如今超火的"红利策略"正是抓住了这一点！那么当前港股央企红利ETF（513910）跟踪指数的股息率到 哪里了呢？我们一起来看看！截至25年11月17日，指数近12个月股息率是5.59%，高于同日10年期国债 收益率有3.77%！ 存款有利息，股票有股息。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。据说他在1975至1999年运用该策略 投资的平均复利回报达18%，远高于市场3%的平均水平。 为啥这么神呢？指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的 股息率、投资期内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是 确定的正向助力。股息率越高，确定的正向收益也就越高。 想躺赚"股息"？记住八个字：简单投资，加 | | 涨跌幅 | 开始时间 | 结束时间 | | --- | --- | --- | --- | | 近半年涨跌幅 | 25.27 | 2025/5/19 | 2025/11/17 | | 近1年涨跌幅 | 39.85 | 2024 ...

Core Insights - The public fund issuance market has experienced significant changes since 2025, with a total of 1,378 public funds issued as of November 17, 2025, surpassing last year's total of 1,143 and marking a three-year high [1][2] - The average subscription period for newly issued funds has decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] Fund Issuance Statistics - The total number of public funds issued in 2025 includes 762 equity funds and 250 bond funds, with equity funds accounting for 55.30% of the total [2][6] - Among the newly issued funds, passive index funds have become increasingly popular, with 813 index funds issued, representing 59.00% of the total [3][4] Market Trends - The rise of index investing is notable, with 736 out of 762 equity funds being index funds, which constitutes 96.59% of the equity fund category [4][5] - The trend towards passive investment is evident, as 646 of the 813 index funds are passive index funds, making up 79.46% of the index fund total [5] Investor Behavior - The younger generation of investors is becoming a significant force in the market, showing a higher acceptance and trust in public funds, which injects new vitality into the industry [3] - There is a clear shift in investor preference towards equity assets, as evidenced by the substantial increase in the issuance of equity funds compared to the decline in bond fund issuance [6] Issuer Landscape - A total of 131 public fund institutions have issued new funds in 2025, with 22 institutions issuing 20 or more new funds, indicating a "Matthew Effect" in the industry [7]

华西证券认为，在政策红利下，科创债市场空间广阔，科创债ETF作为科技领域债券的唯一指数化工 具，其长期配置价值和市场影响力有望持续凸显。同时，科创债ETF工具属性灵活，兼顾收益机会与流 动性，适配投资者稳健型需求。 鹏华基金自2018下半年建立"固收工具型产品"中长期战略，并在利率债指数产品及ETF、信用债指数、 存单指数产品等方面积极布局，致力于打造固收工具库，力争成为国内"固收指数专家"。当前债券ETF 总规模已突破300亿。 凭借专业的债券指数投资管理能力和丰富的产品运作经验，鹏华基金将持续为投资者提供优质的债券指 数化投资工具。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2025年11月17日 15:00，科创债ETF鹏华(551030)上涨0.03%。截至上个交易日，科创债ETF鹏华最 新规模达196.24亿元，创成立以来新高。 西部证券指出，在央行精准呵护下，资金面整体稳定运行，不过上周资金面受到此前一周央行持续净回 笼、北交所股票申购冻结资金影响，波动抬升，税期将至，且周二北交所仍有股票募资，资金面压力抬 升。后续债市或主要受到公募基金费率新政、股债跷跷板等影响 ...

上周，公募FOF的发行引人关注，出现多只"小爆款"新品，募集规模在20亿元左右。今年以来，已经有11只FOF募集规模超过20亿元。 从近期的业绩表现来看，上周股票型FOF业绩欠佳，混合型FOF中有的产品业绩超过3%。 在业内人士看来，当下FOF规模和数量仍有较大发展空间，底层重仓基金应朝着更加多元的方向发展。 多只FOF新品成为"小爆款" 最近一段时间，FOF市场频频出现"小爆款"。 11月12日，富国基金旗下富国智悦稳健90天持有FOF公告成立，募集规模17.93亿元，获5835户有效认购。11月14日，交银施罗德基金公告显示，交银臻享 多资产三个月持有期混合（FOF）成立，募集规模23.67亿元，获9440户有效认购。 Wind统计显示，今年以来成立规模在20亿元以上的FOF已有11只，其中有5只成立于四季度。这一加速或与该类基金的业绩有关，截至今年三季度末，所有 公募FOF基金全部实现年内正收益。 业绩排名第一的FOF产品今年以来收益率近70%，远远超越许多主动权益类明星基金。FOF基金正逐渐摘掉以往风格保守、业绩弹性不足的标签，通过精准 配置行业主题基金，实现了业绩与规模的双增。 据公募排排网统计，在 ...

