Core Viewpoint - The article discusses the performance and characteristics of the China Securities Dividend Value Index, which tracks 50 high dividend yield and value-oriented stocks, primarily in the banking, coal, and transportation sectors, accounting for approximately 80% of the index [3][4]. Summary by Relevant Sections Index Composition and Performance - The China Securities Dividend Value Index consists of 50 stocks with high dividend yields and notable value characteristics, reflecting the overall performance of high dividend and value stocks [3]. - As of the midday close on August 19, 2025, the index showed a performance change of 72.0% [4]. - The rolling price-to-earnings (P/E) ratio of the index is reported at 7.6 times [4]. Historical Context and Adjustments - The index has been in existence since 2014, with its valuation percentile indicating historical performance relative to current valuations [4]. - The index was adjusted from a market capitalization-weighted to a stock rate-weighted methodology on December 16, 2013 [4]. Dividend Yield Calculation - The dividend yield is calculated as the total cash dividends (pre-tax) over the stock market value, with the index considering the average cash dividend yield over the past three years [5]. - The actual dividend yield received by fund holders may be lower than the reported values due to applicable tax rates, which vary between markets [5]. Fund Management and Fees - The fund associated with the index has a low management fee of 0.15% per year and a custody fee of 0.05% per year [5].

Group 1 - The Hang Seng High Dividend Low Volatility Index rose by 0.7%, aiming for a "four consecutive days" increase [1] - The CSI Dividend Low Volatility Index increased by 0.2%, while the CSI Dividend Index and CSI Dividend Value Index fell by 0.02% and 0.04% respectively [1] - The trading volume of the Hang Seng Dividend Low Volatility ETF (159545) reached nearly 80 million yuan, with its total scale reaching a historical high of 4.05 billion yuan as of yesterday [1]

Group 1 - The core indices such as the China Securities Dividend Value Index and the China Securities Dividend Low Volatility Index have shown slight increases of 0.2% and 0.1% respectively, while the Hang Seng High Dividend Low Volatility Index has decreased by 0.8% [1] - The Hang Seng Dividend Low Volatility ETF (159545) experienced a net inflow of 1.5 billion yuan in July, reaching a total size of nearly 4 billion yuan, marking a record high since its inception [1] Group 2 - The China Securities Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, primarily from the banking, coal, and transportation sectors, which together account for over 55% of the index [2] - The China Securities Dividend Low Volatility Index is composed of 50 stocks that exhibit good liquidity, continuous dividends, and moderate dividend payout ratios, with a significant representation from the banking, transportation, and construction sectors, accounting for nearly 70% [2] - The Hang Seng High Dividend Low Volatility Index includes 50 stocks within the Hong Kong Stock Connect that have good liquidity and low volatility, with financial, industrial, and energy sectors making up nearly 70% of the index [2] - The China Securities Dividend Value Index is made up of 50 stocks that exhibit high dividend levels and value characteristics, with banking, coal, and transportation sectors representing approximately 80% of the index [2]