Core Viewpoint - The article presents an index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be regularly updated for easy reference [1][4]. Group 1: Index Overview - The index map includes several categories of stock indices such as broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4]. - Key broad-based indices in the A-share market include the CSI series indices like CSI 300, CSI 500, CSI 800, and CSI All Share, which are selected based on the market capitalization of listed companies and cover stocks from various industries [8]. Group 2: Index Details - The CSI 300 index consists of the 300 largest and most liquid A-shares listed on the Shanghai and Shenzhen stock exchanges, with an average market capitalization of 177,899 million and a median of 851.80 million [3]. - The CSI 500 index includes 500 stocks ranked from 301 to 800 in terms of market capitalization, with an average market capitalization of 263.02 million and a median of 241.01 million [3]. - The CSI 800 index covers 800 stocks, while the CSI 1000 index includes 1000 stocks, with respective average market capitalizations of 831.51 million and 121.62 million [3]. - The Shanghai Stock Exchange 50 index is composed of the 50 most representative stocks from the Shanghai market, reflecting the performance of leading companies, with an average market capitalization of 5,084.82 million [3]. - The Shenzhen Component Index selects 500 large and liquid companies from the Shenzhen market, with an average market capitalization of 430.20 million [3]. Group 3: Industry and Thematic Indices - The article lists various thematic indices such as the Consumption Index, which selects major consumer industry stocks from the CSI 800 index, with an average market capitalization of 1,255.44 million [6]. - The Healthcare Index includes 100 large-cap stocks in the healthcare sector, with an average market capitalization of 399.02 million [6]. - The Technology Index reflects the performance of 50 leading technology companies, with an average market capitalization of 439.71 million [6].

- The "XinXuan ETF Absolute Return Strategy" utilizes a "drawer method" to test equity ETFs in the market, aiming for both absolute returns and long-term relative returns compared to A-share equities. The strategy achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of 8.6% and a Sharpe ratio of 1.44 during in-sample testing. From 2024 to date, the strategy's total return is 32.01%, outperforming equal-weighted ETFs by 17.98%, with a Sharpe ratio of 1.16, maximum drawdown of 6.3%, and volatility of 17.9%[11][30] - The "All-Weather Multi-Asset Multi-Strategy ETF Risk Parity Strategy" combines industry rotation, style rotation, and size rotation strategies to enhance ETF precision and returns. It employs risk parity to reduce portfolio volatility by diversifying assets across commodities (e.g., gold ETFs), U.S. equities (e.g., S&P 500 ETFs), domestic