开源证券指出，大变局下不确定性中枢上升，高股息仍需重视，但全球需求和国内"地产+基建"上行拐点尚未到来，稳定型红利品种（即银行、公共事业） 优于周期型红利品种。红利思路下建议关注稳定型红利资产，因其具备防御属性，在当前市场环境中更具配置价值。 国企红利ETF紧密跟踪中证国有企业红利指数，中证国有企业红利指数从国有企业中选取现金股息率高、分红比较稳定且有一定规模及流动性的100只上市 公司证券作为指数样本，反映国有企业中高股息率证券的整体表现。 截至2025年8月8日 13:42，中证国有企业红利指数(000824)上涨0.14%，成分股华菱钢铁(000932)上涨2.58%，新钢股份(600782)上涨2.12%，宝钢股份(600019) 上涨2.04%，中国移动(600941)上涨2.02%，安徽建工(600502)上涨1.65%。国企红利ETF(159515)上涨0.26%，最新价报1.16元。 规模方面，Wind数据显示，国企红利ETF近1周规模增长109.90万元，实现显著增长，新增规模位居可比基金1/2。(文中可比基金指跟踪同一标的：中证国有 企业红利指数的同类产品。) 有机构表示，红利资产具有稳定 ...

招商证券表示，在当前低利率的环境下，红利资产收益相对较高且稳定，成为投资者关注的重点；政策 引导中长期资金入市，进一步提高了红利资产长期配置需求。银行板块作为全社会最优质债权的拥有 者，具备更高的夏普比率和稳定的年化回报预期，尤其在适度宽松货币政策和增量政策持续落地的背景 下，银行板块作为红利资产仍具备强吸引力。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取50只流动性好,连续 分红,红利支付率适中,每股股息正增长以及股息率高且波动率低的证券作为指数样本，采用股息率加 权，以反映分红水平高且波动率低的证券的整体表现。 相关产品： 红利低波ETF泰康(560150)，场外联接(A类：021415；C类：021418)。 截至2025年8月8日午间收盘，红利低波ETF泰康(560150)上涨0.08%，冲击6连涨，成交826.66万元。跟 踪指数中证红利低波动指数(H30269)上涨0.26%，成分股万和电气(002543)上涨6.28%，分众传媒 (002027)上涨2.06%，中国移动(600941)上涨1.98%，隧道股份(600820)上涨1.81%，安徽建工(60 ...

Core Insights - The Hu-Shen 300 Dividend Low Volatility Index has shown a positive performance, with a 0.24% increase as of August 8, 2025, and notable gains in constituent stocks such as China Mobile and Baosteel [1][2] - The 300 Dividend Low Volatility ETF has experienced a significant inflow of funds, totaling 47.79 million yuan over the past 23 trading days, indicating strong investor interest [1][2] Performance Metrics - As of August 7, 2025, the 300 Dividend Low Volatility ETF has achieved a net value increase of 64.25% over the past five years, ranking 55 out of 1003 index equity funds [2] - The ETF has recorded a maximum single-month return of 13.89% since inception, with a historical three-year holding profitability rate of 100% [2] Market Trends - The current low-interest-rate environment has made dividend assets more attractive, leading to increased demand for long-term allocation in dividend assets [3] - A wave of mid-term dividend announcements is expected, with over 30 companies already disclosing plans for cash dividends exceeding 10 billion yuan [2] Investment Opportunities - Investors without stock accounts can access the Hu-Shen 300 Dividend Low Volatility ETF through corresponding mutual funds, providing an opportunity to capitalize on the current market conditions [4]

Core Viewpoint - The Hongli State-Owned Enterprise ETF (510720) announced its 16th dividend distribution, with a payout of 0.034 yuan per 10 fund shares, representing a dividend ratio of 0.35% [1] Group 1: Dividend Announcement - The dividend record date is set for August 12, and the cash dividend will be distributed on August 18 [1] - The ETF tracks the Shanghai Stock Exchange State-Owned Enterprise Dividend Index, focusing on high-dividend central state-owned enterprises, with a dividend yield exceeding 4% over the past 12 months, outperforming similar indices [1] Group 2: Investment Characteristics - Dividend assets are characterized by stable cash flow returns, lower volatility, and long-term compounding effects [1] - Historical data indicates that holding dividend assets for a longer period results in a higher success rate compared to broader indices like the CSI 300 [1] Group 3: Policy Support - Policy measures encourage listed companies to distribute dividends, with the new "National Nine Articles" explicitly promoting higher dividend yields [1] - Dividend assets align with the foundational asset allocation strategy, supporting a long-term investment logic [1] Group 4: Alternative Investment Options - Investors without stock accounts may consider the Cathay State-Owned Enterprise Dividend ETF Initiated Link A (021701) and Link C (021702) [1]

