股息策略

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ETF兵器谱、金融产品每周见20250615-20250615
Shenwan Hongyuan Securities· 2025-06-15 14:13
证 券 研 究 报 告 港股ETF全景图:交易特征、指数对比以及配置价值分析 ETF 兵器谱、金融产品每周见 20250615 | 证券分析师:蒋辛 | | A0230521080002 | | | --- | --- | --- | --- | | 邓虎 | | A0230520070003 | | | 研究支持: 白皓天 | | A0230123070002 | | | 联系人: | 蒋辛 | A0230521080002 | jiangxin@swsresearch.com | | 2025.6.15 | | | | 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 目前,港股ETF可分类为宽基、行业、主题、SmartBeta四类;大规模港股ETF中存在明显的集中布局现象,规模最大的20只港股ETF普遍具备科技行业ETF的特征;除 了A股市场中的ETF外,部分港股市场中的ETF也是港股通的合资格证券,可以通过港股通被投资者购买;交易机制差异:T+0交易与RTGS下的T+0申购确认模式更易把 握短期交易机会 ◼ 港股ETF种类详解——编制方法与配置价值拆分: ◼ 宽基ETF:编制方法 ...
A股三件套:俯卧撑、杠铃与跷跷板
Guotou Securities· 2025-06-15 10:33
本周上证指数跌 0.25%,沪深 300 跌 0.25%,恒生指数涨 0.42%。小盘股涨幅较 大,本周全 A 日均交易额 13716 亿,环比上周有所上升。在此,我们强调:6 月大 盘指数依然是在 407 黄金坑兑现后转入"震荡市",临近震荡区间上沿就有回落压 力。中期来看,对于后续市场的三类预判:类比 2020 年(核心是由意外事件导致 中美欧政策步入同频共振政策周期,结构是以大盘成长为代表的核心资产占优), 类比 2024 年(存在明确二次探底形成双底,结构是高股息为核心的杠铃策略), 类比 2019 年(核心是新旧动能转换下大盘震荡呈现"俯卧撑",结构上呈现消费+科 技"跷跷板"双轮动)。目前看"年初 AI 新科技 DeepSeek1.0"+"5 月军工科技 Deepseek2.0 时刻"+"创新药 Deepseek3.0 时刻"使得市场逐渐意识到"新胜于旧" 的定价思路,那么 A 股真有点像 2019 年了。 近期发生的一系列重大事件对于市场的影响值得探讨,总体而言虽然外部环境波谲 云诡,但对于 A 股资产定价并未造成明确"二次探底"风险。事实上,需明确:国内 5 月经济数据虽然显示内需孱弱,但在 ...
近2年收益位列前1%,显著超额的红利基金有多香
中泰证券资管· 2025-06-13 05:55
自2022年3月24日成立至2025年3月31日,中泰红利优选一年持有混合发起的份额净值增长率为36.85%, 业绩比较基准增长率为7.02%,跑赢业绩比较基准29.83%。相比红利贝塔所提供的收益,这只基金的超额 收益显然更应该被看到。 这几年,红利风格凭借长期稳健的表现,拥有了越来越多的粉丝。 但一只优秀的红利主题基金,收益来源显然不只是贝塔;只有当红利主题叠加显著超额能力的Buff,才会 创造近2年位列前1%(19/2987)的优秀业绩(排名数据来源:海通证券,具体分类为混合型-主动混合开 放型-强股混合型,近2年排名数据为19/2987,数据截至2025.3.31)。 在计算超额收益时,很多人会用中证红利指数作为参考;但如果要求更高,不妨以中证红利全收益指为参 考。当然,对持有人来说,体验更好的超额收益,是在没有显著放大波动的情况下获得的。 中泰红利优选一年持有混合发起 自成立以来业绩及同期指数表现 | 简称 | 中泰红利优选一年 | 中证红利指数 | | 中证红利全收益 中证红利低波 中证红利质量 | | | --- | --- | --- | --- | --- | --- | | | 持有混合发 ...
银行业5月月报:多重利好政策叠加-20250612
Minmetals Securities· 2025-06-12 07:12
资料来源:Wind [Table_DocReport] 相关研究 投资建议:以险资为代表的中长期资金持续入市,高股息策略逻辑仍然可延 续。公募基金投资风格调整,可能会选择配置主要宽基指数中权重较大且配 置不足的银行股。关注国有大行以及指数权重股。 | [Table_Invest] | | | --- | --- | | 银行 | | | 评级: | 看好 | | 日期: | 2025.06.12 | [Table_Author] 分析师 尤春野 登记编码:S0950523100001 [Table_PicQuote] 行业表现 2025/6/11 -11% -3% 5% 13% 21% 29% 2024/6 2024/9 2024/1 2 2025/3 银行 沪深300 证券研究报告 | 行业周报 银行业 5 月月报:多重利好政策叠加 报告要点 5 月,中证银行指数表现强劲,单月涨幅达到 6.05%,跑赢上证指数 3.96pct, 跑赢沪深 300 指数 4.20pct。 5 月银行板块表现结构性分化明显,农商行领涨。国有大行表现稳健,股份 制银行、城商行、农商行涨跌幅高于国有大行。估值层面看,个股情况分化 ...
