Core Insights - The article highlights the performance of the CSI 500 Quality Growth Index, which has shown a positive trend with a 0.35% increase as of June 9, 2025, and mentions specific stocks that have performed well within this index [1] - It emphasizes the outperformance of small-cap stocks this year, driven by improved risk appetite among individual investors, with a focus on identifying high-quality potential "new blue chips" [1] - The report indicates that the quality factor has gained prominence, with the CSI 500 Quality Index outperforming for two consecutive years, while dividend strategies have narrowed, leaving banks as the sole standout [1] Performance Summary - As of May 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index include Chifeng Jilong Gold Mining (600988), Ninebot (689009), and Shenghong Technology (300476), collectively accounting for 23.79% of the index [2] - The performance of individual stocks within the index varies, with notable movements such as Chifeng Jilong Gold Mining decreasing by 2.49% and Ninebot increasing by 1.01% [4] Investment Strategy - The report suggests that investors should focus on stocks with high SIRR (Sustainable Internal Rate of Return) and improving performance in semi-annual reports, particularly within the small-cap segment [1] - It also notes that as economic stability improves, high SIRR stocks in the CSI 300 Quality Growth Index are expected to gradually rise [1]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Insights - The average dividend yield for listed banks is 4.14% as of June 6, 2025, with state-owned banks yielding between 4.3% and 5% [2][3] - The dividend payout ratios for several banks have increased compared to 2023, indicating a positive trend in shareholder returns [1][2] - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, which may enhance investment opportunities [3] Summary by Sections Dividend Distribution - As of June 6, 2025, 11 banks have completed their annual dividend distributions, with notable early payouts in April and May, compared to previous years [1] - Some banks have increased their annual dividend payout ratios, such as Ningbo Bank (+6.4%), Xi'an Bank (+7.3%), and others [1] Sector Performance - The banking sector is projected to benefit from government policies aimed at economic stabilization, with specific banks like Ningbo Bank, Postal Savings Bank, and others highlighted as potential investment opportunities [3] - The report emphasizes the stability of bank profits and the long-term value of dividends, making the sector attractive for medium to long-term investments [2] Key Data Tracking - The average daily trading volume for stocks reached 12,089.75 billion yuan, reflecting an increase from the previous week [4] - The balance of margin financing and securities lending increased by 0.13% to 1.81 trillion yuan [4]

Core Viewpoint - The current market environment is favorable for dividend investment, with policies and interest rate trends supporting the attractiveness of dividend assets [3][5][6]. Group 1: Dividend Index Performance - The Dividend Total Return Index has shown a consistent upward trend since 2014, indicating that long-term holding of dividend assets yields positive returns [1]. - The performance of dividend assets is expected to improve due to new regulations in public funds that emphasize long-term performance, aligning well with the characteristics of dividend investments [3]. Group 2: Market Conditions Favoring Dividend Assets - The current dividend yield of the CSI Dividend Index is 6.36%, placing it in the 96th percentile of the past decade, suggesting high dividend payouts and stable company earnings [5][8]. - There is a historical inverse relationship between dividend assets and interest rates, where declining interest rates enhance the appeal of dividend-paying stocks, leading to increased investment in these assets [5][6]. Group 3: Strategic Implications for Investors - The emphasis on long-term performance in public fund regulations magnifies the advantages of dividend strategies, making them a key focus for investors looking for stable returns [6]. - Despite potential short-term market fluctuations, the long-term stability and lower valuations of dividend assets present a compelling investment opportunity in the current environment [6].

扫码进入基本功专栏 持有人首次认证有礼啦！只要在4月30日前持有中泰资管产品并持有至今且的新朋友，长按识别下方 二维码前往认证，即可获得 影音会员月卡 一份 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ELR+ 可以怎么加? "+"的部分包括多种资产 和策略,常见的有以下几种。 固收+股票,这是较为常见的搭配,根据股票性质的 不同,还可分为 高股息策略. 红利策略、周期股策略 等。也可参与股票 打新,赚取新股上市溢价。 ...

