红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至2月26日，该指数近1年股息率为 4.61%；红利低波ETF华夏（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红，联接基 金A类021482；联接基金C类021483。选择困难？——低费率买高股息！ 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至2月26日，该指数近1年股息率为2.93%；红利质量ETF（159758）是跟 踪该指数的唯一ETF，联接基金A类016440；联接基金C类016441；联接基金D类024263。既要又要并不 难攻守平衡称心配！ 沃华医药（维权）：每10股派发现金红利1.46元（含税），股权登记日：2026-3-4，除息除权日：2026- 3-5，数据来源《沃华医药：2025年度权益分派实施公告》；申万一级行业：医药生物，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 浙江黎明：每股 ...

截至收盘，中证红利指数上涨0.5%，中证红利价值指数上涨0.2%，中证红利低波动指数下跌0.2%，恒生港股通高股息低波动指数下跌0.3%。Wind数据显 示，红利低波ETF易方达（563020）和恒生红利低波ETF易方达（159545）近两个交易日均连续获资金净流入，合计分别达1.2亿元和1.9亿元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，旗下恒生红利低波ETF易方达（159545）、红利ETF易方达（515180）、红利低 波ETF易方达（563020）、红利价值ETF易方达（563700）、A500红利低波ETF易方达（563510）等产品的管理费率均为0.15%/年，可助力投资者低成本布 局高股息资产。 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高目波动率低的股票组 成,反映分红水平高且波动率低的A 股上市公司股票的整体表现,银行、 建筑装饰、医药生物行业合计占比 沂65% 恒生红利低波ETF易方达 低费率 跟踪恒生港股通高股息低波动指数 该指数由港股通范围内50只流动性 较好、连续分红、红利支付率适中 且波动率较低的股票组成,反映分 红 ...

2月13日，港股通红利低波ETF华宝（159220）跌0.78%，成交额3158.09万元。当日份额增加1400.00万 份，最新份额为4.58亿份，近20个交易日份额减少1800.00万份。最新资产净值计算值为2.93亿元。港股 通红利低波ETF华宝（159220）业绩比较基准为经人民币汇率调整的标普港股通低波红利指数收益率， 管理人为华宝基金管理有限公司，基金经理为杨洋、胡一江，成立（2025-04-29）以来回报为27.90%， 近一个月回报为4.43%。声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新 浪财经观点，任何在本文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为 准。如有疑问，请联系biz@staff.sina.com.cn。 来源：视频滚动新闻 ...

Group 1 - The Low Volatility Dividend Index (H30269.CSI) selects 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, with a dividend yield of 4.54% as of February 12 [1] - The Low Volatility Dividend ETF (华夏 159547) tracks this index and has the lowest comprehensive fee rate among ETFs, with quarterly assessments for dividends [1] - The Quality Dividend Index (931468.CSI) includes 50 listed companies that consistently pay cash dividends, have high payout ratios, and exhibit strong profitability, with a dividend yield of 2.83% as of February 12 [1] Group 2 - The Quality Dividend ETF (159758) is the only ETF tracking the Quality Dividend Index, with associated connection funds A (016440), C (016441), and D (024263) [1] - The company Andisoo announced a cash dividend of 0.051 yuan per share (tax included), with the record date on February 26, 2026, and the ex-dividend date on February 27, 2026 [1] - Andisoo is categorized under the primary industry of basic chemicals and is part of the non-Low Volatility Dividend Index and non-Quality Dividend Index components [1]

Group 1 - The core viewpoint of the news indicates a shift in market sentiment towards dividend stocks, as evidenced by the positive signal from the dividend style timing model released by Guotai Haitong, which shows a factor value of 0.09, up from -0.08 the previous week [1][2] - The CSI Dividend Low Volatility Index (H30269) has shown a recent decline of 0.86% as of February 12, 2026, despite a cumulative increase of 0.95% over the previous three days [1] - The market is currently in a phase of stock game, with institutional funds showing caution and a lack of consensus, while retail investors are driving localized activity, leading to increased market volatility [1][2] Group 2 - Institutional funds are experiencing net outflows from technology and cyclical manufacturing sectors, while there is a concentrated inflow into the consumer sector, indicating a structural divergence in capital flows [2] - The CSI Dividend Low Volatility Index, which includes 50 securities with good liquidity and consistent dividend payments, has a one-year dividend yield of 4.50% as of February 11, 2026 [2] - The Huaxia Dividend Low Volatility ETF (159547) is noted for having the lowest comprehensive fee rate among ETFs tracking this index, with quarterly assessments for potential dividends [2]

