Group 1 - The core viewpoint of the article emphasizes the search for investment direction amid market volatility and performance uncertainty as June begins [2] - Calendar effects are highlighted as a strategy for identifying opportunities in June, with reports indicating that technology growth sectors tend to outperform during this period [2][6] - Reports from Northeast Securities show that growth stocks have historically outperformed value stocks, with TMT (Technology, Media, Telecommunications) sectors leading in both win rates and returns over the past 20 years [2][6] Group 2 - Some reports focus on "cost-effectiveness" to find opportunities, with East Wu Securities noting that the technology growth sector has become more attractive after adjustments in May [3] - The trading structure as of May 29 indicates that TMT's trading volume has decreased to 27.3%, suggesting a rebound in the cost-effectiveness of the technology growth sector [3] - Huatai Securities recommends dividend-paying assets, citing strong signals from high dividend trends and the current market's risk-averse sentiment [4] Group 3 - Reports also address potential risks, with Tianfeng Securities warning about the high concentration of small-cap stocks, which could lead to increased volatility and risk in the market [6] - The report from China Merchants Securities highlights the challenges facing small-cap stocks as the market approaches the half-year reporting period, suggesting a shift towards larger, quality stocks [6] - The overall market sentiment indicates a lack of clear direction, with various strategies suggesting different approaches to investment opportunities [6] Group 4 - The article notes that industry rotation is a common occurrence in May and June, with expectations for a new structural mainline to emerge as June progresses [7]

Group 1 - The market is currently experiencing a volatile trend with rapid style rotation, leading to cautious investor sentiment [1] - Defensive dividend assets are attracting significant capital, with the Hong Kong Stock Connect Dividend ETF (513530) seeing seven consecutive weeks of net inflows since April 3, 2025, reaching new highs in both shares and scale [1] - The latest data shows that the Hong Kong Stock Connect Dividend ETF has a 12-month dividend yield of 7.92% and a price-to-book ratio of 0.62, indicating potential for valuation recovery [1] Group 2 - The low interest rate environment and ample liquidity in the Hong Kong market are expected to reshape the valuation space for high dividend assets [2] - Huatai-PB Fund has over 18 years of experience in index investment and has strategically developed a comprehensive range of dividend-themed ETFs since 2006 [2] - The two largest dividend-themed ETFs in the A-share market, with scales exceeding 15 billion, are the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890) [2]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.64% as of May 16, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Kailuan Energy Chemical (600997) up 3.04%, Shenneng (600810) up 2.47%, and Fu'ao (000030) up 2.45%, while China Petroleum & Chemical (600028) led the declines down 2.08% [1] - The State-Owned Enterprises Dividend ETF (159515) fell by 0.55%, with the latest price at 1.09 yuan, and saw a significant increase in shares by 6.6 million over the past three months, ranking it in the top half among comparable funds [1] Group 2 - The China Securities State-Owned Enterprises Dividend Index is composed of 100 listed companies selected for high cash dividend yields, stable dividends, and certain scale and liquidity [2] - As of April 30, 2025, the top ten weighted stocks in the index included COSCO Shipping Holdings (601919) and Jizhong Energy (000937), collectively accounting for 15.18% of the index [2] Group 3 - Guohai Securities noted that recent joint statements indicate a positive shift in the economic and trade relations between the parties, marking a new phase of "offensive and defensive shifts" since the trade frictions began in 2018 [1] - The recommendation is to maintain dividend assets as a core allocation to mitigate potential volatility, while also considering segments of the export industry that have been overly pessimistic and undervalued [1]

