截至2025年11月25日 10:06，中证国有企业红利指数上涨0.15%，成分股福建高速上涨9.97%，厦门国贸 上涨2.50%，西部矿业上涨2.18%，建发股份上涨2.06%，中粮糖业上涨1.95%。国企红利ETF(159515)上 涨0.26%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐） 红利策略作为一种基石型配置，通过聚焦高股息、现金流稳定的优质企业，为投资组合提供持续现金流 和长期复利潜力，成为构建财富底仓的重要工具。 国企红利ETF紧密跟踪中证国有企业红利指数，中证国有企业红利指数从国有企业中选取现金股息率 高、分红比较稳定且有一定规模及流动性的100只上市公司证券作为指数样本，反映国有企业中高股息 率证券的整体表现。 据Wind数据显示，截至2025年10月31日，中证国有企业红利指数前十大权重股分别为中远海控、冀中 能源、潞安环能、山煤国际、山西焦煤、南钢股份、恒源煤电、农业银行、鲁西化工、中粮糖业，前十 大权重股合计占比17.08%。 据Wind数据显示，流动性方面，国企红利ETF盘中换手0.06%，成交2.72万元。拉长时间看，截至11月 24日，国企红利ETF近1周日均成交3 ...

Core Viewpoint - Despite recent market adjustments, insurance asset management institutions remain optimistic about future investment opportunities in the stock market, anticipating a potential early onset of the "spring rally" [1][2]. Market Conditions - Recent market adjustments are primarily reflections of external market fluctuations, including changing expectations regarding Federal Reserve interest rate cuts and concerns over the AI bubble in the US stock market [2]. - The fundamental market conditions have not changed significantly, with adjustments driven by shifts in funding, technology, sentiment, and expectations [2]. Investment Strategies - Insurance institutions are focusing on structural opportunities, particularly in dividend strategies within sectors such as finance, telecommunications, and transportation, while also identifying excess return opportunities in AI, new consumption, and innovative pharmaceuticals [2]. - Despite market pullbacks in November, insurance institutions have actively engaged in research, with over 70 institutions participating in more than 280 research activities, focusing on technology and pharmaceuticals [2]. Asset Allocation Trends - To address the challenges posed by a low-interest-rate environment, insurance institutions are consistently increasing their allocation to high-quality equity assets, with stock investment balances reaching approximately 2,086 billion and 34,124 billion for property and life insurance companies, respectively, marking increases of about 30.29% and 50.47% year-over-year [3]. - The proportion of equity asset allocation by insurance institutions has reached a relatively high level of 10%, benefiting from both market growth and increased allocation willingness [3]. Regulatory and Market Drivers - The continuous increase in equity asset allocation by insurance institutions is driven by supportive policies and asset-liability matching requirements, with regulatory encouragement for private fund establishment and risk factor optimization opening up market opportunities [4]. - As traditional fixed-income assets fail to meet liability cost requirements, increasing equity asset allocation has become a crucial strategy for insurance institutions to enhance investment returns [4].

存款有利息，股票有股息。 为啥这么神呢？指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的 股息率、投资期内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是 确定的正向助力。股息率越高，确定的正向收益也就越高。如今超火的"红利策略"正是抓住了这一点！ （文章来源：每日经济新闻） 那么当前港股央企红利ETF（513910）跟踪指数的股息率到哪里了呢？我们一起来看看！截至2025年11 月24日，指数近12个月股息率是5.73%，高于同日10年期国债收益率有3.91个百分点。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。据说他在1975至1999年运用该策略 投资的平均复利回报达18%，远高于市场3%的平均水平。 ...

- The report introduces two active quantitative strategies: "Dividend Selection Strategy" and "Industry High Winning Rate Strategy," launched by the Changjiang Quantitative Team since July 2023, aiming to provide alternative perspectives and investment choices for investors by tracking market hotspots and selecting industry stocks [7][14][15] - The "Dividend Series" includes two products: "Central State-Owned Enterprises High Dividend 30 Portfolio" and "Balanced Dividend 50 Portfolio," focusing on stable and growth-oriented dividend strategies. The "Industry Enhancement Series" targets the electronics sector, featuring "Electronics Balanced Allocation Enhancement Portfolio" and "Electronics Sector Preferred Enhancement Portfolio," which emphasizes mature sub-sector leading companies [15][16][21] - The "Central State-Owned Enterprises High Dividend 30 Portfolio" outperformed the CSI Dividend Total Return Index this week, achieving a weekly excess return of approximately 0.68%. The "Balanced Dividend 50 Portfolio" showed relatively high volatility recently but has achieved a significant excess return of about 6.14% since the beginning of 2025, ranking around the 40th percentile among all dividend fund products [16][21][23] - The "Electronics Balanced Allocation Enhancement Portfolio" and "Electronics Sector Preferred Enhancement Portfolio" failed to achieve positive excess returns this week. The former slightly underperformed the electronics total return index, while the latter struggled to keep pace [8][31][32]

