临近年末，叠加阶段性市场波动，投资者的目光再度聚焦红利资产，部分红利主题ETF近期迎来显 著的资金流入。建信基金旗下多只红利主题产品覆盖主动权益和被动指数，致力满足投资者多样化的红 利配置需求。 2025年前三季度，以AI技术为代表的科技板块强势上涨，热门资金积极涌入科技成长领域，红利 板块经历了一轮调整；10月以来，市场出现分歧，叠加海外流动性影响，大量资金重新回归红利板块。 当前低利率环境叠加年末震荡市影响下，红利板块有望成为投资者平衡组合风险水平的"压舱石"。 WIND数据显示，截至12月26日，中证红利指数股息率达5.14%，同期10年期国债到期收益率为1.84%。 公开资料显示，建信基金旗下多只红利主题产品各具特色。沪深300红利指数反映沪深300指数样本 中高股息率证券的整体表现；中证红利潜力指数则聚焦分红预期较高、分红能力较强的上市公司。基金 定期报告显示，截至9月30日，建信沪深300红利ETF、建信沪深300红利ETF联接A近3年收益率分别为 30.92%、30.20%，大幅跑赢同期业绩比较基准的17.31%和16.63%，建信中证红利潜力指数A自2019年 成立以来实现总回报45.41%， ...

为让上市企业培育更"实"，山西省地方金融管理局全面摸排优质企业纳入后备企业资源库，分层培育构建上市梯队"储备池"。"目前，资源库在 库企业数量达1161家。"潘跃飞介绍，为挖掘上市培育"好苗子"，遴选上市企业"金种子"，山西打造了省市两级上市辅导师队伍，对200家上市 后备层企业开展全覆盖式辅导服务；每年评选出30家以上省重点上市后备企业，实施精准滴灌式服务。 为让上市公司结构更"新"，山西将新增的上市公司更多聚焦于生物医药、智能制造等新质生产力领域。目前，在辅导及已提交股票发行申请的 11家企业中，有9家是省级及以上专精特新企业，占比达81.82%。 "打造高质量区域性股权市场，是山西资本市场高质量发展的一项重要基础性工作。"潘跃飞称，山西省地方金融管理局通过全面增强区域性股 权市场的综合服务能力，惠及5000余家优质中小微企业；通过全面落地沪深北交易所山西基地，与港交所签订合作备忘录，实现了与各大交易 所的常态化高层互访和活动共建，全力支持山西企业走进境内境外两个资本市场。 同时，山西省地方金融管理局联合山西证监局建立资本市场月度例会、常态化开展促进上市公司高质量发展两个工作机制，与交易所建立"一 月一市 ...

在政策引导、估值修复需求及股东回报优化等多重因素推动下，近年来，A股上市公司注销式回购的积 极性越来越高。 据同花顺（300033）iFinD数据统计，截至12月9日，年内发布股票回购计划的方案中，四成以上的回购 目的为全部注销或部分注销，较2024年的比例进一步提升。 受访人士指出，政策红利持续释放，监管层强化投资者保护，未来或出台更多税收优惠或资金支持政 策，推动注销式回购常态化。目前，部分公司的估值仍处于低位，企业回购仍有动力，企业通过回购注 销向投资者传递"股价被低估"的信号，形成价值发现的良性循环。 年内回购金额超1500亿元 12月8日晚，美的集团（000333）发布公告称，截至2025年12月8日，公司累计回购股份数量约为1.35亿 股，占公司总股本的1.76%，最高成交价为83.11元/股，最低成交价为69.91元/股，支付的总金额约为 100亿元（不含交易费用）。综上，公司本次回购股份金额已达回购方案的金额上限100亿元，本次回购 方案实施完毕。 回购注销占比提升至40%以上 近年来，监管层大力倡导上市公司采用"注销式回购"等方式回报投资者，A股上市公司也积极响应，纷 纷将回购的股份进行注销 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Management of Listed Companies" for public consultation, emphasizing risk prevention, strong regulation, and promoting high-quality development in the capital market [1][2]. Group 1: Regulatory Framework - The draft regulations aim to establish a comprehensive regulatory framework for listed companies, covering their entire lifecycle from listing to delisting, including governance, information disclosure, mergers and acquisitions, dividend distribution, market value management, bankruptcy restructuring, and delisting [1][2]. - The regulations are seen as a necessary step to solidify the legal foundation for stringent supervision and management, reflecting the CSRC's commitment to enhancing the effectiveness and deterrence of regulatory enforcement [1][2]. Group 2: High-Quality Development - The regulations focus on three main areas to promote high-quality development: enhancing the quality and effectiveness of mergers and acquisitions, improving investor returns, and elevating corporate governance standards [3]. - Specific measures include clarifying the obligations of listed companies and executives in market value management, supporting stable dividend policies, and establishing mechanisms for share buybacks [3]. Group 3: Risk Prevention and Strong Regulation - The regulations emphasize risk prevention by targeting financial fraud, punishing violations related to guarantees, enforcing strict delisting procedures, and implementing comprehensive administrative supervision [3][4]. - There is a focus on preventing major shareholders from misappropriating company funds and ensuring that the board of directors actively pursues recovery of misused assets [6]. Group 4: Key Highlights - The regulations introduce a dedicated chapter on corporate governance, detailing the responsibilities of controlling shareholders, independent directors, and the board secretary, while enhancing internal control mechanisms [4][5]. - They also support mergers and acquisitions by clarifying definitions, qualifications, and disclosure standards, thereby stabilizing market expectations [4]. - A significant emphasis is placed on protecting investors, including measures to enhance investment value and prevent companies from evading delisting, ensuring that investors have options in case of company restructuring [6].

