相关研究 - 证券分析师 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 联系人 肖逸芳 (8621)23297818× xiaoyf@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 07 月 09 日 华富新华中诚信红利价值指数：从 "红利低波"向"红利价值"的全 面进化 ——指数基金产品研究系列报告之二百四十九 指 数 研 究 ⚫ 政策与资本双轮驱动红利资产的时代配置机遇：新国九条"加大对分红优质公司的激励力 度"的相关要求刺激分红意愿，《关于推动中长期资金入市工作的实施方案》有力支撑红 利长期配置需求，在政策与资本的双轮驱动下，红利 ETF 规模持续保持稳定增长。 ⚫ 红利资产利差护城河解锁复利超额的科学投资方案：1）5.6%股息率 VS 1.7%国债收益： 在低利率环境下，红利资产的类固收属性及确定性溢价持续凸显 ...

Core Viewpoint - The banking sector in China has shown significant performance, with the China Securities Banking Index achieving a 34.7% increase in 2024, leading all industry indices, and a further 13% rise in the first half of 2025, driven by improved fundamentals and market preferences for stable investments [4][6]. Group 1: Performance Metrics - The China Securities Banking Index had a dividend yield of approximately 5.2% as of June, contrasting with declining deposit rates [8]. - In the first half of 2025, the banking sector saw a 17.6% increase, with the share prices of major banks like Shanghai Pudong Development Bank and Qingdao Bank rising over 30% [6][7]. - Among the six major state-owned banks, Agricultural Bank of China led with a 12.7% increase, while Postal Savings Bank lagged with only a 1% rise [5]. Group 2: Investment Trends - Insurance funds have become a significant source of investment in bank stocks, with 23 A-share listed banks having insurance capital as major shareholders [9]. - Analysts suggest that the high dividend yields of bank stocks continue to attract stable capital inflows, despite some recent volatility in stock prices [4][10]. - The market is currently evaluating the sustainability of high dividend yields, focusing on profitability, valuation, and dividend stability [10]. Group 3: Market Dynamics - The banking sector has experienced internal differentiation, with state-owned banks showing varied performance; while some have maintained strong growth, others have seen declines [4][6]. - The recent increase in capital for state-owned banks has led to concerns about short-term impacts on dividend yields and earnings per share [5]. - The overall sentiment in the market remains cautious, with investors weighing the benefits of high dividends against potential valuation pressures [9][10].

近日，太平洋保险（601601.SH）旗下产品"金诺优享"在多出平台屡遭投诉。黑猫投诉 【下载黑猫投诉 客户端】平台显示，多地消费者指控业务员在销售过程中存在夸大承诺、隐瞒关键条款等行为，甚至有 代签名、返佣等违规操作。 有媒体报道，山东济南的朱先生反映，业务员承诺"19年缴费期满可取本金且终身保障"，但实际合同条 款却显示需缴费28年且取款后保障终止。尽管经媒体介入后朱先生获85%保费退还，但这一结果仍远未 达预期。 业绩端，2025年一季度财报显示，归母净利润下滑18.1%。此前重仓的天齐锂业H股浮亏超60%，管理 层在2025年表示将"不会在单一行业过多举牌"。 值得注意的是，太平洋保险的寿险主业正显现疲态。2024年财报显示，其保险业务收入同比下降 2.3%，与中国人寿（601628.SH）、平安寿险等同业两位数增长形成鲜明对比。 在银保监会强化"保险姓保"监管的背景下，如何平衡规模扩张与服务品质，将成为这家老牌险企的关 键。 多位投保人维权陷困境 "业务员说随时能取本金，每年还能拿分红！"6月24日，黑猫投诉平台上一则针对太平洋寿险的控诉引 发关注。这位2018年投保"金佑人生终身寿险（分红型）"及 ...

