随着市场行情持续升温，公募FOF再次成为市场关注的焦点。 工银瑞信基金FOF投资部基金经理周崟近日在接受证券时报记者采访时表示，多资产风险对冲是FOF捕 捉多重收益的重要来源。其中，战略配置获得的系统性贝塔收益，是组合收益的主要来源，应根据不同 资金性质来量体裁衣。战术资产配置则应着眼于中短期，力争通过高配看多资产，获取阿尔法收益。在 接下来的结构性机会中，可关注科技+制造特征的成长板块。 多资产风险对冲 是收益重要来源 周崟是一名有着逾12年从业经验的金融老将。在2014年加入工银瑞信基金之前，在中银基金等买方机构 从事公募产品的开发和研究工作，在这些工作经历中，逐渐形成完整的资产配置和基金精选方法论。 截至目前，周崟共管理6只FOF产品，既有偏债FOF，也有偏股和养老FOF。据基金二季报统计，周崟 管理的6只FOF今年以来均取得了不错回报，工银睿智进取一年A今年以来取得了14.88%的回报，近一 年实现了31.62%的净值增长率。根据基金二季报数据，工银睿智进取一年逾九成仓位持有基金资产， 包括港股通互联网、创新药、芯片、红利低波、黄金、纳指等ETF。二季报显示，该基金穿透后看，权 益仓位处于中性水平，结 ...

广发基金胡骏： 以量化策略为引擎 深耕A+H红利资产 因此，在高股息策略中，他主要从两个维度获取收益：一是选择行业成熟、估值较低的龙头公司，这类 公司的商业模式清晰、盈利稳定，现金流充裕、资本开支需求不大，且分红意愿强烈，投资者既能享受 稳定的股息收益，也能获得估值修复带来的回报；二是选择派息意愿较高、愿意和股东分享收益、存在 一定成长空间的"小而美"公司。 在管理广发高股息优享时，胡骏始终围绕"高分红、低估值、高盈利质量"三个维度来筛选个股。通过长 期跟踪分红稳定且具备持续增长能力的公司，他构建了一个安全边际较高、分红较为稳定的股票池。最 新定期报告显示，截至二季度末，该基金前十大重仓股的平均股息率达6.08%。该基金港股仓位为 14.13%，也体现了他对跨市场红利资产的关注。 虽然红利资产今年以来表现不如前两年出彩，但胡骏认为，中长期看，红利板块依然具备坚实的配置价 值：一方面，高股息资产能够提供稳定现金流和相对较低的风险；另一方面，在分红机制持续完善的趋 势下，红利类资产的吸引力正在增强。 量化赋能高股息策略 高股息为投资奠定了安全边际，而量化方法的引入则为策略插上了"翅膀"。胡骏解释称，高股息策略的 ...

Group 1 - The global market experienced a broad rally last week (August 11-15, 2025), with A-shares continuing their strong performance and overall investor risk appetite increasing, as both trading volume and margin financing balances exceeded 20 trillion yuan [3][10] - Market hotspots focused on sectors such as AI PCB, CPO, non-ferrous metals, pharmaceuticals, and military industry, indicating a shift from bank and micro盘 to pricing based on fundamental trends, primarily in growth-style sectors reliant on industrial trends [3][10] - The technology sector, particularly AI, semiconductors, and robotics, showed strong performance, with the ChiNext Index and the Sci-Tech 50 Index rising by 8.58% and 5.53% respectively [10] Group 2 - The high dividend strategy's returns consist of capital gains and dividend income, focusing on mature companies with strong cash flow and profit distribution tendencies, which can outperform during market valuation contractions [11] - The Hong Kong stock market's performance has been bolstered by scarce assets in innovative pharmaceuticals and new consumption, with expectations that the pressure on the Hong Kong dollar may ease as the Federal Reserve approaches interest rate cuts [12] - The China Securities Regulatory Commission's "Action Plan for Promoting High-Quality Development of Public Funds" was released in May 2025, outlining 25 actionable measures across five key areas, including optimizing fee structures and enhancing investor services [13] Group 3 - The Active Equity Fund Index saw a weekly increase of 2.84%, with a cumulative excess return of 11.32% since inception [5] - The Growth Stock Fund Index rose by 4.06% last week, achieving a cumulative excess return of 19.51% since inception, while the Pharmaceutical Stock Fund Index increased by 5.17% with a cumulative excess return of 23.51% [8][26] - The Balanced Stock Fund Index recorded a weekly gain of 3.33%, with a cumulative excess return of 8.41% since inception, indicating strong performance across various fund categories [7][20]

