二季度290只个人养老金基金Y份额取得正收益 基金二季报季落幕之际，个人养老金基金Y份额再迎扩容。 7月18日，中基协发布了最新的个人养老金基金名录和个人养老金基金销售机构名录。数据显示，截至 2025年6月30日，个人养老金基金共计297只，较前一季度末的288只增长了9只，新增产品均为养老目标 基金。 其中，养老目标日期FOF为东方基金、工银瑞信基金和汇丰晋信基金旗下产品。目标风险FOF方面，新 入围的基金则均为平衡或稳健/保守型，涉及的管理人包括易方达基金、交银施罗德基金、财通资管、 华泰证券资管和前海开源基金。 从新增产品来看，财通资管、前海开源基金、汇丰晋信基金、华泰资管均首次有产品被纳入名录。 同时，二季度以前纳入名录的288只个人养老金Y份额也交出了成绩单。 受科技突破、地缘政治和经济预期等多重因素影响，二季度的全球资本市场曾迎来显著波动。 面对复 杂多变的市场环境，许多养老FOF也及时调整资产配置方向。 记者注意到，更加分散的持仓是多位知名FOF基金经理在二季度的共同思路。在看好成长型资产和A股 阶段性价比的同时，QDII、黄金、REITs等资产也成为基金经理偏共识性的增持方向。 红利当头，指 ...

数据来源：WInd 基金 7月18日，截止午间收盘，红利低波ETF（512890）上涨0.50% ，报1.214元，半日成交额2.45亿元，换 手率1.12%。资金面：红利低波ETF（512890）已连续5个交易日获资金净流入16.93亿元，连续10个交 易日资金累计净流入21.47亿元。规模端：截止7月17日，红利低波ETF（512890）最新规模为218.72亿 元。 | | 1.214 +0.006 +0.50% | | | 红利低波ETF ① | | ਕੋ | | --- | --- | --- | --- | --- | --- | --- | | | | | | 512890 | | | | SSE CNY 11:30:12 交易中 | | | | | | 通融/■+ | | 净值走势 | | 华泰柏瑞红利低波动ETF | 六年 | 8.01% 120日 | | 11.68% | | 载化 | -2.69% 委员 | -11534 | 5日 | -0.41% 250日 | | 15.40% | | 酒 | 1.218 | 32993 | 20日 | 2.71% 52周高 | | 1.24 | | ...

Core Viewpoint - The Hongli Low Volatility ETF (512890) has experienced significant growth in both net inflows and total assets, indicating strong investor interest and confidence in the fund's strategy [1][2][3]. Fund Performance - On July 15, the Hongli Low Volatility ETF (512890) closed down 0.90% with a trading volume of 730 million yuan, and a turnover rate of 3.50% [1][2]. - Over the past five trading days, the fund saw a net inflow of 1.03 billion yuan, and over the past 20 days, the net inflow reached 2.46 billion yuan [1][2]. - As of July 14, the fund's total assets reached a record high of 21.014 billion yuan, up 52.83% from 13.750 billion yuan at the end of 2024 [1][2]. Holdings and Strategy - The Hongli Low Volatility ETF (512890) was established on December 19, 2018, and its performance benchmark is the CSI Low Volatility Dividend Index [3]. - Major holdings include Chengdu Bank, Youngor, Industrial Bank, and Shanghai Bank, with significant weightings in the portfolio [3][4]. - The fund is suitable for investors seeking stable returns and low-risk exposure, particularly those without stock accounts, through its various share classes [4].

Core Viewpoint - The Chinese ETF market is undergoing a significant transformation from 2024 to April 2025, with the total scale of non-monetary ETFs increasing from 1.85 trillion yuan at the end of 2023 to 3.89 trillion yuan, marking a 110% growth [1]. ETF Market Scale Changes - The ETF market is experiencing a shift in dominance from individual investors to institutional investors, with institutional holdings in stock ETFs reaching 62.14% and in bond ETFs reaching 84.90% [4]. - State-owned institutions and insurance companies are the main contributors to this growth, with state-owned holdings increasing by 922.4 billion yuan to 1.05 trillion yuan in the second half of 2024, and insurance funds increasing by 113.2 billion yuan to 260.7 billion yuan [4]. Institutional Preferences - Institutions are actively investing in core broad-based ETFs, with a total increase of 866.8 billion yuan in 300 ETFs and 500 ETFs, accounting for 59.3% of total inflows into stock ETFs [5]. - There is a strong preference for high-dividend assets among institutions, driven by the challenges of low interest rates, with the total market size of dividend-themed index funds reaching 173.55 billion yuan, an increase of 20.09 billion yuan from the end of 2024 [6]. Insurance Capital Activity - Insurance capital has been particularly active in acquiring dividend assets, with 16 instances of stake increases in listed companies, focusing on sectors like banking, utilities, energy, and logistics [9]. - Ping An Life has been notably active, making six acquisitions in Hong Kong-listed bank stocks, becoming a key player in this market [9]. Dividend ETF Characteristics - The main dividend index sectors are characterized by essential or monopolistic attributes, such as energy, resources, telecommunications, and utilities, benefiting from national policy incentives [10]. - Despite the growth in dividend ETFs, there are concerns regarding the sustainability of returns, as over 50% of the 56.32% return from the dividend low-volatility index in 2023-2024 came from the banking and coal sectors [11]. Market Outlook - The resilience of dividend assets has been highlighted, with both A-shares and Hong Kong stocks showing a favorable trend in dividend style since March [11]. - Future expectations suggest that while growth styles may dominate, dividend styles will exhibit a higher probability of success due to their high dividend yields and low volatility [11].

