红利风向标 | 市场风格或呈现“成长-均衡-再平衡”轮动格局，红利资产配置价值仍在

Group 1 - The latest dividend yield for Hwabao Fund is 4.85% as of December 23, 2025 [1][5] - The S&P A-Share Dividend ETF (Huafu 562060) tracks the S&P China A-Share Dividend Opportunity Index, showing a one-year return of 11.35% [1][5] - The latest dividend yield for the Hong Kong Stock Connect Low Volatility Dividend ETF is 5.51% [1][5] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index shows a one-year return of 26.14% [2][6] - The A500 Low Volatility Dividend ETF tracks the CSI A500 Low Volatility Dividend Index, with a one-year return of 2.36% [2][6] - The CSI 800 Low Volatility Dividend ETF has a one-year return of -0.07% [2][6] Group 3 - The Cash Flow ETF (562080) tracks the CSI 300 Free Cash Flow Index, with a one-year return of 0.85% [3][7] - The report indicates that "anti-involution" may become an important policy clue in 2026, with potential recovery in sectors like steel, chemicals, and new energy [3][7] - The low interest rate environment continues to provide value for dividend assets, suggesting a market rotation among growth, balance, and rebalancing styles [3][7]