Q3分红潮来临，A、H股两大红利ETF备受关注

Core Viewpoint - After the third quarter, the dividend index sector, characterized by low valuations and high dividends, has begun to rise. The market's trading logic is shifting from profit improvement expectations to verification of profit improvements, indicating a potential style switch in the market. However, November is a policy and performance gap period, which may accelerate market rotation, raising questions about the attractiveness of dividends [1][2]. Summary by Sections Dividend Payout Increase - As of October 31, a total of 1,033 listed companies have announced cash dividend plans for the first, second, and third quarters, an increase of 141 companies compared to the same period last year. Among these, 38 companies have made multiple dividend distributions [1]. - The total cash dividend amount across the market is 734.9 billion yuan, with 89 companies distributing over 1 billion yuan within the year, indicating a significant increase in both the amount and frequency of dividends [1]. Strong Performance of Dividend Sectors - In a volatile market environment, high dividend assets are becoming a choice for funds seeking "risk aversion + yield," supported by stable cash flows and low valuations. Additionally, the increase in dividend repurchases by listed companies further enhances the attractiveness of dividend assets [2]. Low-Interest Rate Environment - In recent years, the central bank has frequently implemented interest rate cuts, leading to a decline in deposit rates. This has reduced the appeal of traditional savings. Currently, dividend indices have a dividend yield of over 4%, making high dividend assets attractive in the context of economic restructuring and high household savings-to-loan ratios [5]. - Institutional funds have begun to increase their holdings in bank shares, with a total increase of 8.36 billion shares in the third quarter, primarily in Postal Savings Bank, Nanjing Bank, and Changshu Bank [5]. Investment Strategies - For investors seeking stable returns and lower volatility, now is an appropriate time to maintain a dividend investment strategy. Investing in dividend ETFs provides a convenient way to access low valuation and high dividend assets [6]. - Notable A-share dividend ETFs include E Fund Dividend ETF (code: 515180), Low Volatility Dividend ETF (code: 563020), and Value Dividend ETF (code: 563700). For Hong Kong stocks, the Hang Seng Low Volatility Dividend ETF (code: 159545) is highlighted [6].