华安基金：港股红利逆势上涨，险资配置红利正当时

全景网2025-07-08

行情回顾及主要观点：港股红利板块上周逆势上涨，展现较强韧性：恒生港股通中国央企红利全收益指数上涨1.11%，恒生指数下跌1.31%，恒生科技指数下跌2.34%。恒生一级行业中，医疗保健、工业领涨，可选消费、资讯科技业领跌。(数据来源：Wind，截至2025/7/4)资金面上，外资流入扩大，南向仍保持高额净流入。外资方面，截至周三 EPFR 口径下，外资净流入港股9.16亿美元(vs前一周净流入...

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time","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159545":1,"000825":0.9},"content_text":"行情回顾及主要观点：港股红利板块上周逆势上涨，展现较强韧性：恒生港股通中国央企红利全收益指数上涨1.11%，恒生指数下跌1.31%，恒生科技指数下跌2.34%。恒生一级行业中，医疗保健、工业领涨，可选消费、资讯科技业领跌。(数据来源：Wind，截至2025/7/4)资金面上，外资流入扩大，南向仍保持高额净流入。外资方面，截至周三 EPFR 口径下，外资净流入港股9.16亿美元(vs前一周净流入0.1亿美元)，主要由于被动型外资大幅流入；南向方面，南向资金上周净流入139亿港元。资产荒+低利率+会计准则变动+政策引导多轮驱动，险资配置红利正当时。险企负债端保费收入的稳定增长夯实了险企资产端投资的需求，但低利率市场环境下，资产端险资面临可投资资产供给的不足，特别是“资管新规”的落地以及金融供给侧改革的推进，非标资产的持续压降进一步减少了高收益资产的储备。同时因为险资自身负债成本相对刚性，资产荒压力的抬升促使险企将目光投向具有稳定股息率且具有低波特点的红利类资产。往后看，保险资金将是股市中的重要增量资金，把握险资配置方向对于投资的重要性愈发突显。2025年1月六部门联合印发方案，要求国有大型险企每年新增保费的30%投资A股，预计每年新增数千亿元长期资金；同时不断疏通保险等中长期资金入市的堵点，拉长考核周期，降低短期波动压力。红利作为险资尤为青睐的配置方向，中长期资金面向好。港股央企红利的股息率更高、估值更低。恒生港股通中国央企红利指数股息率达7.87%（vs中证红利5.41%），PB为0.63，PE为6.88。其全收益指数自2021年初以来累计收益119%，相对恒生全收益指数超额收益115%。(数据来源：Wind，截至2025/7/4)展望后市，国内降息周期下的低利率环境、经济弱复苏的背景均利好红利策略，市值管理指挥棒下央国企的分红意愿和能力均较强，港股通央企红利的股息率优势显著，配置价值较高。港股通央企红利ETF（代码：513920）简介华安港股通央企红利ETF跟踪恒生港股通中国央企红利指数，旨在反映可通过港股通买卖并且第一大股东为内地央企的香港上市且拥有高股息的证券的整体表现。随着央企改革持续推进，该产品将有助于投资者把握央企估值重塑的投资机遇。华安港股通央企红利ETF（513920）跟踪恒生港股通中国央企红利指数，是全市场首支叠加港股、央企、红利三重属性的ETF。场外相关产品有：华安恒生港股通中国央企红利ETF联接A（020866）/联接C（020867）。港股通央企红利ETF（513920）上周表现港股通央企红利指数前十大权重股表现情况数据来源：Wind，华安基金，截至2025/7/4风险提示：以上仅为标的指数当前成份股分布的客观介绍，不构成任何投资建议，不作为投资收益的保证。指数公司后续可能对指数编制方案进行调整，指数成份股的构成和权重可能会动态变化，请关注部分指数成份股权重较大、集中度较高的风险。本基金属于股票型基金，属于较高风险、较高预期收益的基金品种，主要投资于标的指数成份股及备选成份股，其联接基金主要通过投资目标ETF紧密跟踪标的指数的表现。本基金预期收益与风险高于货币市场基金、债券型基金与混合型基金，具有与标的指数相似的风险收益特征。基金管理公司不保证本基金一定盈利，也不保证最低收益。基金的过往业绩并不预示其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证。基金产品收益存在波动风险，投资需谨慎，详情请认真阅读本基金的基金合同、招募说明书等基金法律文件。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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