然而，围绕这一策略，市场仍然笼罩着层层认知迷雾—— 今日，笔者尝试从高股息的本质出发，系统梳理红利策略的逻辑与要点，聊聊几个投资红利基金的必要认知。 01 本质厘清 —— "类债券"属性下的权益资产 许多初识红利基金的投资者，往往第一眼就被其"高股息"的标签所吸引。 以下文章来源于教你挖掘基 ，作者冰姐 教你挖掘基 . 投资理财有方法，我们手把手教你挖掘牛基~ 在资本市场的波谲云诡中，长期投资者总是在寻找那些能够穿越周期、提供稳定回报的资产。近年来，红利策略以其独特的魅 力，逐渐成为资产配置领域的焦点话题。 有人将其简单类比为"高息存款"，期待可以稳赚不赔； 有人困惑于分红除权机制，质疑红利投资的真实收益； 而更多人面对琳琅满目的红利指数产品，不知如何选择。 以主流的 红利低波ETF基金 为例，其跟踪的指数由50只连续分红、高股息且波动率低的个股组成。这批公司虽具备盈利稳定、分 红持续的特点，但股价仍会随市场波动起伏。 在市场最艰难的时刻，例如单边熊市的2018年，红利低波全收益指数同样会经历回撤，全年收跌-16%。这个数字虽远低于沪深300指数 的-28%，但足以说明，短期持有红利基金并非"稳赚不赔"。 对 ...

Group 1: Fund Manager Dynamics - A well-known 'fund king' has never received a rating from Jinan due to significant style drift, operating open-end funds like closed-end funds, raising industry concerns [1] Group 2: Market Insights - Goldman Sachs' chief China equity strategist Liu Jinjun and his team support an overweight stance on the Chinese stock market, citing potential resilience in the RMB exchange rate and an expected moderate improvement in corporate earnings [2] - The first batch of innovative floating-rate funds will start selling on May 27, with most products expected to close fundraising in June [3] - Credit bond ETFs are set to officially implement a pledge-style repurchase business, with several public fund institutions' credit bond ETFs meeting the necessary conditions [4] Group 3: Banking Sector - With domestic deposit rates declining, over 70% of A-share listed banks have a dividend yield exceeding 4%, and some banks have yields surpassing 8%, making bank stocks more attractive than traditional savings [5] Group 4: New Fund Launches - 15 new public funds were launched, with over 70% being equity funds, primarily index funds, covering various sectors including fintech, internet, pharmaceuticals, and consumer goods [6] Group 5: ETF Market Performance - A-shares experienced a collective adjustment, with the Shanghai Composite Index down 0.05%, Shenzhen Component down 0.41%, and ChiNext down 0.80%, while the Northbound 50 Index rose 1.94% [7] - The total market turnover was 10,339 billion, a decrease of 1,487 billion from the previous day, with nearly 3,800 stocks rising [7] - The gaming sector saw strong performance, with multiple gaming ETFs rising between 2.93% and 2.96% [9] Group 6: Hong Kong Market Trends - Hong Kong automotive stocks experienced a pullback, with the Hong Kong Stock Connect automotive ETF down 4.38% and the Hong Kong automotive ETF down 4.31% [11]

Core Viewpoint - The A-share market has entered a new era of normalized cash dividends, with the total cash dividends for 2024 reaching a historical record, indicating a shift towards a more mature capital market focused on high-dividend assets [1][2]. Group 1: Dividend Normalization - The total cash dividends of A-share listed companies for 2024 have set a historical record, marking the formal entry into a new era of normalized dividends in the Chinese capital market [1]. - This transformation is driven by both policy and market forces, suggesting that high-dividend assets are reshaping the valuation logic of the capital market [1][2]. - Over 100 listed companies have established a stable dividend group with a dividend yield of no less than 3% for three consecutive years, indicating a more mature capital market [1]. Group 2: Investment Value of High-Dividend Stocks - High-dividend stocks are showing strong anti-cyclical capabilities, making them core assets for long-term funds due to their combination of high dividends and low volatility [2]. - The trend of dividend index investment is experiencing explosive growth, with a positive cycle expected to form around high dividends, high ratings, and low-cost financing [2]. - The low-risk, moderate-return characteristics of dividend assets are increasingly appealing to long-term funds such as insurance and pension funds, especially as deposit rates and government bond yields decline [2]. Group 3: Changes in Dividend Structure - The frequency of dividends is shifting from annual to quarterly, with multiple dividends per year becoming the norm [2]. - The structure of dividends is evolving from cash dividends to a combination of cash dividends and share buybacks, enhancing the overall quality of dividends [2]. - Regulatory requirements are pushing companies to disclose the alignment between dividends and free cash flow, fostering a stable dividend expectation and improving valuation premiums [2][3]. Group 4: Investment Strategy Transformation - Investors are encouraged to adopt a quasi-fixed income mindset, transitioning from capital gains to cash flow returns, as high-dividend assets provide both safety and growth potential [3]. - The deepening of the registration system and the acceleration of institutionalization in the A-share market are expected to lead to more "cash cow" companies that generate free cash flow and allocate profits reasonably [3].