这一动向信号明确：在不确定的市场环境中，拥有稳定现金流、高分红能力的"红利资产"正成为大资金 追逐的"压舱石"。 最新数据显示，中国市场的"聪明钱"正在大规模行动。这里的"聪明钱"指的是保险资金。兴业证券报告 指出，今年三季度，保险资金股票和基金的资产配置比例已大幅升至15.5%，逼近历史峰值——2015年 上半年16.1%的历史最高水平。更关键的是，其配置方向鲜明——大幅增配银行、钢铁、纺织服装等典 型的高股息红利板块。 那么红利资产除了"个股"，指数投资是主要途径，也是对普通投资者来说，"门槛"最低的投资方式之 一。不过，业内人士表示，当前市场红利指数投资，在最近两年发生了明显变化——单一的红利策略已 经不再是主流红利审美，叠加了各种buff的"进阶版"红利层出不穷，如红利低波ETF基金（159547）跟 踪的中证红利低波动指数，它不仅要求成分股连续分红、股息率高，还加入了"低波动"因子筛选，旨在 捕获高股息的同时，降低股价波动风险，提升持有体验。再比如，近两年市场比较瞩目的"央企"buff， 因为在"央企市值管理"考核的强力驱动下，央企上市公司有更强的动力和压力去提升分红率和投资者回 报。这使得"红利策 ...

指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的股息率、投资期 内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是确定的正向助 力。股息率越高，确定的正向收益也就越高。 存款有利息，股票有股息。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。有数据显示，他在1975至1999年运 用该策略投资的平均复利回报达18%，远高于市场3%的平均水平。 | | 涨跌幅% | 开始时间 | 结束时间 | | --- | --- | --- | --- | | 近半年涨跌幅 | 6.94 | 2025/5/20 | 2025/11/19 | | 近1年涨跌幅 | 12.58 | 2024/11/20 | 2024/11/19 | | 近2年涨跌幅 | 35.25 | 2023/11/20 | 2023/11/19 | | 近3年涨跌幅 | 54.76 | 2022/11/21 | 2022/11/19 | ▶高分红,低波动 红利低波ETF基金 159547 送 ...

Core Insights - The market is experiencing increased rotation due to recent macro events and the completion of Q3 earnings reports, leading to a policy and performance vacuum in the short term [1] - Despite the lack of a main driving force, the market remains active with substantial trading volume and buying interest, indicating a rotation among sectors [1] - As external uncertainties diminish, a clearer direction for the "14th Five-Year Plan" is emerging, suggesting a stronger market outlook in the future [1] Investment Strategies - A balanced allocation strategy between emerging technology and dividend stocks is recommended for current market conditions [1] - As of November 5, the Dividend Low Volatility ETF (159547) has a 12-month dividend yield of 4.08%, noted for having the lowest comprehensive fee rate among similar products [1] - For those seeking a less hands-on approach, the Dividend Quality ETF (159758) incorporates quality factors in stock selection, with electronics as the largest weight sector, providing a diversified stock basket [1]

Group 1 - The article discusses the "barbell strategy" as a potential investment approach amid increasing market volatility, suggesting that it may be more suitable when there is no clear market direction or during paradigm shifts in investment [1] - The barbell strategy involves selecting assets on two ends: one with high win rates and the other with high payouts, thereby enhancing the overall expected return of the portfolio [1] - Insurance capital has reportedly made significant investments this year, acquiring shares in 24 companies primarily in the financial and public utility sectors, with additional interests in electrical equipment, information technology, and healthcare [1] Group 2 - For investors considering the barbell strategy, it is recommended to use index investment tools to further diversify risk, such as dividend-focused ETFs like the dividend low-volatility ETF (159547) for the high win rate end [1] - On the high payout end, growth-oriented assets like the Sci-Tech Innovation 50 ETF are suggested to improve the expected return of the investment portfolio [1]

