2026年刚刚开年，险资举牌已有动作。1月12日，上海机场公告披露，太保资产于9日通过大宗交易增持 公司股份至5%，触发举牌。此次投资资金来源于受托管理的太保寿险保险资金，成为今年险资举牌首 例。 近年来，险资举牌呈现显著升温趋势。据第一财经统计，2025年险资举牌次数达到41次，较2024年的20 次进一步增加，创下近十年新高，仅次于2015年的历史峰值。 此轮举牌潮与以往有何不同？华创证券分析指出，当前险资举牌主要基于两方面考虑：一是在低利率环 境下，对高股息红利股的配置价值更为重视；二是通过长期股权投资，纳入ROE稳定的优质标的，以优 化资产结构。该机构预计，2026年这两类配置逻辑仍将持续，险资举牌热潮或将继续。 低利率环境下，险资频繁举牌；其他资金则更多关注红利低波策略。以红利低波指数（H30269.CSI） 为例，该指数选取分红稳定、股息率较高且波动较低的证券，采用股息率加权。截至1月13日，该指数 近一年股息率为4.45%。红利低波ETF华夏（159547）是跟踪该指数综合费率最低的ETF，每季度评估 可分红，联接基金A类021482；联接基金C类021483。 ...

Core Viewpoint - The performance of dividend assets has shown significant divergence in 2025, with the dividend yield index experiencing a modest increase of 2.62%, while the low volatility dividend index surged by 9.72, highlighting the contrasting trends within the sector [2][5]. Group 1: Performance Analysis - The banking sector has emerged as a strong performer, with a year-to-date increase of 17.19%, ranking second among all 31 Shenwan first-level industry indices, while the coal sector has declined by 11.75%, placing it at the bottom of the industry indices [2][5]. - The weight of the banking sector in the dividend indices has significantly influenced their performance, with the banking sector accounting for 46.44% of the low volatility dividend index and 28.6% of the dividend index at the end of 2024 [5][6]. - The disparity in performance is attributed to the low interest rate environment enhancing the appeal of high dividend assets, while the coal sector faces pressure due to low coal prices [5][6]. Group 2: Market Outlook - The current market environment may continue to exhibit this trend of divergence, with potential profit-taking in certain sectors and a shift towards mid-year performance evaluations [6][7]. - The second half of 2025 may present opportunities for previously underperforming sectors to recover, particularly with potential improvements in the supply structure of cyclical resources like coal [6][7]. - The weight of sectors within the dividend indices is subject to change based on performance, with the banking sector's weight increasing to 33.58% and coal's decreasing to 17.73% as of mid-July 2025 [7]. Group 3: Long-term Investment Strategy - The long-term value of dividend strategies remains clear despite short-term internal divergence, suggesting that focusing on long-term value is a better perspective for evaluating dividend strategies [8][15]. - Historical data indicates that the dividend index has outperformed the Shanghai Composite Index in seven out of the last ten years, demonstrating resilience in down markets and adaptability to various market conditions [8][10]. - The dividend strategy is characterized by a low timing risk, making it suitable for long-term buy-and-hold investment strategies [13][14]. Group 4: Fund Performance - The Hongtai Baorui Dividend ETF (510880) has been a benchmark product in the dividend strategy ETF space, with a total scale of 184.95 billion as of mid-July 2025 and a profit of 33.94 billion in 2024 [15][16]. - The fund has consistently generated profits over the past six years, accumulating a total profit of 76.43 billion since 2019 [15][16]. - The ETF has also distributed over 40 billion in dividends since its inception, indicating strong performance in terms of returns to investors [15].