equities, and domestic bonds (e.g., 10-year and 30-year government bond ETFs). The strategy achieved a return of 18.81% from 2024 to date, with a maximum drawdown of 3.62%, volatility of 4.49%, and a Sharpe ratio of 2.49[14][16][30] - The "China-US Core Asset Portfolio" integrates four strong-trend assets (white liquor, dividends, gold, and Nasdaq) using RSRS timing and technical reversal strategies. From 2015 to date, the portfolio achieved an annualized return of 33.85%, outperforming equal-weighted indices by 14.45%, with a Sharpe ratio of 1.63, maximum drawdown of 18.23%, and volatility of 17.89%[20][30] - The "High Prosperity/Dividend Rotation Strategy" alternates between high-growth and dividend-focused ETFs based on signals. For high-growth signals, it allocates 50% to the ChiNext ETF and 50% to the STAR 50 ETF. For dividend signals, it allocates to low-volatility dividend ETFs and central SOE dividend ETFs. From 2021 to date, the strategy achieved an annualized return of 19.13%, outperforming equal-weighted indices by 21.9%, with a Sharpe ratio of 0.86, maximum drawdown of 22.91%, and volatility of 24.27%[23][30] - The "Dual Bond LOF Enhanced Strategy" adjusts weights between dual bond LOFs and other assets (e.g., Nasdaq, white liquor, and CSI Dividend ETFs) based on weekly volatility normalization. This approach increases bond weight due to their lower volatility. From 2019 to date, the strategy achieved an annualized return of 6.81%, with a Sharpe ratio of 2.56, maximum drawdown of 2.42%, and volatility of 2.57%[26][30] - The "Structured Risk Parity Strategy (QDII)" replaces the XinXuan ETF pool with a mix of domestic long-term bond ETFs, QDII equity products, gold, and domestic dividend ETFs. From 2024 to date, the strategy achieved a return of 22.52%, with a maximum drawdown of 2.38%, volatility of 4.94, and a Sharpe ratio of 2.75[27][29][30]

工银瑞信基金公告显示，工银中证港股通高股息精选ETF联接（A类：024247，C类：024248）于5月19日起至6月6日公开发售，市场将再添场外布局港股优 质红利资产新工具。 该基金主要通过投资港股红利ETF（代码：159691），紧密跟踪中证港股通高股息精选指数。中证港股通高股息精选指数从港股通证券中选取30只流动性 好、连续分红、股息率高且兼具盈利持续性与成长性的上市公司证券，采用股息率加权，以反映香港市场高股息与成长性并重的优质企业整体表现。Wind 数据显示，截至2025年5月15日，该指数前十大权重股包括中国移动、中国海洋石油、中国财险、新鸿基地产、电能实业等。前十大权重股合计占比达 75.01%。（注：相关个股仅为指数成分股展示，不作为个股推荐。) | 言言 中证指数 首页 产品与服务 | 研究与洞见 国际合作 | 信息披露 关于我们 | | --- | --- | --- | | CHINA SECURITIES INDEX | | | 图片来源：中证指数官网 此外，港股通高息精选指数创新引入质量因子，通过ROA、净利润增速、现金流等指标筛选高质量标的，有效规避"高股息陷阱"。Wind数据显示 ...

□本报记者 张凌之 上周（5月12日至5月16日），A股整体呈现震荡整理态势，主要股指小幅上涨。在板块方面，美容护 理、汽车、交通运输、非银金融涨幅居前，计算机、电子、传媒、房地产表现相对疲弱。 5月以来，涨幅居前的仍为跨境ETF。其中，标普消费ETF和两只港股汽车主题ETF的月内涨幅超10%。 不过，从资金净流入额来看，涨幅居前的跨境ETF在5月以来资金多呈现净流出状态，涨幅较高或与炒 作资金有关。 受现货黄金大跌影响，上周黄金主题ETF普跌，跌幅前十的ETF多为黄金主题ETF，且跌幅均超过4%。 资金整体呈净流出 整体来看，上周全市场ETF的资金总体呈净流出状态。Wind数据显示，5月12日至5月16日，全市场ETF 资金净流出额达到318.31亿元。股票型ETF上周也呈净流出，净流出额282.92亿元。 具体来看，资金净流入方面，上周固收类ETF成为ETF市场"吸金"主力。一周净流入额前十的ETF中， 有5只为固收类ETF，合计"吸金"72.45亿元。短融ETF一周净流入33.87亿元，30年国债ETF一周净流入 额也超过17亿元。此外，一周净流入额居前的ETF中还出现了两只科创相关ETF，两只军工主题 ...