再推高比例分红 金徽酒底气何来
Jing Ji Guan Cha Wang· 2025-06-06 03:40
Core Viewpoint - Jinhuijiu has made significant moves in the white liquor market by announcing high dividend payouts and major shareholder increases, reflecting its commitment to quality and shareholder returns amidst a challenging market environment [1][2][3] Financial Performance - In 2024, Jinhuijiu achieved a revenue of 3.021 billion yuan, representing an 18.59% year-on-year growth, and a net profit of 388 million yuan, up 18.03%, positioning it among the top performers in the white liquor industry [1][4] - The company announced a cash dividend of 5 yuan per 10 shares, totaling 248 million yuan, which constitutes 64% of its net profit for the year, marking the highest dividend payout ratio since its listing [3][4] Dividend History - Since its listing in 2016, Jinhuijiu has prioritized investor returns, with dividend payout ratios of 54.50%, 60.00%, and 64.00% from 2022 to 2024, establishing itself as a model for shareholder returns in the A-share market [2][3] Product and Market Strategy - Jinhuijiu is shifting its product structure towards higher-end offerings, with sales of products priced above 300 yuan increasing by 41.17% in 2024, now accounting for 19.52% of total liquor revenue [4][5] - The company is focusing on a national layout while deepening its presence in the northwest, achieving 76.90% of its revenue from Gansu province, while also expanding its market presence in other regions [4][6] Sales Channels and Marketing - Jinhuijiu has diversified its sales channels, with revenue from distributors reaching 2.744 billion yuan, a 15.43% increase, and online sales growing by 43.36% to 83.997 million yuan, highlighting the importance of digital platforms [5][6] - The company has enhanced its brand visibility through targeted marketing campaigns, achieving over 82 million exposures during the Spring Festival promotional activities [5][6] Strategic Initiatives - Jinhuijiu's strategy includes a "national layout, deepening the northwest, and key breakthroughs," aiming to cultivate markets in eastern and northern China while maintaining strong growth in its core regions [6][7] - The company has also implemented a "factory-dealer integration" model to improve inventory management and avoid stockpiling risks, with the number of dealers reaching 1,001 [6][7] Market Outlook - Analysts have noted that Jinhuijiu's strategic transformation has positioned it well for future growth, with a focus on high-end product development and digital brand empowerment [7][8] - Recent reports from various securities firms indicate strong confidence in Jinhuijiu's market strategies and financial health, with expectations for continued revenue growth [8][9]
国资系基金加速涌现,央企创投母基金诚通科创投资基金成立,国企共赢ETF(159719)、大湾区ETF(512970)震荡上涨
Xin Lang Cai Jing· 2025-06-06 02:15
交银国际证券指出,预计中资金融股高股息策略的支撑因素进一步强化,建议把握高股息主线。该行认为支撑高股息策略的核心因素仍然成立,特朗普政府 的关税政策及其高不确定性加剧了经济和资本市场波动,使得高股息资产的吸引力进一步凸显。 截至2025年6月6日 09:53,国企共赢ETF(159719)上涨0.40%,最新价报1.52元。拉长时间看,截至2025年6月5日,国企共赢ETF近1月累计上涨2.64%。 流动性方面,国企共赢ETF盘中换手2%,成交223.24万元。拉长时间看,截至6月5日,国企共赢ETF近1年日均成交1756.77万元。 截至2025年6月6日 09:51,中证粤港澳大湾区发展主题指数(931000)下跌0.05%。成分股方面涨跌互现,广东宏大(002683)领涨1.88%,深桑达A(000032)上涨 1.62%,科达制造(600499)上涨1.59%;稳健医疗(300888)领跌2.93%,华利集团(300979)下跌2.53%,南网能源(003035)下跌2.44%。大湾区ETF(512970)上涨 0.34%,最新价报1.2元。拉长时间看,截至2025年6月5日,大湾区ETF近1月累计上 ...
基本功 | 固收+都能加些啥?
中泰证券资管· 2025-06-05 08:07
扫码进入基本功专栏 持有人首次认证有礼啦!只要在4月30日前持有中泰资管产品并持有至今且的新朋友,长按识别下方 二维码前往认证,即可获得 影音会员月卡 一份 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 本材料不构成投资建议,观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不 保证基金一定盈利,也不保证最低收益。投资有风险,基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则,请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险,投资须谨慎。 ELR+ 可以怎么加? "+"的部分包括多种资产 和策略,常见的有以下几种。 固收+股票,这是较为常见的搭配,根据股票性质的 不同,还可分为 高股息策略. 红利策略、周期股策略 等。也可参与股票 打新,赚取新股上市溢价。 ...
基本功 | 固收+都能加些啥?
