9月18日，指数午后持续走低，上证指数跌幅扩大至1%，早盘一度逼近3900点。"高质量红利"中证红利 质量ETF(159209)跌2.13%，3月25日以来涨15.79%。资金热度不减，据Wind Level2实时行情结合均价预 估，盘中净流入超1600万，截至发稿，该基金获资金连续8日净流入，累计约7000万。 | 2111-2 上一篇版 | 159209 | | | | --- | --- | --- | --- | | | -0.028 -2.39% | | | | SZSE CN 14:38:51 交易中 | | / B + | | | 净值走势 | 招商中证全指红利质量ETF | | | | 出 0.00% 120日 | | 15.25% | | | 日 -1.47% 250日 | | 0.00% | | | 20日 | 3.15% 52周高 | 1.17 | | | 60日 | 15.48% 52筒低 | 0.90 | | | 实时申购随回信息 | 申购 | 陵回 | | | 笔数 | 14 | | 0 | | 金额 | 0 | | 0 | | 份额 | 1400万 | | 0 | | 申陵清单 ...

Group 1 - The core viewpoint of the news highlights the performance of the China Securities Dividend Quality ETF (159209), which experienced a slight decline of 0.52% while still attracting net inflows for six consecutive days [1][2] - The ETF is undergoing its third dividend distribution of the year, with a cash dividend of 0.003 CNY per share, reflecting its focus on stable dividend-paying companies with strong profitability [2] - The ETF tracks the CSI All Share Dividend Quality Index, which selects 50 companies known for stable dividends and high dividend yields, emphasizing a dual-factor screening mechanism of "low valuation" and "high quality" [2][3] Group 2 - The product design of the ETF features a cost structure of "0.15% + 0.05%", which is among the lowest in the market, providing a significant cost advantage for long-term holders [3] - The dividend distribution model employs a monthly assessment mechanism, enhancing cash flow for investors and improving the overall holding experience [3]

Group 1 - Insurance capital has shown a stronger and more refined trend in allocating to high-dividend assets since 2025, with 30 instances of insurance capital acquiring listed companies this year, marking a recent high [1] - The preference for undervalued, high-dividend listed companies is evident, as insurance institutions plan to further increase equity asset allocation in the A-share market, which is currently deemed to be at a reasonable valuation level [1][4] - The CSI Dividend Quality Index, which employs a unique "dividend + quality" dual-factor screening mechanism, has achieved a cumulative return of 502.27% since its base date, significantly outperforming other dividend indices [1] Group 2 - In the first half of 2025, seven listed insurance companies significantly increased their allocation to high-yield stocks, with the average allocation ratio for FVOCI stocks rising by 1.3 percentage points to 4.2%, reflecting a total increase of approximately 0.32 trillion yuan [2] - This trend of increasing allocation to FVOCI stocks, typically viewed as high-yield stocks, began in the first half of 2024 and has continued into 2025, indicating a preference for stable income assets in a low-interest-rate environment [2] Group 3 - The reasons for insurance capital's focus on dividend stocks include the need for stable cash yield and the desire to reduce profit volatility, as dividend stocks help enhance dividend contributions and stabilize net investment yield [4] - The investment performance of insurance companies is primarily influenced by investment performance, where capital gains are a major source of volatility; thus, dividend stocks, which are less volatile than growth stocks, are favored [4] Group 4 - The high-dividend sector, particularly represented by banks, has seen significant price increases, with the CSI Dividend Quality Index showing a year-to-date increase of 13.12%, outperforming other dividend indices [5][7] - The contribution to the performance of the CSI Dividend Quality Index has been more diversified, driven by sectors such as media and pharmaceuticals, while traditional dividend indices have been dominated by bank stocks [7][9] Group 5 - The current strategy of insurance capital regarding dividend stocks has evolved from a simple "buy and hold" approach to a more complex strategy that balances obtaining stable dividends and avoiding capital losses [9] - The resilience of dividend assets has been notable in market fluctuations, with high dividend yield and low volatility characteristics providing significant absolute return value [9] Group 6 - The CSI Dividend Quality ETF (159209) offers a low management and custody fee of only 0.20%, providing a cost advantage for long-term holding, and features a monthly dividend assessment mechanism to enhance cash flow for investors [10]

消息面，福耀玻璃(600660)：1H25 收入214.47 亿元，同比+16.95%；归母净利润48.05 亿元，同比+37.33%。由于海外盈利能力提升，2Q25 业绩超 市场预期。吉比特发布的半年报显示，2025年上半年归属于上市公司股东的净利润约6.45亿元，同比增加24.5%。拟向全体股东每10股派发现金红 利66.00元(含税)。 专业人士指出，中证红利质量以"红利+质量"双因子筛选机制筛选出兼具"低估值"+"高质量"双重护城河的优质企业。其核心理念与巴菲特"以合理 价格投资卓越企业"的价值投资逻辑高度契合。A股的中证红利质量ETF(159209)与港股的红利低波ETF(520550)可以构建一个跨AH红利"哑铃策 略"，兼具进攻与防守性，并且通过两个市场分散风险，另外，低费率、月月可分红的产品设计，有望在长期持有中进一步提升获得感。 8月20日，绩优股爆发。截至10时20分，中证红利质量ETF(159209)放量涨1.77%，福耀玻璃、吉比特10CM封板！ 风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的信息（包括但不限于个股、评论、预测、图 表、指标、 ...

Core Viewpoint - The article highlights the performance and features of the China Securities Dividend Quality ETF (159209), which has shown a positive trend in the market, reflecting a growing interest in high-quality dividend stocks [1]. Group 1: ETF Performance - As of July 1, the China Securities Dividend Quality ETF (159209) increased by 0.60%, indicating a strong market performance [1]. - The ETF has experienced net inflows during trading, suggesting investor confidence and interest [1]. Group 2: ETF Characteristics - The ETF tracks the China Securities All Index Dividend Quality Index, which selects 50 companies known for stable dividends, high dividend yields, and consistent profitability [1]. - The ETF employs a "dividend + quality" dual-factor screening mechanism to identify undervalued and high-quality companies, aligning with Warren Buffett's value investment philosophy [1]. Group 3: Fee Structure and Investor Appeal - The fee structure of the ETF is competitive, with a management fee of 0.15% and a custody fee of 0.05%, making it one of the lowest in the market [1]. - The ETF features a unique monthly dividend assessment mechanism that enhances cash flow management for investors, increasing its attractiveness for long-term holding [1]. Group 4: Market Context - In the current market environment, strategies that balance safety margins and profitability are becoming a focal point for investors [1].