与此同时，根据招商基金数据，截至9月12日，中证红利全收益指数相对万得全A指数40日收益差 为-12.25%，处于年内低位水平。招商基金表示，中证红利当前跑输Wind全A比较多，或可更多关注阶 段性布局机会。 对于当下高股息配置价值，长江证券最新分析表示，近三年保险公司持有股票与基金的规模占比在 12%~13%区间波动，这一数值仍有较大上升空间，此政策下保险或将每年至少为A股新增几千亿的长期 资金。波动率较低且分红较高的红利资产或迎来更多的增量资金流入。同时，随着近期市场降准降息预 期逐渐增强，无风险利率或持续下行，进一步加持了红利资产的投资价值。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 9月16日，招商基金旗下中证红利ETF（515080）将迎来三季度分红权益登记。根据此前分红公告，本 季度该ETF每十份分红0.15元，分红比例0.95%。据了解，目前中证红利ETF采取季度评估分红的分红节 奏。 根据公告，这是中证红利ETF上市以来第14次分红，每十份累计分红金额3.65元。据招商基金，过去五 年（2020年-2024年），中证红利ETF年度分红比 ...

Core Viewpoint - Recent foreign investment enthusiasm in the Chinese market has surged, with August recording the largest monthly net inflow since September 2024 for Chinese stocks (onshore and offshore combined) [1] Group 1: Foreign Investment Trends - Foreign capital inflow is becoming more direct, shifting from offshore channels like ADRs to onshore markets [1] - The return of foreign investment is attributed to China's leading advantages in cutting-edge fields such as artificial intelligence and robotics, along with positive signals from recent economic stabilization policies [1] Group 2: Investment Focus Areas - Foreign investors are primarily focusing on technology growth, high dividend assets, and high-end manufacturing [1] - The participation of northbound funds through ETFs has significantly increased [1]

Group 1 - The core viewpoint of the article highlights the performance and outlook of the E Fund Reverse Investment Mixed A Fund, which reported a profit of 41.75 million yuan in the first half of 2025, with a net value growth rate of 6.83% [2] - As of September 5, 2025, the fund's unit net value was 1.188 yuan, and the fund manager, Yang Jiawen, has managed five funds with positive returns over the past year [2] - The fund's net value growth rates over different periods are as follows: 18.29% over the last three months, 20.45% over the last six months, and 41.16% over the last year, ranking 138/256, 93/256, and 138/256 among comparable funds respectively [6] Group 2 - The fund's weighted average price-to-earnings (P/E) ratio as of June 30, 2025, was approximately 17.19 times, significantly lower than the industry average of 26.16 times [11] - The weighted average price-to-book (P/B) ratio was about 1.48 times, compared to the industry average of 2.38 times, indicating a valuation discount [11] - The fund's weighted revenue growth rate for the first half of 2025 was 0.06%, and the weighted net profit growth rate was 0.09% [19] Group 3 - As of June 30, 2025, the fund had a total scale of 620 million yuan, with 31,400 holders collectively owning 611 million shares [33][36] - The fund's top ten holdings include major companies such as Tencent Holdings and Guizhou Moutai, reflecting a diversified investment strategy [41] - The fund's recent six-month turnover rate was approximately 212.23%, indicating active trading behavior [39]

