Core Viewpoint - In the current volatile market environment, investors are increasingly focused on how to achieve stable asset appreciation, particularly in a context of declining interest rates and rising market uncertainty. The search for asset allocation strategies that provide stable cash flow and effectively mitigate market risks has become a common concern among various investors. The dividend low-volatility strategy, characterized by "high dividend yield and low volatility," is gaining attention as a potential solution to these challenges [1]. Interest Rate Environment - The global economy has largely entered a low or even negative interest rate era, with significant reductions in deposit rates by major banks in China. For instance, as of May 20, 2025, the interest rate for one-year fixed deposits fell below 1%, and the average interest rate for current deposits dropped to 0.05% [2]. This environment has compressed the yields of traditional fixed-income products, leading to a scarcity of stable assets, while dividend assets are becoming increasingly attractive due to their stable cash flow and higher dividend yields [2]. Policy Support - Regulatory bodies have intensified their focus on corporate dividend policies, with the introduction of measures linking dividend payouts to financing qualifications and shareholder behavior. For example, the "New National Nine Articles" issued in April 2024 aims to enhance shareholder return awareness among listed companies [3]. Additionally, new rules effective from January 1, 2025, will impose penalties on companies with low dividend payouts, further encouraging higher dividend distributions [3][4]. Fund Flow Dynamics - There is a notable shift in fund preferences towards dividend assets, driven by both policy support and changes in market dynamics. Long-term funds, such as insurance and pension funds, are increasingly allocating capital to high-dividend assets, with projections indicating an influx of approximately 600 billion to 800 billion yuan over the next three years [6]. This trend is expected to enhance the valuation of dividend assets and benefit related funds, such as the TaiKang Dividend Low-Volatility ETF [6]. Market Conditions - The current A-share market is characterized by volatility, influenced by international trade tensions and geopolitical risks. Despite maintaining stable growth, domestic economic indicators show signs of weakening, leading to a challenging investment environment. In this context, dividend low-volatility assets are positioned as a strategic choice for investors seeking stability and returns [19][20]. Investment Strategy - The dividend low-volatility strategy combines high dividend yield and low volatility characteristics, providing a robust investment framework. The CSI Dividend Low-Volatility Index selects stocks based on liquidity, consistent dividend payments, and low volatility, aiming to deliver stable returns while minimizing risk [14][15]. This strategy is particularly appealing in turbulent market conditions, as it has historically demonstrated strong defensive capabilities [19][20]. Conclusion - Overall, the combination of supportive policies, increasing fund inflows, and favorable market conditions positions dividend low-volatility assets as an attractive investment opportunity. These assets not only offer stable returns in a low-interest-rate environment but also serve as a defensive strategy in volatile markets, making them a preferred choice for investors seeking to navigate economic cycles effectively [20].

Group 1 - The core viewpoint of the article highlights the ongoing trend of cash dividends in the Hong Kong stock market, with bank stocks leading the sector in total cash dividends [1][2][3] - Since the beginning of the year, the total cash dividends from bank stocks have reached 238.6 billion HKD, making it the highest among 30 sectors in the Hong Kong Stock Connect [3][6] - China Construction Bank has the highest single cash dividend of 96.9 billion HKD, followed by other major banks like Bank of China, Bank of Communications, and Industrial and Commercial Bank of China, each exceeding 10 billion HKD in dividends [6] Group 2 - In a low-interest-rate environment, high-dividend assets are attracting significant capital inflows, with net inflows into bank stocks from southbound funds totaling 72.9 billion HKD over the past three months, the highest among all sectors [7][8] - The AH bank stock index has shown a year-to-date increase of over 20%, outperforming the CSI All-Share Index by more than 6% [1][15] Group 3 - The average valuation of H-shares among 15 AH-listed banks is 0.54 times price-to-book (PB), which is significantly lower than the A-share average of 0.65 times PB, indicating a valuation gap [11][12] - The average dividend yield for H-shares is 4.95%, which is 92 basis points higher than the A-share yield of 4.03%, showcasing a strong high-dividend advantage [12][13] - Among the 15 AH-listed banks, 14 H-shares are cheaper in terms of valuation compared to their A-share counterparts, while only China Merchants Bank has a lower valuation in A-shares than in H-shares [12][13] Group 4 - The bank AH index, which includes 14 cheaper H-shares and China Merchants Bank A-shares, is based on a monthly selection of undervalued stocks in the AH market, incorporating a rotation strategy [14] - The bank AH total return index has increased by over 20% year-to-date, compared to a 13.78% increase in the CSI bank total return index [15]

