Core Viewpoint - The article highlights the performance and investment appeal of the Dividend Low Volatility ETF (512890), which has shown significant capital inflows and strong market recognition. Group 1: ETF Performance - The Dividend Low Volatility ETF (512890) rose by 1.15% to 1.233 CNY, with a trading volume of 4.18 billion CNY, leading its category in terms of transaction scale [1][3] - Over the past five trading days, the ETF has seen a net inflow of 180 million CNY, and over the last 20 trading days, the net inflow reached 1.15 billion CNY, indicating strong investor interest [2][3] - As of November 19, 2025, the ETF's total circulation scale was 21.431 billion CNY, ranking first among similar products, reflecting market confidence in the dividend low volatility strategy [2][3] Group 2: Investment Strategy and Holdings - The ETF's top holdings include major banks and transportation sectors, such as China Grain Reserves Corporation, Nanjing Bank, and Agricultural Bank of China, showcasing a focus on stable dividend-paying stocks [2][6] - The ETF has achieved a cumulative return of 143.68% since its inception in December 2018, outperforming its benchmark, making it a viable option for investors seeking stable returns amid market volatility [6] Group 3: Market Outlook - Analysts from Zheshang Securities express optimism about the value of dividend assets, predicting a balanced market style in 2026, with cyclical and technology growth sectors performing well [5] - The banking sector is highlighted as having significant investment potential due to its low historical valuations and strong dividend policies, making it an attractive choice for long-term investors [5]

Core Viewpoint - The current low interest rate environment in China is likely to persist long-term, prompting investors to seek stable asset allocation strategies to achieve consistent returns [1][3]. Group 1: Low Interest Rate Environment - The yield on China's 10-year government bonds has fallen below 2.5%, marking a ten-year low, which raises concerns about asset allocation in a low-risk return scenario [1]. - Many investors believe that the low interest rate environment will be a long-term trend, influenced by both monetary policy and the natural evolution of the economic cycle [3]. Group 2: Appeal of Dividend Assets - Dividend assets are becoming increasingly attractive due to economic recovery and relatively low valuation levels, with their yields surpassing many fixed-income products [3]. - The ongoing issuance of the Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) is designed to capture both stable large-cap stocks and the growth potential of smaller companies [4]. Group 3: Market Trends and Policy Support - Recent regulatory reforms, such as the New National Nine Articles and new market capitalization management rules, emphasize the importance of shareholder returns, making high-dividend companies more appealing [5]. - Institutional investors are increasingly favoring high-dividend strategies, aligning with market trends and policy incentives [5]. Group 4: Valuation Advantages in Hong Kong Market - The Hong Kong market offers a valuation advantage, with dividend stocks generally providing higher yields and lower valuations compared to A-shares; for instance, the Hang Seng Index's dividend yield exceeds 4%, while the CSI 300's is around 2.5% [6]. Group 5: Stability in Volatile Markets - The Dividend Low Volatility strategy has demonstrated stable performance during recent market fluctuations, focusing on companies with stable cash flows and reasonable valuations [7]. - Dividend assets provide certainty and consistent cash flow, offering investors a sense of security amid market volatility [7]. Group 6: Investment Recommendations - It is advisable to allocate a portion of the investment portfolio to the Dividend Low Volatility strategy, which can provide stable cash flow and reduce overall portfolio volatility [8]. - The unique characteristics of the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) make it particularly advantageous in the current market environment, enhancing the investment experience [8].

Group 1 - The current low interest rate environment in China, with the 10-year government bond yield falling below 2.5%, is expected to persist long-term, influencing asset allocation strategies [1] - The appeal of dividend assets is increasing as their yields surpass many fixed-income products, driven by economic recovery and relatively low valuation levels [1] Group 2 - The newly issued Hong Kong Stock Connect Dividend Low Volatility ETF (code: 159118) is designed for the Hong Kong market, featuring a sample stock distribution where companies with a market cap above 50 billion account for approximately 24.56% and those below account for about 75.44%, indicating a mix of stable large-cap stocks and growth potential from smaller companies [2] - The average price-to-earnings (PE) ratio of the sample stocks is low, with 41.23% of stocks having a PE below 10 and 44.76% between 10 and 20, suggesting a significant safety margin for investors [2] Group 3 - Regulatory reforms, such as the New National Nine Articles and new market capitalization management rules, emphasize the importance of shareholder returns, making high-dividend companies increasingly attractive [3] - The Hong Kong market offers a valuation advantage over A-shares, with the Hang Seng Index's dividend yield exceeding 4%, compared to approximately 2.5% for the CSI 300 [3] Group 4 - The dividend low volatility strategy has demonstrated stable returns amid increased market volatility, focusing on companies with stable cash flows, consistent dividends, and reasonable valuations [4] - Dividend assets provide certainty during market downturns, offering continuous dividend distributions that help investors maintain stability [4] Group 5 - It is advisable to allocate a portion of assets to the dividend low volatility strategy, which can serve as a "core holding" to provide stable cash flow and reduce overall portfolio volatility while retaining flexibility for market gains [5] - The dual characteristics of "dividend + low volatility" in the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) offer unique advantages in the current market environment, enhancing the investment experience [5]

