Group 1 - The Low Volatility Dividend Index (H30269.CSI) selects 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, with a dividend yield of 4.91% as of January 23 [1] - The Low Volatility Dividend ETF (华夏 159547) is the ETF with the lowest comprehensive fee tracking this index, with quarterly evaluations for dividends [1] - The Quality Dividend Index (931468.CSI) selects 50 listed companies with continuous cash dividends, high payout ratios, and strong profitability, with a dividend yield of 3.06% as of January 23 [1] Group 2 - Luzhou Laojiao announced a cash dividend of 1.358 yuan per share (tax included), with the record date on January 29, 2026, and the ex-dividend date on January 30, 2026 [1] - Tianyuan Intelligent announced a cash dividend of 0.02 yuan per share (tax included), with the record date on January 29, 2026, and the ex-dividend date on January 30, 2026 [2]

Report Industry Investment Rating No information provided. Core View of the Report In Q4 2025, the share of domestic public - offering funds (excluding money funds) was 1.7 trillion shares, a 3.40% increase from the end of the previous quarter. The growth came from both the share growth of existing funds and the issuance of new funds [4][6]. Summary by Related Catalogs 2025 Q4 Domestic Public - Offering Fund Share Review - The share of domestic public - offering funds (excluding money funds) in Q4 2025 was 1.7 trillion shares, up 3.40% from the previous quarter. New funds issued 311.863 billion shares with an average share of 6.52 billion shares, and the share of existing funds increased by 246.971 billion shares [4][6]. Index Funds Equity - New funds: In Q4 2025, 196 index stock - type products were newly issued, with a total new share of 84.712 billion shares. Products tracking the science - innovation index, artificial intelligence index, and dividend low - volatility index had high issuance popularity. - Existing funds: The total share of stock index - type products in Q4 was 353 billion shares, an increase of 18.8918 billion shares compared to Q3 [4][7]. Fixed - Income - New funds: In Q4 2025, 4 bond index - type products were newly issued, tracking credit bond and policy - financial bond indices, with a total new share of 12.549 billion yuan. - Existing funds: The share of index bond - type funds decreased by 22.851 billion shares in Q4 [4][8]. Active Equity - Hybrid Funds - New funds: Affected by the previous upward trend of the equity market, the issuance popularity of active equity - hybrid funds in Q4 significantly recovered. 313 funds were newly issued, with a total new share of 143.156 billion shares, accounting for 45.90% of the total new fund shares. - Existing funds: The share of active equity - hybrid funds declined. The total share of existing funds was 283 billion shares, a reduction of 13.5586 billion shares compared to Q3. Some investors redeemed funds for profit - taking due to the large net - value fluctuations of technology - themed funds [4][9]. Active Bond Funds - New funds: Affected by the overall decline of the bond market, the issuance popularity of bond funds remained low. 93 active bond funds were established, with a total new share of 82.091 billion shares, accounting for 26.32% of the total new fund shares. - Existing funds: The share of active bond funds slightly expanded in Q4, mainly due to the growth of partial - bond fund shares. The total share of existing active bond funds was 824 billion shares, an increase of 2.6545 billion shares compared to Q3 [4][10]. Other Funds - Inter - bank certificate of deposit funds: The share increased by 4.4649 billion shares in Q4, with 4 new funds issued and a total new share of 1.2463 billion shares. - QDII funds: The share increased by 13.5817 billion shares in Q4, with some Hang Seng Technology - themed products having obvious share expansion [4][12]. Fund Share Change Table | Fund Type | Q4 2025 Share (billion shares) | Q3 2025 Share (billion shares) | Share Change (billion shares) | Share Change Rate | | --- | --- | --- | --- | --- | | Stock | 396.028 | 369.3527 | 26.6754 | 7.22% | | Hybrid | 255.096 | 261.4112 | - 6.3152 | - 2.42% | | Bond | 914.6488 | 904.8124 | 9.8364 | 1.09% | | Commodity | 9.4389 | 7.0547 | 2.3842 | 33.80% | | Domestic Other | 19.7786 | 15.0969 | 4.6817 | 31.01% | | QDII Equity - Hybrid | 76.2795 | 63.4886 | 12.7909 | 20.15% | | QDII Bond | 5.9473 | 5.1731 | 0.7742 | 14.97% | | QDII Other | 0.0555 | 0.0389 | 0.0166 | 42.55% | | FOF | 22.3698 | 17.3224 | 5.0473 | 29.14% | | MOM | 0.1465 | 0.1546 | - 0.0081 | - 5.26% | | Total (excluding money funds) | 1699.789 | 1643.9056 | 55.8833 | 3.40% | [14]

