投资圈每秒都在变。 从化工行业的"反内卷"曙光，到绿色电力的市场化改革红利，再到有色资源的价格飙升和红利投资的稳健回报，每一个细分领域背后都有故事。 在这个充满变数的投资环境中，究竟哪些行业能够在政策变革和市场洗牌中脱颖而出，成为真正的"赢家"？ 想要理解投资圈就要理解当前市场的信号，比如最近红利指数一直在跌。 而红利下跌跟 "长期存款利率" 有关！ 10年期国债利率，在9月25日已经涨到1.83%了，红利板块本来是替大家 "赚稳定收益" 的，利率一涨，它的吸引力就弱了点。 但游戏行业不一样，当天涨了4个多百分点，今年发的游戏版号比去年多了21%，玩游戏的人平均花的钱也涨了，行业不算"淡季"。 不过短期热点就像一阵风，真想赚稳钱还得看有政策、有供需撑着的行业，比如最近悄悄涨了10%的化工。 化工行业能赚钱其实早有苗头，8月买的人现在都赚了10% 以上。 当欧洲产能进一步出清时，全球化工产品价格有望上涨，而中国化工企业凭借全球最低的成本优势，将成为最大受益者。 化工板块估值与盈利均处于历史底部区间，部分子行业已长期处于亏损状态，这种"双底"格局为政策驱动带来的盈利弹性释放提供了充足空间。 现在化工企业不盲目扩产 ...

Core Viewpoint - The article emphasizes the importance of active management in the mutual fund industry, highlighting the need for professional commitment and a focus on long-term value creation amidst market challenges and regulatory reforms [1][3]. Group 1: Active Management - Active management has faced significant challenges since 2021, with performance pressures and a shift in market preference towards passive investment strategies [2]. - Despite these challenges, the company has chosen to remain committed to active management, focusing on deep research and capturing value from economically vital companies [2][4]. - The recent regulatory reforms and policies from the Chinese government have created a favorable environment for the resurgence of active management [3]. Group 2: Talent Development and Research - The company places a strong emphasis on talent development, with a research team of 65 members and an average industry experience of nearly 8 years, including 17 senior fund managers with over 10 years of experience [5]. - A structured research hierarchy is in place to ensure effective knowledge transfer and continuous improvement in investment strategies [6]. - The company promotes a culture of communication and collaboration among research and investment teams to enhance the efficiency of research-to-investment conversion [7]. Group 3: Performance and Strategy - Performance is viewed as the lifeline of mutual funds, with the company committed to driving growth through strong investment returns rather than relying on high fees [8]. - The company actively participates in innovative product trials and has adopted a floating fee structure to align interests with investors [9]. - The company emphasizes a long-term focus on core competencies and responsibility, which has been crucial for its steady development over the past 20 years [9]. Group 4: Future Outlook - The mutual fund industry is expected to evolve with balanced development, combining both index and active management strategies to uncover investment opportunities [10]. - The company aims to continue its commitment to active management, supported by research and performance, to contribute to the high-quality development of the Chinese economy [10].

Core Viewpoint - The article emphasizes the importance of active management in the mutual fund industry, highlighting the need for professional commitment and a focus on long-term value creation amidst market challenges [1][2][4]. Group 1: Active Management Strategy - Active management has faced significant challenges since 2021, with performance pressures and a shift in market preference towards passive investment strategies [2][3]. - 华商基金 has chosen to remain committed to active management, focusing on deep research and capturing value from economically vital companies rather than chasing short-term trends [2][3]. - The company has diversified its active equity styles, enhancing its product offerings to include various strategies such as growth, balanced, value, and cyclical investments [3]. Group 2: Regulatory Environment and Industry Reform - Recent regulatory reforms, including the Central Political Bureau's meeting and the State Council's opinions, have encouraged the development of high-quality mutual funds and supported active management [3][9]. - The China Securities Regulatory Commission has introduced policies to promote the innovation and development of actively managed equity funds, creating a favorable environment for 华商基金's strategic changes [3][9]. Group 3: Talent Development and Research Infrastructure - 华商基金 emphasizes the importance of talent development in active management, with a research team of 65 members and an average experience of nearly 8 years [6]. - The company has established a structured talent development system, ensuring a clear growth path for researchers and fund managers [6][7]. - A robust research platform, "华商金海螺," has been developed to integrate and digitize research data, enhancing the efficiency of the investment process [7]. Group 4: Performance and Investor Relations - Performance is identified as the lifeline of mutual funds, with 华商基金 focusing on generating returns to drive growth rather than relying on high fees [8]. - The company has adopted a floating fee structure linked to performance, aligning its interests with those of investors [9]. - 华商基金 prioritizes investor engagement, especially during market downturns, promoting a rational investment approach and guiding investors towards long-term value [9]. Group 5: Future Outlook - The mutual fund industry is expected to evolve with the ongoing technological revolution and AI advancements, leading to a balanced development of both index and active management strategies [10]. - 华商基金 aims to continue its commitment to active management, leveraging research and performance to create sustainable returns for investors while contributing to China's economic development [10].

