高股息策略

Search documents
红利国企ETF(510720)涨超1%,规模突破30亿元,关注连续分红18个月,可月月评估分红的红利国企ETF
Mei Ri Jing Ji Xin Wen· 2025-10-10 05:32
值得注意的是,红利国企ETF(510720)在上市后的每个月都做到了分红,已连续分红18个月,是市场 上少有的上市以来每月践行分红的ETF基金,感兴趣的朋友可以逢低布局。 (文章来源:每日经济新闻) 国信证券表示,高股息策略的收益包含资本利得和股息收入两部分。其本质在于投资处于成熟生命周期 阶段的企业,这类公司通常投资回报有限、营收和净利润增速较低,但盈利韧性强,ROE显著更高,现 金流保障能力突出,因而倾向于将利润以分红形式分配。分红本身也是增厚ROE的重要路径,形成"稳 定盈利-持续分红-提升ROE"的正向循环,支撑策略的高胜率。 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特征、分 红稳定性良好且兼具规模与流动性的股票作为成分股,主要覆盖金融、能源、工业等传统行业领域,集 中体现价值投资策略下稳健收益与长期分红的特性。 ...
博时恒生港股通高股息率ETF(513690):聚焦港股红利标的,关注高股息投资机会
Changjiang Securities· 2025-09-23 08:43
- The Hang Seng Hong Kong Stock Connect High Dividend Yield Index aims to reflect the overall performance of Hong Kong-listed securities with high dividend yields that can be traded through the Hong Kong Stock Connect[4][10] - The index was launched on November 18, 2019, with a base date of December 31, 2014, and a base point of 3000 points[4][10] - The index selects the top 50 securities with the highest average net dividend yield over the past three years as constituents[46] - The net dividend yield is calculated as post-tax dividends per share divided by the closing price on the dividend data cut-off date[46] - The index constituents are selected from eligible Hang Seng Composite Index stocks that can be traded under the Stock Connect scheme[46] - The index has a buffer zone where existing constituents ranked below 60 are removed, and new constituents ranked above 40 are added to maintain the number of constituents at 50[46] - The index has shown superior long-term performance compared to the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Stock Connect Index[43][71] - The Hang Seng Hong Kong Stock Connect High Dividend Yield Index has a high dividend yield, with the past 12 months' dividend yield exceeding 6%, compared to other common Hang Seng broad-based indices which mostly range between 2% to 5%[47][49] - The index's annualized volatility is generally lower than other common Hang Seng broad-based indices, with most years since 2018 having an annualized volatility below 24%[76][77] - The index's top ten constituents include companies like COSCO Shipping Holdings, Orient Overseas International, Yancoal Australia, SITC International, Yanzhou Coal Mining, PCCW, Hang Lung Properties, China Feihe, China Hongqiao, and Henderson Land Development[65] - The index's top ten constituents have a combined market capitalization of approximately HKD 10325.86 billion, with a weighted PE (TTM) of 10.05, weighted ROE of 7.62%, and weighted dividend yield of 8.97% over the past 12 months[65] - The index's constituents are mainly distributed in industries such as industrials, financials, energy, real estate, utilities, and telecommunications[55][56] - The index's constituents are primarily large-cap stocks, with 34 out of 50 constituents having a market capitalization above HKD 1000 billion[61][62] - The index's constituents have shown stable growth prospects, with expected revenue growth of 6.58% in 2025 and net profit growth of 4.16% in 2026[67][68][69][70] - The Bosera Hang Seng Hong Kong Stock Connect High Dividend Yield ETF (513690) closely tracks the index, aiming to minimize tracking deviation and tracking error[11][78] - The ETF was listed on May 20, 2021, and is a passive index fund that primarily invests in the index constituents and eligible stocks under the Stock Connect scheme[81] - The ETF's management fee rate is 0.50%, and the custodian fee rate is 0.10%[83]
