另有数据显示，四季度以来，红利基金规模较三季度末增加80亿元，且新成立了14只产品。业内人士认 为，资金流入与发行加码的背后，是资金寻求稳健增值的需求，未来红利基金有望成为引导稳健型资金 进入权益市场的重要"跳板"。因为低利率环境下，居民投资需求发生转变。在其他指标不变的情况下， 股息率越高，获得正向收益的概率就越高。 四季度以来，资金在不同板块之间的角逐愈发激烈，科技等前期强势主线遭遇调整，顺周期、红利、化 工等资产则大幅反弹，呈现显著的"高切低"特征。对此，多位业内人士表示，市场风格正发生转变，均 衡配置或成为当下比较占优的策略。 华创证券认为，若PPI在反内卷政策积极推动下，在2026年初回正，红利风格的相对收益有望在周期红 利的业绩复苏预期回升中修复。如华创的判断成立，那么当前逢低逢跌或是收集筹码的窗口期。 不过，当前市场红利类投资标的也五花八门。单说指数，同是红利策略，选股范围不同，添加因子限制 都会对成分股入选情况带来较大影响。业内人士分析，当前比较符合红利主流审美的或许是在红利策略 基础上，叠加了低波因子。比如红利低波ETF基金(159547)跟踪的中证红利低波动指数，选取50只流动 性好、连续 ...

Core Viewpoint - The Hong Kong Monetary Authority has lowered the base interest rate by 25 basis points to 4.25%, following the Federal Reserve's decision to reduce the federal funds rate target range by the same margin [1] Interest Rate Adjustment - The adjustment is based on a preset formula under the linked exchange rate system, aiming to maintain synchronization between Hong Kong dollar and US dollar interest rates [1] - Banks will make their own decisions regarding deposit and loan rates, considering factors such as interbank market liquidity, interbank offered rates, and their own funding cost structure [1] Market Impact - New economy sectors sensitive to interest rates are expected to benefit first from improved liquidity expectations [1] - The valuation of Hong Kong stocks is currently at a relatively low historical level, making stable dividend-paying stocks more attractive [1] - For instance, the Hong Kong Central Enterprises Dividend ETF (513910) has achieved a dividend yield of 5.70% over the past 12 months as of October 29 [1]

Core Viewpoint - Recently, Xinhua Insurance and China Pacific Insurance announced their Q3 earnings forecasts, indicating significant profit growth that exceeds market expectations due to favorable equity market conditions and strategic asset allocation [1] Group 1: Company Performance - Xinhua Insurance's net profit attributable to shareholders is expected to increase by 45%-65% year-on-year for the first three quarters [1] - China Pacific Insurance's net profit is projected to rise by 40%-60% year-on-year for the same period [1] - The performance of both companies is attributed to a 17.9% increase in the CSI 300 index and a 25.4% rise in equity funds during Q3, outperforming the previous year's figures of 16.1% and 12.5% respectively [1] Group 2: Market Dynamics - The increase in profits is driven by insurance companies increasing their equity allocations and optimizing their industry structures [1] - The strong performance of listed insurance companies also positively impacts the dividend sector, as long-term funds favor low-valuation, high-dividend stocks [1] Group 3: Investment Opportunities - Ordinary investors are encouraged to follow the investment strategies of insurance funds by allocating long-term capital into undervalued, high-dividend investment targets, such as the Hong Kong Central Enterprise Dividend ETF [1]

Group 1 - The third batch of 600 billion yuan insurance funds for long-term investment pilot programs is being approved, which is expected to add several small and medium-sized insurance companies [1] - The total scale of insurance funds for long-term investment pilots will increase to 2220 billion yuan after the approval of the new funds [1] - The pilot program allows private fund managers to manage third-party insurance funds, indicating an innovation in the investment model [1] Group 2 - The long-term investment pilot program for insurance funds was initiated to address the "long money short allocation" issue faced by insurance companies and to maintain the long-term stability of the capital market [2] - The first batch of insurance funds for long-term investment has successfully combined long-term investment with an active capital market [2] - The Honghu Fund, established by China Life and Xinhua Insurance, has successfully invested 500 billion yuan as of early March 2025 [2] Group 3 - The second batch of 1120 billion yuan for long-term investment pilot programs was approved, with 520 billion yuan approved in January and an additional 600 billion yuan in March [3] - The third phase of the Honghu Fund has been approved for 400 billion yuan, with participation from both large and small insurance companies [3] - The investment strategy focuses on large-cap blue-chip stocks with good governance, stable operations, and relatively high dividends [3]