Core Viewpoint - The Hong Kong stock market experienced a pullback today, while energy stocks such as coal and oil and petrochemicals rose against the trend, driving the Hong Kong dividend sector upward [1] Group 1: Market Performance - The Hang Seng High Dividend Low Volatility Index rose by 0.4% at market close [1] - The CSI Dividend Index and CSI Dividend Value Index both fell by 0.5%, while the CSI Dividend Low Volatility Index decreased by 0.8% [1] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of approximately 50 million units throughout the day [1] Group 2: Fund Management and Fees - E Fund is currently the only fund company that implements low fee rates for all dividend ETFs [1] - The management fee rate for the Hang Seng Dividend Low Volatility ETF (159545), E Fund Dividend ETF (515180), Dividend Low Volatility ETF (563020), and Dividend Value ETF (563700) is set at 0.15% per year [1] - These low fees are designed to assist investors in cost-effective allocation to high dividend assets [1] Group 3: Index Composition - The E Fund Dividend ETF (515180) tracks the CSI Dividend Index, which consists of 100 stocks with high cash dividend yields and stable dividends, reflecting the overall performance of high dividend A-shares [3] - The banking, coal, and transportation sectors account for nearly 55% of the index, with the banking sector having a significant weight [3] - The index has a rolling price-to-earnings ratio of 8.7 times and a dividend yield of 4.2% [3] Group 4: Value Characteristics - The index consists of 50 stocks with high dividend yields and prominent value characteristics, reflecting the overall performance of high dividend and value stocks [6] - The banking, coal, and transportation sectors make up over 75% of the index [6] - The index has a rolling price-to-earnings ratio of 8.1 times and a dividend yield of 4.0% [6]

Core Viewpoint - The dividend sector is experiencing mixed performance, with the CSI Dividend Low Volatility Index slightly up by 0.1%, while the CSI Dividend Value Index and CSI Dividend Index both down by 0.4%, and the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index down by 0.5% [1] Group 1: Market Performance - As of the midday close, the CSI Dividend Low Volatility Index increased by 0.1% [3] - The CSI Dividend Value Index and CSI Dividend Index both decreased by 0.4% [3] - The Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index fell by 0.5% [3] Group 2: Fund Flows - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of over 150 million units in half a day [1] - This ETF has experienced net inflows for eight consecutive trading days, totaling over 500 million yuan [1] Group 3: Index Composition - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, with banking, coal, and transportation sectors accounting for nearly 55% [3] - The CSI Dividend Low Volatility Index is composed of 50 stocks with good liquidity and continuous dividends, with banking, transportation, and construction sectors making up over 65% [3] - The Hang Seng Dividend Low Volatility Index includes 50 stocks with moderate dividend payout ratios and low volatility, with financial, industrial, and energy sectors exceeding 65% [3]

Group 1 - The Hang Seng High Dividend Low Volatility Index (HSHYLV.HI) decreased by 0.98%, with notable declines in major stocks such as CLP Holdings (-0.4%), Hang Seng Bank (-0.1%), and China Resources Gas (-0.3%) [1] - The Hang Seng Dividend Low Volatility ETF (159545) closely tracks the HSHYLV index and has seen a net inflow of over 130 million in the past five days, with the latest fund size reaching 4.158 billion [1] - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00%, following a previous cut on September 17 [1] Group 2 - The HSHYLV index is designed to reflect the performance of high dividend, low volatility stocks available for trading through the Hong Kong Stock Connect, with a focus on mature and stable sectors such as finance, real estate, and energy [2] - The Hang Seng Dividend Low Volatility ETF (159545) has a mechanism for evaluating excess returns and distributable profits quarterly, which enhances cash yield stability and investor experience [2] - The E Fund Dividend Index series includes multiple ETFs aimed at providing monthly cash flow to investors, ensuring a consistent dividend distribution throughout the year [2]