量化策略研究:高股息与高自由现金流策略的全面对比与优化
Yuan Da Xin Xi· 2025-09-19 11:29
投资要点 证券研究报告/量化策略研究 高股息与高自由现金流策略的全面对比与优化 我们在之前发布的两篇深度报告中研究了股息率因子和自由现金流因子,本篇报 告对这两种因子策略进行对比分析,并对之前构建的策略做进一步优化。 ——量化策略研究 2013年至今,自由现金流和红利低波的全收益指数均表现优异。2012/12/31- 2025/9/17,国证自由现金流全收益指数(480092.CNI)总涨幅678.74%,年化 收益率18.07%,最大回撤51.05%;东证红利低波全收益指数(921446.CSI)总 涨幅616.51%,年化收益率17.28%,最大回撤37.72%。 两只指数的编制逻辑、行业配置、市值分布、个股集中度存在差异。编制逻辑: 自由现金流指数剔除金融与地产行业,更侧重于企业财务质量,调仓频率高(季 度);东证红利低波指数考虑了波动率因子,更侧重分红持续性和稳定性,半年 度调仓。行业分布:自由现金流指数行业分布更广泛,既包含汽车、家电等传统 制造产业,也涉及半导体、电力设备等新兴行业;红利低波指数主要集中在银行、 煤炭、公用事业等传统稳定型行业。在市值分布上,自由现金流指数成分股以百 亿市值个股为主 ...
Global X恒生高股息率ETF(03110)每股派息1.6港元 高股息策略成降息周期下投资避风港
Zhi Tong Cai Jing· 2025-09-17 04:01
Group 1 - High dividend strategies are becoming an important choice for investors amid rising global interest rate cut expectations and increased market volatility due to their attractive dividend yields and lower volatility [1] - The Global X Hang Seng High Dividend ETF (03110) announced a dividend of HKD 1.6 per share, with an ex-dividend date of September 24 and payment expected on September 30, driven by the strong performance of the underlying Hang Seng High Dividend Index [1] - As of August 29, the dividend yield of the index was 6.9%, which increased to 7.8% after the annual rebalancing in June, although it has since decreased due to stock price growth [1] Group 2 - In the Chinese mainland market, low bank deposit rates and bond yields may lead more household savings to flow into the stock market, with high dividend products likely to be among the first beneficiaries [2] - Strong policy support in China, such as the People's Bank of China's establishment of a repurchase and re-lending fund, is expected to stimulate corporate buyback activities, while the "National Nine Articles" policy set to launch in 2024 will promote more stable and frequent corporate dividend payments [2] - Among the 50 index constituent stocks, 42 companies announced mid-year dividends for the first half of 2025, with 30 companies (71%) maintaining or increasing their per-share dividends year-on-year, resulting in a 7.9% year-on-year growth in the past twelve months' dividends per share (DPS) [2]
Global X恒生高股息率ETF每股派息1.6港元 高股息策略成降息周期下投资避风港
Zhi Tong Cai Jing· 2025-09-17 03:59
Group 1 - The article highlights the increasing attractiveness of high dividend strategies amid rising global interest rate cut expectations and heightened market volatility, making them an important choice for investors seeking to navigate uncertainty [1] - Global X's Hang Seng High Dividend ETF (03110) announced a dividend of HKD 1.6 per share, with an ex-dividend date of September 24 and payment expected on September 30, driven by the strong performance of the underlying Hang Seng High Dividend Index [1] - As of August 29, the dividend yield of the Hang Seng High Dividend Index was 6.9%, which increased to 7.8% after the annual rebalancing in June, although it has since declined due to rising stock prices [1] Group 2 - In the Chinese mainland market, low bank deposit rates and bond yields may lead more household savings to flow into the stock market, with high dividend products likely to be