A股早盘震荡走低，双创板块跌幅居前，红利板块跟随市场调整，恒生港股通高股息低波动指数跌逾 1%，恒生红利低波ETF（159545）盘中净申购超1700万份。 （文章来源：每日经济新闻） 有券商表示，继9月初算力板块交易过热见顶后，市场进入牛市整理期，呈现资金高切低、指数横盘、 缩量轮动的特征。但总体上牛市逻辑仍在，一方面资本市场改革进入深水区，另一方面结构性景气提供 支撑，资金面充裕，下修幅度或有限。中期配置方面，风格切换已经开始，短期关注"反制+避险"，年 底建议关注红利风格。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，恒生红利低波ETF （159545）、红利ETF易方达（515180）、红利低波动ETF（563020）、红利价值ETF（563700）等产 品管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 Wind数据显示，近期市场持续调整，红利板块成了资金"避风港"。截至11月20日，恒生红利低波ETF （159545）11月以来连续获资金净流入，累计吸金逾12亿元，产品规模为54.3亿元，创下历史新高。 ...

| 令日 | 该指数 | 该指数自2013年 | 该指 | | --- | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | | 0. 2% | 8.5倍 | 78. 2% | 4 | 截至收盘，中证红利价值指数上涨0.5%，恒生港股通高股息低波动指数上涨0.4%，中证红利指数、中证红利低波动指数均上涨0.2%，恒生红利低波 ETF（159545）全天净申购达3000万份。Wind数据显示，截至昨日，该ETF月内连续"吸金"，合计超11亿元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动 ETF（563020）、红利价值ETF（563700）等产品管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_cente ...

兴业证券称，今年三季度，中国保险资金权益资产的配置比例大幅上升接近历史新高，大幅增配银行， 以及钢铁、纺织服装等红利板块。三季度险资股票和基金的投资比例大幅升至15.5%，已十分接近2015 年上半年16.1%的历史最高水平，银行存款和债券的投资比例较二季度分别降低0.7和0.8个百分点，至 7.9%和50.3%。 ...

资金持续涌入红利主题ETF，多只红利主题ETF份额创历史新高。据Choice测算，11月以来，截至11月 17日，红利主题ETF净申购额为82.28亿元。其中，摩根港股红利指数ETF、华泰柏瑞红利低波ETF、华 安港股通央企红利ETF等净申购额均超过9亿元。随着资金持续涌入，摩根港股红利指数ETF、华泰柏 瑞红利低波ETF、华安港股通央企红利ETF等份额均创上市以来新高。 华安基金表示，高分红公司具备多重优质特性，通常具备稳定的盈利能力、扎实的基本面、充沛的现金 流以及较低的波动率，商业模式成熟、行业格局稳定、竞争优势较强，同时注重对股东的回报。预计长 期利率中枢或将继续保持下行趋势，高股息的相对优势将进一步凸显，险资等机构资金有望进一步增配 红利板块。 ...

Market Overview - Global stock markets experienced a significant decline, with the Korean Composite Index and Nikkei 225 both dropping over 3% [1] - A-shares also fell, with 4,106 stocks closing down, particularly in coal, power equipment, steel, and non-ferrous metals sectors [1] - The Shanghai Composite Index closed down 0.81% at 3,939.81 points, while the ChiNext Index fell 1.16% to 3,069.22 points [2] Sector Performance - The TMT (Technology, Media, and Telecommunications) sector showed resilience, with the media sector rising by 1.6% [7] - Semiconductor, computer software, and Huawei HiSilicon concepts saw gains, while sectors like power battery recycling, phosphorus chemical, and coal experienced significant declines [4] - Among 31 first-level industries, 26 sectors closed down, with coal, power equipment, steel, and non-ferrous metals each dropping around 3% [5] Trading Activity - Daily trading volume slightly increased from 1.93 trillion yuan to 1.95 trillion yuan, indicating active leverage funds [2] - Margin trading balance in Shanghai and Shenzhen returned to 2.5 trillion yuan as of November 17 [2] Investment Sentiment - Market sentiment remains cautious due to external market declines and the need for A-shares to correct [1] - Investors holding heavy positions in technology stocks are advised to reduce their holdings, particularly in thematic technology stocks [1][11] Future Outlook - Analysts suggest a "dual-line layout" strategy, focusing on undervalued financial and dividend sectors while also participating in TMT segments with potential for rebound [12] - The long-term trend for technology remains positive, with ongoing support from policies and rapid development in AI and semiconductor sectors [11][13]

截至收盘，中证红利低波动指数下跌0.7%，中证红利指数下跌1.4%，中证红利价值指数下跌1.5%，恒生港股通高股息低波动指数下跌1.9%，恒生红利低波 ETF（159545）全天净申购约2000万份。Wind数据显示，该ETF月内连续"吸金"，合计超11亿元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动ETF （563020）、红利价值ETF（563700）等产品管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 每日经济新闻 | 今日 | 该指数 | 该指数自2013年 | 该指 | | --- | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | | -0. 7% | 8.5倍 | 78. 2% | 4 | ...

