Workflow
红利资产
icon
Search documents
建信基金:投资正当“时”丨寒露惊晚秋,投资有暖意!
Xin Lang Ji Jin· 2025-10-09 09:48
专题:北京公募基金高质量发展系列活动 新时代、新基金、新价值 当清晨的露珠凝起第一缕寒意,当南飞的雁阵划过高远的晴空,时节便悄然踱步至寒露。这是一年中富 有诗意的转折点,秋风褪去了夏末的最后一丝温存,带来了澄澈、清明与一份沉静的期待。 虽然气温逐渐下降,但市场上有不少令人欣喜的"暖意"。建信基金《投资正当"时"》第31话,让我们来 看看寒露节气中的投资新知识。 1、秋钓边品湖鲜,投资也可尝尝鲜 每到寒露时节,深水处太阳已经无法晒透,鱼儿便都向水温较高的浅水区游去,便有了人们所说的"秋 钓边"。同时,随着"西风响,蟹脚痒",也迎来了一年一度品尝大闸蟹的时节。 都说要当"第一个吃螃蟹的人",投资中也是如此。今年被视为人形机器人行业发展"元年",当前或正是 抢占先机的好时候。 人形机器人板块迎来多重利好—— 科技大厂加速入局 全球科技企业正在加速布局人形机器人产业,且国内不少科技公司近期迎来大订单,有望进一步推动产 业发展。 政策端持续催化 近年来,人形机器人成为国家政策中的高频词。今年8月《关于深入实施"人工智能+"行动的意见》印 发,提出大力发展智能机器人等新一代智能终端。 未来市场空间大 作为下一代生产力工具 ...
红利资产跌出机会?
老徐抓AI趋势· 2025-10-09 06:11
港股高股息为何成为机构首选? 数据揭示了一个明显趋势:港股红利资产正成为机构的优先选择。截至 2025 年 9 月 29 日,今年恒生高股息率指数累计上涨 21% ,超越中证红利全收益 18% 的涨幅。 "港红利"的三大优势难以忽视: 首先,更高的股息率构成核心吸引力。 港股恒生高股息指数的股息率达 6.27% ,明显高于中证红利指数的 4.66% 。即使扣除 20% 分红税,税后收益依然 优于 A 股同类资产(如下图所示)。 近期市场风格快速轮动,以银行、煤炭、公用事业为代表的红利资产出现明显回调,让不少投资者心生疑虑:红利策略是否已经失效?还是市场赐予的又 一次布局良机? 机构为何持续青睐红利资产 在全球流动性宽松与结构性转型的关键节点,红利资产作为兼具防御性与收益性的特殊资产类别,正迎来战略价值的重估。 保险资金的配置动向最能说明问题。 2025 年险资举牌明显加速,截至 9 月 18 日举牌已达 30 次,其中 24 次为港股举牌,覆盖 16 家港股企业。这一现象 背后实则是保险资金正在通过配置高股息资产来应对市场利率下行的压力和解决期限错配风险。 值得注意的是,随着普通型保险产品预定利率最高值降至 ...
险资一年内调研上市公司超1.2万次,这些行业最受关注
Di Yi Cai Jing· 2025-10-08 10:49
从险资的调研对象来看,科技成长股是关注重点,高端机械设备、电子、医药生物等行业的上市公司获得了险 资的扎堆调研。 险资一年内调研超1.2万次 金融监管总局数据显示,截至2025年二季度末,保险资金运用余额已突破36万亿元,其中直投股票规模达3.07 万亿元,较上年同期净增近1万亿元,庞大的资金规模使其调研动向备受市场关注。 险资调研热情高涨的背后,是其长期配置逻辑与市场环境的双重驱动。 资本市场升温,进一步带动了险资调研上市公司的热情。 第一财经记者根据Choice数据统计,截至10月8日的一年内,保险公司及保险资管公司对上市公司的调研次数总 计至少超过1.2万次。在调研次数居前的保险公司及保险资管公司中,近一年对上市公司的调研次数几乎均较上 年实现增长,部分机构涨幅更是高达三四成。 Choice数据显示,截至10月8日的一年内,保险公司对上市公司的调研次数为8061次,而多家保险资管公司各自 的调研次数也都超过600次,总计至少超过1.2万次。 从调研次数来看,承接所属保险集团大量保险资金和其他第三方委托资金的保险资管公司中,泰康资产是一年 来调研次数最多的,达到1105次;人保资产、平安资产、新华资产及国 ...
