红利板块早盘回调，恒生红利低波ETF（159545）逆势获超1600万份净申购

Core Viewpoint - The dividend sector experienced a pullback in early trading, with various indices reflecting declines, yet there was significant net inflow into related products, indicating continued investor interest in high-dividend assets [1][4]. Group 1: Market Performance - The CSI Dividend Index and CSI Dividend Value Index both fell by 0.2% as of the midday close [1]. - The CSI Dividend Low Volatility Index decreased by 0.6%, while the Hang Seng High Dividend Low Volatility Index dropped by 0.9% [1]. - Despite the overall decline, the Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription exceeding 16 million units in half a day [1]. Group 2: Fund Flows - The Hang Seng Dividend Low Volatility ETF recorded net inflows for 10 consecutive trading days, totaling nearly 1 billion yuan [1]. - The latest scale of this ETF has surpassed 5 billion yuan, marking a historical high [1]. Group 3: Index Composition and Valuation - The index is composed of 50 stocks characterized by high dividend yields and value features, reflecting the overall performance of high-dividend and value stocks [4]. - The rolling price-to-earnings ratio of the index stands at 8.1 times, with a valuation percentile of 76.7% since 2014 [4]. - The banking, coal, and transportation sectors collectively account for over 75% of the index [4].