Core Viewpoint - The total dividend distribution from public funds has reached 181.2 billion yuan as of September 28, 2025, marking a year-on-year increase of 28.33% [1][2]. Group 1: Dividend Distribution Overview - A total of 2,873 funds have distributed dividends this year, with the majority being ETFs, particularly the CSI 300 ETF, which dominates the top four dividend distributions [2]. - The top dividend-paying product is the Huatai-PineBridge CSI 300 ETF, with a total dividend of 8.394 billion yuan, reflecting a significant year-on-year growth of 236.57% [2]. - Other notable ETFs include E Fund CSI 300 ETF and Huaxia CSI 300 ETF, with dividends of 5.558 billion yuan and 5.554 billion yuan, respectively [2]. Group 2: Dividend Frequency and Types - The Western Asset Central Enterprise Preferred Stock A/C has the highest number of dividend distributions this year, totaling 14 times [3]. - Bond funds remain the primary contributors to total dividends, accounting for 73.14% of the total with 132.5 billion yuan, showing a year-on-year growth of 10.2% [4]. - Passive index products have seen a remarkable increase in dividend distribution, totaling 31.4 billion yuan, which is a 225.75% increase compared to the previous year [4]. Group 3: Future Outlook - Analysts predict that total dividends may continue to expand, with a structural differentiation expected in the market [5]. - While bond funds will maintain a high share of total dividends, the growth rate is expected to slow down [5]. - The preference for passive index funds is anticipated to increase, driven by market improvements and a higher willingness to distribute dividends [5].

去年9月24日以来，A股大幅上涨。"9·24"前夕精准成立的基金亦收获不俗。 不过，前述低位成立的基金中，并未诞生年内频现的"翻倍基"，甚至平均涨幅落后于同期沪深股指。从布局情 况来看，这些产品多数重仓了表现一般的红利板块，且因成立于清淡市场，未能及时满仓从而错过随即而来的 迅猛行情。 近一年来，A股投资逻辑正悄然生变，以创新药和人工智能为主力的数个板块轮番上演异动行情，多只基金借 行情东风净值表现优异。 若将时间推至去年"9·24"前两个月，彼时沪指尚在3000点以下徘徊，权益产品新基金发行也陷入冰点——2024 年7月和8月股票型基金成立份额均为50多亿份，而这一数值在今年同期分别为355亿份和472亿份，行情的清淡 无疑对新基发行影响深远。 | 证券代码 | 证券简称 | 基金成立日 | 成立以来回报 | | --- | --- | --- | --- | | | | | (%) | | 020755.OF | 永赢融安A | 2024/8/23 | 89.09 | | 021981.OF | 安联中国精选A | 2024/9/3 | 74.96 | | 020966.OF | 东吴科技创新A | 20 ...

"下半年起，只要买入高股息股票，我们都优先考虑纳入FVOCI会计科目。"9月25日，一家保险公司的 权益投资部负责人杨建章向记者直言。 所谓FVOCI，是以公允价值计量且其变动计入其他综合收益的金融资产，其特点是相关股票股价涨跌无 需纳入保险公司当年利润报表，有助于增强保险公司利润报表的稳定性。 记者注意到，今年上半年，众多上市保险公司FVOCI会计科目项下的权益类资产规模均持续攀升。 例如，截至今年6月末，新华保险FVOCI项下权益类资产持有规模由今年年初的306.40亿元，增至374.66 亿元；中国人寿FVOCI项下股票持仓规模达到1402.6亿元，在其股票投资规模的占比升至22.6%。 东吴证券研究所联席所长孙婷认为，随着2026年新会计准则在保险行业全面实施，将进一步推动险资加 码FVOCI项下的股票配置。 中国人保副总裁才智伟表示，中国人保将持续稳步加大FVOCI会计科目下的股票配置力度。 一位大型保险公司权益资产投资经理告诉记者，他所在的保险公司正关注两大高股息股票的挖掘机会： 一是在"反内卷"政策实施、通胀回升、美联储重启降息的情况下，大宗商品上中游行业龙头上市公司的 现金流好转与分红金额增加 ...

随着2026年新会计准则在保险行业全面实施，将进一步推动 险资加码FVOCI项下的股票配置。 作者： 陈植 封图：图虫创意 "下半年起，只要买入高股息股票，我们都优先考虑纳入FVOCI会计科目。"9月25日，一家保险公 司的权益投资部负责人杨建章向记者直言。 所谓FVOCI，是以公允价值计量且其变动计入其他综合收益的金融资产，其特点是相关股票股价 涨跌无需纳入保险公司当年利润报表，有助于增强保险公司利润报表的稳定性。 记者注意到，今年上半年，众多上市保险公司FVOCI会计科目项下的权益类资产规模均持续攀 升。 FVOCI兴起 FVOCI的兴起，首先受到保险行业将在2026年1月全面执行新会计准则的影响。 在新会计准则里，金融资产主要被划分为三类，分别是以摊余成本计量的金融资产（AC）、以公 允价值计量且其变动计入其他综合收益的金融资产（FVOCI）、以公允价值计量且其变动计入当 期损益的金融资产（FVTPL）。 杨建章向记者表示，2023年起，上市保险公司陆续使用新会计准则。最初，保险公司发现大部分 股票等权益类资产无法通过SPPI（合同现金流特征）的固收类资产测试，就将它们计入FVTPL会 计科目。但保险公 ...