Summary of Conference Call Notes Industry or Company Involved - The notes primarily discuss the A-share market, public funds, and various sectors including technology, consumer goods, manufacturing, and TMT (Technology, Media, and Telecommunications) sectors. Core Points and Arguments - **Market Overview**: The market lacks a clear direction, with public fund adjustments and high-frequency data being the main trading logic. Non-bank sectors show a demand for catch-up, becoming a preferred direction for funds. The market is expected to remain volatile with both bullish and bearish factors present [1][4][5]. - **Sector Allocation Recommendations**: The recommendation is to maintain a strategy focused on broad technology, domestic demand, and dividend stocks. New regulations favor large-cap stocks, and the technology sector is expected to see short-term trading opportunities due to upcoming industry events [1][6]. - **Hong Kong Market Outlook**: The Hong Kong market is expected to gain attractiveness due to tariff easing and expectations of RMB appreciation, which will facilitate capital inflow from the south [1][7]. - **Public Fund Regulations Impact**: New regulations pose challenges for fund managers, with only 30.9% of equity mixed funds expected to pass assessments from 2022 to 2024. Strategies may shift towards quantitative methods or changing benchmarks to adapt to these regulations [1][8]. - **Market Capital Flow**: The overall capital flow in the market remained stable, with net inflows in financing funds. However, foreign capital showed mixed trends, with active foreign investments withdrawing from A-shares and Hong Kong stocks [1][10][11]. - **Sector-Specific Trends**: The consumer sector saw significant net outflows in ETFs, while manufacturing and technology sectors experienced slight outflows after previous inflows. Corporate buybacks and major shareholder increases are expected to provide support to the market [1][12]. - **April A-Share Economic Data**: A-share economic data showed a downward trend, with consumer sectors showing signs of recovery, while manufacturing sector improvements slowed down. The TMT sector demonstrated resilience [2][14]. - **Highlighted Industries**: Key industries to watch include lithium batteries, photovoltaic equipment, e-commerce, textiles, dairy products, and condiments, all showing signs of recovery or growth [2][15]. Other Important but Possibly Overlooked Content - **Market Sentiment Complexity**: Recent market sentiment is described as complex and slightly weaker than expected, with strong performances in certain sectors like photovoltaic and shipping, while others like military and robotics faced corrections [3]. - **Future Market Dynamics**: The market is expected to adapt to new regulations, potentially leading to increased indexation, which may affect the uniqueness and competitiveness of products offered by fund managers [1][9].

Group 1 - The core viewpoint indicates that the U.S.-China tariff negotiations are in three phases: the first phase is pessimistic, the second phase shows recovery, and the third phase remains a long-term "game" with a specific order and rhythm that should not be rushed. The progress and reduction of tariffs are better than market expectations, leading to significant inflows into U.S. stocks and improved market sentiment. Currently, comprehensive tariffs from the U.S. on China remain around 50% + 24% pending, suggesting that while the "deadlock has been broken," the "final outcome is still far off" [1] - In the context of major assets recovering to their April 3 highs, A-shares are expected to maintain a period of high-level fluctuations. The report suggests focusing less on indices and more on bottom-up performance opportunities, reducing chasing of rallies and preparing for the market in June and July [1][5] - The report ranks major asset classes for the third phase of tariffs, indicating that among QDII investable assets, German stocks are preferred over Japanese and Hong Kong stocks, followed by U.S. stocks and U.S. Treasuries. Gold is suggested for short-term trading opportunities around the 3100-3150 range [1][6] Group 2 - The A-share market is experiencing a strong rebound due to the easing of U.S.