图：红利指数PE市盈率，PB市净率，PS市销率 数据来源：Wind，截至2025/11/24 当普通投资者还在为择时苦恼，红利指数却在每年12月悄悄完成"低买高卖"。这不是玄学，而是股息率背后的数学逻辑：股价涨，股息 率降；股价跌，股息率升。正是这一简单机制，让红利指数天然具备"高抛低吸"的特性，为我们普通投资者提供了一种省心省力的长期 稳健策略。 一、调仓的"高抛低吸"：数据背后的规律 投资中，估值是判断"价格"高低的核心指标。对于红利指数而言，股息率天然成为筛选高估值股票的过滤器。因为高估值意味着高股 价，作为股息率的分母变大，股息率下降，自然难以被指数纳入。 过去5年中证红利与红利低波的调仓数据显示，这一机制运作精准：沪深300新纳入的公司PE比中证红利，红利低波显著高出许多。同 时剔除的公司的PE也比纳入的要高，体现出两个红利指数在股息率排序下调仓"高抛低吸"的属性。 图：红利指数, 沪深300剔除公司调仓前表现 数据来源：Wind，截至2025/11/24 二、投资者疑问：高权重股票为何股息率反而低？ 数据来源：Wind，截至2025/11/24 图: 红利指数剔除公司估值水平 - 纳入公司估值水平 ...

根据合同约定，港股通红利ETF（513530）及其联接基金（A类018387/C类018388）在符合基金收益分 配条件时，基金收益每年最多可分配12次，有望通过现金分红为投资者带来较灵活的资金支配权，力争 提高投资者的持有体验。（截至2025/11/27） 作为国内首批ETF管理人之一，华泰柏瑞基金在红利类主题指数投资领域拥有超过19年的管理经验，除 了市场首只（成立于2018/12/19）红利低波ETF（512890）、首只（成立于2006/11/17）红利ETF （510880），还打造了聚焦港股红利低波类资产的港股通红利低波ETF（520890），以及首只（成立于 2022/4/8）通过QDII模式投资港股通高股息（CNY）的港股通红利ETF（513530）等在内的5只策略类 型丰富的"红利全家桶"。交易所数据显示，截至2025年11月27日，华泰柏瑞旗下5只"红利全家桶"管理 规模达472.24亿元。 注："红利全家桶"指华泰柏瑞旗下红利ETF、红利低波ETF、港股通红利ETF、央企红利ETF和港股通红 利低波ETF。 风险提示：基金有风险，投资需谨慎。 从市场节奏看，年末或是配置红利策略的有利窗口 ...

