消息面上，中国神华再度大手笔派发现金红利。11月3日晚，中国神华发布公告，将于11月10日派发 2025年中期现金红利，并披露了派发红利的相关事项。本次分红，中国神华将向A股、H股全体股东合 计派发现金红利约195亿元，约占公司中期归母净利润的79%。 华泰证券指出，2025年上半年险资加速配置红利股，上市公司增配红利股近3200亿元，超过去年全年增 配规模。由于现金收益持续下降，险资仍不得不倚重红利投资，但红利股估值抬升和股息率下降对险资 红利策略形成挑战。险资红利策略可能已经告别"买买买"的1.0阶段，进入精挑细选、左右平衡的2.0阶 段，需要在获取稳定现金收益的同时降低资本亏损概率，同时需要考虑是否止盈以及跌价风险。在估值 已经明显抬升之后，险资集中加仓红利股的机会正在减少，可选红利股范围逐渐收窄。估计目前全行业 仍然欠配红利股0.8万亿—1.6万亿元人民币，或在未来两三年内完成配置。 港股通央企红利ETF南方(520660)紧密跟踪中证国新港股通央企红利人民币中间价指数，中证国新港股 通央企红利指数由国新投资有限公司定制，从港股通范围内选取国务院国资委央企名录中分红水平稳定 且股息率较高的上市公司证券 ...

Group 1 - A-shares opened lower on July 30, 2025, with the Shanghai Composite Index rebounding, while Hong Kong stocks experienced fluctuations, particularly in high-dividend sectors such as steel, petrochemicals, and coal [1] - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520660) reached a new high of 1.142 billion yuan as of July 29, with continuous net inflows over the past three days [1] - The Low Volatility Dividend ETF (515450) achieved a record high of 13.259 billion yuan, with a total net inflow of 3.019 billion yuan over the past 16 days [1] Group 2 - China Galaxy Securities noted that adjustments to the long-term assessment of insurance funds by the Ministry of Finance will encourage insurance capital to increase equity asset allocation, benefiting bank stocks due to their stable dividends and low valuations [2] - Guosen Securities (Hong Kong) indicated that despite recent pullbacks in the banking sector, long-term funds like insurance still face asset scarcity, making high-quality retail banks attractive defensive assets [2] - The Low Volatility Dividend ETF (515450) closely tracks the S&P China A-Share Large Cap Low Volatility Dividend Index, which measures the performance of the 50 least volatile high-dividend large-cap stocks in the A-share market [2] Group 3 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520660) tracks the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend state-owned enterprises [3] - The Cash Flow ETF (159232) tracks the CSI All Index Free Cash Flow Index, which selects 100 companies with high free cash flow rates to represent the overall performance of companies with strong cash flow generation capabilities [3]