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调入股息更加具备性价比的机械、中药、消费等细分龙头，而这部分的动作体现在了三季度的超额上面，我们红利策略大幅跑赢基准。  而这个季度，我们这方面的趋势更加明显，除了控制跟踪误差的仓位，我们大部分的红利持仓都转向了市场化红利，那些企业生命周期到了成熟后期、格局稳定、分红稳定的细分龙头，分布在各个行业。  从去年开始，我们一直有2个观点：  第一，中国的红利投资才开始；  第二，红利投资未来的机会在市场化红利而非传统的那些红利股票。  这个判断来自于红利这个SmartBeta更广范围的研究——世界范围的红利投资研究。一个国家在发展期是很少有红利股票的，就像10年前，我们很少听到红利这个词。红利股票是经济发展到一定周期的产物，经济发展的前中期都是成长股为主，大部分公司都是成长期的公司，只有经济发展到了一定阶段，才有更多的企业发展到成熟期，行业、格局才会稳定，也才会有更多的红利股票出现。这一点不仅仅是中国，海外其他国家基本也经历了这个过程。  而和其他国家一样的是，红利刚开始都是那些传统的红利，资源品、金融等，在经济发展阶段，也只有天生红利的公司，属于真正的红利。但也是经济发展到一定阶段，才会有越来越多的市场化红利个股，红利指数成分股也会从传统红利慢慢过渡到市场化红利。  而现在中国正在经历这个过程，我们的红利策略会继续对市场化红利建模，做好股息率预测，持续配置真正稳定分红的股票。未来的方向，会有更多的消费、化工、机械、汽车零部件等细分稳定行业龙头出现。","lastUpdated":"2026-03-09T14:03:30.371Z","fund":{"_id":3000000019991,"__csrcFundId":13903,"stockCode":"019991","masterFundShortName":"中欧红利精选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19991,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:34:44.234Z","status":"normal","exchange":"jj","shortName":"中欧红利精选混合发起(019991)","name":"中欧红利精选混合型发起式证券投资基金","fundCollectionId":4000050570000,"pinyin":"zohljxhhxfqszqtzjj","setUpAssetScale":82223932.76,"setUpDate":"2024-07-15T16:00:00.000Z","setUpShares":82223932.76,"inceptionDate":"2024-07-18T16:00:00.000Z","followedNum":3,"managers":[{"stockCode":"db20913201","stockType":"fund_manager","exchange":"fm","tickerId":1225231100,"name":"刘勇"},{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧红利精选混合型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377760","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3327fea5b3eb05395a5","date":"2025-06-29T16:00:00.000Z","stockId":3000000019991,"sao":"上一期，我们提到，过去几个季度，我们的红利策略在银行、消费板块暴露较多，而减少了对红利里面的资源品的关注。  本期红利策略内部结构继续进行了一定的调整优化。策略继续减持了煤炭、银行等传统红利板块，转而增持了机械、消费、家电等属于“市场化红利”范畴的优质公司。  策略陆续减持银行板块主要是基于以下两点观察：  1、基本面：银行一季度以来整体业绩增长相对乏力，基本面支撑有所弱化；  2、估值：其年初至今股价已有一定表现，导致股息吸引力被部分摊薄，相对价值有所下降。  而增持的部分，我们发现机械、消费、家电等“市场化”红利，需求稳定、格局稳定、现金流充沛，且分红水平很高，但市场并未对其进行红利定价，相较于传统红利的分红水平，有显著优势，因此我们增持较多。  未来的红利，可能更多出现在类似的方向，中国越来越多的格局稳定、分红意愿很强、但没有被市场认知到的公司，会是我们策略的潜在方向。  另外，红利策略的表现在上半年会有明显的季节性，前期（4-5月）看好其季节性机会，但进入6月后转为谨慎，核心考量在于资金层面的“分红博弈”逻辑逐渐兑现。  通常，在上市公司密集分红实施前，市场往往存在抢权预期，推动相关高股息标的走强；而分红实施后，部分资金倾向于获利了结，使得板块动能减弱。","declarationDate":"2025-07-14T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:30.368Z","mo":"上一期，我们认为红利未来的机会可能在于一大批企业生命周期进入成熟期，且经过激烈市场竞争留下来的那一批公司，这些公司主要分布在消费、化工、机械甚至互联网等行业。  