今日早盘，红利板块震荡上行，截至午间收盘，中证红利价值指数上涨0.7%，中证红利低波动指数、中证红利指数均上涨0.6%，恒生港股通高股息低波动 指数上涨0.1%，恒生红利低波ETF（159545）半日净申购超1000万份。Wind数据显示，该ETF11月获近20亿元资金净流入，居全市场红利类ETF第一。 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）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 恒生红利低波ETF 跟踪恒生港股通高股息低波动指 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 ...

11月的A股真是让人磨性子，沪指深证成指创业板指都在震荡调整，不少朋友跟我吐槽，手里的票拿也 不是卖也不是，眼看12月来了，到底该往哪使劲？作为做了20年财经记者、一直盯着中长线的投资者， 今天就用聊天的方式，跟大家拆解券商刚出炉的12月金股，看看机构都在偷偷布局啥。 还有一块不能忽视的是防御性资产，光大证券提到，市场震荡的时候，前期滞涨的高股息和消费板块往 往表现更稳。对中长线投资者来说，不用把所有资金都押在进攻型品种上，配一些高股息低波动的资 产，能让持仓更稳健。另外，海外降息和财政扩张的大背景下，黄金、铜这些全球定价的资源品，还有 受益于海外信用周期重启的外需制造业，也可以左侧关注起来，提前卡位布局。 做了20年财经记者，我一直跟大家说，中长线投资拼的不是猜短期涨跌，而是看逻辑、看趋势。12月的 市场大概率还是以震荡蓄势为主，但机会已经在慢慢浮现：顺周期跟着政策底和经济修复的逻辑走，科 技选低拥挤赛道避开风险，高股息做防御打底。咱们不用被短期的市场波动牵着鼻子走，盯着这些核心 方向，找估值合理、逻辑扎实的标的，耐心持有，自然能等到趋势兑现。 要不要我帮你把这些核心方向对应的优质标的清单整理出来，方便你直 ...

来源：股市你金哥 一、今日A股复盘： 1、本周初市场承压的重要外部原因是美联储降息预期的不确定性。由于美国非农就业数据表现强劲，市场对美联储在12月降息的概率预期一度降至不足 40%。这引发全球流动性收紧的担忧，导致美股等主要市场出现调整，并通过情绪渠道传导至A股。 不过，这个情况在周三得到了转变，美联储降息从35%提高到60%，再提高到现在的85%以上，随着市场逐步消化该信息，悲观情绪有所缓和，A股也展开 了攻势。 2、随着12月临近，市场开始密切关注即将召开的工作会议，将为2026年的宏观经济政策定调。同时，11月27日公布的1-10月份规模以上工业企业利润同比 增长1.9%，显示内需修复正在进行。这些因素共同强化了市场对未来稳增长政策的期待，为市场提供了支撑。 4、在市场整体震荡、不确定性较高的背景下，部分资金倾向于寻找防御性资产。市场依旧偏爱具备防御属性的高股息资产。 5、A股市场在10月前后曾经历一波上涨，上证指数在11月一度突破4000点。前期热门板块积累了大量获利盘，本身存在技术性调整的压力。市场在关键点 位附近的正常筹码换手和结构再平衡。从资金面看，市场的活跃度有所下降。一个明显的信号是，作为 ...

Group 1: Strategic Resource Accumulation - The article discusses the importance of national strategic resource accumulation, particularly in uncertain global conditions, to ensure wealth security for the country and its citizens [1][8] - China has significantly increased its gold reserves, reportedly more than doubling them over the past decade, with unreported purchases potentially exceeding public data by over ten times [3][5] - The accumulation of gold serves as a financial safety net, especially during times of geopolitical instability and fluctuating trust in the US dollar [5][13] Group 2: Oil and Food Security - In the first ten months of the year, China imported 3.462 billion barrels of oil, accounting for 10% of global supply, which is more than Saudi Arabia's daily production [9][11] - China is constructing 11 new oil storage facilities, ensuring that the country can maintain normal operations for six months without imports, surpassing the international safety standard of three months [11] - The country has established standardized grain storage facilities with a total capacity exceeding 730 million tons, sufficient to feed over 1.4 billion people for more than two years [13] Group 3: Investment Opportunities - The article emphasizes the need for individuals to align their investment strategies with national resource accumulation, focusing on stability and gradual growth [13][21] - Two investment categories are highlighted: high-dividend assets, which provide stable cash flow and lower risk, and technology stocks, particularly those aligned with national strategic plans [15][17] - The importance of a diversified investment approach is stressed, advising against concentrating all investments in one sector to mitigate risks [19][21]

