Group 1 - The three major indices opened slightly lower, with the Shanghai Composite Index quickly rebounding into positive territory. Gold concept stocks led the gains in the market [1] - The Free Cash Flow ETF (159201) opened low but then surged, with an expanded gain and active trading during the session. Notable stocks included Tongchuan Bus and Baoshui Technology hitting the daily limit, while Xinghuo Technology and Haichen Co. led the gains [1] - As of April 21, the Free Cash Flow ETF (159201) had a scale of 3.343 billion yuan and 3.499 billion shares, leading among ETFs tracking the same index. The ETF's average daily trading volume over the past month was 385 million yuan, ranking first among comparable funds [1] Group 2 - According to Industrial Securities, in the face of ongoing global turmoil, the market will focus more on domestic certainty. Internal demand and self-sufficiency are expected to be key areas for economic momentum switching and short-term policy support [1] - The Free Cash Flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, which has shown excellent market performance and significant value style, making it a high-value allocation tool. The index has consistently outperformed the market and dividend indices, characterized by high returns and low volatility [1]

Market Performance - The recent 5 trading days saw the Sci-Tech 50 Index decline by 1.29%, and the ChiNext Index drop by 1.12%, while the large-cap value index rose by 0.28% and the large-cap growth index increased by 0.04% [1] - The healthcare and agriculture sectors performed well, whereas the computer and defense industries lagged behind [1] Risk Premium Analysis - The static PE of the CSI All Share Index minus the yield of 10-year government bonds indicates a risk premium, which has historically reached extreme levels at two standard deviations above the mean during significant market bottoms [1] - As of January 19, 2024, the risk premium indicator was at 4.11%, marking the fifth occurrence since 2016 of exceeding 4% [1] Valuation Levels - As of March 28, 2025, the CSI All Share Index's PE TTM percentile was at 53%, with the SSE 50 and CSI 300 at 58% and 48% respectively, while the ChiNext Index was close to 14% [2] - The ChiNext Index's valuation is relatively low compared to historical averages [2] Long-term Market Trends - The Shenzhen 100 Index has experienced bear markets approximately every three years, followed by bull markets, with declines ranging from 40% to 45% [2] - The current adjustment cycle, which began in Q1 2021, appears to have sufficient time and space for a potential upward trend [2] Fund Flow and Trading Activity - In the last 5 trading days, ETF inflows totaled 16.2 billion yuan, while margin financing decreased by approximately 24.8 billion yuan [3] - The average daily trading volume across both markets was 1.2346 trillion yuan [3] Thematic Investment Focus - As of March 28, 2025, the recommended investment themes include construction materials and low-volatility dividend stocks [2][8]

Group 1 - The three major stock indices in China experienced a slight rebound at the end of the trading session, with the insurance and banking sectors showing notable gains, while the marine economy concept remained active [1] - The Shanghai Composite Index rose by 0.15% to 3370.03 points, the Shenzhen Component increased by 0.07% to 10695.49 points, and the ChiNext Index saw a marginal rise of 0.01% to 2152.55 points, with the North China 50 Index up by 0.94% [1] - The total trading volume across the Shanghai, Shenzhen, and North China markets reached 14,748 billion yuan [1] Group 2 - Star Stone Investment believes that the valuation repair in the stock market may have been largely completed, with a weakening marginal drive from new industries, leading to a decline in enthusiasm for technology stocks [2] - The market is expected to face challenges in forming consensus due to a lack of strong drivers, despite the presence of low-positioned sectors with favorable chip structures [2] - Looking ahead, the domestic economy is at the starting point of a cyclical recovery, with significant investment opportunities arising from the divergence in market views on domestic demand recovery elasticity [2]

Group 1 - The core viewpoint of the news is that the value of dividend assets in the A-share market is increasing, with the Taikang Low Volatility ETF (560150) experiencing frequent premiums and significant growth in scale and shares over the past three months [1] - As of March 21, the Taikang Low Volatility ETF (560150) has seen a growth of 197 million yuan in scale and an increase of 18.5 million shares, indicating substantial growth [1] - The report from Industrial Securities highlights that since 2024, the AH price ratio of the dividend sector has shown a significant downward trend, reaching a historical low of 33.7% as of March 19, 2025, compared to 2018 [1] Group 2 - The Taikang Low Volatility ETF (560150) closely tracks the CSI Low Volatility Dividend Index, which selects 50 securities based on liquidity, continuous dividends, moderate payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [2] - The ETF is designed to reflect the overall performance of securities with high dividend levels and low volatility, using a dividend yield weighting method [2] - Related products include the Taikang Low Volatility ETF (560150) and its off-market connections (Class A: 021415; Class C: 021418) [3]

一、市场整体表现： 军工、消费板块领涨：军工股受政策利好提振（如军费投入增加），中航飞机、成飞集成等个 股表现突出；白酒、食品饮料等防御性板块也逆势上涨。 受到美股影响，A股早盘三大指数集体低开（上证跌0.91%，深成指跌1.17%，创业板指跌 1.26%），随后市场情绪逐步修复，沪指和深成指收盘翻红，创业板指率先反弹。截至收盘， 沪指成交额突破5900亿元，深市达8800亿元，两市合计成交额超过1.4万亿元。 二、政策与经济基本面支撑 国内宏观经济数据向好（GDP增长超预期、消费回暖），叠加央行宽松货币政策，为市场提供 流动性支持。 政策利好频出，如基建投资加速、减税降费及对科技创新行业的扶持，提振了投资者信心。 外部市场影响 隔夜美股科技股暴跌（纳指ETF跌幅超5%）对A股早盘情绪形成压制，但午后市场逐步消化外 部冲击。 人民币汇率盘中拉升（在岸人民币升破7.25关口），缓解了外资流出压力，北向资金午后或转 为净流入。 三、板块热点分析 行业与板块分化 低开高走，沪指翻红 科技与高波动板块承压：算力、机器人、光伏设备等科技股受美股科技板块下跌拖累，出现明 显回调；TMT赛道内部分化加剧。 红利低波板块受机 ...

Group 1 - The article discusses the concept of "dividend low volatility," emphasizing that it is primarily based on dividends with additional features [1][2] - The performance of different dividend low volatility indices, such as the CSI Dividend Low Volatility Index and the S&P Dividend Low Volatility Index, is analyzed, highlighting the importance of industry balance in investment [3][4] - The article suggests that in bear markets, dividends play a crucial role in providing stability, while in bull markets, the focus may shift to other investment opportunities [5][6] Group 2 - The article mentions that the recent high returns of the National Free Cash Flow Index are partly due to valuation increases, indicating a potential shift in market dynamics [7] - It points out that the quality of dividends is only a partial measure of overall dividend performance, suggesting a need for a more comprehensive evaluation [8]