据同泰基金最新公告，公司总经理助理、资产配置与产品开发部总监兼基金经理刘坚升任公司副总，成 为基金经理"绩而优则仕"的最新案例。 又有基金经理升任公司副总 又有基金经理晋升为公司副总。 7月19日，同泰基金发布高级管理人员变更公告，任命刘坚为公司副总经理。这距离他在年初被任命为 总经理助理仅过去半年时间。 Wind数据显示，刘坚自2021年10月29日、2022年11月3日先后出任同泰优选配置3个月持有混合FOF、同 泰积极配置3个月持有股票型FOF等两只基金的基金经理。 【导读】刘坚升任同泰基金副总经理 中国基金报记者 天心 又有绩优基金经理高升。 （原标题：又有绩优基金经理升职！） 公开资料显示，刘坚曾任恒生银行（中国）有限公司副总裁、宝盈基金管理有限公司产品经理、平安基 金管理有限公司产品设计副总监等职。2020年6月加入同泰基金，现任公司副总经理、资产配置与产品 开发部总监兼基金经理。就在今年1月2日，同泰基金刚公告，由刘坚担任公司总经理助理一职。 年内多位基金经理"绩而优则仕" 今年以来，基金业仍现多起基金经理"绩而优则仕"案例。 5月30日，招商基金发布公告称，自5月30日起，新任命王景、朱红裕、 ...

【导读】刘坚升任同泰基金副总经理 中国基金报记者 天心 又有绩优基金经理高升。 据同泰基金最新公告，公司总经理助理、 资产配置与产品开发部总监兼基金经理 刘坚升任公 司副总，成为基金经理 " 绩而优则仕 " 的最新案例。 又有基金经理升任公司副总 又有基金经理晋升为公司副总。 7 月 19 日，同泰基金发布高级管理人员变更公告，任命刘坚为公司副总经理。这距离他在年 初被任命为总经理助理仅过去半年时间。 公开资料显示，刘坚曾任恒生银行（中国）有限公司副总裁、宝盈基金管理有限公司产品经 理、平安基金管理有限公司产品设计副总监等职。 2020 年 6 月加入同泰基金，现任公司副 总经理、资产配置与产品开发部总监兼基金经理。就在今年 1 月 2 日，同泰基金刚公告，由 刘坚担任公司总经理助理一职。 Wind 数据显示，刘坚自 2021 年 10 月 29 日、 2022 年 11 月 3 日先后出任同泰优选配 置 3 个月持有混合 FOF 、同泰积极配置 3 个月持有股票型 FOF 等两只基金的基金经理。 二季报显示，该基金 A 类份额过去一年的净值增长率为 24.55% ，同期业绩比较基准收益率 为 12.84% ...

Core Viewpoint - The performance of dividend assets has surged in the first half of this year, particularly in bank stocks, which have reached historical highs, leading to increased attention on dividend strategies [1][3]. Group 1: Market Trends - In a low-interest-rate environment, various investment assets are yielding lower returns, prompting insurance funds to favor high-dividend assets [2]. - The banking sector has seen an 18.68% increase in its index year-to-date, contributing significantly to the Shanghai Composite Index surpassing 3500 points [3]. - Banks like Agricultural Bank of China and Bank of China are actively promoting dividend strategy products through their apps [3]. Group 2: Product Evaluation - The "Agricultural Bank's Craftsmanship · Flexible 360-Day Wealth Management Product (Dividend Preferred)" has a maximum drawdown of 0.05% since inception, indicating low volatility [3][4]. - The product has an annualized return of 4.6% over the past month, but its annualized return since inception is only 3.14%, ranking it below 29.61% of similar products [3][10]. - The product's comprehensive score is 51, outperforming 51.94% of similar products, with specific scores in various categories such as risk control and fee structure [4][10]. Group 3: Investment Strategy - The product employs a dividend strategy, investing primarily in fixed-income assets while allocating no more than 20% to dividend assets, which include dividend index funds and high-dividend stocks [7][12]. - This strategy is considered defensive, providing a "safety net" through dividend income, although it may underperform during market rallies [12]. - The product is designed for long-term investment, requiring a minimum holding period of 360 days, making it suitable for funds that are not needed in the short term [12][13].

