近期，国有大行轮番上演"大象起舞"成为A股市场一道风景线。11月21日，中国银行股价一度涨超2%， 续创历史新高，前一个交易日，工商银行股价也创出新高点。此外，建设银行股价也逼近今年年中的历 史高点。此前，农业银行更是走出一波"14连阳"的行情，股价同样不断创新高。 分析人士表示，国有大行的集体上涨，不仅来自其高股息与稳健资产质量的吸引力，也源于其作为金融 系统"压舱石"的重要定位，而这一"确定性"价值正迎来市场的全面重估。 高股息策略成"重要选项" 国有大行的吸引力在于给投资者带来实打实的回报。长江证券银行业分析师马祥云在研报中表示，近期 国有大行陆续启动中期分红，计划12月上旬陆续派息，较2024年有所提前，推动了中期分红行情加速到 来。 据上海证券报记者统计，工农中建四大行的百亿元分红正在路上，六大行合计派现2046.57亿元，约占 全部上市银行中期分红总额的近80%。 今年前三季度，国有大行保持稳健的扩表增速。从盈利表现看，六大行前三季度合计盈利1.07万亿元， 净利润全部实现正增长。其中，工行、建行、中行利润增速环比二季度由负转正。"业绩有韧性。"戴志 锋表示，这是2022年以来国有大行营收利润增速 ...

国有大行的吸引力在于给投资者带来实打实的回报。长江证券银行业分析师马祥云在研报中表示，近期 国有大行陆续启动中期分红，计划12月上旬陆续派息，较2024年有所提前，推动了中期分红行情加速到 来。 据上海证券报记者统计，工农中建四大行的百亿元分红正在路上，六大行合计派现2046.57亿元，约占 全部上市银行中期分红总额的近80%。 以银行股为代表的红利资产，眼下正重回投资组合。国盛证券宏观首席分析师张浩在接受上海证券报记 者采访时表示，居民资产正在"换锚"，"向权益要收益"的配置意愿大幅提升，转配红利型权益类资产。 ■记者观察 大象何以轮番"起舞" ◎记者 张骄 近期，国有大行轮番上演"大象起舞"成为A股市场一道风景线。11月21日，中国银行股价一度涨超2%， 续创历史新高，前一个交易日，工商银行股价也创出新高点。此外，建设银行股价也逼近今年年中的历 史高点。此前，农业银行更是走出一波"14连阳"的行情，股价同样不断创新高。 分析人士表示，国有大行的集体上涨，不仅来自其高股息与稳健资产质量的吸引力，也源于其作为金融 系统"压舱石"的重要定位，而这一"确定性"价值正迎来市场的全面重估。 高股息策略成"重要选项" ...

【导读】港股显著下跌；黄金股调整，锂业"双雄"大跌 中国基金报记者 储是 受海外市场影响，11月21日，港股三大指数集体大幅下跌。科网股、半导体板块拖累恒生科技指数盘中跌至3.8%。降息预期减弱，国际金价日内调整， 导致黄金股走低。 招商证券认为，市场前期预期的多项边际利好正逐步兑现，构成了推动市场情绪转向乐观的核心动力。 美股重挫影响港股 半导体板块同样遭遇重挫，中芯国际、华虹半导体、贝克微等分别跌6.39%、6.09%、5.20%。 11月21日，全球多个主要股市显著下跌，港股三大指数大幅下挫。其背后原因是美联储降息预期降温引发的全球流动性担忧和人工智能泡沫担忧。 恒生科技指数当日收跌3.21%，恒生指数、国企指数分别下跌2.38%、2.45%。 盘面上，大型科网股、金融股等权重股集体承压，拖累市场情绪。港股全市全天交易额为2857亿港元，南向资金净买入额为1亿港元。 由于投资者对美联储12月降息的预期降温，导致全球风险资产情绪转向谨慎。 据芝商所美联储观察工具，交易员当前定价下个月降息25个基点的可能性约为40%。摩根士丹利改变此前作出的"美联储12月会议将降息25个基点"的预 测，不再预计美联储会于1 ...