上周，公募FOF的发行引人关注，出现多只"小爆款"新品，募集规模在20亿元左右。今年以来，已经有11只FOF募集规模超过20亿元。 从近期的业绩表现来看，上周股票型FOF业绩欠佳，混合型FOF中有的产品业绩超过3%。 11月12日，富国基金旗下富国智悦稳健90天持有FOF公告成立，募集规模17.93亿元，获5835户有效认购。11月14日，交银施罗德基金公告显示，交银臻享 多资产三个月持有期混合（FOF）成立，募集规模23.67亿元，获9440户有效认购。 Wind统计显示，今年以来成立规模在20亿元以上的FOF已有11只，其中有5只成立于四季度。这一加速或与该类基金的业绩有关，截至今年三季度末，所有 公募FOF基金全部实现年内正收益。 业绩排名第一的FOF产品今年以来收益率近70%，远远超越许多主动权益类明星基金。FOF基金正逐渐摘掉以往风格保守、业绩弹性不足的标签，通过精准 配置行业主题基金，实现了业绩与规模的双增。 据公募排排网统计，在2025年公募基金发行的诸多亮点中，FOF基金的爆发式增长格外引人注目。今年以来FOF新基达72只，虽然仅占到总量的5.22%，但 较去年全年的33只相比，新基发行数量已 ...

一、今日基金新闻速览 1、跨境ETF密集发布溢价提示 近期，多只跨境ETF在二级市场出现不同程度溢价，部分产品盘中溢价率明显走高。仅在上周，就有多只跨境ETF发布溢价公告，涉及美股、日股等多个主 题。 2、ETF年内新发数量与规模均创新高 Wind数据显示，以基金成立日为统计口径，2025年以来，ETF发行数量首次突破300只整数关口，达到320只。与此同时，今年以来新成立ETF基金发行规模 达到2496.77亿元，无论是基金数量还是募集规模，均显著超越了过往所有年份。 3、年内新发基金规模突破万亿元大关 Wind数据显示，截至11月14日，年内新成立276只主动权益类基金，发行总规模达到1410.68亿元，同比增长132.25%。其中，有11只产品募集规模超过20亿 元，最高逼近50亿元。 二、知名基金经理最新动态 1、李德辉拟自购旗下新基金100万元 11月17日，摩根基金公告，摩根慧启成长混合基金于11月17日开启募集，基金经理李德辉拟于募集期内出资100万元认购该基金。最终认购申请确认金额以 基金注册登记机构计算并确认的结果为准。 三、今日ETF行情点评 | 代码 | 名称 | 相关链接 | 最新价 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - From November 10 - 14, 2025, the market adjusted overall, with small - cap stocks leading in gains and the value style outperforming the growth style. The consumer services, textile and apparel, and basic chemicals sectors led the rise. The daily average trading volume of the entire A - shares increased compared to the previous week. A - shares still showed characteristics of a stock game, and the market focused on the game between next - year's policies and prosperity expectations, which was favorable for the small - and medium - cap theme investment style [4][12]. - The weakening of A - share technology was mainly due to the market's divergence on the US AI narrative. The A - share technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - The release of the third - quarter financial reports of technology giants such as NVIDIA, Alibaba, and Baidu will have an important impact on the "US stock AI bubble theory" and the rebound of A - share technology stocks and global risk assets at the end of the year [14]. - Last week, the gold price fluctuated upwards. The future trend of the gold price will closely revolve around the disclosure of US economic data and new signals from Fed officials regarding the interest - rate path [14]. - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)" to further standardize the sales behavior of public funds and strengthen the obligation of suitability management for investors [16]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market performance: From November 10 - 14, 2025, the Shanghai Composite Index fell slightly by 0.18%, the CSI 300 Index fell by 1.08%, the CSI 500 Index fell by 1.26%, and the Guozheng 2000 Index fell slightly by 0.13%. The daily average trading volume of the entire A - shares was 2.041 trillion yuan, an increase compared to the previous week [4][12]. - Capital layout: A - shares still showed characteristics of a stock game. Funds were deployed around two types of opportunities: logic - driven opportunities such as the new energy vehicle industry chain and petrochemical resource - related sectors, and event - gaming opportunities represented by regional concepts, restructuring themes, and low - priced stocks [12]. - Macro changes: In October, domestic economic data showed a "high - then - low" trend. Policy may be "supportive but not overly aggressive". The central bank's third - quarter monetary policy report indicated that supportive monetary policies would balance long - term goals [13]. - Technology direction: The weakening of A - share technology was affected by the US AI narrative. The technology direction has spread from hardware to power shortages and power equipment construction, with storage chips replacing optical modules as the new theme, but there is no clear sign of a switch from AI hardware to software applications [13]. - Gold: Last week, the gold price fluctuated upwards. The future trend of the gold price will depend on US economic data and Fed officials' signals regarding interest - rate paths [14]. 1.2. Public Fund Market Dynamics - On November 12, 2025, the Asset Management Association of China drafted the "Regulations on the Suitability Management of Publicly Offered Securities Investment Fund Investors (Exposure Draft)", which requires fund managers and sales institutions to strictly fulfill suitability obligations and adds three principles for public fund risk assessment [16][17]. 2. Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Strategy and Theme | Active Stock Fund Preferred Index | - 0.15% | 1.49% | 38.93% | 40.06% | | Investment Style | Value Stock Fund Preferred Index | 1.37% | 2.54% | 21.08% | 21.17% | | | Balanced Stock Fund Preferred Index | - 0.24% | 1.00% | 32.08% | 29.19% | | | Growth Stock Fund Preferred Index | 0.20% | 2.24% | 54.17% | 40.32% | | Industry Theme | Pharmaceutical Stock Fund Preferred Index | 4.97% | 1.28% | 42.97% | 23.85% | | | Consumption Stock Fund Preferred Index | 0.32% | - 4.11% | 12.91% | 5.64% | | | Technology Stock Fund Preferred Index | - 1.85% | - 0.95% | 46.52% | 48.82% | | | High - end Manufacturing Stock Fund Preferred Index | - 1.49% | 4.95% | 36.30% | 29.73% | | | Cyclical Stock Fund Preferred Index | 1.10% | - 3.40% | 27.16% | 18.19% | - Each index has its own positioning and performance comparison benchmarks. For example, the Active Stock Fund Preferred Index selects 15 funds with equal - weight allocation, and its performance comparison benchmark is the CSI Active Stock Fund Index (930980.CSI) [19][20].