牛市一周年的红利展望:多行业联合红利资产9月报-20251008
Huachuang Securities· 2025-10-08 09:41
证 券 研 究 报 告 【策略周报】 牛市一周年的红利展望 ——多行业联合红利资产 9 月报 证券分析师:姚佩 邮箱:yaopei@hcyjs.com 执业编号:S0360522120004 证券分析师:吴一凡 邮箱:wuyifan@hcyjs.com 执业编号:S0360516090002 证券分析师:徐康 电话:021-20572556 邮箱:xukang@hcyjs.com 执业编号:S0360518060005 证券分析师:杨晖 策略研究 策略周报 2025 年 10 月 08 日 华创证券研究所 邮箱:yanghui@hcyjs.com 执业编号:S0360522050001 证券分析师:欧阳予 邮箱:ouyangyu@hcyjs.com 执业编号:S0360520070001 证券分析师:韩星雨 邮箱:hanxingyu@hcyjs.com 执业编号:S0360525050001 证券分析师:单戈 邮箱:shange@hcyjs.com 执业编号:S0360522110001 证券分析师:刘欣 邮箱:liuxin3@hcyjs.com 执业编号:S0360521010001 证券分析师:马野 邮箱 ...
兼具国企改革质量与价值投资指引 新华上海国企30指数发布
Xin Hua Cai Jing· 2025-09-30 13:43
新华财经上海9月30日电 (魏雨田周子涵)记者30日获悉,新华上海国企30指数日前正式发布。 从历史表现来看,该指数自2014年12月至2025年9月期间,年化收益率达3.81%,累计收益率47.89%, 显著跑赢同类指数,展现出较强的收益优势。如果纳入红利收益,指数同期年化收益率达到6.67%,累 计收益率96.51%。 从投资角度来看,业内人士分析认为,上海国企30指数具备独特投资价值,其成份股多为上海区域内经 营稳健、分红能力持续的国企龙头,天然契合红利资产的核心特质,能为投资组合筑牢稳健底座。随着 养老金、保险资金等长期资金规模不断扩大,对稳定现金回报的需求愈发突出,上海国企30指数凭借其 鲜明的红利属性,正成为这类资金配置的重要选择。 (文章来源:新华财经) 资料显示,该指数以政策导向及国企考核要求为基础,通过"行业筛选—稳定经营—分红实现"的核心逻 辑,精选具备高质量发展特质的上海国企上市公司,既可为衡量上海区域国企改革成效提供参考维度, 也能为市场价值投资提供核心标的支撑。 值得关注的是,该指数在以流动性门槛保障投资价值的基础上,创新参考央企"一利五率"经营指标体系 设计指数选样规则。其中,以利 ...
