Core Viewpoint - The Hua Tai Pai Rui Dividend Low Volatility ETF (512890) has reached a record high in scale, reflecting strong investor demand for stable assets in the current market environment characterized by low interest rates and volatility [1][4]. Group 1: ETF Performance and Scale - As of June 20, the ETF rose by 0.42% to a price of 1.182 yuan, with a trading volume of 1.30 billion yuan [1]. - Year-to-date, the ETF has increased by 5.16%, and its 250-day increase is nearly 10% [1]. - The scale of the ETF reached 180.89 billion yuan on June 19, marking a 31.5% increase from 137.495 billion yuan on December 31, 2024 [1]. - Since the beginning of 2025, the scale has grown by 4.3 billion yuan, positioning it as a "fund magnet" in a volatile market [1]. Group 2: Investment Appeal - The ETF's high dividend yield of 6.21% and a low volatility characteristic make it an attractive option for investors seeking stable returns in a declining interest rate environment [2][3]. - The 10-year government bond yield has dropped to 1.64%, creating a significant yield spread of 3.96% compared to the ETF's dividend yield, placing it in the 93.35th percentile over the past decade [2]. Group 3: Underlying Factors Supporting Growth - The ETF has demonstrated a three-year annualized return of 13.59% with a maximum drawdown of -13.61%, showcasing its stability during market fluctuations [3]. - The ETF tracks the CSI Dividend Low Volatility Index, which employs a dual-factor stock selection strategy focusing on high dividends and low volatility, with significant representation from the financial sector [3]. - Regulatory support for increased dividend payouts from listed companies has bolstered the ETF's appeal, with many of its constituent stocks exhibiting strong dividend capabilities [4]. - The ETF's off-market linked funds have achieved monthly dividends for 21 consecutive months, making them among the most frequent dividend-paying ETF linked funds in the market [4].

截至2025年6月20日收盘，中证银行指数(399986)上涨0.59%，成分股厦门银行(601187)上涨3.04%，杭州 银行(600926)上涨2.75%，民生银行(600016)上涨2.56%，郑州银行(002936)上涨2.49%，兴业银行 (601166)上涨2.29%。银行ETF(512800)半日收涨1.01%。拉长时间看，截至目前，银行ETF年内累计上 涨超14%。 流动性方面，银行ETF换手3.82%，半日成交3.60亿元。拉长时间看，截至6月19日，银行ETF近1周日均 成交5.04亿元，居可比基金第一。 华泰证券认为，基本面和资金面共同驱动下，看好优质区域行机会。优质城商行有望率先突破1倍PB， 进而打开其他优质区域行估值提升空间。此前可转债强赎价附近博弈阻力加剧的相关银行，近期触发强 赎后进一步打开估值提升空间。重庆地区在国家级战略加持下，近年来发展动能强劲，当地部分银行有 望持续享受区域红利。此外，部分区域行估值仍处低位（06/16），性价比较为突出，关注补涨机会。 顺势而起，攻守兼备！看好银行板块配置性价比的投资者可以关注银行ETF（512800）及其联接基金 （A类：24001 ...

Core Viewpoint - In the current volatile market environment, investors are increasingly focused on how to achieve stable asset appreciation, particularly in a context of declining interest rates and rising market uncertainty. The search for asset allocation strategies that provide stable cash flow and effectively mitigate market risks has become a common concern among various investors. The dividend low-volatility strategy, characterized by "high dividend yield and low volatility," is gaining attention as a potential solution to these challenges [1]. Interest Rate Environment - The global economy has largely entered a low or even negative interest rate era, with significant reductions in deposit rates by major banks in China. For instance, as of May 20, 2025, the interest rate for one-year fixed deposits fell below 1%, and the average interest rate for current deposits dropped to 0.05% [2]. This environment has compressed the yields of traditional fixed-income products, leading to a scarcity of stable assets, while dividend assets are becoming increasingly attractive due to their stable cash flow and higher dividend yields [2]. Policy Support - Regulatory bodies have intensified their focus on corporate dividend policies, with the introduction of measures linking dividend payouts to financing qualifications and shareholder behavior. For example, the "New National Nine Articles" issued in April 2024 aims to enhance shareholder return awareness among listed companies [3]. Additionally, new rules effective from January 1, 2025, will impose penalties on companies with low dividend payouts, further encouraging higher dividend distributions [3][4]. Fund Flow Dynamics - There is a notable shift in fund preferences towards dividend assets, driven by both policy support and changes in market dynamics. Long-term funds, such as insurance and pension funds, are increasingly allocating capital to high-dividend assets, with projections indicating an influx of approximately 600 billion to 800 billion yuan over the next three years [6]. This trend is expected to enhance the valuation of dividend assets and benefit related funds, such as the TaiKang Dividend Low-Volatility ETF [6]. Market Conditions - The current A-share market is characterized by volatility, influenced by international trade tensions and geopolitical risks. Despite maintaining stable growth, domestic economic indicators show signs of weakening, leading to a challenging investment environment. In this context, dividend low-volatility assets are positioned as a strategic choice for investors seeking stability and returns [19][20]. Investment Strategy - The dividend low-volatility strategy combines high dividend yield and low volatility characteristics, providing a robust investment framework. The CSI Dividend Low-Volatility Index selects stocks based on liquidity, consistent dividend payments, and low volatility, aiming to deliver stable returns while minimizing risk [14][15]. This strategy is particularly appealing in turbulent market conditions, as it has historically demonstrated strong defensive capabilities [19][20]. Conclusion - Overall, the combination of supportive policies, increasing fund inflows, and favorable market conditions positions dividend low-volatility assets as an attractive investment opportunity. These assets not only offer stable returns in a low-interest-rate environment but also serve as a defensive strategy in volatile markets, making them a preferred choice for investors seeking to navigate economic cycles effectively [20].

