，2025年内险企已41次举牌上市公司（含A股及H股），举牌次数创下近十 年新高。 长江商报记者梳理发现，险资2025年举牌的上市公司中，20家为H股上市公司，占被举牌上市公司总数的比例超 过七成，其中六家为银行，且除了招商银行之外，其他五家银行均存在较高的AH价差，凸显险资对高折价、高股 息资产的战略性布局。 业内人士分析，险资正利用港股市场的估值洼地，系统性、规模化地增持中国最优质的金融资产，以锁定长期、 稳定且因折价而被增强的现金回报。 险资2025年41次举牌上市公司 1月7日，平安人寿发布公告，平安资管受托公司资金，投资于农业银行H股，于2025年12月30日达到农业银行H股 股本的20%，根据香港市场规则，触发平安人寿举牌。 截至2025年12月30日，平安人寿持有农业银行H股股票的账面余额为324. ...

【导读】平安人寿持有招行H股达20%，占招行总股本的3.66% 保险资金频频出手银行股。 1月8日，平安人寿发布公告称，已经第4次举牌招行H股，持股占招行H股总股本的20%。此前一天，平安人寿公告4度举牌农行H股， 持股占农行H股总股本也达20%。 平安人寿一年内4次举牌 持有招行H股达20% 平安人寿表示，平安资管受托该公司资金，投资于招商银行（600036）H股股票，于2025年12月31日达到招商银行H股股本的20%， 根据香港市场规则，触发举牌。截至2025年12月31日，公司持有招商银行H股股票的账面余额为439.56亿元，占上季度末总资产的比 例为0.78%。 在此之前，平安人寿曾在2025年1月、3月、6月先后举牌招行H股，持该行H股数量占其H股总数的比例分别突破5%、10%、15%。 根据港交所信息，截至2025年12月31日，平安人寿持有招商银行H股股份约9.22亿股，占该行总股本比例约为3.66%。 1月7日，平安人寿发布公告称，平安资管受托该公司资金，投资农业银行H股股票，于2025年12月30日达到农业银行H股总股本的 20%，根据香港市场规则，触发举牌。 深圳一家私募机构董事长表示， ...

Group 1 - The core viewpoint of the article highlights the increasing interest of insurance funds in the equity market, particularly in high-dividend stocks, amid an asset shortage environment, with an expected influx of approximately 600 billion yuan by 2026 [1] - Since 2019, insurance institutions have placed greater emphasis on dividend stocks, prioritizing sectors such as public utilities, transportation, and telecommunications for investment [1] - The current allocation of insurance funds is primarily in banking (highest proportion), public utilities, and real estate, with increasing allocations in transportation and telecommunications sectors [1] Group 2 - The Hongli State-Owned Enterprise ETF (510720) tracks the Shangguo Dividend Index (000151), which selects high-dividend capable companies with stable dividend records across various industries, focusing on traditional high-dividend sectors [1] - The index employs a strict evaluation of constituent stocks based on dividend yield and sustainability, utilizing a cross-industry diversification strategy to effectively manage investment risks [1] - The Hongli State-Owned Enterprise ETF has successfully distributed dividends monthly since its listing, achieving a continuous dividend distribution for 20 months [1]

高股息资产的行情其实从2021年、2022年市场回落之后，就越来越受到投资者重视。从上市公司或 指数层面来看，股息率=分红比例/PE估值=分红金额/总市值，两个公式结果一致。这意味着一家公司分 红比例越高、分红金额越大，同时估值（市值）越低，其股息率往往越高。 对上市公司而言，提高分红比例是强化投资者回报的重要方式——每年将生产经营产生的净利润中 的更高比例用于分红，就能直接提升对股东的回报。过去两年，国内监管层面也发布了多项政策，包括 新国九条、市值管理新规等，鼓励上市公司提高分红比例、加大分红频次，2024财年A股分红规模已超 过2.4万亿元。 从趋势来看，A股每年的分红比例（净利润中用于分红的比例）也在逐步提升，从2020年的39%左 右，逐步提升至2024年的46.84%。这意味着在政策引导和上市公司提升股东回报的导向下，A股正在拿 出更多净利润用于回馈投资者。 从分红频次来看，2024年开始，很多A股上市公司，包括之前基本不进行中期分红的国有大行也逐 步启动中期分红，将生产经营成果及时分配给投资者，进一步提升股东回报。 从政策维度来看，市值管理新规明确要求，大中市值的主要指数权重股，需通过分红、回购 ...

