险资2024年以来再掀举牌潮，至今热度未减。 据证券时报记者统计，截至5月底，7家保险公司今年共举牌了15次，不仅超过2023年全年举牌量，也超 过2024年前9个月举牌量。 举牌潮持续 5月中旬，平安人寿发布举牌公告，平安资管受托该公司资金投资农业银行（601288）H股，5月12日达 到农业银行H股股本的10%。 这是平安人寿今年第6次举牌。其他举牌保险公司还包括中国人寿（601628）、新华保险（601336）、 阳光人寿、长城人寿、瑞众人寿、中邮人寿等。 银行股作为高股息红利股的代表，是大型险资偏好的类型。各家保险公司中，中国平安对银行股"扫货 式"举牌颇具代表性。去年年底以来，中国平安及旗下公司大手笔买入多家银行股H股，多次触发举 牌。 最近10年，保险行业出现过三轮举牌浪潮，前两次分别是2015年和2020年，2024年以来险资开启了第三 轮举牌潮。 华泰证券分析，2015年举牌潮主要受高负债成本的万能险扩张、"偿二代"下长期股权投资节省资本消耗 等因素驱动。2020年和2024年举牌潮动力来自利率下行环境下险资投资压力增大等原因，险资需要通过 投资高息股来获取稳定现金收益，同时增加长期股权投资有 ...

举牌涉及这些股票 从险资举牌标的来看，保险公司今年举牌的股票包括北京控股、电投产融、东方物流，中国儒意、中国水务、 大唐新能源、中国神华、杭州银行以及邮储银行、招商银行、农业银行、中信银行等银行H股，其中9只股票 为H股。 险资持续举牌上市公司，引发市场广泛关注。 据券商中国记者统计，截至5月31日，7家保险公司共实施15次举牌，超过2023年全年举牌量，并接近2024年全 年举牌数。这场从2024年启动的举牌潮已经持续一年多，且丝毫没有减弱趋势，去年至今险资举牌已超30次。 第三次举牌潮持续 5月19日，平安人寿发布举牌公告，平安资管受托该公司资金投资农业银行H股股票，5月12日达到农业银行H 股股本的10%。 这是平安人寿今年第5次举牌。其他举牌保险公司还包括中国人寿，新华保险、阳光人寿、长城人寿、瑞众人 寿、中邮人寿等。 险资投资上市公司股票并不鲜见，但只有达到一定规模才能称得上"举牌"。根据相关规定，保险公司举牌上市 公司股票，是指保险公司持有或者与其关联方及一致行动人共同持有一家上市公司已发行股份的5%，以及之 后每增持达到5%时，按照相关法律法规规定，在3日内通知该上市公司并予以公告的行为。 近1 ...

Group 1 - The A-share market is currently experiencing high trading volumes around 1 trillion, indicating a cautious sentiment among investors, with historical data showing a greater than 60% probability of a decline in the first week after the Dragon Boat Festival [1] - The banking sector is being viewed as a stable investment option due to its defensive characteristics, with the bank AH index outperforming the CSI Dividend Index this year [2][4] - The state-owned funds are actively supporting the banking sector, which constitutes over 10% of the total A-share market capitalization, contributing to the stability of bank stocks even during market downturns [3] Group 2 - The decline in deposit rates has made traditional savings less attractive, while over 70% of A-share listed banks offer dividend yields exceeding 4%, some even surpassing 8%, creating a significant advantage over the 10-year government bond yield of approximately 1.65% [4] - The bank AH index has shown a nearly 40% increase since the rebound in September last year, significantly outperforming major indices like the Shanghai Composite and CSI 300 [4][5] - The only ETF tracking the bank AH index is the Bank ETF Preferred, which has generated nearly 10% excess returns since last year through its dynamic allocation strategy [5]

