作者 | RAYYYY 编辑 | 小白 回顾2025年，A股市场在AI、半导体与高端制造等新兴产业带动下整体走强，中小盘风格显著，中证 2000指数涨幅超过30%。 与此同时，黄金价格持续攀升，12月22日，现货黄金9999日内涨超1.7%，再创历史新高。 而相比之下，红利资产在全年科技主导的行情中表现相对平淡。 | | 各大指数今年以来涨跌幅 | | --- | --- | | 指数名称 今年以来涨跌幅(%) | | | 北证50 | 37.96 | | 中证2000 | 30. 58 | | 中证500 | 24. 02 | | 中证1000 | 22. 07 | | 沪深300 | 15. 7 | | 上证指数 | 15. 65 | | 红利低波 | 1.04 | （来源：Choice数据，市值风云APP制表） 然而，股市激进的上涨总会告一段落，在即将到来的2026年，进攻的矛头也许正藏在当前估值优势显 著且受益于新"国九条"政策的红利资产之中。 红利资产投资价值分析 期待风格反转。 （一）红利资产具有独特的收益价值 今年以来，部分红利低波指数的涨幅表现或许不尽如人意，然而，红利资产在2025年的"黯淡 ...

Group 1 - Tianjian Group's stock price dropped by 5.02%, trading at 4.35 CNY per share, with a total transaction volume of 351 million CNY and a turnover rate of 4.23%, resulting in a total market capitalization of 8.128 billion CNY [1] - The company, established on December 6, 1993, and listed on July 21, 1999, is primarily engaged in real estate development and operation, construction, and urban services [1] - The revenue composition of Tianjian Group includes construction at 60.73%, real estate sales at 37.52%, other urban services at 11.08%, property leasing at 3.04%, and shantytown renovation project management services at 0.14% [1] Group 2 - Among the top ten circulating shareholders of Tianjian Group, a fund under China Merchants Fund holds a significant position, with the China Merchants CSI Dividend ETF (515080) increasing its holdings by 687,800 shares to a total of 8.4112 million shares, representing 0.45% of circulating shares [2] - The China Merchants CSI Dividend ETF (515080) was established on November 28, 2019, with a current scale of 7.593 billion CNY, yielding a return of 6.15% this year, ranking 3835 out of 4208 in its category [2] - The fund has achieved a return of 8.62% over the past year, ranking 3408 out of 3956, and a cumulative return of 107.45% since its inception [2] Group 3 - The fund managers of the China Merchants CSI Dividend ETF (515080) are Wang Ping and Liu Chongjie, with Wang having a tenure of 15 years and 155 days, managing assets totaling 21.247 billion CNY, achieving a best return of 272.68% and a worst return of -70.61% during his tenure [3] - Liu Chongjie has a tenure of 7 years and 201 days, managing assets of 32.873 billion CNY, with a best return of 110.35% and a worst return of -32.95% during his tenure [3]

Core Insights - Zhonggu Logistics (603565.SH) reported its Q3 2025 results, revealing that 56 institutional investors hold a total of 1.515 billion A-shares, accounting for 72.16% of the company's total equity [1] - The top ten institutional investors collectively hold 70.24% of the shares, with a decrease of 3.27 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Zhonggu Logistics shares is 56, with a total holding of 1.515 billion shares [1] - The top ten institutional investors include notable entities such as Zhonggu Shipping Group Co., Ltd. and various investment funds, indicating strong institutional interest [1] - The proportion of shares held by the top ten institutional investors has decreased by 3.27 percentage points from the last quarter [1] Public Fund Activity - In the current period, 16 public funds increased their holdings, with a total increase ratio of 0.55%, including funds like Fortune China Securities Dividend Index Enhanced A/B and Huatai-PB SSE Dividend ETF [2] - Conversely, 13 public funds reduced their holdings, with a decrease ratio of 0.11%, including funds like Wanji China Securities Dividend ETF and GF China Securities Smart Selection High Dividend Strategy ETF [2] - A total of 14 new public funds were disclosed this period, while 388 public funds were not disclosed compared to the previous quarter [2] Foreign Investment Trends - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings, indicating a slight uptick in foreign investment interest [2]

Core Insights - The report indicates that as of October 30, 2025, a total of 39 institutional investors hold shares in Youngor (600177.SH), with a combined holding of 2.844 billion shares, representing 61.52% of the total share capital [1] - The top ten institutional investors account for 61.08% of the total shares, with a slight increase of 0.28 percentage points compared to the previous quarter [1] Institutional Holdings - The top institutional investors include Ningbo Youngor Holdings Co., Ltd., Kunlun Trust Co., Ltd., China Securities Finance Corporation, and several others, indicating a strong institutional interest in Youngor [1] - The report highlights that 13 public funds increased their holdings, with a total increase ratio of 0.51%, while 15 public funds decreased their holdings, with a total decrease ratio of 0.15% [2] - Five new public funds disclosed their holdings during this period, while 335 public funds were not disclosed compared to the previous quarter, indicating a dynamic shift in public fund participation [2]

Core Insights - Wujin Stainless Steel (603878.SH) reported its Q3 2025 results on October 29, 2025, indicating a total of 4 institutional investors holding shares, amounting to 45.0837 million shares, which represents 8.04% of the total share capital [1] - The institutional holding percentage decreased by 6.04 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Changzhou Fuying Investment Co., Ltd., Basic Pension Insurance Fund 1003 Portfolio, Bank of China - E Fund CSI Dividend ETF, and Hongde Huixiang Mixed A, with a combined holding of 8.04% [1] - There were 2 public funds that increased their holdings this period, namely E Fund CSI Dividend ETF and Hongde Huixiang Mixed A, with a slight increase in holding percentage [1] - A total of 74 public funds did not disclose their holdings this period, including notable funds like China Merchants CSI Dividend ETF and others [1] Pension Funds - One pension fund, Basic Pension Insurance Fund 1003 Portfolio, reduced its holdings this period, resulting in a slight decrease in holding percentage [1] - One pension fund, Basic Pension Insurance Fund 1001 Portfolio, did not disclose its holdings this period [1]

