Group 1 - The core viewpoint of the articles highlights the positive signals from ETF fund inflows and outflows, with significant capital entering the market on December 17, and high dividend assets gaining attention in the turbulent market of December [1] - The CSI Dividend ETF (515080) has seen a net inflow of over 600 million yuan in the past 10 days, and over 950 million yuan in the last 20 days, indicating strong investor interest [1] - The analysis from Industrial Securities suggests that year-end institutional portfolio adjustments and a "calendar effect" contribute to the favorable conditions for dividend stocks, with high win rates for the CSI Dividend Total Return Index in specific months [1] Group 2 - As the dividend environment for A-shares improves, the CSI Dividend ETF has announced its fourth dividend distribution for the year, amounting to 0.2 yuan per ten shares, with a distribution ratio of 1.26% [2] - Since its inception, the CSI Dividend ETF has distributed dividends 15 times, totaling 3.85 yuan per ten shares [2] - Looking ahead to 2026, institutions suggest focusing on technology and dividend strategies, with expectations of a liquidity-driven market rally and a preference for dividend stocks in risk-averse environments [2]

Core Viewpoint - The A-share market is witnessing strong performance in high-dividend sectors such as banking, non-bank financials, non-ferrous metals, oil and petrochemicals, and coal, indicating resilience amid increased market volatility at year-end [1][7]. Group 1: Dividend Assets Performance - The Central State-Owned Enterprises (SOEs) dividend assets, represented by the CSI Central SOE Dividend Index, have shown strong resilience in a relatively volatile market, with the total return index rising by 10.17% since 2025, outperforming other mainstream A-share dividend indices [2][8]. - The Central SOE Dividend ETF (561580) has recorded a net inflow of 370 million yuan over 17 consecutive trading days, reaching a historical high in both scale (1.095 billion yuan) and shares (883 million) [2][9]. Group 2: Dividend Yield and Investment Appeal - The dividend yield of the CSI Central SOE Dividend Index has reached 4.89%, significantly higher than the current 10-year government bond yield of 1.84%, indicating a favorable spread that appeals to long-term investors seeking enhanced returns [3][9]. - The ongoing policy support from the State-owned Assets Supervision and Administration Commission (SASAC) aims to enhance the operational environment of central enterprises, focusing on high-value and high-tech industry upgrades, which is expected to improve profitability stability and sustainability for continued dividends [3][10]. Group 3: ETF Management and Strategy - Huatai-PB Fund, a pioneer in ETF management, has over 19 years of experience in dividend-themed index investments, managing a total of 50.463 billion yuan across five dividend ETFs [4][11]. - The performance of the Central SOE Dividend ETF since its establishment on May 18, 2023, shows returns of -5.48% for 2023, 28.20% for 2024, and 0.95% for the first half of 2025, compared to its benchmark [5][11].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 高股息风格个股今日（12月23日）表现强劲，聚焦"高股息+低估值"大盘蓝筹股的价值ETF（510030） 盘中突然拉升，场内价格最高涨0.91%，截至发稿，涨0.73%。 成份股方面，保险、石化、电力等板块部分个股涨幅居前。截至发稿，中国石油、华电国际双双大涨超 2%，中国人保、中国铝业、中国平安等多股跟涨超1%。 中金公司认为，进入12月下旬，红利资产也可能凸显防御价值。沪深300指数动态市盈率接近历史均 值，估值与此前牛市高点比还有充分扩张空间，中国股票牛市或尚未结束。 价值投资，选择"价值"！价值ETF（510030）紧密跟踪上证180价值指数，该指数以上证180指数为样本 空间，从中选取价值因子评分最高的60只股票作为样本股。上证180价值指数成份股均为"低估值+高股 息"大盘蓝筹股，包括中国平安、招商银行、工商银行等金融板块龙头股，以及基建、资源等板块龙头 股，成份股股息率高，在波动行情中具有较好的防御属性。 | | | 分时 多日 1分 5分 15分 30分 60分 ▼ | | | | | | F9 盘前盘后 雪加 九转 图 ...