among the first beneficiaries [2] - Strong policy support from the Chinese government, including the establishment of a repurchase and re-lending fund by the People's Bank of China, is expected to stimulate corporate buyback activities, further supporting high dividend strategies [2] - Among the 50 index constituent stocks, 42 companies announced interim dividends for the first half of 2025, with 30 companies (71%) maintaining or increasing their per-share dividends year-on-year, resulting in a 7.9% year-on-year growth in the past twelve months' dividends per share (DPS) [2]
招商证券:流动性驱动港股新一轮上涨 聚焦三进攻+两底仓
智通财经网· 2025-09-16 01:41
Group 1: Market Overview - The Hong Kong stock market is expected to experience a new round of increases driven by liquidity, with several factors alleviating liquidity constraints in September [1] - The easing of liquidity constraints is attributed to the Federal Reserve's interest rate cuts, improved funding conditions in Hong Kong, continuous inflow of southbound funds, and the resolution of profit concerns following interim reports [1][2] Group 2: Economic and Policy Context - The current economic recovery is weak, with a notable divergence between old and new economic structures, while the Chinese government continues to implement proactive fiscal policies and moderately loose monetary policies [2] - The focus of industrial policy is on "Artificial Intelligence+", with the State Council issuing relevant action plans to accelerate the cultivation of new productive forces [2] Group 3: Liquidity and Valuation - The disappointing U.S. non-farm payroll data in August, which fell significantly below expectations, has led to a projected interest rate cut in September, with a cumulative reduction of 75 basis points expected this year [3] - Southbound funds have seen a net inflow exceeding 1 trillion HKD this year, accounting for approximately 30% of market transactions, providing significant support to the market [3] Group 4: Investment Strategy - The investment strategy includes three aggressive sectors (technology, non-ferrous metals, and non-bank financials) and two defensive positions (turnaround stocks and high-dividend stocks) [4] - Technology stocks are expected to see growth due to the resolution of interim report concerns and sustained capital expenditure, while the valuation of the Hang Seng Technology Index is only half that of the Nasdaq, indicating potential for recovery [4] - Non-ferrous metals are driven by a combination of U.S. dollar depreciation, low interest rates, and liquidity, while high-dividend stocks are in demand due to stable dividend capabilities and the growing interest in "fixed income plus" products among southbound investors [4]
红利国企ETF(510720)连续5日吸金超1.8亿元,关注连续分红17个月,可月月评估分红的红利国企ETF
Sou Hu Cai Jing· 2025-09-12 08:25
没有股票账户的投资者可关注国泰上证国有企业红利ETF发起联接A(021701),国泰上证国有企业红 利ETF发起联接C(021702)。 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。 如提及个股仅供参考,不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考,不预示未来 表现。市场观点随市场环境变化而变动,不构成任何投资建议或承诺。文中提及指数仅供参考,不构成 任何投资建议,也不构成对基金业绩的预测和保证。如需购买相关基金产品,请选择与风险等级相匹配 的产品。基金有风险,投资需谨慎。 每日经济新闻 国信证券表示,高股息策略的收益包含资本利得和股息收入两部分。其本质在于投资处于成熟生命周期 阶段的企业,这类公司通常投资回报有限、营收和净利润增速较低,但盈利韧性强,ROE显著更高,现 金流保障能力突出,因而倾向于将利润以分红形式分配。分红本身也是增厚ROE的重要路径,形成"稳 定盈利-持续分红-提升ROE"的正向循环,支撑策略的高胜率。 红利国企ETF(510720)跟踪的是上国红利指数(000151),该 ...
