高股息资产的行情其实从2021年、2022年市场回落之后，就越来越受到投资者重视。从上市公司或 指数层面来看，股息率=分红比例/PE估值=分红金额/总市值，两个公式结果一致。这意味着一家公司分 红比例越高、分红金额越大，同时估值（市值）越低，其股息率往往越高。 对上市公司而言，提高分红比例是强化投资者回报的重要方式——每年将生产经营产生的净利润中 的更高比例用于分红，就能直接提升对股东的回报。过去两年，国内监管层面也发布了多项政策，包括 新国九条、市值管理新规等，鼓励上市公司提高分红比例、加大分红频次，2024财年A股分红规模已超 过2.4万亿元。 从趋势来看，A股每年的分红比例（净利润中用于分红的比例）也在逐步提升，从2020年的39%左 右，逐步提升至2024年的46.84%。这意味着在政策引导和上市公司提升股东回报的导向下，A股正在拿 出更多净利润用于回馈投资者。 从分红频次来看，2024年开始，很多A股上市公司，包括之前基本不进行中期分红的国有大行也逐 步启动中期分红，将生产经营成果及时分配给投资者，进一步提升股东回报。 从政策维度来看，市值管理新规明确要求，大中市值的主要指数权重股，需通过分红、回购 ...

今日A股震荡下行。上证指数收于3867.92点，下跌0.55%，深证成指收于13112.09点，下跌1.10%。两市 共计成交不足1.8万亿元，较前一交易日有所下降。市场整体跌多涨少，非银金融盘中拉升，电子、通 信方向领跌。 当前A股所处的经济和政策环境整体维持积极，预计财政支出将保持积极，推动经济总需求回暖。中期 来看，在各项稳增长措施及宽松货币、财政政策落地后，总需求增速有望重回扩张区间，带动A股重新 进入上行周期。 //// 今日统计局发布11月部分经济数据。数据显示，固定资产投资累计同比增速下滑至-2.6%创2021以来新 低，其中地产投资单月同比下降超30%。经济结构继续呈现供给强、需求弱、通胀低的特征，对债市形 成边际利好。 虽然近期债市情绪依然偏弱，但支撑债市企稳的支撑力量亦开始显现。从供给端来看，未来一段时间的 供给压力有所缓和，同时随着利差变化，供给端期限存在调整可能，长端利率压力有望减轻。从需求端 看，银行指标压力阶段性缓和，年初银行或获得新的资本补充，减持趋势将转为增持。此外，交易型机 构仓位的下降意味着抛售力量正在逐渐下降，市场企稳之后交易型机构补仓反而有望推动市场企稳。 目前10年期 ...

兴业证券指出，行业配置方面坚持"景气成长+红利"策略，配置高股息资产以持续获得稳定的现金回 报。反内卷政策有助于提高利润率和ROE，企业利润率对股票市场收益至关重要。在境内股市日益机构 化的背景下，市场更关注盈利与股东回报，而非短暂的收益弹性。参考日本经验，净利润率的扩张能显 著推动股价回报。此外，政策对高内卷行业出台供给侧优化措施，缓解低价竞争，推动光伏、电池、化 工等传统行业利润修复，这些板块现金流改善、分红率提升，与成长资产形成互补，为投资者带来周期 稳定和现金收益机会。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从沪市中精选分红能力强、记录稳 定的优质企业，覆盖银行、煤炭及交运等高股息行业。指数侧重于选取具有高现金股息率和良好流动性 的证券，以体现稳健的价值投资风格。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选 ...

源达信息指出，红利资产由于其稳定的高股息和低估值属性，在低利率环境下，对风险偏好较低的资金 有吸引力。在当前经济景气水平总体平稳的背景下，11月制造业PMI小幅回升至49.2%，产需两端改 善、小微企业景气显著回升，高技术制造业持续扩张。政策端聚焦新型城镇化与城乡融合，释放内需潜 力，同时资本市场改革深化，吸引长期资金。红利资产在低利率环境下具备配置价值，其稳定的高股息 特性对追求稳健收益的资金具有较强吸引力。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映 ...