Core Viewpoint - The A-share market is experiencing a broad decline in core indices, with only a few dividend indices showing positive performance, indicating a shift in market sentiment towards low-volatility, high-dividend assets [1] Market Performance - The overall market has seen reduced trading volume, continuing the trend of last week's volume contraction, which was characterized by widespread declines in major indices [1] - Last week, the banking and coal indices ranked among the top eight in terms of returns, contrasting sharply with previously leading sectors such as copper, nickel, and lithium battery materials, reflecting a market style shift from high-growth to stable income [1] Investment Trends - During periods of market volume contraction, there is a tendency for funds to migrate towards low-volatility and high-dividend assets, which has led to the outperformance of dividend indices [1] - The dividend low-volatility ETF (159547) tracks the CSI Dividend Low Volatility Index and has the lowest fee rate among all ETFs in the market, making it suitable for long-term core allocation [1]

Group 1 - China Ping An plans to increase equity allocation in the second half of the year, focusing on growth sectors and high-dividend value stocks [1] - The "dumbbell strategy" of balancing growth and dividend stocks is favored by insurance funds, indicating a dynamic balance between risk preference and return objectives [1] - Investment strategies may include low-volatility dividend ETFs in A-shares and similar combinations in Hong Kong stocks [1] Group 2 - China Life's Chief Investment Officer expressed optimism about A-share investments, citing reasonable valuations and a solid market bottom [2] - China Life has received approval for QDII investment quotas, which will be directed towards Hong Kong stocks, focusing on new economy and high-dividend sectors [2]

Core Insights - Investment is not just about numerical growth but also involves long-term experiences and psychological feelings [1] Group 1: Factors Influencing Investment Experience - 华夏基金 identified 16 "perception factors" that contribute to investment experience, including not only returns but also behavioral gains, downside volatility, expected return realization rates, dividend rates, and fees [2] - Research indicates that index fund and asset allocation investors tend to have a better sense of gain [3] Group 2: Strategies to Enhance Investment Experience - Regular investment (dollar-cost averaging) combined with dynamic rebalancing can enhance perceived gains by reducing timing difficulties and averaging down costs [3][4] - Implementing "smart dollar-cost averaging" strategies, such as adding extra investments during market downturns or adjusting based on valuation metrics, can further improve investment experience [5] Group 3: Core-Satellite Investment Strategy - A core-satellite strategy allows investors to balance risk and return by allocating a majority of funds to conservative, broad-based ETFs for stability, while a smaller portion can be allocated to more aggressive, growth-oriented ETFs [6][7] Group 4: Focus on Dividends and Low Fees - Emphasizing high dividend and cash flow strategies can provide a sense of security and satisfaction in uncertain markets [9] - Choosing low-fee products can significantly reduce costs over time, enhancing overall returns [11][12] Group 5: Long-Term Perspective - Adopting a long-term view helps investors avoid emotional reactions to short-term market fluctuations, focusing instead on overall performance [13][14] - Future expectations should guide investment decisions rather than past performance, allowing for more strategic holding or selling decisions [15] Group 6: Continuous Learning and Adaptation - Viewing the investment process as a learning opportunity can enhance cognitive abilities and decision-making skills, rather than focusing solely on monetary returns [16] - Developing a personal investment style that aligns with individual preferences and risk tolerance can lead to a more fulfilling investment experience [16] Group 7: Overall Investment Philosophy - ETF investment requires both strategy and discipline, akin to tending a garden, where the process itself can yield satisfaction beyond just financial returns [18]

Group 1 - The core viewpoint of the article highlights the increasing popularity of the low-volatility dividend ETF (159547) as a defensive investment amid market fluctuations, with a net inflow of 3.13 million yuan on July 21 and a total of 38.79 million yuan over the past five days [1] - Investors are recognizing the defensive attributes of low-volatility dividend assets, which provide stable cash flow and dividend capabilities, making them a "safe haven" during periods of heightened market volatility [1] - Huatai Securities notes a shift in the market from valuation-driven to fundamental pricing, emphasizing the advantages of low-volatility dividend assets, including policy support for stable investor returns, improved cost-effectiveness compared to government bonds, and strong demand from insurance capital for high-dividend investments [1] Group 2 - The low-volatility dividend ETF (159547) closely tracks the CSI Low Volatility Dividend Index, which selects 50 securities with good liquidity, consistent dividends, high dividend yields, and low volatility, using a dividend yield-weighted approach [1] - The fund has the lowest management fee of 0.15% per year and a custody fee of 0.05% per year, maximizing benefits for investors [1]

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]