Core Insights - Public funds have distributed a total of 183.05 billion yuan in dividends to investors as of September 30, 2023, with over 2,900 funds participating, marking a nearly 30% increase compared to the same period last year [4][6] - The surge in dividend payouts is attributed to regulatory improvements in the dividend mechanism, encouraging both listed companies and funds to enhance their dividend distribution [4][5] - Equity funds, particularly ETFs, have significantly contributed to the dividend distribution, with six out of the top ten funds by dividend amount being ETFs [2][4] Fund Performance and Trends - The total number of dividend distributions reached 5,404 this year, indicating a shift towards more frequent payouts, especially among dividend-related ETFs [3][4] - Passive index funds, particularly those focusing on high dividend yield companies, have the largest share of dividend distributions among equity funds [4][6] - Companies that consistently provide high dividends typically exhibit stable earnings and strong cash flow, allowing them to return a significant portion of profits to shareholders [4][5] Investment Strategies - Investors can utilize dividend index funds for diversified investment strategies, including regular cash flow, long-term compounding, high growth, and low volatility strategies [7][9] - Specific ETFs, such as the Dividend Value ETF and the Hang Seng Dividend Low Volatility ETF, cater to investors seeking regular cash flow, while others focus on reinvesting dividends for long-term growth [9][10] - The combination of high dividend yield and low volatility in certain ETFs provides a stable investment option, with historical data showing consistent positive returns even during market fluctuations [10][11]

Core Viewpoint - The article emphasizes the importance of "margin of safety" in dividend investing, suggesting that it is a prudent approach to navigate uncertainties in both investment and life [1][2]. Group 1: Dividend Investment Strategy - The selection criteria for dividend stocks include both long-term and current high dividend yields, which inherently provide a higher probability of safety margin [1]. - Long-term high dividend stocks are identified through in-depth research, indicating strong profitability and willingness to distribute dividends, typically found in mature companies with reduced capital expenditure needs [1]. - Current high dividend yields often correlate with lower valuations, allowing for the identification of suitable investment targets even under pessimistic long-term profitability assumptions [1]. Group 2: Risk Management and Investment Approach - The company sets buy prices with a margin of safety and establishes detailed observation and exit indicators, focusing on changes that could impact long-term profitability [2]. - Monitoring cost advantages relative to peers is crucial for assessing long-term profitability, and adjustments to investment strategies are made accordingly [2]. Group 3: Market Conditions and Performance - The article acknowledges the challenges faced during recent market downturns, highlighting that while external performance metrics may show declines, internal rates of return on holdings may actually improve [4]. - The current market conditions serve as a test for the commitment to dividend investing, prompting a reflection on whether the appeal lies in the strategy itself or merely in short-term gains [5]. Group 4: Investment Philosophy - The essence of investing is framed as a partnership with time and a focus on value creation rather than chasing price fluctuations, reinforcing the notion that short-term performance is less significant compared to long-term goals [5].

Core Insights - The China State-Owned Enterprises Dividend Index (000824) has shown a positive trend, with a 0.30% increase as of October 15, 2025, reflecting a shift in investment logic from offshore markets dominated by foreign capital to onshore markets led by domestic capital [1] - High dividend strategies, particularly those involving quality central enterprises, are becoming a core pillar for stabilizing market valuation systems due to their robust profitability and consistent dividend payouts [1] - Dividend investment is viewed as a long-term allocation strategy that transcends style rotations in the A-share market, offering stable cash flow and value appreciation opportunities [1] Index Performance - The China State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields and stable dividends, representing the overall performance of high dividend yield securities among state-owned enterprises [2] - As of September 30, 2025, the top ten weighted stocks in the index include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Lu'an Environmental Energy (601699), with the top ten stocks accounting for 17.15% of the index [2] Stock Performance - Notable stock performances include: - COSCO Shipping Holdings (601919) decreased by 1.01% with a weight of 2.36% - Jizhong Energy (000937) decreased by 0.16% with a weight of 2.00% - Nanjing Steel (600282) increased by 2.62% with a weight of 1.23% [3]

