截至2025年7月8日收盘，港股红利ETF博时(513690)全天成交2.38亿元，在全市场港股红利类产品中排行第一，场内流动性持续活跃（数据来源Wind）。 详细来看，港股红利ETF博时(513690)今年以来业绩+14.84%，跑赢大部分同类产品，净值不断创新高。对比成长风格为代表恒生科技，波动率方面有明显 的差异性，非常适合成长偏好的投资者选用做风格的轮动策略或哑铃策略的核心标的。对于长期稳健的投资者,可考虑作为长期配置压舱石，港股红利ETF 博时(513690)的产品股息率目前在全市场中保持领先，最新的股息率=6.3409%，当前中国十年国债收益率=1.64%，低利率时代长期配置价值高。 机构指出，长期来看，除国内低利率外因素外，香港本地激励政策增强配置便利性与市场吸引力，国际环境宽松助推"防御型收益"策略受青睐，地缘风险升 温强化红利策略"避险属性"等均是让红利资产有较强配置价值的核心逻辑。 从资金净流入方面来看，港股红利ETF博时近3天获得连续资金净流入，最高单日获得4.29亿元净流入，合计"吸金"4.76亿元，日均净流入达1.59亿元。 截至7月7日，港股红利ETF博时近2年净值上涨40.36% ...

今天上证指数最高一度冲到了3498点左右，离去年10月8日后，再破3500点，仅仅一步之遥，但最后走了一个A字，下图，给市场提供了一些笑料。 但不用笑的太大声——今天上证的收盘价是3472点，已经创10月8日后的收盘价新高，同时，由于我们此前提到的，A股的分红创历史新高，因此， 算上 股息的上证收益指数 ，本周，已经创下2020年基日以来的历史收盘价新高了，下图。 | < w | 上证收益(000888) | | | | | | --- | --- | --- | --- | --- | --- | | | 07-04 15:00:09 | | | | | | 3919.01 | | 昨收 | 3905.96 | 成交额 5672.41亿 | | | +13.06 | +0.33% | 今井 | 3904.65 | 成交量 500.20亿 | | | 上涨 | 607 下跌 | 平盘 | 76 | 1641 | | | 最高价 | 3947.12 近20日 | 市智率 | 15.2 | 3.23% | | | 最低价 | 3900.02 今年来 1.37 | 市净率 | | 4.93% | | | 分时 | ...

Core Viewpoint - The decline in one-year fixed deposit rates of major state-owned banks to 0.95% has led investors to seek stable and growth-oriented investment products, highlighting the attractiveness of high-dividend assets in the Hong Kong stock market, particularly the Hong Kong Stock Connect High Dividend Index with a dividend yield of 8.08% as of June 6 [1][2]. Group 1: Advantages of Hong Kong High Dividend Assets - Strong profitability supports continuous dividends, indicating that high-dividend assets typically have mature business models and stable cash flows, providing strong defensive characteristics during economic downturns [2]. - The industries covered by the Hong Kong Stock Connect High Dividend Index, such as banking, transportation, coal, and oil, possess high barriers to entry and are less sensitive to economic cycles, suggesting long-term resilience [3]. Group 2: Market Outlook for High Dividend Assets - In the current financial market environment, both Hong Kong and A-shares are focusing on high-dividend assets as a key investment theme, with factors supporting high-dividend strategies becoming stronger [5]. - The uncertainty surrounding U.S. tariff policies has increased market volatility, further enhancing the appeal of high-dividend assets, while domestic long-term funds are accelerating their allocation to dividend-paying assets [5]. Group 3: Investment Tools - Investors can focus on the Hong Kong market through the Hong Kong High Dividend ETF (159302), which tracks the Hong Kong Stock Connect High Dividend Index, selecting 30 highly liquid, consistently dividend-paying companies [6]. - In the A-share market, the High Dividend ETF (563180) tracks a high-yield strategy index, utilizing a dual screening method based on dividend yield and payout ratio, with a current dividend yield of 5.79% as of June 13 [6].