新华财经北京12月30日电（胡晨曦）回望2025年，A股市场的分红浪潮呈现出"金额创新高、次数更频繁、覆盖更广 泛"的鲜明特征。数据显示，全年分红总额首次突破2.6万亿元。值得注意的是，与总额增长同步的是分红连续性的显 著增强。根据中国上市公司协会发布的数据，在上市满三年的公司中，近三年连续现金分红的公司数量较2023年度增 长了12%。此外，市场分红的"厚度"也在增加。2025年，共有37家公司分红金额超过百亿元。而在2024年，这一数字 为33家。 业内人士表示，随着2025年深化创业板改革的推进，资本市场对新产业、新业态、科技创新的支持力度将进一步加 大，为未来分红生态注入新活力。 分红总额再创新高 截至目前，以股权登记日计算，今年已有3766家上市公司实施了现金分红，现金分红金额合计约2.64万亿元，再创历 史新高。从上市公司分红金额来看，年内共有37家分红超百亿。其中，工商银行为年内分红金额最高个股，为1601.69 亿元，数据显示，工商银行上市以来累计现金分红次数21次，累计现金分红15756.84亿元。 建设银行紧随其后，分红金额为1493.59亿元。农业银行排在第三位，分红金额为1264.84 ...

Investment Rating - The report emphasizes a focus on high-dividend safety margin assets in the packaging and home furnishing sectors, indicating a stable industry landscape for leading companies like Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen [3][4][5][8]. Core Insights - The report highlights the potential benefits from the appreciation of the RMB, which is expected to lower paper procurement costs and support paper prices due to increased wood pulp prices and traditional peak seasons. It also suggests a medium to long-term focus on anti-involution policies in the paper industry [3][10]. - The home furnishing sector is anticipated to see valuation recovery driven by stable real estate policies and improving second-hand housing conditions, which will support demand for renovation and expansion [8][21]. - The report identifies opportunities in the export sector, particularly in furniture, as the U.S. interest rate cuts may boost consumption, and emphasizes the importance of supply chain and brand internationalization for companies like Jiangxin Home and Yongyi Co. [3][12]. - The pet products sector is noted for its robust export business and potential for synergistic growth through acquisitions, with companies like Yiyi Co. and Yuanfei Pet being highlighted [3][16]. Summary by Sections 1. Packaging Industry - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas layouts and customer resources. Companies like Yongxin Co. and Yutong Technology are noted for their stable high-dividend policies and growth potential [4][5][7]. 2. Home Furnishing Industry - The home furnishing sector is experiencing accelerated consolidation, with valuation recovery expected due to supportive real estate policies. Companies such as Kuka Home and Sophia are highlighted for their strong dividend yields and potential for market share recovery [8][21][29]. 3. Paper Industry - The paper industry is seeing a gradual recovery in demand, with prices expected to stabilize and rise due to strong production control from overseas pulp mills. Companies like Sun Paper and Nine Dragons Paper are recommended for their potential to benefit from these trends [10][11]. 4. Export Sector - The export sector is influenced by currency fluctuations, with a focus on companies that are well-positioned for international operations. Jiangxin Home and Yongyi Co. are noted for their strong product offerings and international market strategies [12][13]. 5. Pet Products Sector - The pet products sector is highlighted for its growth potential, with companies like Yiyi Co. and Yuanfei Pet showing strong performance in exports and brand development [16][17]. 6. Light Industry Enterprises - Light industry companies are undergoing significant changes, with firms like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements to enhance their market positions [3][18].

