红利板块集体调整，恒生红利低波ETF（159545）获资金持续布局

Core Viewpoint - The market is experiencing a downturn, with high dividend assets showing relatively smaller declines, indicating a potential shift in investor preference towards lower volatility investments [1][4]. Group 1: Market Performance - As of the midday close, the CSI Dividend Low Volatility Index and CSI Dividend Value Index both fell by 1.2%, while the CSI Dividend Index decreased by 1.4% [1]. - The Hang Seng High Dividend Low Volatility Index dropped by 1.5%, with the Hang Seng Dividend Low Volatility ETF (159545) seeing a net subscription of approximately 20 million units for the half-day [1]. - The Hang Seng Dividend Low Volatility ETF has experienced a cumulative net inflow of over 1.2 billion yuan this month [1]. Group 2: Fund Management - E Fund is currently the only fund company that implements low fee rates for all its dividend ETFs, with management fees set at 0.15% per year for products such as the Hang Seng Dividend Low Volatility ETF (159545) and others [1]. - This low-cost structure is designed to assist investors in building positions in high dividend assets [1]. Group 3: Index Composition - The indices consist of 50 stocks with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [4][6]. - The banking, transportation, and construction industries collectively account for over 65% of the composition of the CSI Dividend Low Volatility Index [4]. - In the case of the Hang Seng Dividend Low Volatility Index, the financial, industrial, and energy sectors also represent over 65% of its composition [6].