Group 1 - The core viewpoint of the articles indicates that state-owned insurance companies are increasingly optimizing their performance evaluation methods and enhancing their investment in equity assets, leading to a significant increase in stock holdings and a shift towards direct investment strategies [1][2][3]. Group 2 - Insurance funds have accelerated their entry into the market, with a net inflow of approximately 200 billion yuan into stocks in the second quarter, raising the proportion of stocks held to 8.8% [2]. - It is estimated that insurance funds will continue to increase their allocation to A+H stocks by 300 to 400 billion yuan in the second half of the year, driven by a policy encouraging large state-owned insurance companies to invest 30% of new premiums in the stock market [2]. - The shift in investment strategy is evident as insurance funds are moving from external management to direct investment, with a notable increase in stock holdings and a decrease in fund holdings since the fourth quarter of 2024 [2]. Group 3 - In the second quarter, insurance funds increased their allocation to high-dividend stocks while reducing their holdings in energy sectors, with a focus on technology and high-end manufacturing [3]. - The average dividend yield of the top 20 stocks increased to 3.80%, reflecting a preference for high-dividend assets, while the reduction in holdings of cyclical resource stocks indicates a strategic shift in asset allocation [3]. Group 4 - Insurance funds have significantly increased their stake in Hong Kong-listed companies, with 28 instances of shareholding increases this year, 23 of which were in Hong Kong stocks, marking a substantial rise compared to previous years [4]. - The influx of insurance funds into Hong Kong stocks has been a key driver of the rise in dividend assets in the region, particularly after a temporary slowdown due to tariff impacts [4]. Group 5 - In the first half of 2025, insurance funds reduced their allocation to ETFs focused on broad indices while increasing their investment in industry-specific ETFs, particularly in TMT, manufacturing, and financial real estate sectors [5][7]. - The net inflow into industry-themed ETFs reached 609 billion yuan, with insurance funds contributing significantly to this growth [7]. Group 6 - The top insurance companies in the A-share market have accelerated their stock allocations, with a total increase in stock market value of 411.9 billion yuan in the first half of 2025, reflecting a 28.7% increase [8]. - The proportion of FVOCI stocks held by these companies has risen significantly, indicating a strategic focus on long-term investments in dividend assets [8].

Core Viewpoint - The AI Fund Huashang Dividend Preferred Mixed Fund (000279) reported a profit of 3.38 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0141 yuan, and a net asset value growth rate of 2.25% during the reporting period [3] Fund Performance - As of September 3, the fund's unit net value was 0.743 yuan, with a recent three-month net value growth rate of 3.77%, ranking 835 out of 880 comparable funds [6] - The fund's six-month net value growth rate was 8.47%, ranking 741 out of 880, while the one-year growth rate was 5.39%, ranking 866 out of 880 [6] - Over the past three years, the fund's net value growth rate was -6.54%, ranking 619 out of 872 [6] Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 8.38 times, significantly lower than the industry average of 15.75 times [12] - The weighted average price-to-book (P/B) ratio was about 0.88 times, compared to the industry average of 2.52 times [12] - The weighted average price-to-sales (P/S) ratio was around 1.55 times, while the industry average was 2.16 times [12] Growth Metrics - For the first half of 2025, the fund's weighted revenue growth rate was 0.03%, and the weighted net profit growth rate was 0.11% [20] - The weighted annualized return on equity was 0.1% [20] Fund Composition and Strategy - The fund's current asset allocation is primarily in stable growth sectors such as banking, electricity, and non-ferrous metals, which have lower capital expenditure needs and stable profitability [3] - The fund manager expressed optimism about high-dividend assets and plans to continue selecting high-dividend targets for allocation [3] - As of June 30, 2025, the fund's top ten holdings included major banks and mining companies, such as Industrial Bank, Shanghai Pudong Development Bank, and Zijin Mining [43] Fund Size and Investor Base - As of June 30, 2025, the fund's total size was 169 million yuan, with 7,645 holders collectively owning 232 million shares [35][38] - Individual investors accounted for 99.97% of the holdings, while management and institutional investors held a minimal percentage [38] Trading Activity - The fund's turnover rate for the last six months was approximately 221.93% [41]