红利低波ETF(512890)连续60个交易日吸金25亿!成震荡市“压舱石”
Xin Lang Ji Jin· 2025-09-11 10:08
Group 1 - The A-share market showed strong performance on September 11, with the ChiNext Index surpassing 3000 points and the Sci-Tech 50 Index rising by 5.30% [1] - The Huatai-PineBridge Dividend Low Volatility ETF (512890) experienced a steady increase of 0.34%, closing at 1.192 yuan, with a trading volume of 395 million yuan [1] - Despite high attention on growth sectors, stable products like the Dividend Low Volatility ETF attracted significant capital inflow, with a net inflow of 236 million yuan over the last 10 trading days and 2.543 billion yuan over the last 60 days [1] Group 2 - The Huatai-PineBridge Dividend Low Volatility ETF (512890) has shown excellent performance since its establishment in December 2018, with an asset size of 20.742 billion yuan and a cumulative return rate of 137.70%, ranking 53rd among 502 similar products [2] - This ETF has achieved positive returns every year from 2019 to 2024, demonstrating strong resilience and stability in the A-share market [2] Group 3 - Strengthened regulatory policies on cash dividends and steady inflow of long-term funds have enhanced the allocation value of the Dividend Low Volatility ETF, presenting better investment opportunities for long-term investors [3] - Investors are encouraged to adopt a systematic investment strategy to diversify entry points, incorporating the Dividend Low Volatility ETF as a stable income component in their asset portfolios [3]
利率下行周期中的高股息增强策略
ZHONGTAI SECURITIES· 2025-09-10 10:22
Group 1 - The report emphasizes that a single high dividend yield factor is insufficient to navigate through a declining interest rate cycle, suggesting enhancements based on interest rate trends [2][6] - It highlights that while long-term interest rates are expected to decline slowly, short-term rates are entering a plateau phase, necessitating a dual focus on "stable earnings" and "high growth" for future high dividend strategies [2][6] - The report indicates that the correlation between interest rate declines and stock market performance is weak, particularly in the context of deteriorating fundamentals, which can offset the benefits of lower discount rates [2][6] Group 2 - The report outlines the direct effects of low interest rates on stock pricing through the discount rate mechanism, noting that lower rates can enhance the present value of future cash flows, particularly for stocks with high long-term cash flow [9][11] - It discusses the indirect effects of low interest rates on corporate earnings and growth expectations, stating that while lower rates can improve balance sheets, they often coincide with pressure on earnings, limiting their positive impact [11][15] - The report provides historical context, comparing the experiences of the US and Japan during low interest rate periods, noting that stock performance often diverges from economic indicators during such times [18][24] Group 3 - The report critiques the traditional view of high dividend strategies, arguing that they do not consistently maintain high returns during low interest rate environments, as evidenced by the performance of high dividend indices in the US and Japan [29][40] - It suggests that high dividend strategies should be enhanced by focusing on factors such as stable earnings, high growth, strong cash flow, and low volatility, adapting to different interest rate phases [48][60] - The report presents a model for constructing high dividend indices that incorporates a broader range of factors beyond just dividend yield, aiming for a more comprehensive investment strategy [54][57]
“T+0”+高股息,港股通央企红利ETF天弘(159281)涨超1%,成交额居深市同标的第一,机构:红利板块防御性配置价值凸显
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-05 10:41
Core Viewpoint - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) has shown strong performance with a 1.03% increase in closing price and a trading volume exceeding 400 million yuan, indicating high investor interest and liquidity [1][2]. Group 1: ETF Performance - The ETF has a turnover rate of 11.77%, the highest among similar products, and a premium trading occurrence with a premium rate of 0.21% [1]. - The management fee is set at 0.5% annually, while the custody fee is 0.1% annually [1]. Group 2: Index Characteristics - The ETF closely tracks the Hong Kong Stock Connect Central Enterprise Dividend Index (931233), which selects companies with stable dividend levels and high dividend yields from central enterprises [1][3]. - The index has a dividend yield exceeding 7% as of the second quarter of 2025 [2]. Group 3: Historical Performance - Over the past five years, the annualized return of the index is 14.27%, with an annualized volatility of 22.02% [2]. Group 4: Investment Strategy Insights - The index includes only companies that have paid dividends continuously for the past three years, ensuring a strict selection process to avoid "one-off dividends" [3]. - The dividend strategy is highlighted as a defensive investment approach, gaining importance amid tightening liquidity and pressure from major shareholders [3]. - High dividend strategies are characterized by stable earnings and strong cash flow, leading to a positive cycle of stable profits, continuous dividends, and enhanced return on equity (ROE) [3].