Group 1 - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities characterized by good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility. As of January 20, the index has a one-year dividend yield of 4.79% [1] - The Low Volatility Dividend ETF (华夏 159547) is the ETF with the lowest comprehensive fee that tracks this index, with quarterly assessments for dividends. The linked funds are Class A (021482) and Class C (021483) [1] - The Dividend Quality Index (931468.CSI) consists of 50 listed companies that provide continuous cash dividends, have high payout ratios, and exhibit strong profitability. As of January 20, this index has a one-year dividend yield of 3.49% [1] Group 2 - The Dividend Quality ETF (159758) is the only ETF tracking the Dividend Quality Index, with linked funds being Class A (016440), Class C (016441), and Class D (024263) [1] - S Jiayuan announced a cash dividend of 0.28 yuan per share (tax included), with the record date on January 27, 2026, and the ex-dividend date on January 28, 2026. It is classified under the automotive sector and is not part of the Low Volatility Dividend or Dividend Quality indices [1] - Chuangyao Technology declared a cash dividend of 0.20 yuan per share (tax included), with the record date on January 27, 2026, and the ex-dividend date on January 28, 2026. It is classified under the electronics sector and is also not part of the Low Volatility Dividend or Dividend Quality indices [2]

Group 1: Dividend Indices - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility. As of January 19, the index has a one-year dividend yield of 4.83% [1] - The Quality Dividend Index (931468.CSI) consists of 50 securities that provide continuous cash dividends, have high payout ratios, and exhibit high profitability characteristics. As of January 19, this index has a one-year dividend yield of 3.50% [1] Group 2: Company Dividend Announcements - Dongjian Technology will distribute a cash dividend of 0.50 RMB per 10 shares (tax included), with the record date on January 23, 2026, and the ex-dividend date on January 26, 2026 [1] - Yunnan Tin Company will distribute a cash dividend of 1.10 RMB per 10 shares (tax included), with the record date on January 26, 2026, and the ex-dividend date on January 27, 2026 [2] - Qianfang Technology will distribute a cash dividend of 0.20 RMB per 10 shares (tax included), with the record date on January 23, 2026, and the ex-dividend date on January 26, 2026 [2] - Jintuo Co., Ltd. will distribute a cash dividend of 4.10 RMB per 10 shares (tax included), with the record date on January 23, 2026, and the ex-dividend date on January 26, 2026 [2] - Chuan Yi Co., Ltd. will distribute a cash dividend of 0.30 RMB per share (tax included), with the record date on January 23, 2026, and the ex-dividend date on January 26, 2026 [3]

Group 1 - The core viewpoint of the articles emphasizes the need for regulatory adjustments in the financing margin ratio to ensure that funds flow towards quality assets rather than speculative investments [1] - The adjustment in the financing margin ratio from 80% to 100% applies only to new financing contracts, while existing contracts will continue under previous regulations [1] - The commentary highlights that the regulatory "cooling" is not aimed at suppressing the market but rather at eliminating bubbles and promoting genuine technological innovation [1] Group 2 - The articles suggest that as market enthusiasm wanes, it is crucial for market participants to engage in rational thinking and focus on high-quality development to navigate through cyclical fluctuations [2] - A proposed investment strategy is the "barbell strategy," which involves allocating resources to undervalued sectors such as dividend low volatility and the CSI 300 index, while adjusting positions based on market volume changes [2] - The importance of monitoring annual reports and the dynamics of the Two Sessions is emphasized for making informed investment decisions [2]

Core Viewpoint - The A-share market showed mixed performance with the Deep Composite Index and ChiNext Index turning negative after an initial rise, while the Dividend Low Volatility ETF (512890) remained flat at 1.143 yuan, leading its category in trading volume and turnover [1][7]. ETF Performance - The Dividend Low Volatility ETF (512890) reported a turnover rate of 1.75% and a trading volume of 4.64 billion yuan, maintaining its position as the top ETF in its category [1][8]. - The ETF's price remained unchanged at 1.143 yuan, with a 5-day decline of 1.80% [2][8]. Top Holdings - The top ten holdings of the Dividend Low Volatility ETF showed mixed performance, with notable movements including: - COFCO Sugar rising by 0.18% - Nanjing Bank declining by 0.57% - South Steel increasing by 2.85% [2][8]. - The specific holding proportions include: - COFCO Sugar: 3.47% - South Steel: 2.83% - Chengdu Bank: 2.82% [2][8]. Fund Flows - The Dividend Low Volatility ETF (512890) has seen significant net inflows, with 290 million yuan over the last 5 trading days, 1.48 billion yuan over the last 20 days, and 3.09 billion yuan over the last 60 days [2][8]. - As of January 16, 2026, the fund's circulation scale was 26.388 billion yuan [2][8]. Market Outlook - Recent macroeconomic data indicates a GDP growth of 5.0% for 2025, with the first, second, and third industries growing by 3.9%, 4.5%, and 5.4% respectively [4][10]. - Analysts suggest that the market may experience consolidation, influenced by complex overseas conditions and domestic regulatory guidance, with a shift towards focusing on individual stock fundamentals [10]. - The sentiment in the market is gradually returning to rationality, with expectations of a transition to a more volatile trading environment as earnings reports approach [5][10]. Fund Characteristics - The Dividend Low Volatility ETF (512890) was established on December 19, 2018, with a total return of 128.48% as of January 16, 2026, outperforming its benchmark [11]. - The fund is positioned as a stable investment tool in volatile markets, with options for investors to participate through regular investment plans [11].

