红利低波ETF（512890）交投活跃度大幅升温，近一周吸金11.5亿元位居同类产品前列

Core Viewpoint - The A-share market has experienced increased volatility since December 2025, with a shift in market focus from short-term events to asset profitability and defensive capabilities, making dividend assets a focal point for investors [1][4]. Fund Flows and Performance - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen significant net inflows of 1.15 billion yuan from December 16 to December 22, 2025, making it the only product in its category to exceed 1 billion yuan in net inflows during this period [5]. - The trading activity of the Dividend Low Volatility ETF has increased, with daily trading volumes reaching 724 million yuan and 747 million yuan in the last two trading days, significantly higher than the average daily trading volume of 479 million yuan for the year [5]. - The total size of the Dividend Low Volatility ETF has grown to 26.469 billion yuan, making it the only dividend-themed ETF in the market with a size exceeding 25 billion yuan [5]. Dividend Yield and Market Environment - The dividend yield of the Dividend Low Volatility Index has been rising since mid-November 2025, currently at 4.99%, which is favorable compared to the 10-year government bond yield of 1.84%, indicating a significant yield spread of 75.44% above historical averages [5]. - The ongoing decline in the risk-free interest rate enhances the attractiveness of dividend assets for medium to long-term investors seeking to increase returns in a low-yield environment [5]. Regulatory and Market Support - The continuous improvement of capital market regulations is providing a solid foundation for dividend investment strategies, with policies encouraging listed companies to enhance shareholder returns [5]. - As of December 22, 2025, the total dividend payout of the Dividend Low Volatility Index constituents has reached 678.016 billion yuan, accounting for 32.87% of all cash dividends in the A-share market, supporting the index's high dividend characteristics [5]. Fund Management and Growth - The Huatai-PB Dividend Low Volatility ETF Link Fund (022951) has gained popularity among individual pension investors, with its size reaching 245 million yuan, marking a 440.36% increase since the end of 2024 [5]. - Huatai-PB Fund, as one of the first ETF managers in China, has over 19 years of experience in managing dividend-themed index investments, with a total management scale of 50.463 billion yuan across five dividend-related ETFs [5].