Core Viewpoint - Two dividend ETFs under China Merchants Fund have implemented dividend distributions, highlighting the growing trend of dividend investment strategies in the market [1][2]. Group 1: Dividend Distribution Details - The CSI Dividend Quality ETF (code: 159209) distributed a cash dividend of 0.003 yuan per share, with a distribution ratio of 0.3% [1]. - The Hong Kong Dividend Low Volatility ETF (code: 520550) distributed a cash dividend of 0.004 yuan per share, with a distribution ratio of 0.33% [1]. - The Hong Kong Dividend Low Volatility ETF linked funds (Class A 024029/Class C 024030) have fully opened for subscription and redemption [1]. Group 2: Investment Strategies - The market has formed two main dividend investment strategies: - Deep Value Strategy: Represented by the Hong Kong Dividend Low Volatility ETF, which tracks the Hang Seng High Dividend Low Volatility Index, focusing on "high dividend + low volatility" factors, with a current dividend yield exceeding 8% [1]. - Value Growth Strategy: The CSI Dividend Quality ETF focuses on "high dividend + high profitability quality," selecting high-quality fundamentals in sectors like consumer and pharmaceuticals, with a historical yield of 3%-5% [1]. Group 3: Investment Recommendations - Current allocation suggestions recommend a dynamic balance to seize dividend opportunities, allowing investors to choose based on their risk preferences [2]. - Conservative investors may focus on the Hong Kong Dividend Low Volatility ETF, while aggressive investors may pay attention to the CSI Dividend Quality ETF [2]. - For portfolio allocation, a "barbell strategy" is suggested to dynamically adjust the proportion of the two product types, with regular rebalancing recommended [2].

Core Viewpoint - The article discusses the recent dividend distributions of two ETFs managed by China Merchants Fund, highlighting the strong performance of dividend stocks in both A-share and Hong Kong markets, and the evolving strategies in dividend investment [1][2]. Group 1: Dividend Distribution - China Merchants Fund's two ETFs, the CSI Dividend Quality ETF (code: 159209) and the Hong Kong Dividend Low Volatility ETF (code: 520550), have recently implemented dividend distributions, with the former distributing a cash dividend of 0.003 yuan per share (0.3% dividend ratio) and the latter distributing 0.004 yuan per share (0.35% dividend ratio) [1]. - The Hong Kong Dividend Low Volatility ETF's linked funds (Class A 024029/Class C 024030) have opened for subscription and regular investment since July 14 [1]. Group 2: Investment Strategies - The current market has developed two main dividend investment strategies: - Deep Value Strategy, represented by the Hong Kong Dividend Low Volatility ETF, which tracks the Hang Seng High Dividend Low Volatility Index, focusing on "high dividend + low volatility" factors, with a current dividend yield exceeding 8% [1]. - Value Growth Strategy, represented by the CSI Dividend Quality ETF, which emphasizes "high dividend + high profitability quality," selecting high-quality fundamentals in sectors like consumer and pharmaceuticals, with historical data showing long-term returns outperforming mainstream indices [1]. Group 3: Investment Recommendations - Analysts suggest a dynamic balance in dividend investment opportunities, allowing investors to choose based on their risk preferences. Conservative investors may focus on the Hong Kong Dividend Low Volatility ETF, while aggressive investors may consider the CSI Dividend Quality ETF [2]. - For portfolio allocation, a "barbell strategy" is recommended to dynamically adjust the proportion of the two types of products, with periodic rebalancing suggested [2]. - Both ETFs utilize a monthly assessment dividend mechanism, enhancing cash flow experience for investors while effectively controlling holding costs through a low fee structure [2].