Core Viewpoint - The insurance industry is increasingly adopting FVOCI accounting for high dividend stocks to stabilize profit reports and enhance long-term dividend income [2][5][10] Group 1: FVOCI Accounting Adoption - FVOCI accounting allows insurance companies to measure financial assets at fair value without impacting annual profit reports, thus stabilizing profit volatility [2][5] - As of June 2023, major insurance companies have significantly increased their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [2][3] - The implementation of new accounting standards in 2026 is expected to further drive the allocation of insurance capital into FVOCI stocks [2][4] Group 2: Investment Strategies - Insurance companies are focusing on high dividend stocks, particularly in sectors benefiting from policies aimed at reducing competition and improving cash flow amid inflation [3][6] - The strategy includes identifying stocks with improved cash flow and dividend potential through bottom-up research methods [3][6] - The shift towards FVOCI is also aimed at addressing the mismatch between asset and liability durations, with many companies experiencing a duration gap of 4-7 years [6][10] Group 3: Market Dynamics and Challenges - The rise of FVOCI has led to a "double-edged sword" effect, where significant unrealized gains from FVOCI assets do not appear on profit statements, potentially obscuring the true performance of insurance companies [9][10] - This shift in accounting practices allows for a more stable assessment of insurance companies' core business performance, enhancing investor confidence [10] - The focus on long-term dividend income is changing the investment logic of insurance companies, moving away from short-term capital gains to a more stable income approach [10]

红利主题基金的高频分红，凸显出红利策略穿越市场波动的盈利韧性。长城基金指出，经济弱复苏周期 下，高股息资产追求兼具稳健性与成长性，而港股通板块的估值洼地效应有望进一步增强收益潜力。 临近双节长假，基金进入密集分红期。 9月23日，长城基金旗下长城中证红利低波100ETF联接基金（A类：022097；C类：022098）、长城中 证港股通高股息指数基金（QDII）（A类：022325；C类：022326）再度公告分红。这两只产品均为红 利主题基金，分别聚焦A股与港股市场的红利投资机会。 公告显示，上述两只基金A类、C类份额的分红方案均为每十份派发红利0.03元。其中，长城中证红利 低波100ETF联接基金的分红权益登记日、除息日为9月24日，现金红利发放日为9月25日。长城中证港 股通高股息指数基金（QDII）的分红权益登记日为9月25日，除息日为9月24日，现金红利发放日为9月 26日（注：分红条款的具体内容以基金合同为准。基金分红并不代表总投资的正回报，基金存在收益波 动风险，不代表收益保障或其它任何形式的收益承诺）。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 此外，在当前的利率下行环境中， ...

Core Viewpoint - The A-share market has experienced significant changes since September 24, 2024, marking a new cycle characterized by a strong recovery and confidence in the domestic technology sector [1][12]. Market Review - The market can be divided into three phases since September 24, 2024: 1. From September 24 to October 8, 2024, the Shanghai Composite Index surged from around 2700 points to 3674 points, an increase of nearly 1000 points [4]. 2. From October 8, 2024, to April 7, 2025, the market experienced fluctuations, testing investor confidence while hovering above 3000 points [6]. 3. From April 7, 2025, to the present, the market has seen a steady rise of nearly 900 points, moving from 3040 points to nearly 3900 points, indicating a "slow bull" market [6][12]. Market Dynamics - The overall market valuation has shifted from excessive pessimism to reasonable correction, with the technology growth sector gaining optimistic expectations [12]. - The annualized volatility of the Shanghai Composite Index has decreased to 15.9% over the past five years, down 2.8 percentage points from the previous five years, indicating a more stable investment environment [5][12]. Investment Trends - The technology sector has emerged as the strongest driver of the current market rally, with its market capitalization exceeding 25% of the total market [9][12]. - The ChiNext Index and the Science and Technology Innovation 50 Index have both seen significant gains, reflecting the success of the new policies introduced since September 24, 2024 [9][12]. Future Outlook - Historical analysis suggests that the CSI 300 Index could reach around 5500 points, indicating a potential upside of 22% from its current level of approximately 4500 points [18]. - The current dividend yield of the CSI 300 is 2.2%, suggesting a potential increase of 46% based on historical bull market dividend yields [21]. Investor Sentiment - Recent data indicates that while there has been an increase in retail investor activity, it remains below the levels seen during the previous bull market [13][15]. - The market sentiment has shown signs of improvement, but it is still not at the levels experienced during the peak of previous bull markets [13][15].