Group 1 - The core viewpoint indicates that institutional investors are optimistic about dividend assets, particularly in the context of the Hong Kong stock market [1] - Domestic macroeconomic growth momentum is showing signs, but the foundation still needs to be solidified, with external demand under pressure and resilient internal demand [1] - Key economic indicators in March showed a general year-on-year recovery, with notable performance in consumption, production, infrastructure, and manufacturing investment, although industrial product prices remain under pressure and real estate investment is still weak [1] Group 2 - The manufacturing PMI saw a significant month-on-month decline in April, indicating external demand shocks [1] - The Politburo meeting emphasized responding to external uncertainties with high-quality development and proposed new structural monetary policy tools to support stable foreign trade and expand consumption, suggesting targeted policy measures to mitigate risks [1] - In this context of stability, the capital market's tone is expected to align, making the search for defensive assets an important allocation strategy [1] Group 3 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which selects listed companies with high dividend yields available for trading through the Stock Connect [1] - The index primarily covers sectors such as transportation, resources, and consumer industries, reflecting the overall performance of high-dividend Hong Kong stocks [1] - Investors without stock accounts can consider related funds such as the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

此外，当前10年期国债收益率进一步下探至1.63%，基本来到历史新低，以红利指数、红利低波指数股 息率（近12个月）与其差值作为衡量风险溢价的指标，均已来到近十年（2015/5/6-2025/5/6）100%的最 高点，显示出A股红利类资产较高的投资价值。（数据来源：Wind，截至2025/5/6。投资国债和投资股 票的风险收益特征不同，投资者进行投资时应当全面考虑投资风险。） 据悉，红利ETF（510880）、红利低波ETF（512890）分别是A股首只规模达两百亿元的红利主题ETF 和红利低波主题ETF，交易所数据显示，5月6日最新规模分别为218.50亿元、159.14亿元。 风险提示：基金有风险，投资需谨慎。基金管理公司不保证本基金一定盈利，也不保证最低收益，基金 过往业绩不能预示未来收益。市场有风险，投资需谨慎，风险自担。投资人在投资基金前应认真阅读 《基金合同》和《招募说明书》等基金法律文件，全面认识基金产品的风险收益特征，在了解产品情况 及听取销售机构适当性意见的基础上，根据自身的风险承受能力、投资期限和投资目标，对基金投资作 出独立决策，选择合适的基金产品。 以上内容与数据，与有连云立场无关， ...

据悉，红利ETF（510880）、红利低波ETF（512890）是目前A股市场仅有的两只百亿元红利主题ETF 品种，最新规模分别达218.44亿元、158.36亿元。受益于标的指数成分股2025年来现金分红水平的持续 提升，截至4月30日，红利指数、红利低波指数的最新股息率（近12个月）分别为6.90%、6.59%，高于 近十年93.79%、95.93%的时间。（数据来源：交易所、Wind、上市公司公告） 当地时间2025年5月7日，美联储将公布最新利率决议。在"关税风波"尚未渐息之际，美联储政策的不确 定性或同样成为近期扰动市场的主要因素之一，随着市场情绪反复拉锯，资金对具备较强防御属性红利 类资产颇为青睐。 其中，目前A股市场两只百亿级红利主题类ETF头部品种——红利ETF（510880）、红利低波ETF （512890）交投高度活跃，4月30日全日成交额分别为3.57亿元、8.08亿元，较前一交易日大幅增长 46%、188%。（数据来源：交易所） 年初以来（截至2025年4月30日），红利ETF（510880）、红利低波ETF（512890）累计吸引6.4亿元、 22.4亿元资金净流入，红利低波ETF（ ...

受到五一期间美股和港股表现带动，今日A股高开高走，市场情绪显著回暖。现金流ETF（159399）涨 超0.3%，成交额超2.2亿元，盘中资金持续流入。机构指出，市场震荡期叠加无风险收益率下行的宏观 背景下，红利类资产显现出较高的配置价值。 从中长期看，红利类资产仍然值得关注。招商证券指出，当前重视自由现金流策略的原因在于：一方 面，中国经济进入高质量增长阶段，上市公司增速波动降低，投资回归到获取自由现金流这一本质；另 一方面，自由现金流策略在经济环境承压时，具有长期收益更高、增长弹性更强的优势。 可重点关注现金流ETF（159399），标的指数富时现金流指数2016年至2024年连续9年跑赢中证红利指 数和沪深300指数。该基金可月月评估分红，有望成为投资者兼顾现金流需求与投资获得感的新选择。 此外，"大中市值+央国企+充裕现金流"有望为全年投资主线之一。现金流 ETF（159399）的标的指数 聚焦大中市值，标的指数央国企占比高于同类现金流指数，感兴趣的投资者可持续关注。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅 ...

