Core Viewpoint - The article discusses the significant increase in holdings of domestic large bank stocks by Ping An Insurance and other mainland insurance companies, betting that high dividend yields will offset the adverse factors of narrowing bank profit margins and profit pressures [1][2]. Group 1: Investment Trends - Ping An Insurance has substantially increased its holdings in several large banks listed in Hong Kong since the end of 2024, with a total holding size reaching HKD 180 billion (USD 23 billion) [1]. - The proportion of Ping An's holdings in Industrial and Commercial Bank of China (ICBC) has risen to 18%, while holdings in China Merchants Bank and Agricultural Bank of China have exceeded 15% [1]. - The combination of low valuations and high dividend yields in Hong Kong bank stocks provides a more attractive allocation choice for insurance funds, highlighting the market's urgent demand for high-yield assets [2][3]. Group 2: Market Performance - The influx of insurance capital has led to a significant rise in the banking sector, with the Hong Kong-listed Chinese bank index reaching a seven-year high [2]. - Individual stocks like CITIC Bank have achieved historical highs, and Agricultural Bank of China also closed at its highest level since its listing in 2010 [2][6]. Group 3: Investment Strategy - Insurance funds favor high dividend assets, with the average dividend yield of large Chinese banks in Hong Kong exceeding 4%, compared to a benchmark 10-year government bond yield of 1.65% [3]. - Ping An Insurance emphasizes that the low volatility and high dividends from bank stocks will contribute to considerable interest income, maintaining a balanced investment strategy between growth stocks and high dividend value stocks while increasing non-bank stocks to diversify risk [4]. Group 4: Challenges Ahead - Despite strong stock performance, Chinese banks face record-low profit margins and slow profit growth [7]. - There are concerns regarding the sustainability of the upward momentum in bank stocks, as banks continue to deal with profit margin compression and high funding costs [8]. - Observations are needed to determine whether bank credit expansion can translate into real economic activity, as stock performance has diverged from the banks' fundamentals [9].

6月25日，港股红利ETF基金（513820）又带上了"XD"的前缀，熟悉分红的小伙伴应该已经看出了，今天是港股红利ETF基金（513820）的除息日，本月 分红又推进一步了，到月底（6月30日）即可收息！作为分红次数最多的港股红利类ETF，港股红利ETF基金（513820）这是第12次带上"XD"前缀，也第 12次将现金红利发放日设置在月底了，力求给投资者带来更好的投资体验！ 6月25日，港股红利ETF基金（513820）震荡，截至13:04，微跌0.41%，盘中溢价持续走阔，当前达0.25%！资金持续汹涌布局高股息资产，港股红利 ETF基金（513820）已连续17日累计吸金超2.7亿元，规模首超30亿元，同类规模领先！ (特此提示投资者关注二级市场交易价格溢价风险，若盲目投资溢价率过高产品，可能遭受重大损失) 港股红利ETF基金（513820）标的指数成分股涨跌不一，国泰海通领涨4.89%，汇丰控股、越秀地产涨超1%，三桶油飘红，煤炭股悉数回调，银行股涨 跌不一，建设银行、中信银行等微涨，工商银行、农业银行等回调。 【港股红利ETF基金（513820）标的指数前十大成分股】 | 序号 | 代码 | 名称 ...

平安保险及其他内地保险公司大幅增持国内大型银行股票，押注高股息收益率将抵消银行业利润率收窄和盈利承压的不利因素。 值得注意的是，平安保险并非唯一大举买入银行股的保险公司。瑞华保险今年3月将其在港股中信银行的持股比例从4.98%提升至5%。新华人寿 保险1月从澳大利亚联邦银行手中收购杭州银行5.45%的股份。 6月24日，据彭博基于交易所数据计算，平安保险自2024年底以来大幅增持多家大型银行在港上市股份，总持仓规模达1800亿港元（230亿美 元）。此轮买入已将其在工商银行港股的持股比例推高至18%，在招商银行和农业银行的持股比例也升至15%以上。 分析指出，港股银行股以低估值和高股息率的组合，为保险资金提供了更具吸引力的配置选择。这一趋势也凸显了市场对高收益资产的迫切需 求。 在保险资金的集中流入下，银行板块近期持续大涨，港股中资银行指数创七年新高。中信银行等个股更是创下历史新高，农业银行周二收盘也创 下2010年上市以来最高水平。 保险资金青睐高股息资产 据证券时报消息，今年1月23日，中国证监会主席吴清表示，引导大型国有保险公司增加A股投资规模和实际比例，其中从2025年起每年新增保费 的30%用于投资 ...

