｜2026年1月4日 星期日｜ NO.1 卖方老将张忆东离职，下一站转战海外业务 公开消息显示，兴业证券经济与金融研究院联席院长、全球首席策略分析师张忆东因个人职业规划及家 庭因素考量，已正式提出离职申请。下一站，张忆东将转型海外业务，专注于香港及海外资本市场的拓 展。公开资料显示，张忆东，男，复旦大学国际金融系学士、硕士，上海交通大学上海高级金融学院 EMBA，曾任兴业证券经济和金融研究院副院长、研究所副所长、全球首席策略分析师，兴证（香港） 金控副行政总裁、兴证国际副总裁，兼任复旦大学经济学院专业学位校外兼职导师。作为卖方研究领域 最具影响力的策略分析师之一，张忆东在卖方研究领域坚守20余载，全面覆盖A股、港股与美股市场， 连续多次在中国资本市场的分析师评选中获得策略研究第一名，2023年成为中国总量研究领域首位新财 富钻石分析师。 点评：卖方老将张忆东离职兴业证券转战海外业务，反映券商加速国际化布局。短期兴业证券研究品牌 影响力或受影响，长期需看团队磨合。此举或将引发券商人才流动潮，推动行业竞争格局重塑。香港及 海外资本市场或成券商新战场，相关板块估值体系面临重构。整体来看，券商业务转型加速，市场对国 ...

Core Insights - The public fund industry in 2025 has seen a significant increase in both total dividends and frequency of distributions, with total dividends reaching 242.169 billion yuan and 7,448 distributions, surpassing the entire year of 2024 [3][4] Group 1: Dividend Performance - Total dividends for public funds in 2025 reached 242.169 billion yuan, with 7,448 distributions, exceeding 2024's totals of 226.32 billion yuan and 6,577 distributions [3][4] - Bond funds remain the primary contributors to dividends, with a total of 169.079 billion yuan, accounting for 69.82% of the total, although this is a decrease from 79.73% in 2024 [3][4] - Equity index funds, including passive and enhanced index funds, have increased their share of total dividends to 20.02%, up from 12% in 2024, indicating a shift in the distribution landscape [3][4] Group 2: Leading Funds - The top ten dividend-paying funds are dominated by index funds, with eight out of ten being index-based, and the top four positions held by the CSI 300 ETFs [5][6] - The leading fund, Huatai-PB CSI 300 ETF, distributed 8.394 billion yuan, followed by E Fund, Huaxia, and Harvest CSI 300 ETFs with distributions of 7.15 billion, 5.554 billion, and 5.394 billion yuan respectively [6][7] - The performance of these funds in 2025 shows a significant increase in dividends compared to 2024, indicating strong market performance and growth in fund sizes [6][7] Group 3: Market Outlook - Analysts predict that the A-share market will continue a "slow bull" trend into 2026, suggesting that public fund dividends may remain optimistic [4][8] - The ability of index funds to maintain high dividend distributions will depend on the market conditions in 2026, with expectations of continued strong performance if the market environment improves [8]

Group 1 - The total dividend amount for public funds in 2025 reached 242.169 billion yuan, with 7,448 distributions, surpassing the entire year of 2024 [1][2] - Bond funds remained the main contributors to dividends, accounting for 69.82% of the total, although this is a decrease from 79.73% in 2024 [2][3] - Equity index funds, including passive and enhanced index funds, saw an increase in their dividend share, contributing 20.02% of the total, up from 12% in 2024 [2][3] Group 2 - The top ten dividend funds included eight index funds, with the top four being the CSI 300 ETFs, which have dominated the dividend rankings for two consecutive years [4][5] - The leading fund, Huatai-PB CSI 300 ETF, distributed 8.394 billion yuan, followed by E Fund, Huaxia, and Jiashi CSI 300 ETFs with 7.15 billion, 5.554 billion, and 5.394 billion yuan respectively [4][5] - The overall trend indicates that the performance of these ETFs has improved, leading to increased dividends as fund managers aim to attract and retain quality clients [4][5] Group 3 - Other fund types, including active equity funds, REITs, QDII, FOF, and money market funds, also participated in dividend distributions, with total amounts increasing compared to 2024 [3] - The total dividends for these categories were 10.704 billion yuan for active equity funds, 10.665 billion yuan for REITs, 2.198 billion yuan for QDII, and 0.09276 billion yuan for FOF [3] - Analysts suggest that the increase in dividends is attributed to a recovering market in 2025, enhancing the profitability of funds and their ability to reward investors [3][6] Group 4 - Looking ahead to 2026, expectations are for a continued "slow bull" market in A-shares, which may sustain optimistic dividend distributions [5][6] - The ability of index funds to maintain high dividend payouts will depend on the market conditions and the overall profitability of the funds [6]

