机构看好红利板块配置价值，红利价值ETF（563700）、红利低波动ETF（563020）标的指数冲击节后“六连阳”

Core Viewpoint - The dividend sector shows increased investment value in a low interest rate environment, with excess returns negatively correlated to government bond yields, as the current ten-year government bond yield has reached its lowest point since 2002, indicating potential price appreciation for dividend assets [1]. Group 1: Market Performance - The Hang Seng High Dividend Low Volatility Index rose by 0.7% at midday, while the CSI Dividend Value Index increased by 0.4%, the CSI Dividend Low Volatility Index rose by 0.03%, and the CSI Dividend Index fell by 0.02% [1]. Group 2: Index Composition - The CSI Dividend Index consists of 100 stocks with high cash dividend yields, reflecting the overall performance of high dividend A-share companies, with banking, coal, and transportation sectors accounting for nearly 55% of the index [3]. - The CSI Dividend Low Volatility Index is composed of 50 stocks with good liquidity and continuous dividends, reflecting the performance of A-share companies with high dividend levels and low volatility, with banking, transportation, and construction sectors making up over 65% [3]. - The Hang Seng High Dividend Low Volatility Index includes 50 stocks within the Hong Kong Stock Connect that have good liquidity and moderate dividend payout ratios, with financial, industrial, and energy sectors exceeding 65% [3]. Group 3: Valuation Metrics - The rolling price-to-earnings ratio for the CSI Dividend Index is 8.1 times, with a valuation percentile of 65.3% since 2013 [3]. - The rolling price-to-earnings ratio for the CSI Dividend Low Volatility Index is also 8.1 times, with a valuation percentile of 74.4% since 2013 [3]. - The rolling price-to-earnings ratio for the Hang Seng High Dividend Low Volatility Index is 7.1 times, with a valuation percentile of 82.3% since 2017 [3].