1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report analyzes the development of monthly dividend products at home and abroad, pointing out that the development of regular payment products in the Chinese mainland is slow. Based on the characteristics of fund products and overseas experience, it is believed that fixed - income + funds, dividend - related equity funds, and technology funds adopting a monthly dividend evaluation mechanism are highly attractive [4][10]. 3. Summary According to the Table of Contents 3.1 Japan's Monthly Dividend - Type Products - **Overview of Japan's Monthly Settlement (Dividend) Products**: The scale of Japan's monthly settlement funds reached a peak of over 42 trillion yen in 2014 and dropped to 21.7 trillion yen in June 2025. High dividend payments relative to actual management income affected product net worth. From 2016 - 2019, the principal proportion in dividends was over 70%, but it dropped below 30% in 2024 [6][13]. - **Case of Mitsubishi Global Stock Investment (Monthly Settlement) Product**: This monthly - settlement product had a single - share cumulative payment of 10,825 yen, with a maximum monthly payment of 700 yen and a minimum of 10 yen. From 2012/2/7 - 2021/8/10, the monthly payment was fixed at 10 yen, and it increased to 110 yen in September 2021 after the product's face value returned above 10,000 yen [6][17]. 3.2 Monthly Dividend Products in Taiwan, China - **Proportion of Monthly Dividend Products in Taiwan, China**: As of June 30, 2025, among fixed - dividend - cycle fund products in Taiwan, China, quarterly - dividend products had the highest scale proportion (61.0%), followed by monthly - dividend products (24.2%) [7][22]. - **Example of Monthly Dividend Product: Fubon Taiwan Technology High - Yield ETF**: Established on June 1, 2023, with monthly income distribution, its fund scale was NT$156.8 billion as of August 6, 2025. It tracks the selected technology high - yield index of listed and OTC stocks in Taiwan, China and has paid dividends monthly since its establishment [7][25]. 3.3 Outlook for the Development of Monthly Dividend Products in the Chinese Mainland - **Current Situation of Monthly Distribution/Dividend Products**: The development of regular payment products in the Chinese mainland from 2013 - 2014 was slow with limited growth and small overall scale. Regular payment funds usually combine cash payments and automatic redemptions, like the Bank of Communications Regular Payment Dual - Income Balance Fund [8][30]. - **Monthly Dividend Products**: Some funds in the Chinese mainland can conduct monthly dividend evaluations, such as the Huatai - Peregrine Dividend Low - Volatility ETF Link. In 2024, there were 4 stock - type funds (all dividend - related passive index products) and 19 bond - type funds with more than 8 dividend payments [9][31]. - **Suitable Products for Monthly Dividend Evaluation Besides Pure - Bond Products**: Fixed - income + funds, dividend - related equity funds, and technology funds are considered to have strong appeal when adopting a monthly dividend evaluation mechanism, based on product characteristics and overseas experience [10][36].