Group 1 - The core viewpoint is that the CSI 300 index, as a broad-based index, demonstrates stable performance in dividend strategies, with a high weight in the banking sector and significant representation from coal and transportation industries [1] - High dividend-paying companies exhibit a return on equity (ROE) significantly above the industry average, showcasing strong cash flow protection and creating a positive cycle of stable earnings, continuous dividends, and improved ROE [1] - The CSI 300 Enhanced ETF (561300) tracks the CSI 300 index (000300), which consists of 300 large-cap, liquid securities from the Shanghai and Shenzhen markets, covering approximately 48% of the total market capitalization of A-shares [1] Group 2 - The industry distribution of the CSI 300 index is broad, encompassing cyclical sectors such as finance, materials, and industrials, while also increasing the weight of emerging sectors like information technology and healthcare as the economic structure transforms [1] - Investors without stock accounts can consider the Guotai CSI 300 Enhanced Strategy ETF Initiated Link A (021847) and Guotai CSI 300 Enhanced Strategy ETF Initiated Link C (021848) [1]

Group 1 - China Shenhua announced a profit distribution plan for the first half of 2025, with a distribution amount of no less than 75% of the net profit attributable to shareholders [1][2] - The company has maintained stable profitability and high dividend payouts due to its integrated operation model and a high proportion of long-term contracts [1][2] - Since its A-share listing in 2007, China Shenhua has accumulated profits exceeding 749 billion yuan and has returned a total of 491.9 billion yuan in cash dividends to shareholders, with an average dividend payout ratio of over 60% [1][2] Group 2 - The new shareholder return plan for 2025-2027 stipulates that annual cash distributions will be no less than 65% of the net profit attributable to shareholders, with an intention to increase the frequency of dividends [2] - The management emphasized that the recent asset injection will not affect the company's dividend policy and aims to enhance EPS rather than dilute it [2] - China Shenhua's commitment to governance and dividends remains unchanged, ensuring sustainable high returns for investors [2] Group 3 - With the average annualized yield of bank wealth management products at only 2.12%, China Shenhua's high dividend yield of 6.02% makes it increasingly attractive to investors [3] - The shift in market focus from growth to value has made high dividend strategies a preferred choice for many funds, as evidenced by the increase in shareholding by investors like瑞众保险 [3]

Group 1 - The core viewpoint is that high dividend strategies yield returns from both capital gains and dividend income, focusing on mature lifecycle companies with strong profitability and cash flow [1] - Companies that adopt high dividend strategies typically exhibit limited investment returns, low revenue and net profit growth, but have strong earnings resilience and significantly higher ROE [1] - The dividend itself is an important pathway to enhance ROE, creating a positive cycle of "stable earnings - continuous dividends - improved ROE" that supports the high success rate of this strategy [1] Group 2 - The Hong Kong-listed dividend state-owned enterprise ETF (510720) has achieved monthly dividends since its launch, maintaining a continuous dividend distribution for 16 months, making it a rare monthly dividend ETF in the market [1] - Investors without stock accounts can consider the Guotai Shanghai Stock Exchange State-Owned Enterprise Dividend ETF Initiating Link A (021701) and Link C (021702) [1]

Macro and Strategy - In July, new social financing in China was 1.16 trillion yuan, lower than the expected 1.41 trillion yuan, with new RMB loans decreasing by 500 billion yuan, indicating a rare negative growth [9][10] - The structure of social financing showed a dual characteristic of resilience and differentiation, with government financing contributing significantly to the increase [10][11] - The overall social financing growth rate rose to 9.0%, with a year-on-year increase of 3.893 billion yuan, primarily driven by government bonds and direct financing [10][11] Real Estate Industry - In the first half of 2025, new residential sales in China decreased by 4% year-on-year, with total sales area at 460 million square meters [18][19] - The sales of existing homes have increased, with the proportion of second-hand homes in total residential transactions rising to 46% in 2024, up from the lowest point in 2021 [19][20] - The competition landscape in the real estate sector is stabilizing, with major state-owned enterprises maintaining their positions in sales rankings [21][22] Food and Beverage Industry - The white liquor sector is showing signs of recovery in sales, with improved performance in August following a challenging second quarter [22][23] - Moutai's mid-year performance demonstrated resilience, with a revenue increase of 9.2% year-on-year, reflecting the industry's adjustment to market pressures [23][24] - The overall valuation of the white liquor sector is expected to enter a recovery phase, supported by positive policy expectations and improved consumer demand [24] Banking Industry - The cross-border payment landscape is evolving, with significant players like Ant International and Lianlian Digital shaping the competitive dynamics [25][26] Home Appliances and Light Industry - The home appliance sector is expected to see stable growth in domestic sales, driven by government subsidy policies, despite facing challenges from tariffs [26][27] - The white goods segment is benefiting from strong domestic demand, while the black goods segment is experiencing price improvements due to cost reductions [27][28] Energy Sector - The domestic oil and gas production is on the rise, with the Guyana Yellowtail project being brought into production ahead of schedule, indicating strong operational performance [34][36]

