分红和股息收入同比增长20.2%，一定程度上弥补了利息收入下降的影响。 中国太保（601601.SH，02601.HK）8月28日晚间发布的半年报，为A股上市险企的中报季收官。 半年报数据显示，中国太保上半年实现营业收入2004.96亿元，同比增长3.0%；归母净利润为278.85亿 元，同比增长11.0%。 不过，在新会计准则的影响下，中国太保和中国平安一样，也开始稳定公布并重视营运利润这一指标。 业内人士表示，相比于净利润在新会计准则下受到投资资产市值波动影响更大，营运利润剔除了短期投 资波动及一次性重大项目调整，更能展示保险公司的中长期经营结果。 鉴于上述因素，中国太保也将股息政策的制定基准从净利润转变为营运利润。今年上半年，中国太保首 次向市场明确公司中长期分红政策，表示将参考集团归母营运利润增速，兼顾投资正向贡献来确定分红 金额。数据显示，中国太保上半年归母营运利润为199.09亿元，同比增长7.1%。 在寿险新业务价值方面，中国太保和其他几家上市险企一样，上半年在可比口径下均实现了较大幅度增 长，涨幅高达32.3%。新业务价值率则为15.0%，在可比口径下同比提升0.4个百分点。 新业务价值增长背 ...

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [1][4] - As of August 27, 368 stocks are heavily held by insurance funds, with significant investments in non-bank financials, banks, telecommunications, and utilities [1][3] - The total market value of insurance holdings reached 1.18 trillion yuan, with 554.1 billion shares held [1] Investment Trends - Major insurance companies like China Life and Ping An have substantial holdings in their respective companies, with China Life holding 92.8% of China Life's circulating shares [3] - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, have become key targets for insurance investments in Q2 [2][3] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [2] Sector Allocation - The top three sectors for insurance capital investments are non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [3] - Insurance funds have shown a preference for stable, high-dividend blue-chip stocks, particularly in financial and utility sectors [7][8] Regulatory and Market Influences - Recent policies encourage insurance funds to invest more in the stock market, with a target of 30% of new premiums allocated to A-shares starting in 2025 [4][5] - The insurance sector's asset allocation is shifting towards equities, with a significant increase in stock investments noted in the first half of the year [6] Future Outlook - Insurance capital is expected to continue increasing its equity allocation, driven by rising premium income and a favorable market environment [8] - The potential for substantial and sustained inflows from insurance funds into the capital market is anticipated, enhancing market stability [8]

智通财经APP获悉，中泰证券发布研究报告称，2025年以来政策持续加码鼓励险资作为长期资金入市， 1月要求大型国有险企每年新增保费30%投入A股，7月财政部拉长国有商业保险公司经营指标考核周 期。截至2Q25末，保险公司总资产规模达39.2万亿元(近三年CAGR 12.99%)，三批长期股票投资试点金 额累计2220亿元。险资与价值投资所倡导的"长期持有、安全边际、基本面分析"具有天然的契合性，根 据商业模式的差异、资产类别的不同，选股侧重点存在差异。该机构提到，"利差不够，股票来凑"，险 资权益投资迎"慢牛+政策"双红利。 资产配置需动态匹配负债成本：采用"NII加成法"，通过"核心(低波红利)+卫星(科技成长)"策略平衡风 险收益。低波动策略可结合量化模型筛选股价与基本面波动双低标的。结构优化聚焦高股息与"现金 牛"资产：按商业模式划分标的(牌照类/公用事业类/金融类等)，目标综合收益5%-10%。新准则下需协 同科学分配科目，建立"核心持仓(FVOCI适合长期持有高股息资产)+战术配置(FVTPL侧重交易性机 会)"机制，并依险种特性差异化配置。 风险提示：1)本文根据中国资产管理协会系列报告阅读理解后 ...

