数据说明： 产品统计范围为理财公司权益类理财公募产品，统计截止日期为2025年11月13日，统计区间为近1个 月。 | 4 | 华夏理财天工日开理财产品 华夏理财 5.99% 1.35% 1号(水电指数) 7.11% 1号(水电指数) | | --- | --- | | | 华夏理财天工日开理财产品 | | ഗ | 16号 (港股通高股息指 华夏理财 5.91% 1.04% 8.41% | | | 数) | | 6 | 阳光红300红利增强 | 光大理财 5.10% | 1.03% | 3.54% | | --- | --- | --- | --- | --- | | 7 | 华夏理财天 开理财产品 20号（中诚信股須回报优 | 华夏理财 4.92% | 1.13% | 8.20% | | | 旋清版) | | | | | 8 | 幸福99锦航权益(红利优 选) 180天持有期2501期 理财 | 杭银理财 4.52% | 0.87% | 5.41% | | 9 | 高盛工银理财·盛鑫君智私 银尊享红利精选量化权益理 | 高盛工银 4.31% 理财 | 1.09% | 3.98% | | | 财产品1期 | ...

②英伟达强劲的Q3财报数据以及Q4指引，或有助于平息"AI泡沫论"。叠加阿里将于11月25日公布财 报。 ①近期"AI泡沫论"+美元市场流动性紧张（美政府停摆+12月降息概率走低），港股科技股承压下跌。 ②恒生科技指数年内涨幅超20%的情况下，机构倾向于锁定利润，转而关注稳定性更高的红利资产。③ 港股年初IPO和配售个股迎来解禁期。 但积极因素同样在积累： ①恒生科技指数10月以来持续回调，自10月3日至今累计回调幅度超18%。 受隔夜超预期的9月非农数据+美股跳水下跌，今日港股全线低开，恒生科技指数跌2.21%，恒生互联网 ETF、恒生科技指数ETF分别跌2%和1.6%。 资金却选择越跌越买，恒生科技指数ETF自10月30日-11月20日的16个交易日连续获资金净申购，合计 净流入额44.72亿元，期内下跌10.11%。恒生互联网ETF同样上演16日净流入，合计净流入25.18亿元， 期内下跌10.24%。 港股近期持续调整的原因： ③美联储12月1日暂停缩表+9月非农数据虽超预期，但美联储更关注的失业率连续三个月上升。 相关产品，及截至发稿涨跌幅： 港股全科技赛道：恒生科技指数ETF(513180)，-1 ...

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]

Core Viewpoint - The banking sector has shown significant activity, with China Bank's stock price rising 4.00% to a record high, driven by overall sector trends and solid financial performance [1][2] Group 1: Stock Performance - China Bank's stock closed at 6.24 yuan per share, with a market capitalization surpassing 2 trillion yuan [1] - The banking sector's dividend yield is approximately 4% over the past 12 months, attracting conservative investors seeking stable returns [1] Group 2: Financial Data - As of the end of Q3, China Bank's total assets reached 37.55 trillion yuan, a 7.1% increase from the end of last year [2] - For the first three quarters, China Bank reported operating income of 491.204 billion yuan, a year-on-year increase of 2.69%, and a net profit attributable to shareholders of 177.66 billion yuan, up 1.08% [2] Group 3: Dividend Distribution - China Bank has completed two dividend distributions for 2024, totaling over 71.3 billion yuan, and plans to distribute 1.094 yuan per 10 shares for the 2025 interim dividend, amounting to 35.25 billion yuan [2] - A total of 24 A-share listed banks have announced their 2025 interim dividend plans, with total cash dividends reaching 263.79 billion yuan [2] Group 4: Market Outlook - The recent rise in bank stocks is attributed to a market style shift, with stable performance and attractive dividends driving investor interest [3] - The trend of dividend-driven stock purchases is expected to continue until the end of December, indicating positive prospects for bank stock prices [3]

Core Viewpoint - The ongoing reform of state-owned enterprises (SOEs) is expected to enhance their operational efficiency and cash flow, leading to a stronger willingness and ability to distribute dividends, which may result in a revaluation of these companies [1][2]. Group 1: Market Performance - As of November 20, 2025, the CSI State-Owned Enterprises Dividend Index rose by 0.19%, with notable increases in stocks such as Xiamen International Trade (up 6.85%) and Bank of China (up 2.50%) [1]. - The National Enterprise Dividend ETF (159515) saw a slight increase of 0.08% [1]. Group 2: Characteristics of Dividend Stocks - Dividend stocks are characterized by stable dividends, strong profitability, and the ability to survive economic downturns. They typically exhibit high cash flow, mature earnings, and strong anti-cyclical capabilities [2]. - The CSI State-Owned Enterprises Dividend Index selects 100 listed companies with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]. Group 3: Investment Strategy - The current low valuation of dividend stocks relative to historical levels aligns with investment strategies that seek certainty in returns, particularly in a tightening monetary environment [2]. - The index's top ten weighted stocks account for 17.08% of the total index, indicating a concentrated investment in a few key players [2].

