Core Viewpoint - The article discusses the performance of dividend assets compared to growth assets in different market phases, highlighting the potential risks of dividend assets under certain market conditions, particularly during bull markets [4][26]. Market Phases Analysis - From 2014 to present, dividend assets have shown low volatility and steady growth, while growth assets like the ChiNext have experienced more dramatic fluctuations [6]. - In the early bull market phase (2014-2015), the dividend index rose by 177%, but growth stocks outperformed with a 194% increase in the ChiNext index [8]. - During the 2015 stock market crash, the dividend index fell by 44%, similar to the declines in the CSI 300 and ChiNext indices [11]. - In the structural bull market phase (2016-2017), the dividend index increased by 44%, matching the CSI 300, while the ChiNext index only rose by 6% [14]. - In the bear market of 2018, the dividend index decreased by 25%, but it had the smallest decline compared to other indices [17]. - From 2019 to 2021, the dividend index only increased by 24%, significantly lagging behind the ChiNext's 170% rise [19]. - During the adjustment period (2021-2022), the dividend index fell by 4%, outperforming the CSI 300 and ChiNext indices [21]. - In the current oscillation phase (2022-2024), the dividend index has risen by 4%, while other indices have declined [23]. - Looking ahead to the potential explosive phase starting in Q4 2024, the dividend index is expected to lag behind growth styles due to a lack of valuation elasticity [25]. Investment Strategy Insights - The article concludes that while dividend assets may underperform in bull markets driven by risk appetite, they can perform well in structural bull markets where both valuation and earnings recover [26]. - Historical market trends indicate that a balanced asset allocation is essential for navigating different market environments and achieving sustainable returns [27].

Group 1 - Goldman Sachs reports that the cash returns to shareholders from Chinese listed companies are expected to reach a historical high in 2024, driven by the new "National Nine Articles" policy, strong cash flow, and ample cash reserves [1] - The total cash dividends from onshore and offshore listed companies in China may reach 3 trillion RMB in 2025, setting a new record [1] - The low-volatility dividend index constituents are projected to distribute a total cash dividend of 520.5 billion RMB in 2025, accounting for nearly 40% of all A-share cash dividends [1] Group 2 - The Low-Volatility Dividend ETF (512890) has attracted over 2 billion RMB in net inflows over 26 trading days, making it the only dividend-themed ETF to achieve such inflows during this period [1] - As of July 8, 2025, the fund size of the Low-Volatility Dividend ETF reached 19.974 billion RMB, approaching the 20 billion RMB mark [1] - The Low-Volatility Dividend ETF has consistently delivered positive returns every full year since its inception, ranking first among similar funds over the past five years [1][2] Group 3 - The Low-Volatility Dividend ETF (512890) is one of the few hundred billion-level dividend-themed ETFs in the A-share market, with a total of 829,800 account holders, making it highly favored among retail dividend investors [2] - The fund has achieved over 20 cumulative dividend distributions and has maintained monthly dividends for 22 consecutive months as of July 8, 2025 [2] - Huatai-PB has developed a range of dividend-themed ETFs, managing a total of 41.83 billion RMB across its dividend-themed ETFs as of July 8, 2025 [2]

Group 1 - The market has shown a preference for high-dividend, low-volatility assets due to increased risk aversion, with the first low-volatility dividend ETF (512890) attracting significant net inflows of 510 million CNY from June 30 to July 2 [1] - The low-volatility dividend ETF (512890) has seen continuous net inflows for two weeks since June 16, reaching a total fund size of 19.357 billion CNY as of July 2, marking a historical high [1] - The low-volatility dividend index has outperformed other indices over the past five years, achieving an annualized return of 9.11% as of July 2, compared to 7.21% and 6.85% for other indices [1] Group 2 - Since its establishment at the end of 2018, the low-volatility dividend ETF (512890) has consistently delivered positive returns annually, making it a unique defensive equity ETF in the market [2] - The connection funds for the low-volatility dividend ETF (512890) have attracted 829,800 holders, making it the only dividend-themed index fund with over 800,000 holders in the same period [2] - The fund has achieved over 20 cumulative dividend distributions and has maintained monthly dividends for 21 consecutive months as of July 2 [2] Group 3 - Huatai-PineBridge has developed a range of dividend-themed ETFs, including the first dividend ETF (510880) and the first QDII mode high-dividend ETF (513530), with a total management scale of 41.69 billion CNY as of July 2 [3]

