2025年6月15-17日，第八届亚太区贵金属峰会（APPMC）在新加坡举办。国投瑞银基金总经理王彦杰出 席峰会，并在会议上发表精彩观点： 我们对2025年A股市场持乐观态度，尤其看好下半年的结构性机会，中国股市有机会在未来一段时间领先 海外市场表现。目前，虽然全球宏观经济仍面临多重挑战，贸易摩擦带来的不确定性仍然存在，但自 2024年以来A股市场融资属性明显弱化，长期以来因股东回报稀释，造成股价表现不如预期的制约因素不 复存在，为下一阶段估值修复提供了有力支撑。 在一系列金融支持政策引导下，2024年A股上市公司净融资规模大幅收缩，从2023年的1万亿元降至2024 年的1249亿元。上市公司回购规模扩大与净融资规模收缩双管齐下，不仅展现了企业对自身发展前景的 坚定信心，更重要的是，由于回购采用集中竞价方式，将有效提振股价，改善市场流动性和交易活跃 度。值得关注的是，2024年10月，人民银行联合证监会、金融监管总局推出"股票回购增持再贷款"政策工 具，通过优惠利率支持上市公司及主要股东进行回购增持。该政策在自有资金比例要求、贷款期限及信 用贷款等方面实现重大突破，大幅降低了企业融资成本。与此相辅相成的是， ...

2025年6月15-17日，第八届亚太区贵金属峰会（APPMC）在新加坡举办。国投瑞银基金总 经理王彦杰出席峰会，并在会议上发表精彩观点： 图：国投瑞银基金总经理王彦杰 我们对2025年A股市场持乐观态度，尤其看好下半年的结构性机会，中国股市有机会在未来 一段时间领先海外市场表现。目前，虽然全球宏观经济仍面临多重挑战，贸易摩擦带来的不 确定性仍然存在，但自2024年以来A股市场融资属性明显弱化，长期以来因股东回报稀释， 造成股价表现不如预期的制约因素不复存在，为下一阶段估值修复提供了有力支撑。 在一系列金融支持政策引导下，2024年A股上市公司净融资规模大幅收缩，从2023年的1万 亿元降至2024年的1249亿元。上市公司回购规模扩大与净融资规模收缩双管齐下，不仅展现 了企业对自身发展前景的坚定信心，更重要的是，由于回购采用集中竞价方式，将有效提振 股价，改善市场流动性和交易活跃度。值得关注的是，2024年10月，人民银行联合证监会、 金融监管总局推出"股票回购增持再贷款"政策工具，通过优惠利率支持上市公司及主要股东进 行回购增持。该政策在自有资金比例要求、贷款期限及信用贷款等方面实现重大突破，大幅 降低了 ...

Core Viewpoint - The Hua Tai Pai Rui Dividend Low Volatility ETF (512890) has reached a record high in scale, reflecting strong investor demand for stable assets in the current market environment characterized by low interest rates and volatility [1][4]. Group 1: ETF Performance and Scale - As of June 20, the ETF rose by 0.42% to a price of 1.182 yuan, with a trading volume of 1.30 billion yuan [1]. - Year-to-date, the ETF has increased by 5.16%, and its 250-day increase is nearly 10% [1]. - The scale of the ETF reached 180.89 billion yuan on June 19, marking a 31.5% increase from 137.495 billion yuan on December 31, 2024 [1]. - Since the beginning of 2025, the scale has grown by 4.3 billion yuan, positioning it as a "fund magnet" in a volatile market [1]. Group 2: Investment Appeal - The ETF's high dividend yield of 6.21% and a low volatility characteristic make it an attractive option for investors seeking stable returns in a declining interest rate environment [2][3]. - The 10-year government bond yield has dropped to 1.64%, creating a significant yield spread of 3.96% compared to the ETF's dividend yield, placing it in the 93.35th percentile over the past decade [2]. Group 3: Underlying Factors Supporting Growth - The ETF has demonstrated a three-year annualized return of 13.59% with a maximum drawdown of -13.61%, showcasing its stability during market fluctuations [3]. - The ETF tracks the CSI Dividend Low Volatility Index, which employs a dual-factor stock selection strategy focusing on high dividends and low volatility, with significant representation from the financial sector [3]. - Regulatory support for increased dividend payouts from listed companies has bolstered the ETF's appeal, with many of its constituent stocks exhibiting strong dividend capabilities [4]. - The ETF's off-market linked funds have achieved monthly dividends for 21 consecutive months, making them among the most frequent dividend-paying ETF linked funds in the market [4].