Group 1 - The core viewpoint of the news is that Kuaihua Pharmaceutical (002737.SZ) reported its Q3 2025 results, highlighting the institutional investor holdings and changes in share ownership [1] - As of October 27, 2025, six institutional investors hold a total of 301 million shares of Kuaihua Pharmaceutical, representing 51.53% of the total share capital [1] - The institutional holding ratio decreased by 0.86 percentage points compared to the previous quarter [1] Group 2 - Among public funds, two funds increased their holdings, namely E Fund CSI Dividend ETF and China Merchants CSI Dividend ETF, with a slight increase in holding ratio [1] - One public fund, Southern CSI 1000 ETF, reduced its holdings, resulting in a slight decrease in holding ratio [1] - A total of 81 public funds did not disclose their holdings this quarter, including notable funds such as Huaxia CSI 1000 ETF and GF CSI 1000 ETF [1] Group 3 - From the perspective of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings, leading to a slight decrease in holding ratio [2]

Core Viewpoint - As of October 24, the total margin balance of ETFs in the Shanghai and Shenzhen markets is 117.92 billion yuan, showing a decrease of 1.63 billion yuan compared to the previous trading day [1] Summary by Category ETF Margin Balance - The ETF financing balance is 109.87 billion yuan, down by 1.78 billion yuan from the previous trading day [1] - The ETF margin short balance is 8.05 billion yuan, which increased by 144 million yuan compared to the previous trading day [1] Net Buy Activity - On October 24, 254 ETFs experienced net financing purchases, with the top net purchase being the Harvest CSI Science and Technology Innovation Board Chip ETF, which saw a net inflow of 139 million yuan [1] - Other ETFs with significant net purchases include the Huatai-PB Dividend Low Volatility ETF, the CMBI CSI AAA Technology Innovation Corporate Bond ETF, the Penghua CSI Liquor ETF, the CMBI CSI Dividend ETF, and the Guotai CSI All-Index Securities Company ETF [1]

Group 1 - The core point of the news is that as of October 24, 2025, institutional investors hold a total of 57.904 million shares of Fuanna, accounting for 6.91% of the total share capital, which represents a decrease of 4.25 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings, while one public fund decreased its holdings, indicating a slight increase in the proportion of holdings [2] - One new social security fund disclosed its holdings in Fuanna, specifically the National Social Security Fund 116 Combination [2] - In the insurance sector, one insurance fund reduced its holdings, reflecting a slight decrease in the proportion of holdings [2] Group 3 - No foreign institutions disclosed their holdings in Fuanna compared to the previous quarter, specifically Hong Kong Central Clearing Limited [3]

Group 1 - Tianjian Group's stock price dropped by 5.11%, currently trading at 3.90 CNY per share, with a total market capitalization of 7.287 billion CNY [1] - The company was established on December 6, 1993, and listed on July 21, 1999, primarily engaged in real estate development, construction, and urban services [1] - Revenue composition includes construction at 60.73%, real estate sales at 37.52%, urban services at 11.08%, property leasing at 3.04%, and shantytown renovation project management at 0.14% [1] Group 2 - Among Tianjian Group's top circulating shareholders, the China Merchants Fund holds a position, having reduced its holdings by 926,700 shares in the second quarter [2] - The China Merchants CSI Dividend ETF (515080) has a current holding of 7.7234 million shares, representing 0.41% of circulating shares, with an estimated floating loss of approximately 1.6219 million CNY [2] - The fund was established on November 28, 2019, with a current scale of 6.857 billion CNY, yielding 6.57% year-to-date and 9.26% over the past year [2]

Core Insights - The yield of money market funds has been on a downward trend, with over 80 funds having a seven-day annualized yield below 1% as of October 16 [1][2] - Despite the declining yields, the total scale of money market funds in China has increased significantly, reaching approximately 14.81 trillion yuan by the end of August, up from 13.61 trillion yuan at the end of last year [3][6] - The market is witnessing a paradox where the yield of money market funds is decreasing while their scale continues to grow, reflecting a shift in investor behavior towards stable returns amid low-risk preferences [6][11] Money Market Fund Performance - Recent fee reductions by several fund companies have not significantly improved the attractiveness of money market funds, as yields remain low [1] - Only 17 out of 960 money market ETFs have yielded over 1% year-to-date, indicating a challenging environment for these products [2][6] - The average seven-day annualized yield for money market funds has dropped to levels that are even lower than traditional bank deposit products [1][2] Investor Behavior and Market Trends - The current environment of low interest rates has led to an "asset shortage," causing conservative investors to seek stable investment options [6][11] - The demand for liquidity has increased among residents, while their risk appetite remains low, making money market funds a preferred choice for many [6] - The volatility in the equity market has also contributed to a temporary shift of funds into money market products as investors await more stable investment opportunities [6] Alternative Investment Options - Short-term bond funds have emerged as a viable alternative, offering higher yields (2.8%-3.2%) and better liquidity compared to money market funds [7][9] - Dividend-paying assets are gaining popularity, with the "dividend index" showing stable returns and low volatility, making it an attractive option for conservative investors [11][12] - The performance of short-term bond funds has been consistent, with many achieving positive annual returns over the past 19 years [7][9]