风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 2.1 什么是红利低波100指数 ？ 红利低波100指数 （ 代码 ： 930955 ） 是中证红利低波动100指数的简称 ， 由中证指数有限公司于 2017年5月26日发布 ， 是一只以 " 高股息和低波动 " 为核心逻辑的指数 。 作者： 王博雅投资 来源：雪球 1 引言 红利低波100指数是仅有的2个五星级红利指数之一 。 它可以看做中证红利的升级版 ， 在保持优秀分散性 的情况下实现了更高的收益和更低的波动 ， 因此在市场上备受关注 。 图1 沪深300 、 中证红利与红利低波指数全收益对比 在之前 ， 我已经对追踪中证红利的基金进行了分析。 今天我将对红利低波100指数进行简介 ， 然后从 费用 、 规模 、 流动性 、 收益与分红频率 等几个关键角 度 ， 对红利低波100ETF进行横评 ， 看看谁最好 ！ 2 红利低波100指数简介 红利低波100指数构成逻辑如下 ： 1 中证全指中过去一年日均成交金额前 80%的公司 。 这是为了避免流动性过差 。 2 过去三年连续现金分红 。 这是为了确保公司具有良好的分红 ...

Group 1 - The pharmaceutical sector is a key focus for institutional investors, with brokers increasing their investments and research efforts in this area [1] - As of the end of Q1, 14 brokerage firms were among the top ten shareholders of 25 pharmaceutical companies, holding a total of 508 million shares valued at 4.118 billion [1] - In Q1, brokers frequently adjusted their holdings in the pharmaceutical sector, initiating positions in 10 stocks, increasing holdings in 3, and reducing holdings in 11 [1][2] Group 2 - New positions taken by brokers in Q1 included 1.162 billion for Yihe Jiaye and 1.13 billion for Borui Pharmaceutical, with significant holdings also in Jia Ying Pharmaceutical and Chuangguang Medical [2] - Brokers have been actively conducting on-site research to gather firsthand information about the pharmaceutical sector, with over 50 brokers focusing on companies like Aibo Medical and Wanjian Medical [2] - A total of 23 pharmaceutical stocks have been recommended by brokers this month, with notable mentions including Baiji Shenzhou and Heng Rui Pharmaceutical, indicating strong long-term growth prospects [3] Group 3 - The pharmaceutical sector is expected to see a recovery in profitability by 2025, with current PE valuations at historical lows, suggesting potential for excess returns compared to the broader market [3] - Analysts recommend focusing on high-growth, strong recovery, and new expectations for pharmaceutical investments in 2025, particularly in innovative drugs and medical devices [4] - Investment strategies should prioritize companies with significant product advantages and healthy balance sheets, especially those with global sales potential [4]

证券时报·数据宝统计，今日有4个行业主力资金净流入，27个行业主力资金净流出。资金净流入金额最 大的行业为纺织服饰，涨跌幅0.72%，整体换手率3.12%，成交量较前一个交易日变动8.01%，主力资金 净流量2.26亿元；今日资金净流出最大的行业为电子，涨跌幅-2.07%，整体换手率1.98%，成交量较前 一个交易日变动-12.85%，主力资金净流量-91.64亿元。（数据宝） | 医药生 | 43.91 | -9.02 | 1.62 | -0.24 | -9.65 | | --- | --- | --- | --- | --- | --- | | 物 | | | | | | | 汽车 | 56.05 | -6.34 | 2.60 | -0.97 | -16.43 | | 非银金 | 29.57 | -15.81 | 0.72 | -0.94 | -19.26 | | 融 | | | | | | | 传媒 | 32.07 | -19.19 | 2.21 | -1.82 | -20.84 | | 商贸零 | 36.93 | 7.23 | 3.07 | -1.63 | -22.35 | | 售 | | | | | ...

