智通财经APP获悉，申万宏源发布研报称，以险资为代表的中长期资金密集增配银行已验证趋势，基于 险资权益配置用足上限估算，假设增量资金40%配置OCI、其中40%配置银行股，则对应潜在流入空间 约6000亿。基本面变化上，央行明确提出"支持银行稳定净息差"并将之与"拓宽货币政策逆周期调节空 间"直接勾稽，聚焦量与价的新平衡，预计2026年银行息差或扭转下行趋势转为同比微升，存款成本改 善空间更大的银行息差表现将好于同业。银行开启盈利稳定新周期，长线资金入市仍是进行时，看好银 行板块。 4)银行资本或成为焦点所在，能够有效资本内生或家底更厚的银行，在稳投放、稳分红上更能"游刃有 余"。此外，外源融资相对不畅，转债已是"稀缺"资源，重点跟踪促转股诉求的提振(如重庆，也包括兴 业、上海、常熟等)。 投资建议 申万宏源主要观点如下： 不容忽视，银行板块价值回归的资金驱动力 1)"前所未有的低利率环境"是带动增量资金流向红利板块最直接驱动，银行板块性价比更优。对标美国 和日本，低利率环境中红利高股息策略总体跑赢，也是险资更为青睐的投资方向；而当前银行指数股息 率约4.3%，较十年国债利率溢价位居过去十年超70%分位，在红 ...

Core Viewpoint - The article discusses the contrasting performance of micro-cap stocks and dividend stocks, highlighting a recent trend where both categories have shown strong performance simultaneously, breaking the previous inverse relationship between them [2][5]. Group 1: Market Performance - Micro-cap stocks experienced a significant drop of over 16% after a previous surge, while major banks reached historical highs, indicating a clear "see-saw" effect between these two stock categories [2]. - The recent week saw the micro-cap stock index and the bank index both reaching new highs, suggesting a potential shift in market dynamics [2]. Group 2: Investment Strategies - Dividend stocks are characterized by their large market capitalization, stable earnings, and high dividend yields, making them attractive for conservative investors [5]. - Recent monetary policies, including an 800 billion yuan liquidity support initiative, have bolstered the micro-cap growth market, enhancing its appeal to risk-tolerant investors [5][6]. - The article notes that high dividend strategies have gained traction, particularly as long-term interest rates decline, which positively impacts the pricing of dividend assets [5]. Group 3: Private Equity Products - There are 19 known micro-cap strategy products, all of which are quantitative, with six from billion-yuan private equity managers, all achieving positive returns [6][7]. - Notably, the "Zijie Growth Select No. 1" managed by Zijie Private Equity has reported a return of ***% over the past year, indicating strong performance in the micro-cap sector [8]. - The article highlights that the performance of high dividend and micro-cap strategies has become a primary focus for many investors, with various private equity products available for participation [5][10]. Group 4: Quantitative and Dividend Strategies - The article identifies 15 high dividend products, with a mix of quantitative and subjective strategies, showcasing the growing interest in dividend-focused investments [10][11]. - Noteworthy products include "Abama Four Seasons Dividend Quantitative Hedge" and "Century Frontier Dividend Preferred No. 1B," both of which have shown strong returns over the past year [11]. - The increasing recognition of the value of dividend strategies has led to greater volatility in related indices, presenting opportunities for skilled fund managers to achieve excess returns [12][13].

Core Viewpoint - The domestic ETF market in China has experienced unprecedented growth in 2024, with assets under management reaching approximately 3.6 trillion yuan, marking a 95% increase compared to the previous year, and showcasing the market's robust potential for further development [1][7][8]. ETF Market Overview - The overall net inflow of funds into the domestic ETF market in 2024 was about 1.3 trillion yuan, with the total number of ETF products reaching 1,019, including 981 equity ETFs, 21 bond ETFs, and 17 commodity ETFs [2][11]. - The rapid growth of various asset categories in ETFs was evident, with equity ETFs increasing by approximately 93%, and both bond and commodity ETFs seeing growth rates exceeding 100% [11][22]. Equity ETFs - Large-cap balanced equity ETFs dominated the asset management scale and fund flows, attracting over 800 billion yuan in net inflows, accounting for about 70% of total net inflows in equity ETFs [17]. - The market has shown a clear preference for broad-based ETFs, with significant inflows into the newly launched CSI A500 ETF, which has garnered over 250 billion yuan in assets [5][21]. Bond ETFs - Despite being smaller in number and scale compared to equity ETFs, bond ETFs saw substantial growth, particularly in the interest rate bond category, which experienced an 11-fold increase in net inflows compared to 2023 [22]. - The overall bond ETF market benefited from a favorable bond market environment, with net inflows nearing 900 billion yuan, reflecting a 270% increase year-on-year [11][22]. Commodity ETFs - Commodity ETFs, primarily focused on gold, also recorded significant growth, with the overall scale of gold ETFs increasing by approximately 140% due to rising gold prices driven by global economic uncertainties [25][28]. Leading ETF Providers - The top three ETF providers in China, namely Huaxia Fund, E Fund, and Hua Tai Bai Rui Fund, maintained their positions as the largest fund companies, with significant growth in net fund inflows in 2024 [32][33]. - The market share of the top three ETF providers increased from 46.4% at the end of 2023 to 48.6% by the end of 2024, indicating a trend of concentration in the ETF market [33]. Market Dynamics - The ETF market has shown a "Matthew Effect," where larger funds continue to attract more capital, reinforcing the dominance of established products [29][32]. - The competitive landscape is evolving, with a growing number of innovative products emerging, catering to diverse investment themes and enhancing investor engagement [33][34].

观点抢先看 2024年国内ETF资产管理规模增速再一次刷新了历史记录，达到95%，管理规模逐年创下新高。相比2023年底1.8万多亿元的资产管理规模，2024年底的ETF资产 2024年各类资产类别的ETF规模均呈现飞速增长，股票型ETF同比增长约九成，债券型及商品ETF增长率均超过100%。 股票型ETF中，大盘平衡股票是资产管理规模和资金流向最大的类别，2024年全年净资金流入高达8000多亿元，占全部股票型ETF资金净流入的70%左右。除了大 虽然与股票型ETF相比，债券型ETF的数量和规模都很小，但受益于债券市场持续向好，2024年债券型ETF的规模和资金流都增幅巨大。其中，利率债分类的净资 ETF市场马太效应明显，目前市场中规模排名前五的ETF产品中有四只均为跟踪沪深300指数的宽基ETF，成立超过10年，且规模均已超过1500亿元，2024年资金 华夏基金、易方达基金和华泰柏瑞基金一直是按照ETF资产管理规模排序最大的三家基金公司，其资金流入在2024年依旧保持强劲增长势头。截至2024年底，国 晨星中国在去年首次对ETF年度资金流进行了分析，今年再次回顾ETF市场时我们发现2024 年国内ETF ...