Core Viewpoint - The technology sector has faced pressure due to the Federal Reserve's hawkish stance, inflation uncertainty, and debates surrounding the "AI bubble," leading to a shift in market risk appetite towards low-volatility, high-yield dividend assets, which have shown resilience and become important tools for risk defense [1] Summary by Sections Market Trends - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen significant net inflows since October, attracting a total of 4.564 billion yuan, making it the only product in the dividend-themed ETF category to exceed 4.5 billion yuan in net inflows during this period [1] - In the week from November 10 to November 14, the Dividend Low Volatility ETF (512890) recorded net inflows for four trading days, accumulating 419 million yuan, ranking among the top in its category [1] Fund Performance - The fund's scale reached a new high of 26.603 billion yuan as of November 14, 2025, making it the only dividend-themed ETF in the market with a scale exceeding 20 billion yuan [1] - The dividend yield of the Dividend Low Volatility Index is currently at 3.97%, which is favorable compared to the 10-year government bond yield of 1.81%, indicating a high attractiveness for long-term funds seeking to enhance returns in a low-risk environment [1] Investment Opportunities - Insurance funds have shown a strong preference for bank stocks, which accounted for over half of their holdings by market value at the end of the third quarter, with the number of increased holdings in bank stocks leading among all major stocks [1] - The Dividend Low Volatility ETF (512890) is expected to continue benefiting from the demand for long-term fund allocations, particularly in the context of ongoing uncertainties in the market [1] Company Background - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, offering a range of products including the first Dividend Low Volatility ETF (512890) and others focused on Hong Kong stocks [1]

Core Viewpoint - The market has shifted towards dividend sectors, with strong resilience in dividend indices and low volatility indices, driven by recent negative overseas news, making high dividend assets attractive for accelerated capital allocation [1][4]. Group 1: Market Performance - As of October 10, 2025, the market's first dividend-themed ETF, the Dividend ETF (510880), and the first low-volatility dividend ETF, the Low Volatility Dividend ETF (512890), have seen significant net inflows since September 15, totaling 10.39 billion and 4.70 billion respectively, ranking them among the top in the market [1][3]. - Daily trading volumes for the Dividend ETF and Low Volatility Dividend ETF have steadily increased since September 18, reaching 8.32 billion and 6.25 billion on October 10, marking a substantial rise from their average daily trading volumes of 4.6 billion and 4.2 billion since the beginning of the year [2]. Group 2: Fund Size and Inflows - The Dividend ETF's fund size has surpassed 200 billion, reaching 200.25 billion, a new high since June 5, 2025, while the Low Volatility Dividend ETF has also reached 204.64 billion, making them the only two dividend-themed ETFs in the domestic market exceeding 200 billion [3][6]. - The number of holders for the Dividend ETF has reached 421,800, making it the only dividend-themed ETF with over 400,000 holders in the market, while the Low Volatility Dividend ETF's linked funds have a total of 1,163,100 holders [5]. Group 3: Investment Outlook - The recent decline in the 10-year government bond yield from 1.90% on September 24 to 1.82% on October 10 has led to a significant increase in the dividend yield of the dividend indices, reaching historical high differentials of 59.26% and 63.05% [4]. - Analysts suggest that the trend of market risk appetite recovery may continue into October, recommending a focus on cyclical high-dividend stocks and potential high-dividend opportunities, particularly in the banking sector, which offers stable dividends and strong operational characteristics [4]. Group 4: Management Expertise - Huatai-PineBridge Fund, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 43.097 billion across various dividend ETFs, including the Dividend ETF and Low Volatility Dividend ETF [7].

Group 1 - The fund is named "Zhaoshang Asset Management Zhida Hongli Preferred Mixed Initiation Securities Investment Fund" and is classified as a mixed securities investment fund [24][25] - The fund will be publicly offered from August 8, 2025, to August 14, 2025, through designated sales institutions [4][33] - The fund has two classes of shares: Class A shares, which charge subscription fees, and Class C shares, which do not charge subscription fees [2][30] Group 2 - The minimum subscription amount for individual investors is set at 1.00 yuan, and there is no limit on the cumulative subscription amount for individual investors during the fundraising period [3][45] - The fund aims to select high-quality listed companies with a focus on dividend themes, striving for long-term asset appreciation while managing risks [25][26] - The fund's investment scope includes various financial instruments, such as stocks, bonds, asset-backed securities, and futures [26][27] Group 3 - The fund is managed by Zhaoshang Securities Asset Management Co., Ltd., and the custodian is Shanghai Pudong Development Bank Co., Ltd. [1][58] - The fund's contract will automatically terminate if the net asset value falls below 200 million yuan three years after the contract's effective date [20][57] - The fund's management has the authority to adjust the fundraising arrangements based on subscription conditions [6][16]

