1月7日，银华基金发布公告称，银华标普港股通低波红利交易型开放式指数证券投资基金将于1月12日 发售。 近年来，红利基金赛道不断升温，产品数量与管理规模双双扩容。在刚刚过去的2025年，公募机构加码 布局红利基金，全年新成立65只红利基金，合计募集规模突破300亿元，其中，有7只红利基金募集规模 在10亿元以上。从发行节奏来看，2025年公募机构对红利基金的布局呈现提速态势：相对于上半年新成 立26只产品，下半年新成立产品39只，体现出公募机构对红利策略的青睐。 作为以稳定分红为重要特征的产品，红利基金的积极分红行为受到投资者关注。1月7日，华泰柏瑞中证 红利低波ETF联接、中欧中证红利低波动100指数发起两只基金宣布进行2026年度第一次分红。从分红 方案来看，华泰柏瑞中证红利低波ETF联接A份额、C份额、I份额和Y份额，均按每10份份额分红0.05 元；中欧中证红利低波动100指数发起A份额和C份额，每10份份额分别分红0.031元、0.029元。 在受访业内人士看来，在中长期资金入市、无风险收益率走低等背景下，红利资产凭借高股息、分红稳 定等优势，已成为资产配置中不可或缺的重要标的。 展望2026年，上 ...

Core Viewpoint - Ping An Fund's 2026 investment strategy meeting highlighted the continuation of a slow bull market, with a focus on technology manufacturing and dividend assets as core investment themes [1][2] Group 1: ETF Product Strategy - Ping An Fund has established a comprehensive ETF product matrix covering six major product lines, including broad-based, industry themes, strategy indices, bonds, overseas investments, and enhanced indices [1] - The fund has launched several industry-first innovations, such as the first domestic artificial intelligence-themed ETF and the first new energy vehicle ETF [1] - The product line includes core indices like CSI A50 and CSI 300, as well as deep investments in cutting-edge technology sectors such as AI, commercial aerospace, semiconductors, and new energy [1] Group 2: ETF Strategy Applications - Four ETF strategy application scenarios were analyzed, showcasing the flexibility and effectiveness of ETFs as efficient and transparent tools [2] - A fixed income enhancement combination based on "bond index + free cash flow index" provides a financial alternative for low-risk investors [2] - A dividend value style combination based on risk budgeting models enhances returns while maintaining stability [2] - A style rotation model captures broad-based allocation opportunities through shifts between large and small caps, as well as value and growth [2] - Regular thematic strategy tracking services help investors grasp industry cycles and short-term catalysts [2] Group 3: Competitive Advantage and Execution - The core competitiveness of Ping An Fund's ETF business stems from the ecological synergy of Ping An Group and the company's continuous investment in product innovation and understanding of customer needs [2] - A six-step process of "strategy classification - identification - adaptation - implementation - monitoring - attribution" ensures the executability and traceability of investment strategies [2] - With the expectation that profit-driven growth will replace valuation expansion as the market's main theme in 2026, Ping An Fund aims to provide more precise and efficient tool-based allocation solutions for investors through its comprehensive product layout and deepened strategy service capabilities [2]

华宝基金 łwabao WP Fund 红圃日报 2026年 1月7日 最新股息率 4.76% 标普A股红利ETF华宝 562060 * 穿越周期 ·「长红」之选 · 跟踪标普中国A股红利机会指数- 联接A 501029 红利基金LOE 近1周 版1月 近1年 近1年 近一日 指数涨跌幅 指數涨跌幅 指数涨跌幅 指數涨跌幅 年化波动率 1.2% 2.14% 2.5% 19.29% 11.21% 橙至2026.1.6 (VS) 上证指数 上证指数 上证指数 上证指数 上证指数 2.99% 27.34% 10.24% 1.5% 4.63% T+0 最新股息率 5.6% 港股通红利低波ETF华宝 1159220 。言如自紅十信『出社17』 | 3.10/0 | 300现金流ETF 562080 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | * 不含金融、地产·大盘蓝筹"现金牛" | | | | | | | | | | | 跟踪沪深300自由现金流指数 | | | | | | | | | | | 联接 ...

