| 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-24 | 1.52亿 | 65.14万 | 0.43% | | 2025-11-21 | 1.51亿 | 5761.20万 | 61.39% | | 2025-11-20 | 9384.35万 | 41.56万 | 0.44% | | 2025-11-19 | 9342.78万 | -169.86万 | -1.79% | | 2025-11-18 | 9512.65万 | 429.59万 | 4.73% | 证券之星消息，11月24日，中证红利ETF（515080）融资买入3317.72万元，融资偿还3252.58万元，融 资净买入65.14万元，融资余额1.52亿元，近3个交易日已连续净买入累计5867.9万元。 融券方面，当日无融券交易。 融资融券余额1.52亿元，较昨日上涨0.43%。 | 交易日 | 融资净买入 (元) 融资余额 (元) | | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-24 | 65.14万 | ...

Core Viewpoint - The dividend assets continue to show strong performance, with three major ETFs experiencing consecutive gains, indicating a positive market sentiment towards dividend-focused investments [1] Group 1: ETF Performance - As of November 10, the Hong Kong Dividend Low Volatility ETF (520550), the CSI Dividend ETF (515080), and the CSI Dividend Quality ETF (159209) have increased by 1.19%, 0.61%, and 0.60% respectively, marking six consecutive days of gains for the first two and four days for the latter [1] - The current prices for the ETFs are as follows: 520550 at 1.275, 159209 at 1.176, and 515080 at 1.646, with respective changes of 0.016 (1.27%), 0.006 (0.51%), and 0.011 (0.67%) [2] Group 2: Market Analysis - The three ETFs have distinct characteristics: the CSI Dividend ETF focuses on undervalued high-dividend sectors like banking and coal, showcasing a nearly 5% dividend yield that highlights its defensive value; the CSI Dividend Quality ETF selects high-quality consumer and pharmaceutical companies based on ROE and other quality factors, balancing dividends with growth; the Hong Kong Dividend Low Volatility ETF attracts funds with a 6% high dividend yield, with over 60% weight in financial and real estate sectors, demonstrating significant low volatility [2] - Experts recommend a "core + satellite" investment strategy, using the CSI Dividend ETF as a base and combining it with the other two products to diversify risk and enhance returns [2] Group 3: Investment Considerations - All three products feature low fees and a regular dividend assessment mechanism, facilitating long-term holding [2] - Investors should be aware of the currency risk associated with Hong Kong products and the inherent limitations of dividend strategies regarding growth potential [2]

近期，沪指时隔十年重回4000点，这轮市场上涨的根本动力主要来自于资本市场信心的修复。过去较长 时间，中国优质资产的估值相比于海外始终处于较低位，"反内卷"政策落地、"九三阅兵"、党的二十届 四中全会等系列利好事件落地，都极大提振资本市场信心，居民资金开始加速入市，市场估值中枢得到 显著修复。数据显示，年内行情中，有色金属板块表现最为亮眼。不过，该板块前期的强劲涨势主要得 益于行业整体β行情的集中释放。随着市场进一步演化，如何在β动能之外，精准捕捉行业内细分领域 的超额机会，成为投资者面临的核心问题。 截至11月3日（下同），沪指年内涨幅接近19%，连续6个月收涨。在这一轮行情中，有色金属行业成为 最大赢家，申万31个行业中，有色金属指数以73.77%的涨幅领跑市场。 然而，超越行业整体表现的机会，往往藏在细分领域。相比投资者所熟悉的有色金属指数，该行业的细 分指数中证工业有色金属主题指数表现更为突出，年内涨幅达74.57%。跟踪该指数的唯一场内ETF万家 中证工业有色金属主题ETF（交易代码：560860，简称：工业有色ETF）年内涨幅达78.08%，最新规模 已超55亿元，较去年末暴增近15倍，成为年内最 ...

