港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数（港币），偏向大盘价值风格， 前三大行业分别为房地产、公用事业和银行，前十大成份股涵盖多行业高股息标的，助力投资者低费率 （管理费+托管费仅0.2%）、高效率（T+0交易）一键布局港股+红利+低波。 12月19日早盘，港股通红利低波ETF基金（159118）震荡上行，盘中涨约0.72%，持仓股江西铜业股 份、恒隆地产、中国电信、长江基建集团等领涨。 近期港股三大指数延续震荡走势，华泰证券指出，当前市场下行空间有限但上行动能尚未充分释放，呈 现典型磨底特征，与2024年11月走势相似。历史经验显示，情绪触底后市场往往迎来反弹机会，值得投 资者提前布局。展望未来，华泰证券认为，人民币升值共识若形成，将带动资本流动格局变化，参考今 年欧洲市场表现；其次，市场过度担忧汇率升值与出口高基数影响，而明年上半年中美关系维持温和态 势，出口韧性存在超预期可能。 ...

Core Viewpoint - The Zhongzheng A500 Dividend Low Volatility Index and its corresponding ETF have shown positive performance, with significant gains in constituent stocks and increasing leverage investments, indicating strong market interest and potential for continued growth [1][2]. Performance Summary - As of November 7, 2025, the Zhongzheng A500 Dividend Low Volatility Index rose by 0.60%, with notable increases in constituent stocks such as Jiangsu Guotai (10.01%) and Yuntianhua (3.91%) [1]. - The Zhongzheng A500 Dividend Low Volatility ETF (561680) has experienced a 1.07% increase, marking its fifth consecutive rise, with a latest price of 1.04 yuan [1]. - Over the past week, the ETF has accumulated a total increase of 1.28% [1]. Liquidity and Trading Activity - The ETF recorded a turnover rate of 1.85% during the trading session, with a total transaction volume of 3.7497 million yuan [1]. - The average daily trading volume over the past year was 27.316 million yuan [1]. - Leverage funds have been actively investing in the ETF, with net purchases for four consecutive days, peaking at 665,900 yuan in a single day, leading to a current financing balance of 56,200 yuan [1]. Return and Risk Metrics - Since its inception, the ETF has achieved a maximum monthly return of 3.37%, with an average monthly return of 3.37% and a winning probability of 73.91% [1]. - The maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23% and a recovery period of 30 days [2]. Fee Structure and Tracking Accuracy - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [2]. - The tracking error for the ETF year-to-date is 0.098%, which is the highest among comparable funds [2]. Index Composition - The Zhongzheng A500 Dividend Low Volatility Index is composed of 50 securities selected from the Zhongzheng A500 Index, focusing on those with high dividend yields and low volatility [2]. - As of October 31, 2025, the top ten weighted stocks in the index include Agricultural Bank of China (601288) and China Shenhua (601088), collectively accounting for 31.82% of the index [2].

Core Viewpoint - The Zhongzheng A500 Dividend Low Volatility Index and its corresponding ETF are showing positive performance, with a low valuation and high tracking accuracy, indicating potential investment opportunities in the underlying stocks. Group 1: Index Performance - As of October 10, 2025, the Zhongzheng A500 Dividend Low Volatility Index (932422) increased by 0.11%, with notable gains from stocks such as YTO Express (600233) up 1.76% and Yuntianhua (600096) up 1.33% [1] - Over the past two weeks, the Zhongzheng A500 Dividend Low Volatility ETF (561680) has accumulated a rise of 1.34% [1] - The ETF's trading volume was 109.33 million yuan with a turnover rate of 0.22% [1] Group 2: Liquidity and Drawdown - The average daily trading volume of the Zhongzheng A500 Dividend Low Volatility ETF over the past year was 31.39 million yuan [1] - The maximum drawdown since the ETF's inception is 3.42%, with a relative benchmark drawdown of 0.23% [1] Group 3: Fee Structure and Tracking Accuracy - The management fee for the Zhongzheng A500 Dividend Low Volatility ETF is 0.50%, and the custody fee is 0.10% [1] - The tracking error for the ETF over the past month is 0.035%, which is the highest among comparable funds [1] Group 4: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the Zhongzheng A500 Dividend Low Volatility Index is 9.78, placing it in the 18.75th percentile over the past year, indicating it is undervalued compared to 81.25% of the time in the last year [2] - The index consists of 50 stocks selected for continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of these securities [2] Group 5: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the Zhongzheng A500 Dividend Low Volatility Index account for 30.72% of the index, including Agricultural Bank of China (601288) and Gree Electric Appliances (000651) [2]

Core Viewpoint - The approval and issuance of the first batch of CSI A500 Dividend Low Volatility ETFs mark a significant milestone in the domestic fund market, providing investors with diversified asset allocation options and promoting rational and stable investment in the capital market [3][4]. Group 1: ETF Approval and Market Context - The first batch of CSI A500 Dividend Low Volatility ETFs was officially approved in July 2025, following the release of the CSI A500 Dividend Low Volatility Index in April of the same year [1]. - The initial offering of the Ping An CSI A500 Dividend Low Volatility ETF (subscription code 561683) received widespread attention and recognition from investors on its first day of issuance [1]. Group 2: Index Characteristics and Performance - The CSI A500 Dividend Low Volatility Index has achieved an annualized return of 10.81% since 2015, outperforming traditional dividend indices by 1% [2]. - The index has demonstrated lower volatility and smaller maximum drawdowns, winning five out of the last ten years against three mainstream dividend indices, showcasing its defensive attributes during economic downturns [2]. - The index includes 50 stocks selected for high dividend yield and low volatility, utilizing four optimization metrics to better reflect the performance of high-dividend and low-volatility stocks [1][2]. Group 3: Investor Suitability and Market Impact - The index is suitable for various investor profiles, including those seeking stable returns to counter inflation, investors unfamiliar with equity index investments, and institutional funds looking to optimize asset allocation [3]. - The launch of the CSI A500 Dividend Low Volatility ETFs is expected to attract significant capital from both individual and institutional investors, enhancing market vitality and promoting the prosperity of the capital market [4].