Market Overview - The Hong Kong stock market experienced significant declines on November 21, with the Hang Seng Index, Hang Seng Tech Index, and the Hang Seng China Enterprises Index dropping by 2.38%, 3.21%, and 2.45% respectively, influenced by the downturn in global markets and concerns over liquidity and AI bubble risks [4][6][9] - The total trading volume in the Hong Kong market reached HKD 285.7 billion, with net inflows from southbound funds amounting to HKD 10 million [4] Sector Performance - Major technology stocks such as Baidu, Alibaba, and Tencent saw declines of nearly 6%, 4.65%, and 1.77% respectively, reflecting the overall market sentiment [9] - The semiconductor sector also faced significant losses, with stocks like SMIC and Hua Hong Semiconductor dropping by 6.39% and 6.09% respectively [11] Gold and Lithium Sectors - The decline in interest rate expectations led to a drop in international gold prices, with COMEX gold futures falling to approximately USD 4040 per ounce, resulting in declines for gold stocks such as China Silver Group and WanGuo Gold, which fell by 6.25% and 5.61% respectively [13][14] - Lithium stocks were heavily impacted, with Ganfeng Lithium and Tianqi Lithium experiencing declines of 12.47% and 11.93% respectively, amid changes in trading fees for lithium futures [17][18] Analyst Insights - According to招商证券, the market's previous expectations of several marginal benefits are gradually being realized, which is shifting market sentiment towards optimism. The firm suggests focusing on AI and technology stocks, as well as sectors benefiting from overseas power shortages [20][21] - The report emphasizes the potential for growth in the electric power sector due to increasing demand driven by AI development, alongside opportunities in non-ferrous metals due to global easing and inflation expectations [21]

2025.11.21 本文字数：2685，阅读时长大约4分钟 作者 |第一财经 王方然 年终之际，银行股引领的高股息板块正成为市场焦点。 11月20日，A股银行板块延续强势，中国银行（601988.SH）上涨4%，盘中股价创历史新高，建设银行 （601939.SH）、邮储银行（601658.SH）均涨超3%。截至目前，工商银行（601398.SH）、建设银行、 农业银行（601288.SH）、中国银行四大行A股总市值均已超过2万亿元。港股市场同样热度不减，民生 银行（01988.HK）涨超3%领涨，浙商银行（02016.HK）、邮储银行（01658.HK）涨幅均超2%。 与此同时，上市银行2025年中期分红规模再创新高。据Wind数据统计，截至11月20日，42家A股上市银 行中已有24家明确实施中期分红，拟合计派现约2638亿元，规模较去年同期继续提升。 高股息资产配置价值持续凸显。据第一财经统计，截至目前，A股近一年股息率超过5%的公司已达124 家，其中7家股息率超过10%，东方雨虹（002271.SZ）、思维列控（603508.SH）、广汇能源 （600256.SH）位居前三，股息率均超12%。这些高 ...

Core Viewpoint - The high dividend-paying stocks, particularly in the banking sector, are gaining attention in the market as they continue to show strong performance and increasing dividend payouts [3][4]. Group 1: Banking Sector Performance - On November 20, A-share banking stocks continued their strong performance, with China Bank (601988.SH) rising by 4%, reaching a historical high, while other major banks also saw increases of over 3% [3]. - The total market capitalization of the four major banks (ICBC, CCB, ABC, and BOC) in A-shares has exceeded 2 trillion yuan [3]. - In the Hong Kong market, Minsheng Bank (01988.HK) led the gains with over a 3% increase, while other banks also saw significant rises [3]. Group 2: Dividend Distribution - As of November 20, 24 out of 42 A-share listed banks have announced mid-term dividends totaling approximately 263.8 billion yuan, marking an increase from the previous year [3]. - High dividend assets are becoming increasingly attractive as deposit rates continue to decline, with many companies in various sectors offering dividends above 4% [7]. Group 3: High Dividend Stocks - There are currently 124 companies in the A-share market with a dividend yield exceeding 5%, with 7 companies yielding over 10% [4][6]. - The top three companies with the highest dividend yields are Dongfang Yuhong (002271.SZ) at 14.1%, Siwei Liekong (603508.SH) at 13.25%, and Guanghui Energy (600256.SH) at 12% [7][8]. - Among the 124 companies with yields over 5%, 85 have seen their stock prices rise in the past year, indicating the resilience of high dividend strategies in the current market [8]. Group 4: Policy Support for Dividends - The regulatory environment is encouraging companies to increase dividend payouts, with the China Securities Regulatory Commission advocating for more frequent and stable dividends [9]. Group 5: Long-term Dividend Trends - For the 2024 reporting period, the companies with the highest dividend yields include Haoxiangni (002582.SZ) at 16.91%, Meiyingsen (002303.SZ) at 15.95%, and Jinshi Technology (002951.SZ) at 14.97% [10][12]. - In 2023, the top dividend yielders were Libai Shares (603519.SH) at 15.34%, Rong'an Real Estate (000517.SZ) at 13.06%, and Yutong Bus (600066.SH) at 11.32% [10][12]. Group 6: Risks of High Dividend Strategies - High dividend strategies are not without risks, as some cyclical stocks may experience significant fluctuations in dividend yields [5]. - Investors should be cautious of "high dividend traps," where declining stock prices artificially inflate dividend yields, potentially indicating deteriorating fundamentals [5][15]. - The market has seen instances where companies maintain high dividends to attract investors despite underlying financial pressures [16][17].