Core Viewpoint - The article discusses the current state of the stock market and investment strategies, emphasizing the risks associated with high market valuations and the importance of cautious investment approaches for ordinary investors [2][24]. Group 1: Market Conditions and Investment Strategies - "Banking Screw" has completely suspended the subscription of stock-related fund advisory portfolios, indicating a belief that the current stock market is relatively high, with potential volatility risks of 20-30% for new investors [2][24]. - Ordinary investors are advised to consider low-volatility dividend index funds as a more suitable entry point due to their relative stability compared to high-volatility sectors like the Sci-Tech Board and Growth Enterprise Market [4][12]. - The article highlights the importance of understanding market cycles, suggesting that in a bull market's later stages, investors should be cautious and consider dividend strategies, while growth stocks may be more suitable during bear market recovery phases [18][19]. Group 2: Investor Behavior and Fund Performance - A significant portion of fund investors have experienced losses despite overall fund profitability, with 37% of investors losing money even in a bull market as of September 2025 [9][10]. - The primary reasons for investor losses include chasing market trends and frequent trading, which lead to higher transaction costs and lower average returns [10][11]. - The article notes that the growth of dividend funds has been accelerated by declining interest rates, making their cash flow more attractive compared to traditional savings [13][14]. Group 3: Key Signals for 2026 - Two critical signals for 2026 include the Federal Reserve's interest rate cycle and the recovery of corporate earnings, which could significantly impact market conditions [5][30]. - The article emphasizes the need to monitor the recovery of earnings growth to historical averages, as this could provide a positive push for the overall market [37][38]. - The potential tightening of global liquidity due to the end of the Fed's rate-cutting cycle is highlighted as a risk factor that could affect previously high-performing assets [33][34].

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has experienced a significant decrease in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Performance - As of February 5, 2025, the ETF closed with a gain of 0.65% and a trading volume of 7.7934 million yuan [1]. - The fund's management fee is 0.30% annually, and the custody fee is 0.10% annually [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index, adjusted for exchange rates [1]. Group 2: Fund Size and Liquidity - As of February 4, 2025, the ETF had a total of 84.4012 million shares and a total size of 90.5793 million yuan [1]. - The fund's share count has decreased by 41.95% and its total size has decreased by 38.82% since December 31, 2025, when it had 145 million shares and a size of 148 million yuan [1]. - Over the last 20 trading days, the ETF has accumulated a trading amount of 152 million yuan, with an average daily trading amount of 7.6127 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 7.68% during their tenure [2]. - The ETF's top holdings include Jiangxi Copper Co., Far East Horizon, China Shenhua Energy, CNOOC, Hang Lung Properties, China Petroleum & Chemical Corporation, Sino Land, Hengan International, and Hang Seng Bank [2]. Group 4: Top Holdings Breakdown - Jiangxi Copper Co. holds 4.39% of the portfolio with a market value of 6.5067 million yuan [3]. - Far East Horizon accounts for 3.33% with a market value of 4.9236 million yuan [3]. - China Shenhua Energy represents 3.09% with a market value of 4.5734 million yuan [3]. - CNOOC comprises 3.04% with a market value of 4.5018 million yuan [3]. - Hang Lung Properties makes up 2.97% with a market value of 4.4016 million yuan [3]. - China Petroleum holds 2.92% with a market value of 4.3295 million yuan [3]. - Sino Land accounts for 2.77% with a market value of 4.0985 million yuan [3]. - Hengan International represents 2.73% with a market value of 4.0446 million yuan [3]. - China Petroleum & Chemical Corporation comprises 2.59% with a market value of 3.8384 million yuan [3]. - Hang Seng Bank holds 2.53% with a market value of 3.7434 million yuan [3].