Core Viewpoint - The market has shown resilience despite challenges, with significant performance from major banks and small-cap stocks, suggesting a strategic investment approach combining stability and growth potential [3][5][7]. Group 1: Bank Stocks as a Stable Foundation - Bank stocks have proven to be the most stable asset class this year, with the Bank AH Preferred ETF (517900) consistently reaching new historical highs [5]. - The low interest rate environment, with one-year deposit rates entering the "0" era, has made bank stocks attractive due to their dividend yields of 4%-6%, with the Bank AH Index yielding around 6.5% [6]. - Long-term funds, such as insurance and social security, have shown significant interest in bank stocks, with insurance capital making 10 purchases of bank stocks this year and southbound funds net buying over 200 billion in bank stocks in the past year [6]. Group 2: Small-Cap Stocks as Growth Drivers - Small-cap stocks are sensitive to funding and tend to rebound quickly when market sentiment improves, making them effective growth instruments in a low-interest and liquidity-friendly environment [7]. - Government policies are favorable towards small-cap stocks, encouraging technological mergers and acquisitions and supporting innovation in small and medium enterprises [7]. Group 3: Combined Strategy of Banks and Small-Cap Stocks - The combination of bank stocks as a foundation and small-cap stocks for growth captures the benefits of both asset classes, with banks benefiting from high dividend asset revaluation and small-caps benefiting from declining interest rates and policy support [8]. - This strategy has demonstrated strong performance, significantly outperforming the market, with a combination return exceeding 49% and a maximum drawdown of only about 13% [3][8]. Group 4: Advantages of the Selected ETFs - The Bank AH Preferred ETF (517900) uniquely packages high-quality bank stocks from both A and H markets, utilizing a rotation strategy to capture excess returns from valuation differences [9]. - Historical performance shows that since its inception, the Bank AH Total Return Index has increased by 89.81%, outperforming the China Securities Bank Total Return Index, which rose by 62.94% [9]. - The 1000 ETF Enhanced (159680) and the China Securities 2000 Enhanced ETF (159552) have also shown strong performance, with the latter gaining approximately 22.1% this year, significantly outperforming both the CSI 300 and the CSI 2000 Index [9].

Core Viewpoint - Xinhua Insurance has acquired a 5.09% stake in Hangzhou Bank, becoming its fourth-largest shareholder, reflecting a trend of insurance companies increasing investments in high-dividend bank stocks in 2025 [1][2][4]. Group 1: Transaction Details - Xinhua Insurance purchased 330 million shares of Hangzhou Bank from the Commonwealth Bank of Australia at a price of 13.095 yuan per share, totaling approximately 4.317 billion yuan [2]. - The transaction was initiated in January 2025 and completed with the approval from the National Financial Regulatory Administration [2][3]. - Following the acquisition, Xinhua Insurance holds a total of 363 million shares in Hangzhou Bank, solidifying its position as a significant stakeholder [2]. Group 2: Industry Trends - In 2025, insurance companies have made 15 equity acquisitions, with a notable focus on bank stocks, indicating a strategic shift towards high-dividend assets [4][5]. - The preference for bank stocks is attributed to declining long-term interest rates and the need for asset reallocation, as insurance companies seek stable dividend returns [5][6]. Group 3: Regulatory Environment - Recent regulatory initiatives have encouraged insurance funds to invest in the capital market, aiming to enhance the stability and proportion of insurance capital in A-shares [7][8]. - The government has introduced policies to facilitate long-term investments by insurance companies, including lowering risk factors for stock investments and promoting a "long money, long investment" strategy [7][8].

