重大利好落地，科技主线确立无疑，但从最近的表现来看：科技跌时银行涨，科技涨的时候银行还是 涨，这跷跷板明显偏向红利资产。 今日开盘，红利资产持续走强。$港股红利低波ETF(SH520550)$盘中一度涨超0.6%，正在冲击7连涨， 距离历史高点仅1.2%的涨幅。数据显示，该ETF年内累计净申购已经超过1亿元，年内份额扩容近 45%，创上市以来新高。 值得注意的是，港股红利低波ETF（520550）日前刚发布过2025年首次分红公告：每10份基金份额派发 现金红利0.02元，权益登记日为5月14日，除息日为5月15日，现金红利将于5月20日发放。 ——这意味着，今日收市前买入或持有ETF均可获得分红款。尽管由于成分股的分红节奏导致ETF初期 分红比例不高，但随着5-7月成分股进入派息高峰，未来港股红利低波ETF（520550）分红势必会有一 波提升，可以一起见证一下。 | 收益分配基准日 | | 2025年4月25日 | | --- | --- | --- | | 截止收益分配基准日的相关 | 基准日基金份额净值(单位: 人民币元) 基准日基金可供分配利润(单 | 1.0244 5.560.849.53 | | ...

Core Insights - The article emphasizes the attractiveness of dividend assets in a low-interest-rate environment, highlighting that the China Securities Dividend Total Return Index has a dividend yield of 6.26% as of March 31, 2025, placing it in the 91.38th percentile over the past decade [1] - The article introduces the upcoming launch of the招商红利量化选股混合 fund, which combines dividend theme investment with an active quantitative stock selection strategy, aimed at helping investors allocate to high-yield, undervalued assets [1][2] Investment Strategy - The招商红利量化选股混合 fund employs a multi-factor quantitative investment model to select stocks with investment value, evaluating aspects such as valuation, growth, profitability, operational quality, and volatility [2] - The fund's portfolio construction relies on quantitative model outputs and optimization algorithms to determine stock composition and weightings, seeking to achieve an effective investment boundary [2] Fund Management - The fund manager, Cai Zhen, has nearly 11 years of investment research experience and has managed the招商中证1000指数增强A fund since November 5, 2021, achieving a three-year return of 14.09%, significantly outperforming its benchmark by 21.30% [2][4] - The quantitative investment team at招商基金 has an international perspective and consists of 9 members with an average experience of 9.2 years, specializing in financial engineering, risk management, and information technology [3]

Group 1 - The core viewpoint of the articles highlights the strong performance of Hong Kong dividend assets, particularly the Hong Kong Dividend ETF (513820), which has seen significant gains and increased trading volume [1][4] - The Hong Kong Dividend ETF (513820) has a notable increase in its constituent stocks, with Agricultural Bank rising by 2.88% and China CITIC Bank by 1.9%, reaching historical highs [3] - Southbound funds have significantly increased their purchases of Hong Kong bank stocks, indicating a strong preference for high-dividend assets among investors [3] Group 2 - The dividend yield of the Hong Kong Dividend ETF (513820) is reported at 8.2%, which remains competitive even after accounting for a 20% dividend tax [8][12] - The cash dividend ratio for Hong Kong stocks is 48.9% in 2023, surpassing the 41.8% ratio of A-shares, indicating a more favorable long-term trend for Hong Kong dividend assets [6] - The proportion of stocks with a dividend yield above 5% in the Hong Kong market is 43%, significantly higher than the 21% in the A-share market [6] Group 3 - The performance of Hong Kong dividend assets has shown a higher probability of generating excess returns compared to A-shares across various market conditions, with a 75% chance of positive excess returns [10][12] - From 2019 to 2024, Hong Kong dividend assets have consistently outperformed A-shares, achieving excess returns in five out of six years [12] - The valuation of Hong Kong stocks is lower compared to A-shares, providing a greater margin of safety for investors [13]