而今年来看，在传统红利方向，除了银行还保持不错的收益，其他方向都一般。  红利不特定代表某些公司和行业，稳定性高的高速公路和水力发电，如果分红水平过低也不能称之为红利股。红利是一类分红水平稳定且高的公司，不限于行业和个股，只要满足企业生命周期，业绩稳定、格局稳定、分红稳定，就能称为红利股。  传统的红利，我们看名字就能分辨。但市场化红利的研究难度更高一些，不是肉眼看名字就能看得出来，需要对其盈利能力、稳定性做建模。从我们建模的过程来看，红利的公司并不是减少，而是增多。  中国的红利投资，才开始。","fund":{"_id":3000000019991,"__csrcFundId":13903,"stockCode":"019991","masterFundShortName":"中欧红利精选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19991,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:34:44.234Z","status":"normal","exchange":"jj","shortName":"中欧红利精选混合发起(019991)","name":"中欧红利精选混合型发起式证券投资基金","fundCollectionId":4000050570000,"pinyin":"zohljxhhxfqszqtzjj","setUpAssetScale":82223932.76,"setUpDate":"2024-07-15T16:00:00.000Z","setUpShares":82223932.76,"inceptionDate":"2024-07-18T16:00:00.000Z","followedNum":3,"managers":[{"stockCode":"db20913201","stockType":"fund_manager","exchange":"fm","tickerId":1225231100,"name":"刘勇"},{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧红利精选混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350917","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3327fea5b3eb05395a4","date":"2025-03-30T16:00:00.000Z","stockId":3000000019991,"sao":"2025年1季度，红利风格整体表现不佳，我们的策略显著跑赢了风格基准。我们对于银行，尤其是发达地区的城商行是重点关注的。发达地区的城商行在绝对股息以及未来股息延续性上有显著的优势，特别是对于其他偏周期属性的红利个股。  而在近期的年报披露中，策略对于业绩超预期或分红超预期的个股也有更快的反应，比如业绩超预期的港口和公路板块。如果“天生分红”的公司有一些显著增长，对于红利投资是非常友好的，我们力争更加灵敏地捕捉类似的机会。  在市场化分红领域，分红的预测就显得更加重要，我们通过持续的信息来力争把握分红能力更加稳定的股票。中国是全球最大的市场，也是全球产业链最丰富的市场，企业生命周期成熟期的细分龙头分布非常广泛，而这些都是我们红利投资未来的重要方向。轻工、家电等消费品，细分化工龙头等弱周期品，是我们近期的关注方向，这些区别于传统的分红股票，特征在于市值更小、更细分的市场，但市场竞争地位不亚于大市值的龙头行业，我们模型认为这类公司未来分红的持续性或是能得到保障的。  展望未来，红利投资才开始，我们的投资组合需要红利这种长期能拿得住的风格策略，特别是可以和景气类策略形成杠铃配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:30.365Z","fund":{"_id":3000000019991,"__csrcFundId":13903,"stockCode":"019991","masterFundShortName":"中欧红利精选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19991,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:34:44.234Z","status":"normal","exchange":"jj","shortName":"中欧红利精选混合发起(019991)","name":"中欧红利精选混合型发起式证券投资基金","fundCollectionId":4000050570000,"pinyin":"zohljxhhxfqszqtzjj","setUpAssetScale":82223932.76,"setUpDate":"2024-07-15T16:00:00.000Z","setUpShares":82223932.76,"inceptionDate":"2024-07-18T16:00:00.000Z","followed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