| | 涨跌幅% | 开始时间 | 结束时间 | | --- | --- | --- | --- | | 近半年涨跌幅 | 10.32 | 2025/5/26 | 2025/11/25 | | 近1年涨跌幅 | 12.63 | 2024/11/26 | 2024/11/25 | | 近2年涨跌幅 | 15.81 | 2023/11/27 | 2023/11/25 | | 近3年涨跌幅 | 16.55 | 2022/11/28 | 2022/11/25 | ►质量"负责"高成长+红利"负责"高股息 红利质量ETF 159758 \ 016441.OF (A) 注：数据非深Whd - 信款区同强表示部分楼用的品 2022年-11,99% - 2023年-2,52% - 2024年7,54% - · 如数新S在的游费用分别为2020年43.28% 证红润的量全球 - 颜金率列版12个月指数据台 网站登录： 1.上述基本方是是基本 - 真中国TF主要投资于影的指数成份和及我都成份是 - ETF联接基本主要投资于 高于混合基金 - 信券基金与货币新场基金 - 厦干中风险(R ) 品种 - 具体风险评级航票以越会给老人和 ...

Group 1 - The article discusses dividend announcements from several companies, including Chao Gao Mei Group, China Duty Free Group, and Economic Daily Group, detailing their respective dividend per share, ex-dividend dates, and payment dates [1] - Chao Gao Mei Group will distribute a dividend of HKD 0.08 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 22, 2025 [1] - China Duty Free Group will distribute a dividend of HKD 0.2745 per share, with an ex-dividend date of December 8, 2025, and a payment date of January 15, 2026 [1] - Economic Daily Group will distribute a dividend of HKD 0.03 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 19, 2025 [1] Group 2 - The CSI Hong Kong Stock Connect Central Enterprise Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.68% as of November 24, which is higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) focuses on high dividend stocks listed in Hong Kong from mainland companies, with a one-year dividend yield of 5.35% as of November 24, surpassing the 10-year government bond yield of 3.52% [2] - The Hong Kong Central Enterprise Dividend ETF (513910) is the largest investment vehicle tracking the CSI Hong Kong Stock Connect Central Enterprise Dividend Index, while the Hang Seng Dividend ETF (159726) is the only ETF tracking the Hang Seng High Dividend Yield Index [2]

Core Insights - The overall valuation of the A-share market is reflected in the PE ratio of 19.91 and PB ratio of 1.56, indicating a relatively high valuation level with a PE percentile of 86.73% [1] - The 10-year government bond yields are significantly different between China (1.82%) and the US (4.05%), suggesting varying risk-free rates impacting investment decisions [1] A-share Major Index Valuation - The PE and PB ratios for major indices show that the ChiNext Index has a high PE of 37.85 and a PB of 4.86, indicating strong growth expectations [1] - The Shanghai Composite Index has a PE of 13.11 and a PB of 1.26, reflecting a more conservative valuation compared to other indices [1] - The CSI 300 Index shows a PE of 13.11 and a PB of 1.26, suggesting it is trading at a reasonable valuation relative to its earnings [1] A-share Major Industry Index Valuation - The computer industry has the highest PE ratio at 201.45, indicating high growth expectations but also potential overvaluation [1] - The banking sector has a low PE of 9.19 and a PB of 0.79, suggesting it may be undervalued compared to other sectors [1] - The real estate sector shows a PE of 59.59 and a PB of 0.97, indicating a mixed valuation with potential risks [1]

存款有利息，股票有股息。 为啥这么神呢？指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的 股息率、投资期内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是 确定的正向助力。股息率越高，确定的正向收益也就越高。如今超火的"红利策略"正是抓住了这一点！ （文章来源：每日经济新闻） 那么当前港股央企红利ETF（513910）跟踪指数的股息率到哪里了呢？我们一起来看看！截至2025年11 月24日，指数近12个月股息率是5.73%，高于同日10年期国债收益率有3.91个百分点。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。据说他在1975至1999年运用该策略 投资的平均复利回报达18%，远高于市场3%的平均水平。 ...

Group 1 - The target price for Link REIT (00823) has been lowered by 8.2% from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The short-term stock price correction has resulted in a dividend yield of approximately 7%, presenting a long-term accumulation opportunity [1] - Management anticipates continued challenges in rental adjustments for renewals in mainland China and Hong Kong, which may pressure distributions for FY2026 [1] Group 2 - Link REIT's mid-term performance (as of September 30) was slightly below expectations, with revenue decreasing by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion, primarily due to retail market fluctuations and negative rental adjustment rates [1] - The net debt ratio as of September 2025 is 22.5%, a slight increase from 21.5% as of March 31, 2025, but still at a low level [2]

Group 1 - The target price for Link REIT (00823) has been lowered by 8.2% from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The short-term stock price correction has resulted in a dividend yield of approximately 7%, presenting a long-term accumulation opportunity [1] - Management anticipates continued challenges in rental adjustments for renewals in mainland China and Hong Kong, which may pressure distributions for the fiscal year 2026 [1] Group 2 - The mid-term performance of Link REIT (as of September 30) was slightly below expectations, with revenue decreasing by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion, primarily due to retail market fluctuations and negative rental adjustment rates [1] - The net debt ratio as of September 2025 is 22.5%, a slight increase from 21.5% as of March 31, 2025, but still at a low level [2]