Market Performance - The Hong Kong stock market continued its strong performance, with the Hang Seng Index and Hang Seng Tech Index both rising over 1% [1][2] - The Hang Seng Index closed at 26,710.45 points, up 363.21 points, a gain of 1.38% [1] - The Hang Seng Tech Index reached 5,825.26 points, increasing by 83.63 points, a rise of 1.46% [2] Sector Highlights - Financial stocks maintained strong performance, with brokerage stocks seeing significant gains: Guotai Junan International rose over 12%, and other firms like China Merchants Securities and Shenwan Hongyuan also saw increases exceeding 9% [3][5] - Insurance stocks were active, with Prudential up over 5% and several others, including China Ping An and Sunshine Insurance, rising over 4% [5] Insurance Industry Insights - According to the National Financial Regulatory Administration, the insurance industry achieved a total premium income of 57,629 billion yuan, a year-on-year increase of 7.6% [7] - Life insurance companies reported premium income of 41,472 billion yuan, up 9.1%, while property insurance companies saw 16,157 billion yuan, a 3.9% increase [7] - Citic Securities indicated that listed insurance companies have solid performance support, with expectations for life insurance new business growth to exceed expectations in 2026 [7] Capital Flow - Following a significant buy-in from southbound funds, there was a continued net purchase of Hong Kong stocks, exceeding 2.8 billion HKD by the end of the trading day [8] Market Outlook - Industrial analysts suggest that the Hong Kong market is poised for a new upward trend, with improved risk-reward ratios and signs of short covering in large tech stocks [10] - There is an expectation for a bull market in Hong Kong stocks in 2026, driven by earnings and liquidity [10] - Investment opportunities are recommended in the AI sector, insurance, banking, energy, property management, and public utilities, as well as in new consumer trends focusing on traditional service transformations and high-end consumption [10]

1月6日，港股国企ETF（159519）涨超0.8%，人民币升值与盈利预期成焦点。 港股国企ETF（159519）跟踪的是内地国有企业指数（H11153），该指数从港股市场中选取40家大型国 有企业作为成分股，以金融、能源等传统行业为主，同时逐步提升科技和消费行业的配置比例。这些成 分股多为大市值龙头企业，并纳入沪深港通标的，整体流动性较好，能够综合反映港股市场中国有企业 的整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 相关机构表示，2026年资本市场将呈现"科技创新+红利资产"双主线特征。科技创新方面，人工智能、 智能制造成为核心主线，"十五五"规划建议将"人工智能+"上升为国家战略，预计到2030年智能经济将 成为重要增长极；电子、通信、计算机等科技行业PB估值已升至历史高位，反映 ...

| | ●●● ■ 品 | 01378 中国宏桥 | | | | --- | --- | --- | --- | --- | | 35,940 | 36,539 26.000 | 35.240 + +2.020 +6.08% | | | | | 34,593 | 图 图 图 图 图 图 图 图 中 白 中 白 中 白 中 白 中 白 中 白 中 | | | | | 33,620 | 图高价 35.940 | 开盘价 34.280 | 成交量 4367,04万 | | | | 服価給 33.960 | 昨政价 33.220 | 成交部 15.29亿 | | | 32,647 | 平均价 35.012 | 市葡萄TIM 12.48 | 启市值 3500.14亿 | | | 31,674 | 摄 幅 5.96% | 市梁率(3) 14.49 | 总股本 99.32亿 | | | | 换手率 0.44% | 市净率 2.884 | 液通值 3500.14亿 | | | 30.702 | 52周建高 35,940 | 受 比 5.99% | 股通股 99.32亿 | | | 29,729 | 52周德低 10.020 ...

Group 1 - Since late November, the Hong Kong stock market has weakened due to a slowdown in southbound capital inflows as the year-end approaches, leading to a decline in market risk appetite [3][14] - The three main concerns affecting the market include foreign capital reducing positions before the Christmas holiday, hedge funds shorting due to uncertainties, and worries about new regulations on mainland public funds potentially increasing selling pressure on Hong Kong stocks [3][14] Group 2 - With the new year, a new round of upward momentum in the Hong Kong stock market is expected, driven by seasonal inflows from insurance funds and the long-term allocation logic from the switch to IFRS9 accounting standards for non-listed insurance companies [5][31] - The market sentiment has dropped to a low point, significantly improving the risk-reward ratio, with signs of short covering in major tech stocks [6][18] - The proportion of short positions in leading internet stocks has shown signs of decline, indicating a potential rebound in stock prices as they reach attractive valuation levels [6][19] Group 3 - The expectation of RMB appreciation is expected to enhance the attractiveness of RMB assets, driving foreign capital inflows into Hong Kong stocks [7][42] - Historical data shows that during previous RMB appreciation cycles, the Hong Kong stock market has consistently performed well, particularly in the information technology sector [7][43] - The RMB is projected to appreciate against the USD, potentially returning to the "6" range, which could further incentivize foreign investment in Chinese equities [7][47] Group 4 - Investment recommendations suggest a bullish stance on Hong Kong stocks, particularly led by the Hang Seng Technology Index, with expectations of continued market growth driven by earnings and liquidity [52] - Key investment opportunities include leading internet companies in the AI sector, which are expected to benefit from both domestic and foreign capital inflows [53][54] - High dividend assets are highlighted as strategic investments in a low-interest-rate environment, with a current dividend yield of 6.70% for the Hang Seng High Dividend Yield Index [58][60] - New consumption trends are emerging, focusing on traditional service consumption transformation, Z-generation spending habits, and high-end consumption recovery [61][64]

