Core Viewpoint - Two ETFs under China Merchants Fund announced their September dividend distributions, with the China Securities Dividend Quality ETF (159209) declaring a dividend ratio of 0.27% and the Hong Kong Dividend Low Volatility ETF (520550) declaring a dividend ratio of 0.34% [1][2][3] Group 1: Dividend Details - China Securities Dividend Quality ETF (159209) will distribute a unit dividend of 0.0030 yuan, with a benchmark unit net value of 1.1301 yuan, resulting in a dividend ratio of 0.2655% [2] - Hong Kong Dividend Low Volatility ETF (520550) will distribute a unit dividend of 0.0040 yuan, with a benchmark unit net value of 1.1865 yuan, resulting in a dividend ratio of 0.3371% [3] - Both ETFs have a record date of September 12, 2025, with ex-dividend dates on September 15, 2025, and payment dates on September 17 and 18, 2025, respectively [2][3] Group 2: ETF Characteristics - China Securities Dividend Quality ETF focuses on a "dividend + quality" strategy, selecting high-quality fundamentals in sectors like consumer and pharmaceuticals, excluding bank stocks, making it a rare asset in the current market [3] - Hong Kong Dividend Low Volatility ETF tracks the Hang Seng High Dividend Low Volatility Index, employing a "high dividend + low volatility" dual-factor selection, primarily investing in defensive sectors like finance and utilities, with a current dividend yield exceeding 6% [3] - Both ETFs offer a low-cost, relatively stable dividend investment option with a comprehensive fee rate of 20 basis points [4] Group 3: Market Context - The market has entered a phase of volatility since September, with increased risk aversion leading some funds to shift towards dividend assets in A-shares and Hong Kong stocks [5] - The China Securities Dividend Quality ETF has seen a net inflow of 27.64 million yuan in the past two days [5] - Analysts suggest that the A-share market will experience wide fluctuations in September, with dividend sectors being a stabilizing force amid market adjustments [5]

Core Viewpoint - The new "National Nine Articles" policy emphasizes the importance of dividends for listed companies, leading to a transformation in the evaluation system of corporate profitability, where dividend capability becomes a key indicator of corporate governance and profitability [2] Group 1: Dividend Investment Strategy - The dividend investment strategy is gaining recognition among investors as an important path for long-term and value investing, with high dividend assets becoming a new consensus in the market [2] - From a medium to long-term perspective, dividend assets still represent a high cost-performance ratio in the current market [2] - Traditional dividend sectors such as banking, coal, and electricity are experiencing trading congestion due to significant prior gains and limited growth expectations, making stock prices more sensitive to marginal changes [2] Group 2: Quality Factor and Index Performance - The "dividend + quality" strategy focuses on high-quality, low-congestion sectors, with the effectiveness of quality factors becoming more pronounced as market risk appetite gradually recovers [2] - The CSI Dividend Quality Index shows a more balanced allocation, with a single industry weight cap of 20%, and the top three industries being food and beverage, non-ferrous metals, and automobiles, contrasting with traditional dividend indices where banking stocks exceed 50% weight [2][4] - The CSI Dividend Quality Index has demonstrated superior profitability quality, with an average ROE of 4.13% at the end of Q1, significantly higher than the CSI Dividend Index (2.36%) and the low-volatility dividend index (2.40%) [5] Group 3: Performance Comparison - Despite the significant contribution of the banking sector to traditional dividend indices, the CSI Dividend Quality Index has outperformed major broad-based dividend indices even without banking stocks, showcasing stronger aggressiveness [5] - Over a longer period, the CSI Dividend Quality Index has significantly outperformed both the CSI Dividend Index and the low-volatility dividend index, validating the effectiveness of the quality factor [5] - Year-to-date performance shows the CSI Dividend Quality Index at 4.68%, the CSI Dividend Index at 8.50%, and the low-volatility dividend index at 16.75% [6]