Core Viewpoint - The article discusses the "barbell strategy" of combining dividend stocks and small-cap stocks, which has gained popularity in recent years, but warns of its potential weaknesses as more investors adopt it [2][3]. Summary by Sections Barbell Strategy Overview - The barbell strategy consists of dividend assets and small-cap stocks, which have significantly outperformed in the past [2]. - A recent report by Lin Rongxiong from Guotou Securities suggests that the barbell strategy may become ineffective, drawing parallels with the four phases of the Japanese stock market [3][4]. Historical Performance Analysis - The basic barbell strategy, using the CSI Dividend Index and CSI 2000 Index with a 50% allocation each, has shown an excess return of approximately 2.5 percentage points since 2016, but has not consistently outperformed during bull markets [5][7]. - The enhanced version of the barbell strategy, which assumes a 5% excess return from small-cap stocks, has increased annualized excess returns to nearly 5 percentage points, yet still underperformed in certain years [8][11]. Dividend Strategy Insights - The CSI Dividend Index has a geometric average return of 6.86%, significantly better than the overall market, driven by a disciplined "reverse investment" mechanism that helps investors avoid emotional trading [22][23]. - The appeal of the dividend strategy lies in its ability to provide stable returns and act as a defensive measure during market downturns [38]. Small-Cap Strategy Insights - The small-cap factor has historically been viewed as a source of excess returns, but recent studies suggest that its performance may be more of a temporary anomaly rather than a consistent advantage [25][28]. - The true value of small-cap stocks lies in their potential for generating alpha through quantitative strategies, rather than relying solely on beta [33][37]. Conclusion - The barbell strategy is characterized as a balanced approach, with dividends providing stability and small-caps offering growth potential through alpha generation [38][39]. - Accepting the strategy's occasional underperformance is essential for long-term asset appreciation and maintaining a calm investment approach [39].

Group 1 - The core viewpoint highlights the strong performance of bank stocks in the A-share market, with several banks showing significant year-to-date gains and high dividend yields, making them attractive for investors seeking stable returns [1][2] - As of July 16, 2023, six bank stocks have increased over 30% this year, and 33 have risen over 10%, with the China Securities Bank Index reaching a new high in over a decade [1] - The average dividend yield for 25 banks remains above 4%, with some banks like Huaxia and Ping An exceeding 4.5%, which is favorable compared to current deposit rates and government bond yields [1][2] Group 2 - Despite some major shareholders reducing their stakes, the overall market sentiment remains positive, with many bank stocks still trading below their net asset value, indicating potential for valuation recovery [2] - The current economic environment, characterized by declining interest rates, has made high-yield assets scarce, positioning bank stocks as attractive options for institutional investors, particularly insurance funds [2] - The Bank AH Preferred ETF (517900) has shown strong performance, with a year-to-date return exceeding 25% and significant net inflows, indicating renewed interest in bank stocks [2][4]

Group 1 - The core viewpoint is that in the context of asset scarcity, the value of dividend-paying industries is becoming more prominent, with the banking sector leading in dividend strategies by mid-2025 due to its stable dividend capability and sustainability [1] - Analysts suggest that in a low-interest-rate environment, it is essential to select industries with stable dividends, focusing on sectors with high dividend levels such as oil and petrochemicals, home appliances, and those with strong dividend intentions like banks and transportation [1] - The current market favors stocks that combine defensive attributes with dividend certainty, as evidenced by the strong performance of the banking sector [1] Group 2 - The Hongxin Securities Dividend ETF tracks the Shanghai Dividend Index, which focuses on high-quality companies listed on the Shanghai Stock Exchange with stable dividend records, covering representative enterprises in finance, energy, and consumer sectors [1] - The index aims to provide investors with a benchmark for measuring the performance of high-dividend stocks in the Chinese market by selecting state-owned enterprises with strong continuous dividend capabilities [1] - Investors without stock accounts can consider the Guotai Shanghai State-Owned Enterprise Dividend ETF Initiation Link A (021701) and Link C (021702) [1]

Group 1 - The core viewpoint of the article highlights a shift in investment strategies among public funds, moving from defensive to offensive positions as they navigate the A-share market around the 3500-point mark [1][6] - Over half of the 32 disclosed active equity funds increased their stock positions in Q2, with 21 funds maintaining over 90% stock allocation [2][4] - Notable funds like Zhongou Digital Economy saw their scale surge from 0.117 billion to 1.527 billion, marking a 12-fold increase due to positive performance [4] Group 2 - The innovation drug sector has become a favored area for many funds, with Longcheng Pharmaceutical Industry Select A increasing its stock allocation by 14.4 percentage points to 90.72% in Q2 [2][3] - The average return of the top ten holdings in Longcheng Pharmaceutical Industry Select was 173.76% year-to-date, leading to a fund return of 102.52% [3] - The banking sector saw a 17.24% average increase among 42 bank stocks since Q2, although some funds began to reduce their holdings in this sector due to high valuations [6][7] Group 3 - The article notes a trend of rapid sector rotation in the market, with themes like humanoid robots, innovative drugs, and new consumption experiencing quick shifts in performance [6] - Fund managers indicated that the redirection towards market-oriented dividend stocks was due to the declining attractiveness of traditional dividend stocks, particularly in the banking sector [7] - The innovation drug sector is expected to continue thriving in Q3, driven by supportive policies and clinical data releases, with a focus on overseas authorization and domestic sales growth [8]

