A股上市公司分红正迈入高质量发展的新阶段，一场关乎投资者获得感的"红利新局"正在资本市场形 成。 截至12月15日，以股权登记日计算，2025年A股上市公司合计分红金额近2.5万亿元，超过去年全年的 2.4万亿元，再创历史新高。若将100余家已披露分红计划但尚未实施分红的上市公司计算在内，2025年 A股上市公司分红总额有望突破2.6万亿元。 A股市场分红生态的持续优化不仅体现在规模上，更反映在频次与覆盖面上。2025年披露三季度分红的 上市公司已达267家，虽略低于2024年的362家，但较2023年的63家、2022年的30家已实现数倍增长。贵 州茅台以每手2395.7元的三季报分红领跑市场，吉比特每手600元的分红力度同样引人瞩目。这些"真金 白银"的回报，为投资者提供了实实在在的持股价值。 政策层面的持续发力为分红热潮提供了强大支撑。近日，中国证监会主席吴清发表署名文章时表 示，"十五五"期间将"督促和引导上市公司强化回报投资者的意识，更加积极开展现金分红、回购注销 等"。从2023年下半年起，监管部门陆续出台系列措施，引导上市公司加大分红力度与频次，市场生态 正在发生积极变化。 在这一背景下，分红已 ...

21世纪经济报道 记者 崔文静 2025年A股分红总额有望突破2.6万亿！这比去年多出2000亿，创历史新高。分红格局正在成变：三季度分红公司达267家，是2022年的近9倍。 贵州茅台每手分红2395元，持有1手就能拿近2400元现金！吉比特每手600元，五粮液、格力等多家公司每手分红超100元。 A股分红正在呈现三大新趋势：中期分红常态化、分红频率提升、行业覆盖多元化。 分红规模近五年复合增长率达12%，远超全球主要市场平均5%的增速。 分红频率从"半年报+年报"的传统模式向更灵活的周期转变，逐步向美股"按季分红为主"的惯例靠拢。 分红不再仅仅是成熟行业的"专利"，医药生物、食品饮料、家用电器等领域的分红潜力快速释放。 你的股票上榜了吗？高股息策略正成为投资"压舱石"，快看看你的持仓有没有"派现之王"！ ...

A股上市公司分红正迈入高质量发展的新阶段，一场关乎投资者获得感的"红利新局"正在资本市场形 成。 截至12月15日，以股权登记日计算，2025年A股上市公司合计分红金额近2.5万亿元，超过去年全年的 2.4万亿元，再创历史新高。若将100余家已披露分红计划但尚未实施分红的上市公司计算在内，2025年 A股上市公司分红总额有望突破2.6万亿元。 A股市场分红生态的持续优化不仅体现在规模上，更反映在频次与覆盖面上。2025年披露三季度分红的 上市公司已达267家，虽略低于2024年的362家，但较2023年的63家、2022年的30家已实现数倍增长。贵 州茅台以每手2395.7元的三季报分红领跑市场，吉比特每手600元的分红力度同样引人瞩目。这些"真金 白银"的回报，为投资者提供了实实在在的持股价值。 政策层面的持续发力为分红热潮提供了强大支撑。近日，中国证监会主席吴清发表署名文章时表 示，"十五五"期间将"督促和引导上市公司强化回报投资者的意识，更加积极开展现金分红、回购注销 等"。从2023年下半年起，监管部门陆续出台系列措施，引导上市公司加大分红力度与频次，市场生态 正在发生积极变化。 在这一背景下，分红已 ...

Core Insights - High dividend strategies have seen adjustments in 2023 as asset dividend yields have returned below 5%, but if EPS maintains growth above 5%, the implied return remains attractive under a low interest rate environment [1] - Hong Kong high dividend assets benefit from the expansion of cross-border ETFs and foreign capital inflow, providing significant support to the funding environment [1] - Stable business models in sectors like highways enjoy valuation premiums amid uncertainty [1] Summary by Categories High Dividend Assets - High dividend assets are categorized into three types: growth-oriented, valuation-enhancing, and general [1] - Key driving factors include changes in market expected returns, Federal Reserve policies, and improvements in fundamentals such as highway pricing system adjustments [1] Market Dynamics - The Hong Kong high dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high dividend yield securities with good liquidity and consistent dividends from those eligible for Hong Kong Stock Connect [1] - The index is weighted by dividend yield and primarily includes stocks from stable cash flow industries such as banking, transportation, and coal [1]

