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又见“保险投资保险”!险资持续增配权益资产
券商中国· 2025-09-12 08:15
港交所披露易显示,8月底,中国平安相继买入中国太保H股和中国人寿H股,对两家险企H股持股比例突破 8%,距离此前突破5%举牌线不到一个月。 中国平安持续买入保险股被认为释放积极信号,反映险企对自身行业基本面筑底向好的认同。同时也是险资在低利率和 新金融工具新准则下通过OCI(其他综合收益)账户增配高股息股票资产的延续。 多位上市险企管理层近期表示,A股具备中长期配置价值,将稳步增加权益资产配置,不断优化权益投资策略,增强投资 业绩的稳定性。 平安持续增持保险股 险资举牌连创新高 中国平安连续增持保险股,是险资去年以来持续入市的缩影。 券商中国记者查询港交所披露易发现,8月28日,中国平安旗下平安人寿、平安财险合计增持中国太保H股1072.02万股, 每股均价35.6922港元。此次投资后,中国平安持有中国太保H股数量达到2.23亿股,持股比例升至8.02%。 次日,平安人寿再度增持中国太保H股610.42万股,增持后持有中国太保H股数量达到1.98亿股,持股比例从前一天的 6.92%升至7.14%。 8月以来,中国平安持续增持中国太保H股,按投资均价计算,集团合计投资中国太保H股金额超30亿港元。 除了买入中 ...
第14次分红来了!中证红利ETF(515080)本季每十份分红0.15元,上市以来每十份累计分红3.65元
Sou Hu Cai Jing· 2025-09-12 07:20
Group 1 - The core viewpoint of the news is that the China Securities Dividend ETF (515080) has announced its third dividend distribution for the year, with a dividend ratio of 0.95% and a record date of September 16 [1][2] - The ETF has a history of consistent dividend payments, having distributed dividends 14 times since its inception, with a cumulative dividend amount of 3.65 yuan per ten shares [2] - The annual dividend ratios from 2020 to 2024 are reported as 4.53%, 4.14%, 4.19%, 4.78%, and 4.66% respectively, indicating a stable dividend policy [2] Group 2 - As of September 11, the latest dividend yield of the China Securities Dividend Index is 4.83%, which shows a significant advantage over the 1.87% yield of ten-year government bonds [2] - The difference in returns between the China Securities Dividend Index and the Wind All A Index over 40 days has widened to -11.93%, suggesting an increasing short-term value in dividend assets [3] - The China Securities Dividend ETF has attracted over 58 million yuan in inflows over the past two days, indicating strong investor interest [3] Group 3 - Looking ahead, the market is expected to continue a volatile upward trend, with a focus on changes in market volume [5] - There is potential for investment in undervalued dividend assets, particularly in the service consumption sector and technology industries benefiting from domestic advancements [6]
“保险买保险”再度上演 险资增配权益资产逻辑浮出水面
Zheng Quan Shi Bao· 2025-09-11 18:00
Core Viewpoint - China Ping An's continuous increase in holdings of insurance stocks is interpreted as a positive signal, reflecting a consensus among insurance companies that the fundamentals of the industry have bottomed out and are improving [1][2]. Group 1: Investment Activities - As of August 28, China Ping An's subsidiaries acquired a total of 10.72 million shares of China Pacific Insurance (CPIC) H-shares at an average price of 35.6922 HKD per share, raising its stake to 8.02% [2]. - The following day, Ping An Life further increased its holdings in CPIC by acquiring 6.1 million shares, bringing its total holdings to 198 million shares and its stake to 7.14% [2]. - Overall, since August, China Ping An has invested over 3 billion HKD in CPIC H-shares [2]. - Additionally, on August 28, Ping An Life spent over 1 billion HKD to acquire 4.41 million shares of China Life H-shares at an average price of approximately 23.55 HKD, increasing its stake to 8.32% [2]. Group 2: Market Trends and Insights - As of June 30, the balance of investments in stocks and securities investment funds by life and property insurance companies reached 4.73 trillion CNY, a 25% increase compared to the same period in 2024 [4]. - The stock market investments of five A-share listed insurance companies exceeded 1.8 trillion CNY, reflecting a year-on-year increase of over 400 billion CNY, with a growth rate of 28.7% [4]. - Insurance companies have made 28 stake acquisitions in 2023, surpassing the total number of acquisitions from 2021 to 2023 [4]. Group 3: Strategic Focus - Insurance executives have indicated a commitment to increasing equity asset allocation, with a focus on long-term investment value in the A-share market [6]. - China Life's Chief Investment Officer expressed optimism about the A-share market for the second half of the year, emphasizing investment opportunities in sectors such as technology innovation, advanced manufacturing, and new consumption [6]. - The insurance asset management industry is optimistic about sectors related to the CSI 300 index, including pharmaceuticals, electronics, banking, and defense, with a focus on high-dividend and innovative assets [7].
