Core Viewpoint - Dividend is a crucial factor determining investor returns, serving as a protector in bear markets and an accelerator in bull markets [19] Group 1: Current Market Environment - The current low interest rate environment is characterized by a 10-year Treasury yield of 1.644% and declining rates for traditional savings products, with rates for popular options like Yu'ebao dropping to 1.1% [2] - The demand for high dividend assets is increasing as traditional investment products fail to meet the needs of younger investors seeking stable, modest returns [2] Group 2: Dividend Assets Performance - High dividend assets are emerging as a "ballast" in the low interest rate era, with various dividend-focused ETFs gaining popularity among investors seeking stability [3][9] - The performance of dividend strategies has outpaced market indices, with the S&P 500 high dividend index achieving an annualized return of approximately 12% over the past 20 years, outperforming the S&P 500 by 1.5% [4] Group 3: Investment Strategies - The China Securities Dividend Index selects stocks based on consistent and stable dividend payments, focusing on companies with a history of cash dividends and a high average dividend yield [10][11] - The index's methodology ensures that higher dividend yield stocks receive greater weight, allowing investors to benefit from both stable income and potential capital gains [11] Group 4: Future Outlook - The low interest rate environment is expected to persist, making high dividend assets a reliable investment choice [15] - Analysts remain optimistic about dividend assets, with firms like CITIC Securities continuing to advocate for these investments amid market uncertainties [15][17] Group 5: Investor Behavior - Younger investors are increasingly favoring stable, low-risk investments, with a trend towards "living off interest" and seeking monthly dividend payouts [17][18] - The popularity of dividend-focused ETFs has surged, with significant growth in assets under management for products like the Hang Seng Dividend Low Volatility ETF, which has increased by 4.38 times this year [18]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy and capital drive the allocation opportunities of dividend assets. The new "Nine - Point Plan" stimulates dividend - paying willingness, and the implementation plan for long - term funds entering the market supports long - term allocation demand. As a result, the scale of dividend - related ETFs has been growing steadily [4][9][10]. - Dividend assets have a significant advantage in the interest - rate spread. The current 10 - year treasury bond yield is at a historical low of 1.66%, while the CSI Dividend Index dividend yield remains at a relatively high level of 5.58%. The compound interest effect of dividend assets can bring a cumulative excess return of 308.71% and an annual excess return of 4.75% [4][11][14]. - The Xinhua Zhongchengxin Dividend Value Index sets up double financial safety valves in the sample - stock access stage, constructs a "1 + 4" composite defense factor model, and has advantages such as high dividend yield, low volatility, and good anti - decline ability compared with mainstream broad - based indexes [4]. - The Huafu Xinhua Zhongchengxin Dividend Value Index Fund aims to closely track the target index, minimize tracking deviation and error, and achieve long - term investment returns consistent with the index performance. The current management fee and custody fee are 0.50% and 0.10% respectively [47]. 3. Summary According to the Directory 3.1 Low - Interest Era: Long - Term Allocation Value of High - Dividend Strategies 3.1.1 Policy and Capital Dual - Wheel Drive for the Allocation Opportunities of Dividend Assets in the Era - The new "Nine - Point Plan" stimulates the dividend - paying willingness of listed companies, and the implementation plan for long - term funds entering the market supports the long - term allocation demand for dividend assets. Under the dual - wheel drive of policy and capital, the scale of dividend - related ETFs has increased from 16.3 billion yuan in early 2021 to 119.8 billion yuan [9][10]. 