从"可选项"到"必选项" 多资产多策略成资管行业共识 ■圆桌论坛 ◎记者 张欣然 稳定的收入预期是消费增长的基础，而银行理财行业正是居民财富稳健增值的重要支撑。在李永锋看 来，银行理财行业的核心优势在于具有多资产、多策略的"万能工具箱"，能够通过组合优化，为客户提 供完整的财富管理解决方案，本质上就是创造长期价值。 险资机构则从长期资金管理的角度解释多资产策略备受关注的原因。中再资产副总经理罗若宏在会上表 示：一方面，随着经济结构和发展阶段的变化，无风险收益率处在长期下行趋势中；另一方面，过去的 信用刚兑逻辑被打破，使得投资者只能通过承担更多的市场波动来获取更高的收益。多资产、多策略的 本质，是通过构建更加分散化的投资组合，在降低市场波动影响的基础上争取收益的提升。 在经济周期变化加速、全球不确定性显著上升以及国内利率持续下行的背景下，资产管理行业正面临重 新定义风险与收益结构的时代命题。 12月12日，在上海证券报与交通银行上海市分行联合主办、基煜基金全程协办的"上证·大虹桥金融高质 量发展大会"上，来自银行理财、险资机构、公募基金的多位嘉宾认为，单一资产难以满足当前市场环 境下的风险抵御能力与收益增长需求 ...

自由现金流ETF（159201）及其联接基金（A：023917；C：023918）紧密跟踪国证自由现金流指数， 经流动性、行业、ROE稳定性筛选后，选取自由现金流为正且占比高的股票，指数质地高，抗风险能力 强，适合底仓配置，满足长线投资配置需求。基金管理费年费率为0.15%，托管费年费率为0.05%，均 为市场最低费率水平，最大程度让利投资者。 中泰证券指出，单一股息率因子难以穿越利率下行周期，应在判断利率走势的基础上定点增强；长期视 角下利率仍将缓速下行，短期视角下利率进入平台期，后市的高股息策略应从"稳盈利"和"高成长"两维 度增强。中泰证券提出采取"稳盈利、高成长、强现金、低波动"四维因子对高股息策略增强，因子各有 适用场景，需随利率节奏动态切换：利率快速下行阶段"低波动"最优，靠高杠杆、稳定现金流行业获取 估值缓冲；利率平台震荡阶段"高成长"领跑，以盈利弹性兼顾股息打底赢得超额；利率缓速下行阶 段"稳盈利"最优，借盈利韧性锁定分红能见度。 截至12月12日13点 27分，自由现金流ETF（159201）涨幅0.85%，成交额超2亿元。持仓股中，常宝股 份、海陆重工、安孚科技和亚翔集成涨停。同类规模最大 ...

截至目前，代表成长科技属性的创业板指数已经弱势调整超2个月，科创50指数甚至自高点回调超过了15%。 很显然，随着时间迈入2025年最后一个月，有资金开始选择避险或退场以等待来年再战，导致市场主线行情开始走弱和分化。 这种情况下，合适的投资策略就显得越发重要了。 作者 | 哥吉拉 数据支持 | 勾股大数据 12月11日，A股市场继续进入调整状态，多数板块依旧弱势下跌。 截至收盘，沪指跌0.7%失守3900点，深成指跌1.27%，创业板指跌1.41%，全市场成交额1.89万亿元，超4300股下跌。 板块上，除银行、贵金属等少数板块维持上涨外，其余大多数板块跌幅明显，其中包括了昨日大涨的房地产、通信设备、半导体等热热点板块。 01 市场进入估值消化期 富途行情数据显示，A股市场近20日有超4200只股录得下跌，占比全部A股的接近80%,其中跌幅超5%的有3200多家，接近6成。 在A股131个细分行业里面，超过110个最近20日录得下跌，其中一半行业跌幅超过5%。 同时，A股的总成交额自从8月份达到巅峰时期的3.17万亿后开始持续进入缩量交易的趋势，目前已经回落至不到1.9万亿，降幅可谓明显。 在近期，即使是AI ...

