近年来，一系列指引与问询持续引导、鼓励并督促上市公司建立稳定、可预期的现金分红政策，这为红利高股息板块带来显著的积极影响。 与此同时，在鼓励"长钱长投"的背景下，险资等机构资金加速入市。这类资金往往非常重视投资收益的可持续性，估值偏低、股息率较高的红利板块更符 合其投资需求，有望在中长期资金面上对红利板块形成支撑。 在近期的A股市场中，红利板块表现相对占优。 回顾2025年以来的行情，红利板块走势略显"曲折"，但整体仍呈现上涨趋势，结合多方面因素看，红利资产仍具有较好的配置价值。 年末行情或可期待 临近年底，红利资产可能迎来"日历效应"下的投资行情。 国泰海通证券研究数据显示，红利资产通常在12月、1月、4月或有较为显著的季节性超额收益。通常情况下，年末年初之际，机构投资者更倾向于锁定收 益，可能更愿意配置红利板块。 政策端利好持续加码 两大红利指数股息率与估值情况 海外因素扰动催化红利行情 去年9月以来，A股在科技行情带动下持续走高，但市场难免有短期波动，叠加海外不确定因素扰动，有望阶段性催化红利行情。 具体到投资中，如何更好、更科学地配置红利资产？投资者不妨从两方面入手。 一是多市场布局，以更充分地把握红 ...

Core Insights - The investment landscape in A-shares is showing signs of strength as 2025 approaches its conclusion, with investors seeking opportunities amid market fluctuations [1] - Looking ahead, it is crucial to grasp relative certainty in the face of changing market dynamics, with a positive long-term outlook for A-share investments despite various disruptive factors [1] Dividend Assets - In a low interest rate environment, dividend assets exhibit significant appeal due to their high dividend yields, which are attractive compared to declining returns from other interest-sensitive products [3][4] - The dividend yield for the CSI Dividend Index and the CSI Hong Kong Stock Connect High Dividend Investment Index stands at 4.29% and 5.75%, respectively, both exceeding the yields of the Shanghai Composite Index and the Hang Seng Index [3][4] Long-term Performance - Dividend assets have not only attracted attention recently but have also demonstrated strong long-term performance, with the CSI Dividend Index rising 465.17% since 2005, significantly outperforming the Shanghai Composite Index and the Shenzhen Component Index during the same period [5][7] New Fund Launch - The newly launched Jianxin Dividend Select Mixed Fund aims to capitalize on dividend asset opportunities, with a stock allocation of 60-95% and a minimum of 80% of non-cash fund assets invested in dividend-related stocks [7][8] - The fund will adopt a dual-market strategy, investing in both A-shares and Hong Kong stocks to leverage the advantages of each market, particularly in terms of dividend yield and valuation [8] Investment Strategy - The fund will utilize a quantitative investment strategy, focusing on high-quality stocks with stable historical dividends or strong future dividend potential, while also considering growth and valuation metrics [8][9] - The fund manager, Jiang Yanze, emphasizes a top-down investment research framework that incorporates macroeconomic factors, liquidity conditions, and market sentiment to identify investment opportunities [9]

Group 1 - The core viewpoint of the article emphasizes the importance of identifying relative certainty in investment opportunities amidst market fluctuations, with a positive long-term outlook for A-shares and a focus on dividend assets as essential investment options [1][2][3]. Group 2 - In a low interest rate environment, dividend assets exhibit significant advantages due to their high dividend yields, making them attractive to investors seeking better returns [2][3]. - The 10-year government bond yield has fallen below 1.9%, leading to a decline in returns for interest rate-sensitive products, prompting investors to explore dividend investments [3]. - The dividend yield of the CSI Dividend Index and the CSI Hong Kong Stock Connect High Dividend Investment Index stands at 4.29% and 5.75%, respectively, both higher than the Shanghai Composite Index and the Hang Seng Index [3][5]. Group 3 - Dividend assets have shown excellent long-term performance, with the CSI Dividend Index increasing by 465.17% since 2005, significantly outperforming the Shanghai Composite Index and the Shenzhen Component Index during the same period [7][10]. - The performance of the CSI Dividend Index from 2020 to 2025 shows fluctuations, with returns of 3.49%, 13.37%, -5.45%, 0.89%, 12.31%, and -3.07%, compared to the Shanghai Composite Index's returns of 13.87%, 4.80%, -15.13%, -3.70%, 12.67%, and 2.76% [10]. Group 4 - The article highlights the launch of the Jianxin Dividend Select Mixed Fund, which focuses on dividend assets, aiming for a stock allocation of 60-95% and investing at least 80% of non-cash fund assets in dividend-related stocks [10][11]. - The fund will adopt a quantitative investment strategy, utilizing a quantitative stock selection framework and factor models for portfolio construction, emphasizing quality and growth while considering volatility and valuation for timing [11]. - The fund will be managed by Jiang Yanze, who has a master's degree in financial engineering and 10 years of experience in the securities industry [11].