Core Viewpoint - The article highlights the significant returns achieved by investors in high-dividend assets over the past decade, despite the Shanghai Composite Index remaining below its peak level from ten years ago [1][5]. Group 1: Investment Performance - Even if investors had bought at the peak of 5178 points ten years ago, the Bank AH Total Return Index has achieved over 100% cumulative returns, while the Hong Kong Dividend Low Volatility Total Return Index has risen by 88% [3]. - Investors focusing on high-dividend assets have quietly reaped substantial rewards over time, showcasing the power of compounding returns [5]. Group 2: Institutional Investment Trends - Insurance companies, as long-term investors, are increasingly favoring high-dividend sectors like banking. For instance, China Ping An has continuously increased its stake in Agricultural Bank of China H-shares, reaching a holding of 15.15% [4][6]. - The trend of insurance companies acquiring stakes in banks is driven by the need for stable cash returns in a low-interest-rate environment, with significant investments made in high-dividend stocks [6]. Group 3: Southbound Capital Flows - Southbound capital has shown a strong preference for high-dividend assets, with net purchases in the banking sector leading among 30 sectors, totaling 209.9 billion yuan over the past year [7][8]. - As of the end of May, southbound funds held 685.8 billion yuan in 14 Hong Kong bank stocks, with a year-to-date increase of 174 billion shares, reflecting a market value increase of over 182 billion yuan [7]. Group 4: ETF Performance - The Bank ETF Preferred (517900) has outperformed the market, tracking the Bank AH Total Return Index with a nearly 20% increase since the beginning of the year, compared to a 12% rise in the China Securities Bank Total Return Index [9]. - The Hong Kong Dividend Low Volatility ETF (520550) has announced a monthly dividend of 0.004 yuan, with a yield of 0.37% based on its net asset value [12][13]. - The China Securities Dividend ETF (515080) has consistently provided dividends above 5%, making it attractive in a low-interest-rate environment [14].

6月10日港股市场整体震荡，港股红利类资产逆市表现抢眼。低利率环境中，高股息资产配置价值受到 资金关注，港股通红利ETF（513530）自2025/4/24以来已连续30个交易日获得资金净流入，助推最新份 额、规模齐创其成立（22/4/8）以来新高。（数据来源：交易所、Wind，截至25/6/10，份额、规模分别 为13.18亿份、21.33亿元） MACD金叉信号形成，这些股涨势不错！ 2025年6月11日，港股通红利ETF（513530）发布分红公告。公告显示，本次分红方案为每10份基金份 额分红0.20元，分红权益登记日为6月13日，除息日为6月16日，现金红利发放日为6月19日。 责任编辑：江钰涵 根据合同约定，港股通红利ETF（513530）及其联接基金（包括：A类018387/C类018388/I类022663） 可每月进行分红评估，在符合基金收益分配条件时，基金收益每年最多可分配12次。通过较高频次的分 红评估，有望为投资者带来较灵活的资金支配权，力争提高投资者的持有体验。 据了解，港股通红利ETF（513530）是市场首只通过QDII模式投资中证港股通高股息投资指数的ETF， 其税率结构相较传 ...

Group 1 - The core viewpoint of the articles highlights the upcoming dividend distributions from major ETFs, indicating a significant cash flow for investors in the coming months [1][2][3] - The Red Chip ETF (510720) announced a dividend of 0.35% on June 10, with the record date on June 12 and payment date on June 18 [1] - The Cash Flow ETF (159399) declared a dividend of 0.20% on June 11, with the record date on June 13 and payment date on June 18 [1] Group 2 - A total of 5,411 A-share companies are expected to disclose their annual reports for 2024, with approximately 3,750 companies planning cash dividends, representing about 70% of the total [3] - The total annual dividend amount is projected to reach 2.39 trillion yuan [3] Group 3 - In a low-interest-rate environment, the value of high-dividend asset allocation is becoming more prominent, with the dividend yield of the Red Chip Index nearing 7%, significantly higher than current bank deposit rates [5] - Various indices have reported dividend yields, with the Shanghai State-Owned Enterprises Dividend Index at 6.74% and the CSI Dividend Index at 6.34% [6] Group 4 - During market fluctuations, dividend strategies tend to outperform, providing a buffer against market downturns [8] - The FTSE Cash Flow Index has shown strong long-term performance, with an annualized return exceeding 18% since its base date, significantly outperforming the CSI Dividend Index and the CSI 300 Index [11] Group 5 - Recent policies encourage dividends, with new regulations aimed at enhancing cash dividend supervision for listed companies, promoting multiple distributions within a year starting January 1, 2025 [14] - The combination of large-cap stocks, state-owned enterprises, and ample cash flow is expected to become a key investment theme in the future [14]

