防御价值凸显！红利低波ETF（512890）近60个交易日逆势吸金近27亿 机构：全面降息仍需等待合适时机

Market Overview - On January 16, the market opened high but retreated, with all three major indices closing lower. The Shanghai Composite Index closed at 4103.45 points, down 0.22%; the Shenzhen Component Index closed at 14293.08 points, down 0.10%; and the ChiNext Index closed at 3367.45 points, down 0.01% [1][6]. ETF Performance - The Dividend Low Volatility ETF (512890) fell by 0.61%, closing at 1.146 yuan, with a turnover rate of 2.22% and a transaction amount of 581 million yuan [1][6]. - Over the past five trading days, the Dividend Low Volatility ETF experienced a net outflow of 132 million yuan, while it saw a net inflow of 1.169 billion yuan over the past 20 days and 2.697 billion yuan over the past 60 days. As of January 15, 2026, the ETF's circulation scale was 26.205 billion yuan [2][7]. Monetary Policy Measures - The central bank introduced eight monetary policy measures focusing on structural monetary policy tools to support domestic demand, technological innovation, and financing needs of small and micro enterprises. Key measures include a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools, expected to save banks approximately 13.5 billion yuan [4][10]. - The total quota for structural monetary policy tools has been expanded by 1.9 trillion yuan, and the minimum down payment ratio for commercial property loans has been lowered to 30% [4][10]. Economic Outlook - Analysts from Galaxy Securities noted a clear collaboration between monetary and fiscal policies, with expectations of a 50 basis point reserve requirement ratio cut in the first quarter to maintain reasonable liquidity. A comprehensive interest rate cut is anticipated to wait for a suitable timing [4][10]. - Dongwu Securities' chief economist indicated that the current spring market rally is in its latter half, with potential for a price-volume divergence if transaction volumes do not continue to rise [4][10]. Fund Performance - The Dividend Low Volatility ETF, established on December 19, 2018, has a total return of 130.38%, outperforming its benchmark. It ranks 107th among 502 funds, making it a stable tool for asset allocation in volatile markets [5][11].