Group 1 - The article discusses dividend announcements from several companies, including Nanxuan Holdings, CITIC Construction Investment Securities, and Zhenxiong Group, detailing their respective dividend per share, ex-dividend dates, and payment dates [1] - Nanxuan Holdings will distribute a dividend of HKD 0.11 per share, with an ex-dividend date of December 5, 2025, and a payment date of December 19, 2025 [1] - CITIC Construction Investment Securities will distribute a dividend of HKD 0.181 per share, with an ex-dividend date of November 25, 2025, and a payment date of December 30, 2025 [1] - Zhenxiong Group will distribute a dividend of HKD 0.036 per share, with an ex-dividend date of December 12, 2025, and a payment date of January 14, 2026 [1] Group 2 - The CSI Central Enterprises Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.73% as of November 21, which is higher than the 10-year government bond yield of 3.91% [2] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) focuses on high dividend stocks among mainland companies listed in Hong Kong, with a one-year dividend yield of 5.39% as of November 21, also exceeding the 10-year government bond yield of 3.57% [2] - The CSI Central Enterprises Dividend ETF (513910) is the largest investment vehicle tracking the CSI Central Enterprises Dividend Index, while the Hang Seng Dividend ETF (159726) is the only ETF tracking the Hang Seng High Dividend Yield Index [2]

指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的股息率、投资期 内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是确定的正向助 力。股息率越高，确定的正向收益也就越高。 存款有利息，股票有股息。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。有数据显示，他在1975至1999年运 用该策略投资的平均复利回报达18%，远高于市场3%的平均水平。 | | 涨跌幅% | 开始时间 | 结束时间 | | --- | --- | --- | --- | | 近半年涨跌幅 | 6.94 | 2025/5/20 | 2025/11/19 | | 近1年涨跌幅 | 12.58 | 2024/11/20 | 2024/11/19 | | 近2年涨跌幅 | 35.25 | 2023/11/20 | 2023/11/19 | | 近3年涨跌幅 | 54.76 | 2022/11/21 | 2022/11/19 | ▶高分红,低波动 红利低波ETF基金 159547 送 ...

- The report tracks the performance of various broad-based indices in the A-share market, including their daily, weekly, monthly, and yearly changes. For instance, on November 18, 2025, all tracked indices fell, with the CSI 2000 and CSI 500 experiencing the largest declines of -1.32% and -1.17%, respectively[1][2][10] - The report compares the indices against their moving averages and their positions relative to the highest and lowest points over the past 250 trading days. For example, all tracked indices have fallen below their 5-day and 10-day moving averages, with the CSI 2000 still above its 20-day moving average[13] - The report provides data on the trading volume and turnover rates of the indices. On November 18, 2025, the CSI 2000 had the highest trading volume share at 24.98%, followed by the CSI 300 at 22.28% and the CSI 1000 at 22.17%. The turnover rates for these indices were 4.48, 2.85, and 2.83, respectively[15] - The report analyzes the distribution of daily returns for the indices, noting that the ChiNext Index has the largest negative kurtosis deviation, while the CSI 1000 has the smallest. The CSI 2000 has the smallest negative skewness, while the SSE 50 has the largest[21][23] - The report examines the risk premiums of the indices relative to the 10-year government bond yield. As of November 18, 2025, the SSE 50 and CSI 300 had relatively high 5-year percentile risk premiums of 37.62% and 24.29%, respectively, while the CSI 2000 and CSI 500 had lower values of 15.95% and 13.41%[25][28][29] - The report evaluates the PE-TTM (Price-to-Earnings ratio based on trailing twelve months) of the indices as a measure of valuation. The CSI 1000 and CSI 500 had high 5-year percentile values of 96.86% and 95.45%, respectively, while the CSI 2000 and ChiNext Index had lower values of 82.64% and 55.04%[37][40][41] - The report assesses the stock-bond yield ratio, which compares the inverse of the PE-TTM to the 10-year government bond yield. None of the indices were above their 80% percentile (opportunity value), and none were below their 20% percentile (danger value)[43] - The report tracks the dividend yields of the indices, noting that the ChiNext Index and CSI 1000 had relatively high 5-year historical percentile values of 70.58% and 39.17%, respectively, while the CSI 500 and CSI 2000 had lower values of 16.94% and 13.55%[45][50][51] - The report monitors the net asset value break rates of the indices, indicating the proportion of stocks trading below their net asset value. As of the latest data, the break rates were 22.0% for the SSE 50, 16.0% for the CSI 300, 11.6% for the CSI 500, 7.2% for the CSI 1000, 2.45% for the CSI 2000, 1.0% for the ChiNext Index, and 5.65% for the CSI All Share Index[52]

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting daily, monthly, and yearly changes in index values, with indices like CSI 2000 showing the highest daily increase of 0.63% and CSI 1000 at 0.27%[10][11][14] - CSI 2000 demonstrated a relatively independent trend, breaking through its 250-day high, while other indices remained below their 5-day moving averages[14] - Turnover rates and trading volume proportions were analyzed, with CSI 2000 having the highest turnover rate at 4.4 and the largest trading volume proportion at 25.29%[16] - The distribution of daily returns was examined, showing that CSI 2000 had the smallest negative skewness, while the ChiNext Index had the largest negative kurtosis[22][24] - Risk premium analysis was conducted using the 10-year government bond yield as a risk-free rate benchmark, revealing that CSI 2000 and CSI 1000 had relatively high risk premiums at 64.29% and 56.75%, respectively, over the past five years[26][30][33] - PE-TTM values were evaluated as a valuation metric, with CSI 1000 and CSI 500 showing high historical percentiles at 98.1% and 95.95%, respectively[36][39][40] - Dividend yield analysis indicated that the ChiNext Index had the highest 5-year historical percentile at 69.5%, while CSI 2000 had the lowest at 10.0%[44][49][50] - Current net-breaking rates were reported, with CSI 2000 having the lowest rate at 2.2%, reflecting market valuation attitudes[51][53]