Core Viewpoint - The Shanghai Composite Index reached a nearly ten-year high of 4030 points on November 25, 2023, but is now facing potential profit-taking pressures and increased market volatility due to hawkish comments from Federal Reserve officials [1] Market Performance - The market is currently in a historically high range, with short-term fluctuations expected as high-performing sectors may experience profit-taking [1] - The dividend-focused assets are gaining importance as defensive investment tools due to their stable operations, high dividend certainty, low valuations, and lower trading congestion [1] Fund Flows - The first dividend low-volatility ETF (512890) has seen increased trading activity since the fourth quarter, with a single-day trading volume of 630 million yuan and a net inflow of 174 million yuan on November 25, 2023, making it the only dividend-themed ETF with net inflows exceeding 150 million yuan during this period [1] - Other active dividend-themed ETFs include the Dividend ETF (510880) and the Central Enterprise Dividend ETF (561580), with trading volumes of 345 million yuan and 44 million yuan, respectively [1] - The Central Enterprise Dividend ETF has recorded 14 consecutive trading days of net inflows since October 27, 2025 [1] Yield Comparison - The dividend yields of the dividend low-volatility index, dividend index, and Central Enterprise Dividend Index are superior to the 10-year government bond yield, with respective yields of 4.00%, 4.15%, and 3.88% compared to a government bond yield of 1.81% as of November 25, 2023 [1] - The yield spreads are at historically high levels of 51.18%, 52.55%, and 52.55%, making them attractive for long-term funds seeking enhanced returns in a low-risk environment [1] 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 first dividend low-volatility ETF and the first Central Enterprise Dividend ETF [1] - As of November 25, 2023, Huatai-PB's five "dividend family" products have a total management scale of 47.879 billion yuan [1]

Market Overview - The market experienced overall fluctuations on September 23, with the dividend index and low-volatility dividend index showing resilience due to the banking sector's performance, indicating a focus on high-dividend assets as a potential allocation for market funds [1][4] - Recent trading activity has seen significant net inflows into certain dividend-themed ETFs, with trading volumes also increasing [1] ETF Performance - The first dividend-themed ETF, Dividend ETF (510880), has seen a notable increase in trading volume, achieving an average daily trading volume of 750 million yuan from September 18 to 23, nearly doubling compared to the average daily trading volume since the beginning of the year [2] - From September 18 to 23, the Dividend ETF attracted a total of 673 million yuan in net inflows, making it the only product in the market to exceed 600 million yuan in net inflows during this period [2] - The Low-Volatility Dividend ETF (512890) also attracted 423 million yuan in funds from September 17 to 23, ranking among the top in the market for dividend-themed ETFs [3] Fund Size and Holder Statistics - As of September 23, the Dividend ETF (510880) reached a fund size of 19.569 billion yuan, marking a new high in the past three months, while the Low-Volatility Dividend ETF (512890) reached 20.503 billion yuan, both being among the few dividend-themed ETFs with over 10 billion yuan in size [3] - The Dividend ETF has 421,800 holders, making it the only dividend-themed ETF in the market with over 400,000 holders, while the Low-Volatility Dividend ETF's linked funds have a total of 1,163,100 holders [5] Dividend Distribution - The Dividend ETF (510880) has distributed over 4 billion yuan in dividends since its inception, with a total of 42.98 billion yuan distributed over 18 distributions [6] Management and Strategy - Huatai-PineBridge Fund, one of the first ETF managers in China, has over 18 years of experience in managing dividend-themed index investments, with a total management scale of 42.648 billion yuan across its dividend-themed ETFs [7]