Core Viewpoint - The article emphasizes the growing importance of dividend investment strategies in the current economic environment characterized by low interest rates and a focus on high-quality development, positioning dividend assets as a stable choice for investors seeking reliable returns [1][2]. Economic Environment - The continuous decline in interest rates, with the ten-year government bond yield dropping to 1.76% and bank deposit rates falling below 1%, has diminished the appeal of traditional fixed-income products [2]. - The significant yield difference between government bonds and dividend indices, with the latter offering 6-8% dividend yields, is attracting low-risk capital towards dividend assets [2]. Policy Influence - The "14th Five-Year Plan" encourages the introduction of "patient capital," primarily from insurance funds, which favor dividend assets due to their stable cash flow characteristics [3]. - Regulatory policies, such as the "National Nine Articles," are pushing listed companies to increase dividend payouts, with state-owned enterprises' dividends exceeding 370 billion yuan, enhancing the long-term investment value of dividend assets [3]. Types of Dividend ETFs - The article categorizes various types of dividend ETFs, including the classic CSI Dividend ETF, which focuses on high-dividend stocks primarily in traditional sectors like banking and coal, maintaining a stable dividend yield around 6% [4]. - The low-volatility dividend ETF combines high dividend yields with low volatility, appealing to risk-sensitive investors [4]. - The dividend quality ETF emphasizes sustainable profitability and growth, featuring high-quality companies and sectors like consumer goods and pharmaceuticals, albeit with lower dividend yields [5]. Investment Strategy - Dividend ETFs are positioned as defensive assets rather than aggressive growth investments, suitable for turbulent or declining markets but potentially underperforming in bull markets [6]. - Long-term investors are encouraged to reinvest dividends to accumulate more shares, enhancing wealth through compound growth [6]. - The article advises on the importance of timing and valuation awareness, noting that current valuations for dividend indices are high, suggesting caution for new investors [7]. Conclusion - The article underscores the necessity of patience and strategic planning in investing in dividend ETFs, recommending a long-term holding approach and the use of systematic investment strategies to manage market fluctuations [8][9].

最近想了一个新的投资策略，准备周一实施，希望大家批判一下。 用融资融券账户买入中证红利ETF和港股通红利低波ETF，作为抵押品可以再以0.7倍杠杆买 入红利ETF，利率是4%，ETF股息率4.7%可以覆盖。 原本直接买入红利的策略，预期每年现金流是4.7%；使用杠杆后，去掉利息部分可以增厚 0.7%，现金流增加至5.4% 红利ETF历史最大回撤在20%~30%，策略使用0.7倍杠杆，按照强制平仓线，红利ETF需要 下跌46%才会被强制平仓，基本没有强制平仓的可能。 退出方案，当贷款利率高于ETF股息率时，停止使用杠杆。 情况一，经济回暖，贷款利率上涨，导致退出。盈亏情况，赚取持有期间现金流，小赚。 情况二，经济恶化，ETF股息减少的股息率下降，导致退出。盈亏情况，市值下跌，大亏。 情况三，股市上涨，ETF价格上升的股息率下降，导致退出。盈亏情况，ETF价格上涨，大 赚。 情况四，其他，无法判断。 dingo49 策略看上去是不错的，可以提高资金的使用效率； 问题是感觉楼主心急了， 这明显是个中长线的策略， 但是楼主在周末就已经忍不住，周一就 想冲进去。目前红利的估值处于中间位置，并不算太低， 是不是可以考虑先 ...

Core Insights - The decline in 10-year government bond yields to 1.6% and the breaking of 2% in 3-year fixed deposit rates by state-owned banks indicate a low-interest-rate environment, prompting a shift in investment strategies towards higher-yielding assets [1][3] - The influx of 1.8 trillion yuan in new household deposits suggests a trend of individuals moving their money to banks, while northbound capital saw a net inflow of 23 billion yuan, indicating institutional interest in high-dividend stocks and long-duration growth assets [1][3] High Dividend Assets - High dividend assets are becoming attractive alternatives to traditional savings, with the CSI Dividend Index offering a yield of 5.16%, significantly higher than the 3-year fixed deposit rate [3] - Stable earnings from leading sectors such as banking, utilities, and telecommunications provide a reliable income stream, supported by government policies encouraging dividends [3] - Public REITs, particularly those focused on affordable housing, offer yields of 3%-4%, providing a flexible and higher return compared to traditional savings [3] Long-Duration Growth Sectors - Long-duration growth assets are expected to benefit significantly from declining interest rates, with 10-year bonds rising 2% and 30-year bonds potentially increasing by 6% with a 0.2% drop in yields [5] - The AI industry is highlighted as a key growth area, with expected annual growth of 30%, making it a prime target for investment as interest rates decline [5] - The current economic environment, characterized by monetary easing, suggests that long-term growth sectors will attract capital as traditional sectors struggle to absorb liquidity [5] Investment Strategy Recommendations - Investors are advised to prioritize high dividend stocks with yields above 5% and a history of consistent dividends over the past five years, or to invest in the CSI Dividend ETF for easier access [7] - For growth assets, it is recommended to limit exposure to 30% of total household assets due to their volatility, with a preference for mutual funds managed by professionals [7] - A balanced approach is suggested, allocating 70% to high dividend assets and 30% to long-duration growth sectors to mitigate risks while capitalizing on potential returns [7]

