Core Viewpoint - The capital market in the first half of 2025 exhibited a "barbell" pattern, with small-cap indices performing well while growth and dividend indices lagged. The Chinese economy is at an "L-shaped" bottom, with the peak of corporate profit pressure likely passed, driven by PPI recovery and "anti-involution" policies that may lead to profit restoration [3][6][10]. Capital Market Review - The capital market showed a significant "barbell" characteristic, with the Hang Seng China Enterprises Index and the CSI 2000 small-cap index performing well, while growth and dividend indices underperformed [6]. - Concerns over tariffs have diminished, as the market realized that the tax rate differences between China and other countries were not as significant as initially feared. Despite a 34% year-on-year decline in exports to the U.S. in May, overall exports from China remained positive, indicating resilience [7]. - The strong performance of Hong Kong stocks can be attributed to southbound capital flows and the resonance of multiple industries, particularly pharmaceuticals, materials, technology, and finance [8]. - Economic concerns persist, with PPI experiencing three consecutive years of negative growth and real estate investment declining for four years, raising worries about future economic growth [9]. Macroeconomic Outlook - The domestic economy is at an "L-shaped" bottom, with fiscal policy showing a notable increase in its share of GDP. However, much of this fiscal spending is directed towards debt resolution rather than direct economic stimulation [10]. - Export resilience is supported by two main factors: improvements in manufacturing capabilities and currency fluctuations. The depreciation of the dollar has made Chinese exports more competitive despite a stronger yuan against the dollar [12]. - The insurance sector has seen significant improvements in sales, driven by a reduction in the number of agents and an increase in productivity per agent post-pandemic [13]. Capital Market Outlook - Corporate profit pressure appears to have peaked, with signs of recovery expected as PPI rebounds. The "anti-involution" policy may help improve profitability in competitive industries [15]. - The current risk premium in the A-share market is high, suggesting attractive valuation levels for potential returns [18]. - Future capital market growth may be supported by three key sources of incremental funds: increased household savings, institutional investments, and foreign capital inflows [19][20]. Investment Opportunities - Focus on opportunities for profit recovery as the economy remains at the bottom of the "L" shape, with potential improvements in supply-demand dynamics [21]. - Emphasis on dividend strategies in a low-interest-rate environment, particularly in manufacturing and consumer sectors, as companies reduce capital expenditures [22]. - Growth opportunities in new products and technologies, particularly in AI and new consumer scenarios, are expected to emerge [23].

据同花顺（300033）数据，名称中带有"红利"或"高股息"的ETF基金中，绝大多数年内净值实现上涨。 其中，华夏恒生中国内地企业高股息率ETF、博时恒生高股息ETF、景顺长城国证港股通红利低波动率 ETF、华夏中证港股通央企红利ETF、汇添富中证港股通高股息投资ETF等13只ETF今年以来的净值涨 幅超过20%；嘉实中证港股通高股息投资ETF、南方中证国新港股通央企红利ETF、广发中证国新港股 通央企红利ETF等13只ETF净值涨逾10%。 分析称，低利率期间红利策略的性价比较高 深圳商报记者 詹钰叶 今年，A股红利资产依旧受到资金关注，逾九成红利基金净值上涨。业内认为，在低利率期间红利策略 的性价比相对较高，投资者可根据自身投资需求和风险偏好寻找最契合的红利投资工具。 此外，在红利主题基金中，只有3只今年以来的收益为负，其中包括2只分别在今年7月与8月才成立的新 基金。格林高股息优选混合A是今年以来表现最好的红利主题基金，净值上涨近63%；富国港股通红利 精选混合A、中欧红利优享灵活配置混合A净值涨逾30%；易方达港股通红利混合A、国寿安保高股息混 合A、金鹰红利价值混合A等多只产品净值涨逾20%。 招商 ...