证券时报·数据宝统计显示，今日机构研报共发布141条买入型评级记录，共涉及129只个股。拓普集 团、伯特利等关注度最高，均有3次机构买入型评级记录。 129只个股今日获机构买入型评级，以岭药业最新评级被调高，11股机构首次关注。 机构今日买入型评级个股 | 代码 | 简称 | 买入评级家数 | 今日涨跌幅（%） | 动态市盈率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | | 603596 | 伯特利 | 3 | 0.09 | 32.54 | 汽车 | | 601689 | 拓普集团 | 3 | -2.86 | 39.09 | 汽车 | | 603277 | 银都股份 | 2 | -0.77 | 12.27 | 机械设备 | | 688169 | 石头科技 | 2 | -0.49 | | 家用电器 | | 601888 | 中国中免 | 2 | -0.87 | 16.74 | 商贸零售 | | 002223 | 鱼跃医疗 | 2 | 1.23 | 14.21 | 医药生物 | | 300616 | 尚品宅配 | 2 | -1.25 | | 轻工制造 | | 6 ...

金融界2025年5月9日消息，工银医疗保健股票(000831) 最新净值2.5040元，增长0.72%。该基金近1个月 收益率5.17%，同类排名504|783；近3个月收益率9.06%，同类排名88|778；今年来收益率9.87%，同类 排名103|773。 工银医疗保健股票股票持仓前十占比合计39.79%，分别为：恒瑞医药（8.90%）、药明康德 （5.12%）、艾力斯（4.94%）、百济神州-U（3.77%）、泽璟制药-U（3.52%）、新诺威（3.27%）、 迈瑞医疗（2.80%）、鱼跃医疗（2.76%）、联影医疗（2.47%）、诺诚健华-U（2.24%）。 公开资料显示，工银医疗保健股票基金成立于2014年11月18日，截至2025年3月31日，工银医疗保健股 票规模27.24亿元，基金经理为赵蓓、丁洋。 简历显示：赵蓓女士:硕士,曾在中再资产管理股份有限公司担任投资经理助理。2010年加入工银瑞信,现 任研究部副总监、医疗保健研究团队负责人,2014年11月18日至今,担任工银医疗保健行业股票型基金基 金经理;2015年4月28日至今,担任工银瑞信养老产业股票型基金基金经理;2016年2月3日至今 ...

-40% -20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 ⚫⚫⚫⚫⚫⚫ 资料来源：iFinD，中国银河证券研究院 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 10 图1:北证成交额与换手率情况(截至2025.05.08) ■成交金额（合计/亿元) ●换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 03-11 03-14 04-15 02-10 8T 70 ET 70 02-26 03-03 03-06 03-19 03-24 03-27 04-07 04-10 04-18 04-23 04-28 05-06 01-02 01-15 02-05 02-21 04-01 01-23 01- 01 可证券|CGS 中国银河证券|CGS 北交所日报 资料来源：iFinD，中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.05.08) ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 12 10 8 6 4 2 0 -2 -4 北交所日 ...

机构调研榜单中，共有239家公司获20家以上机构扎堆调研。兆威机电最受关注，参与调研的机构达到 332家；联影医疗被285家机构调研，榜单中排名第二；华勤技术、韦尔股份等分别被278家、259家机构 调研。 机构调研次数来看，曼卡龙机构调研最为密集，共获机构5次调研。伟星股份、天康生物等机构调研也 较为密集，分别被机构调研3次、2次。 近5日机构合计调研427家公司，兆威机电、联影医疗、华勤技术等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（4月29日至5月8日）两市约427家公司被机构调研，调研机构类型 显示，证券公司共对396家公司进行调研，即92.74%的上市公司调研活动有证券公司参与；基金公司调 研353家，位列其后；阳光私募机构调研260家，排名第三。 | 300979 | 华利集团 | 2 | 39 | 53.78 | -4.80 | 纺织服饰 | | --- | --- | --- | --- | --- | --- | --- | | 688512 | 慧智微 | 1 | 39 | 10.60 | 6.85 | 电子 | | 688356 | 键凯科技 | 1 | 38 | 61. ...