Core Viewpoint - UMC has gained investor favor due to its high dividend yield exceeding 6%, contrasting with TSMC's less than 2% yield, leading to a significant inflow of passive funds into UMC [1][4]. Group 1: Stock Performance - UMC's stock price has increased by 10% this year, while TSMC's has decreased by 1% [1]. - UMC is a key holding in Taiwan's top three high-dividend ETFs, which have attracted approximately $10 billion in inflows this year, making them some of the best-performing stock ETFs in the Asia-Pacific region [1][4]. Group 2: Market Dynamics - The high-dividend ETF market in Taiwan has over $44 billion in assets under management, significantly influencing capital allocation in the Taiwanese stock market [4]. - UMC's appeal to conservative investors is bolstered by its low valuation and high liquidity, along with its partnership with Intel, which adds further investment value [4]. Group 3: Sustainability of Performance - Despite UMC's strong performance, indicators suggest that its upward trend may not be sustainable, with short-selling ratios reaching about 9%, indicating market concerns over its valuation [6]. - UMC's stock price has surpassed the average 12-month target price set by analysts, suggesting that market expectations may be fully priced in [6].

Group 1 - The three major indices opened lower on June 12, with sectors such as energy equipment, precious metals, and cultural media showing gains [1] - The high dividend ETF (563180) experienced a slight decline of 0.19%, with a premium rate of 0.03%, and several constituent stocks, including Huaron Co. (603855), Xiamen Xiangyu (600057), and Changjiang Media (600757), rising over 1% [1] - Recent data indicates significant net inflows into the high dividend ETF, with 9 out of the last 10 trading days seeing net inflows, totaling over 38 million yuan [1] Group 2 - According to Caixin Securities, the A-share high dividend sector is expected to maintain its value for continued allocation due to low-risk yield fluctuations and increased institutional investment [2] - The upward trend in the high dividend sector has not been reversed, with recommendations to focus on banks, coal, public utilities, and transportation [2] - China International Capital Corporation (CICC) suggests increasing asset allocation resilience and stability, recommending an increase in holdings of gold, high dividends, and medium-term bonds while waiting for opportunities to invest in growth stocks representing new technology trends [2]

Group 1 - The company announced the addition of Huatai Securities Co., Ltd. as a liquidity service provider for specific funds to enhance market liquidity and stable operation [1] - The funds affected include the Hong Kong High Dividend ETF (code: 159302) and the Hong Kong Innovative Drug ETF (code: 159567), effective from June 5, 2025 [1] - The company also announced the addition of China Merchants Securities Co., Ltd. as a liquidity service provider for multiple funds, including the Hong Kong Consumption ETF (code: 159735) and the Cash Flow ETF (code: 159225), effective from June 5, 2025 [1]

相关ETF中，高股息ETF（563180）翻红涨0.09%，溢折率0.03%，盘中频现溢价交易。 值得一提的是，Wind数据显示，高股息ETF（563180）近期"吸金"不断，已连续20个交易日获资金净流 入，累计获净流入额超1.46亿元。 高股息ETF（563180）紧密跟踪中证高股息策略指数，该指数选取了80只股息率和股利支付率较高、分 红较为稳定，并具有一定规模及流动性的上市公司证券作为指数样本，以反映高股息上市公司证券的整 体表现。 光大证券在6月策略报告中提到，政策的持续支持以及中长期资金积极流入背景下，A股市场有望震荡 上行。当前A股市场的估值处于2010年以来的均值附近，而随着政策的积极发力，中长期资金带来的增 量资金或将持续流入市场，对资本市场形成托底，A股市场有望震荡上行。配置方向上，关注三类资 产。方向一：稳定类资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提供确定性。方向 二：产业链自主可控。在"双循环"新发展格局和全球产业链重构的双重驱动下，国产创新相关机会也值 得关注。方向三：内需消费。海外政策可能长期处于不确定性的背景下，内需板块值得长期关注。 5月最后一个交易日，A股三大 ...