截至2025年6月20日收盘，中证银行指数(399986)上涨0.59%，成分股厦门银行(601187)上涨3.04%，杭州 银行(600926)上涨2.75%，民生银行(600016)上涨2.56%，郑州银行(002936)上涨2.49%，兴业银行 (601166)上涨2.29%。银行ETF(512800)半日收涨1.01%。拉长时间看，截至目前，银行ETF年内累计上 涨超14%。 流动性方面，银行ETF换手3.82%，半日成交3.60亿元。拉长时间看，截至6月19日，银行ETF近1周日均 成交5.04亿元，居可比基金第一。 华泰证券认为，基本面和资金面共同驱动下，看好优质区域行机会。优质城商行有望率先突破1倍PB， 进而打开其他优质区域行估值提升空间。此前可转债强赎价附近博弈阻力加剧的相关银行，近期触发强 赎后进一步打开估值提升空间。重庆地区在国家级战略加持下，近年来发展动能强劲，当地部分银行有 望持续享受区域红利。此外，部分区域行估值仍处低位（06/16），性价比较为突出，关注补涨机会。 顺势而起，攻守兼备！看好银行板块配置性价比的投资者可以关注银行ETF（512800）及其联接基金 （A类：24001 ...

在当前复杂多变的市场环境下，投资者面临的核心问题日益突出：如何在波动加剧的市场中实现资产的稳健增值？尤其是在利率中枢持续 下行、市场不确定性显著上升的大背景下，寻找既能提供稳定现金流，又能有效抵御市场风险的资产配置方案，已成为各类投资者共同关 注的重点。 在此背景下，红利低波策略凭借其"高股息打底+低波动护航"的双重优势，逐渐成为市场关注的焦点。本文将从低利率环境、政策导向、资 金流向以及策略特性等多个维度，深入剖析红利低波资产的配置价值，帮助投资者更好地理解并把握这一投资机遇。 ●利率持续下行，高股息资产价值凸显 近年来，全球主要经济体普遍进入低利率甚至负利率时代。 2025年5月20日，六大国有银行集体下调人民币存款利率，其中活期存款利率降至0.05%，1年期定存利率跌破1%关口，中长期定存利率降 幅最高达25个基点。随后，平安银行、中信银行等7家股份制银行也相继跟进调整，个别期限定存产品降幅高达25个基点（数据来源：央视 财经《大消息！国有六大行宣布：下调》；发布时间：2025.05.20）。这一轮利率调整不仅覆盖范围广，且整体降幅显著，进一步强化了当 前低利率格局的持续性。 在这样的利率环境下，传统固 ...

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 现在低利率环境已成常态，过去几年，利率从高位一路下滑，到底降了多少？当"躺赢"通道变窄，寻找下一个"收益堡垒"已刻不容缓！但那 些在市场中依然坚挺的资产，又在哪里？ 从指数间的对比来看，东证红利低波指数在近 3年有较好的表现。 在近3年累计回报中，东证红利低波指数累计回报较高，同时近3年的最大 回撤又较小，表现出更强的防御特征，综合风险收益后，表现相对较好。 所以，从过往 3年的历史表现来看，东证红利低波指数与市场有产品跟踪的红利指数相比：收益更高、波动更低 。 （ 点此查看详情 ） 那在红利资产中，东证红利低波动指数为何能脱颖而出？ 东证红利低波动指数从沪深A股中选取100只盈利较为稳定、预期股息率较高并具备低波动特征的上市公司股票作为指数样本股，以反映红利 在全球动荡不安、经济波动的当下，哪类资产能够同时满足高股息与低波动的双重需求？今天，我们就来一场深度掘金，寻找那些可能被低 估的投资机遇。（ 点此查看近3年收益同类排名第 ...