Core Insights - Public funds in 2025 experienced increased market volatility and enhanced profit-sharing, with total dividends reaching 242.17 billion yuan and 7,448 distributions, surpassing the entire year of 2024 [1][3] Fund Performance - Bond funds remained the primary contributors to dividends, totaling 169.08 billion yuan, accounting for 69.82% of the total, although this is a decrease from 79.73% in 2024 [3] - Equity index funds saw an increase in their share of total dividends, contributing 48.49 billion yuan, which is 20.02% of the total, up from 12% in 2024 [3] Dividend Distribution - The top ten funds by dividend amount included eight index funds, with the top four being the CSI 300 ETFs, which have dominated the dividend rankings for two consecutive years [5] - The leading fund, Huatai-PB CSI 300 ETF, distributed 8.39 billion yuan, followed by E Fund CSI 300 ETF at 7.15 billion yuan, and others [2][5] Market Outlook - Analysts predict a continuation of a "slow bull" market in 2026, suggesting that public fund dividends may remain optimistic, with index funds likely to continue leading in distributions [6][7]

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 来源：财闻 今年以来，公募产品分红热情高涨。数据显示，截至12月28日，按照红利发放日为统计口径，全市场已 有超过3600只公募基金（不同份额分开计算）在今年实施分红，总金额超2400亿元，创近三年新高，较 去年全年增超150亿元。 数据显示，今年以来，全市场公募基金分红频率明显增多，约30只基金分红次数达12次或12次以上，平 均实现"月月分红"。分红次数最多的为去年12月成立的西部利得央企优选，该股票型基金今年分红多达 17次。在6月、8月、11月这三个月中，该基金每月分红3次，更是在7月陆续分红4次。该基金今年A、C 份额累计分红约7192万元，平均每单位基金份额分红0.17元。 今年分红次数达12次的公募产品多数为红利主题类基金，且有多只产品于去年成立。据悉，在这些基金 中，不乏产品规定了最低分红次数。例如，广发中证红利ETF合同约定，明确基金收益评价日为每月最 后一个工作日，同时明确在符合基金分红条件的前提下每季度最少分配1次、最多分配3次。 责任编辑：江钰涵 责任编辑：江钰涵 专题：2025基金行业年终 ...

2400 亿元 数据显示，截至12月28日，按照红利发放日为统计口径，全市场已有超过3600只公募基金（不同份额分 开计算）在今年实施分红，总金额超2400亿元。 □本报记者 张韵 有公募基金产品今年已分红17次，还有产品单次分红比例超过37%…… 基金密集分红 数据显示，今年以来，全市场公募基金分红频率明显增多，约30只基金分红次数达12次或12次以上，平 均实现"月月分红"。这也意味着，持有这些产品的投资者平均每个月至少都可以收到一笔分红。 今年以来，公募产品分红热情高涨。数据显示，截至12月28日，按照红利发放日为统计口径，全市场已 有超过3600只公募基金（不同份额分开计算）在今年实施分红，总金额超2400亿元，创近三年新高，较 去年全年增超150亿元。 业内人士分析称，公募产品分红增加或与今年行情回暖以及提升投资者获得感等因素有关。 分红次数最多的为去年12月成立的西部利得央企优选，该股票型基金今年分红多达17次。在6月、8月、 11月这三个月中，该基金每月分红3次，更是在7月陆续分红4次。该基金今年A、C份额累计分红约7192 万元，平均每单位基金份额分红0.17元。 今年分红次数达12次的公募产 ...