上周三$中证红利ETF（SH515080）$创了阶段新高后有些回调，一下子又被买疯了，这周一和这周二分别净流入3189万和3783万，主打一个越跌越买。 技术面上来看，ETF最近5个交易日接连回踩5、10和20日均线，形态上与今年1月的"倒车接人"行颇有相似之处，估计后面又是一波反弹行情。从历史规律 看，这种技术背离往往孕育着超额收益回归的配置窗口，怪不得资金大举买入。 现在国有大行一年期定期存款利率已经跌破1%，实实在在的收益倒挂摆在眼前。利率往下走，大家都在找能替代存款的稳健资产，高股息就成了香饽饽， 像险资、养老金这些长期资金都在加仓。 中证红利指数买的是沪深两市股息率最高、分红最稳定的100只股票，相当于一键打包了高股息板块的核心资产。指数股息率当前高达6.37%，相较十年期 国债收益率（1.72%）形成3.6倍的显著溢价；市净率（PB）0.76倍更是处于近10年31.7%的分位点，性价比很高。 要知道，中证红利从2004年到现在年化收益率是8.73%，如果考虑上分红，年化收益率达到了12.52%。总结来说就是8%-9%的长期指数增长率、外加每年 3%-4%的股息率，是我们买红利ETF的保底收益，基本 ...

Group 1 - The CSI 300 Dividend Low Volatility Index decreased by 0.52% as of May 26, 2025, with mixed performance among constituent stocks [1] - Minsheng Bank led the gains with an increase of 0.72%, followed by Ninghu Expressway at 0.63% and China Unicom at 0.56%, while Shanghai Bank, Conch Cement, and Huayu Automotive experienced declines [1] - The CSI 300 Dividend Low Volatility ETF (515300) underwent a rebalancing adjustment [1] Group 2 - The CSI 300 Dividend Low Volatility ETF recorded a trading volume of 54.8688 million yuan during the session, with an average daily trading volume of 110 million yuan over the past week [3] - The latest scale of the CSI 300 Dividend Low Volatility ETF reached 5.643 billion yuan, with a net inflow of 30.3007 million yuan recently [3] - Over the past five trading days, there were three days of net inflows totaling 36.9613 million yuan [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index accounted for 37.43% of the index, including China Shenhua, Gree Electric, and Daqin Railway [3] - Dongfang Wealth Strategy suggests that the relative return probability of dividends remains high, with a potential marginal increase in stable dividend style profitability from Q2 to Q3 [3] - The micro liquidity environment is expected to limit the valuation elasticity of high sensitivity styles, supporting the relative return probability of stable dividend styles in the near future [3] Group 4 - According to estimates from Founder Securities, long-term holding of dividend assets shows a higher success rate compared to broad indices like the CSI 300, aligning with the long-term performance assessment direction of the "Action Plan for Promoting the High-Quality Development of Public Funds" [4] - Institutions indicate that dividend assets are a valuable investment direction for long-term investors, especially in the context of ongoing policy encouragement for long-term capital market entry [4] - Investors without stock accounts can access investment opportunities through the corresponding CSI 300 Dividend Low Volatility ETF linked fund (007606) [4]

Market Overview - The US stock market experienced a decline this week, with the Dow Jones falling by 0.61%, the S&P 500 down by 0.67%, and the Nasdaq decreasing by 1% [1] - The dollar index dropped by 0.82%, while copper and aluminum prices rose on the London Metal Exchange [1] Economic Events - Trump threatened to impose a 50% tariff on EU goods starting June 1, which negatively impacted European stock markets [1] - Recent bond auctions in Japan and the US were poorly received, raising concerns about global market liquidity [4][5] Investment Insights - Analysts are optimistic about sectors such as technology, high-dividend assets, and non-ferrous metals [8][11] - The potential for a decline in the dollar index is seen as beneficial for international non-ferrous metal prices [11] Upcoming Events - Japan will conduct several important bond auctions on May 28, June 3, and June 5, with the June 3 auction of 10-year bonds being particularly significant [4] - The 61st simulated stock trading competition is set to begin, with participants focusing on opportunities in controllable nuclear fusion and the pet economy [2][3]