距离上半年结束还有4个交易日，截至2025年6月23日，银行(申万一级)指数今年以来累计涨幅14.11%， 在31个申万一级行业中排名第一，尤其二季度以来银行股持续上涨，一批银行个股连续创出历史新高。 作为普通投资者，如有闲置基金不妨考虑效仿险资，通过港股通金融ETF，H股银行含量最高的ETF， 一键打包在港上市的大金融企业。截至6月23日，其跟踪指数的近12个月股息率已达到8.08%，高出同 一时间的10年期国债收益率6.44%；当然如果对A股情有独钟，也可以选择银行ETF基金(515020)等A股 类似标的。 回顾上半年，高股息策略继续强势演绎，资金面催化下，银行板块绝对收益、相对收益明显。今年以来 全球宏观事件频发，不确定性急剧提升了全球金融资产的波动性，在整体市场风险偏好下移的背景下， 获取稳定的绝对收益成为主流投资选择，高股息策略备受青睐。在国家队资金的有力支撑、长期资金持 续入市等利好推动下，银行板块估值在基本面未见明显改善的情况下实现了稳步复苏，且目前交易拥挤 度指标并未达到前期高点。 因为银行板块兼具高股息、低估值特征，长线资金持续流入。而险资在这方面配置需求仍大。在目前中 长期无风险利率维持 ...

Core Viewpoint - The banking sector has shown strong performance in 2023, with a cumulative increase of 14.11% as of June 23, 2025, ranking first among 31 industries, driven by high dividend strategies and stable absolute returns amid global macro uncertainties [1] Group 1: Investment Trends - The banking sector features high dividend yields and low valuations, attracting long-term capital inflows [2] - Insurance capital continues to favor high-dividend equity assets, with bank valuations between 0.6-0.7 times, providing a cost-effective investment option [2] - Southbound funds have been actively buying Hong Kong and H-shares of banks, particularly state-owned banks, which have seen a significant increase in their market share [2] - Public funds are expected to increase their allocation to banks, with current allocation weights significantly lower than the sector's representation in the market [3] Group 2: Banking Fundamentals - The banking sector is expected to maintain a bottoming trend, with credit growth around 7%-8% and a gradual slowdown in the trend of deposit regularization [4] - The optimization of liability costs is expected to mitigate the impact of LPR cuts, leading to a narrowing of interest margin declines [4] - Non-interest income is showing marginal improvement, although other non-interest income sources are under pressure [4] - Asset quality remains stable, supported by ongoing government support for the real economy, although retail loan quality may face marginal deterioration [4] Group 3: Market Dynamics - The trading congestion indicators for banks have not reached previous highs, indicating room for further growth [5] - The trading volume and turnover rate of state-owned banks are significantly lower than previous market peaks, while city commercial banks are seeing increased activity [5] - Agricultural commercial banks have experienced a notable increase in trading activity, benefiting from recent market trends and index inclusions [5] Group 4: ETF Performance - The banking ETF (515020) has a dividend yield of 5.19%, a PE ratio of 7.21, and a PB ratio of 0.72 as of June 23, 2025 [6] - The Hong Kong Stock Connect Financial ETF (513190) has a dividend yield of 8.18%, a PE ratio of 6.48, and a PB ratio of 0.58 [6] - The Low Volatility Dividend ETF (159547) has a dividend yield of 5.29%, a PE ratio of 8.25, and a PB ratio of 0.84, with banks comprising 49.2% of the index [6]

Core Viewpoint - The banking sector, particularly the Bank AH Preferred ETF (517900), is experiencing a significant upward trend, indicating a potential acceleration phase in its growth trajectory [1]. Group 1: Historical Performance - Ten years ago, only five out of 31 Shenwan primary industries achieved positive returns, with the Bank AH Total Return Index rising by 127%, outperforming all other sectors [2][3]. - The Bank AH (Total) index recorded a growth of approximately 126.96% over the specified period, significantly higher than other sectors such as Food & Beverage (107.28%) and Household Appliances (28.98%) [3]. Group 2: Investment Drivers - High Dividend Strategy: The Bank AH index has a dividend yield of 6.51% as of the end of May, with individual banks like China Construction Bank at 6.56% and Jiangsu Bank at 7.46%, attracting long-term funds seeking stable cash flow [4]. - Policy Support: Recent policies, including interest rate cuts and measures to guide long-term funds into the market, have alleviated operational pressures on banks and boosted market confidence [5]. - Defensive Attributes: The banking sector's low valuation and high dividend yield provide a safety net amid increased market volatility and low risk appetite, making it an attractive option for investors seeking stability [6]. Group 3: ETF Performance - The Bank AH Preferred ETF (517900) has seen its share increase by over 256% this year, reflecting strong investor confidence [7]. - The ETF's strategy involves actively rotating between A-shares and H-shares to capture undervalued quality bank stocks, aiming for superior risk-return ratios [6].

