华宝基金 红利情报局 2025.12.31 2026年红利逻辑或仍稳固, 白色家电龙头稳中有进 热点动态 2026年红利资产配置逻辑或仍稳固 2026年A股市场风格可能更趋于均衡,红利风格确定性较 高,但仍偏向结构性及阶段性机会。"长钱长投"资金配 置需求支撑红利板块表现。资本市场建设强调投融资平 衡,鼓励分红导向不变,上市企业分红意愿及能力持续抬 升。在增量资金以及政策预期支撑下,红利资产配置逻辑 或仍稳固。(中金公司,2025.12.29) 白色家电: 戊头业绩增长稳中有进,高股息标的或有进 步上升空间 一方面,主流白电企业的业绩增长具有较强韧性,横向对 比过去10年利润增速,自电龙头业绩增速保持在9-14%之 间,稳中有进;另一方面,主流白马标的仍维持较高股息 率,且有进一步上升空间。当前家电板块公募基金配置比 例处于历史相对低位,自电龙头具备高股息率,红利属性 显著。(华西证券,2025.12.30) | 行业股息龙虎榜-股息率前五板块 || (近12月股息率) 煤炭开采 国有大型银行 II 白色家电 5.91% 5.35% 5.25% 农商行 II 城商行ll 4.88% 4.77% 指数一级行业分 ...

注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。提及个股仅用于行业事件分析，不构成 任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩的承诺 或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提及基金风险收益特征各不相同， 敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承 受能力匹配的产品，谨慎投资。 每日经济新闻 相关机构表示，红利资产由于其稳定的高股息和低估值属性，在低利率环境下，对风险偏好较低的资金 有吸引力。当前市场风格切换，价值风格上涨，红利资产的配置价值凸显。在低利率和流动性宽松的背 景下，红利资产凭借其稳定的现金流和高股息特性，成为资金避险的重要选择。 红利国企ETF（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 ...

证券研究报告｜基金配置周报 2025 年 12 月 22 日 海南自贸港全岛封关，可关注哪些机会？ 【20251215-20251221】 ◼ 市场回顾：上周权益市场主要指数多数收跌，科创 50 跌幅最 大，下跌 2.99%；债券市场长短端利率集体下行，其中十年期 国债下行 0.88BP，一年期国债下行 3.32BP,长短端信用利差走 势不一；基金市场中偏股基金指数周度收跌，而二级债基指数 周度收涨，中长期纯债基金指数和短期纯债基金指数也周度收 涨；申万一级行业涨跌互现，消费板块集体反弹。 ◼ 权益类产品配置策略： ➢ 事件驱动策略：（1） 2025 光伏行业年度大会召开，可关注： 嘉实低碳精选 A(017036)、长城中国智造 A (001880)和工银生 态环境 A（001245）；（2）中国光计算芯片有新突破，可关注： 博时半导体主题 A(012650)、华夏半导体龙头(016500)和工银 新兴制造 A（009707）；（3）海南自贸港全岛封关，可关注： 嘉实物流产业 A(003298)、广发睿毅领先 A(005233)和嘉实互 融精选 A（006603）。 ➢ 资产配置策略：均衡底仓+杠铃策略，杠铃 ...

值得注意的是，截至12月10日，该ETF近30日整体下跌，但资金持续加仓。Wind数据显示，截至12月10 日，该ETF连续30个交易日获资金净流入，累计"吸金"超14亿元。 港股通红利ETF（513530）跟踪中证港股通高股息投资指数，该指数从符合港股通条件的上市公司证券 中选取30只流动性好、连续分红、股息率高的上市公司证券作为指数样本，采用股息率加权，以反映港 股通范围内连续分红且股息率较高的上市公司证券的整体表现。 兴业证券表示，年末红利资产的日历效应相对显著，或可把握红利资产当前配置时点。 12月11日，港股红利板块盘中震荡走低。热门ETF中，港股通红利ETF（513530）截至发稿小幅下跌 0.12%，成交额达1亿元，交投活跃，溢折率0.10%，盘中频现溢价交易。 成分股中，汇丰控股、东方海外国际涨近2%，中远海控、海丰国际飘红。 国信证券表示，港股短线的调整为2026年赢得空间。红利方向作为年底稳定业绩、年初迎接"开门红"的 重要方向，预计将在2025年12月-2026年1月保持超额。 ...

