易方达中证红利ETF（515180）基金经理为林伟斌、宋钊贤。 截至发稿，林伟斌累计任职时间12年312天，现任基金资产总规模1226.92亿元，任职期间最佳基金回报 77.56%， 任职期间最差基金回报-22.14%。 宋钊贤累计任职时间5年127天，现任基金资产总规模581.08亿元，任职期间最佳基金回报64.25%， 任 职期间最差基金回报-27.57%。 1月8日，鄂尔多斯涨5.22%，截至发稿，报16.13元/股，成交4.27亿元，换手率1.43%，总市值451.44亿 元。鄂尔多斯股价已经连续3天上涨，区间累计涨幅24.03%。 资料显示，内蒙古鄂尔多斯资源股份有限公司位于内蒙古鄂尔多斯市东胜区罕台轻纺街1号，成立日期 1995年10月15日，上市日期2001年4月26日，公司主营业务涉及羊绒服装、电力冶金化工。主营业务收 入构成为：硅铁37.05%，PVC树脂18.59%，服装13.60%，烧碱7.78%，其他7.65%，煤炭5.87%，硅锰合 金3.76%，化肥2.81%，电石2.55%，多晶硅0.34%。 从鄂尔多斯十大流通股东角度 数据显示，易方达基金旗下1只基金位居鄂尔多斯十大流通股东。 ...

1月8日，武进不锈涨5.16%，截至发稿，报8.36元/股，成交2.37亿元，换手率5.25%，总市值46.91亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 易方达中证红利ETF（515180）成立日期2019年11月26日，最新规模90.51亿。今年以来收益1.63%，同 类排名4819/5493；近一年收益8.29%，同类排名3913/4197；成立以来收益80.45%。 易方达中证红利ETF（515180）基金经理为林伟斌、宋钊贤。 截至发稿，林伟斌累计任职时间12年312天，现任基金资产总规模1226.92亿元，任职期间最佳基金回报 77.56%， 任职期间最差基金回报-22.14%。 宋钊贤累计任职时间5年127天，现任基金资产总规模581.08亿元，任职期间最佳基金回报64.25%， 任 职期间最差基金回报-27.57%。 资料显示，江苏武进不锈股份有限公司位于江苏省常州市天宁区郑陆镇武澄西路1号，成立日期2001年3 月30日 ...

1月5日，武进不锈跌6.7%，截至发稿，报8.64元/股，成交3147.60万元，换手率0.63%，总市值48.48亿 元。 易方达中证红利ETF（515180）基金经理为林伟斌、宋钊贤。 截至发稿，林伟斌累计任职时间12年309天，现任基金资产总规模1226.92亿元，任职期间最佳基金回报 77.56%， 任职期间最差基金回报-22.14%。 宋钊贤累计任职时间5年124天，现任基金资产总规模581.08亿元，任职期间最佳基金回报64.25%， 任 职期间最差基金回报-27.57%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，江苏武进不锈股份有限公司位于江苏省常州市天宁区郑陆镇武澄西路1号，成立日期2001年3 月30日，上市日期2016年12月19日，公司主营业务涉及工业用不锈钢管及管件的研发、生产与销售。主 营业务收入构成为：无缝管75.33%，焊管21.60%，管件及其他3.07%。 从武进不锈十大流通股东角度 数据显示，易方达 ...

12月30日，兰花科创跌1.16%，截至发稿，报5.94元/股，成交1038.82万元，换手率0.12%，总市值87.51 亿元。 资料显示，山西兰花科技创业股份有限公司位于山西省晋城市城区钟家庄街道凤台东街2288号，成立日 期1998年12月8日，上市日期1998年12月17日，公司主营业务涉及煤炭、型煤、化工产品、建筑材料的 生产、销售。企业管理服务、煤炭安全技术服务。主营业务收入构成为：煤炭73.82%，化肥16.84%， 化工9.06%，其他0.29%。 截至发稿，林伟斌累计任职时间12年303天，现任基金资产总规模1226.92亿元，任职期间最佳基金回报 77.87%， 任职期间最差基金回报-22.14%。 宋钊贤累计任职时间5年118天，现任基金资产总规模581.08亿元，任职期间最佳基金回报67.53%， 任 职期间最差基金回报-27.57%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，易方达基金旗下1只基金位居兰花科创十大流通股东。易方达 ...

12月19日，武进不锈涨5.31%，截至发稿，报10.12元/股，成交1.14亿元，换手率2.06%，总市值56.78亿 元。 资料显示，江苏武进不锈股份有限公司位于江苏省常州市天宁区郑陆镇武澄西路1号，成立日期2001年3 月30日，上市日期2016年12月19日，公司主营业务涉及工业用不锈钢管及管件的研发、生产与销售。主 营业务收入构成为：无缝管75.33%，焊管21.60%，管件及其他3.07%。 从武进不锈十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，易方达基金旗下1只基金位居武进不锈十大流通股东。易方达中证红利ETF（515180）三季 度新进十大流通股东，持有股数704.73万股，占流通股的比例为1.26%。根据测算，今日浮盈赚取约 359.41万元。 责任编辑：小浪快报 截至发稿，林伟斌累计任职时间12年292天，现任基金资产总规模1226.92亿元，任职期间最佳基金回报 75.16%， 任职期间最差基金回报-22.14%。 宋 ...