Market Overview - The Shanghai Composite Index has reached 3700 points, leading to increased market divergence among investors regarding whether to take profits or chase high-growth stocks [1] - Short-term fluctuations and pullbacks after reaching new highs are normal, and investors are advised to set stop-loss and take-profit points based on technical indicators [1] Investment Strategy - Full allocation to high-growth stocks at this market level carries significant risk due to previous substantial gains and potential valuation deviations [1] - It is recommended to allocate part of the portfolio to defensive and stable dividend-paying stocks, which provide a safety net during market volatility [1] Fund Introduction - Guotai Dividend Smart Selection (A: 024354 C: 024355) is launched in this context, combining traditional dividend strategies with a dynamic, adaptive style rotation framework [3] - The fund aims to enhance dividend strategies, allowing investors to experience better performance by adjusting the portfolio between "value dividends" and "growth dividends" based on market conditions [4] Performance Metrics - The fund manager, Dr. Gao Chongnan, has a strong background in quantitative strategies, with a successful track record in managing similar products [4] - The fund is expected to maintain a balanced approach between growth and value dividend stocks, including some holdings in high-dividend Hong Kong stocks to capture cross-market opportunities [4] Historical Performance - The Guotai Quantitative Strategy has shown strong performance since its transformation into a quantitative long-only product, with a recent two-year return of 14.40%, outperforming the benchmark and the CSI 300 index [5] - The fund has consistently outperformed the CSI 300 index over the last five complete calendar years [5] Conclusion - Guotai Dividend Smart Selection is positioned as a quality dividend product suitable for various market conditions, providing both growth potential and risk mitigation [7]

风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、 指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现， 基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 来源：金融界 8月21日，两市持续走强。截至10时46分，中证红利质量ETF(159209)放量涨0.82%，盘中创年内第29次新高；吉比特、福耀玻璃持续拉升，资金热度不 减，据Wind Level2实时行情结合均价预估，盘中净流入约800万，截至发稿，该基金获资金连续9日净流入。 分析指出，中证红利质量指数作为传统红利策略的升级版，凭借"高ROE+稳定现金流+合理股息"的独特选股逻辑，正在成为价值投资者关注的新焦点。 该指数从沪深市场中筛选盈利能力强、分红可持续的优质企业，最新数据显示其成分股平均滚动ROE高达22%，一季度净利润增速接近50%，远超主流 宽基指数，而4%的股息率不仅跑赢十年期国债收益率两倍有余，也显著高于沪深300等大盘指数。低费率与月度分红机制的设计 ...

Group 1: Report's Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - The CSI Dividend Index has long - term investment value, with a better Sharpe ratio and smaller maximum drawdown compared to other broad - based indices, and it shows both defensive and offensive characteristics [1] - Dividend assets still have medium - to - long - term allocation value due to policy promotion of corporate dividends and the low - valuation and high - dividend features of the CSI Dividend Index [22][29] - Morgan Dividend Select Fund has investment value, achieving excess returns since its establishment, and its sector selection can contribute to excess returns [1][38] Group 3: Summary by Directory 1. CSI Dividend Index: Focus on High Dividend Yield, with Dual Advantages of Return and Safety Cushion - **Index Composition and Features**: Composed of 100 stocks with high cash dividend yields, stable dividends, and good scale and liquidity in the Shanghai and Shenzhen stock markets, it is an important representative index of the dividend strategy. The index uses dividend - yield weighting, with a relatively dispersed portfolio. As of July 31, 2025, the combined weight of the top ten stocks was 16.43% [6][7][9] - **Industry and Market - Value Distribution**: The industry distribution shows "high - dividend + traditional cycle" characteristics, with the top three weighted industries being banking, coal, and transportation. The market - value distribution of the 100 constituent stocks is wide, including large - cap leading companies and small - and medium - cap companies, presenting a combination feature of "stable returns from core leaders + elastic supplementation from small - and medium - cap stocks" [11] - **Long - and Medium - Term Performance**: In the nearly 15 - year back - testing period from January 1, 2011, to August 15, 2025, the annualized return of the CSI Dividend Total Return Index was 8.34%, the Sharpe ratio was 0.41, and the maximum drawdown was - 45.66%. It outperformed other indices in terms of Sharpe ratio and maximum drawdown. It has defensive properties in falling markets and can also keep up with the market in some rising years [14][15] 2. Dividend Assets Still Have Medium - to - Long - Term Allocation Value at the Current Time - **Policy - Driven Corporate Dividends**: Since the end of 2022, regulatory authorities have continuously strengthened policies related to listed - company cash dividends. The dividend - policy system has entered a stage of rigid implementation, increasing the attractiveness of high - dividend assets and creating a medium - to - long - term allocation window for high - dividend strategies [22][23] - **Low Valuation and High Dividend**: The current price - to - book ratio (PB_LF) of the CSI Dividend Index is still below the historical average, and the price - to - earnings ratio (PE_TTM) has rebounded to near the long - term average, showing a pattern of "low PB + stabilizing and rising PE". The current dividend yield remains high, with an average of 4.67% over the past ten years, which is significantly higher than the overall level of the A - share market [29][33] 3. Analysis of the Investment Value of Morgan Dividend Select - **Fund Overview**: It is an active quantitative product under Morgan Fund, established on July 30, 2024, with a performance benchmark of 90% of the CSI Dividend Index return + 10% of the after - tax bank current deposit interest rate. The fund aims to achieve excess returns through a quantitative stock - selection model [35][38] - **Performance**: As of August 8, 2025, the cumulative return of Morgan Dividend Select A since its establishment was 17.37%, and the excess return compared to the performance benchmark was 7.47%. The maximum drawdown was comparable to the benchmark. Through sector selection, it can contribute to excess returns [38][40][41] 4. Information on the Fund Manager and Fund Managers - **Fund Manager**: Morgan Asset Management is affiliated with JPMorgan Chase & Co. It offers a diverse and complete fund product line. Its China Index and Quantitative Business provides diversified solutions for both Beta and Alpha investments [45] - **Investment Team**: The China Index and Quantitative Investment Team at Morgan Asset Management has an average of nearly 10 years of work experience. They are currently managing 6 active quantitative products, with a total scale of 1.869 billion yuan [50]