Group 1: Index Fee Adjustments - Multiple public fund companies received notifications from China Securities Index Co., Ltd. and Shenzhen Securities Information Co., Ltd. regarding the reduction of licensing fees for passive investment index products [1] - The notifications included a reduction in annual basis point rates, a decrease in quarterly minimum fees, an expansion of the range of index products without a quarterly minimum fee, and the cancellation of fixed licensing fees, effective from April 1 [1] Group 2: Fund Suspension Before Holidays - Several funds announced a suspension of subscriptions before the May Day holiday, including those from Anxin Fund, Zheshang Fund, and others, with resumption on May 6 [2] - This suspension primarily affected bond funds, money market funds, and index funds related to interbank certificates of deposit, aimed at protecting investors from potential net value fluctuations due to large inflows seeking capital preservation [2] Group 3: Fund Issuance Data - In April, a total of 127 new funds were issued, with nearly half being index funds, amounting to 36.3 billion units [3] - Equity funds accounted for 66.14% of the new issuances, indicating a strong focus on this area by fund companies [3] - Notably, 11 products had issuance volumes exceeding 1 billion units, collectively representing 72% of the total new fund issuance for the month [3] Group 4: Market Insights from Fund Managers - Xie Zhiyu, a prominent fund manager, highlighted positive changes in the macroeconomic environment and the potential for A-shares and Hong Kong stocks to attract significantly more capital in the future [4] - He emphasized two key investment themes: technology assets benefiting from innovation cycles and dividend-paying stocks that provide stable returns, which are increasingly being recognized for their value [4] Group 5: Significant Fund Holdings - SF Holding disclosed that Zhang Kun's E Fund Blue Chip Select Mixed Fund became a top ten shareholder, holding 35 million shares, representing 0.7% of the company [5] - Compared to the previous year, the fund significantly increased its holdings by 3.179 million shares in the first quarter [7] - Zhu Shaoxing's Fortune Tianhui Growth Mixed Fund also increased its stake in Weigao Medical, holding 5.005 million shares, up from 3.9015 million shares at the end of the previous year [8]

科技领域方面，过去几年，国内科学技术领域取得巨大突破，研发投入、研发强度不断提升。 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！ 4月28日，兴证全球基金副总经理、知名基金经理谢治宇亮相2025年度中国投资人峰会。谢治宇表示， 面对当下国内外宏观环境和经济形势，仍能观察到多方面积极转变。 谢治宇表示，我国城投债务比例增速一定程度上得到控制。随着政府债务久期被拉长，债务利率开始明 显下降，"以时间换空间"，推动国内经济结构转型。 行业产能方面，过去几年，上游行业基本处在产能利用率相对饱满的状态，部分中游行业还有产能利用 率偏低的压力。部分行业由于供给约束，慢慢开始改善，并且市场对于控制产能逐渐形成共识，能够有 意识地认为这是影响后续行业持续发展的关键因素之一。 谢治宇表示，国内政策工具箱里还有非常多的工具。过去两年保持定力，现在非常有优势。 谢治宇还提到，之前国内市场承担的更多是企业融资需求，去年开始，更多强调权益市场如何能更好地 从投资角度提供新的可持续范式。这样的转变有利于科技投入。科技行业通过资本市场的融资发展，一 般效果相对较好，能够承担更大的风险和波动。此外，我国居民储蓄长 ...