↑点击上面图片 加雪球核心交流群 ↑ 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。 作者： 张翼轸 做投资，核心是收益率，而不是投资标的绝对价格的变动，也正因此，普通的坐标轴会产生极大误导的。 于是，就有了对数坐标轴，在对数坐标轴上，相同的百分比涨幅，是等距的。从 10 到 100，和从 100 到 1000，在坐标轴上的距离是相等的。 当我们在观察一个标的的长期走势时，这两个坐标轴会带给我们完全不同的直观感受。 举个最经典的例子。在 2006-2007 年的牛市中，在差不多 3500 点前后，不少价值投资者就开始离场了。 来源：雪球 前几天针对中证红利指数做了一个对数回归，很是凸显了红利投资的可爱。 当然也有细心的读者问，这里面对数化起到了什么作用。 突然想到这是个好问题，甚至某种程度上，对数坐标轴会影响一个长期投资者的投资观。所以，在此展开聊聊。 当你打开一个行情软件，无论是电脑上的还是手机上，一般情况下，默认的都是"普通坐标轴"。 什么是普通坐标轴？ 其实就是我们正常世界中的坐标轴，类似我们用的直尺，刻度是等距的，从 100 到 200，与 200 到 300，在 ...

Group 1: Chemical Industry - The chemical industry is experiencing a significant transformation, with a recent policy aimed at stabilizing growth by restricting new capacity and promoting the renovation of old equipment, referred to as the "anti-involution policy" [7] - The global chemical industry is facing challenges, particularly in Europe where production rates are below 75% due to high energy costs, creating opportunities for Chinese chemical companies to benefit from lower production costs [7] - Chemical sector valuations and profits are at historical lows, providing ample room for profit recovery driven by policy changes, with some companies now offering dividends comparable to those in the coal industry [9] Group 2: Green Energy - The green energy sector is becoming profitable without government subsidies, with competitive pressures leading to lower generation costs than coal power [11] - However, green energy companies face challenges from low coal prices, which allow coal power companies to undercut prices, slowing profit growth for green energy [11] - Future opportunities for green energy may arise from increased demand from data centers and potential rises in coal prices or electricity costs [11] Group 3: Resource Sector - A recent incident at the world's second-largest copper mine has resulted in a projected supply shortage of 250,000 tons by 2025, potentially leading to greater price increases [13] - The initiation of a rate-cutting cycle by the Federal Reserve, combined with increased demand for gold from central banks, is creating a new allocation cycle for resource assets [14] - Resource prices are volatile, but there are opportunities for stable investments in dividend-paying sectors as the economy has not fully recovered [14] Group 4: Market Signals - The recent decline in the dividend index is linked to rising long-term deposit rates, with the 10-year government bond yield reaching 1.83% on September 25, reducing the attractiveness of dividend stocks [3] - The gaming industry has shown resilience, with a 4% increase in stock prices and a 21% increase in game licenses issued this year compared to last year, indicating a strong consumer spending trend [5] - The market is currently characterized by mixed signals, with opportunities in the chemical sector supported by policy and reduced foreign capacity, while green energy and resource sectors are influenced by external factors [16][17]

Core Viewpoint - The article emphasizes the importance of active management in the mutual fund industry, highlighting the need for professional commitment and a focus on long-term value creation amidst market challenges and regulatory reforms [1][3]. Group 1: Active Management - Active management has faced significant challenges since 2021, with performance pressures and a shift in market preference towards passive investment strategies [2]. - Despite these challenges, the company has chosen to remain committed to active management, focusing on deep research and capturing value from economically vital companies [2][4]. - The recent regulatory reforms and policies from the Chinese government have created a favorable environment for the resurgence of active management [3]. Group 2: Talent Development and Research - The company places a strong emphasis on talent development, with a research team of 65 members and an average industry experience of nearly 8 years, including 17 senior fund managers with over 10 years of experience [5]. - A structured research hierarchy is in place to ensure effective knowledge transfer and continuous improvement in investment strategies [6]. - The company promotes a culture of communication and collaboration among research and investment teams to enhance the efficiency of research-to-investment conversion [7]. Group 3: Performance and Strategy - Performance is viewed as the lifeline of mutual funds, with the company committed to driving growth through strong investment returns rather than relying on high fees [8]. - The company actively participates in innovative product trials and has adopted a floating fee structure to align interests with investors [9]. - The company emphasizes a long-term focus on core competencies and responsibility, which has been crucial for its steady development over the past 20 years [9]. Group 4: Future Outlook - The mutual fund industry is expected to evolve with balanced development, combining both index and active management strategies to uncover investment opportunities [10]. - The company aims to continue its commitment to active management, supported by research and performance, to contribute to the high-quality development of the Chinese economy [10].