Core Viewpoint - The A-share technology sector experienced a collective pullback, while high-dividend assets demonstrated resilience, attracting significant capital inflows during the volatile market conditions [1] Group 1: Fund Inflows and Performance - The dividend-themed ETFs, specifically the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890), saw accelerated capital inflows, with 3.69 billion and 3.64 billion respectively from September 3 to September 4 [1] - From August 27 to September 4, the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890) recorded average daily trading volumes of 6.04 billion and 5.09 billion respectively, indicating strong investor interest in high-dividend assets [1] - The Dividend ETF (510880) attracted a total of 12.9 billion in capital over the past seven trading days, leading to continuous weekly net growth in fund size and shares for nearly four weeks [2] Group 2: Fund Size and Holder Statistics - As of September 4, the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890) had fund sizes of 18.989 billion and 20.876 billion respectively, making them among the few dividend-themed ETFs in the A-share market to exceed 10 billion [3] - The Dividend ETF (510880) has a holder count of 421,800, while the Low Volatility Dividend ETF (512890) has a total of 1,163,100 holders, indicating strong market participation [3] Group 3: Dividend Distribution - The Dividend ETF (510880) has distributed over 4 billion in dividends since its inception, with a total of 42.98 billion distributed across 18 occasions [4] Group 4: Management and Strategy - The management company, Huatai-PB Fund, is one of the first ETF managers in China, with over 18 years of experience in managing dividend-themed index investments, overseeing a total management scale of 42.575 billion across various dividend ETFs [5]

Group 1 - Insurance capital has shown a stronger and more refined trend in allocating to high-dividend assets since 2025, with 30 instances of insurance capital acquiring listed companies this year, marking a recent high [1] - The preference for undervalued, high-dividend listed companies is evident, as insurance institutions plan to further increase equity asset allocation in the A-share market, which is currently deemed to be at a reasonable valuation level [1][4] - The CSI Dividend Quality Index, which employs a unique "dividend + quality" dual-factor screening mechanism, has achieved a cumulative return of 502.27% since its base date, significantly outperforming other dividend indices [1] Group 2 - In the first half of 2025, seven listed insurance companies significantly increased their allocation to high-yield stocks, with the average allocation ratio for FVOCI stocks rising by 1.3 percentage points to 4.2%, reflecting a total increase of approximately 0.32 trillion yuan [2] - This trend of increasing allocation to FVOCI stocks, typically viewed as high-yield stocks, began in the first half of 2024 and has continued into 2025, indicating a preference for stable income assets in a low-interest-rate environment [2] Group 3 - The reasons for insurance capital's focus on dividend stocks include the need for stable cash yield and the desire to reduce profit volatility, as dividend stocks help enhance dividend contributions and stabilize net investment yield [4] - The investment performance of insurance companies is primarily influenced by investment performance, where capital gains are a major source of volatility; thus, dividend stocks, which are less volatile than growth stocks, are favored [4] Group 4 - The high-dividend sector, particularly represented by banks, has seen significant price increases, with the CSI Dividend Quality Index showing a year-to-date increase of 13.12%, outperforming other dividend indices [5][7] - The contribution to the performance of the CSI Dividend Quality Index has been more diversified, driven by sectors such as media and pharmaceuticals, while traditional dividend indices have been dominated by bank stocks [7][9] Group 5 - The current strategy of insurance capital regarding dividend stocks has evolved from a simple "buy and hold" approach to a more complex strategy that balances obtaining stable dividends and avoiding capital losses [9] - The resilience of dividend assets has been notable in market fluctuations, with high dividend yield and low volatility characteristics providing significant absolute return value [9] Group 6 - The CSI Dividend Quality ETF (159209) offers a low management and custody fee of only 0.20%, providing a cost advantage for long-term holding, and features a monthly dividend assessment mechanism to enhance cash flow for investors [10]

资本市场上行、利率下行的背景下，保险资管产品业绩表现几何？9月3日，北京商报记者通过Wind统 计发现，在1542只有统计数据的保险资管产品中，前8个月超九成产品取得正回报，年化回报率中位数 为3.95%。 目前来看，在权益市场和债券市场的共同作用下，保险资管产品展现出较强的抗风险能力和收益提升潜 力。业内专家认为，组合类保险资管产品应进一步提升资产市场中权益类产品投资占比，把握市场中的 新机会。 受益于A股市场回暖 业内专家表示，固收类保险资管产品收益率整体表现良好，得益于保险资管公司稳健的投资策略。王兆 江向北京商报记者分析，保险资金具有负债驱动的特性，需要对未来的保险赔付提供刚性兑付。因此， 本金安全和稳定现金流是保险资金投资的首要目标。固收类资产的本金和利息收入相对确定，与保险资 金的负债期限和成本能够更好地匹配。固收类产品主要投向国债、地方政府债、高信用等级的企业债、 金融债等。这些标的的发行主体信用高，违约风险相对较小，价格波动也远小于股票等权益资产。即使 在市场下行期，也能提供稳定的票息收入。 高股息资产或将成配置重点 可以看出，保险资管产品取得超九成正向回报受益于资本市场的表现以及固收资产收益 ...

