Core Viewpoint - On June 25, the A-share market continued its upward trend, with the three major indices collectively rising, while stock ETFs experienced a net outflow of 3.3 billion yuan, indicating some investors chose to take profits amidst the market rally [2][3]. Fund Flow Summary - As of June 25, 2025, the total number of stock ETFs in the market reached 1,121, with a total scale of 3.61 trillion yuan. On this day, stock ETFs saw a net outflow of over 3.3 billion yuan, despite 29 ETFs experiencing net inflows exceeding 10 million yuan each [3][4]. - The top three stock ETFs with the highest net inflows were Huatai-PB CSI A500 ETF, GF Non-Bank ETF, and E Fund Hong Kong Securities ETF, each with inflows exceeding 660 million yuan. Notably, the Huatai-PB CSI A500 ETF had a net inflow of over 3 billion yuan, while the E Fund Hong Kong Securities ETF saw a record trading volume surpassing 27 billion yuan [3][4]. - Gold ETFs also saw a resurgence in net inflows, attracting 580 million yuan on the same day, as international gold prices experienced fluctuations [3][4]. ETF Performance - On June 25, several broad-based and sector ETFs experienced significant net outflows, with 28 ETFs seeing outflows exceeding 100 million yuan. The broker ETF, CSI 300 ETF, and SSE 50 ETF were among those with the largest outflows, collectively losing nearly 2.6 billion yuan [6]. - In June, stock ETFs overall showed a slight net inflow, accumulating over 1 billion yuan, with the CSI A500 ETF, Hong Kong Innovative Drug ETF, and Hong Kong Securities ETF leading in net inflows [6]. Fund Company Insights - Among leading fund companies, E Fund's ETF scale reached 645.99 billion yuan on June 25, with an increase of 11.48 billion yuan. The Hong Kong Securities ETF saw a net inflow of 690 million yuan, while the Securities Insurance ETF and Medical ETF attracted 100 million yuan and 40 million yuan, respectively [4]. - Huaxia Fund's A500 ETF and Robot ETF led in net inflows on June 25, with inflows of 273 million yuan and 212 million yuan, respectively, bringing their latest scales to 14.16 billion yuan and 16.838 billion yuan [4]. Market Sentiment - According to Tianhong Fund's manager, the core market contradiction has shifted from being dominated by external shocks to internal resilience recovery, suggesting that reduced uncertainty will create conditions for enhanced returns. The overall market volatility is expected to be controllable, and capturing sector rotation rhythms may enhance returns [6]. - Longcheng Fund noted that the "technology narrative" logic in the capital market is becoming increasingly clear, highlighting the long-term investment value of the technology sector. In the current low-interest-rate environment, the sustained decline in the risk-free return rate is driving long-term logic for high-dividend assets, suggesting a "technology + dividend" strategy [7].

Group 1 - The central viewpoint of the articles highlights the recent monetary policy adjustments by the central bank, including interest rate cuts and reserve requirement ratio reductions, aimed at stabilizing market expectations and promoting investment in dividend assets [2] - The "technology + dividend" strategy has been a strong market theme since the fourth quarter of last year, with the dividend yield of the low-volatility dividend index exceeding 6%, making dividend assets attractive [2] - The comparison of dividend assets with government bond yields shows that the 10-year government bond yield is around 1.68%, significantly lower than the dividend yield of over 6%, indicating a favorable investment environment for dividend assets [2] Group 2 - The launch of the Changcheng CSI Low Volatility Dividend 100 Index ETF provides investors with more diversified options for dividend investment, tracking a strict selection of stocks based on liquidity, high dividends, and low volatility [3] - The index is rebalanced quarterly, allowing it to adapt to market changes, with the latest adjustment on March 17 adding 13 new stocks with an average dividend yield of 5.53% and an average volatility of 26.11%, both better than the stocks removed [3] - The industry distribution of the index shows a focus on "finance + cyclical + consumer" sectors, covering 23 industries, which may uncover multiple dividend opportunities [3]

5月20日，LPR下调如期而至，迎来年内首次下调！央行宣布将一年期和五年期贷款市场报价利率 （LPR）分别从3.1%与3.6%下调至3%和3.5%。同时，多家国有大行及部分股份行再度下调存款挂牌利 率，此次调整涉及活期存款、定期存款和通知存款等多种产品类型，其中一年期存款利率达0.95%，跌 破1%。在适度宽松的货币政策下，低利率环境或将长期延续。 在低利率时代和海外不确定性犹存双重因素驱动下，科技、红利的配置逻辑均有支撑，而当前港股市场 呈现震荡格局，市场热点轮动加速，"科技+红利"的哑铃策略备受关注！主流的港股红利ETF基金 （513820）和恒生科技ETF基金（513260）今年以来交投显著放量，热度攀升，那么"科技+红利"哑铃 策略配置逻辑在哪里？历史表现怎么样？下面就来看一看。 【国内低利率与海外不确定性仍存环境下，"红利+科技"双重逻辑适配】 无风险利率步入"1"时代，高股息资产因其稳定现金分红水平成为不确定环境下，相对稳健的高性价比 投资选择。在货币政策适度宽松背景下，低利率环境或长期延续，叠加政策推动长期资金加速入市，高 股息类ETF配置仍有提升空间！同时，在全球贸易格局不确定性背景下，资金布 ...