港股开盘 | 恒指高开0.19% 黄金股涨幅居前 紫金黄金国际(02259)上市首日涨超55%
智通财经网· 2025-09-30 01:39
Group 1 - The Hang Seng Index opened up 0.19%, with the Hang Seng Tech Index rising 0.34%. Gold stocks led the gains, with Zijin Mining International up over 55% and Zijin Mining up over 7%. Alibaba rose nearly 2% [1] - Huatai Securities reported that the recent rebound in Hong Kong tech stocks is driven by accelerated domestic AI developments, with the Hang Seng Tech Index and the Hang Seng Hong Kong Stock Connect Tech Index rising nearly 20% since July [1] - CITIC Securities forecasts that Hong Kong stocks will see a performance bottoming out in the first half of 2025, with revenue and profit growth rates recorded at 1.9% and 4.6% respectively as of September 15 [1] Group 2 - CITIC Securities estimates that the performance growth of Hong Kong stocks will reach an inflection point in the second half of 2025, with high growth expected in materials, healthcare, and technology sectors [2] - The report from CITIC Jinpu indicates that the anticipated interest rate cuts by the Federal Reserve will directly benefit Hong Kong stocks, with a focus on sectors that are expected to perform well due to improved fundamentals [2] Group 3 - According to Guotai Junan, dividend assets are characterized by stable performance and sustainable cash flows, providing investors with stable high dividend returns. Hong Kong stocks offer better value compared to A-shares, with a cash dividend ratio averaging 44% from 2017 to 2024, higher than A-shares' 36% [3] - The dividend yield of the Hang Seng Composite Index is 2.9%, significantly higher than the 1.9% of the Wind All A Index, indicating a clear advantage for Hong Kong stocks [3] - The valuation levels of dividend assets in Hong Kong are relatively lower, with the Hang Seng High Dividend Yield Index PE and PB at 7.2 times and 0.6 times respectively, compared to 7.9 times and 0.8 times for the CSI Dividend Total Return Index [3]
云铝股份(000807)深度研究报告:一体化绿电铝龙头 优质红利资产兼具弹性
Xin Lang Cai Jing· 2025-09-30 00:35
Core Viewpoint - The company has established itself as a leading player in the aluminum industry in China, focusing on an integrated aluminum production chain and demonstrating strong financial performance and growth potential [1][2][3][4] Group 1: Company Overview - The company has over 50 years of experience in the aluminum industry, originally founded as Yunnan Aluminum Plant in 1970, and has developed a comprehensive aluminum production chain from bauxite to aluminum processing [1] - It is recognized as a "National Environmentally Friendly Enterprise" and a green factory, with an integrated production capacity of 1.4 million tons of alumina, 3.08 million tons of green aluminum, and other related products [1] - The company has a self-sufficiency rate of approximately 29% for alumina and 72% for carbon products [1] Group 2: Financial Performance - The company's net profit for the first half of 2024 reached 2.768 billion yuan, reflecting a 10% year-on-year increase, with improving asset quality and cash flow [1] - By the first half of 2025, the company's interest-bearing debt decreased to 2.7 billion yuan, and the debt-to-asset ratio fell to 21.95%, indicating a strong financial position [1] - The cash balance at the end of the first half of 2025 was 7.46 billion yuan, an increase of 1.3 billion yuan compared to the entire year of 2024 [1] Group 3: Dividend Policy - The company has been increasing its dividend payout ratio, with a projected dividend ratio of 32% for 2024, up 12 percentage points year-on-year, and 40.1% for the first half of 2025 [2] - The total cash dividend for 2024 is expected to reach a historical high, reflecting the company's strong cash flow and reduced debt levels [2] Group 4: Green Energy and Sustainability - The company is well-positioned to benefit from the increasing emphasis on green electricity consumption in the aluminum industry, with a target of at least 25.2% green electricity consumption by 2025, a 20% increase from 2024 [3] - The company utilizes over 80% clean energy in its production, resulting in carbon emissions approximately 20% of those from coal-powered aluminum production [3] - It has achieved a 100% compliance rate in carbon trading and is among the first domestic companies to receive product carbon footprint certification, indicating its leadership in low-carbon production [3] Group 5: Investment Outlook - The company is projected to achieve net profits of 6.93 billion yuan, 7.97 billion yuan, and 8.21 billion yuan for 2025-2027, representing year-on-year growth rates of 57.1%, 14.9%, and 3.1% respectively [4] - A target price of 23.0 yuan is set for the company based on a 10x price-to-earnings ratio for 2026, reflecting its strong dividend potential and favorable market conditions [4]
科创板或迎“硬核玩家”,GPU国产化之路再添强心针
Datong Securities· 2025-09-29 11:51
证券研究报告|基金配置周报 2025 年 09 月 29 日 科创板或迎"硬核玩家" ,GPU 国产化之路再添强心针 【20250922-20250928】 ◼ 市场回顾:上周权益市场主要指数涨跌不一,科创 50 涨幅最 | | 大,上涨 6.47%;债券市场长短端利率均有不同程度的下行, | 大同证券研究中心 | | --- | --- | --- | | | 其中十年期国债下行 1.42BP,一年期国债下行 0.75BP,长短端 | 分析师:杨素婷 | | | 期限利差走势不一,其中长端期限利差有所走阔;基金市场中 | 执业证书编号: | | | 偏股基金指数和二级债基指数均周度收涨,中长期纯债基金指 | S0770524020002 | | | 数和短期纯债基金指数均周度收跌;申万 31 个行业跌多涨少, | 邮箱:yangst@dtsbc.com.cn | | | 消费医药板块进一步下探。 | | | ◼ | 权益类产品配置策略: | 地址:山西太原长治路 111 号山 | | ➢ | 事件驱动策略:(1)摩尔线程"88 天 IPO 过会",可关注: | 西世贸中心 A 座 F12、F13 | | | ...
