A股三大指数盘中齐创多年新高。 8月18日，A股三大指数盘中齐创多年新高。 其中，沪指盘中突破2021年2月曾触及的3731.69点的高点，刷新近十年来新高； 深证成指盘中突破11864.11点（2024年10月高点），创出最近两年新高； 创业板指数盘中突破2600点整数关口，并突破2576.22点（2024年10月高点），刷新2023年2月以来新高。 截至收盘，沪指涨0.85%，深成指涨1.73%，创业板指涨2.84%。 | 全A | 涨 4034 平 165 | 跌 1220 A股成 | | --- | --- | --- | | 序号 代码 | 名称 | 现价 涨跌 涨跌幅 | | 1 | 000001 上证指数 | 3728.03 c 31.26 0.85% | | 2 | 399001 深证成指 | 11835.57c 200.90 1.73% | | ന | 899050 北班50 | 1576.63c 100.30 6.79% | | ব | 881001 万得全A | 5916.34c 81.42 1.40% | | 5 | 000688 科创50 | 1124.82c 23.53 2.14% ...

短短数日时间内，中国平安两次对保险同行出手。 8月11日，香港联交所官网披露，中国平安于8月11日以32.0655港元/股的价格买入中国太保H股股票， 耗资约5583.87万港元。本次交易后，中国平安持有中国太保H股比例由4.98%提升至5.04%，构成举 牌。 值得关注的是，这是险资时隔六年再次举牌同行。2019年，中国人寿曾两次增持中国太保H股，达到举 牌。此后的六年间，尽管险资举牌动作不断，但在保险同行中一直未有动作。 长江商报消息 ●长江商报记者 徐佳 2025年以来，险资举牌潮以空前态势席卷资本市场。 截至8月15日，险资在2025年内的举牌次数已经达到30次，大幅超过2024年全年的水平。其中，仅在8月 上半月，险资就已六次出手举牌上市公司。 长江商报记者注意到，本轮举牌潮中，险资举牌同行的现象时隔六年再次出现，中国平安在一周时间内 先后举牌中国太保、中国人寿H股。尽管中国平安对外回应称此举属于财务性投资，是险资权益投资组 合的常规操作，但这也折射出行业资产配置策略的深层变化。在利率下行周期，高股息保险股也被列 为"红利资产"，成为险资的重要选择。 同花顺数据显示，截至8月15日收盘，中国太保、中 ...

Group 1 - The core viewpoint is that the Hong Kong stock market is currently undervalued globally, with a continuing upward trend expected, particularly in the areas of dividends, technology (internet), and innovative pharmaceuticals [1][2] - The Hong Kong stock market has shown clear signs of bottoming out since the beginning of 2024, with significant changes observed across fundamentals, technicals, liquidity, and policy dimensions [1] - Liquidity in the Hong Kong market is abundant, supported by both southbound capital and increased local liquidity, which is further enhanced by external US dollar liquidity, providing a catalyst for the market [1] Group 2 - Despite a recent rapid increase, there are no concerns regarding valuation bubbles in the Hong Kong stock market, which remains undervalued compared to global markets [2] - The company maintains a long-term positive outlook on dividend assets and internet technology, emphasizing the importance of core technology assets in the new technology cycle [2] - The Hong Kong market has become the second-largest biotech financing hub globally since the Hong Kong Stock Exchange allowed unprofitable and revenue-less biotech companies to list in 2018, indicating a strong focus on innovative pharmaceuticals [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has committed to a cash dividend of no less than 70% of the net profit attributable to shareholders for the years 2026 to 2030, extending its dividend commitment for another five years [7] - The company has consistently exceeded its dividend commitments in the past, demonstrating strong shareholder return capabilities [7] - The operating cash flow for 2024 is projected to be approximately 60 billion, indicating sufficient funds for dividends and capital expenditures after covering interest expenses [7] - The company benefits from a declining LPR and interest rate environment, which significantly optimizes debt costs [7] - The company's six-level cascade scheduling enhances the stability of its power generation [7] - The company’s dividend yield of 3.41% is attractive compared to the 10-year government bond yield, indicating strong long-term investment value [7] - The profit forecast for 2025-2027 remains unchanged, with expected net profits of 35.56 billion, 38.70 billion, and 41.29 billion respectively, corresponding to PE ratios of 19, 17, and 16 [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 84.49 billion in 2024 to 95.40 billion in 2027, with a compound annual growth rate of approximately 6.2% [6] - The net profit attributable to shareholders is expected to increase from 32.50 billion in 2024 to 41.29 billion in 2027, reflecting a growth rate of 9.4% in 2025 and 8.8% in 2026 [6] - The company’s gross margin is projected to improve from 59.1% in 2024 to 61.6% in 2027 [6]