Group 1 - The core viewpoint of the article highlights the strong performance of dividend sectors, with the Hang Seng High Dividend Low Volatility Index rising by 1.1%, achieving a four-day consecutive increase this week [1] - The CSI Dividend Low Volatility Index increased by 0.3%, while both the CSI Dividend Index and CSI Dividend Value Index rose by 0.2% [1] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of 10.2 million units today, accumulating over 1.5 billion yuan in the past month, with a total scale exceeding 4 billion yuan, ranking first among similar ETFs [1] Group 2 - According to China Merchants Securities, in the current low-interest-rate environment, dividend assets offer relatively high and stable returns, attracting significant investor attention [1] - Policy guidance is encouraging long-term capital to enter the market, further increasing the demand for long-term allocation of dividend assets [1]

8月7日，港股震荡上行，港股红利ETF基金（513820）收涨超0.78%，喜提四连阳！资金连续2日跑步进场，港股红利ETF基金（513820）近2日累计净流入 超1300万元！ 港股红利ETF基金（513820）标的指数成分股多数冲高，银行股悉数走红，农业银行涨超2%，中国银行、工商银行、交通银行等涨超1%，民生银行、中国 移动等微涨，三桶油、交运股、非银股等上涨，仅中国电信、中国联通、中煤能源等微跌。 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | | 估買枚重 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 1919 | 伊朗良田 | 交通运输 | 0.90% | 1.78 Z | 9.04% | | 2 | 3668 | 究煤澳大利亚 | 煤炭 | 0.54% | 1608.03万 | 6.77% | | 3 | 2611 | 風吹盤 | 非银金融 | 0.47% | 3.16 Z | 4.54% | | 4 | 1988 | 民生银行 | 银行 | 0.82% | 8282.20万 | 4.52% | | 5 | 0316 ...

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced that starting from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax, while interest income from previously issued bonds will continue to be exempt until maturity. This adjustment is expected to structurally impact pricing logic, making dividend assets structural beneficiaries and potentially attracting long-term capital inflows [1]. Group 1: Impact on Bond Market - The decrease in after-tax yields on interest-bearing bonds will force the market to reduce bond allocations. Investors will require higher market interest rates to compensate for the tax burden, but the unique investor structure in the bond market, such as commercial banks and insurance companies, will limit significant reductions in new bond allocations [1]. - The proportion of allocation-type funds in China's government bond market has consistently remained above 70%, which will provide a "bottoming" effect, leading to insufficient interest rate adjustments and significantly weakening the upward momentum of interest rates [1][2]. Group 2: Shift to Dividend Assets - Dividend assets are expected to be the core beneficiaries of this capital shift. Insurance funds have a natural demand for "long-duration + stable cash flow" assets, as they need to match long-duration liabilities with equivalent assets to hedge interest rate risks [4]. - High dividend stocks currently offer yields that are generally higher than the 10-year government bond yields, with the average dividend rate of the CSI Dividend Index exceeding 4% over the past five years, significantly higher than the average yield of government bonds during the same period [4][6]. Group 3: Tax Implications and Market Dynamics - The tax adjustment is expected to enhance the attractiveness of dividend assets relative to interest-bearing bonds, as insurance institutions can enjoy tax exemptions on dividend income from stocks held for over 12 months [6]. - This tax policy is seen as a way to create space for monetary policy operations, structurally pushing up the risk-free interest rate without altering the overall monetary policy stance or social financing costs [6]. Group 4: Investment Strategy - In the current environment, the dividend index with a relatively balanced industry distribution is likely to perform well. Bank stocks, a significant part of the high-dividend sector, may face short-term volatility due to conflicting factors such as rising interest rates benefiting net interest margins and increasing funding costs from newly issued financial bonds [8]. - For investors seeking long-term stable returns, this is considered a favorable time to allocate to dividend assets and benefit from policy adjustments, with specific products like the E Fund Dividend ETF and the E Fund Low Volatility Dividend ETF being highlighted [10].