◎记者 赵明超 近期，红利板块的投资热度持续攀升。一方面，红利主题基金发行节奏提速，本月新发规模为年内月度 新高；另一方面，存量ETF涌入逾百亿元，多只红利主题ETF份额创上市以来新高。 截至11月25日，11月以来共有9只红利主题基金成立，发行规模合计66.15亿元，为年内红利主题基金月 度成立规模新高。其中，11月25日3只红利主题基金扎堆成立，万家中证800红利低波动指数基金发行规 模为17.23亿元，东方中证红利低波动100指数基金超13亿元。此外，还有部分红利主题基金结束募集， 即将成立。 在新品密集发行的同时，存量红利主题ETF也迎来资金大举加仓。据Choice测算，截至11月26日，红利 主题ETF月内净申购额合计为121.98亿元。 具体来看，易方达恒生港股通高股息低波动ETF净申购额为17.76亿元，摩根标普港股通低波红利ETF为 17.35亿元，华安恒生港股通中国央企红利ETF为11.54亿元。此外，华泰柏瑞中证红利低波动ETF、南 方标普中国A股大盘红利低波50ETF、招商中证红利ETF等净申购额均超6亿元。 随着资金持续涌入，多只红利主题ETF份额创上市以来新高。例如，截至11月26日 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoint The report comprehensively analyzes the stock - type ETF market in China. It shows that the scale of stock - type ETFs has expanded rapidly in recent years, offering diverse investment options for both institutional and individual investors. Different types of stock - type ETFs, including broad - based index ETFs, industry index ETFs, theme index ETFs, strategy index ETFs, and style index ETFs, have their own characteristics and performance in various market environments, and there is still significant room for expansion in the future [2][5][6]. 3. Summary by Directory 3.1 Stock - type ETF Overview: Rapid Scale Expansion, Divided into Five Categories - **Market Overview**: Since 2024, the scale of China's stock - type ETFs has expanded by 2.22 trillion yuan. As of September 2025, the number reached 1040, with a share of 2.06 trillion and a scale of 3.70 trillion yuan, 2.53 times that of 2023. The scale has exceeded that of active funds, but the product quantity is still lower. Most single - product scales are below 10 billion yuan, and the overall scale is concentrated in products above 100 billion yuan [12][13][18]. - **Classification by Underlying Index**: Stock - type ETFs can be divided into five categories: broad - based index ETFs, industry index ETFs, theme index ETFs, strategy index ETFs, and style index ETFs. Broad - based index ETFs have the largest scale, accounting for 67.6% as of September 2025, and are the main source of scale growth in recent years. Theme index ETFs have the largest number of products. Different types of ETFs also vary in terms of institutional investor participation [23][24][25]. 3.2 In - depth Analysis of the Characteristics of Various Stock ETFs - **Broad - based Index ETFs: Scale Giants, Institutional Indicators**: As of September 2025, there were 358 broad - based index ETFs, with a highly concentrated scale. The products are actively traded and can meet large - scale capital allocation needs. In different market environments, different broad - based index ETFs perform differently. For example, in the decline stage, large - cap index ETFs are more stable; in the shock - rising and rising stages, small - cap and ChiNext - related products show high elasticity. Institutional investors generally prefer large - cap and more stable products [36][38][40]. - **Industry Index ETFs: Non - banking Finance Leads, Accounting for Nearly 40% of the Scale**: As of September 2025, there were 84 industry index ETFs, with the scale highly concentrated in eight industries such as non - banking finance, pharmaceutical biology, and banking. Some popular industries' ETFs may not receive corresponding attention due to the deviation of their positions from market hotspots. In different market stages, different industry ETFs perform differently. Institutions prefer industries with stable cash flows and defensive attributes, while individuals are more interested in non - banking finance and industries with high elasticity [58][60][65]. - **Theme Index ETFs: Elasticity Pioneers**: As of September 2025, there were 480 theme index ETFs, covering a wide range of market hot - topics with a relatively balanced scale distribution. In different market environments, they show high elasticity. For example, in the decline stage, securities insurance and central - state - owned enterprise themes are more stable; in the shock - rising stage, technology - related themes are leading; in the rising stage, communication - related themes perform outstandingly. Institutions prefer low - elasticity and stable products, while individuals like high - elasticity products [85][89][93]. - **Strategy and Style Index ETFs: Dividend Strategy Dominates, Accounting for Over 70% of the Scale**: As of September 2025, there were 115 strategy and style index ETFs, with dividend - related ETFs accounting for 75.54% of the scale. They are efficient tools for implementing rotation strategies. In different market stages, different products perform differently. Institutions prefer defensive products such as dividend and value - style products, while growth - and quality - related products are more popular among individuals [111][114][121].

金 融 工 程 华福证券 2025 年 11 月 27 日 高切低市场风格下的 ETF 投资主线 团队成员 投资要点： 中国经济修复的"分子端"变化 有望从弱复苏走向边际改善 当前中国宏观经济正处于"弱复苏、边际 改善"的关键阶段，经济活动与流动性结构自底部回升，为后续盈利修复 和市场风格由成长转向红利、低估值奠定了基础。 利率下行周期下，红利高股息的防御性 证 券 研 究 政策驱动，宽基资产发挥底仓作用 在近期的宏观环境下，宽基资产如 上证 50、沪深 300 的底仓作用主要基于两大支柱：一是政策端持续发力， 通过资本市场改革、中长期资金引入和财政货币政策协同，夯实市场稳定 性；二是估值处于历史低位，提供较高的安全边际和修复潜力。 报 上证 50ETF 广发（510950）、沪深 300ETF 基金（510360） 风险提示 本报告所有分析均基于公开信息，不构成任何投资建议；报告中采用的样 本数据有限，存在样本不足以代表整体市场的风险，且数据处理统计方式 可能存在误差；报告中结论均基于对历史客观数据的统计和分析，但过往 数据并不代表未来表现。 金 融 工 程 专 题 从资产配置角度而言，红利资产的高股息、低 ...