Core Viewpoint - The recent performance of dividend funds has come under pressure due to a shift in market focus towards technology growth stocks, leading to investor concerns about the effectiveness and value of dividend strategies [1][2]. Summary by Sections Dividend Funds Under Pressure - From September 18 to 19, the stock price of Industrial and Commercial Bank of China experienced two consecutive declines, with other bank stocks also performing poorly, resulting in a 4.21% drop in the banking index, the largest decline among 31 Shenwan first-level industry indices [1]. - Approximately 90% of equity dividend funds reported negative returns last week, and around 70% of these funds have negative returns over the past month [1]. Market Sentiment and Concerns - Investors expressed confusion and dissatisfaction regarding the performance of dividend funds on social media, with some humorously suggesting they were "hiding from the market" within these funds [2]. - Concerns were raised about the potential of holding dividend funds at high prices due to the recent downturn in bank stocks [2]. Effectiveness of Dividend Strategies - According to Huaxia Fund, the dividend strategy has not lost its effectiveness; rather, there has been a short-term shift in market style. High dividend assets provide long-term stable returns and low volatility, serving as a ballast in investment portfolios [2]. - The relationship between technology growth and dividend assets is seen as complementary, with dividend strategies likely remaining effective in the long term, especially in the context of global economic uncertainties [2]. Defensive Capabilities of Dividend Strategies - Haitong Securities noted that the appeal of dividend strategies has grown due to their defensive capabilities during volatile market conditions. For instance, from 2021 to 2024, dividend indices outperformed the broader market during periods of decline [3]. - Dividend assets are not only favored during market downturns but also represent a long-term choice for conservative investors, particularly in a low-interest-rate environment [3]. Recommendations for Dividend Strategy Enhancement - Institutions suggest that investors consider a "barbell strategy," which involves combining dividend assets with high-growth assets to capture structural opportunities while maintaining a resilient investment portfolio [4]. - Specific recommendations include investing in Hong Kong dividend funds, which are characterized by deep value and stable performance, particularly in mature sectors like energy and finance [4]. - Investors are also encouraged to explore various dividend index products, such as free cash flow series and dividend quality index products [4].

Group 1: Market Overview - The recent progress in the new round of China-US trade negotiations has boosted risk appetite in the Hong Kong stock market, with the Hang Seng Index surpassing 27,000 points [3] - The Federal Reserve's interest rate cut has improved liquidity conditions, supporting the overall market [3][8] - The technology sector has shown strong performance, with the Hang Seng Technology Index reaching a new high for the year [3] Group 2: Valuation Insights - As of September 19, 2025, the price-to-earnings (P/E) ratios for the Hang Seng Index and Hang Seng Technology Index are 12.04 and 23.86, respectively [6][7] - The technology sector in Hong Kong has potential for valuation recovery, with strong earnings growth expectations driven by software services and platform economy innovations [9] Group 3: Sector Analysis Technology - Alibaba and Baidu have begun using self-developed chips for AI model training, reducing reliance on Nvidia chips, indicating significant progress in domestic AI computing power [8] - The valuation of Hong Kong's technology sector remains attractive compared to US tech giants, with a P/E ratio of 23.86 versus 42.86 for the Nasdaq [9] New Consumption - Recent policies from the Ministry of Commerce aim to boost service consumption, which may enhance the basic economic outlook for new consumption sectors [10] - Hong Kong's new consumption sector is filling gaps left by traditional A-share markets, focusing on service and experiential consumption [12] Pharmaceuticals - The recent regulatory changes are expected to benefit innovative drug companies in Hong Kong, with a P/E ratio of 36.36 for the innovative drug index, indicating potential for valuation recovery [13] Financials - The brokerage sector is experiencing a revival due to active market conditions, with low historical valuations presenting opportunities [14] - The insurance sector is expected to benefit from regulatory changes aimed at improving quality and reducing risks [14] Dividends - The low interest rate environment and economic recovery are favorable for dividend strategies, with the Hong Kong dividend index showing a P/E ratio of 8.71 and a dividend yield of 5.97% [15]

Core Viewpoint - The recent adjustment in the banking sector has led to challenges for dividend-themed funds, while the technology growth sector remains strong, prompting discussions among investors about the effectiveness of dividend strategies [2][3]. Group 1: Market Performance - The banking sector has experienced a significant downturn, with the Shenwan Banking Index dropping 4.21% this week, marking the largest decline among 31 Shenwan first-level industry indices [2]. - Approximately 90% of equity dividend funds reported negative returns this week, and around 70% have negative returns over the past month [2]. Group 2: Dividend Strategy Effectiveness - Despite the market shift towards technology growth, Huaxia Fund believes that the dividend strategy is not ineffective but rather experiencing a temporary style switch, emphasizing the long-term stability and low volatility of high-dividend assets [3]. - Haitong Securities indicates that dividend assets and technology growth sectors exhibit a rotation effect, suggesting that dividend assets are not merely a short-term safe haven but also a long-term choice for stable investment [3]. Group 3: Investment Strategies - The "barbell strategy" is recommended, which involves incorporating dividend assets into the core portfolio while complementing them with high-growth assets to create a more resilient investment mix [4]. - There is a suggestion to focus on Hong Kong dividend-themed funds, which are seen as deep value plays, with the potential for stable performance despite recent pullbacks [4]. - Industry experts recommend upgrading dividend indices by considering products focused on free cash flow and dividend quality indices [5].