红利类资产防御属性凸显！红利低波ETF（512890）11个交易日累计吸金17亿元

Core Viewpoint - The A-share market is experiencing a shift towards dividend-paying and defensive assets due to a combination of domestic monetary policy and external economic indicators, particularly the U.S. jobless claims data suggesting a slowdown in the Federal Reserve's interest rate cuts [1][4]. Fund Flows and Performance - The Dividend Low Volatility ETF (512890) has seen significant net inflows, accumulating 1.729 billion yuan over 11 consecutive trading days from December 10 to December 24, making it the only product in its category with net inflows exceeding 1.5 billion yuan during this period [1][4]. - As of December 24, 2025, the total shares and scale of the Dividend Low Volatility ETF reached 22.624 billion shares and 26.590 billion yuan, respectively, making it the only dividend-themed ETF in the market with a scale exceeding 20 billion yuan [1][4]. Dividend Yield and Market Conditions - The dividend yield of the Dividend Low Volatility Index has been rising since mid-November 2025, currently at 4.97%, which is favorable compared to the 10-year government bond yield of 1.84%, indicating a significant spread of 75.24% above historical averages [1][4]. - The ongoing decline in the risk-free interest rate enhances the attractiveness of dividend assets for medium to long-term investors seeking yield in a low-return environment [1][4]. Policy Support - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the importance of improving the quality and market value management of listed companies, aligning with previous policies aimed at enhancing shareholder returns, thereby optimizing the dividend ecosystem in the A-share market [1][4]. - As of December 24, 2025, the total dividends paid by the Dividend Low Volatility Index constituents reached 678.016 billion yuan, accounting for 32.81% of all cash dividends in the A-share market, providing solid fundamental support for the index's high dividend characteristics [1][4]. Fund Management and Growth - The HuaTai-PB Dividend Low Volatility ETF Link Fund (022951) has also gained popularity among investors, with its scale reaching 245 million yuan as of the end of the third quarter of 2025, marking a 440.36% increase from the end of 2024 [1][4]. - HuaTai-PB has over 19 years of experience in managing dividend-themed index investments, offering a diverse range of products, including five different strategies under the "Dividend Family" umbrella, with a total management scale of 50.886 billion yuan as of December 24, 2025 [1][4].