While the early market panic in response to President Trump's proposed tariffs has apparently reversed course and been replaced by a remarkably resilient rally , I nevertheless remain uneasy about the near-to-medium term, especially with such importantThe Low-Budget Dividend Investor is your prototypical Generation X-er: an over-educated, under-funded middle-aged guy looking for ways to increase his income in a difficult economic environment. He favors the conservative, income-generating strategies more fre ...

最近，我第二次表达一下对银行板块的观察，看到的是进入加速的态势，银行股真有可能回归PB=1; 指望券商？这沉重的筹码套牢区如何消解？（下图），这量，这势，得扑腾多久才活得出头哦。 所以同样是金融，我最看好的还是银行，发轫于大熊市后期，将贯穿到本轮行情整体的终点。9.24以前 这么看，现在还是这么看。 长期走牛只有两只锚是可靠的，一只是实打实的业绩增速，一只是实打实的股息和现金流。 5分钟级别的回撤，到底会有多深，我不知道。但中期结构目前还不算牢固，窄幅横盘时间不够长。再 去看看个股，4.8日以后这波拉冒烟上来的，能涨的基本都没啥后劲了；没怎么涨的，造概念挖题材， 突然啪啪拉两个板，你是追有点怕，不追心里又痒痒。 有人说，固态电池会有宏大叙事行情，你且看今天涨幅榜上又换了一批，又是高换手突袭，如果行情很 大，这么着急干嘛呢？ 如果说，假如说，后面有大行情，像以前的轮回一样，走个1~2年的主升段，这些急吼吼的东西可堪大 任吗？ 开盘前说大家要冷静点，估计没几个人听得进去，这三连阳冲血上脑，加上整晚弹冠相庆，岂能善罢甘 休。 但是，收盘这个小阴钉一砸，很多股票就阴线盖帽或者拖出长上影线了，心里一下子有点凉飕飕的感 ...

红利低波ETF（512890）成立于2018年12月19日，该基金管理费率每年0.50%，托管费率每年0.10%。红 利低波ETF（512890）业绩比较基准为中证红利低波动指数收益率。红利低波ETF（512890）现任基金 经理为柳军。柳军自2018年12月19日管理（或拟管理）该基金，任职期内收益140.10%。对于偏好稳健 收益、低风险波动，或寻求债券替代资产的没有股票账户的投资者，可通过关注红利低波 ETF （512890）的联接基金（包括 A 类 007466、C 类 007467、I 类 022678、Y 类 022951）参与投资。 6月26日，红利低波（512890）收盘涨0.42%，最新价1.206元，成交额3.30亿元。流动性上看，20个交 易日资金净流入17亿，60个交易日资金净流入31.72亿元。截止6月25日，红利低波ETF（512890）最新 份额为158.73亿份，最新规模为190.56亿元。回顾2024年12月31日，红利低波ETF（512890）份额为 122.62亿份，规模为137.50亿元。即该基金今年以来份额增加29.45%，规模增加38.59%。 | 代码 7 | 简 ...

Group 1: Investment Strategy Insights - The "Stable 'Fixed Income+' product investment framework and market outlook" was presented by the manager of Ping An Tianrun Bond Fund, emphasizing that in the current complex market environment, such products can provide relatively stable returns through scientific asset allocation and flexible investment strategies [1] - With the economic growth slowing and inflation remaining low, monetary policy is expected to stay accommodative, leading bond market yields to enter the "1% era" [1] - The expected annual return for pure bond products is unlikely to reach 2%, making high-dividend equity assets, such as the CSI 300 dividend yield of 3.45% and the Hang Seng Central Enterprise dividend yield of 7.4%, key focus areas for equity allocation in "Fixed Income+" products [1] Group 2: Market Trends and Opportunities - As the risk-free interest rate declines, the overall cost-performance ratio of equity assets improves, with stable value or growth-oriented quality companies also presenting investment value [2] - Despite a temporary lack of mainline logic in the market, rational expectations allow for the active pursuit of structural opportunities, indicating that the equity market can still provide enhanced return opportunities for investors [2] - The convertible bond market is expected to follow the performance of underlying stocks in the first half of 2025, with small-cap stocks being a core catalyst for convertible bond strength [2]