来源：市场资讯 （来源：招商ETF） 在今年成长风格主导的市场中，传统红利策略一度被视为"老登"板块，表现乏力。然而，以质量因子为 核心的红利指数却走出独立行情，展现出兼具分红与成长性的独特优势。截至最新数据，$中证红利质 量ETF(159209)年内份额增长43.07%，规模攀升65.77%，双双创出历史新高，并已实施三次分红，切实 回归红利投资本源，为投资者带来持续现金回报。 风险提示：基金有风险，投资须谨慎。上述观点、看法和思路根据截至当前情况判断做出，今后可能发 生改变。对于以上引自证券公司等外部机构的观点或信息，不对该等观点和信息的真实性、完整性和准 确性做任何实质性的保证或承诺。基金过往业绩不代表其未来表现，基金管理人管理的其他基金的业绩 并不构成本基金业绩表现的保证。投资者应认真阅读《基金合同》《招募说明书》《产品资料概要》等 基金法律文件，全面认识基金产品的风险收益特征，在了解产品情况及听取销售机构适当性意见的基础 上，根据自身的风险承受能力、投资期限和投资目标，对基金投资做出独立决策，选择合适的基金产 品。 据了解，中证红利质量指数摒弃单纯高股息策略，聚焦盈利稳定、财务健康、具备持续分红能力 ...

消息面上，据证券时报，高股息是9月大涨股的重要特征之一，这一特征也正是红利资产所具备的典型 属性。近期，红利资产明显获资金追捧。截至9月9日，全市场股票型ETF月内资金净流出超过80亿元， 但红利主题ETF月内资金净流入超过8亿元，资金大幅流出的以科创、芯片、半导体及人工智能等主题 为主。 9月12日，港股通央企红利ETF天弘（159281）盘中上涨，截至发稿涨0.10%，成交额超1900万元，换 手率超5%，盘中交投活跃。 中泰证券表示，红利投资——跨越A股风格轮动的长胜率投资。高股息资产通常业务已经处于行业成熟 期、业务模式相对固定，盈利能力稳定，兼具逆周期的抗跌属性和顺周期的盈利驱动属性。历史表现也 证明，红利策略是熊市的防护盾，震荡市中的稳定器。 成分股中，中国海外宏洋集团涨超4%，中国有色矿业、中国船舶租赁、中国建材、中远海发等跟涨。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 值得一提的是，Wind金融终端数据显示，截至9月11日收盘，港股通央企红利ETF天弘（159281）已实 现五连阳，盘中价格连续5天创新高。 港股通央企红利ETF天弘（ ...