最近A股市场就像坐过山车——8月初沪指在3600点反复拉锯，科技股一天大涨、一天大跌，搞得不少 投资者心惊肉跳。更扎心的是，特斯拉欧洲销量暴跌、亚马逊云业务增速放缓，单押个股的风险越来越 大。面对这种行情，杭州某互联网公司的程序员小林却格外淡定——因为他早就把工资卡绑定了支付宝 指数基金的智能定投，市场越跌，系统自动加仓，成本反而摊得更低。 √ 易分红 √业绩优 √ 波动低 学理财知识,领最高38.88元财运红包 领取 2025年创新高 累计分红超6亿 4.27亿元 创新高 2.31亿元 0.11亿元 0.01亿元 2022年 2023年 2025年(截至7月) 2024年 连续分红15个月 7 红利策略连涨6年 7 南方红利低波50ETF联接A 田 立即买入 绘词更准更省《 中高风险 详情 > 历史 DI GS IPM No 全部红利 目目分红 委委分析 SEFET 21 1 连续23个月分红 | 每1万元可分红1746元 华泰柏瑞中证红利低波动ETF联接C 田 c - 1 更准更省 红利低波 中高风险 详情 > +17.26% 97% 偏股基金 立即买入 近1年涨跌幅 最大回撤低于 连续23个日分红 | ...

Core Insights - The summit focused on the theme "Leading Growth, Achieving Win-Win" and gathered key figures from major fund companies and popular users to discuss index investment opportunities in the context of global economic restructuring [1] Group 1: Global and Domestic Index Investment Trends - The global ETF market has surpassed $17 trillion as of June 2025, with consistent net inflows over the past 73 months, indicating a strong preference for passive investment strategies [1] - The domestic ETF market has expanded significantly from 550 billion yuan in 2018 to 5.7 trillion yuan, becoming a crucial tool for both institutional and individual investors [1] Group 2: Types of Indices to Invest In - Current index categories include broad-based indices like CSI 300 and sector-specific indices focusing on economic transformation areas such as AI and renewable energy [2] - Strategy-based products, particularly those emphasizing dividends and cash flow, have shown strong performance in recent years [2] Group 3: Future Directions in Index Investment - The index investment landscape is entering a new phase, with a notable increase in ETF trading volume and a growing acceptance among younger investors [2] - Five future focus areas were identified: comprehensive indices, differentiated strategy indices, cross-border connectivity, constant proportion multi-asset indices, and innovative strategy products incorporating derivatives [2] Group 4: Market Sentiment and Investment Strategies - The current market rally is supported by policy and funding, alongside a gradual recovery in market confidence [3] - The technology sector is viewed as having long-term growth potential, while dividend products offer defensive and stable returns in a low-interest-rate environment, balancing risk and reward [3]

Core Viewpoint - The capital market in the first half of 2025 exhibited a "barbell" pattern, with small-cap indices performing well while growth and dividend indices lagged. The Chinese economy is at an "L-shaped" bottom, with the peak of corporate profit pressure likely passed, driven by PPI recovery and "anti-involution" policies that may lead to profit restoration [3][6][10]. Capital Market Review - The capital market showed a significant "barbell" characteristic, with the Hang Seng China Enterprises Index and the CSI 2000 small-cap index performing well, while growth and dividend indices underperformed [6]. - Concerns over tariffs have diminished, as the market realized that the tax rate differences between China and other countries were not as significant as initially feared. Despite a 34% year-on-year decline in exports to the U.S. in May, overall exports from China remained positive, indicating resilience [7]. - The strong performance of Hong Kong stocks can be attributed to southbound capital flows and the resonance of multiple industries, particularly pharmaceuticals, materials, technology, and finance [8]. - Economic concerns persist, with PPI experiencing three consecutive years of negative growth and real estate investment declining for four years, raising worries about future economic growth [9]. Macroeconomic Outlook - The domestic economy is at an "L-shaped" bottom, with fiscal policy showing a notable increase in its share of GDP. However, much of this fiscal spending is directed towards debt resolution rather than direct economic stimulation [10]. - Export resilience is supported by two main factors: improvements in manufacturing capabilities and currency fluctuations. The depreciation of the dollar has made Chinese exports more competitive despite a stronger yuan against the dollar [12]. - The insurance sector has seen significant improvements in sales, driven by a reduction in the number of agents and an increase in productivity per agent post-pandemic [13]. Capital Market Outlook - Corporate profit pressure appears to have peaked, with signs of recovery expected as PPI rebounds. The "anti-involution" policy may help improve profitability in competitive industries [15]. - The current risk premium in the A-share market is high, suggesting attractive valuation levels for potential returns [18]. - Future capital market growth may be supported by three key sources of incremental funds: increased household savings, institutional investments, and foreign capital inflows [19][20]. Investment Opportunities - Focus on opportunities for profit recovery as the economy remains at the bottom of the "L" shape, with potential improvements in supply-demand dynamics [21]. - Emphasis on dividend strategies in a low-interest-rate environment, particularly in manufacturing and consumer sectors, as companies reduce capital expenditures [22]. - Growth opportunities in new products and technologies, particularly in AI and new consumer scenarios, are expected to emerge [23].