Group 1 - The National Index of Free Cash Flow increased by 0.75% as of August 20, 2025, with notable stock performances including Moulding Technology up 10.04% and SAIC Motor up 6.94% [1] - The cash flow ETF, Jia Shi (159221), saw a trading volume turnover of 3.55% and a transaction value of 42.57 million yuan, with an average daily transaction of 55.94 million yuan over the past month [1] - The cash flow ETF, Jia Shi, experienced a significant growth of 352 million yuan in scale over the past two weeks, ranking first among comparable funds, and has attracted a total of 330 million yuan over the last ten trading days [1] Group 2 - Morgan Stanley's latest report indicates that Chinese bank stocks are expected to rise further, benefiting from stabilized net interest margins and increased fee income, with potential gains of 15% in A-shares and 8% in Hong Kong shares [2] - UBS analysts express an optimistic outlook for foreign investment in the Chinese stock market, predicting that the liquidity-driven bull market rebound will last at least until September [2] - Shenwan Hongyuan Securities highlights that the free cash flow strategy is resilient during market volatility and is suitable for stable growth phases, while dividend strategies provide short-term cash returns during economic downturns, suggesting a complementary effect when combined [2]

风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的 信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资 人须对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 招商基金旗下两只特色红利ETF产品同步日前同步分红已进入尾声。其中，中证红利质量ETF(159209) 上市以来已连续第二个月分红，每份派现0.003元。分红款已于昨日（8月19日）到账。 据了解，中证红利质量ETF（代码：159209）采用"高股息+高质量"双维策略，重点布局消费、医药等 板块中基本面优质的成分股。从历史表现来看，该指数在维持3%-5%股息水平的同时，长期收益表现领 先于市场主流宽基指数。港股红利低波ETF（代码：520550）则追踪恒生港股通高股息低波动指数，依 托"双因子"选股策略，侧重于金融、公用事业等防御型行业配置。该指数目前股息率超过5%，结合港 股市场整体估值偏低的特征，展现出较强的抗风险属性。市场分析认为，这两类产品分别代表了"防御 稳健 ...

