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港股短线回调,红利低波压舱属性拉满
Jin Rong Jie· 2025-05-13 05:50
会谈利好下,昨日港股科技股大幅拉升,但今日早盘回调震荡。数据显示,今日上午南向资金净买入港 股超27亿,又双叒叕上演每调买机。 历史数据显示,相关红利指数在市场弱势期往往跑赢大盘指数,叠加当前全球利率中枢下移,10年期国 债收益率处于低位,都使得高股息资产更具吸引力。 以恒生港股通高股息低波动指数为例,其最新股息率超过8.5%,远超A股及多数固收产品。且指数ETF 产品如港股红利低波ETF(520550)能够通过持续分红回馈现金流,逆周期特性为大家提供了长期配置 的底气,安全感直接拉满。 从收益表现看,港股红利低波ETF(520550)标的指数近三年累计回报跑赢恒生指数,并在市场震荡中 展现出较强的抗跌性。资料显示,该ETF是月月评估分红机制,并且已经于昨日启动首次分红,拟每10 份派发现金红利0.02元。 不过港股红利资产倒是依旧保持强势,低费率$港股红利低波ETF(SH520550)$虽然开盘时也有所回落, 但探底水下后就快速反弹,午盘收涨0.2%。 资金面显示,该ETF近日持续吸金,最近三个交易日实现净流入超1.01亿元,显示资金仍旧偏爱红利。 没办法,虽然会谈结果确实对推动市场情绪有很大作用,但4月份 ...
红利低波100为啥这么牛?
雪球· 2025-05-10 03:18
风险提示:本文所提到的观点仅代表个人的意见,所涉及标的不作推荐,据此买卖,风险自负。 2.1 什么是红利低波100指数 ? 红利低波100指数 ( 代码 : 930955 ) 是中证红利低波动100指数的简称 , 由中证指数有限公司于 2017年5月26日发布 , 是一只以 " 高股息和低波动 " 为核心逻辑的指数 。 作者: 王博雅投资 来源:雪球 1 引言 红利低波100指数是仅有的2个五星级红利指数之一 。 它可以看做中证红利的升级版 , 在保持优秀分散性 的情况下实现了更高的收益和更低的波动 , 因此在市场上备受关注 。 图1 沪深300 、 中证红利与红利低波指数全收益对比 在之前 , 我已经对追踪中证红利的基金进行了分析。 今天我将对红利低波100指数进行简介 , 然后从 费用 、 规模 、 流动性 、 收益与分红频率 等几个关键角 度 , 对红利低波100ETF进行横评 , 看看谁最好 ! 2 红利低波100指数简介 红利低波100指数构成逻辑如下 : 1 中证全指中过去一年日均成交金额前 80%的公司 。 这是为了避免流动性过差 。 2 过去三年连续现金分红 。 这是为了确保公司具有良好的分红 ...