中泰证券资管· 2025-06-05 08:07
扫码进入基本功专栏 持有人首次认证有礼啦!只要在4月30日前持有中泰资管产品并持有至今且的新朋友,长按识别下方 二维码前往认证,即可获得 影音会员月卡 一份 本材料不构成投资建议,观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不 保证基金一定盈利,也不保证最低收益。投资有风险,基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则,请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险,投资须谨慎。 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 ELR+ 可以怎么加? "+"的部分包括多种资产 和策略,常见的有以下几种。 固收+股票,这是较为常见的搭配,根据股票性质的 不同,还可分为 高股息策略. 红利策略、周期股策略 等。也可参与股票 打新,赚取新股上市溢价。 ...
5月银行涨幅居前,股息策略仍具吸引力!后市会如何
Mei Ri Jing Ji Xin Wen· 2025-06-03 03:20
Group 1 - The bank ETF fund (515020) tracking the CSI Bank Index has increased by 6.05% in May 2025, outperforming the CSI 300 Index by 4.2 percentage points, ranking 4th among 31 primary industries [1] - The performance is attributed to the fluctuation and subsequent decline of interest rates, along with a high proportion of dividend assets in trading [1] - The 10-year government bond yield rose from 1.63% at the beginning of May to 1.73% by May 27, before falling back to 1.67%, indicating a low interest rate environment overall [1] Group 2 - In May, the bank sector's monthly trading volume accounted for 2.11% of the market, slightly down from 2.18% in April, but the long-term enthusiasm remains intact [1] - The current bank sector's overall PE is at the 47.65th percentile of the past 10 years, with a PB of 0.56 times at the 30.2nd percentile, indicating a historically low valuation [1] - The dividend yield stands at 6.44%, at the 98.43rd percentile historically, suggesting that the bank sector is currently undervalued with a high dividend yield [1] Group 3 - The recent asymmetric interest rate cuts on deposits have seen a decrease of 15 basis points for 1-2 year fixed deposits and 25 basis points for 3-5 year fixed deposits, which is more than the 10 basis point reduction in LPR, positively impacting the interest margin [2] - The average dividend payout ratio for all A-share listed banks in 2024 has increased by 0.8 percentage points to 26.1%, with expectations that the average dividend yield will remain above 4.2% in 2025 [2] - The bank stocks are attractive to medium to long-term funds seeking stable low-risk returns due to their large market capitalization, stable earnings and dividends, and higher dividend yields compared to government bond yields [2]
林园:2025年度策略展望与交流2025下半年投资机会前瞻
2025-05-30 16:09
Summary of Conference Call Notes Industry or Company Involved - Focus on the investment outlook for the A-share market and related sectors in China Core Points and Arguments 1. **Optimistic Investment Outlook for 2025** The company holds an optimistic view on investment opportunities in the second half of 2025, primarily driven by the anticipated Federal Reserve interest rate cuts, which are expected to fall below 1% from the current level above 5% [1][2] 2. **Impact of Federal Reserve Rate Cuts on Capital Flows** The expected rate cuts by the Federal Reserve will alter global capital flow patterns, directing international capital from developed markets to emerging markets, particularly benefiting the A-share market [2][6] 3. **Focus on High Dividend Yield Assets** There is a strategic emphasis on high dividend yield sectors, such as food and beverage and public utilities, which are expected to gain value as interest rates decline [3][6] 4. **Three Main Investment Themes for 2025** The company identifies three key investment themes for the second half of 2025: - High dividend strategies focusing on leading companies related to people's livelihoods - Emerging industries like robotics - Aging population themes, particularly in pharmaceuticals and home care for the elderly [4] 5. **Long-term Holding Strategy** A "buy and hold" strategy is emphasized, focusing on building a resilient asset portfolio to withstand market volatility. The current A-share market is viewed as being at a historical valuation low, with strong policy support and stable earnings from leading companies providing confidence [5][6] 6. **Response to U.S.-China Tariff Policies** The company believes that while U.S. tariffs may cause short-term pain, they will ultimately benefit China's production optimization and industry consolidation. The overall impact on the A-share market is considered neutral, with a recommendation to focus on competitively strong leading companies [3][6] 7. **Cautious Approach to Emerging Industries** Although there is recognition of the potential in emerging industries like robotics, the company prefers to wait for clearer industry dynamics before making investments in these areas [6] 8. **Focus on Aging Population Needs** The company highlights the growing demand related to the aging population, with the number of individuals aged 78 and above expected to increase from 32 million in 2025, indicating a long-term growth opportunity in related sectors [4][6] 9. **Balancing Risk and Return** The strategy to balance risk and return involves a buy-and-hold approach, focusing on constructing a resilient portfolio with an emphasis on essential consumer goods and defensive sectors [6] Other Important but Possibly Overlooked Content - The discussion includes a detailed analysis of the implications of macroeconomic factors, such as interest rates and demographic changes, on investment strategies in the A-share market and related sectors [1][2][4][5][6]