据同花顺（300033）数据，名称中带有"红利"或"高股息"的ETF基金中，绝大多数年内净值实现上涨。 其中，华夏恒生中国内地企业高股息率ETF、博时恒生高股息ETF、景顺长城国证港股通红利低波动率 ETF、华夏中证港股通央企红利ETF、汇添富中证港股通高股息投资ETF等13只ETF今年以来的净值涨 幅超过20%；嘉实中证港股通高股息投资ETF、南方中证国新港股通央企红利ETF、广发中证国新港股 通央企红利ETF等13只ETF净值涨逾10%。 分析称，低利率期间红利策略的性价比较高 深圳商报记者 詹钰叶 今年，A股红利资产依旧受到资金关注，逾九成红利基金净值上涨。业内认为，在低利率期间红利策略 的性价比相对较高，投资者可根据自身投资需求和风险偏好寻找最契合的红利投资工具。 此外，在红利主题基金中，只有3只今年以来的收益为负，其中包括2只分别在今年7月与8月才成立的新 基金。格林高股息优选混合A是今年以来表现最好的红利主题基金，净值上涨近63%；富国港股通红利 精选混合A、中欧红利优享灵活配置混合A净值涨逾30%；易方达港股通红利混合A、国寿安保高股息混 合A、金鹰红利价值混合A等多只产品净值涨逾20%。 招商 ...

在沪指冲上3700点之后，市场上分歧的声音越来越大了。不少投资者朋友开始纠结，手里的基金要不要 止盈？要不要追涨热门股？毕竟3700点不算低，踏空怕错过行情，入场又怕成"接盘侠"。 其实在市场新高后，短期的分歧和回踩是正常现象，投资者不必恐慌，短期建议或可参照均线等技术指 标设置止盈/止损点，没有大幅背离或者跌破预设的技术指标，就可以保持乐观。 当然，在市场新高的点位，全仓加注高成长品种风险太大。高弹性板块前期涨幅已较为可观，部分标的 估值偏离合理区间，一旦市场情绪转向或资金调仓，回调压力会显著增大，全仓押注很容易让前期收益 回吐。 这种时候，更适合拿出部分仓位配置防守稳健的品种，比如高股息率的红利板块，这类标的历史业绩稳 定、分红持续，能在市场波动中提供一定"安全垫"。 红利的稳健性与科技的高成长刚好构成价值和成长风格的组合，适合构建哑铃型组合。 红利并非与高弹性板块对立，而是市场独特的"稳定器"，或是投资者在追逐机会时，对冲风险、平滑体 验的关键选择。 国泰红利智选（A：024354 C：024355）正是在这个背景下推出的。 这样，当行情启动、科技等高弹性板块领涨时，国泰红利智选凭借"价值+成长"均衡的 ...

风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、 指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现， 基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 来源：金融界 8月21日，两市持续走强。截至10时46分，中证红利质量ETF(159209)放量涨0.82%，盘中创年内第29次新高；吉比特、福耀玻璃持续拉升，资金热度不 减，据Wind Level2实时行情结合均价预估，盘中净流入约800万，截至发稿，该基金获资金连续9日净流入。 分析指出，中证红利质量指数作为传统红利策略的升级版，凭借"高ROE+稳定现金流+合理股息"的独特选股逻辑，正在成为价值投资者关注的新焦点。 该指数从沪深市场中筛选盈利能力强、分红可持续的优质企业，最新数据显示其成分股平均滚动ROE高达22%，一季度净利润增速接近50%，远超主流 宽基指数，而4%的股息率不仅跑赢十年期国债收益率两倍有余，也显著高于沪深300等大盘指数。低费率与月度分红机制的设计 ...

