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报告期内，我们根据指数定期的成份股调整进行了基金调仓，事前我们制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，从实施结果来看，效果良好，跟踪误差控制在理想范围内。","lastUpdated":"2026-04-01T12:46:44.251Z","mo":"2026年为十五五的开局之年，尤其是上半年中美关系较为稳定，全球仍处于弱美元的大环境，利好风险资产，国内政策预期和宏观流动宽松对市场风险偏好形成支撑，市场将围绕“涨价”和“科技”两条主线博弈。但自2024年9月以来A股本轮牛市已持续近一年半，市场部分行业板块估值不便宜，因市场不缺资金，一些热门主题或者有基本面的行业容易快速增加拥挤度，导致波动率大增，因此建议投资者短期应谨慎追高，切忌追涨杀跌。进入下半年后，宏观不确定因素逐渐增加，美国进入中期选举时间段，降息周期或将结束，对风险类资产或有压制。红利低波指数经历22~24年的三年上行期后，2025年表现不佳。从历史上指数表现来看，年化收益率（含股息）在10%~15%之间，2024年指数大幅上涨包含拔估值和业绩透支，叠加低波因子往往在趋势行情中易失效，因此2025年指数收益回归。红利类策略的收益来源主要是成份股分红收入以及资本利得，投资者分析红利产品也往往从两个方面入手，一方面将指数股息率和十年国债收益率对比，一方面比较价值股和成长股的性价比。去年市场风格以成长为主导，红利股仅在短期成长/价值大幅偏离后有修复表现，同时因国内十年国债收益率上行、红利估值变贵导致两者剪刀差回落，整体红利板块资金面承压。展望2026年，红利低波的价值主要基于两方面：1、成长行情到何时；2、不同经济、利率情景对红利的影响。基于第一段宏观分析，上半年仍可能成长优于价值，而下半年红利的投资价值逐步凸显；从经济修复角度看，红利内部较为分化，经济大幅上行利于消费、周期等板块，反之则利率仍有可能下行，利于金融及公用事业等稳定类行业。因此全年看，红利低波震荡上行的概率较大。","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461918","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a8f","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008163,"sao":"报告期内，标普中国A股大盘红利低波50指数下跌3.27%。期间我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金报告期内跟踪误差归因分析如下：（1）大额申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化； （2）报告期内赎回带来的分红税影响；（3）根据指数成份股调整进行的基金调仓引起的偏离，对此我们事前制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，将跟踪误差控制在理想范围内。三季度红利低波表现不佳，一是由于成长风格走牛，红利相对跑输市场；二是年内部分机构有止盈的需求，有获利盘了结；三是股息率与国债收益率的剪刀差收窄，红利资产性价比相对下降。经过前期的调整，目前市场情绪和拥挤度已进入历史较低水平，类似于去年9月初和今年1月初的市场状态，板块悲观预期和抛压已得到较大程度的消化，红利资产在短期具备一定的安全边际，值得逐步布局。","lastUpdated":"2026-03-09T13:30:13.391Z","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a8e","date":"2025-06-29T16:00:00.000Z","stockId":3000000008163,"sao":"2025年上半年，沪指震荡上行，标普中国A股大盘红利低波50价格指数涨跌幅为-0.72%，全收益指数涨跌幅为1.95%。本产品跟踪标普中国A股大盘红利低波50指数，该指数衡量在标普中国A股大盘指数中50只高股息率低波动的股票的表现。期间我们通过自建的指数化交易系统、日内择时交易模型、跟踪误差归因分析系统等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金报告期内跟踪误差归因分析如下：(1) 大额申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化；(2) 报告期内，我们根据指数定期的成份股调整进行了基金调仓，事前我们制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，从实施结果来看，效果良好，跟踪误差控制在理想范围内。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.387Z","mo":"今年以来市场情绪高涨，沪指震荡上行，成交额与换手率保持高位，但行情仍体现跷跷板特色。一季度在科技板块表现亮眼的时候，红利低波指数表现不佳，而二季度科技板块熄火后，银行股屡创新高，成为红利低波指数上行的主要推动力，市场关注度高，波动率加大。从深层分析，今年以来无论是A股还是港股，以“红利+科技”的哑铃投资都较为有效，推动指数慢拱上行。同时因为资金行为的一致性，哑铃两头任一边都放大了波动，稍有风吹草动就容易产生恐慌情绪。展望后市，下半年市场仍可能出现风格来回切换，但是主题投资的节奏与持续性并不容易判断。当前无论是潜在增量资金还是板块估值与去年10月份、今年春节前都不一样，题材轮动有如电风扇，投资者很容易陷入“赚了指数不赚钱”的困境。红利板块对交易不频繁的投资者来说，依然是个性价比相对较高的选择。今年以来红利板块内仅银行股一枝独秀，其余板块并未有表现，因此红利整体估值处于合理水平。