-China tariff agreements, but there is a risk of subsequent pullbacks as most broad indices have filled gaps from early April, limiting upward space. The report emphasizes a strong motivation for funds to realize gains [5][36] - The report highlights that the valuation of the CSI 300 has recovered to within one standard deviation, moving away from extreme undervaluation. It also notes that public fund positions have been adjusted downwards, and the market is expected to experience short-term fluctuations with a focus on structural opportunities in dividend stocks and sectors benefiting from domestic demand [5][36] - In the Hong Kong market, trading sentiment remains low, with net selling from southbound funds. The report indicates that the focus of increased buying is on defensive sectors, while technology stocks have seen significant net selling [39][40] Group 3 - The report indicates that the U.S. stock market is showing medium-level positions, with recent economic data being mixed and not supporting stagflation assumptions. The report suggests maintaining a wave trading strategy and being cautious about profit-taking [32][36] - The report notes that the Japanese stock market has seen a significant pullback, suggesting that investors should gradually take profits as the index approaches previous highs [33] - The report emphasizes that the overall sentiment in the Hong Kong market is pessimistic, with a shift towards defensive sectors and significant selling in technology stocks. The report also highlights the recent improvement in domestic economic fundamentals, which is favorable for the Hong Kong market [39][44] Group 4 - The report suggests a focus on high-dividend cash flow and small-cap technology stocks in the A-share market, indicating a "barbell" strategy for investment. It emphasizes the importance of sector selection, particularly in banking, electricity, innovative pharmaceuticals, and robotics [36][46] - The report indicates that the small-cap style is currently favored, with short-term market interest rates declining, benefiting small-cap performance. However, it warns of potential trading crowding risks in the CSI 2000 [47] - The report highlights the ongoing demand for gold as a hedge against tariffs and potential economic weakness in the U.S. in June, suggesting that gold remains a good choice for short-term trading opportunities [48]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, China is in a marginal de - leveraging process. The government aims to stabilize the macro - leverage ratio, and the growth rate of the real - sector's liabilities is expected to decline. The fiscal policy is front - loaded, and the monetary policy is moderately neutral [2][17]. - The economic recovery in the current round is better than expected, but it is necessary to observe whether the physical volume data will weaken in the future. The target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9% [4][19]. - The stock - bond relationship shows a pattern of a strong stock market and a weak bond market, with the style shifting towards value - based stocks. The stock - bond ratio continues to favor stocks, but in the de - leveraging cycle, the trading value of both stocks and bonds is currently limited. If the yield of the 10 - year Treasury bond rises above 1.7%, the trading value of bonds may gradually emerge [6][22]. - In the de - leveraging cycle, the probability of value - based stocks outperforming is higher. The recommended A + H dividend portfolio and A - share portfolio mainly focus on industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [8][9]. 3. Summary by Relevant Catalogs 3.1 National Balance Sheet Analysis Liability Side - In March 2025, the real - sector's liability growth rate was 8.7% (previous value: 8.4%), expected to rebound slightly to around 9.0% in April, reach an annual high, and then decline steadily in May and return to de - leveraging. By the end of the year, it is expected to drop to around 8% [2][17]. - The government's liability growth rate was 13.9% at the end of March 2025 (previous value: 12.9%), expected to rise to around 14.8% in April, reach an annual high, and then decline. By the end of the year, it is expected to drop to around 12.5% [3][18]. - Last week, the money market continued to loosen marginally. The one - year Treasury bond yield oscillated upwards, closing at 1.45% at the weekend. The estimated lower limit of the one - year Treasury bond yield is about 1.3%, the lower limit of the 10 - year Treasury bond yield is about 1.7%, and the lower limit of the 30 - year Treasury bond yield is about 1.9% [3][18]. Asset Side - In March, the physical volume data improved comprehensively compared to January - February. The economic recovery in this round is better than expected, but it is necessary to pay attention to whether the physical volume data will weaken in the future. The target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9% [4][19]. 