红利板块成资金“避风港”，恒生红利低波ETF（159545）月内吸金逾12亿元，规模创新高

Core Viewpoint - The A-share market is experiencing a downward adjustment, with the dual innovation sector leading the declines, while the dividend sector is acting as a "safe haven" for funds amid market fluctuations [1] Market Performance - The Hang Seng High Dividend Low Volatility Index fell over 1%, and the Hang Seng Dividend Low Volatility ETF (159545) saw net subscriptions exceeding 17 million units during the session [1] - As of November 20, the Hang Seng Dividend Low Volatility ETF (159545) has received a cumulative net inflow of over 1.2 billion yuan since the beginning of November, reaching a product scale of 5.43 billion yuan, marking a historical high [1] Market Trends - Following a peak in trading activity in the computing power sector in early September, the market has entered a consolidation phase characterized by high capital rotation, index stagnation, and reduced trading volume [1] - Despite the current adjustments, the overall bull market logic remains intact, supported by deepening capital market reforms and structural prosperity, with ample liquidity suggesting limited downside potential [1] Investment Strategy - A style shift has begun in mid-term allocations, with short-term focus on "countermeasures + risk aversion," and a recommendation to pay attention to dividend styles towards the end of the year [1] - E Fund is noted as the only fund company offering low fee rates for all dividend ETFs, with management fees for products like the Hang Seng Dividend Low Volatility ETF (159545) set at 0.15% per year, facilitating low-cost investments in high-dividend assets [1]