3.1.2 Dividend Asset Interest - Rate Spread Moat: 5.6% Dividend Yield vs. 1.7% Treasury Bond Yield - In the low - interest environment, the quasi - fixed - income attribute and certainty premium of dividend assets are prominent. The 10 - year treasury bond yield has dropped to a historical low of 1.66%, while the CSI Dividend Index dividend yield remains at 5.58%. Dividend assets are suitable for risk - averse funds, and the compound interest effect can bring significant excess returns [11][14]. 3.2 Xinhua Zhongchengxin Dividend Value Index: Comprehensive Evolution from "Dividend Low - Volatility" to "Dividend Value" 3.2.1 Sampling Method: Double Financial Safety Valves Set in the Sample - Stock Access Stage, Focusing on the Sustainability of High Dividends - The index was released on January 5, 2024, with a base date of December 30, 2011, and a base point of 1000. It constructs a penetration - style dividend - quality quantitative screening system, requiring continuous three - year dividends and meeting payment - rate standards in the vertical dimension, and screening for refinancing dependence in the horizontal dimension to ensure the authenticity and sustainability of dividend returns [17]. 3.2.2 Adopting the "One - High and Four - Low" Five - Factor Stock Selection to Optimize the Traditional "Dividend Low - Volatility" Target Pool - The index innovatively constructs a "1 + 4" composite defense factor model, with high dividend yield as the core anchor point, superimposed with four defensive dimensions of low valuation, low volatility, low Beta, and low turnover, forming a multi - factor dynamic balance mechanism [26]. 3.2.3 Heavily Investing in Industries such as Banks and Transportation, with the Large - Cap Style Building a Low - Volatility Moat - The bank sector has a weight of 26.48%, and the transportation sector has a weight of 11.27%. These industries provide relatively stable dividend returns and show a defensive value orientation [28]. 3.2.4 Dynamic Balance between Dividend Income and Safety Margin - The core income of the high - dividend strategy comes from the high profit - distribution ratio and low price - earnings ratio of individual stocks. Compared with mainstream broad - based indexes, the index has the characteristics of low valuation and high dividends, with a latest dividend yield of 5.06% and a valuation of 8.70 times [37][41]. 3.2.5 A Scientific Investment Plan to Unlock Compound Excess Returns with Low - Volatility Assets - Compared with mainstream broad - based indexes, the index has a better holding experience, with significantly lower volatility and higher cumulative returns. Since the base date, the annualized volatility is only 18.21%, and the total return has significantly outperformed other mainstream broad - based indexes [43][45]. 3.3 Introduction to the Huafu Xinhua Zhongchengxin Dividend Value Index Fund - The Huafu Xinhua Zhongchengxin Dividend Value Index Fund (023746.OF) is issued by Huafu Fund, with a benchmark of 95% of the Xinhua Zhongchengxin Dividend Value Index return plus 5% of the after - tax bank current deposit interest rate. The fund managers are Zhang Ya and Li Xiaohua. The fund aims to closely track the target index and minimize tracking deviation and error [47]. 3.4 Fund Manager Information 3.4.1 Fund Manager Introduction - Huafu Fund Management Co., Ltd. was established on April 19, 2004, with a registered capital of 250 million yuan. It has become a new force in the domestic securities investment fund industry, with a clear development strategy, a rich product system, and a mature investment research model [51]. 3.4.2 Fund Manager Profile - Zhang Ya has a master's degree from Kent State University in the United States. She joined Huafu Fund in April 2017 and currently manages 7 products with a total scale of 1.1499 billion yuan. Li Xiaohua has a master's degree in economics from Nankai University. He joined Huafu Fund in October 2019 and currently manages 12 products with a total scale of 563.1 million yuan [52][56].

