大盘今日震荡上行，煤炭、石油化工等能源股回调，银行板块震荡分化。指数层面，中证红利低波动指数下跌0.2%，中证红利价值指数下跌0.4%，中证红 利指数下跌0.6%，恒生港股通高股息低波动指数下跌1.3%，资金逆势加仓，恒生红利低波ETF（159545）全天获近1亿份净申购。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，旗下恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动 ETF（563020）、红利价值ETF（563700）、A500红利低波ETF（563510）等产品的管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 1. 3% 红利价值ETF 保護率 跟踪中证红利价值指数 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高目波动率低的股票组 成,反映分红水平高且波动率低的A 股上市公司股票的整体表现,银行、 交通运输、建筑装饰行业合计占比 超65% 令日 该指数涨跌 -0. 2% 恒生红利低波ETF 低费率 跟踪恒生港股通高股息低波动指数 该指数由港股诵范围内50只流动性 较好、连续分红、红利支付率适中 且 ...

截至收盘，恒生指数报收于25765.36点，下跌319.72点，跌幅1.23%。 | 和加 · 其他 · 黑 / : 恒生指数 (HSI) | 80 6日 . 69 159 308 609 日照 周K 月K #K . | 幅生積数 相談 * | 25765.36 +33 | 00000 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | +-27381.84 | 行情报价 | 27000.0 | 20067.88 | 120亿 重高 20151.44 9开 | 成交量 | | | | 成交部 | 2002亿 服情 | 25755.01 昨夜 | 20085.08 | 0 DOSDO D | 他用質 | | | | 图 81 | 准确 | 18.80 | -0.11% | 新元相對 | 24/500 0 | | | | 47954.89 | +0.221 | US BE | 25000.0 | M斯达克 | +0.315 | 21578.12 | | | 89.98500 | +0.117 | 8170.40 | 24500.0 | 美国旗时1 ...

Market Overview - The Hong Kong stock market experienced a weak adjustment, with the Hang Seng Index closing at 25,765.36 points, down 319.72 points, a decline of 1.23% [2] - The Hang Seng Tech Index closed at 5,662.55 points, with a slight increase of 0.09 points [4] Company Performance - Excellence Education (HK02687) showed moderate performance in the morning, with gains kept within 30%, but surged after 3 PM, reaching a maximum increase of over 111%, ultimately closing up over 87% [5] - In contrast, the newly listed stock Naxin Micro (HK02676) opened flat but remained in a state of decline throughout the day, closing down 4.31% [7][8] Sector Insights - According to Frost & Sullivan, the top five companies in the Chinese higher education digitalization market hold a total market share of 12.9% as of 2024. Excellence Education ranks second in revenue with a market share of 4.0% in the overall digitalization market and first with a 7.3% market share in digital content production [7] - In the broader market, Baidu Group rose over 3%, Huahong Semiconductor increased over 4%, and SMIC gained over 2%. Conversely, Pop Mart fell over 8%, while Lao Pu Gold and Innovent Biologics dropped over 6%. Bank stocks collectively declined, with China Construction Bank down over 4% [10] Investment Outlook - Multiple institutions believe that the Hong Kong stock market is currently at a low valuation or in a positioning phase, with a positive outlook for 2026. Technology innovation, particularly in AI, and high-dividend assets are seen as promising investment themes [12] - There are differing opinions among institutions regarding market trends, with Huatai Securities suggesting an early "spring rally" for Hong Kong stocks, while Huaan Fund indicates a potential shift towards defensive dividend sectors as the year ends [13]

