②前期涨幅较多的科技板块普遍回调，部分资金开始流入防御性较强、估值不高的高股息板块。此外， 险资或提前开启年末OCI账户配置。 华泰证券指出，市场风险偏好变化进入"小平台期"，相对视角下高股息配置性价比有所回升，继续关注 筹码拥挤度不高、估值低位的"反内卷"相关周期型红利，及消费中部分潜力型红利。短期多维度来看， 高股息资产配置价值逐步提升。 今日红利板块延续近期涨势，三大运营商、石油化工、银行板块全线飘红，农业银行持续拉升涨超 3%，总市值突破3万亿元，再创历史新高，带动红利低波50ETF(515450)上涨0.88%，9月23日至今累计 上涨8.34%。 红利低波50ETF(515450)独家跟踪标普中国A股大盘低波50指数，采用红利和低波双重因子筛选，采用 股息率加权，使指数"红利"属性更突出，行业分布在银行（27.8%）、食品饮料（13.1%）和交通运输 （11.5%）等。 消息面上，①港交所公告，中国平安11月6日出资50亿买入中国电信H， 持股比例提升至6.11%。险资布 局方向依旧是稳健的红利方向,三大运营商股息率4%-5%。 随着低息时代的到来，红利低波50ETF受到了投资者的广泛关注，该基金 ...

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]