Core Insights - The overall financing balance in Shanghai, Shenzhen, and Beijing has been rising, with a net purchase of 92.563 billion yuan in the last six trading days as of August 18, marking a significant increase in market activity [1][2] - The margin financing balance has surpassed 2.1 trillion yuan for the first time in ten years, reaching 2.102309 trillion yuan [1][3] - The electronics, computer, and machinery sectors have seen the highest net purchases, with amounts of 8.094 billion yuan, 4.071 billion yuan, and 2.852 billion yuan respectively [1] Financing Net Purchases by Sector - On August 18, 28 out of 31 sectors recorded net purchases, with significant contributions from electronics, computer, and machinery sectors [1] - Over the past month, 29 sectors experienced net purchases, with electronics, biomedicine, and machinery leading the way with net purchases of 37.986 billion yuan, 22.105 billion yuan, and 16.634 billion yuan respectively [2][3] - The only sectors with net sales were petroleum and coal, with net sales of 0.783 billion yuan and 0.525 billion yuan respectively [2] Individual Stock Performance - On August 18, 2,325 stocks had net purchases, with 965 exceeding 10 million yuan and 97 exceeding 100 million yuan [2] - The top three stocks by net purchase on August 18 were Northern Rare Earth at 736 million yuan, followed by SMIC at 661 million yuan and ZTE at 614 million yuan [2] - Over the past month, 2,474 stocks had net purchases, with 171 exceeding 200 million yuan and 81 exceeding 500 million yuan [3] Market Sentiment and Policy Impact - The increase in margin financing balance is attributed to improved policy expectations and a rebound in market risk appetite, as indicated by the chief strategist of China Galaxy Securities [3] - Regulatory signals aimed at stabilizing the capital market have bolstered investor confidence in the medium to long-term market environment [3]

Market Overview and Key Insights - The Hong Kong stock market's dividend sector continued to rise last week, with the Hang Seng China Central State-Owned Enterprises Dividend Total Return Index increasing by 1.08%, the Hang Seng Index by 1.73%, and the Hang Seng Tech Index by 1.52% [1] - All sectors within the Hang Seng Index experienced gains, with healthcare leading and utilities lagging [1] - Foreign capital inflow into Hong Kong stocks remained strong, with a net inflow of HKD 38.1 billion from southbound funds last week [1] Dividend Strategy and Performance - The Hang Seng China Central State-Owned Enterprises Dividend Index offers a higher dividend yield of 5.83% compared to the CSI Dividend Index at 4.45%, with a price-to-book (PB) ratio of 0.64 and a price-to-earnings (PE) ratio of 6.99 [2] - Since the beginning of 2021, the total return index has accumulated a return of 134%, outperforming the Hang Seng Total Return Index by 124% [2] - The current low interest rate environment and weak economic recovery are favorable for dividend strategies, with strong dividend willingness and capability from central state-owned enterprises [2] ETF Overview - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (code: 513920) tracks the Hang Seng China Central State-Owned Enterprises Dividend Index, reflecting the performance of high-dividend securities listed in Hong Kong with major shareholders being mainland central enterprises [3] - This ETF is the first in the market to combine the attributes of Hong Kong stocks, central enterprises, and dividends [3] ETF Performance - The Huaan Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) had a net asset value of 1.5848 billion and a trading volume of 7.81 billion last week [4] - The top ten weighted stocks in the index showed varied performance, with notable dividend yields and weekly price changes [4]

Group 1 - The core viewpoint of the news is that the market is experiencing fluctuations, with the dividend low volatility ETF (512890) showing a slight decline, while the overall market indices are rising [1][2] - The dividend low volatility ETF has seen a net outflow of 9.76 billion CNY over the past 20 trading days and 4.8 billion CNY over the last 5 days, indicating a trend of capital withdrawal [1][2] - As of August 18, 2025, the circulating scale of the dividend low volatility ETF is 210.27 billion CNY, reflecting its size in the market [1][2] Group 2 - Analysts suggest that the short-term adjustment in bank stocks is primarily a result of marginal capital pricing, but they still hold long-term investment value due to reasonable valuations and attractive dividend yields [1][3] - The dividend low volatility ETF (512890) was established on December 19, 2018, and has achieved a total return of 139.32% since its inception, indicating strong performance [3][4] - The ETF's top holdings have shown mixed performance, with some banks experiencing slight declines while others have seen minor gains, reflecting the volatility in the banking sector [4][5] Group 3 - The investment logic for the dividend sector is shifting from style-driven to stock-driven, with high-quality stocks attracting specific style capital inflows [3][5] - There is a clear asset allocation demand for high dividend stocks, as evidenced by frequent acquisitions by insurance companies and asset management companies [3][5] - Investors seeking stable returns and low-risk volatility can participate in the dividend low volatility ETF through its linked funds, even without a stock account [5]