同时险资等OCI账户投资需求增长比较平稳，对于红利板块走势具有较强的支撑。","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351510","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a8d","date":"2025-03-30T16:00:00.000Z","stockId":3000000008163,"sao":"报告期内，标普中国A股大盘红利低波50指数下跌2.07%。期间我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金报告期内跟踪误差归因分析如下：（1）大额申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化； （2）报告期内赎回带来的分红税影响；（3）根据指数成份股调整进行的基金调仓引起的偏离，对此我们事前制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，将跟踪误差控制在理想范围内。一季度A股市场区间震荡，小盘优于大盘，成长优于价值。宏观方面，国内，2月M1同比回落至0.1%，同比增速连续两个月回落，24Q4开启的M1修复进程有所反复；2月PPI同比-2.2%弱于市场预期，环比录得-0.1%，连续3月负增，同样弱于季节性，价格信号延续承压；在两会着重强调扩内需之下，后续需观察政策释放传导及验证情况。海外方面，美元指数、美债收益率整体走势尚存不确定性，特朗普对等关税政策扰动之下全球风险偏好有所承压，后续仍需留意海外关税政策传导之下对经济动能的扰动。风格方面，市场风格有所回归，此前快速超涨的科技主题板块震荡消化，而之前相对弱势的大盘、价值相对补涨；同时扩内需信号及重要性凸显，部分消费及顺周期红利或边际受益于政策预期发酵。整体来说，短期来看，市场风格或延续回归，关税政策关键窗口和A股业绩披露高峰期，宏观及基本面预期波动下，市场或较为震荡，红利或相对占优；中长期来看，无风险利率未见趋势性上行、价格信号修复尚需时日，叠加政策助推引导，长期视角下配置高股息的逻辑顺畅、红利底仓配置需求仍在。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.385Z","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277468","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a8c","date":"2024-12-30T16:00:00.000Z","stockId":3000000008163,"sao":"本报告期内标普中国A股大盘红利低波50指数上涨25.02%。我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金跟踪误差归因分析如下：(1) 大额申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化；(2) 股指期货和现货之间的走势波动带来的本基金与基准的偏离；(3) 报告期内，我们根据指数定期的成份股调整进行了基金调仓，事前我们制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，从实施结果来看，效果良好，跟踪误差控制在理想范围内。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.382Z","mo":"自2021年以来红利策略相对万得全 A 的强势已持续三年多，而红利资产在今年经历了形成共识、相对普涨、内部分化缩圈、调整消化。随后政策态度转变、密集的政策释放推动下A股迎来历史级短期快速反弹和风险偏好提振，红利弹性占劣，市场对红利资产的关注度下降，红利策略前期累计的相对收益也有所收敛。短期来看，前期红利拥挤度偏高、股息率和股息率-国债收益率剪刀差回落的事实均呈改善趋势，同时市场逐渐由亢奋状态回归，震荡和调整阶段红利占优。中长期来看，红利的配置逻辑仍未改变：无风险利率大概率继续处于下行通道，高分红资产的股息性价比也就持续存在；另一方面，持续的低通胀环境中短期内或也难以看到趋势性逆转，能够提供较高且稳定分红的资产确定性仍然较高。中期来看，外部美元指数、美债收益率持续高位；内部社融、M1延续下行，在货币及财政持续发力的背景下，需观察M1拐点何时确认。本基金为指数基金，作为基金管理人，我们将通过严格的投资管理流程、精确的数量化计算、精益求精的工作态度、恪守指数化投资的宗旨，力求实现对标的指数的有效跟踪，为持有人提供与之相近的收益。投资者可以根据自身对证券市场的判断及投资风格，借助投资本基金参与市场。","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258126","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a8b","date":"2024-09-29T16:00:00.000Z","stockId":3000000008163,"sao":"报告期内，标普中国A股大盘红利低波50指数上涨9.12%。期间我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金报告期内跟踪误差归因分析如下：(1) 大额申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化；(2) 报告期内基金分红引起的整体仓位的微小偏离。三季度A股市场先震荡下行，后在9月24日重磅政策刺激下触底反弹。整体而言，9月下旬的政策超预期释放是驱动本轮市场放量大涨的关键，央行降准50bp，同时7天OMO下调20bp创过去四年最大单次调降幅度，此外引导降低存量房贷利率；随后政治局会议召开，会议对市场期待的财政政策以及货币、房地产领域均进行了重要部署，其中对房地产首提“止跌回稳”；月末四大一线城市迅速跟进优化地 产相关政策。在政策组合拳出台和重要会议超预期表述下，市场短期风险偏好得以充分提振，A股普遍大幅反弹，部分弹性更高的成长板块展现出更强的进攻性。