Investment Rating - The report suggests a focus on high dividend assets in the coal and highway sectors, indicating a favorable investment environment for these industries due to their stable cash flows and defensive characteristics [2][12]. Core Insights - The coal industry is highlighted as a high dividend sector with significant cash flow improvements due to supply constraints and long-term contract policies, making leading companies particularly attractive for investment [4][45]. - The highway sector is characterized by stable cash flows and nearing completion of expansion projects, which will enhance future cash flow releases, thus making these companies appealing for dividends [4][50]. Summary by Sections Investment Highlights - The report emphasizes the importance of the stock-bond yield spread, noting that high dividend assets are increasingly valued in a low-interest-rate environment, with bank wealth management products yielding between 1.8%-3.2% and 10-year government bonds yielding 1.6%-1.9% [2][12]. Excess Returns and Stock Price Influences - Coal sector excess returns are closely tied to coal prices, suggesting that investments in coal dividend assets are advisable during periods of rising coal prices and positive stock-bond yield spreads [3][39]. - The highway sector's excess returns are more sensitive to market downturns and bond yield changes, indicating that investments in highway dividend assets are preferable during market declines [3][42]. High Dividend Drivers - In the coal sector, high dividends are driven by supply constraints and improved cash flows from long-term contracts, with leading companies benefiting from higher industry concentration and robust financial health [4][45]. - For the highway sector, high dividends stem from stable cash flows and the completion of expansion projects, which will allow for increased shareholder returns [4][50]. Company-Specific Recommendations - In the coal industry, companies such as China Shenhua and Shaanxi Coal are recommended for their high dividend levels and strong market positions, while Yanzhou Coal is noted for its growth potential alongside high dividends [5][56]. - In the highway sector, companies like Shandong Highway and Anhui Expressway are highlighted for their nearing completion of expansion projects and high dividend levels, with China Merchants Highway recognized for its strong cash flow and profitability [5][60].

中基协最新发布的公募基金市场数据显示，截至2025年10月底，我国公募基金总规模为36.96万亿元， 这是我国公募基金总规模今年以来第七次创下历史新高。分类型来看，今年10月货币基金规模增长超 3800亿元，贡献最大规模增量，此外QDII基金规模也小幅增长。而股票基金和混合基金规模在10月分 别小幅下降289亿元和548亿元，债券基金规模下降超千亿元。 随着2025年度收官临近，基金发行也进入冲刺阶段，从全年数据来看，今年新发基金市场延续火热态 势，以基金成立日为统计口径，截至11月23日，全年新成立基金达到1340只，发行总规模达到10445.98 亿元。这标志着国内新基金年度发行规模自2019年以来，已连续第七年稳定在万亿元规模之上。 公募基金总规模年内七度刷新历史纪录，最新达到36.96万亿元，这一数字直观体现了资本市场的活 力。随着2025年即将进入最后一个月，新发基金年内达到了万亿级的规模，主动权益类产品成为绝对主 力。展望12月，A 股市场被多家机构看作是"牛市第二阶段"的整固期。 公募总规模达36.96万亿元，年内第七次创历史新高 12月展望：处于"牛市第二阶段"的整固期 2025年即将进入最后 ...

Market Overview - A-shares ended November with a slight increase, with the Shanghai Composite Index closing at 3888.6 points, up 0.34%, but down 1.67% for the month, ending a six-month consecutive rise [1] - The index experienced fluctuations, peaking at 4034.08 points early in the month and dropping to a low of 3856.25 points later, resulting in a monthly volatility of 5.5% [1] - Total trading volume for the month reached 16.1 trillion yuan, remaining stable compared to October, while the total trading volume for both Shanghai and Shenzhen markets was approximately 37.9 trillion yuan, an increase of 1.5 trillion yuan from October [1] Industry Performance - In November, the top-performing sectors included Comprehensive, Banking, Textile & Apparel, Oil & Petrochemicals, and Light Industry Manufacturing, with respective monthly gains of 4.07%, 2.99%, 2.95%, 2.90%, and 2.32% [2] - Conversely, sectors such as Computer, Automotive, Electronics, Non-bank Financials, and Pharmaceutical & Biological industries saw significant declines, with losses ranging from 3.62% to 5.26% [3] Individual Stock Performance - Guosheng Technology led individual stock gains in November, surging over 155%, primarily driven by a strategic acquisition of a lithium battery shell material producer [5] - Other notable gainers included Hefei China and Huasheng Lithium Battery, with increases of over 143% and 132%, respectively [6] Future Outlook - Analysts predict December will be a critical period for global financial markets, influenced by the Federal Reserve's final meeting of the year and key decisions from important domestic meetings [6] - The market is expected to experience a rhythm of "preliminary expectation game, mid-term policy implementation, and late-stage adjustment," providing a favorable environment for year-end positioning [6] - Key events in December include the Central Economic Work Conference and the clarification of the Federal Reserve's interest rate path, which are seen as pivotal for market direction [6]