Core Viewpoint - The red dividend low volatility ETF (512890) has shown strong resilience in the market, attracting significant capital inflow and achieving a substantial fund size, indicating its appeal as a defensive investment option in a volatile market environment [1][2]. Group 1: Performance and Attractiveness - As of June 30, the red dividend low volatility ETF (512890) has a historical high point since its base date (December 30, 2005), with an annualized return of 9.47% over the past five years, outperforming the red dividend low volatility 100 index and the S&P Hong Kong Stock Connect low dividend index, which had annualized returns of 7.43% and 6.49% respectively [1]. - The red dividend low volatility ETF (512890) has attracted a cumulative net inflow of 1.02 billion yuan since June 16, indicating growing investor interest [1]. - By June 30, the fund size of the red dividend low volatility ETF (512890) reached 18.741 billion yuan, making it one of the few hundred billion-level dividend-themed ETFs in the A-share market [1]. Group 2: Investment Opportunities - In the current investment environment characterized by rapid rotation of hot sectors and declining risk-free interest rates, dividend assets with stable ROE and defensive characteristics are expected to remain attractive, serving as an important allocation direction for risk-averse investors [2]. - For investors without stock accounts, the red dividend low volatility ETF (512890) has associated connection funds (including A class 007466, C class 007467, I class 022678, Y class 022951) that are also gaining popularity among off-market investors [2]. - The connection fund of Huatai-PineBridge's red dividend low volatility ETF is notable for having over 820,000 account holders, making it one of the few dividend-themed index funds with such a high number of holders [2]. Group 3: Fund Management - Huatai-PineBridge has developed a comprehensive range of dividend-themed ETFs, including the first red dividend ETF (510880) and the first QDII mode ETF for high dividend stocks in Hong Kong (513530), with a total management scale of 41.108 billion yuan as of June 30, 2025 [3].

Group 1 - The market has returned to a volatile pattern, but the dividend low volatility index, represented by the dividend low volatility ETF (512890), shows strong resilience [1] - As of June 26, 2025, the dividend low volatility ETF (512890) has achieved a cumulative increase of 10.43% over the past year and an annualized return of 9.71% over the past five years, outperforming other indices [1] - The dividend low volatility ETF (512890) has consistently generated positive returns annually since its establishment at the end of 2018, making it a unique performer in the A-share market [1] Group 2 - A total of 350 A-share companies are expected to distribute dividends amounting to 205 billion yuan this week, indicating a peak period for dividend distributions [2] - The dividend low volatility ETF (512890) has seen significant inflows, with a total of 1.382 billion yuan accumulated in 18 trading days, leading to a fund size increase of 2.143 billion yuan [1][2] - The fund has reached a historical high in size of 19.094 billion yuan as of June 26, 2025, following seven consecutive trading days of growth [1] Group 3 - Huatai-PineBridge has developed a range of dividend-themed ETFs, including the first dividend ETF (510880) and the first QDII mode ETF for high dividends in Hong Kong stocks (513530), managing a total of 41.6 billion yuan in assets [3] - The Huatai-PineBridge dividend low volatility ETF connection fund has over 829,800 holders, making it one of the most favored dividend-themed index funds among retail investors [2][3]

Group 1 - The total scale of public funds in China reached a new high of 33.74 trillion yuan by the end of May 2025, reflecting the robust development of the asset management industry and investors' continued preference for professional investment services [1] - As of May 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications, managing a total net asset value of 33.74 trillion yuan, an increase of 0.62 trillion yuan or 1.87% from the end of April [1] - The total scale of public funds has set a historical record for the eighth time since 2024, showcasing the strong growth momentum of China's asset management industry [1] Group 2 - By the end of May, the net asset value of open-end funds totaled 29.98 trillion yuan, while closed-end funds accounted for 3.76 trillion yuan, with open-end funds continuing to expand in scale, shares, and quantity [1] - Open-end funds include five major categories: stock funds (4.58 trillion yuan), mixed funds (3.57 trillion yuan), bond funds (6.78 trillion yuan), money market funds (14.40 trillion yuan), and QDII funds (0.65 trillion yuan), with most categories experiencing growth [2] - Money market and bond funds significantly contributed to the overall growth of public fund scale, with increases of 407.13 billion yuan and 221.88 billion yuan, respectively [2] Group 3 - The number of equity funds is a key focus for public institutions, with 60 new stock funds added by the end of May, indicating a long-term positive outlook for the equity market [2] - In the context of global uncertainty and moderate domestic economic recovery, the industry suggests maintaining a balanced allocation towards high-growth technology assets and high-dividend cyclical assets [3]

Group 1 - The core viewpoint of the articles highlights the acceleration of long-term capital entering the market due to regulatory measures and the favorable low-interest-rate environment, which is expected to enhance the maturity of the "long money long investment" market ecology in A-shares [1][2] - Since the beginning of the year (January 1 to June 24), a total of 17.8 billion yuan has flowed into dividend-themed ETFs, indicating strong investor interest in high-dividend assets [1] - The Hongli Low Volatility ETF (512890) has attracted 3.978 billion yuan in inflows and has become a key target for capital allocation, with significant daily net inflows recorded [1][2] Group 2 - The Hongli Low Volatility ETF (512890) has reached a new scale high of 18.804 billion yuan as of June 24, reflecting its popularity among investors [2] - The ETF has demonstrated strong defensive attributes, making it appealing to risk-averse investors, and has achieved positive returns every year since its inception in 2018 [2] - The associated connection funds for the Hongli Low Volatility ETF have gained significant traction, with 829,800 holders as of the end of 2024, making it one of the most favored dividend index funds among retail investors [2] Group 3 - The Huatai-PineBridge Zhongzheng Hongli Low Volatility ETF connection fund has distributed dividends for 21 consecutive months, showcasing its reliability in providing returns to investors [3] - Huatai-PineBridge has developed a diverse range of "dividend family" products, including the first dividend-themed ETF and a QDII model ETF, with total management scale exceeding 41.4 billion yuan as of June 24 [3]