Macro Overview - The U.S. labor market remains weak, with the Federal Reserve likely to maintain interest rates in the short term and a low probability of balance sheet reduction [3] - December's non-farm payrolls showed weakness, and previous data was revised down, indicating a deteriorating labor market despite a "virtually low" unemployment rate [3] - Inflation in December was moderate, reflecting previous market concerns about tariff transmission effects, which may be "one-off"; future inflation will depend more on rental prices, service industries, and energy prices [3] - The Federal Reserve is expected to keep interest rates unchanged until at least June 2026, influenced by fiscal stimulus measures supporting the economy and inflation [3] - The nomination of Kevin Warsh as the next Fed Chair suggests a preference for policy independence through balance sheet reduction, but this view lacks consensus and empirical support within the Fed [3] Domestic Macro - Economic downward pressure is increasing, with Q4 GDP growth slowing to 4.5%, but the annual growth target of 5% is expected to be met [3] - Domestic consumption, investment, and real estate continue to decline, with investment growth slowing due to debt reduction and subsidy withdrawal, leading to increased pressure on consumption [3] - External demand and production remain strong, providing important support for economic growth [3] - Price indices are stabilizing, showing the effects of anti-inflation measures, but internal demand remains insufficient, with a divergence in pressures between upstream high-tech manufacturing and lower-tier sectors [3] - Policies are still focused on proactive measures, with a relatively mild overall intensity; 2026 policies are expected to be more pragmatic, with many local targets set lower than last year [3] A-share Strategy - The market is returning to rationality, with a short-term shift towards stability; investment and consumption are declining, while price indicators are stabilizing [3] - A-share trading volume has decreased, but overall sentiment remains high; medium to long-term policies are increasingly focused on technological innovation, with national subsidies continuing but at a reduced intensity [3] - External geopolitical risks, particularly from Trump, have increased but have a limited impact on the domestic market [3] - The spring market rally may be nearing its end, with expectations for a more rational market in February; the early spring rally has progressed quickly, and regulatory measures are cooling the market [3] - Investors are advised to consider taking profits or shifting to a more stable investment style before the Spring Festival, as the market is expected to experience increased volatility [3] Industry/Style - Investors are encouraged to take profits in high-growth technology sectors before the Spring Festival and shift to a more defensive style [3] - Focus on large-cap indices such as the Shanghai Composite, CSI 300, and A500, as market volatility is expected to rise [3] - Short-term strategies should include high-dividend stocks and sectors like banking, utilities, consumption, and real estate for potential opportunities [3] - Mid-term outlook suggests support for commodity-based sectors like non-ferrous metals and chemicals, while technology hardware sectors should be monitored for guidance from earnings reports [3] Asset Allocation Views - A-shares: Neutral [5] - Hong Kong stocks: Neutral [5] - Interest rate bonds: Neutral [5] - Credit bonds: Neutral [5] - Convertible bonds: Neutral [5] - U.S. stocks: Relatively optimistic [5] - U.S. bonds: Relatively optimistic [5] - U.S. dollar: Neutral [5] - Japanese stocks: Relatively optimistic [5] - Gold: Neutral [5] - Oil: Relatively cautious [5] - Currency/deposits: Neutral [5]

Group 1: Dividend Indices - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, with a dividend yield of 4.62% as of February 2 [1] - The Quality Dividend Index (931468.CSI) consists of 50 securities that provide continuous cash dividends, have high payout ratios, and exhibit high profitability, with a dividend yield of 2.93% as of February 3 [1] Group 2: Company Dividend Announcements - RichChip Microelectronics announced a cash dividend of 0.30 CNY per share (tax included), with the record date on February 9, 2026, and the ex-dividend date on February 10, 2026 [1] - Jinhui Wine declared a cash dividend of 0.20 CNY per share (tax included), with the record date on February 9, 2026, and the ex-dividend date on February 10, 2026 [2] - Lifespring Pharmaceutical will distribute a cash dividend of 3.00 CNY for every 10 shares (tax included), with the record date on February 10, 2026, and the ex-dividend date on February 11, 2026 [2] - Guosen Securities announced a cash dividend of 1.00 CNY for every 10 shares (tax included), with the record date on February 10, 2026, and the ex-dividend date on February 11, 2026 [2] - Sentai Co., Ltd. will distribute a cash dividend of 1.30 CNY for every 10 shares (tax included), with the record date on February 10, 2026, and the ex-dividend date on February 11, 2026 [3] - Canqin Technology announced a cash dividend of 0.0375 CNY per share (tax included), with the record date on February 11, 2026, and the ex-dividend date on February 12, 2026 [3]

Market Overview - In January, the global market experienced a general upward trend, with emerging markets outperforming developed markets [1][2] - The US dollar index showed slight downward movement throughout the month, while emerging market currencies strengthened [1] - Most major commodities saw significant price increases, although gold and silver experienced a notable correction at the end of the month [1][2] Performance of Major Indices - The KOSPI index in South Korea rose by 21.15%, while the MSCI Emerging Markets index increased by 10.71% [2] - The Hang Seng Index gained 9.12%, and the WIND All A index rose by 5.83% [2] - The S&P 500 and Nasdaq indices in the US continued to show high volatility, with the S&P 500 increasing by 1.8% [2] Commodity Market Insights - Gold and silver recorded year-to-date increases of approximately 12.3% and 20.7%, respectively, despite recent volatility [1] - The Bloomberg Commodity Index rose by 13.59%, indicating a strong performance in the commodity sector [2] Domestic Market Dynamics - The domestic market showed significant differentiation, with equity markets experiencing high volatility while risk-free rates trended downward [2][3] - The commodity market, represented by the South China Industrial Products Index, saw substantial gains [2] Future Asset Allocation Outlook - Short-term adjustments in gold prices may reflect a correction from previous extremes, with increased volatility expected [5][6] - In the medium to long term, gold is anticipated to benefit from factors such as US debt pressure, geopolitical tensions, and rising inflation expectations [6] - The A-share market is expected to enter a critical trading window before the Spring Festival, with a potential shift towards a "high-level oscillation and structural differentiation" pattern [7] Investment Strategies - A balanced allocation strategy focusing on "technology + cycles + dividends" is recommended to capture structural opportunities [9] - In the technology sector, attention should be given to AI-related investments, while the cyclical sector, particularly non-ferrous metals, may present buying opportunities after recent corrections [9] - For conservative investors, strategies focusing on "dividend low volatility" and "free cash flow" indices are suggested [10]