Group 1 - The article emphasizes the advantages of investing in ETFs as a simpler strategy compared to individual stock picking, highlighting the common struggles of retail investors such as difficulty in stock selection, unstable mindset, and lack of time [1][2] - ETFs provide risk diversification through a basket of stocks, reducing the impact of individual company failures, as exemplified by the CSI 300 ETF covering 300 leading companies [1][2] - The article points out the cost-effectiveness of ETFs, with management fees typically below 0.5%, compared to actively managed funds which average around 1.5% [1][2] Group 2 - The article discusses the compounding effect of ETFs, illustrating that a monthly investment of 1,000 yuan at an annual return of 8% can grow to approximately 1.45 million yuan over 30 years [2] - Historical data shows that the CSI 300 index has achieved an annualized return of 8.2% over the past 15 years, even during market downturns [2] - The CSI 300 ETF includes major companies across various sectors, with the top ten holdings accounting for less than 30% of the index, minimizing the impact of any single company's volatility [2] Group 3 - The Nasdaq 100 ETF focuses on 100 non-financial tech giants in the US, achieving an annualized return of 12% over the past 20 years despite market fluctuations [3] - The low correlation between the Nasdaq 100 and A-shares provides a risk diversification benefit, as evidenced by the Nasdaq's recovery in 2023 after a downturn in 2022 [3] Group 4 - The article mentions that investing in ETFs may involve currency risk, but this has a minimal long-term impact on compounding [4] - It suggests that the allocation to such ETFs should not exceed 30%, positioning them as an aggressive part of an investment portfolio [5] Group 5 - Dividend-focused ETFs are characterized by stable businesses and strong cash flows, providing consistent dividends even during market downturns [6] - The article highlights the valuation advantage of dividend assets, with the CSI Dividend Index trading at a price-to-book ratio of approximately 0.8, compared to 1.3 for the CSI 300 [6] - Reinvesting dividends can significantly enhance compounding, with a 10-year cumulative return potentially exceeding cash dividends by 62% [6] Group 6 - The article recommends a "core-satellite" strategy for asset allocation: 50% in CSI 300 ETF, 30% in Nasdaq 100 ETF, and 20% in CSI Dividend ETF, balancing growth and defensive positions while diversifying geographic risks [6] - It advises against emotional trading behaviors, such as chasing high-performing ETFs during market surges or panic selling during downturns [6] Group 7 - Dollar-cost averaging is presented as a practical method to mitigate volatility, with historical backtesting indicating that investing in the CSI 300 ETF for over 10 years can yield an annualized return close to 8% [7] - The article suggests using a grid strategy for idle funds, adjusting positions based on market fluctuations [7] - Caution is advised during high valuation phases, and investors should avoid illiquid ETFs with low trading volumes [7]

Group 1 - The market is currently in a period of fluctuation and consolidation, with dividend assets attracting attention from some funds as the double holiday approaches [1] - The CSI Dividend ETF (515080) has seen a net inflow of over 430 million yuan over the past nine days, indicating strong investor interest [1] - The CSI Dividend Index has a current dividend yield of 4.68%, significantly higher than the 1.876% yield of ten-year government bonds, suggesting a favorable investment opportunity [1] Group 2 - According to Dongfang Securities, the index is expected to experience short-term fluctuations but maintains a medium-term upward trend, with a focus on high-end manufacturing and low-cycle dividend stocks [2] - The macroeconomic environment is currently at a low point for PPI, with expectations of recovery in PPI and industry profitability, indicating potential investment opportunities [2] - Companies with cleared supply and profit elasticity in industries undergoing policy changes may present attractive dividend opportunities [2]

| 中加多国制度工程的 | | | | 515080 | | --- | --- | --- | --- | --- | | 186 | | | +0.008 +0.51% | | | SSE CNY | 9:38:09 交易中 | | 通融公口+ | | | 净值走势 | | | 招商中证红利ETF | | | T-1日单位申赎资产 | | | 1574571.53元 | | | 近5日净流入 | | | 单位(万元) | | | | | | 5827 | | | | 3949 | | | | | 1897 | | | 1742 | | | -3173 | | | | | | 9-9 | 9-10 | 9-11 | 9-12 | 9-15 | | 天数 | | 净流天 | 净流额 | 净流率 | | 5 | | 4 | 10242 | 1.41% | | 10 | | 6 | 3317 | 0.45% | | 20 | | 13 | 30507 | 4.31% | 由于"新国九条"与类"四万亿"等政策的重叠推动，上证指数在创新高后并没有危险信号出现，反而可能 在窄幅震荡中向着新一轮新高蓄势。在市场还没有选择 ...

与此同时，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%，处于年内低位水平。招商基金表示，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多的增量资金流入。同时，随着近期市场降准降息预 期逐渐增强，无风险利率或持续下行，进一步加持了红利资产的投资价值。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 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。据招商基金，过去五 年（2020年-2024年），中证红利ETF年度分红比 ...