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The construction sector is currently focusing on two main lines: dividends and "Construction+" strategies. The macro liquidity is abundant, and interest rates remain low, leading to a preference for low-volatility, high-dividend, and low-valuation assets. The value of dividend asset allocation continues to rise. Additionally, policies are continuously supporting construction companies to explore new growth avenues through mergers, restructuring, and transformation into new business areas such as new energy, smart manufacturing, digitalization, and operation services [4][12] Summary by Sections Key Recommendations - Recommended companies include Sichuan Road and Bridge, which is deeply involved in infrastructure construction in the Sichuan-Chongqing region, benefiting from a strong order backlog and high profitability. The company’s order scale is expected to reach 291.3 billion yuan by the end of 2024, providing solid growth assurance for the next three years. The dividend policy is continuously optimized, with a commitment to a dividend payout ratio of no less than 60% over the next three years, and a current dividend yield at a relatively high level in the industry [5][11][14] - Attention is also drawn to Jianghe Group, which has maintained its leading position in the industry despite the overall downturn. The company has a strong order expansion capability and is actively returning profits to shareholders, with a projected dividend payout ratio of nearly 98% in 2024, resulting in a dividend yield of approximately 9% [5][18][24] Market Performance - The construction decoration index increased by 0.63% during the week, with sub-sectors such as landscaping, steel structures, and decoration showing significant gains of 4.01%, 3.33%, and 2.13% respectively. A total of 96 stocks in the construction sector rose, with the top five performers being Chengbang Co. (+42.23%), Hangzhou Landscaping (+31.16%), Hopu Co. (+21.35%), Huilv Ecology (+15.65%), and Baijia Technology (+12.50%) [7][37] Structural Investment Opportunities - The report suggests three main lines for structural investment opportunities in the construction sector: 1. Continued investment in regional infrastructure, particularly in the central and western regions and along the "Belt and Road" initiative [7] 2. Valuation recovery of central and state-owned enterprises benefiting from stable dividends and governance improvements [7] 3. Growth potential through transformation and upgrading into new business areas such as smart manufacturing and digitalization [7][12]

Core Insights - The report highlights investment opportunities in the media sector for the second half of 2025, focusing on AI applications, IP commercialization, cultural exports, and dividend-yielding assets [5][6]. AI Applications - The report emphasizes the continuous iteration of AI technology, particularly in education, film, and gaming, predicting strong commercial prospects in these areas due to enhanced input-output capabilities of large models [8]. - Companies leading in AI applications include DouShen Education, Rongxin Culture, and others, which are expected to benefit from the growing demand for AI-enhanced educational tools and content creation [5][6]. IP Commercialization - The IP industry is identified as a high-growth sector with significant potential for commercialization, particularly in empowering both the digital and real economies [9][10]. - The report notes that the retail sales of licensed products in China are projected to reach 1550.9 billion yuan by 2024, indicating a strong market for IP-related products [15][46]. Cultural Exports - The report points out that China's overseas market infrastructure is well-established, with platforms like TikTok and AliExpress facilitating cultural exports, particularly in short films and IP-based products [19][16]. - The growth of cultural exports is supported by the increasing number of overseas stores and the efficiency of logistics services, which are expected to enhance the pace of cultural content going abroad [19][16]. Dividend-Yielding Assets - In a low-interest-rate environment, the report suggests that assets with strong cash flow and high dividend yields, such as publishing and media companies, are becoming increasingly attractive for investors [20][21]. - Companies like Xinhua Wenhui and others are highlighted as having significant dividend advantages, making them appealing investment opportunities [6][20]. Gaming Industry - The gaming sector is projected to grow significantly, with a total market size of 141.1 billion yuan in early 2025, driven by mobile gaming [70][71]. - Government policies are increasingly supportive of the gaming industry, with initiatives aimed at promoting innovation and easing regulatory processes [71][72]. Short Video Market - The short video market is expected to reach a scale of 504.4 billion yuan by 2024, with a significant user base projected to exceed 6.62 billion [86][87]. - The report indicates that the growth of short video applications is being driven by both domestic and international demand, with notable increases in user engagement and revenue [89][90].