明星投顾组合最新“成绩单”曝光:年内盈利产品仅剩8只,业绩前三调仓策略现分歧
Mei Ri Jing Ji Xin Wen· 2025-05-09 11:19
Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]
煤炭|煤价继续拖累业绩,分红比例整体有所提升
中信证券研究· 2025-05-07 02:25
Core Viewpoint - The coal sector's profitability has significantly declined in 2024 due to falling coal prices and regional safety supervision factors, but leading companies are increasing their dividend payout ratios to return value to investors [1][2][3]. Group 1: 2024 Performance Overview - The overall net profit of the coal sector decreased by 18% year-on-year in 2024, with total coal production of 1.236 billion tons, a growth of 0.49%, which is lower than the national coal production growth rate [2]. - The total revenue and costs for the sector changed by -4.64% and -0.11% respectively, with a gross profit margin of 23.62%, down by 4.66 percentage points year-on-year [2]. - The total net profit for the sector was approximately 146.02 billion yuan, primarily impacted by declining coal prices and reduced sales volume [2]. Group 2: Dividend and Capital Expenditure - The overall cash dividend rate for listed coal companies in 2024 was 61.24%, an increase of 2.51 percentage points year-on-year, despite total cash dividends decreasing by 14.68% to 89.506 billion yuan [3]. - Capital expenditures for the sample companies in 2024 amounted to 179.641 billion yuan, reflecting a year-on-year increase of 24.60% [3]. - Operating cash flow for the sample companies was 250.7 billion yuan, while investment and financing cash flows were -220.6 billion yuan and -112.1 billion yuan respectively, with free cash flow declining by 51.6% to 98.2 billion yuan [3]. Group 3: Q1 2025 Performance Insights - In Q1 2025, coal prices fell by 22.22% year-on-year, leading to a 29% decline in overall net profit for the sector [4]. - The total production and sales volume for listed coal companies changed by +3.10% and -0.99% respectively, with net profit approximately 28.683 billion yuan, down by about 29.08% year-on-year [4]. - The sales, management, and financial expense ratios were 0.92%, 7.83%, and 3.01%, showing slight year-on-year increases [4]. Group 4: Short-term Outlook - The supply pressure in the coal industry is expected to ease, with initial cost support indicating a potential bottom for coal prices, which may rebound in Q2 2025 [5][6]. - Weak demand from thermal power and accelerated supply have contributed to a loose supply situation, but signs of demand recovery are emerging, particularly in non-electric sectors [5]. - The industry sentiment may improve as coal prices approach a bottom, with expectations for a rebound in prices later in the year [6]. Group 5: Investment Strategy - Despite the overall decline in Q1 2025 performance, the coal price is expected to find support at the bottom, making leading companies with attractive dividend levels worth considering for investment [8]. - The anticipated release of price pressure in Q2 could lead to improved sector performance, with leading companies likely to generate excess returns due to favorable policies and market management [8].
中信证券:若后续煤价企稳回暖,长期具备“红利低波”属性的公司仍然值得青睐
news flash· 2025-05-07 00:57
中信证券表示,2024年,受煤价下行以及区域性安监因素影响,煤炭板块盈利整体显著下滑,板块经营 性现金流以及自由现金流也有一定收缩,但煤炭企业在业绩下行的背景下整体分红比例有所提升,显示 龙头公司积极回报投资者的态度。2025Q1,煤价下行继续拖累板块业绩表现。展望全年,我们认为煤 价底部依然有支撑,需求端的压力也已阶段性定价,若后续煤价企稳回暖,长期具备"红利低波"属性的 公司仍然值得青睐。 ...
交易型指数基金资金流向周报-20250428
Great Wall Securities· 2025-04-28 09:39
Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: April 21 - April 25, 2025 [1] - Analyst: Jin Ling [1] - Report Date: April 28, 2025 [1] Core Viewpoints - The report presents the capital flow, fund scale, and weekly price change data of domestic passive stock funds, overseas index funds, and other types of index funds from April 21 to April 25, 2025, helping investors understand the market dynamics of different types of index funds [4][5][6] Summary by Category Domestic Passive Stock Funds - **Composite Concepts**: Among them, the CSI 1000 had a weekly price increase of 1.95% and a net capital inflow of 594 million yuan; the Science and Technology Innovation 100 had a weekly price increase of 0.69% and a net capital inflow of 391 million yuan; while the Shanghai - Shenzhen 300 had a weekly price increase of 0.38% but a net capital outflow of 2.783 billion yuan [4] - **Industry Themes**: The large - technology concept had a weekly price increase of 1.10% and a net capital inflow of 4.849 billion yuan; the large - health concept had a weekly price increase of 2.36% and a net capital inflow of 479 million yuan; the large - consumer concept had a weekly price increase of 0.36% and a net capital outflow of 1.397 billion yuan [4] - **Style Strategies**: The dividend - low - volatility concept had a weekly price increase of 0.76% and a net capital inflow of 87 million yuan; the growth concept had a weekly price increase of 1.84% and a net capital outflow of 109 million yuan [4] - **Enterprise Nature**: The China Special Valuation (C - Special Valuation) concept had a weekly price change of - 0.05% and a net capital outflow of 242 million yuan [4] - **Region**: The regional concept had a weekly price increase of 1.62% and a net capital outflow of 600,000 yuan [4] Overseas Index Funds - **Composite Concepts**: The Nasdaq 100 had a weekly price increase of 4.79% and a net capital inflow of 1.052 billion yuan; the S&P 500 had a weekly price increase of 3.35% and a net capital inflow of 366 million yuan; the Nikkei 225 had a weekly price increase of 1.50% and a net capital outflow of 16 million yuan [5] - **Industry Themes**: The Hong Kong Stock Technology concept had a weekly price increase of 3.73% and a net capital inflow of 553 million yuan; the China Internet concept had a weekly price increase of 5.22% and a net capital outflow of 51 million yuan; the Hong Kong Stock Medical concept had a weekly price increase of 9.53% and a net capital outflow of 3.053 billion yuan [5] - **Style Strategies**: The dividend concept had a weekly price increase of 1.18% and a net capital inflow of 200,000 yuan; the dividend - low - volatility concept had a weekly price increase of 1.85% and a net capital inflow of 100,000 yuan [5] Other Types of Index Funds - **Bond Funds**: Among interest - rate - related bond funds, the 10 - year bond fund had a weekly price increase of 0.05% and a net capital inflow of 3 million yuan; the 5 - 10 - year bond fund had a weekly price change of - 0.04% and a net capital outflow of 195 million yuan [6] - **Commodity Funds**: The gold fund had a weekly price change of - 0.70% and a net capital inflow of 1.8109 billion yuan; the non - ferrous metal fund had a weekly price increase of 1.70% and a net capital outflow of 400,000 yuan [6] - **Index - Enhanced Funds**: The CSI 500 index - enhanced fund had a weekly price increase of 1.92% and a net capital outflow of 18 million yuan; the GEM index - enhanced fund had a weekly price increase of 2.45% and a net capital outflow of 500,000 yuan [6]
避险资产防御属性凸显,红利低波ETF基金(515300)盘中涨近1%
Xin Lang Cai Jing· 2025-04-28 03:26
数据显示,截至2025年3月31日,沪深300红利低波动指数前十大权重股分别为中国神华、格力电器、大 秦铁路、中国石化、宝钢股份、双汇发展、宁沪高速、海螺水泥、华域汽车、中国电信,前十大权重股 合计占比37.95%。 今年一季度,尽管红利指数出现一些震荡,但红利基金仍然受到资金青睐,规模创历史新高。Wind数 据显示,截至今年一季度末,红利基金总规模达2513.67亿元,较去年四季度末增加约270亿元。 中信证券研报指出,"对等关税"政策的实施直接引发全球资本避险模式,风险资产持续大幅下跌,避险 资产或成较大赢家,关税风暴所带来的催化与红利基本面的坚实逻辑有望形成向上共振。 没有股票账户的场外投资者可通过对应的沪深300红利低波动ETF联接基金(007606)把握投资机会。 截至2025年4月28日 10:52,沪深300红利低波动指数上涨0.94%,成分股宝钢股份上涨5.72%,格力电器 上涨4.09%,国投电力上涨2.34%,江苏银行上涨1.81%,华能水电上涨1.80%。红利低波ETF基金 (515300)涨近1%。 流动性方面,红利低波ETF基金盘中成交2287.42万元。规模方面,红利低波ETF基金 ...
