8月25日，A股市场全天震荡上行，沪指接近3900点，创业板指涨幅领先。两市成交额显著放大，达3.14 万亿元，较前一交易日增加5944亿元。红利低波ETF（512890）当日上涨0.83%，收于1.219元，换手率 为2.59%，成交额5.46亿元，居同类ETF首位。 | 代码 名称 现价 涨跌幅 = IOPV 证折率 换手率 [ 成交金额 5日涨跌幅 60日涨跌幅 年初至今 基金份额 预告规模 | | | --- | --- | | 27.38 Z | 563020 【打印版院院TF 1264 0.88% 1.2644 -0.03% 2.12% 5817.96万 1.85% 9.14% 21.85亿 | | 512890 红利低波ETF 1.219 0.83% 1.2178 0.10% 2.59% 5.46亿 1.84% 5.18% 8.45% 173.67亿 209.92亿 | | | 159547 江和低波EFF基金 1261 0.00% 1.2616 -0.05% 5.47% 2067.35万 1.45% 5.43% 8.33% 3.01亿 3.77亿 | | | 560150 【利益康ETF教师 ...

证券投资基金研究报告/基金产品发行报告 报告日期：2025年08月22日 2025 年 7 月新基金发行报告（新基金受理与机构新设篇） ——创业板 ETF 将扩容，首批中证 A500 红利低波 ETF 获批 主要观点： 指数基金为基金公司未来布局重点方向。从审查决 定情况来看，7 月排名前三的基金类型分别是指数基金 66 只，债券基金 48 只，混合基金 32 只。 创业板综指编制方法优化，创业板 ETF 将扩容。创 业板指数是反映在创业板上市的创新创业企业整体表现 的指数，根据深圳交易所和深圳证券信息有限公司的公 告，本次对指数的编制方案进行了两处优化，分别是增 加风险警示股票月度剔除机制和增加 ESG 负面剔除机 制。证监会数据显示，7 月，共有 4 只创业板 ETF 和 4 只创业板增强 ETF 获批。这批基金顺利发行后，市场上 追踪创业板指数的 ETF 将达到 29 只（包括增强 ETF）， 创业板指数化投资将进入一个更加丰富和专业化的新阶 段。 首批中证 A500 红利低波 ETF 获批。7 月 11 日，平 安基金、华宝基金、易方达基金、国联安基金共 4 家基 金管理人上报了中证 A500 红利低 ...

Group 1 - The core viewpoint of the news highlights the strong performance and growing popularity of the Dividend Low Volatility ETF (512890), which has seen significant inflows and a record high in circulation scale [1][4]. - As of August 6, the ETF's circulation scale reached 220.91 billion CNY, marking a historical peak, with a net inflow of 2.4 million CNY over the last five trading days and 19.43 million CNY over the last twenty days [1][2]. - The ETF's price increased by 0.17% to 1.208 CNY during the trading session, reflecting active trading with a half-day transaction volume of 1.33 billion CNY [1][2]. Group 2 - The ETF is managed by experienced fund manager Liu Jun and closely tracks the CSI Dividend Low Volatility Index, focusing on companies with high dividend yields and low volatility [4]. - The ETF provides a convenient investment tool for investors seeking stable returns and low-risk exposure, even for those without stock accounts, through its linked funds [4]. - Recent trends indicate a decline in the latest dividend yield of the Wind All A Index over the past twelve months, attributed to rising stock prices and valuation increases, suggesting a need for a focus on earnings quality and sustainable dividends in high dividend strategies [3].

Group 1 - The core viewpoint of the news highlights the performance and growth of the Dividend Low Volatility ETF Taikang (560150), which has seen significant inflows and an increase in scale, indicating strong investor interest in dividend-paying stocks [1][2] - As of July 31, the Dividend Low Volatility ETF Taikang (560150) experienced a scale growth of 19.4955 million yuan over the past two weeks, ranking first among comparable funds, with a notable increase of 9 million shares in the last week [1] - The fund has attracted a total of 11.8932 million yuan in the last five trading days, reflecting a strong demand for stable dividend assets [1] Group 2 - The macroeconomic policy is expected to strengthen, with coordinated fiscal and monetary policies helping to improve the cost of bank liabilities and stabilize interest margins, which supports the fundamental value of banks [2] - The Dividend Low Volatility ETF Taikang (560150) closely tracks the CSI Dividend Low Volatility Index, which selects 50 securities with good liquidity, continuous dividends, moderate dividend payout ratios, positive growth in earnings per share, and low volatility, reflecting the overall performance of high dividend and low volatility securities [2]

