Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The market maintains a low - interest - rate environment, enhancing the allocation value of stable assets. The dividend growth low - volatility strategy combines high dividends, profit growth, and price stability, achieving good long - term performance [3][8]. - The dividend growth low - volatility index outperforms other Smart Beta strategies. Since 2020, the three - factor Smart Beta strategy composed of dividend, growth, and low - volatility has significantly better returns than the two - factor strategies [14]. - The dividend yield is at a historical high, and against the low - interest - rate backdrop, the value of dividend allocation is further increased. The Hong Kong stock market has low valuations, and dual - market diversified allocation is advisable [21][24]. - The CSI SH - HK - SZ Dividend Growth Low Volatility Index selects high - quality low - volatility target enterprises in both the A - share and H - share markets, with stable long - term performance and high investment value [26][42]. - The Invesco Great Wall CSI SH - HK - SZ Dividend Growth Low Volatility Index Fund closely tracks the index, aiming to minimize tracking deviation and error and obtain returns similar to the target index [58][59]. Summary by Directory 1. Market Maintains Low - Interest - Rate Environment, and the Allocation Value of Stable Assets Increases 1.1 Dividend Growth Low - Volatility Strategy: Emphasizing High Dividends, Profit Growth, and Low Volatility, a Stable Investment Strategy under Policy Promotion - The dividend growth low - volatility strategy combines high dividend yields, profit - growth capabilities, and price stability, enabling stable medium - to - long - term returns while controlling risks [8]. - Since the end of 2022, regulatory policies on listed - company cash dividends have intensified, enhancing the attractiveness of high - dividend assets and the effectiveness of the high - dividend strategy [11][12]. 1.2 Long - Term Returns Lead Similar Smart Beta Strategies - The dividend growth low - volatility index outperforms other Smart Beta strategies. Since 2020, the annualized returns of the dividend growth low - volatility and SHS dividend growth low - volatility indices have been 11.83% and 11.18% respectively, significantly better than the two - factor indices [14]. - The three - factor strategy performs well in various market conditions. It has better defense in volatile and downward markets and can achieve high growth in upward markets [17]. 1.3 Dividend Yield at a Historical High, and the Value of Dividend Allocation Further Increases under Low - Interest - Rate Conditions - As of November 21, 2025, the difference between the dividend yield of the SH - HK - SZ Dividend Growth Low Volatility Index (in the past 12 months) and the 10 - year Treasury bond yield is at a historical high, with the index's dividend yield at 4.6075% and the 10 - year Treasury bond yield at 1.8207%, and the spread at 2.7868% [21]. - In the context of falling long - term interest rates, dividend - type assets have the property of bonds, helping to hedge against interest - rate risks and having increased allocation value [21]. 1.4 Hong Kong Stocks Have Low Valuations, Are Attractive, and Allow for Dual - Market Diversified Allocation - The Hong Kong stock market has been under pressure in recent years, with valuations in a low range globally. Against the backdrop of improving macro - environment, policy support, and the restoration of Chinese enterprises' profitability, the long - term allocation value of Hong Kong stocks is emerging [24]. 2. CSI SH - HK - SZ Dividend Growth Low Volatility Index: A Multi - Layered Selection of High - Quality Enterprises Combining Dividends and Growth in the A - share and H - share Markets 2.1 Considering Both Markets and Selecting High - Quality Low - Volatility Target Enterprises with Dividends and Profit Growth - Issued by CSI Index Co., Ltd., the index selects 100 securities with continuous cash dividends, stable profit growth, and low - volatility characteristics from the mainland and Hong Kong markets to reflect the overall performance of such listed - company securities [26]. - The index conducts six - layer screening on the sample space from multiple perspectives such as liquidity, dividends, profit growth, and low - volatility, and uses expected dividend - yield weighting, with sample adjustments made semi - annually [28]. 2.2 Concentrated Industry and Market - Value Distribution, Demonstrating Professionalism and Focus Value of Industry Selection - The index's A - share holdings are mainly concentrated in the banking sector, and other sectors with relatively high holdings include pharmaceutical biology, machinery and equipment, and transportation. The H - share holdings also have a high proportion of banks. The total weight of bank stocks in the current holdings is as high as 40.66% [35]. - The index's performance is not dependent on specific industries or periods. It can adjust in a timely manner according to market data, making it a long - term effective and stable investment method [37]. 2.3 Stable Long - Term Performance and Outperforming Similar Dividend Indices This Year - From the base period on November 14, 2019, to November 21, 2025, the cumulative return of the SH - HK - SZ Dividend Growth Low Volatility Index was 289.42%, with an annualized return of 13.12%. Since 2019, the index has shown a long - term stable upward trend [42]. - In the past three years, the index has outperformed similar dividend - themed indices, especially since the "924" market. As of 2022, the average annual return of 15.66% ranks among the top of similar indices, with an annualized volatility of 14.43% and a maximum drawdown of only 14.17%, and a Sharpe ratio as high as 0.96, indicating high investment value [47][50]. 2.4 Low Valuation + High Dividend, with Dividend Yield Significantly Exceeding Mainstream Dividend Indices - As of July 28, 2025, the index's PE (TTM) is 8.31 times, and PB is 0.87 times, which are around the historical average since the base date of 2019. The current valuation is relatively reasonable, and there is room for the index to rise [52]. - As of September 30, 2025, the dividend yield of the SHS Dividend Growth Low Volatility Index is 4.86%, leading the dividend yields of the Shanghai Dividend Index, CSI Dividend Index, Dividend Low - Volatility Index, and Hang Seng Index, showing investment value in the field of dividend investment [55]. 3. Invesco Great Wall SH - HK - SZ Dividend Growth Low Volatility Index (007751) - The Invesco Great Wall CSI SH - HK - SZ Dividend Growth Low Volatility Index Fund, established on September 6, 2019, is currently managed by Mr. Zeng Li. The management fee is 0.50%, and the custody fee is 0.15% [58][59]. - The fund closely tracks the CSI SH - HK - SZ Dividend Growth Low Volatility Index, aiming to minimize tracking deviation and error. It is the only ETF product in the market that tracks this index [59]. - Since its establishment, the fund has maintained positive returns except in 2020. The tracking error has been continuously decreasing, with the tracking error in 2025 relative to the benchmark date being only 0.0893%, indicating the strengthening of the product's tracking ability for the benchmark index [61]. 4. Fund Manager Information - Invesco Great Wall Fund Management Co., Ltd. was established on June 12, 2003, and is the first Sino - US joint - venture fund management company in China approved by the China Securities Regulatory Commission. As of November 24, 2025, it manages 22 passive index - type ETFs, with a total scale of approximately 7.1068 billion yuan [63].