然而，围绕这一策略，市场仍然笼罩着层层认知迷雾—— 今日，笔者尝试从高股息的本质出发，系统梳理红利策略的逻辑与要点，聊聊几个投资红利基金的必要认知。 01 本质厘清 —— "类债券"属性下的权益资产 许多初识红利基金的投资者，往往第一眼就被其"高股息"的标签所吸引。 以下文章来源于教你挖掘基 ，作者冰姐 教你挖掘基 . 投资理财有方法，我们手把手教你挖掘牛基~ 在资本市场的波谲云诡中，长期投资者总是在寻找那些能够穿越周期、提供稳定回报的资产。近年来，红利策略以其独特的魅 力，逐渐成为资产配置领域的焦点话题。 有人将其简单类比为"高息存款"，期待可以稳赚不赔； 有人困惑于分红除权机制，质疑红利投资的真实收益； 而更多人面对琳琅满目的红利指数产品，不知如何选择。 以主流的 红利低波ETF基金 为例，其跟踪的指数由50只连续分红、高股息且波动率低的个股组成。这批公司虽具备盈利稳定、分 红持续的特点，但股价仍会随市场波动起伏。 在市场最艰难的时刻，例如单边熊市的2018年，红利低波全收益指数同样会经历回撤，全年收跌-16%。这个数字虽远低于沪深300指数 的-28%，但足以说明，短期持有红利基金并非"稳赚不赔"。 对 ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 红利低波ET基金F（159547）紧密跟踪中证红利低波动指数，该指数精选50只流动性良好、持续分 红、股息率高且波动率低的证券，采用股息率加权方式构建，基金管理费率仅0.15%/年，托管费率 0.05%/年，均为市场最低费率一档，最大程度让利投资者。 每日经济新闻 昨日（7月21日）最低费率一档红利低波ETF基金（159547）单日资金净流入313万元，过去五天资 金净流入3879万元，成为近期市场震荡中防御配置的热门权益ETF之一。资金持续加码背后，是投资者 对红利低波资产防御属性的认可。在市场波动加剧、情绪趋于谨慎的背景下，高股息、低波动的红利板 块凭借稳定的现金流和分红能力，成为资金避险的"避风港"。 华泰证券认为，当前市场正从前期的估值驱动向基本面定价回归，"高低切换"策略下，红利低波资 产具备三重优势：其一，政策有催化，国央 ...

以下文章来源于教你挖掘基 ，作者挖掘基 教你挖掘基 . 投资理财有方法，我们手把手教你挖掘牛基~ 问 如果让你想象一只获得感很高的基金，它会是什么样？ 不用费心择时，买入持有大概率赚钱！ 当红利走了很久 的价值发现时，我在苦守科技板块等成长风格的回归；终于熬不住开始追红利，又开始在红利躲牛市 了。几次三番，累觉不爱… 这是上半年一次圆桌访谈、聊起对高获得感基金的畅想时一位客户的回答。 做投资最痛苦的就是两头挨打 —— 西升的时候你在东边，东升的时候你跑去了西边。 板块主升的时候你在怀疑，刚开始跌你又着急抄底。 不断调整、不断买错、不断挨打，这是不少不断买顶、赚不上钱的投资者的真实写照。 于是我们遍览全市场基金的陈列架中，"红利"标签下的产品，琳琅满目：中证红利、红利低波、港股通央企红利、红利质量…… 从数据统计中可以看到，在各类红利投资策略中， 红利低波指数是相对回撤更小、更能满足"追求确定感"这类客户需求的红利指数 ，这 也较为符合我们的体感： | 投资旋略 | 指数简称 | 指数代码 | 指数基日 | 全收益指数 年化收益率 | | 近三年最 大回撤 | 股息率 | 第一大行业 | 第二大行业 | 第三大 ...

Core Viewpoint - The performance of low-volatility dividend ETFs has shown a positive trend in the first half of 2025, with over 70% of the products experiencing growth in scale and overall net inflow of funds [1][3]. Group 1: ETF Performance - Among 14 major low-volatility dividend ETFs, the total scale reached 38.883 billion yuan, with a net increase of 6.846 billion yuan in the first half of the year [3]. - The Huatai-PB Low Volatility Dividend ETF (512890.SH) saw its scale surge to 18.741 billion yuan, contributing 73% of the total market growth for this type of ETF [3]. - Other notable performers include E Fund, Tianhong, and Harvest, with scale increases of 1.102 billion, 0.609 billion, and 0.480 billion yuan respectively [4]. Group 2: Market Dynamics - The expansion and differentiation of low-volatility dividend ETFs are primarily driven by investors' demand for yield certainty and risk control in a volatile market environment [7]. - Regulatory guidance on dividend ratios has reinforced the logic behind dividend strategies, making low-valuation assets with stable dividends more attractive [7]. - The concentration of funds towards well-recognized and larger-cap products is evident, as smaller or newer products struggle to attract significant investment [5][6]. Group 3: Product Differentiation - Despite being categorized under "low-volatility dividend," the specific tracking indices lead to varied fund flows, with mainstream broad-based indices seeing rapid growth while niche indices experience moderate inflows or even outflows [5][6]. - The Invesco Low Volatility Dividend ETF (515100.SH) faced a significant net redemption of 1.191 billion yuan, marking it as the most severely shrinking product in the market [6]. - The Huatai-PB Low Volatility Dividend ETF is noted as the first hundred-billion-level low-volatility dividend theme ETF, with a holder count exceeding 829,800, making it a standout in the market [7].