Core Viewpoint - The recent performance of dividend-themed ETFs has been remarkable, with significant net inflows and growth in scale, indicating strong investor interest in high-dividend assets in a low-interest-rate environment [1][2][3]. Group 1: Market Performance - As of November 21, the net inflow for dividend-themed ETFs reached 6.318 billion yuan in November alone, with a total net inflow of 35.623 billion yuan since the beginning of the year, marking a 49.31% increase in scale to 166.171 billion yuan [1]. - The largest dividend-themed ETF, the Huatai-PB Fund's Low Volatility ETF, set a record of 26.603 billion yuan in scale on November 14, leading the current dividend trend [2]. - Other notable ETFs, including the Morgan Stanley S&P Hong Kong Stock Connect Low Volatility Dividend ETF and the E Fund CSI Dividend ETF, also reached record sizes of 17.007 billion yuan and 11.166 billion yuan, respectively [2]. Group 2: Investment Insights - Analysts highlight that high-dividend assets offer both cash returns and potential for valuation recovery, making them attractive in a low-interest-rate environment [2][3]. - The average net value growth rate for Hong Kong dividend-themed ETFs has reached 18.41% this year, with a net inflow of 4.742 billion yuan in November [2]. - The overall valuation level of Hong Kong stocks enhances the allocation value of dividend-themed ETFs, particularly those with low volatility factors that select less volatile stocks [3]. Group 3: Future Outlook - Experts suggest that low-volatility dividend assets are a rare asset class in A-shares and can reduce portfolio volatility in the short term while being positively correlated with cash generation capacity in the long term [3]. - Investors are encouraged to pay attention to the tracking capabilities of fund managers in these products, especially given the potential for changes in the profitability and cash flow of underlying stocks affecting dividend payments [4].

Core Viewpoint - The issuance and inflow of dividend funds are increasing, reflecting a preference for stable equity assets among investors, with dividend funds expected to serve as a key entry point for conservative capital into the equity market [2][3]. Group 1: Fund Issuance and Inflow - Since the beginning of the fourth quarter, the scale of dividend funds has increased by 8 billion yuan, with 14 new products established [2]. - As of November 12, there has been a net subscription of 7.05 billion units for ETFs with "dividend" in their names, with the combined scale reaching 106.05 billion yuan, an increase of over 8 billion yuan from the end of the third quarter [3]. Group 2: Investor Preferences - Investors with lower risk tolerance are attracted to dividend strategies that focus on stable cash flow and continuous dividends, which can lower the psychological barrier for participating in the equity market [3]. - The demand for dividend funds is rising as they transition from being a supplementary option for "fixed income+" funds to becoming core assets capable of independently achieving return objectives [4]. Group 3: Institutional Demand - Institutions such as insurance and pension funds find dividend funds appealing due to their ability to match cash flow needs and control risks, as they offer a compounding effect and counter-cyclical attributes [4]. - The recent performance of the dividend sector has been positive, with the CSI Dividend Index rising over 6% as of November 13, benefiting from increased defensive demand amid market volatility [4]. Group 4: Future Investment Strategies - Investors are advised to maintain a balanced allocation, focusing on sectors with stable price increases, such as coal and solar energy, while also considering dividend assets for hedging against market fluctuations [5].

Core Insights - The recent volatility in the A-share market has led to a focus on style rebalancing, with several well-known balanced fund managers preparing their holdings in advance for the third quarter [1] - Fund managers have indicated that the recent rotation expectations in the market are increasing, with the strength of cyclical sectors reflecting a balance between performance and valuation considerations, making the "barbell strategy" a core approach to balance risk and return [1] What is the "Barbell Strategy" - The "barbell strategy" is a diversified multi-asset allocation approach that incorporates both low-risk and high-risk assets to balance the portfolio's risk and return [2] - This strategy can be visualized as a dumbbell, where one end represents low-risk stable assets and the other end represents high-risk high-return assets, creating a "heavy on both ends, light in the middle" structure [2] Investment Structure and Market Adaptability - This investment structure sacrifices potential returns from mid-risk assets in exchange for resilience in extreme market conditions, allowing investors to respond to black swan events and seek returns in stable markets [3] - Investors should avoid mid-risk assets that lack highlights, such as traditional consumer electronics and homogeneous manufacturing industries [7] Practical Implementation of the Barbell Strategy - In practical terms, investors should select conservative assets on the left end of the barbell, such as high-dividend, low-volatility stocks from sectors like utilities and energy [5] - On the right end, the focus should be on high-growth, high-volatility assets, such as innovative technology and new energy sectors [6] - Historical data shows that the CSI Bank Index and the STAR 50 Index can form a basic barbell strategy, as they exhibit a negative correlation [8][10] Dynamic Weight Adjustment - The barbell strategy does not require equal weight on both ends but should be adjusted based on market conditions and individual risk preferences [10] - In optimistic markets, the aggressive end can be increased to 70%, while in pessimistic markets, the defensive end can be raised to 60% [10] ETF Configuration for the Barbell Strategy - The ETF market offers a variety of options across sectors, broad indices, bonds, and overseas investments, with a simple approach being the combination of stock ETFs and bond ETFs to achieve balance [11] - Recent high-performing ETFs include those focused on technology themes, which have shown returns exceeding 80% in the past year [11] - Defensive tools such as dividend ETFs and bond ETFs can provide stable returns and are essential for liquidity management [11]

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]