9月16日，招商基金旗下中证红利ETF（515080）将迎来三季度分红权益登记。根据此前分红公告，本 季度该ETF每十份分红0.15元，分红比例0.95%。据了解，目前中证红利ETF采取季度评估分红的分红节 奏。 根据公告，这是中证红利ETF上市以来第14次分红，每十份累计分红金额3.65元。过去五年（2020 年-2024年），中证红利ETF年度分红比例分别为4.53%、4.14%、4.19%、4.78%、4.66%。 资金面上，近期随着市场缩量震荡，部分市场资金回流高股息。上交所数据显示，中证红利ETF （515080）已经连续4日获1.34亿元资金净申购。 与此同时，40日收益差数据也持续年内低位震荡。根据招商基金数据，截至9月12日，中证红利全收益 指数相对万得全A指数40日收益差为-12.25%，这也意味着中证红利当前跑输Wind全A比较多，或可更 多关注阶段性布局机会。 对于当下高股息配置价值，长江证券最新分析表示，近三年保险公司持有股票与基金的规模占比在 12%~13%区间波动，这一数值仍有较大上升空间，此政策下保险或将每年至少为A股新增几千亿的长期 资金。波动率较低且分红较高的红利资产或迎来更 ...

Core Viewpoint - The recent stake acquisitions by China Ping An in two insurance companies signal a positive outlook for the insurance sector, indicating that insurance stocks are being recognized as valuable long-term investments due to their dividend potential and improved valuations [1][6][7]. Group 1: Stake Acquisitions - China Ping An increased its holdings in China Life and China Pacific Insurance, acquiring 9.5 million shares and 1.74 million shares respectively, triggering mandatory disclosures [3][4]. - Following these acquisitions, China Ping An's stake in China Life rose from 4.91% to 5.04%, while its stake in China Pacific increased from 4.98% to 5.04%, and then further to 5.10% after additional purchases [3][4]. Group 2: Market Performance - Insurance stocks have shown strong performance recently, with China Pacific's H-shares rising over 6% and A-shares increasing over 5% in just two days [4]. - The premium income data for China Pacific indicates a 9% year-on-year growth in life insurance premiums and a 0.8% increase in property insurance premiums for the first seven months of 2025 [4]. Group 3: Analyst Insights - Analysts suggest that the stake acquisitions by insurance companies reflect a recognition of the sector's long-term value and a shift towards high-dividend strategies [6][7]. - The current market environment, characterized by increased investment pressure and changes in accounting standards, is driving insurance companies to pursue stable long-term returns through equity investments [6][7]. Group 4: Future Outlook - The insurance industry is expected to benefit from lower interest rates and favorable capital market conditions, which may alleviate pressure on profit margins and enhance the long-term investment appeal of insurance stocks [7][8]. - Policies aimed at boosting consumption are anticipated to positively impact the property insurance sector, contributing to sustained premium income growth [8].

Investment Rating - The report maintains an "Outperform the Market" rating for the insurance sector [2][5]. Core Insights - The report highlights that China Ping An's acquisition of China Pacific Insurance shares is primarily a financial investment, indicating a shift in insurance stocks towards high dividend asset allocation similar to bank stocks. This move is supported by improvements in the bancassurance channel and the strong beta characteristics of the industry [3][4]. - The report emphasizes the potential for valuation recovery in the insurance sector, with China Pacific Insurance's H shares having increased by 42.4% since 2025, and a current P/EV ratio of 0.73, suggesting that the long-term value is not fully reflected in current valuations [4]. - The report notes that the recent adjustments in preset interest rates will stimulate premium growth, particularly through "stop-selling" strategies, which are expected to enhance the liability side of the insurance companies [10][14]. Summary by Sections Investment Strategy - The report suggests that the insurance sector is experiencing multiple catalysts, including short-term premium income growth, narrowing interest spread risks, and improved investment return expectations. The clear reduction in preset interest rates is expected to support the continuous expansion of "stop-selling" premiums [3][14]. Liability Side Analysis - The report discusses the impact of the recent adjustments in preset interest rates, which will lower rates for various insurance products, thereby activating premium growth through the bancassurance channel. The new rates are as follows: ordinary products from 2.5% to 2.0%, participating insurance from 2.0% to 1.75%, and universal insurance from 1.5% to 1.0% [7][10]. Asset Side Analysis - The report indicates that long-term bond yields have started to recover, with the 30-year government bond yield rising from 1.84% to 1.98%. This improvement in fixed-income asset returns is expected to reduce interest spread risks and enhance the valuation of life insurance stocks [11][14].

Group 1 - The China Insurance Asset Management Association reported that 63% of institutions plan to increase their investment in Hong Kong stocks by 2025, focusing on high-dividend sectors such as finance, energy, and telecommunications [1] - The Hong Kong Securities and Futures Commission is actively working to include RMB stock trading counters in the Stock Connect, with implementation details expected to be announced soon [1] - The Hong Kong Stock Exchange reported that the total fundraising amount for Hong Kong stocks reached HKD 280.8 billion in the first half of the year, a year-on-year increase of 322%, indicating a significant rise in market financing activity [1] Group 2 - The Hong Kong Dividend ETF tracks the Hong Kong Stock Connect High Dividend Index, which is compiled by China Securities Index Co., Ltd., selecting stocks with high dividend yields to reflect the overall performance of high-dividend securities in the Hong Kong market [2] - The index components cover traditional high-dividend sectors such as finance and real estate, focusing on companies that can provide stable cash flow and continuous dividends [2]

Group 1 - The Hang Seng High Dividend Low Volatility Index has experienced a pullback, with the Hang Seng Dividend Low Volatility ETF (159545) seeing continuous capital inflow for 25 trading days, reaching a scale of over 2 billion yuan [1] - The A-share market is also witnessing increased attention towards high dividend opportunities, with the scale of the Dividend Low Volatility ETF (563020) nearly doubling since the beginning of the year, now approximately 2 billion yuan [1] - Analysts suggest that the risk of significant market downturns is relatively controllable due to rising interest from domestic and foreign investors in Chinese assets and the expansion of the Hong Kong stock market [1] Group 2 - The Hang Seng High Dividend Low Volatility Index consists of 50 stocks with good liquidity, continuous dividends, moderate dividend payout ratios, and low volatility, currently offering a dividend yield exceeding 8% [2] - The management fee for the Hang Seng Dividend Low Volatility ETF (159545) is the lowest in the ETF category at 0.15% per year, facilitating low-cost investment in high dividend assets [2] - Three products from E Fund, including the Hang Seng Dividend Low Volatility ETF (159545), Dividend Low Volatility ETF (563020), and Dividend Value ETF (563700), are evaluated for quarterly dividends, providing opportunities for monthly cash dividends when held together [2]