标的指数股息率重回吸引力区间！红利低波策略配置吸引力凸显

Core Viewpoint - The A-share market is experiencing increased volatility, with a shift in investor sentiment towards dividend-focused strategies amid external trade tensions and prior significant gains in certain sectors [1] Group 1: A-share Market Dynamics - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen a significant increase in trading volume and net inflows since October 13, with an average daily trading volume of 1.104 billion yuan, representing a 152.63% increase from the year-to-date average of 437 million yuan [1] - The net inflow for the Dividend Low Volatility ETF reached 2.773 billion yuan in the past week, making it the only product in the dividend-themed ETF category to exceed 2 billion yuan in net inflows during the same period [1] - The fund's scale reached a historical high of 23.935 billion yuan after three consecutive trading days of record growth [1] Group 2: Low Volatility Dividend Strategy - The low volatility dividend strategy has demonstrated resilience in complex market conditions, attracting capital even as risk appetite remains under pressure [1] - The persistent low interest rate environment, with the current 10-year government bond yield at 1.82%, creates a significant yield spread of 2.53% compared to the dividend yield of the low volatility index, making it attractive as a "quasi-bond" investment [1] Group 3: Hong Kong Market Insights - The low volatility dividend strategy is also gaining traction in the Hong Kong market, with southbound capital inflows surpassing 1.1 trillion yuan this year, indicating strong interest in traditional high-dividend sectors such as finance, energy, and utilities [2] - The Hong Kong low volatility dividend ETF (520890) has become a key investment option, benefiting from the market's relatively low valuation levels, with dividend yields for related indices returning to around 6% [2] - The Hong Kong low volatility dividend ETF allows for investment through the Hong Kong Stock Connect, avoiding QDII quota restrictions and offering T+0 trading, which can save investors 20% in tax costs compared to other channels [2] Group 4: Company Background - Huatai-PB Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the Dividend Low Volatility ETF (512890) and the Hong Kong Stock Connect Dividend Low Volatility ETF (520890) [3] - As of October 17, 2025, the total management scale of Huatai-PB's five "dividend family" products reached 46.084 billion yuan [3]