Group 1 - The core viewpoint of the news highlights the positive performance and investor interest in the Dividend Low Volatility ETF (512890), which has shown a net inflow of funds over a longer period despite some short-term fluctuations [1][4]. - As of July 30, 2025, the Dividend Low Volatility ETF (512890) has a circulating scale of 21.388 billion yuan, indicating strong market recognition [1]. - The ETF's top holdings include several banks, with notable increases in stock prices for institutions like Chengdu Bank (up 0.70%) and Jiangsu Bank (up 1.50%), reflecting a focus on high dividend yield and low volatility in stock selection [2][4]. Group 2 - The recent adjustments by the Ministry of Finance regarding long-term assessments of insurance funds are expected to encourage insurance capital to increase equity asset allocations, benefiting the banking sector due to its stable dividends and low volatility [4]. - The banking sector is currently characterized by low valuations and high dividend yields, which are likely to attract medium to long-term incremental capital inflows, enhancing the dividend value of bank stocks [4]. - Investors seeking stable returns and low-risk alternatives to bonds can consider participating in the Dividend Low Volatility ETF (512890) through its linked funds, even without a stock account [4].

红利板块今日震荡调整，截至收盘，中证红利指数下跌0.04%，恒生港股通高股息低波动指数下跌0.1%，中证红利价值指数下跌0.3%，中证红利低波动指数 下跌0.6%。Wind数据显示，恒生红利低波ETF（159545）月内规模增长超50%，产品最新规模近38亿元。 国信证券表示，在国内利率进入下行周期、资产配置重心逐步从增长转向回报的背景下，红利资产受到市场较高关注。尤其是在港股市场整体估值处于历史 低位、企业派息意愿持续增强、政策支持资本市场长期资金入市的环境中，港股红利资产逐渐成为投资者配置高现金流、低波动品种的重要工具。 | マ日 | 该指数 | 该指数自2017年 | 该指 | | --- | --- | --- | --- | | 该指数涨跌 | 滚动市盈率 | 以来估值分位 | | | -0. 1% | 7.3倍 | 86. 4% | 5 | 每日经济新闻 ...

Core Viewpoint - The performance of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF reflects a stable investment opportunity amid shifting market preferences towards equity assets due to declining risk-free interest rates and increasing demand for stable returns [2][3][4]. Group 1: ETF Performance - As of July 28, 2025, the Zhongzheng Dividend Low Volatility 100 ETF has seen a net value increase of 20.03% over the past year, ranking first among comparable funds [4]. - The ETF's one-month cumulative return is 4.12%, with a recent price of 1.08 yuan, down 0.37% [2]. - The ETF's maximum drawdown this year is 6.18%, indicating relatively low risk compared to its benchmark [4]. Group 2: Fund Flows and Liquidity - The ETF has experienced continuous net inflows over the past three days, totaling 47.02 million yuan, with a peak single-day inflow of 21.76 million yuan [3]. - The trading volume of the ETF reached 15.55 million yuan, with a turnover rate of 1.43% [2]. - The ETF's latest scale reached 1.093 billion yuan, marking a one-year high [3]. Group 3: Investment Strategy and Market Outlook - The current market environment, characterized by improved risk appetite and a shift of funds from bonds to equities, has led to increased interest in dividend assets due to their stable cash flow and defensive attributes [2]. - The coal sector is expected to see new opportunities due to recovering coal prices and supportive supply-side policies, with recommendations for undervalued mid-cap companies [3]. - The ETF's strategy focuses on high dividend yield and low volatility stocks, with the top ten holdings accounting for 20.14% of the index [5].

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.48% as of July 29, 2025, with mixed performance among constituent stocks, indicating a fluctuating market environment for state-owned enterprises [1] Group 1: Market Performance - The leading gainers include Lu'an Environmental Energy (601699) with an increase of 3.08%, Xin Steel Co. (600782) up by 2.28%, and Baosteel Co. (600019) rising by 1.79% [1] - Conversely, Bohai Ferry (603167) led the declines, followed by Wanhua Highway (600012) and Guangdong Highway A (000429) [1] - The National Enterprise Dividend ETF (159515) has been adjusted to a latest price of 1.15 yuan [1] Group 2: Industry Insights - Huatai Securities highlights that the commencement of 1.2 trillion yuan in hydropower projects is driving the valuation recovery of infrastructure stocks, benefiting low-valuation, high-dividend construction leaders [1] - The policy environment is promoting debt resolution and payment clearance, alongside the optimization of dividend policies for central state-owned enterprises, suggesting an expected increase in long-term dividend ratios [1] - The industry supply side is actively responding to "anti-involution," with leading companies enhancing profitability and asset quality through technological innovation [1] Group 3: Investment Trends - According to Guotai Junan Securities, the current market environment shows an increasing risk appetite, with funds shifting from bonds to equity assets, making dividend assets attractive due to their stable cash flow and defensive characteristics [1] - As risk-free interest rates decline and investor demand for stable returns rises, dividend sectors are likely to continue demonstrating relatively robust performance [1]

