（文章来源：每日经济新闻） 高股息方向仍可持续，机构资金持续加仓红利资产，预计红利策略不会缺席本轮"牛市"。高股息资产具 有稳健现金流和分红优势，在经济弱复苏背景下吸引力凸显。可关注白电、银行、燃气、出版、水泥、 通信运营商等行业，这些行业普遍具备盈利稳定、估值低位、股息率较高等特征。随着市场风险偏好收 敛，高股息策略的防御属性及长期配置价值将进一步显现。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映高股息企 业的整体市场表现。根据基金公告，红利国企ETF可月月评估分红，在上市后的每个月都做到了分红， 已连续分红20个月。 ...

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 上周A股市场呈现先抑后扬的震荡修复格局，指数表现分化，结构上"沪强深弱"。在"扩大内需"政策预 期及高股息避险属性驱动下，消费、非银金融成为领涨主线，而此前活跃的AI应用、AI硬件有所回 调。周内A股交投活跃度有所下降，日均成交额降至1.76万亿元。市场风格方面，消费行业领涨而科技 板块有所回调，整体表现为：消费>金融>周期>成长。 金鹰基金表示，在国内年末资金调仓与政策催化背景下，资金在市场调整期向防御性与政策支持方向迁 移。数据方面，11月消费受高基数和政策透支影响明显放缓，固定资产投资延续负增长，房地产市场持 续低迷，外需则是少数亮点。但往明年年初看，货币发力和财政前置有望带动国内经济环比改善，两会 窗口亦会明确"十五五"规划重点工程项目和远期经济动能抓手。 本资料所引用的观点、分析及预测仅为个人观点，是其在目前特定市场情况下并基于一定的假设条件下 的分析和判断，并不意味着适合今后所有的市场状况，相关指数、行业等的过往表现不代表未来表现， 也不代表本公司旗下基金的业绩表现，不构成对阅读者的投资建议。基金过往业 ...

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 第一部分 关于研究与投资的心得体会分享 我先就自己从业这么多年做研究和投资的一些体会，和大家做一个分享。 一、时间是每个人唯一稀缺的资产，要学会研究最重要的问题 做研究最为重要的是时间管理，我们每一个人最稀缺的就是时间。研究工作面对的是一个非常复杂 的、非结构化的海量信息。时间的稀缺性与信息的无限性就会派生出两个问题： 1、要研究最重要的问题 我一直说，我们研究的应该是大问题，要把握的是产业与企业的大方向，并在判断与决策上获得大 概率上的正确。概括起来就是，大问题、大方向、大概率。 无论是资深的分析师还是学校刚毕业的初学者，都一样要去学习站在产业的最高处、最前沿，以企 业老板的角度去思考大问题，即使在一些细枝末叶的问题上做得多么完美，其价值也是有限的。大 问题上的模糊准确远远比小问题上的完美精确更为重要。 2、在正确的路径上持续积累 解决效率问题的第一步是要树立科学合理的正确的研究方法，然后通过不断的学习，去持续优化这 个思维框架与方法体系。要在正确的路径上持续地积累，守正出奇。不能在丛林里面的羊 ...

Core Viewpoint - High dividend strategies are expected to remain relevant in the current bull market, with institutional funds continuously increasing their positions in dividend assets [1] Group 1: High Dividend Assets - High dividend assets are characterized by stable cash flows and dividend advantages, making them particularly attractive in a context of weak economic recovery [1] - Industries to focus on include white goods, banking, gas, publishing, cement, and telecommunications, which generally exhibit stable profitability, low valuations, and high dividend yields [1] - As market risk appetite converges, the defensive attributes and long-term allocation value of high dividend strategies will become more pronounced [1] Group 2: Dividend ETF - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects high-dividend capable and stable dividend record companies from the market [1] - The index covers industries such as banking, coal, and transportation, focusing on traditional high dividend sectors [1] - The ETF has consistently distributed dividends monthly since its listing, achieving 20 consecutive months of dividends [1]

红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映高股息企 业的整体市场表现。根据基金公告，红利国企ETF可月月评估分红，在上市后的每个月都做到了分红， 已连续分红20个月。 券商研报指出，高股息方向仍可持续，机构资金持续加仓红利资产，预计红利策略不会缺席本轮"牛 市"。在"反内卷"政策推动下，部分行业"增收不增利"困境有望缓解，推动规上工业企业利润增速向规 上企业工业增加值增速靠拢。高股息资产具备稳健现金流和分红优势，在经济弱复苏背景下吸引力凸 显，可关注白电、银行、燃气、出版、水泥、通信运营商等板块。 每日经济新闻 注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。提及个股仅用于行业事件分析，不构成 任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩 ...

从市场环境看，袁闯认为，海外经济保持韧性且流动性边际宽松，叠加美联储降息预期升温，外部 环境持续改善；国内层面，"双宽松"政策基调有望延续，经济大概率呈现弱复苏态势，而"反内卷"政策 推动行业供需格局优化，将有效改善上市公司业绩，预计2025年-2026年A股上市公司业绩拐点如期出 现，为上涨行情延续提供基本面支撑。 12月10日至11日，中央经济工作会议在北京举行。财信证券首席经济学家、研究发展中心总经理袁 闯表示，中央经济工作会议明确延续积极有为的宏观政策取向，继续实施更加积极的财政政策和适度宽 松的货币政策，为宏观经济回升向好、上市公司基本面修复及资本市场平稳上行筑牢坚实支撑。作 为"十五五"开局之年，2026年经济工作聚焦提质增效，经济结构调整、产业结构优化与科技自立自强成 为核心方向，A股"科技成长"风格的中长期逻辑进一步夯实。 投资主线方面，袁闯表示，科技成长仍是中长期核心，其中AI产业链有望从硬件端向应用端切 换，传媒、计算机、恒生互联网等领域因商业闭环加速落地值得重点关注。同时，四条细分主线具备明 确配置价值：一是高股息资产获险资等机构持续加仓，白电、银行、通信运营商等板块红利策略可期； 二是 ...

中证报中证网讯（记者 谭丁豪）12月10日至11日，中央经济工作会议在北京举行。财信证券首席 经济学家、研究发展中心总经理袁闯表示，中央经济工作会议明确延续积极有为的宏观政策取向，继续 实施更加积极的财政政策和适度宽松的货币政策，为宏观经济回升向好、上市公司基本面修复及资本市 场平稳上行筑牢坚实支撑。作为"十五五"开局之年，2026年经济工作聚焦提质增效，经济结构调整、产 业结构优化与科技自立自强成为核心方向，A股"科技成长"风格的中长期逻辑进一步夯实。 从市场环境看，袁闯认为，海外经济保持韧性且流动性边际宽松，叠加美联储降息预期升温，外部 环境持续改善；国内层面，"双宽松"政策基调有望延续，经济大概率呈现弱复苏态势，而"反内卷"政策 推动行业供需格局优化，将有效改善上市公司业绩，预计2025年-2026年A股上市公司业绩拐点如期出 现，为上涨行情延续提供基本面支撑。 投资主线方面，袁闯表示，科技成长仍是中长期核心，其中AI产业链有望从硬件端向应用端切 换，传媒、计算机、恒生互联网等领域因商业闭环加速落地值得重点关注。同时，四条细分主线具备明 确配置价值：一是高股息资产获险资等机构持续加仓，白电、银行、通信运 ...

智通财经APP获悉，西部证券发布研报称，消费行业呈现底部特征，基本面触底修复构成股价催化剂。 该行看好红利+优势全球资产，以及红利+修复，两个细分策略。虽然贸易摩擦对供应链、产能等格局 重塑，但是优质出海供给替代海外品牌依然成为不可逆转的时代主题。未来随着资金视角的全球化，景 气度和竞争实力较强的中国资产，将获得更多的发展机会和回报空间。 传统行业盘子基数大、产业动能较低，未来将保持稳定增长，内需寻找高成长需要围绕新人群、新市场 带来的增量。"Z 世代"人群本身消费能力较强、"新中产"悦己属性提升带动优质品质消费品，对旅游、 健康消费(保健品)、智能科技消费、奶茶、医美产品等高复购的情绪价值消费有较强带动。以十月稻田 为代表的新零售品牌，公司管理效率极高，具备成长性+高人效特征，依然享受结构性的成长红利。 出海是2-3年的时代景气主题 虽然贸易摩擦对供应链、产能等格局重塑，但是优质出海供给替代海外品牌依然成为不可逆转的时代主 题，大部分高增长消费依然聚集在此，该行看好安克、春风等公司在品牌和渠道的长期竞争力和竞争格 局，在估值具备相当安全边际的时候，可以进行配置。 稀缺的境外资产，逐渐将获得国内资金关注 西部 ...