Core Viewpoint - The performance of various dividend-focused indices and ETFs in the Chinese and Hong Kong markets shows a mixed trend, with some indices experiencing slight increases while others have declined, indicating varying investor sentiment and market conditions. Group 1: Index Performance - The Hang Seng High Dividend Low Volatility Index increased by 0.2% [1] - The CSI Dividend Low Volatility Index rose by 0.1% [1] - The CSI Dividend Value Index saw a slight increase of 0.04% [1] - The CSI Dividend Index decreased by 0.4% [1] Group 2: ETF Subscription Activity - The Hang Seng Dividend Low Volatility ETF (159545) recorded a net subscription of nearly 80 million units throughout the day [1] Group 3: Index Composition and Characteristics - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, with significant representation from the banking, coal, and transportation sectors, accounting for nearly 55% [3] - The CSI Dividend Low Volatility Index is composed of 50 stocks with good liquidity and continuous dividends, with over 65% representation from the banking, transportation, and construction sectors [3] - The Hang Seng Dividend Low Volatility ETF tracks an index made up of 50 stocks within the Hong Kong Stock Connect that have high dividend levels and low volatility, with over 65% representation from the financial, industrial, and energy sectors [3] - The CSI Dividend Value Index includes 50 stocks with high dividend yields and value characteristics, with over 75% representation from the banking, coal, and transportation sectors [3]

Group 1 - The Hang Seng High Dividend Yield Index (HSSCHKY) increased by 0.83% as of August 21, 2025, with notable gains from stocks such as Jianfa International Group (up 3.50%) and China Unicom (up 3.09%) [3] - The Bosera Hang Seng High Dividend ETF (513690) rose by 0.73%, with a latest price of 1.1 yuan, and has accumulated a 2.05% increase over the past two weeks [3] - Long-term funds, particularly from insurance companies, are actively purchasing bank stocks, with Ping An Life increasing its holdings in Agricultural Bank of China H-shares to 4.329 billion shares, representing over 14% of the total H-shares [3] Group 2 - The overall fundamentals of the banking sector have improved, with stable credit growth, narrowing interest margin declines, decreasing non-performing loan ratios, and rising provision coverage ratios [4] - The Bosera Hang Seng High Dividend ETF has a current scale of 4.738 billion yuan, with leveraged funds continuing to invest, showing a financing buy-in amount of 9.074 million yuan [4] - The ETF has achieved a net value increase of 58.32% over the past three years, ranking 92 out of 1850 in the index equity fund category [4] Group 3 - The Bosera Hang Seng High Dividend ETF has a management fee rate of 0.50% and a custody fee rate of 0.10% [5] - The ETF closely tracks the Hang Seng High Dividend Yield Index, which reflects the performance of high dividend securities listed in Hong Kong [5] - The top ten weighted stocks in the index account for 29.41% of the total, including companies like Yanzhou Coal Mining and China Petroleum [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 Hang Seng High Dividend Low Volatility ETF tracks the Hang Seng Stock Connect High Dividend Low Volatility Index, which consists of 50 stocks with good liquidity, continuous dividends, moderate dividend payout ratios, and low volatility, reflecting the overall performance of high dividend and low volatility companies in the Stock Connect range [4] - The index is heavily weighted towards the financial, industrial, and energy sectors, which together account for nearly 70% of the index [4] - The China Securities High Dividend Value Index consists of 50 stocks with high dividend yields and prominent value characteristics, reflecting the overall performance of high dividend and value stocks, with the banking, coal, and transportation sectors making up about 80% of the index [6] Group 2 - As of the midday close, the Hang Seng High Dividend Low Volatility Index increased by 0.5% with a rolling price-to-earnings ratio of 8.3 times [2] - The China Securities High Dividend Value Index rose by 0.4% with a rolling price-to-earnings ratio of 7.74 times [6] - The dividend yield for the indices is calculated based on the sum of the last 12 months' cash dividends (pre-tax) divided by the market value of the stocks [6]