我们认为现阶段市场关注度较高、资金增持较多的方向当属现金流策略。以自由现金流收益率为核心选股标准的这一策略，于今年上半年在A股市场 逐步落地，当时市场对其存在不少质疑，且存在不同看法。总结下来，无论是现金流策略还是现金流ETF（159399）都属于偏价值型的范畴，今年以来， 该策略的相关指数已跑赢红利低波指数及其他一些红利策略类指数，作为价值类指数，其推出后的第一年表现相对较好。 在今年二、三季度市场风格整体偏成长的背景下，现金流策略与红利策略确实均明显跑输成长风格指数，同时也跑输了部分宽基指数。但从现阶段对 未来展望，从中长期配置视角出发，我们认为明年整个市场的风格有望更加均衡。现金流策略近期已受到不少资金关注，现金流ETF（159399）近期持续 获得资金净增持。 首先，从现金流策略来讲，其核心关注的是上市公司的自由现金流率，即企业最近四个季度财报中披露的自由现金流除以企业价值，这一指标构成了 指数的核心选股因子。 而红利策略是以上市公司的分红金额除以总市值，也就是股息率来选股，由此可见，两个策略在计算指标的分子与分母上均存在差异。对于自由现金 流率指标，分子对应的是自由现金流，相比于净利润等盈利指标，自 ...

Group 1 - The core focus of the article is on the performance and characteristics of the Dividend State-Owned Enterprise ETF (510720), which has consistently provided monthly dividends since its launch, with a current monthly dividend rate of approximately 3‰ to 4‰ [1][9] - The ETF tracks the Shanghai Stock Exchange State-Owned Enterprises Dividend Index, which has a relatively high dividend yield compared to similar indices, historically ranging from 4% to 7% [3][7] - The index is expected to undergo annual adjustments in December, which may lead to the removal of certain large-cap bank stocks that have not maintained a competitive dividend yield [2][3] Group 2 - The current industry distribution of the index is primarily focused on high-dividend sectors such as banking, coal, and transportation, with potential for future diversification as some component stocks' dividend yields decline [3][8] - Historical performance indicates that the Shanghai State-Owned Enterprises Dividend Index has outperformed other similar indices in terms of absolute returns from 2021 to 2024 [5][7] - The article suggests that the current market environment, characterized by low-risk returns and a focus on dividend-paying stocks, presents a favorable opportunity for long-term investment in dividend strategies [8][9]

大盘震荡不断，市场分歧加大，能否实现有效突破还是仍需后市的检验。市场冲击高位，结合岁末年初的日历效应催化，获利盘的止盈需求会 显著升温，并且市场上科技成长做多情绪反复，波动幅度进一步加大。 "道路千万条，安全第一条"，行情震荡加大，各位投资者也要记得系好 安全带，做好"由攻转守"的准备。 而说到防守，自然就得看看红利现金流板块，红利现金流的稳健属性，恰好可以与科技板块的高成长特质形成互补，在市场波动里换取一些安 心的"安全垫"。从时间窗口来看，年末资金更倾向于落袋为安，市场资金也会加速涌入红利现金流板块。从投资策略看，红利现金流板块更加 可以和科技搭配可构建"哑铃型组合"：既不缺席成长赛道的机会，又能靠红利夯实收益底盘。 这里也向投资者们介绍两个可以配置的标的： 1、红利国企ETF（510720） | | 2015/6/12- | 2018/1/29- | 2021/2/19- | 2023/8/8 - | 2024/5/24- | | --- | --- | --- | --- | --- | --- | | | 2015/9/15 | 2019/1/2 | 2022/4/29 | 2024/2/5 | 2 ...