截至6月23日，港股红利低波ETF(520550）年内创34次新高，获资金连续7周净流入，资金流入叠加净值上行，该标的年内规模增长169%，迭创 历史新高。 长江证券陈洁敏表示，今年港股红利资产走强，主要受益于风险偏好相对下调后的防御配置需求。随着成长股持续缩圈，这类防御性强、有稳健 绝对收益能力的资产成内外资共识。 保险资金有配置港股高股息资产的强需求，这与保险OCI账户的定位以及国内资产荒有关。在国内寻找较为稳健的高收益回报资产比较困难，因 此保险资金更倾向于配置港股的高股息资产。随着新会计准则调整过渡期结束，保险OCI账户配置和加仓红利资产的节奏和体量或有进一步提升 机会。 【港股分红总额1.38万亿，同比增13%，红利类资产分红持续增长】 据2024年年报，港股分红总额达1.38万亿，同比增速超10%，当前已有927家公司宣告分红，当前正在迎来分红高潮，7月将有91家公司即将分 红。 跟A股对比，港股平均股息率较高，在房地产、通讯、公用事业、金融等多个板块的股息率相较于A股都有明显优势，可通过南下资金捕捉到更 多优质的高股息标的。 A股市场和港股市场2023、2024年年度分红表现 | 市场 | 实际 ...

【策略】中观数据与盈利预测指向哪些行业景气？——20250623 【固定收益】高频工业品价格底部反弹——基本面高频数据跟踪—— 20250623 ◼ 研究视点 【环保】监测门槛抬高，科创板专层赋能——20250623 证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 24 年 月 日 朝闻国盛 中观数据与盈利预测指向哪些行业景气？ 今日概览 ◼ 重磅研报 作者 | 分析师 杨义韬 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680522080002 | | | | | 邮箱：yangyitao@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 7.9% | 0.3% | 28.0% | | 银行 | 6.0% | 11.2% | 33.4% | | 石油石化 | 4.9% | 2.6% | -2.0% | | 传媒 | 4.6% | 0.2% | 42.6% | | 国防军工 | 3.5% | 0.8% | 25.9% | | 行业表现后五名 | | | | | ...

Group 1 - The core viewpoint is that the Hong Kong dividend low volatility ETF (520550) has seen significant capital inflows, with a 169% increase in size year-to-date, reaching a historical high as of June 20 [1] - The ETF features the lowest market fee rate (comprehensive fee rate of 0.2%), enhancing cost efficiency for investors, and its monthly dividend mechanism and T+0 trading characteristics further improve capital efficiency [2] - The ETF's holdings are structured to provide a safety net through mature sectors like finance and energy, while implementing a 5% weight cap on individual stocks to mitigate risks and avoid "dividend yield traps" [2] Group 2 - Recent observations indicate a contraction in the Hong Kong growth stock market, with a decline in interest for sectors like robotics and AI, suggesting a potential decrease in market risk appetite [3] - The second half of the year is expected to be a pivotal phase for insurance companies regarding OCI allocation and accounting standard shifts, which may lead to a preference for high dividend stocks in both A-shares and Hong Kong stocks [3] - The issuance of the off-market fund linked to the ETF is timely, providing investors with new options for long-term investments in quality Hong Kong dividend assets without the need for a securities account [2]

Core Viewpoint - The decline in one-year fixed deposit rates of major state-owned banks to 0.95% has led investors to seek stable and growth-oriented investment products, highlighting the attractiveness of high-dividend assets in the Hong Kong stock market, particularly the Hong Kong Stock Connect High Dividend Index with a dividend yield of 8.08% as of June 6 [1][2]. Group 1: Advantages of Hong Kong High Dividend Assets - Strong profitability supports continuous dividends, indicating that high-dividend assets typically have mature business models and stable cash flows, providing strong defensive characteristics during economic downturns [2]. - The industries covered by the Hong Kong Stock Connect High Dividend Index, such as banking, transportation, coal, and oil, possess high barriers to entry and are less sensitive to economic cycles, suggesting long-term resilience [3]. Group 2: Market Outlook for High Dividend Assets - In the current financial market environment, both Hong Kong and A-shares are focusing on high-dividend assets as a key investment theme, with factors supporting high-dividend strategies becoming stronger [5]. - The uncertainty surrounding U.S. tariff policies has increased market volatility, further enhancing the appeal of high-dividend assets, while domestic long-term funds are accelerating their allocation to dividend-paying assets [5]. Group 3: Investment Tools - Investors can focus on the Hong Kong market through the Hong Kong High Dividend ETF (159302), which tracks the Hong Kong Stock Connect High Dividend Index, selecting 30 highly liquid, consistently dividend-paying companies [6]. - In the A-share market, the High Dividend ETF (563180) tracks a high-yield strategy index, utilizing a dual screening method based on dividend yield and payout ratio, with a current dividend yield of 5.79% as of June 13 [6].