| | 涨跌幅% | 开始时间 | 结束时间 | | --- | --- | --- | --- | | 近半年涨跌幅 | 10.32 | 2025/5/26 | 2025/11/25 | | 近1年涨跌幅 | 12.63 | 2024/11/26 | 2024/11/25 | | 近2年涨跌幅 | 15.81 | 2023/11/27 | 2023/11/25 | | 近3年涨跌幅 | 16.55 | 2022/11/28 | 2022/11/25 | ►质量"负责"高成长+红利"负责"高股息 红利质量ETF 159758 \ 016441.OF (A) 注：数据非深Whd - 信款区同强表示部分楼用的品 2022年-11,99% - 2023年-2,52% - 2024年7,54% - · 如数新S在的游费用分别为2020年43.28% 证红润的量全球 - 颜金率列版12个月指数据台 网站登录： 1.上述基本方是是基本 - 真中国TF主要投资于影的指数成份和及我都成份是 - ETF联接基本主要投资于 高于混合基金 - 信券基金与货币新场基金 - 厦干中风险(R ) 品种 - 具体风险评级航票以越会给老人和 ...

Market Overview and Key Insights - The Hong Kong dividend sector experienced a decline last week, but with a smaller drop compared to the overall market: the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Total Return Index fell by 4.07%, while the Hang Seng Index dropped by 5.09% and the Hang Seng Tech Index decreased by 7.18% [1] - In Q3 2025, insurance capital continued to increase its allocation to equity assets, with the proportion of equity investments rising significantly to 15.5%, nearing the historical high of 16.1% recorded in mid-2015 [1] - The increase in equity allocation by insurance capital reflects the policy requirement for "long money, long investment," with an optimized assessment mechanism encouraging better alignment of asset-liability structures [1] Insurance Capital Trends - Insurance capital's funding characteristics align well with the low volatility and high dividend nature of the dividend sector, making it a primary focus for increased allocation [1] - In Q3 2025, insurance capital's net purchases in the banking sector amounted to approximately 57.35 billion [1] - The pace of insurance capital's stake acquisitions in listed companies has accelerated, with 30 instances this year, surpassing the total for 2020 and 2024, and 25 of these being in Hong Kong stocks [1] Future Outlook - Insurance capital is expected to be a significant source of incremental funds in the stock market, particularly favoring the dividend sector due to the low interest rate environment and weak economic recovery [2] - The dividend yield of the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index stands at 5.81%, compared to 4.32% for the CSI Dividend Index, with a price-to-book ratio of 0.64 and a price-to-earnings ratio of 7.23 [2] - The total return index has achieved a cumulative return of 146% since early 2021, outperforming the Hang Seng Total Return Index by 136% [2] ETF Overview - The Huaan Hong Kong Stock Connect China Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng Hong Kong Stock Connect China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with state-owned enterprises as the largest shareholders [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, state-owned enterprises, and dividends [3] Recent ETF Performance - The Huaan Hong Kong Stock Connect China Central State-Owned Enterprises Dividend ETF had a net asset value of 1.6320 billion and a scale of 5.51 billion, with a weekly trading volume of 1.462 billion [4] - The top ten weighted stocks in the index have shown varying performance, with notable declines in several stocks over the past week [5]