3.2 Stock - Bond Cost - Effectiveness and Stock - Bond Style - Last week, the money market continued to loosen marginally. The stock market was strong, and the bond market was weak, with the style shifting towards value - based stocks. The yields of both short - term and long - term bonds increased, and the stock - bond ratio continued to favor stocks [6][22]. - The 10 - year Treasury bond yield increased by 4 basis points to 1.68% throughout the week, and the one - year Treasury bond yield increased by 3 basis points to 1.45%. The term spread between the 10 - year and one - year Treasury bonds slightly widened to 23 basis points [6][22]. - The wide - based rotation strategy underperformed the CSI 300 index by - 0.02 pct last week. Since the position was established in July, it has outperformed the CSI 300 index by 6.28 pct, with a maximum drawdown of 12.1% (compared to 15.7% for the CSI 300 index) [6][22]. - Considering the de - leveraging cycle, the trading value of both stocks and bonds is currently limited. If the yield of the 10 - year Treasury bond rises above the predicted lower limit of 1.7%, the trading value of bonds may gradually emerge. This week, a bond position is added, with recommended allocations of 40% for the dividend index, 40% for the SSE 50 index, and 20% for the 30 - year Treasury bond ETF [7][23]. 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market rose with shrinking trading volume. The Shanghai Composite Index rose 0.8%, the Shenzhen Component Index rose 0.5%, and the ChiNext Index rose 1.4%. Among the Shenwan primary industries, beauty care, non - bank finance, automobiles, transportation, and basic chemicals had the largest increases, while computer, national defense and military industry, media, electronics, and social services had the largest declines [31]. 3.3.2 Industry Crowding and Trading Volume - As of May 16, the top five industries in terms of crowding were machinery and equipment, electronics, automobiles, computers, and basic chemicals, while the bottom five were comprehensive, steel, coal, building materials, and petroleum and petrochemicals [34]. - The top five industries with increased crowding this week were basic chemicals, transportation, automobiles, pharmaceutical biology, and non - ferrous metals, while the top five with decreased crowding were computers, national defense and military industry, electronics, communications, and media [34]. - The trading volume of the entire A - share market decreased this week. Beauty care, transportation, non - bank finance, textile and apparel, and coal had the highest year - on - year growth rates in trading volume, while real estate, media, household appliances, building materials, and steel had the smallest increases [35]. 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, beauty care, non - bank finance, automobiles, basic chemicals, and transportation had the largest increases in PE(TTM), while national defense and military industry, computer, media, electronics, and social services had the largest declines [38]. - In terms of valuation - earnings matching, as of May 16, 2025, industries with relatively high full - year earnings forecasts for 2024 and relatively low current valuations compared to history included coal, petroleum and petrochemicals, non - ferrous metals, power equipment, pharmaceutical biology, and consumer electronics [40]. 3.3.4 Industry Prosperity - In terms of external demand, there were mixed trends. The global manufacturing PMI fell from 50.3 in April to 49.8, and the PMIs of major economies that have been released in April showed mixed trends. The CCFI index decreased by 0.14% week - on - week in the latest week, and port cargo throughput declined. South Korea's export growth rate rose to 3.7% in April and then dropped to - 23.8% in the first 10 days of May. Vietnam's export growth rate rose from 13.2% in March to 21% in April [42]. - In terms of domestic demand, the second - hand housing price decreased in the latest week, and the quantitative indicators showed mixed trends. The traffic volume of trucks on expressways declined. The capacity utilization rate of ten industries rose to a relatively high level in March 2025, significantly declined in April, and slightly rebounded in May. Automobile trading volume was at a relatively high level compared to the same period in history, new - home sales remained at a historical low, and second - hand home sales were still at a high level compared to the historical seasonality [42]. 3.3.5 Public Fund Market Review - In the second week of May (May 12 - 16), most active public equity funds underperformed the CSI 300. The 10%, 20%, 30%, and 50% weekly returns were 1.4%, 1%, 0.8%, and 0.3% respectively, while the CSI 300 rose 1.1% [58]. - As of May 16, based on the latest net value and share estimates, the net asset value of active public equity funds was 3.4 trillion yuan, slightly lower than the 3.66 trillion yuan in Q4 2024 [58]. 3.3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the probability of value - based stocks outperforming is higher. Dividend - type stocks generally should have three characteristics: no balance - sheet expansion, good profitability, and survival ability [8][62]. - Combining the above three characteristics and the under - allocation situation in the public fund's quarterly report, the recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [9][62].

