华宝基金 红利情报局 2025.9.24 Q 风险偏好修复期如何看高股息? 热点动态 新国补或利好中高端白色家电发展 华西证券指出:尽管第三批国补资金陆续下达,但部分省市 += リナーナー -- 1-11-1 -1 齿填补上半年补贴缺口寺齿索,向末重启活动,已经恢复活 动的部分地区仍存在抢券难的现象,第三批资金尚未完全缓 解地方压力,随着第四批补贴逐步释放,或将释放全国层面 补贴资金的流动性。随着国补资源稀缺性增强,品牌或从全 面覆盖转向精准投放,倾向于将资源投向中高端产品,补贴 降低中高端机型的购买门槛,拉动产品结构升级,提升品牌 整体均价及盈利能力。 风险偏好修复期,或可关注周期型与潜力型红利 华泰证券指出,市场风险偏好修复仍是短期制约高股息资产 相对收益的重要因素. 2025年或可继续关注建议关注"反内 卷"相关周期型红利(化工、钢铁等),及部分潜力型红利(铁 路公路、白酒、食品加工等)。 11 行业股息龙虎榜-股息率前五板块 || (近12月股息率) 白色家电 煤炭开采 股份制银行II 4.98% 5.19% 5.02% 炼化及贸易 农商行II 4.63% 4 66% 数据来源:华西证券、华泰证券、胶 ...

MACD金叉信号形成，这些股涨势不错！ 联接A 022887 跟踪指数(全收益)- 近一年收益率 37.25% 股息率 5.60% 慢牛神器 李李可读估分红* 800红利低波ETF| 159355 联接A 023321 跟踪指数(全收益) - 近一年收益率 20.32% 股息率 4.06% *注:分红机制请详见下方注释部分 能追牛 能扛能 际普红利ETF | 562060 联接A 501029 联接C 005125 - 跟踪指数(全收益) - 股息率 5.12% 近一年收益率 30.37% 聚焦大盘蓝筹现金牛 300现金流ETF | 562080 联接A 024367 联接C 024368 - 跟踪指数(全收益) - 近一年收益率 22.75% 股息率 4.10% 智选红利 主动精品 华宝红利精选混合 | ^类 009263 410841 )华宝基金 / 17 7 2 pl 行业均衡 收守身ね A500红利低波ETF| 159296 跟踪指数(全收益) 近一年收益率 22.20% 股息率 |4.10% 息极强"清语好 T+0 港股通红利ETE | 159220 责任编辑：杨赐 ...

- Model Name: Diffusion Index Model; Model Construction Idea: The model is based on the principle of price momentum; Model Construction Process: The model tracks the weekly and monthly changes in the diffusion index of various industries, ranking them accordingly. The formula used is $ \text{Diffusion Index} = \frac{\text{Number of Upward Trends}}{\text{Total Number of Trends}} $; Model Evaluation: The model has shown varying performance over the years, with significant returns in some periods and notable drawdowns in others[27][28][31] - Model Name: GRU Factor Model; Model Construction Idea: The model utilizes GRU deep learning networks to analyze minute-level volume and price data; Model Construction Process: The model ranks industries based on GRU factors, which are derived from deep learning algorithms processing historical trading data. The formula used is $ \text{GRU Factor} = \text{GRU Network Output} $; Model Evaluation: The model performs well in short cycles but has mixed results in longer cycles[33][34][36] - Diffusion Index Model, Average Weekly Return: 2.06%, Excess Return: -0.00%, August Excess Return: -0.45%, Year-to-Date Excess Return: -0.41%[31] - GRU Factor Model, Average Weekly Return: 2.71%, Excess Return: 0.65%, August Excess Return: 0.32%, Year-to-Date Excess Return: -4.35%[36] - Factor Name: GRU Industry Factor; Factor Construction Idea: The factor is derived from GRU deep learning networks analyzing minute-level trading data; Factor Construction Process: The factor ranks industries based on GRU network outputs, which are calculated from historical volume and price data. The formula used is $ \text{GRU Factor} = \text{GRU Network Output} $; Factor Evaluation: The factor has shown significant changes in rankings, indicating its sensitivity to market conditions[6][14][34] - GRU Industry Factor, Steel: 2.82, Building Materials: 1.72, Transportation: 1.3, Oil & Petrochemicals: 0.27, Construction: -0.46, Comprehensive: -1.87[6][14][34]

