年度调仓完成，中证红利指数性价比进一步提升，中证红利ETF（515080）连续8日获资金净申购

Core Viewpoint - The annual rebalancing of the CSI Dividend Index has been completed, resulting in significant changes in the index composition and an increase in dividend yield, reflecting the index's adaptability and investment potential [1][2]. Group 1: Index Composition Changes - The rebalancing involved the removal of 20 companies and the inclusion of 20 new companies, such as China National Offshore Oil Corporation, China Merchants Bank, and Zhenjiang Bank [1]. - The new constituent stocks have an average dividend yield of 4.15%, while the removed stocks had an average yield of 3.89%, indicating a "stronger for weaker" replacement in terms of dividend yield [4]. Group 2: Dividend Yield and P/E Ratio - The dividend yield of the CSI Dividend Index increased from 4.97% on December 12 to 5.2% on December 15, marking a return to above 5% for the first time since July [2]. - The P/E ratio decreased from 10.04 on December 12 to 9.57 on December 15, indicating a more attractive valuation following the rebalancing [3]. Group 3: Weighting and Industry Coverage - The top ten weighted stocks in the index have changed significantly, with the removal of strong performers like Agricultural Bank of China and China Construction Bank due to declining dividend yields [6]. - The index now covers 23 different industries, enhancing its diversification and balance across sectors [9]. Group 4: Fund Flows and ETF Performance - The CSI Dividend ETF (515080) has seen continuous net inflows, with a total of 4.46 billion yuan in net subscriptions over the past ten days, reflecting strong investor interest [11]. - The ETF is undergoing its fourth dividend assessment of the year, with a proposed dividend rate of 1.26%, scheduled for rights registration on December 17 [12].