当前，央企上市公司整体呈现"高分红、低估值"的特征，可重点关注。以中证央企指数为例，其市盈率 低于中证国企指数、中证民企指数及中证全指，与此同时股息率则长期处于较高水平。数据显示，截至 2025年12月15日，中证央企指数市盈率TTM为12.14倍，低于中证国企（14.42）、中证民企指数 （50.61）及中证全指（20.99）；而中证央企指数近12个月股息率处于3.24%附近，高于中证国企 （2.83%）、中证民企（1.14%）及中证全指（2.00%）等指数。 另一方面，在低利率背景与政策积极引导下，红利风格展现出一定的配置优势。特别是考虑到近年来监 管层持续鼓励、引导上市公司提高分红水平，A股现金分红水平稳步增长，注重公司盈利实力和分红政 策的红利策略，或更符合长期价值投资理念。 中证央企红利50指数：央企与红利"强强联合" 近年来，低利率环境下，投资者对于现金流回报和具有估值安全边际资产的需求日益凸显。在此背景 下，央企红利资产正成为长期资金关注的焦点。中银基金旗下的中银中证央企红利50指数基金（A类： 020251，C类：020250），或可成为帮助投资者高效布局这一赛道的得力工具。 资产与时代共振， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ /EDX MELTJ LV //X L | | 十 = * 高股息低估值「港港好」 · - 跟踪标普港股通低波红利指数 - 联接A 022887 (近1周) (近1月) ( 近1年) 近1年 近一日 指数涨跌幅 指數涨跌幅 指数涨跌幅 指數涨跌幅 年化波动率 -2.87% 25.7% 0.52% -0.91% 12.48% 截至2025.12.19 -1 1/5 上证指数 上证指数 上证指数 上证指数 上证指数 0.36% 11.76% 0.03% -1.43% 15.44% 3.91% A500红利低波ETF 159296 * 行业均衡·双因子攻守萧备 · 跟踪中证A500红利低波动指数- (近1月) 近1年 ( 近1周 近1年 近一日 指數涨跌幅 指數涨跌幅 指数涨跌幅 指數涨跌幅 年化波动率 -0.23% 0.76% -2.36% 1 74% 9.69% 截至2025.12.19 (US) 上证指数 上证指数 上证指数 上证指数 上证指数 15.44% 11.76% 0.36% 0.03% -1.43% 品新股風景 4.05% 8 ...

Group 1 - Multiple institutions express a positive outlook for the A-share market in 2026, citing structural opportunities driven by corporate profit improvement, capital allocation shifts, and policy optimization [1][2] - Morgan Stanley emphasizes China's critical role in the emerging markets landscape, with its weight in the MSCI Emerging Markets Index reaching 30%, indicating a strong commitment to investing in the Chinese market [1] - Invesco believes that the A-share market will benefit from long-term structural advantages of the Chinese economy, focusing on the recovery momentum of corporate profits and the shift in asset allocation from housing and cash to equity assets [1][2] Group 2 - The optimistic outlook for the A-share market is supported by ongoing policy benefits, steady corporate profit improvements, and favorable global capital allocation demands [2] - The new "National Nine Articles" policy encourages listed companies to enhance shareholder returns through dividends and buybacks, leading to a significant increase in dividend and buyback scales among Chinese companies [2] - The technology sector, particularly in AI, is highlighted as a key investment opportunity, with Chinese companies showing potential to innovate and compete globally [2][3] Group 3 - The biopharmaceutical sector in China is becoming a cost-effective key player in the global pharmaceutical supply chain, offering significant savings on R&D costs for international companies [3] - Invesco maintains a focus on the technology sector, believing that its long-term trends will remain unaffected by short-term fluctuations, while also paying attention to resource and cyclical opportunities [3]

股 票 研 究 11 月收支表：债券投资增长提速，中小银行面临存款流失 [Table_Industry] 商业银行 银行周报（2025/12/15-2025/12/19） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 11 月收支表：负债端，中小银行居民存款搬家趋势或仍在延续，大型银行金融债券 同比多增，或源于资本补充需要；资产端，房地产销售端平淡，大型银行中长期贷 款明显少增，中小银行短期贷款少增幅度更大，或出于风险考量，主动放缓或压降 居民短期消费贷款，而大型银行及中小银行债券投资增长均有提速。 投资要点： [Table_Summary] 负债端：大型银行金融债券同比多增，中小银行存款同比少增 1）个人存款：同比少增 1065 亿元，其中活期储蓄 ...

