四季度风格切换继续，成长与价值风格跷跷板效应明显，平安上证红利低波动指数A（020456）备受关注

Core Insights - The Ping An Shanghai Stock Exchange Dividend Low Volatility Index A (020456) has shown a strong performance with a year-to-date return of 5.86%, ranking it in the top half of comparable funds [2] - The fund has a maximum drawdown of 6.70% over the past year, which is the lowest among its peers [2] - The fund's net asset value reached 1.13 yuan, marking a 0.84% increase from the previous trading day, achieving a one-month high [1] Fund Performance - The fund has recorded a total net inflow of 120.57 billion yuan over the past four days, with a peak single-day net inflow of 54.40 billion yuan [1] - The average daily net inflow over the last four days is 30.14 billion yuan [1] - Since its inception, the fund has achieved a maximum monthly return of 11.16% and an average monthly return of 3.63% [1] Investment Strategy - The fund aims to minimize tracking deviation and tracking error relative to its benchmark, which is a combination of the Shanghai Dividend Low Volatility Index and a bank deposit rate [4] - The fund's management fee is 0.50%, and the custody fee is 0.10%, resulting in a total fee rate of 0.60% [4] - The fund closely tracks the Shanghai Dividend Low Volatility Index, which selects 50 securities with good liquidity and stable dividend payments [4] Top Holdings - The top ten holdings of the fund account for 28.67% of the total portfolio, with significant positions in China COSCO Shipping, COFCO Sugar, and others [4][6] - The largest holding is China COSCO Shipping, representing 6.07% of the net asset value [6]