□ 当前，低波红利资产展现出较强的抗风险优势。相关指数及产品的市场配置需求有望显著上升：中长 期资金将更多选择相关指数产品进行稳健投资；金融机构等机构投资者将其作为优化配置的主要选择； 普通投资者多元化需求有望上升 中证红利低波动指数与中证红利低波动100指数行业分布（Wind一级行业） 数据来源：Wind数据库，中证金融研究院整理 □ 低波红利指数在行业结构、市场风格切换、基金规模分化和指数编制等方面还存在一些不足，可能影 响其稳定性和吸引力：股息率的可持续性和未来表现面临考验；对应基金产品分化，首发效应与马太效 应显著；指数编制依据的历史数据较短，滞后于市场趋势 □ 陶 然 李坤昊 武佳薇 □ 为推动低波红利指数的健康发展，建议优化市场环境，充分发挥低波红利指数在资产配置和引导中长 期资本入市中的重要作用：鼓励相关机构积极创设和投资低波红利指数及产品；加大投资者宣教和预期 引导；优化低波红利指数编制；提升上市公司质量和稳健经营能力，引导其持续分红 过去三年，相关产品投资规模显著增加。Wind数据显示，2024年投资于主要低波红利指数的被动指数 型基金规模为470.91亿元，比2022年的21.79亿元增长 ...

Group 1 - The core viewpoint of the articles highlights the significant decline in deposit interest rates among major national banks, leading to a new era where one-year fixed deposit rates have dropped below 1%, prompting increased attractiveness of dividend assets [1] - The Wind data indicates that the dividend low volatility ETF (512890) has seen its dividend yield rise to 6.4% as of May 27, which is substantially higher than the current 10-year government bond yield of 1.73% and exceeds its own yield for 92.71% of the past decade [1] - There is a growing demand for dividend assets as long-term capital from insurance and pension funds enters the market, with the dividend low volatility ETF (512890) attracting significant investment, accumulating 2.448 billion yuan in 2023 and reaching a historical high of 16.705 billion yuan in total assets [1] Group 2 - Huatai-PineBridge Fund, as one of the first ETF managers in China, has over 18 years of experience in managing dividend index investments and has developed a comprehensive range of dividend-themed ETFs, including the first dividend ETF and the first QDII mode ETF for high-dividend Hong Kong stocks [2] - As of May 28, the total management scale of Huatai-PineBridge's dividend-themed ETFs exceeds 39.3 billion yuan, reflecting its strong position in the market [2]