Core Insights - The personal pension Y-share funds have expanded significantly, with a total of 301 funds now included in the list as of July, following the addition of five new products [1] - As of the end of Q2, the existing 296 personal pension Y-share funds had a combined scale of 12.409 billion yuan, with 29 funds exceeding 1 billion yuan in size [1] - The top fund, Xingquan Antai Fund's five-year Y-share, has a scale of 1.032 billion yuan, making it the only fund over 1 billion yuan [1][4] Fund Performance and Investor Activity - In Q2, 289 Y-share funds achieved positive returns, with 21 funds exceeding a 4% return rate, led by the fund "Chuangjin Hexin Dividend Low Volatility Y" at 6.31% [6] - Investor interest in Y-share funds has increased due to improved performance, favorable fee structures, and tax benefits associated with these products [5][9] - Notably, 269 Y-share funds saw net subscriptions in Q2, with three funds achieving net subscriptions exceeding 10 million shares [1][4] Fund Characteristics and Selection - The Y-share funds offer a management fee discount of 50% compared to A/C shares and do not charge a sales service fee, making them attractive to investors [9] - The recent performance of Y-share funds has led to increased inquiries from potential investors, particularly in comparison to traditional insurance products [9] - Investors are advised to consider their own investment capabilities when choosing between Y-share funds and other pension products, with Y-share funds being suitable for those with some investment knowledge [12][13]

Core Insights - The personal pension investment index fund Y shares have experienced rapid growth since their establishment, with total net assets reaching 1.576 billion yuan by the end of Q2 2025, a 32.82% increase from 1.186 billion yuan at the end of Q1 2025, and nearly five times the net assets reported for 68 products at the end of 2024 [1] Group 1: Fund Performance - The Huatai-PineBridge CSI Dividend Low Volatility ETF Link Y (022951) saw its scale grow by 142 million yuan in the first half of 2025, marking a 312% increase, making it the only index product to exceed 100 million yuan in scale growth during this period [2] - As of July 18, 2025, the fund's adjusted unit net value reached 1.7993, with cumulative returns of 7.12% since inception and 7.43% for 2025, outperforming the benchmark by 1.88% and 3.37% respectively [3][4] Group 2: Investment Strategy - The fund's popularity can be attributed to its strong performance in volatile market conditions, showcasing good resilience and offensive capabilities [3] - The Huatai-PineBridge CSI Dividend Low Volatility ETF Link Y is linked to the first ETF with over 20 billion yuan in scale, which enhances its liquidity and attractiveness to investors [6][7] Group 3: Market Environment - The low-volatility dividend strategy aligns well with the long-term value growth and risk control objectives of pension funds, especially in a low-interest-rate environment where the 10-year government bond yield has dropped to 1.68% [8] - The dividend low volatility index has demonstrated lower volatility characteristics, with an annualized volatility of 12.92% and a maximum drawdown of -30.15% over the past decade, indicating stronger resilience during market downturns [9] Group 4: Long-term Outlook - The dividend low volatility strategy has shown consistent annual positive returns since its inception, with a cumulative increase of 322.94% and an annualized return of 13.65% [11] - The fund's historical performance suggests it may continue to be a preferred asset for pension funds seeking stability and growth [11]

Group 1 - The total scale of public funds reached 33.73 trillion yuan by the end of Q2, with significant growth in money market funds, bond funds, and equity funds [1] - The number of public fund products reached 12,907, with passive index funds showing the highest growth among equity products, increasing by 255.81 billion yuan in a single quarter [1] - E Fund and Huaxia Fund have both surpassed 2 trillion yuan in management scale, joining the "trillion club" of fund managers, indicating a strengthening of the head effect in the industry [1] Group 2 - Nearly 80 billion yuan has flowed into Hong Kong-themed ETFs this year, with a strong preference for technology and internet sectors among investors [2] - Five Hong Kong-themed ETFs have each received over 5 billion yuan in net inflows this year, reflecting market confidence in high-quality assets in Hong Kong [2] - The continuous inflow of funds supports liquidity in the Hong Kong market and may attract more investors to explore investment opportunities [2] Group 3 - Huaxi Securities announced a cash dividend distribution of approximately 223 million yuan for the 2024 fiscal year, reflecting its strong profitability and commitment to shareholder returns [3] - The cash dividend distribution may lead to investor interest in the valuation changes post-dividend, particularly within the brokerage sector [3] - High cash payouts are viewed as a signal of stable operations in the industry, potentially enhancing market confidence in the financial sector [3] Group 4 - The first batch of 85 "Index Y" funds reached a combined scale of over 1.5 billion yuan, with the low-volatility dividend strategy gaining popularity among investors [4] - The Huatai-PB CSI Low Volatility Dividend ETF has seen a significant scale increase of 31.2% since the end of 2024, indicating a preference for stable returns among pension investors [4] - This investment trend suggests that long-term funds are increasingly favoring stable asset allocations in the market [4]

