大家好，下面是7月14号指汇盈工具策略复盘。 今天继续是银行+微盘股的天下，分别涨了0.46%，1.39%，后者又创了新高，真是无敌。 上周最后一天复盘聊到了险资除了银行，后续在反内卷预期下，部分低PB估值细分行业或许也会去买。 当然，这个是会动态变化的，股息率跟基本面都会，随着银行上涨，银行的股息率是会下降的，对险资的吸引力同样会如此，同时，如果其他行业基本面 磨底成功，股息率又不错的情况下，对险资的吸引力是会上升的。 这就是我说的后续可能又会扩圈买的原因。 回到行情上，券商指数今天反而熄火了，并没有延续涨势。 有朋友反而抛出了疑问，为什么这么多红利细分行业，现在缩圈只买银行最多。 理由其实很简单，银行股息率不错的情况下确定性又最高，这个确定性有时候并不是指业绩确定性，这个大家都懂。 当然，业绩这里，从下滑幅度来看，银行的幅度又相对可控，因为还可以借助拨备率来平滑。 能比股息率的，比如中证煤炭指数，现在股息率5%左右，但当下业绩下滑幅度还挺大，龙头中神华预计2025年上半年净利236亿元-256亿元，同比下降 8.6%-15.7%。 其他钢铁，包括最近部分火电业绩非常不错的电力行业，从指数来看，股息率其实就 ...

Core Insights - The recent surge in the Beijing Stock Exchange (BSE) IPO market is marked by record-breaking frozen funds and participation, with over 5525.49 billion yuan frozen for the recent IPO of Guangxin Technology and more than 517,200 investors participating, indicating a significant interest in new stock offerings [2][3] - The average allocation rate for online subscriptions has drastically decreased, with a mere 0.0308% allocation rate for the latest IPO, highlighting the increasing difficulty of obtaining shares [2][3] Group 1: Market Dynamics - The BSE has seen a consistent increase in frozen funds for IPO subscriptions, with an average of 4953.51 billion yuan in 2023, compared to only 245.16 billion yuan in 2022, while the average allocation rate has plummeted from 3.42% in 2022 to just 0.06% in 2023 [3][4] - New third board companies are actively participating in the BSE IPO market, with companies like Huajian Intelligent announcing plans to invest up to 100 million yuan in BSE IPOs [3][4] Group 2: Investment Appeal - The attractiveness of BSE IPOs is driven by lower valuations and higher potential returns, with an average issuance price-earnings ratio of 14.6 for BSE IPOs in 2024, compared to 22.3 for main board IPOs, creating an arbitrage opportunity [5][6] - The first-day average price increase for BSE IPOs has significantly risen, with averages of 8%, 58.51%, and 229.96% from 2022 to 2024, and a staggering 267.63% for the four IPOs in 2025, indicating a strong market sentiment [5][6] Group 3: Economic Environment - The current low-interest-rate environment has heightened the appeal of BSE IPOs, as institutional and high-net-worth investors seek higher-yielding assets, with BSE's cash subscription and proportional allocation rules favoring larger investors [6][7] - The annualized return from BSE IPOs has been calculated at approximately 8.71%, significantly surpassing the interest rates of major banks and money market funds, further attracting capital to the BSE [7]