Group 1 - The core viewpoint emphasizes the importance of deep research and understanding in the pharmaceutical industry, which can lead to better investment decisions and outcomes [1][2][3] - The investment framework is based on pricing, which serves as the foundation for industry and company comparisons, ultimately leading to the selection of long-term value investment companies [5][12] - The transition from a research role to an investment role presents challenges, particularly in understanding macroeconomic factors that have become increasingly relevant to the pharmaceutical sector [9][11] Group 2 - The pharmaceutical industry encompasses various asset types, including cyclical, manufacturing, consumer, and technology, providing diverse investment opportunities even during market downturns [2][11] - The successful investment in a company during a market panic was attributed to extensive research and a deep understanding of the company's fundamentals, leading to a contrarian investment recommendation [2][3] - The focus on pricing is crucial, as different valuation levels can significantly impact risk and expected returns, with a preference for investments that are undervalued [4][6][12] Group 3 - The investment strategy aims for a diversified portfolio across industries, although there is currently a higher allocation to the pharmaceutical sector due to accumulated knowledge and experience [5][7] - The understanding of what constitutes a "good business" is multifaceted, involving both growth rates and competitive advantages, which are essential for long-term sustainability [15] - The electronic industry is identified as a key area of focus, with confidence in domestic companies' capabilities in technology and innovation, despite the challenges of the sector [14]

Group 1 - The core viewpoint of the articles highlights the increasing popularity and performance of dividend-related ETFs amidst market volatility, with significant inflows and historical scale achievements [1] - In the first half of the year, dividend-related ETFs attracted over 17 billion yuan in net inflows, bringing their total scale to over 140 billion yuan [1] - The Hang Seng Dividend Low Volatility ETF (159545) and the Dividend Low Volatility ETF (563020) received net inflows of 1.5 billion yuan and 1 billion yuan respectively, reaching historical highs in scale [1] Group 2 - The current global uncertainty has led to a heightened demand for risk aversion among investors, making dividend assets attractive due to their stable cash flow and high dividend yield [1] - The policy environment continues to encourage listed companies to distribute dividends, which is expected to attract more funds to the dividend sector in the medium to long term [1] - June marks the peak period for annual dividend distributions, making it a favorable time for positioning in dividend assets as many companies implement dividends during this month [1] Group 3 - E Fund is noted as the only fund company that implements low fee rates across all its dividend ETFs, including products like E Fund Dividend ETF (515180), Dividend Low Volatility ETF (563020), and Hang Seng Dividend Low Volatility ETF (159545) [2]

Core Insights - Southbound capital inflow continues to increase, with related securities also seeing significant volume growth [1] - The Hong Kong Dividend Low Volatility ETF (520550) recorded a net inflow of nearly 70 million yuan on July 7, with a trading volume of 1.31 billion yuan, and its net asset value reached 1.1806, marking a new high since its listing [1] - According to China International Capital Corporation, southbound capital has increased holdings across various sectors in Hong Kong stocks since the beginning of the year, indicating a strategic allocation trend from mainland China [1] Investment Trends - There is a notable rotation in southbound capital, shifting from information technology in Q1 to new consumption in early Q2, and recently focusing on healthcare and financial sectors, reflecting the market's preference for high-growth sectors [1] - The current interest in high-dividend sectors is emphasized in a high-volatility environment, showcasing a defensive value approach [1] - According to China Merchants Securities, dividend assets still hold allocation value during the interest rate cut cycle, with H-shares in the infrastructure sector showing potential for valuation convergence with A-shares [1] ETF Characteristics - The Hong Kong Dividend Low Volatility ETF (520550) offers the lowest market fee rate (comprehensive fee rate of 0.2%), which reduces holding costs [1] - Its monthly dividend mechanism and T+0 trading feature enhance capital efficiency [1] - The ETF's holding structure includes mature industries like finance and energy to create a safety net, while a 5% weight limit per stock helps diversify risks and avoid "dividend yield traps" [1]

