底仓价值凸显，红利低波策略再受追捧

Core Insights - The demand for defensive asset allocation has significantly increased, leading to renewed interest in dividend assets [1] - The Hong Kong stock market's dividend assets have also gained attention due to their strong resilience [1][2] Group 1: Dividend ETF Performance - The Dividend Low Volatility ETF (512890) has seen a net inflow of 2.072 billion yuan over four trading days, raising its total assets to 23.271 billion yuan, a record high [1] - The average daily trading volume for the ETF reached 1.169 billion yuan, a substantial increase from the 434 million yuan average since 2025 [1] - The ETF has consistently delivered positive returns annually from 2019 to 2024, making it a preferred option for long-term value-seeking investors [1] Group 2: Hong Kong Stock Market Insights - The Hong Kong Stock Connect Dividend Low Volatility ETF (520890) has attracted over 22 million yuan in net inflows since September 22, 2025, with a nearly 30% increase in size [1] - The ETF tracks an index with a dividend yield exceeding 6%, offering a notable advantage over some mainstream dividend indices in both A-shares and Hong Kong stocks [1] - The Hong Kong Stock Connect allows for investment in Hong Kong dividend assets without QDII quota restrictions and supports T+0 trading [2] Group 3: Market Outlook and Tax Benefits - The AH premium is expected to recover from low levels, potentially driving A-share dividend assets upward, especially compared to Hong Kong dividend assets [2] - The current policy allows for tax exemptions on capital gains from investments made through the Hong Kong Stock Connect until the end of 2027, reducing tax burdens by 20% compared to other channels [2] - Huatai-PineBridge Fund, a pioneer in ETF management, has over 18 years of experience in dividend-themed investments, managing a total of 45.818 billion yuan in dividend-themed ETFs as of October 16, 2025 [2]