Core Viewpoint - The dividend sector experienced a pullback in early trading, with various indices reflecting declines, yet there was significant net inflow into related products, indicating continued investor interest in high-dividend assets [1][4]. Group 1: Market Performance - The CSI Dividend Index and CSI Dividend Value Index both fell by 0.2% as of the midday close [1]. - The CSI Dividend Low Volatility Index decreased by 0.6%, while the Hang Seng High Dividend Low Volatility Index dropped by 0.9% [1]. - Despite the overall decline, the Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription exceeding 16 million units in half a day [1]. Group 2: Fund Flows - The Hang Seng Dividend Low Volatility ETF recorded net inflows for 10 consecutive trading days, totaling nearly 1 billion yuan [1]. - The latest scale of this ETF has surpassed 5 billion yuan, marking a historical high [1]. Group 3: Index Composition and Valuation - The index is composed of 50 stocks characterized by high dividend yields and value features, reflecting the overall performance of high-dividend and value stocks [4]. - The rolling price-to-earnings ratio of the index stands at 8.1 times, with a valuation percentile of 76.7% since 2014 [4]. - The banking, coal, and transportation sectors collectively account for over 75% of the index [4].

Core Viewpoint - The A-share market shows a trend of low opening and high closing, while the Hong Kong stock market experiences slight adjustments, indicating a potential shift in market funds from defensive to offensive strategies [1] Group 1: Market Performance - The Hang Seng Dividend Low Volatility ETF (159545) has ended its eight-day winning streak, slightly declining by 0.76% as of 11:01 AM, suggesting a potential opportunity for positioning [1] - As of November 12, the product scale of the Hang Seng Dividend Low Volatility ETF has surpassed 5 billion yuan, reaching 5.233 billion yuan [1] Group 2: Investment Trends - Approaching year-end, the dividend style is expected to outperform overall due to the mean reversion in the divergence of growth and value returns, benefiting dividend-oriented styles [1] - Institutional investors typically seek stable returns towards the end of the year, which may lead to a shift towards more conservative dividend styles [1] - By 2026, many insurance funds are expected to face a demand for reduced volatility due to new accounting standards, potentially driving funds towards high-dividend Hong Kong stocks [1] Group 3: Company Information - E Fund is currently the only fund company that implements low fee rates for all dividend ETFs, with management fees for products like the Hang Seng Dividend Low Volatility ETF (159545) set at 0.15% per year, facilitating low-cost investment in high-dividend assets [2]

Group 1 - The bank ETF Tianhong (515290) has seen a year-to-date share growth rate of 39.92%, with the latest scale at 6.291 billion and circulating shares at 4.145 billion [1] - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) has experienced net inflows for two consecutive trading days, indicating strong investor interest [1] - The performance of the dividend sector, including banks, has been strong, with major banks like Agricultural Bank of China showing significant stock price increases [2] Group 2 - The six major state-owned banks reported double growth in revenue and net profit for the first three quarters of the year, with net profits for major banks ranging from 699.94 million to 2,699.08 million, reflecting a year-on-year growth of 0.33% to 3.03% [2] - The banking sector's performance is supported by stable growth in scale, improved net interest income, and a recovery in non-interest income, with asset quality remaining stable [3] - The policy environment is conducive to optimizing bank credit structures and protecting interest margins, which enhances the growth potential for non-interest income [3]

Group 1: Investment Strategy Overview - The report indicates a growing divergence in the market, with frequent changes in hot sectors and poor sustainability of these trends. Investors are advised to "accumulate grain" and maintain lighter positions, focusing on dividend stocks while waiting for better buying opportunities in technology after sufficient adjustments [4][18]. - The A-share market is experiencing a decline in trading volume, remaining below 2 trillion, and is precariously holding above the 4000-point mark. The report anticipates a continued shift of funds from technology to dividend stocks [4][18]. - The report highlights that the technology sector's absorption rate has fallen below 25%, indicating a release of crowded positions, but the time for recovery remains insufficient. It predicts a divergence in the performance of technology stocks, with those lacking earnings support likely to see significant corrections [4][18]. Group 2: Market Performance and Trends - The report notes that the quality of the rising sectors is poor, with more sectors declining than rising, and the sustainability of hot sectors is weak. The insurance, pharmaceutical, and oil and gas development sectors are leading gains, while wind power, photovoltaics, and new materials are declining [4][18]. - The report provides insights into the performance of various concepts, with cell immunity and combustible ice concepts leading gains, while previously strong concepts like cultivated diamonds are now declining [4][18][21]. Group 3: Bond Market Insights - The bond market is expected to continue its upward momentum in the short term, with a long-term target set at the low point of September 30, 2024. The report maintains that the trend of "strong stocks and weak bonds" is likely to persist [14][17]. Group 4: Foreign Exchange and Commodity Markets - The report states that the onshore RMB against the USD is at 7.1172, showing a slight increase. Despite recent adjustments in the USD index, it is expected to remain strong due to the stable performance of the US economy [27][29]. - The Wenhua Commodity Index has risen by 0.1%, influenced by the reopening of the US government and steady domestic inflation. However, the report suggests that investors should remain cautious and observe the market [31][33].