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

Group 1: Bank Sector Performance - The bank sector is becoming a market focus, with A-share banks showing strong performance, particularly China Bank, which rose 4% to reach a historical high [1] - As of November 20, the total market capitalization of the four major banks in A-shares has exceeded 2 trillion yuan [1] - In the Hong Kong market, Minsheng Bank led gains with over 3% increase, while other banks also saw significant rises [1] Group 2: High Dividend Stocks - There are currently 124 companies in A-shares with a dividend yield exceeding 5%, with 7 companies yielding over 10% [2][3] - The top three companies with the highest dividend yields are Dongfang Yuhong (14.1%), Siwei Liekong (13.25%), and Guanghui Energy (12%) [3][4] - High dividend stocks are not limited to the banking sector but are also found in utilities, energy, and telecommunications, providing a buffer against market volatility [2][3] Group 3: Dividend Distribution Trends - As of November 20, 24 out of 42 A-share listed banks have announced mid-term dividends totaling approximately 263.8 billion yuan, marking an increase from the previous year [1] - Regulatory bodies are encouraging companies to enhance shareholder returns through measures like "cancellation-style buybacks" and multiple annual dividends [5] Group 4: Long-term Dividend Trends - For the 2024 reporting period, the companies with the highest projected dividend yields are Haoxiangni (16.91%), Meiyingsen (15.95%), and Jinshi Technology (14.97%) [6] - In 2023, the top dividend yielders included Libai Co. (15.34%), Rong'an Real Estate (13.06%), and Yutong Bus (11.32%) [7][8] Group 5: Characteristics of High Dividend Companies - High dividend companies are typically found in stable sectors like utilities, energy, telecommunications, and consumer staples, which are less affected by economic cycles [8] - These companies often have clear and stable dividend policies, viewing consistent dividends as a means to maintain credibility and attract long-term investors [8] Group 6: Risks Associated with High Dividend Strategies - High dividend strategies may carry risks, as some companies with high yields may face declining performance or debt issues [10][12] - The phenomenon of "high dividend traps" can occur when a company's stock price falls, artificially inflating the dividend yield without a corresponding increase in earnings [12]

Group 1 - The China Securities Regulatory Commission (CSRC) aims to enhance the quality and efficiency of overseas listing filings and expand the scope of stocks eligible for trading under the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [1] - The CSRC supports the inclusion of RMB-denominated stocks, REITs, and the launch of government bond futures in Hong Kong, which will enrich offshore RMB risk management tools [1] - The deepening of China's capital market opening will facilitate complementary advantages and collaborative development between the two markets, strengthening Hong Kong's position as an international financial center and providing robust support for the high-quality development of China's economy and enterprises [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 liquid securities with consistent dividends and high dividend yields from those eligible for Stock Connect [1] - The index is weighted by dividend yield and primarily covers sectors such as finance, industry, and energy, aiming to reflect the overall performance of quality securities under a high dividend strategy within the Stock Connect framework [1]

Core Viewpoint - The market experienced a pullback on November 14, but high dividend stocks, particularly in the banking sector, showed resilience, with the value ETF (510030) gaining 0.18% despite the overall market decline [1][3]. Market Performance - The value ETF (510030) fluctuated positively throughout the day, reaching a peak increase of 0.9% before closing up 0.18% [1]. - Key stocks contributing to this performance included Industrial Bank and Bank of China, both rising over 1%, along with other stocks in the shipping and petrochemical sectors [1]. Banking Sector Insights - Recent data from the central bank indicated that by the end of October, the balance of deposits in both domestic and foreign currencies reached 332.92 trillion yuan, marking an 8.3% year-on-year increase [3]. - Several small and medium-sized banks have recently adjusted their deposit products, including the removal of certain long-term deposit offerings, aimed at optimizing their liability structure and reducing costs [3]. Investment Strategy - Analysts suggest that the banking sector's high dividend yield will become increasingly attractive as market investment styles rebalance, particularly favoring state-owned banks and regional banks with strong recovery potential [3][6]. - The value ETF (510030) is heavily weighted towards the banking sector, which constitutes 47.5% of the index as of October 2025 [3]. Valuation Metrics - As of November 14, the price-to-book ratio of the value ETF's underlying index was 0.86, indicating a relatively reasonable valuation compared to historical levels [5]. - The current valuation places the index at the 46.27 percentile over the past decade, suggesting a favorable long-term investment opportunity [5]. Market Trends - The fourth quarter is typically a period of style shifts in the market, with a tendency for low valuation and value styles to gain traction [6]. - The financial sector, particularly banks, is expected to benefit from a continued focus on high dividend strategies amidst a backdrop of moderate economic recovery [6].