Group 1 - The core viewpoint of the articles highlights the strong inflow of funds into the 300 Cash Flow ETF (562080), which has seen a net inflow of over 480 million yuan over ten consecutive trading days, indicating a growing investor preference for cash flow strategies amid market volatility [1][3] - The 300 Cash Flow ETF tracks the CSI 300 Free Cash Flow Index, which selects 50 "cash cow" companies from the CSI 300, excluding financial and real estate sectors, making it the first ETF in the Shanghai market to adopt a free cash flow strategy [3] - Analysts suggest that in the context of increasing macroeconomic uncertainty and complex global trade dynamics, companies with stable cash flows are becoming more attractive to investors, marking a potential shift towards a "cash is king" era [3] Group 2 - The ETF has achieved a trading volume exceeding 198 million yuan, setting a new historical high since its launch, reflecting strong market interest [1] - The investment community is encouraged to consider the 300 Cash Flow ETF and its linked funds as a means to access high-quality companies with strong cash flow that can withstand economic cycles [3] - The article emphasizes the defensive value of sectors with stable cash flows in the current uncertain economic environment, suggesting that these companies are likely to provide better shareholder returns [3]

Core Viewpoint - The article emphasizes the growing appeal of high dividend investments in a low-interest-rate environment, highlighting the performance and characteristics of various dividend-themed funds and indices as attractive investment options for 2025 [1][34]. Group 1: Dividend Investment Trends - High dividend assets have gained popularity as 10-year treasury yields enter a low range, making dividend investments a core option for investors in 2025 [1]. - The total cash dividends from A-share listed companies reached a record high of 2.39 trillion yuan in 2024, indicating a significant increase in dividend scale, frequency, and coverage [34]. Group 2: Dividend Indices and Their Performance - The S&P China A-Share Dividend Opportunity Index has a dividend yield of 4.84%, outperforming other mainstream dividend indices since its inception [20]. - The CSI 800 Low Volatility Dividend Index has a dividend yield of 4.80% and has shown strong performance in volatile market conditions, with a three-year annualized volatility of 14.17% [17][18]. - The CSI Bank Index boasts a dividend yield of 5.19%, reflecting the strong performance of bank stocks in the A-share market [27]. Group 3: Fund Products and Strategies - The Hong Kong Stock Connect Dividend ETF tracks the S&P Hong Kong Low Volatility Dividend Index, which has a dividend yield of 5.71%, showcasing the potential of Hong Kong stocks in the dividend space [29]. - The Hua Bao Dividend Select Fund has achieved a return of 52.03% since its inception, significantly outperforming its benchmark, demonstrating the effectiveness of active stock selection in dividend strategies [31]. Group 4: Investment Considerations - Investors are encouraged to consider their investment goals and market conditions when selecting dividend strategies, as dividend yield should be viewed as a starting point rather than an endpoint [35]. - The article suggests that the diversification of high dividend products allows investors to adapt to different market environments, enhancing their investment toolkit [36].