如果此时满仓红利,该怎么办?
雪球· 2025-09-11 07:56
Core Viewpoint - The article discusses the current challenges faced by investors heavily invested in dividend stocks, highlighting the underperformance of dividend indices compared to broader market indices since June 23, 2025, and suggests strategies for adjusting portfolios to improve returns [7][9][21]. Group 1: Market Performance - Since June 23, 2025, broad-based and actively managed equity funds have seen gains of 20% or more, while dividend indices like the Shanghai Dividend and CSI Dividend have seen maximum gains of no more than 5% [7]. - The article notes that investors who are fully invested in dividend stocks may be experiencing significant discomfort due to the poor performance of these assets [8]. Group 2: Investor Strategies - For long-term investors who have held dividend stocks through various market cycles, the article suggests that they may not need to take any action, as they understand the nature of these assets [8]. - For newer investors who entered the market during the recent dividend bull run, the article provides actionable strategies to navigate the current market conditions [9][21]. Group 3: Transitioning Investment Focus - The article emphasizes that both dividend and growth assets cannot be effective or ineffective in the long term, suggesting a potential shift towards growth-oriented investments while maintaining a balanced risk profile [11]. - It proposes that investors consider reallocating from pure dividend holdings to deep value fund managers who have shown better performance relative to dividend indices [14]. Group 4: Upgrading Dividend Indices - The article recommends upgrading dividend indices by incorporating growth factors, suggesting two main investment directions: 1. Free Cash Flow series indices, which have outperformed traditional dividend indices since June 23, 2025 [16][17]. 2. Dividend Quality indices, which have also shown significant gains compared to pure dividend indices [18]. Group 5: Additional Optimization Methods - The article suggests considering large-cap broad-based or value-oriented indices, such as the CSI 300 or Shanghai Composite Index, as they are expected to outperform pure dividend strategies in the near term [19]. - It also recommends exploring dividend-paying stocks with growth attributes, particularly in sectors like consumer goods and liquor, which may offer better returns than traditional dividend stocks [20]. Conclusion - The article concludes that rather than making drastic changes to investment portfolios, investors should focus on optimizing their holdings to align with current market conditions while maintaining patience [21][22].
权益类公募理财表现分化,有产品近1月涨超20%
Core Insights - The A-share and Hong Kong stock markets have shown strong performance this year, with equity public funds also recording good returns [5] - The average net value growth rate of equity public funds over the past six months is 15.56%, with all funds achieving positive returns [5] - The top ten products are evenly distributed among various financial institutions, with notable performances from Huaxia Wealth Management and Xinyin Wealth Management [5] Group 1 - The top-performing products include Huaxia Wealth Management's "Tiangong Rika 8" and Xinyin Wealth Management's "Baibao Elephant Stock Preferred Weekly 1," both exceeding a 40% growth rate over the past six months [5] - The maximum drawdown for Huaxia Wealth Management's "Tiangong Rika 5" is the highest at 18.24%, while the lowest is 8.23% for Everbright Wealth Management's "Sunshine Red ESG Industry Selection" [5] - The product with the lowest return in the bottom ranking is ICBC Wealth Management's "Quantitative Wealth Management - Hengsheng Allocation," with a return of only 1.74% over the past six months [5] Group 2 - In the past month, the ChiNext Index has led the A-share market with a growth of 25.20%, while the Shanghai Composite Index and Shenzhen Component Index have shown lower growth rates [6] - Everbright Wealth Management's "Sunshine Red New Energy Theme" and Huaxia Wealth Management's "Tiangong Rika Wealth Management Product 4" have benefited from the recent recovery in the new energy sector, with the former achieving a net value increase of 20.56% [6] - Dividend assets have regained investor interest, with the Dividend ETF (510880) experiencing consecutive weeks of net growth in fund shares and scale, reaching a new high of 19.193 billion yuan since June 30 [6]
月月分红CP再官宣本月分红!用红利来应对牛市分歧