2025.08.14 本文字数：2340，阅读时长大约4分钟 作者 |第一财经 齐琦 市场情绪与政策共振下，高分红资产成为资金关注焦点。 8月13日，A股沪指突破3674.4点，创近四年新高。随着上市公司陆续发布中期业绩报告，多家大手笔分 红的公司也将A股中期分红热度再度推高。 据Wind不完全统计，截至目前约50家上市公司披露中期分红预案，其中拟现金分红的46家公司，分红 总额超过720亿元。 行业人士对记者称，A股"现金回报"生态加速成型。然而，红利资产中，不同板块也将出现分化，如能 源、金融、消费、公用事业等不同行业的分红差异，折射出不同领域的经营逻辑与市场预期。 低利率环境持续，投资者开始重新评估投资选择。 红利资产持续火热 随着上市公司分红劲头持续增强，二级市场上，红利资产和红利风格备受关注，高股息红利资产凭借其 稳定现金流和低估值特性，成为资金"避险港湾"。 截至8月13日收盘，恒生港股通高股息低波动指数上涨0.35%，中证红利低波动指数在去年创新高并累 计大涨近18%的基础上，今年涨势持续，年内涨幅约3.4%。 具体到红利基金方面，从年内ETF（交易型开放式指数基金）的场内份额变化来看，资金持续 ...

Core Viewpoint - Under the resonance of market sentiment and policies, high-dividend assets have become a focal point for capital attention as A-shares experience a mid-year dividend surge [3][6]. Group 1: Market Performance and Dividend Trends - As of August 13, the Shanghai Composite Index surpassed 3674.4 points, reaching a nearly four-year high, driven by the release of mid-year performance reports from listed companies [3]. - Approximately 50 listed companies have disclosed mid-year dividend plans, with 46 companies proposing cash dividends totaling over 72 billion yuan [3][8]. - The trend of cash returns in A-shares is accelerating, with a projected total dividend scale of 2.4 trillion yuan for 2024, reflecting a 9% increase from 2023 [8]. Group 2: Investment Preferences and Fund Flows - In a low-interest-rate environment, investors are reassessing their investment choices, leading to increased interest in high-dividend assets as a "safe haven" [4][6]. - The Heng Seng High Dividend Low Volatility Index rose by 0.35%, while the CSI Dividend Low Volatility Index has seen a cumulative increase of nearly 18% last year, with a year-to-date rise of approximately 3.4% [7]. - As of July, the net inflow for the Dividend Low Volatility ETF exceeded 8 billion yuan, indicating a strong capital flow towards dividend assets [8]. Group 3: Sector-Specific Dividend Disparities - There are notable differences in dividend distributions across various sectors, with energy and cyclical industry leaders dominating the high-dividend landscape [10][11]. - Companies like CATL and Oriental Yuhong have proposed significant cash dividends, with total proposed distributions reaching 4.568 billion yuan and 2.21 billion yuan, respectively [11]. - The financial sector remains a major contributor to dividends, with A-share listed banks expected to distribute over 630 billion yuan in dividends for 2024 [12]. Group 4: Future Market Outlook - The A-share market has experienced a valuation recovery since last September, with many undervalued companies seeing significant price increases [15]. - Investor sentiment is improving, and the willingness of new capital to enter the market is increasing, supported by ongoing macroeconomic policy easing [15][17]. - Despite the recent market rally, there remains potential for further upward movement in valuations, with the rolling P/E ratio for the entire A-share market at 20.81, indicating room for growth [17].