Core Viewpoint - The article emphasizes the importance of active management in the mutual fund industry, highlighting the need for professional commitment and a focus on long-term value creation amidst market challenges [1][2][4]. Group 1: Active Management Strategy - Active management has faced significant challenges since 2021, with performance pressures and a shift in market preference towards passive investment strategies [2][3]. - 华商基金 has chosen to remain committed to active management, focusing on deep research and capturing value from economically vital companies rather than chasing short-term trends [2][3]. - The company has diversified its active equity styles, enhancing its product offerings to include various strategies such as growth, balanced, value, and cyclical investments [3]. Group 2: Regulatory Environment and Industry Reform - Recent regulatory reforms, including the Central Political Bureau's meeting and the State Council's opinions, have encouraged the development of high-quality mutual funds and supported active management [3][9]. - The China Securities Regulatory Commission has introduced policies to promote the innovation and development of actively managed equity funds, creating a favorable environment for 华商基金's strategic changes [3][9]. Group 3: Talent Development and Research Infrastructure - 华商基金 emphasizes the importance of talent development in active management, with a research team of 65 members and an average experience of nearly 8 years [6]. - The company has established a structured talent development system, ensuring a clear growth path for researchers and fund managers [6][7]. - A robust research platform, "华商金海螺," has been developed to integrate and digitize research data, enhancing the efficiency of the investment process [7]. Group 4: Performance and Investor Relations - Performance is identified as the lifeline of mutual funds, with 华商基金 focusing on generating returns to drive growth rather than relying on high fees [8]. - The company has adopted a floating fee structure linked to performance, aligning its interests with those of investors [9]. - 华商基金 prioritizes investor engagement, especially during market downturns, promoting a rational investment approach and guiding investors towards long-term value [9]. Group 5: Future Outlook - The mutual fund industry is expected to evolve with the ongoing technological revolution and AI advancements, leading to a balanced development of both index and active management strategies [10]. - 华商基金 aims to continue its commitment to active management, leveraging research and performance to create sustainable returns for investors while contributing to China's economic development [10].

Core Viewpoint - The traditional dividend strategy has been perceived as underperforming in a growth-driven market, yet the quality factor-based dividend index has demonstrated unique advantages by combining dividend yield with growth potential [1][3]. Group 1: Performance Metrics - The China Securities Dividend Quality ETF (159209) has seen a year-to-date share growth of 43.07% and a scale increase of 65.77%, both reaching historical highs [1]. - The ETF has implemented three dividend distributions, providing continuous cash returns to investors [1]. Group 2: Investment Strategy - The China Securities Dividend Quality Index focuses on companies with stable earnings, financial health, and sustainable dividend capabilities, showcasing resilience and growth potential in volatile markets [3]. - The underlying strategy of the ETF upgrades traditional dividend investing by emphasizing not only dividend yield but also the quality of earnings and growth potential, aligning with the current macroeconomic transformation and industrial upgrade trends [3].

Core Viewpoint - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) has shown strong performance with a 0.10% increase and active trading, reflecting a growing interest in high-dividend assets [1][2]. Group 1: ETF Performance - The Tianhong ETF has achieved five consecutive days of gains, with prices reaching new highs during this period [2]. - The ETF closely tracks the Hong Kong Stock Connect Central Enterprise Dividend Index, which selects stable dividend-paying stocks from central enterprises [2]. Group 2: Sector Distribution - The index's sector distribution is relatively balanced, covering high-dividend industries such as banking, transportation, non-bank financials, telecommunications, and oil and petrochemicals [2]. - As of the end of Q2 2025, the index's dividend yield exceeds 7% [2]. Group 3: Market Trends - High dividend yields have been a significant characteristic of stocks that have surged in September, indicating a strong demand for dividend assets [2]. - Despite a net outflow of over 8 billion yuan from the overall stock ETF market, dividend-themed ETFs have seen a net inflow of over 800 million yuan [2]. Group 4: Investment Strategy - According to Zhongtai Securities, dividend investment is a long-term winning strategy that can withstand market fluctuations, providing stability in volatile markets [3]. - High-dividend assets typically belong to mature industries with stable business models, offering both defensive and growth attributes [3].