扫码进入基本功专栏 持有人首次认证有礼啦！只要在4月30日前持有中泰资管产品并持有至今且的新朋友，长按识别下方 二维码前往认证，即可获得 影音会员月卡 一份 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 ELR+ 可以怎么加? "+"的部分包括多种资产 和策略,常见的有以下几种。 固收+股票,这是较为常见的搭配,根据股票性质的 不同,还可分为 高股息策略. 红利策略、周期股策略 等。也可参与股票 打新,赚取新股上市溢价。 ...

Core Viewpoint - The arrival of a low interest rate era highlights the importance of dividend assets, particularly in the Hong Kong stock market, where state-owned enterprises play a significant role in dividend distribution [1] Group 1: Dividend Assets in the Market - A-shares are expected to see total dividends exceed 2.4 trillion yuan in 2024, with state-owned enterprises accounting for over 80% of this amount [1] - Hong Kong's central enterprises are positioned as key dividend payers, offering both high yields and valuation advantages [1] - The current trading congestion of Hong Kong dividend assets has decreased, supported by the ongoing pilot programs for long-term capital inflows [1] Group 2: Investment Strategies and Recommendations - The banking sector continues to show mid-to-long-term investment value, with ongoing dividend plans and valuation enhancement initiatives from major banks [1] - High dividend yield and strong asset quality banks are recommended for their absolute return potential and cost-effectiveness in allocation [1] Group 3: Performance of Dividend Indices and ETFs - The leading dividend index in the Hong Kong market is the Hang Seng Hong Kong Stock Connect High Dividend Yield Index, with the corresponding ETF, Bosera (513690), ranking first in both scale and daily trading volume [2] - As of June 4, 2025, the Bosera ETF reached a new high in price and size, totaling 4.043 billion yuan [2] Group 4: Advantages of the Bosera ETF - The Bosera ETF has a leading dividend yield of 8.02%, significantly higher than its peers, making it an attractive option for investors seeking stable income [4] - The top holdings of the ETF focus on energy and financial sectors, with notable performance in recent months, showcasing both cyclical resilience and defensive attributes [5] - The ETF employs strict risk control measures, excluding stocks with significant price declines and ensuring liquidity, thus enhancing the investment experience [7]

为何反转策略在A股更胜一筹？ 以下文章来源于量化投资 ，作者十拳剑 量化投资 . 百万滚到千万的实盘分享与思考，不定期分享资产配置研究： 1.广度上通过爬虫定期对全市场所有公募 基金进行自动数据获取、存储； 2.深度上计算时间序列特征、协方差矩阵；3.分别锚定2%和10%波动 率，求解最大回报率下的配置方案。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 十拳剑灵 来源：雪球 在A股这个以快节奏著称的"拳击场"上，趋势交易者往往被反复打脸——刚刚追涨的热点板块，转 眼就可能被资金抛弃；昨日还"YYDS"的赛道龙头，明日或许就跌入深渊。与美股等市场明显的 长期趋势不同，A股以其风格频繁切换、热点快速轮动而闻名。Wind数据显示，过去十年间A股 热门赛道的平均持续周期往往不足半年，远超成熟市场的波动频率。 这一现象背后是多重因素的共振： 投资者结构特殊： 散户占比高，情绪化交易加剧短期波动与超调。 资金博弈激烈： 存量博弈下，资金"快进快出"特征明显。 信息传递迅捷： 预期迅速透支，推动行情在短时间内完成演绎。 在趋势难以把握的A股市场中，反转策略（即买入近期表现弱 ...

