交通银行：每股人民币0.1563元；除净日：2025-12-17，派息日期：2026-01-28；恒生行业：银行；是 中证港股通央企红利指数（931233.CSI）的成分股，是恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，是标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分股。 恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票；截 至12月12日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.26%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 非标普港股通低波红利港币指数（SPAHLVHP.SPI）筛选打包在港上市的50只高股息低波动股票，港股 通红利低波ETF（159118）是跟踪该指数综合费率最低的一只ETF。 中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至12月12日，该指数近1年股息率是6.67%，高于同期10 年期国债收益率4.83%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标 ...

非标普港股通低波红利港币指数（SPAHLVHP.SPI）筛选打包在港上市的50只高股息低波动股票，港股 通红利低波ETF是跟踪该指数综合费率最低的一只ETF。 中证港股通央企红利指数3.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且股息率 较高的50只上市公司股票进行打包；截至12月12日，该指数近1年股息率是6.67%，高于同期10年期国 债收益率4.83%，港股央企红利ETF是跟踪该指数规模最大的投资标的。 恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票； 截至12月12日，该指数近1年股息率是6.11%，高于同期10年期国债收益率4.26%，恒生红利ETF是跟踪 该指数的唯一ETF。 交通银行：每股人民币0.1563元；除净日：2025-12-17，派息日期：2026-01-28；恒生行业：银行；是 中证港股通央企红利指数3.CSI）的成分股，是恒生中国内地企业高股息率指数（HSMCHYI.HI）的成 分股，是标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分股。 注：除净日，就是一只股票开始"剔除"即将派发的股息（红利）的日期。 ...

Group 1 - The China Securities Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.75% as of December 10, which is higher than the 10-year government bond yield of 4.88% [1] - The Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.21% as of December 10, surpassing the 10-year government bond yield of 4.34% [1] - The Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - Shanghai Pharmaceuticals announced a dividend of HKD 0.13215 per share, with an ex-dividend date of December 29, 2025, and a payment date of February 6, 2026 [2] - Shanghai Pharmaceuticals is not a component of the China Securities Central State-Owned Enterprises Dividend Index (931233.CSI), the Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI), or the Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) [2]

Group 1 - The article discusses the dividend announcements of several companies, including Chao Gao Mei Group, China Duty Free Group, and Economic Daily Group, detailing their respective dividend per share, ex-dividend dates, and payment dates [1] - Chao Gao Mei Group will distribute a dividend of HKD 0.08 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 22, 2025 [1] - China Duty Free Group will distribute a dividend of HKD 0.2745 per share, with an ex-dividend date of December 8, 2025, and a payment date of January 15, 2026 [1] - Economic Daily Group will distribute a dividend of HKD 0.03 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 19, 2025 [1] Group 2 - The CSI Hong Kong Stock Connect Central Enterprises Dividend Index includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.68% as of November 24, which is higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng High Dividend Yield Index for Mainland Chinese companies listed in Hong Kong has a one-year dividend yield of 5.35% as of November 24, also exceeding the 10-year government bond yield of 3.52% [2] - The Hong Kong Central Enterprises Dividend ETF is the largest investment vehicle tracking the CSI Hong Kong Stock Connect Central Enterprises Dividend Index [2]

Group 1 - The article discusses dividend announcements from several companies, including Chao Gao Mei Group, China Duty Free Group, and Economic Daily Group, detailing their respective dividend per share, ex-dividend dates, and payment dates [1] - Chao Gao Mei Group will distribute a dividend of HKD 0.08 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 22, 2025 [1] - China Duty Free Group will distribute a dividend of HKD 0.2745 per share, with an ex-dividend date of December 8, 2025, and a payment date of January 15, 2026 [1] - Economic Daily Group will distribute a dividend of HKD 0.03 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 19, 2025 [1] Group 2 - The CSI Hong Kong Stock Connect Central Enterprise Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.68% as of November 24, which is higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) focuses on high dividend stocks listed in Hong Kong from mainland companies, with a one-year dividend yield of 5.35% as of November 24, surpassing the 10-year government bond yield of 3.52% [2] - The Hong Kong Central Enterprise Dividend ETF (513910) is the largest investment vehicle tracking the CSI Hong Kong Stock Connect Central Enterprise Dividend Index, while the Hang Seng Dividend ETF (159726) is the only ETF tracking the Hang Seng High Dividend Yield Index [2]

Group 1 - The company "健倍苗苗" announced a dividend of HKD 0.0975 per share, with an ex-dividend date of November 28, 2025, and a payment date of December 17, 2025 [1] - The 中证港股通央企红利指数 (CSI) consists of 50 high-dividend stocks from central enterprises, with a one-year dividend yield of 5.59% as of November 17, which is higher than the 10-year government bond yield of 3.77% [1] - The 恒生中国内地企业高股息率指数 (HSMCHYI) includes high-dividend stocks from mainland companies listed in Hong Kong, with a one-year dividend yield of 5.25% as of November 17, surpassing the 10-year government bond yield of 3.43% [1] Group 2 - The 港股央企红利ETF (513910) is the largest investment vehicle tracking the CSI index [1] - The 恒生红利ETF (159726) is the only ETF tracking the HSMCHYI index [1]