Group 1 - The core viewpoint is that dividend assets remain attractive for investors in the current market environment, particularly those with high dividend levels, stable ROE capabilities, and shock-absorbing properties [1] - Historical experience indicates that A-shares typically enter a dividend peak period from May to July, making high-dividend sectors the focus of capital allocation [1] - The A-share dividend index and low-volatility index hit year-to-date lows on April 7, 2023, but have since rebounded significantly, with increases of 8.27% and 12.18% respectively from April 8 to July 7 [1] Group 2 - From April 8, 2023, several A-share dividend-related stocks have seen significant gains, with some stocks like Gongchuang Lawn and Limin Co. rising over 110% [2] - In the Hong Kong market, high-dividend stocks have also performed well, with many stocks rising over 50% from April 10 to July 7, including Hai Feng International and China Hongqiao [2] - Analysts suggest that the previous broad logic of dividend investment needs to be reassessed, recommending a focus on "pro-cyclical" sectors that benefit from the current economic recovery, particularly in the consumer sector [2]

Core Viewpoint - The recent performance of dividend-themed funds has been strong, driven by stable cash dividends and market fluctuations, leading to potential dual returns for investors [1][3]. Group 1: Fund Performance - Since April 10, several dividend-themed funds have seen significant net value increases, with 27 products rising over 20% and more than 70 funds increasing over 10% [1]. - Notable inflows into dividend-themed ETFs include nearly 2.7 billion yuan into the Southern S&P China A-share Large Cap Dividend Low Volatility ETF and over 2.5 billion yuan into the Huatai-PB Dividend Low Volatility ETF [1]. Group 2: Investment Strategy - Dividend index funds are evolving from traditional income tools to core components of asset allocation, addressing sustainability issues of high dividend companies through quantitative rules and periodic rebalancing [2]. - Investors can diversify their portfolios using dividend index funds, focusing on different cash flow schedules or reinvesting annual dividends for long-term growth [2]. Group 3: Market Conditions - In a volatile market, dividend assets provide high safety margins and stable cash flows, making them a more certain investment choice [3]. - The current valuation and dividend yield of dividend assets are attractive, with strong expectations for future capital inflows due to ongoing policy support for long-term investments [3]. Group 4: Hong Kong Market Insights - In the short term, Hong Kong dividend stocks exhibit advantages in dividends and valuations, supported by a favorable market environment [4]. - The mid-term outlook suggests continued value in Hong Kong dividends due to regulatory support for dividends and increased long-term capital inflows in a low-interest-rate environment [4].

Core Viewpoint - The A-share dividend index and Hong Kong dividend assets have shown strong performance since April, indicating that high dividend levels, stable ROE capabilities, and defensive attributes remain attractive to investors in the current market environment [1] Group 1: Market Performance - A-share dividend indices hit year-to-date lows on April 7, with the CSI Dividend Index at 5040.64 points and the CSI Low Volatility Dividend Index at 10348.71 points, followed by a rebound with gains of 8.27% and 12.18% respectively from April 8 to July 7 [1] - The Hong Kong Dividend Index also reached a new low on April 9, but subsequently rose, achieving a historical high on May 23, with a cumulative increase of 19.77% from April 10 to July 7 [1] Group 2: Stock Performance - In the A-share market, several dividend-related stocks have seen significant gains since April 8, with companies like Gongchuang Turf and Limin Co. rising over 110%, and others like Chao Hong Ji and Giant Network increasing by 94% [2] - In the Hong Kong market, high dividend stocks such as Hai Feng International and China Hongqiao have risen over 50% from April 10 to July 7 [2] Group 3: Future Outlook on Dividend Assets - Analysts suggest that the attractiveness of equity markets is gradually surpassing that of bond markets, and the value of dividend assets as a core allocation remains [3] - Dividend assets can be categorized into three types: resource-based, utility-based, and growth-oriented, with a recommendation to focus on cyclical sectors that benefit from economic recovery [3][4] - The banking sector is highlighted as a potential beneficiary of long-term improvements in bad debt cycles, with a recovery in valuations expected due to a decline in non-performing loan rates [3] Group 4: Investment Strategy - The classification of "pan-dividend" assets into resource-type, bond-type, and growth-type is emphasized, with different types performing best during various economic cycles [4] - Growth-type dividends are expected to perform well during the "market bottom to profit bottom" phase, driven by active expansion of interest margins, while resource-type and bond-type dividends excel during initial slowdowns [4]