Core Viewpoint - The market is experiencing resilience, particularly in the dividend index driven by the banking sector, with the Red Dividend ETF (510880) attracting significant capital inflow, totaling 1.56 billion over the past 15 trading days [1][2]. Group 1: Market Performance - The Red Dividend ETF (510880) has seen net inflows for 12 out of the last 15 trading days, accumulating a total of 1.56 billion, making it the only dividend-themed ETF to achieve over 1.5 billion in net inflows during this period [1]. - As of September 2, the latest scale of the Red Dividend ETF reached 18.704 billion, marking a new high since July 11 [3]. Group 2: Dividend Strategy - High dividend assets are considered an important equity base for enhancing portfolio resilience, especially in light of recent policies aimed at strengthening cash dividend regulations and encouraging long-term investments from insurance funds [2]. - The banking sector, which constitutes 32.34% of the dividend index, is shifting its operational model from "pro-cyclical" to "weak-cyclical," suggesting that high dividend assets like bank stocks may become more attractive during market fluctuations [2]. Group 3: Fund Performance - The Red Dividend ETF has achieved positive returns for six consecutive years (2019-2024), generating a total profit of 7.643 billion for its holders [3][4]. - It is the only dividend-themed index fund in the market that has distributed over 4 billion in cumulative dividends, with a total of 4.298 billion distributed since its inception [4]. Group 4: Fund Management - The fund management company has over 18 years of experience in managing dividend-themed index investments, with a total management scale of 42.1 billion across its various dividend ETFs [4].

Group 1: Industry Overview - Insurance companies listed on A-shares have significantly increased their allocation to equity assets, with a total stock investment scale of nearly 1.8 trillion yuan as of June 30, 2025, an increase of 405.36 billion yuan from the end of 2024, reflecting strong confidence in the stock market [1] - By the end of Q2 2025, the total amount of insurance funds invested in stocks reached 3.07 trillion yuan, up approximately 640 billion yuan from the end of Q4 2024, indicating a proactive approach to seizing investment opportunities in equity assets [1] Group 2: China Life Insurance - As of June 30, 2025, China Life's investment assets reached 71,271.53 billion yuan, a growth of 7.8% from the end of 2024, with total investment income of 1,275.06 billion yuan, a year-on-year increase of 4.2% [3] - China Life has significantly increased its equity asset allocation, adding over 150 billion yuan in the first half of the year, with stock investments totaling 620.14 billion yuan, an increase of 119.05 billion yuan from the end of 2024, raising its proportion from 7.58% to 8.70% [3] Group 3: China Ping An - As of June 30, 2025, China Ping An's stock investment scale reached 649.29 billion yuan, an increase of 211.92 billion yuan or 48.5% from the end of 2024, with stock investments accounting for 10.5% of total investments, up 2.9% [4] - The company plans to focus on new productive forces and high-dividend value stocks for future equity investments [4] Group 4: China Pacific Insurance - In the first half of 2025, China Pacific Insurance's stock scale reached 283.13 billion yuan, an increase of 28.06 billion yuan, with core equity (stocks and equity funds) accounting for 11.8% of total assets, up 0.6% from the end of the previous year [5] Group 5: China Reinsurance - As of June 30, 2025, China Re's stock investment totaled 152.13 billion yuan, an increase of 11.95 billion yuan from the end of 2024, with a notable rise in high-dividend OCI-type investments from 30.64 billion yuan to 37.47 billion yuan, an increase of 6.83 billion yuan [7] - The company emphasizes the value of high-dividend stock allocations, which provide stable cash flow and investment returns [7]