Core Viewpoint - Agricultural Bank of China (ABC) has surpassed Industrial and Commercial Bank of China (ICBC) to become the largest A-share market capitalization company for the first time in history, with a market cap of 2.11 trillion yuan as of August 6, 2023 [2][3]. Market Performance - ABC's stock price has seen significant increases in recent years, with gains of 33.18%, 54.74%, and 29.54% in 2023, 2024, and 2025 respectively [2][3]. - The bank's stock price has been on an upward trend since 2023, marking a departure from its previous years of stagnation around 2.5 yuan per share [3]. Fund Holdings - As of the end of Q2 2023, 93 fund companies hold a total of 353 public funds in ABC, with a total market value of 6.097 billion yuan [4][11]. - Notable funds that have consistently held ABC shares include Jin Xin Intelligent China 2025 A and Yin Hua Chang Rong A, with 30 and 14 consecutive quarters of holding respectively [9][10]. Fund Performance - The top five index funds holding ABC shares include Hua Bao Zhong Zheng Bank ETF, Tian Hong Zhong Zheng Bank ETF, and Guo Tai Shanghai Stock Exchange 180 Financial ETF, with the highest holding value being 650.46 million yuan by Hua Bao Zhong Zheng Bank ETF [5][6]. - The actively managed fund with the highest holding value in ABC is Hui Tian Fu Value Selection A, with a market value of 504.97 million yuan [7][8]. Fund Company Holdings - Hui Tian Fu Fund has the highest total market value of ABC shares at 974.14 million yuan, followed by Hua Bao Fund and Fu Guo Fund with 686.33 million yuan and 425.23 million yuan respectively [11].

Economic Growth - China's GDP grew by 5.3% year-on-year in the first half of the year, surpassing the government's target of around 5% for the full year [1] - Domestic demand contributed 68.8% to GDP growth, with consumption alone accounting for 52%, indicating a strong consumer-driven economy [2] Consumption and Policy Measures - The government issued 1.3 trillion yuan in long-term special bonds, with 300 billion yuan allocated for consumer goods replacement programs, leading to over 30% sales growth in related products [2] - New policies, including childcare subsidies and free preschool education, aim to boost birth rates and subsequently increase consumption in related sectors [2] Inflation and Economic Policy - The Consumer Price Index (CPI) was -0.1% and the Producer Price Index (PPI) was around -3% in the first half, indicating deflationary pressures [3] - The government aims for a CPI growth target of around 2%, suggesting more proactive fiscal and monetary policies to stimulate demand and moderate inflation [3] Market Trends - The humanoid robot sector is expected to grow significantly, with a projected market size of nearly 38 billion yuan by 2030 and a compound annual growth rate of over 61% from 2024 to 2036 [5] - Recent adjustments in the humanoid robot market have created a favorable environment for investment, with signs of renewed interest and potential for significant returns [5] Stock Market Activity - The A-share market saw a notable increase in margin trading, surpassing 2 trillion yuan for the first time in nearly a decade, reflecting investor optimism [6] - Hong Kong stocks experienced substantial inflows, with southbound funds net buying 820 billion HKD, indicating strong demand from mainland investors [7]

Group 1 - The core viewpoint of the article highlights the active performance of the coal sector and the overall positive trend in the dividend asset market, with the CSI Dividend Index rising by 0.7% [1] - Notable stocks include Ningbo Huaxiang, which increased by over 9%, Weifu High Technology, which rose by over 6%, and Shaanxi Coal and Chemical Industry, which gained over 5% [1] - The E Fund Dividend ETF (515180) has attracted nearly 300 million yuan in net inflows over the past 10 trading days, bringing its total size to approximately 9 billion yuan, making it the largest among similar ETFs [1] Group 2 - Huaxi Securities indicates that the current micro liquidity in the stock market is relatively abundant, and the positive feedback effect of "residents allocating funds to the market and the gradual rise of the stock market" is expected to strengthen [1] - The CSI Dividend Index consists of 100 stocks with high cash dividend yields, stable dividends, and certain scale and liquidity, with banking, coal, and transportation sectors accounting for over 55% of the index [1] - The management fee rate for the E Fund Dividend ETF (515180) is only 0.15% per year, which helps investors to cost-effectively allocate to dividend assets, and investors focusing on the long-term compounding value of dividends can reinvest annual dividends into this product to enhance the compounding effect [1]