Core Insights - The issuance of dividend-themed funds has significantly accelerated in the second half of the year, with the number of new products doubling compared to the first half, indicating a renewed interest in dividend strategies [1][2]. Fund Issuance and Performance - In the first half of the year, 26 dividend-themed funds were issued, raising a total of 9.398 billion yuan, with the largest single fund size being 1 billion yuan and a median size of 300 million yuan. By December 9, the number of new funds had increased to 37, with a total raised amount of 20.444 billion yuan, marking a more than twofold increase [2]. - The maximum fundraising size for individual products in the second half reached 1.767 billion yuan, with the median size rising to 400 million yuan, reflecting a significant increase in issuance enthusiasm [2]. - The Hong Kong dividend funds emerged as a notable source of new issuance, with 12 related products launched in the second half, surpassing the first half's figures [2]. Market Trends and Structural Changes - Passive index dividend funds remain the mainstay of issuance, accounting for about 60% of the total, while a new batch of actively managed dividend products has also been introduced, including equity mixed and actively managed stock funds, showcasing a diverse structural landscape [3]. - The issuance of low-volatility dividend products has also expanded, with 19 new products launched in the second half, covering various indices such as the CSI 800 Low Volatility Dividend Index and the CSI 300 Low Volatility Dividend Index [2]. Policy and Market Environment - The market's focus on dividend assets has been bolstered by supportive policies, including the "anti-involution" measures and steady growth policies that have improved profit expectations in related industries [4]. - Regulatory measures have reinforced cash dividend management, creating a strong incentive and constraint mechanism for companies, which stabilizes investor expectations for dividends and enhances the sustainability of high-dividend investments [4]. Institutional Demand and Long-term Appeal - The demand structure for institutional funds has shifted, with long-term capital such as insurance funds and pension funds increasingly favoring stable cash flows in a low-interest-rate environment [5]. - In the third quarter, listed insurance companies added over 410 billion yuan in equity allocations, with high-dividend assets accounting for more than half of the new positions [6]. - The rapid expansion of dividend ETFs has also been notable, with their scale growing from 50 billion yuan at the end of 2023 to nearly 200 billion yuan by 2025, evolving from a single "high dividend" focus to a more diversified structure including "dividend + low volatility," "dividend + state-owned enterprises," and "dividend + quality" [6].

Core Insights - The issuance of dividend-themed funds has significantly accelerated in the second half of the year, with the number of new products doubling compared to the first half, indicating a renewed interest in dividend strategies [1][2] Fund Issuance and Performance - In the first half of the year, 26 dividend-themed funds were issued, raising a total of 9.398 billion yuan, with a maximum single product size of 1 billion yuan and a median size of 300 million yuan. By December 9, the number of new funds had increased to 37, with a total size of 20.444 billion yuan, reflecting a more than twofold increase [2] - The maximum fundraising size for a single product in the second half reached 1.767 billion yuan, with the median size rising to 400 million yuan, showcasing a significant increase in issuance enthusiasm [2] - The Hong Kong dividend funds emerged as a notable source of new issuance, with 12 related products launched in the second half, surpassing the first half's figures [2] - The issuance of low-volatility dividend products also expanded, with 19 new products launched, covering various indices, indicating a richer product layout [2][3] Market Trends and Policy Support - The passive index dividend funds remain the mainstay of issuance, accounting for about 60% of the total, while a new batch of actively managed dividend products has also emerged, indicating a diverse structural presence in the market [3] - The market's focus on dividend assets has been bolstered by supportive policies, including the "anti-involution" measures and steady growth policies, which have improved profit expectations in related industries [4] - Regulatory measures have reinforced the cash dividend management of listed companies, creating a strong incentive and constraint mechanism that stabilizes investor expectations for dividends [4] Institutional Demand and ETF Growth - The demand for stable cash flow from long-term funds such as insurance and pension funds has increased significantly in a low-interest-rate environment, with high-dividend assets becoming a key allocation choice [5] - The rapid expansion of dividend ETFs has been notable, with their scale growing from 50 billion yuan at the end of 2023 to nearly 200 billion yuan by 2025, evolving from a single "high dividend" focus to a more diversified structure [6]

Core Viewpoint - The issuance of dividend-themed funds has significantly accelerated in the second half of the year, driven by favorable policies and market conditions, leading to a renewed interest in high-dividend assets [1][5]. Fund Issuance Growth - In the first half of the year, 26 dividend-themed funds were issued, raising a total of 9.398 billion yuan, with the largest single fund size being 1 billion yuan and a median size of 300 million yuan. By December 9, the number of funds issued in the second half had increased to 37, with a total size of 20.444 billion yuan, marking a more than double growth compared to the first half [3][4]. - The maximum fundraising size for a single product in the second half reached 1.767 billion yuan, and the median size rose to 400 million yuan, indicating a significant increase in issuance enthusiasm [3]. Market Structure and Focus - The market has seen a notable increase in the issuance of Hong Kong dividend funds, with 12 new products launched in the second half, surpassing the first half's figures. The leading fund, "浦银安盛港股通央企红利," raised 1.289 billion yuan [3][4]. - There has also been a substantial expansion in low-volatility dividend products, with 19 new products launched, covering various indices such as the 中证800红利低波动指数 and 沪深300红利低波动指数 [3]. Policy and Market Dynamics - The "anti-involution" and stable growth policies have positively influenced market sentiment, improving profit expectations for related industries. The regulatory emphasis on cash dividends has enhanced the certainty of high-dividend assets, making them more attractive in a volatile market [1][6]. - Institutional demand for stable cash flows has increased, particularly among long-term funds like insurance and pension funds, which have shown a preference for high-dividend assets in a low-interest-rate environment [7]. ETF Expansion - The rapid growth of dividend ETFs has been notable, with their scale expanding from 50 billion yuan at the end of 2023 to nearly 200 billion yuan by 2025, reflecting the evolving structure of the dividend strategy [8].