Core Viewpoint - The article emphasizes the growing appeal of high dividend investments in a low interest rate environment, highlighting various high dividend index funds and their performance metrics as attractive investment options for 2025 and beyond [1][17]. Group 1: High Dividend Assets - High dividend assets have gained popularity as a core investment option, especially with the 10-year treasury yield entering a low range, prompting investors to seek better returns [1][17]. - The article mentions that the total cash dividends from A-share listed companies reached a historical high of 2.39 trillion yuan in 2024, indicating a robust dividend environment [17]. Group 2: Index Performance - The CSI A500 index, while not a high dividend index, serves as a benchmark for A-share core assets, with a dividend yield of 2.97% as of June 30, 2025, which is higher than the 3-year fixed deposit rate of 2.75% [2][3]. - The CSI A500 total return index outperformed the price index by 195.29% since its inception, demonstrating the power of dividend reinvestment [3]. Group 3: Cash Flow and Dividend Sustainability - The CSI 300 Free Cash Flow Index, introduced by the China Securities Index Company, focuses on companies with high free cash flow, which is a strong indicator of sustainable dividends [4][5]. - As of June 30, 2025, the CSI 300 Free Cash Flow Index had a dividend yield of 4.03%, showcasing its potential for high returns [5]. Group 4: Low Volatility Dividend Strategies - The CSI 800 Low Volatility Dividend Index had a dividend yield of 4.80% as of June 30, 2025, and aims to provide a better holding experience in volatile markets [6]. - The index's annualized volatility was 14.17%, with a Sharpe ratio of 0.93, outperforming many similar indices [6]. Group 5: Notable Dividend Indices - The S&P China A-Share Dividend Opportunity Index, with a dividend yield of 4.84%, selects 100 high dividend companies and has shown a 15% annualized return since 2009 [7][8]. - The S&P Hong Kong Stock Connect Low Volatility Dividend Index had a dividend yield of 5.71% and demonstrated a 91% cumulative return since 2021, highlighting its dual focus on high dividends and low volatility [13]. Group 6: Active Stock Selection - The Hua Bao Dividend Select Fund has achieved a return of 52.03% since its inception, outperforming its benchmark by 21.07% [15][16]. - The fund's strategy includes excluding companies with inconsistent dividend histories and actively adjusting its portfolio based on market conditions [16]. Group 7: Banking Sector as a Dividend Leader - The banking sector is highlighted as a natural high dividend representative, with the CSI Bank Index yielding 5.19% as of June 30, 2025, and leading the A-share market with a 52.20% increase over the past year and a half [11][12]. - The significant inflow of capital into bank ETFs indicates strong investor interest in this sector [12]. Group 8: Conclusion on Dividend Strategies - The article concludes that dividend yield is a starting point for investment strategies, emphasizing the need for flexibility in choosing dividend strategies based on market conditions [17].

Group 1 - The market is focusing on "anti-involution" investment opportunities, with sectors like coal, steel, and petrochemicals showing significant gains [1][4] - The 300 cash flow index rose by 1.98%, outperforming major indices such as the Shanghai Composite Index and the CSI 300 [1] - The first listed 300 cash flow ETF (562080) has gained 11.43% since its launch on April 15, 2025, indicating strong market interest [1][2] Group 2 - The Ministry of Industry and Information Technology plans to implement a new round of growth stabilization work for key industries, including steel and petrochemicals, to optimize supply and eliminate backward production capacity [2][8] - The 300 cash flow ETF has attracted significant capital inflow, with a net inflow of 38.64 million yuan in the last 20 days, reflecting strong market enthusiasm [4] - The index's top ten constituent stocks mostly recorded positive returns, with notable gains from companies like Shanxi Coking Coal and Conch Cement [4][5] Group 3 - The 300 cash flow index excludes financial and real estate sectors, over-weighting industries like household appliances and petrochemicals, which benefit from cash flow and shareholder returns [6] - The "anti-involution" policy is expected to lead to improved free cash flow ratios in industries such as steel and new energy, enhancing the quality of stocks [8]

Group 1 - The ETF market opened with mixed performance, with ESGETF (159717) leading the gains at 2.60% [1] - New Economy ETF (159822) increased by 2.45%, while Bay Innovation ETF (159976) rose by 1.38% [1] - On the downside, the Nasdaq Biotechnology ETF (513290) fell by 1.96%, and the 300 Cash Flow ETF (562080) decreased by 1.76% [1] - Gold ETF (518680) also experienced a decline, dropping by 1.73% [1]