红利风向标 | 春季躁动或处于初始阶段，红利打底均衡配置

Group 1 - The latest dividend yield for the S&P A-Share Dividend ETF from Huabao is 4.76% as of January 7, 2026 [1][5] - The S&P A-Share Dividend ETF tracks the S&P China A-Share Dividend Opportunity Index, showing a one-year return of 19.29% [1][5] - The annualized volatility for the S&P A-Share Dividend ETF is reported at 11.21% [1][5] Group 2 - The latest dividend yield for the Hong Kong Stock Connect Low Volatility Dividend ETF from Huabao is 5.6% [1][6] - This ETF tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, with a one-year return of 23.81% [2][6] - The annualized volatility for this ETF is 0.49% [2][6] Group 3 - The A500 Low Volatility Dividend ETF from Huabao tracks the CSI A500 Low Volatility Dividend Index, with a one-year return of 8.70% [2][6] - The annualized volatility for the A500 Low Volatility Dividend ETF is reported at 4.63% [2][6] Group 4 - The 800 Low Volatility Dividend ETF focuses on large and mid-cap stocks, with a one-year return of 8.58% [2][6] - The annualized volatility for the 800 Low Volatility Dividend ETF is 0.66% [2][6] Group 5 - The Cash Flow ETF tracks the CSI 300 Free Cash Flow Index, showing a one-year return of 14.39% [7] - The annualized volatility for the Cash Flow ETF is reported at 2.69% [7] - The market is currently perceived to be in a "slow bull market" phase, suggesting a focus on dividend assets for stability [7]