广发证券资深金工分析师 张钰东 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 最近5个交易日，科创50指数跌3.85%，创业板指跌3.01%，大盘价值涨1.44%，大盘成长跌1.64%，上证50涨0.003%，国证2000代表的小盘跌0.53%，综 合、纺织服饰表现靠前，通信、电子表现靠后。 风险溢价，中证全指静态PE的倒数EP减去十年期国债收益率，权益与债券资产隐含收益率对比，截至2025/11/14指标2.78%，两倍标准差边界为4.74%。 估值水平，截至2025/11/14，中证全指PETTM分位数81%，上证50与沪深300分别为77%、73%，创业板指接近50%，中证500与中证1000分别为62%、 61%，创业板指风格估值相对历史总体处于中位数水平。 使用卷积神经网络对图表化的价量数据与未来价格进行建模，并将学习的特征映射到行业主题板块中。最新配置主题为能源、高股息等，具体包括中证能 源指数、中证高股息策略指数和 ...

Group 1 - The core viewpoint of the news highlights the performance of the CSI High Dividend Strategy Index and its associated ETF, which has shown significant gains since its inception, outperforming traditional dividend indices [1][2] - As of May 23, 2025, the CSI High Dividend Strategy Index has increased by 0.26%, with notable individual stock performances including Yutong Bus up 1.55% and Jinjia Co. up 1.35% [1] - The high dividend ETF (159207) has risen by 0.29% since its launch on April 9, 2025, with a total increase of over 9% since inception, indicating strong investor interest [1][2] Group 2 - The CSI High Dividend Index employs an innovative "pre-announcement" strategy to calculate expected dividend yields based on the latest cash dividend announcements, allowing for more timely adjustments compared to traditional indices [1][2] - The recent regulatory changes, referred to as the "New Nine Policies," are enhancing dividend supervision, which is expected to increase the asset allocation value of high dividend and high-quality earnings [2] - The high dividend ETF (159207) has achieved a weekly profit percentage of 60.00% and a daily profit percentage of 69.23% since its establishment, making it an efficient choice for dividend asset allocation [2]