展望后市，短期来看，当前在外部环境相对缓和以及内部政策密集出台的背景下，如若市场乐观预期持续发酵且后续稳增长政策继续超预期出台，部分前期超跌的板块具备更高弹性，红利相对收益可能跑输；中长期来看，后续需要关注相关政策落实进度及总量读数改善幅度，配置需求驱动的红利资产中长期逻辑并未发生显著改变。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.380Z","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180709","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a8a","date":"2024-06-29T16:00:00.000Z","stockId":3000000008163,"sao":"期间我们通过自建的指数化交易系统、日内择时交易模型、跟踪误差归因分析系统等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金报告期内跟踪误差归因分析如下：(1) 大额申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化；(2) 报告期内，我们根据指数定期的成份股调整进行了基金调仓，事前我们制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，从实施结果来看，效果良好，跟踪误差控制在理想范围内。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.376Z","mo":"2024年上半年，红利低波指数继续上涨且跑赢沪深300。去年在A股市场整体弱势的情况下，高股息策略表现优异，并开始受到市场青睐，但有人认为这仅是搭上了“中特估”的主题风口。与这个观点不同，自23年年中以来，我们坚持认为这不只是一个短期的资金行为，而是投资者的审美正在发生跨时代的变化。首先从宏观层面来说，我国经济逐步走向“高质量”发展阶段，曾经高歌猛进的时代已经成为了过往。经济换挡，企业的经营模式和投资人的投资模式也会有相应变化。复盘其他的发达国家和地区，如美国、中国台湾、日本在经济进入换挡期后，在没有新的高成长赛道出现前，红利低波策略都具备不俗的投资价值。其次从性价比角度，伴随着国内国债利率与现金管理收益率不断下行，地产投资收益率不再，红利类指数产品的分红率有明显的吸引力。最后从投资人角度看，A股市场过去2~3年的投资体验不佳，其风险偏好大都快速下降，从追求高赔率转为高胜率，类债型产品更容易让投资者接受，且如保险、理财等绝对收益型产品的新增资金对高股息也有一定的诉求。尽管当前已有不少投资者开始担忧高股息策略的拥挤度，但我们从以下几个角度思考，仍认为市场的主线还难有变化。一方面，回顾红利低波的超额收益区间，当国内信用收紧、中美利差下行时，价值优于成长，目前来看这两个因素短期都难以拐头；另一方面，在新国九条下，企业分红比例有望持续提升，高股息策略的选股池也将扩大，对应无风险收益率中枢不断下行，红利策略的性价比仍将持续。但与之前不同的是，红利低波策略已经不再是全盘“深度价值”风，红利股内部逐步分化，指数重仓板块将逐步扩散到食品、通信等其他行业。因此红利低波指数成分股定期调整可以适当地进行切换，并且剔除波动较大的股票。","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a89","date":"2024-03-30T16:00:00.000Z","stockId":3000000008163,"sao":"本报告期内标普中国A股大盘红利低波50指数上涨11.05%。期间我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金报告期内跟踪误差归因分析如下：（1）新股上市初期涨跌幅较大的影响；（2）申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化； （3）报告期内指数成份股（包括调出指数成份股）停牌引起的成份股权重偏离及基金整体仓位的偏离；（4）股指期货和现货之间的基差波动带来的本基金与基准的偏离；（5）根据指数成份股调整进行的基金调仓，事前我们制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，将跟踪误差控制在理想范围内。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.374Z","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076966","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a88","date":"2023-12-30T16:00:00.000Z","stockId":3000000008163,"sao":"本报告期内标普中国A股大盘红利低波50指数上涨10.88%。我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金跟踪误差归因分析如下：（1）申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化；（2）报告期内指数成份股（包括调出指数成份股）停牌引起的成份股权重偏离及基金整体仓位的微小偏离；（3）根据指数成份股调整进行的基金调仓，事前我们制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，将跟踪误差控制在理想范围内；（4）新股上市初期涨幅较大的影响。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.371Z","mo":"2022下半年至今，因无风险利率下行叠加市场风险偏好较低，银行、交运板块等红利低波特征较为显著的股票有望享有较好绝对和相对收益。当前红利+低波策略仍具有配置价值，多重利好因素下今年仍有望持续跑赢大盘。利好因素主要有三点：1）无风险利率长端下行。