回顾今年以来的市场，科技成长风格表现突出，而此前颇受青睐的红利价值赛道则表现平淡，一度落后大盘，因此也有观点认为今年是红利资产的"小年"。 那么，当前是否还有必要配置红利资产？ 回顾今年以来的市场，科技成长风格表现突出，而此前颇受青睐的红利价值赛道则表现平淡，一度落后大盘，因此也有观点认为今年是红利资产的"小年"。 那么，当前是否还有必要配置红利资产？ 广发基金认为，当前投资者依然可以对红利类基金给予关注，可考虑将其作为投资组合中的"压舱石"进行配置。 红利资产为何再度回归视野？ 进入四季度，市场的波动显著加剧，前期积累了较多涨幅的科技成长类板块压力显现，进入震荡调整阶段。截至11月17日，创业板指、科创50四季度以来分 别下跌了4.11%和9.45%。相比之下，红利资产短期内展现出了较强的韧性，中证红利全收益指数同期上涨5.37%，越来越多的资金开始重新把目光聚焦到红 利资产身上。 近期红利资产能再度回归投资者视野，主要基于两方面原因。 拉长观察周期来看，红利资产在中长期的表现同样可圈可点。下表列举了几个红利类指数在过去10年的历史表现，可以看到，红利类指数的年化波动率普遍 低于沪深300全收益指数，但年化 ...

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

Market Overview - The Shanghai Composite Index experienced a decline for three consecutive days, closing down 0.81% at 3939.81 points, with a trading volume of 1.9261 trillion yuan, slightly increasing by 15.3 billion yuan compared to the previous Monday [1]. Competition Event - The 78th session of the simulated stock trading competition, "掘金大赛," started on November 17 and runs until November 28, with registration open from November 15 to November 28. Participants start with a simulated capital of 500,000 yuan, and cash rewards are given for positive returns [1][3]. Prize Structure - The cash rewards for each session are as follows: 688 yuan for the 1st place, 188 yuan for 2nd to 4th places, and 88 yuan for 5th to 10th places, with the remaining positive return participants sharing a total of 500 yuan. Monthly leaderboard winners receive higher rewards, with the 1st place getting 888 yuan [3]. Market Insights - Participants in the competition suggest looking for opportunities in low-position sectors such as waste incineration power generation, water supply, and dividend assets. Notably, the electric grid equipment sector showed strong performance following a recommendation made on November 5 [5]. Additional Resources - Participants who register for the competition gain access to a free six-day trial of the "火线快评" service, which provides insights on market trends, investment logic, and company analysis. Top performers in each session also receive extended access to this service [5]. Registration Process - To register for the competition, users must download the Daily Economic News App, navigate to the "私人订制" section, and follow the prompts to sign up for the "掘金大赛" [6].

Group 1 - Insurance capital has significantly increased its holdings in the stock market, with a total of 732 listed companies held, amounting to approximately 1,011.3 million shares, an increase of 120.25 million shares from the previous quarter [1] - The preference for high dividend and low valuation stocks is particularly notable, with significant increases in holdings for companies like Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hualing Steel [1] - Insurance capital has expanded its investments in sectors such as banking, steel, real estate, media, and automotive, showing a sustained interest in dividend-paying assets [1] Group 2 - The "slow bull" market in A-shares is positively influencing the investment ecosystem of insurance capital, with a focus on high dividend assets reflecting a pursuit of stable returns and long-term investment value recognition [2] - The S&P China A-Share Dividend Opportunities Index, which tracks 100 high dividend companies, has a current dividend yield of 5.18%, with a yield spread of 3.37 percentage points over the latest 10-year government bond yield [2] - The S&P A-Share Dividend Index has outperformed similar dividend indices this year, with a return of nearly 15% and an annualized Sharpe ratio of 1.91, indicating significant advantages [2][3] Group 3 - The S&P Dividend ETF (562060) has been included as a financing and securities lending target, enhancing trading strategies and liquidity, with an average trading volume of 49.38 million yuan over the last three trading days [4] - Recent market volatility has led to increased capital inflow into the S&P Dividend ETF, with a net inflow of 7.565 million yuan over five days and a total of over 120 million yuan in the last ten days [4] Group 4 - In the context of increasing macroeconomic uncertainty and pressure on fixed-income asset yields, dividend assets are becoming a crucial "defensive shield" and a "ballast" for returns [5] - As the domestic economy transitions to a high-quality development phase, the market's pricing focus is shifting from growth expectations to dividend returns, aligning with trends in mature markets [5] - The long-term allocation of capital and policy support for dividends are establishing a solid foundation for the sustainability of dividend strategies [5] Group 5 - The S&P A-Share Dividend Total Return Index has achieved a cumulative return of 2,596.59% from 2005 to September 2025, with an annualized return of 17.64% [7] - The market may be entering a consolidation phase after the overheated trading in the computing power sector, making the S&P Dividend ETF a valuable asset for a balanced investment strategy [7]