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 现在低利率环境已成常态，过去几年，利率从高位一路下滑，到底降了多少？当"躺赢"通道变窄，寻找下一个"收益堡垒"已刻不容缓！但那 些在市场中依然坚挺的资产，又在哪里？ 从指数间的对比来看，东证红利低波指数在近 3年有较好的表现。 在近3年累计回报中，东证红利低波指数累计回报较高，同时近3年的最大 回撤又较小，表现出更强的防御特征，综合风险收益后，表现相对较好。 所以，从过往 3年的历史表现来看，东证红利低波指数与市场有产品跟踪的红利指数相比：收益更高、波动更低 。 （ 点此查看详情 ） 那在红利资产中，东证红利低波动指数为何能脱颖而出？ 东证红利低波动指数从沪深A股中选取100只盈利较为稳定、预期股息率较高并具备低波动特征的上市公司股票作为指数样本股，以反映红利 在全球动荡不安、经济波动的当下，哪类资产能够同时满足高股息与低波动的双重需求？今天，我们就来一场深度掘金，寻找那些可能被低 估的投资机遇。（ 点此查看近3年收益同类排名第 ...

Group 1 - The core viewpoint of the article highlights the ongoing trend of cash dividends in the Hong Kong stock market, with bank stocks leading the sector in total cash dividends [1][2][3] - Since the beginning of the year, the total cash dividends from bank stocks have reached 238.6 billion HKD, making it the highest among 30 sectors in the Hong Kong Stock Connect [3][6] - China Construction Bank has the highest single cash dividend of 96.9 billion HKD, followed by other major banks like Bank of China, Bank of Communications, and Industrial and Commercial Bank of China, each exceeding 10 billion HKD in dividends [6] Group 2 - In a low-interest-rate environment, high-dividend assets are attracting significant capital inflows, with net inflows into bank stocks from southbound funds totaling 72.9 billion HKD over the past three months, the highest among all sectors [7][8] - The AH bank stock index has shown a year-to-date increase of over 20%, outperforming the CSI All-Share Index by more than 6% [1][15] Group 3 - The average valuation of H-shares among 15 AH-listed banks is 0.54 times price-to-book (PB), which is significantly lower than the A-share average of 0.65 times PB, indicating a valuation gap [11][12] - The average dividend yield for H-shares is 4.95%, which is 92 basis points higher than the A-share yield of 4.03%, showcasing a strong high-dividend advantage [12][13] - Among the 15 AH-listed banks, 14 H-shares are cheaper in terms of valuation compared to their A-share counterparts, while only China Merchants Bank has a lower valuation in A-shares than in H-shares [12][13] Group 4 - The bank AH index, which includes 14 cheaper H-shares and China Merchants Bank A-shares, is based on a monthly selection of undervalued stocks in the AH market, incorporating a rotation strategy [14] - The bank AH total return index has increased by over 20% year-to-date, compared to a 13.78% increase in the CSI bank total return index [15]

Group 1 - TSMC's stock price has declined by 3.7% this year, while UMC's stock has increased by 11%, highlighting TSMC's underperformance compared to its competitor [1] - UMC's high dividend yield of over 6% has made it a significant holding in Taiwan's high-dividend ETFs, which have attracted approximately $10 billion in inflows this year [1] - TSMC is not included in the core holdings of the three major high-dividend ETFs in Taiwan, which prefer UMC due to its higher yield [1] Group 2 - TSMC remains fundamentally strong, reporting May revenue of NT$320.5 billion (approximately $10.7 billion), with a year-on-year growth of 39.6% [2] - Analysts expect TSMC's sales to grow by 39% in the second quarter [2]