港股开盘 | 恒指高开0.74% 科网股反弹 京东健康(06618)涨超2%
智通财经网· 2025-09-29 01:56
Group 1 - The Hang Seng Index opened up 0.74%, with the Hang Seng Tech Index rising 0.67%, indicating a rebound in tech stocks, including JD Health and New Oriental, both up over 2% [1] - Huatai Securities reports that the recent rebound in Hong Kong tech stocks is driven by accelerated domestic AI developments, with the Hang Seng Tech Index rising nearly 20% since July [1] - CITIC Securities forecasts that Hong Kong stocks will see earnings stabilize and achieve positive growth in the first half of 2025, with revenue and profit growth rates recorded at 1.9% and 4.6% respectively as of September 15 [1] Group 2 - CITIC Securities estimates that the earnings growth rate for Hong Kong stocks will reach an inflection point in the second half of 2025, with sectors like materials, healthcare, and technology maintaining high growth [2] - The report from CITIC Jinpu indicates that the anticipated interest rate cuts by the Federal Reserve will directly benefit Hong Kong stocks, with a focus on sectors supported by strong liquidity and AI narratives [2] Group 3 - According to Guotai Junan, dividend assets are characterized by stable performance and sustainable cash flows, providing investors with consistent high dividend returns, with Hong Kong stocks offering better value compared to A-shares [3] - The average cash dividend ratio for Hong Kong stocks from 2017 to 2024 is 44%, higher than A-shares at 36%, and the dividend yield for the Hang Seng Composite Index is 2.9%, compared to 1.9% for the Wind All A Index [3] - Hong Kong's high dividend assets have a lower valuation level, with the Hang Seng High Dividend Yield Index PE and PB at 7.2x and 0.6x, respectively, lower than the corresponding figures for the CSI Dividend Total Return Index [3]
“杠铃策略”配置思路生变基金经理积极更新投资框架
Core Viewpoint - The investment framework is being actively updated by fund managers in response to market changes, with a focus on balancing dividend assets and growth sectors as market dynamics evolve [1][2]. Group 1: Market Trends - The growth style, particularly in technology, has become mainstream in the market, overshadowing dividend assets that have performed well since 2022 [1]. - As of September 24, nearly all actively managed equity and mixed funds have positive net value growth rates over the past year, averaging over 50%, while dividend-related funds have an average return of 19.31% [2]. Group 2: Fund Manager Insights - Fund managers acknowledge that while the short-term advantages of dividend assets may have weakened, their long-term value remains significant [2]. - The demand for dividend assets is expected to persist due to increasing dividend payout ratios as companies move past capital expenditure peaks, supported by ample liquidity [3]. Group 3: Strategy Adjustments - The "barbell strategy" combining dividend and small-cap stocks is facing challenges, prompting a shift towards a "dividend+" era where performance differentiation among dividend assets is anticipated [4]. - Fund managers suggest that in the early stages of economic recovery, small-cap stocks may benefit from higher earnings elasticity, while dividend stocks provide defensive characteristics, indicating a need for flexible adjustments based on market conditions [4][5].