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！ 11月27日，大盘继续温和修复，A股主要市场核心指数多数飘红，红利风格"涛声依旧"。 | A股市场核心指数 | | | | --- | --- | --- | | 科创200 | 创成长 | 科创创业50 | | 1.56% | 1.63% | 1.52% | | 图图50 | 科创100 | 万得双创 | | 1.55% | 1.21% | 1.10% | | 创业板50 | 万得微盘股 | 国证2000 | | 0.89% | 1.00% | 0.87% | | 中证1000 | 上证180 | 富时中国A50 | | 0.83% | 0.53% | 0.53% | | 沪深300 | 中证A100 | FINESO | | 0.48% | 0.28% | 0.26% | | 深证红利 | FJE50 | 中证红利 | | 0.32% | 0.21% | 0.26% | | 红利 | | 中证A50 | | 0.22% | | -0.02% | 数据来源：沪深交易所，截至1015.11.27盘中 "能追牛、能扛熊"的标普红利ETF（ ...

Group 1 - Insurance capital has significantly increased its holdings in the stock market, with a total of 732 listed companies held, amounting to approximately 1,011.3 million shares, an increase of 120.25 million shares from the previous quarter [1] - The preference for high dividend and low valuation stocks is particularly notable, with significant increases in holdings for companies like Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hualing Steel [1] - Insurance capital has expanded its investments in sectors such as banking, steel, real estate, media, and automotive, showing a sustained interest in dividend-paying assets [1] Group 2 - The "slow bull" market in A-shares is positively influencing the investment ecosystem of insurance capital, with a focus on high dividend assets reflecting a pursuit of stable returns and long-term investment value recognition [2] - The S&P China A-Share Dividend Opportunities Index, which tracks 100 high dividend companies, has a current dividend yield of 5.18%, with a yield spread of 3.37 percentage points over the latest 10-year government bond yield [2] - The S&P A-Share Dividend Index has outperformed similar dividend indices this year, with a return of nearly 15% and an annualized Sharpe ratio of 1.91, indicating significant advantages [2][3] Group 3 - The S&P Dividend ETF (562060) has been included as a financing and securities lending target, enhancing trading strategies and liquidity, with an average trading volume of 49.38 million yuan over the last three trading days [4] - Recent market volatility has led to increased capital inflow into the S&P Dividend ETF, with a net inflow of 7.565 million yuan over five days and a total of over 120 million yuan in the last ten days [4] Group 4 - In the context of increasing macroeconomic uncertainty and pressure on fixed-income asset yields, dividend assets are becoming a crucial "defensive shield" and a "ballast" for returns [5] - As the domestic economy transitions to a high-quality development phase, the market's pricing focus is shifting from growth expectations to dividend returns, aligning with trends in mature markets [5] - The long-term allocation of capital and policy support for dividends are establishing a solid foundation for the sustainability of dividend strategies [5] Group 5 - The S&P A-Share Dividend Total Return Index has achieved a cumulative return of 2,596.59% from 2005 to September 2025, with an annualized return of 17.64% [7] - The market may be entering a consolidation phase after the overheated trading in the computing power sector, making the S&P Dividend ETF a valuable asset for a balanced investment strategy [7]