Core Viewpoint - The market experienced a pullback after a brief rally, with dividend-related sectors showing volatility and weakness, particularly in coal, oil, and banking stocks. The S&P Dividend ETF (562060) fell by 1.15%, but there was active repositioning by investors during the dip, leading to a daily trading volume exceeding 74.0684 million yuan [1][14]. Fund Performance and Inflows - The S&P Dividend ETF has seen consistent inflows, with over 450 million yuan net inflow over the last five days as of December 8, 2025. In the past 20 trading days, there were net inflows on 18 days, totaling over 570 million yuan, bringing the fund's total size to a record high of 2.331 billion yuan [3][16]. - The ETF's average daily trading volume over the last 20 trading days reached 59.4083 million yuan, indicating increased trading activity [3][16]. Dividend Index Characteristics - The S&P Dividend ETF tracks the S&P China A-Share Dividend Opportunities Index, focusing on 100 high-dividend companies in the A-share market that exhibit strong profitability, high quality, and relatively low valuations. The current dividend yield of the index is 4.58%, with a spread of 2.71 percentage points over the 10-year government bond yield, enhancing its attractiveness for investment [5][18]. - The S&P A-Share Dividend Index has outperformed similar indices this year, with a return exceeding 11% and an annualized Sharpe ratio of 1.58, showcasing a significant advantage in terms of higher dividends and stronger returns [5][18]. Market Outlook - Short-term market conditions indicate ongoing consolidation, with rapid rotation among sectors. The previously high-performing technology sector is currently in a correction phase, while the high-dividend strategy remains a focal point for investors [6][19]. - Mid-term, new regulations on public fund performance benchmarks may lead to increased allocations towards dividend-paying sectors, which are currently underrepresented in public fund portfolios [6][19]. - Long-term, regulatory changes requiring state-owned insurance companies to allocate 30% of new premiums to A-shares, along with extended assessment periods for these companies, are expected to bolster investments in dividend-focused assets, providing sustained support for the market [6][19]. Comparative Performance of Dividend Indices - Year-to-date performance of various dividend indices shows the S&P A-Share Dividend Index leading with a gain of 11.64%, followed by other indices such as the Dividend Quality Index at 7.84% and the Central Enterprise Dividend Index at 6.40%. The S&P A-Share Dividend Index also boasts a dividend yield of 4.58% [7][20]. Historical Performance of the S&P Dividend ETF - From 2005 to September 2025, the cumulative return of the S&P A-Share Dividend Total Return Index reached 2596.59%, with an annualized return of 17.64%. This product is characterized by its "dividend + small-cap + industry diversification" features, making it a compelling option for investors seeking a balanced portfolio [8][21].

近年来，一系列指引与问询持续引导、鼓励并督促上市公司建立稳定、可预期的现金分红政策，这为红利高股息板块带来显著的积极影响。 与此同时，在鼓励"长钱长投"的背景下，险资等机构资金加速入市。这类资金往往非常重视投资收益的可持续性，估值偏低、股息率较高的红利板块更符 合其投资需求，有望在中长期资金面上对红利板块形成支撑。 在近期的A股市场中，红利板块表现相对占优。 回顾2025年以来的行情，红利板块走势略显"曲折"，但整体仍呈现上涨趋势，结合多方面因素看，红利资产仍具有较好的配置价值。 年末行情或可期待 临近年底，红利资产可能迎来"日历效应"下的投资行情。 国泰海通证券研究数据显示，红利资产通常在12月、1月、4月或有较为显著的季节性超额收益。通常情况下，年末年初之际，机构投资者更倾向于锁定收 益，可能更愿意配置红利板块。 政策端利好持续加码 两大红利指数股息率与估值情况 海外因素扰动催化红利行情 去年9月以来，A股在科技行情带动下持续走高，但市场难免有短期波动，叠加海外不确定因素扰动，有望阶段性催化红利行情。 具体到投资中，如何更好、更科学地配置红利资产？投资者不妨从两方面入手。 一是多市场布局，以更充分地把握红 ...

Core Viewpoint - The article highlights the performance and investment appeal of the Dividend Low Volatility ETF (512890), which has shown significant capital inflows and strong market recognition. Group 1: ETF Performance - The Dividend Low Volatility ETF (512890) rose by 1.15% to 1.233 CNY, with a trading volume of 4.18 billion CNY, leading its category in terms of transaction scale [1][3] - Over the past five trading days, the ETF has seen a net inflow of 180 million CNY, and over the last 20 trading days, the net inflow reached 1.15 billion CNY, indicating strong investor interest [2][3] - As of November 19, 2025, the ETF's total circulation scale was 21.431 billion CNY, ranking first among similar products, reflecting market confidence in the dividend low volatility strategy [2][3] Group 2: Investment Strategy and Holdings - The ETF's top holdings include major banks and transportation sectors, such as China Grain Reserves Corporation, Nanjing Bank, and Agricultural Bank of China, showcasing a focus on stable dividend-paying stocks [2][6] - The ETF has achieved a cumulative return of 143.68% since its inception in December 2018, outperforming its benchmark, making it a viable option for investors seeking stable returns amid market volatility [6] Group 3: Market Outlook - Analysts from Zheshang Securities express optimism about the value of dividend assets, predicting a balanced market style in 2026, with cyclical and technology growth sectors performing well [5] - The banking sector is highlighted as having significant investment potential due to its low historical valuations and strong dividend policies, making it an attractive choice for long-term investors [5]