2021年以来我国长端利率持续下行，截止2024年1月31日十年期国债到期收益率约为2.433%。近期货币政策易松难紧，不排除创新低的可能，支持高分红股票的吸引力；2）当前策略相对估值合理，标普A股大盘红利低波指数市盈率为6.2倍，股息率5.5%，处于历史中位数水平。3）该策略仍未得到充分配置，当前以养老FOF为代表的部分风险偏好较低的资管产品，对红利或低波策略的配置仍然不足，但指数的低回撤特征天然适合此类产品。从政策导向看，年初国资委再次传递出“深化市值管理纳入考核标准”的信号，代表国家对市值管理纳入考核的态度从“鼓励、支持”转变为“深入、要求”，从而进一步推动央企改革。本次特殊点在于，首次将市值管理成效纳入央企负责人考核，更加强调央企市值管理对市场情绪的引导作用，明确提出要加大现金分红力度，将央企负责人的利益与央企市值深度挂钩，迫使负责人高效地治理企业，逐步形成高效治理的良性循环，提升中特估央企的核心竞争力。红利低波指数成份股的央国企占比较高，且均为高分红企业，或因此而进一步吸引投资者配置。","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1060223","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a87","date":"2023-09-29T16:00:00.000Z","stockId":3000000008163,"sao":"报告期内，标普中国A股大盘红利低波50指数上涨2.47%。期间我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金报告期内跟踪误差归因分析如下：(1) 大额申购赎回带来的成份股权重偏差，对此我们通过日内择时交易争取跟踪误差最小化；(2) 报告期内指数成份股（包括调出指数成份股）的长期停牌，引起的成份股权重偏离及基金整体仓位的微小偏离。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.368Z","fund":{"_id":3000000008163,"areaCode":"cn","stockType":"fund","stockCode":"008163","tickerId":8163,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金","shortName":"南方标普中国A股大盘红利低波50ETF联接(008163)","custody":"中国农业银行股份有限公司","fundType":"stock","ipoDate":"2020-01-01T16:00:00.000Z","setUpScale":1056100000,"followedNum":260,"__csrcFundId":7036,"fundStatus":"normal","lastUpdated":"2026-04-30T21:06:42.143Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-20T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方标普中国A股大盘红利低波50ETF联接","setUpDate":"2020-01-20T16:00:00.000Z","setUpAssetScale":980327579.21,"setUpShares":980327579.21,"pinyin":"nfbpzgagdphldb50jyxkfszszqtzjjljjj","memoNum":17,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20629312","stockType":"fund_manager","exchange":"fm","tickerId":312189060,"name":"崔蕾"}]},"announcement":{"linkText":"南方标普中国A股大盘红利低波50交易型开放式指数证券投资基金联接基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993767","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb657fea5b3eb04b4a86","date":"2023-06-29T16:00:00.000Z","stockId":3000000008163,"sao":"标普A股大盘红利低波50指数报告期内上涨16.92%。建仓完成后，我们通过自建的“指数化交易系统”、“日内择时交易模型”、“跟踪误差归因分析系统”等，将本基金的跟踪误差指标控制在较好水平，并通过严格的风险管理流程，确保了本基金的安全运作。我们对本基金跟踪误差归因分析如下：（1）接受申购赎回所带来的成份股仓位偏离，对此我们通过日内择时交易争取跟踪误差最小化；（2）报告期内指数成份股（包括调出指数成份股）停牌引起的成份股权重偏离及基金整体仓位的微小偏离；（3）根据指数成份股调整进行的基金调仓，事前我们制定了详细的调仓方案，在实施过程中引入多方校验机制防范风险发生，将跟踪误差控制在理想范围内；（4）新股上市初期涨幅较大的影响。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:13.366Z","mo":"今年上半年A股市场多为震荡，虽然前期出现TMT与中特估双轮驱动的行情，但自6月起市场无热点、轮动快，红利低波50指数在今年的行情下走势则相对稳健，主要由于指数偏向大盘价值风格，行业与个股分散，且叠加了低波动因子，在缩量行情中有较强的防御属性。事实上，红利低波50指数不仅今年相对沪深300、中证偏股型基金指数有超额，在震荡市和熊市有较强防御能力。尤其是在实体经济没有爆发式成长的行业主题时，高分红、低波动的股票往往是资金避风港。展望下半年，这类产品的强势将大概率延续。 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