指数基金产品研究系列报告之二百四十九：华富新华中诚信红利价值指数：从“红利低波“向”红利价值“的全面进化

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy and capital drive the allocation opportunities of dividend assets. The new "Nine - Point Plan" stimulates dividend - paying willingness, and the implementation plan for long - term funds entering the market supports long - term allocation demand. As a result, the scale of dividend - related ETFs has been growing steadily [4][9][10]. - Dividend assets have a significant advantage in the interest - rate spread. The current 10 - year treasury bond yield is at a historical low of 1.66%, while the CSI Dividend Index dividend yield remains at a relatively high level of 5.58%. The compound interest effect of dividend assets can bring a cumulative excess return of 308.71% and an annual excess return of 4.75% [4][11][14]. - The Xinhua Zhongchengxin Dividend Value Index sets up double financial safety valves in the sample - stock access stage, constructs a "1 + 4" composite defense factor model, and has advantages such as high dividend yield, low volatility, and good anti - decline ability compared with mainstream broad - based indexes [4]. - The Huafu Xinhua Zhongchengxin Dividend Value Index Fund aims to closely track the target index, minimize tracking deviation and error, and achieve long - term investment returns consistent with the index performance. The current management fee and custody fee are 0.50% and 0.10% respectively [47]. 3. Summary According to the Directory 3.1 Low - Interest Era: Long - Term Allocation Value of High - Dividend Strategies 3.1.1 Policy and Capital Dual - Wheel Drive for the Allocation Opportunities of Dividend Assets in the Era - The new "Nine - Point Plan" stimulates the dividend - paying willingness of listed companies, and the implementation plan for long - term funds entering the market supports the long - term allocation demand for dividend assets. Under the dual - wheel drive of policy and capital, the scale of dividend - related ETFs has increased from 16.3 billion yuan in early 2021 to 119.8 billion yuan [9][10]. 3.1.2 Dividend Asset Interest - Rate Spread Moat: 5.6% Dividend Yield vs. 1.7% Treasury Bond Yield - In the low - interest environment, the quasi - fixed - income attribute and certainty premium of dividend assets are prominent. The 10 - year treasury bond yield has dropped to a historical low of 1.66%, while the CSI Dividend Index dividend yield remains at 5.58%. Dividend assets are suitable for risk - averse funds, and the compound interest effect can bring significant excess returns [11][14]. 3.2 Xinhua Zhongchengxin Dividend Value Index: Comprehensive Evolution from "Dividend Low - Volatility" to "Dividend Value" 3.2.1 Sampling Method: Double Financial Safety Valves Set in the Sample - Stock Access Stage, Focusing on the Sustainability of High Dividends - The index was released on January 5, 2024, with a base date of December 30, 2011, and a base point of 1000. It constructs a penetration - style dividend - quality quantitative screening system, requiring continuous three - year dividends and meeting payment - rate standards in the vertical dimension, and screening for refinancing dependence in the horizontal dimension to ensure the authenticity and sustainability of dividend returns [17]. 3.2.2 Adopting the "One - High and Four - Low" Five - Factor Stock Selection to Optimize the Traditional "Dividend Low - Volatility" Target Pool - The index innovatively constructs a "1 + 4" composite defense factor model, with high dividend yield as the core anchor point, superimposed with four defensive dimensions of low valuation, low volatility, low Beta, and low turnover, forming a multi - factor dynamic balance mechanism [26]. 3.2.3 Heavily Investing in Industries such as Banks and Transportation, with the Large - Cap Style Building a Low - Volatility Moat - The bank sector has a weight of 26.48%, and the transportation sector has a weight of 11.27%. These industries provide relatively stable dividend returns and show a defensive value orientation [28]. 3.2.4 Dynamic Balance between Dividend Income and Safety Margin - The core income of the high - dividend strategy comes from the high profit - distribution ratio and low price - earnings ratio of individual stocks. Compared with mainstream broad - based indexes, the index has the characteristics of low valuation and high dividends, with a latest dividend yield of 5.06% and a valuation of 8.70 times [37][41]. 3.2.5 A Scientific Investment Plan to Unlock Compound Excess Returns with Low - Volatility Assets - Compared with mainstream broad - based indexes, the index has a better holding experience, with significantly lower volatility and higher cumulative returns. Since the base date, the annualized volatility is only 18.21%, and the total return has significantly outperformed other mainstream broad - based indexes [43][45]. 3.3 Introduction to the Huafu Xinhua Zhongchengxin Dividend Value Index Fund - The Huafu Xinhua Zhongchengxin Dividend Value Index Fund (023746.OF) is issued by Huafu Fund, with a benchmark of 95% of the Xinhua Zhongchengxin Dividend Value Index return plus 5% of the after - tax bank current deposit interest rate. The fund managers are Zhang Ya and Li Xiaohua. The fund aims to closely track the target index and minimize tracking deviation and error [47]. 3.4 Fund Manager Information 3.4.1 Fund Manager Introduction - Huafu Fund Management Co., Ltd. was established on April 19, 2004, with a registered capital of 250 million yuan. It has become a new force in the domestic securities investment fund industry, with a clear development strategy, a rich product system, and a mature investment research model [51]. 3.4.2 Fund Manager Profile - Zhang Ya has a master's degree from Kent State University in the United States. She joined Huafu Fund in April 2017 and currently manages 7 products with a total scale of 1.1499 billion yuan. Li Xiaohua has a master's degree in economics from Nankai University. He joined Huafu Fund in October 2019 and currently manages 12 products with a total scale of 563.1 million yuan [52][56].