Core Viewpoint - The company aims to enhance its value management through strategic design, operational efficiency improvement, capital market operations, and strengthening investor relations, with a focus on organic integration of industrial and financial capital to achieve stable market value growth and protect state-owned assets [1] Group 1 - The company plans to implement the new "National Nine Articles" and related policies to improve the quality of listed companies [1] - The company will continue to focus on its main business, enhance operational management, and improve overall competitiveness [1] - The goal is to increase shareholder returns while expanding the influence of the listed company [1]

Core Insights - The event "Penglai Capital Journey" was held in Yantai, Shandong Province, focusing on enterprise listing financing and capital market training, attended by 85 participants from 49 companies [1] - The Shenzhen Stock Exchange experts provided personalized guidance to participating companies on development, listing, financing, and refinancing, aiming to clarify and streamline the listing process [1] - The training covered the latest capital market dynamics, including policies following the implementation of the new "National Nine Articles," debt financing tools, asset-backed securities (ABS), and REITs, helping companies leverage capital market reforms [1] Group 1 - The event is part of Penglai District's initiative to enhance capital market development and explore a collaborative learning framework between government and enterprises [1] - The immersive service model of "morning consultations + afternoon training" facilitated direct communication between companies and capital market experts, strengthening the connection among government, stock exchanges, and enterprises [1] Group 2 - The Penglai District plans to leverage this event to enhance its "one-on-one" support mechanism for companies seeking to go public, ensuring effective implementation of listing cultivation policies [2] - The district aims to maintain smooth connections with capital market platforms like the Shenzhen Stock Exchange to assist quality enterprises in achieving high-quality development and driving regional industrial upgrades [2]

Core Insights - The event "Penglai Capital Journey" focused on enterprise listing financing and capital market training, attended by 85 participants from 49 companies in Penglai District [1] - Shenzhen Stock Exchange experts provided personalized guidance to address companies' inquiries regarding development, listing, financing, and refinancing, facilitating a clearer path to listing [1] - The training included discussions on new policies following the implementation of the "National Nine Articles," debt financing tools, asset-backed securities (ABS), and REITs, helping companies leverage capital market reforms [1] Group 1 - The event is part of Penglai District's initiative to enhance capital market engagement and represents a strategic collaboration with Shenzhen Stock Exchange [1] - The format of "morning consultations + afternoon lectures" provided direct access to capital market experts, fostering communication between government, stock exchanges, and enterprises [1] - The training aimed to help companies accurately grasp and seize the benefits of capital market reforms [1] Group 2 - The Penglai District Financial Stability Development Office plans to utilize this event to enhance the "one-on-one" support mechanism for companies seeking to go public [2] - There is a commitment to continuously improve connections with capital market platforms like Shenzhen Stock Exchange to assist quality enterprises in achieving high-quality development [2] - The initiative aims to inject strong momentum into regional industrial upgrades through capital power [2]