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend safety margin assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend safety margin assets in the packaging and home furnishing sectors, benefiting from the appreciation of the RMB and the expected decrease in paper procurement costs [2][4]. - It identifies key companies in the packaging sector such as Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen, as well as home furnishing leaders like Kuka Home, Mousse, Oppein, and Sophia [2][4]. - The paper industry is expected to benefit from rising wood pulp prices and seasonal demand, with companies like Sun Paper, Nine Dragons Paper, and Bohui Paper being highlighted for their potential [2][4]. - The report also discusses the export sector, noting the impact of RMB appreciation and the importance of supply chain and brand expansion for companies like Jiangxin Home, Yongyi Co., Jiayi Co., and Zhongxin Co. [2][4]. Summary by Sections Packaging Sector - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas markets [5][6]. - Yongxin Co. is noted for its stable high dividend policy and strong performance in soft packaging and film business, with a dividend rate of 84% to 81% from 2020 to 2024 [5]. - Yutong Technology has expanded its global supply chain, enhancing its operational efficiency and increasing its dividend rate to 70% by 2025 [6]. - Huawang Technology is positioned well in the decorative paper market, with expectations of improved profitability due to limited new supply and rising demand [7]. - Meiyingsen is recognized for its strategic overseas expansion and high dividend yield, with a focus on emerging markets [8]. Home Furnishing Sector - The home furnishing industry is experiencing accelerated consolidation, with a positive outlook driven by supportive real estate policies and improving consumer confidence [9][10]. - Companies like Kuka Home and Sophia are expected to benefit from the increasing demand for home renovation and the implementation of "old-for-new" policies [10][23]. - The report highlights the importance of retail capabilities and supply chain improvements for companies to enhance their market share and profitability [23][24]. Paper Industry - The paper industry is anticipated to see a recovery in demand and pricing, supported by strong control over production by overseas pulp mills [11][13]. - Companies such as Sun Paper and Nine Dragons Paper are expected to benefit from the stabilization of pulp prices and improved supply-demand dynamics [11][13]. - The report notes that the industry has been at a low point for several years, but a mid-term recovery is expected as demand gradually increases [11][13]. Export Sector - The export sector is influenced by the global economic environment, with a focus on companies that are expanding their international presence and brand recognition [14][15]. - Jiangxin Home is noted for its innovative product offerings and strong growth in customer numbers, while Yongyi Co. is positioned to capitalize on the growing demand for ergonomic chairs [15][16]. - Jiayi Co. is recognized for its strategic expansion in the insulated cup market, while Zhongxin Co. is highlighted for its growth potential in the pulp molding sector [16][17]. Pet Products Sector - The pet products sector is experiencing robust growth, with companies like Yiyi Co. and Yuanfei Pet benefiting from strong export performance and brand development [18]. - Yiyi Co. is expected to see significant revenue growth due to its acquisition strategy and strong sales performance [18]. - Yuanfei Pet is noted for its rapid growth in the domestic market and expansion of its product offerings [18]. Light Industry Sector - The report emphasizes the importance of monitoring changes in the light industry, with companies like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements [19][20]. - Anfu Technology is expected to enhance its profitability through increased ownership in Nanfeng Battery and expansion into new business areas [19]. - Jianlin Home is transitioning towards smart robotics, leveraging its existing technology and market position [20].

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend yield assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend yield assets in stable industry segments, particularly in packaging and home furnishing sectors [5][10]. - The appreciation of the RMB is expected to lower procurement costs in the paper industry, with price increases in wood pulp and seasonal demand supporting paper prices [2][12]. - The report identifies key companies for investment, including packaging leaders like Yongxin Co., Yutong Technology, and home furnishing brands such as Kuka Home and Mousse [2][10]. Summary by Sections 1. Weekly Insights - Short-term focus on high dividend yield assets in stable packaging companies and leading home furnishing brands [5][6]. - Anticipated benefits from RMB appreciation leading to lower procurement costs in the paper industry [5][12]. - Recommendations for companies with strong export capabilities and potential for brand development [5][15]. 2. Industry Perspectives Packaging - The packaging industry is stabilizing, with leading companies reducing capital expenditures and maintaining high dividend payouts [6][7]. - Yongxin Co. is noted for its strong position in soft packaging and high dividend rates [6]. - Yutong Technology benefits from global supply chain advantages and is expected to increase its dividend payout [7]. Home Furnishing - The home furnishing sector is expected to see valuation recovery driven by supportive real estate policies and improving consumer confidence [10][11]. - Companies like Kuka Home and Mousse are highlighted for their strong market positions and potential for growth [10][11]. Paper Industry - The paper industry is entering a recovery phase with stabilizing prices and improved demand dynamics [12][14]. - Companies such as Sun Paper and Nine Dragons Paper are positioned to benefit from these trends [12][14]. Export Sector - The report highlights the importance of global supply chain strategies and brand development for companies in the export sector [15][16]. - Companies like Jiangxin Home and Yongyi Co. are noted for their strong export capabilities and market positioning [15][16]. Pet Products - The pet products sector is experiencing growth with strong domestic brands and international expansion [19]. - Companies like Yiyi Co. and Yuanfei Pet are recommended for their robust growth potential [19]. Light Industry - The report discusses the strategic changes in light industry companies, focusing on mergers and acquisitions to enhance growth [20]. - Companies like Anfu Technology and Jianlin Home are noted for their innovative approaches and market positioning [20][21].

