Investment Rating - The report maintains an "Outperform" rating for the banking sector [1]. Core Insights - The report highlights the trend of high dividend investments in the banking sector, driven by low interest rates and a strong demand for asset allocation from insurance funds [5][26]. - It emphasizes the stability of dividends and the attractiveness of the banking sector for long-term capital inflows, particularly from insurance companies [26][27]. Summary by Sections 1. Review of Insurance Capital Investment in Banking Stocks - Historical trends show three waves of insurance capital investment in banking stocks in 2015, 2020, and 2024, driven by low interest rates, high premium growth, accounting changes, and regulatory guidance [8][12]. - Since 2020, insurance capital has shown a more moderate approach to equity stakes in banks, focusing on stabilizing earnings and securing dividends [5][8]. 2. Future Outlook - The banking sector's high dividend yield is appealing, with a static dividend yield ranking third among all industries as of 2024 [26][28]. - The collaboration between banking and insurance channels is significant, with insurance premium income from bank channels reaching 36.7% in 2023, enhancing the sales of insurance products [26][31]. 3. Stock Selection Strategy - Key factors for stock selection include dividend yield, transaction costs, and fundamental performance, with a focus on stable dividend rates and robust financial metrics [5][27]. - The report suggests that state-owned banks and certain regional banks are likely to be prioritized by insurance capital due to their stable dividend profiles [5][26]. 4. Investment Recommendations - The report recommends a "pro-cyclical and high dividend" investment strategy, highlighting the potential for insurance capital to become a new source of incremental investment in the banking sector [5][26]. - Specific banks are identified for investment based on their strong fundamentals and expected recovery in performance, particularly in the context of policy support [5][26].

现在的高股息算不算人多？ 考虑到一个背景，10年期国债收益率处于30年低位，很多是保险、银行在配置高股息对冲利 率下降。 kkqq999 从一般意义，肯定算。因为满大街都说高息股和红利。 但什么时候才结束，谁也不知道。 所以，理论的东西，在实战中很难把握尺度，究竟什么时 候才算高估，什么时候应该离场，一百人有一百种想法。所以，价值投资为啥知易行难，因 为没有一个明确量化的标准。 豫章秋水 早就上车了，继续持有，浮盈超过7年预期股息我就慢慢卖，前面一段时间已经卖过一部分又 买回来了。但是你要我这个价位继续买入，不可能。 人多的时候不要去，这是从博弈的角度看投资，在大A拉长周期看是有效的。在现在这个时 点，一些高股息资产还没到人声鼎沸时，公募基金也没有显著超配，也就还谈不上人多。现 阶段，真想投资高股息品种，与其从博弈角度考虑，不如从其高股息的可持续性上多下些功 夫研究分析。 很多高股息股都把分红率以公司决议的形式公告了。最大的问题还是其盈利的可持续性。很 多高股息股这几年收益稳定，可拉长周期看其实也是周期股，比如且不限于煤炭 航运等。即 使不是周期股，可现在的世界变化太快，或许是科技变革，或许是大洋对面某个政策 ...

Core Viewpoint - High dividend investment is often questioned as it indicates a company entering a mature phase, while high growth is perceived to bring higher value and faster earnings [2] Group 1: Reasons for Preference for High Dividend Stocks - High growth often comes with high valuations, meaning potential returns may not be high if growth expectations are not met, leading to a double whammy risk [4] - Investment should focus on certainty; established companies provide higher certainty compared to startups, which carry more risk [4] - Ultimately, companies aiming for profit must return value to investors through dividends, making high dividend stocks a logical choice [4] - A high dividend indicates a low valuation and a high safety margin, which are key to investment success [5] - High dividends reflect good profit quality and strong cash flow, characteristics of high-value companies [5] Group 2: Benefits of High Dividend Investments - Dividends can be used for living expenses or reinvested, contributing to portfolio growth and compensating for lower earnings growth [6] - Focusing on dividends leads to a more stable investment lifestyle compared to purely chasing capital gains, allowing for a more balanced life [6] - The investment philosophy emphasizes long-term investment and asset allocation through diversification to achieve varied sources of returns and risk mitigation [6]