Core Insights - The article emphasizes the importance of dividend strategies in the current volatile investment environment, highlighting their role in providing stable cash flow and long-term compounding potential [1][3]. Summary by Categories Investment Strategy - Dividend strategies focus on high-dividend, cash flow-stable quality companies, serving as a foundational asset for wealth building [1]. - The S&P Dividend ETF (562060) exemplifies this strategy with its unique characteristics of "dividend + small-cap + industry diversification," making it stand out in uncertain markets [1][3]. Performance Metrics - The S&P Dividend ETF boasts a leading dividend yield of 5.18% among mainstream dividend indices, with a year-to-date increase of 14.95%, ranking first in performance [1][3]. - The ETF's median market capitalization is 21 billion, providing growth elasticity, while its industry diversification (top three sectors: banking 16.58%, machinery 11.02%, light industry manufacturing 8.68%) enhances its defensive qualities [1][3]. Cash Flow and Risk Management - The ETF's linked funds (Class A: 501029; Class C: 005125) have consistently paid dividends for four consecutive quarters, averaging approximately 1.25% per quarter, ensuring predictable cash flow [1]. - This combination of features allows the S&P Dividend ETF to withstand downside risks while being poised for rapid gains during market recoveries, making it a strong choice for investors seeking a balanced approach [1][3].

同时，多家公募机构旗下红利产品规模创下历史新高，展现出震荡市中独特的"吸金"能力。 本报记者 彭衍菘 规模最大的红利主题ETF—华泰柏瑞基金旗下红利低波ETF于11月14日刷新规模纪录，达266.03亿元，成为这一波红利行 情中的"领头羊"。 近期，红利主题ETF（交易型开放式指数基金）在资本市场中表现抢眼。Wind资讯数据显示，截至11月21日，红利主题 ETF月内净流入额达63.18亿元，自年初以来净流入额高达356.23亿元，目前规模较年初增长49.31%至1661.71亿元。 此外，还有摩根标普港股通低波红利ETF、易方达中证红利ETF、工银瑞信基金旗下港股红利ETF等刷新规模纪录，最高 纪录分别达170.07亿元、111.66亿元、90.32亿元。 "高股息资产兼具股息收益与估值修复双重潜力。"晨星（中国）基金研究中心分析师崔悦向《证券日报》记者分析，一方 面其能在低利率环境下提供可观的现金回报，另一方面较低的估值水平为后续修复留出空间。 一位公募人士对《证券日报》记者表示，上市公司分红一般在年末尤其是年报公布之后相对密度更高一些，分红季来临 前，是配置红利资产重要的时间窗口。 在红利主题ETF中， ...

中国平安资产管理（香港）有限公司董事总经理、全球机构业务负责人黄家乐在2025湾区财富大会上表 示，在中国资产重估的背景下，港股市场正迎来新的投资机遇，她建议投资者采用"杠铃策略"进行布 局，一端配置高息股以求稳健，另一端配置成长股以博收益。 对于港股市场，黄家乐表示，港股的估值优势显著，截至10月底，恒生指数股息率达3.04%，预期市盈 率仅11.19倍，低于全球主要指数。同时，AH股溢价指数处于高位，意味着港股相对A股存在20%-30% 的估值折扣。 11月20日，2025湾区财富大会在深圳会展中心举办，大会由21世纪经济报道、深圳金博会运营发展有限 公司联合主办。 而对于新消费领域，黄家乐指出，消费观念转变正在带动港股"新"消费时代崛起。新消费品牌正通过文 化赋能与产品创新构建核心护城河，以抢占由新世代消费主力所推动的情绪消费、性价比消费（如潮 玩、茶饮、悦己）等新兴趋势，从而提升市场份额。 她强调，港股成长股的性价比凸显。截至10月底，恒生科技指数预期市盈率相对盈利增长率（PEG）为 0.85，估值低于盈利增长率，成长潜力可期。她特别看好由AI大模型等技术驱动的科技创新板块，认为 其正迎来价值重估的机 ...