Core Viewpoint - The article discusses the decline of the "dividend low volatility" investment style in the market and explores whether it has become ineffective, while also investigating the potential for creating a new "low volatility miracle" using the Alice AI index strategy platform [2]. Group 1: Strategy Development and Backtesting - The company utilized the Alice AI platform to generate a strategy based on dividend yield and low volatility indicators, selecting the top 100 stocks from the CSI 800 index with quarterly rebalancing [5]. - Backtesting results showed that the CSI 800 Enhanced strategy had an annualized volatility of 13.27% and a maximum drawdown of 8.90% over the past year, indicating a steady upward trend in excess returns from 2021 to 2024, but a downturn began in August 2024 [7]. Group 2: Performance Analysis - A scenario analysis revealed that the "dividend low volatility" strategy performed well in value style periods but lagged in growth style periods, particularly in 2023 when growth dominated the market [10]. - The analysis indicated that from November 2020 to August 2021, the growth style had an excess return of -8.37%, while the value style from August 2021 to April 2023 had an excess return of 32.77% [10]. Group 3: Strategy Evolution - The company sought to evolve the strategy by incorporating growth factors such as TTM revenue growth rate and TTM net profit growth rate, resulting in improved performance and alignment with the current market environment [11][13]. - The revised "dividend low volatility + growth" strategy showed significant improvement in total returns starting in 2025, with the excess return curve rising again [21]. Group 4: AI Integration and Future Outlook - The article emphasizes the efficiency of the Alice AI platform in facilitating the entire strategy research process, from generation to backtesting and optimization, without the need for complex coding [23]. - The company suggests that the decline of the dividend low volatility style may simply be a phase of style rotation, and with Alice, there is an opportunity to actively reconstruct strategies and quickly validate them [26].

Core Insights - The overall market showed a volatile trend last week, with a mix of gains and losses, as highlighted by the recent report from the China Listed Companies Association regarding the cash dividend plans of A-share companies [1] Group 1: Market Performance - As of October 31, 2025, a total of 1,033 listed companies in A-shares announced cash dividend plans for the first, second, and third quarters, an increase of 141 companies compared to the same period last year [1] - The total cash dividend amount across the market reached 734.9 billion yuan [1] Group 2: Investment Trends - The frequency of cash dividends among listed companies is steadily increasing, which may enhance the attractiveness of dividend-related assets [1] - The low-volatility dividend ETF (512890) has seen significant inflows, attracting a net subscription of 3.571 billion yuan over the month, making it one of the few dividend-themed ETFs with net inflows exceeding 2 billion yuan during the same period [1][2] Group 3: Fund Performance - The low-volatility dividend ETF (512890) has achieved positive returns in every complete historical year since its inception in December 2018, with a total fund size reaching 24.645 billion yuan as of October 31, 2025 [1][3] - The fund manager noted that the low-volatility dividend strategy is expected to continue to perform well in the current market environment, particularly in sectors related to infrastructure and stable growth [1] Group 4: Fundholder Statistics - As of June 30, 2025, the low-volatility dividend ETF (512890) had a total of 1.1631 million account holders, making it the only dividend-themed index fund with over 1 million holders during that period [2] - The Huatai-PineBridge Low Volatility Dividend ETF Link Y (022951) reached a scale of 245 million yuan, marking a 440.36% increase compared to the end of 2024 [2] Group 5: Management Expertise - Huatai-PineBridge has over 18 years of experience in managing dividend-themed index investments, with a diverse range of products under its "dividend family" strategy [2]

