在当前的震荡市中，很多投资者面临着两难的选择：一边是看着科技成长的轮动眼馋却不敢追高，另一边是想买红利防守却又 担心传统红利指数行业过于集中、缺乏成长性。有没有一种策略，既能像红利指数一样提供"真金白银"的安全垫，又能像宽基 指数一样均衡布局各行各业的龙头公司？今天我们就来聊聊这个自带"优中选优"基因的指数——中证A500红利低波指数。 图：中证A500红利低波指数行业分布 数据来自Wind, 截止至2025/12/10 此外，该指数还引入了一个非常关键的"避雷"机制——ROE（净资产收益率）稳定性筛选。有些公司股息率高，是因为经营恶 化导致股价暴跌，这被称为"价值陷阱"。为了规避这一点，A500红利低波剔除了过去12个季度ROE波动较大的公司。这一招非 常高明，确保了入选的公司不仅分红大方，而且盈利能力稳定，基本面扎实。 首先，我们要理解这个指数的"出身"不凡。中证A500红利低波指数的选股池并非全市场，而是大名鼎鼎的中证A500指数。我 们知道，中证A500是从A股5000多只股票中筛选出的500只细分行业龙头，本身就是经过层层筛选的优质资产。而A500红利低 波指数，则是在这500只龙头的每一个细分领域 ...

Group 1 - The core viewpoint emphasizes that high-dividend assets, due to their "stable cash flow + defensive attributes," have become a key choice for investors facing market volatility [1] - High-dividend strategies derive their core returns from two sources: dividend income and capital gains, focusing on mature companies with strong profitability and cash flow [3] - Common misconceptions include the belief that high dividends are only for bear markets, that dividends guarantee short-term gains, and that high dividend yields equate to high value [4] Group 2 - There are two typical categories of high-dividend stocks: traditional cash cows and transformation growth stocks, with telecom operators evolving into dual-driven growth stocks [7] - The report highlights specific companies like China Yangtze Power, which has a dividend payout ratio locked in at no less than 70% from 2026 to 2030, and the three major telecom operators committing to a payout ratio of over 75% in the next three years [7] - Dividend funds are characterized by their diversification, with Hong Kong dividend funds focusing on extreme yield and A-share funds on balanced allocation [9] Group 3 - The research emphasizes the need to analyze the sustainability of cash flows through business models, highlighting the importance of risk diversification in individual stock holdings [10] - The core advantage of high dividend yields is attributed to low valuations, with the Hong Kong Stock Connect high dividend index yielding between 5.8% and 7.75% [11] - Different investment strategies are recommended for various investor types, including small cash flow seekers, conservative investors, value hunters, and institutional investors [13] Group 4 - Specific operational guidelines suggest that investors with less than 50,000 should consider regular investments in dividend funds, while those with 500,000 should build a "core + satellite" portfolio [14] - For investments over 1 million, a mix of 3-5 high-dividend stocks and 2-3 complementary dividend funds is recommended, with caution against cyclical industries [14]