Core Viewpoint - Recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, multiple funds, including Invesco Great Wall's ETF and Tianhong's index fund, announced a suspension of large purchases exceeding 5 million yuan [3]. - The surge in fund purchases is attributed to a stable economic growth outlook, despite ongoing structural challenges within the economy [3]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [3]. Group 2: Value of Dividend Assets - The new "National Nine Articles" policy continues to encourage and strengthen dividend requirements for listed companies, providing strong policy support for dividend assets [5]. - As of June 30, net inflows from southbound funds exceeded 70 billion HKD, with banks and energy sectors being key focus areas for dividend asset allocation [5]. - The dividend yield of the Hong Kong Stock Connect high dividend index stands at 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets in the current low-interest-rate environment [6]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite has increased [6]. - Investors are encouraged to integrate dividend strategies into their investment frameworks, focusing on defensive opportunities while maintaining simplicity amid market volatility [6]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting a diversified approach based on individual risk preferences and investment goals [6].

Core Viewpoint - The recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, several funds, including the Invesco Great Wall CSI Dividend Low Volatility 100 ETF and Tianhong CSI Central State-Owned Enterprises Dividend 50 Index, announced a suspension of large purchases exceeding 5 million yuan [2]. - The decision to limit purchases is attributed to a significant influx of funds, as the overall economic growth remains stable, but structural issues persist [2]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [2]. Group 2: Dividend Asset Appeal - The new "National Nine Articles" policy encourages and strengthens dividend requirements for listed companies, providing strong policy support for dividend assets [4]. - As of June 30, 2023, the dividend yield of the Hong Kong Stock Connect High Dividend Index reached 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets [4]. - With the anticipated trend of interest rate cuts by the Federal Reserve and a moderately loose domestic monetary policy, capital inflows into the Hong Kong stock market are expected to continue, enhancing the outlook for dividend investments [4]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite increases [5]. - Investors are advised to integrate dividend strategies into their investment frameworks rather than solely judging based on dividend yield [5]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting the need for diversified investment strategies based on individual risk preferences and investment goals [6].

Event and Commentary - The overall dividend performance has shown significant differentiation this year, with most dividend assets in the A-share market underperforming the broader market in the first half of the year, particularly concentrated in the banking sector, which rose by 13.1% while the CSI Dividend Index fell by 3.1% [1] - Following the "anti-involution" policy introduced by the Central Financial Committee and subsequent government plans to stimulate growth in key industries, commodity prices have surged since late June, leading to a notable recovery in industry sentiment and strong performance in high-dividend sectors related to the cycle [1][4] - Historical trends indicate that dividend strategies tend to outperform the market from November to April, primarily due to increased risk aversion and pre-emptive positioning for dividend announcements [1] Core Views - There is a clear differentiation in dividend assets this year, with recent policies favoring cyclical resources [3] - The banking sector has seen a significant rise, with the banking index increasing by 19.5% as of July 10, driven by valuation increases, while other high-dividend sectors have generally declined [3][4] - The decline in the banking sector's dividend yield is attributed to a significant drop in the rolling cumulative dividend amount over the past 12 months, although this decline is expected to stabilize [6] Market Environment - The macroeconomic environment remains supportive for high-dividend equity assets, with a continuation of low interest rates and expected inflows of incremental capital into the market [2][7] - The dividend payout ratio in the A-share market still has room for improvement, and there is potential for structural expansion in dividend assets beyond the banking sector, including insurance, coal, steel, and construction [2][7] Hong Kong Market Insights - Hong Kong dividend assets exhibit a higher dividend yield compared to A-shares, with the Hang Seng Index showing a 3.1% yield and the Hong Kong Central Enterprise Dividend Index at 5.6% [8] - The tax advantages of investing in Hong Kong through the Stock Connect program are expected to enhance trading activity and attract more investors [8] Key Products - Dividend Quality ETF (159758) tracks the CSI Dividend Quality Index, focusing on companies with high dividend payment rates and profitability [9] - Free Cash Flow ETF (159201) reflects the performance of companies with high and stable free cash flow levels [9] - Hong Kong Central Enterprise Dividend ETF (513910) targets high-dividend central enterprises within the Hong Kong market [10]