Report Industry Investment Rating - The report does not explicitly state the industry investment rating. Report's Core View - In the low - interest and high - volatility market environment, dividend investment is popular. The China Securities Chengtong Central Enterprise Dividend Index has significant advantages, and the Rongtong China Securities Chengtong Central Enterprise Dividend ETF provides an efficient tool for investors to invest in high - quality central enterprise dividend assets [2][4]. Summary According to Relevant Catalogs 1. Dividend Investment - A Long - Term Winning Strategy across A - Share Style Rotations 1.1 Long - term Allocation Value of Dividend Assets - Dividend investment focuses on stable cash - flow and profit growth of companies. In the context of China's low - interest environment and style rotations, dividend assets have more prominent allocation advantages compared to bonds. As of 2025, the dividend yield of the CSI Dividend Index is over 4.3%, higher than the 10 - year Treasury bond yield [7]. 1.2 "Offensive and Defensive" Attributes of Dividend Investment - Dividend investment offers both long - term allocation value from dividends and relatively stable capital gains. It shows strong anti - decline and defensive capabilities in bear markets and can also benefit from economic upswings. From 2005 - 2024, high - dividend indices led the market in 9 years, and from 2015 to the present, the CSI Dividend Index has outperformed the Shanghai Composite Index [9]. 1.3 Allocation Value of the "Dividend + Fixed - Income" Portfolio - The "dividend + fixed - income" portfolio is a cost - effective strategy in a low - interest environment. It can enhance the overall return and reduce volatility. The correlation between the CSI Dividend Index and the 10 - year Treasury bond rate from 2015 to now is - 0.5 [13]. 2. How to Choose a Dividend Index 2.1 Comparison of Dividend Index Compilation Methods - Dividend index compilation mainly involves sample selection and index calculation. Traditional dividend indices use historical dividend yields, which have limitations. The China Securities Chengtong Central Enterprise Dividend Index is the first in the A - share market to use the expected dividend yield for stock selection and weighting, considering both dividend willingness and ability [16]. 2.2 Analysis of the Return Characteristics of Different Dividend Indices - Different dividend indices have different risk - return characteristics. From 2017 - 2025, the China Securities Chengtong Central Enterprise Dividend Index has high returns, a high Sharpe ratio, and low drawdowns. It has outperformed indices like the CSI 300, CSI Dividend Index, and CSI Central Enterprise Dividend Index by about 20 percentage points in cumulative returns and nearly 2 percentage points in annualized returns [19][28]. 3. Rongtong China Securities Chengtong Central Enterprise Dividend ETF: A New Choice for Dividend Investment 3.1 Policy - Driven Valuation Repair of Central Enterprise Dividends - Central enterprises are important pillars of the national economy with high stability. Their valuations are currently low but have great potential for repair. Policies such as the improvement of the central enterprise assessment system and market - value management policies are driving the valuation increase [31][33][35]. 3.2 Advantages of the China Securities Chengtong Central Enterprise Dividend Index - The index has four features: it uses the expected dividend yield, focuses on mid - large - cap high - dividend cyclical stocks, does not include bank stocks, and has high dividends and low valuations. As of August 2025, its dividend yield is 4.38%, higher than the central enterprise and A - share averages [36][38][40]. 3.3 High Returns, High Sharpe Ratio, and Low Drawdowns of the Chengtong Central Enterprise Dividend Index - Since 2017, the index has achieved a cumulative return of 56.02% and an annualized return of 5.41%. Considering dividends, the cumulative return is 113.16%. It has better risk - return characteristics compared to other indices [43]. 3.4 Investment Strategy and Applicable Scenarios of the Rongtong China Securities Chengtong Central Enterprise Dividend ETF - The fund is a fully passive index fund using the full - replication method. It is suitable for long - term allocation by pension funds, insurance funds, and conservative investors. It also offers tactical allocation opportunities and can be used as a defensive asset in a volatile market. As of August 2025, its management and custody fees are lower than most similar products [45][46][47].

以下文章来源于Morningstar晨星 ，作者晨星中国 Morningstar晨星 . Morningstar, Inc.是全球目前最主要的投资研究机构之一，旨在为投资者提供专业的财经资讯、基金、股票的分析及评级，以及功能卓著的分析应用软件工 具。Morningstar在全球33个国家和地区有发展业务。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：晨星Morningstar 来源：雪球 最近几年红利投资热潮的持续升温 ， 红利指数基金的产品数量与规模不断攀升 ， 已成为投资者资产配置中不容忽视的一环 。 然而 ， 面对市面上各具特色的红利指数基金 ， 从传统宽基到Smart Beta策略 ， 从聚焦A股的产品到跨境市场基金 ， 投资者常常陷入选择困境 。 究竟该如何在纷繁复杂的红利指数基金中找到契合自身需求的那一款 ？ 今天 ， 我们将带大家了解各类红利指数基金的差异以及选择的方法 。 同时 ， 最近五年中证红利全收益指数的年化波动率为16.66% ， 也低于沪深300全收益指数的19.33% 。 中证红利指数以及沪深30 ...