2025年7月1日共167只ETF基金获资金净流入，461只ETF基金净流出。净流入金额超1亿元的有21只，银华日利ETF(511880.SH)、短融ETF(511360.SH)、科创 芯片ETF(588200.SH)、华宝添益ETF(511990.SH)、光伏ETF(515790.SH)资金显著流入，分别净流入10.20亿元、7.64亿元、6.78亿元、5.70亿元、4.43亿元 （净申购份额*单位净值）。 | 排名 | 基金管理人 | 证券简称 | 证券代码 | 净流入金额(万元 | | --- | --- | --- | --- | --- | | l | 银苹基金 | 银华日利ETF | 211880 | 101997 | | 2 | 海富通事令 | 短融ETF | 211360 | 7642( | | 3 | 嘉实基金 | 科创芯片ETF | 588200 | 6775! | | ব | 华宝基金 | 华宝添益ETF | 511990 | 5696. | | 5 | 华泰柏瑞基金 | 光伏ETF | 515790 | 44261 | | 6 | 华夏基金 | 中证500ETF华夏 | 512500 ...

Core Viewpoint - The banking sector has shown strong performance in 2023, with a cumulative increase of 14.11% as of June 23, 2025, ranking first among 31 industries, driven by high dividend strategies and stable absolute returns amid global macro uncertainties [1] Group 1: Investment Trends - The banking sector features high dividend yields and low valuations, attracting long-term capital inflows [2] - Insurance capital continues to favor high-dividend equity assets, with bank valuations between 0.6-0.7 times, providing a cost-effective investment option [2] - Southbound funds have been actively buying Hong Kong and H-shares of banks, particularly state-owned banks, which have seen a significant increase in their market share [2] - Public funds are expected to increase their allocation to banks, with current allocation weights significantly lower than the sector's representation in the market [3] Group 2: Banking Fundamentals - The banking sector is expected to maintain a bottoming trend, with credit growth around 7%-8% and a gradual slowdown in the trend of deposit regularization [4] - The optimization of liability costs is expected to mitigate the impact of LPR cuts, leading to a narrowing of interest margin declines [4] - Non-interest income is showing marginal improvement, although other non-interest income sources are under pressure [4] - Asset quality remains stable, supported by ongoing government support for the real economy, although retail loan quality may face marginal deterioration [4] Group 3: Market Dynamics - The trading congestion indicators for banks have not reached previous highs, indicating room for further growth [5] - The trading volume and turnover rate of state-owned banks are significantly lower than previous market peaks, while city commercial banks are seeing increased activity [5] - Agricultural commercial banks have experienced a notable increase in trading activity, benefiting from recent market trends and index inclusions [5] Group 4: ETF Performance - The banking ETF (515020) has a dividend yield of 5.19%, a PE ratio of 7.21, and a PB ratio of 0.72 as of June 23, 2025 [6] - The Hong Kong Stock Connect Financial ETF (513190) has a dividend yield of 8.18%, a PE ratio of 6.48, and a PB ratio of 0.58 [6] - The Low Volatility Dividend ETF (159547) has a dividend yield of 5.29%, a PE ratio of 8.25, and a PB ratio of 0.84, with banks comprising 49.2% of the index [6]

数据显示，截至2025年3月31日，沪深300红利低波动指数前十大权重股分别为中国神华、格力电器、大 秦铁路、中国石化、宝钢股份、双汇发展、宁沪高速、海螺水泥、华域汽车、中国电信，前十大权重股 合计占比37.95%。 今年一季度，尽管红利指数出现一些震荡，但红利基金仍然受到资金青睐，规模创历史新高。Wind数 据显示，截至今年一季度末，红利基金总规模达2513.67亿元，较去年四季度末增加约270亿元。 中信证券研报指出，"对等关税"政策的实施直接引发全球资本避险模式，风险资产持续大幅下跌，避险 资产或成较大赢家，关税风暴所带来的催化与红利基本面的坚实逻辑有望形成向上共振。 没有股票账户的场外投资者可通过对应的沪深300红利低波动ETF联接基金（007606）把握投资机会。 截至2025年4月28日 10:52，沪深300红利低波动指数上涨0.94%，成分股宝钢股份上涨5.72%，格力电器 上涨4.09%，国投电力上涨2.34%，江苏银行上涨1.81%，华能水电上涨1.80%。红利低波ETF基金 (515300)涨近1%。 流动性方面，红利低波ETF基金盘中成交2287.42万元。规模方面，红利低波ETF基金 ...