Group 1 - The banking sector is experiencing a significant rally, with multiple bank stocks reaching historical highs, driven by a long-term trend of low interest rates and the revaluation of RMB assets [1][2][7] - Insurance capital is actively increasing its holdings in bank stocks, with Ping An Asset Management making its third purchase of China Merchants Bank H-shares this year, indicating strong long-term investment interest [1][7] - The China Securities Banking Index has outperformed the broader A-share market, with a year-to-date increase of 14%, and 37 out of 42 listed banks have seen their stock prices rise [2][9] Group 2 - High dividend yields are attracting investors, with the banking sector's average dividend yield at 4.19%, ranking third among 30 industries, and 22 bank stocks yielding over 4% [2][3] - The stability of bank earnings and dividends, along with a favorable investment environment, enhances the attractiveness of bank stocks for long-term investment [5][6] - Analysts suggest that the current market conditions favor banks with regional advantages and high dividend yields, particularly large banks and certain city and rural commercial banks [6][9] Group 3 - Insurance companies are increasingly buying bank stocks due to their stable performance, high dividends, and favorable liquidity, with significant net inflows into Hong Kong bank stocks from southbound funds [7][9] - The regulatory environment is supportive of insurance capital entering the market, encouraging long-term investments in bank stocks [9] - The trend of insurance capital purchasing bank stocks reflects a rational investment strategy based on dividend yields, tax advantages, and the unique value of state-owned banks in the financial market [7][9]

量化金融研究丨深度报告 [Table_Title] 广发中证智选高股息策略 ETF（159207）：聚焦 高息资产，把握低风险下高确定性 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中证智选高股息策略指数选取 50 只连续分红且现金分红预案股息率较高的上市公司证券作为 指数样本，以反映股息率较高上市公司证券的整体表现。该指数由中证指数公司发布，指数代 码：932305.CSI，指数简称：智选高股息。智选高股息指数在全区间的年化收益率达到 13.37% （2005 年 12 月 31 日至 2025 年 6 月 11 日），超越中证 500（10.63%）、沪深 300（7.92%） 等宽基指数以及中证红利指数（10.09%）等高股息策略指数。广发中证智选高股息策略 ETF （159207）采用指数化投资策略，紧密跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] SAC：S0490524080006 SAC：S0490513030001 邓元哲 覃川桃 SFC：BUT353 [Table ...

群益投信董事长Andrew Tsai表示，联电股价"受益于本地高股息ETF资金流入，被动基金优先考虑收益率而非基本面"。联电股价涨势在6月24日除息日前进 一步加强。 不过，有分析师认为，联电股价已超过分析师平均12个月目标价，且卖空比例升至约9%的历史高位，其优异表现可能难以持续。 高股息策略推动资金流向分化 台湾高股息ETF管理资产规模超过440亿美元，成为影响台湾股市资金配置的重要力量。这些ETF根据股息收益率进行配置，优先选择分红慷慨的公司。 联电作为台湾第二大半导体制造商，凭借超过6%的股息收益率成为高股息ETF的重要标的。相比之下，全球最大晶圆代工厂台积电的股息收益率不足2%， 未能获得这些ETF的大量配置。 凭借"高股息"，联电备受投资者青睐。 受到中国台湾地区高股息ETF资金流向影响，台积电今年股价表现逊色于规模较小的竞争对手联电。联电凭借超过6%的股息收益率获得被动资金青睐，而 台积电因股息率不足2%被边缘化。 联电股价今年上涨10%，台积电则下跌1%。台湾三大高股息ETF均将联电列为前十大持股，这些产品今年吸引约100亿美元资金流入，成为亚太地区表现最 佳的股票ETF之一。 分析师指出，联 ...

6月17日，A股走势分化，银行ETF龙头（512820）冲高回落，午后窄幅震荡，收跌0.2%，盘中价一度创历史新高！值得注意的是，资金已连续3日增持高股 息板块，银行ETF龙头（512820）近3日累计吸金超2500万元。 6月17日，银行ETF龙头（512820）标的指数成分股涨跌不一，苏农银行大涨超2%，招商银行、工商银行、农业银行、建设银行、邮储银行等微涨。 【银行ETF龙头（512820）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 77.77 80 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 600036 | 招商银行 | 银行 | 0.44% | 21.78亿 | 15.59% | | 2 | 601166 | 兴业银行 | 银行 | -0.63% | 11.85 Z | 11.97% | | 3 | 601398 | 工商银行 | 银行 | 0.42% | 16.3117 | 7.46% | | 4 | 601328 | 交通银行 | 银行 | -0.13% | 7.9817. ...