Core Viewpoint - The article emphasizes the increasing interest of investors in dividend strategies as a response to market volatility and low interest rates, highlighting the importance of companies that generate consistent cash flow and share it with shareholders [2][26]. Group 1: Dividend Strategy - Dividend is a method for companies to return earnings to shareholders, typically in cash or stock, with a focus on high dividend yield as a core selection strategy [4][6]. - The appeal of dividend strategies lies in their dual nature: providing stable cash flow akin to bonds and potential capital appreciation through market undervaluation [6][30]. - The high dividend strategy, represented by the CSI Dividend Low Volatility Index, has outperformed the Wind All A Index 77% of the time from 2013 to the present [6][7]. Group 2: Mainstream Dividend Indices - There are three main types of dividend indices: traditional dividend strategies focusing on high dividend yield, enhanced dividend strategies incorporating additional factors, and Hong Kong dividend strategies benefiting from unique market conditions [8][10][12]. - Traditional dividend strategies emphasize high dividend yield from mature industries, while enhanced strategies aim for richer return characteristics by adding factors like low volatility and high ROE [10][11]. - Hong Kong dividend strategies leverage lower valuations and higher yields, presenting unique investment opportunities despite potential currency risks and dividend taxes [12][15]. Group 3: Configuration Logic - Dividend assets are increasingly seen as advantageous in the current market environment, providing a stable investment option amid economic transitions [20][26]. - The article discusses the "barbell strategy," where dividend funds can complement small-cap growth investments, balancing high-risk and low-volatility assets [22][23]. - As the risk-free interest rate declines, traditional fixed-income assets lose appeal, making high-dividend blue-chip stocks more attractive for long-term investors [29][30].

Core Viewpoint - The overall performance of the dividend strategy in the second quarter showed a recovery, with the CSI Dividend ETF rising by 2.5% in Q2 and an additional 2.2% by mid-July, totaling a 4.7% increase over three and a half months, reversing the decline seen in Q1 [5][12]. Group 1: Market Performance - The yield on government bonds experienced a significant decline in Q2 after rising in Q1, which supported the performance of dividend stocks [6][10]. - The CSI Dividend Index includes a significant number of stocks from industries such as coal mining, banking, and railways, indicating a concentration in these sectors [8]. - Financial stocks, particularly in the multi-financial and banking sectors, led the gains in the dividend index, while sectors like publishing and railways underperformed, with the average decline in the steel sector reaching 9.9% [9][12]. Group 2: Industry Analysis - Among the 100 companies in the CSI Dividend Index, 17 have disclosed mid-year performance forecasts, with most showing poor results; 15 of these companies reported negative growth, particularly in the coal and real estate sectors, suggesting a slow recovery for traditional industries [12][14]. - The average decline in various sectors during Q2 included significant drops in coal mining (-6.44%), real estate development (-3.81%), and publishing (-1.33%), while the multi-financial sector showed a positive average increase of 19.93% [11][12]. Group 3: Future Outlook - There is uncertainty regarding whether the dividend index will achieve industry-wide excess returns in Q3, especially with recent declines in bank stocks and poor performance in coal stocks [14]. - The high dividend strategy has yielded 2.42% since the last adjustment on April 14, underperforming the CSI Dividend's 6.1% return during the same period, although the strategy's overall return since inception is 6.01%, closely trailing the index's 7.0% [18][19].

中国ETF市场净流入1089.2亿美元 红利策略受关注 智通财经7月16日电，摩根资产管理联合上海证券交易所成功举办"ETF新生态 长投赢未来"沪市ETF主 题活动。会上指出，截至今年年4月末，全球ETF市场在过去十年持续扩张，整体资金维持净流入趋 势。其中，中国ETF市场表现突出，过去一年净流入1089.2亿美元（约合7844亿元人民币），在亚太地 区居首，占区域总资产规模的30.7%。摩根资产管理中国指数及量化投资部总监兼基金经理胡迪认为， 在全球宏观环境复杂多变背景下，具备防御属性的红利资产价值凸显，尤其是高股息率的港股红利资 产，成为市场关注焦点。（智通财经记者 吴雨其） ...