红利系列指数窄幅震荡，关注恒生红利低波ETF（159545）、红利ETF易方达（515180）等产品表现

Core Viewpoint - The article discusses the performance and characteristics of the China Securities Dividend Value Index, which tracks 50 high dividend yield and value-oriented stocks, primarily in the banking, coal, and transportation sectors, accounting for approximately 80% of the index [3][4]. Summary by Relevant Sections Index Composition and Performance - The China Securities Dividend Value Index consists of 50 stocks with high dividend yields and notable value characteristics, reflecting the overall performance of high dividend and value stocks [3]. - As of the midday close on August 19, 2025, the index showed a performance change of 72.0% [4]. - The rolling price-to-earnings (P/E) ratio of the index is reported at 7.6 times [4]. Historical Context and Adjustments - The index has been in existence since 2014, with its valuation percentile indicating historical performance relative to current valuations [4]. - The index was adjusted from a market capitalization-weighted to a stock rate-weighted methodology on December 16, 2013 [4]. Dividend Yield Calculation - The dividend yield is calculated as the total cash dividends (pre-tax) over the stock market value, with the index considering the average cash dividend yield over the past three years [5]. - The actual dividend yield received by fund holders may be lower than the reported values due to applicable tax rates, which vary between markets [5]. Fund Management and Fees - The fund associated with the index has a low management fee of 0.15% per year and a custody fee of 0.05% per year [5].