Group 1: Report's Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - The CSI Dividend Index has long - term investment value, with a better Sharpe ratio and smaller maximum drawdown compared to other broad - based indices, and it shows both defensive and offensive characteristics [1] - Dividend assets still have medium - to - long - term allocation value due to policy promotion of corporate dividends and the low - valuation and high - dividend features of the CSI Dividend Index [22][29] - Morgan Dividend Select Fund has investment value, achieving excess returns since its establishment, and its sector selection can contribute to excess returns [1][38] Group 3: Summary by Directory 1. CSI Dividend Index: Focus on High Dividend Yield, with Dual Advantages of Return and Safety Cushion - **Index Composition and Features**: Composed of 100 stocks with high cash dividend yields, stable dividends, and good scale and liquidity in the Shanghai and Shenzhen stock markets, it is an important representative index of the dividend strategy. The index uses dividend - yield weighting, with a relatively dispersed portfolio. As of July 31, 2025, the combined weight of the top ten stocks was 16.43% [6][7][9] - **Industry and Market - Value Distribution**: The industry distribution shows "high - dividend + traditional cycle" characteristics, with the top three weighted industries being banking, coal, and transportation. The market - value distribution of the 100 constituent stocks is wide, including large - cap leading companies and small - and medium - cap companies, presenting a combination feature of "stable returns from core leaders + elastic supplementation from small - and medium - cap stocks" [11] - **Long - and Medium - Term Performance**: In the nearly 15 - year back - testing period from January 1, 2011, to August 15, 2025, the annualized return of the CSI Dividend Total Return Index was 8.34%, the Sharpe ratio was 0.41, and the maximum drawdown was - 45.66%. It outperformed other indices in terms of Sharpe ratio and maximum drawdown. It has defensive properties in falling markets and can also keep up with the market in some rising years [14][15] 2. Dividend Assets Still Have Medium - to - Long - Term Allocation Value at the Current Time - **Policy - Driven Corporate Dividends**: Since the end of 2022, regulatory authorities have continuously strengthened policies related to listed - company cash dividends. The dividend - policy system has entered a stage of rigid implementation, increasing the attractiveness of high - dividend assets and creating a medium - to - long - term allocation window for high - dividend strategies [22][23] - **Low Valuation and High Dividend**: The current price - to - book ratio (PB_LF) of the CSI Dividend Index is still below the historical average, and the price - to - earnings ratio (PE_TTM) has rebounded to near the long - term average, showing a pattern of "low PB + stabilizing and rising PE". The current dividend yield remains high, with an average of 4.67% over the past ten years, which is significantly higher than the overall level of the A - share market [29][33] 3. Analysis of the Investment Value of Morgan Dividend Select - **Fund Overview**: It is an active quantitative product under Morgan Fund, established on July 30, 2024, with a performance benchmark of 90% of the CSI Dividend Index return + 10% of the after - tax bank current deposit interest rate. The fund aims to achieve excess returns through a quantitative stock - selection model [35][38] - **Performance**: As of August 8, 2025, the cumulative return of Morgan Dividend Select A since its establishment was 17.37%, and the excess return compared to the performance benchmark was 7.47%. The maximum drawdown was comparable to the benchmark. Through sector selection, it can contribute to excess returns [38][40][41] 4. Information on the Fund Manager and Fund Managers - **Fund Manager**: Morgan Asset Management is affiliated with JPMorgan Chase & Co. It offers a diverse and complete fund product line. Its China Index and Quantitative Business provides diversified solutions for both Beta and Alpha investments [45] - **Investment Team**: The China Index and Quantitative Investment Team at Morgan Asset Management has an average of nearly 10 years of work experience. They are currently managing 6 active quantitative products, with a total scale of 1.869 billion yuan [50]