今年的港股市场，强势地令人感到陌生。 在4月7日单日大跌17.16%之后，短短两个多月的时间，恒生科技指数就已经收复了失地。不仅如此，20%多的涨幅更是令其连同恒生国企指数一同进入了新 一轮的技术性牛市。 港股 表现亮眼的背后，南向资金成为了一个不容忽视的推手。 自2021年喊出"跨过香江，夺取定价权"以来，内资就从未停止过关于"定价权"的争夺。尤其是伴随着 美联储在2022开启新一轮的加息周期之后，外资开始逐 步撤离并转战美股让南向资金有了更加充裕的时间买入港股稀缺资产。在市场大幅调整的三年中，南向资金成为了最坚定的买入者。 2025年5月19日，平安人寿发布举牌公告，称平安资管受托该公司资金投资农业银行H股股票，5月12日达到了农业银行H股股本的10%，在年内第二次举牌农 业银行H股。算上这次，平安人寿已经在年内第6次举牌了H股的银行股。 平安人寿的举牌并非个例，截至今年5月31日，险资在年内已经累计16次举牌上市公司，尤其是以银行、公用事业、能源、物流为代表的港股红利资产，在年 内被13次举牌，成为了险资举牌的主要阵地之一。 | | | 险资年内举牌情况 | | | --- | --- | --- | ...

Group 1 - The core viewpoint is that the high dividend sector of the Hong Kong stock market is gaining attention for its defensive attributes amid ongoing inflation concerns, with the Hong Kong Dividend ETF (159331) rising over 1% [1] - Huachuang Securities highlights that companies in the high dividend sector possess strong free cash flow generation capabilities, ensuring dividend sustainability and shareholder returns, even in a low-interest-rate environment [1] - Traditional industries such as banking, ports, and highways are emphasized for their stable earnings and dividends, making them attractive for investment in the current market conditions [1] Group 2 - The Hong Kong Dividend ETF (code: 159331) tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which includes 30 highly liquid, consistently dividend-paying stocks with high dividend yields [2] - The index focuses on high dividend investment strategies and aims to reflect the overall performance of high dividend securities in the Hong Kong market [2] - Investors without stock accounts are advised to consider related funds such as the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [2]

老铁们，这里是帮主郑重的盘前策略时间。接下来咱们来聊聊6月20日A股的走势，结合技术面、政策面、消息面和资金流向，看看市场到底在闹什么幺蛾 子。 先看技术面，昨天A股三大指数低开低走，沪指直接失守3370点，跌到3362点，深成指和创业板指更是跌超1%。这波调整力度不小，成交量倒是放大到1.28 万亿，不过主力资金净流出224亿，明显有恐慌盘在跑路。技术面上看，沪指下面的支撑位在3330点附近，也就是4月份反弹的起涨点，要是跌破这个位置， 可能会引发更多恐慌盘。创业板指则要关注2000点的支撑，这位置要是守不住，短期可能还得磨底。不过有一点得注意，平均股价的缺口已经补上了，其他 指数的缺口还在，等它们补完缺口，市场可能会有反弹机会。 综合来看，现在市场就是个大震荡的格局，中东的地缘风险、欧洲的经济疲软、美联储的政策摇摆，都是影响市场的关键因素。作为中长线投资者，咱们得 把眼光放长远，别被短期波动牵着走。策略上，我建议关注三个方向：一是政策支持的科技板块，尤其是半导体、AI算力这些，回调下来可能是布局机 会；二是能源板块，地缘风险溢价还在，油价上涨会直接利好相关企业；三是高股息的银行、电力股，防守反击，进可攻退 ...

Economic Outlook - Daxin Financial forecasts Hong Kong's economy to grow by 2.4% this year, despite ongoing uncertainties from the US-China trade war [1] - The Hang Seng Index (HSI) is expected to challenge the 25,000-point mark in the second half of the year, with a support level around 20,800 points [1] Market Conditions - The valuation of Hong Kong stocks has returned to a more reasonable level, but volatility is anticipated due to unclear US-China trade prospects and the effectiveness of mainland economic stimulus measures [1] - High dividend yields, domestic consumption, and innovation and technology sectors are expected to have a positive outlook [1] Mainland China Economic Impact - Short-term growth in mainland China's exports is anticipated, as some companies shift exports to ASEAN and other regions, offsetting declines in exports to the US [1] - Mainland China's economy is projected to grow by 4.4% this year, supported by relaxed monetary policy and a commitment to more proactive fiscal policies [1] Real Estate Market - The significant drop in mortgage rates and gradual recovery in rental yields are expected to alleviate downward pressure on Hong Kong property prices [2] - However, potential oversupply in new residential properties and uncertainties from the trade war may lead to an estimated 5% decline in property prices for the entire year of 2025 [2]