Group 1 - The core viewpoint emphasizes a "growth and dividend" strategy in industry allocation, favoring high-quality large internet companies, particularly in e-commerce, media, and entertainment sectors, with a focus on leading AI enterprises [1] - There is a strong demand in technology hardware supply sectors driven by global AI infrastructure capital expenditure growth, particularly in areas like optical modules, PCBs, and AI data center cooling [1] - The "anti-involution" policy is expected to optimize industry supply and demand, leading to potential profit margin recovery in sectors such as photovoltaics, batteries, and chemicals [1] Group 2 - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which selects the 50 largest listed companies within the Stock Connect range, covering 18 industries and primarily focusing on large-cap leading stocks [1] - The index exhibits a balanced industry distribution, incorporating characteristics of both new and traditional economies, including finance, discretionary consumption, and communication services, reflecting the overall performance of large-cap leading enterprises in the Hong Kong Stock Connect [1]

Group 1: Free Cash Flow Strategy Insights - The Western Free Cash Flow Strategy stock pool focuses on sectors like machinery, electronics, chemicals, and pharmaceuticals, benefiting from "de-involution and cross-border capital repatriation," leading to rapid cash flow recovery [1][9] - Since the end of 2018, the Western Free Cash Flow Strategy has increased by 244%, significantly outperforming dividend strategies; it has risen 38% year-to-date, achieving over 10% excess returns compared to dividend strategies and other free cash flow strategies [1][9] - The strategy is designed to be resilient in bear markets and to outperform in bull markets, with a notable recovery in corporate cash flows due to current economic trends [6][8] Group 2: Non-Ferrous Metals Industry - The non-ferrous metals sector showed strong performance in 2025, with the rare earth index leading with a 96.4% increase year-on-year, followed by precious metals at 92.24% and small metals at 72.24% [12] - In 2026, the rare earth supply is expected to tighten further, with significant price increases anticipated for tungsten and antimony due to supply-demand mismatches [12][12] - Tin prices are also expected to rise due to supply disruptions, indicating a bullish outlook for small metals and new materials [12] Group 3: Pharmaceutical Industry - Nami Technology - Nami Technology has focused on high-performance nano-microsphere preparation since its establishment in 2007, expanding its product lines to include various chromatography media and instruments [14][15] - The company is projected to achieve revenues of 955.9 million, 1,194.3 million, and 1,502.0 million yuan from 2025 to 2027, with year-on-year growth rates of 22.2%, 24.9%, and 25.8% respectively [15] - The domestic market shows a clear trend towards domestic substitution in chromatography media, with significant growth in sales expected from its core products [15] Group 4: Non-Banking Financial Sector - CICC - CICC announced a share swap merger with Dongxing and Xinda, which is expected to enhance its capital strength significantly, moving its net assets from 115.5 billion to 171.5 billion yuan [17][18] - The merger is anticipated to improve CICC's business synergy and capital leverage, positioning it better within the industry [18] - The expected net profit for CICC in 2025 is projected at 8.393 billion yuan, maintaining a "buy" rating due to favorable market conditions and potential for growth [18]

Group 1 - The core conclusion emphasizes that cash flow strategies perform well in bear markets without underperforming and can achieve excess returns in bull markets, making them a balanced approach [1][10] - The report highlights that the cash flow strategy is superior to dividend strategies, as it focuses on dynamic cash flow improvements rather than static dividend yields, allowing for better identification of investment opportunities [2][25] - The report indicates that the Western cash flow strategy is more precise, faster, and stronger, with a higher sample replacement rate and the ability to quickly adjust to market changes, thus enhancing investment performance [3][4][39] Group 2 - The cash flow strategy is noted for its ability to capture industry trends and changes in economic conditions, allowing for timely adjustments in portfolio composition [2][32] - The report provides case studies showing that the cash flow strategy can effectively avoid losses in declining sectors like coal while capitalizing on gains in improving sectors like non-ferrous metals [2][35] - The Western cash flow strategy's stock pool is diversified across various industries, including machinery, electronics, chemicals, and pharmaceuticals, benefiting from the current economic recovery trends [4][61] Group 3 - The report states that since the end of 2018, the Western cash flow strategy has seen a cumulative increase of 244%, significantly outperforming dividend strategies [4][66] - The cash flow strategy's performance in 2025 is projected to yield excess returns of over 10%, indicating its effectiveness in the current market environment [4][66] - The Western cash flow strategy's focus on dynamic adjustments and sectoral balance positions it as a strong performer in both bear and bull markets, reinforcing its status as a "safe asset" [1][58]