本报记者 田鹏 引人关注的是，《意见》提出"推动上市公司开展中长期激励，制定稳定、长期的现金分红政策"，为平衡不同行业发展特 征、破解市场结构性矛盾提供了政策指引。未来，如何在坚守"利益共享"原则的同时，为成长型企业预留创新发展空间，将成 为完善中国特色现代企业制度、优化资本市场生态的关键命题。 从2024年A股上市公司分红情况来看，不但分红规模连续第三年突破2万亿元（近2.4万亿元），且"三高"特征进一步凸 显。 根据中国上市公司协会数据，截至5月7日，全市场有3751家上市公司公布或实施2024年经营年度现金分红方案，平均股利 支付率37.78%，其中1277家股利支付率超50%。此外，盈利公司拟分派现金股利的比例提升至89.20%（剔除当年经营亏损仍坚 持分红的情况），其中2093家公司连续5年进行现金分红。同时，全市场265家公司现金分红金额超10亿元，33家公司超100亿 元。年内实施季度或半年度分红的公司达1013家，较2023年实现大幅增长。 亮眼的"三高"分红特征，不仅彰显了上市公司的价值创造能力，更推动了资本市场的金融工具创新。稳定且可观的分红现 金流，为红利指数基金、高股息ETF等金融衍生 ...

Core Viewpoint - The article emphasizes the importance of ETFs as a tool for investors to navigate the fluctuating capital markets, highlighting the need to understand economic cycles for effective investment strategies [1][3]. Group 1: ETF Strategy - ETFs serve as a conductor's score, allowing ordinary investors to participate in industry rotations [1]. - A suggested ETF allocation strategy includes 50% in broad-based ETFs, 30% in sector-specific ETFs, and 20% for opportunistic investments [1]. - The "seasonal rotation model" recommends adjusting ETF allocations quarterly based on economic indicators and seasonal trends [3]. Group 2: Risk Management - Industry ETFs typically exhibit 1.5-2 times the volatility of broad indices, necessitating dynamic stop-loss strategies [3]. - The negative correlation between Hong Kong financial ETFs and U.S. regional bank ETFs can help smooth out volatility in a portfolio [3]. - Caution is advised regarding "pseudo-liquidity" traps in niche ETFs with low daily trading volumes, which may lead to price pressure during urgent sell-offs [3]. Group 3: Data-Driven Insights - Monitoring fund inflow intensity, relative strength indicators (RSI), and valuation percentiles can enhance the timing of ETF switches [5]. - Current indicators suggest that the Hong Kong medical ETF's PEG ratio is below its ten-year average, while institutional holdings in U.S. cloud computing ETFs are rising [5]. - The article stresses that superior returns come from a deep understanding of industry changes and efficient use of tools, distinguishing professional institutions from retail investors [5].

广发证券表示，美债标售结果及后续相关动态将对A股产生多方面影响。若美债标售不佳引发债市抛 售，导致美债收益率大幅上升，全球避险情绪可能升温。A股高股息防御板块如公用事业、银行等可能 成为资金避风港。 中泰证券指出，资本市场建设强调投资者回报，高股息央企投资逻辑愈发顺畅。近年来政策愈发重视投 资者回报，分红制度不断完善。较为稳定、持续的股息回报是提升投资者收益水平的重要一环，这有助 于高股息资产的价值发现。 作为唯一紧密跟踪该指数的工具，截至2025年5月22日，高股息ETF(159207)自成立以来，周盈利百分比 为60.00%，日盈利百分比为69.23%，成为红利资产配置的效率之选。高股息ETF(159207)，一键低成 本、高效率配置高股息板块优质资产。 | 图 | | --- | 片来源：Wind 随着新"国九条"强化分红监管与险资增配趋势，兼具高股息与高盈利质量的资产配置价值持续凸显。中 证智选高股息指数通过编制规则创新与动态优化机制，正在重塑红利投资的效率边界，为投资者提供穿 越周期的配置利器。 截至2025年5月23日10:53，中证智选高股息策略指数上涨0.26%，成分股宇通客车上涨1.55%， ...