市场波动下的布局利器,自由现金流ETF(159201)近1月日均成交3.85亿元,居同标的ETF首位
Mei Ri Jing Ji Xin Wen· 2025-04-22 02:38
Group 1 - The three major indices opened slightly lower, with the Shanghai Composite Index quickly rebounding into positive territory. Gold concept stocks led the gains in the market [1] - The Free Cash Flow ETF (159201) opened low but then surged, with an expanded gain and active trading during the session. Notable stocks included Tongchuan Bus and Baoshui Technology hitting the daily limit, while Xinghuo Technology and Haichen Co. led the gains [1] - As of April 21, the Free Cash Flow ETF (159201) had a scale of 3.343 billion yuan and 3.499 billion shares, leading among ETFs tracking the same index. The ETF's average daily trading volume over the past month was 385 million yuan, ranking first among comparable funds [1] Group 2 - According to Industrial Securities, in the face of ongoing global turmoil, the market will focus more on domestic certainty. Internal demand and self-sufficiency are expected to be key areas for economic momentum switching and short-term policy support [1] - The Free Cash Flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, which has shown excellent market performance and significant value style, making it a high-value allocation tool. The index has consistently outperformed the market and dividend indices, characterized by high returns and low volatility [1]
【广发金工】AI识图关注红利低波(20250330)
广发金融工程研究· 2025-03-30 04:51
Market Performance - The recent 5 trading days saw the Sci-Tech 50 Index decline by 1.29%, and the ChiNext Index drop by 1.12%, while the large-cap value index rose by 0.28% and the large-cap growth index increased by 0.04% [1] - The healthcare and agriculture sectors performed well, whereas the computer and defense industries lagged behind [1] Risk Premium Analysis - The static PE of the CSI All Share Index minus the yield of 10-year government bonds indicates a risk premium, which has historically reached extreme levels at two standard deviations above the mean during significant market bottoms [1] - As of January 19, 2024, the risk premium indicator was at 4.11%, marking the fifth occurrence since 2016 of exceeding 4% [1] Valuation Levels - As of March 28, 2025, the CSI All Share Index's PE TTM percentile was at 53%, with the SSE 50 and CSI 300 at 58% and 48% respectively, while the ChiNext Index was close to 14% [2] - The ChiNext Index's valuation is relatively low compared to historical averages [2] Long-term Market Trends - The Shenzhen 100 Index has experienced bear markets approximately every three years, followed by bull markets, with declines ranging from 40% to 45% [2] - The current adjustment cycle, which began in Q1 2021, appears to have sufficient time and space for a potential upward trend [2] Fund Flow and Trading Activity - In the last 5 trading days, ETF inflows totaled 16.2 billion yuan, while margin financing decreased by approximately 24.8 billion yuan [3] - The average daily trading volume across both markets was 1.2346 trillion yuan [3] Thematic Investment Focus - As of March 28, 2025, the recommended investment themes include construction materials and low-volatility dividend stocks [2][8]
收评:三大股指尾盘翻红,保险、银行等板块拉升,海洋经济概念活跃
Sou Hu Cai Jing· 2025-03-24 07:35
盘面上看,地产、建筑、建材、汽车、医药、酿酒等板块均走低,保险、银行板块上扬,旅游板块强势 拉升,海洋经济、磷概念等活跃。 中信证券表示,部分高位板块近期出现回调,综合考虑2025年以来涨跌幅和过去1个月涨跌幅,当前仍 相对滞涨的板块主要集中在新能源、红利低波、金融地产,结合短期政策预期催化,建议更多关注其中 新能源(储能、逆变器)等相对滞涨品种。供给端出清领域建议关注铝、钢铁和面板,消费领域建议关 注线下新零售。另外,从一季报潜在超预期的视角来看,建议关注风电零部件、工程机械、汽车电子、 眼科药店、服务性消费等细分环节。 星石投资认为,目前股市估值修复或已基本完成,在新增产业驱动边际走弱的背景下,市场做多科技热 情有所回落,前期较为拥挤的筹码结构意味着波动的放大。虽然处于低位的板块具有较优的筹码结构, 但由于缺少足够的有力驱动,市场较难形成共识,对资金的承接能力有限。向后看,国内宏观进入数据 验证期,临近财报季,炒作情绪或有所退坡,预计业绩端对市场风格的影响会阶段性放大,需要关注业 绩兑现带来的趋势性机会。从更长远的角度看,国内经济正处于周期性复苏的起点,当前市场对国内内 需修复弹性仍有较大分歧,这种分歧或 ...