Group 1 - Insurance companies have increased their stake acquisitions, with 16 instances reported this year, a significant rise compared to 5 instances in the same period last year [1][2] - The recent acquisition by Great Wall Life Insurance involved purchasing 4.4 million shares of Qinhuangdao Port Co., bringing its total holdings to approximately 279 million shares, which is 5.0005% of the company's total equity [2] - The market value of Great Wall Life's holdings in Qinhuangdao Port is approximately 610 million RMB, representing 0.42% of the insurer's total assets as of the last quarter [2] Group 2 - The increase in stake acquisitions is attributed to new accounting standards that require insurance companies to reflect the market value of stock investments, leading to greater volatility in financial statements [3] - The insurance sector is facing pressure from declining long-term interest rates and the maturity of high-quality non-standard assets, which impacts investment returns [3] - The preference for high-dividend stocks is evident, with 8 out of 16 acquisitions targeting listed banks, which are known for their high dividend yields [4] Group 3 - Future trends indicate that insurance companies are likely to increase their stake acquisitions, focusing on specialized and strategic investments in sectors such as high technology, new energy, and healthcare [5] - The collaboration between banks and insurance companies is seen as beneficial for expanding insurance product sales due to banks' extensive networks [4]

2025年6月15-17日，第八届亚太区贵金属峰会（APPMC）在新加坡举办。国投瑞银基金总经理王彦杰出 席峰会，并在会议上发表精彩观点： 我们对2025年A股市场持乐观态度，尤其看好下半年的结构性机会，中国股市有机会在未来一段时间领先 海外市场表现。目前，虽然全球宏观经济仍面临多重挑战，贸易摩擦带来的不确定性仍然存在，但自 2024年以来A股市场融资属性明显弱化，长期以来因股东回报稀释，造成股价表现不如预期的制约因素不 复存在，为下一阶段估值修复提供了有力支撑。 在一系列金融支持政策引导下，2024年A股上市公司净融资规模大幅收缩，从2023年的1万亿元降至2024 年的1249亿元。上市公司回购规模扩大与净融资规模收缩双管齐下，不仅展现了企业对自身发展前景的 坚定信心，更重要的是，由于回购采用集中竞价方式，将有效提振股价，改善市场流动性和交易活跃 度。值得关注的是，2024年10月，人民银行联合证监会、金融监管总局推出"股票回购增持再贷款"政策工 具，通过优惠利率支持上市公司及主要股东进行回购增持。该政策在自有资金比例要求、贷款期限及信 用贷款等方面实现重大突破，大幅降低了企业融资成本。与此相辅相成的是， ...

2025年6月15-17日，第八届亚太区贵金属峰会（APPMC）在新加坡举办。国投瑞银基金总 经理王彦杰出席峰会，并在会议上发表精彩观点： 图：国投瑞银基金总经理王彦杰 我们对2025年A股市场持乐观态度，尤其看好下半年的结构性机会，中国股市有机会在未来 一段时间领先海外市场表现。目前，虽然全球宏观经济仍面临多重挑战，贸易摩擦带来的不 确定性仍然存在，但自2024年以来A股市场融资属性明显弱化，长期以来因股东回报稀释， 造成股价表现不如预期的制约因素不复存在，为下一阶段估值修复提供了有力支撑。 在一系列金融支持政策引导下，2024年A股上市公司净融资规模大幅收缩，从2023年的1万 亿元降至2024年的1249亿元。上市公司回购规模扩大与净融资规模收缩双管齐下，不仅展现 了企业对自身发展前景的坚定信心，更重要的是，由于回购采用集中竞价方式，将有效提振 股价，改善市场流动性和交易活跃度。值得关注的是，2024年10月，人民银行联合证监会、 金融监管总局推出"股票回购增持再贷款"政策工具，通过优惠利率支持上市公司及主要股东进 行回购增持。该政策在自有资金比例要求、贷款期限及信用贷款等方面实现重大突破，大幅 降低了 ...