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [4]. Core Insights - The consumer sector is showing signs of bottoming out, with fundamental recovery acting as a catalyst for stock prices. Positive information regarding fundamentals is increasing, and companies are focusing more on dividends and buybacks [1][12]. - The "Redemption+" strategy is recommended as a short-term stable allocation strategy, with a focus on high-quality global assets and marginal recovery in specific sectors like beer and dairy [1][12]. - The report emphasizes the importance of new consumer groups and market segments, particularly the "Z Generation" and "New Middle Class," which are driving long-term structural growth in domestic demand [2][12]. Summary by Sections 1. Fundamental Outlook - The domestic consumer sector is entering a low-growth phase, with opportunities primarily in dividend-type investments and those showing marginal improvements [12]. - The "Z Generation" and "New Middle Class" are identified as key consumer groups with strong payment willingness and consumption characteristics [13][16]. - Retail channel transformations are leading to increased concentration of upstream brands, with new retail brands like "October Rice Field" showing significant growth potential [19][24]. 2. Investment Outlook for Key Sectors in 2026 - Baijiu - Guizhou Moutai's prices are nearing the bottom, indicating a long-term investment value. The current valuation corresponds to a 20x PE for 2025, with a dividend yield exceeding 3.7% [29][33]. - Jinhuijiu is gaining market share within the province, with a focus on product structure improvement and healthy inventory levels [35][39]. 3. Investment Outlook for Key Sectors in 2026 - Consumer Goods - The consumer goods sector has undergone significant cleaning of fundamentals, with no inventory burdens remaining for categories like dairy and beer [40]. - Companies like China Resources Beer and Mengniu Dairy are highlighted for their potential for improvement and growth in earnings [44]. 4. Investment Outlook for Key Sectors in 2026 - White Goods - Haier is noted for its organizational efficiency improvements and market adjustments, positioning it well for future growth [20][21]. 5. Investment Outlook for Key Sectors in 2026 - Technology Consumption - Companies like Anker and Ecovacs are recognized for their innovative platform development and operational resilience, indicating strong growth potential [22][23]. 6. Investment Outlook for Key Sectors in 2026 - Medical Aesthetics - Companies like Juzhi Biotechnology and Jinbo Biotechnology are highlighted for their technological leadership and platform upgrades, driving value reassessment [25][26]. 7. Investment Outlook for Key Sectors in 2026 - Overseas Quality Assets - Companies like Westair and Kingworld are gaining attention from domestic funds due to their strong competitive positions and growth potential in overseas markets [27][28].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][8]. Core Insights - The home appliance sector shows resilience despite challenges, with leading companies demonstrating strong performance. The report highlights the growth potential for domestic brands, particularly in the context of iRobot's financial struggles [4][14][19]. - The "Black Friday" and "Cyber Monday" sales events in the U.S. saw significant online spending growth, benefiting companies like Stone Technology, which reported strong sales figures across various regions [3][20]. - iRobot is facing severe financial difficulties, with a significant portion of its debt being acquired by a domestic company, which may create opportunities for Chinese brands in the overseas market [4][24]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, Hisense Home Appliances for white goods; Hisense Visual for black goods; and Stone Technology, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - The home appliance sector achieved a relative return of +0.56% this week, outperforming the broader market [31]. - October saw a general decline in the shipment of major appliances, with air conditioners and televisions facing significant pressure, while washing machines showed resilience in exports [5][29]. 3. Key Data Tracking - Online sales during the "Black Friday" period reached $11.8 billion, a 9.1% year-on-year increase, while "Cyber Monday" sales hit $14.25 billion, up 7.1% [3][20]. - The report notes that the prices of raw materials such as copper and aluminum have increased, which may impact production costs [34][36]. 4. Company Announcements and Industry Dynamics - Midea Group and Haier Smart Home have made significant progress in their stock repurchase plans, indicating confidence in their market positions [49][52]. - The report discusses the challenges faced by the air conditioning export market, with a notable decline in volume and value, reflecting ongoing industry recovery issues [53].