2025年，全球政治经济格局仍充满不确定性，而中国坚定不移地走高质量发展道路，为市场注入了难得的确定性。在此背景下，投资者应如何把握中国资产 的战略机遇，实现财富的稳健增长？ 据悉，本次投教直播由上海证券交易所、平安证券联合主办，上交所投教基地、平安证券投教基地承办、中国基金报提供媒体支持。直播通过平安证券 APP、平安好车主、中国基金报视频号、中国基金报APP同步直播，曝光量超350万，在看人数超15万，在投资者中引发较好反响，展现了市场对当前投资 机遇的关注。 11月18日下午4点，上海证券交易所与平安证券联合组织"践行三投资理念，共享高质量发展"系列投教直播活动。平安证券研究所副所长、首席策略分析师 魏伟围绕"把握中国资产确定性，共享高质量发展红利"这一主题，从全球宏观环境、中国产业趋势、资本市场改革以及资产配置策略等多个维度展开深度解 读，为投资者厘清脉络、指明方向，带来一场兼具洞察力与实操价值的市场展望！ 全球宏观环境：挑战中孕育新机遇 魏伟从全球宏观环境分析入手，指出2025年海外不确定性仍有所增加，而国内坚定走高质量发展道路，构成了宏观环境的基本特征。 首先，从全球经济周期角度看，全球贸易政策不 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月25日，A股三大指数大涨，截止午盘，港股通红利ETF广发（520900）涨幅0.65%，放量成交额 3994万元。数据显示，资金持续青睐港股通红利ETF广发（520900），从10月13日至11月21日，该ETF 已经连续6周获得净申购，流通规模从15.81亿元增至18.52亿元，规模增长率17.14%。 多重利好下的红利资产 市场人士指出，在当前震荡市场环境中，投资者寻求稳健回报的需求日益凸显。随着无风险利率持续下 行和市场波动，兼具高股息与低波动的红利策略展现出独特配置价值。广发基金旗下港股通红利ETF广 发（520900）聚焦高股息国资央企资产，为投资者提供了一键布局港股优质红利资产的高效工具。 当前宏观环境为红利策略的有效性提供了逻辑支撑。Wind数据统计显示，2021年以来，我国10年期国 债收益率从3.2%降至2025年11月3日的1.75%，无风险利率创历史新低，资产荒格局凸显。高股息资产 提供的股息回报与持续走低的无风险利率形成显著剪刀差，构成难以替代的相对收益优势。 政策层面，新国九条等政策引导上市公司提升分红水 ...

Core Viewpoint - Despite recent market adjustments, insurance asset management institutions remain optimistic about future investment opportunities in the stock market, anticipating a potential early onset of a "spring rally" [1][2]. Market Conditions - Recent market adjustments are primarily reflections of external market fluctuations, including changing expectations regarding Federal Reserve interest rate cuts and concerns over the AI bubble in the U.S. stock market [2]. - The fundamental market conditions have not changed significantly, with adjustments driven by shifts in funding, technology, sentiment, and expectations [2]. Investment Strategies - Insurance institutions are focusing on structural opportunities in the market, particularly in sectors such as finance, telecommunications, and transportation, while also looking for excess return opportunities in AI, new consumption, and innovative pharmaceuticals [2]. - There has been a notable increase in research activities by insurance institutions, with over 70 institutions participating in more than 280 research sessions since November, focusing on technology and pharmaceuticals [2]. Asset Allocation Trends - To cope with the low-interest-rate environment, insurance institutions are consistently increasing their allocation to high-quality equity assets, with stock investment balances reaching approximately 2,086 billion and 34,124 billion for property and life insurance companies, respectively, marking increases of about 30.29% and 50.47% year-on-year [3]. - The proportion of equity asset allocation by insurance institutions has reached a relatively high level of 10%, benefiting from both market growth and increased allocation willingness [3]. Regulatory and Market Drivers - The continuous increase in equity asset allocation by insurance institutions is driven by supportive policies and asset-liability matching requirements, with regulatory encouragement for private fund establishment and risk factor optimization opening up market opportunities [4]. - As traditional fixed-income assets struggle to meet liability cost requirements, increasing equity asset allocation has become a crucial strategy for insurance institutions to enhance investment returns [4].