欢迎扫描下方二维码关注： 图片 热点梳理 图片 问答来啦 近期 有纳税人来电咨询有关股息红利的相关政策，比如：我公司购买了上市公司股 票，取得的股息红利是否可以免税？若我公司取得符合条件的居民企业之间的股息、红利 等权益性投资收益，在企业所得税汇算清缴时应当填报哪些附表？这一期，申税小微收集 整理了一篇热点问答供大家学习~ 12366 图片 1. 我公司购买了上市公司股票，取得的股息红利是否可以免税？ 答： 根据《中华人民共和国企业所得税法》及其实施条例规定：居民企业直接投资 于其他居民企业取得的权益性投资收益免征企业所得税。 在中国境内设立机构、场所的 非居民企业从居民企业取得与该机构、场所有实际联系的股息、红利等权益性投资收益免 征企业所得税 。上述所称股息、红利等权益性投资收益，不包括连续持有居民企业公开 发行并上市流通的股票不足12个月取得的投资收益。 图片 3. 若我公司取得符合条件的居民企业之间的股息、红利等权益性投资收益，在企业 所得税汇算清缴时应当填报哪些附表？ 答： 根据《中华人民共和国企业所得税年度纳税申报表（A类，2017年版》，企业应 填写《符合条件的居民企业之间的股息、红利等权益性投 ...

而为什么还有70分？ 因为他毕竟帮你熬过了中国资产历史上的最大熊市，按100万名义本金算，还有了18%的回 报。 22-25年，因为房子一直在跌，还没有任何见底迹象，这种资产熊市，是历次股市熊市完全 比不了的。 4年了，中证500当时6628点，现在5639点，跌了1000点， 吃贴水浮盈800点，4年吃了1800点贴水， 总算靠着贴水把拉胯的指数给扳正了。 按100万名义本金算，还有了18%的回报。 如果让现在的我评估， IM吃贴水，是70分的策略， IC吃贴水，是65分的策略， 沪深300、中证500这种宽基，是50分的不及格的辣鸡， 红利低波、双低转债，是80分的策略。 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 你在21年，买什么中国资产能有正回报？ 买房，亏-40%，算上利息亏-60%， 买沪深300，亏-23%， 买中概互联，亏-37%， 买中证白酒， ...

Group 1 - The core index, the CSI Oriental Red Dividend Low Volatility Index, experienced a decline of 1.56%, closing at 3509.21 points with a trading volume of 74.816 billion [1] - Over the past month, the index has increased by 3.18%, 5.96% over the last three months, and 2.62% year-to-date [1] - The index comprises 100 listed companies selected for stable earnings, high expected dividend yields, and low volatility characteristics [1] Group 2 - The top ten holdings of the index include Gree Electric Appliances (1.83%), China Ping An (1.66%), and others, with the total weight of these holdings reflecting the index's focus on stable companies [1] - The index's holdings are primarily from the Shanghai Stock Exchange (81.07%) and the Shenzhen Stock Exchange (18.93%) [1] - The industry distribution of the index shows that finance accounts for 44.50%, followed by industrials (21.87%) and utilities (13.15%) [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers and acquisitions [2] - Public funds tracking the index include the Oriental Red CSI Oriental Red Dividend Low Volatility A and C funds [2]

Market Overview - The market showed significant divergence today, with the Shanghai Composite Index closing down 24.22 points, a decrease of 0.7%, at 3424.23 points, with a trading volume of 605.732 billion yuan [1] - The Shenzhen Component Index rose by 35.07 points, an increase of 0.34%, closing at 10378.55 points, with a trading volume of 935.385 billion yuan [1] - The ChiNext Index increased by 9.91 points, a rise of 0.47%, closing at 2124.34 points, with a trading volume of 464.562 billion yuan [1] - Total trading volume across both markets was nearly 1.6 trillion yuan, slightly down by about 50 billion yuan from the previous trading day [1] Sector Performance - There was a clear sector divergence, with telecommunications, non-ferrous metals, coal, and smart vehicles leading in gains, while banking, insurance, and tourism sectors experienced significant declines [1] - The coal sector showed a slight increase, with the coal ETF (515220) rising by 1.0% after reaching a peak of 1.3% during the day [4] Banking Sector Analysis - The decline in the market was primarily driven by a significant drop in the banking sector, with the CITIC Bank Index falling nearly 3% after a period of technical overbought conditions [1] - Despite the short-term pullback, the underlying valuation logic for banks remains unchanged, supported by high dividend yields and improving quality in the banking sector's financial statements [1] Technical Analysis - The recent surge in the market has effectively pushed the Shanghai Composite Index above key resistance levels established since the "9.24" market rally, indicating strong support below and a potential upward trend [2] - The market has maintained a prolonged consolidation phase, with key support levels and moving averages providing a foundation for future growth [2] Coal Industry Insights - Recent trends indicate stabilization in the prices of thermal coal and coking coal, with the demand expected to rise due to the approaching summer peak electricity usage [5] - The current dividend yield for the China Coal Index (399998) stands at 7.19%, placing it in the 90th percentile historically, making it an attractive option for long-term investors [6] Automotive Sector Developments - The automotive sector, particularly smart vehicles, has shown promising sales data, with retail sales of passenger cars reaching 1.269 million units from June 1 to June 22, a 24% year-on-year increase [9] - The implementation of the "old-for-new" vehicle policy is expected to boost new car sales, especially as the industry anticipates a peak in vehicle scrappage around 2025 to 2026 [10] - The smart vehicle ETF (159889) performed well, closing up 0.77%, reflecting positive market sentiment and expectations for future growth in the sector [8][11]