Core Viewpoint - The acceleration of insurance capital entering the market is highlighted by the establishment of new private equity funds, indicating a significant shift towards long-term equity investments by insurance companies in response to regulatory encouragement [2][3][6]. Group 1: Insurance Capital Market Entry - Ping An Asset Management has received approval to establish Hengyi Chiying (Shenzhen) Private Fund Management Co., marking the third insurance private equity manager licensed in China [2][3]. - The total scale of the insurance capital long-term investment reform pilot will increase to 222 billion yuan, with 50 billion yuan already invested and an additional 172 billion yuan in preparation for market entry [3][4]. - The new "National Ten Articles" policy released in September 2024 aims to expand the pilot program, allowing more insurance institutions to establish private equity funds [3][4]. Group 2: Investment Strategies and Focus - Hengyi Chiying will focus on long-term and value investments, targeting high-quality listed companies that align with policy directions and insurance capital needs [3][6]. - Insurance companies are increasingly favoring large-cap, liquid stocks with stable dividends, as seen in the investment strategies of various funds like Honghu Fund [9][10]. - The investment landscape includes a diverse range of sectors, with significant holdings in electronics, pharmaceuticals, machinery, and power equipment, among others [8][10]. Group 3: Regulatory Support and Market Dynamics - Regulatory measures have been implemented to encourage long-term investments, including raising the upper limit for equity asset allocation and adjusting risk factors for stock investments [6][11]. - The establishment of new private equity funds has surged, with several insurance companies launching their funds in May 2025, indicating a robust response to regulatory incentives [6][7]. - The shift towards equity investments is seen as a strategic move for insurance companies to optimize asset allocation, reduce risks, and enhance long-term returns [11][12].

Group 1 - The article highlights that June marks a peak period for high dividend assets, with nearly 40% of dividends from the CSI Dividend Index constituents occurring in this month [1][2] - Historical data shows that since 2009, the CSI Dividend Index has only outperformed the CSI 300 and Wind All A-share indices 25% and 12.5% of the time, respectively, with a 37.5% probability of price increases, indicating a significant decline compared to May [1][2] - The article notes that in years like 2014, 2015, 2016, and 2021, the CSI Dividend Index outperformed the CSI 300, particularly during volatile market conditions, raising questions about the market's defensive or offensive nature this June [3] Group 2 - The article suggests that if a new main line is established post-Duanwu Festival, the dividend direction may face headwinds in June, presenting a good entry point for long-term investors [5] - It emphasizes that in a low-interest-rate environment, long-term funds, particularly from insurance capital, continue to enter the market, making dividend stocks an attractive alternative to bank deposits and pure bonds [5] - The CSI Dividend ETF has seen significant inflows, with a net inflow of 86.45 million in the last five trading days, and the CSI Dividend Index boasts a dividend yield of 6.35%, making it appealing [5][7] Group 3 - The Hang Seng High Dividend Low Volatility Index offers an even higher dividend yield of 6.66%, with its tracking ETF experiencing a net inflow of nearly 20 million recently and a year-to-date growth of 113.81% [7] - The article concludes that both A-shares and H-shares are highly attractive for dividend investments, as evidenced by the continuous net inflows and rising net asset values [7]

截至2025年5月19日 10:00，中证国有企业红利指数(000824)上涨0.28%，成分股宁波富达(600724)上涨5.16%，深物业A(000011)上涨4.40%，青岛港(601298) 上涨3.16%，中南传媒(601098)上涨1.85%，沪农商行(601825)上涨1.75%。国企红利ETF(159515)上涨0.28%，最新价报1.09元。（以上所列示股票为指数成份 股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风 险，投资需谨慎。) | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | eolala | 中远海控 | 1.12% | 2.59% | | 000937 | 冀中能源 | 0.45% | 1.87% | | 601000 | 唐山港 | 1.69% | 1.40% | | 600546 | 山煤国际 | -0.53% | 1.38% | | 000983 | 山西焦煤 | -0.94% | 1.29% | | 601166 | 兴业银行 ...

行业研究 非银行金融 2025 年 05 月 16 日 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 险资买入银行，社保增持地产 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：陈海椰 邮箱：chenhaiye@hcyjs.com 事项： 我们从上市公司前十大股东名单中筛选出险资、社保基金、基本养老金、企业年金 四类持股主体，分析四类长钱季度间风格变化。其中，险资剔除中国人寿集团持有国寿 股份，中国平安持有平安集团及员工长期计划。 根据业绩期披露时间节点，我们将形成每年三次的长钱重仓风格分析报告（如 24&25Q1，25Q2，25Q3），历史系统性梳理见此前外发报告《从重仓看中长期资金入市》。 评论： 一、险资重仓：增持交运、食饮，减持公用事业、石油石化 险资 24 年规模快速增长，股票与基金合计占比 12.7%。截至 2024 年底，保险行业资金 运用余额达到 33.26 万亿，同比增长 15%（披露口径）。2024 年，险资实现年化财务投资 收益率 3.43%，年化综合投 ...