Core Viewpoint - The article discusses the upcoming launch of the "招商红利量化选股混合" fund, which combines dividend investing with quantitative strategies, highlighting its potential advantages in the current market environment [2][17]. Group 1: Dividend Asset Value - Dividend assets continue to hold investment value, especially in a weak economic environment, characterized by market fluctuations and low interest rates [2][4]. - The current yield on China's 10-year government bonds is at 1.6279%, one of the lowest in over a decade, indicating a favorable environment for dividend assets [2][4]. Group 2: Advantages of Quantitative Strategies - The combination of dividend assets and quantitative stock selection offers several advantages over passive funds, including a broader selection of stocks beyond index limitations [5]. - In a weak recovery and low-interest-rate scenario, dividend assets, with a current dividend yield of 6.53%, provide stable cash flow, making them attractive to investors [6]. - Active management allows for more flexible rebalancing compared to passive funds, enabling the fund manager to respond to market changes and capture potential opportunities [7]. - The integration of quantitative strategies aims to enhance returns by pursuing both stable beta and potential alpha, increasing the overall performance of dividend assets [7]. Group 3: Fund Manager and Strategy - The fund "招商红利量化选股混合" is set to launch on May 14, with a focus on selecting stocks from a proprietary dividend-themed stock pool using a multi-factor quantitative investment model [8]. - The appointed fund manager, Cai Zhen, has nearly 11 years of investment research experience and a strong background in active quantitative investment [9]. - Cai Zhen's previous management of funds has yielded impressive results, with the "招商中证1000指增基金" achieving a return of 20.59% over the past year, outperforming its benchmark [10][11].

Group 1: Management Changes in Securities Firms - Zhang Haochuan, Vice President of China Merchants Securities, resigned for personal reasons, and will not hold any position after resignation [1] - The resignation follows the retirement of President Wu Zongmin, who announced his retirement due to age on May 7, leading to concerns about management stability [1] - The company confirmed that there are no significant disagreements with the board and has completed the necessary work handover, indicating limited long-term impact [1] Group 2: Technology Innovation Bonds - The People's Bank of China and the China Securities Regulatory Commission announced support for the issuance of technology innovation bonds, including securities firms as eligible issuers [2] - Eleven securities firms, including CITIC Securities and China Merchants Securities, have confirmed the issuance of technology innovation bonds, with a total scale exceeding 10 billion [2] - This initiative is expected to enhance financing channels for securities firms and direct more funds towards technology innovation, benefiting related industry sectors [2] Group 3: Growth of Billion-Level Private Equity Firms - As of May 12, the number of billion-level private equity firms reached 87, an increase of 3 since the end of March, indicating a recovery in the issuance market [3] - Four firms exited the billion-level category while seven new firms entered, reflecting increased competition in the industry [3] - The growth in both subjective and quantitative billion-level private equity firms suggests a restoration of market confidence and potential for increased capital inflow [3] Group 4: Restrictions on Dividend Funds - Several dividend-themed equity funds have announced subscription limits due to increased interest in low-valuation, stable assets amid market fluctuations [4] - China Europe Fund and Western Li De Fund have implemented subscription limits to protect the interests of fund holders and ensure stable operations [4] - The restrictions may lead investors to reassess dividend assets, potentially impacting market fund flows and increasing attention on related industry sectors [4]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 05 月 12 日 投资要点： 证券分析师 A 股财报画像的推演：杠铃策略延续 电力：区域火电公司业绩兑现度高 136 号文利好存量绿电资产 请务必仔细阅读正文之后的评级说明和重要声明 从 2024 年年报来看，A 股市场强预期、弱现实背景并未改变，从 2021 年下半年开始（也正 是沪深 300 阶段性见顶回落的时间点），A 股市场预期与现实的落差即开始加剧，最近两年 愈发突出。回顾历年所在时点对当年归母净利润的 wind 一致预期全 A 样本加总数据，年初高 开与逐季下修形成鲜明反差，而最终业绩又低于已然下修后的预期。 2024 年 A 股实际归母净利润达到年初预期的 79%，较 2023 年的 77%略有好转，但是仍处于 历史低位。换言之，对于个股而言，只要最终业绩达到年初预期的八成就算超预期了。我们 认为这是近年来红利资产持续上涨的根本原因，业绩稳定性权重胜过业绩向上弹性。 从金融学理论看红利行情的本质：对宏观经济本身无谓多空，而是对波动性的重新定价，从而 享受了折现率收窄的利好，而折现率下降不完全来自于无风险利率下降。红利 ...

Core Viewpoint - The recent market volatility has led to a resurgence in the popularity of dividend assets, prompting several dividend-themed equity funds to announce subscription limits [1][2][4]. Group 1: Fund Subscription Limits - Multiple fund companies have announced the suspension of large subscriptions for their dividend-themed funds, with China Europe Fund limiting subscriptions to 500,000 yuan starting May 12, 2025, to ensure stable operation and protect the interests of fund shareholders [2][3]. - Western Li De Fund has also suspended subscriptions over 10 million yuan for its Central Enterprise Preferred Stock Fund, citing similar reasons for protecting fund holders' interests [4]. Group 2: Performance of Dividend Assets - The Central Enterprise Dividend Index has shown a 1.85% increase since the beginning of the second quarter, outperforming the Shanghai Composite Index and the CSI 300 Index, which increased by 1% and 0.09% respectively [4]. - Over the past year, the Central Enterprise Dividend Index has risen by 14.20%, significantly outperforming the broader market indices [5]. Group 3: Investment Opportunities - The total scale of dividend funds reached 251.367 billion yuan by the end of the first quarter, an increase of approximately 27 billion yuan from the previous quarter, marking a new high [5]. - The cost-effectiveness of dividend assets is currently at the 99th percentile of the past decade, indicating that they are among the most attractive investments in recent history [5]. - Recent monetary policy measures, including interest rate cuts, are expected to enhance the appeal of high-dividend assets, particularly in a low-interest-rate environment [5]. Group 4: Investment Strategies - For long-term holdings, the probability of dividend assets outperforming the CSI 300 and CSI 800 indices exceeds 70% after one year and approaches 90% after three to five years [6]. - Investment strategies suggest adjusting the amount of regular investments based on market conditions, such as reducing contributions during periods of excessive returns and increasing them during significant market corrections [6].

