行业ETF风向标丨降准消息落地，红利ETF易方达（515080）等产品配置价值凸显

Core Viewpoint - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, alongside a 0.1 percentage point decrease in policy interest rates, creating a favorable environment for high-dividend assets [1] Group 1: Monetary Policy Impact - The recent monetary policy adjustments are aimed at implementing a more proactive macroeconomic policy, which is expected to support the performance of dividend assets in the long term [1] - The decline in the risk-free interest rate is anticipated to enhance the attractiveness of stable dividend income, positioning dividend assets as a key focus for long-term capital seeking value [1] Group 2: ETF Products Overview - E Fund's dividend series ETFs have been progressively developed, with the recent launch of the Dividend Value ETF (563700) complementing existing products like the E Fund Dividend ETF (515180) and the Dividend Low Volatility ETF (563020), providing comprehensive coverage of A-share and Hong Kong markets [1] - The four E Fund dividend ETFs are designed with a core focus on high dividend yields and feature a low management and custody fee of 0.20% per year, which can enhance long-term returns [2] Group 3: Index Composition - The E Fund Dividend ETF (515180) tracks the CSI Dividend Index, which selects 100 stocks with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend stocks [2] - The Dividend Value ETF (563700) tracks the CSI Dividend Value Index, selecting 50 stocks with good liquidity, continuous dividends, and high dividend yields, using a dividend yield weighting approach [4] - The Dividend Low Volatility ETF (563020) tracks the CSI Dividend Low Volatility Index, focusing on 50 stocks with low volatility and high dividend yields, catering to long-term capital allocation needs [6] Group 4: Dividend Distribution Policies - The three ETFs (563700, 563020, 159545) evaluate excess returns quarterly, with distinct distribution evaluation dates throughout the year, ensuring coverage of dividend distributions across all 12 months [4] - The Heng Seng Dividend Low Volatility ETF (159545) evaluates excess returns and distributable profits on the last trading day of January, April, July, and October [4]