Core Viewpoint - High dividend assets have become a focal point for funds amid market sentiment and policy resonance, with A-shares experiencing a surge in mid-year dividend announcements, reflecting a growing "cash return" ecosystem in the market [1][2]. Group 1: Market Performance and Trends - As of August 13, the Shanghai Composite Index surpassed 3674.4 points, reaching a nearly four-year high, driven by robust mid-year earnings reports and significant dividend announcements from listed companies [1]. - Approximately 50 listed companies have disclosed mid-year dividend plans, with 46 companies proposing cash dividends totaling over 720 billion yuan [1][3]. - The demand for stable returns has increased among investors, making high-dividend stocks more attractive in a low-interest-rate environment [1][2]. Group 2: Dividend Asset Characteristics - High dividend assets are viewed as a "safe haven" due to their stable cash flow and low valuation characteristics, with the Hang Seng High Dividend Low Volatility Index rising by 0.35% as of August 13 [2]. - The net inflow for the Dividend Low Volatility ETF exceeded 8 billion yuan by the end of July, indicating strong investor interest in dividend products [3]. - The total dividend scale for 2024 is projected to reach 2.4 trillion yuan, a 9% increase from 2023, reflecting a trend of increased dividend payouts among listed companies [3][7]. Group 3: Sector-Specific Dividend Insights - Different sectors exhibit varying dividend distributions, with energy and cyclical industry leaders dominating the large dividend payouts [5][6]. - Notable companies such as CATL and Oriental Yuhong have announced substantial cash dividends, with total proposed payouts reaching 45.68 billion yuan and 22.1 billion yuan, respectively [5]. - The banking sector remains a significant contributor to dividends, with A-share listed banks expected to distribute over 630 billion yuan in dividends for 2024 [7]. Group 4: Investment Strategy and Outlook - The current market recovery, driven by economic revival, suggests that cyclical manufacturing dividend assets warrant close attention, alongside consumer, banking, and public utility dividend assets [3][9]. - Analysts recommend constructing a defensive portfolio with high dividend energy and financial stocks while also considering growth opportunities in technology sectors [7][10]. - Despite the recent market uptrend, the valuation of dividend assets remains relatively low compared to the overall market, indicating potential for further appreciation [10].

Group 1 - The core viewpoint of the article highlights that high-dividend assets have become a focal point for funds due to market sentiment and policy resonance, with A-shares experiencing a surge in mid-year dividend announcements [2] - As of August 13, approximately 50 listed companies have disclosed mid-year dividend plans, with 46 companies proposing cash dividends totaling over 72 billion yuan [2][4] - The demand for stable returns has increased among investors, making high-dividend stocks more attractive in a low-interest-rate environment, leading to a shift towards dividend investments as a cornerstone for public fund equity allocation [2][4] Group 2 - The performance of dividend assets has been strong, with the Hang Seng High Dividend Low Volatility Index rising by 0.35% and the CSI Dividend Low Volatility Index increasing by approximately 3.4% year-to-date [3] - As of the end of July, the net inflow for the Dividend Low Volatility 50 ETF exceeded 8 billion yuan, indicating a significant interest in dividend assets [4] - The increase in dividend payouts from listed companies is supported by a policy shift encouraging more aggressive dividend distributions, with an expected total dividend scale of 2.4 trillion yuan for 2024, a 9% increase from 2023 [4][7] Group 3 - There are notable differences in dividend distributions across industries, with energy and cyclical industry leaders dominating the large dividend payouts [5] - Specific companies such as CATL and Oriental Yuhong have proposed substantial cash dividends, reflecting the trend of high payouts in the energy sector [5] - The financial sector remains a major contributor to dividends, with A-share listed banks expected to distribute over 630 billion yuan in dividends for 2024 [6][7] Group 4 - The article discusses the defensive nature of dividend assets, with investors seeking certainty in dividend income amid a recovering market [4][7] - The analysis suggests that cyclical manufacturing dividend assets, along with consumer, banking, and public utility dividend assets, are likely to maintain a moderate upward trend [4][7] - The article emphasizes the importance of understanding the differing dividend strategies between traditional industries and growth-oriented companies, with traditional sectors like energy and finance maintaining higher dividend levels due to stable cash flows [7][8] Group 5 - The article notes that the A-share market has experienced a valuation recovery since September 2022, with many undervalued companies seeing significant price increases [9] - Investor sentiment has improved, leading to increased willingness to enter the market, with A-share valuations still at relatively low historical levels [9][10] - Despite the recent rise in dividend assets, their performance has lagged behind the overall market, indicating a need for investors to closely monitor macroeconomic conditions and industry trends to seize investment opportunities [10]