Report Industry Investment Rating - The report does not explicitly state the industry investment rating. Report's Core View - In the low - interest and high - volatility market environment, dividend investment is popular. The China Securities Chengtong Central Enterprise Dividend Index has significant advantages, and the Rongtong China Securities Chengtong Central Enterprise Dividend ETF provides an efficient tool for investors to invest in high - quality central enterprise dividend assets [2][4]. Summary According to Relevant Catalogs 1. Dividend Investment - A Long - Term Winning Strategy across A - Share Style Rotations 1.1 Long - term Allocation Value of Dividend Assets - Dividend investment focuses on stable cash - flow and profit growth of companies. In the context of China's low - interest environment and style rotations, dividend assets have more prominent allocation advantages compared to bonds. As of 2025, the dividend yield of the CSI Dividend Index is over 4.3%, higher than the 10 - year Treasury bond yield [7]. 1.2 "Offensive and Defensive" Attributes of Dividend Investment - Dividend investment offers both long - term allocation value from dividends and relatively stable capital gains. It shows strong anti - decline and defensive capabilities in bear markets and can also benefit from economic upswings. From 2005 - 2024, high - dividend indices led the market in 9 years, and from 2015 to the present, the CSI Dividend Index has outperformed the Shanghai Composite Index [9]. 1.3 Allocation Value of the "Dividend + Fixed - Income" Portfolio - The "dividend + fixed - income" portfolio is a cost - effective strategy in a low - interest environment. It can enhance the overall return and reduce volatility. The correlation between the CSI Dividend Index and the 10 - year Treasury bond rate from 2015 to now is - 0.5 [13]. 2. How to Choose a Dividend Index 2.1 Comparison of Dividend Index Compilation Methods - Dividend index compilation mainly involves sample selection and index calculation. Traditional dividend indices use historical dividend yields, which have limitations. The China Securities Chengtong Central Enterprise Dividend Index is the first in the A - share market to use the expected dividend yield for stock selection and weighting, considering both dividend willingness and ability [16]. 2.2 Analysis of the Return Characteristics of Different Dividend Indices - Different dividend indices have different risk - return characteristics. From 2017 - 2025, the China Securities Chengtong Central Enterprise Dividend Index has high returns, a high Sharpe ratio, and low drawdowns. It has outperformed indices like the CSI 300, CSI Dividend Index, and CSI Central Enterprise Dividend Index by about 20 percentage points in cumulative returns and nearly 2 percentage points in annualized returns [19][28]. 3. Rongtong China Securities Chengtong Central Enterprise Dividend ETF: A New Choice for Dividend Investment 3.1 Policy - Driven Valuation Repair of Central Enterprise Dividends - Central enterprises are important pillars of the national economy with high stability. Their valuations are currently low but have great potential for repair. Policies such as the improvement of the central enterprise assessment system and market - value management policies are driving the valuation increase [31][33][35]. 3.2 Advantages of the China Securities Chengtong Central Enterprise Dividend Index - The index has four features: it uses the expected dividend yield, focuses on mid - large - cap high - dividend cyclical stocks, does not include bank stocks, and has high dividends and low valuations. As of August 2025, its dividend yield is 4.38%, higher than the central enterprise and A - share averages [36][38][40]. 3.3 High Returns, High Sharpe Ratio, and Low Drawdowns of the Chengtong Central Enterprise Dividend Index - Since 2017, the index has achieved a cumulative return of 56.02% and an annualized return of 5.41%. Considering dividends, the cumulative return is 113.16%. It has better risk - return characteristics compared to other indices [43]. 3.4 Investment Strategy and Applicable Scenarios of the Rongtong China Securities Chengtong Central Enterprise Dividend ETF - The fund is a fully passive index fund using the full - replication method. It is suitable for long - term allocation by pension funds, insurance funds, and conservative investors. It also offers tactical allocation opportunities and can be used as a defensive asset in a volatile market. As of August 2025, its management and custody fees are lower than most similar products [45][46][47].