Market Overview - The A-share market experienced fluctuations today, with the Shanghai Composite Index down by 0.15% to 3864.18 points, while the Shenzhen Component Index rose by 1.02%, and the ChiNext Index increased by 2.14% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.7972 trillion yuan, a decrease of 29 billion yuan compared to the previous day [1] - Technology sectors showed strong performance, particularly in communications, artificial intelligence, and consumer electronics, while sectors like oil and gaming lagged behind [1] Investment Sentiment - The overall risk appetite in the market is neutral, with more than 3,500 stocks declining [1] - Small-cap stocks underperformed compared to large-cap stocks, and growth stocks outperformed value stocks, indicating a preference for growth-oriented investments [1] Structural Market Dynamics - Despite a slight stabilization in the A-share market since last Friday's decline, the H-share market has shown a higher degree of recovery [1] - The primary drivers for the A-share market's upward movement are the expansion of excess liquidity and sustained investor optimism, suggesting that the bull market is not over yet [1] Equity Market Insights - The outlook remains cautiously optimistic for the equity market, with a structural bull market anticipated, focusing on sectors with growth potential and dividend yields [2] - Key sectors to watch include AI, anti-involution, and exports, with recommendations for specific ETFs in communications, chips, and renewable energy [2] Bond Market Analysis - The bond market has shown weaker performance than expected, despite favorable conditions such as lower PMI and ongoing deflationary pressures [3] - The yield on 30-year government bonds has increased by 2.2 basis points, indicating a lack of strong buying momentum [3] - Future movements in the bond market may depend on the central bank's decisions regarding interest rate cuts, with the potential for delayed easing due to manageable growth targets [3]

Group 1 - The core viewpoint of the articles highlights the ongoing market volatility and the increasing investment in cash flow assets, with the cash flow ETF (159399) experiencing a net inflow of over 270 million yuan for five consecutive days [1] - The current investment landscape in China is characterized by a transition between old and new economic drivers, with thriving sectors concentrated in technology (primarily AI), anti-involution industries (such as photovoltaic and lithium battery resources), and manufacturing exports [1] - There is an expectation of a lack of incremental fiscal policy in the near term, making it difficult for the market to shift towards low-consumption stocks in a "high-cut-low" trend [1] Group 2 - The cash flow ETF (159399) has consistently outperformed the CSI Dividend Index and the CSI 300 Index over the past nine years, indicating strong market performance [1] - The underlying index of the cash flow ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, and it has distributed dividends for nine consecutive months since its listing [1] - Investors are encouraged to consider dividend-paying options such as the dividend Hong Kong stock ETF (159331) and the dividend state-owned enterprise ETF (510720) alongside the cash flow ETF [1]

Core Viewpoint - The market is experiencing significant fluctuations after the Shanghai Composite Index broke the 4000-point mark, leading to increased profit-taking and heightened volatility, necessitating a defensive investment strategy [1] Group 1: Market Analysis - The Shanghai Composite Index's breakthrough of 4000 points is significant, marking a ten-year high, but market divergence is increasing, and the sustainability of this breakthrough remains to be tested [1] - The volatility in the market is expected to rise, prompting investors to prepare for a shift from aggressive to defensive strategies [1] Group 2: Investment Strategies - Defensive sectors, particularly dividend-paying stocks, are highlighted as a means to provide stability amidst market fluctuations, complementing the high-growth characteristics of technology stocks [1] - A "barbell strategy" is suggested, combining growth opportunities in technology with the stability of dividend stocks to create a balanced portfolio [1] Group 3: Recommended ETFs - **Dividend State-Owned Enterprise ETF (510720)**: This ETF tracks the Shanghai State-Owned Enterprise Dividend Index, focusing on high-dividend central and state-owned enterprises, with a high dividend yield. It has distributed dividends for 18 consecutive months as of the end of October [1] - **Cash Flow ETF (159399)**: This ETF tracks the FTSE China A-Share Free Cash Flow Focus Index, selecting the top 50 stocks based on cash flow rates. It has shown superior resilience during market downturns, with a significant portion of its holdings in large-cap stocks [2][3] Group 4: Performance Comparison - Historical data indicates that during market downturns, the FTSE Cash Flow Index has outperformed the broader market indices, demonstrating lower declines compared to the CSI 300 Index and the CSI Dividend Index [3] - The Cash Flow ETF has also distributed dividends for 8 consecutive months as of the end of October, enhancing its appeal during periods of market volatility [4] Group 5: Long-term Outlook - The current market environment, influenced by new policies encouraging dividend distributions and declining risk-free rates, enhances the attractiveness of dividend-paying assets for long-term investment [4]