Core Viewpoint - The news highlights the performance and characteristics of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a mixed performance among constituent stocks and a favorable outlook for coal sector investments due to supply constraints [2][3][4]. Group 1: ETF Performance - As of August 12, 2025, the Zhongzheng Dividend Low Volatility 100 ETF has seen a net value increase of 19.80% over the past year, ranking first among comparable funds [4]. - The ETF's highest single-month return since inception was 15.11%, with an average monthly return of 3.38% and a historical one-year profit probability of 100% [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [4]. Group 2: Market Activity - The ETF has experienced continuous net inflows over the past 14 days, with a total of 1.52 billion yuan in net inflows, averaging 10.83 million yuan per day [3]. - The ETF's latest financing buy amount reached 156.49 million yuan, with a financing balance of 2.289 billion yuan [3]. Group 3: Index Composition - The Zhongzheng Dividend Low Volatility 100 Index selects 100 stocks with good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [6]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 20.43% of the total index weight, including companies like Shanxi Coking Coal and China Petroleum [6]. Group 4: Coal Sector Insights - According to Zhongtai Securities, the initiation of "super production verification" by the National Energy Administration has led to self-regulated production limits in coal mines, raising expectations for supply contraction [2]. - If policies continue to tighten, coal production capacity utilization may decline further, providing upward price potential for coal [2].

Group 1 - The Hang Seng High Dividend Low Volatility Index increased by 0.2% while the CSI Dividend Low Volatility Index decreased by 0.1% [1] - The CSI Dividend Index fell by 0.3% and the CSI Dividend Value Index dropped by 0.4% [1] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of 3.6 million units in half a day [1] Group 2 - As of yesterday, the Hang Seng Dividend Low Volatility ETF (159545) has experienced net inflows for six consecutive trading days, totaling over 300 million yuan [1] - The latest scale of the product reached 4.3 billion yuan, setting a new high since its inception [1] Group 3 - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable performance, with banks, coal, and transportation sectors accounting for over 55% [2] - The index has a rolling price-to-earnings ratio of 8.3 times and a dividend yield of 4.4% [2] Group 4 - The CSI Dividend Low Volatility Index is composed of 50 stocks with good liquidity and continuous dividends, reflecting the overall performance of A-share companies with high dividend levels and low volatility [3] - The index has a rolling price-to-earnings ratio of 8.4 times and a dividend yield of 4.2% [3] Group 5 - The Hang Seng High Dividend Low Volatility Index includes 50 stocks within the Hong Kong Stock Connect that have good liquidity and low volatility, representing the overall performance of companies with high dividend levels [3] - The index has a rolling price-to-earnings ratio of 7.4 times and a dividend yield of 5.8% [3] Group 6 - The CSI Dividend Value Index consists of 50 stocks with high dividend yields and value characteristics, reflecting the overall performance of companies with high dividend levels [3] - The index has a rolling price-to-earnings ratio of 7.8 times and a dividend yield of 4.3% [3]