Market Overview - A-shares experienced a rebound after an initial decline, with major indices showing significant gains by the end of the week, driven by positive news and upcoming policy windows [1] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 1.91%, 3.73%, and 5.69% respectively [1] - The ETF market saw an average decline of 1.16%, with bond ETFs performing slightly better, increasing by 0.20% [1] ETF Performance - Technology ETFs showed strong upward movement, with the top-performing ETFs being predominantly in the fintech and software sectors, led by the Financial Technology ETF from Huaxia with a gain of 14.33% [2] - The demand for AI technology is highlighted by Nvidia's strong financial performance, with a 73% year-on-year growth in its data center business [3] Fund Flow Trends - The ETF market saw a net inflow of 37.24 billion yuan, with bond ETFs leading the inflow at 183.05 billion yuan [6][9] - Defensive assets, particularly bond and bank ETFs, continue to attract significant investment, indicating a cautious market sentiment [6][9] Sector Insights - The insurance capital from the mainland has increasingly influenced the pricing of Hong Kong dividend assets, as domestic insurers seek stable, high-dividend investments [5] - The report from Shenwan Hongyuan suggests that while a full bull market is not yet established, factors such as "asset scarcity" and foreign capital inflow are laying the groundwork for continued investment in A-shares [3] Upcoming ETF Listings - Nine new ETFs are set to launch next week, including several enhanced index funds aimed at tracking the A500 index and focusing on technology and consumer sectors [11]

Core Viewpoint - The article discusses the current trends in bank wealth management products, highlighting the popularity of short-term fixed-income products and the strategies used by banks to attract investors amid a low-interest-rate environment [1][7]. Group 1: Product Characteristics - Recent bank wealth management products are characterized by short-term high-yield fixed-income products, which have become the main focus of promotion [1]. - Cash management products have seen a decline in yield, with the average annualized yield for cash management products being only 1.562% as of June 19 [1]. - Short-term fixed-income products with minimum holding periods of 1, 7, 14, or 30 days are in high demand due to their liquidity and flexibility [1]. Group 2: High-Yield Products - Some products are marketed with annualized yields exceeding 10%, but actual returns may fall short of expectations due to initial net value spikes followed by slower growth [2][4]. - For example, the "Hangyin Wealth Management" product had a one-month annualized yield of 12.72% as of June 20, but its net value growth slowed significantly after an initial spike [2][4]. - Another product, "Yangguang Jin Zengli," reported a one-month annualized yield of 14.979% as of June 26, with a historical annualized yield of 8.021% [2]. Group 3: Investment Strategies - In a low-interest-rate environment, multi-asset and dividend strategy products are gaining traction as they offer better returns than pure fixed-income products [7][8]. - Dividend strategy products typically combine fixed-income assets with high-dividend stocks to enhance returns, while multi-asset strategies diversify across various asset classes to manage risk [7][8]. - Examples include the "Gongyin Wealth Management" and "Nongyin Wealth Management" products, which focus on dividend assets and multi-asset strategies, respectively [7][8]. Group 4: Market Dynamics - The market for wealth management products is influenced by promotional strategies that often limit initial purchase amounts and target private banking clients [6]. - Investors are advised to monitor new product releases and historical performance to make informed decisions about holding or redeeming investments [9]. - The overall trend indicates that as high-quality assets mature, the yields on fixed-income products are likely to decline in the long term [9].

Core Viewpoint - Ping An Fund is facing challenges in its ETF business, with low market recognition and shrinking fund sizes for several of its equity ETFs, indicating a need for improved marketing and product positioning [1][9]. Group 1: Management Changes - On June 26, 2025, Ping An Fund announced the resignation of Qian Jing, head of the ETF Index Investment Department, from three ETF products, including the Ping An CSI 2000 Enhanced Strategy ETF and others [1][2]. - Bai Guiyao, a new manager with a background in finance, has taken over management responsibilities for nine ETF products, indicating a shift in management strategy [1][4]. Group 2: Fund Performance and Market Position - The three ETFs managed by Qian Jing have a management scale of less than 50 million yuan each, categorizing them as "mini funds" [2]. - Ping An Fund's bond ETFs have seen significant growth, with a total circulation scale exceeding 23 billion yuan, positioning them just behind leading competitors [8]. - In contrast, the equity ETFs of Ping An Fund are significantly smaller in scale compared to leading firms like Huaxia Fund and E Fund, which manage several equity ETFs exceeding 10 billion yuan [8][9]. Group 3: Brand Recognition and Market Strategy - The brand recognition of Ping An Fund in the equity investment sector is primarily associated with active equity products, while its ETF business lacks visibility and effective channel promotion [1][9]. - Many of Ping An Fund's equity ETFs are experiencing a "vicious cycle" of shrinking shares immediately after their establishment, highlighting the need for strategic improvements [1][9].