Core Viewpoint - The three major indices experienced a decline, with the Shanghai Composite Index down by 0.63% and the ChiNext Index dropping over 1%, impacting the performance of the Dividend Low Volatility ETF (512890), which fell by 0.34% to 1.186 yuan [1][2]. Fund Performance - The Dividend Low Volatility ETF (512890) reported a trading volume of 2.44 billion yuan and a turnover rate of 1% [1][2]. - Over the past 10 trading days, the fund saw a net inflow of 1.15 billion yuan, with net inflows of 3.38 billion yuan over the past 20 days and 3 billion yuan over the past 60 days [2][3]. - As of October 30, 2025, the circulating scale of the Dividend Low Volatility ETF (512890) was 24.394 billion yuan [2]. Holdings and Market Trends - The top ten holdings of the Dividend Low Volatility ETF showed mixed performance, with notable declines in stocks like COFCO Sugar and Daqin Railway, while Nanjing Bank and Industrial Bank saw gains [3][4]. - The fund's strategy is positioned as a defensive measure amid changing market risk preferences, with a focus on infrastructure and stable growth sectors [5]. Investment Strategy - The Dividend Low Volatility ETF (512890) was established in December 2018 and has demonstrated stable historical performance, making it a potential tool for steady returns in asset allocation [5]. - Investors are encouraged to consider dollar-cost averaging and can access the fund through various share classes for those without stock accounts [5].

Core Viewpoint - The Hang Seng High Dividend Yield Index has shown resilience, with a notable increase of 0.74% as of October 27, 2025, amidst a broader market decline, indicating a shift towards dividend-focused investments in a volatile environment [3][4]. Group 1: Market Performance - The Hang Seng High Dividend Yield Index increased by 0.74%, with notable gains from stocks such as China Hongqiao (+3.25%) and CITIC Limited (+3.10%) [3]. - The BoShi Hang Seng Dividend ETF rose by 0.72%, marking its third consecutive increase, with a recent price of 1.12 yuan [3]. - Over the week leading up to October 24, the BoShi Hang Seng Dividend ETF accumulated a total increase of 2.40% [3]. Group 2: Liquidity and Fund Flows - The BoShi Hang Seng Dividend ETF recorded a turnover rate of 1.78% and a trading volume of 105 million yuan [3]. - The ETF has seen a consistent inflow of funds over the past 11 days, with a peak single-day net inflow of 148 million yuan, totaling 336 million yuan in net inflows [4]. Group 3: Investment Strategy - Analysts suggest a "barbell strategy" for investors, combining defensive dividend assets with growth-oriented technology stocks to balance risk and return [4]. - The BoShi Hang Seng Dividend ETF has reached a new high in scale at 5.829 billion yuan and a new high in shares at 5.275 billion [4]. Group 4: Index Composition - As of October 8, 2025, the top ten weighted stocks in the Hang Seng High Dividend Yield Index accounted for 28.98% of the index, including companies like Orient Overseas International and China Shenhua [5].

Core Insights - The market has returned to a state of fluctuation, with dividend low-volatility assets showing active performance amid cautious investor sentiment due to significant events like the 15th Five-Year Plan meeting and China-US trade negotiations [1] - The Dividend Low-Volatility ETF (512890) has seen a significant inflow of funds, attracting a total of 3.253 billion yuan over nine trading days, making it the only dividend-themed ETF to exceed 3 billion yuan in net inflows during this period [1][2] Fund Performance - As of October 21, 2025, the Dividend Low-Volatility ETF (512890) has reached a record high in fund size, surpassing 24 billion yuan, with a total of 24.382 billion yuan [2] - The ETF has consistently delivered positive returns every year since its inception in December 2018, making it a unique product in the A-share market [2][5] Market Trends - The low-interest-rate environment has enhanced the long-term allocation value of dividend assets, with the 10-year government bond yield dropping to 1.84%, creating a notable yield spread of 2.38% compared to the dividend low-volatility index [2] - A total of 843 A-share companies have announced mid-term dividend plans amounting to 662.026 billion yuan, nearing last year's total mid-term dividend amount, indicating a systemic reshaping of the market ecosystem under new regulatory policies [3] Investment Strategy - Analysts suggest that the fourth quarter of 2025 may be a critical time for positioning in dividend stocks to achieve excess returns, driven by factors such as fully reflected pessimistic expectations, increased demand for incremental capital allocation, and the return of attractive dividend yields from quality leading stocks [3][4] Fund Management - The Dividend Low-Volatility ETF (512890) has a significant holder base of 1.1631 million accounts, making it the only dividend-themed index fund with over 1 million holders in the market [4] - Huatai-PB Fund Management, a pioneer in ETF management, has over 18 years of experience in dividend-themed index investments, managing a total of 46.311 billion yuan across five dividend-focused ETFs [4]

