“不含银行”的红利，凭什么是牛市中的“红利爆破手”？

Core Viewpoint - The China Securities Dividend Quality ETF (159209) has achieved a new net value high, reflecting a 13% increase since its launch in March, outperforming the China Securities Dividend Low Volatility Index by 5% and aligning with mainstream broad-based indices [1][3]. Group 1: ETF Performance - The ETF has shown a strong performance with a 0.45% increase in net value during the midday session, with key holdings like Nanshan Aluminum, Haitian Flavoring, and WuXi AppTec rising over 2% to 4% [1]. - The ETF's recent dividend distribution has led to a robust price recovery, indicating strong market sentiment and investor confidence [1]. Group 2: Investment Strategy - The ETF adopts an "offensive dividend" strategy, notably excluding bank stocks, which traditionally dominate dividend indices, allowing for greater growth potential [3][5]. - The selection criteria for the underlying index include consistent dividend payments over the past three years, a dividend payout ratio between 10% and 100%, and a focus on companies with stable ROE over the last 12 quarters, emphasizing both high dividends and quality [5]. Group 3: Market Positioning - The ETF represents a new approach to dividend investing, focusing on companies that not only provide dividends but also demonstrate sustainable profitability and cash flow stability, thus evolving the traditional dividend strategy [5][6]. - With a low fee structure of 0.15% + 0.05%, the ETF is positioned as a cost-effective option for investors seeking a balanced approach to dividend and growth investing [5].