10月10日，A股市场盘整中，沪指失守3900点跌0.94%，创指收跌4.55%。红利低波ETF（512890）逆势 上涨0.70%，成交活跃，换手率为3.08%，成交额达6.25亿元，居同类ETF首位。 | (+68) 名称 | 现价 涨跌幅 IOPV 溢折率 换手率 成交金额 ▼ 5日涨跌幅 | | | --- | --- | --- | | 512890 红利低波ETF | 1.150 0.70% 1.1482 0.16% 3.08% | 6.25亿 0.09% | | | 563690 N红利低波ETF永赢 1.006 0.30% 1.0098 -0.38% 28.04% 7670.71万 0.60% | | | 563020 | 红利低波动ETF | 0.34% | | 159547 | 红利低波ETF基金 1.180 0.68% 1.1794 0.05% 6.24% 2395.89万 | 0.17% | | 159525 红利低波ETF | 1.077 0.75% 1.0750 0.19% 4.91% 1337.99万 0.09% | | | 560150 | 红利低波ETF泰康 1.145 0. ...

Core Viewpoint - The 中证A500红利低波动指数 and its corresponding ETF have shown positive performance, with significant liquidity and low tracking error, indicating potential investment opportunities in low-volatility dividend stocks [1][2]. Group 1: Performance Metrics - As of September 26, 2025, the 中证A500红利低波动指数 increased by 0.43%, with notable gains from stocks such as 太阳纸业 (3.04%) and 宝钢股份 (2.80%) [1]. - The 中证A500红利低波ETF rose by 0.41%, with a latest price of 0.98 yuan [1]. - The ETF's average daily trading volume over the past year was 37.94 million yuan, ranking it first among comparable funds [1]. Group 2: Liquidity and Fund Flows - The 中证A500红利低波ETF experienced a net outflow of 4.86 million yuan recently, but had a total inflow of 28.76 million yuan over the last 10 trading days [1]. - The ETF's maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23% [1]. Group 3: Tracking Accuracy and Valuation - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.149% year-to-date [2]. - The latest price-to-earnings ratio (PE-TTM) for the index is 9.76, indicating it is undervalued compared to historical levels, being below 88.71% of the time over the past year [2]. Group 4: Index Composition - The 中证A500红利低波动指数 consists of 50 stocks selected for their high dividend yield and low volatility, with the top ten holdings accounting for 31.13% of the index [2]. - The top ten weighted stocks include major banks and companies such as 农业银行 (1.45%) and 格力电器 (1.13%) [4].

Core Viewpoint - The China Securities A500 Dividend Low Volatility Index (932422) has shown positive performance, with notable increases in several constituent stocks, indicating a favorable market sentiment towards low volatility and dividend-paying stocks [1][2]. Group 1: Index Performance - As of September 26, 2025, the China Securities A500 Dividend Low Volatility Index increased by 0.45%, with key stocks such as Baosteel Co., Ltd. (600019) rising by 3.09% and Sun Paper Industry Co., Ltd. (002078) by 2.90% [1]. - The China Securities A500 Dividend Low Volatility ETF (561680) also saw an increase of 0.41%, with the latest price at 0.98 yuan [1]. Group 2: Liquidity and Trading Volume - The trading volume for the China Securities A500 Dividend Low Volatility ETF was 399.91 million yuan, with a turnover rate of 0.8% during the session [1]. - Over the past year, the ETF has maintained an average daily trading volume of 37.94 million yuan, ranking first among comparable funds [1]. Group 3: Fund Flows and Tracking Accuracy - The latest net outflow for the China Securities A500 Dividend Low Volatility ETF was 4.86 million yuan, but it attracted a total of 28.76 million yuan over the last ten trading days [2]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of only 0.149% year-to-date [2]. Group 4: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 9.76 times, placing it in the 11.29% percentile over the past year, indicating that it is undervalued compared to 88.71% of the time in the last year [2]. Group 5: Top Holdings - As of August 29, 2025, the top ten weighted stocks in the China Securities A500 Dividend Low Volatility Index accounted for 31.13% of the index, with Agricultural Bank of China (601288) being the largest holding [3]. - The top ten stocks include major banks and companies, reflecting a focus on stable, dividend-paying entities [3][4].