5月8日沪指上涨0.28%，市场两融余额为18087.55亿元，较前一交易日增加918.65万元。 证券时报·数据宝统计显示，截至5月8日，沪市两融余额9191.44亿元，较前一交易日增加0.80亿元；深 市两融余额8843.61亿元，较前一交易日减少1.32亿元；北交所两融余额52.50亿元，较前一交易日增加 0.60亿元；深沪北两融余额合计18087.55亿元，较前一交易日增加918.65万元。 分行业看，申万所属行业中，融资余额增加的行业有15个，增加金额最多的行业是电子，融资余额增加 6.03亿元；其次是机械设备、通信行业，融资余额分别增加5.51亿元、4.40亿元。 具体到个股来看，融资余额出现增长的股票有1854只，占比50.52%，其中，304股融资余额增幅超过 5%。融资余额增幅最大的是美心翼申，该股最新融资余额1820.60万元，较前一交易日增幅达 138.22%；股价表现上，该股当日上涨9.01%，表现强于沪指；融资余额增幅较多的还有锦好医疗、瑞 星股份，融资余额增幅分别为120.43%、88.42%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨2.47%，涨幅居前的有航天南湖、 ...

Group 1 - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes 25 measures aimed at optimizing the fee structure for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1][2] - The plan emphasizes the need for over 20 supporting regulations to be developed for implementation, with a timeline for each policy measure already established by the CSRC [1] Group 2 - Fund managers of products with performance below the benchmark by more than 10 percentage points over three years will face significant reductions in their performance-based compensation, as highlighted in the new measures [2] - A notable number of funds have underperformed their benchmarks, with some lagging by over 50 percentage points [2] Group 3 - The Fuanda CSI A500 Index Enhanced Fund experienced a significant redemption event shortly after its launch, prompting the fund to adjust its net asset value precision [3] - The fund was established with a size of 425 million yuan and has seen a slight loss since inception, with its net asset value currently below 1 yuan [3] Group 4 - In April, public fund institutions conducted a record 9,796 research visits to A-share listed companies, marking a 129.47% increase from March [4] - The electronics sector was the most favored, receiving 1,754 visits, followed by the pharmaceutical and biological sector with 1,400 visits [4] Group 5 - Two ETFs, the Huazhang International Leader (DAX) and the Invesco S&P Consumer Select ETF, have issued warnings about significant premium risks in their secondary market trading prices, which are notably higher than their net asset values [5] - The Invesco S&P Consumer Select ETF has issued premium risk warnings for nine consecutive trading days [5] Group 6 - Liu Gesong's fund, Guangfa Small Cap Growth Mixed Fund, increased its holdings in Kesi Technology, raising its share count from 797,400 to 1,045,100, indicating a 24.77% increase in shares held [6] - Kesi Technology has been included in the top holdings of the Guangfa Small Cap Growth Mixed Fund [6] Group 7 - On May 8, the market saw a rise in major indices, with the Shanghai Composite Index up by 0.28% and the Shenzhen Component Index up by 0.93%, while the ChiNext Index rose by 1.65% [7] - The total trading volume in the Shanghai and Shenzhen markets was 1.29 trillion yuan, a decrease of 174.9 billion yuan from the previous trading day [7]

Group 1 - The core conclusion indicates that active equity funds have increased their positions, with a preference for Hong Kong stocks and the Sci-Tech Innovation Board [1][18] - In Q1 2025, the market value of active equity funds decreased slightly to 2.50 trillion yuan, with a net redemption of approximately 482 billion yuan, indicating manageable pressure on the market [10][15] - The allocation to Hong Kong stocks has risen for five consecutive quarters, while the main board and ChiNext have seen significant declines in allocation [18][21] Group 2 - Active equity funds have shown a trend of profit-taking in growth and consumer sectors, with notable reductions in positions in electronics, pharmaceuticals, and food and beverage sectors [2][38] - The only sector to see an increase in active equity fund positions in Q1 2025 was the automotive sector, while the electric power equipment sector experienced significant reductions [40][45] - The top five industries by allocation in active equity funds include electronics (18.4%), electric power equipment (11.0%), pharmaceuticals (10.6%), food and beverage (8.8%), and automotive (7.8%) [22][23] Group 3 - The pricing power of active equity funds is highest in the automotive (2.9%) and electronics (3.5%) sectors, with a notable increase in automotive pricing power [3][49] - The overall pricing power of active equity funds has slightly decreased, with the exception of the CSI 500 and CSI 1000 indices, which have shown an upward trend [47][49] - The top five industries by pricing power are home appliances (3.8%), electronics (3.5%), electric power equipment (3.0%), automotive (2.9%), and pharmaceuticals (2.7%) [49]