E目了然 | 多利好因素共振，红利低波资产迎来黄金配置期！

Core Viewpoint - In the current volatile market environment, investors are increasingly focused on how to achieve stable asset appreciation, particularly in a context of declining interest rates and rising market uncertainty. The search for asset allocation strategies that provide stable cash flow and effectively mitigate market risks has become a common concern among various investors. The dividend low-volatility strategy, characterized by "high dividend yield and low volatility," is gaining attention as a potential solution to these challenges [1]. Interest Rate Environment - The global economy has largely entered a low or even negative interest rate era, with significant reductions in deposit rates by major banks in China. For instance, as of May 20, 2025, the interest rate for one-year fixed deposits fell below 1%, and the average interest rate for current deposits dropped to 0.05% [2]. This environment has compressed the yields of traditional fixed-income products, leading to a scarcity of stable assets, while dividend assets are becoming increasingly attractive due to their stable cash flow and higher dividend yields [2]. Policy Support - Regulatory bodies have intensified their focus on corporate dividend policies, with the introduction of measures linking dividend payouts to financing qualifications and shareholder behavior. For example, the "New National Nine Articles" issued in April 2024 aims to enhance shareholder return awareness among listed companies [3]. Additionally, new rules effective from January 1, 2025, will impose penalties on companies with low dividend payouts, further encouraging higher dividend distributions [3][4]. Fund Flow Dynamics - There is a notable shift in fund preferences towards dividend assets, driven by both policy support and changes in market dynamics. Long-term funds, such as insurance and pension funds, are increasingly allocating capital to high-dividend assets, with projections indicating an influx of approximately 600 billion to 800 billion yuan over the next three years [6]. This trend is expected to enhance the valuation of dividend assets and benefit related funds, such as the TaiKang Dividend Low-Volatility ETF [6]. Market Conditions - The current A-share market is characterized by volatility, influenced by international trade tensions and geopolitical risks. Despite maintaining stable growth, domestic economic indicators show signs of weakening, leading to a challenging investment environment. In this context, dividend low-volatility assets are positioned as a strategic choice for investors seeking stability and returns [19][20]. Investment Strategy - The dividend low-volatility strategy combines high dividend yield and low volatility characteristics, providing a robust investment framework. The CSI Dividend Low-Volatility Index selects stocks based on liquidity, consistent dividend payments, and low volatility, aiming to deliver stable returns while minimizing risk [14][15]. This strategy is particularly appealing in turbulent market conditions, as it has historically demonstrated strong defensive capabilities [19][20]. Conclusion - Overall, the combination of supportive policies, increasing fund inflows, and favorable market conditions positions dividend low-volatility assets as an attractive investment opportunity. These assets not only offer stable returns in a low-interest-rate environment but also serve as a defensive strategy in volatile markets, making them a preferred choice for investors seeking to navigate economic cycles effectively [20].