今日早盘（25/12/15），市场风格再次转向高股息板块。在市场行情震荡、年末资金倾向于获利了结、 风险偏好整体收敛的背景下，具备相对防御属性的底仓型资产配置价值或凸显。较高股息、较低估值、 业绩确定性较强的红利类资产有望成为资金逆势布局的重要工具。从近期资金动向看，以红利ETF （510880）为代表的部分红利类主题ETF迎来了资金的积极布局。（数据来源：Wind） Wind数据显示，目前市场仅有的跟踪上证红利指数的ETF——红利ETF（510880）连续4个交易日获资 金净流入，累计吸金9.2亿元，是同期全市场仅有的实现资金净流入超7亿元的红利类主题ETF。自2025 年11月17日以来，该ETF已连续4周保持周度资金净流入，推动其规模攀升至181亿元，成为目前市场上 少数规模突破百亿的红利主题ETF之一。 （数据来源：Wind、交易所，数据截至25/12/12，数据区间为25/12/9-25/12/12，4周时间区间为 25/11/17-25/12/12） 在中长期资金加速入市与无风险收益率持续下行的共振下，基本面质地较好、韧性较强的高股息资产或 将持续成为资金关注重点之一。其中，根据基金2025年第三 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 摘要：'央企+红利'策略，效果会更惊艳吗？ 时至年末，市场波动加剧，寻求确定性再度成为投资者的核心关切之一，红利策略也因此吸引了市场目 光。 其中，一个相对低调的品种——央企红利策略，正悄然用长期表现惊艳我们。 数据显示，今年以来中证央企红利全收益指数表现亮眼，在成长风格强势的市场环境中依旧取得了 11.08%的涨幅，且大幅超越了同期中证红利全收益指数（4.07%）。 （数据来源：Wind，数据区间为2025/1/1-2025/12/8。指数过往业绩不代表未来表现，不构成基金业绩 表现的保证或承诺，请投资者关注指数波动风险。以上指数表现以其全收益指数为例，全收益指数考虑 了现金分红再投资收益，通过将上一交易日的指数值乘以当日价格变化与现金分红调整后的比例，来计 算当日的指数值） 那么，'央企+红利'因子的组合，为何能长期表现惊艳？本期我们来一探究竟。 01 '央企+红利'会带来何种化学反应？ 与一般的红利策略指数编制方案不同，中证央企红利指数是当前红利策略中"央企纯度"最高的代表性指 数之一。 得益于"高股息+100%央企属性"的双重筛 ...

- The style rotation model is constructed based on the Dongwu quantitative multi-factor system, starting from micro-level stock factors. It selects 80 underlying factors as original features, including valuation, market capitalization, volatility, and momentum, and further constructs 640 micro features. The model replaces the absolute proportion division of style factors with common indices as style stock pools, creating new style returns as labels. A random forest model is trained in a rolling manner to avoid overfitting risks, optimizing features and obtaining style recommendations. The framework integrates style timing, scoring, and actual investment[9][4] - The performance of the style rotation model during the backtesting period (2017/01/01-2025/09/30) shows an annualized return of 16.41%, annualized volatility of 20.43%, IR of 0.80, monthly win rate of 58.49%, and a maximum drawdown of 25.54%. When hedging against the market benchmark, the annualized return is 10.54%, annualized volatility is 10.85%, IR is 0.97, monthly win rate is 55.66%, and the maximum drawdown is 8.79%[10][11] - The style rotation model's latest timing directions for October 2025 are value, large market capitalization, momentum, and low volatility[2][19] - The latest holdings of the style rotation model for October 2025 include indices such as CSI Central Enterprise Dividend (ETF code: 561580.SH), CSI Bank (ETF code: 512700.SH), CSI Film and Television (ETF code: 159855.SZ), CS Battery (ETF code: 159796.SZ), and CSI All Real Estate (ETF code: 512200.SH)[3][19]

Group 1 - The Hong Kong stock market has recently gained significant attention due to favorable policies and major companies like CATL and BYD listing there, leading to increased market activity [3] - Southbound capital has net purchased over 650 billion HKD in the first five months of the year, indicating strong investment interest [3] - There is a noticeable trend of international capital shifting from US stocks to Hong Kong stocks, attracted by high-growth Chinese assets [3] Group 2 - Key investment areas include the technology sector, particularly artificial intelligence and semiconductors, with companies like Kingsoft Cloud and SMIC experiencing rapid stock price increases [3] - The new consumption trend among younger consumers is shifting towards "emotional consumption," with sectors like trendy toys, smart home products, and experiential tourism gaining traction [3] - High-dividend state-owned enterprises, such as the three major oil companies and telecom operators, provide stable dividends and act as a safety net during market volatility [4] Group 3 - Investment strategies should include using ETFs and funds to mitigate risks, such as the Invesco Hong Kong Technology ETF, which covers multiple tech sub-sectors [4] - The recent reduction in trading fees for small transactions in Hong Kong stocks, effective from June 30, significantly lowers investment costs for retail investors [4] - It is advised to diversify investments across technology, consumption, and finance sectors, and to invest with spare funds without leveraging [5]