近期，受内外部扰动因素影响，市场情绪趋于谨慎。从外部环境看，上周五（25/12/12）美股科技板块 普遍调整，或再次引发市场对AI泡沫与算力基建前景的担忧，调整情绪传导至A股进一步压制了市场风 险偏好。从内部数据看，2025年11月社会消费品零售总额同比增速有所放缓，或反映出当前内需复苏基 础尚需巩固。在此背景下，红利类资产则凭借其较低波动性和较高盈利确定性有望成为资金进行风险防 御的重要工具。（数据来源：Bloomberg、国家统计局，发布于25/12/15） 资金流向数据显示，红利类主题ETF标杆品种红利低波ETF（512890）2025年四季度以来（25/10/9- 25/12/15）获资金净流入态势明显，48个交易日中有35个交易日实现资金净流入，区间累计吸金45.99亿 元，是同期市场上所有红利类主题ETF中仅有的区间资金净流入超40亿元的产品。在近期市场整体缩量 震荡的背景下，具备一定韧性的红利低波ETF（512890）连续4个交易日（25/12/10-12/15）合计获5.24 亿元资金加仓，成为资金的重点配置方向之一；从成交活跃度看，同期日均成交额达5.70亿元，较今年 以来（25/1/2-2 ...

今日早盘（25/12/15），市场风格再次转向高股息板块。在市场行情震荡、年末资金倾向于获利了结、 风险偏好整体收敛的背景下，具备相对防御属性的底仓型资产配置价值或凸显。较高股息、较低估值、 业绩确定性较强的红利类资产有望成为资金逆势布局的重要工具。从近期资金动向看，以红利ETF （510880）为代表的部分红利类主题ETF迎来了资金的积极布局。（数据来源：Wind） Wind数据显示，目前市场仅有的跟踪上证红利指数的ETF——红利ETF（510880）连续4个交易日获资 金净流入，累计吸金9.2亿元，是同期全市场仅有的实现资金净流入超7亿元的红利类主题ETF。自2025 年11月17日以来，该ETF已连续4周保持周度资金净流入，推动其规模攀升至181亿元，成为目前市场上 少数规模突破百亿的红利主题ETF之一。 （数据来源：Wind、交易所，数据截至25/12/12，数据区间为25/12/9-25/12/12，4周时间区间为 25/11/17-25/12/12） 在中长期资金加速入市与无风险收益率持续下行的共振下，基本面质地较好、韧性较强的高股息资产或 将持续成为资金关注重点之一。其中，根据基金2025年第三 ...

Core Viewpoint - The attractiveness of dividend assets is increasingly highlighted as a response to weak domestic demand, with high dividends providing stable cash returns amidst declining overall returns [1][5]. Group 1: Dividend Asset Insights - According to CICC, the essence of allocating dividend assets is to address weak credit expansion and overall return decline, with high dividends serving as a stable cash return asset [1][5]. - The 10-year Chinese government bond yield remains at 1.8%-1.9%, and with increased volatility in the bond market this year, dividend assets still hold allocation value for absolute return funds, particularly from insurance capital [1][5]. Group 2: Performance of Dividend Indices - As of December 3, 2025, the dividend yield of the Hang Seng Stock Connect High Dividend Low Volatility Index has risen to 6.50%, significantly higher than the 1.84% yield of the 10-year government bond, and surpassing several mainstream A-share and Hong Kong dividend indices [1][5]. - The Hang Seng Stock Connect High Dividend Low Volatility Total Return Index has achieved a cumulative increase of 38.70% over the past year, outperforming the China Securities Dividend Total Return Index (8.12%) and the Shenzhen Dividend Total Return Index (10.24%) [1][5]. Group 3: Fund Performance and Management - The Hang Seng Stock Connect Low Dividend ETF (520890) has attracted significant capital inflow, becoming a key option for investors seeking certainty in returns amid market volatility [1][5]. - As of December 3, 2025, the management scale of the "Dividend Family" under Huatai-PB Fund has reached 47.418 billion yuan, showcasing over 19 years of experience in managing dividend-themed index investments [1][5].