资产配置月报 202506 六月配置视点：今年业绩领先的基金有何特征？ 2025 年 06 月 05 日 ➢ 今年业绩领先的基金有何特征？ 今年以来公募权益基金整体跑赢市场，基于各自基准计算，权益主动基金的信息 比率平均为 2.67%，权益量化和指增基金的信息比率平均值为 9.11%。其中业 绩领先的权益主动基金行业上专注型、轮动型、博弈型兼具，风格上主要为中成 长以及中高估值，收益主要来自其选股能力和交易能力，风格收益和行业收益占 比相对较小；行业则偏重于消费板块。业绩领先的权益量化基金或有向大盘与价 值方向偏离，行业暴露来看对于金融的低配幅度和对于机械、电子的超配幅度均 明显少于其他公募量化基金。 ➢ 大类资产量化观点 1. 大势研判综合观点：推荐关注预期成长风格。实际增速资产优势差继续回升， 预期增速资产优势差继续回升，ROE 优势差边际继续下行但拥挤度较低，高股息 类资产拥挤度保持高位。当下Δg 和Δgf 都有扩张，其中预期增长板块更值得关 注，6 月继续推荐成长风格。 1. 权益：景气度继续回升，六月择机波段。景气度 5 月整体回升，金融景气度 略有下降，工业景气度稳健回升；2025Q1 我们的景气 ...

以下文章来源于时代财经APP ，作者周梦梅 港股市场也变得热闹起来。蜜雪集团、泡泡玛特、老铺黄金"新消费三股"股价暴涨，成 为资本市场现象级盛宴；阿里、腾讯、小米等为代表的"中国科技七姐妹"强势崛起；宁 德时代赴港募资约3 5 3亿港元，成为年内全球最大规模IPO，掀起港股融资热浪。 不少投资者在这轮港股盛宴中吃到"肉"。"打恒瑞医药这只新股，中签400股，单只股票 赚了6 4 1 3元港币。"投资者王淼称。5月2 3日，恒瑞医药在港股挂牌上市，恒瑞医药首日 涨幅达到2 5 . 2 0%。近来，港股新股上市行情火爆，宁德时代和沪上阿姨在上市首日分别 收涨16.43%和4 0 . 0 3% 这背后是，2 0 2 5年二季度以来，全球宏观叙事主线出现变化，"东稳西荡" 成为资本市场 新故事，市场对美国经济增长、资产价格和美元的信心在衰退，对中国资产价格和货币 的信心在走强，围绕着中国的科技创新和产业升级，市场正在重新定价中国核心资产。 而汇集了众多高新企业的港股市场，则成为全球资本配置中国资产的战略要地。 投资有风险，交易需谨慎 。 作者 | 周梦梅 编辑 | 张常旺 来源 | 时代财经APP (ID: tf-a ...

6月首个交易日，A股迎来"开门红"，个股普涨，交投活跃。 保险加仓践行"长钱长投" 6月首个交易日，银行板块再度崛起，特别是中小银行指数，上涨超2%。其中，部分城商行上涨超 5%，对指数助力明显。银行股的走强与大型金融机构加仓，特别是保险资金举牌有关。今年以来，保 险公司举牌的银行包括邮储银行、招商银行、农业银行、杭州银行、中信银行等。据统计，截至5月 底，7家保险公司年内累计举牌15次，银行股被举牌次数最多，此外还涉及公用事业、能源、交通运输 等行业，这不仅超过前年全年的举牌量，也超过去年前9个月的举牌量。在利率下行的环境下，保险资 金通过投资高股息股票来获取稳定现金收益，增加长期股权投资则有助于获得稳定投资收益。 综上所述，在消息面稳定的背景下，投资者信心进一步增强，无论是事件驱动带动的热点题材，还 是"长钱长投"下的趋势性板块，都为市场注入了活力，股指有望保持稳中有涨格局。（作者单位：银河 期货） 政策也鼓励保险资金充分发挥耐心资本、长期资本的优势，加大入市稳市力度。2023年10月，保险资金 长期投资改革试点启动，之后连续三批扩大保险资金长期投资试点范围，试点规模累计达2220亿元，为 市场不断注入增 ...