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the A-share market and its cyclical behavior, focusing on various sectors such as semiconductors, photovoltaics, lithium batteries, coal, and financial stocks. Core Points and Arguments 1. **Economic Cycle Impact on A-share Styles** The economic cycle influences A-share styles, with large-cap growth and value stocks performing well in an upturn, while small-cap growth or thematic growth performs better towards the end of a profit downturn [1][2][3] 2. **Investment Methodologies** The main methodologies for market style rotation are top-down and bottom-up approaches. The top-down approach categorizes macroeconomic scenarios to select investment directions, while the bottom-up approach focuses on the growth or value phase of different sectors based on ROE trends [2][4] 3. **Historical Performance of Leading Sectors** Historically, leading sectors during economic upturns include semiconductors, photovoltaics, lithium batteries, and coal. These sectors exhibit strong performance during their respective growth phases [2][5] 4. **Current Market Drivers** The primary drivers of the current market are the profit cycle and event-driven catalysts. The market is currently at the tail end of a profit downturn, favoring dividend or thematic investments, with small-cap stocks performing well [3][9] 5. **Market Environment Assessment** The current market environment can be assessed through macroeconomic scenarios. In an upturn, large-cap growth and value stocks yield excess returns, while small-cap growth performs well towards the end of a profit downturn [4][10] 6. **Lessons from Historical Market Trends** Key lessons from historical market trends indicate that sectors in a growth phase are more likely to lead the market. If a sector's financial data does not show significant improvement, any short-term market changes are likely thematic rather than systemic [5][6] 7. **Recent Style Rotations** Since 2025, the A-share market has experienced notable style rotations, shifting from growth stocks (robotics, AI) to financial stocks (banks), and then to large-cap value stocks [7][8] 8. **Indicators for Future Market Trends** Investors should monitor several key indicators, including the margin financing balance exceeding historical highs, low relative valuations of small-cap stocks, and the status of the PPI. These factors will influence the overall market style and potential investment opportunities [11][13][14] Other Important but Possibly Overlooked Content 1. **Systemic Style Change Likelihood** A systemic style change is unlikely in the short term, with the market remaining biased towards growth or technology styles until PPI turns positive [12] 2. **Sector-Specific Opportunities** Different sectors such as TMT, pharmaceuticals, and new energy may experience varying degrees of development, indicating potential investment opportunities within the growth framework [12][14]

Core Viewpoint - The AI Fund Zhongtai Hongli Value One-Year Holding Mixed Fund (014772) reported a profit of 47.4459 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0881 yuan and a net asset value growth rate of 6.66% [3] Group 1: Fund Performance - As of September 3, the fund's unit net value was 1.454 yuan, with a one-year cumulative net value growth rate of 30.04%, ranking 192 out of 256 comparable funds [3][6] - The fund's net value growth rate over the past three months was 7.25%, and over the past six months, it was 10.42%, ranking 232 out of 256 and 214 out of 256 respectively [6] - The fund's three-year cumulative net value growth rate was 48.02%, ranking 13 out of 241 comparable funds [6] Group 2: Fund Management and Strategy - The fund manager indicated that there was little change in the types of holdings during the reporting period, but the overall position was slightly reduced due to an assessment of reinvestment risks and opportunity costs [3] - The fund's stock holdings have a high concentration, with the top ten holdings consistently exceeding 60% over the past two years [39] Group 3: Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 1.96 times, significantly lower than the industry average of 26.16 times [12] - The weighted average price-to-book (P/B) ratio was about 0.16 times, compared to the industry average of 2.38 times, and the weighted average price-to-sales (P/S) ratio was approximately 0.09 times, against an industry average of 2.05 times [12] Group 4: Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the fund's stock holdings was -0.06%, and the weighted average net profit growth rate was -0.05% [18] - The weighted annualized return on equity was 0.08% [18] Group 5: Fund Size and Shareholder Composition - As of June 30, 2025, the fund's total size was 751 million yuan, with 1,861 holders collectively owning 535 million shares [30][33] - Management personnel held 3.9159 million shares, accounting for 0.73% of the total, while individual investors held 100% of the shares [33]

Group 1 - The core viewpoint of the news is that the TaiKang New Opportunities Flexible Allocation Mixed Fund (001910) reported a profit of 41.6 million yuan for the first half of 2025, with a net asset value growth rate of 2.97% [3] - As of September 2, the fund's unit net value was 1.252 yuan, and the fund manager is Ren Huijuan and Fan Ziming [3] - The fund's strategy focuses on dividend investment, emphasizing "cash flow quality + sustainable dividends" for stock selection, and identifies opportunities in undervalued sectors such as Hong Kong stocks and domestic leading companies [3] Group 2 - The fund's performance metrics indicate a three-month net value growth rate of 6.40%, a six-month growth rate of 12.25%, and a one-year growth rate of 10.76%, ranking it 818/880, 626/880, and 848/880 among comparable funds respectively [7] - The fund's weighted average price-to-earnings ratio (TTM) is approximately 4.9 times, significantly lower than the industry average of 15.75 times, indicating a potential undervaluation [12] - The fund's weighted net profit growth rate (TTM) is 0.03%, suggesting limited growth in earnings among its holdings [19] Group 3 - As of June 30, 2025, the fund's total assets amounted to 1.546 billion yuan, with a total of 3,548 holders owning 1.282 billion shares [34][38] - The fund's top holdings include major banks and utility companies, such as China Construction Bank and China Mobile, indicating a focus on stable, dividend-paying stocks [43] - The fund's recent turnover rate was approximately 80.61%, which is lower than the industry average, suggesting a more conservative trading approach [41]