2025 年 11 月 26 日 景顺长城中证沪港深红利成长低波 动指数型基金投资价值分析 ——指数基金产品研究系列报告之二百五十九 相关研究 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 联系人 邓虎 A0230520070003 denghu@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 股 票 基 金 - ⚫ 市场维持低利率环境，稳健资产配置价值提升。红利成长低波策略汇集高分红、盈利成 长与价格稳定三大特点，把握高分红与成长机遇的同时，进一步降低因股价波动来带的 对组合净值的影响，使得策略能够获得良好的长期表现。 ⚫ 对比不同 Smart Beta 策略红利成长低波指数表现优异。资本利得和股息收入是红利类 股票指数的两种获利来源，而从长期投资的视角来看，股息回报在总回报中占据重要地 位。自 2020 年以来，红利成长低波三因子构成的 Smart Beta 策略收益表现显著优于 红利低波与成长低波的两因子 Smart Beta 策略。 ⚫ 股息率位于历史高位，低利率背景下红利配 ...

Core Viewpoint - The China Securities Index for Hong Kong, Shanghai, and Shenzhen Dividend Growth Low Volatility Index (SHS Dividend Growth LV) has shown positive performance trends, with a 1.64% increase over the past month, 9.07% over the past three months, and an 8.71% increase year-to-date [1]. Group 1: Index Performance - The SHS Dividend Growth LV Index opened lower but closed higher, down 0.23% at 7477.8 points with a trading volume of 37.679 billion yuan [1]. - The index is composed of 100 securities selected from the mainland and Hong Kong markets, focusing on companies with continuous cash dividends, stable profit growth, and low volatility [1]. Group 2: Index Holdings - The top ten holdings in the SHS Dividend Growth LV Index include major banks such as China Construction Bank (2.5%), Postal Savings Bank (2.14%), and Industrial and Commercial Bank of China (1.85%) [1]. - The index's market allocation shows that the Shanghai Stock Exchange accounts for 55.01%, the Hong Kong Stock Exchange for 24.53%, and the Shenzhen Stock Exchange for 20.46% [2]. Group 3: Sector Allocation - The sector distribution of the index indicates that the financial sector holds the largest share at 45.02%, followed by industrial (19.67%) and healthcare (7.71%) sectors [2]. - Other sectors represented include consumer discretionary (7.22%), communication services (6.68%), utilities (5.44%), materials (4.59%), energy (1.96%), and consumer staples (1.70%) [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the SHS Dividend Growth LV Index include several funds managed by Invesco Great Wall [2].