Core Insights - The AI Fund Shenwan Lingxin Dividend Quantitative Stock A (017292) reported a profit of 885,200 yuan for Q2 2025, with a weighted average profit per fund share of 0.0632 yuan [3] - The fund's net asset value (NAV) growth rate for the reporting period was 6.17%, and as of the end of Q2, the fund size was 12.5744 million yuan [3] - The fund is classified as a standard equity fund and had a unit NAV of 1.138 yuan as of July 18 [3] Performance Metrics - The fund manager indicated that the fund employs a quantitative approach based on dividend-themed stocks, aiming to construct a cost-effective investment portfolio [3] - As of July 18, the fund's one-year NAV growth rate was 14.02%, ranking 69 out of 110 comparable funds [3] - The fund's three-month NAV growth rate was 8.60%, ranking 74 out of 110, and the six-month growth rate was 11.37%, ranking 45 out of 110 [3] Risk and Return Analysis - The fund's Sharpe ratio since inception was 0.8294 as of June 27 [8] - The maximum drawdown since inception was 8.76%, with the largest quarterly drawdown occurring in Q2 2025 at 3.6% [11] - The average stock position since inception was 71.08%, compared to the industry average of 88.08% [14] Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings included major banks and companies such as Industrial and Commercial Bank of China, Postal Savings Bank of China, and China Petroleum [19]

Investment Rating - The industry maintains an "Outperform the Market" rating, with a current PB valuation of 1.48 times, indicating sufficient performance elasticity under favorable market conditions [3][62]. Core Insights - The capital market has exhibited a pronounced "dumbbell" funding structure, with small and micro-cap stocks outperforming large-cap stocks in the first half of 2025. This trend is driven by the influx of incremental funds from various sources, including central financial institutions and insurance companies [1][12]. - Incremental funds expected in the market include contributions from central financial institutions, insurance companies, foreign investments, and a resurgence in public and private equity funds, which are anticipated to enhance market liquidity and risk appetite [2][39]. - The insurance sector has seen a significant increase in premium income, with a reported 11.2% year-on-year growth, leading to a rise in investment funds allocated to equities [25][29]. Summary by Sections Market Dynamics - The "dumbbell" structure in the market has resulted in micro-cap stocks achieving the highest returns, followed by small-cap stocks, while large-cap stocks have lagged behind [1][12]. - The performance of large-cap stocks has shown a catching-up effect post-tariff impacts, with value and growth factors influencing returns across different market segments [1][12]. Incremental Fund Sources - Central Huijin acts as a stabilizing force in the market, with significant ETF holdings exceeding 1.05 trillion yuan, contributing to market stability during fluctuations [17][19]. - Insurance companies are increasing their equity investments, with stock and fund investments reaching 4.47 trillion yuan, representing about 13% of total investments [29][32]. - Foreign investments are on the rise, driven by favorable valuations of Chinese assets and a stable outlook for the capital market, with foreign holdings of Chinese stocks showing positive growth [33][36]. Investment Recommendations - The report recommends leading brokerage firms such as CITIC Securities and Huatai Securities, which are expected to benefit from increased institutional pricing power and regulatory support [3][62]. - The report also highlights the potential for brokerage firms listed in Hong Kong to achieve excess returns due to lower valuations and increased foreign capital inflows [63].

Group 1 - The first dividend low-volatility ETF in the A-share market has surpassed 20.3 billion yuan in scale, marking a significant milestone [1] - The total scale of dividend strategy ETFs in the market has reached 147.8 billion yuan, reflecting an increase of nearly 50% compared to the end of 2024 [1] - Huatai-PB's dividend-themed ETFs collectively have a scale of 42.1 billion yuan, leading the industry [1]

Fund News Overview - Several fund companies have announced the suspension of large purchases for their dividend-themed funds, with the total scale of dividend funds reaching 251.37 billion yuan as of the end of Q1, an increase of approximately 27 billion yuan from the end of Q4, marking a new high [1] - The total scale of the first batch of Hang Seng Technology ETFs has increased to 75.563 billion yuan, a significant growth of 14.15 times from its initial scale of 4.989 billion yuan [1] - The number of "fixed income +" funds has exceeded 1,700, with an overall product scale increasing by over 140 billion yuan since the end of last year, and some funds achieving annual returns exceeding 10% [1] ETF Market Review - The market opened high but closed lower, with the Shanghai Composite Index rising by 0.17% and the Shenzhen Component Index and ChiNext Index falling by 0.13% and 0.12% respectively. The total trading volume in the two markets was 1.29 trillion yuan, a decrease of 16.9 billion yuan from the previous trading day [2] - Notable sectors that performed well included shipping ports, photovoltaics, and banking, while aerospace, computer equipment, and small metals sectors saw declines [2] ETF Performance - The S&P Consumer ETF and S&P 500 ETF both reached their daily limit, with the S&P Consumer ETF priced at 1.557 yuan, up 10.04%, and the S&P 500 ETF at 1.868 yuan, up 10.01% [3] - The photovoltaic ETFs also showed positive performance, while the CSI 2000 Enhanced ETF led the declines with a drop of 3.89% [4] Industry Insights - The photovoltaic industry is currently experiencing a downturn, with capacity utilization around 50%. Most segments are expected to enter cash losses, necessitating a supply-side adjustment. The Ministry of Industry and Information Technology is tightening regulations on new capacity, which may lead to further production cuts and a gradual recovery in profitability as supply clears [5] New Fund Launches - A new fund named "China Merchants Dividend Quantitative Stock Selection Mixed Fund" is set to launch, focusing on a mixed equity strategy with a performance benchmark linked to the China Dividend Index and other indices [6]