Core Viewpoint - The Hongli Low Volatility ETF (512890) has shown a slight increase of 0.08% on July 22, with a latest price of 1.214 CNY, and has experienced significant net inflows in recent trading days, indicating strong investor interest and confidence in the fund [1][2]. Fund Performance - The Hongli Low Volatility ETF (512890) recorded a trading volume of 770 million CNY on the same day, with a turnover rate of 3.47% [1][2]. - Over the past five trading days, the fund has seen a net inflow of 1.488 billion CNY, and over the past ten days, the net inflow reached 2.519 billion CNY [1][2]. - As of July 21, 2025, the fund's circulating scale has reached a historical high of 22.295 billion CNY [1]. Holdings and Strategy - The fund primarily invests in stocks such as Chengdu Bank, Industrial Bank, Sichuan Road and Bridge, and others, with significant increases in holdings for several key stocks [3]. - The fund manager noted that the core logic driving the performance of dividend strategies is the decline in risk-free interest rates, suggesting that the effectiveness of the strategy is likely to continue unless there are significant changes in underlying conditions [3]. - The upcoming earnings season and external tariff disturbances may lead to a temporary decline in risk appetite among investors, but the domestic economic recovery remains a critical factor influencing the market [3]. Investment Options - For investors seeking stable returns and low-risk volatility, or those looking for bond alternatives without a stock account, the Hongli Low Volatility ETF (512890) offers several feeder funds for investment [4].

Core Viewpoint - The article emphasizes the importance of dividend low-volatility strategies for investors seeking stable returns without the need for market timing, highlighting the growing demand for investment products that provide a sense of certainty and lower risk exposure [4][6]. Group 1: Investment Strategies - Investors are increasingly looking for dividend funds that offer a high sense of gain, which can outperform cash management tools while minimizing the volatility associated with equity assets [4]. - Among various dividend investment strategies, the dividend low-volatility index has shown to have lower drawdowns and better meet the needs of clients seeking certainty [5][6]. Group 2: Performance Metrics - The article presents a comparison of different dividend indices, showing that the dividend low-volatility index has an annualized return of 18.4% since its inception, with a maximum drawdown of -13.5% and a dividend yield of 4.9% [5]. - The analysis of rolling returns from 2019 onwards indicates that the percentage of positive returns increases with the holding period, reaching 100% for periods of 2 years or more [13][14]. Group 3: Long-term Investment Value - The average return also improves with longer holding periods, with a mean return of 24.65% for 2 years and 38.40% for 3 years, indicating that longer investments yield better outcomes [13]. - The distribution of returns becomes more concentrated in the positive range as the holding period extends, suggesting a more stable long-term investment experience [14]. Group 4: Investor Considerations - Investors are encouraged to set personal "gain thresholds" to determine acceptable levels of positive returns over specific holding periods, which can help in selecting suitable products aligned with their investment goals [17]. - The article suggests that the importance of holding the dividend low-volatility index outweighs the need for market timing, advocating for a long-term investment approach [16].

Group 1: Core Insights - The article highlights the increasing demand for stable returns in the context of low deposit rates, making high dividend yield indices, particularly the China Securities Dividend Low Volatility Index, a focal point for investors [1][11] - As of July 10, 2025, the China Securities Dividend Low Volatility Index reached a new high of 11,946.95 points, indicating strong performance in the current year [1] Group 2: Types of Dividend Indices - Dividend indices can be categorized into three main types: single-factor strategies, multi-factor strategies, and dividend + industry/theme strategies [2] - The single-factor strategy focuses solely on dividend yield, while the multi-factor strategy considers multiple factors such as dividend yield, volatility, quality, and growth [2] - The dividend + industry/theme strategy combines high dividend characteristics with specific industry or thematic focuses [2] Group 3: Advantages of the Dividend Low Volatility Index - The China Securities Dividend Low Volatility Index demonstrates strong risk resilience, with a maximum drawdown of -16.92% over the past five years, significantly lower than traditional dividend indices [3][4] - The index has a Sharpe ratio of 0.77 over the same period, indicating a superior risk-adjusted return compared to traditional dividend indices [5][6] - Since its inception, the index has achieved a cumulative return of 327.86%, outperforming traditional dividend indices and major broad market indices [6] - As of July 10, 2025, the index's 12-month dividend yield stands at 5.00%, well above the 10-year government bond yield of 1.66%, showcasing its attractive dividend characteristics [10] Group 4: Current Market Context - The current low deposit rate environment makes the high dividend yield of the Dividend Low Volatility Index particularly appealing to investors seeking asset appreciation [11] - Recent capital market reforms are expected to enhance dividend payouts from listed companies, further increasing the attractiveness of the Dividend Low Volatility Index [12] - Long-term capital, such as insurance funds, is increasingly favoring high dividend assets, creating a favorable environment for the Dividend Low Volatility Index [13] Group 5: Investment Opportunities - The Dividend Low Volatility ETF, such as the Taikang Dividend Low Volatility ETF (code: 560150), offers investors a convenient way to access high-quality dividend low volatility assets, with quarterly dividends enhancing cash returns [14]