截至5月14日，红利低波ETF泰康(560150)最新规模达8.10亿元，创近1月新高。红利低波ETF泰康 (560150)近半年份额增长1.72亿份，实现显著增长。 2025年5月15日，红利低波ETF泰康(560150)一度逆市上涨，盘中价格涨至1.154元，创近半年以来新 高。跟踪指数成分股涨跌互现，陕西煤业领涨，成都银行、江苏银行等个股跟涨。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取50只流动性好，连 续分红，红利支付率适中，每股股息正增长以及股息率高且波动率低的证券作为指数样本，采用股息率 加权，以反映分红水平高且波动率低的证券的整体表现。 相关产品： 场外产品方面，截至5月14日，泰康红利低波ETF联接(A类：021415；C类：021418)实现7连涨，单位净 值创上市以来新高！ 业内机构指出，市场不确定性仍然存在，特殊时点银行股高股息投资价值提升。看好整个银行板块，红 利仍然是银行的主线，关注低估值高股息银行股投资价值。此外，监管层推动保险资金加大入市力度， 中长期资金加速布局，红利板块的估值重塑预期也在升温。叠加每年的5-7月进入A股的"分红季"， ...

农业银行、上海银行、交通银行再创历史新高，中国太保、中国人保、中国平安、华泰证券、厦门银 行、宁波银行等跟涨。 午后，A股三大指数全线拉升。 沪指拉升，重回3400点，大金融、港口航运、物流、化工等方向涨幅居前，沪深京三市上涨个股近2000 只。 富时中国A50指数期货涨幅扩大至2%。 大金融集体异动拉升。 券商股午后拉升，红塔证券涨停，华泰证券、广发证券跟涨。 保险股爆发，中国人保涨停，中国太保涨逾8%。 据中金公司研究，近期2024年年报披露结束，2024年A股上市公司分红意愿进一步提升，在上市企业盈 利增速同比有所下降的情况下，分红总额同比增长5%左右，成为高股息投资的重要支撑。 中金公司表示，A股分红水平提升成为高股息投资的重要基础。一方面，A股企业资本开支增长有所放 缓，且自由现金流水平维持较好的状态，总量层面具备进一步提升分红水平的能力。另一方面，2023年 以来证监会加强鼓励分红导向，2024年4月新"国九条"发布，分红监管进一步强化，A股分红比例上升 趋势有望延续。 东方证券认为，宽货币政策超预期落地，无风险利率下行环境下，确定性的股息收入重要性提升。在公 募基金改革后，由于主动公募当前显著欠 ...

在贸易紧张局势缓和后，压制市场的重要因素有所缓解，市场的重心不断抬升，受益于贸易局势缓和相 关题材接连走高。 5月14日的A股市场整体保持震荡走势，临近午间收盘，主要股指快速拉升。截至午间收盘，沪指涨 0.19%，深成指跌0.26%，创业板指跌0.22%。 盘面上，航运港口、化纤行业等表现相对活跃，小金属、物流、化学原料、能源金属等板块也有所走 高，而光伏、贵金属等板块出现回调，医药商业、纺织服装、公用事业等板块跌超1%。 港股市场方面，恒生指数盘中一度冲高上涨近1.5%，但随后涨幅有所回落；恒生科技指数盘中上涨超 2%，随后也出现震荡回落走势。港股蓝筹股中，中国生物制药、京东健康等涨幅居前，理想汽车、百 度集团、友邦保险等多股实现上涨。 航运港口接连走高 在中美贸易紧张局势缓和的情况下，A股航运港口近期接连走高。 据中金公司（601995）研究，近期2024年年报披露结束，2024年A股上市公司提升分红意愿进一步提 升，在上市企业盈利增速同比有所下降的情况下，分红总额同比增长5%左右，成为高股息投资的重要 支撑。 中金公司表示，A股分红水平提升成为高股息投资的重要基础。一方面，A股企业资本开支增长有所放 缓 ...