Group 1 - The A-share market experienced a slight decline on June 26, with the three major indices showing a small drop, while the military industry sector remained strong and bank stocks performed well [1][3] - There was a significant net outflow of over 7.6 billion yuan from the stock ETF market, with the CSI 300 index and other broad-based indices seeing the largest outflows [2][3] - The total scale of all stock ETFs in the market reached 3.59 trillion yuan, with a reduction of 3.586 billion units in total shares on the same day [3] Group 2 - In contrast to the outflows in stock ETFs, bond ETFs and Hong Kong market ETFs saw net inflows of 5.926 billion yuan and 450 million yuan, respectively [3] - The CSI A500 index and the CSI Bank index attracted significant inflows, with over 6.1 billion yuan and 1.9 billion yuan, respectively, in the recent five trading days [3][5] - The Huatai-PineBridge CSI A500 ETF led the inflows with over 2.055 billion yuan on June 26, making it the top performer in the industry [4][3] Group 3 - The broad-based ETFs experienced the largest net outflows, totaling 5.525 billion yuan, with the CSI 300 index leading the outflows at 3.23 billion yuan [8][9] - The Huatai-PineBridge CSI 300 ETF saw a net outflow of nearly 1.4 billion yuan, ranking first in the industry for outflows [9][8] - Other ETFs such as the SSE 50 ETF and the CSI 500 ETF also experienced significant outflows, exceeding 500 million yuan each [9] Group 4 - Despite the short-term net outflows, several institutions recommend focusing on investment opportunities in related sectors, particularly in the brokerage sector, which is expected to benefit from public fund allocation and high growth [10] - The brokerage sector is currently trading at a price-to-book ratio of 1.4, indicating a potential investment window as historical percentiles suggest a favorable entry point [10]

Group 1 - The core viewpoint of the article highlights the increasing investment in Hong Kong dividend assets, particularly the Hong Kong Stock Connect Dividend ETF (513530), which has seen continuous net inflows for 22 trading days as of June 26, 2025 [1] - The Hong Kong Stock Connect Dividend ETF has achieved a significant growth in scale, increasing over 35% in the month, with the latest share count reaching 1.655 billion and total assets at 2.703 billion yuan [1] - The Hong Kong Stock Connect High Dividend Index has outperformed other dividend indices, with a six-month increase of 10.30% and a two-year increase of 35.56%, indicating its strong historical performance across different market conditions [1] Group 2 - The latest dividend yield for the Hong Kong Stock Connect High Dividend Index is 7.76%, which is significantly higher than the yields of major A-share dividend indices, such as the CSI Dividend Index at 5.84% and the Shenzhen Dividend Index at 4.45% [1] - The Hong Kong Stock Connect Dividend ETF is the first ETF that allows investment in the CSI Hong Kong Stock Connect High Dividend Index through the QDII model, offering a more favorable tax structure compared to traditional channels [1] - The fund management company, Huatai-PB Fund, has over 18 years of experience in index investment and has developed a comprehensive range of dividend-themed ETFs, managing over 41.6 billion yuan in dividend-themed ETFs as of June 26, 2025 [2]

Group 1 - The market has returned to a volatile pattern, but the dividend low volatility index, represented by the dividend low volatility ETF (512890), shows strong resilience [1] - As of June 26, 2025, the dividend low volatility ETF (512890) has achieved a cumulative increase of 10.43% over the past year and an annualized return of 9.71% over the past five years, outperforming other indices [1] - The dividend low volatility ETF (512890) has consistently generated positive returns annually since its establishment at the end of 2018, making it a unique performer in the A-share market [1] Group 2 - A total of 350 A-share companies are expected to distribute dividends amounting to 205 billion yuan this week, indicating a peak period for dividend distributions [2] - The dividend low volatility ETF (512890) has seen significant inflows, with a total of 1.382 billion yuan accumulated in 18 trading days, leading to a fund size increase of 2.143 billion yuan [1][2] - The fund has reached a historical high in size of 19.094 billion yuan as of June 26, 2025, following seven consecutive trading days of growth [1] Group 3 - Huatai-PineBridge has developed a range of dividend-themed ETFs, including the first dividend ETF (510880) and the first QDII mode ETF for high dividends in Hong Kong stocks (513530), managing a total of 41.6 billion yuan in assets [3] - The Huatai-PineBridge dividend low volatility ETF connection fund has over 829,800 holders, making it one of the most favored dividend-themed index funds among retail investors [2][3]