Group 1 - The core viewpoint of the articles highlights the performance of the national enterprise dividend sector, which is showing resilience amid a broader market decline, with the National Enterprise Dividend ETF (159515) rising by 0.37% [1] - The banking sector is entering a dividend season, with disclosed annual dividends for 2024 amounting to 616.126 billion yuan, including over 230 billion yuan in interim dividends from the previous year [1] - Major banks reported a total annual dividend exceeding 420 billion yuan, with many small and medium-sized banks also announcing profit distribution plans, indicating a strong focus on dividend attributes in the banking sector [1] Group 2 - The National Enterprise Dividend Index (code 000824) combines themes of state-owned enterprises and dividend strategies, enhancing the effectiveness of investment strategies [2] - The National Enterprise Dividend ETF (159515) tracks the China Securities State-Owned Enterprise Dividend Index (000824), which is expected to benefit from further reforms in state-owned enterprises, improving profitability and operational efficiency [2] - The dividend factor is anticipated to identify high-quality state-owned enterprises with strong profitability and low valuations, making the National Enterprise Dividend ETF a noteworthy investment opportunity [2]

Group 1 - The report emphasizes a balanced high dividend and high payout strategy by combining dividend yield and payout ratio factors to identify investment opportunities [4][12][19] - High dividend sectors include banking, coal, and oil & petrochemicals, which are characterized by low valuations and stable returns, presenting good allocation opportunities as state-owned enterprises enhance market value management [4][19] - High payout sectors focus on consumer industries such as textiles, food and beverage, and light manufacturing, which exhibit high payout ratios and good growth potential, benefiting from stable free cash flow and active capital markets under current growth policies [4][19] Group 2 - The stock selection criteria involve identifying stocks with sustainable dividend strategies, setting minimum dividend yield requirements, and utilizing a scoring system based on payout ratio, dividend yield, growth, and valuation [5][20][23] - The backtesting results indicate a cumulative return of 194.19% over five years, with an annualized return of 24.15%, significantly outperforming the dividend quality index by 125.07% [5][28][30] Group 3 - The industry weight adjustment strategy includes monitoring key indicators such as net interest margin and non-performing loan ratios in the banking sector, while also considering risks affecting asset quality [6][41] - For the coal industry, the focus is on monitoring coal prices and consumption rates, with expectations of marginal improvement as summer electricity demand rises [6][41] - The oil and petrochemical sector is analyzed based on price differentials and supply-demand dynamics, with expectations of oversupply continuing into 2025 [6][41] Group 4 - Future optimization strategies include expanding industry selection beyond current sectors based on historical data, establishing differentiated evaluation logic for various industries, and incorporating operational quality indicators to enhance the sustainability of dividends [9][45][48]

Group 1 - The Hong Kong stock market has shown strong performance, leading to significant gains for funds investing in Hong Kong stocks, with many fund managers increasing their allocations to Hong Kong assets [1][4] - Major indices such as the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index have outperformed other global capital market indices this year [1][4] - Hong Kong-themed funds have dominated the performance rankings, with notable funds like Huatai-PineBridge Hong Kong Advantage Select Fund achieving over 60% returns year-to-date [1][2] Group 2 - Funds with lower allocations to Hong Kong stocks have also benefited from the rising prices of Hong Kong assets, exemplified by the performance of the GF Growth Navigator Fund [2] - Dividend-focused funds have performed well, with the Green High Dividend Select Fund being the best-performing dividend fund this year, heavily invested in Hong Kong stocks [3][4] - The influx of both domestic and foreign capital into the Hong Kong market has increased liquidity, with net purchases by southbound funds reaching the third-highest level on record this year [3][4] Group 3 - Public funds are increasingly allocating to Hong Kong stocks, with a reported increase of 5.2 percentage points in allocation to Hong Kong equities, reaching a near five-year high [4] - The strong performance of Hong Kong stocks has attracted global capital, leading to valuation premiums for certain stocks compared to their A-share counterparts [4][6] - Several new Hong Kong-themed funds are in the pipeline, which could further contribute to the inflow of capital into the Hong Kong market [5][6]