Group 1 - The core viewpoint of the articles highlights the increasing interest in dividend-themed ETFs, particularly the low-volatility dividend ETF (512890), as a defensive investment strategy amid market uncertainty and profit-taking tendencies as the year-end approaches [1] - Since November, the technology sector has faced pressure, while dividend assets have attracted funds due to their lower volatility and higher profit certainty, making them a preferred choice for risk-averse investors [1] - The low-volatility dividend ETF (512890) has seen significant net inflows, attracting 1.055 billion yuan in November alone, and has become the only dividend-themed ETF in the A-share market with over 10 billion yuan in net inflows during this period [1] Group 2 - The latest scale of the low-volatility dividend ETF (512890) has risen to 25.987 billion yuan, making it the only dividend-themed ETF in the market with a scale exceeding 20 billion yuan [1] - The fund's popularity extends to its off-market connection fund, the Huatai-PB Low Volatility Dividend ETF Connection Y (022951), which reached a scale of 245 million yuan, marking a 440.36% increase compared to the end of 2024 [1] - The dividend yield of the low-volatility index remains attractive compared to the 10-year government bond yield, with the latest spread at 53.92%, indicating a favorable environment for long-term funds seeking enhanced returns [1] Group 3 - Huatai-PB Fund, as one of the first ETF managers in China, has over 19 years of experience in managing dividend-themed index investments, with a total management scale of 47.328 billion yuan across five dividend ETFs [2] - The "dividend family" includes various products such as the first low-volatility dividend ETF (512890) and the first dividend ETF (510880), showcasing a diverse strategy in the dividend investment space [2]

恒生港股通高股息低波动指数由港股通范围内50只流动性较好、连续分红、红利支付率适中且波动率较 低的股票组成，能源、金融、公用事业行业合计占比超55%，指数当前股息率达5.8%。 恒生红利低波ETF（159545）的管理费率加托管费率仅0.2%/年，是港股红利类ETF中少有的低费率产 品，易方达基金旗下红利ETF易方达（515180）、红利低波动ETF（563020）、红利价值ETF （563700）等红利类ETF也均实行该费率，为投资者布局高股息资产提供了低成本、多样化的配置工 具。 有分析表示，展望年底及明年，港股红利仍然值得长期关注，主要是因为年底机构投资者往往有稳收益 的需求，在此背景下风格往往也会往红利类偏稳健风格倾斜，同时年底美联储降息预期的抬升也对港股 有积极影响，2026年有较多险资面临切换新会计准则带来的降波动需求，同样可能驱动资金向红利尤其 股息率更高的港股红利配置。 今日早盘，港股普遍走强，红利类板块跟随市场上涨，截至10:00，恒生港股通高股息低波动指数上涨 0.5%，成分股中，六福集团涨超7%，波司登、阜丰集团等涨超2%。Wind数据显示，跟踪该指数的恒生 红利低波ETF（159545 ...

Core Viewpoint - The A-share market is experiencing a "high-low switch" as year-end approaches, with a focus on dividend assets due to their strong performance and risk mitigation potential [1][2]. Group 1: Market Trends - The technology sector is showing high volatility, while value styles are gaining traction, indicating a shift in market sentiment [1]. - Recent data shows that the only dividend ETF tracking the Shanghai Dividend Index (510880) has seen significant capital inflow, accumulating 563 million yuan over five trading days [2]. - The fund size of the dividend ETF (510880) has reached 17.592 billion yuan, making it one of the few dividend-themed ETFs exceeding 10 billion yuan [2]. Group 2: Fund Performance - As of November 26, 2025, the dividend ETF (510880) has 421,800 holders, the only dividend-themed ETF in the market with over 400,000 holders [3]. - The dividend ETF has distributed over 4 billion yuan in dividends, with a total of 42.98 billion yuan in cumulative dividends since its inception [3]. - The fund management company, Huatai-PB, has over 18 years of experience in managing dividend-themed index investments and has developed a range of related ETFs, collectively managing 47.082 billion yuan [3][4].