Core Insights - The 15th National Games is taking place in the Guangdong-Hong Kong-Macao Greater Bay Area, featuring the first cross-border marathon and road cycling events, while the 20th China Economic Forum will commence on November 18 [1] - The forum will include a parallel session titled "2025 Greater Bay Area Technology and Financial Innovation Development Conference," focusing on the integration of technology and finance [1] - The global technology competition landscape is undergoing significant adjustments, with a strong emphasis on technological innovation as a core battleground for major powers [1] - National policies have been established to enhance the financial support for major technological tasks and technology-oriented SMEs, promoting long-term capital investment in hard technology [1] - The development of technology finance is aligned with the construction of a modern industrial system in China and is crucial for nurturing new productive forces [1] Industry Focus - The conference will gather professionals from various sectors including securities, funds, banks, futures, listed companies, and technology enterprises, featuring keynote speeches and roundtable discussions [2] - The theme "Financial Empowerment of Science and Technology, Building the Future of the Bay Area" emphasizes the symbiotic relationship between technology and finance [2] - The event aims to facilitate knowledge sharing and resource linking to promote the efficient integration of technology and finance [2]

Core Viewpoint - The A-share market has experienced increased volatility since November, showing significant signs of style switching, with traditional value sectors like banks and utilities performing well, while previously strong sectors such as metals, new energy, and innovative pharmaceuticals have seen increased fluctuations [1] Industry Insights - The market is currently in a vacuum period regarding performance, events, and policies, lacking a clear direction, which is expected to lead to a primarily oscillating market with a focus on structural opportunities [1] - The overseas AI computing power remains a core focus, with "computing, connectivity, and storage" guiding multiple investment lines [1] - The AI sector is anticipated to have catalysts in the near term, although factors like US-China easing and the return of overseas chips may temporarily reduce the sector's heat without affecting its mid-term allocation value [1] - In terms of AI applications, it is recommended to pay attention to stocks that have seen significant declines and show upward inflection points in their Q3 performance [1] - The AI endpoint requires new hardware forms, with expectations for hardware to be launched by OpenAI next year [1]

近日，湖北省财政厅支持珠海科技产业集团与武汉市、江夏区等共同发起设立的湖北江城华发 产业投资基金已完成首次实缴出资，标志着湖北省政府投资引导基金参股设立的光电子信息产 业母基金正式落地。据悉该基金总规模 1 0 0亿元，首期规模1 0亿元，重点投向集成电路、光通 信、激光、新型显示和智能终端等硬科技领域。这意味着湖北国资和珠海国资的合作。 母基金研究中心关注到，在区域协同基金方面，广东已有所实践：去年 7月，"粤科发布" 2 5 号："聚焦新质生产力 打造创投新生态"首届峰会暨创投联盟成立大会在粤科金融大厦成功举 办。活动现场，超千亿"母基金+子基金+直投基金"基金集群落地，包括9支区域母基金与7支省 际协同发展母基金等。其中，" 省际协同发展母基金 "的签约，这是在全国范围内罕见、具有 创新性的举措，跳出了引导基金发展的"属地思维"，形成跨区域发展的合力、省际的协调和联 动，更好实现优势互补、要素互补。 据粤科金融集团公众号，集团已落地浙江、辽宁、江西等省际合作基金。 在协同招商方面，安徽与河南做出探索： 近日，安徽省、河南省人民政府共同出台《皖豫省际 毗邻地区合作发展实施方案》（以下简称《实施方案》）。 ...