Core Viewpoint - The consensus among investment managers is not whether a bull market will occur, but how a slow bull market will unfold, with a reminder to lower return expectations due to fewer "low-hanging fruits" compared to previous years [2] Group 1: Market Performance and Trends - The Shanghai Composite Index and CSI 300 Index saw annual gains of 18.41% and 17.66% respectively in 2025, while the Hang Seng Index rose by 27.77%, and the ChiNext Index surged by 49.57%, indicating strong profitability growth and valuation increases in high-growth sectors [2] - Notable private equity firms achieved impressive annual returns exceeding 50%, with some even doubling their investments, highlighting the potential for high returns in the current market [3] - Many investment managers have maintained above-average performance, focusing on risk management and capital preservation strategies [4] Group 2: Investment Outlook for 2026 - The first key theme for 2026 is AI, with a shift in focus towards the economic feasibility of applications rather than just increased computing power [5][6] - The second theme involves the repricing of dividend assets in a low-interest-rate environment, with many managers believing that the lack of significant price increases has made these assets more attractive [6][7] - The third theme is the structural recovery of consumption, with managers looking for undervalued assets in traditional consumption sectors and recognizing the re-emergence of price advantages in new consumption [7][8] - The fourth theme is the "anti-involution" trend, which has begun to show signs of improving price order in certain industries, such as automotive and aviation [8][9] - The fifth theme focuses on high-quality globalization, with a consensus on the importance of companies that can establish localized ecosystems abroad [9] Group 3: Key Insights from Investment Managers - Investment managers emphasize the importance of understanding macroeconomic trends and the need for a cautious approach to AI investments due to potential bubbles [10][16] - The outlook for consumer wealth is optimistic, with expectations for a recovery in consumer spending driven by a stabilization of household wealth [21][22] - The "anti-involution" strategy is seen as having strategic significance, with varying short-term effects across different industries [23] - The transition from "global pricing and safe outbound" to "global investment and local service" reflects the evolving landscape of Chinese manufacturing and its competitive advantages [24] Group 4: Macroeconomic Context - The performance of non-financial real estate companies in A-shares shows limited revenue growth compared to 2023, indicating a trend of declining demand against expanding capacity [26] - The downward trend in prices is expected to continue, supported by fiscal data showing stable tax revenues [27] - Interest rates are projected to remain low, with implications for investment strategies favoring stable, well-governed companies [28][29] - The overall market is anticipated to enter a prolonged slow bull phase, with a focus on sectors that can adapt to changing economic conditions [39]

对于2026年看好的投资方向，唐小东重点提到三个板块：一是红利资产。在盈利整体支撑不强的背景 下，分红回报的确定性相对更高。二是以AI为核心的科技板块。尽管存在估值争议，但AI在产业端的 渗透率仍在快速提升，长期趋势明确。三是内需领域。该板块长期被市场忽视，估值已处于低位，从投 资角度具备关注价值。不过，其行情的兑现可能需要一定时间。 唐小东认为，2026年国内经济维持以稳为主、稳中求进的特征，内外需或许有边际小幅波动，但对于整 体宏观经济的实质性影响相对有限。在此背景下，市场预期及博弈、全球地缘政治，以及科技产业发展 可能成为影响市场更重要的变量。 人民财讯1月5日电，南方基金宏观策略部联席总经理唐小东表示，预计2026年国内外宏观经济整体平 稳，但市场波动性可能加剧，难以复现2025年"稳稳的幸福"行情。他建议投资者结合自身风险偏好进行 均衡配置，并关注红利资产、科技及内需板块的结构性机会。 对于A股和港股市场，他预计2026年A股和港股会呈现震荡运行、中枢缓步抬升的特征。判断震荡运行 是因为经济增长对企业盈利支撑力度相对有限，且市场估值已脱离明显低估区间，但判断市场中枢会缓 步抬升是因为市场估值目前处于 ...

Group 1 - The core viewpoint is that the macroeconomic environment in China is expected to remain stable in 2026, but market volatility may increase, making it difficult to replicate the "steady happiness" market of 2025 [1] - The investment strategy suggested includes balancing asset allocation based on individual risk preferences, with a focus on dividend assets, technology, and domestic demand sectors for structural opportunities [1] - The overall economic growth is anticipated to have limited support for corporate earnings, leading to a judgment of a fluctuating market with a gradually rising central tendency [2] Group 2 - The A-share and Hong Kong stock markets are expected to exhibit a pattern of oscillation with a gradual upward trend, as market valuations are currently neutral and not in a bubble [2] - The support logic for market reversal since September 2024 remains solid, with the capital market playing a more crucial role in social financing and long-term funds providing stability against market downturns [2] - Three key investment directions for 2026 are highlighted: dividend assets for higher certainty in returns, AI-focused technology sectors with rapid penetration despite valuation debates, and the undervalued domestic demand sector which may take time to realize its potential [2]