广发证券资深金工分析师 张钰东 SAC: S0260522070006 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 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0.36%，创业板指跌1.40%，大盘价值跌0.16%，大盘成长跌2.71%，上证50跌1.22%，国证2000代表的小盘涨0.94%，环保、 医药生物表现靠前，汽车、电力设备表现靠后。 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，历史数次极端底部该数据均处在均值上两倍标准差区 域，比如2012/2018/2020年（疫情突发），2022/04/26达到4.17%，2022/10/28风险溢价再次上升到4.08%，市场迅速反弹，2024/01/19指标4.11%，自2016年 以来第五次超过4%。截至2025/05/30指标3.90%，两倍标准差边界为4.75%。 二、主流ETF规模变化 三、 卷积神经网络趋势观察 基于《基于卷积神经网络的股价走势AI识别与分类》等深度学习研究报 ...

Core Insights - The personal pension system is rapidly evolving into a significant market, with nationwide implementation set for December 15, 2024, following initial trials in 36 cities [1] - Fund investments are gaining traction as a key component of personal pensions, with the total scale of 289 public fund Y-share products exceeding 11.39 billion yuan, marking a 21.28% increase from the end of 2024 [1][2] - The introduction of 85 equity index funds into the personal pension investment product catalog has led to a remarkable growth in their total scale, surpassing 300 million yuan within a month of launch [1][2] Fund Performance and Strategy - The HuaTai BaRui Dividend Low Volatility ETF Link Y has emerged as a leading product, with a scale exceeding 1.22 billion yuan and a holder count of approximately 7500, making it the only index fund Y-share product to surpass 100 million yuan [2][3] - The dividend low volatility strategy aligns well with personal pension investment goals, offering low fees, stable styles, and transparent holdings, which help mitigate risks and enhance long-term returns [2][3] - The HuaTai BaRui Dividend Low Volatility ETF Link A has shown strong performance since its inception, with a net value growth rate of 89.61%, significantly outperforming its benchmark [6] Market Conditions and Opportunities - The dividend low volatility index's dividend yield has risen from 4.97% to 6.13% in 2025, indicating a favorable environment for this investment strategy [10] - The risk premium for the dividend low volatility index has reached a high point, with the yield difference between the index and the 10-year government bond yield at 98.63% of its historical peak [10] - Trading activity for the dividend low volatility index remains moderate, suggesting that it is not overheated, which is beneficial for long-term pension investments [13]

继2024年12月12日首批85只指数基金纳入个人养老金产品目录之后，个人养老金产品名录有望再度扩 容，或为指数基金打开了长期配置的新空间。 自2022年11月试点启动以来，个人养老金制度稳步推进，账户开立人数持续攀升。与养老金资金"长期持有、 稳健偏好"的投资目标相匹配，指数化投资策略受到市场广泛关注，尤其是具备高股息率、低波动性特征的红 利低波类产品。 定期报告数据显示，截至2024年12月底，首批个人养老金指数基金整体规模突破3亿元人民币，累计持有户数 达到5.87万户。其中，红利低波ETF（512890）的联接基金——华泰柏瑞红利低波动ETF联接Y（022951） 以7491户的持有人数在首批指数基金Y份额中领先。 凭借"红利+低波"双因子策略，红利低波策略被视为个人养老金账户投资的代表性资产之一。业内人士认为， 以红利低波ETF为代表的指数产品有望在未来的养老金配置中扮演重要角色。 个人养老金产品名录有望持续扩容 近日，各地证监局向公募基金管理人下发了《关于指数基金纳入个人养老金产品名录相关工作的通知》。根据 通知内容，公募基金管理人可参照首批入选指数基金的筛选标准，在每个季度结束后的一个月内申报符 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，截止到收盘，还在4.9星。 大中小盘股都上涨，小盘股涨幅略高一些。 成长风格比较强势，价值风格微涨。 港股连续两天大涨。 恒生指数上涨2.8%。 港股科技上涨超4%。 不过股票上涨，今天债券就比较低迷。 股债有负相关性，通常出现在股票资产大涨大跌的时候。 今天长期纯债下跌了不少。 二级债基等因为含有一部分股票，今天大多数上涨。 1. 有朋友问港股目前整体估值如何呢？跟A股比较呢？ 去年9月份的时候，当时A股在这轮熊市的底部，最低时大盘到了5.9星。 港股也在差不多的位置。 5.9星的时候， A股中证全指，相对2021年的高点，回撤了大约40%。 港股恒生指数，相对2021年的高点，回撤了大约45%。 A股港股当时跌幅相仿，是难兄难弟。 并且A股港股的平均估值，比全球股票市场平均估值低了近50%。 不管是跟自己历史比较，还是跟全球市场横向比较， A股全市场上涨44%。 都是极端低估的位置。 都是在短短一两周时间里上涨完成的。 2. 不过这么极端的估值，持续时间也很短。 5.9星只持续了几个交易日，到了9月下旬，大盘开始迅猛上涨，A股港股迎来第一波大幅上涨 ...