Core Viewpoint - The article emphasizes the importance of dividend strategies in investment, highlighting their ability to provide stable returns and lower volatility compared to other investment options, especially in the context of changing market sentiments over the past decade [1][2]. Summary by Sections Dividend Strategy Overview - The dividend strategy has shown a cumulative increase of 150.71% over the past decade, significantly outperforming the CSI 300 total return index (41.73%) and the Wind All A index (42.88%) [1]. - The dividend strategy is considered suitable for family asset allocation as a foundational asset [1]. Value Investment Principles - Value investing focuses on long-term cash flow returns, as defined by Graham in "Security Analysis," emphasizing the importance of cash flow over the type of asset [3]. - Buffett's distinction between investors and speculators highlights the focus on cash flow generation and the quality of business models [3]. Indicators of Dividend Stocks - High dividend yield indicates a company's ability to generate consistent cash flow and suggests a strong business model with good governance [4]. - Historical data shows that companies like Philip Morris have provided substantial returns through consistent cash flow and dividends, even during industry downturns [4]. Suitable Indices for Long-term Investment - Three indices suitable for long-term investment include the National Value 100 Total Return Index, National Free Cash Flow Total Return Index, and CSI Dividend Total Return Index, all showing lower volatility and higher returns [10][18]. - The National Free Cash Flow Total Return Index has the highest annualized return of 16.8% over the past decade, while the CSI Dividend Total Return Index has the lowest volatility at 17.6% [11][12]. Investment Strategies - A balanced approach to investing in the three indices can optimize returns and reduce volatility, with a proposed "index allocation combination" yielding a 262% return over the past decade [20][22]. - Investors can customize their allocations based on the characteristics of each index, using the CSI Dividend Index for defensive positions and the National Free Cash Flow Index for growth opportunities [23][24]. ETF Recommendations - Recommended ETFs include the Value ETF tracking the National Value 100 Index, the Free Cash Flow ETF tracking the National Free Cash Flow Index, and the Dividend ETF tracking the CSI Dividend Index, all designed to align with value investing principles [27].

这一动向信号明确：在不确定的市场环境中，拥有稳定现金流、高分红能力的"红利资产"正成为大资金 追逐的"压舱石"。 最新数据显示，中国市场的"聪明钱"正在大规模行动。这里的"聪明钱"指的是保险资金。兴业证券报告 指出，今年三季度，保险资金股票和基金的资产配置比例已大幅升至15.5%，逼近历史峰值——2015年 上半年16.1%的历史最高水平。更关键的是，其配置方向鲜明——大幅增配银行、钢铁、纺织服装等典 型的高股息红利板块。 那么红利资产除了"个股"，指数投资是主要途径，也是对普通投资者来说，"门槛"最低的投资方式之 一。不过，业内人士表示，当前市场红利指数投资，在最近两年发生了明显变化——单一的红利策略已 经不再是主流红利审美，叠加了各种buff的"进阶版"红利层出不穷，如红利低波ETF基金（159547）跟 踪的中证红利低波动指数，它不仅要求成分股连续分红、股息率高，还加入了"低波动"因子筛选，旨在 捕获高股息的同时，降低股价波动风险，提升持有体验。再比如，近两年市场比较瞩目的"央企"buff， 因为在"央企市值管理"考核的强力驱动下，央企上市公司有更强的动力和压力去提升分红率和投资者回 报。这使得"红利策 ...

Market Overview - On November 20, over 1,300 ETFs in the market saw more than 200 ETFs closing higher, with 35 ETFs increasing by more than 1% [1] - The top-performing ETFs were all cross-border ETFs, each rising over 2%, particularly those targeting A-share assets in sectors like construction materials, real estate, and banking [2] Fund Flows - On November 19, the ETF market experienced a net inflow of approximately 8 billion yuan, with cumulative net inflows exceeding 50 billion yuan from November 14 to November 19 [3] - There was a notable divergence in fund flows on November 19, with large-cap broad-based ETFs experiencing net outflows while small- and mid-cap broad-based ETFs attracted investments [3][9] Top Performing ETFs - The top ten ETFs by performance on November 20 were all linked to overseas markets, primarily the US stock market, with eight of them tracking the Nasdaq 100 index [4] - The Nasdaq Technology ETF (159509) led the market with a 5.28% increase and a trading volume of 1.572 billion yuan, showing a premium rate of 20.06% [4][5] Underperforming ETFs - ETFs related to new energy and semiconductors on the Sci-Tech Innovation Board saw significant declines, with the top losers experiencing drops of over 3% [6] Fund Flow Analysis - The top ten ETFs by net inflow included several broad-based ETFs, with the CSI 500 ETF (510500) leading with a net inflow of over 1.06 billion yuan [8] - Conversely, large-cap broad-based ETFs like the CSI 300 ETF and the SSE 50 ETF faced substantial net outflows exceeding 1.2 billion yuan each [10] Investment Trends - There is a growing interest in dividend-paying assets as the year-end approaches, with discussions around high-dividend strategies becoming more prevalent [11] - Fund managers suggest that the current market conditions may lead to a balanced allocation between high-dividend stocks and growth sectors [11]