Group 1: Report Industry Investment Rating - Not available in the provided content Group 2: Core Views of the Report - The high - dividend strategy's returns come from capital gains and dividend income, investing in mature - stage companies. It forms a positive cycle of "stable profits - continuous dividends - increased ROE", supporting its high win - rate [8]. - Market mainstream high - dividend indices include pure dividend indices, broad - based dividend enhancements, and Smart Beta dividend strategies, with significant differences in weighting methods, sampling constraints, number of components, and industry distributions [8]. - There are three key cognitive biases about the high - dividend strategy: it can outperform the market in various market conditions, not just in bear markets; interest rate movements have no significant overall impact; and the "ex - rights filling" market is not significant [8]. - The allocation of high - dividend assets should follow the principles of "long - termism, considering quality factors, avoiding crowded chips, and valuing expected dividends" [8]. - "Cash - cow" enterprises have abundant and stable cash flows, and their essence is related to business models, including resource allocation and profit - driving models [8]. - Different asset and liability structures form four cash - cow paradigms, and investing in cash - cow assets should combine business model paradigms and industrial cycles [8]. Group 3: Summaries According to the Table of Contents High - Dividend Strategy's Income Source and Nature - The high - dividend strategy's income comes from capital gains (due to stock price changes and value - restoration) and dividend income. Its essence is to invest in mature companies with limited investment returns, low revenue and net - profit growth, but strong profitability, high ROE, and good cash - flow protection [8][22][26]. - From 2014 to July 2025, the annualized returns of four typical dividend indices (CSI Dividend, Dividend Low - Volatility, 300 Dividend, and Dividend Value) reached 13.22%, 13.86%, 13.84%, and 15.72% respectively, with dividends contributing 71%, 68%, 71%, and 58% to these returns [30]. - High - dividend companies in the mature stage tend to pay dividends due to limited investment returns. Dividends are an important way to increase ROE, and high - dividend companies generally have strong cash - flow protection capabilities [33][37]. High - Dividend Strategy's Available Investment Tools - Mainstream high - dividend strategy indices include pure dividend indices, broad - based dividend enhancements, and Smart Beta dividend strategies. The products linked to the Dividend Low - Volatility and CSI Dividend indices have the largest scale [48]. - These indices differ in weighting methods (dividend - rate weighted, volatility weighted, comprehensive - score weighted, free - float market - value weighted), sampling methods (most require three - year continuous dividends and have dividend - payout ratio constraints), number of components (mostly 50 or 100), and other constraints (such as company attributes, ROE fluctuations) [58][61]. - In terms of industry distribution, CSI Dividend and Dividend Low - Volatility are relatively concentrated. The CSI Dividend Index has a bank weight of over 25%, and the Dividend Low - Volatility Index has a bank weight of up to 50% [64]. - Year - to - date, dividend indices have generally underperformed the Wind All - A Index. In the past 10 years, Smart Beta dividend strategies have been relatively dominant. High - dividend indices generally have a lower turnover rate relative to the All - A Index [67][81]. Three Cognitive Gaps in the High - Dividend Strategy - The high - dividend strategy is not just a "bear - market haven". It can outperform the market in bull markets, volatile markets, and during bull - bear transitions, such as in the 2006 - 2007 bull market, the 2008 and 2022 bear markets, and the 2015 - 2018 bull - bear transition [8][98]. - Interest rate movements have little impact on the high - dividend strategy. In the interest - rate up - cycle, inflation supports pro - cyclical assets; in the down - cycle, the dividend - income advantage is magnified, and absolute - return funds flow in [141]. - The "ex - rights filling" market is not significant. The probability of positive returns after ex - rights and ex - dividends is often less than 50% in the short - term, and the "ex - rights filling" market usually occurs after 180 trading days [151]. Allocation of High - Dividend Assets - The allocation of high - dividend assets should follow the principles of long - termism, considering quality factors, avoiding crowded chips, and valuing expected dividends. Long - term holding works well in a balanced market. Strategies can include selecting indices, constructing "high - dividend + low - turnover" portfolios, and focusing on expected dividend rates [8][178]. - Operationally, the best way to invest in dividend assets is Buy & Hold. Different investment methods for bank stocks (fixed - point buying, continuous定投, and inverted - triangle adding) have different returns, and the combination of dividend and micro - cap stocks in certain weights can achieve a better risk - return ratio [184]. From "High - Dividend" to "Cash - Cow" - "Cash - cow" enterprises have abundant and stable cash flows, and understanding their essence requires considering business models, including resource allocation (reflected in the balance sheet) and profit - driving models (reflected in the income statement) [8]. Cash - Cow Paradigms in Heavy - Asset and Light - Asset Industries - Four cash - cow paradigms are formed by different asset and liability structures: heavy - asset high - liability industries rely on asset scale and quality; heavy - asset low - liability industries rely on cost control; light - asset brand + channel - driven industries rely on brand premium and channel efficiency; light - asset product + channel - driven industries rely on product and channel efficiency [8]. How to Invest in Cash - Cow Assets - Investing in cash - cow assets should combine business model paradigms and industrial cycles. The best time to invest is when the industrial cycle shifts from the growth stage to the exit stage, and high - quality companies within the paradigms should be selected [8].