Group 1: U.S. Market Trends - The three major U.S. stock indices experienced slight declines on December 30, with the Dow Jones, Nasdaq, and S&P 500 down by 0.51%, 0.5%, and 0.35% respectively [1][8] - Large tech stocks mostly fell, with Tesla dropping over 3% and Nvidia down more than 1%, while Intel saw a rise of over 1% [1][8] - The precious metals sector led the declines, with Harmony Gold plunging over 8% and Pan American Silver and Kinross Gold both down more than 5% [1][8] Group 2: Precious Metals Market - On December 29, the international precious metals market experienced extreme volatility, with gold prices plummeting over $200 and silver prices dropping by more than 10% [1][9] - Rumors suggested that a "systemically important bank" faced a margin call due to short positions in silver futures, but UBS denied these claims [1][9] - Analysts indicated that the price drop was due to previous speculative excess, and measures taken by exchanges to curb speculation led to selling pressure, although the fundamentals for a silver bull market remain unchanged [1][9] Group 3: Nvidia and Intel Partnership - Nvidia completed a $5 billion stock purchase of Intel, acquiring approximately 4% of the company, which is seen as a lifeline for Intel amid financial difficulties due to strategic missteps and capacity expansion [1][10] - The transaction has received approval from U.S. antitrust authorities and includes a collaboration on chip development for personal computers and data centers [1][10] Group 4: Foreign Investment in China - Multiple foreign institutions remain optimistic about Chinese assets, shifting the market's core driving force from "valuation recovery" to "profit growth" [2][11] - Institutions have raised corporate profit forecasts and expect continued foreign capital inflows in 2026, supported by macro policy coordination and RMB appreciation [2][11] - The technology sector, particularly artificial intelligence and semiconductors, is highlighted as a primary focus for foreign investment, alongside high-dividend assets [2][11] Group 5: Huayi Brothers Financial Issues - Huayi Brothers founders Wang Zhonglei and Wang Zhongjun have been restricted from high consumption due to a court case involving 74.73 million yuan, with Wang Zhongjun facing restrictions twice this month [3][12] - The company is experiencing severe financial difficulties, with overdue debts reaching 52.5 million yuan, and all shares held by the Wang brothers have been frozen [3][12] - The company has reported continuous losses, with revenue significantly declining in the first three quarters of 2025, and its stock price has shrunk over 90% from its peak [3][12] Group 6: Zhao Peng's Departure - Zhao Peng, a former member of the Anbang takeover group and executive at Minsheng Bank, has resigned from his positions, coinciding with poor performance at the companies he was associated with [3][13] - His resignation comes amid scrutiny over dual salary arrangements and a previous investigation regarding his disappearance [3][13] Group 7: Beijing Tongrentang's Product Scandal - Beijing Tongrentang is embroiled in a scandal involving its Antarctic krill oil products, which are suspected of being counterfeit, revealing issues with brand authorization and OEM practices [3][14] - An investigation uncovered 425 associated companies using the Beijing Tongrentang name, leading to consumer confusion regarding product authenticity [3][14] - The company has initiated a brand management campaign, but counterfeit products continue to be sold on e-commerce platforms, raising concerns about consumer rights [3][14] Group 8: Changes in Tariff Policy - Starting January 1, 2026, China will adjust import and export tariffs on certain goods to better align with domestic economic needs and optimize trade structure [1][17] - Import tariffs on advanced technology equipment, key components, and energy resources will be reduced to support industrial upgrades and consumer demand [1][17] - Conversely, export tariffs on high-energy consumption and high-pollution products will be increased to protect domestic industries and the environment [1][17]

Core Viewpoint - The dividend sector experienced fluctuations, with the CSI Dividend Low Volatility Index rising by 0.03%, the CSI Dividend Value Index increasing by 0.02%, and the CSI Dividend Index declining by 0.2%. The Hang Seng High Dividend Low Volatility Index fell by 0.6%. Despite this, there was a net subscription of approximately 150 million units for the Hang Seng Dividend Low Volatility ETF (159545) throughout the day, indicating a counter-trend investment strategy by funds [1]. Group 1: ETF Performance - The Hang Seng Dividend Low Volatility ETF (159545) is the only dividend ETF managed by E Fund that implements a low fee rate of 0.15% per year, which aids investors in low-cost allocation to high-dividend assets [1]. - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable performance, with banks, coal, and transportation sectors accounting for nearly 55% of the index [3]. - The CSI Dividend Low Volatility Index includes 50 stocks characterized by good liquidity, continuous dividends, and low volatility, with over 65% of the index comprising banks, transportation, and construction sectors [3]. Group 2: Fee Structure and Investment Strategy - E Fund's dividend ETFs, including the Hang Seng Dividend Low Volatility ETF, Dividend ETF E Fund (515180), Dividend Low Volatility ETF (563020), Dividend Value ETF (563700), and A500 Dividend Low Volatility ETF (563510), all maintain a management fee rate of 0.15% per year [1]. - The CSI Dividend Value Index is composed of 50 stocks with high dividend yields and significant value characteristics, with banks, coal, and transportation sectors making up over 75% of the index [4]. - The rolling price-to-earnings ratio for the CSI Dividend Value Index is reported at 7.9 times, indicating a favorable valuation for potential investors [4].