Core Viewpoint - The A-share market is experiencing increased volatility, with a shift in investor sentiment towards dividend-focused strategies amid external trade tensions and prior significant gains in certain sectors [1] Group 1: A-share Market Dynamics - The dividend-themed ETF, specifically the Dividend Low Volatility ETF (512890), has seen a significant increase in trading volume and net inflows since October 13, with an average daily trading volume of 1.104 billion yuan, representing a 152.63% increase from the year-to-date average of 437 million yuan [1] - The net inflow for the Dividend Low Volatility ETF reached 2.773 billion yuan in the past week, making it the only product in the dividend-themed ETF category to exceed 2 billion yuan in net inflows during the same period [1] - The fund's scale reached a historical high of 23.935 billion yuan after three consecutive trading days of record growth [1] Group 2: Low Volatility Dividend Strategy - The low volatility dividend strategy has demonstrated resilience in complex market conditions, attracting capital even as risk appetite remains under pressure [1] - The persistent low interest rate environment, with the current 10-year government bond yield at 1.82%, creates a significant yield spread of 2.53% compared to the dividend yield of the low volatility index, making it attractive as a "quasi-bond" investment [1] Group 3: Hong Kong Market Insights - The low volatility dividend strategy is also gaining traction in the Hong Kong market, with southbound capital inflows surpassing 1.1 trillion yuan this year, indicating strong interest in traditional high-dividend sectors such as finance, energy, and utilities [2] - The Hong Kong low volatility dividend ETF (520890) has become a key investment option, benefiting from the market's relatively low valuation levels, with dividend yields for related indices returning to around 6% [2] - The Hong Kong low volatility dividend ETF allows for investment through the Hong Kong Stock Connect, avoiding QDII quota restrictions and offering T+0 trading, which can save investors 20% in tax costs compared to other channels [2] Group 4: Company Background - Huatai-PB 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 Dividend Low Volatility ETF (512890) and the Hong Kong Stock Connect Dividend Low Volatility ETF (520890) [3] - As of October 17, 2025, the total management scale of Huatai-PB's five "dividend family" products reached 46.084 billion yuan [3]

Core Viewpoint - The article discusses the shift in market dynamics as the technology sector and solid-state battery stocks lose momentum, while dividend stocks, particularly in the banking and insurance sectors, gain attention as stable investment options in the current market environment [1][3]. Group 1: Market Trends - The market is entering the fourth quarter, with previously popular sectors like technology and solid-state batteries cooling off, leading to a renewed focus on dividend stocks as stabilizers in the market [1]. - As of October 17, the Shanghai and Shenzhen indices have seen declines of over 1% and 6% respectively, while the CSI Dividend Index has increased by approximately 2.48% [3]. - The Hang Seng China Central State-Owned Enterprises Dividend Index has also been performing well, hovering near historical highs [3]. Group 2: Dividend Stocks Appeal - Current market conditions have led to a renewed interest in dividend assets due to their defensive characteristics, with public funds noting that the Hong Kong stock market's higher dividend yields may attract more insurance capital [2][3]. - The average dividend yield of major dividend stocks has returned to over 4%, enhancing their long-term investment appeal [3]. - The banking sector has shown a significant recovery, with a maximum drawdown of about 15% from previous highs, and recent stabilization after breaking below the annual line [4]. Group 3: Comparative Analysis - The Hang Seng China Central State-Owned Enterprises Dividend Index boasts a dividend yield of 6.02%, significantly higher than the CSI Dividend Index, which indicates a better potential for returns [5]. - The banking sector in A-shares has a dividend yield of around 5%, while Hong Kong stocks are close to 6%, making them attractive for long-term investors [6]. - Insurance capital is expected to become a significant source of incremental funds in the stock market, with a focus on low-volatility, high-dividend characteristics of dividend stocks [6]. Group 4: Policy and Future Outlook - Supportive policies are expected to improve the fundamentals of the banking sector, with regulatory measures aimed at maintaining reasonable interest margins and reducing extreme risks in bank loans [7]. - The combination of local debt management, stable real estate policies, and measures to counteract internal competition is likely to alleviate pressure on banks' asset quality [7].