Mei Ri Jing Ji Xin Wen· 2025-09-11 03:30
每经编辑|彭水萍 主打"可月月评估分红"的现金流ETF和红利国企ETF本月迎来了双双分红。 根据最新公告,现金流ETF(159399)本次分红比例为0.25%,权益登记日为2025年9月15日。 红利国企ETF(510720)本次分红比例为0.3%,分红基准日为2025年9月3日,权益登记日为2025年9月12日。 值得关注的是,这两只ETF都是合同约定可每月进行评估收益分配,在符合基金分红条件下,可安排收益分 配的红利类ETF产品。截至9月,现金流ETF(159399)上市以来已经连续分红7次,红利国企ETF(510720) 已经连续分红17次。 在人心思涨、趋于浮躁的环境下,做好资产配置还是非常重要的。 国信证券研究指出,基民真实收益高的基金,年化波动率、日均换手与PE-TTM均相对较低,而平均股息率较 高,这也意味着红利类资产的持有收益更好。 所以,虽然在牛市,我们也要重视红利资产的投资价值。 市场波动放大,用红利应对牛市分歧 七月以来指数一路冲高,市场情绪回暖,"牛市"的声音喧嚣起来。 很多人会问当前为什么还要关注红利? 清华大学、伦敦政治经济学院等多校学者联合研究发现,在2015年的牛市市场中,底层 ...
震荡市安全边际凸显 红利资产成资金配置焦点
Zheng Quan Shi Bao· 2025-09-10 22:42
Core Viewpoint - The A-share market has experienced fluctuations and adjustments since September, with an increase in risk aversion, leading some funds to shift towards dividend assets characterized by low valuations and high dividends [1] Market Overview - Since September, the Shanghai Composite Index has declined by 1.18%, indicating a volatile market with structural characteristics becoming more pronounced [2] - Industries such as defense, computer, and electronics have seen significant pullbacks, with the defense industry index dropping over 10% [2] - Conversely, cyclical industries like electric equipment, non-ferrous metals, and public utilities have strengthened, with electric equipment industry rising over 5% [2] Stock Performance - Over 3,000 stocks have declined since September, with over 450 stocks falling more than 10%, while over 400 stocks have increased by more than 10% [3] - Stocks that have risen by at least 10% exhibit notable high dividend characteristics, with the average market capitalization of these "big gainers" being below 15 billion, compared to nearly 19 billion for "big losers" [4] Dividend Assets - High dividends are a significant feature of the stocks that have surged in September, with dividend assets attracting considerable capital [5] - As of September 9, the overall stock market saw a net outflow of over 8 billion in stock ETFs, while dividend-themed ETFs experienced a net inflow of over 800 million [5] - Financing balances in industries like electric equipment and non-ferrous metals have increased, with electric equipment seeing a rise of over 15% [5] Stability and Risk Buffer - Dividend assets have shown significant anti-drawdown characteristics during market downturns, outperforming the Shanghai Composite Index in several instances since 2020 [6][7] - The dividend index has a lower price-to-earnings ratio compared to other indices, indicating a more attractive valuation for risk-averse investors [8] Investment Strategy - The dividend sector, characterized by low valuations and high dividend yields, serves as a strong defensive choice in a volatile market [9] - The consumer sector, while undervalued, offers stable dividend returns and growth potential, suitable for long-term investors [9] - The technology sector, despite its high growth potential, presents certain investment risks due to lower dividend yields and relatively high valuations [9]
震荡市安全边际凸显红利资产成资金配置焦点
Zheng Quan Shi Bao· 2025-09-10 18:09
Market Overview - Since September, the A-share market has experienced fluctuations and adjustments, with increased risk aversion leading some funds to shift towards dividend assets characterized by low valuations and high dividends [1] - The Shanghai Composite Index has dropped by 1.18% since September, indicating a structural divergence in the market [2] Sector Performance - The defense, computer, and electronics sectors, which previously led the market, have seen significant corrections, with the defense sector index declining over 10% [2] - Conversely, cyclical sectors such as electric equipment, non-ferrous metals, and public utilities have strengthened, with the electric equipment sector rising over 5% [2] - The strong performance of cyclical sectors is attributed to steady demand recovery and the appeal of high dividend yields in the current market environment [2] Stock Characteristics - Over 3,000 stocks have declined since September, with more than 450 stocks falling over 10%, while over 400 stocks have risen more than 10% [3] - Stocks that have increased by at least 10% exhibit significant high dividend characteristics, with their average market capitalization below 15 billion and average P/E ratios lower than those of declining stocks [4] Fund Flows - Dividend assets have attracted significant capital, with dividend-themed ETFs seeing a net inflow of over 800 million, while other