市场观点认为，下半年银行板块内部结构性分化将进一步加剧，高股息防御与优质区域成长将成为两 大核心主线。 2025.06. 26 本文字数：2342，阅读时长大约4分钟 作者 | 第一财经 陈君君 A股银行板块延续年初以来的强势表现，6月25日申万银行指数（WI.801780）涨1.05%，工商银 行、农业银行等国有大行股价更是创下历史新高。 在低利率与资产荒的双重背景下，兼具高股息稀缺性与经营稳健性的银行股，正成为保险资金等长期 资本热捧的"避风港"，推动板块年内累计涨幅已超15%，领跑全市场。 板块涨幅全市场第一 其二，在资产荒的市场环境下，银行板块凭借稳定的收益特性，成为吸引增量资金的重要领域。一位 大型保险资管公司的权益投资人士指出，近期保险资金、社保基金等长期资本对银行股的配置兴趣显 著增加，尤其是对高股息、稳健经营的银行股青睐有加。在资产稀缺的背景下，这类资产的稳定收益 显得尤为珍贵。此外，随着公募基金考核规则的调整，从短期年度排名转向更注重三年期、五年期的 长期考核，公募基金也加大了对银行等低波动、高分红板块的配置力度。 谁在买银行股？ 在多股推动银行板块上涨的资金中，保险资金无疑是银行股最重要的 ...

[Table_StockNameRptType] 策略研究 市场点评 [Table_RptDate] 报告日期： 2025-6-26 [Table_Author] 策略分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 策略分析师：刘超 6 月 25 日创业板大涨，从行业上涨结构看，为创业板上涨贡献颇多的主要 是证券行业大涨，其原因在于港股券商强势表现的情绪传导，其背后催化 在于香港证监会批准国泰君安国际升级虚拟资产交易牌照，这为近期活跃 的稳定币主题在证券板块实现了联动，受此影响国泰君安国际港股收涨近 200%，同时也催化 A 股证券板块。 此外，国防军工大涨也提供一定贡献，原因在于近日存在较多催化剂：一 是 6 月 24 日官宣将于 9 月 3 日举行阅兵活动，即中国人民抗日战争暨世界 反法西斯战争胜利 80 周年纪念活动。二是上海合作组织成员国国防部长会 议参会国国防部长在青岛会见，其中包括伊朗、巴基斯坦、俄罗斯等今年 来地缘政治冲突热点地区的直接参与方，军工出口预期再起。 ⚫ 站上新中枢，积聚新力量，再做新突破 潜在流动性足、 ...

6月25日，A股银行板块继续强势上涨，申万银行指数当日涨幅达到1.05%。板块内42只成份股中，28只 实现上涨。其中，宁波银行以3.01%的涨幅领跑，江苏银行和成都银行也表现突出。 更为亮眼的是，工商银行、农业银行、建设银行等多家银行股价创下历史新高。市场交投活跃，板块单 日成交额突破360亿元，招商银行以28.63亿元的成交额位居榜首，农业银行、江苏银行成交额紧随其 后。 自年初以来，银行板块的表现堪称A股市场中最为亮眼的板块。Wind数据显示，从1月1日至6月25日， 申万银行指数累计涨幅达到15.77%，这一涨幅不仅远超同期仅上涨0.64%的沪深300指数，更是在31个 申万一级行业中位居第一。 展望下半年，银行板块的股息魅力仍将是吸引防御性资金、提供基础支撑的核心力量。 A股银行板块延续年初以来的强势表现，6月25日申万银行指数（WI.801780）涨1.05%，工商银行、农 业银行等国有大行股价更是创下历史新高。 在低利率与资产荒的双重背景下，兼具高股息稀缺性与经营稳健性的银行股，正成为保险资金等长期资 本热捧的"避风港"，推动板块年内累计涨幅已超15%，领跑全市场。 市场观点认为，下半年银行板块 ...

Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing a significant IPO boom, with over 160 companies currently queued for listing, and more than 40 companies submitted applications in May alone [1] - The trend of dual listings in both A-share and H-share markets is becoming more common, with notable companies like CATL and Hengrui Medicine leading the way [1] - Analysts expect the current trend to continue, as the discount for H-share issuance is relatively low, and the proportion of shares issued compared to total equity is also low, minimizing market impact [1][2] Group 2 - Hedge funds are increasingly adopting arbitrage strategies, going long on A-shares while shorting corresponding H-shares to hedge against macro uncertainties [2] - The rapid pace of IPOs in Hong Kong, with nearly 200 projects in reserve, is contributing to the popularity of this trading strategy [2] - The issuance scale of companies planning dual listings is typically only 3%-4% of their total market capitalization, indicating limited liquidity impact [2][3] Group 3 - The discount rates for H-shares are significantly lower than the historical average, with Haitian Flavor's H-shares at about 12% discount, compared to the 20%-30% range seen from 2021 to 2023 [3] - Institutional sentiment towards Hong Kong stocks is generally positive, with strong inflows of capital from the south, amounting to nearly $90 billion this year, primarily into high-dividend and AI-related stocks [3] Group 4 - Goldman Sachs maintains an overweight recommendation for both A-shares and H-shares, projecting a 9% profit growth for the MSCI China Index this year and a target point of 84 [4] - The firm is optimistic about sectors such as private enterprises, AI, emerging market exports, and high shareholder returns, while also favoring consumer, medical devices, media, and e-commerce retail sectors [4] Group 5 - The new consumption and pharmaceutical sectors are currently thriving in the Hong Kong market, attracting significant international investment [5] - The pharmaceutical sector, having faced pressure in recent years, is now seen as a long-term investment opportunity due to its favorable fundamentals and manageable policy disruptions [5] - The new consumption sector is viewed positively for its growth potential, although high concentration and valuation concerns are leading to cautious entry from new investors [5]

Core Viewpoint - The article discusses the significant increase in holdings of domestic large bank stocks by Ping An Insurance and other mainland insurance companies, betting that high dividend yields will offset the adverse factors of narrowing bank profit margins and profit pressures [1][2]. Group 1: Investment Trends - Ping An Insurance has substantially increased its holdings in several large banks listed in Hong Kong since the end of 2024, with a total holding size reaching HKD 180 billion (USD 23 billion) [1]. - The proportion of Ping An's holdings in Industrial and Commercial Bank of China (ICBC) has risen to 18%, while holdings in China Merchants Bank and Agricultural Bank of China have exceeded 15% [1]. - The combination of low valuations and high dividend yields in Hong Kong bank stocks provides a more attractive allocation choice for insurance funds, highlighting the market's urgent demand for high-yield assets [2][3]. Group 2: Market Performance - The influx of insurance capital has led to a significant rise in the banking sector, with the Hong Kong-listed Chinese bank index reaching a seven-year high [2]. - Individual stocks like CITIC Bank have achieved historical highs, and Agricultural Bank of China also closed at its highest level since its listing in 2010 [2][6]. Group 3: Investment Strategy - Insurance funds favor high dividend assets, with the average dividend yield of large Chinese banks in Hong Kong exceeding 4%, compared to a benchmark 10-year government bond yield of 1.65% [3]. - Ping An Insurance emphasizes that the low volatility and high dividends from bank stocks will contribute to considerable interest income, maintaining a balanced investment strategy between growth stocks and high dividend value stocks while increasing non-bank stocks to diversify risk [4]. Group 4: Challenges Ahead - Despite strong stock performance, Chinese banks face record-low profit margins and slow profit growth [7]. - There are concerns regarding the sustainability of the upward momentum in bank stocks, as banks continue to deal with profit margin compression and high funding costs [8]. - Observations are needed to determine whether bank credit expansion can translate into real economic activity, as stock performance has diverged from the banks' fundamentals [9].

资事堂注意到：太保致远（上海）私募基金管理有限公司（以下简称"太保致远私募"）在2025年6月21 日，在中国基金业协会备案为证券类私募管理人。 这家私募机构的股东为太平洋资产公司，穿透后则由中国太保"实控"。 这也是一线大型保险公司进一步参与险资长期股票投资试点机制的最新案例。 管理团队亮相 又一家"险资系"股票私募，正式备案。 截至目前，太保致远私募并没有备案任何基金产品。 据中国太保此前发布的信息，上述私募基金的初期目标规模为200亿元，旨在响应国家"扩大保险机构设 立私募证券投资基金改革试点"号召，积极践行长期主义，发挥耐心资本优势。 对于投资策略，中国太保曾表示将进一步完善长周期权益资产配置体系，聚焦股息价值核心投资策略， 助力资本市场持续健康发展。 多家险资巨头入市 随着保险资金长期股票投资试点的陆续推进，目前已有多家知名险企发起设立私募证券基金。 据中国基金业协会备案信息，太保致远私募的法定代表人是向涛，他同时出任公司总经理和财务负责 人。 履历显示：向涛早年曾任职于上海医药股份公司财务总部，负责预算管理。2007年转至天相投资股份公 司，担任行业研究员。 2009年-2013年向涛在兴业证券担 ...