Core Viewpoint - The Zhongzheng A500 Dividend Low Volatility Index and its corresponding ETF are showing positive performance, with significant liquidity and low tracking error, indicating potential investment opportunities in the underlying stocks. Group 1: Performance Metrics - As of September 26, 2025, the Zhongzheng A500 Dividend Low Volatility Index (932422) increased by 0.09%, with notable gains from Huayu Automotive (600741) at 3.70%, YTO Express (600233) at 2.46%, and Tebian Electric Apparatus (600089) at 2.22% [1] - The Zhongzheng A500 Dividend Low Volatility ETF (561680) rose by 0.21%, with the latest price at 0.98 yuan [1] - The ETF's average daily trading volume over the past year is 37.94 million yuan, ranking it first among comparable funds [1] Group 2: Liquidity and Fund Flows - The Zhongzheng A500 Dividend Low Volatility ETF experienced a net outflow of 4.86 million yuan recently, but has attracted a total of 28.76 million yuan over the last 10 trading days [1] - The ETF's maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23% [1] Group 3: Fee Structure - The management fee for the Zhongzheng A500 Dividend Low Volatility ETF is 0.50%, while the custody fee is 0.10% [1] Group 4: Tracking Accuracy and Valuation - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.149% year-to-date [2] - The latest price-to-earnings ratio (PE-TTM) for the index is 9.76, indicating it is at a historical low, being below 88.71% of the time over the past year [2] Group 5: Index Composition - The Zhongzheng A500 Dividend Low Volatility Index is composed of 50 stocks selected for consistent dividends, high dividend yields, and low volatility, reflecting the overall performance of these securities [2] - As of August 29, 2025, the top ten weighted stocks in the index account for 31.13% of the total index, with Agricultural Bank of China (601288) and Yageo (600177) being the top two [2]

Core Viewpoint - The market is currently experiencing short-term fluctuations, but the medium-term upward trend is likely to remain intact, with low-cycle dividend stocks showing potential for sustained attention due to their profitability elasticity and supply clearing in the context of policy changes against "involution" [3][4]. Group 1: Market Performance - As of September 24, 2025, the CSI 300 Dividend Low Volatility Index decreased by 0.16%, with mixed performance among constituent stocks [1]. - The CSI 300 Dividend Low Volatility ETF (515300) has seen a cumulative increase of 12.49% over the past year as of September 23, 2025 [1]. Group 2: Liquidity and Fund Flows - The CSI 300 Dividend Low Volatility ETF recorded an intraday turnover of 2.06%, with a transaction volume of 94.14 million yuan [3]. - Over the past five days, the ETF has experienced continuous net inflows, with a maximum single-day net inflow of 31.97 million yuan, totaling 86.62 million yuan [3]. Group 3: Fund Performance and Returns - The latest scale of the CSI 300 Dividend Low Volatility ETF reached 4.57 billion yuan, with a five-year net value increase of 54.34%, ranking in the top 9.90% among index equity funds [3]. - Since its inception, the ETF has achieved a maximum monthly return of 13.89%, with the longest consecutive monthly increase lasting five months and an average monthly return of 3.57% [3]. Group 4: Sector Insights - High dividend sectors are becoming a primary safe haven for short-term funds, benefiting from the reinforced policy direction against "involution" [4]. - The top ten weighted stocks in the CSI 300 Dividend Low Volatility Index account for 35.14% of the index, including major companies like China Shenhua, Gree Electric, and Sinopec [4][6].

Group 1 - The central bank reported significant achievements in China's financial sector during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [1] - China's stock and bond market sizes rank second in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [1] - The country leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network for the renminbi [1] Group 2 - As of September 23, 2025, the CSI A500 Dividend Low Volatility Index (932422) saw a slight increase of 0.01%, with notable stock performances from Ningbo Port (up 2.70%) and Industrial and Commercial Bank of China (up 2.65%) [2] - The CSI A500 Dividend Low Volatility ETF (561680) experienced a trading volume of 851.19 million yuan, with a turnover rate of 1.66% [2] - The ETF has a maximum drawdown of 3.42% since inception, with a tracking error of 0.164% this year, indicating high tracking precision among comparable funds [2] Group 3 - The CSI A500 Dividend Low Volatility Index selects 50 stocks from the CSI A500 Index based on high dividend yields and low volatility, weighted by dividend yield [3] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 31.13% of the total index weight, with Agricultural Bank of China being the highest [3]