证 券 研 究 报 告 银行业周报（20250512-20250518） 推荐（维持） 当前五大行 A 股股息率处于何种水平？ 银行 2025 年 05 月 18 日 华创证券研究所 2015-2025 年，大致可以划分为四个阶段：1）2Q15-1Q16，五大行季度平均股 息率震荡上行，平均股息率从 4.4%升至 5.3%；2）2Q16-1Q18，五大行季度平 均股息率震荡下行，从 5.3%降至 4.0%；3）2Q18-1Q23，五大行季度平均股息 率开启较长时间的震荡上行，从 4.4%升至 7.2%；4）2Q23-2Q25，五大行季度 平均股息率呈现较快下行趋势，从 6.3%降至 4.4%。当前水平处于 2015 年以 来的较低分位，与 2Q15 和 2Q18 水平相当。 与历史上当期的国债收益率相比，除了 1Q18 跑输 10 年期国债收益率之外， 其余时间五大行季度平均股息率均高于 10 年期国债收益率。其中 1Q20-2Q21， 高于 10 年期国债收益率 2pct；3Q21-2Q24，高于 10 年期国债收益率 3-4pct。 25 年以来仍然高于 10 年期国债收益率 2pct。 24 年所有 A ...

Core Viewpoint - The article discusses the significant increase in the valuation of dividend indices following the annual report updates, attributing this rise to the use of static price-to-earnings (PE) ratios by the China Securities Index, which contrasts with the rolling PE ratios used by other platforms [3][10]. Valuation Changes of Dividend Indices - The valuation of various dividend indices has seen notable changes, with the PE ratios increasing significantly post-annual report updates. For instance, the Dividend Index's PE rose from 7.19 to 8.71, marking a 21.14% increase, while the dividend yield remained stable at 7.10% [7]. - The China Securities Dividend Index also experienced a PE increase of 22.46%, from 7.88 to 9.65, with a slight decrease in dividend yield [7]. - The low-volatility dividend indices showed a lower increase in PE ratios, indicating a more stable valuation compared to single-factor dividend indices [8]. Industry and Sample Performance - The analysis of the China Securities Dividend Index reveals that 58 out of 100 sample companies experienced a decline in profit year-on-year, with an average profit drop of 12.99% [16][17]. - Revenue performance was similarly affected, with 60% of the sample companies reporting a decline in revenue, averaging a decrease of 3.89% [17]. - Industries facing profit declines include coal, transportation, steel, media, and construction materials, while banking and public utilities showed stable profit growth [19][20]. Conclusion on Dividend Indices - The overall valuation increase in dividend indices is primarily driven by the decline in profits among key sectors like coal and steel, leading to a significant rise in PE ratios. Despite this, the indices maintain a stable profit outlook, suggesting that investors can hold onto these indices without excessive concern [20][21].

在今年至今不到5个月里，险资已举牌13次。和去年全年的20次相比，今年险资的举牌热情有过之而无不及。 今年险资举牌的热情依旧不减。 第一财经记者根据中国保险行业协会披露信息梳理，在今年至今不到5个月里，险资已举牌13次，而去年全年险资 举牌次数为20次。 在这13例举牌中，从行业来看有6例举牌对象为银行股，从市场来看绝大多数险资选择的是H股市场，从举牌险企 来看中国平安（601318.SH；02318.HK）是今年举牌次数最多（4次）的"大户"。 综合业内分析师观点，今年以来的险资举牌热潮是去年的延续，背后驱动因素主要是在低利率时代对利息收入下滑 压力的补偿，以及新会计准则下市值波动对净利润影响的平滑。同时，业内人士普遍预计今年的险资举牌潮仍有望 持续。 13次举牌偏好这些股票 据第一财经记者统计，从年初到5月15日，今年中国保险行业协会披露的险资举牌次数达到13次。和去年全年的20 次相比，今年险资的举牌热情有过之而无不及。 那险资今年举牌都热衷于哪些股票？ 此轮举牌背后的底层逻辑 第一财经记者梳理发现，今年险资的13次举牌中，尽管有12次都举牌了不同的上市公司，但这些个股所涉及行业较 为集中，且行业偏好延 ...