政策托底，资金助推，红利资产配置持续升温 从结构来看，港股红利基金成为突出的增量来源，下半年共发行12只相关产品，远多于上半年。从发行 规模来看，浦银安盛港股通央企红利募集12.89亿元，发行规模在同类中领跑；汇添富标普港股通低波 红利指数、永赢中证港股通央企红利ETF联接的发行规模亦分别达到7.96亿元和7.61亿元，显示资金对 港股红利赛道的关注度持续提升。 与此同时，红利低波类产品的发行同样出现明显扩容。证券时报·券商中国记者注意到，下半年共有19 只红利低波产品成立，覆盖中证800红利低波动指数、中证红利低波动100指数、中证A500红利低波动 指数、沪深300红利低波动指数等多个细分指数，产品布局更趋丰富。 从全年维度观察，被动指数型红利基金仍是发行主力，数量占比约六成；此外，市场上也新发了一批主 动权益类红利产品，包括偏股混合型和主动股票型基金，呈现多类型共存的结构。 在规模上，部分红利主题基金的发行规模突破10亿元，包括国金红利量化选股、万家中证800红利低波 动指数、东方中证红利低波动100指数、浦银安盛港股通央企红利，以及国联安中证A500红利低波ETF 等产品，显示出机构与个人资金对红利赛 ...

Core Viewpoint - Several small and medium-sized banks are adjusting their deposit product structures, particularly by canceling long-term fixed deposit products, reflecting the pressure of narrowing net interest margins in the banking industry [2][8]. Group 1: Changes in Deposit Products - Inner Mongolia's Tuyouqi Mengyin Village Bank and Kundu Lun Mengyin Village Bank have canceled their 5-year fixed deposits, and some private banks no longer list 3-year or 5-year fixed deposit products [2][4]. - The previous interest rate for the 5-year fixed deposit at Tuyouqi Mengyin Village Bank was 1.90%, which is now shown as vacant after the adjustment [4]. - Some private banks, such as Huari Bank and Xin'an Bank, have also removed 5-year fixed deposits from their product lists, with some banks eliminating both 3-year and 5-year fixed deposits [5]. Group 2: Reasons Behind Adjustments - The adjustments are primarily driven by the pressure of narrowing net interest margins, particularly affecting small and medium-sized banks, which are compelled to reduce high-cost long-term deposits and optimize their liability structures [2][8]. - The overall banking industry is facing challenges with net interest margins, with various types of banks experiencing different degrees of decline [9][10]. Group 3: Investor Behavior and Market Trends - Investors are shifting their asset allocation towards "stable low volatility + high liquidity" products, favoring money market funds, short-term wealth management, and low volatility dividend products [2][12]. - The trend indicates that more small and medium-sized banks are likely to follow suit in adjusting long-term deposit products, as the previous high-interest long-term deposit model is no longer sustainable [10].