- The "CSI Central State-owned Enterprises Dividend 50 Index" (931231.CSI) is constructed based on a dual-dimension screening method combining "central enterprise attributes" and "high dividend yield factors" [38][39][43] - The index selects 50 listed companies with high cash dividend yields from central enterprises under the State-owned Assets Supervision and Administration Commission (SASAC) and includes companies with stable cash flows, continuous dividends, and clear dividend payout ratios [38][39][43] - The index's sample space includes A-shares and depositary receipts issued by red-chip enterprises, meeting criteria such as being controlled by SASAC, ranking in the top 80% in terms of average daily market value and trading volume over the past year, and maintaining a dividend payout ratio between 0 and 1 over the past three years [38][39][43] - The index is rebalanced annually, with adjustments implemented on the trading day following the second Friday of December each year [38][39][43] Index Backtesting Results - The CSI Central State-owned Enterprises Dividend 50 Index achieved a cumulative return of 7.65% and an annualized return of 5.70% from January 1, 2025, to December 1, 2025 [45][49][51] - The index's annualized volatility was 11.86%, with a Sharpe ratio of 0.31 and a maximum drawdown of 10.82% during the same period [45][49][51] - The weighted dividend yield of the index was 4.46%, ranking among the top in similar indices [49][51][60] Factor Exposure Analysis - Based on the Barra model, the index exhibits significant positive exposure to value factors such as high earnings yield and high book-to-price ratio, while showing negative exposure to risk factors like low beta and low residual volatility [68][70][72] - The index avoids momentum and growth factors, indicating a focus on stable, low-volatility assets rather than chasing market trends [68][70][72]

【突出的股息率优势，是吸引资金的核心逻辑】 该基金的核心配置价值，与其标的指数 恒生港股通高股息低波动指数的"高股息"特性 紧密相关。目 前，该指数近12个月股息率已攀升至5.88%，与同期1.85%的10年期国债收益率形成显著利差，其吸引 力也超越了部分主流红利类指数。突出的股息率优势，使港股红利类资产在当前波动加剧的市场中，彰 显出十足的配置韧性。 【低费率+月月评估分红，提升长期持有体验】 据了解，港股红利低波ETF(520550)以全市场最低费率（综合费率0.2%）降低持有成本，其月度分红机 制和T+0交易特性进一步提升了资金效率；持仓结构上，金融、能源等成熟行业构筑安全垫，同时通过 单一个股5%的权重上限实现风险分散，剔除阶段跌幅过大的股票规避"股息率陷阱"。场外投资者可借 助联接基金(A类：024029/C类：024030)进行布局。 随着年末市场波动加剧，资金正加速流向具备防御属性的资产。截至12月4日，港股红利低波 ETF(520550)已获资金连续11日净流入，累计金额约9900万元。在资金的持续推动下，该基金份额规模 大幅增长，年内份额扩容达420.57%，最新份额突破10亿份，创下历史新 ...

（文章来源：每日经济新闻） 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红特征、分 红稳定性良好且兼具规模与流动性的股票作为成分股，主要覆盖金融、能源、工业等传统行业领域，集 中体现价值投资策略下稳健收益与长期分红的特性。 湘财证券指出，煤炭行业基本面具备冬储补库以及原煤供给下滑的驱动逻辑，且煤炭企业普遍具备较强 的现金流状况，头部企业股息率仍维持高位，仍是具备韧性的红利配置选择。银行业净息差磨底，呈现 边际企稳态势，负债成本持续下行有助于缓冲资产端收益率下行压力，高股息吸引配置型资金流入，估 值有望持续修复，国有大行稳健高股息配置价值突出。市场对高股息、低波动的资产关注度提升，红利 资产展现出良好稳定性，年末仍然看好红利行情韧性。 ...

今日，A股午后集体回落，早盘强势的银行板块翻绿，带动红利板块下行；港股红利板块则全天低位震荡。指数层面，中证红利指数下跌0.2%，中证红利价 值指数下跌0.3%，中证红利低波动指数均下跌0.5%，恒生港股通高股息低波动指数下跌0.7%。资金逆势布局，恒生红利低波ETF（159545）全天净申购超 1.5亿份。 | 直特征 | 今日 | 该指数 | 该指数目2014年 | | --- | --- | --- | --- | | 水平高 | 该指数涨跌 | 滚动市盈率 | 以来估值分位 | | 表现, | | | | | 合计占 | -0. 3% | 8.0倍 | 75.9% | 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，旗下恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动 ETF（563020）、红利价值ETF（563700）、A500红利低波ETF（563510）等产品的管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 | 红利ETF易方达 低费率 | | | | | | --- | --- | --- | --- | --- | | 跟 ...