近日，中国保险资产管理业协会研究专委会召开2025年二季度保险资金运用形势分析会。会上，险资人士 研判了行业形势以及权益、固收投资策略。 资负两端仍面临压力，但发生积极变化 对于保险资金的资产配置，与会人士从资负两端予以分析，认为仍存在一定利差压力，但已发生积极变化。 新华资产总经理陈一江表示，当前保险行业的负债端硬约束和资产端软着陆并存，利差损压力凸显。其中，负 债端呈现规模快速增长、久期偏长、成本刚性等"硬约束"；资产端进入"软着陆"阶段，高息非标资产陆续到期 叠加信用利差收窄，导致优质高收益资产供给不足，再投资压力增大。 中国人寿（601628）投资管理中心总经理肖凤群认为，保险投资仍面临较大挑战，资负利差持续收窄。但是， 随着负债端深化业务转型，中长期资金入市环境持续优化，行业生态发生积极变化。 太保资产总经理助理兼固定收益部总经理赵峰对固收投资作了具体分析。他表示，受经济周期和内外部不确定 性等因素影响，10年期国债利率逐级下行，屡创新低，保险公司面临利差损风险、净资产波动、财务预算难以 实现等挑战。 保险资管协会党委委员、副秘书长张倩表示，保险资金投资面临多重变化：一是保险资金长钱长投的内在需求 ...

Group 1 - The core viewpoint of the article emphasizes the increasing value of dividend assets in a low interest rate environment, highlighting their demand rigidity and stable cash flow, which enhances performance resilience and defensive attributes [1] - The Guojin Dividend Quantitative Stock Mixed Securities Investment Fund was launched on July 28, focusing on dividend-themed listed companies, with a stock asset allocation of 60%-95% and at least 80% of non-cash fund assets invested in dividend-related stocks [2] - The fund manager, Ma Fang, indicates that the integration of quantitative strategies into dividend investment allows for more flexible adjustments and the potential to discover "hidden dividend assets," thus capturing market opportunities [3] Group 2 - The investment strategy is summarized as "dividend as the base, quantitative gain," where a stock selection model is constructed based on economic fundamentals and market sentiment to evaluate company value [3] - The Guojin Fund has been committed to quantitative investment since 2013, maintaining a focus on the development of the domestic quantitative market, with expectations for continued growth in the scale of public quantitative funds in the coming years [4] - The quantitative investment team is led by experienced professionals with backgrounds in finance and IT, utilizing artificial intelligence and machine learning methods to enhance investment strategies [3][4]

Core Viewpoint - The dominance of dividend assets remains unchanged in a low interest rate macro environment, with the A-share market entering the dividend season, enhancing investor experience through dividends [1][3] Group 1: Dividend Announcements - Changcheng Fund's two dividend products announced dividends, aiming to enhance investor satisfaction [1] - Changcheng CSI Hong Kong Stock Connect High Dividend Index QDII (Class A: 022325; Class C: 022326) announced a dividend of 0.03 yuan per ten shares for both classes, with the record date on July 28 and the ex-dividend date on July 25 [1] - Changcheng CSI Dividend Low Volatility 100 Fund (Class A: 022097; Class C: 022098) also announced a dividend of 0.03 yuan per ten shares, with the same record and ex-dividend dates as the previous fund [1] Group 2: Fund Strategy and Market Positioning - In recent years, Changcheng Fund has increased its focus on dividend index products, covering both A-share and Hong Kong markets to help investors seize dividend asset allocation opportunities [2] - The Changcheng CSI Dividend Low Volatility 100 ETF (Code: 159228) closely tracks the CSI Dividend Low Volatility 100 Index, catering to on-market investors' needs for A-share dividend opportunities [2] - The Changcheng CSI Hong Kong Stock Connect High Dividend Index QDII focuses on capturing Hong Kong stock dividend opportunities [2] Group 3: Future Outlook - Changcheng Fund anticipates continued growth in dividend assets, driven by long-term capital entering the market and favorable policies [3] - Policies are encouraging long-term capital to invest, making dividend assets attractive to insurance funds and pension funds seeking stable returns [3] - New policies, such as the "National Nine Articles," are expected to increase the enthusiasm of A-share listed companies for distributing dividends, providing ongoing support for the dividend market [3]