Group 1 - The article discusses various ETFs managed by Hwabao Fund, focusing on their performance metrics and dividend yields [1][5][6] - The S&P A-Share Dividend ETF (562060) has a recent dividend yield of 5.6% and has shown a 20.74% increase over the past year [1][5] - The performance of the ETFs is compared against the Shanghai Composite Index, highlighting that the S&P A-Share Dividend ETF has outperformed it in terms of annualized volatility [1][5] Group 2 - The Hong Kong Stock Connect Low Volatility Dividend ETF (159220) has a recent dividend yield of 4.66% and has shown a 27.34% increase over the past year [2][6] - The A500 Low Volatility Dividend ETF (159296) has a recent dividend yield of 4.67% and has shown a modest increase of 4.86% over the past year [2][6] - The article notes that the market is experiencing moderate recovery in trading activity, suggesting a potential shift towards a more favorable investment environment [7]

Group 1 - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility. As of January 13, the index has a one-year dividend yield of 4.45% [1] - The Low Volatility Dividend ETF (华夏 159547) tracks this index and has the lowest comprehensive fee rate among ETFs. It evaluates dividends quarterly [1] - The Quality Dividend Index (931468.CSI) consists of 50 listed companies that provide continuous cash dividends, have high payout ratios, and exhibit strong profitability. As of January 13, this index has a one-year dividend yield of 3.55% [1] Group 2 - Huangshan Tourism announced a cash dividend of 0.07 yuan per share (tax included), with a record date of January 20, 2026, and an ex-dividend date of January 21, 2026. It is classified under the social services sector and is not part of the Low Volatility Dividend or Quality Dividend indices [1] - Youfa Group declared a cash dividend of 0.30 yuan per share (tax included), with a record date of January 20, 2026, and an ex-dividend date of January 21, 2026. It is classified under the steel industry and is not part of the Low Volatility Dividend or Quality Dividend indices [2] - Longxin General announced a cash dividend of 0.20 yuan per share (tax included), with a record date of January 19, 2026, and an ex-dividend date of January 20, 2026. It is classified under the automotive industry and is not part of the Low Volatility Dividend or Quality Dividend indices [2]

Group 1: Dividend Indices - The Low Volatility Dividend Index (H30269.CSI) selects 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, with a dividend yield of 4.46% as of January 9 [1] - The Quality Dividend Index (931468.CSI) selects 50 listed companies with continuous cash dividends, high payout ratios, and strong profitability, with a dividend yield of 3.50% as of January 9 [1] - The Low Volatility Dividend ETF (159547) is the ETF with the lowest comprehensive fee tracking the Low Volatility Dividend Index, with quarterly assessments for dividends [1] Group 2: Company Dividend Announcements - Heavy Pharmaceutical Holdings announced a cash dividend of RMB 0.30 per 10 shares (tax included), with the record date on January 15, 2026, and the ex-dividend date on January 16, 2026 [1] - Fuling Zhacai announced a cash dividend of RMB 2.00 per 10 shares (tax included), with the record date on January 15, 2026, and the ex-dividend date on January 16, 2026 [2] - China Merchants Bank announced a cash dividend of RMB 1.013 per share (tax included), with the record date on January 15, 2026, and the ex-dividend date on January 16, 2026 [2]

Group 1 - The core viewpoint of the article highlights the performance of the Hong Kong Dividend Low Volatility ETF (520550), which saw a slight increase of 0.42% in its value on January 9, with a trading volume of 50.67 million yuan [1] - The ETF's total shares decreased by 2 million, bringing the latest total to 1.106 billion shares, while over the past 20 trading days, the shares increased by 6.25 million [1] - The latest net asset value of the ETF is calculated to be 1.34 billion yuan, and its performance benchmark is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, adjusted for exchange rates [1] Group 2 - Since its establishment on January 15, 2025, the ETF has achieved a return of 24.23%, while its return over the past month has been -0.30% [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1]