CM BANK(SH:600036) Xin Lang Cai Jing·2025-05-20 02:06Core Viewpoint - The low interest rate environment is driving demand for dividend assets, with significant growth observed in the Taikang Low Volatility ETF (560150) and its underlying index, the CSI Dividend Low Volatility Index (H30269) [1][2] Group 1: Market Performance - As of May 20, 2025, the Taikang Low Volatility ETF (560150) increased by 0.53%, with a notable rise in trading volume [1] - The CSI Dividend Low Volatility Index (H30269) rose by 0.55%, with key constituent stocks such as Ninghu Expressway (600377) up by 1.47% and China Merchants Bank (600036) up by 1.30% [1] - Over the past two weeks, the Taikang Low Volatility ETF (560150) saw an increase in scale by 17.1252 million yuan, and over the past six months, its shares grew by 17.1 million [1] Group 2: Interest Rate Changes - Several banks have lowered interest rates, with the one-year fixed deposit rate dropping below 1%. For instance, China Merchants Bank and China Construction Bank announced reductions in RMB deposit rates on May 20 [1] - The new rates include a 5 basis point decrease in the demand deposit rate to 0.05%, and a 15 basis point decrease for various fixed deposit terms [1] Group 3: Policy Implications - Analysts indicate that in a low interest rate environment, there is a heightened demand for dividend assets as investors seek stable long-term returns [2] - The "New National Nine Articles" policy, effective April 2024, aims to enhance incentives for high-quality dividend companies, which is expected to increase the dividend payout stability and predictability of state-owned enterprises [2] - The CSI Dividend Low Volatility Index selects 50 securities characterized by good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, and low volatility, reflecting the overall performance of high dividend and low volatility securities [2]