Group 1: High Dividend Strategy Insights - High dividend strategy yields come from both capital gains and dividend income, focusing on mature companies with strong cash flow and high ROE[2] - Mainstream high dividend indices include pure dividend indices, broad-based dividend enhancement, and Smart Beta strategies, each differing in weighting methods and industry distribution[2] - High dividend strategies can outperform in bull markets, bear markets, and transitional phases, contrary to the belief that they are only safe in bear markets[2] Group 2: Investment Approach and Asset Allocation - Long-term investment in high dividend assets should prioritize quality factors, avoid crowded trades, and focus on expected dividends[2] - "Cash cow" companies, characterized by stable cash flows, should be identified through their business models and resource allocation patterns[2] - Investment in cash cows requires understanding their business model paradigms and industry cycles, with a focus on fundamental leaders during industry transitions[2] Group 3: Performance Metrics and Historical Data - From 2014 to July 2025, annualized returns for key dividend indices were 13.22% for the CSI Dividend Index, 13.86% for the Low Volatility Dividend Index, and 15.72% for the Dividend Value Index, with dividend contributions of 71%, 68%, and 58% respectively[15] - The cash flow coverage ratio for high dividend stocks indicates strong cash flow capabilities, with higher ratios reflecting lower reliance on external financing[21] - The CSI Dividend Index has seen a significant increase in bank sector weight from under 10% to 25% since 2020, indicating a shift in industry focus[31]

Group 1 - The core viewpoint of the news highlights the strong performance and growing popularity of the Dividend Low Volatility ETF (512890), which has seen significant inflows and a record high in circulation scale [1][4]. - As of August 6, the ETF's circulation scale reached 220.91 billion CNY, marking a historical peak, with a net inflow of 2.4 million CNY over the last five trading days and 19.43 million CNY over the last twenty days [1][2]. - The ETF's price increased by 0.17% to 1.208 CNY during the trading session, reflecting active trading with a half-day transaction volume of 1.33 billion CNY [1][2]. Group 2 - The ETF is managed by experienced fund manager Liu Jun and closely tracks the CSI Dividend Low Volatility Index, focusing on companies with high dividend yields and low volatility [4]. - The ETF provides a convenient investment tool for investors seeking stable returns and low-risk exposure, even for those without stock accounts, through its linked funds [4]. - Recent trends indicate a decline in the latest dividend yield of the Wind All A Index over the past twelve months, attributed to rising stock prices and valuation increases, suggesting a need for a focus on earnings quality and sustainable dividends in high dividend strategies [3].