Core Viewpoint - The Hong Kong stock market is positioned for a new round of opportunities driven by overseas liquidity easing, moderate recovery of the Chinese economy, and the ongoing AI wave [1] Group 1: Market Opportunities - The upward trend in the AI industry cycle is expected to restore the relative advantages of leading technology stocks in Hong Kong [1] - High dividend assets are attractive due to the low interest rate environment and year-end allocation demand, with a dividend yield to 10-year government bond spread maintaining around 4% [1] - The new consumption and innovative pharmaceutical assets in Hong Kong are scarce compared to A-shares, making them worthy of attention [1] Group 2: Investment Strategies - Analysts highlight a dual opportunity in the Hong Kong market: high dividend assets and technology growth sectors, particularly AI-related companies, which may see a new round of valuation recovery [1] - The "barbell strategy" is recommended for asset allocation, focusing on stable value assets (especially H-shares with high AH premium) as a long-term base, while maintaining exposure to growth assets with solid industrial logic [1] Group 3: ETF Performance - The Hong Kong Large Cap 30 ETF (520560) has shown resilience despite market consolidation, with a slight decline of only 0.1% as of the latest report [2] - The ETF attracted significant capital inflow, with 8.63 million yuan on a single day and a total of 48.99 million yuan over the past 10 days, indicating positive sentiment towards the Hong Kong market [2] - Key constituents of the ETF include Alibaba, Tencent, and other high-dividend stocks, making it an ideal long-term investment tool for the Hong Kong market [3]

Core Insights - Taikang Life Insurance has announced its acquisition of H shares in Fuhong Hanlin, marking a significant increase in insurance capital's stake acquisitions this year, totaling 37, the highest in nearly a decade [1][2] Group 1: Insurance Capital Acquisitions - Insurance capital's stake acquisitions, defined as holding or jointly holding 5% of a listed company's shares, have reached 37 instances this year, involving 14 insurance companies and 26 companies [2] - Taikang Life purchased 518,500 shares of Fuhong Hanlin, bringing its total holdings to 8.3371 million shares, which constitutes 5.10% of the company's H shares, triggering the disclosure requirement [2] Group 2: Reasons for Increased Acquisitions - The increase in stake acquisitions is driven by three main factors: regulatory policy optimization, a search for stable returns amid an "asset shortage," and market valuations being at relatively low historical levels [3] - The optimization of solvency regulation has expanded the space for insurance capital to increase equity investments [3] Group 3: Preference for High Dividend Stocks - The acquisitions predominantly target high dividend yield stocks, with 16 out of 37 acquisitions involving listed banks known for high dividends [4] - Insurance capital favors stable cash flow and high dividend stocks, particularly in sectors like banking and public utilities, which align with their long-term investment attributes [4][5] Group 4: H Shares as a Preferred Investment - A significant majority of the acquisitions, 31 out of 37, involved H shares, attributed to tax advantages for insurance capital compared to other institutional investors [5] - The focus on H shares reflects a strong preference for high dividend, low valuation assets, particularly in the banking sector [5] Group 5: Future Strategies - Looking ahead, insurance capital is expected to adopt more refined and diversified strategies in equity investments, continuing to focus on high dividend assets while also increasing exposure to quality growth stocks in new economic sectors [6]

本报记者 杨笑寒 近日，泰康人寿保险有限责任公司（以下简称"泰康人寿"）发布公告称，举牌复宏汉霖H股股票。据《证券日报》记者统 计，今年以来险资举牌次数已达37次，创下近10年新高。 受访专家表示，预计未来险资在权益投资上将采取更趋精细化与多元化的策略。 年内举牌达37次 龙格也表示，这些标的受到青睐，是因为其特性高度契合险资的负债端要求。稳定的高股息可提供可预测的现金流，匹配 保险产品的赔付和到期给付需求；低估值则提供了较高的安全边际，有助于降低投资波动风险，符合险资注重风控、追求长期 绝对收益的投资目标。 同时，险资今年主要选择举牌H股。在险资今年的37次举牌中，有高达31次举牌标的是H股。对此，招商证券首席策略分 析师张夏表示，由于险资持有H股满12个月可免征红利所得税，相比公募基金等机构投资者具有税收优势，因此高股息标的是 其重要投资方向。行业板块方面，从港股上市公司半年报披露的数据看，内地险资进入大股东名录的标的股票，涵盖金融、公 用事业、交运、医药和地产等板块，其中，银行类H股成为险资举牌的主要板块，显示出险资对高股息、低估值等稳健收益资 产的高度偏好。 展望未来，龙格分析，预计险资在权益投资上将 ...