Core Viewpoint - As of the end of Q3 2025, insurance institutions have shown a preference for stable, high-dividend, and low-valuation stocks, particularly in the banking and telecommunications sectors, while also increasing their holdings in machinery, electronic equipment, and non-ferrous metals [1][3][4]. Group 1: Insurance Holdings - By the end of Q3, insurance institutions held nearly 744 stocks, with a focus on banks and telecommunications [1][3]. - The top 10 A-share stocks held by insurance institutions include Agricultural Bank of China, Minsheng Bank, China Unicom, and others, indicating a continued preference for these sectors [3][4]. - Insurance capital emphasizes asset allocation to balance returns and duration, seeking absolute returns with a cautious risk appetite [3][4]. Group 2: Investment Strategy Adjustments - Insurance institutions have adjusted their investment strategies to include sectors like non-ferrous metals, hardware, steel, and software, with specific stocks such as Zijin Mining and Huazhong Steel seeing significant increases in holdings [5][6]. - The focus on these sectors is attributed to their reasonable valuations and high dividend yields, which align with the insurance capital's need for stable growth [5][6]. Group 3: Future Investment Trends - The proportion of equity investments by insurance capital is expected to increase, particularly in sectors supported by policy and favorable market conditions [6]. - Potential sectors for increased investment include public utilities, infrastructure, and low-valuation cyclical leaders, which offer high dividends and stable cash flows [6].

Core Insights - The article highlights the opportunity to enhance passive income through high-dividend stocks, specifically mentioning four stocks with forward annual dividend yields exceeding 12% as of October [1] Group 1 - The focus is on stocks that provide substantial dividend yields, which can be attractive for investors seeking passive income [1]

Core Viewpoint - The insurance industry is increasingly adopting FVOCI accounting for high dividend stocks to stabilize profit reports and enhance long-term dividend income [1][3][6]. Group 1: FVOCI Accounting Adoption - FVOCI accounting allows insurance companies to measure financial assets at fair value without impacting current profit reports, thus reducing profit volatility [1][3]. - As of June 2023, major insurance companies have significantly increased their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan, and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [1][3]. - The implementation of new accounting standards in 2026 is expected to further drive the allocation of insurance capital towards FVOCI stocks [1][3]. Group 2: High Dividend Stock Strategy - Insurance companies are focusing on high dividend stocks as a strategy to mitigate the impact of market fluctuations on profit volatility and to build a substantial pool of high dividend assets [2][6]. - The current market environment, characterized by declining interest rates, has prompted insurance companies to seek high dividend stocks to fill the income gap left by fixed-income assets [6][7]. - The trend of "long money short matching" in the insurance sector has led to a growing interest in high dividend stocks as a solution to duration mismatch risks [6][7]. Group 3: Investment Strategy Optimization - Insurance companies are refining their investment strategies to identify high dividend stocks through a bottom-up research approach, focusing on cash flow improvements and dividend intentions in niche industries [2][7]. - The need to find new investment targets is driven by the declining dividend yields of traditional high dividend stocks, prompting a search for growth-oriented technology stocks with high dividend potential [7][8]. - The classification of equity assets as FVOCI or FVTPL is becoming standardized among insurance companies, with a preference for long-term holdings that align with their core business [4][7]. Group 4: Dual-Edged Sword Effect - The increasing allocation of equity assets to FVOCI has created a "dual-edged sword" effect on insurance company profits, as significant unrealized gains are not reflected in profit statements [9][10]. - This shift allows for a more accurate assessment of the insurance companies' core business performance and enhances long-term investment confidence [9][10]. - The focus is shifting from short-term capital gains to the stability of stock prices and the potential for sustainable dividend income [10].

Core Viewpoint - The implementation of the new accounting standards in the insurance industry by 2026 will drive insurance funds to increase their allocation of stocks under the FVOCI category, enhancing the stability of profit reports for insurance companies [2][6]. Group 1: FVOCI Accounting Category - FVOCI (Fair Value Through Other Comprehensive Income) allows insurance companies to measure financial assets at fair value without affecting their profit and loss statements, thus stabilizing profit reports [2][6]. - As of June 2023, several listed insurance companies have seen significant increases in their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan, and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [2][6]. Group 2: Investment Strategies - Insurance companies are focusing on high-dividend stocks, particularly in sectors benefiting from policies aimed at reducing competition and improving cash flow amid inflation [4][8]. - The shift towards FVOCI is also a strategy to address the mismatch in asset-liability durations, as many insurance companies face a duration gap of 4-7 years, significantly higher than the 1-2 years seen in markets like Japan and Germany [8][9]. Group 3: Long-term Investment Logic - The increasing allocation of equities to FVOCI is prompting insurance companies to adjust their investment logic from short-term capital gains to a focus on stable stock price fluctuations and sustainable dividend income [14]. - The dual effect of this strategy is that while it stabilizes profit reports, it also requires insurance companies to maintain a long-term perspective on their investments, which aligns with the regulatory environment favoring long-term assessments [12][14].