截至收盘，中证红利低波动指数下跌0.2%，中证红利指数下跌0.3%，中证红利价值指数下跌0.4%，恒生港股通高股息低波动指数下跌0.9%。Wind数据显 示，截至昨日，红利低波ETF易方达（563020）和恒生红利低波ETF易方达（159545）节后两个交易日均连续获资金净流入，合计分别达5500万元和1.1亿 元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，旗下恒生红利低波ETF易方达（159545）、红利ETF易方达（515180）、红利低 波ETF易方达（563020）、红利价值ETF易方达（563700）、A500红利低波ETF易方达（563510）等产品的管理费率均为0.15%/年，可助力投资者低成本布 局高股息资产。 恒生红利低波ETF易方达 低费率 跟踪恒生港股通高股息低波动指 该指数由港股通范围内50只流动性 较好、连续分红、红利支付率适中 且波动率较低的股票组成,反映分 红水平高且波动率低的港股通范围 内上市公司整体表现,金融、工业、 能源行业占比超65% 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高目波动率低的股票组 成,反映分 ...

Group 1 - The core indices, including the China Securities Dividend Low Volatility Index and the Hang Seng High Dividend Low Volatility Index, experienced declines of 0.2%, 0.3%, 0.4%, and 0.9% respectively [1][5] - The E Fund's dividend low volatility ETFs, including the E Fund Dividend Low Volatility ETF (563020) and the E Fund Hang Seng Dividend Low Volatility ETF (159545), saw net inflows of 55 million yuan and 110 million yuan respectively over the first two trading days after the holiday [1] - E Fund is currently the only fund company that implements low fee rates for all its dividend ETFs, with a management fee rate of 0.15% per year for its various products [1] Group 2 - The China Securities Dividend Low Volatility Index consists of 50 stocks that are liquid, have a history of continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and low volatility, reflecting the overall performance of A-share listed companies with high dividend levels and low volatility [3] - The Hang Seng Dividend Low Volatility Index is composed of 50 stocks within the Hong Kong Stock Connect that are liquid, have continuous dividends, moderate dividend payout ratios, and low volatility, representing the overall performance of companies in this range [5]

率窄幅震荡》 2025.11.25 究-1月市场大概率继续窄幅震荡》 2025.12.22 有色等方向》 2026.01.21 策略研究 策略月报 证券研究报告 2026 年 02 月 25 日 湘财证券研究所 3 月市场热点或散乱，红利有望再受关注 ——2026 年 03 月 A 股策略 分析师：仇华 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 地址：上海市浦东新区银城路88号 核心要点： 相关研究： 2026 年宏观短周期和中周期有望形成向上共振格局 1. 《20251125湘财证券-策略研 究-12月等待政策定调，市场大概 2. 《20251222湘财证券-策略研 我们预判 2026 年的宏观中周期和宏观短周期均处于自底部上升阶段，有望 形成向上共振格局。3 月份的两会，将陆续公布 2026 年的发展目标，预判 GDP 增速目标继续维持在 5%左右，财政赤字、地方专项债、特别国债的具 体金额大概率维持 2025 年同期水平附近。国际方面，近期主要关注美国关 税变化对全球的影响，以及美国与伊朗谈判的不确定性。 2026 年 3 ...

截至收盘，中证红利指数上涨0.5%，中证红利价值指数上涨0.2%，中证红利低波动指数下跌0.2%，恒生港股通高股息低波动指数下跌0.3%。Wind数据显 示，红利低波ETF易方达（563020）和恒生红利低波ETF易方达（159545）近两个交易日均连续获资金净流入，合计分别达1.2亿元和1.9亿元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，旗下恒生红利低波ETF易方达（159545）、红利ETF易方达（515180）、红利低 波ETF易方达（563020）、红利价值ETF易方达（563700）、A500红利低波ETF易方达（563510）等产品的管理费率均为0.15%/年，可助力投资者低成本布 局高股息资产。 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高目波动率低的股票组 成,反映分红水平高且波动率低的A 股上市公司股票的整体表现,银行、 建筑装饰、医药生物行业合计占比 沂65% 恒生红利低波ETF易方达 低费率 跟踪恒生港股通高股息低波动指数 该指数由港股通范围内50只流动性 较好、连续分红、红利支付率适中 且波动率较低的股票组成,反映分 红 ...

2月24日，红利国企ETF国泰（510720）涨超1.7%，低利率环境下红利板块配置价值凸显。 东方证券指出，在低利率及政策鼓励长期资金入市大趋势下，红利资产仍为值得长期配置的方向之一。 公用事业板块长周期来看仍为值得配置的优质红利资产，低位公用事业资产值得关注。为服务高比例新 能源电量消纳，我国需进一步推动电力市场化价格改革以支撑日益复杂的新型电力系统建设，未来电力 市场将逐步给予电力商品各项属性（电能量价值、调节价值、容量价值、环境价值等）充分定价。 红利国企ETF国泰（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力 与稳定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过 严格考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映高股 息企业的整体市场表现。根据基金公告，红利国企ETF国泰可月月评估分红，在上市后的每个月都做到 了分红，已连续分红22个月。 （文章来源：每日经济新闻） ...