| | | | 2025年公募基金分红前十名 | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券简称 | 区间分红总额 (亿元) | 投资类型 | 分红次数 (次) | 区间回报 [昌否年化] 플 | 分级基金规模(报告期) 【资是前】 六年三季 | | | | | | | (%) | (亿元) | | 1 | 华泰柏瑞沪深300ETF | 83.9350 | 股票型基金 | | 21.3545 | 4.255.8140 | | 2 | 易方达沪深300ETF | 71.5033 | 股票型基金 | 4 | 21.4146 | 3.051.6536 | | 3 | 幸夏沪深300ETF | 55.5385 | 股票型基金 | 2 | 21.3604 | 2,280.6150 | | 4 | 喜实中深300ETF | 6656 65 | 股票型基金 | 2 | 21.3102 | 1,996,9486 | | 5 | 华夏 FirsoETF | 45.7342 | 股票型基金 | 1 | 16.4550 | 1,804.5444 | | б ...

2025年临近尾声，公募年内分红金额逼近2300亿元，多家头部公司分红逾百亿元。在市场风险偏好回 暖、政策支持的背景下，权益类基金成为年内分红的一匹"黑马"，在金额、频率上双双领先。数据显 示，截至12月19日，年内共有3492只公募基金（不同份额分开计算）进行了分红，分红金额合计为 2256.84亿元，距2300亿元仅"一步之遥"。与去年同期的1988.46亿元相比，今年以来分红金额增加 268.38亿元，同比增幅为13.5%。其中，易方达基金、华夏基金等头部基金公司的年内分红金额超过百 亿元。（上证报） ...

Core Insights - Public funds in China have significantly increased their dividend payouts this year, with total dividends exceeding 220 billion yuan, marking a year-on-year growth of approximately 17% [1][2] - The increase in dividends is primarily driven by the strong performance of equity funds, which have seen a more than 60% increase in dividend payouts compared to the previous year [1][2] Fund Performance - As of December 12, 2023, a total of 3,459 funds have participated in dividend distributions, with over 7,000 dividend payouts recorded, resulting in a total of 225.46 billion yuan in dividends, reflecting a year-on-year increase of 23.59% in the number of payouts and 17.64% in total amount [2] - Equity funds, including stock and mixed funds, have contributed significantly to this increase, with total dividends reaching 51.48 billion yuan, a growth of 66.47% compared to the previous year [2][3] Market Dynamics - The favorable market conditions, including a rising A-share market and strong performance of core indices, have led to substantial distributable earnings for equity funds [2][3] - The shift in focus from scale expansion to investor returns among fund managers is evident, as regulatory policies encourage high-quality development in the public fund sector [2][3] ETF Fund Highlights - ETFs have emerged as the standout performers in terms of dividend payouts, with the top four CSI 300 ETFs leading the market [4] - The highest dividend payout among ETFs is from Huatai-PB CSI 300 ETF, totaling 8.39 billion yuan, followed by other major ETFs with significant distributions [4] - The trend of high-frequency dividends in ETFs is becoming a core competitive advantage, enhancing investor experience and reducing irrational redemptions [5]

Core Insights - Public funds have distributed significant dividends this year, with over 3,300 funds distributing a total of approximately 215.52 billion yuan, surpassing last year's total in terms of quantity, frequency, and amount [1] - Bond funds have contributed over 150 billion yuan, maintaining their position as the main contributors, while equity products have also increased distributions due to favorable market conditions [1] - The A-share market experienced a decline on December 2, with major indices closing lower, and over 3,700 stocks falling [1] Fund News - On December 2, six new funds were launched, primarily bond and ETF-linked funds, while 40 funds distributed dividends, mostly from bond types [2] - The most significant dividend payout was from the Wanji New Opportunity Leading Enterprises Flexible Allocation Mixed Securities Investment Fund, distributing 1.8890 yuan per 10 shares [2] - A total of 27 public funds have lined up 34 new products for December issuance, with equity funds still dominating [2] - As the year-end approaches, expectations for a cross-year market rally are rising, with many institutions anticipating an influx of capital [2] Fund Performance - The best-performing fund on December 2 was the Guotou Ruijin Silver Futures (LOF) A, with a daily growth rate of 2.8362% [5] - In the stock fund category, the Tianhong Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index C led with a daily growth rate of 1.4659% [5] - The top bond fund was the Ping An Huijia Pure Bond Fund C, with a daily growth rate of 0.1078% [5] - The top mixed fund was the Hengsheng Qianhai Hong Kong Stock Connect Value Mixed C, achieving a daily growth rate of 1.1787% [5]