Group 1: Core Insights - The report analyzes the fund flow of exchange-traded index funds from September 15 to September 19, 2025, highlighting significant trends in various categories [1][2]. - The overall fund flow indicates a mixed performance across different index categories, with notable outflows in major indices like the Shanghai Composite and CSI 300 [6][7]. Group 2: Fund Flow by Category - The Shanghai 50 index had a fund size of 159.46 billion yuan, with a weekly decline of 1.71% and a net outflow of 5.98 billion yuan [6]. - The CSI 300 index, with a fund size of 983.45 billion yuan, experienced a slight decline of 0.39% and a significant net outflow of 33.92 billion yuan [6]. - The ChiNext index showed a positive trend with a weekly increase of 2.17% and a net inflow of 5.76 billion yuan, indicating investor interest in growth sectors [6]. - In the technology sector, the large technology category saw a fund size of 216.69 billion yuan, with a weekly increase of 2.20% and a substantial net inflow of 58.01 billion yuan [7]. - The large financial category faced a decline of 3.20% with a net inflow of 140.61 billion yuan, suggesting a shift in investor sentiment [7]. Group 3: Sector Performance - The healthcare sector had a fund size of 100.16 billion yuan, with a weekly decline of 2.11% and a modest net inflow of 5.94 billion yuan, reflecting cautious investor behavior [7]. - The manufacturing sector reported a fund size of 72.82 billion yuan, with a weekly increase of 2.19% and a net inflow of 64.79 billion yuan, indicating resilience in this area [7]. - The consumer sector showed a slight decline of 0.24% with a net inflow of 32.55 billion yuan, suggesting mixed investor confidence [7]. Group 4: International Indices - The Nasdaq 100 index had a fund size of 78.42 billion yuan, with a weekly increase of 1.84% and a net outflow of 0.67 billion yuan, indicating fluctuating investor interest [11]. - The S&P 500 index reported a fund size of 20.84 billion yuan, with a slight increase of 0.50% and a net inflow of 0.77 billion yuan, reflecting stable performance [11]. - The Hang Seng index had a fund size of 19.17 billion yuan, with a weekly increase of 0.40% and a net outflow of 3.72 billion yuan, suggesting challenges in the Hong Kong market [11].

Group 1 - The trend of "wealth transformation" of deposits is accelerating, with a shift from traditional savings to low-volatility financial products, funds, and fixed-income products due to declining deposit interest rates and a recovering capital market [1] - In August, non-bank deposits saw a net increase of 591.9 billion yuan, indicating a continuous change in the structure of fund allocation [1] - Although residents' risk appetite remains low and has not significantly flowed into the stock market, there is a tendency for short-term allocation in interest-sensitive deposits on the corporate side [1] Group 2 - The Dividend Low Volatility ETF closely tracks the CSI Dividend Low Volatility Index, which reflects the overall performance of securities with high dividend levels and low volatility [1] - As of September 18, 2025, the Dividend Low Volatility ETF has achieved a maximum monthly return of 12.34% since its inception, with the longest consecutive monthly gains being 4 months and a maximum cumulative increase of 11.78% [1] - The ETF has a historical one-year profit probability of 100.00%, with a cumulative increase of 20.63% over the past year as of September 18, 2025 [1] Group 3 - The Dividend Low Volatility ETF has seen continuous net inflows over the past 4 days, with the highest single-day net inflow reaching 9.7429 million yuan, totaling 18.7763 million yuan, and an average daily net inflow of 4.6941 million yuan [1] - The management fee for the Dividend Low Volatility ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [1]

1. Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds - Data Date: September 8 - 12, 2025 - Research Institution: Great Wall Securities Industrial Finance Research Institute - Analyst: Jin Ling - Report Date: September 17, 2025 [1] 2. Core View - The report presents the capital flow, fund scale, and weekly price change data of various exchange-traded index funds from September 8 - 12, 2025, covering comprehensive, industry theme, style strategy, enterprise nature, regional, QDII, bond, commodity, and index-enhanced funds. 3. Summary by Category Comprehensive Index Funds - **Fund Performance**: The Shanghai Composite 50 had a fund scale of 15.9456 billion yuan, a weekly increase of 0.99%, and a net weekly capital outflow of 394 million yuan; the CSI 300 had a scale of 98.3449 billion yuan, a rise of 1.51%, and an outflow of 4.095 billion yuan; the CSI 500 had a scale of 14.012 billion yuan, a 3.41% increase, and an inflow of 1.174 billion yuan [6]. Industry Theme Index Funds - **Sector Performance**: The large technology sector had a fund scale of 21.6688 billion yuan, a 5.13% increase, and an outflow of 6.616 billion yuan; the large finance sector had a scale of 12.8483 billion yuan, a 0.92% rise, and an inflow of 11.468 billion yuan; the large health sector had a scale of 10.0161 billion yuan, a 0.50% decline, and an inflow of 6.432 billion yuan [7]. Style Strategy Index Funds - **Style Performance**: The dividend style had a fund scale of 5.9877 billion yuan, a 1.01% increase, and an inflow of 633 million yuan; the growth style had a scale of 730.6 million yuan, a 3.02% increase, and an outflow of 252 million yuan; the value style had a scale of 330.8 million yuan, a 1.11% increase, and an outflow of 102 million yuan [9]. QDII Index Funds - **Overseas Market Performance**: The Nasdaq 100 had a fund scale of 7.8421 billion yuan, a 0.73% increase, and an outflow of 197 million yuan; the S&P 500 had a scale of 2.0837 billion yuan, a 0.69% increase, and an outflow of 38 million yuan; the German DAX had a scale of 975 million yuan, a 0.43% decline, and an inflow of 101 million yuan [11]. Bond Index Funds - **Bond Type Performance**: The 30-year bond had a fund scale of 896.9 million yuan, a 1.18% decline, and an inflow of 149 million yuan; the 10-year bond had a scale of 409 million yuan, a 0.20% decline, and no net inflow; the 5 - 10-year bond had a scale of 3.8952 billion yuan, a 0.26% decline, and an outflow of 302 million yuan [12]. Commodity Index Funds - **Commodity Performance**: Gold had a fund scale of 7.0887 billion yuan, a 2.33% increase, and an inflow of 2.095 billion yuan; soybean meal had a scale of 419.3 million yuan, a 0.75% increase, and an inflow of 12 million yuan; non-ferrous metals had a scale of 74.5 million yuan, a 1.40% increase, and an inflow of 7.7 million yuan [12]. Index-Enhanced Funds - **Index Enhancement Performance**: The Shanghai Composite 50 index-enhanced fund had a scale of 76 million yuan, a 0.99% increase, and no net inflow; the CSI 300 had a scale of 320.9 million yuan, a 1.30% increase, and an outflow of 108 million yuan; the CSI 500 had a scale of 197.8 million yuan, a 2.72% increase, and an inflow of 21.6 million yuan [12].

资金流入方面，恒生红利低波ETF(159545)近23个交易日内，合计"吸金"2.64亿元。 中信证券研报指出，银行中报盈利企稳修复，修复幅度略超预期。具体而言，息差预期走稳，投资收益 贡献收入，资产质量形势稳定，单季度盈利改善幅度明显，中信证券预计全年盈利增速仍有上行空间。 市场层面看，前期交易型资金流出压制银行股表现，稳定的基本面格局夯实投资者配置板块信心，看好 后续绝对收益行情继续演绎。 拉长时间看，截至9月3日，恒生红利低波ETF(159545)近1月规模增长1.70亿元，新增规模位居可比基金 第一。恒生红利低波ETF(159545)近1月份额增长1.76亿份，实现显著增长。 恒生红利低波ETF(159545)紧密跟踪恒生港股通高股息低波动指数，恒生港股通高股息低波动指数旨在 反映可通过港股通买卖的香港上市高股息低波动证券的表现。 截至2025年9月4日 14:23，恒生红利低波ETF(159545)盘中换手3.1%，成交1.25亿元。 相关产品：恒生红利低波ETF(159545)，联接A（021457）/联接C（021458） ...