Group 1 - The 2025 Fund High-Quality Development Conference was held in Shenzhen, focusing on new paths for the high-quality development of the fund industry, gathering top experts and leaders from academia, private equity, and brokerage firms [1] - Zhang Yuxiang, a fund manager from Penghua Quantitative Investment Department, highlighted investment opportunities in both traditional and new consumption sectors for the second half of the year [3] Group 2 - In traditional consumption, value-oriented stocks with high dividend yields are recommended, particularly in sectors like banking and food and beverage, which are entering maturity with stable dividend rates [3] - New consumption stocks are gaining attention from domestic investors, with venture capital investments increasing and many companies planning to list in Hong Kong, where consumer growth potential is higher [3] - The traditional liquor sector is also emphasized, with a distinction between domestic and foreign investment approaches, focusing on short-term performance and the potential for explosive growth in new consumption stocks [3]

Group 1 - The coal industry theme funds have shown a downward trend in the first quarter of the year, but began to rebound in early April, continuing a structural rally into May [1] - As of May 23, all 46 coal industry theme funds have seen net value increases since May, with an average growth rate of 4.11%, and 10 funds exceeding 5% growth [1] - Three main factors support this trend: lower interest rates enhancing the appeal of coal as a high-dividend asset, policy encouragement for increased dividends from listed companies, and an improving supply-demand balance with reduced domestic supply and rising demand due to summer electricity peaks [1] Group 2 - Despite the mid-term logic of the coal sector remaining unchanged, short-term gains have raised discussions about potential pullback risks [2] - Investors are cashing out at relatively high levels, increasing volatility in the sector, especially as prices approach previous highs or key resistance levels [2] - To mitigate potential volatility, fund managers are advised to adopt a balanced strategy, including diversified investments and selecting high-quality stocks with strong fundamentals and risk resilience [2][3]

Core Viewpoint - The acquisition of 15.03% of Guanghui Energy by Fude Life Insurance and Fude Financial Holdings for 6.35 RMB per share reflects a growing trend of insurance capital investing in high-dividend assets, with a notable increase in such activities in 2023 [2][6][7]. Company Summary - Guanghui Energy announced that Fude Life Insurance and Fude Financial Holdings plan to invest 6.2 billion RMB to acquire 15.03% of its shares, translating to approximately 9.76 billion shares [3][6]. - Following the acquisition, Fude Life Insurance will hold 9.83% and Fude Financial Holdings will hold 5.20% of Guanghui Energy, while Guanghui Group will retain a 20.06% stake [6][7]. - Guanghui Energy has a strong focus on natural gas, coal, and coal chemical sectors, and has implemented a high dividend strategy, distributing a total of 13.72 billion RMB from 2022 to 2024, with a projected dividend payout ratio of 134.27% in 2024 [7][8]. Industry Summary - Insurance capital has accelerated its entry into the capital market, with 16 reported acquisitions by May 23, 2023, nearing the total of 20 for the entire previous year [8][9]. - The preference for high-dividend assets among insurance companies is evident, with many of the top ten stocks acquired in Q1 2023 having dividend yields exceeding 3% [10]. - Regulatory changes and favorable policies are encouraging insurance companies to increase their equity investments, with a focus on long-term capital strategies [9][11].

Group 1 - The A-share market experienced a collective pullback, with the Shanghai Composite Index closing down 0.94% at 3348.37 points, while 1107 stocks rose and 4204 stocks fell, highlighting the strong performance of controllable nuclear fusion concepts [1] - The 60th session of the stock simulation competition concluded with the champion achieving a return of 28.38%, the runner-up 27.28%, and the third place 26.60%, with 460 participants earning positive returns [1][2] - The upcoming 61st session of the competition will allow participants to register from May 24 to May 30, with the competition running from May 26 to May 30, featuring a simulated capital of 500,000 yuan [1][7] Group 2 - Key market trends included a focus on controllable nuclear fusion and the pet economy, with rapid shifts in market hotspots testing participants' trading skills [2][5] - Notable trades included the champion's successful investment in Zhongzhou Special Materials, buying at 23.45 yuan and selling at 33.24 yuan, yielding significant profits [4] - Participants also showed interest in high-dividend assets such as banks and utilities, which are seen as safer investments during market downturns [6] Group 3 - The competition's structure has changed to weekly contests, increasing the frequency of reward opportunities, with cash prizes for positive returns [7][8] - Participants can earn additional benefits such as access to expert holdings and market insights through the competition [9] - The competition encourages active participation, with a point system rewarding consistent trading activity [8][12]