Core Viewpoint - The Hang Seng High Dividend Low Volatility Index increased by 0.6% this week, marking a six-week consecutive rise, while the CSI Dividend Index, CSI Dividend Value Index, and CSI Dividend Low Volatility Index experienced declines of 0.1%, 0.5%, and 1.0% respectively [1]. Group 1: Index Performance - The CSI Dividend Index has a dividend yield of 4.8% and a rolling P/E ratio of 8.3 times, with a historical P/E ratio percentile of 72.3% [3]. - The CSI Dividend Low Volatility Index has a dividend yield of 4.6% and a rolling P/E ratio of 8.1 times, with a historical P/E ratio percentile of 73.3% [3]. - The Hang Seng High Dividend Low Volatility Index has a dividend yield of 5.6% and a rolling P/E ratio of 7.9 times, with a historical P/E ratio percentile of 91.2% [3]. - The CSI Dividend Value Index has a dividend yield of 4.6% and a rolling P/E ratio of 7.7 times, with a historical P/E ratio percentile of 71.7% [3]. Group 2: Future Investment Trends - According to Huatai Securities, it is estimated that insurance capital's secondary equity investment could reach 1 trillion yuan in 2025, with a secondary equity position of around 16%, becoming a significant source of funds for the stock market [1]. - In 2026, the overall new investable funds for insurance capital are expected to reach 3.1 trillion yuan, with secondary equity investment potentially reaching 900 billion yuan [1]. - Dividend stocks are increasingly important for insurance capital allocation, as the importance of cash dividend income rises and the need to reduce the volatility of equity assets becomes necessary [1]. Group 3: ETF Management Fees - E Fund is currently the only fund company that implements low fees for all dividend ETFs, with management fees for its products set at 0.15% per year [1].

Core Viewpoint - The article highlights the performance of various dividend-focused ETFs managed by E Fund, emphasizing their low fee structure and recent capital inflows, indicating strong investor interest in high dividend yield assets. Group 1: ETF Performance - The Hang Seng High Dividend Low Volatility Index increased by 0.8%, the CSI Dividend Index rose by 0.7%, the CSI Dividend Value Index went up by 0.6%, and the CSI Dividend Low Volatility Index saw a 0.2% increase [1] - E Fund's Hang Seng Dividend Low Volatility ETF (159545) and Dividend ETF (515180) experienced net inflows of 210 million yuan and 420 million yuan respectively over the past week [1] Group 2: E Fund's Low Fee Structure - E Fund is currently the only fund company offering all dividend ETFs at a low management fee rate of 0.15% per year, which helps investors to cost-effectively allocate to high dividend assets [1] - The management fee for E Fund's various dividend ETFs, including the Hang Seng Dividend Low Volatility ETF, Dividend ETF, and others, is consistently set at 0.15% per year [1][5] Group 3: Index Composition - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable performance, with banking, coal, and transportation sectors accounting for over 50% of the index [3] - The CSI Dividend Low Volatility Index is composed of 50 stocks that exhibit good liquidity, continuous dividends, moderate dividend payout ratios, and low volatility, with banking, construction, and pharmaceutical sectors making up 65% of the index [3] - The Hang Seng High Dividend Low Volatility Index includes 50 stocks from the Hong Kong Stock Connect that have good liquidity, continuous dividends, moderate dividend payout ratios, and low volatility, reflecting the overall performance of high dividend and low volatility stocks in the Hong Kong market [3]

2026 年 02 月 10 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 优选金股 30 组合的 2025 年度回顾 优选金股 30 组合连续 9 年跑赢中证 500 指数，2025 年超额收益率 21.9%：2017 年以来，优选金股 30 组合年化收益为 23.1%，连续 9 年跑赢中证 500 指数，年 化超额收益为 21%。2025 年组合相对中证 500 指数超额收益为 21.9%，其中 1 月份、10 月份和 11 月份超额收益表现优异。 蒋 韬（分析师） 证书编号：S0790525070001 常津铭（研究员） 证书编号：S0790126010044 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案 ...

Group 1 - The article highlights that sectors with dividend attractiveness during the low cycle are worth attention, as the macroeconomic environment is currently at a turning point with PPI on a downward trend [1] - It emphasizes that PPI and industry profitability are at a low point but are expected to rebound, suggesting a potential recovery in these areas [1] - The focus is on industries with supply clearance and profit elasticity, particularly those that are expected to see an increase in dividend attractiveness [1] Group 2 - The Guotai Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects high-dividend capable and stable dividend record companies across sectors like banking, coal, and transportation [1] - The index employs a strict evaluation of constituent stocks based on dividend yield and sustainability, using a cross-industry diversification strategy to effectively control investment risk [1] - The fund has consistently distributed dividends for 22 consecutive months since its listing, reflecting the overall market performance of high-dividend companies [1]

Core Viewpoint - The article highlights the performance of various dividend-focused ETFs managed by E Fund, emphasizing their low fee structure and recent growth in assets under management, particularly the Hang Seng Dividend Low Volatility ETF which has surpassed 8 billion yuan in size, marking a historical high [1][3]. Group 1: ETF Performance - The Hang Seng Dividend Low Volatility Index increased by 0.8%, the CSI Dividend Index rose by 0.7%, the CSI Dividend Low Volatility Index went up by 0.5%, and the CSI Dividend Value Index saw a 0.4% increase [1]. - E Fund's Hang Seng Dividend Low Volatility ETF (159545) experienced a net subscription of approximately 20 million units today, bringing its total size to over 8 billion yuan [1]. Group 2: Fee Structure - E Fund is noted as the only fund company that implements a low fee rate across all its dividend ETFs, with a management fee rate of 0.15% per year for products including the Hang Seng Dividend Low Volatility ETF (159545) and others [1][4]. Group 3: Index Composition - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable performance, with significant representation from the banking, coal, and transportation sectors, which together account for over 50% [3]. - The CSI Dividend Low Volatility Index is composed of 50 stocks characterized by good liquidity, continuous dividends, and low volatility, with a notable presence in the banking, construction, and pharmaceutical sectors [3]. - The Hang Seng Dividend Low Volatility Index includes 50 stocks from the Hong Kong Stock Connect that exhibit high dividend levels and low volatility, with major sectors being finance and industry [3].