Group 1 - The core viewpoint of the articles highlights the strong performance of Hong Kong dividend stocks, driven by a shift in risk appetite towards defensive asset allocation, with a significant increase in fund inflows and market capitalization of dividend ETFs [1][22][19] - As of June 23, the Hong Kong Dividend Low Volatility ETF (520550) has reached 34 new highs this year, with a year-to-date scale growth of 169%, marking a historical peak [1][11] - The total dividend payout of Hong Kong stocks reached HKD 1.38 trillion in 2024, reflecting a year-on-year growth of over 10%, with 927 companies announcing dividends [2][17] Group 2 - The average dividend yield of Hong Kong stocks is significantly higher than that of A-shares across various sectors, including real estate, telecommunications, public utilities, and finance, making them attractive for investors seeking high-yield opportunities [2][4] - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index has an average dividend yield of 6.47%, with 38% of its constituent stocks yielding over 7% [4][6] - The index's current PE (TTM) is 7 times, and PB is 0.6 times, indicating a high margin of safety compared to similar indices [6][4] Group 3 - There is a strong demand from insurance funds for high-dividend assets in Hong Kong, driven by the positioning of insurance OCI accounts and the domestic asset scarcity [22][23] - The monthly dividend mechanism and T+0 trading characteristics of the Hong Kong Dividend Low Volatility ETF (520550) enhance capital efficiency, while its holding structure provides risk diversification [9][19] - The total scale of Hong Kong dividend ETFs has exceeded HKD 40 billion, with a year-to-date inflow of HKD 10.7 billion, representing a growth of 40% [19][20]

Core Insights - The domestic market continues to experience fluctuations due to overseas geopolitical disturbances and political maneuvering, with a notable preference for defensive dividend assets among investors [1] - The Dividend Low Volatility ETF (512890) has seen significant inflows, achieving a net growth in fund size of 39.5 billion CNY over the past three and a half months, making it the only dividend-themed fund to surpass this growth during the same period [1][2] Group 1 - The Dividend Low Volatility ETF (512890) has a current size of 176.57 billion CNY and has attracted 26.9 billion CNY in investments since March 2025 [1][2] - As of the end of Q1 2025, the average completion rate of key reform tasks for central and local state-owned enterprises has exceeded 80%, with a focus on high-quality completion of these reforms [1] - The underlying index of the Dividend Low Volatility ETF consists of 50 stocks with high dividend yields and low volatility, with a significant 69.63% of its components being central state-owned enterprises [2] Group 2 - The Dividend Low Volatility ETF is the first ETF to track the Dividend Low Volatility Index and has surpassed 100 billion CNY in size, indicating strong market interest [2] - The ETF's linked funds have also gained popularity, with 829,800 account holders as of the end of 2024, making it one of the few dividend-themed index funds with such a high number of investors [2] - The ETF has consistently paid monthly dividends for 21 consecutive months, and its Y share class has become the first index fund eligible for personal pension investments, exceeding 100 million CNY in size by March 31, 2025 [2]

Core Viewpoint - The market is experiencing a decline in major stock indices due to ongoing geopolitical disturbances affecting risk appetite, which is driving investment towards low-volatility dividend ETFs, particularly the Reducing Volatility Dividend ETF (512890) [1] Group 1: Market Performance - As of June 16, 2025, the Reducing Volatility Dividend ETF (512890) has attracted a total of 1.089 billion yuan in net inflows over 15 trading days, with 12 days of positive inflow [1] - The fund's scale reached 17.737 billion yuan, with an increase of 2.838 billion units and 3.987 billion yuan in size since its launch [1] Group 2: Dividend Distribution - By June 16, 2025, 1,950 A-share listed companies had completed their dividend plans for 2024, with an additional 416 companies announcing their annual equity distribution [1] - Historically, the period from May to July is a peak time for dividend distributions among A-share companies, indicating a potential increase in focus on dividend assets [1] Group 3: ETF Characteristics - The Reducing Volatility Dividend ETF (512890) tracks an index comprising 50 stocks known for continuous dividends, high dividend yields, and low volatility [1] - The index has shown a 13.8% annualized growth since May 2025, reaching a high point since its base date of December 30, 2005 [1] Group 4: Fundholder Engagement - As of the end of 2024, the connecting funds of the Reducing Volatility Dividend ETF (512890) had 829,800 holders, making it one of the few dividend-themed index funds with over 800,000 holders [1] - The fund has consistently paid monthly dividends for 21 consecutive months, with its Y share (022951) being the first index fund eligible for personal pension investments [1] Group 5: Fund Management - Huatai-PineBridge has developed a range of five dividend-themed ETFs, including the first dividend ETF (510880) and a QDII model ETF (513530) for high-dividend Hong Kong stocks [1] - As of June 16, 2025, the total management scale of Huatai-PineBridge's dividend-themed ETFs exceeded 40.3 billion yuan [1]