Core Insights - The A-share market is entering a performance vacuum period as the third-quarter reports are mostly disclosed, leading to cautious investor sentiment due to potential policy expectations from year-end meetings [1] - Dividend assets are expected to become important tools for risk defense due to their lower volatility and higher profit certainty, with some investors already positioning themselves in high-dividend, stable fundamental assets [1] Fund Flow and Performance - The Dividend Low Volatility ETF (512890), which tracks the low volatility dividend index, has seen net inflows for 20 out of 25 trading days since the fourth quarter of 2025, accumulating 4.229 billion yuan, making it the only dividend-themed ETF to exceed 3 billion yuan in net inflows during this period [1] - The average daily trading volume of the ETF reached 718 million yuan, significantly higher than the average of 418 million yuan earlier in the year [1] Fund Size and Market Sentiment - The fund size of the Dividend Low Volatility ETF reached a new high of 26.402 billion yuan after four consecutive trading days of growth, reflecting increasing market enthusiasm for dividend assets [1] - The low interest rate environment is a key driver for the long-term allocation value of dividend assets, as companies maintaining high dividend yields typically exhibit stable profitability and healthy financial conditions [1] Yield Comparison - As of November 12, 2025, the 10-year government bond yield has decreased to 1.81%, while the dividend yield of the Dividend Low Volatility ETF stands at 4.00%, indicating a yield spread of 2.19%, which is higher than 51.27% of the time over the past decade [1] Company Background - Huatai-PB Fund, one of the first ETF managers in China, has over 18 years of experience in dividend-themed index investment, managing a total of 47.668 billion yuan across five dividend-focused ETFs as of November 12, 2025 [1]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The market is experiencing short-term volatility, but the long-term outlook remains positive, particularly for dividend and technology assets [1] - A barbell strategy is gaining attention, with a focus on increasing equity market allocation among residents [1] Group 2: Index Performance - The Shanghai Stock Exchange 180 Index (000010) has a composition of 90% dividend and 10% technology assets, making it a suitable choice for equity market allocation [1] - As of November 12, 2025, the Shanghai 180 Index rose by 0.38%, with notable increases in constituent stocks such as Baili Tianheng (688506) up by 4.18% and China Aluminum (601600) up by 4.10% [1] Group 3: ETF Tracking - The Shanghai 180 ETF Index Fund (530280) closely tracks the Shanghai 180 Index, which includes 180 large-cap, liquid securities from the Shanghai market [2] - As of October 31, 2025, the top ten weighted stocks in the Shanghai 180 Index accounted for 26.29% of the index, with Kweichow Moutai (600519) being the largest at 4.21% [2][4]

Core Insights - The overall market experienced fluctuations last week (November 3-7, 2025), with investor sentiment becoming cautious. Dividend-themed ETFs are gaining traction as a valuable core allocation option [1] Market Performance - The first dividend low volatility ETF (512890) saw a net inflow of 574 million yuan over four days, making it the only dividend-themed ETF to exceed 500 million yuan in net inflows during this period. Its latest fund size reached a historical high of 25.814 billion yuan [1] - The Hong Kong Stock Connect Dividend ETF (513530) also experienced increased trading activity, with a cumulative net subscription of 175 million yuan since October 30, 2025, raising its fund size to 2.388 billion yuan, the highest since August 27, 2025 [1] Interest Rate Environment - The low interest rate environment is a significant factor enhancing the long-term allocation value of dividend assets. As of November 7, 2025, the 10-year government bond yield fell to 1.81%, while the dividend yields of the dividend low volatility ETF (512890) and the Hong Kong Stock Connect Dividend ETF (513530) still show a spread of 2.28% and 3.95%, respectively, which is higher than 53.92% and 51.07% over the past decade [1] Market Outlook - Huatai Securities indicated that the market is currently in a policy and earnings vacuum, requiring more catalysts for a significant upward breakthrough. The market is expected to remain volatile, with potential allocation opportunities in banks and certain cyclical dividend sectors amid domestic and international uncertainties [1] Company Background - Huatai Baichuan Fund, one of the first ETF managers in China, has over 18 years of experience in dividend-themed index investments. The firm manages five dividend strategy ETFs, including the first dividend low volatility ETF (512890) and the first Hong Kong Stock Connect high dividend ETF (513530), with a total management scale of 46.795 billion yuan as of November 7, 2025 [1]

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, benefiting dividend assets first [1] - Technology assets represent economic development trends and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% dividend and 10% technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of November 7, 2025, the Shanghai Stock Exchange 180 Index (000010) decreased by 0.24% [1] - The top-performing stocks include He Sheng Silicon Industry (603260) up 8.40%, Tongwei Co., Ltd. (600438) up 4.13%, and Daqo New Energy (688303) up 3.91% [1] - The worst-performing stocks include Top Group (601689) down 4.91%, Industrial Fulian (601138) down 4.29%, and Zhongke Shuguang (603019) down 2.72% [1] Group 3: ETF Details - The Shanghai Stock Exchange 180 ETF Index Fund (530280) decreased by 0.16%, with the latest price at 1.24 yuan [1] - Over the past two weeks, the Shanghai Stock Exchange 180 ETF Index Fund has increased by 1.98%, ranking 1/10 among comparable funds [1] - The top ten weighted stocks in the Shanghai Stock Exchange 180 Index as of October 31, 2025, include Kweichow Moutai (600519) and Zijin Mining (601899), accounting for a total of 26.29% [2]