Core Viewpoint - The Hong Kong stock market has shown a strong upward trend, with significant increases in both volume and price, particularly in high-dividend sectors such as oil and petrochemicals, non-bank financials, home appliances, and construction [1] Group 1: Market Performance - The A-share market exhibited a one-sided upward trend, with both volume and price rising [1] - The Hang Seng Index closed up by 0.76%, although it experienced a narrowing of gains towards the end of the trading session [1] - High-dividend sectors in the Hong Kong market performed well, including oil and petrochemicals, non-bank financials, home appliances, and construction [1] Group 2: ETF Performance - The Hong Kong Dividend ETF (159220) tracking the S&P Hong Kong Low Volatility Dividend Index rose by 0.59% in the market [2] - Since September 11, the ETF has achieved consecutive closing price highs over two trading days, leading the gains in dividend assets [2] - The S&P Hong Kong Low Volatility Dividend Index has outperformed other common Hong Kong and A-share dividend theme indices, with a year-to-date increase of 26.74% as of October 20 [3][4] Group 3: Index Composition and Quality - The S&P Hong Kong Low Volatility Dividend Index includes a balanced mix of large-cap and mid-cap stocks, with over half of its constituents being state-owned enterprises, indicating strong dividend capability and willingness [4] - The index's top ten constituents are primarily in high-dividend sectors such as finance, real estate, and energy, showcasing its comprehensive dividend attributes [4] - The new "National Nine Articles" policy enhances the constraints on listed companies' dividends, focusing on the quality of earnings and sustainability of dividends, which may lead to improved shareholder returns [4] Group 4: Investment Outlook - The Hong Kong Dividend ETF (159220) is designed to select stocks with low volatility and high dividend yields, with a current dividend yield of 5.72%, outperforming other indices [5] - Amid global economic slowdown and increased asset volatility, high-dividend assets with solid fundamentals and defensive characteristics are expected to remain attractive to investors [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of sustainable information disclosure by listed companies, highlighting improvements in disclosure rates and the need for high-quality reporting to meet investor demands [1][2]. Group 1: Current Disclosure Status - In 2024, a total of 1,869 listed companies disclosed sustainability reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [1]. - The market capitalization of the companies that disclosed sustainability reports accounts for about 70% of the total market [1]. - Additionally, 612 companies disclosed social responsibility reports, with 99.3% of these companies providing quantitative indicators, and over 80% disclosing more than 25 indicators [1]. Group 2: Future Directions - The CSRC plans to gradually improve the disclosure system by learning from international best practices and enhancing the alignment with global sustainability rules [2]. - The CSRC will guide stock exchanges to develop disclosure guidelines based on company needs and will conduct policy evaluations after mandatory disclosures are implemented next year [2]. - The CSRC aims to promote high-quality disclosures by encouraging companies to adopt sustainable development practices, enhance awareness of sustainability risks and opportunities, and provide training and case studies to assist companies [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality sustainable disclosure by listed companies, aligning with the new "National Nine Articles" to enhance the sustainability information disclosure system [2][3]. Summary by Sections Sustainable Disclosure System - The new "National Nine Articles" aims to establish a comprehensive sustainable information disclosure system for listed companies, with the CSRC guiding the Shanghai, Shenzhen, and Beijing stock exchanges to create mandatory disclosure rules [3]. - Specific guidelines have been issued, including "Overall Requirements and Disclosure Framework" and "Response to Climate Change," with additional guidelines on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization" currently open for public consultation [3]. Disclosure Rate and Company Engagement - In 2024, 1,869 listed companies disclosed their sustainability reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [4]. - The market capitalization of disclosing companies accounts for about 70% of the total market, with 612 companies also releasing social responsibility reports [4]. - Among the disclosing companies, 99.3% reported quantitative indicators, with over 80% disclosing more than 25 indicators [4]. Guidance for High-Quality Disclosure - The CSRC will support the gradual improvement of the disclosure system by learning from international best practices and ensuring alignment with global sustainability rules [5]. - The CSRC encourages companies not within the mandatory disclosure scope to disclose at their discretion, focusing on quality rather than quantity of disclosures [6]. - The commission aims to enhance companies' awareness of sustainable development, providing training and case studies to help identify and disclose significant risks and opportunities in sustainability [6].