方正证券沈重衡认为，证监会印发《推动公募基金高质量发展行动方案》，强调中长期业绩导向。这一政策方向有利于鼓励基金公司更关注长期回报，而非 短期波动。红利资产具备较高长期胜率在较长持有周期下，红利资产相较于主流宽基指数展现出更高的胜率。 红利低波100ETF紧密跟踪中证红利低波动100指数，中证红利低波动100指数选取100只流动性好、连续分红、股息率高且波动率低的上市公司证券作为指数 样本，采用股息率/波动率加权，以反映股息率高且波动率低的上市公司证券的整体表现。 规模方面，红利低波100ETF最新规模达9.25亿元，创近1年新高。 费率方面，红利低波100ETF管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 跟踪精度方面，截至2025年5月9日，红利低波100ETF近1月跟踪误差为0.040%，在可比基金中跟踪精度最高。 截至2025年5月12日 13:21，中证红利低波动100指数(930955)上涨0.14%，成分股陕天然气(002267)上涨2.23%，深高速(600548)上涨1.78%，陕鼓动力(601369) 上涨1.62%，华域汽车(600741)上涨1.60%，厦门国贸( ...

2025.05. 12 本文字数：527，阅读时长大约1分钟 作者 | 第一财经 截至午间收盘，沪指涨0.37%，深成指涨1.06%，创业板指涨1.72%。 盘面上看，军工板块集体走强，中船系、成飞系方向领涨；机器人、低空经济、消费电子、固态电池 板块涨幅居前，互联网电商板块活跃，ST板块延续涨势；贵金属、农业、创新药、电力板块跌幅居 前。 个股涨多跌少，全市场超3400只个股上涨。 机构观点 国泰海通资深市场分析师袁强认为，近期市场流动性出现新的变化：高风险偏好资金延续回流A股的 趋势，并且在节后持续增配科技行业，其中ETF与两融资金均增持电子与计算机。对A股投资者来 说，短期可考虑以红利资产为底仓，由于多数景气方向近期市场都有一定反应，需要以较高标准进行 精选，适度参与新主题，看好以机器人、军工、AI为代表的科技方向。 深圳前海融悦资产管理有限公司基金经理王章亮认为，指数在上周维持窄幅震荡，酝酿突破，周末消 息面偏暖，地缘关系缓和，整体市场的风险偏好得以显著提升。今早A股承接此前的上涨惯性，高开 震荡走高。沪指站稳年线，同时均线系统多头排列，短期趋势仍维持偏多。具体板块方面，中国制造 业全产业链优势有望进 ...

今日（5月12日）早上8点半，低费率月月分红的$港股红利低波ETF(SH520550)$发布了2025年第一次分红公告——我宣布，520比玫瑰还要浪漫的礼物出现 了。 根据公告，这次港股红利低波ETF（520550）计划每十份分红0.02元，采取现金分红方式，并且暂免征收所得税，也不会收取分红手续费——省到的就是赚 到的，"浪漫指"直接打满。 具体时间来看，这次ETF的权益登记日为2025年5月14日，除息日5月15日，红利发放日为5月20日，也就意味着在本周三收盘前买入该ETF都能参与分红， 后面坐等520红包就行了。 今日早盘，港股红利低波ETF（520550）盘中一度涨超1%，截至上周五已经保持连续四周上涨，5日、10日均线都迎头向上，中期趋势一片大好。可以说在 市场最近延续震荡分化、交易情绪明显不佳的背景下，走出了一波明显的独立趋势。 背后的原因一方面是因为经济弱修复底色并未发生改变，虽然今天中美经贸会谈的具体细节就要发布，但是落地还需要时间，市场避险需求持续旺盛。 另一方面，无风险利率持续下行的大环境下（上周再度出台降准、降息政策），红利资产的股息率相对十年国债收益率吸引力也在持续增加，都为红利资产 ...