sectors like technology and AI have experienced substantial outflows [5] - Financing balances in sectors such as electric equipment and non-ferrous metals have increased, while sectors like defense and computing have seen declines [5] Stability and Risk Buffer - Dividend assets have shown notable resilience during market downturns, outperforming the Shanghai Composite Index in several instances since 2020 [6][7] - The dividend index has a lower P/E ratio compared to consumer and technology indices, indicating a more attractive valuation for risk-averse investors [8] Investment Strategy - The dividend sector is seen as a strong defensive choice in a volatile market, while the consumer sector offers stable returns and growth potential for long-term investors [9] - The technology sector, despite its high growth potential, carries investment risks due to lower dividend yields and higher valuations [9]
关于A股市场 重要报告出炉
Core Viewpoint - The A-share market has experienced a significant upward trend since September 24, 2024, driven by multiple factors including policy dividends, asset allocation shifts, and geopolitical fluctuations [1][3] Group 1: Market Trends and Drivers - The report identifies three main themes driving the A-share market: "dividend assets," "technology growth," and "buyback incentives," which collectively create a strong market dynamic [3] - High dividend, low volatility sectors have become the optimal choice for balancing risk and return, with a notable increase in demand for quality assets with stable cash flows [4][6] - The average return on equity (ROE) for the coal sector reached 12.88% in 2024, while select banks maintained ROE between 15% and 18%, highlighting the stability of these sectors [6] Group 2: Sector Performance - In 2024, the dividend low volatility index rose by 17.84%, outperforming the Shanghai Composite Index's increase of 12.67% [4] - The banking sector showed a remarkable annual increase of 34.39%, while non-bank financials and telecommunications also performed well with increases of 30.17% and 28.82%, respectively [5] - The technology sector, particularly the electronic industry, is projected to see revenue growth of 17.41% and net profit growth of 27.58% in 2024, driven by AI computing and semiconductor demand [9] Group 3: Buyback and Incentive Effects - Share buybacks have shown to generate significant short-term excess returns, averaging 1.29% on the announcement day, with sustained positive effects over time [12] - Companies implementing equity incentives have experienced an average cumulative excess return of 5.52% over 200 trading days post-announcement, indicating strong market reactions to such announcements [14][16]
关于A股市场,重要报告出炉
Core Insights - The A-share market has experienced a significant upward trend since September 24, 2024, leading among major global markets, driven by multiple factors including policy benefits, asset allocation shifts, and geopolitical fluctuations [1][3] Group 1: Market Performance - The report indicates that the A-share market is characterized by a strong convergence of three main themes: dividend assets, technology growth, and share buyback incentives [3] - In 2024, the demand for high-dividend, stable cash flow assets surged, with the low-dividend index rising by 17.84%, outperforming the Shanghai Composite Index's increase of 12.67% during the same period [4] - The banking sector, recognized for its high dividend yield, showed exceptional performance in 2024, with an annual increase of 34.39% [5] Group 2: Sector Analysis - The coal industry has seen a significant improvement in profitability stability, with an average ROE of 12.88% in 2024, while banks maintain a stable ROE between 15% and 18% [6] - The electronic sector is projected to achieve a revenue growth of 17.41% and a net profit growth of 27.58% in 2024, with the semiconductor segment experiencing a remarkable net profit growth of 74.67% [10] - The report highlights that the allocation of public funds to the electronic sector has increased to 16.65% by mid-2025, up approximately 7 percentage points from the end of 2019 [8][9] Group 3: Investment Strategies - Share buybacks have shown to generate significant excess returns, with an average excess return of 1.29% on the announcement day, indicating a positive market reaction to buyback announcements [12] - High ROE is viewed as a protective moat for dividend stocks, supporting sustainable dividend payouts and attracting long-term capital inflows [4][6]