Group 1 - The core viewpoint of the article highlights the ongoing trend of cash dividends in the Hong Kong stock market, with bank stocks leading the sector in total cash dividends [1][2][3] - Since the beginning of the year, the total cash dividends from bank stocks have reached 238.6 billion HKD, making it the highest among 30 sectors in the Hong Kong Stock Connect [3][6] - China Construction Bank has the highest single cash dividend of 96.9 billion HKD, followed by other major banks like Bank of China, Bank of Communications, and Industrial and Commercial Bank of China, each exceeding 10 billion HKD in dividends [6] Group 2 - In a low-interest-rate environment, high-dividend assets are attracting significant capital inflows, with net inflows into bank stocks from southbound funds totaling 72.9 billion HKD over the past three months, the highest among all sectors [7][8] - The AH bank stock index has shown a year-to-date increase of over 20%, outperforming the CSI All-Share Index by more than 6% [1][15] Group 3 - The average valuation of H-shares among 15 AH-listed banks is 0.54 times price-to-book (PB), which is significantly lower than the A-share average of 0.65 times PB, indicating a valuation gap [11][12] - The average dividend yield for H-shares is 4.95%, which is 92 basis points higher than the A-share yield of 4.03%, showcasing a strong high-dividend advantage [12][13] - Among the 15 AH-listed banks, 14 H-shares are cheaper in terms of valuation compared to their A-share counterparts, while only China Merchants Bank has a lower valuation in A-shares than in H-shares [12][13] Group 4 - The bank AH index, which includes 14 cheaper H-shares and China Merchants Bank A-shares, is based on a monthly selection of undervalued stocks in the AH market, incorporating a rotation strategy [14] - The bank AH total return index has increased by over 20% year-to-date, compared to a 13.78% increase in the CSI bank total return index [15]

Group 1 - TSMC's stock price has declined by 3.7% this year, while UMC's stock has increased by 11%, highlighting TSMC's underperformance compared to its competitor [1] - UMC's high dividend yield of over 6% has made it a significant holding in Taiwan's high-dividend ETFs, which have attracted approximately $10 billion in inflows this year [1] - TSMC is not included in the core holdings of the three major high-dividend ETFs in Taiwan, which prefer UMC due to its higher yield [1] Group 2 - TSMC remains fundamentally strong, reporting May revenue of NT$320.5 billion (approximately $10.7 billion), with a year-on-year growth of 39.6% [2] - Analysts expect TSMC's sales to grow by 39% in the second quarter [2]

今年的港股市场，强势地令人感到陌生。 在4月7日单日大跌17.16%之后，短短两个多月的时间，恒生科技指数就已经收复了失地。不仅如此，20%多的涨幅更是令其连同恒生国企指数一同进入了新 一轮的技术性牛市。 港股 表现亮眼的背后，南向资金成为了一个不容忽视的推手。 自2021年喊出"跨过香江，夺取定价权"以来，内资就从未停止过关于"定价权"的争夺。尤其是伴随着 美联储在2022开启新一轮的加息周期之后，外资开始逐 步撤离并转战美股让南向资金有了更加充裕的时间买入港股稀缺资产。在市场大幅调整的三年中，南向资金成为了最坚定的买入者。 2025年5月19日，平安人寿发布举牌公告，称平安资管受托该公司资金投资农业银行H股股票，5月12日达到了农业银行H股股本的10%，在年内第二次举牌农 业银行H股。算上这次，平安人寿已经在年内第6次举牌了H股的银行股。 平安人寿的举牌并非个例，截至今年5月31日，险资在年内已经累计16次举牌上市公司，尤其是以银行、公用事业、能源、物流为代表的港股红利资产，在年 内被13次举牌，成为了险资举牌的主要阵地之一。 | | | 险资年内举牌情况 | | | --- | --- | --- | ...

Group 1 - The core viewpoint is that the high dividend sector of the Hong Kong stock market is gaining attention for its defensive attributes amid ongoing inflation concerns, with the Hong Kong Dividend ETF (159331) rising over 1% [1] - Huachuang Securities highlights that companies in the high dividend sector possess strong free cash flow generation capabilities, ensuring dividend sustainability and shareholder returns, even in a low-interest-rate environment [1] - Traditional industries such as banking, ports, and highways are emphasized for their stable earnings and dividends, making them attractive for investment in the current market conditions [1] Group 2 - The Hong Kong Dividend ETF (code: 159331) tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which includes 30 highly liquid, consistently dividend-paying stocks with high dividend yields [2] - The index focuses on high dividend investment strategies and aims to reflect the overall performance of high dividend securities in the Hong Kong market [2] - Investors without stock accounts are advised to consider related funds such as the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [2]