Core Viewpoint - The Hongli State-Owned Enterprise ETF (510720) has shown positive performance with over 50 million yuan net inflow yesterday, highlighting its consistent dividend distribution for 19 consecutive months since its listing, making it a noteworthy investment option for those seeking stable returns [1] Group 1: ETF Performance and Characteristics - The Hongli State-Owned Enterprise ETF (510720) tracks the Shangguo Dividend Index (000151), which selects stocks with high dividend characteristics, stable dividend distribution, and good liquidity, primarily covering traditional sectors such as finance, energy, and industry [1] - The ETF has successfully distributed dividends every month since its listing, achieving a remarkable 19-month streak of consistent dividends, which is rare among ETFs in the market [1] Group 2: Market Context and Investment Strategy - Huaxin Securities indicates that during the balance sheet reduction cycle, the cost-effectiveness of stocks compared to bonds is limited, with a higher probability favoring value-oriented investment styles [1] - Dividend stocks are characterized by stable dividend distributions, and their current valuations are relatively low compared to historical levels, aligning with investment strategies that seek predictable returns [1] - The large-scale debt issuance has reduced local government financing costs and default risks, enhancing overall market expectations, while the central bank's policy to prevent fund idling further strengthens the allocation value of dividend assets [1]

Core Viewpoint - The A-share market is experiencing a slight decline, with the Shanghai Composite Index down by 0.56% as of the morning session on November 18. In this context, the Dividend Low Volatility ETF (512890) has also seen a decrease of 0.41% [1] Group 1: ETF Performance - The Dividend Low Volatility ETF (512890) is trading at 1.219 yuan, with a turnover rate of 1.21% and a transaction amount of 3.21 billion yuan, leading in trading volume among similar ETFs [2] - Over the past 5, 10, 20, and 60 trading days, the ETF has seen net inflows of 510 million yuan, 1.09 billion yuan, 1.51 billion yuan, and 4.5 billion yuan, respectively, with a total circulation scale reaching 26.508 billion yuan as of November 17, 2025 [2] Group 2: Market Insights - Institutional reports indicate that dividend assets are playing a significant role in current market allocation. Under the backdrop of "insufficient interest rate spreads," the "slow bull" pattern in A-shares is prompting insurance funds to increase equity allocations [3] - The new accounting standards have enhanced the earnings elasticity of stock holdings for insurance companies, making dividend assets a crucial defensive tool and a stabilizing factor for returns amid rising macroeconomic uncertainties and pressure on fixed-income yields [3] - The year-end market is expected to maintain a volatile structure with frequent sector rotations, as funds gradually shift towards themes like lithium batteries and consumer sectors benefiting from policy expectations [3]

Core Viewpoint - The issuance and inflow of dividend funds are increasing, reflecting a preference for stable equity assets among investors, with dividend funds expected to serve as a key entry point for conservative capital into the equity market [2][3]. Group 1: Fund Issuance and Inflow - Since the beginning of the fourth quarter, the scale of dividend funds has increased by 8 billion yuan, with 14 new products established [2]. - As of November 12, there has been a net subscription of 7.05 billion units for ETFs with "dividend" in their names, with the combined scale reaching 106.05 billion yuan, an increase of over 8 billion yuan from the end of the third quarter [3]. Group 2: Investor Preferences - Investors with lower risk tolerance are attracted to dividend strategies that focus on stable cash flow and continuous dividends, which can lower the psychological barrier for participating in the equity market [3]. - The demand for dividend funds is rising as they transition from being a supplementary option for "fixed income+" funds to becoming core assets capable of independently achieving return objectives [4]. Group 3: Institutional Demand - Institutions such as insurance and pension funds find dividend funds appealing due to their ability to match cash flow needs and control risks, as they offer a compounding effect and counter-cyclical attributes [4]. - The recent performance of the dividend sector has been positive, with the CSI Dividend Index rising over 6% as of November 13, benefiting from increased defensive demand amid market volatility [4]. Group 4: Future Investment Strategies - Investors are advised to maintain a balanced allocation, focusing on sectors with stable price increases, such as coal and solar energy, while also considering dividend assets for hedging against market fluctuations [5].