今日早盘，红利板块震荡分化，截至午间收盘，中证红利价值指数、中证红利指数均上涨0.2%，中证红利低波动指数上涨0.02%，恒生港股通高股息低波动 指数下跌0.6%，恒生红利低波ETF（159545）半日净申购超1亿份。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动ETF （563020）、红利价值ETF（563700）、A500红利低波ETF（563510）等产品管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高目波动率低的股票组 成,反映分红水平高且波动率低的A 股上市公司股票的整体表现,银行、 交通运输、建筑装饰行业合计占比 超65% 截至午间收盘 该指数涨跌 0. 0% 恒生红利低波ETF 低费率 跟踪恒生港股通高股息低波动指数 该指数由港股诵范围内50只流动性 较好、连续分红、红利支付率适中 且波动率较低的股票组成,反映分 红水平高且波动率低的港股通范围 内上市公司整体表现, 金融、工业、 能源行业占比超6 ...

Market Overview - High dividend assets strengthened, with the coal sector leading the gains, while banking, electricity, and transportation sectors also performed actively [2] - As of the morning close, the Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.19%, and the ChiNext Index dropped by 0.5% [2] Individual Stock Performance - Hai Xin Food reached a trading limit, marking its sixth consecutive rise, with the company confirming no major changes in its fundamentals [3] - Tianpu Co., a notable stock, resumed trading and saw a morning increase of 7.12%, despite a previous trading halt due to significant price fluctuations [3] - Tianpu Co. stock price surged by 451.8% from August 22 to November 27, indicating substantial trading risks [3] - Xinke Materials experienced a drop of over 1% initially but then surged to a trading limit, with over 740,000 shares still on the limit order at midday [5] Industry Highlights - The cultivated diamond sector saw significant gains, with companies like Sifangda and Huifeng Diamond experiencing substantial increases [8] - The 2025 Cultivated Diamond Industry Conference is set to take place on December 5-6 in Zhengzhou, aiming to unveil key projects and investments totaling no less than 15 billion yuan [8] - The cultivated diamond industry is characterized by technological breakthroughs that create new application scenarios, particularly in high-function materials essential for various strategic industries [8][9] - The demand for traditional superhard products is under pressure, but advancements in functional diamond technology are opening new growth opportunities, especially in high-end chip cooling applications [9]

Market Overview - High dividend assets strengthened, with the coal sector leading the gains, while banking, electricity, and transportation sectors also performed actively [1] - As of the morning close, the Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.19%, and the ChiNext Index dropped by 0.5% [1] Individual Stock Performance - Hai Xin Food (002702) hit the daily limit, marking its sixth consecutive rise, with the company confirming no major changes in its fundamentals [2] - Tianpu Co. (605255) resumed trading and saw a morning increase of 7.12%, after a significant rise of 451.8% from August 22 to November 27, indicating potential trading risks [4] - Xin Ke Materials (600255) initially dropped over 1% but then surged to hit the daily limit, with over 740,000 shares still on the limit order at midday [4] Cultivated Diamond Sector - The cultivated diamond sector saw significant gains, with stocks like Sifangda (300179) and Huifeng Diamond rising sharply [7] - The cultivated diamond industry conference is set to take place on December 5-6, 2025, in Zhengzhou, aiming to establish a comprehensive service ecosystem and sign key projects with a total investment of no less than 15 billion [11] - The cultivated diamond sector has been active this year, driven by technological breakthroughs and new application scenarios, particularly in high-function materials for strategic industries [11] Industry Insights - Traditional superhard product demand is under pressure, but ongoing technological advancements in functional diamond materials are opening new growth opportunities [12] - Diamond/copper composite materials for high-end chip cooling are seen as a key development direction, with increasing recognition from downstream customers [12]